Growth in Secured Loan Lending Market
Growth in Secured Loan Lending Market
During the month of July, the secured loan lending pulled off a three-year high after going beyond the £30 million mark for the first time ever since December of the year 2009.
Loans Warehouse is the first in United Kingdom to make public a secured loans index in July. It released its first ever results and revealed to the public that secured loan lending increased by 22 percent in the month of June to achieve £32.3 million.
This latest growth in secured loan lending activity is the largest monthly increase ever since November of the previous year, with lending for borrowers with poor credit increasing by 18 percent on the same month.
According to Matt Tristram, joint managing director of Loans Warehouse, Shawbrook Bank improved its secured loan product offering to borrowers with poor credit as the bank declared that they were opening its products initially intended for those with poor credit to a bigger number of consumers.
Moreover, this proves that lenders are exerting a lot of effort to loosen their requirements or standards and the results for August represent the effect of these lenders ever since they joined the lending market.
In addition to Tristram’s statement, David Johnson, managing director of Shawbrook Bank said that it is please to witness that the secured loan market is finally getting bigger and they are delighted to take part in that development. Johnson further said that as consumers gain more hope in entering the lending the market, they discover that mortgage lenders constantly refuse to consider refinances so secured loan products are becoming more attractive to consumers.
Also, it is anticipated that the secured loan market will further grow especially with the expansion of loan product offerings and an increasing acknowledgement from brokers that secured loan products are a practical alternative to the conventional mortgage products.
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