Secured loan lending in July broke the £30 million for the first time since December 2009, according to research from Loans Warehouse.
The master broker said secured loan lending last month totalled £32.3 million, a 22% increase on the previous month and a rise of 16% on July 2011.
This was the biggest monthly increase in lending since November 2011.
Loans Warehouse added tha data taken directly from secured loan lenders shows signs of increased lending (up 18%) to credit impaired borrowers in July.
“According to our lender’s figures, a total of £32.3 million was lent in the UK during July,” said Matt Tristram, joint managing director of Loans Warehouse.
“We all expected a slight increase, due to the Jubilee Bank Holidays in June, but to see these figures is impressive.
“July saw Shawbrook Bank enhance its secured loan product offering to those with weaker credit, with the bank announcing it was opening up its range of products for clients with an impaired credit rating to a larger audience.
“This shift in focus is further evidence that lenders are making a conscious effort to open up their criteria and this month’s results reflect the influence that these more specialist lenders have had on the market since entering.”
