SimplyBiz Mortgages has selected existing partner, The Loans Engine, as its preferred provider, following a rise in demand from members for an unsecured loan offering.

Members can use unsecured loans for clients who wish to improve their credit score, make home renovations, buy a car or manage their bills. Ranging from £1,000 – £25,000, approved customers can have access to the funds within 24 hours of their broker submitting an application to The Loans Engine.

SimplyBiz Mortgages believes the proposition should encourage more advisers to explore the many opportunities that exist for them within specialist markets.

Martin Reynolds (pictured), CEO of SimplyBiz Mortgages, said: “To offer an unsecured proposition is a natural step from the launch of our secured panel last year. Advisers have to consider all options when they are looking at finance, so we felt it was important to offer the correct choices on our panel.”

Tom Garratt, head of intermediary channel at The Loans Engine, added: “Our partnership with SimplyBiz Mortgages began back in April last year when we were selected to extend our secured loan offering to its members. Since then we have developed a close working relationship with them and their members, and are thrilled to have been appointed to further assist its members, this time with access to our unsecured loan offering.

“The FCA now advises that all financial products should be explored and considered. We are committed to helping SimplyBiz Mortgage members find and deliver the most relevant solution for their clients while at the same time, ensuring client retention and generating further income opportunities for themselves.”