(PRWEB) July 3, 2006
Following the introduction of an RSS (Really Simple Syndication) news feed to the My Payday Loan website, the site, which provides short term cash advances to consumers, has been revamped to increase the ease of use for customers both looking for the loans or learning about the payday loan business.
The new web pages describe the loan application process; some of the benefits of a payday loan and My Payday Loan’s approach to responsible lending. Web and Commercial Manager, Kerry Thomas explains, “The My Payday Loan website has three key purposes for us as a business. The first is to inform customers so that they can make the right buying decisions when looking at lending products; the second to reassure them that the process is simple and transparent and that they are dealing with a responsible business; and the third is to provide them with a quick and convenient way to apply. Our feeling is that the new look site is clearer and easier to navigate than before and that has to be a good thing for the customer”.
An interesting analogy on the site is the use of payday loans as a “Financial Taxi”. It compares lending with a cab journey in the centre of London as opposed to a trip from London to Edinburgh. As a customer would find a cab journey convenient and economical in London but uneconomical for the longer journey, so would they benefit from a payday loan when their needs are quick and short term but not if they have a long term borrowing requirement.
Another point consistent across My Payday Loan – and indeed, all MEM Consumer Finance’s websites, is the approach to responsible lending. It states quite clearly that customers should think about what they can genuinely afford to repay and that the underwriters at My Payday Loan will only approve loans for an amount the customer can reasonably be expected to repay in full.
Kerry continues, “One key benefit of a payday loan is that customers can use it to bridge the gap between paydays but can also clear their debt in one simple repayment. This means that customers borrow and pay for what they need rather than paying for years for a pizza they once bought on their credit card when money was tight!”
A quick glance through the website demonstrates a clear commitment to responsible lending, with pages dedicated to consumer advice; clear and transparent charging structures and reminders to customers to borrow responsibly too. The website is easy to navigate with clear links and drop down boxes and regular, relevant site navigation to points of interest and information for the customer.
Kerry concludes by saying, “The My Payday Loan website is our link to the consumer. Our entire business strategy is about being transparent, open and convenient to use. The revamp of the site is designed to reflect that and this has led to more customers knowing about, understanding and using payday loans, and that’s why we’re here!”
NOTES TO EDITORS:
My Payday Loan offers loans between £80 and £1000 (subject to status) repayable on the customer’s next payday. Payday loans are helpful to people to bridge unexpected financial shortfalls or provide additional funds from time to time as the need arises.
Applying for a payday loan could not be easier – anyone finding themselves caught unexpectedly short before payday just needs to go online to My Payday Loans and fill out the bespoke application form which is then automatically processed. The customer is immediately given an indication of whether or not they qualify for a loan and provisionally and for how much they would be approved. They are can then send the necessary documentation across quickly and, if approved, have their funds deposited the same day.
Existing customers have it even easier – in most cases they can complete loan renewals online, always helpful in the event they need that little extra cash.
My Payday Loan is a trading name of MEM Consumer Finance Ltd, a wholly owned subsidiary of MEM Capital plc.
For more information contact:
Nick Auchincloss, Head of Corporate Development, MEM Consumer Finance Ltd
Tel: 0871 550 0072