Doorstep lender acquires instalment lender

Doorstep lender Morses Club has this week announced the acquisition of Shelby Finance – a provider of online instalment loans.

Doorstep lender Morses Club has this week announced the acquisition of Shelby Finance – a provider of online instalment loans.

Morses Club, headquartered in west Yorkshire, provides home credit loans and is in the interim permission stages of being regulated by the Financial Conduct Authority (FCA).

 FCA-regulated Shelby Finance, based in Manchester, offers short term loans and will act as a subsidiary to the company.

Morses Club said the acquisition will help target a wider range of customers across the non-standard credit market by adding an online instalment loan product to its offering.

 Paul Smith, chief executive of Morses Club, said: “Outside the home-collected credit sector, there are around nine million additional customers who access the wider non-standard credit market.

“We anticipate that the new online instalment loan product will be launched in the first half of our trading year and look forward to updating the market once the full launch plan has been finalised.”