The final figures for 2014 revealed an increase of 28.75% on 2013, which equates to an extra £140,000,000 having been lent.
The trend of increased monthly year-on-year lending continued, now standing at an amazing 37 consecutive months.
Matt Tristram, co-founder and director of Loans Warehouse, said: “At the start of the year, it was predicted that the industry would grow but a final lending figure for 2014 of more than £635,000,000 was above most people’s expectations. Let’s not forget this is an industry operating under a new regulator.
“We can comfortable say the industry has been moving in the right direction for three years and there is now some genuine traction.”
The last 12 months has seen two new lenders come to market, Optimum Credit launched earlier in the year and in Q4 the industry celebrated the return of Paragon Personal Finance.
Tristram said this was a sign for many that the industry was really back on track.
He added: “The competition between lenders continued to hot up; rates in 2014 have dipped to an all-time low with the best on-plan rate currently offered by Precise Mortgages Secured Loans at 4.45% plus base.
“Even lower rates have also been seen from Optimum Credit who score each application individually, producing rates as low as 3%.”