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Finance News (08th July – 14th July)

Finance News | LoanTube

 

Read the latest finance and economy news and explore insights and trends of the UK finance industry. ⭐Easy-to-read ⭐Stay updated

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Loan Term
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Representative APR
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6%1333%
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Representative APR
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6%1333%
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1 Years20 Years

Loan Amount

£4000 -

£20000

Norwich Trust

Loan Term

1 -

10 years

4.8/5

4.8/5

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.

4.8/5

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

4.5/5

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

4.5/5

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

4.4/5

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.

4.4/5

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.

British Housing Market is Recovering – RICS

The Royal Institute of Chartered Surveyors (RICS) has stated that Britain’s housing market showed signs of recovery in June because the interest of the buyers increased for the first time after 2016 Brexit referendum. The housing market declined dramatically more than three years ago when the voters decided to leave the European Union. However, stabilization is suggested by various indicators. The new buyer interest has also risen for the very first time since November 2016. For the first time in 28 months, newly agreed sales edged into positive territory. House prices continued to drop in London and the south east of England, however, increased across the nation.

Read more here.

British Banks are Prepared for No-deal Brexit: BoE

The Bank of England said on Thursday that British banks have enough capital to simultaneously manage with a no-deal Brexit and a global trade war. Although, a disruptive Brexit may still cause significant turmoil for the economy. The BoE observed a sharp decline in foreign investors who purchased British commercial property and company loans. The trade tensions between the USA and China had amplified global financial risks. Even in the case of a worst disorderly Brexit, the system would continue to serve the UK households and businesses. The banks already hold one trillion pounds in liquid assets to cope with a disorderly Brexit.

Read more here.

UK Finance Pays £227m Fines for Money Laundering Failings

The Financial Conduct Authority (FCA) published an annual report that showed the value of penalties handed out in 2018-19 has been more than triple. Banks had to pay heavy penalties for keeping dead customer’s cash and for not failing to tackle money laundering issues. Santander Bank was fined £32.8m last year by the FCA because it failed to return more than £183m to the accounts of dead customers – to around 40,500 beneficiaries. The FCA also fined Standard Chartered Bank an amount of £102.2m over breaches of rules that were designed to stop and control money laundering. The FCA stated that they have taken strong actions against firms and individuals who broke the rules and didn’t protect the consumers.

Read more here.

No-deal Brexit Could Bring Near-zero Interest Rates: Says BoE Official

Senior Bank of England official Gertjan Vlieghe said on Friday that the bank might need to slash the interest rates to almost zero after a no-deal Brexit. Also, repeated delays for the Brexit can also make a rate cut. The BoE’s current benchmark rate stands at 0.75% and if Britain will find a way out of the European Union with a deal, then the bank may raise the rate to 1.0% in 1 year, 1.25% in two years, and 1.75% in three years’ time. But such increases in rate will also depend on the global economy recovering from its slowdown.

Read more here.

Credit Card Compensation Bill of HSBC Could Rise to £11m

It is anticipated that HSBC will pay millions in compensation to credit card customers who were overcharged when their payments fell behind. The bank has already paid out about £4m to 6,700 credit card holders with John Lewis Financial Services (JLFS) and HFC Bank. The Financial Conduct Authority (FCA) said that the HSBC extended the compensation scheme and has written to an additional 18,500 individuals who were not contacted earlier. The regulator further added that these are people who may have paid unreasonable debt collection charges. Based on the previous compensation scheme, if all the 18,500 people will be contacted – this would suggest a further payout of £11m.

Read more here.fin

Draft Finance Bill 2019-20: Proposals for Tax Target Tech Sector

The proposal released on 11 July for the country’s draft finance bill for the year 2019-20 includes several tax measures that were announced in the previous budgets – may hit the tech industry the hardest. It has a plan to implement a 2% tax on the digital revenue of tech giants such as Apple Inc. and Facebook Inc. Proposed by Chancellor Philip Hammond, the tax will be applied from April 2020. The Digital Services Tax – announced by the government in 2018 Budget, is a targeted, proportionate, and temporary tax that will guarantee that big digital company will pay tax reflecting the value extracted from the UK customers. It will not extend to small businesses or companies.

Read more here.

Representative 79.5% APR

Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk

Credit subject to status & affordability assessment by Lenders.

LoanTube is a credit broker and not a lender.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.

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Representative APR Example

The rate you are offered will depend on your individual circumstances.

Representative APR Example: On an assumed loan amount of £1,000 over 18 months. Rate of interest 59.97% per annum (fixed). Representative 79.5% APR. Total amount payable £1,554.10 of which £554.10 is interest. 17 equal monthly repayments of £86.09, and the final month’s payment of £90.57.

Some of the offered loans might be classed as High Cost Short Term Loans. APR rate starts from 18.22%. The maximum APR rate is 1721%, but you will get a personalised rate tailored to you. The minimum repayment term is 3 months, the maximum repayment term is 7 years. The minimum loan amount is £250 and the maximum loan amount is £35000.

Warning: Late repayment can cause you serious money problems. For more information, go to moneyhelper.org.uk

Credit subject to status & affordability assessment by Lenders.

LoanTube is a credit broker and not a lender.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.

Not all borrowers will qualify for a loan. The operator of this website does not engage in any direct consumer lending, we simply provide you a FREE loan brokering service. This means LoanTube does not charge customers a fee for using its introducer services, but it receives a commission from lenders or other brokers if a customer enters into a consumer credit agreement with them following an introduction by LoanTube.

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