CallValidate - Speed-e-loans
The Background
Speed-e-loans.com is a UK-based pay day loan company that provides short term loans as a practical alternative to banks' credit products, with transactions characterised as high turnover and low value.
Launched in 2009 and privately backed, they provide instant decisions and credit within two hours when it is needed. Callcredit has been working with Speed-e-loans consultatively since pre-company launch.
The Challenge
Speed-e-loans launched themselves in the Pay Day loans market and required an automated solution to streamline their customer acceptance and underwriting process, which required credit worthiness to be established through historical performance.
Pay day loan companies fall under money laundering regulations, and as such must meet strict statutory compliance to verify the identity and address details of their clients.
As well as identity verification, for anti-impersonation and fraud purposes Speed-e-loans required the ability to confirm that the customer is the named owner of their bank account.
The Solution
To assess credit worthiness and credit risk, Callcredit provided Speed-e-loans with SHAREReport. This provides information about a customer's likelihood of fulfilling their credit commitments, including details of their previous payment patterns and debts over the past six years.
Callcredit's unique CallValidate product addressed Speed-e-loans requirements to verify a customers' identity, including name, address and date of birth as well as verifying a customer's bank account and tying that customer to the specific bank account given.
Callcredit created a fully customised payday loan application using CallValidate and seamlessly integrated it with Speed-e-loans' website. Information is captured and analysed real time by Callcredit's high end servers and the results are sent back instantly. If one part of the customer check fails, the workflow process halts immediately thereby saving Speed-e-loans processing time and cost.
Callcredit advised Speed-e-loans on suitable products, service structure, decision paths and expected results; a true consultative approach which shared the wealth of experience Callcredit has in the sector.
The Benefits
The benefits that Speed-e-loans realised include:
- End to end consultative approach which ensured customer requirements were captured, matched and then the correct solution implemented
- Callcredit is the market leader in the payday loan space with a huge depth of experience and unrivalled wealth of UK payday loan information.
- Perfect fit solution where every part of the CallValidate suite is leveraged to provide complete customer information verification
- Intelligent processes resulting in cost efficient use of services
"As a new business we had to hit the ground running. Callcredit treated us as a true partner and worked with to deliver a dependable and efficient solution. Seamless integration of CallValidate has enabled us to deliver our loan services securely and professionally from day one."
Gary Miller-Cheevers, CEO at Speed-e-loans
