Smart Borrower Blog

Archive for the ‘Personal Loan Rates’ Category

Personal Loans: Regaining Popularity

Up until last year, personal loans were all but dead. Banks just weren’t promoting them when money was so easy to come by with home refinances, credit cards, or small business loans. Now that most of those sources have dried up for many people, personal loans are becoming an important source of funds for consumers. According to CBS’ MoneyWatch, many of the big banks are now advertising the personal loan again. Wells Fargo is offering $3,000 to $100,000 with a loan term of up to five years, while Citibank allows loans from $300 to $7,500. Discover Financial and CapitalOne are... more »

Big Banks See First Quarter Profits: Loan Delinquencies Are Diminishing

Could the financial crisis be taking a turn for the better? Some think so with many large banks seeing better than expected first quarter profits. After two years of ups and downs, many banks are hoping that the positive start to 2010 will continue. While banks might not totally be out of the woods just yet, they are making some great gains. It seems there might be a glimmer of light at the end of a dark tunnel. Profits across the board can be partially attributed to less loan delinquencies. Citigroup, the bank hit the worst by the financial... more »

Big Banks Driving Some Consumers to Small Lenders

Big banks are still in business, no doubt about it. But according to a CNN article today, their practices may be starting to alienate a portion of their customers. In fact, a recent survey from the Forrester Research company found that the nation’s largest banks like Bank of America and JPMorgan Chase are “among the least trusted U.S. financial institutions.” That lack of trust may be pushing some people away, but I think the majority of those ditching the big banks are doing so for purely financial reasons. Fees seem to be continually rising while interest rates on savings accounts... more »

Payday Lenders Converting to Small Loan Stores

Tennessee-based payday lending company, Check Into Cash, is converting some stores over to small loan businesses. According to South Carolina’s homepage, The State, twelve of the South Carolina Check Into Cash stores are changing over by the first of 2010. The other remaining CIC stores will be closing indefinitely. South Carolina’s 12.1% unemployment rate is also having a great impact on the payday loan business, considering the concept of a payday loan doesn’t work when many people don’t have jobs. The General Assembly has recently placed new operating restrictions and regulations on payday lenders. It’s too early to say if... more »

FICO Score Changes More Forgiving

Good news for those hoping to improve their credit. Changes to the FICO model that credit agencies use to determine your credit score is more forgiving for small credit blemishes, according to a recent article in the Wall Street Journal. The new formula, FICO 08, has been made available to lenders by the big three credit agencies; Experian, TransUnion and Equifax, since last month. Unlike previous versions, FICO 08 will not ding your credit score for bills in collections originally under $100. It is also less likely to lower your scores for occasional missed payments, although those with a pattern... more »

Banks Take Credit Card Law Frustrations Out on Checking Accounts

Did lawmakers really think that banks would take this new credit card law lying down? As banks got slapped with tighter restrictions on how they can handle credit card billing and rate adjustments, the banks are trying to recoup some of those reduced profits by gouging their checking account holders. The costs always get passed back down to the consumers when big corporations are taxed or restricted; they never just eat the loss in profits – they try to make it up elsewhere. They work for their share holders, not their clients, apparently. Here’s what’s going down according to USA... more »