LONDON–(BUSINESS WIRE)–Western Circle Limited, the company behind popular UK lending websites
Cashfloat.co.uk and PersonalLoansNow.co.uk,
has released a new app called ‘Credit on Demand’, designed to help
consumers in the UK migrate from expensive payday loans to more
affordable personal loans.
Jeremy Lloyd, CEO of Western Circle explained:
“We’ve found that two key features draw consumers towards payday loans.
Firstly, higher acceptance rates that allow even people with very poor
credit to apply. Secondly, fast funding times that enable cash to reach
customers’ accounts, sometimes within minutes of applying. However,
we’ve noticed a growing dependency on payday loans as users learn to
rely on them each month, making them almost addictive.
Our new app allows people to borrow larger amounts over a longer period
so that customers can experience more sustainable and less erratic
borrowing. At the same time, our new personal loans are just as
accessible to the public and take almost as quick to reach customers’
bank accounts as payday loans.”
Western Circle’s new Credit on Demand app offers larger loans, ranging
from £1,000 to £25,000 and extending over a longer period, making them
more manageable and more affordable than payday loans. The average
representative APR for payday loans in the UK currently lies between
1,000 and 1,500%, whereas the new Credit on Demand app lets customers
apply for loans with a representative APR of just 39.7%.
The new app release comes just a few months after Western Circle
introduced a new product within the Cashfloat brand called ‘Cashfloat
Pro’, also designed to combat rising payday loan dependency identified
among existing Cashfloat customers. The ‘Cashfloat Pro’ option allows
customers who have been consistently borrowing small amounts every month
to borrow more significant amounts over a more extended period instead.
The reduced interest rate that comes along with ‘Cashfloat Pro’ loans
aims to help repeat borrowers break the need to continue to re-borrow.
Western Circle Limited continues to impact the online credit market with
its constant innovation and cutting-edge technology to create better and
more secure credit alternatives for consumers in the UK.
The new Credit
on Demand app was released earlier this week to the Google Play
store and is available to download for free.
About Western Circle Ltd:
Western Circle Limited is a technology and data-driven lending company.
The company develops and integrates technologies to enable affordable
loans online under the new FCA regulations. These technologies include
underwriting expert systems, online loan intelligence analytics, and
proactive compliance management systems.
WCL has already helped over 50,000 people in the UK to obtain affordable
loans online via its trading style https://www.cashfloat.co.uk.
Western Circle Ltd aims to reinvent the science of affordable online
loans and make this useful and responsible financial tool accessible to
all consumers across the UK.
Contacts
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0203 757 1933
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