We first started the site back in 2009, since the Quick Loans has turned into a significant brand in finance. When the OFT handed over responsibility for Financial Regulation to the FCA. We decided to love the brand into its own company.
The site has handled applications for over £1.02 Billion pounds in the last 10 years.
Although the brand name tends to reflect a more critical type of finance, this isn’t the core of the customers. Most of the customers that travel through the site are from a more of a middle-income kind of demographics. This means that decline rates are lower and earnings from the site are higher than some of our other lending names.
Plans for the future include the possibility of making a return to direct lending. Issuing loans ourselves. This would require a change in regulation for the FCA because at the moment. It is not viable to enter the lending market, especially in the subprime sector. As it is, borrowers can merely laugh at you as you chase late payments. In fact, it is worse than that, they can actually threaten to make a complaint about you to the OFT.
If someone complains about your firm to the OFT, then the OFT can fine you over £600, regardless of whether or not they find you in breach of any rules.
We believe that there is a financial crash on the way. When that happens, regular and mainstream sources of credit will start to dry up. It may be at this time that lenders will be able to dictate terms to the FCA, simply because the FCA would be desperate to fill the gap in legal lending. The FCA is frightened of the public has no choice but to use loan sharks.