Southern Pacific Personal Loans says it is experiencing high levels of demand for its product range introduced on November 21.
Product features include the first discount rate ever to be offered in the secured loan market, interest only payments on all sizes of loans, and self-cert for the first time up to 90% LTV.
SPPL has seen sales rise by 10% in November, with December sales already running 1m ahead of Novembers for the equivalent date.
Marie Kennedy, national sales manager for SPPL, says: We researched the market carefully before developing the new product range, and we have clearly come up with exactly the right criteria that loan introducers need for their niche customers. Normally we would expect a large upturn in the sales graph in March, as people seek to consolidate their loans after the big Christmas spending spree but the new range is obviously attracting a lot of interest in the marketplace.
We are also seeing a trend towards larger, unregulated loans over 25K, which contributes to higher overall lending totals as well as case volumes.