Loan Talk 15th October 2104, Exclusive: Freedom Finance announces record month
One of the UK’s biggest loan brokers Freedom Finance has just revealed it has completed a record month of secured lending, where overall lending hit almost £17 million last month…
Manchester-based broker, Freedom Finance, has exclusively revealed to Loan Talk that it has completed a record month in September, signalling growing consumer confidence in the newly FCA-controlled market.
Freedom Finance stated that in September it saw over £6 million worth of secured loans completed through its secured loan sourcing system. The broker announced that the results displayed a significant increase in secured loan volumes since the FCA took over control of the industry from the less proactive Office of Fair Trading (OFT).
In March, the month before the FCA took responsibility for the market, secured loan volumes were more than 30 per cent lower, at £4 million. Across all secured and unsecured loans, lending via Freedom Finance has risen by over 33 per cent since the start of the year, to almost £17 million in September.
Commenting on the results, Nicola Georgiou, Managing Director of Freedom Finance, said: “With the FCA now proactively tackling any lenders which don’t act in the best interest of their customers, borrowers and brokers alike have become more and more confident in homeowner loans as a reliable source of finance.
“Alongside the reputational boost, the booming housing market, rise in consumer confidence following the end of the downturn and the prospect of rising interest rates in the near future have all contributed the popularity of secured lending.
Georgiou added: “Alongside these industry-wide changes, many lenders are currently offering some of the best options for borrowers that we’ve seen in a long time, which is leading to an additional uplift in the consumer appetite for loan products.”
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