Access 4 Finance already offers fully transparent commission structure meaning their introducers get to see a full breakdown of the cost associated with the loans including invoices. It also lets introducers choose their own broker fee – as long as the deal makes commercial sense for the company.
Scott Thorpe, director of Access 4 Finance, said: “We have decided to launch this commission structure to firstly say a massive thank you to our current introducers and also to try and get more people considering secured loans with rates starting at 6.9%.
“With our lenders showing a common sense approach to lending in regards to how they treat not only self-employed clients but also adverse customers this should make a great proposition to introducers and their clients along with also been profitable for the advisers.”
Loans Warehous’s secured loan index figures showed the industry paid out £34,600,000 in secured loans in August alone.
Thorpe added: “On an average 10% income generated per case our new proposal if all the completions had come from introducers our proposal would mean they would have earned an extra £519,000 between them in the space of one month making for a very attractive Christmas.”
With Access 4 Finance’s commission structure a £20,000 loan amounts to Income of £2,800 minus a cost of £220. That generates a net income of £2580 which at 50% would mean an introducer would earn £1290. Under the Access 4 Finance structure introducers would earn £1677 – an extra £387.