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Punjabi and Urdu speaking secured loan team

Punjabi and Urdu speaking team

Brokers applaud Punjabi and Urdu speaking secured loan team

Following the creation of a Punjabi and Urdu speaking team by Promise Solutions, secured loan introducers have hailed it as an innovative and valuable additional service.

Steve Walker, Managing Director of the Secured Loan Master broker commented “We set this service up to aid Asian borrowers, and their brokers, when arranging a secured loan or exploring other debt solutions. The secured loan process is a specialist and complicated process. This has proven to be a valuable aid to brokers who deal with clients from the Asian community and Punjabi and Urdu speaking borrowers, who are not strong in speaking English. greatly appreciate the extra help and explanations they receive”. Having recognised the significant assistance such a service can offer to certain borrowers, Promise now has four experienced members of the loan and debt solution team who can speak Punjabi and Urdu.

Walker added “The team has on average eight years experience in secured loans. I would love to claim this new service was a strategic move but in reality we found that members of my team often needed to switch into a different language to help clients. It made sense to formalise everything and let our brokers know it was available to their clients. I’m not aware of any other national master brokerage offering this facility which is surprising given that Punjabi and Urdu are in the running for position as the second most spoken language in the UK and have overtaken Welsh as the UK’s second language.

One of the brokers who has witnessed the benefits of this new service first hand is Shaun Wellings, Director of Charles Maddison Partnership Ltd who commented “Promise dealt with a very complicated case and my client spoke very poor English. The team at Promise took over all discussions and explained everything in my client’s language to overcome some difficult obstacles. Without such specialism the case definitely would not have proceeded. It is a very impressive and useful additional service.

www.promisemoney.co.uk

01902 585052

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    Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55.730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.2
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    Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.

    More than 50% of borrowers receive offers better than our representative examples

    The %APR rate you will be offered is dependent on your personal circumstances.

    Mortgages and Remortgages

    Representative example

    Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66

    Secured / Second Charge Loans

    Representative example

    Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20

    Unsecured Loans

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    Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.

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    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.

    Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774
    Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG

    Authorised and regulated by the Financial Conduct Authority – Number 681423
    The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages

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