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EU directive will make it easier to shop for personal loan

The EU Consumer Credit Directive could help expats secure a better deal on a personal loan, an independent financial advisor has said. Marjorie Mansfield of Siddalls, a firm which specializes in expatriate finance, explained that the new ruling should make it easier for people to shop for loans in other parts of Europe. The directive is intended to standardize the lending rules across the EU member states.

Ms Mansfield noted that because the average interest rate varies from country to country, there may be some good opportunities available. However, Ms Mansfield expressed doubt as to whether many people would take advantage of this potential.”I think initially it’s not going to make a huge deal of difference and people will probably go to the lender that is local. Already, people don’t shop around in a very mature market like the UK as much as they possibly could. I think that it’s going to take some time before you see any impact from it.”

Posted in Uncategorized, loan, personal loan, personal finance, personal finance investing, personal finance software, personal finance news, loan finance, personal finance budget | Comments(0) February 2008

EU lawmakers adopt new rules to drive down cost of personal loans

European Union lawmakers adopted new rules on Wednesday to boost competition in consumer credit and drive down the cost of personal loans to the bloc’s 490 million citizens. The European Parliament voted by 695 to seven, with 20 abstentions, on a broad cross-party compromise that has the preliminary backing of EU member states, which have joint say.

Two out of three Europeans use loans to buy such items as a car, washing machine or fridge and the European Commission, which drafted the new rules, said they would help create a more competitive market. Critics countered that consumers and lenders would face more red tape despite six years of debate to streamline the regulations. “The new rules will make the market more transparent for consumers and business competitors,” EU Consumer Commissioner Meglena Kuneva said.”The main effect will be to provide standard, comparable information to customers across the EU taking out a credit loan,” Kuneva said.

Interest rates on loans can vary from 6 percent in Finland to 12 percent in Portugal, the Commission said, even though both countries are in the euro zone where the European Central Bank sets a single basic interest rate. Under the measure, consumers will have to be given standardized information about loans so they could compare offers easily and thereby spur competition to drive down the annual percentage rate of interest.

Posted in Uncategorized, loan, personal loan, loan calculator, loan rate, personal finance, personal finance investing, personal finance software, personal finance news, loan finance, personal finance budget | Comments(0) February 2008

Personal loans and mortgages – Poles apart

Borrowing money from the market has become a routine thing in this materialistic world. You may be a businessman, a salaried employee or self-employed professional, financial restrictions are very much a part of our lives. The exact type of loan that you need in a particular situation depends on much issue. Your individual circumstances like financial standing and residential status matter significantly.

A homeowner is differently placed than a tenant when he goes out to take loan. Similarly, the purpose of taking a loan is also equally important. Some loans are meant for short-term consumption of the consumers. However, if you have a big objective like purchasing a home then you may need long term loans whose repayments can be spread over a long duration of time. Mortgages are specifically designed for enabling you to purchase homes. The home that you are purchasing is mortgaged with a lender and you receive the loan amount to pay off the seller.

Personal loans cost less than credit card advances

Paying for large amounts like an emergency medical bill with your credit card may seem like a very easy option but it can cost a lot with the kind of interest rates credit card companies charge on outstanding balances. The situation becomes even more difficult if only the monthly minimum payment is made to the credit card company because it is used to service the interest first and any amount left is used to service the principal. Credit card companies charge a hefty interest rate which varies between 36-40% per annum, while personal loans come at interest rates between 12-23% depending on the credit worthiness of the borrower. People who have good repayment record with their credit card can avail a personal loan based on this criterion, most of the credit card issuers are more than willing to provide any such loan.

Though any such personal loan will come with around 2% processing fees and will have certain minimum requirements regarding the loan amount and prepayments but still the difference in interest rates charged on a personal loan and that on credit card balances is so huge that the former is a better option. Other good options to fund some urgent financial requirements are taking loans against fixed deposits, gold or overdraft against mutual funds and blue-chip stocks. Such loans come at very attractive interest rates which hover around 11%. The reason for the low interest rates on these loans is the security or collateral, which offsets any risks involved for the bank or lender.

Posted in Uncategorized, loan, personal loan, loan calculator, loan rate, personal finance, personal finance investing, personal finance news, loan finance, personal finance budget | Comments(0) February 2008

Court orders trustees to furnish personal bonds

Srinagar, Jan 23: Criminal complaint filed by the J&K Bank through V M Nazki, Branch Head Impaired Asset Recovery (IAR) branch, against the trustees of M/s Imam Hussain Foundation namely Tanveer-ul-Sadiqueen, Miza Nasir Ali, Muhammad Yousuf Hussaini, Nazir Ahmed Dar, Haji Muhammad Ismail, Syed Shabiar Ahmed rizvi and Shabir Mustafa was listed before the court of chief judicial magistrate Srinagar today, a spokesman of the bank in a statement said. All the accused were present in the court.

The court ordered the accused to furnish Personal the tune of Rs 7000 each which they did. The case has been fixed on 22.3.2008 for arguments. Mention to be made that the court had issued fresh notices to the trustees of the Imam Hussain Foundation in a criminal case filed by the J&K Bank against them for defaulting in repayment of loan which has accumulated about Rs 7 crore. It is worth mentioning that the trustees of the foundation, a voluntary organisation, sought financial assistance from the J&K Bank for establishment of a trust to create, run and manage a medical college and a hospital here.

The trustees failed to obtain the Medical Council of India Recognition for establishment of a medical college and a hospital and the required affiliation with Kashmir University as well. The complaint of the JK Bank alleges that the accused hatched a conspiracy to seek financial gains for themselves and cause wrongful loss to the complainant and also exploited the public sentiment, amounting to criminal breach of trust. “They had ulterior and malafide intentions to misappropriate the funds and loan for personal gains,” the complaint said. Notably, the bungling in the Imam Hussain Foundation was also investigated by a new management which held the accused liable of misappropriation of funds, the statement said.

Posted in Uncategorized, loan, personal loan, loan calculator, loan rate, bank loan, banking finance, personal finance, personal finance investing, personal finance software, personal finance news, loan finance, personal finance budget | Comments(0) February 2008

A Digital Pitch Takes a Personal Touch

“Can I get regular FM on an HD radio?” “Why do I need to get a new radio? I already have very good radios.” When Vermont Public Radio made the decision to begin broadcasting in HD, we sensed that it would probably be up to us to promote the new technology to our listeners and — more importantly in Vermont, which is not anywhere near the top 100 markets — to our local electronic retailers.

But VPR is accustomed to initial opposition to new ideas. When our first transmitter was put on the air more than 30 years ago the founders heard things like, “Are you just going to be broadcasting to cows?” or “What makes you think that you’ll ever find support for public radio in Vermont?” Today with a network of eight full-time transmitters and several translators across the state, Web streaming and local support, VPR is a strong and viable statewide network, providing two distinct program services to most of the state.

Credit card cheaper than a personal loan

The soaring cost of personal loans means it is actually cheaper to put your debt on a credit card and pay it off over the same period - with no switching necessary.
It’s a bizarre market anomaly that personal loan rates have increased by around 2% on average in recent months, yet the best credit card deals remain largely unchanged. Whatever the reason, it highlights the need to start changing the way we lend money.

Your Personal Loan and MoneyBack Bank are generally regarded as the two cheapest providers of personal loans, offering rates of 6.7% and 6.9% respectively. The Capital One card has a typical APR of 9.9%, but it offers 10 months interest free on balance transfers and new purchases, and it is this introductory offer that makes all the difference, as the table below shows.

Loan Comparison for Better Deals

There are some loans that are specific to the purpose they are meant for, giving you very less freedom. For example, if you take a car loan the lender will expect you to purchase a car only with the money advanced. You have your freedom to spend curtailed because the loan was meant only for a particular use.

However, there are some loans that can be used for any purpose as long as it is legal. People would obviously like to take loans that do not bind them in anyway. Once you get a loan, it is your discretion how you want to use it. Such loans are called personal loans. Many banks, building societies and financial institutions all across the UK offer these types of loans. These loans are available irrespective of your residential status. Both homeowners and tenants may avail it on an equal footing. Every successful loan application results in a loan agreement.

A loan agreement stipulates all the terms and conditions pursuant to which a lender has agreed to advance money to the borrower and the borrower has accepted those conditions. As a borrower, it is highly desirable that you read all the fine print written in the loan agreement. Sometimes, lender may put in those conditions that may not be acceptable to you. Another aspect that borrowers should care for is the need for comparison. You should not accept any personal loan offer without comparing it with other deals available in the market.

Posted in Uncategorized, loan, personal loan, personal finance software, personal finance news, loan finance | Comments(0) January 2008

Tips to Help You Successfully Get a Loan

Loans can be useful for many things, and can really come in handy at the right moment. But you must be careful not to overextend yourself and not to get locked into a “bad deal.” There are all kinds of fraudulent loan services out there that try to pull you in with their sweet promises of guaranteed loans, even if you have bad credit, or if you have been turned down in the past. Many don’t tell you, or try not to tell you that they’ll charge you an arm and a leg in interest on your loan.

Basically, anyone who offers a loan for people with poor credit could be looking for those people with economic problems so the lender can charge higher interest rates and excessive fees. If you have credit problems, a little bit of homework beforehand can help you get approved, and can save you a lot of money in interest charges. It really doesn’t take that much longer to find out what the lender wants, and if you can be approved from that certain lender, and even if you have to take care of problems on your credit before you apply… in fact, that’s the type of information that we specialize in.

For example, if you look in the right places, you can get a small business loan. In other words, a loan guaranteed by the government to help small business owners, for business items, such as improvements on their establishments. These loans come at reasonable rates. And as the business grows, once the business owner pays back the first loan, they can apply again for another loan to expand their business. A good place to start for this type of loan can be at your local bank.

Posted in Uncategorized, loan, personal loan, bank loan, banking finance, personal finance, personal finance investing, personal finance news, loan finance, personal finance budget | Comments(0) January 2008

Loans award for high street provider

Alliance & Leicester has received an award for being the Best Personal Loans Provider in. Readers of Personal Finance & Savings magazine voted for the provider, which also won a Highly Commended award in the same category last year. The firm beat off competition from Tesco (second) and Halifax (third) and also came ahead of Lloyds TSB and Natwest.

Andy Bayes, head of Alliance & Leicester Personal Loans, said: “We pride ourselves on giving our customers a great loan experience, both in terms of the customer service they receive and great value we offer. “We operate in a very competitive market and we have to be at the top of our game to get recognised in this way. To enable us to build on this success, and as part of our commitment to keep all our call centres in the UK, we are investing and creating a significant number of new jobs in our Personal Loans Centre of Excellence in Leicester. “Over 6,200 readers voted for the awards over a period of three months

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