Secured loans have a reputation of being a trap used by lenders to make profit from the assets expropriated from debtors. In reality this is not more than a myth. Lenders require you to secure your loan with an asset, usually your home. To ensure they can recover their investment if you fail to meet the repayments. Read more...
Although an advertised Annual Percentage Rate (APR) should be offered to over 60 per cent of the borrowers, many banks still don’t do it. When taking a personal loan your rate might be different to the one advertised because of your credit score. Read more...
20.06.2006 New ‘no frills’ online service goes live with a market leading unsecured personal loan available at 5.5% typical APR
Alliance & Leicester launched an online-only offering, ‘Moneyback Bank’, providing a no-frills online service for our personal finances. The initiative, which commenced with a low-rate personal loan from 20 June 2005, aims to appeal to a young, online audience who are happy to transact completely online and adopt a ‘self-service’ approach to their finances. If this venture is successful, further products will be added in the future. Read more...
24.04.2006 A report from Nationwide Building Society estimates that borrowers will spend £200 million unnecessarily on higher lending charges in 2006. It is predicted that nearly 100,000 borrowers will be affected with each borrower on average paying a charge of £2,000. Read more...
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