Personal Loans
Personal loan availability on the decrease
A recent report has indicated that the number of personal unsecured loans now available to consumers in the UK has decreased, with many lenders too worried to offer loans that are not secured against any form of asset. The rising levels of bad debt in the UK coupled with the widespread effects of the credit crunch, which has impacted on most financial sectors leaving a path of destruction, have resulted in many lenders decreasing the number of financial services and products on offer and increasing stringency with regards to their lending criteria.
Popularity: 42% [?]
Would you pay 2.6 million percent APR?
A woman that borrowed a small amount of money for a short period of time has been charged an astounding 2.6 million percent APR by a lender. The woman from York took out the small £320 loan for the period of one week from loan company Early Pay Day Loans, and was charged an astonishing 2.6 million percent APR with interest of £80 being added to what she owed just for borrowing the money for seven days. According to reports the APR when worked out over the twelve month period came to 2,639,385.9%.
Popularity: 38% [?]