Elephant Loans Hit By Credit Crisis

Mon, 29 Oct 2007

Specialist bad credit loan broker Elephant Loans has revealed that it will not make its full-year profit target in the wake of the credit crunch. Elephant Loans operates in the debt consolidation market as well as arranging loans between banks and customers with bad credit ratings .

With five of Britain’s largest brokers withdrawing from the sub-prime loans market in recent months, it is no wonder Elephant Loans is finding it difficult to find lenders for sub-prime borrowers.

Elephant have now admitted forecasts of £5.6 million are unattainable for this year, whilst their share price has fallen to 14%. However, Elephant are hopeful of a much better performance in the second half of their financial year, with the broker claiming to have received a surge in inquiries from borrowers who have been turned away by mainstream banks following the tightening of credit standards.
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