Articles tagged "loans"

Wonga backs down over student row

Last updated: Jan 12th, 2012

News by Nathalie Bonney

Payday loan company Wonga has stopped promoting short-term loans for students, following criticism from the National Union for Students.

Loan rates at lowest level in four years

Last updated: Jan 5th, 2012

News by Rebecca Rutt

Interest rates on persona loans have dropped to their lowest levels in four years giving some light relief to borrowers.

Student Loans Company's fraud alert

Last updated: Dec 15th, 2011

News by Ruth Jackson

The Student Loans Company, which handles government loans to students studying in the UK, is contacting some of its customers amid fears it has been the victim of fraud.

Are big banks failing small businesses?

Last updated: Oct 4th, 2011

Feature by Jenny Little

Banks claim they are lending more to companies but smaller start-ups seem to be missing out. Armed with a business plan, Moneywise hits the high street to find out what cash is available.

Demand for bank lending slows

Last updated: Aug 25th, 2011

News by Ruth Jackson

Banks saw a lack of demand for lending in July as Brits continued to be cautious about building up new debt.

Unsecured loan

Last updated: Aug 2nd, 2011

Glossary

Unsecured loans mean the loan is not secured on any asset you already own, such as a house, car or other assets and so is a riskier prospect for the lender. Therefore, they usually come with higher interest rates than their secured counterparts, are less flexible and levy high redemption penalties. Most “personal” loans are unsecured.

Sub-prime

Last updated: Aug 2nd, 2011

Glossary

All sub-prime financial products are aimed at borrowers with patchy credit histories and the term typically refers to mortgage candidates, though any form of credit offered to people who have had problems with debt repayment is classed as sub-prime.

Social lending

Last updated: Aug 2nd, 2011

Glossary

The name given to a certain type of financial transaction which takes place directly between individuals or “peers” without the use of a traditional financial institution such as a bank. Various social lending websites incorporate a number of strong risk controls, and screen all potential borrowers by checking their credit history.

Payday loans

Last updated: Aug 2nd, 2011

Glossary

Short-term cash loans designed to be borrowed mid-way through the month to tide the borrower over until they next get paid, whereupon the loan is settled. Generally used by people with bad credit ratings and/or no access to short-term credit such as an overdraft or credit card.

Means test

Last updated: Aug 2nd, 2011

Glossary

A test to assess the financial “means” or resources (income, savings, property) of a person to determine whether or not that person is eligible for financial assistance (such as state benefits, legal aid, free prescriptions, etc) from the government.

E-mail Newsletters

Editor's Picks

Vote now on our poll

News, articles, advice and guides from everyday money issues to how to grow your money. Covering all aspects of personal finance, Moneywise offers independent news and views, forums and blogs, as well as unique compare and buy comparison tools.

Moneywise distributes services supplied by Interactive Investor. Interactive Investor Trading Limited, trading as "Interactive Investor", is authorised and regulated by the Financial Services Authority. Copyright © 2012 Moneywise.