British payday firm Western Circle has launched a new app to enable customers to switch to personal loans from expensive payday loans.

Named Credit on Demand, the app will allow customers to borrow from £1,000 to £25,000 for a longer period of time using their mobile phone.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The app, according to the company, is intended to reduce customers’ dependence on expensive payday loans by offering personal loans as conveniently and quickly as payday loans.

Western Circle noted that the average representative APR for payday loans in the UK ranges between 1,000% and 1,500%. However, the Credit on Demand app will enable people to seek loans with a representative APR of 39.7%.

Western Circle CEO Jeremy Lloyd said: “We’ve found that two key features draw consumers towards payday loans. Firstly, higher acceptance rates that allow even people with very poor credit to apply.

“Secondly, fast funding times that enable cash to reach customers’ accounts, sometimes within minutes of applying.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“However, we’ve noticed a growing dependency on payday loans as users learn to rely on them each month, making them almost addictive.”

“Our new app allows people to borrow larger amounts over a longer period so that customers can experience more sustainable and less erratic borrowing. “

Currently, the app is available for download at Google Play store for free.

Western Circle focuses on developing new technologies and services to deliver affordable loans under the new FCA regulations.

Recently, the company introduced Cashfloat Pro within the Cashfloat brand. The new product, also designed to reduce payday loan dependence, allows customers to borrow higher amounts for longer period.