Loans | Finance

Loan rates continue to rise

Since Bank Rate dropped to the historic low level of 0.50% in March, loan rates have continued to increase.

Value of personal loans for cars rises due to scrappage scheme

In a clear sign that the Government's car scrappage scheme is succeeding in its mission to stimulate the motor vehicle market in the UK, Sainsbury's Finance estimates that the scrappage scheme is directly responsible for a 37% increase in the value of personal loans taken out to purchase cars in the 3 months immediately after May 18th, when the scheme was introduced, compared to the average monthly value before the scheme began.

Debt worries cause work life to suffer

The full extent to which serious debt affects our working lives is revealed today by talkaboutdebt.co.uk, the free debt help website. According to research commissioned by the company over a quarter 27% of people in serious debt believe it has affected the quality of their work.

Nationwide offers personal loan rate of 7.9% APR typical

With effect from Wednesday 7 October 2009, Nationwide will be introducing a new personal loan rate of 7.9% APR typical for loans of between £7,500 and £14,999 for its current account customers.

Indebted, in trouble, and over 50

Whilst more people are paying off their non-mortgage debt than increasing it, more than half of the UK's 50+ population is still carrying an average of £6,734 non-mortgage debt, according to research conducted by moneysupermarket.com.

Students reliant on Government to fund studies

New research from Halifax reveals that the percentage of students relying on the Government to fund their studies has increased in the last year.

Credit market decline slows

The consumer credit market appears to have stabilised but remains down by almost £11 billion on last year, according to new figures by the Finance & Leasing Association (FLA).

You will never get rich paying interest

Popular financial website The Motley Fool - Fool.co.uk applauds consumers for tackling the UK consumer debt problem head on. According to the Bank of England, there was a net repayment of £0.3 billion of unsecured loans in August though net lending secured on dwellings rose by £1 billion.

Fine firms that wrongly dismiss complaints, says Which?

As the Financial Services Authority (FSA) announces new measures to improve firms' handling of Payment Protection Insurance (PPI) complaints, Louise Hanson, head of campaigns at Which?, says: "While it's good to see the FSA make firms review cases they've wrongly dismissed, we're concerned about loopholes. Consumers could still be left paying over the odds or with too little compensation, so the FSA needs to monitor the review process closely.

FSA unveils tough measures to protect PPI consumers

The Financial Services Authority (FSA) has announced a package of tough measures to protect consumers in the Payment Protection Insurance (PPI) market and ensure they are better treated when buying PPI or complaining about it.

Thank goodness for specialist lenders

Banks have been accused of being unwilling to lend in the current economic climate. But the same cannot be said of specialist loan companies such as Sport & Utilities (S&U Plc) that are throwing consumers much-needed credit lifelines - albeit pricey ones.

Personal loan providers up rates

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

Tiuta arranges short term finance in 8 hours

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

Consumer debt levels rise

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

Brits dig deeper to foot funeral fees

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

Loan rates at unfair heights

Borrowers looking for a personal loan can now expect to pay around 10.32 per cent annual percentage rate (APR). With Base Rate at just 0.5 per cent, consumers are paying a premium of nearly ten per cent for their loan, compared to a year ago, when the gap between the average loan and base rate was a more manageable 3.4 per cent. In addition, a number of lenders are restricted their best deals for existing customers only.

M&S Money 10% cashback reward offer extended

M&S Money's 10% cashback reward offer to customers who take out a personal loan is being extended until 7th September 2009.

Nationwide offers personal loans rates of 7.7%

With effect from Thursday 6 August 2009, Nationwide will be reducing its personal loan rate to offer a marketing leading rate of 7.7% typical APR for loans of between £5,000 and £14,999 for its current account customers.

Brits begin to ditch the debt

Research conducted by moneysupermarket.com has found that whilst more people are paying off their non-mortgage debt than increasing it, more than half of the UK's adult population is still carrying an average of £6,956 non-mortgage debt.

Stronger protection for consumers borrowing money

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

Lenders shy away from unsecured borrowing

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

£60m worth of loans taken out for dental treatments

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

Seven not so magnificent loan providers up rates by 1%

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

‘Green shoots of recovery' lead Brits back to debt

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

Citizens Advice warns of overzealous use of charging orders

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

Shrinking credit market may put consumer choice at risk

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

OFT warns consumers about 'Debt Sale' scams

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

M&S Money offers 10% cashback reward on personal loans

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

Regular PPI as expensive as single premium

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

Payment protection insurance: Have you checked yours?

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

UK's outstanding debt overtakes annual salary earning

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

OFT warns debt management businesses over cold calling

New research from Sainsbury's Loans reveals that there are currently just four lenders, of which it is one, offering an APR of less than 8% on unsecured loans on loan amounts between £5,000 and £15,000.

Citizens Advice: OFT debt management cold calling warning

Citizens Advice Director of Public Policy Teresa Perchard said:"This is absolutely the kind of prompt and decisive action needed to tackle rogues taking advantage of the downturn."

Secured loan market virtually disappears

This week sees another lender joining the long list of providers that have pulled out of the second charge secured loan market, leaving just Nemo Personal Loans, Ocean Money and Secure Trust Bank.

Loan comparison website offers tips to improve your credit profile

thelendingwizard.com a free, simple and efficient online consumer tool to compare loans is offering consumers 5 top tips to improve their credit profiles. The site is the only loan comparison tool where you see the actual interest rates you will be paying before you apply. This protects your credit score by limiting the number of direct loan applications borrowers have to make to lenders.

moneysupermarket.com: FLA's loan report

Commenting on the Finding and Lending Association's (FLA) report of a 45 per cent fall in unsecured loans over the last 12 months, Tim Moss, head of loans and debt at moneysupermarket.com, said; "The FLA seem to have reached the conclusion that the decrease in unsecured lending is down to a fall in consumer demand. However, this goes counter to our experience at moneysupermarket.com, where we have seen no abate in the number of people applying for unsecured loans.

Consumers shy away from unsecured loans

The latest statistics released by the Finance and Leasing Association (FLA) showed that unsecured loan business has been significantly hit by the credit crunch with new business 45% lower in February compared with February 2008.

Claiming back PPI just got easier

Which? is once again leading the way in consumer redress by launching a new online PPI complaints tool, making it quicker and easier for people to claim back mis-sold PPI.

BIBA: Single premium Payment Protection Insurance

Commenting on the Financial Services Authority's request to all firms still selling single premium Payment Protection Insurance with unsecured personal loans to withdraw the product, BIBA Chief Executive Eric Galbraith, said: "We fully support and welcome the FSA's move to withdraw the sale of single premium payment protection insurance (PPI) with unsecured loans. Single premium loan protection sold by lenders has proven to be bad value in many cases, so this news is excellent for the customer."

Which? blasts banks for challenging PPI ban

As Lloyds Banking Group adds its weight to Barclays' challenge of the Competition Commission's (CC) point of sale ban for Payment Protection Insurance (PPI), Which? chief executive, Peter Vicary-Smith, says: "It's outrageous that a taxpayer-backed bank is challenging the Competition Commission for the right to sell a rip-off product to the very taxpayers who bailed it out. Barclays and Lloyds should focus their energies on developing decent products that offer genuine, affordable protection.

Brits give debt the cold shoulder as recession continues

As financial priorities change to reflect the turbulent economic climate, research from Fairinvestment.co.uk has found that Brits are steering clear of more borrowing.

Lower loan rates on the horizon

New figures from moneysupermarket.com suggest competition is returning to the loan market. They reveal loan rates have dropped for the first time since August 2008.

83 days of salary needed just to clear interest on debt mountain

As a nation, we have worked the first 83 days of this year just to earn enough money to service the interest on our debts, according to figures from Unbiased.co.uk. This means that so far the nation has not even started re-paying the actual debt itself and thus Wednesday, the 25th March is this year's Debt Freedom Day.