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Payday lender 247Moneybox.com planning to launch interactive budget planner

4 January 2016

The online payday lender 247Moneybox.com, announced this morning that it's looking to launch an interactive budget planner.

As part of its drive to put the customer at the heart of the business, the firm wants to be as helpful as possible in all financial areas that a customer or potential customer may wish to know more about. In addition to its jargon buster service that customers can access through the firm's social media outlets, the firm hopes to offer existing customers the ability to calculate their income and expenditure on a monthly basis.

Mark Hannay COO says "responsible lending and borrowing starts with accurate data from both the borrower's and lender's position. If we can help our customers work out what they have at the end of the month in terms of free cash flow, then they can make effective borrowing decisions. Making a sensible and prudent judgement on whether you actually need the credit or not is the first step towards a secure financial position. Responsible lending starts with responsible borrowing. However, to be able to do that requires clear concise information. We want to promote a partnership approach with our customers for a win-win situation. No one gains from making the wrong decision be that borrowing or lending."

The planner is in addition to the affordability questions in the firm's application form and is aimed more to help the customer in other areas that they might be considering either applying for credit but also potential saving targets.

Hannay continues "We want our service to be to the ultimate experience not just in terms of applying for credit with us, but a genuinely useful resource for our customers."

As one of the leading online short-term finance firms, 247Moneybox.com has been recognised by numerous bodies for its success in technology and entrepreneurship. In addition, the company has been a member of the alternative finance trade body, BCCA, since 2009 and a board member since 2013. Recently the company was ranked 9th in the highly prestigious Sunday Times Hiscox Tech Track 100 league table and 12th in the Deloitte Fast 50.