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Loan master broker reduces loan APRs and enhances criteria

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Loan master broker reduces loan APRs and enhances criteria

Loan master broker, Promise Solutions, has announced that it is reducing annual interest rates and relaxing loan criteria.

Annual interest rates have now been reduced by more than 3.0% on many near prime and sub prime loans. Loan amounts have been increased and greater flexibility surrounding income, age and property types will be available, along with overpayments without penalty.
These new secured loan funding lines, and a full packaging service, are available to its introducers immediately through Promise Quote, the online loan sourcing and sales platform.
Steve Walker, Managing Director, commented: “This is fantastic news for the loans market. Many intermediaries think that loans are no longer a viable alternative. This is not the case and these further improvements reaffirm this. For example, on a before and after comparison of a typical £15,000 loan over 5 years we can now offer an APR which is actually 5.5% lower and the repayments have reduced by £40. On larger loans the month’s savings are well in excess of £100.
“We have significant funding available to cope with a large increase in business and I am really encouraged that competition is returning to the market enabling Promise to provide significantly cheaper rates to its introducers and their clients.”
Mr Walker added: “It’s particularly good new for those introducers who have worked with us over recent months. They simply need to refresh each of their enquiries on Promise Quote to access the new, cheaper products or find different loan amounts which may now be available and more acceptable to their clients. At the click of a button, this should give them numerous opportunities to convert failed sales opportunities, each with a likely income to them of well over £1,000 and as much as £2,700.”

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