Explore this weekly news digest by LoanTube to stay up-to-date with the latest financial happenings of the United Kingdom.
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Loan Amount
£4000 -
£20000
Norwich Trust
Loan Term
1 -
10 years
4.8/5
Representative APR
31.90%
Minimum Age
21 Years
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.
4.8/5
Norwich Trust
Loan Amount
£4000 -
£20000
Loan Term
1 -
10 years
Representative APR
31.90%
Minimum Age
21 Years
Minimum Income
£2000 per month
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.
Loan Amount
£5000 -
£100000
Evolution Money Loans
Loan Term
1 -
20 years
4.5/5
Representative APR
28.96%
Minimum Age
18 years
Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00
4.5/5
Evolution Money Loans
Loan Amount
£5000 -
£100000
Loan Term
1 -
20 years
Representative APR
28.96%
Minimum Age
18 years
Minimum Income
Not mentioned
Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00
Loan Amount
£1000 -
£10000
1Plus1 Guarantor Loans
Loan Term
1 -
5 years
4.4/5
Representative APR
39.90%
Minimum Age
18 years
Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.
4.4/5
1Plus1 Guarantor Loans
Loan Amount
£1000 -
£10000
Loan Term
1 -
5 years
Representative APR
39.90%
Minimum Age
18 years
Minimum Income
Not mentioned
Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.
University Admissions Service Accused of Promoting High-interest Private Loans
The Universities and Colleges Admissions Service has been condemned of promoting Future Finance that offers high-interest private loans to students. The lender offers loans on interest rates ranging from 8% to 23.7%, which is higher than the government-funded loans. The advertisement was sent to students on 22 August by UCAS media and the deputy leader of the Labour Party Tom Watson mentioned in his tweet that this act by the independent charity is indefensible as it promoted sky-high loans. He further added that such adverts must be dropped straight away. The loans that are offered to the students by the government has an interest rate of 5.4% (maximum), which allows the students to repay it when they start earning a certain amount post their graduation. Also, the debt is wiped out after 30 years.
Read more here.
Britain Facing Financial Crime Epidemic: Charles Randell
While addressing at the Cambridge Economic Crime Symposium, the chair of the UK’s Financial Conduct Authority, Charles Randell said that Britain is suffering from a very serious epidemic of financial crime. The general public is being targeted by mini-bond scams, pensions investments, and cryptocurrency of foreign exchange scams. After a series of scams such as London Capital & Finance, he urged the Treasury to provide more power and authority to the FCA that will help them reform the rules to protect the consumers. In 2019, the total amount that was lost due to investments that were not regulated has touched almost £1 billion. He said that misleading advertisements are the reason for these frauds and companies like Google earn profit from these scams as they advertise such fraudulent products.
Read more here.
August Witnesses Growth in House Prices at a Fastest Rate
According to Halifax, house prices in Britain increased at the fastest rate (annually) in four months. House price growth in July was 1.5% and in August, it rose to 1.8% – this was calculated using a new methodology introduced this month. The new measure of the annual house price growth doesn’t take into consideration an average house price growth of the previous three months.
Read more here.
Polling Firms Warned Ahead of Probable Brexit Election by the Financial Regulator
The Financial Conduct Authority has warned the polling firms to not breach market rules by using information retrieved from unpublished polls ahead of a probable Brexit election. During the 2016 referendum, many polling companies sold data privately to hedge funds – which could make a trade on the information they received. The FCA further added that it will be a breach if any firm shared anticipated bond market-moving information, prior to the publication of the results.
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Labour Warns to Crackdown on Excessive Payouts
Shadow Chancellor John McDonnell said that to tackle the high levels of inequality in pay, excessive payouts will be banned. Latest figures by the European Banking Authority published that more than 3,500 bankers in the United Kingdom in 2017 were paid more than £900,000. In the British economy, the finance and insurance industry pays out the highest level of bonuses. The total value of payouts has increased by 9.7% over the year to March 2017 as per the data released by the Office for National Statistics. If banks will not take proactive action against this issue, the Labour would soon introduce rules to curtail such functioning of the industries.
Read more here.
