Personal Loans News

young woman examines debt
May, 13, 2013
Consumers have more to worry about than high-interest, short-term loans. According to a new report from ProPublica, long-term installment loans carry similar interest charges to payday loans and trap borrowers in the same cycles of debt. Installment loans, which have existed for decades, allow borrowers to pay back their loans over several months or years. The lenders make their money by tacking on unnecessary insurance fees and by enticing borrowers to renew their loans.
Man trading stocks on computer
May, 3, 2013
A large shareholder advisory firm issued a report this week urging Swift Transportation shareholders to withhold their votes from board members due to reports that the CEO used outstanding shares as collateral for personal loans. Institutional Shareholder Services Inc. (ISS) requested that members of the Swift Transportation Company Board of Directors’ Audit Committee withhold votes during their annual shareholder meeting on May 8. Jerry Moyes, Swift Transportation’s founder, CEO and controlling shareholder, pledged almost 25 percent of outstanding shares as a form of collateral for personal loans.
May, 1, 2013
Pension advances have become the latest exploitative quick cash loan under investigation by federal regulators. These loans target the public pensions of federal and state employees—including teachers, firefighters and military personnel—while misrepresenting the long-term expense for borrowers.
handgun on cash money
Apr, 26, 2013
In the wake of shootings across the nation, many large lenders, such as AIG, have ceased to offer personal loans for firearm and gun purchases. One gun store that was abandoned by their lender is Hyatt Gun Store in Charlotte, N.C. Justin Anderson, Director of Internet Sales at Hyatt Gun Store, told that the business faced a number of obstacles on the financing side of the business back when the store partnered with an AIG subsidiary.
gavel on hundred dollar bills
Apr, 23, 2013
According to a recent FOX Business story, the growing “lawsuit loan” industry accounts for $100 million in profits each year. Despite criticism that “lawsuit loans” charge sky-high interest rates, industry insiders claim that these allegations are inaccurate. Lawsuit lending works by providing funds to plaintiffs in pending lawsuits in exchange for a fee. If the lawsuit loan lender believes the plaintiff can win, the plaintiff is given funding. This funding isn’t for payment to the plaintiff’s attorney. Rather, it is for common expenses such as groceries, rent or mortgage payments.
chained hands holding money
Apr, 17, 2013
A pension plan trustee was just convicted of 17 counts of wire fraud. According to U.S. Attorney Wendy Olson, Matthew Hutcheson, 41, from Eagle, Idaho was the trustee and fiduciary for three employer pension plans. His criminal activity ran from Jan. of 2010 to Dec. of 2010.
decreasing money graph
Apr, 3, 2013
The American Bankers Association (ABA) announced that consumer delinquencies on personal loan debt, as well as other financing, had significantly declined in the fourth quarter of 2012. Delinquencies for bank cards massively declined as well, reaching levels not seen since 1994. According to the press release, the ABA considers a delinquency to be a late payment on debt that is at least 30 days overdue.
Man buying clothing
Mar, 29, 2013
A recent survey found that despite receiving less income due to the payroll tax increase, Americans are not changing their spending habits. The survey, conducted by Accounting Principals showed that nearly one quarter of Americans have not reduced their spending habits, even though they earn an average of $130 less each month. The monthly income reduction is due to the two percent tax increase which started on Jan. 1, 2013.
FBI agent with his gun drawn and pointed
Mar, 7, 2013
The FBI is warning of a criminal known as “The Loan Ranger Bandit” who has been robbing banks, personal loan lenders, and other financial institutions across Texas, Mississippi and Arkansas. According to the FBI’s press release, the Bandit does not disguise his face. He simply displays a note at banks and demands money. While he is armed and considered dangerous, no one has been injured during the course of his crimes so far.
Mother and daughter shopping online
Feb, 22, 2013
A new report found that younger generations carry an average debt load of nearly $40,000. The U.S. Consumer Savings and Debt Report, published by SaveUp, states that Americans under the age of 47 carry an average debt of $37,000. Euna Kim, marketing and support coordinator for SaveUp, said the rewards program decided to focus the report on the younger generations because “there is significantly more coverage on consumer data of older generations like Baby Boomers.” Generation X is classified as being born between 1965 and 1980. Generation Y is classified at being born between 1981 and 1995.