Promise Solutions has launched an online unsecured loan facility for its introducing brokers with rates starting from 8.8 per cent APR.
Loans up to £25,000 are available to home owners or tenants, with an online quote and decision in principle available in around 1 minute. The typical time for a payout is two days.
Lenders pay commission of up to £250.
Promise Solutions managing director Steve Walker says: “In the past it has not been easy for brokers to offer prime unsecured loans as they would have no control over the initial quoting and acceptance process. Perhaps more importantly, the high street unsecured lenders would normally refer declined applications to other brokers so an introducer would find his client being handed over to a competitor and if he did have a loan paid out, any commission would have been pitiful.
“Now quotes are available from within the Promise sourcing system and the client relationship is protected. With commissions up to £250, no packaging and a fast turnaround this is now a very worthwhile proposition for brokers”