Welcom Software Financier announces the launch of a new 6-month term loan from Cash 365
One of the top UK micro loan lenders, Cash 365 has launched a six-month term loan product that will offer the consumer more choice on a new website, with external checks provided by Callcredit.
The new site clearly advises the six monthly payments with reduced interest on each payment, the charges are visibly explained so the borrower knows precisely how much the repayments will be on a month by month basis. Affordability checks are performed within Financier and externally with Callcredit Information Group. The customer will also have access to a 'My Account' area offering the functionality to manage their own account including an online statement of all transactions on the account.
Welcom Software has designed and developed Cash 365's new mobile and tablet optimised website, along with providing the Financier software solution managing Cash 365's term loans. Financier is an award winning modular loan management system allowing lenders to quickly and easily adapt to changes in the market. Financier manages a range of financial products and payment processing for leading micro loan lenders, global high-street retailers, blue-chip corporations, multi-national banks and off-shore lenders who specialise in servicing their commercial and consumer clients.
For the launch of the new lending product Cash 365 has joined with one of the leading credit reference and ID verification companies, Callcredit Information Group to provide identity verification, payment validation and credit risk data.
Callcredit has also developed some unique credit risk policy rules to be implemented at Welcom Software that will enable automated decisions to be made on the majority of applications.
James Blake, Head of Sales, Callcredit Information Group said: "Our ground-breaking credit risk solutions will enable Cash 365 to assess a customer's risk profile to facilitate more accurate, smarter decisions about the likelihood of them fulfilling their credit commitments. This will be enhanced by our CallValidate product which will help them to capture and validate customers' names, addresses and date of birth details, whilst conducting a real-time check against bank and credit card providers' records. All of this will take place seamlessly during the application process and will help Cash 365 to detect and prevent fraud, meet Anti-Money Laundering Regulations, reduces operational costs and increases customer satisfaction."
Terry O'Hare, Founder and CEO of Cash 365 said, "I have been impressed with the level of service and market knowledge Welcom Software has offered since I first opened my payday loan company with them almost one year ago. Cash 365's new product is a sign of where the market is heading, as lenders we need to react to market changes and Welcom Software has allowed me to roll out my new product very quickly and efficiently with the use of the modular Financier software system. Their in-house digital design team produced a remarkable new mobile optimised website, which, as we all know, is an extremely important offering in today's market.
I have decided to join with Callcredit for Cash 365's new product due to its market-leading technology and amount of short term lending data, so far I am very happy with Callcredit's offering and expect to be working with them long into the future."