Government acts on payday loan worries

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/6022a824-20f3-11e1-8a43-00144feabdc0.html#ixzz1fvsJNijs

The government vowed to step up its fight against potentially unscrupulous lending practices amid fears that lower earners were being drawn into a spiral of debt by expensive short-term loans.

Ed Davey, consumer affairs minister, acknowledged yesterday there was concern around so-called payday loans and said the government had started discussions with the industry to ensure codes of practice “contain real enhanced consumer protection”.

High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/6022a824-20f3-11e1-8a43-00144feabdc0.html#ixzz1fvsO9Uoe

A spokesman for David Cameron, prime minister, added that Downing Street was working with the industry and consumer organisations to ensure vulnerable people were protected.

The use of small-scale payday loans, the subject of a Financial Times investigation this week, has grown rapidly as borrowers’ incomes are squeezed and they struggle to access bank credit.

About 4m people a year tap payday loans in the UK. The lending has long attracted criticism from consumer groups and politicians. The annual rates of interest can reach 5,000 per cent.

Much debate has focused on whether the UK should introduce a formal cap on interest rates, following similar moves by some US states and some European countries. But in a report the government warned that cutting off access to high-cost loans could leave poorer consumers struggling to access legal credit sources at all.

Payday lenders said the high annual percentage rates were misleading. Some argue that complaining that a payday loan has a 4,000 per cent APR is like complaining that a hotel room costs £10,000 a year; neither is intended for long-term use.

The Consumer Finance Association, which represents payday lenders, has noted that payday loans attracted fewer than 60 complaints between July and December 2010.

Source: http://www.ft.com/intl/cms/s/0/6022a824-20f3-11e1-8a43-00144feabdc0.html#axzz1fv2k1XGW

No Fax No Tension Get Instant Cash Loans

It is noticed that people come across lot of problems in life. You can now get an easy way to obtain cash loans without faxing. This helps you to avail the advance quickly as there is no documentation or any kind of paperwork required. Hence you can avail the cash within less time to satisfy any basic want.

You can now pay off all your unexpected expenses like:

• Electricity bills.


• To pay of car repair bills.


• To pay off education fees.


• To pay off other utility bills.

We offer this finance for bad credit holders as they can benefit quick availability to meet any need. We also grant such advances to homeowners and tenants as they can get cash without any restriction.

In order to avail this finance you have to meet certain terms and conditions like, you must be a citizen of UK, you should be above 18 years of age, you must have a regular income, you must earn at least £1000, and you must have an active and valid bank account.

You will be given this advance ranging from £80 to £1500. The repayment period is from 1-30 days. We easily avail you this finance, you just need to fill a simple application form with your basic details and wait for the approval. Once the loan amount is approved the cash is transferred in your bank account within 24 hours. As a result you can pay off all your expenses at the right time.

You can also apply online for this credit by filling an application form. The contents of the form include your income proof, social security number, employment details and your banking details. It will be quickly approved without any hassles.

Do not wait; just apply to get fastest availability of cash loans no faxing that fulfills all your needs.

GO FIND YOUR BEST Unsecured Loans DEAL NOW!

Home Equity Loans - Best Source of Cheap Finance

Home equity loans are considered as a powerful instrument of getting a loan at lower interest rate when compared to other loan options. They are basically secured loans taken by the borrowers against the equity in their home. The home has to be offered as security by the borrowers to the loan providers. Equity in the home is equal to current market value of the home minus the debts of the borrower. If the market price of the home increases, the equity will increase and if the debt on the homeowner is way below than market value of the home, then also the equity increases.

The amount a homeowner can borrow depends on the equity of the home. Lenders find out the market value of the home put as security and see the outstanding liabilities on it and then provide a difference of the two called net worth as home equity loans. We can come across several financial requirements such as home improvements, education, meeting medical expenses or consolidation of the debts by taking these loans.

Types of Home Equity Loans:

• Closed Home Equity Loan: It is the most popular type of home equity loan. In this type the agreed loan amount is provided in lump sum to you. The loan amount has to be repaid in fixed interest rate for the particular period. The maximum repayment period is of 30 years. However, low repayment schedule is preferred since it will lower your expenditure for the long term interest payment.


• Home Equity Line Of Credit: The home equity line of credit (HELOC) loan is used if you require money constantly. The lenders transfer the agreed loan amount of the loan to an account and you can get the money when you require it. The major benefit is the flexibility and the user is free to get the money at any time during the given period. You have to repay the interest for only the amount you have withdrawn from the account. However, you have to close the account within the given period of time.


• Home Equity Refinancing: This is the other type of home equity loan. It is a first mortgage loan whereas home equity closed loan and HELOC are second mortgages and it is usually used when you do not have much equity in the home.

Home equity loans are basically secured loans taken by the borrowers against the equity in their home and are considered as a powerful instrument of availing loan at lower interest rate when compared to other loan options. The maximum repayment period is of 30 years.

Unsecured Loans: Get Collateral Free Finance in UK

Since no one can live a contended life without proper financial resources, people take help of external financial resources, so that their emergency and routine financial requirement can be fulfilled without any hassle. Loans are one of those financial resources that every person prefers to access for fulfilling his or her financial requirements. Sometimes, highly intensive financial requirements appear and drain out all your available financial resources.

This is the time where we hope for a suitable financial help, so that the situation can be handled efficiently. Usually, people like to approach banks for arranging suitable finance, as banks are capable of solving all short and long term financial requirements. In order to help people in solving their financial problems, banks and financial institutions offer various loan schemes. Basically, all banks and financial institutions categorize their loan schemes into two different categories i.e. secured and unsecured loan schemes. However, both categories carry considerable financial benefits but as far as convenience and aptness is concerned, unsecured loans are a better option. Since these loans are free from the hassle of collateral submission, the borrower can get a less hassle some finance with them.

Unsecured loans can help borrowers without bothering for arrangement of collateral. Since these loans are not pledged against any high valued property, the borrower can avail the loan without risking his or her hard earned property. Basically, these loans are long-term loans and can be used for each and every long-term financial requirement. These loans are perfect for settling any financial requirement but in case of any emergency financial requirement, the borrower will have to wait for a long time, as these loans consume four to five days for approval, analysis and verification. However, with involvement online processing system, these loans have become less time consuming therefore, if you want to redeem these loans for settling any emergency requirement then always go for online mode.

Getting these loans through online mode is a sensible decision, as with it the borrower can get the loan amount within a very short time period. Since these loans do not include any procedure for collateral evaluation, submission and verification, getting approval is more convenient for borrowers. The basic reason behind demanding collateral is to secure the risk associated with loan, so that the loan amount can be recovered by the sale of collateral. With these loans, the borrower can be rest assured that his or her property will remain safe in every situation.

As there is more risk associated with Unsecured loans, the lender charges higher interest rate. However, the borrower can cope up with that problem by doing a thorough market research, as it will enable the borrower to find out competitive loan deal. If you are looking for these loans and want to check out all available deals in the marketplace, then you can take the help of the internet. In fact, this can help you in browsing through websites of various loan providers, so that you may get all useful information for making your loan deal affordable.

Gilbert Imlay is a financial advisor with years of experience and specializations in Unsecured Personal loans,instant decision unsecured loans, Unsecured loans,Bad credit unsecured loans.For more information visit www.ukunsecuredloans.me.uk

Source: http://www.amazines.com

Cash Advance Loans: Easy Finance Anytime

Sudden need for money sometimes makes people very helpless. Asking for advance salary is not a very good option as it mars good impression in the work place. Also friends and relatives cannot always help. There is no meaning in wandering aimlessly in such situations. It is always better to opt for Cash Advance Loans which are usually approved on the same day of application.
Cash advance loans offer amounts in the range of £100-£1500 for the borrower’s needs. The loan amount, however, depends on factors such as the monthly income and repayment ability of the borrower. These loans are unsecured in nature as no collateral is required for approval of these loans.

Cash advance loans are short term loans having repayment duration in the range of 14 to 31 days. The due date is fixed keeping in view the next payday of the borrower. On the due date the loan amount is automatically deducted from the bank account. Loan term can be, however, extended by paying extra fees to the lender.

Borrowers have to fulfill certain conditions for getting cash advance loans. The conditions that require to be fulfilled are : • regularly employment for the last 6 months.

regular residence since last 3 months.

a citizen of UK having age more than 18 years.

a current bank account which is at least 6 month old.

Cash advance loans involve no paper work and faxing, which makes the processing faster. Also, absence of prior credit check makes these loans available to bad credit borrowers also.

Interest rates charged in cash advance loans is slightly higher than other loans. This is because of the unsecured and short term nature of the loan. But this can be countered through proper research of the loan market. Comparing the loan schemes of various lenders can lead to finding deals having lower interest rates.

Cash advance loans are also available online. The online mode is considered to be the best way of getting these loans as borrowers can assess various lenders, compare and select the deal that offers them low cost. Cash advance loans are thus an easy way to meet necessities like credit card repayment, grocery bills, electricity or gas bills, medical check ups, car repairs, urgent travel expenses and many other expenses.

Source: http://www.goarticles.com/cgi-bin/showa.cgi?C=784327

Commercial Loans

No one likes to risk his/her property for a loan. The applicants seek for the safe passage while applying for the loan so that the circumstances of repossession do not arise. This feature can be marked in the scheme named as unsecured loans. No matter how your credit status is, you are eligible for a loan amount without using collateral. For the support of the applicants lenders propose amount between £1,000 and £25,000 with reimbursement term of 1-10 years.

With the aid of this loan applicants can deal with more than one end. Personal ends like buying an expensive car, spending holidays in exotic destinations, refurbishing the house, consolidation of debts and also deactivating the CCJs, defaults, arrears, late-payments, bankruptcy are to be listed a few. Moreover, bad credit profile holders can build a new credit free from the contiguity of bitter days. This flexibility has made it one of the highly preferred loan policies because persons can easily cater their ends.

Easy is the process of approving the loan and easier it becomes when it is applied through e-application method. This e-application is wired to give quick results and cuts down the burden of paper-work. But before applying make sure that the particulars are accurate and as required.

This loan can be regarded as the revolution as it has broken the long going process of pledging collateral. This is a risk free loan for borrowers but not for loan lenders. Banks and other loan lending institutions borne risk by allocating loan without collateral, which is marginalized by levying slight higher interest rates. Comparing the different loan quotes is a rewarding exercise because through this lenders can locate reasonable rates. Not only reasonable but that figures suitable for their repayment.

So, unsecured loans are the easiest form of realizing the personal material desires and without having the least fear of repossession of property.

Sourse: ezinearticles.com

Personal Loans for your personal needs

Loans which are provided for personal purpose are known by personal loans. The loan market is crowded with personal loans, with a loan designed for a specific purpose. So you can go for a special personal loan to renovate home, buy car, go to long vacation tour, wedding, debt consolidation etc.

Personal Loans are categorized under secured or unsecured loans. Secured personal loans are usually opted for when greater amount is required. These loans come against borrower’s home or any asset of great value. The loan amount under secured personal loans usually ranges up to £75000, determined on collateral value. But the biggest benefit of secured personal loans is that borrower pays interest at lower rate, which makes the loan repaying fairly easier. To make the repayment further smoother, one can choose to repay the loan in 5 to 30 years.

Most consumers already know that they need to find a low interest rate when shopping for a personal loan, but there are some other issues that can be very important as well. Is there a grace period with the loan and, if so, what is it? How are the interest and the principal paid on? There are some personal loans where the first set of payments is used to pay off the interest only, and none of the payment is applied to the principal. There are other personal loans that divvy up the payment; some is paid on the interest and the remainder of the payment is paid on the principal.

Borrowers with bad credit history also are being approved for secured or unsecured personal loans. You may be having late payments or arrears in your name or you may have defaulted on payments or have CCJs and IVAs --- whatever may be your credit problem,personal loans are available to such borrowers.

There are a variety of lenders offering personal loans in the UK today, from traditional high street banks and building societies to online banks and supermarkets. With varying personal loan deals – APR’s, Payback Methods, Accelerated Repayments, Repayment Holidays, PPI (Payment Protection Insurance) – credit shopping becomes imperative.