Admiral has fantastic opportunity to grow loans business
Admiral Loans could be lending a significant volume of finance by 2021 according to newly appointed Head of Loans Scott Cargill.
Admiral’s loans business currently allows customers to borrow between £1,000 and £15,000 subject to credit checks and personal circumstances.
Scott joined Admiral in May after more than a decade in banking and said the loans market will remain strong and continue to grow.
Admiral Loans is also now looking to appoint a Head of Finance which Scott said will be a pivotal role for the business.
He said: “The successful candidate will be a key contributor to business strategy and ultimately ensure the business is well controlled and makes money.”
Scott joined Admiral after holding several roles in the Consumer Finance Division of Lloyds Banking Group, most recently as Director of Online Motor Finance and prior to this he spent nine years with Royal Bank of Scotland managing multi-billion pound loan books in the UK Retail Division.
He said: “I think Admiral has a fantastic opportunity to grow a loans business.
“There is a great deal of synergy with the core insurance business and our strong brand.
“The loans market will remain strong and continue to grow in the short term.
“Competition will remain intense.
“Admiral will differentiate itself by providing lending products in a simple and convenient way to our existing and new customers, leveraging the Group’s existing distribution, brands and data and developing strong pricing and credit capabilities.”