Rising consumer debt and a trend towards larger numbers of self-employed workers are key contributing factors in an upturn in the market. Only Loans reckons that the current 10 per cent share of the loans arena enjoyed by second charge loans providers is likely to grow to around 15 per cent between now and the end of 2008.
“The market for unsecured loans is saturated, and we believe that more and more consumers will look to consolidate their borrowing and struggle to prove income due to changing employment circumstances, triggering a surge in demand for secured loans,” said Only Loans business development manager Ian Durrell.
“In order to capitalize on the rising demand for secured loans, we have recently begun promoting our state-of-the-art Customer Relationship Management (CRM) system to potential partners, such as independent financial advisers, mortgage brokers – in fact any organization with loan-profiled clients,” he added.
“We are able to brand our system where relevant to that of the third party. So a partner would then input the client’s details, and send it on to us to quote and process the application.
“Third party partners can log onto the system and track the different stages that their referred clients have reached within the application process,” said Durrell.
