The product, which has a rate of 5.7 per cent and a maximum loan size of £1m, can act as a standard term loan or credit facility, where borrowers can draw and repay funds at any time for up to five years.

The monthly repayment amount is determined based on the outstanding amount, and permits borrowers to lower interest payable over the loan term.

It has no early repayment charges and no additional fees on further drawdowns. Third charges are also permitted with no rate-loading.

Selina Finance’s key account manager Stacey Woods said that the product was an “exciting addition” to its range and its creation was based on feedback from broker partners and client demand.

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She added that there were more “positive enhancements” lined up for the rest of the year.