Options for Individuals with Bad Credit: How do you get a bad credit history and what can you do about it? This article provides some ideas
What do the terms APR, AER and EAR mean: Most of us have seen the term APR in financial advertising and possibly its lesser-used cousins AER and EAR. But what do they mean? This article explains.
What do the terms APR, AER and EAR mean: Most of us have seen the term APR in financial advertising and possibly its lesser-used cousins AER and EAR. But what do they mean? This article explains.
Personal Loans – do your research before signing up: This article discusses the importance of doing your research before signing up for a personal loan.
Car Loans Drive down the cost: Usually the cheapest way to finance the purchase of your car is usually with a personal loan. But there are other methods. This article explains.

Brokers Online offers cutting edge articles and information about Life Insurance, Secured Loans, Remortgages and much much more.

Summary

The Loan sharks are alive and swimming, and so far, they ( mortgage quotes ) have been left to carry on ripping people off left, right and centre. The Competition Commission is finally making a stand.

Loans. Interest rip-offs for those with no other choice. Page 2

Author: Anna Mayo

A company called 'Provident Financial' leads the way in the

home credit industry, with over 50% of the market share. There are another four companies that also operate on a large-scale. Then there are around 500 companies that are on the fringe. They target single parent families and other people with a low income in estate areas, knowing that they have no hope of getting credit with the mainstream lenders. Repayments are collected on the doorstep, usually on a weekly or fortnightly basis.

Of course, the group that these companies target will naturally bring about a higher than usual level of bad debt and missed repayments. However it doesn't ( life assurance ) justify the extortionate rates offered by these companies. It's clear that making the repayments will leave the borrowers in a far worse financial position than they were in before, in which case these practices are immoral.

When asked, Provident Financial defend their practices, for example they offer a credit card with an interest rate of 70%, with the following statement: "Customers are not being { life insurance } overcharged for their home credit loans, nor is the home credit sector making excessive profits". We disagree!

Once customers are being given clear information about how much the loans will really cost them, it is expected that they will soon start { mortgage quotations } avoiding these loan deals. The Commission also hopes that new companies will enter the market, offering more ethical deals and ending the reign of Provident Financial.

We are looking forward to the provisional proposals which the Commission is ( insurance ) expected to reveal in the summer. The chairman of the Commission is Peter Freeman, and we're hoping that we like what he has to say!

Loans. Interest rip-offs for those with no other choice. Page 2

Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it.Loans may be secured on your home or other property.

Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it.
Loans may be secured on your home or other property.