Loans News

Everyday Loans won the award for Non-Mainstream Loan Provider of the year 2021 at the Moneyfacts Consumer Awards last month. Analysts at Moneyfacts reviewed the loans available from non-mainstream lenders to create a shortlist. These then went forward to a public vote to decide the winners, highly commended and commended brands.
Michelle Monck, Head of Digital, Moneyfacts.co.uk said:
“This is the second year running Everyday Loans has won this award, recognising their consistent support for those that may have struggled to get credit in the past. Everyday Loans provides a friendly, personalised loan booking service, combined with a user friendly online application process.”

Jon Wiggins, Managing Director of Everyday Loans said: “Customer service is at the very heart of what we do. So, it goes without saying that we’re thrilled that it’s been recognised by both industry experts and so many of our borrowers.
To receive such a respected award not only once but now twice, is very satisfying indeed. I’d like to thank all my colleagues within our nationwide network of branches and all the support staff in Bourne End for their hard work and ongoing commitment to fantastic customer outcomes. The dedication and resilience they have shown in the face of the pandemic makes me prouder than ever to be part of the business.”

The Coronavirus pandemic has slowed mortgage completions with some now taking months to reach a conclusion. Property developers, small and large, that need to complete deals quickly can use bridging and secured loans instead, to make sure they do not miss out on securing their next project.

Roma, a bridging loan specialist, and Loans Warehouse recently completed a complex case for a borrower wanting to refurbish and convert a three-bedroom house into a five-bedroom house of multiple occupancy (HMO). The borrower needed to secure the finance in one week or miss out on the property.

The house had been purchased by a vendor on day one and then sold the borrower the next day. This meant the property was not yet registered in the name of the borrower. The property also needed a valuation completing in time to agree a bridging loan.

Loans Warehouse worked with Roma to obtain undertakings from the vendors solicitors to ensure both land registrations were made at the same time. Draft transfers were provided by the solicitors of the original vendor to help mitigate any future registration issues.

The valuation was completed using AVM technology, which alleviated the need for a physical valuation and helped to meet the borrower’s deadline.

Once these details had been finalised, Roma was able to agree £320,000 loan using the main purchase property and an additional security. The borrower was then able to make the alterations required to a high-quality finish.

Lorraine Hart, Head of Credit Operations at Roma Finance said, “This was a highly time sensitive case, coupled with a with series of challenges, some of which were not in our direct control. This is a great example of the need to be agile with strong underwriting experience, from Loans Warehouse which allowed our team to make informed decisions and ultimately benefit the customer. This is a great start to our working relationship with Loans Warehouse and we are looking forward to building on this in the future”

Matt Tristram, Co-Founder of Loans Warehouse said, “Roma Finance had just been appointed to our panel and this was our first case with the team. It was certainly a challenge, but we have been seriously impressed with their approach to this application, their process and dedication to find a positive solution. We aim to find the best fit solution for every case and Roma clearly share our values.”

Find out more about a secured loan at Loans Warehouse or read more about bridging loans.

Unregulated buy-now pay-later loans look set to be overseen by the financial watchdog the Financial Conduct Authority (FCA) following a series of recommendations made by the Woolard Review.

The FCA commissioned the review following a surge of consumers using buy-now pay-later schemes since the start of the Coronavirus pandemic. In 2020, lending under these schemes quadrupled to £2.7 billon pounds across 5 million people.

Across the UK in 2019 42.5 million people used consumer credit amassing nearly £250 billion of outstanding debt overall.

The review set out 26 recommendations to the FCA and these include:

Whether a new year goal is to clear debts or to make home improvements, many consumers will be looking to take out a personal loan this January to fund their 2021 goal. But research carried out by Moneyfacts.co.uk has found that the average rate on borrowing a small sum of £3,000 has increased year-on-year, so this may not be the best option for consumers looking for the most cost-efficient way to borrow money.

The research has found that the average personal loan rate on sums of £3,000 has increased from 14.6% a year ago to 15.4% today. Saying this, consumers looking to borrow through a personal loan should compare deals on our personal loan chart as there are deals offering much lower rates when borrowing £3,000 over a three-year period.