News Tag: personal loans
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
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
December 9, 2009
Demand for second hand cars is in decline as consumers increasingly opt to buy new models under the car scrappage scheme.
Research by Sainsbury's Finance found 8% of adults plan to buy, or have bought, a used car between September 2009 and February 2010.
This is compared to the 10% of consumers who planned a used car purchase between March and August ...
Scrappage scheme dents demand for used cars
by David Masters
September 22, 2009
Consumers are using their spare cash to pay off debts rather than stashing it away in a savings account, Moneyfacts has observed.
Michelle Slade, spokesperson for the consumer advice site, said many people are using money they're saving due to low interest rates on mortgages to pay off personal loans and credit cards.
Slade believes low-interest rates on savings accounts are ...
Consumers use spare cash to pay off debt
by David Masters
September 16, 2009
Britain's level of debt increased again the second quarter of this year, with almost double the level of borrowing compared to the first quarter of 2009.
Consumers borrowed £5.5 billion between April and June, nearly twice as much as the £2.9 billion borrowed between January and March, said financial advice site unbiased.co.uk.
Savings levels grew to £21 billion in the second quarter, up ...
Consumer debt on the rise again
by David Masters
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 2, 2009
Britain's mountain of debt continues to grow, with the average adult now owing 132% of their typical earnings.
Collectively, UK consumers owe £1.459 trillion, Credit Action revealed this week, equivalent to £30,480 per person.
Personal debt on credit cards, store cards, overdrafts, and unsecured loans is also on the rise, increasing to £4,860 per person during the month of May.
The pace at which ...
Debt mountain grows to £1.46 trillion
by David Masters
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
May 27, 2009
Good deals on personal credit continue despite the credit crunch, research by Defaqto has discovered.
Although personal loan rates remain high, with the best interest rates available at around 8%, credit with 0% interest is available on overdrafts and credit cards.
Seven in ten (69%) credit cards offer a 0% introductory interest rate on balance transfers for an average of 9.7 months.
Virgin's ...
Credit crunch fails to dampen 0% credit
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
