Loans
The consolidation clock is ticking
Consumers could save £15 billion in interest by consolidating all their unsecured debts (credit cards, overdrafts and unsecured loans) into one low cost unsecured personal loan, according to research from uSwitch.com.
Ditch costly store cards in favour of a competitive low-rate loan
Paying off costly store cards, booking a long-overdue holiday or buying the car of your dreams can now be done in a matter of hours after Alliance & Leicester became the first UK bank to offer same day funds for unsecured loans to both new and existing customers.
Tesco is the supermarket credit winner
Customers looking for cheap credit along with their groceries should make Tesco their first stop, and avoid Marks & Spencer altogether.
Sainsbury’s cuts personal loan rate
Sainsbury’s Bank has bucked the trend and cut its personal loan rate. From 18th December, online applications for Sainsbury’s Loans of £7,000 or more (up to £25,000) will be cut to 6.5% APR typical from 6.9% APR typical.
Zopa ‘Social Finance’ community launches in USA and Italy
Having successfully launched the world’s first peer-to-peer lending service in the UK, Zopa today becomes the first global business, with launches in the USA and Italy.
Personal loan market shrinks 10% in November
Esther James, personal finance analyst at Moneyfacts.co.uk comments: “Another two lenders bite the dust in the personal loan market this week, with the withdrawal of Hanley Economic BS and Northern Rock funded Eskimo Loans.
Loans squeeze at £5,000 as average rates hit 9.5%
Average rates on unsecured loans of £5,000 are now nearly 9.5 per cent as the credit crunch hits home, new research from MoneyExpert.com reveals. But borrowers who take a £7,500 loan will see average rates drop to 7.97 per cent.
Loan providers getting choosy as consumers suffer
People are facing increasing knockbacks on loans as banks get tougher with their lending criteria.
More loan providers back out of the market
Samantha Owens, Head of Personal Finance at Moneyfacts.co.uk comments: “Competitive loan rates can still be found, especially if you are borrowing larger sums of money. But as rates continue to rise and lenders begin to withdraw from the market, it could look a very different picture in a few months’ time.
Social lending gets ‘up close and personal’
For the first time in the UK, Zopa Listings allows individual borrowers to post their own specific loan requirements and circumstances for individual lenders to review and then bid against.
Graduate loans on the increase
Graduates are facing a hard time with their interest bills at the moment. With student loan rates linked to inflation, this last year has seen rates jump up. Should they be looking for additional borrowing by way of a graduate loan, it’s not good news to see Lloyds TSB and NatWest increase their rates this week.
Monday money management
When it comes to getting a loan online, Monday afternoons are the most popular time to apply, according to research by Halifax Unsecured Personal Loans.
Social lending comes into its own
With conventional lenders increasing the cost of their loans in the wake of the debt crisis, Zopa loans - secured from other people rather than the banks - remain some of the very best deals available anywhere.
moneysupermarket.com: positive moves in the loans market
Commenting on positive moves in the loans market, Tim Moss, head of loans at moneysupermarket.com, said: “With several loan rates on the rise, it’s positive to see providers such as Barclays and Co-op Bank bucking the trend.
Barclays ups the ante on personal loans
Barclays has taken advantage of its strong position as a major deposit taker and is cutting its personal loan rates across its book to offer some of the most competitive rates on the market.