Updated 12:02 pm CDT, Thursday, August 8, 2019 FILE - In this Feb. 8, 2019, file photo a pedestrian walks down South Broad Street in Philadelphia. Bounce back from a personal loan rejection by building your credit score, growing your income and paying off debt. Shop around and apply at lenders whose minimum qualifications you meet. less FILE - In this Feb. 8, 2019, file photo a pedestrian walks down South Broad Street in Philadelphia. Bounce back from a personal loan rejection by building your credit score, growing your income and paying off ... more Photo: Matt Rourke, AP Photo: Matt Rourke, AP Image 1 of / 1 Caption Close Image 1 of 1 FILE - In this Feb. 8, 2019, file photo a pedestrian walks down South Broad Street in Philadelphia. Bounce back from a personal loan rejection … [Read more...] about Rejected for a personal loan? Here’s how to recover
Christy Bieber The Motley Fool Published 6:00 AM EDT May 9, 2019 Personal loans have many significant advantages over other types of loans, such as credit cards. The interest rate on a personal loan is typically well below the standard APR on a credit card. And personal loans come with fixed repayment terms and predictable repayment schedules, so there’s no risk of getting mired in debt forever as there is with a credit card. But just because personal loans can be an affordable way to borrow doesn’t mean it’s always a smart idea to take out a personal loan. In these five situations, borrowing from a personal loan lender can be a big mistake. 1. When you can't get a loan at a reasonable rate There are all sorts of personal loan lenders that cater to borrowers with different credit histories and different borrowing needs. Unfortunately, some of those personal loan lenders are unscrupulous and charge very high interest rates and high origination fees. … [Read more...] about Times when it’s not a smart idea to take out a personal loan.
Fintech companies continue to increase their share of the personal loan market. That’s according to a recent survey from TransUnion that shows fintech loans now comprise 38 percent of all unsecured personal loan balances, the largest market share compared to banks, credit unions and traditional finance companies. Five years ago, fintechs accounted for just 5 percent of outstanding balances. As a result of fintech entry into the market, bank balance share decreased to 28 percent from 40 percent in 2013, while credit union share has declined from 31 percent to 21 percent during this time. Overall, personal loan balances increased $21 billion in the last year to close 2018 at a record high of $138 billion. “Fintechs have helped make personal loans a credit product that is recognized as both a convenient and simple way to obtain funding online,” Jason Laky, senior vice president and TransUnion’s consumer lending line of business leader, said in a statement. … [Read more...] about Fintechs’ Share of Personal Loan Market Continues to Grow
Daniel B. Kline The Motley Fool Published 6:00 AM EDT Mar 16, 2019 When it comes to borrowing money, not all debt is equal. A mortgage, for example, has a much lower interest rate than credit card debt. On top of that, a mortgage helps consumers purchase a necessity that can gain value over time. The same cannot often be said of credit card purchases. That's why mortgages are generally considered "good" debt, while credit card debt is almost universally deemed "bad." Car loans can fall into either category, as their interest rates vary widely. An auto loan with a low rate (maybe 5 percent interest or lower) might be considered good debt, while higher-rate auto loans, while sometimes a necessary evil, are far from great. Personal loans, meanwhile, can't be easily classified. They tend to have relatively high interest rates, but then, many people take them out to consolidate credit card debt that previously carried even higher rates. That's why it's both encouraging and that … [Read more...] about Personal loan: Paying off credit card debt can be a good move
Five of the six major candidates running for Louisiana Secretary of State have used loans to help boost the cash-on-hand for their campaigns, highlighting how difficult it can be to raise money for less high-profile statewide races. The latest round of campaign finance reports, released Tuesday (Oct. 9), show state Rep. Julie Stokes, R-Kenner, has twice as much money available to spend as any other candidate headed into the Nov. 6 primary. As of Sept. 27, Stokes had nearly $514,000 in her campaign account. Interim Secretary of State Kyle Ardoin, a Republican, came in second with around $208,000. Turkey Creek Mayor Heather Cloud, a Republican, had $105,000. The other three candidates -- former state Sen. A.G. Crowe, R-Slidell, Democrat Renee Fontenot Free and state Rep. Rick Edmonds, R-Baton Rouge -- had each less than $52,000, according to the campaign finance reports. Stokes may have the most money, but she has also taken out the biggest campaign loan of any of the … [Read more...] about Louisiana Secretary of State candidates using personal loans to fund campaigns