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Secured lending hits best November figures since 2007

Secured lending hits best November figures since 2007

The continued trend of increased monthly year-on-year lending has reached 36 consecutive months after the November figures were revealed.
According to the figures produced by Loans Warehouse, the industry has now lent almost £100,000,000 more in 2014 than 2013 and that is before factoring in December’s numbers.

The November figures did show a dip in lending compared to a record breaking October but the results are the best for the month since 2007.

Co-Founder and Director of Loans Warehouse, Matt Tristram, puts the continuing increase down to the continued improvements to their product range.

Both Blemain Finance and Central Trust have reduced their rates and simplified their criteria while Nemo Personal Finance have reduced rates whilst introducing two large-loan plans and increasing the availability of AVMs.

Paragon Personal Finance has expanded into the Scottish secured loan market and Shawbrook Bank have launched two new plans, Super Platinum and Super Prime.

“The changes we are seeing now on a regular basis are enabling us to register with more and more consumers,” he said.

“We’ve all wanted to grow the industry (to be fair, we never wanted it shrink!) and have long been of the opinion that it will take new, innovative products to achieve that goal – no one wants to just replicate what is already available, the aim has got to be to reach out and be appealing to consumers who we previously wouldn’t have been able to service.”

Another area Matt believes is a contributing factor to the increase in lending is the technology used in the industry which he says is embracing the move towards providing consumers with the most fit for purpose products in a quicker more efficient way. "They probably won't spend on new brands. While 2012 may still see the industry doing well, I remain vigilant because the growth in the Asian market is slowing down."

“There are now numerous lenders working towards automation so no doubt the start of 2015 will be an exciting time for all concerned,” he added.

“As we see the year draw to a close, there is no sign of a let up in activity in the secured loan arena. December is a shorter working month but that doesn’t mean there’s less work to do.

“The end of the year will see our industry looking back on the most successful 12 months since 2008. That is most definitely a positive sign.”

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