Summary

According to the Competition Commission, there are still doorstep loan ( remortgages ) sharks patrolling estates and charging up to 1,000% interest per year for loans. The average is apparently, 177% per year! At last the Competition Commission plans to cull them.

Loans. Loan Sharks not the easy way out.

Author: Michael Challiner (mortgage deals)

Use Homeowner personal loans to finance your needs the secured way: Homeowners are well placed to raise a loan at the best rates available. This article explains
Loan cover. watch out for Payment Protection Sharks: Around 50% of borrowers get Payment Protection Insurance for their loan. It would appear that many are being ripped off. This article investigates the pitfalls and the solutions.
Loan cover. watch out for Payment Protection Sharks: Around 50% of borrowers get Payment Protection Insurance for their loan. It would appear that many are being ripped off. This article investigates the pitfalls and the solutions.
Goodbye to expensive Payment Protection Insurance: If the Competition Commission has its way, the sale of Payment Protection Insurance alongside a loan will be banned. This article explains.

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Around 2 million Britons are falling prey to loan sharks, many of which are those on the lowest incomes and with household budgets stretched to the limit.

(life insurance)

The Commission is planning to force the so-called home credit industry ( personal loans ) to clean up its act by forcing the lenders to clearly spell out for their clients, what the money or credit really costs them.

Threatening to set a maximum rate enforced by law, the Commission is hoping the industry will act to lower interest rates.

Currently, the home credit industry is dominated by five large companies such as ( medical insurance ) Provident Financial. However, there are thought to be around 500 other lenders in the market. (remortgages)

They specialise in providing credit to people who the mainline lenders have turned away, targeting victims who are so desperate for cash they wont even consider the rates. Repayments ( secured loans ) are then collected weekly or fortnightly on the doorstep from the customers homes - that in its self should be enough to turn away any sensible customer.

But what do you do when you are desperate for that well deserved holiday, the new car of deposit on a house but dont have the cash or the credit history?

Click here for part 2 (mortgages)