Equifax supports launch of 'ethical' payday lending platform

Street UK will utilise a number of Equifax solutions, including credit risk, fraud and income verification tools, to conduct reliable and efficient affordability assessments.

Street UK says that working with Equifax will mitigate the need for manual checks and excessive documentation.

The "ethical" online platform will offer personal loans of between £100 and £500 up to six months to cover unexpected financial expenditure, with instant decisions made on all applications.

Craig Tebbutt, Head of Alternative Lending at Equifax, said: “This appointment reflects our growing foothold within the alternative lending market as we continue to support new and existing lenders expanding their market reach. Street UK has a strong proposition and its decision to boost its online exposure will enable more people to easily access its services.”

Kashaf Ali, CEO at Street UK, added: “Equifax was our first choice as we sought a reliable and well-known brand with a comprehensive and robust range of verification solutions. The Equifax solutions will enable us to provide high quality online services, providing an excellent customer experience while maintaining robust affordability checks.”