Fablious launches its new community for consumers to transform the UK lending market.
As of 17th March 2020, Fablious launched its new online Alternative Finance Community for the UK market. It aims to transform the way users use and discover financial products and alternatives to traditional credit. Fablious works alongside some of the latest pioneering brands in the alternative finance sphere to bring FCA regulated alternative finance products to the customer in a completely innovative way.
The Alternative Finance Community allows users to browse and compare offerings available on the alternative finance market, offering them an extensive selection of products available to consumers who may have been rejected for more traditional forms of credit. Fablious’ bespoke algorithm works to present customers with the FCA-regulated products that are most suited to their individual needs.
Fablious understands that there are many reasons why a lender may reject an applicant for credit; it doesn’t necessarily mean that they are unsuitable for borrowing. Many lenders and credit reference agencies struggle to obtain information about applicants due to the fact that they’ve never taken out any credit. Alternatively, lenders may also reject applicants if they have already reached their quota for the month. With Fablious, there is less of an emphasis on whether or not a consumer can meet the rigid criteria of a lender, and more on assisting individual needs.
With the creation of an online Alternative Finance Community, customers can find and compare a diverse selection of different financial options; from credit builders to deposit free renting options to interest-free prepaid cards and buy now pay later groceries. Consumers can find a variety of different options to make their lives easier.
By creating this online community, Fablious ensures that customers are using regulated products, safeguarding them against any affordability issues and ensuring that their rights are protected. By searching the market for tailor-made products for specific needs, Fablious helps to eliminate the risks associated with borrowing for both consumer and lender.
“Our aim is to help customers find sensible solutions for credit by finding specialist alternative finance products. We understand that the customer can struggle with finding credit for a number of different reasons, which is why we comparatively search and compare all of the products on the alternative finance market to find solutions that minimise the risk of lending. Our intention with creating Fablious is to help customers to find products that responsibly solve their need for credit, and we hope to achieve that through Fablious’ Alternative Finance Community.” said David Evans, CEO at Fablious.
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