Though the term comes up most often during real-estate transactions, bridge loans are becoming more popular for many reasons. Bridge loans are relatively simple to understand. Like most financial products, however, the details are what can make a bridge loan work out — or not. Bridge loan basics A bridge loan began as a form
The level of notoriety that Goldman Sachs either enjoys or endures increased Tuesday. The Securities and Exchange Commission filed insider trading charges against Rajat K. Gupta, one of its former board members. Goldman Sachs was also forced to admit that it could lose billions from lawsuits by investors who were bilked by the bank during
When individuals in the Chicago area need fast cash to cover for an accidental budget shortfall, they can apply for Chicago installment loans and Chicago short term loans. However, if a small business needs money to get off the ground or perform the renovations needed to expand, consumer short term loans and installment loans aren’t
Do you remember the series of commercials Citibank produced about identity theft? You will probably find them somewhat less than entertaining if you are one of the 600,000 Citibank customers whose Social Security number was printed on the outside of the postal envelope containing your year-end tax statement. “Identity theft? What’s that?” exclaims an incredulous
In the United Kingdom, new rules are being considered that would make loans for anyone that may need extra cash a little more difficult. After the Learning and Skills Council discovered that 9 out of 10 customers couldn’t calculate basic financial numbers, ministers took note. Now, new regulations may require customers that need loans to
Bloomberg reports that consumer credit rose for the second straight month in November, a sign that consumer confidence may be on the rise. The $1.3 billion November increase in consumer lending, paced by government-held student loans, followed a $7 billion increase in October. Consumer credit increased in auto, education fields Non-revolving loans such as auto
Though it still needs to go several rounds through Congress, the president has submitted his budget. One line-item has many states taking a second look at their budgets. States that took out federal loans to pay for unemployment may be able to defer interest for another few years. Unemployment insurance loans In order to pay
The Making Home Affordable Modification Program is a federal government program started in early 2009 as a response to the foreclosure crisis. It is intended to support mortgage modification, mortgage refinancing and other affordable home options for homeowners stuck in mortgages they cannot pay. This program, however, has been running into consistent problems with lenders.
Raising credit card interest rates on customers without telling them has gotten Capital One in trouble, again. A class action lawsuit accusing Capital One of violating the Truth in Lending Act by raising credit card interest rates without warning was dismissed by a federal judge earlier. But the 9th Circuit reinstated the Capital one class
Potential students should be cautious if considering going to a for-profit, private college. Though college is usually worth taking out some personal loans to fund, the for-profit schools have higher default rates and are often at odds with state authorities. Some schools are worth it, but people should do their homework before attending. The Donald
A settlement is soon to be announced regarding the robosigning foreclosure controversy. Some of the nation’s largest mortgage lenders rubber-stamped foreclosure documents without looking at them and may have foreclosed on some people who didn’t deserve it. A legal probe into foreclosure practices has reportedly reached a settlement with those lenders. JPMorgan exec discloses deal
In Minnesota, Gov. Tim Pawlenty has ended a loan program intended to increase minority home ownership. The loan program only provided three mortgages between being set up by the Minnesota state housing agency and getting shut down by the governor. Pawlenty shut down the program upon discovering that it offered Sharia-law-compliant mortgages. Minority mortgages in
Americans now owe more for their student loans than their credit card debt. While people are paying down their credit card balances in the aftermath of the financial crisis, college costs continue to rise. Some analysts say less consumer protection for student loans than other types of borrowing is a reason for the trend. Others
This year, H&R Block will not be offering any short term loans against tax refunds. Refund Anticipation Loans, or RALs, are loans lent by a preparer against a potential refund, less a fee. The banking partner of the company was forced out of offering the loans by regulatory bodies. No more short term loans from
It is getting harder for students to make payments on the loans they borrowed to pay for an education. The default rate on students’ personal loans is rising nationwide, and lenders, including the federal government, are not forgiving despite a tough economic climate. Loan payments not as expensive as having to lawyer up The U.S.
Recent statistics from the car-lending industry are showing that it is easier to get car loans with bad credit. While lending is still slow for borrowers at every credit tier, it is improving. Lenders are also exploring alternative lending options that are helping expand available credit. Drop in lending installment loans During 2008, the amount
Tax preparer Jackson Hewitt recently filed for Chapter 11 protection for a short bankruptcy. Hewitt and other tax preparation firms were dealt a heavy blow when changing regulations made it impossible for tax firms to secure funding for tax refund loans. Refund anticipation loans are often vilified alongside payday loans as preying on the poor.