Secured loans market 'could contract further'

Borrowers have been warned their choice of loan providers could reduce this year as more and more lenders pull out of the market.
Last week First Plus became the latest lender to withdraw from the market, joining Alliance & Leicester, Breeze Loans, Capital One Bank, LoanOne Intermediaries, Money Partners, Picture Financial, and SPPL.

The fact that First Plus which is "one of the biggest lenders" has withdrawn means that further contraction of the market is now likely.
Unfortunately, many lenders are no longer finding secured loans a viable business option.

They face the same funding issues as mortgage lenders and with house prices continuing to fall, lenders can no longer be sure that, if a consumer defaults on their loan, they will have enough equity in their home to repay the debt.

The number of lenders remaining has been greatly reduced and with First Plus's owner Barclays yet to announce if it will continue with its own loan and that offered through its Fair and Square brand, the numbers could reduce even further.
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