Paragon supports UK guarantor loan provider with £17.5m

UK Credit, one of the UK’s largest guarantor lenders, has secured over £17.5m in funding from Solihull-headquarted Paragon.

It is the latest deal for Paragon’s structured lending team, which has already provided over £130m of funding across a range of specialist lenders spanning consumer finance, point of sale funding, SME lending and property backed finance.

Lewis Fitzsimons, senior director, structured lending, at Paragon, said: “It is extremely rewarding to be able to help UK Credit with additional financing and support the company in its next phase of growth. We are delighted to be working alongside another excellent management team which has successfully built a market leading franchise.”

“The funding will help UK Credit continue to support their customers – be that to buy a new car, consolidate debt, fund home improvements, or for any other reason they might have for taking out a loan.”

Established in 2010 and based in Norwich, UK Credit has expanded considerably and says it is well positioned to benefit from the growing demand of the guarantor loan product.

Graham Eke, deputy chief executive of UK Credit, said: “We are delighted to have secured Paragon as a key financing partner for UK Credit.  Paragon’s funding will help us to fulfil our growth plans in the guarantor loans sector and I am looking forward to building on our relationship with Paragon.”