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FCA authorises online lender

FCA authorises online lender

Personal online loan lender AvantCredit has announced that it is now fully authorised by the Financial Conduct Authority (FCA).

Since launching in the UK in October 2013, AvantCredit has issued more than 70,000 loans, totalling around £200m.

The FCA authorisation will cover AvantCredit’s lending operation and also includes permissions for credit broking, debt collection and debt administration.

Earlier this year, AvantCredit secured £130m in debt financing from a number of financial institutions to bring its total UK debt funding to over £300m.

The lender also announced the appointments of former MasterCard CEO H Eugene Lockhart and John Uphoff, former head of global collections at HSBC, to its board of directors.

Raj Singh, managing director of AvantCredit, said full authorisation from the FCA was a significant step forward as it entered the next stage of its growth. 

“The customer is our number one priority and AvantCredit will always uphold the highest of standards and consumer protection policies. 

“We are proud to be one of the first companies providing better access to affordable credit for middle-income consumers to receive this distinction."

AvantCredit offers unsecured personal loans ranging from £1,000 to £20,000 with loan terms ranging from 12 to 48 months.

The lender currently operates in the United States and the United Kingdom serving over 500,000 customers. 

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