Loans Warehouse has reported that after a drop in lending in April 2014, the secured loan market has returned to growth, with a 3% monthly rise.
Indeed, after March’s lending serge, May 2014 boasts the second highest lending figures since October 2009.
Gross lending in May 2014 totalled £51,072,181, Loans Warehouse said. Year on year, secured lending was up 16%.
Last year it took until July to reach the quarter of a billion lending figure that this year has been achieved in May, and the figure marked the 30th month in a row of year on year growth in secured lending.
Matt Tristram, co-founder and director of Loans Warehouse & Clearly Loans, said: “There has been a clear focus on one section of the secured loan market. With several prime lenders gearing up for launch in the coming months, the focus in the last few weeks has been firmly on near prime products with lenders like Blemain, Step One, Central Trust & Masthaven having all made funding announcements, all trying to increase their market share by making significant changes to their lending criteria.”