Wednesday, January 06, 2010
Beware credit card quick fixes
Credit cards are the number one source of outrageously high interest debt in this country and also the number one candidate for debt consolidation.
Before the credit crunch, it was all too easy for most of us to obtain as many credit cards as we could pack into our wallets.
Constantly bombarded with teaser rates and unsolicited junk mail offering huge lines of credit, perhaps you have more than enoughcredit cards and less than enough money to meet the financial obligation of paying these cards each month.
Constantly bombarded with teaser rates and unsolicited junk mail offering huge lines of credit, perhaps you have more than enoughcredit cards and less than enough money to meet the financial obligation of paying these cards each month.
If you are like most Britons, you can barely keep up with the minimum monthly payments on your many credit cards. By choosing debt consolidation for your credit card debt and other debts, you can save yourself an untold amount of interest charges and finally pay off your credit cards for good.
In Britain, we have become a society that loves to use credit for everything, and many of us have been living outside of our means for awhile now. Credit card companies use predatory tactics to lure consumers into thinking they are getting a great deal on their next new credit card by offering teaser rates that usually start out at zero percent or one percent, and then quickly balloon up to fifteen percent or higher once the introductory period of several months have passed.
In Britain, we have become a society that loves to use credit for everything, and many of us have been living outside of our means for awhile now. Credit card companies use predatory tactics to lure consumers into thinking they are getting a great deal on their next new credit card by offering teaser rates that usually start out at zero percent or one percent, and then quickly balloon up to fifteen percent or higher once the introductory period of several months have passed.
If you are late with one payment, even by a few days, tiny print in the terms and conditions of many cards will tell you that your new interest rate will be the default rate, which is typically 19.99%.
This amounts to outrageous interest charges and in many cases, the minimum monthly payment that most consumers make on their credit cards does not include any of the principle balance owed, but is just interest.
This amounts to outrageous interest charges and in many cases, the minimum monthly payment that most consumers make on their credit cards does not include any of the principle balance owed, but is just interest.
How can the consumer get out of debt by paying only the interest on their credit cards each month? Simply put, it is not possible. Debt consolidation, however, can allow you to pay off your credit cards in full and put a halt to this ridiculous interest that is keeping you weighted down with burdensome debt.
With debt consolidation, you can pay off all of your existing debts at once, including your credit cards. You can also include personal loans, department store charge cards, gasoline cards, automobile loans, and private student loans.
With debt consolidation, you can pay off all of your existing debts at once, including your credit cards. You can also include personal loans, department store charge cards, gasoline cards, automobile loans, and private student loans.
By rolling all of your existing debt into one big debt, you save a ton of interest charges because your newdebt consolidation will be written, typically, at a much lower rate. The amount that you will be required to pay each month with debt consolidation is generally much less than the total amount that you were paying your previous lenders combined. Most terms of debt consolidation run five years or less, which means that you can pay off everything you owe fast.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, credit crunch, Loan calculator, loans, loans rates, sub prime loans, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 6:04 PM 0 comments
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Tuesday, December 29, 2009
Personal loans rationed as costs rise
UK borrowers looking to take out a personal loan will find it increasingly difficult as banks tighten their lending criteria and increase the cost of personal loans to limit the best deals to existing customers.
The average rate of a best buy £5,000 loan has risen by 1.54 per cent since the beginning of the year to 10.78 per cent despite interest rates remaining at just 0.5 per cent.
Research also revealed that eight out of nine high street lenders have restricted their loan offerings to existing customers, typically those who hold a current account .
While the number of people searching for a loan using its services has increased by 20 per cent since the end of last year, figures from the British Bankers’ Association showed that borrowing through personal loans has dropped by 28 per cent over the same period.
The average rate of a best buy £5,000 loan has risen by 1.54 per cent since the beginning of the year to 10.78 per cent despite interest rates remaining at just 0.5 per cent.
Research also revealed that eight out of nine high street lenders have restricted their loan offerings to existing customers, typically those who hold a current account .
While the number of people searching for a loan using its services has increased by 20 per cent since the end of last year, figures from the British Bankers’ Association showed that borrowing through personal loans has dropped by 28 per cent over the same period.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: interest rates, Loan calculator, loans rates, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 11:54 AM 0 comments
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Wednesday, December 16, 2009
US to keep loans interest rates low
The Amercian US Federal Reserve repeated its promise to keep interest rates low for an extended period as economic activity remains weak.
Releasing the minutes from its December meeting, the central bank committee left the lending rate at zero to 0.25 per cent. There has been no change to the rate since last December.
The Fed gave a more cheerful assessment of the economy than it had after its meeting last month.
It said that the environment had “continued to pick up”, with an improvement in the labour market, moderate expansion in household spending and signs of improvement in the housing sector.
But the Fed said that with considerable slack remaining in manufacturing capacity, there was little danger of inflation.
Also, although improving, unemployment is still high at 10 per cent and credit continues to be difficult to obtain, the bank said.
There have been concerns that the Fed’s ultra-low rates policy would fuel inflation.
However, Ben Bernanke, the Fed Chairman, considers low rates to be vital to sustaining the economic recovery.
The US Dollar Index, which tracks the greenback against other main currencies, rose to 76.983 points after the Fed’s more optimistic outlook for the economy, up from 76.815 pre-announcement.
Releasing the minutes from its December meeting, the central bank committee left the lending rate at zero to 0.25 per cent. There has been no change to the rate since last December.
The Fed gave a more cheerful assessment of the economy than it had after its meeting last month.
It said that the environment had “continued to pick up”, with an improvement in the labour market, moderate expansion in household spending and signs of improvement in the housing sector.
But the Fed said that with considerable slack remaining in manufacturing capacity, there was little danger of inflation.
Also, although improving, unemployment is still high at 10 per cent and credit continues to be difficult to obtain, the bank said.
There have been concerns that the Fed’s ultra-low rates policy would fuel inflation.
However, Ben Bernanke, the Fed Chairman, considers low rates to be vital to sustaining the economic recovery.
The US Dollar Index, which tracks the greenback against other main currencies, rose to 76.983 points after the Fed’s more optimistic outlook for the economy, up from 76.815 pre-announcement.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: Bernanke, FED, home loans, interest rates, loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 5:33 PM 0 comments
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Wednesday, December 09, 2009
Half of borrowers rely on high cost loans to survive
Half of borrowers rely on high cost loans to survive, the Office for Fair Trading (OFT) has disclosed.
The figures come just a fortnight before Christmas, when consumers traditionally face a sharp rise in their outgoings – and it paves the way for borrowers to wake up with a financial hangover in the New Year.
The report highlighted where credit can be “damaging” when borrowers overstretch themselves and are left unable to repay the amount that they have borrowed.
It found 52 per cent are dependent on door step lending – which tends to focus on short-term, high cost loans. The interest rates found on these types of loan is typically higher than 50 per cent, but can extend to beyond 500 per cent.
And a quarter of these borrowers use the loans on a continuous basis to cope with their financial difficulties amid the recession.
Door step lending sees lenders offer unsecured loans– typically in the region of £300, which is repaid in installments to an agent who calls at the borrower’s home on a weekly basis.
As many as 26 per cent depend on credit cards while a further 19 per cent rely on store cards, according to the OFT’s report into high cost credit.
It suggested the total amount of credit was £228 billion in August 2008, reaching £230 billion in June 2009, before falling slightly in July and August to £229.5 billion.
The report suggested: “Consumers have reduced their expenditure and worked to rein in borrowing to protect themselves against the effects of the recession. It is clear however, that there is still a reasonable appetite for credit.”
The figures come just a fortnight before Christmas, when consumers traditionally face a sharp rise in their outgoings – and it paves the way for borrowers to wake up with a financial hangover in the New Year.
The report highlighted where credit can be “damaging” when borrowers overstretch themselves and are left unable to repay the amount that they have borrowed.
It found 52 per cent are dependent on door step lending – which tends to focus on short-term, high cost loans. The interest rates found on these types of loan is typically higher than 50 per cent, but can extend to beyond 500 per cent.
And a quarter of these borrowers use the loans on a continuous basis to cope with their financial difficulties amid the recession.
Door step lending sees lenders offer unsecured loans– typically in the region of £300, which is repaid in installments to an agent who calls at the borrower’s home on a weekly basis.
As many as 26 per cent depend on credit cards while a further 19 per cent rely on store cards, according to the OFT’s report into high cost credit.
It suggested the total amount of credit was £228 billion in August 2008, reaching £230 billion in June 2009, before falling slightly in July and August to £229.5 billion.
The report suggested: “Consumers have reduced their expenditure and worked to rein in borrowing to protect themselves against the effects of the recession. It is clear however, that there is still a reasonable appetite for credit.”
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: credit crunch, loans rates, recession, sub prime loans, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 8:56 AM 0 comments
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Monday, December 07, 2009
Loans comparison websites can be misleading
Loans comparison websites, used by millions of consumers every month, are "misleading" because they give greater prominence to companies willing to pay their fees, according to industry experts.
They warn that families who rely on these websites could miss out on hundreds of pounds on the best credit card and loans deals.
Price comparison websites have increased in popularity during the recession as consumers use them to hunt down the best possible deals, with over 22 million people using one of these sites in the last three month.
However, many consumers do not realise that comparison sites make their money by earning a commission every time a consumer "clicks through" to a financial service provider's website to apply for a bank account, loan or insurance product.
On average the commission equates to about £40 for an insurance deal, with it rising to £150 on the most profitable loans. Some price comparison sites only list a selection of deals, excluding those companies that will not pay a commission.
The majority of sites attempt to list all providers, regardless of whether they pay a commission, but do not display the commission-free deals on their home page, or they make it quite difficult to find the commission-free deals.
Because most of the sites refuse to list deals that will not pay a fee on their home page it is very difficult for consumers to see the best possible deals.
For instance, one of the highest rates available on an easy access savings account with a £10,000 minimum deposit is The Ulster Bank's Pathway account, paying 3.6 per cent for the first six months.
However, it is not listed on the first page of Moneysupermarket.com's easy access accounts or uSwitch's initial search results for instant access accounts.
The deal is on both of these comparison sites, but consumers need to unclick the "accounts available on uSwitch" before it appears and users need to exit the "best sellers page" on moneysupermarket and conduct a full search. Even after doing that, users need to scroll down past the "sponsored products" to the "full results" to see it.
The Financial Services Authority has given comparison websites a clean bill of health, but the Office of Fair Trading earlier this year started an investigation to ascertain whether consumers were being misled.
It is understood that the OFT has concerns that the sites too often skew certain aspects of a deal – such as high excess amounts on insurance deals – in order to present some products in the most appealing light.
They warn that families who rely on these websites could miss out on hundreds of pounds on the best credit card and loans deals.
Price comparison websites have increased in popularity during the recession as consumers use them to hunt down the best possible deals, with over 22 million people using one of these sites in the last three month.
However, many consumers do not realise that comparison sites make their money by earning a commission every time a consumer "clicks through" to a financial service provider's website to apply for a bank account, loan or insurance product.
On average the commission equates to about £40 for an insurance deal, with it rising to £150 on the most profitable loans. Some price comparison sites only list a selection of deals, excluding those companies that will not pay a commission.
The majority of sites attempt to list all providers, regardless of whether they pay a commission, but do not display the commission-free deals on their home page, or they make it quite difficult to find the commission-free deals.
Because most of the sites refuse to list deals that will not pay a fee on their home page it is very difficult for consumers to see the best possible deals.
For instance, one of the highest rates available on an easy access savings account with a £10,000 minimum deposit is The Ulster Bank's Pathway account, paying 3.6 per cent for the first six months.
However, it is not listed on the first page of Moneysupermarket.com's easy access accounts or uSwitch's initial search results for instant access accounts.
The deal is on both of these comparison sites, but consumers need to unclick the "accounts available on uSwitch" before it appears and users need to exit the "best sellers page" on moneysupermarket and conduct a full search. Even after doing that, users need to scroll down past the "sponsored products" to the "full results" to see it.
The Financial Services Authority has given comparison websites a clean bill of health, but the Office of Fair Trading earlier this year started an investigation to ascertain whether consumers were being misled.
It is understood that the OFT has concerns that the sites too often skew certain aspects of a deal – such as high excess amounts on insurance deals – in order to present some products in the most appealing light.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: credit crunch, Loan calculator, loans, loans rates, sub prime loans, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 2:09 PM 0 comments
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Thursday, November 26, 2009
Overdraft charges- consumers back Supreme Court ruling
The majority of UK consumers are pleased that the banks won a surprise court victory in their battle over unauthorised overdraft charges, it has emerged.
The Supreme Court ruled yesterday that the charges are not subject to regulation by the Office of Fair Trading (OFT) under unfair contract rules.
The ruling means that millions of people who have paid the charges will not be entitled to refunds, but it also lifts the threat against free banking.
Industry commentators had warned that if the banks lost the lucrative income stream from the charges they would look for other ways to recoup it, such as through imposing a flat monthly fee on current account customers or charging for every transaction.
A survey of 3,500 people following the court's decision found that 51pc of people thought the current charging system was fair, saying they objected to subsidising people who could not manage their money. A further 5pc said someone had to pay for free banking in Britain.
But 20pc of people said they thought the charges were too high and penalised the poorest households most, while 24pc thought people were being ripped off by the banks.
Customers who go into unauthorised overdraft or breach their agreed limit can be charged as much as £35 or more for a single bounced payment. Campaigners claim the actual cost to the banks could be as little as £2.50. The charges generate around £2.6bn of revenue a year for banks, and are used to subsidise free banking for other consumers.
The High Court test case was bought by the OFT and seven banks and a building society after thousands of consumers started to reclaim the charges. More than 1m claims were put on hold until the outcome of the case was known.
Consumer group Which? said people were now unlikely to get the charges refunded and it warned them against using claims handling firms who say they could still get them their money back.
The Supreme Court ruled yesterday that the charges are not subject to regulation by the Office of Fair Trading (OFT) under unfair contract rules.
The ruling means that millions of people who have paid the charges will not be entitled to refunds, but it also lifts the threat against free banking.
Industry commentators had warned that if the banks lost the lucrative income stream from the charges they would look for other ways to recoup it, such as through imposing a flat monthly fee on current account customers or charging for every transaction.
A survey of 3,500 people following the court's decision found that 51pc of people thought the current charging system was fair, saying they objected to subsidising people who could not manage their money. A further 5pc said someone had to pay for free banking in Britain.
But 20pc of people said they thought the charges were too high and penalised the poorest households most, while 24pc thought people were being ripped off by the banks.
Customers who go into unauthorised overdraft or breach their agreed limit can be charged as much as £35 or more for a single bounced payment. Campaigners claim the actual cost to the banks could be as little as £2.50. The charges generate around £2.6bn of revenue a year for banks, and are used to subsidise free banking for other consumers.
The High Court test case was bought by the OFT and seven banks and a building society after thousands of consumers started to reclaim the charges. More than 1m claims were put on hold until the outcome of the case was known.
Consumer group Which? said people were now unlikely to get the charges refunded and it warned them against using claims handling firms who say they could still get them their money back.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: home loans, interest rates, loans rates, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 5:43 PM 0 comments
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Wednesday, November 18, 2009
Loans comparison websites failing to win over consumers
UK consumers lack trust in loans comparison websites with one in four people saying they have been able to find better value financial products elsewhere, a survey has found.
Only three out of 10 people said they trusted the sites, which give quotes on products such as insurance, credit cards and mortgages, to find the best price available for them, according to Which? Money.
Two thirds of those questioned also thought they would be presented with the products that would make the websites the most money through commission. One in four people said they did not go on to buy through the sites because they had been able to find a cheaper quote themselves.
Overall, the survey found that none of the comparison sites scored a customer satisfaction rating of more than 50 per cent, lower than for any other financial product or service the group looks at.
Only three out of 10 people said they trusted the sites, which give quotes on products such as insurance, credit cards and mortgages, to find the best price available for them, according to Which? Money.
Two thirds of those questioned also thought they would be presented with the products that would make the websites the most money through commission. One in four people said they did not go on to buy through the sites because they had been able to find a cheaper quote themselves.
Overall, the survey found that none of the comparison sites scored a customer satisfaction rating of more than 50 per cent, lower than for any other financial product or service the group looks at.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: Loan calculator, loans, loans rates, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 2:50 PM 0 comments
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Monday, November 16, 2009
Store cards charge up to 31 per cent APR claims new research
UK shoppers are being warned against using expensive store cards as figures show worst offenders charge as much as 31 per cent APR, compared with 17 per cent on credit cards.
The research by consumer group Which? criticized both the “unnecessarily high” rates of interest and the easy access to store cards.
Its study suggested an indebted graduate was able to secure almost £3,000 of debt from half a dozen stores, despite earnings of less than £1,000 this year.
The research by consumer group Which? criticized both the “unnecessarily high” rates of interest and the easy access to store cards.
Its study suggested an indebted graduate was able to secure almost £3,000 of debt from half a dozen stores, despite earnings of less than £1,000 this year.
Store cards usually offer lower credit limits than traditional credit cards, but come with very high interest rates. And, unlike credit cards, which are given out by banks and their staff, they are handed out by retail staff in high street stores.
There are almost 15 million store cards in circulation, with around £3 billion worth of transactions made on them, according to the Finance and Leasing Association.
It called for tighter checks on customers, saying retailers should share relevant details and work more closely with credit-reference agencies to ensure they know their customer before they agree to lend to them.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: home loans, Loan calculator, loans, loans rates, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 2:40 PM 0 comments
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Thursday, November 12, 2009
Fixed rate home loans- best choices
Now is the right time to take the plunge with a longer term fixed rate home loan.
To track or to fix, that is the question. Unfortunately it's a mortgage question without a clear cut answer. It's hardly surprising tracker mortgages are proving popular with borrowers right now when the rates on the most competitive deals do look very attractive indeed.
Take the Woolwich for example. Its 1 Year Step Lifetime Tracker deal currently offers an astonishingly low rate of 1.98% (Barclays bank base rate/BBBR + 1.48% for one year, then BBBR + 2.49% for the term) for borrowers with a 40% deposit or equity stake in their home.
Even though you're tied in with an early repayment charge (ERC) which extends way beyond the introductory period, (2% of the balance repaid until 31 January 2013) I can see why this deal might catch your eye.
But with trackers comes uncertainty. In the Woolwich's case, the deal is pegged to the Barclays bank base rate, but who can say how that rate might change in the future? And while I agree with Christina that interest rates will remain low in the short-term, will they stay that way until the end of the tie-in period in 2013? I'm not so sure.
Of course, there are plenty of other good tracker deals without extended ERCs. Northern Rock, for example, offers a tracker deal with a current rate of 2.59% (bank base rate + 2.09%) until 1 January 2012. But then again, if the base rate starts climbing fast before the introductory period is over, you could get stung, especially if you're budget is already pushed to the brink.
Unfortunately, while tracker mortgages have become much cheaper since the base rate has dropped to an all time low, fixed rate mortgages really aren't a million miles away from where they were prior to the financial crisis. According to lovemoney.com partner Moneyfacts, the average two year fixed rate mortgage is currently 5.06%, while average two year tracker rate is 3.76%.
The fact is, even if you meet the criteria for the most competitive one or two year fixed rate deals, you'll still find the rates easily exceed 3%. And the longer you want to fix, the higher the rates will be.
Lately, Northern Rock has stirred up competition in the fixed rate mortgage market with the recent launch of a new four and five year fixed rate deal. The four year deal offers borrowers a rate of 4.79%. The product fee is reasonable at £595 for purchases or £995 for remortgages, and the ERCs don't extend beyond the introductory period. But you'll need a deposit or equity stake of at least 30% to qualify.
To track or to fix, that is the question. Unfortunately it's a mortgage question without a clear cut answer. It's hardly surprising tracker mortgages are proving popular with borrowers right now when the rates on the most competitive deals do look very attractive indeed.
Take the Woolwich for example. Its 1 Year Step Lifetime Tracker deal currently offers an astonishingly low rate of 1.98% (Barclays bank base rate/BBBR + 1.48% for one year, then BBBR + 2.49% for the term) for borrowers with a 40% deposit or equity stake in their home.
Even though you're tied in with an early repayment charge (ERC) which extends way beyond the introductory period, (2% of the balance repaid until 31 January 2013) I can see why this deal might catch your eye.
But with trackers comes uncertainty. In the Woolwich's case, the deal is pegged to the Barclays bank base rate, but who can say how that rate might change in the future? And while I agree with Christina that interest rates will remain low in the short-term, will they stay that way until the end of the tie-in period in 2013? I'm not so sure.
Of course, there are plenty of other good tracker deals without extended ERCs. Northern Rock, for example, offers a tracker deal with a current rate of 2.59% (bank base rate + 2.09%) until 1 January 2012. But then again, if the base rate starts climbing fast before the introductory period is over, you could get stung, especially if you're budget is already pushed to the brink.
Unfortunately, while tracker mortgages have become much cheaper since the base rate has dropped to an all time low, fixed rate mortgages really aren't a million miles away from where they were prior to the financial crisis. According to lovemoney.com partner Moneyfacts, the average two year fixed rate mortgage is currently 5.06%, while average two year tracker rate is 3.76%.
The fact is, even if you meet the criteria for the most competitive one or two year fixed rate deals, you'll still find the rates easily exceed 3%. And the longer you want to fix, the higher the rates will be.
Lately, Northern Rock has stirred up competition in the fixed rate mortgage market with the recent launch of a new four and five year fixed rate deal. The four year deal offers borrowers a rate of 4.79%. The product fee is reasonable at £595 for purchases or £995 for remortgages, and the ERCs don't extend beyond the introductory period. But you'll need a deposit or equity stake of at least 30% to qualify.
For more on just how competitive Northern Rock's home loans current range is, why not check out this link?
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: home loans, loans rates, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 3:30 PM 0 comments
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Wednesday, October 28, 2009
Credit cards- the UK system discourages shopping around
Consumers shopping around for the best loan rates could be penalised if their credit rating reflects multiple applications, MPs have been told.
As part of their investigation into the issue the Treasury Select Committee was told that people who made several attempts to get a deal for a loan or credit card could hurt their credit score.
Banks and building societies are increasingly using so-called risk-based pricing, whereby rates are tailored to an individual borrower's circumstances.
But this means the consumer will find out what the price is only after a credit check has been completed. Each search could be logged on a person's credit file, potentially giving other lenders the impression they have applied for many products and been rejected.
Representatives from the industry said the record of multiple loan applications – rather than just successful deals – enabled firms to flag up issues such as high indebtedness or fraud.
But Martin Lewis, of MoneySavingExpert.com, told the panel that some consumers were forced into making several applications after finding they were not eligible for lenders' advertised rates.
He submitted case studies to the committee which included a consumer who said they had applied for a loan at a rate of 9pc but were actually offered one for 30pc. This, he argued, contributed to customers declining to take up one loan and applying for others, but by doing so he said their credit rating might be affected.
"The system is designed to stop shopping around at the detriment of consumer choice," he said.
The committee heard from industry members that legislation requires lenders to advertise an APR rate that 66pc of those taking up the deal will be able to receive.
The remaining customers – a third of those taking up the loan – were potentially paying a higher rate.
Not all lenders use the sorts of checks that would show up on a credit report. Nationwide for example has a policy of using only the softer touch surveys, while Barclaycard enables people to find out if they would qualify for one of its cards without having to make a full application.
As part of their investigation into the issue the Treasury Select Committee was told that people who made several attempts to get a deal for a loan or credit card could hurt their credit score.
Banks and building societies are increasingly using so-called risk-based pricing, whereby rates are tailored to an individual borrower's circumstances.
But this means the consumer will find out what the price is only after a credit check has been completed. Each search could be logged on a person's credit file, potentially giving other lenders the impression they have applied for many products and been rejected.
Representatives from the industry said the record of multiple loan applications – rather than just successful deals – enabled firms to flag up issues such as high indebtedness or fraud.
But Martin Lewis, of MoneySavingExpert.com, told the panel that some consumers were forced into making several applications after finding they were not eligible for lenders' advertised rates.
He submitted case studies to the committee which included a consumer who said they had applied for a loan at a rate of 9pc but were actually offered one for 30pc. This, he argued, contributed to customers declining to take up one loan and applying for others, but by doing so he said their credit rating might be affected.
"The system is designed to stop shopping around at the detriment of consumer choice," he said.
The committee heard from industry members that legislation requires lenders to advertise an APR rate that 66pc of those taking up the deal will be able to receive.
The remaining customers – a third of those taking up the loan – were potentially paying a higher rate.
Not all lenders use the sorts of checks that would show up on a credit report. Nationwide for example has a policy of using only the softer touch surveys, while Barclaycard enables people to find out if they would qualify for one of its cards without having to make a full application.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: credit crunch, loans, loans rates, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 11:08 AM 0 comments
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Thursday, October 22, 2009
Bank loans customers face authorised overdraft rate of 365pc
Halifax and Bank of Scotland customers who use an agreed overdraft are to be charged an interest rate of the equivalent to 365 per cent.
The change means customers with arranged overdrafts of up to £2,500 will be charged at £1 a day and those with arranged overdrafts of more than £2,500 will be hit with a fee of £2 a day.
Customers are being notified of the changes which come into effect on December 6.
Dominic Lindley, Which? personal finance campaigner, said: “This is bad news for any Halifax and Bank of Scotland customers who regularly use their overdraft as it’s effectively a big hike in charges. If you’re overdrawn by £100, a £1 a day charge is equivalent to 365 per cent.
“Anyone who’s unhappy with the new charging structure should vote with their feet by shopping around and switching to a current account that best suits their needs.”
Halifax pointed out that the new charging structure doesn’t have credit or debit interest just a daily fee.
A spokesman for Halifax said: “The vast majority of our customers don’t use their overdraft facility in an average month and those that do only go overdrawn for a few days usually at the end of the month.
“For customers who use their overdraft on a more regular basis we have specifically asked these customers to contact us so we can review their banking needs and ensure they are in the best account for their individual circumstances."
The change means customers with arranged overdrafts of up to £2,500 will be charged at £1 a day and those with arranged overdrafts of more than £2,500 will be hit with a fee of £2 a day.
Customers are being notified of the changes which come into effect on December 6.
Dominic Lindley, Which? personal finance campaigner, said: “This is bad news for any Halifax and Bank of Scotland customers who regularly use their overdraft as it’s effectively a big hike in charges. If you’re overdrawn by £100, a £1 a day charge is equivalent to 365 per cent.
“Anyone who’s unhappy with the new charging structure should vote with their feet by shopping around and switching to a current account that best suits their needs.”
Halifax pointed out that the new charging structure doesn’t have credit or debit interest just a daily fee.
A spokesman for Halifax said: “The vast majority of our customers don’t use their overdraft facility in an average month and those that do only go overdrawn for a few days usually at the end of the month.
“For customers who use their overdraft on a more regular basis we have specifically asked these customers to contact us so we can review their banking needs and ensure they are in the best account for their individual circumstances."
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: home loans, loans, loans rates, sub prime loans
# posted by Dr Search- Principal Consultant at the Search Clinic @ 7:15 PM 0 comments
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Tuesday, October 06, 2009
0% credit loans deals are slipping away
Long term loans 0% deals and fees free deals are on the decline.
New research on credit cards last week made for some grim reading.
While it did suggest that the number of balance-transfer deals with no fees are rising, unfortunately, it didn't mean 0% balance transfer deals, because there are currently no cards that are both interest free and fee free on transfers. The last to offer this was the Abbey Zero card, but that deal has been changed for new applicants.
The research also found that the number of deals lasting at least 12 months has fallen considerably. I keep track of deals lasting more than 12 months and my findings correlate with theirs.
Back in 2007, we found that there were just five cards offering deals over 12 months. Last year there were 14. This year we've lost half of them. That still leaves seven to choose from though, right? Actually, it's not that simple.
All the cards charge a fee of 3%. (Or 2.98%, but let's not quibble about 200ths of a percent!)
This is because many cards are connected, which I have indicated by giving the cards a group. You can't take out a second card from any cards in the same group until you've cleared the balance and closed the card for a time, usually six months to two years.
New research on credit cards last week made for some grim reading.
While it did suggest that the number of balance-transfer deals with no fees are rising, unfortunately, it didn't mean 0% balance transfer deals, because there are currently no cards that are both interest free and fee free on transfers. The last to offer this was the Abbey Zero card, but that deal has been changed for new applicants.
The research also found that the number of deals lasting at least 12 months has fallen considerably. I keep track of deals lasting more than 12 months and my findings correlate with theirs.
Back in 2007, we found that there were just five cards offering deals over 12 months. Last year there were 14. This year we've lost half of them. That still leaves seven to choose from though, right? Actually, it's not that simple.
All the cards charge a fee of 3%. (Or 2.98%, but let's not quibble about 200ths of a percent!)
This is because many cards are connected, which I have indicated by giving the cards a group. You can't take out a second card from any cards in the same group until you've cleared the balance and closed the card for a time, usually six months to two years.
Why are these deals declining?
These deals are great at sucking people in and we usually end up falling for one of the many costly catches, or simply being too lazy to switch our card deals at the end.
However, lenders are becoming less inclined to lend a load of money for almost nothing up front, as they need to make every penny that they lend work for them during these uncertain times.
These deals are great at sucking people in and we usually end up falling for one of the many costly catches, or simply being too lazy to switch our card deals at the end.
However, lenders are becoming less inclined to lend a load of money for almost nothing up front, as they need to make every penny that they lend work for them during these uncertain times.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: home loans, Loan calculator, loans, loans rates, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 1:23 PM 0 comments
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Tuesday, September 29, 2009
UK savings rates hit all time low
UK savings rates have sunk to a new all time low, according to the Bank of England, even though mortgage rates have continued to creep upwards.
The figures come despite official data that suggests consumers want to save money more than at any time in the last six years, as they tighten their belts to cope with the recession.
Despite the all-time low savings rates that banks and building societies are offering, the so-called savings ratio has climbed to the highest level since 2003.
The figures come despite official data that suggests consumers want to save money more than at any time in the last six years, as they tighten their belts to cope with the recession.
Despite the all-time low savings rates that banks and building societies are offering, the so-called savings ratio has climbed to the highest level since 2003.
The ratio, which measures what proportion of their earnings Britons are putting aside, rose to 5.6 per cent in the second quarter of the year – the highest level since 2003, and well above the 1.7 per cent level of last year.
Prudent households, however, are being punished with wafer-thin savings rates, the Bank of England figures suggest.
The average bank instant access account, the most popular form of savings accounts, paid just 0.72 per cent in August, down from 0.74 per cent the month before and a fraction of the 3.1 per cent offered a year ago. It is the lowest rate the Bank of England has recorded since it started monitoring these rates in 1993.
Cash Individual Savings Account, a tax free savings vehicle, now offer a mere 0.41 per cent, slipping from 0.42 in July and a tenth of the level they offered a year ago.
Bank of England figures also indicate that while savers are failing to benefit, mortgage holders are also suffering.
Prudent households, however, are being punished with wafer-thin savings rates, the Bank of England figures suggest.
The average bank instant access account, the most popular form of savings accounts, paid just 0.72 per cent in August, down from 0.74 per cent the month before and a fraction of the 3.1 per cent offered a year ago. It is the lowest rate the Bank of England has recorded since it started monitoring these rates in 1993.
Cash Individual Savings Account, a tax free savings vehicle, now offer a mere 0.41 per cent, slipping from 0.42 in July and a tenth of the level they offered a year ago.
Bank of England figures also indicate that while savers are failing to benefit, mortgage holders are also suffering.
Despite some high-profile attractive deals that have been issued in recent weeks, during August the average two-year fixed rate mortgage edged up from 4.42 to 4.43 per cent. Five-year fixed rate home loans climbed from 5.68 per cent to 5.72 per cent.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: Bank of England, falling interest rates, home loans, interest rates, loans rates, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 2:07 PM 0 comments
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Friday, July 31, 2009
Mortgage Calculator UK for the self employed and people with bad credit histories
Mortgage Calculator UK- Any Purpose Remortgages 
If you are looking for a remortgage for any purpose you've come to the right place. We are confident we can provide you with a competitive quote for your remortgage.
You can use the money you borrow for any purpose and we will process your application quickly so your money can be made available as soon as possible.
You may want your loan for major home improvement work, a holiday, to pay school or university fees, to consolidate debts or to provide financial support for your children. Whatever you need to loan the extra money for we will be happy to listen.
If you are looking for a mortgage, even if you have a poor credit history, come to us first to see what we can do. Your poor credit history does not exclude you from getting a mortgage or remortgage.
Even if your poor credit rating has meant you’ve had special terms imposed on remortgage quotes in the past, we have access to a number of suppliers of poor credit remortgages and have been able to help many customers with a poor credit rating to arrange a suitable remortgage.
For UK mortgage holders looking for a fast online mortgage calculator UK MORTGAGE CALCULATOR APPLY NOW please click here now
For UK loans seekers looking for a fast online loans calculator APPLY NOW please click here now
House Purchase Mortgages- If you want to purchase a house and you’re looking for a mortgage why not take a look at our house purchase mortgages? Our team of advisors will help you to select the best mortgage from our range of lenders to suit your individual circumstances.
If features such as no early repayment penalties, transfer flexibility, or payment holidays are important to you these will be factored-in to our mortgage search. If these features are not important to you, our team of advisors will base the search on finding you the most suitable house purchase mortgage available to suit your particular circumstances.
Once we have all the details, your house purchase mortgage will be processed as soon as possible to ensure your funds are available so you can complete your house purchase without delay. If you need a mortgage for your house purchase urgently you may like to consider a taking out a bridging loan to ensure your house purchase can go ahead quickly.
Self Certification Mortgages- If you’re looking for a mortgage and can’t prove your income, a self certification mortgage may be just what you need.
Self certification mortgages are ideal if you can’t prove your income. This may be because you are self-employed, a freelancer, contractor or seasonal worker, or you may be paid on a commission-only basis, be an un-salaried company director or you may have more than one source of income such as income from investments.
If you’ve had problems finding a regular mortgage because you can’t prove your income please talk to our lenders about a self certification mortgage. We work with a number of suppliers who are happy to consider self certification mortgages. If this sounds like the type of mortgage you need talk to one of our advisers today to see what we can do for you.
Once we have all the details, your self certification mortgage will be processed as soon as possible to ensure your funds are available so you can complete your house purchase without delay.
Your finance can be for any purpose and your application will be processed quickly to ensure your monies are granted as soon as possible. Once your loans are granted you are free to spend the money on anything you wish.
As long as you are employed and you are over 18, you can apply. Please contact us today for a free no obligation quote.
Our lenders provide some of the most competitive finances in the UK. So if you’re looking for a help and you’re a UK resident why not ask for a quote?
At Wise Money we work with a number of different financial services providers. As a result we find that we are able to provide competitive rates and terms for a wide range of different personal circumstances.
You can choose between a secured or an unsecured credit and it can be for any purpose. All we ask is that you can meet the monthly repayments and that you’re a UK resident.
You can expect a prompt and efficient service. An in-principle decision will be made as soon as possible and once yourapplication has been fully processed your money is made available to you as quickly as possible which you are then free to spend as you wish.
Please click here now to APPLY NOW online here now
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: home loans, Loan calculator, loans rates, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 8:30 AM 0 comments
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Wednesday, July 15, 2009
Unsecured Personal Loans to your door in just 24 hours!
Unsecured personal loans through Wise Money can be couriered to your door in the UK in just 24 hours! As long as you are employed and you are over 18, you can apply.
£500 - £25,000
Sensible rates
Instant Yes or No
No money laundering documents
3 levels of PPP
Our courier delivers the funds to your door within 24hrs
For UK loans seekers looking for a fast online calculator UNSECURED PERSONAL LOANS APPLY NOW please click here now
Are you suffering with an impaired finance history? Have you been refused credit, or finance, because of problems in the past? If you have, or suspect you have been refused finance because of a bad credit history, we can still help. A bad credit history does not mean that you can’t get an unsecured finance. Every month literally 1000’s of people who have a poor history get granted additional finance by using us.
Being refused or having a poor rating is nothing to be ashamed of and our lenders will not judge you either.
We may still be able to arrange finance for you even if you've been turned down or refused many times.
A poor finance history is just that, history. So why not fill in our online form today for a free quotation and perhaps we can turn your past into a positive result.
What is non secured finance?
A unsettled poor history finance is for people who have had problems in the past, and now have a less than perfect rating. An unsecured finance does not require you to use your property as a guarantee or security for the money either. As the finance is not settled against a property, the finance offers a little more flexibility to the borrower that does not wish to put their home at risk.
Who are non secured finances designed for?
Poor history finances are, in the first instance, best suited to those with a poor history who do not wish to secure the finance against their property. In the second instance, unsettled finance is often the only option for people or tenants who suffer with an impaired history and have no property to balance the finance against.
Who can apply for finance?
The simple answer is anybody can apply for finance, however in reality before an application can be processed your age and employment status are taken into consideration.
As long as you are employed and you are over 18, you can apply. Please contact us today for a free no obligation quote.
Please click here now to APPLY NOW online here now
Life is difficult enough- escpecially during these credit crunch times. It is our intention to try and save you time, worry and money by finding you the best value, unbiased financial services. Deep Throat's adage during the Watergate crisis to the Washington Post was to follow the finance to uncover the truth. This is a maxim we endeavour to copy without any fuss or hassle as we try to offer the best value impartial finances for you. As long as you are employed and you are over 18, you can apply. Please contact us today for a free no obligation quote!
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: loans, loans rates, sub prime loans, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 2:29 PM 0 comments
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Wednesday, July 01, 2009
Debt Consolidation UK Loans for bad credit and self employed
Consolidate Debt UK Loans by Wise Money- UK loans calculators and UK mortgage calculators for the self employed, contractors, consultants, company directors, freelancers.
People in adverse, poor and bad credit situations, tenants, arrears or court judgments- monthly payments can be consolidated and reduced by up to 70%
For debt consolidation UK loans seekers a fast online consolidate debt loans calculator APPLY NOW please click here now
For UK mortgage holders looking for a fast online mortgage calculator APPLY NOW please click here now
Debt Consolidation UK Loans- if your debts are becoming unmanageable you may be considering a debt consolidation loan. This may mean you will be repaying your loan for a longer term but debt consolidation loans could lower your monthly repayment to a more manageable amount.
Debt consolidation loans can be secured or unsecured: if you wish to borrow a considerable amount of money, or your credit history is poor, or you may just want the lowest possible interest rate, it may be necessary to secure your debt consolidation loan against an asset you own, usually your house. Talk to an Finance adviser to discuss your situation and they will help you decide the best option for your situation.
Borrow £5,000 to £1,000,000
Borrow over 3 to 25 years
Simple, fast and straight forward
Free yourself from unwanted debts
For UK loans seekers looking for a fast online consolidate debt loans calculator APPLY NOW please click here now
Bad Credit History Loans- Even if you’ve got a bad credit history you can still apply for help. A bad credit history should not put you off applying for a loan and we have helped many customers who have been turned down in the past by other lenders.
You may need a loan to provide extra cash, to buy a van, take a short break, or to pay off credit or an overdraft. Whatever you need the finance for we will consider your application.
Being refused credit or having a bad credit rating is nothing to be ashamed of and we won't judge you either.
We may still be able to arrange an unsecured bad credit loan for you even if you've been turned down or refused credit many times.
A bad credit history is just that, history. So why not fill in our online form today for a free unsecured bad credit loan quotation and perhaps we can turn your bad credit history into a positive result.
We specialise in helping those previously refused by other companies and high street lenders. Finance for tenants, homeowners, and anybody with bad credit or credit difficulties such as CCJs, defaults or mortgage arrears.
We even arrange loans for the self-employed and those who have difficulty in proving their income.
No matter what you need, experienced and friendly advisors will guide you every step of the way - so your loan application goes ahead quickly, easily and completely hassle free.
Any purpose loans- If you’re looking for loans for any purpose come and talk to us about your requirements. Whether you’re considering secured or unsecured loans, we will help you find the best loans with the lowest interest rate and the most preferential terms available to suit your individual circumstances.
You may need to arrange a loan for a new car, a well-deserved holiday, home improvements, to pay school or university fees, or to pay off credit cards or an overdraft.
Your loans can be for any purpose and your application will be processed quickly to ensure your loans are granted as soon as possible. Once your loans are granted you are free to spend the money on anything you wish.
Personal loans- If you’re looking for ersonal finance talk to a adviser today to discuss your financing requirements. We work with a range of providers to ensure we can offer you good terms and interest rates on personal finance.
Your personal finance may be for any purpose, from a new vehicler to an overseas trip, whatever you want the additional money for we will try and help. Once your application has been processed, an in-principle decision can be made very quickly. When your application has been approved your money will be made available as soon as possible, and you are free to spend it as you wish.
Please click here now to APPLY NOW online here now
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
People in adverse, poor and bad credit situations, tenants, arrears or court judgments- monthly payments can be consolidated and reduced by up to 70%
For debt consolidation UK loans seekers a fast online consolidate debt loans calculator APPLY NOW please click here now
For UK mortgage holders looking for a fast online mortgage calculator APPLY NOW please click here now
Debt Consolidation UK Loans- if your debts are becoming unmanageable you may be considering a debt consolidation loan. This may mean you will be repaying your loan for a longer term but debt consolidation loans could lower your monthly repayment to a more manageable amount.
Debt consolidation loans can be secured or unsecured: if you wish to borrow a considerable amount of money, or your credit history is poor, or you may just want the lowest possible interest rate, it may be necessary to secure your debt consolidation loan against an asset you own, usually your house. Talk to an Finance adviser to discuss your situation and they will help you decide the best option for your situation.
Borrow £5,000 to £1,000,000
Borrow over 3 to 25 years
Simple, fast and straight forward
Free yourself from unwanted debts
For UK loans seekers looking for a fast online consolidate debt loans calculator APPLY NOW please click here now
Bad Credit History Loans- Even if you’ve got a bad credit history you can still apply for help. A bad credit history should not put you off applying for a loan and we have helped many customers who have been turned down in the past by other lenders.
You may need a loan to provide extra cash, to buy a van, take a short break, or to pay off credit or an overdraft. Whatever you need the finance for we will consider your application.
Being refused credit or having a bad credit rating is nothing to be ashamed of and we won't judge you either.
We may still be able to arrange an unsecured bad credit loan for you even if you've been turned down or refused credit many times.
A bad credit history is just that, history. So why not fill in our online form today for a free unsecured bad credit loan quotation and perhaps we can turn your bad credit history into a positive result.
We specialise in helping those previously refused by other companies and high street lenders. Finance for tenants, homeowners, and anybody with bad credit or credit difficulties such as CCJs, defaults or mortgage arrears.
We even arrange loans for the self-employed and those who have difficulty in proving their income.
No matter what you need, experienced and friendly advisors will guide you every step of the way - so your loan application goes ahead quickly, easily and completely hassle free.
Any purpose loans- If you’re looking for loans for any purpose come and talk to us about your requirements. Whether you’re considering secured or unsecured loans, we will help you find the best loans with the lowest interest rate and the most preferential terms available to suit your individual circumstances.
You may need to arrange a loan for a new car, a well-deserved holiday, home improvements, to pay school or university fees, or to pay off credit cards or an overdraft.
Your loans can be for any purpose and your application will be processed quickly to ensure your loans are granted as soon as possible. Once your loans are granted you are free to spend the money on anything you wish.
Personal loans- If you’re looking for ersonal finance talk to a adviser today to discuss your financing requirements. We work with a range of providers to ensure we can offer you good terms and interest rates on personal finance.
Your personal finance may be for any purpose, from a new vehicler to an overseas trip, whatever you want the additional money for we will try and help. Once your application has been processed, an in-principle decision can be made very quickly. When your application has been approved your money will be made available as soon as possible, and you are free to spend it as you wish.
Please click here now to APPLY NOW online here now
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, Loan calculator, loans, loans rates, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 6:17 PM 0 comments
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Friday, June 26, 2009
Car Loans auto finance for bad credit and self employed
Car loans and autos finance by Wise Money- UK loans calculators and UK mortgage calculators for the self employed, contractors, consultants, company directors, freelancers.
People in adverse, poor and bad credit situations, tenants, arrears or court judgments- monthly payments can be consolidated and reduced by up to 70%
For UK car loans seekers looking for a fast online car loans calculator APPLY NOW please click here now
A car loan that isn’t a car loan! Do you have your heart set on that dream car but can't get the money together to pay for it? Have you been refused a car loan or car finance due to problems in the past? Regardless of your circumstances we can set you on the right track with an unsecured car loan for a used or new car.
An unsecured car loan is an excellent alternative to car finance. With low competitive rates, and much more flexibility, thousands of people are turning to unsecured car loans as a method of funding their new or used car purchase every week.
And remember, because the car loan is 100% unsecured you won't feel like someone else owns the car until the finance is repaid in full, the car will be all yours from day one. All we ask is that you are sure the loan repayments are affordable and that you can keep them up.
To apply for a car loan you need to be in full time employment, and of course you need to be able to make the regular monthly repayments on the car loan. With our help you could be driving away in your dream car in no time.
Actually our loans can be used for any purpose, new car, dream holiday, home improvements or even a deposit on your first home. You could even treat yourself with a car loan to pay for your new car and use the remaining funds to take your family on a well deserved break in your new car! Whatever you have in mind, Yes Loans can help you find the right solution.
Applying for a car loan is easy and straightforward. You can borrow any amount from £250 right upto £25,000, depending on your circumstances, over a period of time to suit you. Even if you have a bad credit history we can still say Yes, and at the same time we can help you rebuild your poor credit rating.
We accept well over 90% of all car loan applicants, regardless of their past credit history. So whether you're looking for a used, or a shiny brand new car to impress your mates, we have the right unsecured car loan waiting for you.
For UK car loans seekers looking for a fast online car loans calculator APPLY NOW please click here now
Bad Credit History Loans- Even if you’ve got a bad credit history you can still apply for help. A bad credit history should not put you off applying for a loan and we have helped many customers who have been turned down in the past by other lenders.
You may need a loan to provide extra cash, to buy a van, take a short break, or to pay off credit or an overdraft. Whatever you need the finance for we will consider your application.
Personal loans- If you’re looking for ersonal finance talk to a adviser today to discuss your financing requirements. We work with a range of providers to ensure we can offer you good terms and interest rates on personal finance.
Your personal finance may be for any purpose, from a new vehicler to an overseas trip, whatever you want the additional money for we will try and help. Once your application has been processed, an in-principle decision can be made very quickly. When your application has been approved your money will be made available as soon as possible, and you are free to spend it as you wish.
Please click here now to APPLY NOW online here now
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
People in adverse, poor and bad credit situations, tenants, arrears or court judgments- monthly payments can be consolidated and reduced by up to 70%
For UK car loans seekers looking for a fast online car loans calculator APPLY NOW please click here now
A car loan that isn’t a car loan! Do you have your heart set on that dream car but can't get the money together to pay for it? Have you been refused a car loan or car finance due to problems in the past? Regardless of your circumstances we can set you on the right track with an unsecured car loan for a used or new car.
An unsecured car loan is an excellent alternative to car finance. With low competitive rates, and much more flexibility, thousands of people are turning to unsecured car loans as a method of funding their new or used car purchase every week.
And remember, because the car loan is 100% unsecured you won't feel like someone else owns the car until the finance is repaid in full, the car will be all yours from day one. All we ask is that you are sure the loan repayments are affordable and that you can keep them up.
To apply for a car loan you need to be in full time employment, and of course you need to be able to make the regular monthly repayments on the car loan. With our help you could be driving away in your dream car in no time.
Actually our loans can be used for any purpose, new car, dream holiday, home improvements or even a deposit on your first home. You could even treat yourself with a car loan to pay for your new car and use the remaining funds to take your family on a well deserved break in your new car! Whatever you have in mind, Yes Loans can help you find the right solution.
Applying for a car loan is easy and straightforward. You can borrow any amount from £250 right upto £25,000, depending on your circumstances, over a period of time to suit you. Even if you have a bad credit history we can still say Yes, and at the same time we can help you rebuild your poor credit rating.
We accept well over 90% of all car loan applicants, regardless of their past credit history. So whether you're looking for a used, or a shiny brand new car to impress your mates, we have the right unsecured car loan waiting for you.
For UK car loans seekers looking for a fast online car loans calculator APPLY NOW please click here now
Bad Credit History Loans- Even if you’ve got a bad credit history you can still apply for help. A bad credit history should not put you off applying for a loan and we have helped many customers who have been turned down in the past by other lenders.
You may need a loan to provide extra cash, to buy a van, take a short break, or to pay off credit or an overdraft. Whatever you need the finance for we will consider your application.
Personal loans- If you’re looking for ersonal finance talk to a adviser today to discuss your financing requirements. We work with a range of providers to ensure we can offer you good terms and interest rates on personal finance.
Your personal finance may be for any purpose, from a new vehicler to an overseas trip, whatever you want the additional money for we will try and help. Once your application has been processed, an in-principle decision can be made very quickly. When your application has been approved your money will be made available as soon as possible, and you are free to spend it as you wish.
Please click here now to APPLY NOW online here now
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: Loan calculator, loans, loans rates, UK loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 12:27 PM 3 comments
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Wednesday, February 04, 2009
Loans rates announcements due soon
Despite the fact we are heading into the Bank of England's rate decision tomorrow Sterling is holding up pretty well.
There is no doubt Sterling has a lot of in built bad news already in the price and a 0.5 % base rate cut is already priced in some may even argue that 1% is already accounted for.
On the other hand the ECB still stubbornly refuse to move their interest rate down from 2% and tomorrow we expect unchanged. Short term GBP EURO could move lower on the back of the widening interest rate differentials, however the continuing downgrading of Euro Zone growth forecasts can only mean further pressure on the Euro and Sterling could be the main benefactor of this.
In the US the Obama effect looks like it could be running out of steam and the US$ will come under pressure as the Treasury struggles with its exploding balance sheet.
The short term rally we saw in the Australian Dollar has also fizzled out as the market comes to terms with what could be a protracted slowdown down under especially as the price of commodities continues to fall.
And over to Russia the fun continues as the Central Bank desperately tries to hold up a freefalling Rouble, a thankless task and this is also putting pressure on Poland and Hungary as their currencies get drawn into the global risk aversion play and continue to fall.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
There is no doubt Sterling has a lot of in built bad news already in the price and a 0.5 % base rate cut is already priced in some may even argue that 1% is already accounted for.
On the other hand the ECB still stubbornly refuse to move their interest rate down from 2% and tomorrow we expect unchanged. Short term GBP EURO could move lower on the back of the widening interest rate differentials, however the continuing downgrading of Euro Zone growth forecasts can only mean further pressure on the Euro and Sterling could be the main benefactor of this.
In the US the Obama effect looks like it could be running out of steam and the US$ will come under pressure as the Treasury struggles with its exploding balance sheet.
The short term rally we saw in the Australian Dollar has also fizzled out as the market comes to terms with what could be a protracted slowdown down under especially as the price of commodities continues to fall.
And over to Russia the fun continues as the Central Bank desperately tries to hold up a freefalling Rouble, a thankless task and this is also putting pressure on Poland and Hungary as their currencies get drawn into the global risk aversion play and continue to fall.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and consolidate debt loans.
Labels: consolidate debt loans, Loan calculator, loans rates, sub prime loans
# posted by Dr Search- Principal Consultant at the Search Clinic @ 10:51 AM 0 comments
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Friday, August 24, 2007
Interest rate risk aversion returns to loan calculator
The yen rallied on Friday as risk aversion returned to global markets following several sessions of relative calm.
An overnight drop in US equity markets was followed by falls in Asian stocks. But trade was light with few investors wishing to take fresh positions in the face of uncertainty about the timing of the next rate move from the US Federal Reserve.
During most of the week, speculators had begun to re-enter carry trade plays, a risky strategy of trading interest rate differentials, where gains can easily be wiped out by sudden, volatile moves in prices.
Signs on Friday that volatility was returning prompted the unwinding of some of these positions, which benefitted the yen, which is usually sold off to fund carry trades.
The euro was broadly higher against most other currencies, however, after eurozone business activity remained robust in August. The composite purchasing manager’s index, which compiles data in the region for both manufacturing and service industries, fell slightly to 57.2, from 57.5 in the previous month, but most analysts suggested the data remained strong enough to indicate a rebound in growth in the second half.
”This therefore supports our view that the ECB will still hike interest rates in September, provided market conditions continue to improve,” said an analyst.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and debt consolidation.
An overnight drop in US equity markets was followed by falls in Asian stocks. But trade was light with few investors wishing to take fresh positions in the face of uncertainty about the timing of the next rate move from the US Federal Reserve.
During most of the week, speculators had begun to re-enter carry trade plays, a risky strategy of trading interest rate differentials, where gains can easily be wiped out by sudden, volatile moves in prices.
Signs on Friday that volatility was returning prompted the unwinding of some of these positions, which benefitted the yen, which is usually sold off to fund carry trades.
The euro was broadly higher against most other currencies, however, after eurozone business activity remained robust in August. The composite purchasing manager’s index, which compiles data in the region for both manufacturing and service industries, fell slightly to 57.2, from 57.5 in the previous month, but most analysts suggested the data remained strong enough to indicate a rebound in growth in the second half.
”This therefore supports our view that the ECB will still hike interest rates in September, provided market conditions continue to improve,” said an analyst.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and debt consolidation.
Labels: ECB, loans rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 1:48 PM 0 comments
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Thursday, April 12, 2007
Refinancing rate rises worries as markets digest data
Data from the British Retails Consortium, out last night, showed no signs of a slow down in UK consumer spending. Healthy growth in March gives further support to those pushing for a rates rise as early as May. Retail sales growth was up from 5.6 per cent last month to 6.2 per cent for March an increase that was expected by the market but not by such a high margin.
Further upside for the Pound against the euro and Dollar was helped by an interesting article in the FT, about overseas dividend payments possibly being exempted from UK taxes. The FT report explaining that the UK Treasury could possibly allow UK based companies to repatriate money made from foreign profit tax free, which was the key element, was welcomed by many and the positive boost was hence reflected with the Pound strengthening.
This afternoon the ECB will meet to discuss interest rate levels with the market expecting them to keep rates on hold at 3.75 per cent. However with the Hawks circling and the inflation argument ready to be used, the market players are looking to see if Jean-Claude Trichet opts to use the term "strong vigilance," his typical signal that rates will be lifted at the next policy meeting.
Across the water in Asia the Japanese Yen felt further pressure from the carry trade, a speculative strategy where investors borrow low-yielding currencies and lend high-yielding ones, which has helped weaken the Japanese currency as of late. The low Japanese interest rate, which is currently just 0.5 per cent, has been put in place by the Bank of Japan to further tighten monetary policy and help nurture economic recovery.
Over in the US the Federal Open Markets Committee meeting notes from March explained that Inflation was "uncomfortably high", with the Fed seeing inflation as the "predominant concern" for the US economy. The Fed explained that further policy firming might be needed to cool inflation but also mentioned that there was clear concern about the US economy’s growth.
The explanation left some market participants in double mind as to whether the Fed will raise rates any time soon citing the FOMC communication as being slightly inconsistent.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and debt consolidation.
Further upside for the Pound against the euro and Dollar was helped by an interesting article in the FT, about overseas dividend payments possibly being exempted from UK taxes. The FT report explaining that the UK Treasury could possibly allow UK based companies to repatriate money made from foreign profit tax free, which was the key element, was welcomed by many and the positive boost was hence reflected with the Pound strengthening.
This afternoon the ECB will meet to discuss interest rate levels with the market expecting them to keep rates on hold at 3.75 per cent. However with the Hawks circling and the inflation argument ready to be used, the market players are looking to see if Jean-Claude Trichet opts to use the term "strong vigilance," his typical signal that rates will be lifted at the next policy meeting.
Across the water in Asia the Japanese Yen felt further pressure from the carry trade, a speculative strategy where investors borrow low-yielding currencies and lend high-yielding ones, which has helped weaken the Japanese currency as of late. The low Japanese interest rate, which is currently just 0.5 per cent, has been put in place by the Bank of Japan to further tighten monetary policy and help nurture economic recovery.
Over in the US the Federal Open Markets Committee meeting notes from March explained that Inflation was "uncomfortably high", with the Fed seeing inflation as the "predominant concern" for the US economy. The Fed explained that further policy firming might be needed to cool inflation but also mentioned that there was clear concern about the US economy’s growth.
The explanation left some market participants in double mind as to whether the Fed will raise rates any time soon citing the FOMC communication as being slightly inconsistent.
Loans Calculators Blog- loans rates blog for news about interest rates- unsecured and secured loans, mortgages, remortgages and refinancing including home loans, equity release and debt consolidation.
Labels: FOMC, loans rates, UK-loans-rates
# posted by Dr Search- Principal Consultant at the Search Clinic @ 3:57 PM 0 comments
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