Quilam have backed an experienced and talented management team to launch a new entrant into the UK consumer finance market. Lifestyle Loans is a UK technology enabled lender established to meet the finance needs of unserved UK ‘thin-filed’ consumers.
The business was founded by five experienced shareholders all with backgrounds in the specialty finance market as either lenders or brokers. Collectively these shareholders identified an opportunity on their existing lender panels for a mid-priced unsecured product and designed a transparent and fair lending product to meet the needs of the consumer, delivered through a modern customer journey.
Lifestyle Loans has embraced technology solutions to address the information gap for thin-filed borrowers and leverages open banking to establish affordability of the product and the intent and desire for repayment. This is coupled with personalised touch-points with the borrower to enhance the digital customer journey and reduce credit and fraud risk.
The Quilam investment has provided working capital and, importantly, funded the initial growth of the loan book.