“We continue to see a marked improvement in application volumes as well as increases in approval rates,” says Saul Geffen, chief executive of ooba.

“ooba has recorded continued increases in the value of approved bonds for the past five months, and mid-month data points to a further 18% increase for October,” continues Geffen. “If the 18% growth for October is achieved, it will mean an 84% growth in ooba’s approved loans since April.”

The change in banks’ lending criteria and the impact of the lower interest rates has resulted in an improvement in consumers purchasing ability. ooba has seen a surge in the value of approved bonds as improved affordability and sentiment translated into increased transaction volumes and approval rates.