Morses Club has announced the launch of Dot Dot Loans, its first online installment loans product. The launch follows the purchase of Shelby Finance earlier in the year
The launch of this new online instalment product, Dot Dot Loans, is the next step in the Company’s strategy of developing digital products to complement its home collected credit offering and target a wider range of customers across the UK non-standard credit market. The introduction of Dot Dot Loans is not expected to have a material impact on profit in the current financial year.
Paul Smith, Chief Executive Officer of Morses Club, commented:”We are delighted to announce the launch of Dot Dot Loans following the successful acquisition of Shelby Finance earlier in the year. This is an important step in the evolution of our business as we use technology to offer customers a broader range of products, supplementing our core home collected credit offering. The product is targeted at the c. 9 million additional customers who access the wider non-standard credit market. Transparent pricing with flexibility built-in for customers will be key features.”
“We have launched the product to market in a test phase, with a strong commitment to understanding customer requirements in this area. The brand was developed based on feedback from target customers and the website is mobile responsive, providing a simple and straightforward approach to offering credit. We will continue to assess the market opportunity during the test phase.”