OFT urges consumers to steer clear of loan sharks
December 20, 2010
The Office of Fair Trading has issued a warning to consumers that may be considering taking out a loan through an unregulated and unlicensed loan shark, stating that people need to steer clear of such so called lenders otherwise they could find themselves financially crippled at best or in danger of harm at worst. The [...]
Fall in loan rates will not continue
November 20, 2010
Over recent years the rate of interest charged on personal loans has been heading upwards, and this is despite the fact that for nearly two years the base interest rate has been at a record low of just 0.5 percent, which is the lowest it has ever been in the history of the Bank of [...]
How To Save Money With Secured Loans
October 21, 2010
A secured loan is one of the best ways to obtain a large amount of money very quickly. No matter what purpose you need to borrow money for, a secured loan is always going to work out cheaper than an unsecured loan because the interest rates are invariably lower. This means [...]
What Types of Personal Loan Should You Avoid?
October 21, 2010
Although, ideally we would all go through life without borrowing any money at all, sometimes it is necessary to fall back on credit when we need to make a large purchase. One of the most common methods of borrowing is via a personal loan. Personal loans are widely available from many different sorts of lender [...]
Ten year high for loans under £5000
August 13, 2010
Recently released figures have shown that the interest rates on personal loans for a sum of less than £5000 have reached their highest level in ten years, whereas the interest rates on loans for sums higher than £5000 have fallen, which means that it will cost more for consumers to take out smaller loans than [...]
Ministerial reviews could mean tests for loan applicants
July 16, 2010
It has been revealed recently that ministers are carrying out reviews of the consumer credit and personal finance markets in the UK, with plans to review a range of rules relating to this sector in order to improve safeguards on financial products wherever it is deemed necessary.
According to reports the ministerial review could result in [...]
Borrowers turn to Zopa rather than High Street banks
July 13, 2010
According to a recent report many borrowers are turning their backs on High Street banks in the UK when it comes to borrowing money, and are instead looking at other options and ways of getting the finance that they need. The report was released by the website, Zopa, which is a site that allows consumers [...]
Level of base interest rate fails to be reflected in loans
May 22, 2010
For more than a year the base interest rate in the UK has been at its all time low of just 0.5 percent, which is the lowest it has ever been in the history of the Bank of England, which spans over three centuries. However, despite this rock bottom base rate there are concerns over [...]
Consumers urged to ensure they can afford loan repayments before they take out loans
May 22, 2010
It has been suggested in a recent report that consumers in the UK who are thinking of taking out a personal loan should look take measures to ensure that they can comfortably afford to make the repayments before making any commitment, especially in the current climate where many people are still fearful over losing work [...]
Consumers should shop around for best deals on loans
May 14, 2010
An industry official, Darren Cook from the financial company Moneyfacts, has recently urged consumers to ensure that they shop around for the best deals when looking to take out loans, mortgages, and credit cards. According to Cook shopping around for the best deal can save borrowers a small fortune and could minimise the chances of [...]
