Using the ‘Freedom of Choice’ system, brokers can either complete the business themselves or refer the case on to Freedom Finance for a commission fee.
If the adviser chooses to complete the business themselves, the system provides details of suitable lenders, monthly repayment totals, the APR for each lender and case-tracking until completion.
It also offers a payment protection insurance option where the adviser can either source a product from Freedom Finance or add a deal the adviser has sourced to the calculation.
Tony Machin, group managing director at Freedom Finance, said: “Our research has confirmed that although brokers acknowledge the need to be able to recommend secured loans, they are still concerned by a lack of choice, both of loan and insurance products and the way in which client applications are handled. ‘Freedom of Choice’ has been designed to address these issues head on by mimicking the mortgage application process as closely as possible.”
Jason Richardson, director of YooToo Financial Services, said: “It’s good to have that kind of solution for secured loans, instead of having to fill out a sheet of paper and fax the referral over to another broker.”
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