UK Lending News: May 5, 2013

Increased Lending from the Bank of England

You might have heard about the Bank of England’s plans to boost lending in 2013 with the goal of benefiting England’s economy as a whole. With the leadership of the new governor, Mark Carney, the Bank of England will model its new plan based on the current structure of the United States Federal Reserve.

The Bank of England will focus on a new set of steps, a new strategy, and a new mind-set in which increased lending will play a larger role. The strategies that the Bank of England will use in order to be able to increase lending will be somewhat unconventional. What the committee is currently focusing on is setting interest rates and determining the influx of money that the economy needs.

Increased lending could mean that it is easier for you to get loans, including personal loans, consolidation loans, car loans, boat loans, unsecured loans, etc.

Recently, the Monetary Policy Committee has denied the wishes of the Governor of the Bank of England and Marvin Kind, the Chairman of the Monetary Policy Committee, to add £375 billion in budget plans. Even without the cooperation of the Monetary Policy Committee, the Governor has decided to implement the additional budget expansion in favour of adding £25 billion.

These Budget Changes will make it easier for people to get loans for all of the challenges that life throws at us.

Why get a Personal Loan?

People get personal loans for many reasons, from serious life challenges to simply wanting the funds to fulfil small desires. Getting a personal loan may be more difficult for some than others. For those who want to get a personal loan after having filed bankruptcy, there are steps that you can take to make your profile look more appealing to a large range of lenders. If you’re in need of a personal loan after having gone through a bankruptcy, make sure that you follow the terms and are able to make payments on time. Once you have successfully paid off your personal loan, you will look more appealing to other financial institutions in the future.

After filing for bankruptcy, it is said to wait two years for applying for a loan. During those two years you will be financially responsible, giving yourself a positive financial and credit profile. During this time it’s acceptable to apply for credit cards with small limits.

What if I haven’t filed bankruptcy yet?

If you’re not quite to the point of filing for bankruptcy but you need relief from the nagging of multiple creditors, you can apply for a consolidation loan. This will allow you to make one monthly payment instead of paying multiple institutions. Do your research and look for a consolidation loan that has a smaller interest rate than your other debts. With a consolidation loan, you will only have one interest rate to worry about. These loans can be a good way to avoid bankruptcy all together. Finding a loan with a small interest rate is key. By searching through a network of UK lenders, you can find the right consolidation loan for you.

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