SubMe launches long awaited product - EBL
Greg Kitchen, the CEO of SubMe Ltd, spoke about the launch, "SubMe received a consumer credit licence (Category A) from the Financial Conduct Authority (FCA) in January 2014. Following this, our first priority was to set up the back office and processes before launching the EBL product.
"EBL which stands for Employer Backed Loans is the concept of lending money to employers’ operatives and employees, the loan being underwritten by the employer. Although this concept is widely unknown to the UK, it has already been adopted and well documented in other European countries.
"Before launching EBL, we successfully provided cash advances to clients who were due a tax rebate from HMRC. We are a secure, responsible lender and have very strict affordability assessments. Our EBL’s have been endorsed by the employer as responsible, ethical and secure."
& lsquo;’We are launching EBL in partnership with specialist sub-contractors - Boss Projects LLPand Sprite Technical Services UK LLP.’’, he added.
Peter Squire, sales director at Sprite, said, "We understand that sometimes operatives may have short term, urgent needs for funds. Out of our duty of care and to help our operatives avoid going to payday loan companies which charge exorbitant rates, we decided to partner up with a responsible lender like SubMe (which is fully regulated by the FCA) who offer secure EBL’s at very reasonable rates.
"We are pleased to announce our association with them and that we are one of the first businesses in any Industry offering this service.’’
SubMe Limited is a Surrey based lender providing tax rebate cash advances and employer backed loans. Read more about SubMe on their website – www.sub-me.com