Loans Warehouse’s latest secured loans index has reported a month-on-month increase of nearly 19% in March, and an increase of over 50% in the first quarter compared to figures recorded at the same time in 2013.
The distributor said 10 lenders reported increased lending in March, while £56,382,296 marks the best lending figures since 2009 and surpasses last October 2013, which saw the first £50,000,000 (£50,371,000) month since the onset of the credit crunch.
March 2014 marked the 28th 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 have been some noticeable criteria changes which coincide with the switch to FCA regulation; Shawbrook Bank announced they will no longer be able to accept bank statements as evidence of the primary source of income for self-employed applicants, whilst also tightening their criteria around consolidating credit by now insisting that items above £1000 are now be paid directly via BACS to the creditors by the bank.
“Nemo also announced changes, reducing the rate on their E0 product to 5.784% whilst reducing the minimum loan from £40,000 to £30,000 on several plans.
“Prestige Finance have rebranded with a design aimed at creating a more integrated identity with other companies within the OneSavings Bank (OSB) family. They have also introduced E-ID as an option to borrowers / introducers whilst increasing the valuation panel in Scotland with the addition of Hardies.”