Promise Solutions has unveiled an online unsecured loan facility for its introducing brokers.

Interest rates start from 8.8% APR and loans are up to £25,000.

The loan is available to home owners or tenants and brokers can get an online quote and decision in principle in around one minute with payouts typically taking two days, Promise claimed.

Steve Walker, managing director at Promise, said: “In the past it has not been easy for brokers to offer prime unsecured loans as they would have no control over the initial quoting and acceptance process. Perhaps more importantly, the high street unsecured lenders would normally refer declined applications to other brokers so an introducer would find his client being handed over to a competitor and if he did have a loan paid out, any commission would have been pitiful.

“Now quotes are available from within the Promise sourcing system and the client relationship is protected. With commissions up to £250, no packaging and a fast turnaround this is now a very worthwhile proposition for brokers.

“By comparison with high LTV secured loans, the interest rates are exceedingly competitive. However, with the unsecured loan having a maximum loan term of 60 months, secured lending is also an important consideration especially when borrowers wish to repay over a longer term to reduce their monthly repayments.”