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Rush of personal loans expected this year
Added: (Thu Jan 11 2007)
UK (go4ukloans) January 8: HM Revenue & Customs reveals that around 900,000 people failed to turn up for last year's January self-assessment deadline, thus incurring an automatic £100 fine.
According to Sainsbury's Bank, there could be a healthy amount of personal loans taken this year. In fact, the bank believes that nearly £50 million will be availed in personal loans to pay off tax bills. The average loan amount for this purpose is expected to be just under £11,000.
Steven Baillie, loans manager of Sainsbury’s Bank, states: “Some people can find themselves facing a tax bill that is considerably higher than they had been expecting and to help cover this, will take out a personal loan. With the 31st January deadline just around the corner, those doing this need to ensure that they have shopped around for a competitive rate, can get an instant decision and access to the funds as quickly as possible, and whatever they do, don't incur the £100 late penalty.”
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