STRUGGLING families are being warned to beware offers for cash on social networking sites after a payday loan broker has been targeting Facebook buy and sell groups. Bee Loans has been posing as individuals on Facebook to recommend users take out loans of £100 to £5,000, which come with an eye-watering interest rate of 305.9 per cent APR. After being contacted by The Sun, the broker has "paused" the use of such adverts saying it wasn't aware this was happening. In one advert, which was spotted by Charlotte Burns who blogs at Lotty Earns, someone commented in a local buying and selling group saying: "Whats chances of me getting a loan today. I need about £600 and I don't have good credit at all. Who'll deffo help plz [sic]". What seems to be an individual then replies with the following: "Bee loans will do that amount for you they do loans for people with really bad credit. "I had £800 last Christmas off them which really helped me out." To which the original user … [Read more...] about Warning over payday loan firm targeting hard-up Brits in Facebook groups charging up to 306% interest
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Welsh banking challenger Chetwood Financial has today unveiled the world’s first so-called dynamic loan, where the interest rate falls as borrowers improve their credit score. Built in collaboration with credit rating firm Clearscore and launched under its brand Livelend, the loan uses technology to monitor a customer’s credit score and reduce its rate at three-month intervals as the risk of the loan improves. The product will cater to those excluded from the financial industry by the collapse of pay-day lenders such as Wonga, which often served those who couldn’t qualify for products due to bad credit history. The fintech firm has beat several rivals to the punch, including the likes of Monzo and Starling Bank, who said they were considering similar products this week. Starling chief executive Anne Boden told City A.M. that while it had no intention of entering the market any time soon, “we are conscious that there is a demand for loans from people with … [Read more...] about Banking challenger Chetwood builds the world’s first dynamic loan as fintech startups look on
Robert Powell Special to USA TODAY Published 11:43 p.m. UTC Jul 18, 2018 Question: I’m 64. My credit score is about 656. For different reasons over a long period of time — including unemployment and health issues — I accumulated credit card debt of about $50,000. I intend to take out an unsecured personal loan, but I don’t want it to have a negative impact on my credit score. I have a job now and I will pay my monthly payments on time. But what will happen if I cannot continue my payments to the lender? If I should file for bankruptcy, which is worse: defaulting on credit card debt or an unsecured personal loan? If I try to negotiate a reduction of my debt with the creditors, do you think this procedure will be successful and not take too long? And what is a nonprofit debt relief company/agency, and how could they help me? Bottom line: What strategy would you implement to resolve the debt problem if you were in my … [Read more...] about How do I get out of $50,000 in credit card debt: personal loan or repayment plan?
opinion Tim Chen Opinion contributor Published 9:00 p.m. UTC Jun 5, 2018 The Consumer Financial Protection Bureau’s move to gut its student loan division is just the latest in a long series of bad government decisions that have compounded the student loan crisis. Repeatedly, regulators and Congress have closed doors that could have given desperate borrowers relief from overwhelming debts. Student loan servicers that take borrowers’ payments, for example, have been accused of steering low-income customers into higher repayment plans, misallocating payments and failing to tell disabled borrowers, including severely injured veterans, that they had the right to loan forgiveness. Reorganizing the CFPB division that was investigating these abuses sends the clear signal to lenders and loan servicers that they won’t be held accountable for targeting the most vulnerable debtors. Thirty years ago, struggling borrowers at least had an escape hatch: … [Read more...] about Student loans have become our modern-day debtors prisons
Your choice of bank card - whether it be credit or debit - can impact safer shopping, credit rating and budgeting, according to personal finance advisor Paul Merriman. From safety and protection to interest and limits, Merriman explores the benefits, the drawbacks and the myths of that purchasing pal in your wallet. THE FACTSAdded Protection Paying by credit card can give valuable legal protection if the company goes bust or doesn’t deliver what’s promised; you may be able to stop payment or claim a refund from the credit card company. A minimum amount, in the region of €100, generally applies for this type of purchase protection to kick-in however. Credit cards also offer features like travel insurance and car rental coverage. And, of course, if your card is lost or stolen, you can call the bank and cancel it, unlike a wallet of cash! Avoid Interest Although it can be a handy payment method, with certain perks, a credit card is not always the … [Read more...] about Would you credit it? Everything you need to know about the plastic card in your wallet