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Unsecured loans | lowest rates for people with bad credit or arrears

Lowest rates for people with bad credit or arrears

I think this email is really important and will be of significant interest to you. Please take a moment to digest it thoroughly.

For many of your clients, this could be the answer.

Where else can a tenant or a homeowner with no equity, with adverse credit raise up to £100K at rates around 10%?
Here is an overview of the key points:

  • Ideal for purchase deposit, remortgage shortfall or business finance
  • Type of loan – unsecured
  • Client status – homeowners or tenants
  • Rate – from 9%
  • Loans – £1000 to £500,000
  • Term – 3 to 30 years
  • Capital and repayments or interest only
  • Adverse – Any – including settling bankruptcies and IVA’s
  • Income proof – accounts, bank statements, business startups – if no affordability will roll up interest
  • Where – England, Scotland, Wales, Northern Ireland and Channel Islands

The level of borrowing is dependent on the borrowers having a transferrable pension but they can now borrow up to 50% of the pension value. This is a straight forward CCA regulated unsecured loan but the lender has the security of knowing that the borrowers will get a tax free lump sum at some point in the future.

We now know from our experience with this product that, for a large number of borrowers, this loan is either a perfect fit, or the only means of them raising the capital they need.

Talk to your clients about it. The opportunity to borrow against the value of their pension could be an opportunity they have not considered but may welcome.

There is more information on our website and the application process is a simple referral – we have separated it from the sourcing system to make it really easy.

An advisor will talk to your client, explain the costs and the loan offer and you can then discuss the pros and cons with your client. Apart from that you don’t need to have further involvement.

We have had a lot of interest from our clients – if you discuss the opportunity with your clients I am sure you will get a similar response.

As ever feel free to call us on any new secured loan, bridging and short term loans, commercial or unsecured enquiries on 01902 585052.

Good luck

www.promisemoney.co.uk

01902 585052

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2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

Mortgages and Remortgages

Representative example

£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker / processing fee and £125 application fee. Total repayable £119,873.

Secured / Second Charge Loans

Representative example

£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.

Unsecured Loans

Representative example

£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.


Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority – Number 681423.