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The high-cost lender Wonga is launching a business loans service, promising to make funds available within 15 minutes of an application.

Wonga was reluctant to quote a typical annual percentage rate, or APR, for loans, saying the measure was inappropriate as they could be taken out for as little as a week. The firm has been heavily criticised for lending to individuals at an APR of 4,214%, but claims business loans will be at rates starting at 17% APR.

Loans of £3,000 to £10,000 will be available for terms of between one and 52 weeks. The cost, including a variable application fee and interest, starts at 0.3% a week and the loans must be repaid in weekly instalments.

Wonga is entering the business loan market at a time when firms are struggling to raise funding.

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Tags: Business Loans, Business Loans Service, Loans Service, Service

At this time of year the FSU Member Rights Centre receives many calls from members querying their public holiday entitlement. Below are the frequently asked questions (and the answers!) which we hope will be a useful guide for you. If your specific circumstances aren’t covered here, or you would like some clarification about your entitlement please contact the Member Rights Centre on 1300 366 378 to speak to one of our trained advisers.

What public holidays am I entitled to?
Can I be forced to work a public holiday?
How am I compensated when working on a public holiday?
I am a part-time employee who is not rostered to work on the public holiday.

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Tags: Public Holiday, Rights

Talking about money with family, friends and professionals can be difficult. It can be even harder when adults are struggling or facing significant financial problems, such as foreclosure, credit card debt or depleted retirement savings. However, speaking with people who may be affected by the crisis or a professional who is trained to help, such as a credit counselor, can help individuals develop a plan for dealing with these types of issues.

A recent survey conducted by Ameriprise reveals that many families are uncomfortable discussing money-related topics, such as retirement savings, debt and their personal finances, despite the fact that they may all be affected. Read more…

Tags: Financial Problems, Problems

Kiplinger’s Retirement Report.

You wouldn’t pay sticker price for a car these days, would you? If you don’t have health insurance, you may be able to negotiate a big discount on your hospital bill, too.

That’s what Dorene Spak, 60, did a year ago when she was told that a hip replacement would cost her $66,000. Spak, a consultant who lives in Cuyahoga Falls, Ohio, had dropped her individual health insurance because she could not afford the premiums.

Spak went to the Web site of Healthcare Blue Book (www.healthcarebluebook.com) and found that the “fair price” for the surgery — the price that insurers pay hospital and other medical providers in the area — was considerably less. After visiting several hospitals and the physicians involved in the surgery, she bargained the price down to $22,000. “Because I was self-pay, one hospital off the bat offered a 62% discount,” she says.

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Tags: Big, Big Bills

The Lending Well touts itself as the UK’s first peer-to-peer lender.

The UK’s first peer-to-peer payday lender will charge its borrowers an interest rate of 2,464.8% APR, but is paying those lending the money just 12%.

The Lending Well will charge borrowers £1 a day for every £100 borrowed, and a loan for £150 over 26 days will cost £39 in interest, provided the borrower pays it back by the agreed date.

Although lenders carry the risk of losing some money if the borrower defaults, they will receive just £1.28 in interest on the same loan. Money waiting to be lent will earn no interest at all.

A company spokesman said: “One of the main reasons that payday lending can seem expensive is that the cost of customer acquisition, credit checking and so forth is fixed and high.

“The Lending Well aims to reduce the overall cost of borrowing and believes that as the business scales, charges will reduce.

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Tags: Lender, Payday Lender