News
Latest loans and finance related news items:
Debt consolidation loans can help
Wednesday June 18th 2008
Consumers experiencing debt problems should consider a consolidation loan to help them manage their finances.According to debtadviserdirect.co.uk, people should consider these products as they usually have lower interest rates than those on individual loans and allow people to free up more money to go towards bills and other living expenses.
Loans market 'mirroring' the mortgage market
Tuesday May 20th 2008
An industry figure has claimed that current conditions in the market for unsecured loans are "mirroring" those in the mortgage sector.New research from MoneyExpert has revealed that the average interest rate on loans of £5,000 and £7,500 has increased by one per cent over the last six months, despite three Bank of England (BoE) base rate cuts.
Consumers looking to borrow £5,000 will be faced with interest rates of around 10.16 per cent, while in November last year the figure was 9.4475 per cent.
Demand for payday loans up 55%
Tuesday May 20th 2008
Higher food, fuel and energy prices are hitting Britons' budgets and pushing up the demand for payday loans.Research from price comparison site moneysupermarket.com shows the take-up of short-term payday loans has increased by over 55 per cent since September.
Tim Moss, head of loans at moneysupermarket, said: "The rise in payday loans is astronomical and symbolises just how difficult people are finding it to cope day to day.
"Payday loans can be useful as a short-term credit vehicle. They are a bit like taxis - convenient for short journeys, but if you are going a long way, there are much cheaper ways to travel.
Credit card companies curb spending limits
Tuesday April 8th 2008
Credit card companies have clawed back some £3.1bn worth of credit by cutting the spending limits of their customers, according to MoneyExpert.com.
The independent financial comparison website says around 1.8 million credit card customers have had their credit limit reduced in the past six months by their card provider, with the average reduction around £1,600.
The research is yet more evidence of the clampdown by credit card companies on customers who they fear may not be able to repay debts, and MoneyExpert.com is warning that more pain could be on the way.
Sean Gardner, spokesperson for MoneyExpert.com, said: “Overstretched consumers might look to resort to credit in a bid to make ends meet but they should not rely on it as a way of keeping spending.
Mortgage Lending Slows
Friday April 4th 2008
The number of mortgage loans approved fell during February, according to new figures from the Bank of England, dropping to 73,000 from 74,000 the month before.
Mortgage lending totalled £7.4 billion for the month, on a level with the previous month but down on the six-month average of 8.2 per cent.
Annual growth rate was recorded as 9.4 per cent, down from 9.7 per cent the month before.
The number of remortgaging loans approved also declined in February to 111,000 down from 118,000 in January.
UK Secured Loan Market Set to Grow
Tuesday March 25th 2008
The UK personal secured loan market is set to rise from £7.5 billion worth of loans advanced in 2006 to £10.2 billion by 2011.
A new Datamonitor report predicts the growth in demand for loans secured against a borrower's property to reach five per cent a year over the coming four years.
More secured loans are predicted to be taken out as demand for products to consolidate debts grows along with levels of unsecured debts.
Secured Loans Play Catchup with Personal Loans
Wednesday March 5th 2008
Rates on secured loans are becoming more competitive than those on the average personal loan, according to financial comparison website MoneyExpert.
Research from the website found the average APR on a £15,000 unsecured loan is around 8.44%, while secured loan customers people who secure a loan against their property looking to borrow the same amount, can get interest rates of 5.9%.