November 27, 2017 06:00 AM (GMT)
Circle Ltd (WCL), most recognized trading as ‘Cashfloat’ in the UK, opens new branch
in Barcelona, Spain with the aim of using their successful lending model to
help people in other countries.
The UK payday loans market is easily known to be one of the hardest markets to operate in worldwide. This is following a huge crackdown on lenders by the Financial Conduct Authority. Since January 2015, many new regulations have been introduced, making the sector much harder for payday loan providers to operate in. As a result, lots of UK payday lenders closed their doors to the public.
Western Circle Ltd, meanwhile, developed a new business lending model designed to flourish under the newer, stricter rules. These addressed key concerns of responsible credit and affordability while still focusing on the FCA principles of treating customers fairly.
The model comprises of a proprietary Loan Management System (LMS) built in-house from scratch to conform directly with even the toughest regulations. The LMS is designed to bridge customers’ interest and lenders’ business needs without conflict. 3 years and over 10,000 customers later, WCL has proven that companies can be profitable while still treating customers fairly.
Since the UK loans market is relatively harsh compared to others worldwide, WCL believes that their new model can be adapted successfully in other countries too - especially where regulations are not as strict. Western Circle’s model is unique because the focus is on their customers as opposed to how much profit they can make which builds the business’s sustainability and credibility.
WCL have taken their successful model to Spain, hoping to help more people get access to money they need quickly and conveniently.
Peter Kimpton, Western Circle’s COO said:
“I recently visited our new offices in the centre of Barcelona to meet the team. I have been impressed by the dedication to customer service and sheer focus of Team Barcelona. We are looking forward to seeing great things from them.”
Western Circle Ltd is looking forward to expanding their customer base and taking their business to the next level. Cashfloat, Spain is already up and running and open for business.
You can read more about Western Circle's loan products here.
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 25,000 people in the UK alone 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 helpful and responsible financial instrument accessible to all clients across the UK.
Western Circle Ltd
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Press release distributed by Pressat on behalf of Western Circle Limited, on Monday 27 November, 2017. For more information subscribe and follow https://pressat.co.uk/