Latest Loans Questions

Regulatory building
Jun, 9, 2014
Among various types of loans that are available for people going through tough financial times, payday loans are a useful medium for many individuals. Payday loans are easy to obtain as there are very few requirements to get such loans approved. Proof of adequate income is mostly sufficient to get payday loans. Regulation Parameters
woman on phone complaint
Dec, 24, 2013
Consumers can file a payday loan complaint with a newly-established page on the Consumer Financial Protection Bureau’s website. If a borrower has a question or complaint about their loan, they should first contact their lender. If that does not lead to an answer or a solution, borrowers now have a more powerful approach than in the past. Starting last month, the CFPB began accepting payday loan complaints. Payday loan borrowers are able to contact the Bureau for a variety of reasons including an unexpected fee or interest rate, unauthorized bank charges, non-credited payments, communication issues, receiving an unrequested loan, and not receiving the loan funds.
fifty dollar roll
Dec, 19, 2013
A lawsuit loan is a personal loan that can help a borrower fund his or her legal case or help him or her pay for living expenses as their lawsuit settles. Lawsuit loans are generally for victims of a workplace injury or some related grievance where they need to borrow money as they await receiving settlement money. Unlike most types of personal loans, a lawsuit loan’s repayment depends on whether a borrower wins or loses their lawsuit. If a borrower wins their lawsuit, then they repay the lawsuit loan lender with interest. If a borrower loses, then they do not have to repay the lawsuit loan.
Older couple walking
Dec, 4, 2013
When a reverse mortgage borrower dies, the outcome depends upon the existence of any remaining family members and whether they want to keep the home. When the original homeowner passes, the process afterwards is similar to the process required with a regular mortgage loan, according to Heather Chubb, a life transitions lawyer at The Chubb Law Firm. “You end up with the same estate administration issues as you would with any other piece of property,” she said.
education dollars
Dec, 2, 2013
There are several important differences between federal student loans and private student loans. Namely, the important differences deal with cost, repayment, accessibility, and permitted uses of funds. Cost is usually most important to the majority of borrowers and is an excellent starting point to showcase the differences between federal and private student loans. The Cost of Federal and Private Student Loans The cost of private student loans is really dependent on credit requirements. Since private student loans come from banks, credit unions, and online lenders, credit requirements can vary wildly.
Group of students in class
Nov, 19, 2013
Personal loans can be used for educational purposes ranging from a singular training class fee to common college expenses. Although student loans comprise the majority of educational-based lending, some smaller expenses can be paid for with personal loans. Most federal student loans are disbursed to a borrower’s university or college, but personal loans are given directly to the borrower. This allows the student to use the funds as they please, whether for school supplies, housing, or unexpected expenses. Aside from accessibility, alternative consumer funding, such as personal loans and credit cards, help to eliminate the financial void left by certain student loans.
Japanese swords in home
Nov, 13, 2013
A ninja loan is a subprime mortgage loan offered to borrowers without proof of income, employment, or assets. The word ninja is a nickname for a loan product available during the subprime market of the early 2000’s. Ninja loans are another name for NINA which stands for no income, no assets, and was coined in a book by Charles Morris.
credit card and glasses
Nov, 12, 2013
A consumer’s credit score is greatly impacted not just by the amount of credit cards they apply for but also the time frame in which they apply for them. Eric Adamowsky, Co-Founder of Credit Card Insider, said filling out multiple credit card applications in a short period of time will result in multiple hard inquiries within that short period. These inquiries cause consumer credit scores to fall.
home made out of a dollar bill
Nov, 5, 2013
A liar loan is a type of mortgage loan where a lender does not verify an applicant’s income. These types of mortgage loans are sometimes called stated-income loans or no-documentation (no-doc) loans. Lenders willingly give an applicant a mortgage loan without verifying their pay stubs, proof of employment, or assets. In contrast to this, a conventional mortgage loan requires these types of documents before an applicant will be considered for financing. Liar loan applicants need only state their income and it is taken at face value. As a result, some applicants could lie, hence the moniker “liar loans.” How Liar Loans Worked
Student browsing laptop in apartment
Nov, 4, 2013
Student loans can be used for housing costs such as on-campus and off-campus rent. Borrowers can use student loans for other educational costs beyond tuition such as housing, food, and textbooks. There are some restrictions for certain student loans, both private and federal, and borrowers should closely review their loan terms. For example, Perkins federal student loans are primarily meant for tuition costs, but other federal and private loans can be used for both on-campus and off-campus housing. In order to simplify the payment process, many lenders send loan funds directly to a student’s college or university.