Latest Loans News
The latest news on loans and lending:
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
June 1, 2009
The Financial Services Authority (FSA) has banned lenders from selling payment protection insurance (PPI) alongside unsecured personal loans.
Starting today, banks and other loan providers are no longer allowed to sell PPI, the FSA has ruled.
“No firms will be selling single premium PPI on unsecured personal loans from today following FSA intervention and action with the industry,” the FSA said.
The decision follows ...
FSA bans lenders from selling PPI
by David Masters
Loan sharks set to profit from recession misery
by David Masters
May 14, 2009
The Government has announced this week that 2.5 million students will pay 0 percent interest on student loans from September.
However, this slashes the hope that student loans, which are linked to the Retail Prices Index which has fallen to -0.4 percent, would mean that loans would be reduced accordingly.
The Student Loans Company has stated that the decision was taken due ...
Student loan interest payments at 0%
by Peter Charalambous
May 8, 2009
Nationwide Building Society has cut the interest rate it charges on personal loans between £7,500 and £14,999.
Typical annual percentage rate (APR) for newly taken out loans has been reduced from 8.2% to 7.9%.
By comparison, RBS offers a typical APR of 8.9% for loans of this amount, whilst HSBC's typical APR is 9.9%.
"With this typical rate, Nationwide remains lower than all high ...
Nationwide cuts rate on personal loans
by David Masters
‘Staggering’ loan rates up 44% in two years
by David Masters
April 25, 2009
Deflation has occurred for the first time in the UK since the 1960s and the Retail Prices Index (RPI) figure has been used to track the interest rate payments on student loans.
However there has always been much speculation as to what would happen if the RPI would turn negative and yet last month, this stopped becoming a moot point and ...
Student loans could fall to zero percent
by Peter Charalambous
April 23, 2009
In contrast to the Chancellor’s Budget speech yesterday, Barclays believe the recession will be long and deep but the bank has vowed to help businesses and households by increasing lending by £11bn in 2009.
Alistair Darling said in his Budget yesterday that the British economy will see recovery by the end of the year with a positive statement that 2010 will yield ...
Barclays to boost lending by £11bn
by Peter Charalambous
April 20, 2009
Moneysupermarket.com has revealed that the average interest rate of loans dropped last week for the first time since August 2008.
The average annual percentage rate (APR) of leading loan providers hit a high of 8.88% in March, compared to 7.34% in March 2008.
The peak came despite repeated cuts to the Bank of England's base rate to an all time low of 0.5%.
However, last ...
Lenders cut APR on loans
by David Masters
April 6, 2009
Supermarket bank Sainsbury's Finance is offering loyal customers a lower rate of interest on personal loans.
Holders of the Sainsbury's Nectar loyalty card are now being offered a typical APR of 7.9% for loans between £5,000 and £15,000, if they apply online.
This is compared to a rate of 8.1% for non-Nectar card holders.
However, anyone looking to take advantage of the lower ...
Nectar Card holders offered 7.9% personal loan
by David Masters
April 3, 2009
Nationwide has announced that it has cut the interest rate on its personal loans to 8.2% APR typical.
Nationwide said this rate is the most competitive available from a high street provider.
The rate is available to Nationwide customers with a FlexAccount debit card or mortgage taking out a loan of between £7,500 and £14,999.
The loan can be taken out in a ...
Nationwide reduces personal loan rate to 8.2%
by David Masters
April 2, 2009
A Bank of England report has revealed that Britain's banks and building societies are set to make more loans available to homeowners and businesses over the next quarter.
The report also revealed that despite the tightening of lending criteria over recent times, credit availability to larger companies actually increased during the first three months of this year.
"The economic outlook ...
BoE report reveals lending is set to increase
by Kay Murchie
March 2, 2009
Alliance & Leicester (A&L) has announced plans to increase lending to small business (SME) customers by more than 25% this year.
Increased lending will "help customers to stabilise their business finances," the bank said.
The announcement follows a 49% increase in small business lending by the Santander-owned bank during 2008; in the past three years A&L has given financial support to over ...
Alliance & Leicester to increase SME lending
by David Masters
January 27, 2009
Research from price comparison service, uSwitch.com, has found that while Payday loans may offer quick and easy cash, they are one of the most expensive forms of loans in the UK, with some APRs of up to 9889.3%.
According to uSwitch.com, a consumer taking out a payday loan of £750 could end up owing £1,687.50 if they defer repayments for ...
Payday loans deemed most expensive forms of loan
by Kay Murchie
January 20, 2009
Several High Street banks are to cease selling single premium payment protection insurance (PPI) with their unsecured personal loans.
Alliance & Leicester, Barclays, Co-Operative Bank, Lloyds Banking Group and RBS/Natwest will be opting out of the controversial market for single premium PPI by the end of this month.
The Financial Services Authority (FSA) has welcomed the move, adding that some firms, along ...
Banks to stop selling single premium PPI
by Kay Murchie
Debt consolidation could save UK £20 billion
by David Masters
January 14, 2009
Business Secretary Lord Mandelson has today unveiled the Government’s plan to kick-start lending for small and medium-sized businesses to help them weather the economic downturn.
The Government has announced measures to guarantee up to 50% of up to £20 billion worth of loans. Companies with an annual turnover of up to £500 million will be eligible for the scheme.
Meanwhile, smaller, ...
Mandelson unveils plans to kick-start lending for businesses
by Kay Murchie
