FCA regulated Novaloans joins Mintos from the UK

28.06.2019

mintosblog

We have great news for those of you who want more investment opportunities from the United Kingdom, as Novaloans Ltd, a loan originator based in the United Kingdom trading as Cash4unow has just launched on Mintos!

Established in 2012, Novaloans is authorised and regulated by the Financial Conduct Authority (FCA) and offers loans in the high-cost short-term credit market, which is regulated in the United Kingdom. For customers based in the UK, the company specialises in providing affordable loans between GBP 150 (EUR 172) to GBP 1 000 (EUR 1 146).

Since its foundation, Novaloans has issued more than 73 360 loans worth over GBP 20 million (EUR 22.56 million). Over the past six years, the company has managed to attract around 42 349 unique customers.

Novaloans is committed to responsible lending.

In the UK, the high-cost short-term credit market is heavily regulated. However, Novaloans maintains that it has always been committed to responsible lending before market regulators imposed rate caps. This has allowed the company to continue to grow despite a more restrictive environment.

“For some time, we have been looking for a source of flexible, reliable funding in order for us to expand our business in a controlled way. We have found previous sources could only offer lump-sum loans for fixed periods, offering little flexibility in drawdown and repayments,” said Patrick Green, a Director at Novaloans Ltd.

“We were therefore very pleased to discover the Mintos marketplace, which we felt offered us the availability of funding for our loans, but in a completely flexible way, which suits our business model. We are now delighted to have our loans listed on the Mintos marketplace. We are very impressed with the quality and efficiency of the Mintos personnel that have enabled us to proceed to this stage and we now look forward to an exciting future partnering with them, to the benefit of all parties,” he added.

Novaloans on Mintos

UK-issued loans from Novaloans, which are distributed through Cash4unow, on Mintos will be listed in EUR and range from EUR 172 to EUR 1 146, with a maturity of 4 or 6 months. Loans are repaid in monthly instalments. You can expect a net annual return of up to 12.5%.

In addition, all loans on the marketplace from Novaloans are secured with a buyback guarantee and will be repurchased if the loan is delinquent for 60 days or more. Furthermore, the company has and will continue to maintain 10% of each loan placed on Mintos on their balance sheet, to keep their skin in the game.

For the last 4 months to March 31, 2019, Novaloans had revenue of GBP 1.448 million (around EUR 1.63 million) with current net assets (liabilities) at GBP 1.19 million (EUR 1.35 million). For the same time period, the number of loans issued was 10,296.