November secured lending hits ?53m
The figure is the highest in November since 2007, while it is 12.4% larger than November 2013’s lending total.
However it remains 13% lower than the total recorded in October 2014.
The industry has now lent almost £100,000,000 more in 2014 than 2013 with the December figure still to be released.
Matt Tristram, co-founder and director of Loans Warehouse, said: “As we see the year draw to a close, there is no sign of a let up in activity in the secured loan arena.
“December is a shorter working month but that doesn’t mean there’s less work to do.
“Ironically, it can often be quite the opposite as we all try to cram a month’s worth of productivity, completions, blood sweat and tears (not to mention the odd Christmas party and more nights out than usual) into fewer working days than normal.”
A number of lenders improved their product offerings in November, as Blemain Finance and Central Trust reduced their rates and simplified their criteria, Nemo slashed its rates, Paragon expanded into Scotland and Shawbrook launched its Super Platinum and Super Prime plans.
Tristram added: “The improved products, offering more than just a reduced interest rate (as good as they are), are sure signs that secured loans are starting to have a broader appeal.
“We’ve all wanted to grow the industry (to be fair, we never wanted it shrink!) and have long been of the opinion that it will take new, innovative products to achieve that goal – no one wants to just replicate what is already available, the aim has got to be to reach out and be appealing to consumers who we previously wouldn’t have been able to service.”
According to Tristram the industry is now embracing technology like never before, as there are numerous lenders who are working towards automation.
He said: “At a recent financial services conference it was mooted that in the not too distant future the industry would be worth £200,000,000 per month.
“Whilst we are not there yet, improved products and the technological advances we are making will have us all continuing to move towards that figure.”