Humm Group Limited (humm) has been approved as an authorised provider of consumer credit by the Financial Conduct Authority. This will enable the alternative credit provider to launch its full range of products, offering consumers up to £30,000 over a maximum of a 6-year period, in line with its vision to bring the benefits of flexible consumer finance to all sectors.
Following regulatory approval, humm’s newest UK product will bring much needed competition to the consumer credit market, providing flexibhummle credit options for UK retailers to offer their customers, and improving the breadth of products consumers can chose from throughout their financial lifetime.
humm, part of ASX-listed Humm Group Limited, is a consumer finance provider with over 2.7 million customers across Australia, New Zealand and Ireland. For thousands of consumers, humm offers an online alternative to high street personal loans, credit cards with high interest rates, or unregulated BNPL products with low credit limits.
This FCA approval lays the ground for a full launch later in the year. When launched, humm’s regulated UK credit offering will give consumers the ability to make purchases with a range of retailers and e-commerce outlets, with a particular focus on the dental, legal, professional qualification and home renovation sectors.
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humm launched two products to the UK market in 2021: ‘pay in five’ and ‘pay in twelve’. Both require the first payment at the point of purchase and humm undertakes stringent credit and affordability checks for all purchases.
PJ Byrne said: ‘The credit market needs to be brought into the 21st Century, evolving to meet consumer and retailers needs whilst ensuring high levels of customer protection. The current credit market offers limited choices for retailers looking to offer payment flexibility to their customers, with high-interest loans and short-term unregulated credit the first port of call for many looking to make big life purchases.
This FCA approval will allow us to provide a range of credit solutions at different stages of our customers’ lives, allowing them to renovate their kitchens, pay for dental services, or access new professional qualifications. This will bring real competition to the market, giving UK consumers greater choice over their financial decisions and allowing retailers to provide a better offer to their customers.’’