Loans Articles
My partner and I are considering a joint loan, is it wise?
21st May 2019When taking out a joint loan, there are many things you need to consider. Signing up to a joint credit agreement is a huge commitment and it’s important to ensure you have all the facts before signing on the dotted line. While no one wants to think about a relationship breaking down, the truth is […]
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Could a Credit Union help with my cash flow problems?
5th March 2019Credit unions offer a range of financial products including current accounts, savings accounts, and loans, and can be a good alternative to banks and building societies whilst also helping your cash flow. There are credit unions all around the UK, almost 100 of them operating in Scotland. They’re not always widely advertised, however, and although […]
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What is a ‘continuous payment authority’ (CPA) on a payday loan and how can I cancel it?
25th August 2017Continuous payment authorities, or CPAs, are often used by payday loan providers as a way to take repayments via a debit card, or sometimes a credit card. A CPA effectively grants permission to take recurring payments, but it can be hard to revoke if you later experience financial difficulty and need to cancel the authority. […]
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Log book loans and personal debts explained
9th January 2017If you have a poor credit history and are not eligible for mainstream borrowing, log book loans offer a way to obtain finance quickly. They involve borrowing money against the value of your vehicle, and this becomes the property of the lender until the loan is repaid in full. This type of loan has come […]
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How to Complain About a Payday Lender
14th November 2016Payday loans have become a common form of borrowing throughout the UK in recent years and they are now widely used by many thousands of people nationwide. These loans though tend to involve very high levels of interest and charges and the companies offering them are not always as scrupulous as they could be. In […]
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Payday Lender Ordered to Repay £34m to Borrowers
21st September 2016A payday lending company has been ordered by the Financial Conduct Authority (FCA) to repay £34 million to its customers after being found guilty of persistently deploying “unfair practices”. The financial services industry’s primary regulator has revealed that CFO Lending misused its customers’ banking details to take their money without permission and failed to treat […]
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Indebted Brits ‘Increasingly Reliant’ on Money from Friends and Family
2nd September 2016Growing numbers of people who are struggling with personal debt problems are turning to their friends and family for financial support. But borrowing money from friends and relatives can have serious negative consequences and can often hinder the process of seeking support in dealing with debt. That’s according to the debt help charity Step Change, […]
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Unauthorised Overdraft Charges ‘Higher Than Payday Loan Interest Rates’
12th July 2016The charges associated with unauthorised overdraft use are higher than those typically charged as interest by providers of payday loans. That’s according to the consumer group Which?, which is calling for more to be done to limit the extent to which bank account service providers charge their customers for entering overdrafts without prior arrangement. Research […]
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Complaints About Payday Loan Companies ‘Up by 178% Last Year’
26th May 2016The number of complaints being made by consumers around the UK about the practices of payday loan companies increased by as much as 178 per cent in the year to March of this year. That’s according to the Financial Ombudsman, which has revealed that it received 3,216 complaints about short-term and high-interest lenders during 2015-16, […]
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Guarantor Loans ‘Potentially As Problematic As Payday Loans’
21st July 2015Loans backed up by guarantees given on behalf of borrowers are potentially as problematic as payday loans for anyone who finds their personal finance situation spiralling out of their control. That’s according to the Citizens Advice charity, which is concerned by the apparent rise in prevalence of loans that are underpinned by guarantees of payment […]
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How to consider what is the right loan for you
10th May 2015In choosing the best loan for you, consideration should be given to a number of factors, including the loan term, interest rate and your borrowing limits. Although you’ll probably have an idea of the type of loan you want, whether secured or unsecured, let’s first look at the main differences between the two. Secured vs […]
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Personal Loan for People in Bankruptcy
1st April 2015Getting personal loans after bankruptcy discharge can be a problem because your credit file will be adversely affected by the insolvency. It is possible, however, but might take a little longer to source the best provider. Some lenders specialise in this type of loan, whilst others operate a separate department within their larger organisation. If […]
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Payday lenders still not playing fair, says FCA
13th March 2015Payday lenders are failing to treat their customers fairly even after 12 months of being regulated by the Financial Conduct Authority (FCA). According to the authority, tightening of relevant rules and its increased scrutiny of payday lenders has helped create a greater customer-focus among firms in the sector but there remains plenty of room for […]
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What to Consider When Applying for an Unsecured Personal Loan
10th March 2015Unsecured personal loans are generally taken out for one-off purchases such as a car or a special holiday. The attraction of this type of loan is the fixed interest rate and fixed terms offered, as borrowers can budget accurately and retain better control of their finances. Although on the face of it, an unsecured personal […]
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Payday Loans Still Not Safe, Says Scottish Charity
26th February 2015Recent moves to tighten up regulations relating to the payday loans industry in the UK are welcome but do not make these short-term services “safe overnight”, according to Citizens Advice Scotland. The charity has long been campaigning for a clampdown on the activities of payday loan companies, which it sees as lenders of money on […]
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Payday Lenders Forced to Feature Loan Deals on Price Comparison Sites
24th February 2015Payday lenders across the UK will soon be obliged to feature details of their loan offerings on at least one price comparison site in the interests of consumer protection. The independent Competition and Markets Authority (CMA) has ruled that having payday loans feature on price comparison websites will help give users of these financial facilities […]
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Bad Credit Loans and Poor Credit History
9th February 2015If you have a poor credit rating, you may find it difficult to borrow money at ‘regular’ interest rates. Interest will be charged at a higher rate than normal so that lenders can protect themselves from the risk of default. Your credit history will have been adversely affected if you got behind with repayments on […]
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Sharp Rise in Debtor Complaints about Loan Brokers
4th December 2014A growing number of men and women in debt around the UK are seeing their financial difficulties added to by the interference of loan brokers, who in many cases take money directly from personal bank accounts without having provided any service whatsoever. That’s according to a new set of figures on the subject compiled by […]
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1.4 Million Brits to Fund Christmas Through Payday Loans
21st November 2014Christmas looks set to bring more debt misery to consumers and families around the UK this year, with millions intending to fund their festive spending through credit. According to research by the Money Advice Service (MAS), around 46 per cent of men and women around the country will be funding Christmas through credit, with as […]
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Charges Cap Announced on Payday Loans for UK Individuals
12th November 2014A cap on how much interest payday loan companies can charge their customers is to be introduced in the UK, the Financial Conduct Authority (FCA) has announced. The cap will mean that debtors will soon be obliged to pay no more than 0.8 per cent per day in interest on their loans and no one […]
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Payday loan brokers accused of ripping off struggling Brits
30th October 2014Some of the most financially insecure people in Britain are having money taken directly out of their bank accounts by payday loan brokers, a number of different parties within the UK’s financial service sector have warned. NatWest Bank, part of the Royal Bank of Scotland (RBS) Group, has revealed that it is receiving more than […]
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Personally guaranteed debts and loans – What to do if you’re worried
10th October 2014Securing a loan or a line of credit isn’t always a straightforward or routine process, particularly if you have a relatively poor or indifferent credit rating. For any number of reasons, lenders aren’t always willing to offer loans to individuals without making sure that their debts are secured through personal guarantees. In many cases, these […]
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Personal loans and debt problems
10th October 2014Personal loans are perhaps one of the most straightforward ways of borrowing money but they can nonetheless be a source of serious financial complication and concern. If you are worried about your ability to pay back personal loans on any scale then you are not alone as there are thousands of people in that same […]
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Preventing a payday loan disaster – tips for debtors in Scotland
10th October 2014Payday loans are provided to thousands of UK consumers every month and they’ve emerged in recent years as a very widely-used form of credit across Scotland. The idea behind payday loans from the likes of Wonga, Quick Quid and Sunny, to name just a few popular providers, is that they should be used for brief […]
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Car loan debt driving you mad?
9th October 2014Borrowing money to pay for a car or a vehicle of any sort is a very common practice in Scotland and the rest of the UK. The reasons are obvious enough as they allow an individual to buy a car immediately without having to pay for it upfront. There are two main ways of using […]
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Wonga’s Payday Loan Advert Banned From TV
8th October 2014An ad for Wonga.com’s payday loans has been banned from British TV screens after falling foul of regulations imposed by the Advertising Standards Agency (ASA). The ASA has been closely scrutinising the promotions deployed by payday loan companies in the UK of late and decided that a recent offering from Wonga did not do enough […]
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Man Commits Suicide After Racking Up Payday Loan Debts
28th July 2014A woman who lost her father to suicide after he amassed more than £20,000 of debt has blamed payday loan lenders for his death, pleading: “Why do they still lend money to people when you have got debt?” Ian Jordan, a 60-year-old granddad from Botley near Southampton, overdosed on painkillers after his debts spiralled out […]
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FCA: Payday Loan Interest Charges to be Capped
18th July 2014Good news for those looking to borrow money; the cost of taking out a payday loan will soon be dropping after the financial watchdog announced a cap will be introduced. From January borrowers will not have to pay more than 0.8 per cent per day of the amount borrowed, including interest and fees – even […]
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Scotland is home to the highest number of payday loan debtors
30th December 2013Despite the Government’s recent plans to cap payday loans, it could be too late for many unable to repay spiralling loan charges. Recent statistics from debt charity StepChange revealed that Scotland has the highest number of people in debt to payday lenders. Citizens Advice Bureau (CAB) Scotland admitted to seeing over 100 cases per week […]
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Payday loan firm under threat
13th August 2013The Church of England has ‘declared war’ on payday loan firm Wonga, with plans to support credit unions and compete it ‘out of existence’. The short term, easy access loans with high interest rates offered by payday lenders have been widely criticised as a way of targeting the most vulnerable debtors who require fast access […]
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I’ve been offered PPI as part of my loan, but I’m not sure if I need it?
3rd June 2013Payment Protection Insurance (PPI) exists to cover repayments on a loan if something like illness or unemployment leaves you unable to make payments. Usually, PPI covers larger loans such as car loans, mortgages, credit cards etc. If you’re taking out a loan, you may have been offered a PPI policy and you could be wary […]
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I’m looking for short-term cash, could a bridging loan help me?
7th May 2013A bridging loan should only ever be looked on as a short term solution to a financial problem and as part of a longer term debt repayment plan. Recent predictions from privately funded lender West One Loans suggest that by the end of summer 2013, bridging lenders will be making gross loans to the extent […]
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