February saw over £15.3 million worth of loans completed through Freedom Finance’s soft search loan system, consolidating its place as Britain’s biggest loan broker. The figures are the result of a significant increase in consumer appetite for both unsecured and secured lending products, as well as better options being offered by lenders.
In response to this growing consumer credit market, Manchester-based Freedom Finance has increased its workforce by 10% in the past month alone, highlighting the knock-on effects to the wider economy.
Nicola Georgiou, managing director of Freedom Finance, comments:
“Increased competition and the rise of challenger banks has meant that lenders are now able to offer better options for borrowers. The exceptional value that this creates in the personal loan market is leading to a significant uplift in consumer appetite for loan products. Overall our loans volume has increased by more than 50% since June last year and we see this as an indication that consumer confidence is continuing to boom and that the economy is firmly on the path to recovery.”
“Lower rate lending products are great news for consumers but borrowers need to be wary of the pitfalls. Simply applying for the lowest rate loan on a traditional comparison site can damage a credit score so applicants should make sure they use ‘soft search’ sites, which find the best rate for their individual circumstances without having a detrimental impact of their credit rating. That way, borrowers can shop around for the best deal and maintain their current financial record for the future.”
