Inspiring consumer confidence

Last week, figures released to us by the nation’s secured loan lenders revealed that lending in Q3 reached £98.3m which is a whopping 17.6% increase on the same period in 2011.

Matt Tristram
22nd October 2012
Matt Tristram - LW
This was the most amount lent in any one quarter since Q4 2009, reflecting the positive attitude borrowers have had towards secured loans over the past year.

Despite continuing economic uncertainty, consumers are slightly more optimistic than they have been in several months and according to recent reports, British consumer confidence edged up in September to its highest level since June last year, a boost which provides a good omen for the secured loan market.

This year, the second charge sector has worked hard to increasing consumer confidence by providing competitive products and maintaining a good reputation and in this month alone, not one, but two lenders increased their maximum loan size.

First was Shawbrook Bank, who continues to establish themselves as the go-to lender for those high net worth borrowers when they revealed they would now offer loans up to £200,000. Next, was Equifinance, who entered the market earlier this year boasting the highest LTV on any adverse product, announcing at the beginning of this month it has increased its maximum loan size to £20,000.

Here we have just one example of how the secured loan lenders strive to cater for every type of borrower as they understand that stronger consumer confidence helps to fuel an increase in lending.

Consumers' attitudes towards borrowing are slowly improving and though constant change and fluctuation is imminent, it’s nice to see figures trending upward at long last.
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