Loan News

As a result of the credit crunch, more and more people are being forced to look for alternative sources of credit, and ‘money shops' are springing up around the country.

More than two thirds of the money lent in unsecured loans in the last year was granted without consumers being asked to prove their income, according to uSwitch.com, the independent price comparison and switching service.

Up to 6.5 million people have been forced to consolidate their debts in the past three years in a bid to keep borrowing under control, new research from MoneyExpert.com shows.

Social lending pioneer Zopa (uk.zopa.com) is three years old today which also marks the third birthday of peer-to-peer lending.

As many as 1.35 million of the unsecured personal loans taken by the British public were made in secret, without family and partners knowledge, according to research from Abbey Loans. The combined value of the secret loans is estimated at £7.7 billion.

Unsecured personal loan customers could save £1.25 billion in interest by switching to a more competitive loan mid-term, according to research by uSwitch.com.

As stock markets around the world plunge, private investors choosing to escape can secure very attractive returns at extremely low risk via Zopa lending.

As the credit crunch tightens and stock markets wobble, people looking to borrow and others looking for safer returns have more to gain from Zopa than ever before.

Lenders are increasing the cost of borrowing money by amounts that far outstrip the Bank of England’s base rate rises, according to new research from MoneyExpert.com.

A review of the personal loans market by Defaqto reveals that borrowers could end up paying less in repayments by taking out slightly larger loans with the same lender.