Tag Archive for Loans

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Getting a short-term unsecured loan as a small business

by Ben Lobel • July 19, 2016 • 0 Comments

Unsecured loans allow you to borrow money for your business without putting up any assets as security. It may be that your assets are already tied up as security, or that you don’t have assets of sufficient value for the loan. The short-term nature of the loan partly mitigates higher risk of default borne by
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How to find the best business loan

by Conrad Ford • July 11, 2016 • 0 Comments

We’ve all seen how far alternative finance has come since the term first emerged, as well as the decline (and partial recovery) of bank lending to small businesses. But with more choice in the market than ever, there are lots of factors to consider to find the business loan that’s most suitable for your business. Get it
The post How to find the best business loan by Conrad Ford appeared first on Small Business.

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The transformation of the payday loan industry in the UK

by Ben Lobel • June 28, 2016 • 0 Comments

The UK’s payday loan industry continues to see a huge transformation following the introduction of FCA regulation in January 2015.
At one point, the payday loan industry was flying, with brands advertising on every radio and TV channel under the sun and sponsoring major sports teams across the UK. Yet the once £2 billion sector has seen major changes to address its reputation of ‘loan sharking’ and ‘irresponsible lending’. A huge overhaul of its regulatory framework and advertising driven by politicians and religious figures has seen the market shrink and top lender Wonga.com to record losses of £80 million in 2015.
New regulation from the Financial Conduct Authority
The FCA began regulating the payday loan industry in April 2014, taking over from The Office of Fair Trading. Following 29,000-payday loan related complaints recorded by The Citizens Advice Bureau in 2014, a tough approach was taken.
The regulator reviewed the practices of the some of the biggest lenders, which inevitably led to £220 million fine for Wonga, £15.4 million for Dollar Financial (The Money Shop, PaydayExpress and PaydayUK) and £1.7 million for Quickquid. The fines were partially paid to the regulator and some amounts were required to refund customers that should not have received loans in the first place due to their limited criteria.
To address the high rates of interest,