Secured loan market has record year in 2012

The amount of secured loans written in 2012 has hit a new recent high of £327.1 million.  This has been the highest level since the credit crunch and only the 2009 figure of £566 million exceeds it.  Totals from January to October alone exceeded the total output for 2011. According to the latest Secured Loans Index released by Loans Warehouse, the industry has been growing steadily in the past two years.  This has been due to increased consumer awareness about the market.  Since July, the monthly turnover amount regularly hit the £30 million mark with £34.3 for November.  This marks a 7.5% difference from October's £31.9.  Figures also show a significant 22.5% increase compared to November 2011's £28 million total. Through the years, secured loans have served as an alternative to remortgaging or for those who are being penalized by their mortgage lender.  This is due to secured loans having low rates, the increase in product availability, and the fact that people prefer to be free of the 'squeeze' that comes with interest only mortgage products. The index also showed a doubling of second charge lending levels since last year.  New lending criteria and products have also contributed to the significant growth on the sector as a whole.  Forecasts for 2013 are also looking rosy with an increase in consumer confidence and better value propositions from lenders being a few of the driving forces.  These positive changes will all be brought about by continued market monitoring and new regulation.  The New Year will also see the entry of new players in the market which will increase competition and pressure providers to offer better deals and rates on their loans. At Choice Loans we can assist you with your secured loan requirements. Whether you have good credit but limited equity or weak credit with a reasonable amount of equity there are options available to you. In fact, even if you have poor credit and limited equity there are still options available though amount swill be capped. To find out more either call our team on 0845 1260350 or complete the Secured Loan enquiry form here and a member of our team will call you.