Sold. Finance Company Specialising In Consumer Credit - Unsecured, Personal Loans And Personal Lending

Finance company specialising in Consumer Credit - Unsecured, personal loans and personal lending

Ref.CG059
Location Kent
Offers Invited

Established in 2003, and run on a day-to-day basis by the original founders of the operation, following extensive experience with one of the leading providers in the UK, this business specialises in the provision of home collected credit – unsecured personal cash loans made available over a selection of weekly terms.

Operating in a highly localised and very suitable area of Kent – an area with exactly the right kind of demographics – the business has built up a widespread, loyal customer base. It calls on its customers on a weekly basis, to collect payments and to provide customers with on-going credit facilities as required. Customers can pay by cheque delivered by post to the company’s registered address but the vast majority of payments are collected face to face, on the door.

Bound by the rules of the Consumer Credit Act 1974 and the Data Protection Acts of 1984 and 1998, the business offers weekly loan terms available at varying rates of interest for 15, 30, 40 and 52 week term loans. The business also offers consolidation loan refinance facilities over 50 or 100 weeks. Each term has a calculated APR which is well known for its far more favourable terms in comparison to its competition within the area. The company also offers a cashback incentive scheme which is a major usp of this business within its catchment area.

A large proportion of the loans made are higher margin shorter term ‘overlapping’ loans whereby a remaining small balance on an existing loan is cleared from a new loan given, with the customer receiving the balance of the new loan less the amount needed to clear the previous loan.

Expansion Potential
There is an outstanding opportunity to build on the existing business levels and customer base of this company. With a strong demand for the services offered by this business, combined with a capacity to increase turnover, a new owner contributing fresh ideas and motivation will have every advantage of building on an excellent platform.