Loans

Around 500,000 people across the UK have been saved from overpaying car finance loans and payday loans thanks to quick action by the Financial Conduct Authority (FCA). The watchdog found proof of unfair practices by Motormile Finance UK, the company that is charged with poor treatment of consumers and their finances. The FCA has asked Motormile Finance UK, which also trades as MMF, MMF Debt Purchase and MMF UK, to write off the £414m of customer’s debt as the company failed to verify that the sum of money owed was correct. This was leading to unfair and unsuitable customer contact for recovery of those sums. This in turn affected around 500,000 people and now the FCA has taken the responsibility of writing off loans under the redress programme. The debt is expected to run into hundreds of pounds per person. An arrangement of repayment would be made for the cases […]

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Mortgage basically means a legal agreement that offers you a loan at interest so that you can buy a property. The property remains the collateral or security against the loan that needs to be repaid. You can take this loan for a specific number of years that could be anything up to 25 and 35 years. You can repay by giving either the interest or both the interest and loan. Different types of mortgages: Depending upon the method of repayment, there are two main types of mortgages namely a repayment mortgage and an interest-only mortgage. You can also choose a combination of the two if that is convenient for you to repay. Repayment mortgage – In a repayment mortgage, you repay the capital along with the interest making it a bigger sum of money to repay at the end of the month. This kind of repayment reduces the outstanding mortgage […]

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FreePriceCompare is a free, transparent and reliable loan comparison provider. We compare all kinds of loans that are payable over a time period of 1 and 25 years. Most of the loan providers in the UK charge an APR (Annual Percentage Rate) between 3.2% and 99.9%. The APR varies in accordance with your personal circumstances and the basis of your loan. Find here, our loan calculator that will give you an estimated detail about the monthly repayments, total repayable amount including interest and total cost of credit. All you have to do is enter the loan amount and number of months for which you want the loan. Within seconds, you will get estimated result about the loan repayment details. Please note that these are estimated figures which must be verified with a loan provider before taking out a loan. Points to note here are: Late repayment of any kind of […]

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Grants replaced by loans for UK students – Point to Ponder! One of the most surprising news that makes one wonder is that from now onwards students across the universities of England would not be given any grants. Yes! You read it right the UK government had announced in July 2015 that students would need to switch from grants to maintenance loans. However, it was not taken well by either the students or the National Student Union. Before this decision, students from low income families that could not manage an annual income of £25,000 or less were given a grant worth £3,387 for their yearly academic expenses. And now this would not be offered. Instead students would be asked to take a loan for their education. The news is not received well by student communities across the UK. According to Sorana Vieru, vice president of NUS UK, “It’s a disgraceful […]

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What is a Guarantor Loan? – Check Detailed Answer! Guarantor Loan Requirements – Explained in Detail Guarantor loan is a special kind of loan which demands that the borrower should have a guarantor with them. The guarantor should be a person or company that is willing to make repayments if the borrower is unable to do so. These loans are most suitable for people with a bad credit history. Now, there are many guarantor loan companies in the UK. This creates a big confusion for the borrower. To avoid wrong selection, the borrower must compare all of them and choose the one that fits his monetary requirements. How does guarantor loans work? To get a guarantor loan, the borrower must supply the details of the person who is ready to repay money if the borrower fails to do so. As repayments are guaranteed, the lender offers you loans with a […]

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Peer to Peer Lending – Should Try It or Not? Peer to Peer lending has become a rage in the UK. Of late, there have been tens of thousands of borrowers that choose this method. It is a simple method when one person who has money to lend gives money to another person who wants to borrow money. This way, it forms a peer-to-peer lending method. It does not involve any financial institution like banks and so, things become very simple. All one has to do is lend money, charge a rate of interest and mutually decide the time frame after which the borrower will return money to the lender. P2P lending sites like Zopa and Funding Circle act as administrators for people to locate lenders as well as borrowers. As there are no banks or financial institutions involved, it is expected to get a loan at lower interest. These […]

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