Financial Reporter, 19th July 2013 | Record month for Freedom Finance
The Financial Reporter tells of the record month enjoyed by Freedom Finance in June this year. They believe that their 40% profit increase is a result of the growing confidence of consumers in their lenders.
Freedom Finance, one of the largest loan brokers in the UK, used their innovative soft search loan system to complete £10.7million worth of loans in June alone. The Financial Reporter writes that these results ‘highlight a significant increase in consumer appetite for both unsecured loans and secured loans.’
Nicola Georgiou, Managing Director or Freedom Finance, commented that this increase in consumer confidence is an indication of the recovery of our economy. However, she warns that consumers should be wary of the attractive looking rates found on more traditional price comparison sites as lenders are only obliged to offer these rates to 51% of applicants, meaning that the chance of rejection is high, and damaging to your credit report.
The beauty of the soft search tool offered by Freedom Finance is that potential borrowers only apply for loans for which they are eligible. This footprint free approach protects the credit rating of applicants, which in turn will improve the quality of lending and the demand of suitable secured and unsecured loans.
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