Loans

Sainsbury's Bank has brought in strict new lending restrictions which mean it is no longer issuing new credit cards or loans to anyone who's self-employed, MoneySavingExpert.com can reveal. 

The financial regulator has announced it will ban commission models that give car finance dealers an incentive to raise customers' costs from next year.

The financial regulator has confirmed further measures to support borrowers struggling to make payments on car finance deals, buy-now-pay-later agreements and other credit products due to the coronavirus pandemic, with many able to get another three-month payment holiday if needed.

Business banking fintech firm Tide has stopped offering bounce back loans and has closed its waiting list to new borrowers after failing to secure funding to support its lending.

The financial regulator has proposed further measures to support borrowers struggling to make payments on car finance deals, buy-now-pay-later agreements and other credit products due to the coronavirus pandemic, with many set to be offered another three-month payment holiday if needed.

Substantial numbers of bounce back loan applicants suffer delays, rejections and credit checks, a MoneySavingExpert.com survey of more than 5,000 small business applicants has found. While lenders such as Lloyds and RBS performed well with most people rating them great, far more HSBC and Tide applicants rated their experience as poor. 

Payday loan provider Sunny has collapsed into administration and will no longer be offering new loans. 

MoneySavingExpert.com is to ask the financial regulator to investigate after receiving scores of complaints from sole traders who've been rejected for 'bounce back loans' with challenger bank Starling.

Mis-sold customers of collapsed loan provider Wage Day Advance will get only 5.68p of every £1 they're owed in compensation. The news was announced by administrator KPMG, which is overseeing the compensation process.

The financial regulator has confirmed it will introduce a new set of payment freezes for customers struggling to make payments on car finance deals, payday loans, buy-now-pay-later agreements and other credit products due to the coronavirus pandemic.