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Press release content from Business Wire. The AP news staff was not involved in its creation.

Western Circle Ltd, a Leading Payday Loan Company in the UK, Introduces New App to Tackle Payday Loan Dependency

May 9, 2019

LONDON--(BUSINESS WIRE)--May 9, 2019--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.

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The new Credit on Demand app allows customers to borrow between £1,000 and £25,000 using their mobile phone (Photo: Business Wire)

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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190508005658/en/

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KEYWORD: UNITED KINGDOM EUROPE

INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT MOBILE/WIRELESS PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Western Circle Limited

Copyright Business Wire 2019.

PUB: 05/09/2019 12:00 AM/DISC: 05/09/2019 12:00 AM

http://www.businesswire.com/news/home/20190508005658/en

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