Wealth & Finance International - Finance Awards 2017

www.wealthandfinance-news.com 22 Wealth & Finance International - 2017 Finance Awards Established in 2003, TFS Loans specialises in Guarantor Loans for people who have had a poor credit history, or have no credit history, and find it difficult to get a loan from their banks, credit card companies or other online lenders. Ranjit provides more detail on this creative approach to lending and how the firm has created a loan system that benefits a wide range of customers. “At TFS Loans we exclusively offer Guarantor Loans, taking an alternative approach to lending than the rest of the financial market. A Guarantor Loan is a type of loan which isn’t based on the borrower’s credit score. Instead, it is based on their Guarantor, a nominated person who agrees to let their credit score and financial stability secure the loan. “This allows people who have had unfortunate events in their financial history, to still access credit. A Guarantor Loan can be used for any legal purpose, and most of our customers use the loan to consolidate debts that they are paying off at much higher rates on payday loans / store cards / credit cards etc., or to start a small business, buy a car or make home improvements. Our Award-Winning Guarantor Loan product is the only product in the UK to offer loan values of £10,000 - £15,000.” Customer service is vital to the firm, as it seeks to ensure that everyone it supports receives the very highest standard of service and the solution they need, as Ranjit explains. “Customers are at the heart of the TFS brand, everything we do revolves around our customer promises. The first is to always treat customers fairly: we do not judge our customers based on their past. The present is what matters to us. We are aware they have probably been rejected by a number of other mainstream lenders and we are cognisant of the level of sensitivity we need to show, whilst at the same time ensuring we give customers all the information they need in order to make good financial decisions. “Secondly, we work hard to help our customers build their credit score by providing them with a product that allows them to demonstrate credit worthiness, so that they can access mainstream lending in the future. In addition, we provide useful content to them via newsletters, blogs, social media and our website to encourage good financial management, tips to improve credit scores and how to save. Our thorough application process ensures both the Borrower and Guarantor are fully conversant with the product and are in a position to take on this type of financial commitment. Our follow up customer service ensures we add value to our customers throughout their time with us, which has resulted in consistent month on month increases in repeat custom. Our commitment to our customers was evidenced by us winning overall runner up at the Consumer Credit Awards against Barclaycard, MBNA, Experian and others, for Treating Customers Fairly - an award which was won entirely based on customer feedback and votes. All of our staff are continuously trained to ensure they are furnished with the latest information to deliver great customer service. “Alongside our customer promises, our passion for customer service is reflected in our mission statement: TFS Loans strives to be responsible providers of finance on reasonable and transparent TFS Loans offers a unique approach to lending, allowing those who struggle to find credit elsewhere to borrow money through a safe and supportive system. We invited Ranjit Narwal to talk us through this innovative lending technique. TFS Loans Limited Company: TFS Loans Limited Contact: Ranjit Narwal Email: [email protected] Address: Brook House, 26 Brook Road, Rayleigh, Essex, SS6 7XJ, UK Phone: 01268 740750 Web Address: www.tfsloans.co.uk terms to customers and businesses requiring an alternative to the mainstream funders in the UK. By making customer service, satisfaction and product innovation our primary focus we will ensure we meet our shareholders aims and objectives and those of the regulator. We monitor customer feedback continuously via Feefo ratings and reviews, surveys and NPS scores. We have a committee internally who implements changes off the back of customer feedback. We ensure our product remains competitive at all times.” Moving forward, there are many great opportunities in store for TFS Loans as the firm continues to raise awareness on its pioneering approach to lending, as Ranjit highlights in his concluding comments. “With regards to the future, in the financial industry the subprime marketplace continues to grow and as mainstream lenders tighten their lending criteria more people will look at alternative lending solutions to fulfil their lifestyle goals. We will continue to spread awareness of Guarantor Loans; particularly as an alternative to much higher rate loans like Payday loans and Store cards. “Additionally, in order to benefit our customers and build upon our current success, we are looking to expand our product set in 2018 so that more people will be able to take out a Guarantor Loan. In response to customer feedback we are also looking to move more processes online so that existing customers can service their accounts whenever and however they choose. Overall, we are continuing to increase marketplace awareness of what a Guarantor Loan is, who it is suited to and how to apply.” Best Guarantor Loan Provider - United Kingdom FI170007