LONDON – (BUSINESS WIRE) – May 9, 2019 – Western Circle Limited, the company behind the popular UK lending sites Cashfloat.co.uk and Personal LoansNow.co.uk, released a new app called ‘Credit on Demand’ designed to help UK consumers switch from expensive payday loans to more affordable personal loans.

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New Credit on Demand app lets customers borrow between £ 1,000 and £ 25,000 using their mobile phone (Photo: Business Wire)

Jeremy Lloyd, CEO of Western Circle explained:

“We have found that two key characteristics attract consumers to payday loans. First, higher acceptance rates that allow even people with very low credit to apply. Second, quick funding times that allow cash to reach customers’ accounts, sometimes within minutes of request. However, we have noticed an increasing reliance on payday loans as users learn to trust them every month which makes them almost addicting.

Our new app allows people to borrow larger amounts over a longer period of time, so clients can benefit from more sustainable, less erratic borrowing. At the same time, our new personal loans are just as accessible to the public and are almost as quick to reach customer bank accounts as payday loans.

Western Circle’s new on-demand credit app offers larger loans, ranging from £ 1,000 to £ 25,000 and spanning a longer period of time, making them more manageable and affordable than payday loans . The average representative APR for payday loans in the UK is currently between 1,000 and 1,500%, while the new Credit on Demand app allows clients to apply for loans with a representative APR of just 39.7%.

The new version of the app comes just months after Western Circle introduced a new product within the Cashfloat brand called ‘Cashfloat Pro’, also designed to tackle the growing dependence on payday loans identified among existing customers of Cashfloat. The “Cashfloat Pro” option allows customers who regularly borrow small amounts each month to borrow larger amounts over a longer period. The reduced interest rate that accompanies “Cashfloat Pro” loans is intended to help regular borrowers avoid continuing to borrow again.

Western Circle Limited continues to impact the online credit market with its constant innovation and cutting edge technology to create better and safer credit alternatives for consumers in the UK.

New Credit on demand The app was released earlier this week on the Google Play Store and is available for free download.

About Western Circle Ltd:

Western Circle Limited is a technology and data driven loan company. The company develops and integrates technologies to enable affordable loans online under the new FCA regulations. These technologies include expert underwriting systems, online loan intelligence analytics, and proactive compliance management systems.

WCL has already helped over 50,000 people in the UK obtain affordable loans online through its trading style https://www.cashfloat.co.uk. Western Circle Ltd aims to reinvent the science of affordable online lending and make this useful and responsible financial tool accessible to all UK consumers.

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KEYWORD: UNITED KINGDOM EUROPE

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

SOURCE: Western Circle Limited

Copyright Business Wire 2019.

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

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