May 12, 2021

loans

Do Personal Loans Have Penalty APRs?

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When you make your credit card payment late, you’re often subject to late fees and a penalty APR, which is a temporary spike in your interest rate.

The Blue Cash Preferred® Card from American Express, for instance, has a 13.99% to 23.99% variable APR, but the penalty APR is a variable 29.99% (see rates and fees). Penalty APRs usually last for at

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Finance of America expands into renovation loans

Finance of America on Monday announced that it has launched a home improvement division, using the remodeling product line it acquired in March from Renovate America’s bankruptcy.

The publicly traded nonbank will use Renovate America’s Benji system to provide renovation financing and link borrowers with contractors.

The product launch is in line with efforts by other publicly traded nonbanks to diversify because traditional mortgage offerings face housing supply constraints and are currently on track to decline in 2021 after a banner year in 2020.

“The high demand for housing combined with persistently low inventory has created an environment where

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American Express puts $40 million towards loans to small businesses of color

Vice President Kamala Harris (C), Reign Free, Owner of Red Door Catering, Senator Alex Padilla (D-CA) and California Lt. Governor Eleni Kounalakis (D-CA) listen to Luz Urrutia, CEO of Accion Opportunity Fund (front left) and Allison Kelly, Executive Director of Inner City Advisors (Front Right) during a visit to Red Door Catering, a CDFI business, on April 5, 2021 in Oakland, California.

Patrick T. Fallon | AFP | Getty Images

Helping small businesses owned by people of color, immigrants and women recover from the Covid pandemic is the goal of a $40 million investment American Express is making with Accion

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9 low income personal loans for 2021

Our goal here at Credible Operations, Inc., NMLS Number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we do promote products from our partner lenders who compensate us for our services, all opinions are our own.

While having a low income might limit your borrowing options, there are still several lenders that offer low-income loans.  (iStock)

Many personal loan lenders require borrowers to make a minimum amount of income to be eligible for a loan — which generally means you’ll have fewer borrowing options if

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3 Common Personal Loans I’d Never Take Out

Although you can borrow to cover these costs, doing so may not be the best idea.

You can take out a personal loan to pay for almost anything you want. However, there are certain types of personal loans that lenders market to customers.

The types of loans that lenders advertise focus on common expenses. They tend to be popular with consumers too. Many people take lenders up on their offers to loan them money to cover these common costs. However, there are three personal loans I would never take out. Here’s what they are.

1. Wedding loan

Wedding loans are

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Pandemic-inspired small-business loans expose inequities that must be fixed

When the pandemic struck just over a year ago and stopped our economy in its tracks, Congress responded with the largest small-business loan program in U.S. history.

When it concludes this May, the Paycheck Protection Program will have provided $784 billion in forgivable loans to nearly 4 million small businesses. Yet a shockingly small percentage of those loans have gone to Black- and Latinx-owned small businesses.

According to the U.S. Small Business Administration, which administers the PPP, of the 996,000 loans that included information on the borrower’s race, 71 percent of the money went to white-owned businesses. Only 12 percent

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