MANCHESTER, England, July 2, 2014 /PRNewswire/ --
PayBreak partners with Conister Bank
Through its innovative product, AffordItNow, PayBreak offers consumers a flexible and affordable finance option, which is unique in that it places control in the consumer's hands. Customers choose their payment terms and when they want to make their first payment. PayBreak's financial technology allows it to deal electronically with large volumes of low value loans as customers pass through the online checkout process.
AffordItNow is available at point of sale with online retailers to fund purchases between £100 and £1000.
The partnership with Conister means that, in addition to expanding its funding resources, PayBreak can now combine the latest online finance solutions with the expertise that comes from decades of lending.
PayBreak's Managing Director, Julia Throop, commented: "We are seeing enormous growth in the alternative lending space and we continue to sign up blue chip online merchants. As a smaller but fast-growing e-lender, we want a wholesale funding arrangement that is efficient and can readily adapt to our evolving market place - something not typically found in the banking sector. We're delighted to have achieved this with Conister."
Juan Kelly, Conister Bank's Managing Director, stated: "Improvements in financial technology continue to provide benefits for challenger banks and consumers alike. We are delighted to be working with an emerging digital business like PayBreak. Not only does it provide us access to a new market segment in point of sale finance but also opens up a truly digital distribution channel."
Trading since 2012, PayBreak is a financial technology company specialising in digital point of sale finance. Based in Manchester, PayBreak funds loans through Conister Bank as well as lending its own funds. The company is regulated by the Financial Conduct Authority, and operates and abides by the Consumer Credit Trade Association's strict code of practice for lenders. PayBreak promotes responsible lending.
About Conister Bank
Established in 1935, Conister Bank is the Isle of Man's only local independent bank. The Bank is a leading provider of consumer and business finance, both in the Isle of Man and in England and Wales. Conister Bank Limited is licensed for its Isle of Man deposit taking activities by the Isle of Man Financial Supervision Commission and is authorised and regulated by the UK's Financial Conduct Authority for its UK based consumer credit activities.
Conister Bank Limited
SOURCE PayBreak Ltd