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
01902 585052
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
Representative example
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.
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.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk