Smart Borrower Blog

Archive for December, 2009

Why Banks Promise to Lend More But Won’t

Dec 30th, 2009 @ 1:11 PM by Amber Nelson

Small businesses need more loans. Home buyers and car buyers need more loans. College students need more loans. It seems everyone is looking for funding but is not finding it with banks around the country. Two weeks ago, President Obama met with a group of Wall Street executives and bankers. He urged, or rather begged […]

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Obama Signs Bill to Extend Funding for SBA Loans

Dec 28th, 2009 @ 6:43 AM by Debbie Dragon

Starting today, small businesses will once again be able to apply for and receive two popular SBA (Small Business Association) loans, the 7 (a) and the 504, with no fees and a higher guarantee rate of 90%. From February through November of this year, this federal funded stimulus package helped thousands of businesses across the […]

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Bailout Has Not Saved All Banks

Dec 23rd, 2009 @ 11:21 PM by Amber Nelson

New data from bank research firm SNL today showed that even though high profile banks like Wells Fargo, Citigroup, and Bank of America have paid off their government loans, there are 55 smaller lenders that have fallen behind on just repaying the required quarterly dividends as of November. There were only 33 such tardy banks […]

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No Sign of Looser Auto Lending in 2010

Dec 16th, 2009 @ 10:25 PM by Amber Nelson

The latest forecast about auto loans points to rising delinquency rates by the end of next year, a sign that lenders are likely to remain stingy with their loans for some time. Credit information collector TransUnion says that the delinquency rate (borrowers that are 60 days late or more on their auto loans) is expected […]

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Credit for Small Businesses Keeps Disappearing

Dec 14th, 2009 @ 2:48 PM by Debbie Dragon

Regardless of on-going efforts of the Obama Administration small business credit, at shockingly high rates, continues to dwindle. A treasury report just released this week, shows that major banks across the country decreased small business loan balances by another billion dollars in October. This leaves some small businesses in a financial bind, struggling to expand and to provide for essential expenses like everyday operation costs.

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Should Bankruptcy Allow You to Shed Student Debt?

Dec 9th, 2009 @ 2:04 PM by Amber Nelson

Traditionally, even if you file for bankruptcy, you will still be required to repay your students loans. Almost all of them are either provided or guaranteed by the United States government and the thinking is that if bankruptcy could wipe out all or even just a portion of one’s student loans, it would encourage graduates […]

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New Statistics Show High Federal Student Loan Default Rates

Dec 7th, 2009 @ 2:28 PM by Debbie Dragon

The Education Department recently released data on Federal student loan default rates gathered from over 5000 colleges and universities across the country. The data showed shocking high rates of recent grads who had defaulted on their college loans within the first three years of repayment. The stats covered those students who were scheduled to begin payments in 2007 and by the end of fiscal year 2009 had defaulted on their loan.

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