CCR Magazine

You are here  :Home arrow News arrow First ever ArchOver loan successfully repaid after two year term expires
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


First ever ArchOver loan successfully repaid after two year term expires PDF Print E-mail
Monday, 31 October 2016
The first ever business loan facilitated by ArchOver has been paid back in full, on time and without a single late payment by TruTac Limited, a specialist tachograph analytics company based in Coventry. The £100,000 loan, for a term of 24 months, delivering an interest rate of 5%, was taken out to replace an existing invoice financing facility with a view to reducing credit costs. Over the same period, lenders over the ArchOver platform have received interest payments totalling £10,000.12 exactly.

ArchOver chief executive Angus Dent commented: "Although having our first ever loan successfully repaid is a very satisfactory outcome for us, it also serves to illustrate just how well peer-to-peer business lending can work for ambitious SMEs trying to grow their businesses in a challenging economic environment. Here was a profitable, established business founded in 1994 that was being hit by punitive charges for finance and just needed a helping hand. We were able to provide a lending service that was quick, transparent and on terms that enhanced their bottom line. TruTac has subsequently grown by around 70%."

"The fact that the 24 months has passed without incident, any arrears and not a single late payment bears testimony to the quality of ArchOver's due diligence processes and underpins our ‘Secured and Insured' proposition. It also goes some way towards answering those who criticise the sector for lax credit standards and failure to monitor outstanding loans, both of which we pride ourselves on. In the meantime, we have also been able to provide our lenders with what we believe to be a decent rate of return on their money."

Terry Ramsey, TruTac's managing director, commented: "The £100,000, two-year loan through ArchOver gave us exactly what we needed. It enabled us to escape invoice financers and gave us control of our own destiny."

"Our experience with ArchOver has proved to be the complete opposite to that we had with invoice financers. Sometimes we hardly know it was there. It was very hassle-free."

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197