Thriving Despite Uncertainty in the Competitive Lending Market
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Cash On Go Ltd provide tailor-made and responsible loans in the UK through their two brands: Peachy.co.uk, which launched in 2011, and Uploan, which launched earlier this year. More recently, Kristjan Novitski, Cash on Go’s Chief Executive, was chosen by CEO Monthly to be a featured business leader following a year of impressive growth. Here, Kristjan offers more insight into the trials and successes that he has encountered over the last eight years.
Perhaps most impressive about Cash on Go is its ability to weather what is, by all regards, a rather volatile industry. Where competitors have risen, only to experience a dramatic fall from grace, Cash on Go has remained strong and stalwart. This has been, ultimately, the result of a commitment to stringent regulation, realising that a dedication to their client’s best interests is a key differentiator between those that succeed in this industry, and those that fall short.
As Kristjan explains, the company was established on a firm foundation, dictated by a need to exceed expectations across the board. “We specialise in offering transparent and affordable loans via easy to use interfaces. Although we currently offer loans for up to 12 months, average loan that we issue to our customers is for 4 months. Our company is built on a 3E strategy: Expectations Exceeding Experience. This is what echoes through every aspect of our services.
We plan to significantly expand our product offering around personalised, Cash On Go : Thriving Despite Uncertainty in the Competitive Lending Market easy-to-use and responsible financial services over the next 18 months.” Responsibility really summarises Cash on Go, Peachy. co.uk and Uploan’s success – by taking a diligent path, they have secured a slow but steady growth. This same path looks set to secure their ongoing success as they move through this year and beyond. Client-centricity, at the end of the day, is crucial.
Nonetheless, Cash on Go’s core team also plays an utterly essential role in meeting this need for a total customer focus across their services. “First of all, we have a focused, aligned and top-performing team. From a customer’s perspective, honesty and a personal approach have really paved our road to success. We have always been open and honest with our customers about our fees and, unlike most online businesses, in case of any issues or concerns out customers have always been able to quickly reach us and speak to a real person.
“It sounds like a cliché, but we actually care about our clients. Of course, we are a commercial enterprise and profit is important to us, but at the same time we really care about the clients and their wellbeing. For that reason, our loan acceptance rate is just 12% of all applicants.”
Like most companies working in the modern finance industry, constant technological innovation remains a key element of day to day operations for Cash on Go, as Kristjan discusses in more detail: “We consider ourselves very tech savvy and make efforts to remain at the forefront of technological development. In 2011 we were the first company in the PayDay lending sector to introduce apps and a mobile website. In 2012, we were the first online instalment lender. This is something that we now see as being typical for any online lender, but it was not there back then and Peachy was the first lender to offer loans to be paid back in instalments for up to 12 months. Since 2018 we have invested a lot to Big Data in order to be more targeted, and more personal across the board.”
As a result of the company’s efforts, Cash on Go has had a remarkable couple of years, as Kristjan moves on to explain. “We have been rapidly growing as a business over the last 12 months and our aim is to keep that kind of growth for the months coming. Growing double digit percentages on a monthly basis puts a lot of pressure on every single nut and bolt in the business, but with such a great team, we have been able to pull this off and do it in a sustainable way, without compromising the interests of our customers as well as the wishes of our team. For an established company to grow at such a pace in a saturated market means that we have to excel in every aspect of the business and continuously challenge everything that we do.”
In his final comments, Kristjan summarises his journey so far as CEO of Cash on Go: “It hasn’t been always easy and smooth with Cash On Go. We have had our ups and downs and some really difficult times, but I think most important is always not to lose sight of what you want to accomplish. Set your goals and stick to them. Take the backfires and ‘step backs’ and change them into lessons. Believe in yourself, but at the same time, don’t get lost in yourself. Trust in your team and give them direction and support when they need it. That’s how you grow a successful business that can overcome any challenge.”
