Official figures that have been recently released have shown that new borrowing on credit cards, loans, and overdrafts has been increasing, with the level of new borrowing outweighing the amount that has been repaid by consumers for the first time since June of last year. (more…)
Posts Tagged ‘loans’
New borrowing on credit cards and loans on the rise
Saturday, February 20th, 2010
Reductions being seen in personal loan rates
Tuesday, February 9th, 2010It has been reported that finally the rates charged on personal loans rates may be starting to fall. For many this will have been a long time in coming, given that the base interest rate in the UK has been at an all time low of just 0.5 percent since last March. (more…)
Why You May be Turned Down for a Loan
Thursday, October 1st, 2009It is not surprising to hear of many customers being turned down when they apply for a loan from one of the many UK lenders in these times of economic uncertainty. (more…)
Some of the ways in which banks are getting more money from consumers
Friday, August 21st, 2009Over the past couple of years banks have found themselves increasingly under fire, having been found guilty of irresponsible lending, partly fuelling the financial crisis, and seeing their own finances suffer as a result. (more…)
Darling concerned over rates charged to small firms
Tuesday, August 11th, 2009The Chancellor of the Exchequer, Alistair Darling, has recently expressed concern over the amount of interest that is being charged on loans that are taken out by small firms. (more…)
Stringency over home loans relaxed claims report
Tuesday, August 4th, 2009A recent report has suggested that the stringency in the mortgage lending industry, which has been seen over the past two year since the onset of the global credit crunch, is now being relaxed slightly, as many are concerned that if it continues it could hamper the possibility of recovery within the property market. (more…)
Mortgage and loan rate continue to rise
Saturday, August 1st, 2009It has been claimed recently that despite the fact that the base interest rate is at an all time low of 0.5 percent the rates being charged on many mortgage loans and general loans are continuing to increase, meaning that consumers are unable to benefit from the cut in base rate in many cases. (more…)
Banks increase profits through increasing loan rates
Wednesday, July 29th, 2009A recent report has suggested that banks in the UK are slyly trying to make more money from customers by increasing their personal loan rates, which some campaigners have described as being underhand. (more…)
Credit card drought could spell good news for loan sharks
Sunday, July 26th, 2009It has been revealed recently that the lack of credit card availability for many consumers could spell good news for unscrupulous loans sharks out there, as an increasing number of consumers may find themselves having to turn to loan sharks when they are struggling financially simply because they cannot see any other option. (more…)
No income check with 80 percent of HBOS loans
Wednesday, July 8th, 2009It has been alleged in a recent report that around 80 percent of loans that were approved by the Halifax Royal Bank of Scotland before the financial crisis hit were actually given approval without any income checks being carried out. (more…)
Loan terms relaxed by lenders
Saturday, June 20th, 2009Whilst credit conditions have been particularly difficult over the past couple of years, since the onset of the global credit crunch, it has been reported recently that some lenders have been relaxing their loan terms, enabling consumers to enjoy easier access to loans and greater affordability. (more…)
Deals still available even though loan rates have risen
Saturday, June 13th, 2009According to a recent report whilst loan rates in the UK may have increased recently there are still some decent deals available for a number of consumers. (more…)
Consumers with low credit are suffering through the recession
Wednesday, June 10th, 2009Whilst it is clear that the ongoing recession is affecting most people in one way or another, particularly in terms of their financial situations and job security, a recent report has said that people that have damaged credit histories and low credit ratings are amongst the groups that will be hardest hit by the recession. (more…)
Watchdog to keep close eye on loan adverts and comparison sites
Thursday, May 21st, 2009It has been revealed recently that an industry watchdog is going to be keeping a closer than usual eye on loan advertisements and financial comparison sites in order to try and provide consumers with increased protection during the recession. (more…)
PPI ban sees spike in loan rates
Friday, May 15th, 2009According to recent reports the PPI ban that has recently been announced by authorities will result in further spikes to loan rates, which many industry officials have said are already spiralling despite the all time low base interest rates, which stands at just 0.5 percent. (more…)
Credit to become more readily available over coming months
Friday, May 1st, 2009According to a recent report lenders have said that there is a good chance that credit will become more readily available for businesses and consumers over the coming months, although demand for credit is likely to remain subdued for some time to come. (more…)
£8 billion of mortgage debt paid off by UK homeowners
Monday, April 27th, 2009According to recently released figures homeowners in the UK have reduced their overall mortgage debt by an impressive £8 billion, even though the financial crisis continues and the country is plunged into recession. (more…)
Cash strapped consumers paying higher rates on loans
Wednesday, January 14th, 2009According to recent reports many cash strapped consumers are paying higher than average rates of interest on personal loans, and amongst those being stung by these higher rates are pensioners and those that have a damaged credit rating – groups who are often struggling financially and can therefore ill afford to be paying higher rates of interest than most others. It is thought that some poorer consumers could be facing interest rates of close to 20 percent on personal loans with some lenders. (more…)
Five things to look for when getting a loan
Saturday, August 16th, 2008If you are looking to take out a loan, whether secured or unsecured, it is important to do your homework and research the market thoroughly, particularly given the current financial climate, where the cost of borrowing has been rising despite the recent base rate cuts. The global credit crunch has made it all the more important for borrowers to make sure that they browse and compare different loans, as otherwise you could find yourself lumbered with a costly loan with high interest payments and unmanageable monthly repayments. (more…)
Don’t take loans from doorstep lenders
Sunday, June 22nd, 2008With many consumers unable to get their hands on an affordable loan due to the restrictions that have come about from the global credit crunch, many are turning to more expensive methods of trying to bridge the gap each month when they find that their income does not cover their outgoings. According to some officials many of those unable to get finance elsewhere due to poor credit or low incomes are turning to doorstep lenders and paying a fortune in order to borrow money. (more…)
Slump in lending levels fuelled by credit crunch
Thursday, May 29th, 2008According to a recent report the global credit crunch that has swept across the financial markets in the UK has resulted in a slump in lending levels in the mortgage markets, with a 17% year on year drop indicated in mortgage lending levels. In March the amount lent out in mortgage loans came to around £26.3 billion, and this was a drop of over £5 billion compared to just one year earlier, before the credit crunch took a hold in the UK. (more…)
How hard will it be to get an adverse credit loan?
Tuesday, May 27th, 2008In the past getting an adverse credit loan could be difficult, and many people with damaged credit found it difficult to get some forms of finance. However, although many lenders would not consider lending to those with damaged credit in the past, and many others charged extortionate rates of interest on loans for those with damaged credit, it was usually possible to get some form of finance even with an adverse credit rating. Getting finance in the UK over recent years has been a pretty relaxed process, and the ease of getting credit has probably been a major contributory factor in the growth of the nation’s huge personal debt mountain. (more…)
Lenders needs to be more careful on checking applicant information
Monday, May 26th, 2008A recent report has shown that a worrying number of lenders are failing to carry out important checks into the income of applicants that apply for unsecured finance, and there are concerns that this could lead to many people getting into unmanageable debt levels and could result in an increase in bad debt levels in the UK. (more…)
Acknowledge and deal with your debts
Monday, May 26th, 2008It can be very tempting for those with a high level of debt and financial commitment to simply try and ignore their financial worries once difficulties set in. Many people think that burying in their heads in the sand and trying to ignore financial worries means that they will not get stressed over the situation, but in fact failing to address this sort of problem can actually make the whole situation much worse, and could ultimately result in health problems, family problems, credit problems, and even legal action – or worse still loss of your home if you have secured finance. (more…)
Is the First Plus special offer a good deal?
Sunday, May 25th, 2008Over recent weeks the secured lender, First Plus, which uses the television star Carol Vorderman to advertise its loan products, has been advertising a new loan product, which offers consumers the chance to enjoy a low starting rate of interest on a secured loan. However, the company and the advertisement have come under fire from officials that state the loan is a debt trap, and borrowers could soon find themselves paying a fortune when the interest rate rockets following the initial period. (more…)
Credit crunch leads to increase fraud on finance applications
Friday, May 16th, 2008According to a recent report the effects of the global credit crunch have gone much further than simply making it more difficult to get finance in the UK. Industry officials claim that many consumers are now committing higher levels of fraud on finance applications as a result of the credit crunch, as they think that this is the only way that they will be able to get credit in light of the tighter credit conditions that have come about as a result of the credit squeeze. (more…)
Finding an affordable loan
Thursday, May 15th, 2008As many people have already discovered getting any sort of finance these days has become far more difficult and far more expensive. The global credit crunch has really taken its toll since last summer, and consumers have had to bear the brunt of the difficulties that have come from the crunch. The cost of borrowing in all sectors, such as mortgages, loans, and credit cards, has gone up, and this has had a serious effect on consumer affordability and spending, which has had a knock on effect on the economy. (more…)
Make the most of the Internet for your finance needs
Wednesday, May 14th, 2008Anyone that needs to find suitable finance or credit can enjoy a number of options when it comes to finding the right finance package or financial product. Whilst it is certainly true that the number of different financial products, and access to these financial products, has decreased over recent months as a result of the global credit crunch there are still a number of finance options available for those looking for credit. There are a number of ways in which you can find out about the different options on offer when it comes to getting finance. (more…)
Lenders need to be more cautious
Wednesday, May 14th, 2008Over recent months we have all heard about the various effects of the global credit crunch, which has created havoc in the UK’s money markets and has resulted in many changes. One of the major changes that most of us have heard about is the tighter credit conditions that have resulted from the credit squeeze. According to reports lenders have really tightened up on their lending criteria, are being far more careful with regards to how much new business they take on, and are being far more cautious about who they will lend to. (more…)
The credit squeeze continues
Monday, May 12th, 2008It was in the summer of last year when most of us heard the expression ‘global credit crunch’ for the first time. At that time few of us knew just what a dominating force the credit crunch would be in the world of finance, but over eight months later this phenomenon continues to wreak havoc in the financial markets both in the UK and across the globe. (more…)