Help FAQ
One of our key aims is to make introducing business to us as easy as possible for you, so we have listed our introducers most frequently asked questions to help you.
Please choose a topic from the list below:
Please select a question from below:
- What regulations apply and how do they effect me?
- What qualifications do I need to introduce a Secured Loan to Brilliant Loans?
- When is a Secured Loan more appropriate than a mortgage?
- Why shouldn't I go direct to lender? Why do I need Briliant Loans?
- Can I directly solicit loans business from new or existing clients?
- Does my client have to be a homeowner?
- How much can my client borrow?
- What criteria must my client meet, in order to be able to apply for a Secured Loan?
- Can I submit an application for a homeowner loan even if my client is self-employed?
- What if my clients have County Court Judgements, Mortgage Arrears or Defaults?
- What records am I obliged to keep?
- Can I pay my clients a home visit and discuss Secured Loans?
- What is a Consideration Period?
- How will you update me?
- How do I become a Brilliant Loans introducer?
- How do I submit my clients loan application?
- How long will it take for my clients to receive their money?
- What commission rates can I expect to receive?
- How soon will I receive my commission?
- Can commissions be clawed back?
- What about PPI?
- Is there any Cross Selling?
- Am I tied to you in any way?
- Do you offer Unsecured Loans?
 | What regulations apply and how do they effect me? |  |
 | Secured loans up to £25,000 are regulated by the CCA 1974. Loans above £25,500 are non regulated. As from 6th April 2008 all loans will be regulated by the CCA. | |
| What qualifications do I need to introduce a Secured Loan to Brilliant Loans? | |
| No qualifications are required, but you must hold a current Consumer Credit Licence with the appropriate category. | |
| When is a Secured Loan more appropriate than a mortgage? | |
| When your client has high redemption penalties on their existing mortgage. Your client will wish to avoid a remortgage at a higher rate if they have recently gained some adverse credit or have a competitive first mortgage rate. Alternative methods of income calculation can be used to calculate affordability. DSS & pension benefits can be included as part of a client's income. Loans are available for clients with C.C.J's, defaults and mortgage arrears. Also they are often cheaper to arrange with no up front fees. Brilliant Loans can offer a repayment term from 3 to 30 years. We have lenders who permit self certification of income up to a maximum of 100% LTV.
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| Why shouldn't I go direct to lender? Why do I need Briliant Loans? | |
| Some lenders accept individual cases from approved introducers, but generally they should be FISA registered and require a guranteed minimum volume. We will find you the best product, regardless of the lender. | |
| Can I directly solicit loans business from new or existing clients? | |
| Of course, providing you have the right to solicit potential clients under the terms and conditions of the DPA. | |
| What criteria must my client meet, in order to be able to apply for a Secured Loan? | |
| Applicants must be 18 and over and must normally have a minimum annual income of £10,000. They must also be permanent residents in the United Kingdom. | |
| Can I submit an application for a homeowner loan even if my client is self-employed? | |
| Yes, we welcome applications from self-employed people even if it is difficult for them to prove their income. | |
| What if my clients have County Court Judgements, Mortgage Arrears or Defaults? | |
| Don't worry We have lenders that specialise in helping people who wouldn't normally be able to obtain finance. | |
| What records am I obliged to keep? | |
| None. We will provide you with a "suitability letter" . This will give you confidence that your client is being given the appropriate advice. | |
| Can I pay my clients a home visit and discuss Secured Loans? | |
| With a regulated loan you must have a signed invitation to call before a home visit can be made. Brilliant Loans will provide you with these at your request. | |
| What is a Consideration Period? | |
| Secured loans, normally under £25,500 are classified as regulated and involve observing consideration periods. The borrower is sent advance copy documents. A clear 8 days are given for the borrower to consider before the signable loan documents are posted to the borrower, who then has a further 8 days to consider the loan before any contact can be made. During this period neither Brilliant Loans or the introducing broker is allowed to initiate contact, unless we are in receipt of signed contracts or responding to a specific client enquiry. | |
| How will you update me? | |
| You will receive confirmation in writing as soon as your client accepts our offer. Case tracking is available online and your dedicated Loan Consultant is only a call away should you need any help or advice regarding a case. | |
| How do I become a Brilliant Loans introducer? | |
| Easy! Either call our Introducer Support Team on FREEPHONE 0800 0 358 358 or register online with us. | |
| How do I submit my clients loan application? | |
| Once you are registered Brilliant Loans introducer you can login and submit your clients application online. | |
| How long will it take for my clients to receive their money? | |
| Once the case is completed, money will immediately be sent by cheque or BACS transfer direct to your client. | |
| What commission rates can I expect to receive? | |
| We offer competitive products with market leading commissions. The total earnings will be split with you on a 50/50 basis after the deduction of nay costs incurred i.e valuation, consent, Building Society/Bank questionnaire etc. | |
| How soon will I receive my commission? | |
| You will receive your commission on confirmation of completion from the lender. | |
| What about PPI? | |
| We don't sell PPI! Lenders PPI products are frequently not the best available to the clients so we leave the PPI to you. This leaves you free to advise your client should they wish to obtain cover. So as well as providing you with a secured loan income stream, we could increase your PPI earnings too! This demonstrates our desire to offer the best product and service to your client and our commitment to ensure the client remains yours. | |
