Utilico Insights - Jacqueline Broers assesses why Vietnam could be the darling of Asia for investors. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksMCL.L Regulatory News (MCL)

  • There is currently no data for MCL

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Launch of Remote Lending Product

16 Apr 2020 07:00

RNS Number : 8092J
Morses Club PLC
16 April 2020
 

16 April 2020

Morses Club PLC

Launch of Remote Lending Product

Morses Club PLC ("Morses Club", the "Company" or the "Group"), an established provider of non-standard financial services, is pleased to announce the launch of a fully remote lending product within its Home Collected Credit ("HCC") 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."

 

For further information please contact:

Morses Club PLC Paul Smith, Chief Executive OfficerAndy Thomson, Interim Chief Financial Officer

Tel: +44 (0) 330 045 0719

finnCap Ltd (Nomad and Joint Broker)Jonny Franklin-Adams / Giles Rolls (Corporate Finance)Tim Redfern / Richard Chambers (ECM)

Tel: +44 (0) 20 7220 0500

Peel Hunt (Joint Broker)Andrew Buchanan / Rishi Shah / Duncan Littlejohns (Corporate)

Jock Maxwell Macdonald (ECM)

Tel: +44 (0) 20 7418 8900

CamarcoJennifer Renwick / Kimberley Taylor

Tel: +44 (0) 20 3757 4994

  

Notes to Editors 

About Morses Club

Morses Club is an established non-standard financial services provider, consisting of Morses Club, the UK's second largest home collected credit ("HCC") provider, and Shelby Finance Limited which operates online lending through its Dot Dot brand and online e-money current accounts through its U Account brand.

UK HCC is considered to be a specialised segment of the broader UK non-standard credit market. UK HCC loans are typically small, unsecured cash loans delivered directly to customers' homes. Repayments are collected in person during weekly follow-up visits to customers' homes. UK HCC is considered to be stable and well-established, with approximately 1.6 million1 people using the services of UK HCC lenders.

The HCC division is the second largest UK Home Collected Credit (HCC) lender with 224,000 customers and 1,695 agents across 90 locations throughout the UK. The majority of the Company's customers are repeat borrowers and the HCC division enjoys consistently high customer satisfaction scores of 97%2. In April 2016, its cashless lending product Morses Club Card was introduced, enabling its customers to buy online as well as on the high street. In February 2019, the Company introduced an online customer portal for its HCC customers, which now has over 78,000 registered customers.

Shelby Finance, via the Dot Dot brand, has 37,000 active customers and via the U Account brand, has c.18,000 customers using the online e-money product. Dot Dot is a provider of 3 - 9 month short-term online loans and 18 - 48 month online loans in the non-standard credit market.

Morses Club successfully listed on AIM in May 2016.

 

About the UK non-standard credit market

The UK non-standard credit market, of which UK HCC is a subset, consists of both secured and unsecured lending and is estimated to comprise around 10 million consumersand total loan receivables of £10.7bn4.

Non-standard credit is the provision of secured and unsecured credit to consumers other than through mainstream lenders. Lenders providing non-standard credit principally lend on an unsecured basis and the market is characterised by high frequency borrowing. Approximately 2 million people move annually between standard and non-standard markets4.

Since February 2014, unsecured personal lending has grown from £161 billion to £216 billion in February 20195.

1 High Cost Credit Review ANNEX 1 - July 20172 Independent Customer Satisfaction Survey conducted by Mustard3 FCA High Cost Credit Review Technical Annex 1: CRA data analysis of UK personal debt - July 20174 Apex Insight - Non-Prime Consumer Credit: UK Market Insight Report - September 20195 Table A5.2, Bank of England Money and Credit Bank stats February 2019

 

This announcement constitutes inside information for the purposes of article 7 of the Market Abuse Regulation (EU) No 596/2014.

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
PRLMZGMDZKDGGZZ
Date   Source Headline
13th Feb 20237:00 amRNSCancellation - Morses Club PLC
10th Feb 20235:59 pmRNSDirector/PDMR Shareholding
10th Feb 20234:40 pmRNSSecond Price Monitoring Extn
10th Feb 20234:35 pmRNSPrice Monitoring Extension
7th Feb 20234:40 pmRNSSecond Price Monitoring Extn
7th Feb 20234:35 pmRNSPrice Monitoring Extension
6th Feb 20235:30 pmRNSMorses Club
3rd Feb 202311:11 amRNSResult of General Meeting
2nd Feb 20234:40 pmRNSSecond Price Monitoring Extn
2nd Feb 20234:35 pmRNSPrice Monitoring Extension
31st Jan 20237:00 amRNSExtension of Term-Out Clause
20th Jan 20234:40 pmRNSSecond Price Monitoring Extn
20th Jan 20234:35 pmRNSPrice Monitoring Extension
13th Jan 202312:42 pmRNSHolding(s) in Company
13th Jan 20237:00 amRNSHolding(s) in Company
12th Jan 20237:00 amRNSProposed Cancellation of Ordinary Shares
15th Dec 20227:00 amRNSExtension of Term-Out Clause
13th Dec 20227:00 amRNSIssue of PSL and update on Scheme of Arrangement
30th Nov 20224:41 pmRNSSecond Price Monitoring Extn
30th Nov 20224:36 pmRNSPrice Monitoring Extension
24th Nov 20227:00 amRNSInterim Results
16th Nov 20222:41 pmRNSHolding(s) in Company
15th Nov 20227:00 amRNSUpdate on Peak Advance Funding
3rd Nov 20227:00 amRNSBoard Appointments
4th Oct 20221:03 pmRNSResult of AGM
4th Oct 20227:00 amRNSBoard Changes
30th Sep 20227:00 amRNSTrading Update
28th Sep 202212:53 pmRNSFurther Update on Potential Scheme of Arrangement
21st Sep 20224:40 pmRNSSecond Price Monitoring Extn
21st Sep 20224:36 pmRNSPrice Monitoring Extension
15th Sep 20227:00 amRNSUpdate on Funding Arrangements
25th Aug 20227:00 amRNSPreliminary results - 26 February 2022
15th Aug 20227:00 amRNSResults Update
11th Aug 20227:00 amRNSUpdate on Potential Scheme of Arrangement
22nd Jul 20224:40 pmRNSSecond Price Monitoring Extn
22nd Jul 20224:35 pmRNSPrice Monitoring Extension
20th Jul 20227:00 amRNSPotential Scheme of Arrangement & Financial Update
21st Jun 20227:00 amRNSUpdate on Claims Volumes and FY22 Results
25th May 20227:00 amRNSFY 22 Results Update
17th May 20222:39 pmRNSHolding(s) in Company
3rd Mar 20227:00 amRNSTrading Update
22nd Feb 20224:29 pmRNSAIM Rule 17 Disclosure
21st Feb 20227:01 amRNSPDMR Dealing
21st Feb 20227:00 amRNSTrading Update and Director Changes
28th Jan 20222:17 pmRNSPDMR Dealing
22nd Dec 20217:00 amRNSBoard Changes
17th Dec 20217:00 amRNSCompany Update
2nd Dec 20217:00 amRNSIssue of Equity
7th Oct 20217:00 amRNSInterim results
14th Sep 20217:00 amRNSUpdate on U Money PLC

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.