Southern Pacific drop out of the UK Market

Due to the uncertainty in the world economy and the credit crunch in the United States Southern Pacific Personal Loans (SPPL) has been pulled by its American backers from the UK Secured Loan Market.

It was a move that shocked many in the industry and could potentially hit small brokers hard as SPPL had a certain niche product in the market. They predominantly helped lend to those with slight adverse credit and to the self employed.

Whether there is a chance that they may come back once the industry has calmed is, as yet, unclear.