Exclusive data from Loans Warehouse has revealed the daily value of secured loans completed in April 2021 has increased by just over 5% compared to the prior month. Secured lending totalled £77.6m during the month.
Matt Tristram, Managing Director, Loans Warehouse commented on the results “The number of completions dipped below last month's 2,000 headline, with 1,908 second charge loans being completed in April 2021 (but still 278% up on April 2020).
"Whilst month-on-month we saw a dip in lending from £91.4m to £77.6m, this figure doesn't give a true reflection of the growth month-on-month. March had 23 working days compared to April at just 20, working day completions were up significantly with the daily completion volume for April at £4.57m compared to £3.97m in March - an increase of 5.2% per day.”
Three out of five of those taking a secured loan in the UK in April 2021 was to consolidate debts or for home improvements and debt consolidation together. A further one in five focussed on home improvements only.
Secured lenders continue to offer fast service levels with the average completion time in April 2021 of 12.80 days, only 0.1 days slower than in March 2021.
The average term of a secured loan has increased in April 2021 to 13 years compared to 10 years last month.