Applying for a loan by phone is perhaps the fastest, most convenient way of borrowing money. You don’t have to drive anywhere or visit multiple lenders just to get a helping hand. Sites like Personal Money Market are here to help you through your cash needs the fastest, easiest way possible.
A loan by phone can get you money fast
You can access quick funding using your iPhone, smartphone or any other wireless device. Call the toll-free number located in the top left corner of the page and a loan application specialist will help get you started right away. Or better yet, [...]
Short term loans and similar money loans have been a thorn in the side of banks and credit unions who have sought to gain a foothold as direct lenders in the short term credit market. Payday lenders have addressed the consumer need for quick cash with aplomb, making successful entry into the market perhaps more difficult for traditional financial institutions. As a recent study by UC David Ph. D. Victor Stango entitled “Are Credit Unions Viable Providers of Short-Term Credit” suggests some of the reasons why credit unions (and by extension, even traditional big banks) aren’t mounting any serious completion [...]
The past few months have featured a lot of coverage about the booming levels of student loans. Unlike other installment loans, there’s no way to discharge the debt, and many students are left holding the bag with fewer opportunities for decent employment. Many are questioning whether college is worth it.
College not worth student loans, says wide swaths of media
One may notice that similar columns appear on various news and opinion sites bearing a headline implying “College is not worth it” and some that assert the opposite. Billionaire Peter Thiel controversially offered anyone willing to drop out of or forgo college [...]
There is a good reason a traditional bank or credit union doesn’t offer payday loans. Many people have wondered why it is that a small loan for a short period of time is solely the province of payday lenders. Banks and credit unions steer clear of the practice. There are good reasons why payday loans will never be offered by traditional institutions.
Typical institutions do not offer payday loans
A lot of people have observed that while you can visit any payday loan store for a loan until payday, a similar loan is not available at a bank or credit union. It [...]
Starting a new business takes time, energy, focus, and always money. Many people look for investors, many finance it themselves, and many use small business loans. Many low-interest and no-interest loans, however, are sitting unused.
Using small business loans to create jobs
The American Recovery and Reinvestment Act, among other things, made a point of trying to create jobs. Small businesses account for a large number of the jobs created in the United States each year. The Small Business Jobs Act of 2010 created loans and stimulus programs intended to encourage businesses to hire. The idea is that small businesses are the [...]
Cap rates on cash advances is a common practice in the financial industry. It may seem like it’s a good thing to do to protect consumers from unfair interest rates. In reality, interest rate caps can sometimes be an unfair standard on cash advance loans. Furthermore, rate caps constrain businesses in an industry in which almost half of all loan lenders are small business owners.
The cap rats on cash advances use bad math
Many states have introduced initiatives that cap interest rates on loans, aimed at capping the rate of a cash advance, usually at 36 percent APR. It seems like [...]
There are trillions of dollars of student loans currently in the U.S. market, and $67 billion is in default with student loan collections. Student loans are one of the few things that can’t be written off in bankruptcy, doesn’t go away after seven years, and must be paid off at some point. Though there are programs to help loans in default, federal student load debt collectors may not be offering those programs to troubled lenders.
Student Load Debt Collectors
The Department of Education does not directly collect on overdue student loans. Instead, the Department of Education contracts out with debt collection agencies [...]
Can short term loans help?
Times are tough and money is short. Are you struggling with less money than you need to get by? Have you had an emergency and just need a little help? Would Short Term Loans help you get through? Do you have concerns about getting paydayloans? Do you have credit problems, or even a bankruptcy?
Here are 5 things you should know about Short Term Loans:
Short Term Loans are FAST! It takes just minutes to apply for these loans, and then you get an approval within a few more minutes. These loans are deposited quickly into your checking [...]
The Consumer Financial Protection Bureau (CFPB) proposed a new rule on March 14 that will allow it greater oversight of non-bank firms that collect and keep records of student loans, both federal and private.
CFPB ‘oversight to the student loan market’
The new rule would give the federal watchdog the authority to audit the activities and procedures of non-bank student loan debt servicers that have more than a million clients. These companies handle billing and collection chores for student loan leaders. The CFPB already has oversight of large banks that act as student loan servicers.
“Our rule would bring new oversight to the [...]
A recent study found that, in the last decade, the debt rate has decreased dramatically for American young adults. While that sounds encouraging on the surface, in fact it reveals a troubling economic trend. The reason for the decline is that the bulk of young adults just have too few assets and too little income to get substantial credit.
Debt rate falls, not a positive sign
According to the Pew Research Center’s study, released late last month, between 2001 and 2010, the debt level of young adults under the age of 35 fell by 14 percent. Conversely, the debt of those over [...]
According to a recent study by the Institute for College Access and Success, the average college student who graduated last year has $26,600 in student loan debt. That is the highest in the seven-year history of the report.
Student loan debt up 5 percent
In 2010, the average amount of loan owed by graduates was $23,350. That means it rose 5 percent in the intervening year. The report also said that about two-thirds of 2011 college grads with bachelor’s degrees have student loan debt looming over them.
About 20 percent of that debt is from private loans, which do not have the same [...]
New home sales fell slightly in August when compared to July, says the Commerce Department. However, the price of new homes simultaneously rose faster than it ever has before in a single month.
Ups and downs of new home sales in August
The Commerce Department said Wednesday that the about 373,000 new homes (seasonally adjusted) were sold in August. That is down a grand, or 0.3 percent, from July’s 374,000. However, that is 27.7 percent growth when examined year-over-year.
August’s home sales also fetched higher prices than they have in more than five years. The median price of a new home in August [...]
Under a federal settlement, several of the nation’s major lenders are offering unsolicited mortgage relief deals to some selected distressed borrowers.
Unsolicited mortgage relief
These offers come from the banks and can not be applied for or requested. Some selected borrowers are offered a reduction in the principal of the loan, or in the lending rate. Some underwater borrowers are being refinanced. The average reduction in loans across the board is just over two percent.
In April, five of the nation’s largest lenders — Wells Fargo, Bank of America, Citigroup, JPMorgan Chase and Ally Financial (GMAC) — reached an agreement with the state [...]
The Consumer Financial Protection Bureau has proposed new rules for mortgage service providers. The new CFPB rules attempt to provide more transparency for borrowers.
CFPB rules seek transparency
According to the CFPB, the new rules demand more transparency from companies that collect mortgage payments and handle foreclosure procedures.
Richard Cordray, director of the CFPB, said:
“The bottom line is to treat consumers fairly by preventing surprises and run-arounds… We want to make sure that at all times consumers can get information about how much they owe, what they are paying, and how their payments are being applied. And if consumers fall behind on their [...]
Fannie Mae announced a net income of $5.1 billion in the second quarter of 2012. It is the Federally-run mortgage buyer’s second consecutive quarterly gain since government intervention, following the Great Recession. The posting leaves little doubt that the U.S. housing industry is gaining ground.
Fannie Mae quarterly gain $2.2 billion
Wednesday, Fannie Mae announced that it will be paying out $2.9 billion to the Treasury Department in quarterly dividends, leaving a net gain of $2.2 billion.
The company posted profits of $2.7 billion in the year’s first quarter. In the first quarter of 2011, Fannie Mae posted a loss of $6.5 billion.
According to a weekly report from Freddie Mac, the rates on 30-year fixed mortgages went up, breaking a spell of record lows that has lasted for 13 weeks.
Mortgage rates tick up slightly
Freddie Mac, Uncle Sam’s mortgage buyer, reported Thursday that the average rate for a 30-year fixed mortgage rose from last week’s 3.49 percent to 3.55 percent. The 15-year fixed mortgage, which is commonly used for refis, also climbed from 2.80 percent to 2.83 percent.
The increase comes following news of increased consumer confidence domestically, as well as news of efforts to relieve debts in the Eurozone. Frank Nothaft, Freddie [...]