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Secured loans industry continues to grow

Secured loans industry continues to grow

Category: Loans

Updated: 19/12/2013
First Published: 19/12/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The latest figures from Loans Warehouse reveal that the second charge loan industry continues to go from strength to strength, with lending in November 43% higher when compared to the same month in 2012.

November was also the 25th month in a row that secured lending has increased year-on-year.

On a monthly basis, however, secured lending was down 6.05% between October and November due to the usual seasonal slowdown.

Looking ahead to 2014, Loans Warehouse said next year could be "the biggest year in the history of secured loans".

This is because from April regulation of the industry will fall under the remit of the Financial Conduct Authority (FCA).

"With FCA regulation from 1st April there will undoubtedly be some challenges but the general feeling is that it is an extremely positive move for the industry; with at least four new major lenders stating their intention to launch, along with current lenders making their intentions clear that they have aspirations to grow their lending volumes, the key word of 2014 will be awareness!" Loans Warehouse's director Matt Tristram said.

What next?

If you are considering taking out a second charge loan have a look at our guide that explains the difference between an unsecured and secured loan - http://moneyfacts.co.uk/guides/loans/personal-loan-vs-secured-loan/

Compare secured loans now.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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