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|Lending Stream Slashes Rates in the Short-Term Loan Sector|
|Wednesday, 02 November 2016|
Lending Stream has cut the rates of its six month instalment product for new customers coming direct to its website. Lending Stream’s current rate (launched today) has a Representative 585% APR, less than half that of Wonga’s closest product, its three month Flexiloan, which carries a Representative 1261% APR.
Lending Stream is leading the short-term lending sector in customer service and product innovation. It has a customer approval rating of 94% compared to just 44% for Wonga in the Review Centre. Representing some of the highest figures in the industry, 92% of customers say Lending Stream’s loans offer value for money and it has a Net Promoter Score of +70.*
To hammer home the point Lending Stream is putting the comparison on TV. Mark Fiander, Marketing Vice President at Lending Stream says: “Lending Stream has invested in reducing costs and wants to pass on the benefits to consumers. Lending Stream’s Representative APR is now much lower than Wonga’s and we believe that is something worth telling people about, especially those who struggle to access credit.”
Russell Hamblin-Boone, Chief Executive of the Consumer Finance Association says: “The short-term lending sector continues to evolve creating choice and competition for customers. This is a sign of a healthy and well-functioning market. The variety of credit products is good news for consumers who benefit from access to credit.”
Lending Stream also recently introduced a new credit product, ‘Drafty’ which has no fees and a representative APR under 90%. Until Drafty, the cost of borrowing £100 for 28 days on an unarranged overdraft could add up to £90 in charges. The equivalent from Drafty costs just £5.04 – less than 10% of the cost.
Mark continues: “Lending Stream will continue to innovate and lead the market, responding to customer needs and driving down the cost of credit. Watch out Wonga the UK deserves better.”
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