APR Energy surges 10% after winning Libya power supply contract

Company unveils biggest contract in its history to help country rebuilt after political upheavalAPR Energy, the temporary power supply business, has surged more than 10% following news of a contract win in Libya, the largest in the company’s history.As Libya rebuilds following its political upheaval, it has awarded APR a 250MW contract for its dual-fuel […]
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Brighthouse and the heavy price of paying by the week

Those who can least afford it are being charged up to twice as much to buy goods from the growing number of rent-to-buy stores such as BrighthouseHard-up households are paying as much as double the normal price for basic domestic goods by using high-cost credit offered by weekly payment stores.Brighthouse promises a “great deal” on […]
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Payday loans can put credit rating at risk

Unauthorised overdrafts tend to cost more, but borrowers who repay a payday loan may face a high price laterCash-strapped borrowers who are tempted into taking out a payday loan to avoid the astronomical costs of an unauthorised overdraft could face even worse problems later on, the Financial Ombudsman has warned.Research by consumer advice website watchmywallet.co.uk […]
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M&S offers ‘cheapest-ever personal loan’

M&S Bank cuts its rate on borrowing between £7,500 and £15,000 to 5.5%M&S Bank has slashed the rate on its personal loans by 0.3 percentage points to offer what could be the lowest-ever rate on a personal loan in the UK. You can now borrow between £7,500 and £15,000 at 5.5%.Customers can choose repayment periods […]
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Savers reassured after North Yorkshire Credit Union collapses

Customers have been told their money is safe after lender becomes the sixth credit union to go bust this yearOne of Britain’s biggest credit unions has gone bust, taking the number that have collapsed so far in 2012 to at least six and dealing a blow to attempts by the government and others to promote […]
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Wonga trebles earnings as income rises 225%

Short-term loan provider benefits from surge in applications as number of loans provided in 2011 quadruples to 2.5mShort-term loan provider Wonga.com trebled its earnings last year, benefiting from a surge in applications by cash-strapped Britons, many of whom have had difficulty obtaining short-term credit from mainstream banks.Net income rose 225% to €45.8m (£37m) with revenue […]
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M&S to launch in-store banks

The M&S Bank, an extension of the existing M&S Money brand, will offer current accounts and mortgages backed by HSBCPoll: would you bank with M&S?High street favourite Marks & Spencer has announced it will open 50 banks in existing stores around the UK, offering a range of products from current accounts to mortgages.The 128-year-old retailer […]
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M&S to launch 50 in-store banks

The M&S Bank, an extension of the existing M&S Money brand, will offer current accounts and mortgages backed by HSBCPoll: would you bank with M&S?High street favourite Marks & Spencer has announced it will open 50 banks in existing stores around the UK, offering a range of products from current accounts to mortgages.The 128-year-old retailer […]
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Credit unions ‘must raise interest rates’

The sector, which offers an important alternative for lower-income borrowers, is struggling to achieve viability because of a statutory cap on interest rates, says a DWP studyThe low-income customers of Britain’s credit unions could face paying more for their loans after a government-commissioned report concluded the sector is “not financially sustainable”.A rise in the maximum […]
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Wonga chief executive on the joys of responsible lending and learning

Errol Damelin, who says he understands why the lender inspires so much wrath, aims to improve children’s financial literacyWonga, the controversial high-cost, short-term lender, is planning to offer a wider range of financial services, including savings, this year.Errol Damelin, co-founder of the company, said banks performed an important role in providing a safe place to deposit […]
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