September 9, 2014
For immediate release
Consumer Credit Solutions’ Retailers & Installers receive £10 million in loan approvals in just one week
Consumer Credit Solutions (CCS), the UK’s leading independent finance provider to the home improvement and renewables sectors, managed approval of £10,051,029 in loans for the week commencing 18th August. It’s the first time in its 15 year history that the business has exceeded £10m in just one week.
CCS Managing Partner Andy Wallace said: “It’s a positive sign, as our industry is known to be a very good barometer for the economy as a whole. We’re dealing with home owners who are looking to improve their properties, and the fact they’re spending money on high value purchases is a good indicator that people have more confidence.”
“In addition, we’ve seen significant increase in the number of loan approvals for the renewables market. By the end of the year we expect a third of all lending to be for solar PV. Being able to offer credit to customers looking to purchase solar panels has been a real game changer for the sector, and we expect it to continue to drive sales volumes up.”
“To achieve this level of approvals is unprecedented, because typically July and August are quieter months. Even though it’s not a true quarter, the upcoming trading period of September, October and November are traditionally the strongest period of the year across the home improvement sector. So given that business is so buoyant in the summer months that makes us extremely confident for the rest of the year and into 2015.”
Mr Wallace also puts the recent increase in loan approvals down to a change of approach by many retail partners. “We’ve been very successful in persuading retailers to move away from traditional high interest finance with commission for sales representatives, to ‘soft-sell’ finance – such as low rate, buy now-pay later and interest free credit. ‘Soft-sell’ finance has had a real impact on the amount of credit being sold, and it’s very popular with consumers.”
CCS has also been proactively encouraging retailers to ensure customers are treated fairly at the point of sale and are fully informed about credit. This includes training sales teams to offer every payment option to all customers, including cash and finance.
“This approach is now starting to have an impact on overall results, and it’s actually increased the number of people buying on credit. And when people use credit, retailers typically have fewer cancellations, receive higher order values, and increase sales volume,” added Mr Wallace.
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Notes for the Editor
About Consumer Credit Solutions
Consumer Credit Solutions LLP was founded in 1999 by partners Andy Wallace and Peter Nicholson. It is the UK’s largest independent provider of point-of-sale credit, and manages a wide range of finance products from blue chip lenders. Last year, CCS helped its clients achieve over £325 million in finance approvals.