Shares of UK home credit provider Morses Club (LON: MCL) today skyrocketed higher after the lender revealed that its home-collected credit loans had improved to 98% of normal expectations in July as compared to the 91% recorded in June.
The doorstep lender also reassured investors that it expects home collections to reach pre-pandemic levels by the end of August. The sub-prime lender offers home credit loans repayable in small weekly instalments and has seen a significant uptake of its services.
The firm launched a remote lending service via its mobile app and has seen a positive uptake of the service as many of its customers embraced its online portal during the coronavirus pandemic lockdown period.
Chief executive Paul Smith said: “We are encouraged by both the improvements in lending and the quality of the lending performance that we have delivered during July. We continue to make progress despite the impact of Covid-19, reflecting the success of our prudent approach to managing the business.”
Morses Club share price
Morses Club shares today rallied 24.7% higher to trade at 63.6p on the news.