Liquid Advance case study
Who are Liquid Advance?
Liquid Advance is owned by GECC, one of the ‘top five’ payday loan companies in the USA who were looking to expand their operation in the UK.
Liquid Advance and Confero
Liquid Advance were looking to make fast and significant inroads into the UK payday loans sector and needed a full service, outsourced call and contact centre with the resources and experience to handle the complete end-to-end customer journey, from the initial loan application through to repayment and collections.
In addition, they needed the infrastructure to both create and support a UK brand, to penetrate the market, to find prospective customers and then to grow their customer base.
Liquid Advance researched the call and contact centre market and chose Confero due to their expertise and experience in managing complex and sophisticated processes in the payday lending and prime and sub-prime financial services sector. This included loans, mortgages, debt management and IVAs.
The Confero Solution
Using an effective combination of dedicated and bureau agents, Confero put into place a team of loan processing experts whose roles were to handle LMS (Loan Management Systems) applications, calls and emails from prospective customers looking for a payday loan.
In addition, agents performed credit checks and employer verification checks in order to underwrite the loan amounts.
Within 18 months, Liquid Advance grew into one of the top 20 payday loans businesses in the UK.