Client Profile: PaydayExpress™
Providing payday loans via the Internet affords consumers significant convenience when compared to other more traditional financial services channels. Consumers can apply for a loan at any time it suits them, 24 hours per day, 7 days per week from the privacy of their own home and have the loan proceeds paid direct into their bank account quickly and conveniently.

Whilst consumer demand for such short-term loan solutions is high, particularly from consumers whose financial service needs are not met by more traditional providers, operating a successful Internet payday loan company requires a very high level of sophistication and risk management expertise. The inherent higher credit and fraud risk associated with making loans via the Internet has to be understood and managed, and the solution must comply with the increasing focus in the area of ‘responsible lending’. Data sharing is a key ingredient within this.

Daryl Thorpe, director at Payday Express (www.paydayexpress.co.uk) describes how partnering with Teletrack UK Ltd is returning early and significant benefit to his company and set them on the path to further growth.

“We’ve been providing payday loans for some time” says Thorpe. “But we were looking to better our customer experience and make doing business with us even more convenient. We were experiencing increased demand for our products but wanted to make sure we grew our business profitably and responsibly. Partnering with a risk management solutions provider that understood our business was essential. We chose Teletrack UK Ltd as they had demonstrable expertise in payday loan risk management and were able to bring a broad suite of risk and fraud management solutions via a single interface. The ability for us to share data is also an essential component towards responsible lending.”

Teletrack UK Ltd is able to leverage their experience as a successful credit reference agency in the US payday market with their extensive managerial and executive experience in the UK financial services arena.

“We’ve been using Teletrack’s solutions in a live environment since January 2008,” says Thorpe. “Teletrack’s solutions have enabled us to automate much of our loan underwriting processes, providing convenience and speed of service to our customers. As a result we are now booking a much higher quality customer, and these solutions allow us to better identify more profitable and creditworthy consumers.