Exciting New Appointment for My Payday Loan

The company, which operates three other payday loan brands in addition to My Payday Loan: Month End Money, PayDay UK, and Payday Store; is joined by Nick Auchincloss as Head of Corporate Development.

Nick has joined the team to explore new avenues and business opportunities for the company within the short term loan and financial markets. A former Sales Manager at leading UK loan company, HFC Bank plc and FX brokers, Exchange Direct plc, he has recently project managed sponsorship programmes for organisations including the Ministry of Defence, Playmobil, LEGO and Coca-Cola. He has also consulted on a number of projects within the payday loan industry itself.

Nick explains how this varied experience will help in his new role: "I’ve been lucky to have had some great opportunities in the past and joining MEM will allow me to make the most of the skills I’ve learnt. In my previous roles I’ve worked in both business to business and business to consumer environments, giving me a good feel for consumer needs and business partnerships, both essential in my new job. I’ve always enjoyed working on new projects from developing new insurance products at HFC Bank to going racing with the Territorial Army! MEM offers me the perfect opportunity to continue doing this and doing it well! Payday loans are an exciting new product in the financial market, providing a short term financial cushion for customers in the prime market".

Some of the new products Nick Auchincloss has been working on since joining the business are already in the testing and pilot phases and will soon be available to the consumer. "When developing new products, it’s important to ask, ‘Is it something I would buy?", and a few things have come to mind that offer our customers an extension of the payday loan service they already enjoy. There won’t be major scale changes to our core lending business, merely the introduction of complimentary products that meet different needs".

In addition to looking at new products, Nick will be working on ways of streamlining the business to maximise efficiency and the speed of response to My Payday Loan’s customers. "The customer is all important and with the growing awareness of the payday loan industry and increase in applications for what are effectively top-up loans, we need to continue our business development to maintain and improve our high standards of customer service", Nick states.

Iain McKenzie, CEO of MEM Consumer Finance Ltd commented on the new appointment, "Nick comes with a wealth of relevant experience which will help us in successfully delivering short term financial solutions to the consumer. The presence of a strong senior management team allows our loan advisers to focus on providing excellent customer service when offering payday loans".

NOTES TO EDITORS:

My payday loan offers loans between £80 and £1000 (subject to status) repayable on the customer’s next payday. Payday loans are helpful to people to bridge unexpected financial shortfalls or provide additional funds from time to time as the need arises.

Applying for a payday loan could not be easier – anyone finding themselves caught unexpectedly short before payday just needs to go online to payday loans and fill out the bespoke application form which is then automatically processed. The customer is immediately given an indication of whether or not they qualify for a loan and provisionally and for how much they would be approved. They are can then send the necessary documentation across quickly and, if approved, have their funds deposited the same day.

Existing customers have it even easier – in most cases they can complete loan renewals online, always helpful in the event they need that little extra cash.

My Payday Loan is a trading name of MEM Consumer Finance Ltd, a wholly owned subsidiary of MEM Capital plc.

For more information contact:

Kirsty Auchincloss, COO, MEM Consumer Finance Ltd
Tel: 0871 550 0072
Email: kirsty.auchincloss@mem-cf.co.uk