In this case study we highlight an example of a Promise Money loan being lower than a competitor’s quote by over £40,000.
The customer had an impaired credit profile and wanted to pay off a debt management plan in an effort to move towards being able to borrow at mainstream rates. They needed to raise £22,500 to do this.
They applied to a competitor broker, one which had a restricted panel. This means they did not have all of the specialist lenders loan products to choose from. This broker offered them a £27K loan at 12% over 20 years with a monthly payment of £340. The total repayable was £81,600.
The customer decided to obtain a comparison quote from Promise Money. We were able to offer them a suitable loan with a different lender at a rate of 7.3% over 10 years which also included a free valuation. The total repayable was £34,200 which is a massive £47,400 lower than loan suggested to them by our competitor. Our loan also offered lower early repayment charges which would make it easier & cheaper for the customers to remortgage at mainstream / high street rates in the future.
If you need a second charge loan come to Promise Money. Our lender panel is made up of all known specialist lenders giving us more options when searching for the most suitable loan for our customers. Call us on 01902 585020 to speak to an underwriter.