Personal Loans News

unsecured personal loans
Oct, 8, 2012
In South Africa, the nation’s largest banks have decided to put the brakes on a recent boom in unsecured personal loan lending. This comes after the South African government expressed concerns and criticism that the banks were encouraging customers to borrow money beyond their means to repay. In effect, this sounds quite similar to the subprime mortgage crisis experienced here in the United States not so long ago. The South African National Credit Regulator (NCR) also expressed concern that too many already-indebted people were borrowing unsecured personal loans.
television factory worker
Oct, 5, 2012
Sharp, the well-known Japanese manufacturer of televisions, has borrowed a ¥360 billion secured loan that is equivalent to $4.6 billion, according to Businessweek. In secured lending, borrowers put up valuable assets as collateral in order to borrow money. Typically, cars and homes are used as collateral. However, in business situations, a secured loan is usually tied to company assets, such as stock, equipment or facilities.
businessman in handcuffs
Oct, 3, 2012
A notorious East London loan shark is finally facing the power of British law. Steve Basstoe, also known as “Jaws” by police, is a seemingly mild-mannered businessman, but has just recently been charged with several counts of illegal money lending and blackmail, according to the Mirror. Basstoe lives a double life. In one life he is a soft spoken father-of-two who impresses his neighbors and employees with polite courtesy. In another life, he is a menacing loan shark criminal.
man on the street
Oct, 1, 2012
The lead counsel who defended Chesapeake Energy Corp’s Chairman and CEO Aubrey McClendon’s personal loans abuse has been demoted. McClendon secured $800 million in personal loans by using corporate owned stakes in natural gas wells as collateral. General Counsel Henry J. Hood defended McClendon in an April press release. Subsequently, McClendon was replaced in June along with half of the company’s directors.
Arrow plummeting downward
Sep, 13, 2012
The US economy rose by 2 percent this year with expectations to reach 2.8 percent by the end of 2013, reported BMO Economics. Despite the housing bubble being an all-too-fresh memory in the minds of many people, BMO Economics feels that residential building will help the US perform strongly through the remainder of 2012 and then into 2013. Additionally, household finances are expected to improve which will strengthen a housing market recovery.
Man stuffing money into his suit
Aug, 29, 2012
The FBI has charged Scott Lonzinski of Clifford Township, Pennsylvania and his mother Laura Conarton of Great Bend, Pennsylvania with the felony crime of bank fraud. Both pled guilty to the charges in District Court, according to an FBI press release. “Clearly when the authorities came in, I evaluated the situation and realized there was no legal defense for this. All signs pointed to who the perpetrators of that were. There was no sense in fighting it,” said Lonzinski's attorney, Joe D'Andrea of Dunmore in a Citizens Voice interview.
Alabama Mayor Fuels Campaign with Personal Loans
Aug, 23, 2012
The former mayor of Huntsville, Alabama, Loretta Spencer is funding her campaign efforts with her own money through the use of personal loans. According to the Madison County probate judge’s office, Spencer made a $50,000 personal loan to her campaign on August 10. She paid an additional $50,000 on the same day to an advertising company which produced her TV and radio campaign commercials. The commercial produced by Spencer claims that under her tenure as mayor from 1996 to 2008, Huntsville led the state in employment growth and creation.
Sad man sitting on the ground
Aug, 23, 2012
Former clients of an Indiana-based debt consolidation company are contemplating filing for bankruptcy after they allege the personal consolidation loan company stole their money. The company in question is called Debt Doctors. Debt Doctors promised to consolidate clients’ debt, but asked for an upfront fee for their service. After receiving money from debt-laden customers, Debt Doctor’s owner passed away and the consolidation company closed their doors.
Burglar being watched
Aug, 10, 2012
Robert Wessel from St. Clair County, Illinois is being sued for allegedly refusing to repay $120,000 in personal loans he received from another individual.  His lender, Keith A. Markus, claims that Wessel borrowed three unsecured personal loans from him over the course of five years. The first was lent out in September 2007 for an amount of $25,000. Markus said that Wessel agreed to repay that principal in addition to 6 percent interest by December of that same year. But two months later, Wessel approached Markus for even more money, and Markus obliged.
FBI Symbol
Jul, 27, 2012
An international criminal group of unsecured personal loans scammers has been charged by federal authorities with operating a loan-fraud scheme. In Buffalo, 33 people were charged with criminal activity, 10 of whom are American and 23 Canadian, according to a Businessweek article. The defendants are charged with conspiracy to commit wire fraud and launder money. The maximum sentence for committing wire fraud is 20 years and a $250,000 fine. The maximum sentencing for conspiring to launder money carries a maximum sentence of 20 years and a fine that is twice the amount of the property involved in the criminal activity.

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