Personal Loans | Finance

moneysupermarket.com: Nationwide 7.7% loan rate

Commenting on Nationwide's market leading personal loan rate of 7.7 per cent APR, Tim Moss, head of loans at moneysupermarket.com said: "Nationwide has really bucked the trend in the loans market by offering its existing customers the most competitive personal loan rate available by quite some margin. Loan rates have been going up since the start of the credit crunch - in April 2008 best buy loans were around 7.34 per cent, but have now risen to closer to 9 per cent. This cut by Nationwide is the first suggestion that we may be over the worst in the loan market, let's hope that other providers follow its lead in cutting rates.

Kensington Personal Loans introduce new service initiatives and lower prices

Kensington Personal Loans (KPL) has introduced new service initiatives and lower prices across its product range, following a successful pilot in which it is paving the way to regulation of the market through superior customer service and criteria.

Nationwide extends LoanCare cashback offer

Nationwide Building Society has extended its LoanCare cashback offer until 31 January 2007.

Borrow more – it can cost less!

Borrowers could end up paying less in repayments for larger loans than for smaller ones with the same lender according to Find.co.uk.

Personal loan bargains still available

January’s unexpected hike in base rates isn’t being reflected in higher personal loan costs – yet – says Moneyextra.com.

Brits with good credit should not be paying more than 5.2% interest on borrowing

Zopa is the new ‘Best Value Benchmark’ for borrowing for those with a good credit history, having topped the uSwitch and MoneySupermarket best buy loan tables for well over a year.

Two more lenders drop out of the sub-6% personal loan market

Nick White, Director of Financial Services at independent price comparison and switching website uSwitch.com comments on two more lenders increasing APR’s and dropping out of the sub-6% personal loan market Northern Rock’s increase from 5.8% APR to 6.1% APR and Liverpool Victoria from 5.9% to 6.4%):

Personal loans to help cover tax bills

According to HM Revenue & Customs around 900,000 people missed last year's January self-assessment deadline and automatically incurred a £100 fine.

Debt consolidation loans to reach £4.8bn

January is one of the busiest months of the year for transferring balances between credit cards and for taking out personal loans for debt consolidation.

Brits pay £9.3bn too much interest on borrowing each year

As the UK’s personal debt crisis continues to deepen, Zopa estimates that people in the UK are paying £9.3 billion p.a. too much interest on their unsecured borrowing.

Motorists set to waste millions on over-priced credit

UK motorists are set to waste over £228 million by signing up to car showroom finance deals when they buy their new ‘07’ registration cars on 1st March, reveals uSwitch.com, the independent price comparison and switching website.

Borrow more – it can cost less!

Borrowers could end up paying less in repayments for larger loans than for smaller ones with the same lender according to Find.co.uk, UK consumer finance portal.

Sub six per cent personal loans – an endangered species?

Michelle Slade, personal finance analyst at moneyfacts.co.uk comments: “At this time of year, when many of us are still recovering from the after effects of our Christmas spending or perhaps trying to commit to our new years resolutions to sort out our finances, personal loan rates are creeping up again.

Millions wasted on personal loans from big high street banks

Borrower apathy and a lack of understanding of Annual Percentage Rates (APRs) could be costing UK borrowers over one quarter of a billion pounds, research from Alliance and Leicester Personal Loans reveals.

Debt problems force six million to consolidate

More than six million people have taken on more debt in the past three years in a bid to get their borrowing under control, new research from MoneyExpert.com shows. Around one in seven adults have turned to debt consolidation to ease their financial problems with unsecured personal loans the most popular choice.

Big Bank’s profits cost every UK household £475 each year

Now that two of the Big Banks have published last year’s results, Zopa estimates that when results are in from all five, the cost of these profits to each household in the UK on average will be a staggering £475.

Ever increasing debt circles

The majority of people who take out a loan to consolidate debt then take on more debt and struggle with the consequences.

Valentine’s Day messages show strength of Social Lending

In the run up to Valentine’s Day this year, Zopa - the world’s first marketplace where people meet to lend and borrow money, set up the opportunity for its borrowers and lenders to send each other Valentine’s messages.

How to choose the right road for great car finance

Around 400,000 car purchase transactions are likely to take place in March with UK motorists eager to be among the first to drive away a new ’07 registered car. However, care should be taken when considering how to fund such a purchase or risk paying heavily, say UK finance experts, Moneyextra.com.

Motorists missing the opportunity to save environment and money

With a ‘green’ Budget expected from Gordon Brown later this month, new research from Alliance & Leicester Personal Loans reveals that motorists are missing out on an opportunity to save the environment through their choice of car.

Nationwide Personal Loans update

With effect from Thursday 15 March 2007, the rates on Nationwide Personal Loans will be as follows:

Social Lending is two years old - Happy Birthday Zopa!

Zopa and its members celebrate two years of pioneering a better way to do money with a people-powered alternative to the banks.

Bank profits up and loan rates up as well

Michelle Slade, personal finance analyst at moneyfacts.co.uk comments: “Exactly one month ago, moneyfacts.co.uk reported that sub six percent loans were becoming an endangered species. Today, such loans are close to becoming extinct with only one loan provider to offer a sub six percent loan: Masterloan, with 5.9% (typical) on advances between £5K - £15K

Check out the best finance deal for your new car

Michelle Slade, analyst at moneyfacts.co.uk comments: “As 1st March draws near, keen motorists will be spending the next couple of weeks shopping for their shiny new car, bearing the ‘07’ registration. Many will have been searching garages up and down the country to find the most competitive deal, feeling pleased with themselves in obtaining the added ‘freebies’ of car mats, mud flaps and a tank of petrol. But they should not be lulled into the trap of buying ‘forecourt’ finance without first shopping around. It can be a very costly mistake!

Sub six percent loans vanish

Michelle Slade, Personal Finance Analyst at Moneyfacts.co.uk, comments: “With rising bad debts, interest rates and economic instability, it is no surprise that rates have been increasing. This week saw the final sub six percent loan vanish: a 5.9% from Masterloan.

Zopa to pass on interest rate rise to lenders

Zopa lenders with money waiting to be lent out to borrowers will enjoy the full benefit of the Bank of England’s base rate rise as of midnight tonight.

The good and bad sides of consolidation loans

Fool.co.uk urges consumers who take out consolidation loans to resist the temptation of running up further debt.

Bank of Scotland tops loan tables

Bank of Scotland is offering an unsecured personal loan with a best buy rate of just 6.1% APR (typical) via moneysupermarket.com.

Borrowers cash in on competitive personal loans

Paying for a vehicle - whether it’s cars, bikes or caravans - is the most popular reason to borrow, new research from Alliance & Leicester Personal Loans shows. Across the UK, one in four (25%) borrowed to buy a used car, one in eight (12%) borrowed for a new car, while a minority (3%) took out personal loans to help pay for motorbikes or caravans.

Personal loan rates take a battering

Michelle Slade, Personal Finance Analyst at Moneyfacts.co.uk, comments: “With the disappearance of sub six percentage loans, rates continue to get a battering. This week alone, five providers have increased rates by as much as 1%. Even best buy loan rates, such as Moneyback Bank are rising in line with the market.

Loyalty scheme gives borrowers 25% of interest back

Nemo Personal Finance is launching a brand new loyalty scheme, Quarterback, which gives its secured loan customers a quarter of their interest back after ten years.

Smart borrowers shop around for low-cost credit

Customers have a realistic attitude to borrowing and only do so when they need to.

Loan rates getting more expensive

Lisa Taylor, analyst at Moneyfacts.co.uk, comments: “Although not directly linked to base rate, a trend has emerged that loan rates are being tweaked quite quickly following base rate rises. However, the size of the rate rises do not always correlate with the increase in base rate, take the examples below, where the loan increases are anything up to one per cent for certain loan amounts. So with that said there must also be other factors contributing towards these rises. Perhaps it’s a combined effect of rising costs and bad debt provisions.

Zopa passes full Bank of England interest rate increase to lenders

Zopa lenders with money waiting to be lent out to borrowers enjoyed the full benefit of the Bank of England’s base rate rise from midnight last night.

Picture Financial: Secured lending and interest rate rises

The interest rate rise announced yesterday and PwC estimates that as much as a fifth of all UK household disposable income now goes to pay interest on borrowings and that levels of debt are rising faster than the growth in earnings.

Sainsbury’s Bank cuts its loan rates

Michelle Slade, Analyst at Moneyfacts.co.uk, comments: “The announcement from Sainsbury’s Bank to reduce its loan rates to 6.50% bucks the current trend of rising rates we have been witnessing. With higher base rate and bad debts provisions to contend with, most lenders have increased their personal loan rates over the last few months, with sub-six percent loans a thing of the past.

Sainsbury’s Bank cuts online loan rate

Sainsbury’s Bank, has cut its loan rates for any online applications of £7,500 or more (up to £25,000) to 6.5% APR typical. This is affective immediately.

New players top the charts

Samantha Owens, Head of Personal Finance at Moneyfacts.co.uk, comments: “With the average adult owing around £8,000 in unsecured debt, demand for personal loans may still be high. But with rising interest rates and bad debt levels, the last year has seen the rates increasing, so much so that the sub six percent loan is something we are unlikely to witness in the near future.

Motorists set to waste millions on forecourt finance deals

UK motorists are set to waste over £175 million by signing up to car showroom finance deals when they buy their new ‘57’ registration cars on 1st September, reveals uSwitch.com, the independent price comparison and switching service.

Don’t let a personal loan turn into a millstone

David Kuo, Head of Personal Finance at Fool.co.uk, says: “Today’s news that the number of personal insolvencies in the second quarter has risen 4% to 26,956 from a year ago is a timely reminder that none of us can afford to be complacent as long as we owe money.

Loan rates continue to climb

Samantha Owens, Head of Personal Finance at Moneyfacts.co.uk, comments: “This past year has seen a raft of rate increases and this has gradually been filtering through into the personal loan market. In just the last 14 days eighteen lenders have increased loan rates by as much as 4%.

Stuck in a 'debt sentence'

The majority of people who take out a personal loan to consolidate existing debts go on to build up more debt and struggle with the consequences.

Stuck-in-a rut Britons head back to school

It’s not just the kids who are heading back to school this September. Latest research from Abbey Loans finds that over ten million (22 per cent) British adults plan to undertake an educational course outside of their current job in the next twelve months.

Choose your car finance carefully

Samantha Owens, Head of Personal Finance at Moneyfacts.co.uk, comments: “With just over a week to go before the new 57 plates will be hitting our roads, many motorists will be searching garages up and down the country for their new cars. However, I suspect much less time is invested in searching for the best finance deal. Get your finance choice wrong and it can prove a costly mistake.

Slam the brakes on showroom finance

The 405,000 Brits buying a new car next month could waste a collective £140 million in excess interest payments if they don’t choose the cheapest way to finance a new car.

Barclays puts the wheels in motion for motor loans

Barclays has launched a new personal loan package designed specifically for motorists borrowing money for a car.

moneysupermarket.com: positive moves in the loans market

Commenting on positive moves in the loans market, Tim Moss, head of loans at moneysupermarket.com, said: “With several loan rates on the rise, it’s positive to see providers such as Barclays and Co-op Bank bucking the trend.

Barclays ups the ante on personal loans

Barclays has taken advantage of its strong position as a major deposit taker and is cutting its personal loan rates across its book to offer some of the most competitive rates on the market.

Personal loan rates take a battering

Lisa Taylor, analyst at Moneyfacts.co.uk, comments: “This week loan rates have taken a real battering, with a total of nine providers hiking interest rates on some tiers by up to 4%.

Parents paying for university education

Nearly three fifths of parents (57%) said their children either have, or will need to take out a Student Loan to fund their university education, according to research from Halifax Unsecured Personal Loans.

Alliance & Leicester to offer best personal loan rate

Alliance & Leicester is to offer the best personal loan rate in the UK at only 6.3% APR, making it available to existing Premier or Premier Direct customers and new customers at Alliance & Leicester.

The consolidation clock is ticking

Consumers could save £15 billion in interest by consolidating all their unsecured debts (credit cards, overdrafts and unsecured loans) into one low cost unsecured personal loan, according to research from uSwitch.com.

Ditch costly store cards in favour of a competitive low-rate loan

Paying off costly store cards, booking a long-overdue holiday or buying the car of your dreams can now be done in a matter of hours after Alliance & Leicester became the first UK bank to offer same day funds for unsecured loans to both new and existing customers.

Sainsbury’s cuts personal loan rate

Sainsbury’s Bank has bucked the trend and cut its personal loan rate. From 18th December, online applications for Sainsbury’s Loans of £7,000 or more (up to £25,000) will be cut to 6.5% APR typical from 6.9% APR typical.

Social lending gets ‘up close and personal’

For the first time in the UK, Zopa Listings allows individual borrowers to post their own specific loan requirements and circumstances for individual lenders to review and then bid against.

Monday money management

When it comes to getting a loan online, Monday afternoons are the most popular time to apply, according to research by Halifax Unsecured Personal Loans.

Loan rates still on the up

Just two weeks ago the FSA suggested that the days of cheap credit were over. The latest Moneyfacts.co.uk research into the cost of unsecured personal loans underlines that this is certainly the case.

Wedding loans to top £1 billion

As thousands of women look to take advantage of this Leap Year and propose to their partners, Sainsbury’s Finance estimates that as many as 123,500 personal loans worth an estimated £1.16 billion will be taken out during 2008 to help pay for weddings.

New Year loans

When it comes to sticking to our New Years' Resolutions, as far as personal finances are concerned, we're determined to stay on track, according to research by Halifax Unsecured Personal Loans.

Good news for borrowers as personal loan rates fall

Esther James, personal finance analyst at Moneyfacts.co.uk, comments: “For most of 2007 we reported rising loan rates, with the demise of sub six percent personal loans and the market finally settling at the end of the year with the best deals around 6.5% to 7%. But as 2008 starts, there is good news for borrowers as rates begin to fall.

Zopa launches unique ‘Young Markets' service

Zopa - the world's first person-to-person online lending exchange (uk.zopa.com) - has just launched its new ‘Young Markets' service to help those aged 20 to 25 obtain unsecured loans at very competitive rates. The new service has been developed to help the many people of this age who cannot get loans at decent rates simply because they have little credit history - NOT because they have a bad one.

More personal loan pain for borrowers

Michelle Slade, analyst at Moneyfacts.co.uk, comments "It's not only mortgage rates that continue to increase, so too have the rates and monthly repayments on personal loans.

Credit crunch turns the screw on loan rates

Banks, building societies and financial services providers have hiked personal loan interest rates in the first three months of 2008 despite a Bank of England base rate cut, according to MoneyExpert.com.

M&S Money offers 25% cashback reward on personal loans

M&S Money is offering a cashback reward to customers who take out a personal loan between 1st April and 3rd June 2008.

Credit’s not so easy anymore

Not only have personal loan rates increased by an average of 1.7% over the past year, lenders have also made some significant changes to the way that they offer these products.

Moneyback Bank and A&L increase unsecured personal loan rates

Following Moneyback Bank and Alliance and Leicester's increase to unsecured personal loan rates by up to 1.1% APR, Simeon Linstead, Head of Personal Finance at uSwitch.com, comments: "Unsecured personal loan deals continue to rise with two more lenders increasing rates by as much as 1.1% APR today. This pushes the average rate for a £10,000 loan over five years from 8.74% APR to 9.14% APR in just seven weeks.

Best buy loan rates have increased by 1.3%

Consumers taking out best buy unsecured personal loans could expect to pay £1.2 billion more in interest than they would have if they took the loan out just over a year ago, according to research from uSwitch.com.

Dealer finance could ‘brake' the bank

UK motorists are set to waste almost £168 million by signing up to car dealer finance when they buy their new ‘58' registration cars on 1 September, reveals uSwitch.com, the independent price comparison and switching website.

Estate agents lose out as loans for home improvement soar

Over half (55 per cent) of estate agents nationwide have reported an increase in homeowners taking their property off the market in favour of making home improvements, according to new research.

Borrowing pain continues as loan rates increase again

Esther James, analyst at Moneyfacts.co.uk, comments: "Family finances continue to be stretched, causing many to consider consolidating existing debts into one loan as a means of reducing monthly outgoings. Borrowers, however, will find that the reduction may not be as great as expected.

In 28 days loan rates rocket by up to 9%

In the last four weeks alone, research from uSwitch.com reveals that eight providers have increased unsecured personal loans by as much as 9% and the total number of loans available has fallen from 56 to 52.

M&S Money offers 25% cashback reward on personal loans

M&S Money is offering a 25% cashback reward to customers who take out a personal loan until 29th October 2008.

moneysupermarket.com launches exclusive platinum secured loan

Moneysupermarket.com has launched a new exclusive secured loan with a market leading rate of 7.5 per cent APR.

Car buyers urged to get the upper hand with a same day loan

Motorists looking to buy a new car after the ‘58' registrations become available are being urged by Alliance & Leicester to ensure they have the upper hand when heading to the showroom to make their purchase.

Choosing the wrong car finance could prove costly

Michelle Slade, analyst at Moneyfacts.co.uk, comments: "At the start of next week the new 58 plates will be rolling off the forecourts and motorists would of likely searched hard to find the best deal. However, I suspect much less time and effort is put into finding the best finance deal. Getting the finance choice wrong could prove a costly mistake.

Death knell sounds for sub-8% loan rates

Despite three significant cuts in the base rate over the last two months, personal loan rates continue to head in the opposite direction with six providers increasing rates in the last four weeks alone.

Nationwide introduces personalised pricing to personal loans

Nationwide has made changes to the way its personal loans are priced by introducing personalised pricing.

Borrowers beware - loan rates at an all-time high

The average cost of a personal loan has crept up to almost double that of base rate since September this year, according to analysis by moneysupermarket.com.

Loan rates continues to creep up for consumer

Despite the recent base rate decrease, in the last week two loan providers have increased their unsecured loan rates by up to 4.8%, hitting consumers even harder in the pocket.

Loan rates continue to soar

Michelle Slade, analyst at Moneyfacts.co.uk, comments: "A few months ago Moneyfacts reported that borrowers could no longer find loan rates of less than 7%: now there are just seven providers offering rates less than 8% and this number is dwindling fast.

Sainsbury's Finance cuts personal loan rate to 8.1%

Sainsbury's Finance has cut its loan rates for any online applications of £7,000 or more (up to £25,000) to 8.1% APR typical. This is effective immediately.

Sainsbury's extends 8.2% personal loans sale rate to all channels

Sainsbury's Finance has announced the extension of the special online personal loans rate to include telephone applications.

Sainsbury's cuts personal loans rate to 8.2% online

Online applications for Sainsbury's Finance Loans from £7,000 to £15,000 have been cut to 8.2% APR typical from 8.9% APR typical. This is a limited offer and is one of the lowest rates in the market.

Loans dry up as APRs treble

The number of personal loans available has almost halved since the start of the year, according to research by MoneyExpert.com. In January there were 105 products available to those looking to borrow £5,000 but today this figure has reduced to just 57, a decrease of forty six per cent.

Black Horse deal brings greater choice

The secured lending arm of Lloyds Banking Group, Black Horse, is offering an exclusive rate through price comparison site moneysupermarket.com.

Brits improving not moving

The state of the housing market is causing people to spend increasing amounts on home improvements, according to Sainsbury's Finance, which offers one of the most competitive personal loan rates of 8.1% APR typical for balances of over £7,000. It estimates that in 2008, around 425,000 personal loans worth over £4 billion were taken out purely to pay for home improvements. This represents a 24% increase in the quantity of loans taken out for this purpose in 2007, and a 22% increase in the total value of loans.

Loan rates jump 3.4% in just 18 months

The cost of an unsecured personal loan continues to increase with loan rates up in some cases by 3.4% in just 18 months.

£2.93 billion of personal loans for debt consolidation

The early half of the year and January in particular is the busiest time for taking out personal loans for debt consolidation purposes. Sainsbury's Finance, which offers one of the most competitive personal loan rates of 8.1% APR typical for balances of over £7,000, estimates that as many as 250,000 personal loans, with a combined value of £2.93 billion, could be taken out for this purpose during the first three months of 2009.

Consumers could save money by consolidating debts

With the UK economy currently buckling under the weight of £1.45 trillion of total personal debt, reducing borrowing levels in the most economical way possible must be the number one priority for consumers in 2009. Borrowers currently pay out £98 billion in interest each year, yet new research from uSwitch.com reveals that consumers could save themselves £20 billion by consolidating all their unsecured debts (credit cards, overdrafts and unsecured loans) into one lower cost form of credit such as a loan or credit card. The average household could save £803 in interest in five years by consolidating to a best buy loan and making just one fixed payment every month. For many borrowers, this debt management solution could mean the difference between sinking and swimming in the tough times ahead.