Four Leading U.K. Payday Lenders Merge
Four leading payday loan brands in the U.K. — Month End Money, PayDay UK, MyPayDay Loan and Payday Store — are being incorporated under a single umbrella of MEM Consumer Finance Ltd., according to a press release.
“The payday lending industry in the UK has grown immensely since we opened for business in 2003. As one of the leading providers of short term finance we feel the time is right to look at new expansion opportunities," Iain McKenzie, CEO of MEM Capital, said. "We have streamlined these brands under one, focused company, and will have the same teams and practices in place so the transition will definitely be a smooth one and it will make no difference at all to our existing customers."
The consolidated business will be under the control of MEM Capital’s Chief Operating Officer, Kirsty Auchincloss, who helped build the existing payday loan portfolio for the company. She was there when the tiny payday advance operation began in August 2003 and has been instrumental in its growth to present size: 12 full time staff members, an extensive external support network and hundreds of thousands of pounds a month.
“Teamwork has always been the essence of MEM. At first, it was just Iain and I working on new business sales, returning customers and all payments which meant we had to be particularly efficient at sharing the load," Auchincloss said. "Now we have a dedicated new business team for people applying for a [faxless payday loan] for the first time."
The company touts its customer service team for its regular repeat business and cites its production group for handling the vast number of repayment options.
As with U.S. payday loan companies, MEM Consumer Finance’s brands offer loans between £80 and £1,000 to consumers in advance of their next payday. Despite ongoing criticism from lawmakers, payday loans continue to be popular among people looking to bridge unexpected financial shortfalls. Whether you are in the U.S. or U.K., it's always important to find the best payday loan arrangement for your situation, if you go this route at all.