Everyday Loans appoints Bright Finance for secured loan distribution

Everyday Loans Limited, has announced the appointment of Bright Finance as its loan distribution partner for the lender’s new central lending operation. The project, which starts with immediate effect, will run as a pilot for an initial period. Everyday Loans and Bright Finance will be working closely with each other on developing a desired mix of business through their lead channels and networks.

"We worked closely with Bright Finance in evaluating and developing this proposition and as a result, we believe we now have the processes and systems in place to allow our central operation to offer an excellent service. We expect a positive response from the market and will be using this pilot to assess the market opportunity. If it is successful we will seek to expand volume." comments Andrew Wayland, head of marketing for Everyday Loans Limited.

Mark Cooke, chief executive of Bright Finance commented: "This is a very exciting initiative and we are very pleased to be bringing this new product to the market with Everyday Loans."

The pilot makes available a packaged secured loan product plan that is aimed at the 70% to 80% LTV market and will allow up to 90% LTV on good quality customers.

About Everyday Loans

Established in 2006, Everyday Loans is an independent lender. With over 180 staff, Everyday Loans has a UK-wide network of 30 branches, offering customers unsecured loans from £500 to £10000 and secured loans from £3000 up to £100,000. The branch network is used to meet people face-to-face where professional advisers help people with their financial requirements. Everyday Loans is a member of the Consumer Credit Trade Association and is licensed by the Office of Fair Trading. For the sale of general insurance Everyday Loans is regulated by the Financial Services Authority. everydayloans is a trading style of Everyday Loans Limited.

Bright Finance

Bright Finance acts as a broker between customers seeking credit and their wide panel of lenders. Prospective customers are approached by their multi-skilled, blended contact centre, and the resulting loan applications are underwritten by their in-house Lending department.

Established in 2001 by Paul Hancock and Mark Cooke, Bright Finance has enjoyed phenomenal growth, occupying showpiece offices in Chapeltown, Sheffield, where it employs approaching 200 staff.

Bright Finance is becoming known nationally as a leading innovative player in the consumer credit industry. Bright Finance’s Lending team continues to provide record-breaking results each month and in 2006 once again processed more than £1 billion in loan applications.

Bright Finance Chief Executive, Mark Cooke, was voted Entrepreneur of the Year in the Institute of Directors’ Yorkshire and Humber Director of the Year Awards 2006. The company was also a finalist in The Credit Suisse Entrepreneur of the Year Award (North East Region) in the 2006 National Business Awards and also won Team Leader of the Year at the European Call Centre of the Year Awards in 2005.

Posted: 1st November 2007