Discover the latest finance news in the United Kingdom and stay updated on trends in the financial services sector. Read now.
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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
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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.
Key Takeaways from the Bank of England’s Interest Rate Decision
The Bank of England plans to keep interest rates stable this week. However, it may try to signal to investors that rate hikes could be approaching. The Monetary Policy Committee (MPC) will publish its latest meeting minutes and announce its interest rate decision. Experts predict the MPC will vote to maintain the benchmark lending rate at 0.75%.
Senior UK economist Sree Kochugovindan from Barclays expects a consistent approach, keeping the gradual rate hike strategy intact. Nomura’s George Buckley stated that interest rates will likely remain unchanged unless Brexit developments take a positive turn.
Read the full story here.
UK House Prices Show a Stark Contrast Between London and Other Regions
House prices in the UK rose by 1.4% in April, with most growth occurring outside Southern England. The latest data from the Office for National Statistics (ONS), Land Registry, and other sources reveal that the average UK house price reached £229,000 in April.
The East Midlands recorded the highest annual growth at 2.9%, followed by the North West at 2.6%. According to Gareth Lewis, commercial director at MT Finance, house price growth is gaining traction outside London and the South East. This shift provides stability for the broader economy, even though London prices remain at a premium.
Read the full story here.
Final Call for PPI Claims, Warns Financial Regulator
The UK Financial Conduct Authority (FCA) has launched a final campaign urging consumers to file Payment Protection Insurance (PPI) claims before the August 29, 2019 deadline. Since January 2011, financial institutions have paid out £35.3 billion in compensation for mis-sold PPI policies.
After the deadline, individuals who have not submitted a claim will lose the opportunity to seek compensation. The FCA emphasizes that complaints should be directed to the financial provider or the Financial Ombudsman, if necessary.
Read the full story here.
Fifth Arrest in London Capital & Finance Fraud Investigation
Authorities arrested Paul Careless, the millionaire founder of marketing firm Surge Financial, near his Brighton home on June 19, 2019. This marks the fifth arrest in the ongoing investigation into the collapse of London Capital & Finance (LCF).
According to the Serious Fraud Office (SFO), officers executed warrants at multiple locations as part of the probe. The investigation continues under the supervision of the National Crime Agency. Surge Financial, a third-party service provider, played a key role in raising investments for LCF before its collapse. More than 11,500 investors were affected, and the Financial Services Compensation Scheme (FSCS) is urging them to register for potential payouts.
Read the full story here.
GBP Remains Flat as UK Transport Costs Decline
New data shows the UK Consumer Price Index (CPI) recorded an annual rate of 2.0% in May, down from 2.1% in April. The Office for National Statistics (ONS) attributes this drop to falling transport and vehicle prices, along with fluctuations in airfares caused by Easter timing.
The British pound could weaken further if upcoming UK retail sales data shows a larger-than-expected decline for May.
Read the full story here.
Good News for UK Debtors: 60-Day ‘Breathing Space’ Introduced
People struggling with debt will soon receive a 60-day “breathing space” period, shielding them from enforcement action by creditors. During this time, debt collectors and bailiffs cannot pursue individuals, and interest, fees, and charges will be frozen.
The Conservative Party proposed this initiative in 2017, and while widely supported, implementation will begin in early 2021. Eligible individuals must work with professional debt advisers to create a long-term financial plan. The system allows for adjustments based on personal circumstances, meaning monthly payments may decrease if disposable income declines.
The Treasury will present final regulations to Parliament before rolling out the program.
Read the full story here.
