In recognition of our achievements and innovations over the past year, Moneyboat have been revealed as finalists for Alternative Consumer Lender of the Year at this year’s Lending Awards.
The Lending Awards are “the only awards programme distinguishing and rewarding individuals, teams and businesses across Alternative Lending, Commercial Finance, and Mortgage Industries, celebrating and recognising excellence across the entire lending market.” It celebrates those businesses that have made an impact on the marketplace and the industry in exceptionally challenging times.
We’re all about our customers…
As a short-term lender, we’re committed to providing accessible loans to consumers who can afford them. Our repayment terms are flexible and we provide exceptional customer service and care. We appreciate that we operate in a marketplace that has suffered unethical lending in the past. We are committed advocates of responsible lending and feel that our shortlisting reflects this.
To be named as finalists for the Alternative Consumer Lender of the Year award, Moneyboat demonstrated that our products fill the gap left by traditional banks and lenders. Ours are flexible, open-minded loans that take an individual’s circumstances into account when assessing applications. With us, there is room for nuance and discretion, but we never compromise on our responsible lending ethos.
And we’ve achieved operational and financial growth and success…
As well as demonstrating our commitment to alternative consumer lending, the judges were also impressed by our credentials operationally and financially over what has been a challenging year.
Much of our success and growth in 2020 and 2021 was thanks to our in-house loan management system (LMS). It allowed us to adapt our products and services to protect the business and our customers. The LMS and our technology team have proven themselves to be adaptable, scalable and agile, highlighted by our rapid management of the COVID-19 pandemic through our dedicated Covid risk algorithm.
Then there’s our highly successful and timely partnership with Modulr, which has allowed us to fund every 15 minutes. This means that, for applicants that are successful and from whom we need no extra documentation, they can have the cash they need in their bank within minutes, even over the weekend.
Sustainable, ethical growth
We now have over 40 members of staff in three international offices, helping us to offer more loans to more borrowers. Over the year, our customer funding time fell by 48% and the likelihood of completion on a loan increased by 20%. Perhaps most fundamentally, we have achieved massive growth, in terms of loan volumes, while simultaneously shrinking our missed payment rate by 41% over a 48-month period.
We’re a close team, here at Moneyboat, and we’ve worked hard to demonstrate that growth and success in the short-term consumer lending market is absolutely achievable without sacrificing ethical and responsible lending practices. We’re proof that responsibility and success are not mutually exclusive.
The Lending Awards winners will be announced on 2nd December 2021 at London’s Leonardo Royal Hotel, where the great and good of the credit industry will be celebrating. Good luck team Moneyboat!
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Representative Example: Borrow £400 for 4 months, four monthly repayments of £197.48. Total repayment £597.48, interest rate p.a. (fixed) 255.5%. Representative APR 939.5%. Compare Moneyboat loans.
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