LONDON–(BUSINESS WIRE)–Western Circle Limited, the company behind popular UK credit websites Cashfloat.co.uk and Personal LoansNu.nl, has released a new app called ‘Credit on Demand’, designed to help consumers in the UK migrate from expensive payday loans to more affordable personal loans.
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“We have found that two important characteristics attract consumers to payday loans. First, higher acceptance rates allowing even people with very bad credit to apply. Second, fast financing times that allow cash to reach customers’ accounts, sometimes within minutes of application. However, we have noticed a growing reliance on payday loans as users learn to rely on them every month, making them almost addictive.
With our new app, people can borrow larger amounts over a longer period of time so that customers can experience more sustainable and less erratic borrowing. At the same time, our new personal loans are just as accessible to the public and reach customers’ bank accounts almost as quickly as payday loans.”
Western Circle’s new Credit on Demand app offers larger loans, ranging from £1,000 to £25,000, extending over a longer period of time, making them more manageable and affordable than payday loans. The average representative APR for personal loans in the UK is currently between 1,000 and 1,500%, while the new Credit on Demand app allows customers to apply for loans with a representative APR of just 39.7%.
The new app release comes just a few months after Western Circle introduced a new product within the Cashfloat brand called ‘Cashfloat Pro’, also designed to combat the increasing reliance on payday loans identified with existing Cashfloat customers. The ‘Cashfloat Pro’ option allows customers who have consistently borrowed small amounts each month to instead borrow larger amounts over a longer period of time. The discounted interest rate associated with ‘Cashfloat Pro’ loans is intended to help repeat borrowers break the need to continue borrowing again.
Western Circle Limited continues to influence the online credit market with its constant innovation and cutting edge technology to create better and safer credit alternatives for consumers in the UK.
The new Credit on request app was released on the Google Play Store earlier this week and is available to download for free.
About Western Circle Ltd:
Western Circle Limited is a technology and data-driven lender. The company develops and integrates technologies to enable affordable loans online under the new FCA regulations. These technologies include insurance expert systems, online loan information analysis and proactive compliance management systems.
WCL has already helped over 50,000 people in the UK to obtain affordable loans online through its trading style https://www.cashfloat.co.uk. Western Circle Ltd aims to reinvent the science of affordable online loans and make this useful and responsible financial tool accessible to all consumers in the UK.