£20 billion worth of unsecured loans handed out without adequate checks
May 19, 2008
According to a recent report £20 billion worth of unsecured loans has been handed out over the past year without adequate checks being carried out with regards to the income of the borrower. The report indicates that many lenders have not been asking for proof of income from the borrower before agreeing these loans, despite the tighter credit conditions that are supposed to have come into play as a result of the ongoing global credit crunch. Read more
Spending levels to be slashed by many
May 12, 2008
According to a recent report many consumers across the UK are set to slash their spending levels, as many struggle to try and cope with higher outgoings and the associated financial strains that have become so commonplace over recent months. The difficult financial conditions that have resulted from the ongoing global credit crunch have impacted on many households, and has resulted in millions of us deciding to try and cut back on spending wherever possible. Read more
Many people could benefit from switching their loan provider
February 5, 2008
According to a recent report many people in the UK could see the benefits of switching their loan provider whilst still repaying their loan. Many of those with loans are nervous about switching to a more competitive deal because they believe that they will be financial penalised, and some consumers with loans are not even aware that they can switch their provider mid-term if they wish to do so. Read more
Personal loan availability on the decrease
January 7, 2008
A recent report has indicated that the number of personal unsecured loans now available to consumers in the UK has decreased, with many lenders too worried to offer loans that are not secured against any form of asset. The rising levels of bad debt in the UK coupled with the widespread effects of the credit crunch, which has impacted on most financial sectors leaving a path of destruction, have resulted in many lenders decreasing the number of financial services and products on offer and increasing stringency with regards to their lending criteria. Read more
Would you pay 2.6 million percent APR?
January 2, 2008
A woman that borrowed a small amount of money for a short period of time has been charged an astounding 2.6 million percent APR by a lender. The woman from York took out the small £320 loan for the period of one week from loan company Early Pay Day Loans, and was charged an astonishing 2.6 million percent APR with interest of £80 being added to what she owed just for borrowing the money for seven days. According to reports the APR when worked out over the twelve month period came to 2,639,385.9%. Read more
Fewer personal loans available from unsecured lenders
December 24, 2007
According to a recent report there are now fewer personal loans available from unsecured lenders in the UK. The information comes from financial experts Moneyfacts, which has described the situation as a ‘worrying trend’.
According to figures there was a 10% fall in the number of unsecured personal loan providers throughout the month of November. Increased cash flow problems and financial turmoil in the money markets has really taken its toll on many lenders. Read more