Tag Archives: short term loans

How Has The UK Short Term Credit Market Been Revolutionised by The 2015 FCA Price Cap Regulation?

How Has The UK Short Term Credit Market Been Revolutionised by The 2015 FCA Price Cap Regulation?

Since the FCA introduced price cap regulation back in 2015, there have been changes in the short-term credit market.

The latest Social Market Foundation (SMF) report commissioned by the CFA (Consumer Finance Association) offers the latest assessment on the impact of price cap regulation on the short-term credit market in the UK with a special focus on cost as well as access to loans. The report contains information gathered from industry data as well as short-term credit consumers in the UK.

Considering 6.8 million UK households still live below the poverty line, a significant number of UK households rely on credit. Changing employment and work patterns as well as state benefit changes have also resulted in income instability which has, in turn, increased dependence on credit. Rising inflation and housing costs have also increased the need for short-term credit in the UK.

Let’s not forget the poor saving habits in the UK. A previous SMF research study shows that 40% of UK citizens have less than a week’s worth of income as savings. With this in mind, the health of the UK short-term credit market can’t be overlooked since most people with financial difficulties turn to short-term loans. Considering the FCA price cap regulation is the latest and most significant UK credit market event, how is the market now?

What has changed?

1. Cost of loans

According to the latest SMF report commissioned by the CFA and produced independently by the SMF, the cost of loans has fallen significantly. The latest industry data shows that the cost of loans has reduced by from 1.3% (in 2013) to 0.7% currently. In a nutshell, loans cost less now. It gets better! Loans are cheaper than the 0.8% initial cost cap set by the FCA which is an indication of healthy competition in the industry.

2. Default fees

Industry data also shows that default fees have fallen. The proportion of short-term loan on which borrowers pay additional over and above contractual interest has halved from 16% back in 2013 to 8% currently. In cases where loans are subject to default fees, the total amount of fees including interest charged after default has dropped from £45 to £24. However, concerns linger on whether the fees are still high considering they represent approximately 10% of the value of most short-term loans taken in the UK.

3. Borrower perceptions and experiences

According to the latest SMF survey, consumer perceptions have improved on affordability. Consumers are of the notion that short-term loans have become affordable. 56% of recent borrowers agree that short term loans have become more affordable. Only 43% of borrowers who took out short term loans before 2015 believed they were affordable. Although there are consumers who insist that loans haven’t become affordable, a majority of such opinions can be attributed to the fact that some borrowers assess affordability based on their own ability to service loans.

In regards to experience, most people (90%) feel short term loans are the most convenient source of short-term credit today. Some concerns have however been expressed on repayment. Approximately 20% of all recent borrowers today state that they have problems repaying short-term loans as planned or in time.

4. The size of the short-term credit market (Number of loans sold)

The latest industry data shows that the number of loans sold decreased significantly over the January 2016 to April 2016 period. The loans taken during this time were 42% lower compared to the same period in 2013. Industry experts attribute the fall to a decreasing number of lenders during this period. Many short term loan lenders exited the market between January and April 2016 after finding it extremely difficult to operate in the confines of the new price cap regulation.

5. Access to loans

The FCA had predicted that the regulation would exclude some consumers from the short term credit market more so, lower income individuals. This prediction is consistent with industry figures. The SMF report suggests that access has become restricted. An SMF survey shows that consumers are of the notion that it has become harder to obtain loans. 57% of all consumers who have taken loans before and after the regulation changes state that short term loans have become more difficult to access.

The SMF survey, however, shows that only 16% of people who have tried accessing loans before the regulation, not afterwards, have been denied loans. This is against 18% who haven’t bothered to take loans after the new regulation just because they thought they wouldn’t qualify.

Many consumers still find access to loans important for essentials or avoiding other borrowing channels such as borrowing from family members and friends. According to the SMF survey, 27% of consumers risk going without essentials if they don’t get access to short-term loans. The survey also reveals that 37% of consumers are forced to pursue other credit channels such as borrowing from family and friends if they don’t access credit despite this option being the least reliable and suitable for many.

The rest are forced to cut back on spending, misappropriate funds or rely on alternative or mainstream credit which comes at a higher cost. Some customers also resort to borrowing from unlicensed lenders when they fail to secure funding from licensed short-term credit lenders.

Summary

In a nutshell, the new regulation may have reduced the cost of loans and default fees as well as improved consumer perceptions, however, access to credit has shrunk, and the hardest hit borrowers are low-income individuals. Although the regulation stops exploitation by lenders, which was a huge problem especially in the payday loan industry, some borrowers are being forced into the hands of unlicensed lenders. This is contrary to the FCA’s previous conclusion that the new regulation would be a good thing to low-income borrowers.

The price cap appears to have reduced unscrupulous lending practices among licensed lenders, but there is an increasing number of borrowers turning to unlicensed lenders giving rise to worse problems. Unscrupulous (unlicensed) lenders don’t have to work as hard as before to attract borrowers since access to short-term credit has shrunk among the lower income borrowers. Short term credit lenders in the UK have stricter affordability assessments today which have reduced the number of loans being offered to individuals who are deemed high risk.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.
The Best Way to Recover From Financial Shock

The Best Way to Recover From Financial Shock

Definition: Financial Shock

Financial shock can be defined as an unexpected event that affects a person’s finances negatively. Emergency expenses such as shock utility bills, home repair and car repair bills are some of the most common causes of financial shock. Such expenses are bound to disorganise your finances if you don’t have adequate savings to cover them. This highlights the importance of setting up an emergency fund as soon as possible.

Emergency expenses can force you to deplete your savings, borrow from friends and family as well as take up short term loans like payday loans. To avoid over-reliance on such measures which usually cause more financial stress, you need to build an emergency fund. Ideally, you should have six months worth of living expenses or more in your emergency fund. If that’s not the case with you and you are in financial distress because of an emergency expense, it’s not the end of the world. Here’s what you need to do to recover.

Step 1: Acceptance

To tackle any difficulty in life, you must accept your situation first. Acceptance is important because it helps you tackle the root cause of your problem. Every financial difficulty can be avoided by taking some measure earlier in life. Acceptance will help you see where you went wrong. For instance, you may realise you didn’t have enough savings, good insurance, etc. Instead of wasting time feeling sorry for yourself, accept and spring into action.

Step 2: Assess your situation

Once you accept your current situation, proceed and find out how much resources you have and the liabilities you face. You need to know your exact financial health to get out of financial distress and formulate a realistic plan. You should find out your total monthly income, expenses, and debt. Do you have payday loans, credit card debt, car loans, etc.? You should also find out how much you have in assets. It’s also important to know the short term and long term implications of the financial shock you have faced, if there are any. For instance, you may have taken out a loan to settle an emergency expense. What are the repayment terms?

Step 3: Set your goals

After getting the true picture of your current financial situation, it’s time to set goals aimed at getting you out of the situation. The goals should be specific. After assessing your current situation, you should know how much money you need to get out of your current financial situation. With this in mind, you should have goals detailing how you intend to make the amount of money you need to get out of debt. Your goals must be realistic otherwise you will never be able to recover from the financial shock. Your goals also need to be measurable. To do this, break up large goals into small manageable steps. The idea here is to be completely honest with yourself and ensure you achieve whatever you decide to do to make your financial situation better.

Step 4: Formulate a plan

With clear, realistic and measurable goals in place, you should be able to formulate a good plan. When planning, you need to know where you will get money for paying outstanding debt. You can consider getting another job or adjusting your budget. In most cases, there are expenses you can forgo to pay up outstanding debt. You can also create new income streams by moving to a cheaper house, selling an asset, using public transport, etc. After suffering financial shock, you need to cut down on unnecessary spending otherwise you won’t recover. Your plan should focus on this without putting too much pressure on significant expenses. Don’t forget to include an emergency fund in your plan.

Step 5: Take action

All the steps discussed above are useless if you don’t take action. You must make those lifestyle changes and pursue your goals religiously to recover. Most people dream about improving their financial situation, but nothing changes until you take action.
Recovering from financial shock starts with acceptance. You must also assess your current situation to identify your mistakes. Proceed by setting goals and formulating a plan that will take you out of your situation and protect you for in the future. Lastly, you need to take action. You can’t get out of financial shock if you don’t do anything to change your situation. Become debt free, build an adequate emergency fund and take up the necessary insurance coverage to protect yourself in the future.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.
Top Retirement Myths Capable of Destroying Your Retirement

Top Retirement Myths Capable of Destroying Your Retirement

Introduction

Having misconceptions about retirement can make you draft the wrong saving strategies which will, in turn, make your life harder during your golden years. The importance of knowing the truth about retirement can’t, therefore, be overlooked. For instance, you need between 65 and 90% of your pre-retirement income to maintain your current living standards. However, most people think they can do it with 50% or less. Some people also expect to keep working beyond age 65 however, less than 15% of today’s retirees manage to keep working past age 65. Most people planning to retire also fail to account for variable spending. This explains why retirement isn’t so rosy for many people. If you want to retire gracefully and avoid surviving on short term loans like payday loans, here are the top retirement myths you should beware of.

Myth 1: There is a magic number

Most retirement experts encourage retirees to save ”enough” and draw utmost 4% of their retirement savings each year to ensure the money lasts a lifetime. This 4% rule isn’t a universal rule. The rule works for retirees who have saved ”enough”. The 4% rule is also hard to follow given the fact that the lifestyle, health as well as investments of retirees vary. In a nutshell, there is no magic number because retirement plans and withdrawal strategies vary. For this reason, you need to focus on your own retirement as opposed to following figures which aren’t universally applicable.

Myth 2: You can work for as long as you want

Many people also make the mistake of thinking they can work for as long as they want. As mentioned above, most people think they can still work past age 65. However, very few people (15%) actually work past that age. There are also people who expect to keep working for the rest of their lives. This myth is detrimental because it stops many people from planning their retirement early. Ideally, you should start planning for your retirement during your prime age since this is when you can work and save the most. Furthermore, you may be willing to work as long as you want but there is no one willing to employ you. Health issues can also get in your way given the risks of falling sick are higher with age. This myth shouldn’t be used as an excuse for delaying to set up your retirement account.

Myth 3: You spend less in retirement

Many people have also been led to think that retirement life is cheaper and easier. This is far from the truth. Although retirees don’t incur expenses like transport costs incurred by the working population, you are not assured of spending less during retirement. Furthermore, things never get cheaper so don’t expect to pay less either. You also need to account for unique expenses such as health-related expenditures which are mostly unplanned for by most people. Retirees also face other emergency expenses like regular people. For instance, you can damage your car or an appliance. You may also get an unexpected house repair bill. If you don’t have a provision for emergency expenses already, you will have to turn to loans like payday loans or borrow from family or friend which eventually increases your spending. In a nutshell, thinking that you will spend less in retirement is a recipe for disaster.

Myth 4: You will live in your current house throughout retirement

Retiring when you have your own house is a great thing. However, don’t assume you won’t move during retirement. Although most people plan their retirement without considering moving costs, most retirees end up moving for one reason or the other. It’s better to make provisions for moving early rather than be forced to live in the same place for life.

Summary

If you care about having a great retirement, you should avoid falling victim to the above myths when you start or continue with your retirement planning process. Retirement planning should be customised to match your lifestyle. It should also be done as early as possible since no one is in control of their working years. You should also expect to spend the same amount of money you are spending currently or more as a precautionary measure. Lastly, don’t forget to make provisions for moving as well as emergency expenses to avoid relying too much on short-term emergency loans like payday loans.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.
Here Are The Top Debt Myths Debunked

Here Are The Top Debt Myths Debunked

There are many debt myths today that stop people from getting the best out of loans. It’s important to discover what is true about debt to avoid being part of the problem. The 1st step to getting the best out of debt is debunking the most common myths. Below are the top 5 debt myths debunked.

1. Debt is bad

There is this general notion globally that debt is bad so, it must be avoided. This is far from the truth. Many people have been led to think debt is bad because of the consequences faced by people who are unable to service debt. Debt isn’t bad if you can meet your repayment obligations. If you can take and repay a payday loan in time, there is nothing wrong with that. In fact, debt is a good thing in such an instance because you get access to money for taking care of emergency expenses. Debt is also useful when you have a solid plan. You shouldn’t take a loan just because it is available to you. Have a good reason first as well as a solid plan for repaying the loan. You should also understand the type of debt you are taking. Many people don’t pay attention to the terms and conditions of loans, so they end up branding loans negatively. Debt is good as long as you have good reasons for taking up debt and a solid repayment plan.

2. Debt is for the poor

People also associate debt with the poor although many rich people have made a fortune because of taking up debt. Loans are for everyone regardless of your social class. The only difference is the type of loans the rich take. Most rich people take up long term loans for investment purposes. The poor tend to take short term loans for subsistence purposes. You can take a payday loan or any other type of short-term loan to cater for unexpected expenses. So, applying for a loan doesn’t mean you are poor. In fact, your chances of succeeding using your own savings are very slim. Everyone, including the rich, take up loans. The difference is in the type of loans they take as well as what they do with the money.

3. Your credit history/score is better off when you avoid debt

Many people also believe that they can keep their credit score and overall history intact by avoiding debt. This is far from the truth. In fact, you hurt your credit history by avoiding debt since there is nothing to report about. As the name suggests, credit reports record your credit history. If you don’t take up loans, such as credit card debt, payday loans etc., your credit report won’t have any entries. A person’s credit score improves when they show they are capable of meeting their debt obligations. This simply means you have to take up debt. Otherwise, your credit score won’t change for the better.

4. Debt terms and conditions are set in stone

Most people are also of the notion that debt terms and conditions can’t change. This is far from the truth. Lending institutions are usually flexible. However, you have to put in work to get better terms. For instance, you need to be a regular customer to be able to negotiate for better terms. You also require a good credit score and solid assets. Being knowledgeable also helps. Your chances of getting the best possible debt terms and conditions are slim if you have basic borrower information. You need to invest in financial education to be able to negotiate on the next level. Most people believe loan terms and conditions don’t change because they don’t push their lenders hard enough. Lenders also tend to be less flexible on short term loans. Considering most people take short term loans, it’s easy to understand why people believe this myth.

5. Debt settlement is unethical

Lenders love portraying debt settlement as an unethical practice that portrays lack of character. This isn’t the case. Of course, there are people who take up loans and use them irresponsibly. However, most of the people who turn to debt resettlement do so because of circumstances beyond their control such as unemployment, emergency bills, family problems, etc. For this reason, there is no problem with seeking this alternative when you don’t have any other option.

Summary

There’s a lot of misinformation surrounding debt today. To get the best out of loans, you need to understand the myths surrounding debt. Although there are countless myths about debt, the above myths offer valuable basic information.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.
What Are The Best And Worst Ways To Use A Loan?

What Are The Best And Worst Ways To Use A Loan?

It’s always advisable to live within your budget, stay away from debt, etc.. However, there are some cases when it’s justifiable to take on debt. Sometimes it’s inevitable to take debt. When you have an emergency expense for instance (such as an unexpected medical or car repair bill), you may be forced to take a payday loan or any other type of short-term loan. It’s a bad idea to take up a loan if you don’t really need one. With that said, let’s get into more detail on the best as well as the worst ways of using a loan.

Best ways of using a loan

1. Starting a business:

It’s highly recommendable to take a loan and start a business. Business loans make the most sense because they are put into one of the most productive loan uses. Provided you prepare a solid business, it’s always a great idea to use your loan to start a business.

2. Debt consolidation:

You can also take a loan to help you manage your debt better. Managing debt can be stressing when you have many loans. Debt consolidation allows you to clear off multiple debts so that you remain with one manageable loan. If your loans have gotten out of hand, it’s a good idea to consolidate as long as you still have the capacity to service the resulting debt.

3. To build your credit score:

You can also take a loan to build your credit score. If you have a bad credit score that needs to be improved fast, taking a loan is a good idea. The benefits of having a good credit score are enormous. As long as you can repay your loan in time, there is nothing wrong with building your credit score by taking loans and repaying them in time. This tip works perfectly with credit card loans/debt.

4. To cater for emergency expenses:

As mentioned above, you can take a loan to cater for emergency expenses. Medical bills, car repair bills, roof repair bills among other kinds of bills may arise when you don’t have money. In such cases, you can take a payday loan among other types of short term loans to cater for those emergencies.

Worst ways of using a loan

Let’s turn to what you shouldn’t do with loan money. Ideally, you shouldn’t take in debt to spend on unnecessary expenses. Although the definition of ”unnecessary” expenses can vary from one person to another, here’s what you need to know.

1. Never take a loan for gambling:

Gambling is very risky. The odds are usually against you. There is nothing wrong with gambling with your own money if you really want to gamble. However, it is not advisable to get into debt because of gambling. In fact, you should avoid taking loans to engage in any activities whose outcome can’t be controlled.

2. Funding luxuries:

You should also avoid loans if you are taking them to fund luxuries i.e. buy the latest furniture, electronics, go for a holiday, buy a second home, buy new clothes/shoes. Most people get into debt because of taking loans to enjoy lifestyles they can’t afford. To avoid this mistake, fund luxuries using your own money. You can take a loan if you already have the money to fund luxuries. For instance, you may be waiting to get paid. Unless you are in such a scenario, avoid debt by all means. If you can’t afford something at any given movement, save up and get it later. You should, however, consider putting your money into better use i.e. funding income generating ventures such as a business.

3. Paying everyday bills:

It’s also a bad idea to get into debt every month to pay rent, energy bills, grocery bills, etc. You can take a payday loan once in a while to sort out expenses when you have some financial difficulties. However, it’s not a good idea to pay for everyday bills with debt. If you find yourself doing this, it’s time to adjust your lifestyle to match your income. It is possible to avoid short-term loans by living within your means and building a savings account.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.
The FCA ''killed'' Payday Loans But What Has Come After Appears To Be Just As Bad For Borrowers

The FCA ”killed” Payday Loans But What Has Come After Appears To Be Just As Bad For Borrowers

Many people in Britain applauded when the FCA (Financial Conduct Authority) put an end to Wonga-style payday loans back in 2015. Fast forward two years later, the applause is over. In fact, fear has set in over whether the FCA’s payday loan assault has resulted in a new uncontrollable headache for borrowers.

The FCA has gone as far as launching an investigation on the impact of the payday loan cap on borrowers. There is evidence from numerous industry sources (debt charities and industry groups) suggesting that there is an increasing number of people who have been completely locked out of the credit markets or have been forced to turn to high-cost loans.
According to Jane Tully, Director of External Affairs at Money Advice Trust, it is possible to ”regulate away” supply but you can’t ”regulate away” demand. Simply put, the FCA’s actions only dealt with the supply of payday loans (payday loan lenders) but didn’t think about the effects on borrowers.

According to Tully, payday loan problems have been displaced. There are many people today who are accessing many other forms of high-cost credit because they have no option. Such people have a higher chance of falling into debt now more than ever.

Although the FCA payday loan cap was designed solely to tighten lending practices as well as protect borrowers, the cap has had negative effects such as killing the supply of payday loans. This has, in turn, left many people with fewer suitable short term loan options.

Before the cap, the payday loan industry had two main industry players namely; Wonga, and Dollar Financial. These dominant payday loan lenders are in the process of being forced out of the payday loan lending business.

Wonga’s revenues dropped by a record 64% in 2016. Dollar Financial has already closed hundreds of Money Shop stores and put their payday loan business up for sale.

According to the CFA (Consumer Finance Association) C.E.O., Russell Hamblin-Boone, the payday loan industry markets to a higher demographic, however, this has attracted some unforeseen consequences. The CFA represents twelve of the biggest payday loan lenders in the UK.

According to recent consultations carried out by the FCA, there is a sharp increase in the number of UK citizens missing their utility bill payments in the past two years.
According to debt charity; StepChange which focuses on individuals facing financial distress, over 40% of all its clients miss one or more bill payments every month. StepChange has also discovered that 34% of all individuals who are denied payday loans turn to other types of short-term credit.

According to StepChange’s policy adviser, Laura Rodrigues, those people who miss bill payments state that they don’t have adequate money to cater for all their major expenses. Rodrigues also recognises the fact that there is a gap in the market that has been created by the FCA cap. There are few suitable alternative forms of short-term credit which exposes possible FCA social policy issues.

According to the Consumer Finance Association, approximately 600,000 people struggle to get short-term loans in the UK as payday lenders continue exiting the market. The apparent squeeze on short-term credit supply has also forced people to fall into the hands of unscrupulous lenders now more than ever before.

Individuals who have been shut out from accessing short-term loans because of the tighter affordability checks have been forced to turn to high-cost credit products such as logbook loans, unauthorised overdrafts, guarantor loans, etc., which aren’t price capped or haven’t undergone serious regulatory scrutiny. According to the FSCP Chairman, Sue Lewis, the same protections applying to high-cost short term loans should apply to all other types of credit.

Although influential groups like the Financial Services Consumer Panel (FSCP) which advice the FCA have requested the government to regulate these types of loans the way payday loans are regulated, nothing has been done so far. The FCA, however, plans to lay out a post-cap policy this summer.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.
Saving Money vs. Taking Out Loans

Saving Money vs. Taking Out Loans

It is always advisable to build an emergency fund by saving a portion of your income every month. An emergency fund is always handy when you incur unexpected expenses such as; medical bills and car repair bills. You can’t afford to put such expenses on hold. If you don’t have savings, you will be forced to take out short-term loans such as payday loans to cater for the expenses. Saving money has always made sense. There are however exceptions. Below is a discussion to help you make an informed decision if you are torn apart between saving and taking loans.

Saving money is highly recommended

You should always strive to save a portion of your income every month whether you have loans or not. Developing a saving culture is important because there will always be something that you can buy with excess money. Furthermore, life is full of eventualities. You can fall sick, get involved in a car accident, lose your job, etc. When any of these eventualities happen, you need to have an emergency fund to cushion you before you get back on your feet. In such cases, you may not be able to qualify for a loan. Your savings will be your last resort. Having substantial savings also gives you that much-needed peace of mind. Many people suffer from financial stress because of living from hand to mouth. You need to save to avoid unnecessary stress when you incur unforeseen expenses.

When is taking loans better than saving money?

When you have a business idea that requires a substantial amount of money, it may be better to take a loan than to try and save up money. Taking loans for investment purposes is advisable. It can take you decades to save up enough money to start your business. Furthermore, most business opportunities don’t remain viable for long. You will almost always lose out if you save up to start a business. Savings can only take you so far if you don’t have a substantial income. There is nothing wrong with taking a business loan provided you have done your research. You should also make sure you get favorable loan terms.

Short term loans like payday loans are also ideal when you don’t have access to your savings. If you have a locked your savings in a savings account, you may not have immediate access to your money in case of an emergency. Payday loans come in handy in such cases. The loans are available instantly at reasonable interest rates if you borrow from a reputable payday loan lender or use a licensed broker like Swift Money. Payday loans are also easier to access. You can apply online. Some savings accounts aren’t accessible online. In cases where you don’t have the luxury of time, it’s always better to take out a payday loan or other types of short term loans instead of waiting to save up.

Saving and taking loans

There is nothing wrong with saving and taking loans at the same time. As long as you qualify for a loan and you have a good reason for taking the loan, you can save while you take up new loans. You should stop taking up new loans if you will have problems repaying them. However, don’t forget the benefits of taking up loans. For instance, you are bound to boost your credit score by taking up new loans provided you service them as required. Savings don’t offer such benefits.

Should you start saving after you are debt-free?

Although it is better to start saving when you are debt-free, in most cases, it may take too long for you to start saving if you focus on clearing all your debts first. Some debt i.e. home loans take more than a decade to clear. Home loans can take less time if you channel your savings to repaying the loan. However, it’s not advisable to do so if you don’t have a substantial emergency fund. Your priority should be setting up an emergency fund. Once you have done that, you clear your debt and then go back to building your savings account.

Furthermore, it may make more financial sense to service debt than repay it as soon as possible. Most lenders charge fees for early repayment making it better to continue servicing debt. You may also be getting a loan at a very good rate.

Summary

When it comes to saving vs. taking loans, it’s a matter of perspective and scenario. It is prudent to save in most cases. In other cases, however, it may be better to take loans. In a nutshell, it is up to you to analyse your current situation to be able to make an informed decisions.

Is the Company Director of Swift Money Limited.
He oversees all day to day operations of the company and actively participates in providing information regarding the payday/short term loan industry.