Moneyboat revealed as finalists for TWO prestigious Credit Awards

We are finalists!

We are incredibly proud to reveal that Moneyboat is a finalist in, not one, but TWO Credit Awards categories this year. Moneyboat is in the running to bring home the Alternative Lender of the Year award, and the Responsible Lender of Year award. The Credit Awards, hosted by Credit Strategy, are the most prestigious awards in the industry and we will be eagerly waiting for the judges’ decision on 14 December, when the ceremony will be taking place at the Grosvenor Hotel in London.

“A credit award is a coveted accolade recognised as the Gold Standard within UK risk, credit and collections”, according to Credit Strategy. It adds, “Creditors, DCAs, debt purchasers and those that supply them with technology, products and outsourced services enter in the hope of being recognised as best in class.”

It’s safe to say that the Credit Awards are a big deal for creditors like us. And winning either the title ‘Alternative Lender of the Year’ or ‘Responsible Lender of the Year’ would be a remarkable achievement for Moneyboat. Here’s a little more about each award.

Responsible Lender of the Year

Moneyboat does not compromise when it comes to responsible lending and we actively go above and beyond the requirements set out by the Financial Conduct Authority (FCA) wherever possible. We knew we could demonstrate that growth in lending and business success doesn’t have to rely on irresponsible practices.

Our approach to marketing and customer service puts clarity and compassion at the top of our priority list. And as a result, our Financial Ombudsman Service-upheld complaints level is among the lowest in the industry.

In response to Covid, we adapted our LMS and AI-driven loan management system to identify those most vulnerable. We continue to help support struggling borrowers with innovative, tailored approaches to repayment.

We’ve now moved on to working to positively influence customer-centric changes in the HCSTC industry through a groundbreaking campaign, alongside the Treasury Select Committee. We’re raising awareness of the shortcomings in Claims Management Companies’ approaches to complaints filing and the damage these can have on customers.

Alternative Lender of the Year

As a finalist in the Alternative Lender of the Year category, we can celebrate our innovations and partnerships, such as our work with Modulr to enable funding every 15 minutes after - approval and all checks have been completed, our Customer Portal and our advancement into Open Banking. These new tools mean we can offer the highest levels of transparency to our customers, improving on the standard experience of borrowing from an alternative lender.

We’re also very lucky to have an in-house loan management system (LMS) that we can hone and adapt to new customer demands and expectations. Our highly agile LMS was developed by our own team of industry specialists, risk consultants and systems architects. It handles everything from customer applications, data enrichment, AI deep learning underwriting and money transfer; to compliance, reporting and collections.

Our truly alternative take on lending has allowed us to grow our lending volumes at an impressive rate. Moneyboat has been operating for just over six years and has originated over 120,000 loans to date.

Being shortlisted for these awards has further cemented our position as one of the most innovative, fast-growing and responsible lenders in the alternative credit marketplace. We’re here to demonstrate that short-term lending can play a positive role in people’s lives. As an organisation, we can be confident in our ability to succeed without compromising on our approach to responsible lending.