Promise Solutions has launched an online quote facility for brokers introducing unsecured loans up to £25,000.
With rates starting from 8.8% APR the loan is available to homeowners or tenants and Promise claims that brokers can get an online quote and decision in principle in around one minute with payouts typically taking two days.
Steve Walker, managing director at Promise, said: “In the past it has not been easy for brokers to offer prime unsecured loans as they would have no control over the initial quoting and acceptance process. Perhaps more importantly the high street unsecured lenders would normally refer declined applications to other brokers so an introducer would find his client being handed over to a competitor and if he did have a loan paid out any commission would have been pitiful.
“Now quotes are available from within the Promise sourcing system and the client relationship is protected.”
Commissions are available up to £250 with no packaging and a fast turnaround, according to Walker.
He added: “By comparison with high loan to value secured loans the interest rates are exceedingly competitive. However with the unsecured loan having a maximum loan term of 60 months secured lending is also an important consideration especially when borrowers wish to repay over a longer term to reduce their monthly repayments.”
Walker said Promise’s key objective is to give brokers as many tools and products as possible to best serve their clients and earn from every opportunity which comes their way.
Promise has made the unsecured facility available to brokers as a standalone application or as an option within the whole of market secured loan sourcing portal.