Morses Club launches Dot Dot Loans online product
Morses Club
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16:50 10/02/23
Home collected credit lender Morses Club announced the launch of Dot Dot Loans on Thursday, its first online instalment loans product.
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The AIM-traded firm said the launch followed the purchase of Shelby Finance in January, which is fully authorised by the FCA to provide online instalment loans and now operated as a subsidiary of Morses Club.
It said the launch of the new online instalment product was the next step in the company's strategy of developing digital products to complement its home collected credit offering, and target a wider range of customers across the UK non-standard credit market.
The introduction of Dot Dot Loans was not expected to have a material impact on profit in the current financial year, the board reported.
“We are delighted to announce the launch of Dot Dot Loans following the successful acquisition of Shelby Finance earlier in the year,” said chief executive officer Paul Smith.
“This is an important step in the evolution of our business as we use technology to offer customers a broader range of products, supplementing our core home collected credit offering.”
Smith said the product was targeted at the nine million additional customers who access the wider non-standard credit market, with transparent pricing with flexibility built-in as key features.
“We have launched the product to market in a test phase, with a strong commitment to understanding customer requirements in this area.
“The brand was developed based on feedback from target customers and the website is mobile responsive, providing a simple and straightforward approach to offering credit,” Smith explained.
“We will continue to assess the market opportunity during the test phase.”