After growing interest in the secured loan sector from brokers, Loanoptions.co.uk has launched a service providing information on how to target this growing market.
Andy Moody, managing director of Loanoptions.co.uk, admitted broker interest in the sector had prompted the loan companies move to provide marketing support. He said: “Many of our introducers had not been involved in loans but, having seen the potential, they have been insistent we provide them with the tools to develop their business in this area. We have put together comprehensive and compliant templates covering direct mail, posters and leaflets as well as press releases and media adverts.”
To access the system brokers are required to log onto the loanoptions.co.uk website, after which they will be provided with a marketing toolbox, giving them access to marketing materials and ideas on how to promote loans to their existing client base. Information on attracting new customers is also included on the website.
But Kim Barrett, proprietor at KS Barrett & Associates, argued the secured loan should not be first choice for clients looking for extra money.
He said: “I can see in some instances that a secured loan would be required but the first port of call should be their existing lender to see if they can get an additional advance. If this is not possible then remortgaging may be an option, so I think getting a secured loan would be the final option. Why would you put a client through a deal that includes a higher rate than many mortgage providers give?”
