Home collected credit lender Morses Club has announced the launch of its first online instalment loans product.

Dot Dot Loans – a trading name of Morses Club subsidiary Shelby Finance Ltd – will offer online instalment loans of between £100-1,250.

The move follows Shelby’s acquisition by Morses Club in January 2017.

Paul Smith, chief executive officer of Morses Club (pictured above), said: “We have launched the product to market in a test phase, with a strong commitment to understanding customer requirements in this area.

“The brand was developed based on feedback from target customers and the website is mobile responsive, providing a simple and straightforward approach to offering credit.

“We will continue to assess the market opportunity during the test phase."

The introduction of Dot Dot Loans is not expected to have a material impact on Morses Club’s profit in the current financial year.

In October, the company posted an 8% rise in revenue to £47.2m for the first half of 2016, following its £65.8m listing on the Alternative Investment Market in May of that year.

Morses Club hopes the new firm’s transparent pricing and flexibility will appeal to around nine million additional customers who access the wider non-standard credit market.

Paul added: “This is an important step in the evolution of our business as we use technology to offer customers a broader range of products, supplementing our core home collected credit offering."

Shelby Finance Ltd is fully authorised by the FCA to provide online instalment loans.