Morses Club PLC (LON:MCL), an established provider of non-standard financial services, has today announced the launch of a fully remote lending product within its Home Collected Credit division.
The new offering, which has been developed in-house, is available to all existing Morses Club HCC customers and is fully compliant with all regulatory requirements. All necessary checks and agreements will be transacted via Morses Club’s online Customer Portal, leveraging Morses Club’s existing technology platform. 95,000 customers are now registered for the customer portal and over 20% of all collections are now made using it. This, in addition to the other established ways in which customers can pay remotely, means that despite the impact of Covid-19, collections are running at 74% of pre-Covid-19 expectations as 33% of repayments have transferred from face to face to remote collections in just three weeks.
Customers using the new remote lending product can choose to have funds deposited directly into a bank account or loaded onto a Morses Club Card. More than 44,000 customers currently have a Morses Club Card, providing access to loans for those HCC customers who do not have a bank account.
Paul Smith, Morses Club’s CEO, commented: “The launch of our new remote lending product to support our customers during this very difficult time is testament to our investment in technology and our strategy of ensuring that customers can access products and services flexibly. In addition, our Digital division continues to offer a wider range of digital products and is focused on high quality lending to both new and existing customers. Our approach to customer service and forbearance remains our top priority, with the business adapting to ensure that customers can still access the lending products they need.”