Premium Credit has said that it anticipates more firms to take up its finance option that allows for regulated firms to spread the cost of their annual fees to the Financial Conduct Authority (FCA).
The FCA currently sends invoices to regulated firms for these fees, but under Premium Credit’s finance option, these companies can spread the cost over monthly payments in order to manage cash flow.
By utilising an instalment facility to cover FCA fees, the firm said that companies can allocate their cash reserves towards "other crucial aspects of their business", with repayments usually spread over 10 months, rather than in one single payment.
Premium Credit provided this financing choice to over 1,600 regulated businesses last year and anticipates continued interest as companies seek to maintain cash flow in "challenging trading circumstances".
Sales director for professional at Premium Credit, Nigel Stewart, said: "Our credit option continues to be an affordable, compliant and convenient way for businesses to cover their FCA fees through monthly payments. In challenging financial times, it's a strong choice compared to other credit options.
"The digital application process is straightforward, and our extensive investment in technology guarantees a seamless experience for customers. As the lender, we handle the majority of the administrative tasks, making the entire customer journey easy."
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