Personal Loans News

Chinese credit card
Nov, 12, 2012
Gone are the days when China preferred cash to credit cards—China is now taking on more personal debt and increasing opportunities for more lending companies. China’s consumption loans, which include mortgages, credit card advances, car loans, and small personal loans, totaled 8.5 trillion yuan (about $1.35 trillion) last year. According to data from Boston Consulting Group, 2011’s statistics were 27 percent higher than in 2010. Consumer loans rose 17 percent to 232 billion yuan (about $37 billion) and credit-card lending rose a staggering 81 percent to 813 billion yuan (about $129 billion).
British pounds in hand
Nov, 9, 2012
In the lead up to the costly Christmas season, two lenders are battling each other for customers by offering small personal loans. Marks & Spencer, a luxury retail store in the UK with its own financial division, announced it will be offering small personal loans for up to five years in amounts from £7,500 ($12,000) to £15,000 ($24,000) at 5.5 percent interest, according to This Is Money. M&S normally offers standard sized personal loans of £15,000 or higher with interest rates of 9.9 percent. Hoping to entice more borrowers, M&S does not require new applicants to have previous financing with the retail store.
house destroyed by flooding and a hurricane
Nov, 8, 2012
According to the Baltimore Business Journal, several banks and lenders in the Baltimore area have begun offering loans to help businesses and homeowners that have been affected by super-storm Sandy. One lender, SECU credit union, is offering loans up to $10,000. These “Hurricane and Flood Relief” loans are for current members that have sustained damage to their homes, cars or property. These loans carry a low annual percentage rate of 5.99 percent for up to 60 months. They are being offered until Nov.29.
Overdraft notice
Nov, 5, 2012
Personal loans and credit card debt is now being replaced by overdraft fee debt in the UK. According to national debt charity Consumer Credit Counselling Service (CCCS), overall debt levels are declining while overdraft debt has increased.
Voting booth
Nov, 2, 2012
Statewide and national political campaigns remain strong due to lucrative backings from personal loans. Gubernatorial elections in Montana are nearing the end and they are being fueled by personal loans from their supporting donors. Democratic Attorney General Steve Bullock reported raising $74,891 between Oct. 18 and Oct. 27. During the same period, Republican Rick Hill reported raising $145,754. Hill’s campaign fund was denied a $500,000 donation from the state Republican Party after a state judge ruled it out. Hill funded his campaign with a $100,000 personal loan from the former congressman.
South African money
Nov, 2, 2012
Absa, the largest consumer bank in South Africa, is accused of overcharging a client on a personal loan. Absa allegedly charged over $9,000 on a $925 personal loan after charging an interest rate of 49 percent, reports Money Web Under South African law, it is illegal to charge a borrower interest and fees in excess of double an outstanding loan’s balance. According to bank records, the borrower’s balance inflated to over double the original amount between Aug. 14, 2006 and Sept. 20, 2012. The situation is being examined by Summit Garnishee Solutions, a company tasked with auditing debt agreements.
angry face executive or businessman
Oct, 26, 2012
The maker of Durex condoms, Reckitt Benckiser Group, announced that the UK-based company failed to disclose that current CEO Rakesh Kapoor had offered up $14 million in corporate shares to borrow a secured loan for himself, according to The Telegraph. At the time of this scandal, Kapoor was an executive vice president of category development. He informed corporate leadership about his secured loan, which he borrowed over four transactions. Despite informing the company, it was the corporation’s responsibility to inform regulators of such a loan. The Group now claims that it has since tightened internal protocols.
Complaint Form with Glasses
Oct, 24, 2012
On Tuesday, Oct. 23, a record-breaking amount of complaints about the sale of payment protection insurance (PPI) was submitted to the financial ombudsman. Over half a million complaints have been made by consumers to the Financial Ombudsman Service (FOS). The UK-based ombudsman service resolves disputes between financial institutions and their customers.
dollar sign connected to mouse
Oct, 17, 2012
Borro, a new online pawnbroker, is offering secured personal loans ranging from $1,000 to $1 million. A secured personal loan is financing that is lent after a borrower offers up collateral. Any item of value that a lender agrees to is collateral. In the event that a borrower cannot repay a collateralized loan then the collateral will be seized and sold by the lender in order to make up for the lender’s lost money. As many people who are familiar with pawnshops know, examples of collateral include jewelry, cars, and memorabilia.
money bomb fuse set alight
Oct, 9, 2012
Hawthorne City Council and many city residents are up in arms over the lending of an unsecured loan to a private business. In 2004, city leaders decided to give an unsecured loan—which is a loan without any collateral—worth $2.5 million to a private gym. “This was reckless. In my opinion I believe this was something that was criminal. I also believe this is something that was initiated with no checks and balances. It’s unbelievable to me to secure a loan with no collateral,” said Councilwoman Angie English in an interview with the Daily Breeze.