Know all the latest Finance & Economy news of the United Kingdom.⭐Weekly news ⭐Insights and reports
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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.
Weakest Consumer Lending Growth in Over 5 Years
Recent data from the Bank of England showed that consumer lending growth was the weakest in over five years. Brexit uncertainty has impacted house prices in London and south-eastern England since June 2016. Net mortgage lending rose more than by 3.7 billion pounds in June. House prices are expected to rise by no more than 1.5 per cent this year. Industry body of UK Finance reported last week that the number of approvals for house purchase was near a two-year high in the month of June. The BoE said that the net lending in June rose by 1.046 billion pounds – which was stronger than recent months. In recent months, British consumer spending has lost its momentum.
Read more here.
British Holiday-makers Are Hit By the Recent Fall in the Value of Pound
Holidaymakers in Britain are feeling the most immediate hit of the latest decline in the value of the pound, which since mid-May has lost about 7 per cent of its value against the euro. The recent pre-Brexit collapse of sterling could not have been worse for millions of Brits just as they are preparing to go overseas on their summer holidays. The current 3-month slide of the Sterling was not as drastic as its 10% fall on the dollar and 6% fall on the night of the Brexit vote. It will push up inflation if no quick reversal in foreign exchange markets take place. Also, this will it the spending power of the consumers who helped the economy through the Brexit crisis.
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Prepare for No-deal Brexit: EU Finance Watchdog
Financial regulation chief of the European Union, Valdis Dombrovskis has urged banks and brokers to complete their preparations for a no-deal Brexit. He has also warned that the EU shouldn’t expect further help from Brussels to mitigate the impact of the UK leaving the EU. He further added that delays in the Brexit shouldn’t be made as an excuse by financial institutions who slowed down their preparations. After a no-deal Brexit, the United Kingdom is anticipated to promptly seek equivalence for different services that are offered by the City of London.
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Threats of Unregulated Cryptocurrencies: Britain’s Markets Watchdog
On Wednesday, the Financial Conduct Authority (FCA) said that bitcoin and other unregulated cryptocurrencies have no fundamental value and don’t offer the consumers much protection. Consumers must understand the risk associated when they are investing in assets that are not regulated. The financial regulator is ready to work closely with other national and international regulators to coordinate approaches to streamline the currently highly dysfunctional market of cryptocurrencies in the United Kingdom. It is no doubt that Britain’s cryptocurrency sector is a key part of the UK fintech industry but it needs certain regulations to reach its full potential.
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BoE to Hold Steady Interest Rates Amid No-deal Brexit Fears
Policymakers of Bank of England are set to hold the interest rates as the nine-strong Monetary Policy Committee (MPC) is consistently observed keeping the interest rates at 0.75 per cent. The bank may increase its forecast for inflation after the recent fall of the pound because weak sterling makes it more expensive to import goods and services. The forecast for second-quarter Gross Domestic Product (GDP) had already been trimmed in June by the Bank of England.
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FCA Recommends a Contingent Charging Ban for Pensions
Britain’s financial watchdog has suggested prohibiting financial advisers from receiving payment only when a customer moves a pension pot – known as contingent charging. This is claimed to cost customers two billion pounds a year. The lawmakers highlighted that advisers should only be rewarded if they recommend a course of action and further stated that they should be forbidden for advice on the transfer of a defined benefit pension. The ban was proposed by the FCA to crack down the conflicts of interest in the sector of pension. The ban has the aim of refining the quality of advice for people who want to move their pension.
Read more here.
