Poll
Secured loans market enjoys 3-year boom
As well as seeing a 25 per cent year-on-year increase, the secured loans industry has bypassed the £600 million milestone…
Additionally, Q4 of 2014 was the strongest quarter in over five years, with just over £51,000,000 of secured loans lent in the period. The market’s figures have been on the increase consecutively for the last 37 months.
In response to the new figures, Matt Tristam, Co-Founder and Director of Loans Warehouse stated: “At the start of the year, it was predicted that the industry would grow but a final lending figure for 2014 of more than £635,000,000 was above most people’s expectations. Let’s not forget this is an industry operating under a new regulator.”
He noted the entry of Optimum Credit and the return of Paragon Personal Finance as competition between lenders rose, sparking a dip in rates.
Summarising the industry’s progress, he said: “We can comfortably say the industry has been moving in the right direction for three years and there is now some genuine traction.”
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