What a load of bollux
http://www.tescofinance.com/personal...rrerid=tesco20
8.2%
http://www.theaa.com/finance/finance...jsp?loantype=S
8.5%
http://www.sainsburysbank.co.uk/borr...NSBORZSSL10001
8.2%
more media bulltulip.
- Visitors can check out the Forum FAQ by clicking this link. You have to register before you can post: click the REGISTER link above to proceed. To start viewing messages, select the forum that you want to visit from the selection below. View our Forum Privacy Policy.
- Want to receive the latest contracting news and advice straight to your inbox? Sign up to the ContractorUK newsletter here. Every sign up will also be entered into a draw to WIN £100 Amazon vouchers!
Collapse
You are not logged in or you do not have permission to access this page. This could be due to one of several reasons:
- You are not logged in. If you are already registered, fill in the form below to log in, or follow the "Sign Up" link to register a new account.
- You may not have sufficient privileges to access this page. Are you trying to edit someone else's post, access administrative features or some other privileged system?
- If you are trying to post, the administrator may have disabled your account, or it may be awaiting activation.
Logging in...
Previously on "Personal loans: average interest rate trebles to 30pc"
Collapse
-
Personal loans: average interest rate trebles to 30pc
http://www.telegraph.co.uk/finance/p...s-to-30pc.html
Those applying for personal loans this month will find that interest rates have soared and the number of products available has halved since January.
At the beginning of the year consumers looking to borrow £5,000 for purchases such as a car or holiday could choose from 105 loans, compared with just 57 this month, according to research by comparison website MoneyExpert.com.
The company also found that the interest charged, expressed as an annual percentage rate (APR), on the loans still available had trebled over the same period. In January the average interest rate on a £5,000 loan was 10.65pc, compared with 29.4pc this month.
This is in stark contrast to the Bank of England base rate, which was at 5.5pc at the beginning of the year but now sits at 2pc, the lowest it has been in over half a century.
But rising levels of unemployment, with the figures at their worst in 11 years, have made banks wary of lending money they are less likely to see repaid and there has been an increase in subprime loans in recent months.
Sean Gardner, chief executive at Money Expert, warned that the situation was unlikely to change soon.
"The banks and other financial institutions are not keen to lend and until economic prospects pick up and the threat of widespread unemployment recedes, we're unlikely to see the return of cheap credit while loan providers re-evaluate the risks the are willing to take on," he said.
One area where there has been growth is the number of high-interest loans for those who are less financially secure, such as those with a poor credit rating. There are currently six loans with rates of between 14pc and 24pc and five loans charging between 50pc and 70pc interest.Tags: None
- Home
- News & Features
- First Timers
- IR35 / S660 / BN66
- Employee Benefit Trusts
- Agency Workers Regulations
- MSC Legislation
- Limited Companies
- Dividends
- Umbrella Company
- VAT / Flat Rate VAT
- Job News & Guides
- Money News & Guides
- Guide to Contracts
- Successful Contracting
- Contracting Overseas
- Contractor Calculators
- MVL
- Contractor Expenses
Advertisers
Contractor Services
CUK News
- Streamline Your Retirement with iSIPP: A Solution for Contractor Pensions Sep 1 09:13
- Making the most of pension lump sums: overview for contractors Sep 1 08:36
- Umbrella company tribunal cases are opening up; are your wages subject to unlawful deductions, too? Aug 31 08:38
- Contractors, relabelling 'labour' as 'services' to appear 'fully contracted out' won't dupe IR35 inspectors Aug 31 08:30
- How often does HMRC check tax returns? Aug 30 08:27
- Work-life balance as an IT contractor: 5 top tips from a tech recruiter Aug 30 08:20
- Autumn Statement 2023 tipped to prioritise mental health, in a boost for UK workplaces Aug 29 08:33
- Final reminder for contractors to respond to the umbrella consultation (closing today) Aug 29 08:09
- Top 5 most in demand cyber security contract roles Aug 25 08:38
- Changes to the right to request flexible working are incoming, but how will contractors be affected? Aug 24 08:25
Leave a comment: