Mortgage and loan broker Ocean Finance has launched a personal loans service.

Ocean customers will be able to apply for unsecured loans between £1,000 and £15,000 for any purpose, with a rate of 24.9% APR Representative (variable)

The firm said its research carried out in March of this year showed that, of the 12% of people who had applied for a personal loan in the preceding 12 months, around 16% were rejected. Meanwhile, 8.7% were offered the loan, but at a higher interest rate than they applied for.

Ocean Finance personal loans are designed to be available to people with a wide range of circumstances and credit histories. They can be used for any purpose; from buying a car to funding home improvements, and in most cases applicants are provided with an instant decision.

There is no fee for arranging the loan, which is provided by Moneyway.