Case study Loans 2 Go choose LendingMetrics to launch online lending
Loans 2 Go have been at the forefront of Log Book loan lending since 2002 and continue to set the pace with a loan product that is fast, simple and convenient for their customers. About
Approach Loans 2 Go appointed LendingMetrics to support the launch of their online lending platform, offering automated flexible loans to suit the consumers’ needs. Loans 2 Go chose to use LendingMet- rics’ product Open Bank Vision (OBV) , which enables consumers to share their financial information, such as income and expenditure in real-time via a bank level secure portal. OBV removes resource intensive and costly process- es from the lender’s operation, reduces delays in the application process and minimises the risk of fraud by removing the reliance on paper documentation.
LendingMetrics has also delivered to Loans 2 Go Equifax’s credit insight, bank verification, affordability and anti- money laundering suite of products. These data services complement OBV by providing lenders with a complete solution for assessing the credit risk of an applicant. As part of their approach, LendingMet- rics provided credit risk advice to assist Loans 2 Go in producing their decision engine and assisted the team so that their understanding of the consumer data grew throughout. LendingMet- rics attending regular meetings both prior to and during the implementation phase in order to assist Loans 2 Go and to share their industry experience.
With over 60 branches UK-wide, Loans 2 Go have now launched an unsecured lending product in-store and online. Their aim was to continue to provide a personal experience whilst maintaining their company ethos to grow the company’s foothold in the unsecured market. They pride them- selves on their number one priority: being able to treat all customers fairly whilst providing flexible loans including debt consolidation and top-up loans. Their corporate ethos is to be transpar- ent and to make sure their customers are treated fairly at all times and given the opportunity to benefit from the financial independence they seek.
14 | Metrics Monthly
November 2019 | UK Edition
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