Alternative lender Morses Club is launching a fully remote lending product within its home collected credit (HCC) division.
The new offering, developed in-house, is available to all existing HCC customers and Morses Club said all checks and agreements will be transacted via its online customer portal.
A total 95,000 customers are now registered for the customer portal and more than 20 percent of all collections are now made using it.
Morses Club said this means that despite the impact of Covid-19, collections are running at 74 percent of pre-Covid-19 expectations, as 33 percent 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 who do not have a bank account.
Morses Club’s chief executive Paul Smith said: “The launch of our new product to support our customers during this very difficult time is testament to our investment in technology and our strategy of ensuring customers can access products and services flexibly.”