Posts in the Loans category

Losses for Loanmakers

2008-12-31 15:50:50

A Bolton-based loan broker has reported loses of £1.6 million in the last six months, compared to a profit of £346,000 last year.  It looks like this is just one more example of the credit crunch meaning people are finding it harder and harder to get loans, therefore passing the impact on to those that actually lend the money.

Loanmakers offer a whole range of deals including secured loans and unsecured loans and have revealed that they've been forced to lay off a number of their workers.

There's doesn't seem to be much good news around in the world of loans at the moment; I'm glad I got out of the industry a while ago.

Unsecured Loans - Are They the Answer?

2008-10-16 14:15:44

More and more applications for unsecured and secured loans are being refused by the UK lenders than ever before - due to this, it seems many are now so desperate for help that unsecured loans and door-step lenders are the only option. But are they the answer?

The main concern is that many people who are struggling don't see any other way out that to look at loans whose interest rates are through the roof. All you need as a bit of debt assistance, and there are a number of places now which offer this advice for free. The door-step lender and the loan sharks aren't your only choice and shouldn't even be considered because they rip you off.

 

If You Need A Loan - Get It Fast

2008-08-29 14:50:33

uSwitch have urged people who are looking to take out a personal loan should do it sooner rather than later, after Moneyback Bank and A&L announced their plans to increase the rates of their personal loans.

The average rate of a £10,000 loan over 5 years gas risen from 8.74% APR to 9.14% APR over the course of seven weeks. People in the UK could be looking at paying a collective £1.2bn more in interest than they did this time last year. It has also been said that people who are willing to shop around, rather than opt for the first one they see, are more likely to find the competitive rates.

It is also recommended that homeowners may find that secured loans are better options. Although you are securing it against your assets, as long as you keep up the repayments, this shouldn't be a problem. Whats more is, you get much lower rates. If you are wanting to shop around for one of these loans, search online using comparison sites, to find the best deals.

 

Comparison Sites May Be Confusing

2008-08-22 12:19:58

Comparison sites exist online now, to try and help the consumer choose the best product for their needs. The sites aim to search the market, to find the best deal for the product the consumer is after, to save them from doing the legwork. But Which? have said that it may not be as simple as this.

According to them, the 3 main comparison sites don't always give the same results for insurance, loans and credit cards. One site found the cheapest standard rate credit card to be one with 12.9% APR, whereas another site found one with 6.8% APR. Bit of a difference.

Consumers therefore need to compare comparison sites to make sure they get the best deal. Different comparison sites also search different brokers, so it may be handy to use more than one comparison sites, to make sure you are searching the maximum amount of market possible.

 

 

Demand Falls for Bridging Loans

2008-07-10 17:15:15

Bridging loans that cover the entire value of a property may not be as popular, with lenders or borrowers, due to the current housing market.

According to Savills, the continued uncertainty over the direction of house prices has impacted on the viability of these loans, causing a drop in the inclination to provide them.

Last week, Tiuta launched Underbridge, a 100% bridging loan product aimed at properties that have been undervalued by as much as 40% compared to their open market value.

For all your loan requirements, including secured loans, you can still search online to find providers which are still lending. Be prepared for refusal though, then anything else is just a bonus.

Unwanted Credit Offered to Young People

2008-06-23 16:52:56

Around two thirds of 16 to 24 year olds are being offered unwanted credit cards and loans according to Citizens Advice and YouthNet research.

The two most common methods which providers used were by offering storecards when shopping and receiving unsolicited mail through the post.

55% of the youngsters found it easy to take credit and 65% supported the idea that taking out a loan or credit card should be made more difficult.

Around 50% of the age group also said that they had suffered or were currently suffering with debt problems, brought about from card and loan repayments.