Payday Power Assist New Lenders Entering the UK Market

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Leading loan brokerage Payday Power is assisting new lenders who are setting up in the UK by making sure they comply with current regulations for the financial market.

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Payday Power, a leading UK based payday loan broker, are helping new businesses within the industry to better understand licensing and the legal responsibilities of being a short-term loan provider. This is part of a wider effort to educate companies and improve the level of service being offered to customers – including those of the broker.

They are offering their support to lenders as one of the more established and reputable companies within the industry. Having been founded in 2008, Payday Power have amassed extensive knowledge of the rules and regulations that all businesses must adhere to, which are now passing on to those who are just starting in the business. With regular legal updates to the terms of borrowing, it is vital for companies to make sure that all of their processes are in line with guidelines set by the Office of Fair Trading.

As a brokerage, Payday Power needs to ensure that they continue to expand the number of lenders available to them. However, it is equally important that these companies work within the regulations of the industry, which is another reason why they are offering this support. This enables them to decide whether to use new lenders in their service.

Simon, the Managing Director of Payday Power spoke about this process: “As we are assisting new lenders we can make informed decisions about whether or not to use them within our service. This also allows us to make sure new lenders are complying with the most up-to-date regulations which will ultimately benefit and protect our customers.”

“We want those who use payday loans and especially our customers to feel assured when working out their options and looking for different loan lenders. By helping other companies we believe that this will have a positive contribution on the reliability of the short term lending sector and allow for unscrupulous companies to be pushed aside in the market.”

About Payday Power

Founded in 2008, Payday Power is a leading broker of online payday loans. Part of the Reset Finance group, they enjoy the backing of a number of major lenders to help get the best deal for customers. Payday Power offer payday loans of up to £1,250 at a representative APR of 1,940.5% - equating to around £25 per £100 borrowed or 25% of the total amount - and are committed to responsible lending.

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Samantha Stratton
Impact Media
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