New Secured Loan options for borrowers

This week has seen a couple of big developments in the world of loans, with two of the biggest suppliers making massive changes to the services that they offer. Both Nemo and Spring Finance have either added to an existing loan offer or, in the case of Nemo, introduced a completely new product range. Spring Finance is a company offering secured loans to people in the United Kingdom, and this week they have increased the size of their loans to a maximum of £50,000 – a rise of £15,000 from their previous figure. When this is added to the fact that they also ignore unsecured credit and even allow for up to 6 months of mortgage arrears, it is clear to see that they are a company many people could find incredibly useful to contact. In fact, now they offer a loan of up to £50,000, it means that they offer the largest loan for people with adverse credit ratings in the country. Although Spring Finance has changed the amount of their maximum loan to £50,000, there have not been any changes to the criteria they require, which means that they are still as lenient as ever when it comes to accepting new borrowers. Applicants can have CCJs and Defaults and still get accepted, and those who are self-employed are also able to gain access to the loans offered by Spring Finance. Additionally, Residential and BTL customers can apply and have a great chance of acceptance. The maximum LTV is 65% and, even if you don't believe you will fit the criteria, Spring Finance has stated they will look at all cases on an individual basis. The other company to make the news this week is Nemo, who have introduced a whole new product range for their customers to choose from. The first thing to look at is the fact that they have reduced the minimum credit score required to gain access to their 85% LTV product. They have done this, according to them, to attempt to stimulate market growth and get people spending again. Additionally, the LTV has also been increased on many of their other products as well. The biggest news to come out of Nemo though is the fact that they have reintroduced a one-unit plan, which is something they haven't offered since the credit crunch kicked in. This introduction, as well as the reduction in credit score, is estimated to create up to £5.5 million in new origination, according to the Joint Managing Director of Nemo, Sam Marshall. This would therefore represent a growth of 20% for the market. As always, we'll keep an eye out for all of the best new deals and biggest development in the world of loans, and let you know whenever something new materialises in the market that you could potentially benefit from. To apply for a Secured loan simply complete our Secured Loan application form here or call us on 0845 1260350