118: Directory enquiry firm launches personal loans business

Loans will be repayable over a 12-24 month period, with fixed monthly payments from £57, the Daily Mail reports. Chief operations officer Paul Noble said the loans are likely to appeal to those looking to borrow money for a holiday, buy a car or make that 'special purchase'. It will not be in direct competition with payday lenders, because it will offer loans at lower rates but over a longer period of time. The firm is the latest to cash in on a dearth of consumer lending, which has seen households struggle to get hold of short term loans. Paul Noble added that mainstream lende...