Tag: personal loans

Sainsbury’s promises to offer cheapest loans

Sainsbury’s promises to offer cheapest loans

Supermarket retailer Sainsbury’s is leading the market at the moment with a 5.9 per cent loan rate, and it has also launched a Price Promise Guarantee. The 5.9 per cent rate is available on a £7,500 loan with a three-year term, while the same loan over five years would be available at 6.1 per cent. [...]

May 11, 2012 | 0 Comments More
Shoppers risk financial security for Christmas

Shoppers risk financial security for Christmas

Although stores have been forced to start their sales early this year to persuade shoppers to part with their money, nearly a third of people in the UK will go into debt over Christmas. Fifty-eight percent of this group will put more spending than usual on credit cards and thirty-nine per cent will go overdrawn [...]

December 12, 2011 | 0 Comments More
Savvy consumers look for best credit deals

Savvy consumers look for best credit deals

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 [...]

March 4, 2010 | 1 Comment More
Are lenders loosening their purse strings?

Are lenders loosening their purse strings?

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 [...]

January 22, 2010 | 0 Comments More
Scrappage scheme dents demand for used cars

Scrappage scheme dents demand for used cars

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 [...]

December 9, 2009 | 1 Comment More
Consumers use spare cash to pay off debt

Consumers use spare cash to pay off debt

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 [...]

September 22, 2009 | 0 Comments More
Consumer debt on the rise again

Consumer debt on the rise again

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 [...]

September 16, 2009 | 2 Comments More
Rates soaring on personal loans

Rates soaring on personal loans

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% [...]

August 25, 2009 | 0 Comments More
Debt mountain grows to £1.46 trillion

Debt mountain grows to £1.46 trillion

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 [...]

July 2, 2009 | 0 Comments More
M&S gives 10% cashback on personal loans

M&S gives 10% cashback on personal loans

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 [...]

June 23, 2009 | 0 Comments More
Credit crunch fails to dampen 0% credit

Credit crunch fails to dampen 0% credit

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 [...]

May 27, 2009 | 0 Comments More
Nectar Card holders offered 7.9% personal loan

Nectar Card holders offered 7.9% personal loan

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, [...]

April 6, 2009 | 0 Comments More