FairMoney.com is a new loans comparison website whose remit is to provide a fairer option to the subprime audience. This sector is typically for those who have a bad credit rating and/ or find it difficult to get approved for loans.
Up until recently, this market has been seen as challenging and to some an unethical sector. Things are, however, changing and FairMoney™ is part of that shift to help this ‘underserved’ audience. The FairMoney website meets all the FCA’s requirements to treat customers fairly.
It is a collaboration between Equiniti Pancredit and Dr Roger Gewolb; lending expert, key spokesperson within the subprime finance industry and founder of the Campaign for Fair Finance. Ross Balmer, Dr Roger Gewolb’s long-time co-director, has also been pivotal in the starting up of FairMoney™.
Equiniti Pancredit provides the technology for the comparison site which includes the algorithms and logic to discern the loans for which a visitor could actually be approved. It ranks by APR then total amount payable and not by commission. The smart search technology guides the visitor through a series of questions and then generates a “soft” credit search which does not affect the applicants credit profile.
This smart technology has an important part to play in providing people with realistic results and in giving them the confidence to approach a lender when they may have already been turned down by others previously. Equiniti Pancredit’s Managing Director Graham Donald says:
We have been servicing the needs of the loans industry for over 25 years and this is now an opportunity for us to get more involved and do some good in this sector. Our technology is still very much our key offering.
FairMoney™ was launched, softly, in February this year. Yet, it is already gaining industry recognition. At the International Auto Finance Network (IAFN) awards on the 13th May, FairMoney™ won ‘Best New Entrant’; a pretty good start. The business is going well and visits to the website have increased by over 100% month on month.
So what’s next for FairMoney™? Faye Peacock, Marketing Manager at Equiniti Pancredit believes there are many ways to progress:
We have a great team of experts working on the product with lots of ideas in terms of where we can take the brand. We have a lot to achieve this year, but winning an award so soon is a great accolade and very encouraging.
For more information about FairMoney™, contact Faye Peacock at firstname.lastname@example.org