Research commissioned by Intelligent Finance has shown that increasing numbers of borrowers are turning to the internet in their search for better value loans.A survey by ICM Research on the company’s behalf found that nearly one in four UK adults would go online to look for a loan - an increase of 70 per cent on last year.Young people are even more prepared to surf the net to find the best deal - almost half (47 per cent) of 18 to 24 year olds said they would use the internet to hunt down competitive loan rates.In the battle of the sexes, men are streets ahead in using the net for borrowing: three out of ten men said they would use the internet for this purpose, compared with two out of ten women.Intelligent Finance has just launched a new online loan with a rate of 6.1 per cent typical APR.

New research by the website moneysupermarket has revealed that consumers could be wasting more than six billion pounds by accepting car finance deals from the showroom - and could save thousands by financing their new car with a personal loan.The website compared a selection of current car finance deals available through the car showroom with the best personal loans available, and found a driver could pay £2377 more for a Ford Mondeo through the Ford finance deal than with a personal loan.If all those who bought a new car in 2004- 2,567,269 people according to the Society of Motor Manufacturers and Traders- were to use the showroom car finance deal, they could potentially waste a collective £6.1 billion, the research claims.”Our research shows that accepting the deal offered in car showrooms could be costing motorists a lot of money,” explains Richard Mason, director of personal loans at moneysupermarket.com.He adds: “Despite interest rates going up over the last year, there are still many low rate loans available at less than 7% APR.”The research reveals that consumers should look around for the best deal on a personal loan before committing themselves to a showroom finance deal which could cost them dearly.

Lloyds TSB’s annual list of ‘alternative’ motives for requesting loans reveals that the British trait of eccentricity is alive and well.The largest amount requested for a quirky reason was £20,000 to convert a cave into a house, and the same amount for a dowry payment.Buying animals was also a popular reason for borrowing, with one borrower asking for £15,000 for a camel, another for £10,000 for Lloyds TSB’s trademark black stallion, and one sheep enthusiast requesting £1,000 for the woolly creature.miscellaneous eccentric requests included £5,000 for a suit of armour, £3,000 for an ice cream van and £7,000 towards a houseboat.”Our annual list is a refreshing reminder that Brits still have a healthy dose of eccentricity and ambition,” said Tony Gibbons, head of personal loans at Lloyds TSB. “Whether it’s a houseboat or a horse that’s top of the list, a personal loan is a great way for people to get what they want, in a way that’s affordable.”

Price comparison website moneysupermarket has praised Cahoot for its excellent value payment protection insurance (PPI) sold alongside its personal loan.According to moneysupermarket.com, the PPI over five years with a personal loan at 6.7 per cent APR from Cahoot amounts to just £862 - compared with another lender offering a lower APR of 5.7 per cent but PPI of £2,083 over the same period.The revelation comes as moneysupermarket.com urges borrowers to shop around for the best deal on their loan insurance as the PPI sold alongside their personal loan can be more expensive than they realise.Moneysupermarket points out that the low personal loan rates offered by some lenders can encourage them to increase their PPI - often without publicising the increase.
“Despite claims from the industry that this insurance is over-priced, over-valued and often mis-sold, providers still continue to push their products at extortionately high prices,” Richard Mason, director of personal loans at the website, comments.

The top reason for borrowing a personal loan this year is likely to be debt consolidation, Sainsbury’s Bank is predicting.The bank expects about 1.4 million loans - almost one in three of all personal loans - will be taken out for this purpose, worth a collective £11.9 billion.Buying a car will be the motivation that comes a close second, with Sainsbury’s Bank estimating that some 1.24 million personal loans worth around £9.92 billion will be taken out for this important investment.Coming in third are home improvements, still an important expense for most British people - around 793,600 people will borrow a collective £6.35 billion to ensure their homes are in tip-top condition.”When taking out a personal loan, you need to ensure that you shop around to find a competitive rate,” advises Rachel Bereton, loans manager at Sainsbury’s Bank. “The difference in rates on a loan of £10,000 could be as high as 8.0 per cent APR which over five years could mean around £2,180 in excess interest repayments.”

A new partnership deal between lastminute.com and Disneyland Resort Paris could make thousands of children’s dreams come true - especially if their parents take a personal loan to fund it.The bargain holiday website has teamed up with the seven themed Disney Hotels at the Paris resort, enabling holidaymakers to book all the hotels through the site, along with unlimited entry to the theme parks.A one-price package can also now include flights or rail travel directly to the Disneyland resort.”I am delighted to announce this partnership with Disneyland Resort Paris which will enable us to offer our customers the flexibility of choice between hotel accommodations and Park tickets, or a combined package including flights or rail travel on Eurostar to Paris,” said Brent Hoberman, CEO of lastminute.com.”Like Disneyland Resort Paris, lastminute.com is focused on delivering excitement and unique experiences to today’s discerning consumers.”Those consumers could find the best way to finance their holiday is through a great-value personal loan.

Back in an unusual creature began to cause a considerable stir in the traditionally still waters of the UK’s financial services market. The launch of the Goldfish credit card heralded the arrival of a new player with a refreshingly different attitude. Over a relatively short period of time, the Goldfish brand has firmly established itself in people’s minds. Today Goldfish is more than just a successful credit card. In fact, Goldfish offers an excellent online consumer information service - Goldfish Guide - as well as home insurance and loans. Designed to meet the real needs of customers, Goldfish talks to its customers in a straightforward, honest and rational way.

Consumers are increasingly taking advantage of “consolidation loans” without being aware of the financial consequences, a number of charities are warning. The consolidation loans business today is worth £28 billion and has spread its appeal from the mainly low-income groups it initially targeted. With more and more unsecured loans being transformed into loans secured against property, debt counsellors question some borrowers’ understanding of the risk this poses to their homes. A spokeswoman for the Consumer Credit Counselling Service (CCCS) warned: “Over the past two years, we have noticed that more middle-class families are not seeking the help of a debt counsellor, but are choosing to consolidate their debts or are remortgaging. “If you are being overwhelmed by debt, you should seek help from an independent debt adviser, not an organisation that will entice you into more debt.”Richard Mason, a director at moneysupermarket, the price comparison website, told the Times newspaper that many homeowners could find unsecured loans at lower rates than many of the consolidation companies offer. However, Andrew Pelley, a marketing director, defended the industry, arguing: “More and more people are taking out these deals because they understand that they do not have to pay the high interest charges of repaying store card debt or making just the minimum repayment on credit cards. A secured loan often reduces interest payments by £400 a month.”

Sainsbury’s Bank has announced that it has slashed its loan rates for some internet loans.
Internet applications for loans of £5,000 or more will enjoy rates of 6.5 per cent typical APR from 10:00 BST on June 23rd.Running throughout the summer, the special rate marks a significant reduction from the usual rate of 6.9 per cent APR.”Customers can benefit from convenience and a great rate on their loan by simply visiting our website,” said Rachel Brereton, loans manager at Sainsbury’s Bank. “This is perfect for anyone who is looking to pay for a holiday, purchase a car or make some home improvements.”
As well as a competitive rate, customers can take advantage of three months with no repayments, a decision made in minutes and a cheque delivered to their door within 24 hours.

The number one reason for taking out a loan is still debt consolidation, according to a recent survey.The latest edition of’ Money Monitor reveals that 42 per cent of those who took out a loan with the site in May did so in order to consolidate their debt.Home improvements were also a popular reason for borrowing, with one in five people choosing a loan to get their home looking its best.Business loans were not far behind, attracting 17 per cent of borrowers, whilst ten per cent went for either wedding loans, holiday loans, remortgages or boat loans, and nine per cent took out a loan to buy a car.The average amount taken out for debt consolidation was £23,886, whilst business loans topped the amount list at £36,903 on average.Home improvement loans averaged £17,538, and car loans £11,095, whilst the other loans had an average value of £14,893.