personal loans

Alliance & Leicester in record £7 million fine

Rebecca Atkinson — Tue, 07 Oct 2008 12:05:47 +0100

Alliance & Leicester has been fined a record £7 million by the City watchdog for putting pressure on loan borrowers to take out payment protection insurance (PPI).

The Financial Services Authority (FSA) says that for three years to December 2007, the banking giant sold around 210,000 PPI policies to customers alongside personal loans at an average price of £1,265.

Better protection for consumers

Rebecca Atkinson — Wed, 01 Oct 2008 10:08:55 +0100

New laws to protect consumers from rogue traders, lenders and debt collectors come into force today that should help people keep track of their borrowing more effectively.

What’s the best way to buy a new car?

Chris Thomas — Tue, 02 Sep 2008 11:58:56 +0100

For thousands of motorists, a brand new car direct from the showroom floor is the only thing that will do – credit crunch or no credit crunch. With one of the busiest seasons for new car sales upon us, many prospective buyers will be flocking to the forecourts.

Cut the cost of financing your new car

Rebecca Atkinson — Fri, 29 Aug 2008 17:24:07 +0100

With the new 58 registration cars rolling off the forecourts this week, choosing the wrong personal loan could be an accident waiting to happen.

Barclaycard cancels customer cheques

Rebecca Atkinson — Tue, 29 Jul 2008 12:32:34 +0100

Barclaycard has cancelled hundreds of cheques sent to its secured loan customers after a system error left them at risk of fraud.

Facebook users warned over misleading loan adverts

Rebecca Atkinson — Mon, 12 May 2008 17:43:14 +0100

Credit firms using websites like Facebook to advertise cheap loans have been accused of breaking advertising rules, by debt charity Credit Action.

The charity has made a complaint to the Office of Fair Trading about the number of firms targeting young people using social networking sites. Credit Action claims adverts for cheap loans secured against cars or even payslips break advertising rules by failing to give details of interest rates.

Credit Action says adverts promising cheap loans for people with poor credit ratings are appearing on networking site - in particular Facebook - and many break advertising regulations. The biggest violation is failing to disclose the typical APR.

Lender accused of encouraging frivolous spending

Rebecca Atkinson — Wed, 07 May 2008 11:15:35 +0100

A personal loans company has been forced to withdraw an advertising campaign after it was accused of encouraging frivolous spending on credit.

Everydayloans, a specialist lender with branches across the UK, was reprimanded by the Advertising Standards Authority for a leaflet campaign featuring an exhausted woman surrounded by shopping bags. The leaflet stated: "Take the strain out of your finances. Let everydayloans lighten the load. Michelle could relax with her everydayloan sorted."

Following a consumer complaint, the advertising watchdog has now banned the campaign for potentially encouraging people to spend irresponsibly using borrowed money.

Loan repayment calculator

Administrator — Thu, 13 Dec 2007 12:59:12 +0000

This calculator will calculate a loan's monthly payment amount based on the amount borrowed, the length of the loan and the annual interest rate.

Then, once you have Calculated the monthly payment, click on the "Create Repayment Schedule" button to view how your repayments contribute to the reduction of the loan over time.

How much are you looking to borrow?
What is the loan's annual interest rate?
What is the term of the loan in months?
Result
This is the amount of your monthly payment: