For 10 days only from Monday 9 December through to midnight on Wednesday 18 December, Santander is to reduce APRs on personal loans between £5,000 and £15,000.
Brits estimate that they currently owe an average of £3,249 in personal loans, car finance, unpaid credit and store cards and overdrafts.
In response to the Government announcement that it will be introducing a new law to cap the cost of payday loans, Michael Ossei, personal finance expert at uSwitch.com, says: “While the Government’s announcement is a step in the right direction, putting a cap on interest rates does not solve the real issue of short-term lending.
Average personal loans rates on the top five personal loans at £7,500 has dropped to the lowest average rate on record, according to analysis by MoneySuperMarket.com, following the launch of the UK’s lowest ever rate of just 4.6 per cent APR.
Some people are turning to their elders to cover the cost of holidays, nights out and other expenses, according to a new study from Gocompare.com.
Sainsbury’s Bank has announced a flash loan sale, reducing the rate on its Standard Personal Loans from 5.1% to 4.9%APR Representative. During the sale, if the repayment term is between one to three years, the rate becomes 4.8% APR Representative.
Eight million adults in the UK (16%) expect to have to borrow money to pay for Christmas this year, according to new research from budgeting account provider thinkmoney.
One in six people - equivalent to 8 million men and women - would have to borrow money if they had to make an unexpected payment of a couple of hundred pounds.
Two million people borrowed money to make a repayment on an existing debt in July, according to research by Debt Advisory Centre.
More than 11 million Britons (23%) have lent a family member or friend money unexpectedly - with one in ten (11%) having done so in the past twelve months, according to figures released from Bright Grey's annual Financial Safety Net report.
Just one month since the launch of the National Empty Homes Loans Fund (NEHLF), the scheme has received enquiries for funding worth over £1 million - the equivalent of over six months of expected activity.
Borrowing in joint names can have serious consequences if your partner can't afford to pay up - but research by Debt Advisory Centre suggests that many people are signing up for joint credit agreements without knowing all the facts.
In the last month alone, 1.5 million people in the UK borrowed money to pay their mortgage or rent, according to research by Debt Advisory Centre.
In tough economic times people are turning to their loved ones for financial support, with more than half (57%) of UK adults saying that they often lend money to their friends and family, according to research from Gocompare.com.
In a move that will see Tesco Bank offer customers the best rate in the market, the interest rate for personal loans from £15,001 to £25,000 will be cut from 7.2% to 6.9%APR representative.
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