Major Uk Payday Loan Lender Taken Over By An American Corporation

Bury St Edmunds based Fortress, founded in 2004, continues to grow fast to turn into considered one of the UKs major cash advance lending businesses. Fortress is an fully online loan provider, and was set up with very best of breed IT techniques and compliance processes to let it to be scalable. It is growing rapidly since creation and a current review found it to be one of the leading five players in the industry. Fortress, which sells under the brand name 1 Month Loan offers quick unsecured loans to private individuals generally known as payday loans as they are designed to be paid back on payday. Such lending products have higher interest rates but their expense compares more positively to unauthorized overdraft facilities and they are a great deal easier to obtain than bank funding. For the consumers they are easy and confidential.

The business, which works totally online and sells under the name "1 Month Loan", was launched in Cambridge in 2004 but moved in 2009 to Bury, where it presently employs about 50 men and women. The value of Think Finance's purchase is not being disclosed, but Fortress chief executive Kieran Moulden claimed that, as a consequence of the new finance, the corporation planned to increase its internet business 10-fold, and increase its labourforce to between 150 and 200 over the next two years. These work opportunities would all be primarily based in Bury, he added, with the village having been determined in 2009 as an great place for growth and there being no plans to move or start offices in a different place as a consequence of the company's purchase.

Payday credit is a mature industry in the Usa without a doubt there are a lot more payday lending shops than there are branches of McDonalds. The UNITED KINGDOM market is less developed but rising swiftly and is attractive to US acquirers as shown by the new arrangement by NASDAQ listed Dollar Financial Corp to purchase Purpose UK Holding the biggest UK payday lender for ?124M

Think Finance is certainly one of the USs best growing non-public businesses with three year profit growth of over 70% . Think Finance delivers revolutionary financial solutions which supply under-banked consumers with superior solutions for their financial demands mixing comfort, affordability, and transparency. Set up in 2001, Think Finance has served over 1 million buyers. The firm is privately held and backed by some of Silicon Valleys most respectable venture capital corporations, which includes Sequoia Capital and Technology Crossover Ventures. Think Finance will offer capital to support Fortresss enlargement. All of the Fortress Directors will remain with the company to direct its development.