• Unsecured Loans

    Personal Loans to Cover Emergencies and Moving Rose in 2020 | Personal Finance

    But the percentage of people who said they pre-qualified for a personal loan to consolidate debt or refinance credit cards dropped in 2020. These were among the only reasons NerdWallet members chose less often, along with vacation. Early in the pandemic, many lenders slowed lending and tightened their credit standards. At the same time, borrowers tightened their budgets. Consumers became “remarkably financially responsible” last year in the face of economic uncertainty, Tambor says. “People are paying down credit cards, they’re paying down debt, so you just see a little bit less debt consolidation,” he says. Though borrowing for debt consolidation  

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    Payday lender lines of credit and instalment loans at 47{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} create debt traps, critics say

    Patricia Edwards of Toronto wanted to help her two adult daughters when they fell behind on bill payments at the rented townhouse they share.   She has few assets and a poor credit history, but she was employed at the time, so she went to a payday lender — not for a payday loan, but for an ongoing line of credit.  “I was like, OK, let’s see if I qualify for the loan because I’m working.” Edwards, 53, was able to borrow $1,500 early in 2019 from Cash Money. But then she lost her job, and in 2020 came the pandemic.  

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  • Unsecured Loans

    Unsecured loans come back to haunt private banks after 13-year gap

    Banks are again facing stress in the unsecured loan segment, after a gap of 13 years. Most private banks that had grown their unsecured loans portfolios like credit card and personal loans aggressively in the last few years are now seeing repayment falling overdue in the October-December quarter. However, those loans have not been classified as non-performing asset (NPA) due to the Supreme Court order in September that directed banks not to classify loans as NPA, which were not declared as NPA as on August 31, till further orders. Axis Bank – the third largest private sector has … 

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  • Unsecured Loans

    What Is a Personal Loan Origination Fee?

    If you’re planning a home renovation project or considering debt consolidation, you may be in the market for a personal loan. The best personal loans can be amazing financial tools. But if you’re not careful, additional costs added on by lenders can catch you by surprise. One expense to watch out for is an origination fee. Here, we’ll break down what an origination fee is and discuss how you can avoid paying more than necessary. What is a personal loan origination fee? An origination fee is an extra charge some lenders require borrowers to pay. The lender will probably explain  

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  • Unsecured Loans

    South Africa’s biggest bank sends out earnings warning as unsecured loans bite

    Financial services group and Africa’s biggest lender by assets, Standard Bank warned on Wednesday (3 March) that it expects to report a substantial decline in earnings for the year ended December 2020 as it struggles with unsecured loans. The lender said it expects headline earnings per share to be between 40{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} and 50{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} lower, while earnings per share are anticipated to be between 45{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} and 55{de3fc13d4eb210e6ea91a63b91641ad51ecf4a1f1306988bf846a537e7024eeb} lower than in 2019. Standard Bank warned at the end of November last year that it had identified pockets of pressure in its Personal & Business Banking (PBB) portfolio, particularly within personal unsecured lending. 

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  • Unsecured Loans

    What Is a Secured Loan?

    There are two primary types of loans: secured and unsecured. Here, we’ll discuss what a secured loan is, when it’s a good idea to take one out, and the risks associated with this type of loan. Definition of a secured loan A secured loan is a loan that you get by putting up collateral, like a car or a home. If you miss payments, the lender can sell your collateral to pay back the loan. It can be easier to get a secured loan than other types of loans. If your credit score is low, a secured loan might be  

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  • Unsecured Loans

    5 Different Kinds Of Loans And Their Benefits

    It’s a huge commitment to take out a loan. Since loans vary in their repayment schedules and interest rates, it’s crucial to know which kinds of loans are the most ideal for you. Most loans are either unsecured or secured. Secured loans are tied to collateral, which is something that may be reclaimed by the lenders if the repayments aren’t kept. On the other hand, unsecured loans aren’t tied to anything. If you need loans for your financial needs, but you’re having second thoughts because of the lending’s reputation, you can read more information on this blog post. At  

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  • Unsecured Loans

    Should I Make Partial Payments on My Debt?

    Millions of people nationwide are struggling to keep up with their bills. If you’re one of them, you may be considering making partial payments, thinking that some money is better than none, even if it’s less than the minimum due. While partial payments can help reduce the interest that accrues on your debt, lenders typically don’t count them as on-time payments and may consider your account to be in default. If you make partial payments, here’s what you can expect to happen—and what you can do instead.  Key Takeaways Partial payments may not satisfy your creditors’ minimum payment requirements. Your  

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