Mubasher: Cashfloat has released its new Easy Start Technology, designed to make loan repayments more comfortable for customers.

The new solution allows customers more time to repay without increasing the cost of their loans, according to a press release.

Based on analysing over a million loan applications, the company identified that the first repayment is a reliable indicator of how people will repay the rest of their loan.

Nonetheless, the first repayment comes too soon in many cases, giving customers too little time to get their finances in order before payday.

Therefore, with the new technology customers' first loan instalment will be reduced in line with their affordability using the company's highly developed smart affordability engine. This will increase the risk for Cashfloat but make repayments more manageable for borrowers in line with their personal situations, according to the company's statement.

After five months of preparation, Cashfloat is finally activating this feature on all loans, starting this week.

“For people with bad credit, online loans are often the only way they can access money in an emergency. Here at Cashfloat, we are committed to improving our products to make them fairer and more affordable for our customers. We're very excited to unveil our new 'Easy-Start' feature, and we know that it will make repayments more manageable for many of our customers,” Jeremy Lloyd, CEO of Cashfloat commented.

It is worth noting that Cashfloat first introduced free early repayment to the UK online loans market.