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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Monday 2nd June 2008
As the rate of interest charged on personal loans continues to rise in line with the mortgage market, we have arrived at the crazy situation where banks and loan companies are quoting reduced interest charges for higher value loans. In the past this has been the standard practice with more margin available in the longer term, but surely the financial institutions should be discouraging larger loans not pushing them at customers?
While the overall cost of finance for the banks and loan companies is still relatively high there are some who question why they are making larger loans more attractive to customers. However, it is not until you actually get down to the small print that you notice the tighter loan criteria and the charges attached to many loans today.
The finance companies many give the impression that larger loans are cheaper, but this is only for those with an exemplary credit record. Those with an impaired credit record will find it hard to receive any major lines of credit, although if they are lucky enough to be accepted they would likely see a higher rate than many of the figures quoted. As always it seems that the fine print in the financial markets can change the initial impression given to many customers. |
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