Wrexham residents are being offered access to a unique loan from new local financial services company, Chetwood Financial. The first of many products to be launched by the business, LiveLend is designed to provide fair loans for ordinary people.
Borrowers considering a loan can get a quote without it affecting their credit score. Rather than relying on attractive ‘representative’ rates that many won’t qualify for, a LiveLend quote gives customers the rate they’ll actually get, upfront.
Best of all, the loan has no fees whatsoever. Customers are not fined for late repayment and early repayment is not punished with additional charges. Nor does the loan have any set up fees or broker charges.
LiveLend also makes borrowing more straightforward, with applicants receiving a quote in just two minutes, and their money within four hours.
Overall, LiveLend aims to be fairer to the everyday loan customer. Rather than the typical business model – where borrowers who have the advantage of a high credit score get the best rate, and are subsidised by those with weaker credit scores – LiveLend rates are the best they can be for all customers, based on their credit history.
Chetwood bosses, former senior HSBC banker, Andy Mielczarek, and technology specialist, Mark Jenkinson, are using their expertise to challenge the financial services sector by delivering better products through digital technology, and offering exceptional value. They are testing LiveLend with the people of Wrexham first, before it is offered to the rest of the UK later in the year.