The second charge lender will offer loans from a minimum of £5,000 to customers in England, Scotland & Wales with mild adverse credit up to 85% LTV.

Co-founders and directors of Clearly Loans Sam Busfield & Matt Tristram have been joined in the venture by ex-investment banker Garry Monaghan, most recently European Head of Flow Rates Trading at BNP Paribas.

Director Matt Tristram said: “Garry approached us early last year with a desire to lend and over the past year we’ve worked hard at designing a product that offers something unique to the secured loan market. All products are available on variable or fixed rates with a maximum LTV of 85%, which takes us above the majority of the existing lenders in the market. We will focus on customer’s recent credit activity and we won’t punish borrowers for historic adverse over 24 months or under £300. We will also lend up to 75% LTV on ex-council flats in England, Wales & Scotland which is market leading.”

Clearly Loans has secured funding for two years and the launch product is available exclusively through Loans Warehouse.

Tristram said: “Debt consolidation is only part of what we do. We also do a lot of lending for home improvements since a lot of people have stayed put and just want to make their homes better.”

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