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Non-Standard Finance limits loans to key workers during lockdown

Published: 18:33 23 Apr 2020 AEST

Non-Standard Finance PLC - Non-Standard Finance limits loans to key workers during lockdown

Non-Standard Finance PLC (LON:NSF) said lending volumes have been limited to smaller sized loans to key workers only during the lockdown.

The consumer finance firm said it remains cautious about lending to new customers, but it has launched a remote solution for its home credit business, Loans at Home.

The lender has been collecting most of the due payments during April.

As of 21 April, the group had net cash of £38mln and gross borrowings of £345mln.

“In the past month the group has made significant progress in pivoting its business away from its traditional face-to-face model,” analysts at Liberum commented.

“This strong financial position, combined with the group’s innovative approach to product development puts it in an extremely strong position to serve its clients and win share when the current government restrictions are eventually lifted.”

Shares shot up 12% to 11.21p on Thursday morning.

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