PaydayUK
Press releases
Online Payday Loans rated "good value" in customer survey
Released - April 2009
Online payday lending in the UK has received a major boost from satisfied customers of one of the country's largest lenders MEM Consumer Finance Limited trading as PayDayUK (MEM).MEM commissioned Auriemma Consulting Group (ACG) to conduct an independent survey of more than 1000 of its customers. The survey found that nine out of ten rated the service as a convenient way to obtain cash quickly to cover unexpected bills or expenses.
MEM was established in 2003 to provide small short-term loans - typically £200 simply and quickly to online customers.
Key findings of the ACG survey were:
- 87% of customers would recommend MEM payday loans to a friend
- 95% of existing customers agree with the statement "MEM does what they promise to do"
- Customer satisfaction is 96%
- 9 out of 10 existing customers think MEM payday loans are a convenient way to obtain cash quickly
- 95% of customers find customer service at MEM to be helpful and easy to understand
Bindu Varkey Compliance & Corporate Communications Manager said: "MEM is committed to lending responsibly in a clear and easy to understand manner. We take customers' feedback very seriously and are delighted with the outcome of this independent survey."
Megan Bramlette Managing Associate at Auriemma Consulting Group said "These results indicate that consumer satisfaction with payday loans and MEM in particular exceeds levels typically seen at financial services companies. Clearly there is a tremendous appetite for this type of loan among British consumers and MEM appears well-positioned to retain its status as the UK's leading provider of payday loans."
Data from this study was generated from 1 156 web surveys given to existing MEM customers between November 2008 and March 2009.
For further information, please contact:
MEM Consumer Finance Ltd
Bindu Varkey, bindu.varkey@memcf.co.uk
Tavistock Communications
Jeremy Carey, jcarey@tavistock.co.uk
