Secured and unsecured loan lender Everydayloans has pulled from the packager secured loan market just months after it launched into the sector.

The lender had been piloting secured loan products through packagers and master brokers, but has decided it will not continue offering the products due to a lack of business.

The lender, which has a number of branches throughout the UK is still offering secured loans to consumers but says this is under review.

However it is still committed to the broker market through its unsecured loan range, which saw a 13% in January based on the previous quarter.

Andrew Wayland, head of marketing at the lender says that unsecured loans will remain its core business.

He says: “Towards the end of last year we took a decision to trial secured loan products and dip our toe in the water to see whether this might be viable for us.

"We've assessed the situation and taken the decision that we won't continue with it. Most of the people working on the pilot have been redeployed elsewhere, though we did lose one person.

“Secured loans just wasn't generating the business. When we set up the pipeline it looked very promising, but unfortunately the business hasn't materialised.

"After running it for three or four months and looking at it closely we just couldn't see the money coming through."

Everydayloans is the latest in a long line of lenders to exit the secured loan market since the liquidity crisis took hold.

Sources:-http://www.mortgagestrategy.co.uk /cgi-bin/item.cgi?id=158258&d=403&h=401&f=402