Latest Loans News
The latest news on loans and lending:
March 19, 2010
The National Audit Office (NAO) has warned the student loans and grants system is at "substantial" risk of being hit by delays again in 2010.
Last year, almost a quarter of a million students were left without cash prior to the start of term, as a new system resulted in delays.
The student loans system plunged into crisis after the Student ...
Student Loans Company provided “unacceptable” service, say NAO
by Kay Murchie
March 15, 2010
The Government-led crackdown on credit card companies is expected to save consumers around £300 million a year.
The crackdown comes after the Government warned credit and store card firms to “clean up their act” after it launched a review of the industry in a consumer White Paper in July 2009.
According to Prime Minister, Gordon Brown, the cost of borrowing ...
Consumers to save millions under new credit card protection
by Kay Murchie
March 10, 2010
The Financial Services Authority (FSA), has announced a delay on its plans to reform the Payment Protection Insurance (PPI) market.
The City Watchdog said its consultation will be delayed by six weeks due to a heavy amount of criticism from the financial industry.
Under a PPI policy, an agreed sum of money is paid out each month to fully cover, or cover a percentage of ...
FSA delays PPI reforms
by Kay Murchie
March 4, 2010
Consumers are increasingly taking the time to search out the best deals on personal loans and credit cards.
Financial advice site Moneyfacts said since the onset of the credit crunch, Brits who need to borrow money are shopping around for the lowest interest rates.
Darren Cook, Moneyfacts spokesperson, said: "The Bank base rate being maintained at a historical low for 12 months ...
Savvy consumers look for best credit deals
by David Masters
March 1, 2010
Figures from the Bank of England today revealed that British consumers borrowed £500 million in January through credit cards, loans and overdrafts, once repayments were taken into account - the highest level since November 2008.
According to the Bank, the increase was almost double the £265 million rise seen in the previous month December, and comes after consumers had repaid more than they ...
Consumer borrowing surges in January
by Kay Murchie
January 22, 2010
Interest rates on personal loans are finally starting to fall.
The average interest rate on the top ten loan deals has fallen to 8.35%, the lowest level since the Bank of England reduced the base rate to 0.5% last March.
When the Bank of England first lowered the base rate, mortgage and current account providers followed suit, while personal loan rates detached themselves ...
Are lenders loosening their purse strings?
by David Masters
January 15, 2010
A new microfinance bank in Bahrain is set to help thousands of needy families.
The Family Bank, a joint initiative between Bahrain's Social Development Ministry and the Grameen Bank, will offer loans of between 150 and 7,000 Bahrain Dinars (between £250 and £11,500).
"The idea is to make needy and creative Bahraini families self dependent by helping them set up their own ...
Microfinance loans to help needy in Bahrain
by David Masters
January 7, 2010
Those wishing to consolidate their dates after the expensive Christmas period may be interested to learn about the Nationwide’s new loan deals, which were launched earlier this week.
Nationwide has introduced a new personal loan rate of 7.6% APR typical for loans of between £7,500 and £14,999 for up to five years for its main FlexAccount customers.
According to the Nationwide, this ...
Nationwide introduces low personal loan rates
by Kay Murchie
November 30, 2009
Figures from the Building Societies Association (BSA) have revealed that consumers are opting to repay debt rather than save amid the historically low interest rate environment.
According to the BSA, savings balances held by building societies fell by £-929 million in October compared to an increase of £545 million a year ago, when interest rates stood at 4.5%.
Excluding any ...
Savings down as consumers opt to repay debt
by Kay Murchie
October 28, 2009
Research from Sainsbury’s Finance has found that since the launch of the Government’s scrappage scheme in May, an estimated £61.2 million of personal loans per month have been taken out to purchase cars, compared with a monthly average of £44.7 million in 2009, prior to the scheme.
The scheme, which pays consumers £2,000 to get rid of ...
Car loans rise following launch of ‘cash for bangers’ scheme
by Kay Murchie
October 5, 2009
Ethical bank Triodos increased its lending in the UK by nearly one third in the first half of this year.
Current lending by the bank rose to £223 million, with a further £82 million in loan commitments that have yet to be drawn down.
This £305 million total represents an overall lending increase of 29% compared to the first half of 2008.
Customer funds held at ...
Triodos increases UK lending
by David Masters
October 2, 2009
Triodos Bank has announced plans to issue €90 million of new shares.
Money raised from the shares will be used to provide loans to sustainable projects.
Set up in 1980, Netherlands-based Triodos provides loans to environmentally-friendly projects such as wind farms and organic agriculture.
Since the credit crunch, the company has seen an upsurge in interest in its sustainable approach to banking.
Customer numbers ...
Triodos to raise €90m for ethical lending
by David Masters
September 10, 2009
Consumers have seen very little benefit from the Bank of England holding its base rate at a record low of 0.5% for six months, a consumer advice site pointed out this week.
Interest rates on savings accounts have dropped, while rates on mortgages, credit cards, and personal loans have continued to rise, said Moneyfacts.co.uk.
Research by the site found interest rates ...
Consumers see few benefits from low base rate
by David Masters
September 3, 2009
For the first time ever, the Financial Services Authority (FSA) has published figures showing the number of complaints made to firms in the financial services industry in the 2006-2008 period.
The data has revealed an enormous increase in complaints about banking and loan products, revealing a 122% increase - from 608,620 at the beginning of the second half of 2006 to 1.3 ...
FSA reports surge in finance complaints
by Kay Murchie
August 25, 2009
Consumers taking out a personal loan are "paying through the nose" due to soaring interest rates.
Banks are now charging an average APR of 10.32% on personal loans even though the Bank of England's base rate has been held at a record low of 0.5%.
This compares to an average personal loan APR of 8.71% in 2004.
"Despite the Bank of England slashing Base Rate ...
Rates soaring on personal loans
by David Masters
July 26, 2009
Half the university students who graduated since tuition fees were introduced are too poor to pay back their student loans.
Of the 1.4 million graduates who started university after 1998, 702,000 are earning too little to pay back debt accrued whilst studying.
Repayments are triggered when graduates start earning at least £15,000 per year; over half a million graduates have never ...
Graduates too poor to pay back student loans
by David Masters
July 21, 2009
In its latest "Trends in Lending" report, the Bank of England said the flow of credit to British businesses fell to £3.4 billion in May and followed a drop of £6 billion the previous month.
During 2007, the normal levels of lending were £7 billion per month and £4 billion in 2008 - when the credit crunch was well and ...
Lending to businesses falls for second consecutive month
by Kay Murchie
June 23, 2009
M&S Money is offering 10% cashback to new customers taking out a personal loan.
Borrowers will be given a 10% refund on the interest they've paid once their final repayment has been made.
The offer is available until 11 August, and applies to loans paid back over a period of at least 36 months.
Customers who repay the loan early will not receive ...
M&S gives 10% cashback on personal loans
by David Masters
June 11, 2009
A ruthless loan shark who charged his victims interest at up to eight million percent has been jailed for eight months.
Ian Jenkins, 43, targeted homeless people in Gloucester with illegal loans to fund their drug and alcohol habits.
Taking personal documents and pin numbers as security, he charged 30% interest per day on the loans - £3 per day for every £10 borrowed.
Jenkins ...
Eight-million percent loan shark jailed
by David Masters
June 9, 2009
HSBC this week secured the title of Responsible Lender of the Year at the Credit Today awards 2009.
The commercial and consumer lending magazine applauded HSBC for its conscientious attitude towards lending.
Joe Garner of HSBC UK said the bank is “proud” to be recognised for its “approach to responsible lending”.
“To us, responsible lending is about knowing your customers so we make informed lending ...
HSBC takes responsible lender accolade
by David Masters
