Refinance Home – Bad Credit Loans

UK banks are on course to miss government targets for lending to small and medium-sized businesses (SMEs) after it emerged that high-street lenders fell short of their promises by £25 million a day.

Business Secretary Vince Cable says he wants a “significant improvement” after figures revealed the country’s five largest banks loaned just £16.8bn to small and medium-sized SMEs in the first three months of the year.

The government struck a deal with the banking industry to increase lending to smaller firms in exchange for tax levies and curbs on executive bonuses being shelved.

Under the deal, Project Merlin, the banking industry promised to lend £190 billion to businesses in 2011, with £76 billion going to SMEs. This equates to £19 billion a quarter for smaller businesses.

Although banks have extended lending to larger businesses, many smaller firms have reported that credit is still hard to come by, damaging growth prospects and threatening the viability of some companies.

A Treasury spokesperson said: “These lending commitments will be part of the performance metrics of each bank’s chief executive and senior managers… Continue To Read This Post..

The Office of Fair Trading (OFT) has said consumers should be able to expect “no unwelcome surprises” in the small print of contracts.

Some 20% of people experienced a problem with misleading contracts over the past year, accounting for 70% of the OFT’s enforcement cases.

The trade watchdog said problems arose when a term buried in the small print of a contract substantially altered the overall deal as understood by the consumer or complicated language made deals hard to understand.

An investigation by the OFT found that misleading contracts led to customers losing £3 billion over the past twelve months with telecoms and internet service providers causing the most problems. One fifth of all consumer problems are thought to be related to goods and services sold via contracts.

Mary Starks, the author of the report, said: “People should be able to concentrate on the main elements of the deal, not worry about small print traps.”

The OFT study found that only 23% of consumers read their contracts in full. The poll of 4,000 people found the over-55s experienced marginally fewer… Continue To Read This Post..

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A business credit card can significantly affect the way you run your business. It separates your personal expenses from your business expenses completely, which streamlines everything and makes your life much easier. Your employees will also benefit if you give them business credit cards. They will save on paper work and will not have to fill in expense claims and wait to get their money back.

You can assign preset spending limits for your employees. This prevents them from making rash decisions and overspending the budget. The management will receive itemized statements through which they can see exactly what has been bought and where they can reduce overspending.

One business credit card issued to all the employees who need one can make significant improvements in workforce morale and increase loyalty. They will feel empowered and trusted if they are allowed to have an expenses card. Your life will be much easier because a monthly itemized statement will show exactly what the cards are being used for. This is far better than the system of expense claims and invoices. Your accounts… Continue To Read This Post..

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