60-second start-up: FridayFriday

0-5 seconds: Sum your business up in a sentence

FridayFriday.com makes every day payday - by providing short-term, ethical loans.

5-10 seconds: What's the business model?

We offer short-term loans (up to a maximum of 35 days) to customers who find they need a little extra cash. We charge £25 per £100 of borrowing, which is payable on the next payday. First time borrowers can borrow up to £100, second time £250 and third time up to £1000?

10-15 seconds: Who are your competitors?

The likes of Wonga, PayDayUk and QuickQuid.

15-20 seconds: What's your USP?

Unlike other payday loan providers, we limit the number of times a user can rollover their debt (delaying paying it back) to a maximum of three times, so they can't go on making their financial situation worse. If after three rollovers they can't pay back the loan we put them on six month agreement, thereby reducing the urgency of the financial commitment and helping customers reduce their debt in a more manageable way.

20-25 seconds: How have you funded it so far?

The business is completely self-funded by the shareholders and directors.

25-30 seconds: What were you doing before?

I have a background in IT and corporate recruitment.

30-35 seconds: Where did the idea come from?

It was a moment of genius from one of the directors who saw many consumers being encouraged continually to rollover debt and thought, "There has to be a better way."

35-40 seconds: What's the smartest thing you've
done so far?

Limiting our rollovers. We're here to offer a short-term solution, not encourage long-term debt.

40-45 seconds: What's the stupidest?

We haven't really made any significant mistakes to date due to being just a couple of weeks old. That and the fact we always seek out professional advice before making any major decisions.

45-50 seconds: If your business was a biscuit, what would it be?

A fair-trade oatmeal cookie: it's ethical and it keeps you going.

50-55 seconds: Which idea are you a bit jealous of?

The widget.

55-60 seconds: Where are you going to be in
12 months' time?

Offering the same service as we do now but having helped thousands of customers along the way.

For more information on FridayFriday click here.

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