Wednesday, 27 May 2009
Low Cost Cheap Loans
There are hundreds of UK lenders out there who say they can offer you low cost loans. However, things aren't always as they appear. Some companies can charge you a fee for arranging a loan. Others can charge you a fee if you repay the loan off early. The real cost of a loan is a combination of the interest rate, how that rate is calculated and any fees. We work very hard to reduce all of these and bring you a choice of the lowest rate loans available.
Monday, 18 May 2009
Any Purpose Loans
An any purpose loan is the name given to loans taken out where the money is not tired to the any specific use for the money. Any Purpose loans can be used for debt consolidation, buying a new car, taking a holiday even plastic surgery.
Many loans will have be depondent on you buying something such as retail finance agreements, car loans etc.
If you have existing debt these may have to be paid of before you take out an any purpose loan
Many loans will have be depondent on you buying something such as retail finance agreements, car loans etc.
If you have existing debt these may have to be paid of before you take out an any purpose loan
Money Saving Expert: Consumer Revenge - Credit Cards, Shopping
Martin Lewis's free site saves you money. Beat the system on credit cards, shopping, special offers, mortgages, council tax, interest rate payments, ...
Friday, 8 May 2009
Nationwide takes over Dunfermline
The Nationwide is to buy the Dunfermline Building Society's branches, good loans and deposits, it has been confirmed.
The Treasury will take on about £1.5bn of commercial property lending and acquired mortgage debt under the deal.
The agreement with the Nationwide was struck less than 48 hours after the UK Government announced that the building society was to be put on the market.
www.guardian.co.uk/business/2009/mar/31/dunfermline-takeover-nationwide
The Treasury will take on about £1.5bn of commercial property lending and acquired mortgage debt under the deal.
The agreement with the Nationwide was struck less than 48 hours after the UK Government announced that the building society was to be put on the market.
www.guardian.co.uk/business/2009/mar/31/dunfermline-takeover-nationwide
Nationwide slashes loan rates
Average loan rates have rocketed over the last two years, but Nationwide has bucked the trend, offering a new low rate of 7.9%.
Nationwide (www.nationwide.co.uk) has reduced its typical interest rate from 8.2% to 7.9% on loans of £7,500 to £14,999. This headline rate is lower than all high street banks.
While borrowers could have expected to pay 7.4% in May 2007, now the average rate stands at 9.2%. Average interest rates on £5,000 loans have fared even worse, rocketing 44% from 8.6% to 12.4% in the same period.
Online Loans Finance Brokers
It is advised those looking for the best rates to shop around and compare loan rates from several different providers – if possible finding out what rate would likely be offered given their circumstances.
Nationwide takes over Dunfermline
Nationwide (www.nationwide.co.uk) has reduced its typical interest rate from 8.2% to 7.9% on loans of £7,500 to £14,999. This headline rate is lower than all high street banks.
While borrowers could have expected to pay 7.4% in May 2007, now the average rate stands at 9.2%. Average interest rates on £5,000 loans have fared even worse, rocketing 44% from 8.6% to 12.4% in the same period.
Online Loans Finance Brokers
It is advised those looking for the best rates to shop around and compare loan rates from several different providers – if possible finding out what rate would likely be offered given their circumstances.
Nationwide takes over Dunfermline
Thursday, 7 May 2009
The Future of Financial Regulation – The Options
AFB’s parent association, AIFA has today published its report “The Future of Financial Regulation "… (full article)
Value of unsecured loans taken out falls by 45%
The latest figures from the Finance and Leasing Association (FLA) have shown that over the last year the value of unsecured loans being taken out has almost halved.
During February, Finance and Leasing Association members wrote £316 million worth of unsecured loans, which is 45% less than the figure for the same month of last year.
A sharp decrease was also recorded in secured loans in February. Members lent £57 million throughout the month, which is 83% less than last year. Credit card lending fell by 11% to £2.49 billion as well.
Overall, Finance and Leasing Association members lent a total of £3.89 billion in the second month of this year, down by 22% since 2008.
The decline in secured and unsecured lending has been attributed to low consumer confidence and rising unemployment, with Britons reluctant to take on more debt.
Head of research and chief economist at the Finance and Leasing Association, Geraldine Kilkelly, said: “Our figures show that Finance and Leasing Association members have written £660 million worth of new unsecured loan business in the first two months of 2009, compared with £1.1 billion in the same period last year.”
Finance and Leasing Association
UK industry body for the asset finance, consumer finance and motor finance sectors. www.fla.org.uk/
During February, Finance and Leasing Association members wrote £316 million worth of unsecured loans, which is 45% less than the figure for the same month of last year.
A sharp decrease was also recorded in secured loans in February. Members lent £57 million throughout the month, which is 83% less than last year. Credit card lending fell by 11% to £2.49 billion as well.
Overall, Finance and Leasing Association members lent a total of £3.89 billion in the second month of this year, down by 22% since 2008.
The decline in secured and unsecured lending has been attributed to low consumer confidence and rising unemployment, with Britons reluctant to take on more debt.
Head of research and chief economist at the Finance and Leasing Association, Geraldine Kilkelly, said: “Our figures show that Finance and Leasing Association members have written £660 million worth of new unsecured loan business in the first two months of 2009, compared with £1.1 billion in the same period last year.”
Finance and Leasing Association
UK industry body for the asset finance, consumer finance and motor finance sectors. www.fla.org.uk/
Friday, 1 May 2009
Finding a cheap loan
Do you need to borrow money? Martin Lewis reveals how you can get the cheapest possible loans
Before taking out a loan always examine whether you really need to borrow.
Do a budget to establish whether you can afford the repayments, both now and in the future, and question whether it is really worth being in hock to a bank? Remember, once you borrow the money, even if you change your mind, it'll cost you just to repay it.
Is a loan the right way for you to borrow?
Loans aren't always the cheapest way to borrow. Actually if you've a good credit score the cheapest credit cards undercut the cheapest loans. Yet this only applies in certain circumstances.
If you are borrowing for a new car, kitchen or household repairs it's tough to use a credit card and the loan repayments are probably the best way.
Yet if your aim is to try and make existing credit card debts cheaper, then shoving them on a loan is a usually more expensive than using the cheapest credit card 'balance transfer' deals.
Also if you're just looking for some short term term cash for a variety of expenditures, here cheap credit card 'purchases' deals will beat loans.
Full details of the top cards and how to do this are in Martin's full 'best balance transfers' or 'cheap short term loans' articles.
Getting the a cheap loan
When you're getting a loan it's easy to think "I'll just get the one with the lowest interest rate".
Unfortunately it doesn't work like that, as lenders tend to make more of their money selling you insurance policies with the loan that the loan itself, but the cost of the insurance isn't in the interest rate.
You may not even be aware you're getting the insurance policy, but it could cost you thousands of pounds more over the life of the loan.
The first thing to do is decide whether you need this Payment Protection Insurance, which covers your repayments for accident, sickness or unemployment.
If you don't, simply go for the loan with the lowest APR, but ensure you don't get the insurance – it isn't compulsory.
If you do feel you want insurance, then go for the cheapest uninsured and get the insurance through a standalone provider; this will be a fraction of the price of getting the lender's own insurance.
For full details of the best buy loans of all varieties, cheapest loan insurers and how to choose read Martin's full Cheap Loans articles.
Is it possible to cut the cost of existing loans?
Sadly, switching to a cheaper interest rate doesn't automatically cut your costs.
Switching loans is a complex business, as paying off an old loan involves penalties.
Yet if you can get a new loan with a significantly lower interest rate than you're currently paying you may be able to save.
For full details on how to do the calculations, read Martin's full short term interest free loans article
Before taking out a loan always examine whether you really need to borrow.
Do a budget to establish whether you can afford the repayments, both now and in the future, and question whether it is really worth being in hock to a bank? Remember, once you borrow the money, even if you change your mind, it'll cost you just to repay it.
Is a loan the right way for you to borrow?
Loans aren't always the cheapest way to borrow. Actually if you've a good credit score the cheapest credit cards undercut the cheapest loans. Yet this only applies in certain circumstances.
If you are borrowing for a new car, kitchen or household repairs it's tough to use a credit card and the loan repayments are probably the best way.
Yet if your aim is to try and make existing credit card debts cheaper, then shoving them on a loan is a usually more expensive than using the cheapest credit card 'balance transfer' deals.
Also if you're just looking for some short term term cash for a variety of expenditures, here cheap credit card 'purchases' deals will beat loans.
Full details of the top cards and how to do this are in Martin's full 'best balance transfers' or 'cheap short term loans' articles.
Getting the a cheap loan
When you're getting a loan it's easy to think "I'll just get the one with the lowest interest rate".
Unfortunately it doesn't work like that, as lenders tend to make more of their money selling you insurance policies with the loan that the loan itself, but the cost of the insurance isn't in the interest rate.
You may not even be aware you're getting the insurance policy, but it could cost you thousands of pounds more over the life of the loan.
The first thing to do is decide whether you need this Payment Protection Insurance, which covers your repayments for accident, sickness or unemployment.
If you don't, simply go for the loan with the lowest APR, but ensure you don't get the insurance – it isn't compulsory.
If you do feel you want insurance, then go for the cheapest uninsured and get the insurance through a standalone provider; this will be a fraction of the price of getting the lender's own insurance.
For full details of the best buy loans of all varieties, cheapest loan insurers and how to choose read Martin's full Cheap Loans articles.
Is it possible to cut the cost of existing loans?
Sadly, switching to a cheaper interest rate doesn't automatically cut your costs.
Switching loans is a complex business, as paying off an old loan involves penalties.
Yet if you can get a new loan with a significantly lower interest rate than you're currently paying you may be able to save.
For full details on how to do the calculations, read Martin's full short term interest free loans article
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