Rates for secured loans are becoming as competitive as unsecured deals
February 22, 2008 by admin
Filed under News, News-Loans
Homeowners looking for a significant cash advance can now choose from secured loan deals which are even more competitive than the average unsecured loan rate, financial experts have claimed. 
According to Moneyexpert.com, the average APR on a £15,000 unsecured loan is an estimated 8.44 per cent.
However, borrowers with the option of securing the loan against their property have been able to get interest rates as low as 5.9 per cent, almost 2.5 percentage points cheaper than the average unsecured loan rate on the market for balances of £15,000.
Sean Gardner, chief executive of MoneyExpert.com, said: “Historically secured loans were seen as something of a product of last resort.”
“But these days they are far more attractive to homeowners who are looking for a competitive rate of interest,” he added.
Findings from MoneyExpert.com reveal that demand has increased for secured loans in the past six months with an 85 per cent rise in the number of applications seen in the last quarter ending in January 2008.
Meanwhile, further research from finance experts have shown that 1.39 million have switched mortgage provider for a better deal in the past six months.
Unpaid bills put pressure on households
January 10, 2008 by admin
Filed under News, News-Banking
Household budgets are being squeezed with millions of bills going unpaid in the last six months, say financial experts. 
Findings from MoneyExpert.com reveal that as many as 6.9 million bills have gone unpaid since June last year.
Sean Gardner, chief executive of MoneyExpert.com, said: “For some time we have been waiting to see how the financial squeeze would affect the average household.”
“Nearly seven million unpaid household bills is a fairly conclusive sign that we are feeling the effects,” he added.
Figures showed that out of all the bills, most people are likely to miss paying their council tax, with one in twenty admitting to having paid it late or not all in the past six months.
However, a further 1.39 million people have said they have had difficulty in meeting payments on household bills such as gas and electricity in the second half of 2007.
Meanwhile, additional research from MoneyExpert.com has revealed that up to 2.6 million consumers plan to start the New Year by transferring their credit card debts.
