Personal Loans
Alliance & Leicester to offer best personal loan rate
Alliance & Leicester is to offer the best personal loan rate in the UK at only 6.3% APR, making it available to existing Premier or Premier Direct customers and new customers at Alliance & Leicester.
Stuck in a 'debt sentence'
The majority of people who take out a personal loan to consolidate existing debts go on to build up more debt and struggle with the consequences.
Stuck-in-a rut Britons head back to school
It’s not just the kids who are heading back to school this September. Latest research from Abbey Loans finds that over ten million (22 per cent) British adults plan to undertake an educational course outside of their current job in the next twelve months.
New players top the charts
Samantha Owens, Head of Personal Finance at Moneyfacts.co.uk, comments: “With the average adult owing around £8,000 in unsecured debt, demand for personal loans may still be high.
Don’t let a personal loan turn into a millstone
David Kuo, Head of Personal Finance at Fool.co.uk, says: “Today’s news that the number of personal insolvencies in the second quarter has risen 4% to 26,956 from a year ago is a timely reminder that none of us can afford to be complacent as long as we owe money.
Loan rates continue to climb
Samantha Owens, Head of Personal Finance at Moneyfacts.co.uk, comments: “This past year has seen a raft of rate increases and this has gradually been filtering through into the personal loan market. In just the last 14 days eighteen lenders have increased loan rates by as much as 4%.
Loan rates getting more expensive
Lisa Taylor, analyst at Moneyfacts.co.uk, comments: “Although not directly linked to base rate, a trend has emerged that loan rates are being tweaked quite quickly following base rate rises.
Zopa passes full Bank of England interest rate increase to lenders
Zopa lenders with money waiting to be lent out to borrowers enjoyed the full benefit of the Bank of England’s base rate rise from midnight last night.
Picture Financial: Secured lending and interest rate rises
The interest rate rise announced yesterday and PwC estimates that as much as a fifth of all UK household disposable income now goes to pay interest on borrowings and that levels of debt are rising faster than the growth in earnings.
Sainsbury’s Bank cuts its loan rates
Michelle Slade, Analyst at Moneyfacts.co.uk, comments: “The announcement from Sainsbury’s Bank to reduce its loan rates to 6.50% bucks the current trend of rising rates we have been witnessing.
Sainsbury’s Bank cuts online loan rate
Sainsbury’s Bank, has cut its loan rates for any online applications of £7,500 or more (up to £25,000) to 6.5% APR typical. This is affective immediately.
Personal loan rates take a battering
Michelle Slade, Personal Finance Analyst at Moneyfacts.co.uk, comments: “With the disappearance of sub six percentage loans, rates continue to get a battering. This week alone, five providers have increased rates by as much as 1%. Even best buy loan rates, such as Moneyback Bank are rising in line with the market.
Loyalty scheme gives borrowers 25% of interest back
Nemo Personal Finance is launching a brand new loyalty scheme, Quarterback, which gives its secured loan customers a quarter of their interest back after ten years.
Smart borrowers shop around for low-cost credit
Customers have a realistic attitude to borrowing and only do so when they need to.
Sub six percent loans vanish
Michelle Slade, Personal Finance Analyst at Moneyfacts.co.uk, comments: “With rising bad debts, interest rates and economic instability, it is no surprise that rates have been increasing. This week saw the final sub six percent loan vanish: a 5.9% from Masterloan.