Smart Borrower Blog

Archive for August, 2019

Majority of Millennials Have Faced Credit Rejection

Aug 29th, 2019 @ 9:23 AM by Amber Nelson

Millennials are reporting higher rates of rejection for loans than older generations, according to a study by YouGov for Bankrate.com. The study that polled 2,500 Americans found that roughly 6 out of 10 millennials (aged 23 to 38) say they have experienced a rejected application for car loans, credit cards, or mortgage loans. Most of […]

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Q2 Auto Loan Debt Hits Record $1.3 Trillion

Aug 21st, 2019 @ 2:39 PM by Amber Nelson

Americans now owe $1.3 trillion in auto loan debt, according to data from the Federal Reserve, a record high and a 4.8% increase from one year ago. The Fed’s Quarterly Report on Household Debt and Credit found that during the 2019 second quarter, new auto loans and leases increased by 2.9% for a total of […]

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Refinances Take Off as Mortgage Rates Tank

Aug 14th, 2019 @ 1:12 PM by Amber Nelson

In the wake of the plummeting interest rates, U.S. mortgage borrowers rushed to refinance in the latest week, according to the Mortgage Bankers Association. The MBA’s seasonally adjusted mortgage volume index rose 21.7% this week from the week before and 81% from the year before. Most of that growth came from an explosion in refinance […]

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Small Business Loan Approvals Top Record High

Aug 7th, 2019 @ 8:54 PM by Amber Nelson

Big banks are approving a post-recession record high share of small business loan applications, according to the Biz2Credit Small Business Lending Index, while credit unions are approving fewer than ever. Big business loan applications were approved at a rate of 27.7% in July by big banks – those with $10 billion or mores in assets. […]

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