Latitude Financial Services will be launching a ‘buy now, pay later’ service as it aims to flourish in a post royal commission environment where banks are hesitant to lend.

The amount of loans approved by banks has reduced from $700 million in June 2017 to just $425 million in June this year.

The online-based finance company has moved from the fifth-biggest player in the market to the third, with a 12.8 per cent share of new loans.

Latitude Financial Services CEO Ahmed Fahour tells Ross Greenwood they will provide personal loans but will also carry out credit checks.

“I think Australians have lost faith in a lot of institutions.

“We are there to support middle Australia and I believe many of our major banks have pulled back and they’ve pulled back big time.”

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Image: Getty/ Mark Metcalfe