Batley-based Morses Club making good progress in challenging conditions

The Batley-based firm, the UK’s second biggest home credit lender, said customer response to the launch of remote lending has been positive.

It said subscribers to Morses Club’s online customer portal, which enables remote lending and collection, continue to increase month on month, with over 112,000 customers registered.

In August, the group restarted face-to-face lending and collection activity in homes, in strict accordance with Government guidelines. Despite a face-to-face alternative being available, remote lending still represented over 50 per cent of loan volumes issued in August, demonstrating that a greater number of customers are now choosing remote lending.

Home collected credit (HCC) sales for the 26 weeks to August 31 were £51m, down from £82m in the previous half year, a decline of 38 per cent. Customer satisfaction has been maintained at 97 per cent or above.

Paul Smith, CEO of Morses Club, said: “We are accelerating all aspects of the digitalisation of our business, not just as a response to the ongoing impact of Covid-19, but to create a new model for our business to the benefit of our customers, employees and agents.

“We are encouraged by our customers’ response to our remote lending product and have seen improvements in lending and collections in our HCC division since the launch of remote lending in April 2020.”