There’s a little secret about the peer-to-peer lender market. Yes, it really did gain traction as an innovative force within the alternative finance market during very dark economic times. The banking crisis of 2008 generated a massive global economic meltdown, and a new risk averse regulatory landscape began to take shape. Bad news for small businesses and individuals who wanted (and needed) good deals on borrowing. Banks tended to see them as more risky than big corporate borrowers. However, things are changing for the better as recovery from the meltdown progresses. So, what’s this little secret we’re referring to?

Technology-enabled online p2p lending platforms were, from the outset, faster and simpler methods of borrowing than applying for a bank loan. That’s largely how they gained popularity amongst a swathe of customers – individuals and small businesses - who had felt increasingly disenfranchised after the downturn and the rise of austere caution in the banking institutions. However, the alternative finance sector has been steadily helping that customer group and the banks are finally becoming more relaxed toward them at long last. The little secret, however, is this: most peer-to-peer lenders require an impeccable credit history (and a reliably steady income) before they’ll consider giving the nod to any borrowing.

So, what’s the problem? To put it bluntly, it’s this: when you’ve been turned down for a loan by a bank, your credit rating takes a hit. Every credit check you trigger carries with it the risk of further denting your creditworthiness. If you are in an occupation where a steady monthly income isn’t guaranteed and you’ve been unable to achieve the impeccable credit credentials most p2p platforms require, the strong likelihood is your application won’t succeed. At Unbolted, we don’t subscribe to that philosophy.

Many people are self-employed. The freelancing and self-employed community in the UK, along with the small businesses many of them run, form the backbone of the economy. They deserve better than a summary dismissal following a credit check. For our lenders, creditworthiness is an irrelevant consideration. In addition, we won’t subject our applicants to the intrusive indignity and danger of a credit search.

We want to help freelancing teachers, technicians, writers, musicians, self-employed art dealers and many others with their financial needs - and we know how to do so.

Unbolted offers a pioneering alternative in the p2p lending market. Creditworthiness is irrelevant to our decision to proceed with a loan because we use an asset-based model. Just think of what your insurance policy covers: an asset, for our purposes, is anything you own that has value and could be sold on a secondary market. Whether it’s a musical instrument, a top fashion handbag, jewellery or a valuable antique, we can use the expertise of our partners to determine the monetary value of that possession in a secondary market (like an auction) and collateralise it. It becomes the security for your loan.

No intrusive credit checks, no harmful enquiry footprints that could damage your credit rating, no invasion into your privacy:  fast, transparent and efficient, our secured asset loan is completely unique and non-discriminatory - the ideal solution for people who are cash poor but asset rich, irrespective of their credit histories.