If you live in any of the 21 states where car-title loans are available, you’ve probably seen the TV commercials touting the ease of this short-term borrowing option. But a new report claims that the average car-title loan results in revolving door of debt and a mountain of interest payments. [More]
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Getting A Car Loan Might Someday Depend On How Well-Updated Your LinkedIn Page Is
By 2.12.13
Whether they admit to it or now, we all know that some employers and schools stalk applicants’ Facebook pages, Twitter accounts and all the other ways in which someone can make a fool of himself online. But should your social media connections be involved in applying for a loan? [More]
CFPB Rules Aim To Protect Homeowners From Inept & Foreclosure-Happy Mortgage Servicers
By 1.17.13
One week after it announced a new set of rules that require mortgage lenders to prove that borrowers will actually be able to pay back their loans, the Consumer Financial Protection Bureau is unveiling a slew of new rules for mortgage servicers intended to curb some questionable practices and provide more safeguards for all borrowers. [More]
New Rule Means Banks Will Have To Make Sure Borrowers Can Actually Repay Mortgages
By 1.10.13
When the housing market collapsed five years ago, it was due in no small part to mortgage lenders who handed out loans without really considering whether or not the borrower could ultimately pay that money back. Hoping to minimize the chances of this happening again, regulators have introduced a new rule today. [More]
Finding Or Being A Loan Co-Signer On Craigslist Doesn’t Sound Like The Best Idea
By 11.9.12
Asking strangers to help you in exchange for money always carries a bit of risk, but for those people who don’t have good enough credit to qualify the loans they need, sometimes it seems there’s no other choice. In a sign of continued hard times, some cash-strapped folks are posting ads on Craigslist seeking a loan co-signer to help them out of a jam. [More]
Regions Bank: Offers Car Loans, Not Sure How They Work
By 6.18.12
Jennifer took out a car loan from Regions bank way back in 2005, and paid it off in 2009. She never received the title, but that wasn’t an urgent matter until she was ready to get a new car, and sell or trade in her old one. Then she kind of needed the title. Thanks to the stunning incompetence of everyone at the branch where she originally took out the loan, this process somehow took six months. [More]
Auto Lenders Approving Car Buyers Who Can't Pay Their Mortgages
By 1.5.12
Usually, one of the main factors a lender uses to determine whether or not to let an applicant borrow money is the applicant’s history of paying back (or failing to pay back) other loans. But with so many Americans having skipped mortgage payments in recent years, auto lenders are apparently no long slamming the door on potential borrowers just because they weren’t able to keep current on their house payments. [More]
How To Handle Lending Money To Loved Ones
By 12.22.11
Lending money to a significant other, close friend or family member is an excellent way to hang a black cloud over your relationship, but sometimes it’s the only financial maneuver that makes sense. Be smart by treating the transaction just as formally as you would one with a financial institution. [More]
Layaway Can End Up Costing More Than A Credit Card, Senator Schumer Warns
By 11.14.11
Retailers are trying to push layaway this holiday season as a way to buy stuff you don’t immediately have the money for. For people without available credit, this can be a way to eventually get what they can’t afford now. But NY Sen. Chuck Schumer is warning that layaway fees can add up to be a much higher interest rate than any credit card would be allowed to charge. [More]
Rules Changed To Make Refinancing Your Home Easier
By 10.24.11
With mortgage interest rates continuing to hover near record lows, the Federal Housing Finance Agency has announced big changes to the Home Affordable Refinance Program with the intention of making it easier for homeowners to save money by refinancing their loans at these rock-bottom rates. [More]
4 Debt Traps And How To Avoid Them
By 9.28.11
One of the best ways to keep out of debt is to be mindful of the many pitfalls that are waiting to swallow you up, and how best to avoid them. The problem is, some of these debt traps don’t look so deadly until you consider the consequences. [More]
The Repo Man Always Rings Never
By 9.21.11
Tim fell behind on his car payments, then made one big payment to get all caught up. The next day, Hyundai Motor Finance Company repossessed his car. [More]
CitiFinancial Finally Lets Loan Die, Then Sues You
By 8.11.11
When we last heard from reader Jeff, he was doing battle with CitiFinancial over a loan that refused to die, stuck with a $1 balance that he had been told not to bother paying because the loan was paid in full. Citi then turned around and reported him to credit bureaus as delinquent for not paying the dollar that he had been instructed not to pay. He disputed the ding on his credit report, and heard back from Citi that the debt has been resolved. Then he learned that Citi has filed a judgment against him in Baltimore. For $1. [More]
California Hits Up 8 Banks For $5.4 Billion In loans
By 7.27.11
Fearful that federal debt problems would leave it hanging, California has passed the hat around to eight banks and wound up with loans for $5.4 billion. The interest rate: an astoundingly low 0.237 percent. [More]
Department Of Justice Investigates Wells Fargo For Discriminatory Lending Allegations
By 7.27.11
The U.S. Department of Justice is said to be investigating allegations that Wells Fargo discriminated against black borrowers, offering high-interest, subprime mortgages that seemed geared to lead to default. [More]
CitiFinancial Won't Let Loan Die, Trashes Your Credit
By 7.8.11
Jeffrey thought he was done paying his CitiFinancial Loan, but they kept dragging him back in. A customer service rep assured him that the final balance, $1, didn’t have to be paid. So he didn’t. This was a bad idea. [More]
Denied For A Credit Card Or Loan? Lenders Will Soon Have To Show You Your Credit Score & More
By 7.6.11
If you’ve ever been turned down for a credit card, auto or student loan — or maybe your application was accepted but you didn’t get the best interest rate — and wanted to see a copy of the actual credit score used in the lender’s decision-making process, you were probably out of luck. But starting July 21 lenders will be required to show you the score. [More]
Chase And BoA Quietly Cutting Balances For Option-Arm Mortgagors
By 7.5.11
It’s a lovely surprise to get in the mail from your bank, a letter telling you they’re going to cut your mortgage balance in half while increasing your interest rate slightly. NYT reports that tens of thousands of option-arm mortgagors, homebuyers with a loan that had a low introductory interest rate that shot up after a set period, have been getting such letters from Chase and Bank of America over the past year. [More]
