Asset finance aggregator NLG Leasing has partnered with peer-to-peer lender DirectMoney to meet increasing demand for debt consolidation products.
According to NLG Leasing, the company saw a 20 per cent increase in demand for loans to consolidate both unsecured and secured debt in the fourth quarter of FY2015-16 (compared to the previous quarter).
As such, the company has now added peer-to-peer lender DirectMoney to its lender panel to meet demand for debt consolidation products.
Frank Crombie, NLG Leasing’s director of aggregation services, explained: “The addition of DirectMoney complements our extensive suite of finance providers and offers a solid debt consolidation product that’s quick to obtain, very competitive and highly flexible.
“This style of finance continues to resonate well with a growing customer base that are increasingly uncomfortable with their household debt, and seek solutions to help streamline and reduce outgoings. In particular, this approach is highly beneficial in consolidating multiple loans such as high-rate credit cards, personal loans and high-rate vehicle finance,” he continued.
Mr Crombie highlighted that with debts often running high over the Christmas and New Year period, it is a good time for brokers to talk to their clients about debt consolidation.
He said: “Consumers are also becoming increasingly astute about seeking counsel about financial alternatives. We encourage brokers to use this opportunity to strengthen relationships and drive more revenue by simply asking clients whether their cash flow is being utilised to its maximum capacity, or if it could be consolidated to more effectively reach their personal and/or business goals.”