Pink reveals record secured loans completions

Pink Home Loans marked a record month of secured loans completions in January, with business volumes increasing by 20% compared to January 2007.

Pink says the value of its secured loans completions business also increased by 40% compared to January last year.

The lender works with Colonial Secured Loans, a specialist master broker, to offer secured loans of between £7,500 and £250,000.

Colonial Secured Loans is solely focussed on the broker market and allows them access to a panel of lenders offering competitive commissions, mainly in the niche area of the market.

Neil Hoare, associate director of marketing and IT at Pink Home Loans, says: “The start of the year is typically a popular month for secured loans, largely due to individuals wanting to consolidate debt following Christmas spending.

“It provides consumers with an alternative to a remortgage or unsecured loan.”

He adds: “We are delighted with the enhanced levels of business that are coming through this sector.”

Mark Fry, managing director at Colonial Secured Loans, says: “There is further positive news. All loans that complete after April 6, regardless of size, will be regulated and carry an early repayment charge of just one months interest deferred by up to 30 days.

“This new legislation means that there will be many more scenarios where a secured loan is the most appropriate option.”