Secured Loan Index – February 2022 lending jumped 83% year on year

The Loans Warehouse have issued their Secured Loan Index, which exclusively shows that February 2022 lending jumped 83% year on year.

Here is a summary of the data that has been identified:

The figures reported directly to Loans Warehouse from second charge lenders confirm lending totalled £111.4 million in January and a new post-credit-crunch record of £138.4 million in February 2022.

The number of loans written was all but identical between December and January 2022 at 2500 and 2494 respectively.

The average loan size jumped from £44.673.9 in January 2022 to £46,522 in February.

February 2022 also marks year on year growth of over 100%, when lending figures stood at £60.8 million in January and £69.6 million in February 2021.

The average loan term has increased significantly between January and February 2022 from 15 to 21.5 years. This could be a result of the increased cost of living and a sign consumers are trying to bring payments down to their lowest level due to fears of what is coming next.

UTB reported record levels in 2021 of £1.5 billion lent across their various channels including second charges, with Harley Kagan, Chief Executive Officer at UTB, choosing to praise his staff for dealing with the pandemic with “resilience, tenacity and a positive outlook”.

Kindly shared by Loans Warehouse

Main photo courtesy of Pixabay