Financial Services - Payday Loans

Financial Services - Payday Loans

Confero is the most experienced call centre services provider in the UK for the Payday Loans sector. We've worked with top five lenders from the UK and USA and we provide two core services - a fully operational loans management contact centre and outbound lead generation.

Call Centre Services

If you are a business in the £7.5 billion payday loans sector or if you're a new lender from the UK or USA entering the market, you need a service provider and Confero has the experience and expertise to manage the customer journey, from application to collection.

The sector is expanding quickly in the UK and is attracting new lenders. Research by Consumer Focus, an executive, non-Departmental Government Body of the Department for Business, Innovation & Skills suggests that 1.2 million people take out payday loans every year, borrowing an estimated £1.2bn.

The strict regulations in the USA means lenders are looking at the UK and beyond to expand their operations and they're looking for a high profile and process-driven inbound and outbound call centre service provider to add value to the client experience.

Outstanding Service Delivery

Confero's call centre services can be delivered using either a Bureau team (a 'shared desk' facility), a Dedicated team (deployed solely to handle customer interactions for a single client or a blend of both. During our initial consultations we'll be in a position to determine which of our services is most appropriate for your business.

The benefits of outsourcing all or part of your operational processes are immediate -

  • To set up quickly, lenders look externally for customer support and debt collection infrastructure, allowing them to focus on marketing, underwriting models and lending
  • Confero is experienced in working with Loan Management systems, thus reducing training time and expense
  • We can target existing customers approaching their payday giving them options to 'roll-over' the loan, increase credit limits or to pay in full.
  • We can call previous customers to offer them the opportunity to re-apply
  • We can generate leads by calling prospects who have shown interest in the past but have not proceeded with an application or loan, explaining the process, borrowing amounts and related costs


Confero Call Centre Process Example

In this hypothetical example, XYZ Payday Loans is setting up in the UK. They want to outsource the handling of its customer contacts including new loan enquiries, credit checks, verifying applications and employers, chasing up customers to discuss credit limits and extension options, credit control and where necessary, debt collection.

Confero will -

  • Handle loan management processes
  • Work with a loan processing system such as LAPS-IT
  • Respond quickly to customer calls and emails
  • Provide a unique 0800/0844 number
  • Answer calls in your business name
  • Have access to your database
  • Capture basic caller information, host FAQs and provide links to client systems
  • Report at regular intervals
  • Have a dedicated account manager on hand for any issues or questions

Office of Fair Trading (OFT) Report - Payday Loans Sector - June 2010

In the OFTs review of 'high-cost credit', it said that contrary to popular belief and in a number of respects, these markets work reasonably well. They serve borrowers not catered for by mainstream suppliers, complaint levels are low and there is evidence that for some products, lenders do not levy charges on customers who either miss or make late payments.

To read the report in full, including the review findings in full and their sector-wide recommendations and improvements, including greater transparency across the industry, download a PDF copy of it here.

OFT Report Compliance

In addition to our experience and expertise in managing complex and sophisticated processes for our high-profile clients in this sector, Confero's management teams and the live agents who will work on your account are conversant with the OFT report. Our services are also fully compliant with the recommendations and findings contained within the report.

To find out more

With FSA (Financial Services Authority) authorisation and membership of the DMA - Direct Marketing Association, our clients can be confident of a service that is quality, process and target-driven.

For more information and to discover how Confero's call and contact centre services can add real value to your service offering, please call 0800 083 32 32, or email sales@confero.co.uk



See also:


View all our Call Centre services


Our brochure

Read and print the Confero brochure online - you can also request a copy to be sent to you by post.

View and print the Confero Call Centre Solutions brochure Click to view our Call Centre Solutions brochure (PDF Format) (150kb)