With interest rates from 8.8% APR and loans up to £25,000 this facility opens a new door for brokers especially where their clients have limited equity or need money fast. The loan is available to home owners or tenants and brokers can get an online quote and decision in principle in around 1 minute with payouts typically taking 2 days.
Promise has made the unsecured facility available to brokers as a stand alone application or as an option within the whole of market secured loan sourcing portal.
Managing Director at Promise, Steve Walker said:
“In the past it has not been easy for brokers to offer prime unsecured loans as they would have no control over the initial quoting and acceptance process. Perhaps more importantly, the high street unsecured lenders would normally refer declined applications to other brokers so an introducer would find his client being handed over to a competitor and if he did have a loan paid out, any commission would have been pitiful. Now quotes are available from within the Promise sourcing system and the client relationship is protected. With commissions up to £250, no packaging and a fast turnaround this is now a very worthwhile proposition for brokers.”
Walker continued: “By comparison with high LTV secured loans, the interest rates are exceedingly competitive. However, with the unsecured loan having a maximum loan term of 60 months, secured lending is also an important consideration especially when borrowers wish to repay over a longer term to reduce their monthly repayments. Promise’s key objective is to give brokers as many tools and products as possible to best serve their clients and earn from every opportunity which comes their way."
