myi: Over the last year the secured loan industry has witnessed some positive changes- is the market set for a revival?
Slowly we have seen confidence returning, with lenders improving their proposition but we still feel that a significant number of consumers are being neglected, which we view as a fantastic opportunity for us to acquire new clients and grow our market share.
myi: Do you think there will be more major changes this year?
We don’t anticipate significant change but lenders will continue to review their offering and we expect one or two lenders may enter the market 2013. However, until the issues surrounding Europe are clarified we will watch with interest to see how this situation unfolds and the potential impact of mortgage lenders raising interest rates.
myi: What makes Evolution Money different from its peers?
During the past few years we have seen established lenders opt to play things safe by lending against reduced LTV’s and targeting cleaner profiled customers, which has left a considerable amount of consumers with minimal or no options.
Based on this, we have devised a range of loan products whereby we can target specific types of clients that fall outside of mainstream lending with restricted or zero equity, mild adverse, mild mortgage arrears and manually underwrite each client on their individual merit.
myi: Evolution Money have just celebrated its one year anniversary, what are your plans for the future of the business?
Our key aim is to deliver 120% growth year-on-year through developing solid relationships with the major secured loan brokerages who we have chosen as partners. However, we do not want to exclude smaller introducers from having access to our product range and this can be done via our master broker Loans Warehouse.
During the summer months we will also be moving into our new business premises in central Manchester which will give us an excellent platform to build our company.
myi: What is your biggest achievement to date?
Quite simply that fact that we have been able to launch a new lending business during a period of economic downturn that has successfully grown month on month and is already showing profit.
