IS page 2 of IS YOUR LOAN COMPANY RIPPING YOU OFF? Page 2
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- Introduces the key issues when choosing a personal loan.
- Self employed loans. When being self employed is the impediment
- If you are selfemployed and want a loan, this article is a useful read.
- Self employed loans. When being self employed is the impediment
- If you are selfemployed and want a loan, this article is a useful read.
- Consolidation Loans for Tenants. Empowering Tenants with a Method to Counter Debts
- Tenants will find it harder to raise a loan but its not impossible. This article explains
- Wedding Loans in the UK. Saving Future from the Present Wedding Expenses
- Weddings can be expensive. A few must dos about loans before you say I do.
Summary:
Despite what they might profess, money lenders with sky high interest rates are preying on the people who are in the worst position of anyone else to pay the cash back. But no more, says the Competition Commission, which is standing up to these 'Loan Sharks' and taking a stand.
Author: Bridget Carter
But rates as high as 1000%? Or even 177%?
One could argue that nothing justifies rates that high.
One of the money lenders in the market, Provident Financial, says they ( life insurance ) offer credit cards with interest rates of 70%. But right from the start the customer knows exactly what they are getting into.
With the agreement comes the statement "customers are not ( insurance ) being overcharged for their home credit loans, nor is the home credit sector making excessive profits."
But take this back to the Competition Commission and ask them whether they agree with this statement and they'll tell you they don't agree.
What the Commission wants, and plans to get, is for rules ( cheap secured loans ) to be in place to bring down the interest of these loans and force these 'loan sharks' to spell it out in full what is the cost - the real cost - of the loan. Right at the end when it's all paid off so at least the customer knows what they are entering into.
New rules released by the commission are supposed to be due out in summer.
And when the new rules are out, the Competition ( car insurance policies ) Commission hopes that people will wake up to how much they are forking out to pay for this cash up front and they'll start to shun these types of loan companies like the plague. And the only ones left standing are the ones prepared to play fair.
Loans may be secured on your home or other property. Think carefully before securing other debts against your home.
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