LONDON–(COMMERCIAL THREAD) – Cashfloat, the company that introduced free prepayment to the UK online loan market, is now taking a step forward with its proprietary technology. Today they released their new Easy start technology which aims to make loan repayments more comfortable for clients by giving them more time to repay without increasing the cost of their loans.
After analyzing over a million applications, Cashfloat has identified that the first repayment is a reliable indicator of how people will repay the rest of their loan. However, in many cases the first repayment comes too early, leaving too little time for clients to get their finances in order before payday. With the new Cashfloat Easy Start technology, customers’ first loan payment will be reduced based on affordability using Cashfloat’s highly developed Smart Affordability Engine. This will increase the risk for Cashfloat but will make repayments much more manageable for borrowers based on their personal circumstances.
Peter Kimpton, director of operations, said in a statement:
“We have heard of instances where a client’s payday was only a week or two off, resulting in their first payment being postponed until the following month. Their loans were more expensive because they incurred additional interest for that month. By reducing the first payment and having an additional month without interest, it will be easier for customers to start paying off their loan. As always, our customers will always be able to prepay their loans at any time and save money. ”
After five months of preparation, Cashfloat is finally activating this feature on all loans, starting this week, just in time for the holiday season.
Jeremy Lloyd, CEO of Cashfloat commented:
“For people with bad credit loans online are often the only way to access money in an emergency. At Cashfloat, we are committed to improving our products to make them fairer and more affordable for our customers. We are very excited to unveil our new ‘Easy-Start’ feature, and we know it will make refunds more manageable for many of our customers. ”
Cashfloat is a style of trading from Western Circle Limited; a direct lender and a broker approved by the FCA. They offer loans between £ 400 and £ 1,500 through their online website. www.cashfloat.co.uk. Founded in 2014, Cashfloat has grown into one of the UK’s leading online lending brands.
Cashfloat’s model is based on the use of advanced artificial intelligence technology designed to help and protect people who take out short-term loans online. They have built their own loan management system, internal decision and affordability engines and have already processed over a million applications.