New Secured Loan Product Available For Adverse Credit
Since the beginning of the credit crunch, there has been a dramatic fall in the number of available personal loan products on the market, as lenders have struggled to raise funds for new loans through the wholesale money markets, as well as taking a far more cautious approach towards lending to individuals, with a much tighter lending criteria on any new loans.
In recent months, anyone with a less than perfect credit history has had little chance of being accepted for a new personal loan, but it would appear that this attitude is starting to change, as one loan packaging company has announced a new secured loan product aimed at people with an adverse credit history.
V Loans, who offer a range of secured loans from a number of providers through loan brokers and financial intermediaries, have announced that they are now offering a new secured loan product which will be available to those individuals who have a poor credit history. V Loans have not said who the new loan provider is, but secured loans will be available for an amount of up to £15,000, over a term of between ten and twenty five years.
The loan product is available to anyone with up to 12 demerit points against their names, including discharged bankrupts, people in debt management plans or with an IVA (Individual Voluntary Arrangement), defaults on existing loans and other credit will be ignored and loans are available on a self certification basis for self employed people.
Dave Pinnington of V Loans said “This is a real coup for V Loans. The new product fills a criteria gap in the market, particularly for those clients who have been hamstrung in the recent past with debt management plans, IVA’s or bankruptcy. The market is beginning to come alive and with a new funder this has got to be an early Christmas present for the industry, hard pressed intermediaries and their clients.”
