Who knew Leitrim was the new Thailand... fostering a fresh loan outlook?

Avantcard is a new force in Irish finance, taking on the main banks with competitive interest-rate loans. Boss CHRIS PAUL explains its new approach to lending, which rewards those with good credit history without overly punishing others. And how Leitrim, the firm’s base, is the new Thailand – minus the sunshine and military coups! You lived previously in Thailand I believe? Yes, I ran American Express there. That was a strange period. Every day a different experience, totally insane at times.

Such as?

One morning I noticed tanks and road blocks on the way to work. There had been a military coup. It was unsettling but we were never concerned for our safety. It was very much a domestic issue among Thai nationals.

What was Thailand like?

They are a fabulous people but totally bonkers. The islands and north are very beautiful. I was living the dream – a once-in-a-lifetime experience.

So are you not living the dream in Carrick-on-Shannon, Chris?

I am. But in a very different way. Okay, it rains a lot here even compared to the UK (Chris is from Newcastle), although it’s sunny at the moment. There are lots of similarities too. People are warm, welcoming, funny, engaging and kind. And chatty, very chatty.

How’s business?

Fabulous. (Avantcard says it is Ireland’s fastest growing finance firm). We’ve launched personalised pricing recently. Why should someone with a great credit history not get a slightly better rate? It rewards customers who have always performed well, and gives those who are unproven, or may have had issues in the past, a chance to prove themselves – then reward them with lower rates in the future (when they build a better credit rating).

So borrowers are divided into great, good and okay. Is the last category a group who might not get a loan otherwise?

These customers may have been turned away in the past but by charging them a little more interest they can avoid going elsewhere where they might pay more. But okay doesn’t necessarily mean poor. It might mean that you have no or limited credit history. Some people in this category find it hard to get loans.

What rates do you charge?

The most we charge is 13.9% and the least 7.3%. Anybody who comes to us will get a reasonable rate.

Your rates are pretty low for those with good credit history – and not even too bad for others. But are there strings attached? KBC charges just 6.3%, but you have to open a KBC bank account.

With some banks you need to have a relationship with them to get the best rates. Everyone can apply to us. We don’t tie our credit card or loans to other things. We don’t offer mortgages or current accounts.

Some UK payday lenders charge over 1,000%. And sub-prime lenders use another form of personalised lending to charge people with poor credit history huge interest. What do you think of that market?

That’s not a part of the market I ever worked in or want to work in. Such rates are shocking but unfortunately there are people who struggle to get access to finance. These firms are very slick operations. But the ethics of it all is another matter. I’ve always worked for reputable companies.

What was your best financial decision?

Paying £70k for a one-bedroom flat in London, which was a lot of money at the time and a big commitment.

And your worst?

A property I had in London rose quickly in value and I thought it maxed out. I cashed in… London rose exponentially. I dread to think what it’s now worth.

Any secret vices?

Watches (as a collector). They are a bit of an indulgence but have worked out well as an investment.

Any financial tips?

Don’t over-extend. Always pay your debts first and live on the money left over. Especially credit cards.

So I’ll leave you to enjoy the Leitrim sunshine.

Actually it’s started to cloud over.