The final figures for 2014 confirmed that the £600m barrier was broken, with an lending increase of 28.75% on 2013, equating to an extra £140,000,000 having been lent.
The trend of increased monthly year-on-year lending continued, now standing at 37 consecutive months.
Matt Tristram, Co-Founder & Director of Loans Warehouse, comments:
"At the start of the year, it was predicted that the industry would grow but a final lending figure for 2014 of more than £635,000,000 was above most people’s expectations. Let’s not forget this is an industry operating under a new regulator.
"The last 12 months has seen two additional lenders come to market. Optimum Credit launched earlier in the year and in Q4 the industry celebrated the return of Paragon Personal Finance, a sign for many that the industry was really back on track.
"The competition between lenders continued to hot up; rates in 2014 dipped to an all-time low with the best on-plan rate offered by Precise Mortgages Secured Loans at 4.45% plus base. Even better rates have also been seen from Optimum Credit who score each application individually, producing rates as low as 3%.
"Shawbrook Bank continued to be the industry’s biggest player and most recognised lender, scooping the Best Secured Lender title at all of the industry's big events in 2014."
