Posts in the Loans category

PPI Plans Criticised by Banks

2008-11-14 15:21:38

The Competition Commission plans to ban the sale of payment protection insurance to consumers has been criticsed by banks and insurance providers alike.

The Competition Commission's recommendations were to ban single premium policies, as well as preventing providers from offering PPI within 14 days of selling the loan. Their aim is to prevent consumers from feeling pressured into buying the PPI policies when they don't necessarily need them - the fortnight giving them time to evaluate their needs.

However, banks and the Association of British Insurers alike have criticised the recommendations, noting that it would be irresponsible to provide a loan to a borrower without offering the insurance to cover the payments in the event of unemployment. They also noted that this is a valid concern, as claims due to unemployment have risen 69% over the last year.

Shop Around for the Best Loan Deal

2008-11-14 10:42:46

Borrowers have been urged to shop around for the best deal when it comes to secured loans and also when their current mortgage comes to an end.

The advice is particularly important at the moment, as the interest rate was slashed by the Bank of England last week, which means that many lenders are introducing new mortgage packages.

It's been advised as well that some lenders may be able to save money by using their current lender's standard variable rate mortgage, whereas those on a fixed rate may benefit from shopping around.

When Will Loan Levels Go Back to How They Were?

2008-10-17 14:09:56

The government is pushing for lending liquidity to return to 2007 levels, in exchange for bailing out a number of the UK's largest banks. And the move has been welcomed by consumer groups. But when will the markets begin to move?

5 million loan and credit card applications were rejected in the UK over the last 6 months - reflecting just how delicate the markets are. This equates to 3.27m credit card applications and 1.56m loan applications - 27,000 refusals every day!  And it seems that these refusal figures will only worsen in the near future, as more and more people enter financial hardship. And as the financial sector is adamant that the days of increasing bad debts and low quality loans are gone, how will things get better?

I'm Not Giving Up My Holiday!

2008-09-30 17:08:57

Are you feeling the strain because of the failing economy? Do you struggle to make ends meet each month? But are you adamant you need your annual holiday, just to get away from things?

Secured loans may be for these people. A recent poll found that 75% of people would not allow their plans of a getaway be affected by the crunch, compared with 19% who said they could no longer afford the break they had hoped for. An online survey by Kayak found that 90% of those asked regard taking at least one holiday a year as one of the top five factors that contirbute towards their overall happiness. 98% of those asked said that they would sacrifice other luxuries, in order to pay for their holiday, with more than a third saying that they would ditch dining out and shopping, in order to save their holiday pennies.

So if you don't want to give up on your dream of the annual holiday with the family, search online for a loan that suits your requirements today. If you opt for a secured one, the rates are usually better, and as long as you can make the repayments and won't be in any more financial difficulty, it could be the answer.

A Secured Loan Could Help with a Paradise Wedding

2008-09-15 15:14:47

Opting to take out a secured loan could help people who are eager to get married abroad. Brides Magazine has explained that there are a number of factors which lead people to have their big day overseas - weather, superior products and better value for money.

Recently released data from the Office of National Statistics shows that in 2006, there were 275,140 weddings in the UK - a fall of 4% since 2004. Could this be because people are swanning off abroad for their big day? If this is what you want to do,have a think about secured loans to help get you there - you can search online to find one that suits you, at a competitive rate.