Growth in digital lending boosts Morses Club

Paul Smith, chief executive of Morses Club
X The Business Desk

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Subprime lender Morses Club is benefitting from internal changes and the reduction of competition as its progress to creating a broader offer “continues apace”.

It has doubled customer numbers and trebled the loan book in its digital lending division since February, and believes “the quality of the lending in the digital division remains high”.

Morses Club chief executive Paul Smith said: “We have seen strong demand for our products as the market has re-opened and with the ongoing economic recovery we expect this to continue.

“Our long-term strategy to evolve into a more complete provider of non-standard financial services products and the reduced competition in the HCC and Digital sectors is likely to be to our benefit.”

Morses Club’s share price has struggled through the turbulence of the past 18 months.

It traded mostly above 120p in the two years before the first lockdown, peaking at around 180p, before losing three-quarters of its value during the early weeks of the pandemic.

It has since recovered around half of the fall, with last night’s closing price of 75p valuing the company at £100m.