Online Loans News

Student loan misunderstandings borrow trouble

2012-03-31T19:21:00.000+03:00

Here’s a worrisome survey item from last week that caught my attention: Many college students are signing on the dotted line for student loans they don’t fully understand.

So many thousands of dollars on the line and they don’t know the terms and the numbers?

According to the report from the nonprofit Young Invincibles, nearly two-thirds of student loan borrowers misunderstood or were surprised by details of the loan process. For example, when asked about the monthly repayment, 20 percent acknowledged that the amount was unexpected.

Comments from three of the anonymous students quoted in the report offer more context:

“I did not fully understand the extent to which I was getting myself into. All I knew was in order to pay tuition, I would need to take out private and federal loans.”

“Obviously, I understood that I would have to repay my loans upon graduation. However, I did not realize how much interest (it) would take.”

“Looking back, I wish I asked a million more questions than what I did, but at the same time I don’t think I knew what to ask.”

Read more here: http://www.kansascity.com/2012/03/30/3526301/student-loan-misunderstandings.html#storylink=cpy

China's bank profits hit record, but bad loans up

2012-03-30T17:55:00.000+03:00

SHANGHAI -(MarketWatch)- Three of China's largest banks have reported record levels of net profit for 2011, but rising levels of bad debt have renewed concerns about credit risks in the country's banking sector.

China's largest bank by assets, Industrial & Commercial Bank of China Ltd. , said Thursday its net profit rose 26% to CNY208.27 billion (US$33 billion) last year because of wider interest margins. However, in the fourth quarter its bad loans rose by CNY3.82 billion, a mild increase considering the bank's mammoth size but one that adds to the uncertainty about the long-term health of Chinese lenders.

Separately, Bank of China Ltd. Thursday posted a 19% rise in full-year net profit to CNY124.18 billion, although the value of its bad loans rose by CNY1.39 billion in the last quarter of the year.

Earlier this week, China Construction Bank Corp., the country's biggest lender to home buyers, posted an increase of CNY6.27 billion in bad loans for the fourth quarter.

While analysts don't expect a banking crisis in China to compare with the one that hit U.S. and European banks in recent years, the country's cooling economy, falling home prices and the challenge of refinancing sizable local government debt will increase bad loans and erode banks' profitability, they say.

Online payday scam?

2009-03-25T13:55:00.000+02:00

MARQUETTE COUNTY -- In these tough economic conditions, people are turning everywhere for help. Even online companies that offer cash advance loans.

In December, Kimberly Rahn of Sawyer needed some cash fast, so she turned to her computer for help.

"I wanted to pay off my phone so I checked with all those other companies online and all I was able to get was 200 dollars,” said Kimberly, “so I went with this 500FastCash because they weren't going to check any of my credit, my credit is horrible."

Kimberly is referring to 500FastCash.com, an online payday business. They gave her a loan of 200 dollars to pay the phone bill. But then, according to Kimberly, they started to take out more and more money from her bank account.

Get online Auto Finance and Auto Refinance

2009-03-03T12:02:00.000+02:00

To take advantage of this opportunity you need to only have a computer and an internet connection. Then by carefully comparing, you can always get the best available deal for that is available to you. In this circumstance, one should always seek out the free online auto loan quote.

These loan quotes give you a rough idea of the total costs involved and these then should be compared with the current interest rate, other costs and terms and conditions of each loan. You must be certain that there are no hidden costs which can sometimes complicate things for you.

It's a common perception that the financial and personal details that are given to the auto finance lenders are not safe or secure which is in most cases just plain not true. Typically, the cheap auto loan lenders take extra time and care for your privacy which is just logical, since they have to survive in this highly competitive market to do business.

Nevada Online Payday Loans Companies Sued

2009-02-25T12:47:00.000+02:00

Federal and state regulators in Nevada have gotten a court order that bars seven online payday loan companies from engaging in a few specific practices.

Federal Trade Commission claims the companies have used “deceptive” lending and collection practices.

The companies named in the lawsuit, which was filed November 2008, are: Leads Global Inc., Waterfront Investments Inc., ACH Cash Inc., HBS Services Inc., Lotus Leads Inc., First4Leads Inc., Rovinge International Inc.

New Computer Virus Targets Online Bankers

2009-02-24T19:01:00.000+02:00

New banking trojans are hacking into online bank accounts. Unlike phishing attacks, which use e-mail scams to get you to type your login information at fake bank websites, the trojan programs are invisible and steal data many different ways. Banking trojans wait on your hard drive for a chance to get into your online banking accounts.

The programs can be gotten by clicking on a viral link to a greeting card or video through e-mail spam or by clicking to a website that has already been taken over by hackers. Usually banking trojans are unnoticed until the user logs on to a banking website and then it steals usernames and passwords.

In 2008 there were 59,177 banking trojans on the Internet, up from 15,969 in 2007.
There are different types of banking trojans, some types make cash transfers while the user is logged on. other types create a copy of the Web page that shows account balances.

Auto Loans for Students: Can You Imagine, Auto Loan Can Help Students Focus on Studies

2009-02-20T01:04:00.000+02:00

Can you imagine that an auto loan to buy a bike or a car or any automobile can help students focus even more on studies-Yes it true and practical. Let us see how…

Today’s competitive arena expects students to be perfect in all the areas he or she is pursuing for which they have to follow almost a routine of 24/7. For example, to manage fooding and lodging within the resource they stay in outer areas, they have to take public transport and spend money and time to reach college and return after classes are over.

In evening, they have to attend session at some other places if they are pursuing any extra class or hobby class or any other part-time/evening course and after completing their schedule of the day, when they come back to home, they are so exhausted that they can’t study. One of its main reasons is exertion due to public transport, which also takes almost one fourth of the daily productive time along with money.

Online Payday Loans versus Personal Loans

2009-02-09T11:05:00.000+02:00

: I used credit cards

Online payday loans and traditional personal loans are two very different types of credit. It’s important to know how to use each one so you don’t end up with overwhelming debt later.

I remember when I first started college. I was a great example of how NOT to handle your money. I used credit cards as though there would be no consequences. It’s almost a decade later now, and boy am I paying for it.

Careless spending on non-essentials

I had heard it all – that credit cards were dangerous, that I’d regret it later – but I thought I knew better. I thought buying clothes and going out to dinner with my friends was worth the interest I would pay later.

Instant Approval Cash Loans

2009-02-03T19:25:00.000+02:00

Get a loan and get rid of all your problems. Nowadays, all prefer going for loans in stead of borrowing money from anyone else. This is because the lending procedures have quite developed and it is better than any other way. Just as your friend gives you the money immediately when he has it with him, similarly these loans will provide you the required money very swiftly. In fact, you will mot have to face denial from these loans and getting the required amount is just very much guaranteed. instant approval cash loans are one such loan which is ideal to be asked in emergencies. These loans are available in the USA.

You will not be turned down while applying for these loans even though your credit history is not good. With any credit record you can opt for these loans because credit checking is not being practiced here. So, the benefits are that you will not be turned down and also no time will be wasted. You can get it right within 24 hours.

Online Loan Exchange GovGex.com Reaches $100 Million Milestone

2009-01-31T17:32:00.001+02:00

This milestone, following an 85 percent volume increase in the fourth quarter, indicates a sharp increase in demand for GovGex.com services as sellers seek buyers for government-backed loans. With more than 20 buyers, including broker-dealers registered to assemble SBA pool securities, GovGex.com continues to add more buyers, increasing potential for more bids and higher premiums for sellers facing liquidity challenges.

In addition to helping foster liquidity in the secondary market for government guaranteed loans, GovGex.com has emerged as an independent source for real-time secondary market clearing price information -- generated by actual bids from all buyers on GovGex.com.

Quicken Loans Named to FORTUNE's '100 Best Companies to Work For'

2009-01-24T20:22:00.001+02:00

Quicken Loans, the nation's largest online retail mortgage lender, has been named to FORTUNE Magazine's annual "100 Best Companies to Work for in America" list for the sixth consecutive year. Quicken Loans is ranked #29 on the list, which is available online at www.fortune.com/bestcompanies and also will appear in FORTUNE's February 2nd issue, available on newsstands the week of January 26th.

"This year's ranking is especially gratifying because it comes during a year in which many in our industry were simply fighting for survival. We have prospered despite the headwinds because our passionate and committed team members embraced the challenges and turned them into opportunities," said Quicken Loans Chairman and Founder Dan Gilbert.

uMonitor partners with BANKDetect to Offer Online Account Opening and Funding Incorporated with Red Flags, ID Verification

2009-01-21T16:13:00.000+02:00

MEMPHIS, Tenn. - (Business Wire) uMonitor, the innovative financial solution services provider for banking customer acquisition and retention, and BANKDetect, a knowledge-based technology company that focuses on loss prevention and compliance for the financial industry, today announced a partnership to integrate their services for financial services clients. BANKDetect will incorporate ID verification (name, address, phone, zip, SSN, etc.,) including “red flags” compliance (indicators of possible risk of identity theft) with uOpen & uFund^®, uMonitor’s online account opening and funding solution. This will enable uMonitor to meet all necessary regulatory compliance requirements as recently set forth by the government.

BANKDetect and uMonitor can integrate with all major core processors. Currently, both companies partner with Open Solutions, which allows Open Solutions’ clients to quickly deploy uMonitor’s uOpen & uFund and BANKDetect’s solutions, as they are already integrated with their core processing platform, online banking service and loan decisioning system.

Avoid any online payday lending

2009-01-19T13:17:00.001+02:00

Complaints to Maine's consumer credit protectors increased late last year when people who had borrowed from online "payday" companies learned they were being charged exorbitant fees and interest.

"Uniformly, these borrowers tell us, 'This is the biggest mistake I've ever made.' Nobody's had a good experience with these out-of-state lenders," said Superintendent William Lund of the Bureau of Consumer Credit Protection.

Payday loans are short-term transactions designed to be repaid when borrowers get their next paychecks.

Payday Loans With Higher Rates Are Good

2009-01-17T20:54:00.000+02:00

Online payday loans are a relatively new way for consumers to obtain the short-term cash they need during emergencies. While these loans have been popular with the general public, critics claim that the cost of payday loans in general is excessive and requires low rate caps. These critics believe that low rates will lead to a greater percentage of loans being funded and a lower rate of loan default.

However, in a study entitled “The Effects of Usury Laws: Evidence from the Online Loan Market” by Stanford University’s Oren Rigbi, we see empirical evidence that just the opposite is true. Borrowers who experienced a low cap did not produce the results the critics would have expected.

Need help now to pay for college? Compare scholarships online

2009-01-16T17:07:00.000+02:00

These are tough times. To help, we're offering pieces of advice in the Business section each day this month.

Problem: You need more money for college quickly and don't know where to turn.

Solution: Look for scholarships. Peruse the scholarship offerings online from the College Board (collegeboard.com), Scholarships.com and Fastweb.com. Many have grants that have rolling deadlines and easy, online applications.

If you're maxed out on lower-interest federal loans, consider comparison shopping with SimpleTuition.com or StudentLoanMonkey.com. The sites allow prospective students to shop around for student loans and avoid a hard inquiry on their credit reports. As the credit crunch has crimped student borrowing and increased interest rates on private loans, SimpleTuition and StudentLoanMonkey will show you available offers from a wide swath of lenders, not just ones that market heavily. Wall Street Journal

Online Payday Loans in Los Angeles

2008-12-25T20:12:00.000+02:00

Personal Money Store is a top of the line boutique for all of your financial needs. From learning how to balance your checkbook to learning how to save cash for rainy days that bring unfortunate mud slides, Personal Money Store can get you back on stable ground. Our site is designed with the intent to help you become a financial star and to help you stay on top of the cash “box office.” Come and visit our site’s Money Blog where you can find up-to-date news on what’s going on in the financial world and money saving tips you can’t afford to miss. The blog is updated daily with new information to keep you entertained and educated with interactive comments from our Money Blog Members who share their opinions and stories about the world of finance. We can provide you with the trendiest guides on how to be financially hip so you will never miss a beat in the “City of Angels.”

Is Your Bank Account Looking A Little Drab?

Five Ways To Manage Your Finances Online

2008-12-14T15:11:00.000+02:00

Geezeo wants to be considered an "Online Quicken Alternative" and the product offers a lot of new and innovative options past what Quicken or Money do. Geezeo is a "smart" way of managing your money. I say smart because the system learns as it goes. You aggregate all of your bank account and credit information into the system, and it will smart-tag it as it goes along. You can also tag your items as well and then the system learns from your tagging to apply to other users in the future. Geezeo will also offer suggestions on other accounts that you might want to use to either make more or spend less. When you sign on to Geezeo, they will make recommendations on how to improve your savings by moving to accounts offering higher interest rates. Also, the system will offer you suggestions on reducing your credit card debt by looking at using lower interest rate credit cards.

Geezeo aggregates checking and savings accounts, credit cards, student loans, mortgages, car loans and investment data together. I believe they are one of the few online financial management services to manage investment data.

Online loans: how well do they work?

2008-12-07T08:44:00.001+02:00

Here’s a simple question. The last time you bought a car, did you buy the first one you saw at the first dealer you visited? We think not. The same would probably hold true for the high-definition plasma TV or the latest mobile phone or camera you’ve always wanted. In fact, it’s always a tough call when it comes to spending your money.

Choosing a bank to get a personal loan is no easy task either. Especially in these difficult, cash-strapped times, when you know that every penny you fork out in interest is eventually worth its weight in gold. Your task seems even tougher once you realize that in the personal loan market, what you see is not necessarily what you get. With dozens of banks promising “ready cash” at your doorstep, it’s time-consuming, even confusing, to zero in on the best deal.

Thorpe promotes online loan service

2008-11-26T14:11:00.000+02:00

Former Olympic swimmer Ian Thorpe is behind a novel way to help Australians find the best home loan.

Mr Thorpe is the brand ambassador and a shareholder for a new online home loan service - www.ziggybid.com.au.

Users will be able to identify the best bid through Ziggy's rating system that simplifies confusing cost structures.

Lenders bid online to give the best-value home loan mortgage.

Ziggybid creator Glen Spratt, one of the founders of Wizard Home Loans, said 15 major lenders would be represented on the online service.

Mortgage aggregator Fast, which has 3,000 mortgage brokers in Australia, would also bid for the home loans, Mr Spratt said.

Mr Thorpe, whose actual shareholding in the company was not disclosed, said the service would help buyers during the turbulent economic period.

Online loan sites fit bill for borrowers, lenders alike

2008-11-11T11:22:00.000+02:00

Twelve traditional banks turned down Tim Murphy's request for a $25,000 loan to start a gourmet popcorn shop in an Atlanta suburb, but he found 97 individuals willing to share in lending him the full amount through Lending Club.

Murphy's 1,600-square-foot store now offers a dozen varieties of popcorn, including parmesan and garlic, ranch-flavoured and nacho cheese.

Officials offer pros, cons of payday lending reform

2008-10-30T13:11:00.001+02:00

The focus is House Bill 545, which was the result of months of deliberations that included standing-room-only committee hearings and Statehouse protests.

Under the former section of Ohio Revised Code, check-cashing lenders could provide loans of $800 or less. They could not make new loans to customers who had outstanding ones, and they could charge interest plus additional origination and other fees, according to the state's Legislative Service commission.

Combined, proponents of the law change say the resulting costs equaled an annual percentage rate close to 400 percent.

Under HB 545, the maximum loan amount would be capped at $500, with repayment terms of at least 30 days. The annual percentage rate charged for such loans would be capped at 28 percent, with no provision for origination fees.

The bill also limits borrowers to four payday loans per year, prohibits them from taking out a new loan to pay off an old one, and requires consumer education courses for those who take out two loans within a three-month period.

Beginner's guide to: Personal loans

2008-10-19T02:52:00.000+03:00

How do I get a personal loan?

The easiest way is to approach the lender directly. Most have application forms you can fill out on the web. If you don't have internet access, you can go to your local bank.

How do I know who offers the best rates?

Comparison sites such as moneysupermarket.com and moneyfacts.co.uk allow you to search for the best deals, or look at the tables on this page. Be aware that the rates usually quoted in newspapers are for loans of £5,000, or even £10,000. If you want to borrow less, the rates will be higher.

What is the "APR"?

APR – annual percentage rate – is a standardised way of calculating a loan's interest rate. But beware; the advertised rate may not be what you get. If it is advertised as the "typical APR", it must be offered to at least two-thirds of successful applicants. But one-third of loans could be offered at a higher rate.

Looking for a loan? Try P2P

2008-09-30T17:27:00.000+03:00

WASHINGTON (AFP) — Saddled by student loans and credit card debt, Ryan Little was looking for relief. Like many, the 30-year-old insurance agent turned towards banks for a loan but he ended up finding a much better deal elsewhere, on the Internet, through a website called Lending Club (lendingclub.com).

Little eventually borrowed 10,000 dollars from 30 people he didn't know and had never met through Lending Club, a "peer-to-peer" or social lending network.

"The rates between the banks that I've looked at are anywhere from five to seven percent more than it is with Lending Club," Little said.

"It ends up being quite a significant amount of money depending on how much you are looking to get per year," he said. "I would say overall in three years it's probably going to save me about 3,000 dollars in interest payments alone."

Win the Race Against Car Loan Interest Rates

2008-09-05T19:48:00.000+03:00

Everyone knows paying off mortgage prinicpal can net you tens of thousands of dollars in interest payments -- but what about car loans? With the help of the online Auto Loan Payoff Calculator from BankingMyWay.com, you can now figure that out.

The calculator provides an amortization schedule based on details such as loan amount, interest rate, duration and time remaining. It then calculates a second schedule based on additional monthly payments. The calculator compares the two, giving you the estimated savings.

Let's say you take out a 60-month, $18,000 loan at 6.77%, the recent national average for auto loans, according to rates published by BankingMyWay.com. If you get a raise after a year, you might consider making additional $50 monthly payments for the remaining 48 months. According to the calculator, doing so means you'd save $304 in interest payments by the time your loan is paid off.

Society offers $300 Quick Assist Loans

2008-08-15T21:32:00.000+03:00

GROTON, Conn. - The Navy-Marine Corps Relief Society offers the Quick Assist Loan (QAL) program exclusively to active duty Navy and Marine Corps service members. Like all of the Society's loans, Quick Assist Loans of up to $300 are interest-free. They are designed to help with basic living expenses such as housing, utilities, food and clothing; medical or dental expenses; vehicle or transportation expenses, or to assist during family emergencies.

Any active duty Sailor or Marine is eligible who has no outstanding loans from the Society, has no deficit budgets in the last 12 months, has had no disciplinary action pending or within the last six months, is not under bankruptcy protection, and who is in good standing. Funds are provided in as little as 15 minutes. Active duty members are required to bring the most recent Leave and Earnings Statement and the active duty ID card. You can speed up the short process by filling out the single-page application available on line at www.nmcrs.org or it can be completed in the office.
In Groton, the Society has provided 325 Quick Assist Loans totaling over $94k since Jan. 1, 2008. Why is the Society offering Quick Assist Loans? Sailors and Marines fall victim to high-interest online loans, but use th