CCR Magazine

You are here  :Home arrow News arrow The Loans Engine pays out first £295 fee loan
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


The Loans Engine pays out first £295 fee loan PDF Print E-mail
Wednesday, 03 August 2016
Specialist finance broker, The Loans Engine, has this week paid out its first loan under its new £295 application fee structure. 

The loan for £30,000 paid out with second-charge lender, Prestige Finance, at a rate of 4.45% and only cost the customer £295 in fees.

This represents a fee-saving of more than 90% against traditional master broker fee models, where a customer could have expected to pay circa-£3,000 for a similar loan.

The customer was working to a tight deadline but it took just four working days to arrange the loan, after they were introduced to The Loans Engine last Wednesday. The binding offer was issued on Friday and funds were placed in the customer’s bank account first thing yesterday morning.

Last month The Loans Engine announced it was scrapping its all-encompassing master broker fee and replacing it with the new £295 application fee.

Dan Miller, Underwriting Manager of Prestige Finance, commented: “We have a long-standing relationship with The Loans Engine and are delighted to be the first lender to complete a loan under its new fee structure. The quality of packaging by The Loans Engine ensured a smooth and efficient application process through to completion.”

Steve Harness, Commercial Director of The Loans Engine, said: “Intermediaries tell us how frustrating the first-charge further advance process can be, and that remortgage just isn’t right for many clients. Now with broker fees of only £295, low interest rates and completion timescales under a week, second charges are a credible alternative which deliver great customer outcomes.”

As one of the UK’s largest Master Brokers, The Loans Engine has a 28-year heritage and is responsible for one in 10 of all UK second-charge loans.

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197