‘Loans’ News
Unsecured loan market tightens
Posted 2008-03-12
The average cost of an unsecured personal loan has risen significantly over the past few months, new research has found. Average interest rates on small unsecured loans are now over four per cent higher than they were a year ago, with the average rate on a £1,000 loan standing in the region of 14.4 per cent against 18.5 per cent last year. ...
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Unsecured loan market tightens
Posted 2008-03-12
The average cost of an unsecured personal loan has risen significantly over the past few months, new research has found. Average interest rates on small unsecured loans are now over four per cent higher than they were a year ago, with the average rate on a £1,000 loan standing in the region of 14.4 per cent against 18.5 per cent last year. ...
Read Unsecured loan market tightens
Report: 70 days’ salary on interest alone
Posted 2008-03-9
The average person has to set aside 70 days of their earnings to pay off interest charges on loan and credit card borrowings, new research has suggested.Unbiased.co.uk has dubbed March 10th Debt Freedom Day in recognition of the lifting of the burden - and despite acknowledging that the day is merely a symbolic date it nonetheless said the study highlighted the gravity of overstretched finances for many Brits.UK residents will pay some £1.5 billion in interest on debts, the financial website said, with a total of £9.8 billion going towards personal loan repayments and a massive £54.9 billion on credit cards.David Elms, chief executive of Unbiased.co.u...
Read Report: 70 days’ salary on interest alone
Secured loan market ‘opening up’
Posted 2008-03-7
Continued tightening of the unsecured money markets is making homeowners loans more affordable, new research has found.MoneyExpert.com said that the lowest rate currently available on a secured loan is 5.9 per cent and that average personal loan rates are now just 6.4 per cent for £5,000 loan and 8.44 per cent for a £15,000 one.The financial website noted an 85 per cent surge in demand for homeowner loans in 2007 Q4 against the previous quarter, suggesting that consumers are opening up to the idea of using their dwelling as collateral in an increasingly credit-crunched society."Historically, secured loans were seen as something of a product of last resort, but these days they are far more attractive to homeowners who are looking for a competitive rate of interest," commented MoneyExpert.com chief executive Sean Gardner.However, he went on to describe secured loans as a "niche" area of the market and said that borrowers should not underestimate the potentially devastating consequences of lapsing on repayments.Some 27,100 homes were repossessed in 2007 and according to the Royal Institute of Chartered Surveyors that figure is set to soar to 45,000 this year....
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Demand for secure loans rises
Posted 2008-02-28
Secured loans are becoming more and more popular as borrowers hunt down the best deals in the market, MoneyExpert.com has claimed. While taking out a loan secured against your home has historically been regarded as somewhat of a last resort, the financial website said changing economic conditions have made the practice far more appealing. ...
Read Demand for secure loans rises
Crunch causing spurt in ‘high cost credit’
Posted 2008-02-28
Overall disposable incomes are down as a result of the credit crunch and consumers are increasingly finding themselves considering high-cost loans, it has been claimed. Debt charity Credit Action said that although people are "reeling in" their spending across the board, still there remains a need for access to credit. ...
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Bridging loans ‘make sense’ in current climate
Posted 2008-02-22
With mortgage approvals plummeting in recent months the editor of one leading finance magazine has said that bridging finance is set to become increasingly popular. Bridging loans function as a short-term solution for prospective homebuyers who have found their dream property, but have yet to find a buyer for their current dwelling. ...
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One in three Brits has debt demons
Posted 2008-02-20
A third of all Brits are tormented by debt issues fuelled by the credit crunch and the rising cost of living, new research has suggested. Some 27 per cent of UK consumers have increased their borrowing over the past three months, the latest study by MoneyExpert.com has found, even as experts caution that insolvencies and home repossessions are set to soar in 2008. ...
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CAB criticises lenders over repossessions
Posted 2008-02-19
The Citizens Advice Bureau (CAB) has reprimanded lenders for "not doing everything they can" to help borrowers avoid having their home repossessed. New figures released by the Council of Mortgage Lenders show that the number of home repossessions soared to 27,100 in 2007 - a dramatic 21 per cent increase on the previous year. ...
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Debt consolidation ‘has drawbacks’
Posted 2008-02-11
Consolidating loans to cover debts is not a quick-fix solution and can land many borrowers in a worse financial situation than they started with, consumer watching Which? has warned.The magazine noted that interest rates on consolidated loans are often higher than standard loans, which leaves many individuals struggling to meet their repayments even with the convenience of one simple monthly bill.They also often come with set-up fees, as well as entailing higher total repayment sums and frequently being secured against a borrowers home - a fact that Which? ...