Finsec Secured Loans entered the market today targeting sub-prime and adverse credit customers.
Steve Walker, managing director of loan master broker Promise Solutions, said despite being aimed at the sub-prime market Finsec’s interest rate, LTV and maximum loan amount of £30,000 would appeal to all types of borrowers.
“New secured lenders are queuing up to enter the market and many will fight for the same space which will make it difficult to differentiate themselves,” he said.
“Finsec will accept a different risk profile which immediately sets it apart from other lenders by virtue of lower rates and higher LTVs than currently available to borrowers with similar profiles.
This follows the launch of Firmus Secured Loans yesterday and Walker said he expected more lenders to enter the market in the coming months.
