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A More Responsible Payday Loan Market

A More Responsible Payday Loan Market

 

A very important part of the lending process is ensuring that customers will be able to pay back the money that they are borrowing. By doing this people can be prevented from getting themselves into a debt situation that they are unable to manage. It is a responsible lender’s job to do what they can to protect their customers from the problems that can arise from late repayments and to keep their best interests as a priority.


Callcredit Information Group aim to provide innovative products and services which can help businesses to make informed decisions throughout their customer lifecycle. One of these services is providing lenders with information about other loans that their potentials customers have. They have announced that lenders will now be able to access information about their potential customers’ borrowing habits in real-time; currently the information is updated monthly so this is a significant change.


Callcredit are hoping to be able to offer this service to their client portfolio in April this year and this will enable lenders, like Lightning Loans, to make informed and responsible decisions regarding their incoming loan applications. This, in turn, should ensure that people are less likely to be able to sign up for more loans than they can afford.


This development is great news for both lenders, and borrowers, as it will make the payday loan market a more responsible one to be part of.


By Sasha Davison

 

15th January 2014


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