Tag: loans

Banks propose ‘student loans style’ scheme to avert job losses

Image copyright NurPhoto UK banks fear that up to 800,000 businesses could go bust in the next year if they are unable to defer repayments on government-backed loans. The lending industry is proposing a student loans-type scheme, where coronavirus loans can be converted into a tax debt repayable over a decade. Like student loans, the money would only be repayable… Read more →

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Coronavirus: Government under fire for cheap loans to big firms

Image copyright Getty Images Image caption German chemicals company BASF borrowed more than £1bn The government has been criticised for handing out more than £16bn in cheap loans to well-known firms such as John Lewis and Tottenham Hotspur. Of that, £1bn was lent to a German chemicals giant, while the UK’s biggest airlines have borrowed almost £2bn. But senior Labour… Read more →

Amigo Loans investigated over affordability checks

Image copyright PA Media The controversial sub-prime lender Amigo is being investigated over the way it assesses whether customers can afford to repay their loans. The Financial Conduct Authority (FCA) launched an investigation into the firm’s practices last week, Amigo said. Amigo lends money to people with a poor credit history, but has been criticised for asking borrowers to sign… Read more →

WageDay Advance: Tiny payout for borrowers mis-sold payday loans

Image copyright Marie Ellis Image caption Marie Ellis is now debt-free, years after taking out several payday loans Borrowers mis-sold payday loans by a lender which later collapsed will receive less than 6% of the compensation they are owed. WageDay Advance went into administration in February last year, after being flooded by claims. In a case that mirrors that of… Read more →