Borrowers frustrated by the standard loan application process and unexpected Annual Percentage Rate (APR) increases will soon be able to access a different kind of marketplace as a brand new take on loan comparison service launches.
LoanTube is a unique online loan marketplace which brings borrowers and lenders together. The real-time platform uses its proprietary loan matching engine to connect the right borrower with the right lender and displays actual APRs (Annual Percentage Rate) and monthly repayments for the individual borrower.
This transparency means that the price the borrower sees when selecting a loan is the price they pay, in contrast with standard comparison offerings which display a best rate then return a more personalised quote, often at a much higher APR. With a single application, real time processing and online approvals, it’s also much quicker than standard loan comparison services.
“The loan industry is the only service industry where the customer is not king and where the lender holds the supreme power,” says Gurprit Singh Gujral, Founder of LoanTube. “In my work as a financial analyst, I’d been trying to figure out a way to mitigate that. The result is LoanTube; a unique platform which assures prices and is designed to increase transparency, make the loan application process simpler and will help the consumer to regain the power they deserve.”
The launch of LoanTube comes as Britain faces a debt crisis:
• Office of National Statistics (ONS) figures show that UK household debt is worse now than at any other time on record[1]
• Wages are 3% below what they were a decade ago following the financial crisis[2]
• 70% of British workers are classed as ‘chronically broke’ and just 30% of those in employment able to live comfortably[3]
LoanTube CEO Stuart Joce added, “When you search online for car insurance or home insurance, the price you see is the price you pay but that’s often not the case with financial products such as personal loans. LoanTube has set out to change that. Quite simply, our loans comparison marketplace connects borrowers with multiple lenders through a single point application. It’s less effort than the existing approach, there are more approval chances and a clear comparison of definitive APRs meaning that what you see is what you get. There’s real time processing and online approval. It should be that simple. With LoanTube, it is.”
LoanTube’s unique approach has already received backing from several notable lenders with Bamboo & Shawbrook Bank Limited confirmed on the lending panel.
To find out more about LoanTube, click here.
About LoanTube
LoanTube is an online loan marketplace to bring borrowers and lenders together. It operates on a real-time platform which ensures an easy and quick loan application process. The financial firm provides loan quotes with real APRs; meaning the rate the borrower sees is the rate they get. The platform performs a soft-credit check which doesn’t impact the borrower’s credit score.
LoanTube’s mission is to make the loan comparison process much simpler with assurance of rates for better transparency. LoanTube is a trading name of Tiger Lion Financial Limited, based in the heart of London.
Contact
Press contact: Shuvam Samal
Email: shuvam.shamal@loantube..com
Tel UK: 0208 088 1313
[1] Source: https://www.theguardian.com/money/2018/jul/26/household-debt-in-uk-worse-than-at-any-time-on-record
[2] Source: https://www.bbc.co.uk/news/business-45487695
[3] Source: https://www.theguardian.com/money/2018/jan/25/uk-workers-chronically-broke-study-economic-insecurity
