Fast Loans - Personal Unsecured

There was yet another blow for the already hard pressed secured loan industry with the news announced in the last few days that Link Loans was ceasing trading. This was due to their inability to obtain any further funding.

Their parent company Link Lending had been forced to shut down only a few days earlier because their funder Barclays Bank were unwilling to forward any more funds. This going into administation of Link Lending obviously suggested that Link Loans could not be in a strong position themselves.

How Link Loans expected their funding to continue is a mystery, as they were a part of Link Lending, and when Link Lending, which arranged bridging loans, fell it was to be expected that Link Loans was almost certain to follow suite.

Link Loans were not all that long established and they worked through the intermediary market in a different way from other competing secured loan lenders.

When a secured loan broker receives a request from a client to arrange a secured loan for them, the secured loan broker, through his knowledge of the secured loan lenders criteria, knows exactly which secured loan lender fits his clients needs and circumstances.Therefore before even placing the secured loan application with the most suitable lender he knows that the application will reach fruition providing all the facts supplied by the customer are accurate.

Link Loans worked in a different way from other secured loan lenders although like the rest of the lenders they did give the secured loan broker underwriting guidelines to follow.

Secured loan brokers had to do a credit check for all the prospective Link Loan customers followed by a Land Registery check at the end of which Link Loans had to be provided with all this information. Link could not approve this or otherwise, but they forwarded the facts to their funders to approve the secured loan application.

When Link Loans heard back from their funders, the secured loan broker was told if their application for a secured loan was acceptable or not.

Other secured loan lenders had the authority to approve secured loan applications themselves.