- Subprime lender Morses Club said collections and sales were both on an improving trend.

Collections in the company's home collected credit division for July had risen to 98% of normal historic expectations 'when measured against expected terms'.

That represented an increase from 91% at the end of June.

Collections were still expected to reach pre-Covid levels by the end of August, the company said.

Sales in July were 80.9% of the levels for the same period in 2019, an improving trend, whilst customer satisfaction had been maintained at 97% or above during the period.

'Response to the launch of remote lending to new customers has been positive with demand building strongly,' Morses Club said.

'Payment to terms for the initial cohort of new customers is 100%, reflecting high quality lending. Payment to terms for new lending to existing customers currently stands at 97%.'

The company also said it was encouraged by continued growth in customer interest in its online customer portal, which now had over 110,000 customers registered.

Morses Club said the audit process for its 2020 financial year results continued, as the results would include the impact of Covid-19 on the impairment of its closing loan book as at 29 February 2020.

'Morses Club will update the market on the announcement date for its full year results in due course,' it said.

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