Unsecured Loans for Tenants and Homeowners up to £25,000 available

Last post: Jan 21, 2013

For many years since the credit crunch one of the toughest markets to get finance in has been the Unsecured loan market.

For many years since the credit crunch one of the toughest markets to get finance in has been the Unsecured loan market. One one hand criteria was very strict and only few qualified and on the other hand, if they did qualify very often the rates offered to them were higher than they would tolerate and/or the amounts offered were too low. As a result brokers, like us, struggled to place business. What we needed was an Unsecured loan lender who would offer higher loan amounts at reasonable rates. That, I'm pleased to say, is what Choice Loans can offer from today. We can now offer unsecured loans for both Homeowners and Tenants of up to £25,000 (£30,000 on referral) at competitive APRs (representative APR 8.1%). As far as we know this is the highest amount that is available to both tenants and homeowners in the UK market. To achieve this we have teamed up with one the UK's largest Peer-to-peer loan Lenders who are keen to grow their market share in the broker community. The criteria for these loans are:

  • Clean credit required; no CCJs/Defaults accepted
  • High credit score required (Equifax 400+/Experian 720+)
  • Min age 24; max age 72 (at time of applying)
  • Min income of £14,500 pa (self-emplyed/pension income is allowed)
  • The client needs to have at least 3 items of credit in their credit file to show a history of taking and repaying credit

So it's not for everyone but this does provide a competitive solution for the Prime end of the market that may otherwise have been held to ransom by bank rates. These loans are flexible too and have the following advantages:

  • Unlike the supermarkets who cherry-pick clients and only do loans from £7,500 to £15,000 these peer-to-peer unsecured loans are available from £1,000 to £25,000 (£30,000 on referral)
  • Terms of up to 5 years are available and there are no Early Repayment Charges
  • Both Tenants and Homeowners are accepted
  • All geographies in the UK are accepted, even Northern Ireland which has traditionally been shunned by many Lenders
  • Initial eligibility can be determined without the need to do a full credit check (just a "light touch" credit check
  • The whole process from application to payout takes less than 48 hours and we've even see deals payout in as little as 4 hours!

We have been testing this system with a few Introducers since early December and are very impressed with the conversion rate so far. While not everyone is accepted, the Lender definitely wants to do business and the right applicants are walking away very satisfied with their rates.