The non-standard finance market is sizeable and growing.
10-12 million consumers - 20 and 25% of UK adults - have difficulty accessing credit from mainstream financial institutions because of their credit history.
Morses Club is a major provider in the fragmented HCC market.
Morses Club is one of three national providers of home collected credit. The availability of unsecured consumer credit fell for a 12th successive quarter in the fourth quarter of 2019. Compliance with increasingly stringent regulatory requirements and significant investment in technology present significant barriers to prospective market entrants.
HCC plays an important role for customers, and demand is resilient
HCC customers typically take out small, unsecured, short-term loans to finance events such as birthdays or Christmas, or unexpected expenditure. The average loan value for MCL at the end of FY20 was £651
Customers value our customer service
We have a history of lending and collecting responsibly, and have high levels of customer satisfaction and repeat business.
Treating all our customers fairly is our core philosophy, and we are proud of the valuable contribution we make to communities and wider society, giving thousands of people access to vital financial products and services.
Our growing digital service capabilities have opened up opportunities for us in the fragmented online finance market to deliver a broad range of financial products and services to enhance the customer experience.