UK Money News
11th July 2008
Secured loans sector 'to shrink further'
The announcement from Firstplus that it is withdrawing from new lending could be a harbinger for further companies to pull out of the secured loans market, it has been predicted.
Firstplus, which is a subsidiary of Barclays, confirmed it will no longer be taking on new loan customers citing diminished demand for its products.
The news prompted Michelle Slade, an analyst at Moneyfacts.co.uk, to predict further contraction in the sector.
She said: "If the credit crunch can cause one of the biggest lenders in secured loans to throw in the towel, it will be interesting to see if the other providers can weather the storm.
"The number of lenders remaining has been greatly reduced and with First Plus's owner Barclays yet to announce if it will continue with its own loan and that offered through its Fair and Square brand, the numbers could reduce even further."
Since the start of the year seven lenders have stopped offering secured loans.
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