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What's one of the easiest ways to end a friendship? Loan your friend a significant amount of money. According to a recent survey from Bank of America, money was the fourth greatest cause of stress in a friendship, behind jealousy, gossip, and disagreements. We would rather talk to our friends about family drama, weight, or even love lives than discuss money matters.
Other survey results make it clear why money concerns end friendships. More than half of survey respondents (53%) have seen a friendship end due to money owed, and one-third of respondents are personally fearful of losing a friendship because of a debt.
Those respondents are wise to be fearful, because 43% of Americans are willing to end a friendship over not paying back a debt. Within that group, 74% have their breaking point on debt of $500 or less – and 38% would end the friendship for an unpaid debt of $100 or less.
By more than a 6:1 margin, respondents belie...
If you are one of the brave men and women serving our country in uniform, you face enough dangers. You do not need anyone attempting to take financial advantage of you by capitalizing on the unique challenges of military life.
Unfortunately, you can find many payday loan lenders and other purveyors of short-term, high-interest loans near any military base. Bases are full of young service members with a regular and reliable paycheck — fertile ground for lending groups. According to The Wall Street Journal, payday loan organizations target families with service members at twice the rate at which they target civilian families.
The Military Lending Act of 2006 was designed to prevent lenders from taking advantage of military families by capping the effective interest rate at 36%. However, only three credit products were covered: closed-end MoneyTips
When you have a relatively large expense that you can't cover with cash on hand, you generally have two choices to consider: revolving debt such as a credit card, or installment debt such as a personal loan. Which option works best for you?
Consider the difference between the two types of debt. Revolving debt has no finite payment — you can pay as much or as little as you want, but realize that you are paying interest for the privilege of carrying that debt. Installment debt allows you to set up a regular repayment plan over time, and the terms of repayment (the interest rate and length of repayment period) will dictate how much you repay per installment and over the total course of the loan. You can budget your interest costs with certainty, assuming that you make regular payments.
Typically, credit cards come with higher interest rates than personal loans. Introductory offer...
It's tough living on the lower end of the credit score scale. If you have a credit score below 640 or so, you are generally given "subprime" lending offers for any form of credit that you request. From credit cards to auto loans and mortgages, you will be hit with higher interest rates and potentially other restrictions and fees.
According to credit bureau TransUnion's Q2 2017 Industry Insights Report, you now have another problem to deal with – difficulty in getting credit at all.
TransUnion found that overall originations for subprime consumer credit have dropped sharply over the past four quarters. Total subprime originations dropped from a post-crisis peak of just under 6 million consumers in Q2 2016 to just under 4.6 million in Q1 2017. The last two quarters represent the first consecutive year-over-year decreases in overall subprime ori...
If your credit score is in the low- to mid-600s, you have what is usually considered to be fair credit — not in the range where you have trouble getting personal loans at all, but in the range where finding a good interest rate and reasonable terms can be challenging. Whether you are experiencing a temporary fall in otherwise good credit or you have built your credit up from poor to fair status, it takes effort to find a loan that meets your needs.
Banks and credit unions are less likely to offer you a loan with fair credit unless you take the path of a secured loan that is backed by some form of collateral, such as your car, the contents of your bank account, or the equity in your home. With a secured loan, you are likely to receive a much better interest rate than you could receive otherwise, but there are two drawbacks: you put your collateral at risk, and your loan amount is limited by the amount of collateral that you supply.
Depending on your reason for the...
The garish yellow storefronts promising quick and easy cash are starting to dwindle in Alberta as the payday loan industry says provincial regulations put in place last year have made its signature product unsustainable.
The number of payday stores has dropped to about 195 from some 220 this time last year, according to Service Alberta.
Cash Money says it's reduced the number of loans it issues from around 30,000 a month a year ago to a range of 1,500 to 1,800 as it denies all but the least risky borrowers.
"The situation in Alberta is unfortunate," said Cash Money spokesperson Melissa Soper. "Without profit we can't risk losses, so we have to deny those with riskier credit scores."
Alberta's regulations require a payday loan cost no more than $15 per $100 borrowed and have a term of at least 42 days. They are part of a wider crackdown on an industry that gave nearly 4.5 million short-term, high-interest loans totalling $2.2 billion across Canada in 2014.
At the start of this year, British Columbia and Ontario both implemented lower borrowing costs and are exploring alternative lending options. Newfoundland and Labrador has committed to having its first regulations on the industry by the end of the year.But it's Alberta that has seen the most dramatic change recently, with the combined effect of the lower cost and longer borrowing time dropping the annual percentage rate from 600 per cent to 202 per cent for weekly payments over the 42-day period.
"Alberta is the most extreme," said Tony Irwin, president of the Canadian Consumer Finance Association, which represents the payday loan industry. more...
Frustrated consumers in South Carolina have filed suit against cash advance lenders who allegedly extend unconscionable personal loan products to vulnerable borrowers. They may feel that legal action is their only option, given the fact that the state Legislature failed completely in efforts to regulate or restrict the payday loans this year. Now, news that some state lawmakers have signed on to represent these consumers has sent shockwaves through the fast cash loan industry and its lenders. Because these are the same legislators that will reconsider prohibiting these personal loans when the General Assembly reconvenes in January, some have accused the thirteen lawmakers of a conflict of interest.
Lisa Johnson of Andrews and Gilbert Herbert of Clinton have filed suit against Advance America Cash Advance, the nation's largest payday loan provider, which is based in Spartanburg, seeking unspecified financial damages. The Andrews/Herbert suit joins a handful of existing cases open against fast cash loan dealers in South Carolina. There has been an ongoing effort to consolidate some of these cases into one or more class action suits. The two plaintiffs are represented by Former U.S. Attorney Pete Strom, who announced that he planned to file at least three more suits in coming weeks. Strom denies that his involvement in the suit constitutes a conflict of interest, because democracy is a slow process, and wronged borrowers need justice in a timely manner.
Advance America spokesman Jaimie Fulmer insisted that the company runs a legal and regulated business in South Carolina. Fulmer questioned whether Strom's involvement with the payday loan suit was in any way appropriate, given his legislative connections.