A leading fintech firm, Western Circle, parent company of direct lender Cashfloat, has showcased new standards for loan providers seeking to foster trust, inclusion, and accessibility for consumers who have long felt alienated from access to financing.
The company, which has several lending brands within the group, has developed a values- and fairness-based philosophy that applies throughout the firm, with an overarching goal of democratising access to funding as a departure from the status quo.
How Western Circle’s Value-Focused Methodology Is Changing Consumer Perceptions
Western Circle emphasises the need for financial resources to be aligned with the consumers who use them, for full transparency without complex terms or confusing jargon, and for borrowing to be faster, easier, and simpler through cutting-edge AI systems.
These ‘core values’ underpin the decisions the firm makes when choosing which technologies to invest in, which has been a primary focus for the company in recent years. This has resulted in the development of new proprietary technologies that expedite funding decisions without the built-in unfairness or automatic rejections many consumers have come to expect when applying for bad credit loans.
The outcomes have been remarkable, with Western Circle regarded as a credible, responsible name in the world of lending, offering a real alternative to conventional lenders and banks, whose policies and criteria often leave many unable to access support.
Examples of consumer experiences include the ability to receive decisions about whether lending will be approved or rejected in an average of just 2.49 minutes. This is in stark contrast to average waiting times, which vary widely from a few hours to three to four weeks, based on quoted lead times shown on comparable lending platforms.
Peter Kimpton, Chief Operating Officer of Western Circle says, ‘Speed matters, because a borrower who is facing an unexpected financial crisis, doesn’t have a week or two to find out whether they’re going to receive help, or run the risk of a rejection that leaves them with few good options.
We developed our AI-assisted decision engine with just that in mind, thinking of ways to speed up the process from initial affordability assessment to decision, while incorporating human checks where needed to ensure every loan is in the interests of the borrower.’
The Statistics Behind the Success of the Western Circle Group
The metrics recorded by Western Circle demonstrate the scale of the impact the firm has had thus far, with recently available data showing that:
- The company has approved lending to 500,000 UK customers, including those who may have been automatically rejected elsewhere, despite demonstrating strong affordability.
- Lending has amounted to £70 million, leveraging technology to enable the company to lend at scale while maintaining robust safety and responsible lending standards.
Peter goes on to explain that Western Circle’s approach differs from the norm because it puts the person requesting borrowing at the heart of the process, rather than focusing on rigid criteria or deciding that every applicant with adverse credit or a below-excellent credit score is an undesirable customer.
They say, ‘Fundamentals like responsible lending and safe access to financing are central, but we looked at what matters most to people. For many, the key themes were around speed, certainty, and being able to ask for guidance with confidence that the person they’re speaking to will provide genuine help and ensure they know what their options are.
Our customer service teams are incredible professionals and chat with customers every day via WhatsApp or SMS, where preferred, removing obstacles to financial assistance, and ensuring that people have trustworthy, safe advice and are never left resorting to high-risk, high-cost lending due to a lack of other alternatives.’
About Western Circle Ltd
Western Circle Ltd is a UK-based, FCA-authorised consumer credit provider specialising in fast, responsible, online lending. Western Circle is fully authorised and regulated by The Financial Conduct Authority.
