Loan News
FSA to act on PPI
In an update on its thematic review of sale of Payment Protection Insurance (PPI) the Financial Services Authority (FSA) has set out that, due to the poor findings from its recent work, it is escalating its regulatory intervention.
Which? calls on FSA to impose sweeping PPI reforms
As Which? Money this week publishes details of a couple who paid £22,568 in PPI for a £56,000 loan, the consumer watchdog has written to the Financial Services Authority (FSA), calling for an overhaul of the PPI market.
Moneyback Bank lowers personal loan rates
Following Moneyback Bank's decrease to its unsecured personal loan rates by 0.6% APR this week, Simeon Linstead, Head of Personal Finance at uSwitch.com, comments: "Amidst the current financial uncertainty, Moneyback bank has provided a glimmer of hope for consumers by lowering its rates for loans between £7,500 - £15,000 from 8.4% to 7.8%.
Twenty-somethings relying on parents to access credit
While it's common for parents to give their children funds towards a first home or a wedding, the credit crunch means they are increasingly being relied on to help their offspring secure loans in various forms.
Brits borrow more despite tight credit
As times are set to get tougher in the UK, borrowing is forecast to soar as Brits struggle to make ends meet. Total unsecured lending stood at £215billion in August 2007, and this figure looks set to have grown considerably over the last year as Brits contend with a credit crisis and looming recession.
AFB launches consultation on regulation of secured loans
The Association of Finance Brokers (AFB) has published a White Paper on the future regulation of the secured loans industry.
Borro launches online service to provide short-term loans
‘BORRO' (borro.com) launches today as the world's first online service offering customers short term loans through the temporary release of equity from personal assets such as jewelry, watches, gold, gemstones, memorabilia and other valuables.
Logbookloans.tv launches to provide cash lifeline until payday
Logbookloans.tv launched recently after growing public demand for a safe and easy instant cash advance service that is regulated by government bodies that people in the UK can trust.
Payday Power launches to help provide low risk payday loans
Payday Power launched recently out of a growing demand for a safe and easy instant cash advance service that is regulated by government bodies that people in the UK can trust.
Builders & HGV drivers face debt nightmare
Workers in two of Britain’s key trades are being driven deeper into debt as jobs in construction and road haulage are cut in response to the worsening economic outlook, says debt solution comparison site IVA.com.
Drop in IVAs not due to drop in demand
Increasing numbers of IVA applications are being rejected by creditors who are tightening their criteria in an attempt to shore up their own dwindling reserves, says Terry Balfour of IVA comparison site IVA.com.
First Plus not to accept any new business
Commenting on First Plus's announcement that it will not accept any new business from 9 August, Tim Moss, head of loans at price comparison site moneysupermarket.com, said: "First Plus's announcement that it will not accept any new business from 9 August is a huge blow to the debt consolidation market.
Zopa membership passes the 200,000 mark
Zopa - the world's first person to person online lending exchange - is pleased to announce that the total number of members has passed the 200,000 milestone.
Government measures to provide affordable credit
Commenting on the Government's announced measures to provide affordable credit, Tim Moss, head of loans at moneysupermarket.com, said: "Cheap debt is a thing of the past, with many Brits finding it increasingly difficult to be accepted for any form of credit.
Low rate loans a thing of the past
Michelle Slade, analyst at Moneyfacts.co.uk, comments: "Anyone looking for a personal loan can no longer find rates of less than 7%. Yourpersonalloan.co.uk, which is funded by The Co-operative Bank, has increased its rate from 6.9% to 7.3%.