secured personal loans

Habitual viewers of daytime television will have seen Carol Vorderman in adverts, cashing in on her mathematical prowess on Channel 4's Countdown to promote secured loans. Her sales pitch for Firstplus, a division of Barclays, has prompted several protests by campaign groups.

The reason why she gets such criticism is that secured loans are often taken out by people in financial distress. Managing your Debt, a new book published by Which?, warns that demand for secured loans is growing rapidly as homeowners search for solutions to their debt problems. The Consumer Credit Counselling Service (CCCS), a debt advice charity, has seen a sharp rise in the last year in the number of homeowners getting into problems after signing up for a secured loan.

Those claims are supported by research from Moneysupermarket.com, which found that nearly 13 million people have taken out loans to consolidate their existing debts, of whom more than eight million go on to build up further debts and more than five million believe they will always be in debt.

Some of the best-known lenders include Firstplus; Ocean Finance, a division of the American Insurance Group; and the privately owned Norton Finance. Consolidation loans offer the most fertile ground for such specialist loan companies. People often approach them because their credit cards are at their limit and they've been turned down for an unsecured loan. Their mortgage lender has probably also turned them away, possibly because they are struggling to make existing payments.

news title :  http://observer.guardian.co.uk/cash/story/0,,2169943,00.html

South Wales-based Yes Group has surged to the top ranks of unsecured loans brokers in the UK with the acquisition of No Worries Loans.

The group now plans to corner 55% of the UK unsecured loans market in the next six months. No Worries Loans, a new company, and the group’s existing loans broker, Yes Loans, together now handle loan applications worth £15m a day, giving them a 35% share of the UK market in unsecured non-standard loans – more than any other operator.

No Worries Loans managing director Sally Hill becomes Yes Group managing director, with a raft of initiatives in place designed to drive this up to a 55% market share in the next six months.

She is also looking to increase revenues and profits of the other Yes Group businesses. These include telephone marketing company Dial, which Yes Loans successfully took over last year and saved 200 jobs in the process, and secured loans broker Blue Sky Personal Finance.

All of this, she says, will have a major impact on the creation of new jobs and on career opportunities for the 300 existing employees of the group.

Hill, who has a background in telecoms sales, launched Leeds-based No Worries Loans earlier this year after developing another successful business, Phones on Finance, which she still runs.

The deal brings with it the capacity of No Worries’ call centre operations in Leeds and India. Adding this to the existing capacity and expertise in Cwmbran, Sally says, means the opportunities the businesses will have to develop relationships with customers are significantly increased – and it’s this that will fuel the growth she plans.

She adds: “There’s huge potential with the combination of these two businesses to double profits and drive up daily loan applications to £23m.

 

news source :  http://www.mortgagestrategy.co.uk/cgi-bin/item.cgi?id=149687&d=337&h=24&f=254

Ronald Reynar was in urgent need of finance. His search for financial assistance ended at the counter table of a renowned loan lending institution, where the loan salesman gave a detailed lecture on various types of financial helps and the methods by which it can be availed along with other detailed information. Reynar at the end of the meeting decided to go for a loan that was available for no security as he felt it to be safer. Why Unsecured Loans are More Preferred? Usually the loans are opted mainly by those who are more concerned with finance. They never may want to take any chance by providing any secured asset against loans. This is one main reason for opting for unsecured loans. Usually obtaining an unsecured loan is not a difficult task. The expansion in the financial market has resulted in the increase in competition showing a heavy rise in the number of loan suppliers. This has even resulted in cutting down of interest rates making it convenient to the customers. When the loans not requiring any security are available in the market, why does someone opt for loans demanding a security? This tendency has resulted in increase in demand for these types of loans. Terms and Conditions Always the customers opting for unsecured loans will have to take care of certain things. The lender will have certain terms and conditions based on which he will provide financial help. The borrower must read these terms and conditions very carefully, as there are chances of hidden charges and factors, which may turn against in the end. Also every detail regarding the interest rates must be clarifies to avoid later confusions. Never should there be any delay in the repayments in the case of unsecured loans as it may result in loan lenders going to the court against the borrower leading to more embarrassing situations. news source : http://pr-gb.com/index.php?option=com_content&task=view&id=15715&Itemid=9