I took out a secured loan with Nemo in 2006. £25k over 15 years. After a few years of having the loan around 2008 when interest rates began to rise, Nemo immediately increased their rates and did so for several months. Then rates began to fall to their current record low and not at any point did they reduce their rates. Ask them why and they say, "it's the money markets" like I'm stupid. Even the rates at which banks lend to each other has decreased.
Reason 2:
I today paid off some of the capital, before I could do so, I had to clear a £120 charge I did not know that was on the account from 2009, this was from a couple of missed payments from when I was having some financial trouble. I didn't know the charge was there and also that I was paying interest on the charge and then interest on the interest, thus resulting in my loan term being extended by 3 months without my knowledge. At no point had they informed me of this.
Nemo loans is owned by the Principality Building Society.