UNIFi Partners has upgraded its secured loans portal following revisions to the Consumer Credit Act.
Until April 6 the legislation only applied to loans up to a maximum of £25,000 but it now covers all secured lending.
The reformed CCA also compels lenders to provide borrowers with information about loan penalties, enforce- ments and arrears.
The revisions include adapting the portal’s tracking system to facilitate audit trails for loan applications, the inclusion of its panel members’ lending criteria and a range of forms to help brokers with applications.
Patrick Bamford, managing director of UNIFi, says: “The changes reflect the current lending landscape, amendments to the CCA and the need for quality information so members can prov- ide a comprehensive service to clients.”