THE Watford-based credit broker Loans.co.uk is to create 100 new jobs to cope with the soaring demand for borrowing.

The firm plans to recruit staff for its state-of the-art call centre based on Croxley Business Park in Watford and Preston, Lancs.

The new year jobs boost will see a 25 per cent expansion in the company, which started just seven years ago with a team of six.

Loans was recently named in the top 100 fastest growing private companies in the prestigious Sunday Times Virgin Atlantic Fast Track report on unquoted firms.

It also came fifth in the Sunday Times Profitrack listing and is local business of the year for 2004. The decision to increase the workforce comes as customers are becoming more aware of the benefits of shopping around for the best deal for a loan and getting a broker to do that work for them.

The announcement is a major vote of confidence in British call centres as many finance firms look to transfer work overseas.

Loans.co.uk is looking for full or part-time underwriters to assess applications and loan processors.

Loans.co.uk is the leading credit broker arranging secured loans for thousands of customers throughout the UK.

Debt consolidation through a credit broking agency is one of the fastest growing sectors of the financial market. Seventy per cent of the applications made to Loans.co.uk are to consolidate existing high interest debts on the likes of credit and store cards into more manageable payments.

Marketing director Andy Pelley said: "The company is growing rapidly because we are the best at what we do and more people are coming to us to get help in finding the most competitive rates.

"They realise they don't have to pay the high interest rates demanded by store and credit cards."

Founded in 1997, Loans.co.uk has achieved an impressive sales growth of 94 per cent over the past three years, from £4 million in 2000 to almost £30 million in 2003.

Loans.co.uk has increased its marketing spend and activities over the past 12 months and moved into nationwide TV advertising featuring former England cricketer and I'm a Celebrity Get Me Out of Here winner Phil Tufnell.