Loans
The party is over for single premium PPI, says Which?
As the Financial Services Authority (FSA) announces that five leading firms are pulling out of the single premium PPI market for unsecured personal loans, Louise Hanson, head of campaigns at Which?, says: "These firms have recognised that the party is over for single premium PPI and the rest should follow suit.
Update on FSA work on the sale of PPI
The Financial Services Authority (FSA) has welcomed the move by Alliance & Leicester, Barclays, The Co-Operative Bank, Lloyds Banking Group (including Lloyds TSB, Halifax, and Bank of Scotland), and RBS/Natwest to stop selling single premium Payment Protection Insurance (PPI) with unsecured personal loans by the end of January 2009.
Consumers could save money by consolidating debts
With the UK economy currently buckling under the weight of £1.45 trillion of total personal debt, reducing borrowing levels in the most economical way possible must be the number one priority for consumers in 2009.
Sainsbury's Finance cuts personal loan rate to 8.1%
Sainsbury's Finance has cut its loan rates for any online applications of £7,000 or more (up to £25,000) to 8.1% APR typical. This is effective immediately.
Value of payment protection never greater as redundancies rise
Escalating redundancies and further gloomy forecasts for Britain's economic outlook have underlined the case for workers taking out payment protection schemes, says standalone provider Paymentcare.co.uk.
Borro.com waives first month's interest on new short-term loans
Borro.com, UK online pawnbroker, is waiving the first month's interest on all new short-term loans made before 31st January 2009.
Sainsbury's extends 8.2% personal loans sale rate to all channels
Sainsbury's Finance has announced the extension of the special online personal loans rate to include telephone applications.
Competition Commission PPI crackdown will put off customers
Plans to ban the sale of payment protection insurance at the same time as loans, credit cards and mortgages will deter customers from buying it, according to research for MoneyExpert.com.
Sainsbury's cuts personal loans rate to 8.2% online
Online applications for Sainsbury's Finance Loans from £7,000 to £15,000 have been cut to 8.2% APR typical from 8.9% APR typical. This is a limited offer and is one of the lowest rates in the market.
Loans dry up as APRs treble
The number of personal loans available has almost halved since the start of the year, according to research by MoneyExpert.com. In January there were 105 products available to those looking to borrow £5,000 but today this figure has reduced to just 57, a decrease of forty six per cent.
MoneyExpert: Lloyds TSB's new-style PPI
Sean Gardner, director of MoneyExpert.com, said: "One of the major bones of contention over PPI has been the expense of piling upfront costs onto a loan, meaning the customer incurs long term interest on the price they paid.
Lloyds TSB launches new payment protection insurance
Lloyds TSB has announced that it will be launching a regular monthly premium, payment protection insurance (PPI) product for personal loan customers in January 2009.
Death knell sounds for sub-8% loan rates
Despite three significant cuts in the base rate over the last two months, personal loan rates continue to head in the opposite direction with six providers increasing rates in the last four weeks alone.
Borro.com: First month's interest waived on all short-term loans
Borro.com, the UK's leading online pawnbroker, has announced that it is waiving the first month's interest on all new short-term loans made before 31st January 2009.
‘Quick and easy' pay day loans could become more tempting
As the credit crunch brings consumers to their knees this Christmas, the lure of ‘quick and easy' pay day loans could become more tempting now than ever before.