Personal Loans News

Collection of financial scam words
Mar, 12, 2012
Ponzi schemes and financial fraud are not exclusive to the American market, as a British man was sentenced to 14 years and six months in jail for defrauding investors out of $182 million in an elaborate business loan scheme, according to Bloomberg. Kautilya Nandan Pruthi plead guilty for defrauding around 800 investors in a massive Ponzi scheme, then using the proceeds to by himself extravagant automobiles and aircrafts. Pruthi didn’t act alone, as two accomplices, John Anderson and Kenneth Peacock, were found guilty for participating in the scheme, but they each only received 18 months of jail time.
Computer code with earth as the backdrop
Feb, 27, 2012
Several years ago there was a bit of malware called Zeus that targeted unsuspecting computer users’ bank accounts. It was a typical “Trojan Horse” virus, which acts much like the Odysseus’s Trojan Horse—disguising itself as something friendly, only to be exposed as a dangerous entity once it has breached security measures. The Zeus virus ultimately sacked the hacker’s a total of $70 million before the FBI found and arrested over 100 people involved in this cyber-theft-ring.
Wine glass and bottle
Feb, 24, 2012
Have a special vintage bottle of wine saved for a rainy day? Instead of drinking it, consider trading it in for a personal loan. Some pawnshops who cater their business towards the prosperous have reported taking these “liquid assets” in exchange for money. Additionally, these pawnshops specializing in dealing with the rich are gladly accepting family jewels, fine art, and other types of collateral most don’t possess or that most would be hesitant to part with.  
Woman holding piggy bank and power cord
Feb, 17, 2012
A nonprofit called Self-Help Credit Union just announced a new low-interest personal loan program designed to help businesses and families to finance energy efficiency projects in Charlotte, NC. Self-Help, which is based in Durham, NC, has originated nearly $6 billion worth of personal loans to low and middle class families, small businesses, and other nonprofits. They recently received a $5.5 million personal loan from Bank of America, and are hoping to use that loan combined with other resources to offer $15 million worth of energy loans across the eight cities.
Military figurines standing on computer keyboard
Feb, 6, 2012
Recognizing the our nations soldiers and veterans are often targeted by predatory lenders, the Consumer Financial Protection Bureau (CFPB), state Attorneys General, and the Department of Defense rallied together last week to create the Repeat Offenders Against Military Database (ROAM). The purpose of ROAM is to have an updated library of companies and individuals who repeatedly target military members with predatory personal loan services.  
Silver Lady Justice Statue
Jan, 16, 2012
Following the announcement that Countrywide granted special discounted personal loans to four congress members before it was consumed by Bank of America, two of those recipients’ names have just been announced.   Reps. Howard McKeon (R-CA) and Elton Gallegly (R-CA) were both discovered to be recipients of Countrywide’s VIP loans. Both congressmen claimed they didn’t know their loans were given special rates.  
Stethoscope sitting on pile of money
Jan, 6, 2012
Due to increasing regulations, reduced insurance reimbursements, and rising business costs, doctors are finding themselves losing money at exponential rates. With half of all doctors in the in the United States owning and operating private practices, a medical crash could prove to be detrimental.   “A lot of independent practices are starting to see serious financial issues, said Marc Lion, a financial adviser for independent doctor practices, according to CNN Money.  
Stressed business owner
Jan, 3, 2012
In an effort to raise capital and reduce risks, Bank of America has sent out notices to many small business owners requesting their personal loans be paid off immediately. The letters announce the lender’s intention to sever the business owner’s lines of credit, and require the balance for the loans to be made in full. If borrowers are unable to pay the personal loan off in full, BofA is allowing them to adhere to new repayment programs—but these new repayment plans carry much higher interest rates than the original lines of credit were first agreed to.  
Cowboy with a disapproval "X" brand
Dec, 19, 2011
In a letter to the House ethics panel, four House representatives have been accused of “possible wrongdoing” due to their participation in a controversial loan program.   The letter was written by Rep. Darrell Issa (R. Calif.), chairman of the House Oversight and Government Reform Committee, and asserts the four representatives in question participated in a controversial loan program by Countrywide Financial called the VIP program.  
Feather Pen
Dec, 9, 2011
The Writers Guild of America, West issued a total of $3.2 million in personal loans to writers during the last strike four years ago, and is still awaiting repayment of $785,000, according to The Associated Press.   The guild, composed of over 20,000 film and television writers, issued these personal loans to help its members ride the 2007-2008 writing strike out. 239 guild members received loans, and according to the guild’s most recent filing with the U.S. Department of labor, 68 writers still owe between $68 and $70,000.  

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