The financial sector saw changes following the Great Recession; one such change was the shift to small loans. Borrowers are taking out small loans with bad credit at an ever-increasing rate. While this is good for the burgeoning industry, the sector’s growth is catching the eye of regulators like the Consumer Financial Protection Bureau or
There is a good reason online loans continue to gain market share: with millennials reaching a point in their lives when they need and are able to borrow money, modern-day lenders are being forced to change the way that they do business. According to millennials, traditional lenders are sluggish when it comes to originating and
A cash advance online is perfect for people who need to borrow a relatively small amount of money for a short time. Because they are unsecured financial products and typically needed for emergency situations, these loans generally feature high interest rates and fees. Instead of allowing a cash advance to escalate, which is likely to
Quick loans are generally short-term loans for relatively small amounts. These loans are often paid back on the borrower’s next payday, but sometimes, lenders off them as installment loans that can be paid back over a longer period. Regardless of the exact terms, most quick loans charge higher rates of interest for the convenience of
Many thought that the change of guard from a democratic to a republican president would cause the agency to be gutted, resulting in decreased regulations, but the CFPB is still gunning for payday loans, despite Trump being in office. After the Great Recession swept the nation, legislators were eager to avoid a repeat. To protect
For millions of Americans, a cash advance can provide emergency funds to obtain medical care, keep the utilities turned on or handle a repair to the home or the family’s vehicle. Cash advances are short-term loans that are typically due in full when the borrower receives his or her next paycheck. However, in recent years,
Cash advance loans, which are sometimes referred to as payday loans, are short-term loans that are typically due on the borrower’s next payday. In recent years, lenders offering these loans have faced increasing criticism from the Consumer Financial Protection Bureau and other agencies, including the Federal Trade Commission. Despite the negative publicity, however, cash advance
In June 2016, the Consumer Financial Protection Bureau (CFPB) proposed a multitude of severe lending regulations characterized as consumer protection from payday debt traps. Citing investigative data, the CFPB steadfastly argued that cash advance and payday loans lead to consumers becoming debt-ridden and that their proposed statutes would serve to protect consumers from the so-called
Online loans offer astonishing convenience for getting essential cash when families really need emergency funds. Many families today live paycheck-to-paycheck, so unexpected expenses can throw up big obstacles to safety and financial security. A report from Cbsnews.com found that 38 percent of the 3,200 people surveyed admitted to living paycheck-to-paycheck. Although many of these respondents
When you are temporarily short on cash between paychecks, it is tempting to apply for quick loans online that do not require credit checks and offer easy approval processes. Having access to quick cash in less than 24 hours can help you avoid the consequences of an electricity shutoff, overdrawn checking account, expensive late fees
As long as you have a checking account and steady income, it is tempting to click on one of the dozens of flashing advertisements for easy loans and it does not take much to get lured in. Many lenders do not require credit checks, which means you won’t get an inquiry ding on your FICO
A bill capping interest rates for cash loans was recently introduced in the Oklahoma legislature according to a report posted at Reddirtreport.com. Unlike many bills limiting interest rates, this bill would cap interest rates at 17-percent interest per month instead of 36 percent per year. House Bill 1913 was submitted by Rep. Chris Kannady (R-Oklahoma
Impulse borrowing and emergency borrowing are entirely different things, and consumers should avoid payday loans online for impulse buying. Although convenient online payday loans rank as one of the top resources for urgent financial needs, these short-term loans carry higher-than-normal interest rates because of their shortened loan periods, high administrative costs and higher-than-normal default rates.
The payday loans industry evolved naturally in the United States as a result of deregulation, market forces, stricter FICO guidelines and the rise of Internet lending. An article at Loannow.com suggests that some form of the payday loan has been around since ancient times and includes loan sharks, personal lenders, store credit, bar tabs and
College is a major expense, one that statistics say leaves the average college student in debt for more than $37,000. With the cost of tuition on the rise as well as basic living expenses, college students are borrowing more to get through school than earlier generations did. But, are they using borrowed funds for college?
An unfortunate reality of today’s financial world is that those who need to borrow money the most typically have the toughest time doing so. People who have bad credit may think that getting the money they need is impossible. However, bad credit loans are as available as ever for those who know where to look.
While it would be nice if people could save up the money that they need for the things they buy, most of us must get a loan for big-ticket purchases and financial emergencies. In too many cases, money and deceitful actions go hand-in-hand. So, how can you get a loan without getting fleeced? You can