Tag: UK

Mortgage Applications Slow Down Even As Rates Remain Low

Demand for mortgages slow down, but applications are still high in comparison to the same period in 2018 Mortgage refinance applications dropped 7%, but they are still 135% higher than this time last year The growing number of refinancing is due to a result of low mortgage interest rates It seems like the demand for […]

Another One? MMP Financial Goes Into Administration, Causing Concern For The Future Of Payday Lenders

Short Term loans lender MMP Financial Limited goes into administration MMP Financial’s payday loans lenders Swift Sterling and My Money Partner halt lending Several payday lenders have collapsed in recent weeks as FCA increases regulatory scrutiny on the affordability of loans In past months some payday loan lenders have gone bust as they face growing […]

Payday Loan Industry Shrinking As Number Of Loans Lent Down By 37% Year On Year

Payday lenders closing trigger loans volume decline Stringent FCA regulations take a toll on Payday loans business Risk of loan sharks may increase as payday loan outlets drop Payday loans could be nonexistent in three years as the effects of Financial Conduct Authority regulations start to bite. A new report by Wagestream indicates that payday […]

U.K P2P Industry In Turmoil Amidst Shutdowns, Lenders Reject Retail Investors Money

UK P2P Platforms Collapse Focus on Institutional Investors in P2P Lending Stringent P2P FCA Regulations The once-booming U.K peer-to-peer-lending industry faces an uncertain future amidst high profile collapses and customer service problems. ThinCats is the latest high profile P2P platform to bar retail investors in its secondary market. The high profile P2P platform has also […]

Starling Follows Monzo, Charges Low Credit Score Clients 35% Overdraft Fees

Starling Bank to move from the 15% flat rate on overdraft fee for borrowing Under new changes, Starling Bank will charge customers varying rates of 15%, 25% and 35% depending on their credit score Other banks have also reviewed overdraft fees and are charging up to 39% Starling Bank has followed Monzo in raising overdraft […]

Monzo Hikes Overdraft Fees For Users With Low Credit Scores

Monzo to charge customers with low credit scores higher overdraft charges Monzo to drop the 50p daily fee charge and start billing them on sliding scale Banks such as HSBC have already instituted the changes in overdraft fees Digital bank Monzo has indicated that customers having a low credit score will be facing higher overdraft […]

Tymit Takes On Traditional Credit Cards

Tymit Installment plan features How to save with Tymit Credit card Tymit credit card charges Tymit is a one of a kind credit card for people looking to take control of spending patterns, let alone avoid hefty interest rates. The availability of multiple installment plans is one of the features that affirms the credit card […]

More Payday Lenders Close Shop Over FCA Regulations

High-cost lenders closing down over strict FCA Regulations Small Lenders presented an opportunity  to fill  gap  in short term loans supply Calls for other alternatives to replace small lenders and high-cost lenders Britain Staring At Short Supply for Payday Loans As FCA Bites Britain’s £2 billion payday loan industry is in turmoil as the Financial […]

Mortgage Debt In The UK Increases by £0.03 Trillion

Wealth Asset Survey indicate that household debt in the UK has reached £1.28 trillion Almost 90% of the total household debt is from mortgage debt Household financial debt has also increased with student loans and hire purchase agreements contributing significantly According to the latest Wealth Assets Survey, mortgage debt has been growing in the UK. […]

Reputable Short Term Lender PiggyBank Owner Placed in Administration

Payday loans lender PiggyBank collapses leaving 45,000 customers in financial uncertainty FCA raised concerns regarding the lender’s affordability checks PiggyBank’s parent company DJS placed in administration under HJS PiggyBank is the latest payday loan lender to collapse, leaving over 45,000 customers in financial uncertainty. In recent weeks some payday loan lenders have closed shop as […]