Mintos welcomes an innovative lender from the UK – Cash On Go brings us Peachy!

04.12.2018

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Cash On Go Ltd. is a new loan originator from the United Kingdom on Mintos, joining us with their product called Peachy!

While still new on the Mintos marketplace, Cash On Go is actually a mature lender launched in 2010. Ever since its founding, Cash On Go has had a significant presence in the UK’s alternative finance market. In eight years, this lender has processed requests by more than 2 million customers and has issued more than 420 000 loans with a total value of GBP 87.6 million. As of the end of October 2018, Peachy’s net portfolio has reached GBP 3.6 million.

The loans placed on Mintos by Cash On Go through Peachy range from GBP 100 (EUR 112) to GBP  1 000 (EUR 1 122) with maturities of up to 12 months. Investors on Mintos will have the opportunity to earn net returns of up to 12% per annum by investing in loans issued by Cash On Go through Peachy.

Loans on Mintos offered by Cash On Go are secured with a buyback guarantee, and the loan originator  is maintaining 10% of each loan placed on the marketplace on its balance sheet in order to maintain its “skin in the game”. On Mintos, Cash On Go is initially placing its loans in Euros.

Creditworthiness is king… queen, actually

Cash On Go is one of the first online short-term lenders that has been regulated and authorised by the Financial Conduct Authority (FCA). Their approach to creditworthiness goes beyond the rules set by a very regulated UK market.  Cash On Go is striving to select the best possible customers and limit the default rate by using a variety of methods. These methods imply a combination of policies, business rules, in-house developed scorecards and affordability models. Cash On Go is also a member of the Consumer Finance Association (CFA) since 2013, and is fully compliant with the code of practice, ensuring responsible lending.

Joining Mintos – a step that makes sense

“Cash On Go, ever since launching Peachy.co.uk, has been one of the innovators in the UK lending space and want innovation to be an integral part of everything that we do. So, it makes a lot of sense to join forces with Mintos, the innovator on the funding side of consumer lending, to ensure that we at Cash On Go can focus even more on what we do best – provide fast and responsible loans on the UK market whilst having access to more capital,” says Kristjan Novitski, CEO of Cash On Go.

Cash On Go was the pioneer short-term lender in the UK to introduce a functional mobile website and also one of the first companies in the UK to launch both an Android and iOS app.

This new lender on the Mintos marketplace was a finalist of the Credit Today Awards in 2014 and 2015; and Consumer Credit Award in 2016 [2014, 2015, 2016]. Peachy’s present score on the Trustpilot is 8.6.

Explore your Peachy options with Mintos!

 

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