Many leading players from within the financial industry have been praising the recent developments, saying that they have delivered clarity and structure around some of the most crucial areas of lending following a long period of uncertainty.
A spokesperson from one of the sector’s more prominent companies stated; “Secured loans have been a welcome avenue for impaired credit and self-employed borrowers since the credit crunch began. However, lenders have been anxious about operating in this sector, fearing retribution and redress in the future depending on how the MMR was going to fair.”
One area in particular that has been improved is with regard to consumers who had suffered from financial plight in the past. The new guidelines will penalise sub-prime borrowers far less severely, allowing them to gain the freedom to take control once more. Impaired credit is now more acceptable as long as the client in question can afford the loan in question and has a suitable income.
For example, self-employed individuals or entrepreneurs can again apply for credit on an execution basis – this is seen a sensible move by many.
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