Loans News

With the average debt levels in the UK rising by 6% since 2016, many consumers are struggling to pay back money owed on credit cards and other debt. With only three months left until the end of 2019 and the current economic uncertainty looking to continue until the end of the year, borrowers with debts could look at getting a head start on organising their finances before 2020 by consolidating their debts now.

At the moment, personal loan rates have remained fairly stable, however, with the current economic climate personal loan rates could increase. We saw this happen in the credit card market where the average APR was at its highest level since Moneyfacts started keeping records 13 years ago. As such, consumers should consider acting sooner rather than later in case personal loan rates start to rise as well.

The most commonly known reason to get a bridging loan is to fund the purchase of another property while you are still selling your existing one. However, bridging loans can be used in many other ways to support the growth and financial needs of individuals and businesses.

Moneyfacts.co.uk has appointed Loans Warehouse as its service provider for a new pre-approved loans service. The service, which launched yesterday, allows users to enter their personal details and immediately see specifically which lenders they are eligible to apply with – all without impacting their credit score.

The new service features a range of lenders, all of whom can meet the needs of a variety of borrowers and circumstances.

Michelle Monck, head of digital at Moneyfacts.co.uk, said: “This new loan service gives our site visitors the chance to complete an easy application process and immediately see which lenders would accept their application. This will save our visitors time in searching for a loan and prevent their credit score from becoming adversely affected due to multiple loan applications. “

“We chose Loans Warehouse to provide this service due to its high levels of customer service and years of experience in helping borrowers find the right lending product for their needs.”

Matt Tristram, founder of Loans Warehouse, added: “We are delighted to have been chosen to support a brand as respected as Moneyfacts. It’s a great endorsement of what we are trying to achieve in the personal loan space with the right balance of technology and customer service.”

The Moneyfacts Weekly Product News is a round-up of the latest products or rate changes to hit the consumer finance market over the past seven days. The deals are available right now, but may be subject to change.