Equifinance increase their maximum loan size to £30,000

So far this year it seems we are only blogging about secured loans and the rest of the market is quiet. Well, that's not entirely true but it certainly has been a very active start for the year for the secured loan market with many lenders changing and updating criteria to the borrower's benefit. After the news earlier this week about Nemo slashing rates and bending criteria at the prime end of the market, today it's Equifinance who are announcing more beneficial terms for those borrowing at the more distressed end of the market. The main changes to the Equifinance loans are:

• A new maximum loan size of £30,000 is introduced (up from £20,000 before)
• This loan size is available up to a LTV of 65%

The other main criteria of borrowing from Equifinance remain the same:

• Loans up to 75% LTV are available to a max size of £10,000
• Loans up to 70% LTV are available to a max size of £20,000
• Loans up to 65% LTV are available to a max size of £30,000
• Rates are at 1.95% per month
• Unlimited CCJs, Defaults and arrears are accepted.

Let's be clear though: this loan product isn't for everyone. The very fact that unlimited CCJs, Defaults and arrears are accepted means it is aimed at a niche market of people who have equity in their properties but need to rebuild their credit rating due to historical adverse. For those looking to clean the slate and start again by leveraging the equity in their homes this may well be a suitable loan. At Choice Loans we can assess your eligibility for a loan such as that fro Equifinance or from a range of 15 other lenders too. There are secured loans available for people with all manners of credit, incomes and credit history and as this blog shows, the range and terms are only getting better. To discuss your secured loan enquiry please either call one of our team on 0845 1260350 or complete our secured loan enquiry form here and we will be in touch.