Vehicle finance company launches personal loan service for existing customers

Award-winning vehicle finance company First Response Finance has launched a personal loan service designed to help their customers accelerate through the cost-of-living crisis.

The unsecured personal loan can be used for reasons such as vehicle improvements and home renovations, the latter reason proving most popular with customers.

As the nation is plunged deeper into an economic plight, more people are seeking additional support to meet obligations and needs in which money is required.

Lynn Mountford, Renewals Operations Manager, said: "It means so much to us to be able to give our customers further financial relief – should they require it – in such difficult times.

"We class ourselves as extremely responsible lenders, and we make sure that those taking out a personal loan with us understand the entire process from start to finish. With us, the small print isn’t all that small."

Eligible customers will receive a text message to their mobile phone, or a letter sent to their property, offering the opportunity to take out this personal loan. Alternatively, if they have an active personal loan with First Response Finance, they can look to organise another.

Over the last ten years, more than 29,000 personal loans have been taken out by existing First Response Finance customers, the minimum amount being £400 and the maximum £2,500.

The interest rate is likely higher on a short-term loan; however, this arrangement does usually mean that less interest is paid back overall in comparison to a long-term loan.

Lynn continued: "We're incredibly transparent when it comes to our personal loan service. We'll highlight the pros, of course, but we also ensure our customers are aware of the potential cons, too.

"For us, it's about offering help and assistance in a way that isn't going to come back and bite our customers later.

"We would always advise people to research the options available before applying for any type of credit."