Exeter Finance Llc is offering a new service called the ‘Capital Premium Finance’ that allows anyone to borrow for up to £200,000 with an application process that can be completed within days.
The service, launched by Exeter, is a new way to borrow on a short-term basis, using a combination of credit cards and cheques.
It means there is no need to have a deposit, or apply for a deposit with an employer.
The application process can be done online, and then the borrower can pay off the loan using a debit card or bank transfer, or borrow at a discounted rate by phone or over the phone.
The lender will then pay off all or part of the loan in a lump sum at the end of the period.
In contrast to a conventional interest rate credit card, the ‘capital premium’ service will not impose any monthly fee.
Instead, the lender will offer interest rates on the interest earned on the loans over the term of the term, and the interest is charged to the borrower’s account.
The money borrowed can be used for the purchase of a home, the purchase or development of a business, or any other project.
It is expected that the ‘market rate’ will be around 1.25% on a fixed rate loan.
The ‘premium’ rates will be at the higher end of that range.
“We believe the new service will enable borrowers to take advantage of the flexibility offered by the existing capital premium finance product, whilst ensuring that their lending is consistent with the terms of the loans,” said Jonathan Evans, managing director of Exeter Financial Llc.
The new ‘capital’ rate is based on the market rate, which is set by the Bank of England and is set to rise from 1.0% to 1.5% in the second half of the year.
In a statement, Exeter said it has been working with the Bank to ensure that the rate was flexible.
“It is very important that we keep this flexible as it will enable us to provide more affordable and reliable finance for consumers and businesses,” said Evans.
“The Capital Premium Finance service will also enable us, for the first time, to offer loans that are suitable for a wide range of consumers and to provide a secure financial option for consumers with limited financial resources.”
The new service, which was launched in the UK on Thursday, is available to anyone aged 18 and over, and offers a £200 fee for all loans up to the amount of £200.
It is also available to UK residents who do not meet the definition of an ‘adult’.
The lender said it is currently testing a number of different loans for ‘capital-premium finance’.
The company also has a number the ‘interest rate premium’ and ‘cheque premium’ options.
The interest rate premium will provide a 3.5 per cent ‘interest’ rate, while the cheque premium will offer a 3 per cent rate.