Industry News
Housing

Consumer lending still slow to recover from recession

Consumer lending — loans lent to individuals — has been slow to recover from a two-year lull. Loans such as mortgages, auto loans, home equity lines of credit and personal loans aren’t impossible to get but are harder to get approved for. Banks are loathe to repeat mistakes that made them run for government cover.
A desktop computer setup

Sites offering peer-to-peer personal loans keep growing

Peer-to-peer lending sites are starting to come into their own. Peer-to-peer lending, a form of crowdsourcing where qualified loan borrowers can solicit personal loans from investors, has been growing as flagship sites like LendingClub and Prosper have been rapidly expanding. Peer-to-peer lender Prosper makes big haul from investors Prosper.com, one of the largest peer-to-peer lending

Student loan debt exceeds credit card debt as college costs rise

Americans now owe more for their student loans than their credit card debt. While people are paying down their credit card balances in the aftermath of the financial crisis, college costs continue to rise. Some analysts say less consumer protection for student loans than other types of borrowing is a reason for the trend. Others
An H&R Block storefront

Loss of refund loans causes mounting losses at H&R Block

Tax preparation giant H&R Block has just filed for another quarterly loss, despite it being the busiest quarter of the year. Though tax return season is when tax preparers make the bulk of their income, the loss of the refund anticipation loan product has cost Block dearly. The loan against tax refunds is facing extinction
Student loans

Death may not end student loan obligations

In the United States, students in college have racked up more than $885 billion in student loan debt. While students are on the hook for the majority of that debt, some families are facing heart-wrenching decisions. Some families are being held responsible for student debt even after the student dies. The student loan market Student
Federal Reserve Vice Chair Janet Yellen

Federal Reserve not planning to reign in credit supply yet

The Federal Reserve has announced that it won’t be tightening the national credit supply just yet. The Federal Reserve has certain controls over the amount of available lending capital in the financial system. Fears of inflation have caused some to think the credit supply needs to be tightened, but the Fed does not think that
Loan

Texas rolling unemployment loan to the private market

Unemployment is high, and with up to 99 weeks of benefits available, states have paid out a lot. The federal government has provided loans to most states to fund unemployment benefits. The interest payments on those loans are coming due, and some states are seeking creative solutions. Federal unemployment loans In order to keep unemployment
Area of the Sonora Desert in Scottsdale, Ariz.

Small business lending drought has hurt Scottsdale, Arizona

Convincing banks to write short term loans for any size business has been difficult lately. Large-scale operations with multiple sources of capital can subsist, but small businesses like those in Scottsdale, Ariz., need short term loans in order to operate and expand. The Arizona Republic reports that banks and businesses have very different views of
Credit Card

Consumers borrowing more money but not from credit cards

An increasing number of people are borrowing money, but more people are getting personal loans rather than using credit cards. The Federal Reserve released data that show consumer borrowing rose by several billion dollars in January, but it was from non-revolving credit sources. Credit card use dropped at the same time. Debt levels rise as
A payday loan store

Installment loan lenders thrive where payday lenders used to

Many states have tried to eliminate payday loan lenders, but it hasn’t eliminated the need for credit from non-bank sources. Some states have new installment loans stores where payday loan stores once existed as other forms of short term credit fill the void. Virginians frequenting pawn shops and title lenders more Many states have passed