House loan limits have been increased in the US up to $510,400. An increased limit would allow borrowers to buy a more expensive home without making any down-payment as long as they stay within the upper loan limits. VA loans no longer carry a limit on the amount that may be borrowed to buy a […]
Author: Akbar Lashari
UK Government Launching A New Online Student Loan Repayment Platform This Year
The UK is launching a new online service for student loan repayments this year. The new service would allow more up-to-date information pertaining to student loan balances compared to the existing system. The move will help avoid the many instances whereby graduates ended up overpaying their student loan balances. It is about to become much […]
Experts Warn Households To Quickly Settle Christmas Overdrafts As Banks Are All Set To Increase Overdraft Rates To 40%
Some banks have already increased rates, such as Nationwide which is now charging 39.9% on arranged overdrafts. Other banks, like HSBC, have also announced plans to increase overdraft rates this year. HSBC has set the date for the new changes to take effect from 14th March. Many people have taken overdraft loans to fund Christmas […]
Around 14 Million Britons Owe More Than £2,000 In Debt, With 5 Million Owing More Than £10,000, According To Poll
According to a poll, around 9 million people in Britain owe between £2,000-£10,000 and 5 million owe over £10,000 to loan providers. An estimated 63% of Britons have entered the new year with debt of varying proportions. For a country with an estimated population of 66.44 million people, around 5 million are currently dealing with […]
Banks Refuse To Reduce Credit Card Charges, Even Though Americans Are Now Over $1 Trillion In Debt
Credit card debt in America is at a record high, having crossed the $1 trillion mark. The interest rate and other fees being charged on credit cards have increased this year. Even though the Federal government has imposed cuts on charges and fees three times this year, the resulting rates and fees are still higher […]
New House Bill In Michigan Could Allow Payday Lenders To Give Out Loans Without Any Loan Terms
A new bill is currently under consideration by lawmakers in Michigan that could potentially place many people living in the state under great financial turmoil over the long term. The bill would allow payday lenders to lend amounts as high as $2,500 for an indefinite period of time. According to critics, payday loans carry a […]
Online Loan Providers Will Soon Have Stricter Loan Approval Criteria, And May Become More Expensive Too!
Online lenders are not paying out enough return to keep investors happy, due to lower-than-expected profitability Steps are being taken by online lenders to reject high-risk loan applications and an increase in the applicable interest rate is also likely. For quite some time, fintech lenders have been the preferred choice for many borrowers looking for […]
FCA Sets New Rules In The UK, And You Might Lose Your Credit Cards Because Of Them. Here Are The Details!
Thousands of people in the UK are at risk of losing the credit cards due to new rules pertaining to affordability, as set by the Financial Conduct Authority. The changes are expected to take place at the start of the new year. Last year, the regulatory authority had mandated all credit card providers operating within […]
Personal Loan Lenders May Now Ask For Even More Personal Information, And Here’s Why!
Personal loans have traditionally been given out by lenders after checking an applicant’s credit history to verify their ability to repay the loan on time. Now, lenders are relying on more personal information to assess every application, some of which may raise privacy concerns among applicants. A simple personal loan application only considered numbers such […]
Thousands of Homeowners in the UK Are Suing Banks, And Here’s Why!
The financial crisis of the early 2000s left many mortgage borrowers in the UK with interest rates that were much higher than they had initially agreed to pay, thanks to the nationalization of their lenders. As a result, these mortgage borrowers are taking legal action with the claim that these banks have left them in […]