Online lender AvantCredit has received full authorisation from the UK’s Financial Conduct Authority (FCA).

The authorisation covers the lender’s credit and lending business as well as permissions for credit broking, debt collection and debt administration.

AvantCredit managing director Raj Singh said: "Full authorisation from the FCA is a significant step forward as we enter our next phase of 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 has been operating in the UK since October 2013, issuing over 70,000 loans worth about £200m till date. The company offers unsecured personal loans between the £1,000 and £20,000 price range, for 12 to 48 months.

Customers applying online can instantly get a credit decision, with funding available as soon as the same business day, the company said.

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Earlier in 2016, the company received £130m in debt financing from various financial institutions, bringing its total UK debt funding to over £300m.