CASH-STRAPPED consumers, looking for the best loan, could soon be thanking Sheffield-based web technology experts TechnoPhobia.
The Workstation-based business has just unveiled lenderscompared.org.uk, an independent website which is part of a package of measures designed to boost competition among lenders and give consumers more choice.
All potential borrowers have to do is type in their postcode and the website will list the loans available in their area, giving them a chance to compare the cost of different companies' loans over different periods.
All lenders that provide a significant amount of home credit are obliged to provide information for the new website.
Credit unions and some other organisations that provide small loans do not have to take part, but many are taking the opportunity to show how their loans compare with those offered by commercial lenders.
The TechnoPhobia-designed website is overseen by a board that includes representatives of the Office of Fair Trading, the National Consumer Council, the Association of British Credit Unions and the home credit industry.
Consumer Affairs Minister Gareth Thomas said: "This website will help people to save money and get a good deal. Consumers will be able to shop around for loans from home credit providers and local credit unions that best meet their needs."
Adam Land, from the Competition Commission, added: "This website is a vital component of the package of remedies put in place following our market investigation.
"Along with other measures, such as data sharing, we expect that our remedy package will open up the market to greater competition, so that customers get more choice and lower prices."
TechnoPhobia was the unanimous choice of the evaluation panel given the job of finding a company to design the site.
Panel members said they were not just looking at price and technical capability, but also for a company with a real understanding of the project's objectives, the financial sector and, particularly, the needs of home credit customers – and TechnoPhobia fitted the bill.
The Sheffield firm, founded in 1995, has become a leading industry consultant and pioneering developer of web applications, specialising in the public and financial sector.
Nowadays, the firm employs 50 staff, including software and systems architects, developers and creative designers.
Clients include the Government-backed public sector procurement organisation, OGCbuying.solutions; Co-operative Bank, Becta – the Government agency promoting the use of information and communications technology in lifelong learning and special education, hotel group Best Western UK, Green Flag, South Yorkshire Police, Arts Council England and the Welsh Assembly.
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