(Alliance News) - Morses Club PLC said Monday it has launched a remote lending process for new home-collect credit customers, allowing the group to start lending to new customers for the first time since the UK's national lockdown started in March.
Shares in the non-standard financial services provider were up 9.2% at 55.70 pence on Monday in London, but have lost 57% in value in the year to date.
Birstall, West Yorkshire-based Morses said the new lending process will allow its agents to deal with new applications, and also reflects a step towards makings its services more digital to meet changing customer demands.
The system will use independent data sources to verify customer details and credit scores, with loans to be paid directly into the customer's own bank account.
"This represents a significant step forward for Morses Club, as we have been restricted to lending to existing HCC customers since the beginning of lockdown in March. We are delighted to be able to leverage our existing technology platform to meet the regulatory requirements necessary to serve new customers remotely," said Chief Executive Officer Paul Smith.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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