Alternative finance company launches innovative processing system and advanced, real-time decision engine
Consumer finance provider George Banco has expanded its advanced decision engine with a cutting-edge application form, leveraging innovation to make ethical, real-time affordability checks that put customer user experience and responsible lending at the core of the business.
As the recent clampdown on rogue payday lenders shows, a regulated market is vital to protect consumers. However, it also highlights the scale of short-term lending and the considerable need for access to affordable credit for the millions of consumers excluded from mainstream finance. The FCA released figures that showed 1.6m people took out £2.5bn in short-term loans last year.
An alternative to banks and payday lenders is the guarantor loan – an affordable way to get access to credit while allowing borrowers to rebuild their credit rating through maintaining payments. For a guarantor loan, the borrower must find a creditworthy friend or relative to support the loan in the event of the borrower being unable to repay. By offering a reasonable alternative to traditional unsecured finance, guarantor loans can help to maintain the level of consumer credit available for continued economic growth in the context of the overall economy.
MD of George Banco, Marc Howells, commented: “The turbulent alternative finance market is undergoing a welcome period of constructive change as the future for marginalised consumers brightens. Expecting those struggling with payday debts to simply ‘do without’ credit is not realistic, particularly as we near Christmas.
“However, the alternatives available to those with bad credit are becoming more widely known. Guarantor loans have a distinct place in the alternative finance market in ensuring that these consumers are not pushed towards illegal forms of lending, but are helped to rebuild their credit futures while gaining access to funds.
“By investing in our systems, we can continue to experience growth, while ensuring that affordability of our customers is paramount.”
A team with over 120 years of consumer finance experience, integrated with state-of-the-art technology, enables George Banco to rapidly assess the capability and affordability of the applicant.
George Banco is proving through rapid growth that innovative technology-driven solutions can help improve the turbulent alternative finance market and allow access to finance for the underserviced section of the economy who need it. The pivotal balancing act of maintaining structured growth with a firm commitment to responsible lending is driving the business forward with integrity.
For more information, please visit George Banco
Notes for editors:
About George Banco
George Banco, the FCA regulated, alternative finance solution for UK consumers, offers personal loans for typically £1000 – £7,500 at representative 49.7% APR (fixed), supported by a creditworthy guarantor.
The Company launched in March 2014, establishing its position in the alternative lending sector by providing struggling UK consumers with a Guarantor Loan. George Banco is a unique financial solution as it gives borrowers the quick access to finance they require. The approval process is more thorough and faster than any of its peer group as the business is driven by a state-of-the-art technology platform. Consumers experience a swift end-to-end application but the loan assessment is more stringent as the affordability of both guarantor and borrower is evaluated. The George Banco management team have over 120 years’ experience in technology and consumer finance and their core objective is to give UK consumers a financial solution that will satisfy their need for capital but also benefit customers’ long term financial position.
Geremy Thomas – Chief Executive Officer
A serial entrepreneur with a successful track record in the telecommunication, tourism and environmental services. Geremy has a proven instinct for providing products and services to consumers in innovative and creative ways to satisfy their needs.
Geremy co-founded The Carphone Group Plc. In the late 1980’s and grew the business to exceed 10% market share before selling to Cable & Wireless. This was followed by the creation and listing of PNC Telecom Plc. Geremy has also founded a number of other successful technology organisations as well as environmental and tourism companies.
Marc Howells – Managing Director
Marc started his finance career with HFC Bank in 1985, then moved to CitiBank, Barclays and a subsidiary of PPF Banka. During his career, he has worked across 11 countries up to Managing Director and CEO levels.
Marc has considerable experience in building management and leadership teams across many countries, with P&L responsibility of consumer portfolios up to £13bn. He is experienced in starting up unsecured lenders, having initiated 5 unsecured lenders around the world. He has been Fellow of the Institute of Credit Management, and The Institute of Management since 1999.
For further information, please contact [email protected]