Could this be the 'revolutionary' new way to access fair credit for everyone?

Aug 9, 2018 · bdaily.co.uk

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After its pilot launch, an online lending service has announced its growth plans, looking to revolutionise the way people access credit in the UK.

Set up by senior figures from the UK’s financial sector, including ex-Citibank executive Paul Salariya, FairQuid has confirmed that it hopes to bring an end to the high-interest predatory lending practices of high street lenders and Payday loan companies.

The online financial wellbeing platform - authorised and regulated by the Financial Conduct Authority - uses the length of service and performance of an employee as the core criteria of whether a person is eligible for a loan.

FairQuid’s CEO, Vishal Jain - a former Booking.com head - who comes with decades of experience in operational roles with global software and tech companies, explained: "Growing up in India, I experienced first hand the positive impact of micro-finance and ethical lending.

"We know that 46 per cent of UK employees struggle with their finances and the average UK household debt is £8,000.

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