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Euroloan Consumer Finance PLC launches virtual credit card
Euroloan Consumer Finance PLC expands its consumer services. Established in 2007, the company has provided continuous consumer credit and credit account services since 2010. Now Euroloan combines these well-proven and popular services with a new virtual credit card, offering a more flexible consumer credit solution, making a better fit for our customers' everyday needs.
Helsinki, Finland, 2013-04-04 07:00 CEST (GLOBE NEWSWIRE) --
Euroloan Consumer Finance PLC operates in Finland, Sweden, Poland and Denmark. During six years of operation the company has lent over 60 million Euros and made more than half a million credit decisions. "We are expanding our range of financial products by introducing a virtual credit card as part of our internationalization strategy", states Mr. Tommi Lindfors, CEO of the company. "Positive feedback from our customers and the vast amount of data collected during our operations make it easy to compare and evaluate product demand, profitability and risk. We strive to package the best possible combinations of these factors for our customers, and continue to actively develop our services providing our customers with even more diverse and innovative financial solutions".
Virtual credit cards will initially be offered in four different price groups, with APRs of 9.9%, 14.9%, 39.9% and 51.0%. "Price groups allow more effective management of credit risk, enabling us to profitably offer our services to a much bigger group of customers. Giving every customer an individual loan offer based on careful analysis is also better customer service. We can offer lower rates to prime customers that actively take care of their financial situation”, says Mr. Samuli Korpinen, Country Manager Finland. "We strongly believe that the basis for any unsecured consumer lending should be the proper assessment and management of credit risk.”
"The annual market for credit cards is over 1 trillion Euros in our target markets and the majority of the industry is controlled by bank-owned finance companies. The increasing regulation of banks brings new opportunities for independent finance companies. The regulatory environment for credit cards is stable and the operating model is easily scalable across national borders. A natural continuation of a virtual credit card service would, in the future, include also a physical credit card ", according to Mr. Lindfors. The company believes that this new approach will significantly reduce European regulatory risk, improve business profitability, and increase sales volume.
The virtual credit card will be launched in the spring of 2013. The new Finnish Consumer Protection Law containing APR limitations will be implemented on June 1, 2013. "The traditional microcredit market will end at that point, but we do not believe that the demand for consumer credit will disappear. The vast majority of people who use small consumer loans repay them as agreed, making them desirable customers also for us”, says Mr. Korpinen.
Euroloan Consumer Finance PLC is part of a rapidly growing international financial group, with headquarters located in Helsinki, Finland. Euroloan has developed the most efficient business models and systems in the market, with the aim of becoming the most advanced service provider in key European markets. The company's business model is to provide customers with near real-time credit, enabled by a fully automated cloud service. Euroloan has consolidated its market position and increased its market share continuously from the time the company was established.
For more information please contact CEO Tommy Lindfors, tel. +358 10 2171 000