Small business lender Kabbage starts making consumer loans

    September 30th, 2014

    Kabbage sees the prospect of making more green by expanding into consumer loans after years of making small business loans.

    The companys Karrot Personal Loans will go head-to-head with San Francisco-based lending marketplaces Lending Club and Prosper Marketplace.

    Atlanta-based Kabbage has a workforce of 130 people, with some working in San Francisco.

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    Medical program begins Oct. 13

    September 30th, 2014

    Students enrolled in Kennesaw State Universitys Medical Assisting Certificate program will have access to a state-of-theart classroom. The next course begins Oct. 13 and is offered through KSUs College of Continuing and Professional Education. Andrea Cochran, director of healthcare programs, said the classrooms design and resources allow for students to gain realworld experience.

    The classroom features a doctors office setup, exam stations and frontoffice area simulation.

    The Medical Assisting program runs Oct. 13 to Dec. 12, 2015 and is eligible for payment plans, VA Education Benefits, and educational loans. For more information, visit ccpe.kennesaw.edu/professional/healthcare/,...

    Help! I Lost My Job While I Was Buying a Home

    September 30th, 2014

    Losing a job is tough enough. But what do you do if you find yourself out of work when you’re weeks or even days from closing on your dream home?

    Brutal. But it happens. Employment isn’t a requirement for getting a home loan -just ask retirees. The issue is ensuring there’s stable, reliable income that’s likely to continue. For most homebuyers, the source of that stream is a steady 9-to-5 job.

    Needless to say, losing your job unleashes a wave of uncertainty into the loan process. It doesn’t automatically kill your deal. In fact, it may not even delay things. Whether you can salvage the purchase often depends on your overall income picture and how quickly...

    I-Team: Risky Subprime Loans Return for Car Sales

    September 30th, 2014

    The customer has to be educated for their own finances and take responsibility, Tackett said. They dont have to take that car loan.

    Subprime car loans like the one offered to Zollner have been increasingly common in the last two years. According to a report by credit monitors at Experian, total outstanding auto debt reached an all-time high last year — almost $840 billion. Almost one-third of all new car loans were subprime. Almost two-thirds of used car loans were subprime.

    Charles Juntikka, a bankruptcy attorney who represents clients in New York City and New Jersey, calls the car loan rates loan shark percentages.

    I mean, you see 29 percent car loans, he said.

    According...

    Is there a subprime auto loan bubble?

    September 29th, 2014

    Subprime mortgage lending shouldered much of the blame for the last financial crisis.

    Now some observers are concerned that a recent jump in subprime auto loans could also mean disaster for markets.

    According to the Federal Reserve Bank of New York, the number of auto loans made to borrowers with credit scores below 660 has nearly doubled since 2009 – a much greater increase than in any other loan type. Other studies find repossessions climbing as well.

    Will these trends precede another stock market crash? Experts say no, but there are still reasons for those with subprime loans to be cautious.

    Why are people concerned about subprime auto lending?...

    CFPB Seeks Greater Oversight of Auto Loans

    September 29th, 2014

    The Consumer Financial Protection Bureau is seeking to expand its oversight to include non-bank auto finance companies.

    In a proposal released this week, the agency said it will move to extend its authority to include 38 lenders that provided auto financing to about 6.8 million consumers in 2013. The proposed changes would cover non-bank auto lenders that make or refinance a minimum of 10,000 loans or leases each year, which account for 90% of all non-bank auto loans in the United States. Until now, these captive financial arms of car manufacturers like Honda, Toyota and Hyundai were not supervised by the federal government.

    Fees waived for small business loans

    September 29th, 2014

    REGION – In order to help businesses retain or expand employment, meet market opportunities, and attract additional investment, the Northeastern Pennsylvania Alliance (NEPA) has announced the waiver of fees for the ten state and federal loan programs it administers.

    Also, businesses in Lackawanna County may take advantage of the Small Business Administration (SBA) Loan Fee Waiver Program recently announced by the County Commissioners.

    The Northeastern Pennsylvania Alliance Business Finance Corporation (NEPA BFC) is authorized by the SBA to deliver the 504 Loan Program.

    For more...

    Time to end small business express program

    September 29th, 2014

    Gov. Dannel P. Malloy announced last week a $100 million proposal to extend his Small Business Express program two more years, as part of a campaign promise to spur job growth, particularly among minority and women-owned businesses.

    While the state does need to do more to help small companies, particularly those located in poorer urban neighborhoods, its time for policymakers to slam the brakes on the small business lending program, which has already distributed more than $150 million since it was created in 2011.

    The program, which feeds low-interest loans and grants to firms with 100 or fewer employees that agree to add jobs or invest in equipment or infrastructure, was a key part...

    Mortgage possible with credit problems

    September 29th, 2014

    Fear of a loan denial has led some consumers with low credit scores to simply not bother applying for a mortgage. But, while you’ll still have to provide proof of your income and assets and an explanation of your low credit score, it is possible to get a mortgage with a low credit score from some lenders.

    “Your credit score is a piece in the qualification puzzle, but it’s not the whole puzzle,” says Josh Moffitt, president of Silverton Mortgage Specialists in Atlanta.

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    How to Boost Your Business Credit Scores

    September 28th, 2014

    In our previous post, we talked about why business credit scores matter for your business. In this article, we will talk about how to boost your business credit scores.

    Unlike personal credit scores (FICO scores) that take years to build up, it typically only takes 3-6 months to build up your business credit score. However, you have to be very proactive about boosting it. It also helps if you know who will be looking up your business scores because some parties (such as banks and credit unions) have access to more data than others.

    First, lets talk about what business credit scores actually represent. Although there are many different versions of business credit scores, the primary...