Debt problems with high cost credit products increase as payday loans decrease

28th September 2016 Alternative Consumer Lending |

More and more people are struggling with debts for guarantor loans and rent to own credit products, Citizens Advice reveals today. The charity says there has been a shift in the high cost credit market as the number of people seeking help for problems with these sub-prime products has risen by 16% over the last year…

Read more

Valour launches mini-bond

27th September 2016 Alternative Consumer Lending |

Valour Group (UK) has launched a mini-bond to raise up to £5million from private investors. The money from The Valour Group Bond has an annual interest rate of 8.49% per annum, will be used to grow the loan book of the company’s lending subsidiary Savvy.co.uk. Mini bonds are an unsecured way for individuals to lend money…

Read more

Equifax supports Street UK affordable online lending platform launch

27th September 2016 Alternative Consumer Lending |

Equifax has been appointed by non-profit lender Street UK to support the launch of its online lending platform, offering affordable and responsible short-term personal loans with clear and transparent fees. Street UK provides loans to people underserved by traditional lenders. Its new online platform will offer personal loans of between £100 and £500 up to six…

Read more

Payday firm CFO Lending to pay £34 million redress

19th September 2016 Alternative Consumer Lending |

Payday firm, CFO Lending, has entered into an agreement with the Financial Conduct Authority (FCA) to provide over £34 million of redress to more than 97,000 customers for unfair practices. The redress consists of £31.9 million written-off customers’ outstanding balances and £2.9 million in cash payments to customers.  A number of serious failings took place which…

Read more

Ratesetter passes £100million lending figure for car loans

15th September 2016 Alternative Consumer Lending |

Peer-to-peer lender Ratesetter has now delivered more than £100million in car financing. Nick Elkan,from RateSetter Motor Finance said “These are exciting times and £100million is a fantastic milestone for us to reach.  It proves that we are providing finance that car buyers need, competitively and efficiently.  Obtaining finance via a peer-to-peer lender is no longer niche, but…

Read more

Law Commission’s Logbook Loan report released

12th September 2016 Alternative Consumer Lending |

The Law Commission has today published it’s report on Bill of Sale announcing a series of recommendations to protect borrowers from ‘unfair’ logbook loans. Logbook loans are a way for borrowers to use their vehicle as security for a loan. Borrowers who fall behind with payments can find their vehicle swiftly repossessed, as well as high…

Read more

Complaints data shows slight increase

7th September 2016 Alternative Consumer Lending |

The Financial Ombudsman Service (FOS) has released the latest six-monthly complaints data relating to banks, insurers and other financial businesses.  The figures published today show that the ombudsman took on a total of 169,132 new cases in the first half of 2016 – an increase of 3% on the previous period. Of the total cases…

Read more

PwC fined over auditing of lender Welcome Financial Services

5th September 2016 Alternative Consumer Lending |

https://www.theguardian.com/business/2016/aug/31/pwc-fined-over-auditing-of-subprime-lender-cattles

Read more

Some Payday lenders are not credit checking

30th August 2016 Alternative Consumer Lending |

Citizen Advice research has discovered that some payday lenders are still failing to carry out basic checks to make sure borrowers can afford to pay back their loans. Over a quarter of payday loan borrowers (27%) who responded to a survey by Citizens Advice said they were not, or could not remember being asked any questions…

Read more

Motormile Finance confirms authorisation

28th August 2016 Alternative Consumer Lending |

Motormile Finance (MMF) has achieved full authorisation by the Financial Conduct Authority (FCA).  Denise Crossley Chief Executive Officer of Motormile Finance UK, said: “I am very proud to be able to announce that we have been authorised by the FCA. We have worked extremely hard to get to this point and all credit has to…

Read more

Wonga names new Chief Executive

21st August 2016 Alternative Consumer Lending |

http://news.sky.com/story/wonga-shake-up-goes-on-as-jordan-takes-top-uk-job-10548010

Read more

Western Circle and Loan Machine business partnership agreed

18th August 2016 Alternative Consumer Lending |

LeadAffinity.com has launched a new strategic partnership with Cashfloat.co.uk, a trading style of Western Circle Ltd (WCL). The partnership agreement has a mutual aim of ensuring its customers have access to Cashfloat.co.uk as a lender and any customers that are not eligible for a Cashfloat.co.uk loan have access to the lending panel of LeadAffinity.com Lead Affinity, a trading…

Read more

Bridging Loans increase by £3.5 billion

16th August 2016 Alternative Consumer Lending |

A data survey by the Association of Short Lenders (ASTL) has found that Bridging Loan applications have increased by 61% to £3.5 billion in the quarter ended 30 June 2016. The value of loans written increased by 6% quarter-on-quarter, while the total value of members’ loan books increased by 39% over Q1 this year. ASTL members wrote £2.85bn…

Read more