Subprime lender Morses Club has doubled customer numbers and trebled the loan book in its digital lending division since February according to its latest business results. The company says that it has performed strongly during the period and has traded in line with market expectations. The Group’s offering has continued to evolve over the first…

Sub-prime lender Morses Club announced that it is proposing a significant reorganisation of its business and corporate structure. which includes forming a holding company called U Money and listing new shares under that name. The company says once U Money is formed it will run its company as two distinct businesses, one its home-collected credit…

Provident Financial has reported an adjusted ongoing pre-tax profit of £63.5 million for the six months ended 30th June 2021. The results included its Consumer Credit Division (CCD) which is being closed down. Losses from CCD, the Group generated a statutory loss before tax of £44.2 million for the period. Total revenue was £316.7m (2020…

Provident Financial customers can now claim compensation for mis-sold loans after the High Court backed a partial repayment scheme. The company has set aside £50 million to meet claims from borrowers who were sold unaffordable loans. The Court agreed to the scheme despite the fact that customers will not get a full refund after the…

New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 28% in June 2021 compared with the same month in 2020.  In the first half of 2021, new business was 18% higher than in the same period in 2020. The retail store and online credit sector reported…

The Financial Conduct Authority (FCA) has criticised Provident Financial’s plans to cap compensation for customers of its failed doorstep lending arm,. The regulator has also said it would not oppose the lender in court. Provident has set aside £50 million under a scheme of arrangement to reimburse customers who were mis-sold loans. The FCA said…

New research by Money.co.uk has shown that 18-24 year olds are more likely to use Buy Now Pay Later schemes (54%) than a credit card (49%) The research follows on fromt the news that Buy Now Pay Later (BNPL) transactions are set to exceed 1.5 billion transactions by 2026. Money.co.uk’s latest ‘Shop Now, Stress Later’…

Lender, Non-Standard Finance, (NSF) has reported a normalised loss before tax of £35.2 million, a fall of 339% in its audited full year results to 31st December 2020. Normalised revenue was down 11% to £164.1 million (2019: £183.7 million) and reported revenue down to £162.7 million (2019: £180.8 million). The Covid-19 pandemic had a severe…

Provident Financial has said that its doorstep lending unit will likely face insolvency if its £50 million settlement plan is not endorsed by a UK court. The company says that its scheme of arrangement will entail higher-than-expected costs, and that it is taking measures to gain creditors’ approval so that consumer-credit-division companies aren’t required to…

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