The system was developed by the secured loan broker specifically for mortgage brokers and IFA’s to easily compare the cost of a secured loan with a remortgage, with users then able to submit their quotations for processing if they like what they see.
Commenting on the initial success was Matt Cottle, project director of miLoan:
"We are over the moon with the way the launch has been received. Our registered users have already generated in excess of £20 million of secured loan quotes.
"Brokers like our simple-to-navigate system and are embracing miLoan for its transparency and its generous and flexible commission structure."
Internal research at Y3S has shown that getting a secured loan quote for a client can be a very hit and miss affair, with 90% of brokers unable to give an instant quotation or not calling back with a quote.
miLoan users are able to create as many quotes as they wish whenever they like and they don’t have to give up their clients personal details until they are ready.
According to Y3S, several key partnerships are already underway and continuous development of miLoan will offer brokers a rich user experience unlike anything of its type.
Dilan Evans, Sales Director at Y3S Loans says that the market is returning quicker than he had expected, with many lenders having more money available to lend than customers to borrow it, leading to more relaxed criteria and increasing competition.
