Personal loans – Informare Wissen Und Koennen Tue, 17 May 2022 13:52:25 +0000 en-US hourly 1 Personal loans – Informare Wissen Und Koennen 32 32 BrightHouse customers unlikely to get refunds, admins say | Personal loans Mon, 16 May 2022 06:00:00 +0000

Administrators of collapsed hire-purchase company BrightHouse, which specializes in loans for big-ticket items such as fridges and sofas, have warned they will not have enough money to compensate thousands of customers who have found themselves with unaffordable debts.

The latest report from accountants Grant Thornton, who handle administration, shows a plan to set aside £600,000 for payments to customers who may have been mis-sold by BrightHouse to expensive loans has been scrapped.

During this time, a number of creditors received large sums. These include supply chain finance firm Greensill, which is itself in administration after collapsing last year. Greensill – or his creditors – were awarded almost £31million.

The process will raise new questions about how UK insolvency rules prioritize payments from investors and lenders over customers.

Prior to filing for bankruptcy in 2020, BrightHouse offered high-interest rent-to-own contracts to customers who would otherwise struggle to afford the upfront costs of household items such as refrigerators, ovens, televisions and sofas. It charged interest of up to 69.9% which, in addition to service and insurance charges, could mean customers paying two to three times the cost of the item on the high street. Some customers were never able to possess the goods if they were in arrears.

BrightHouse’s customers were generally from low-income households receiving state benefits. The move means some of the UK’s most vulnerable consumers could miss out on crucial funds, just as the cost of living crisis squeezes finances.

Grant Thornton initially set aside up to £600,000 to deal with more than 11,000 affordability inquiries from customers who fear they have been mis-sold. But its latest report, published at the end of April, reveals that the administrators plan to ask the court for permission to remove the compensation pot after deciding that the cost would be too high.

“Given the likely volume and complexity of customer affordability claims … administrators expect the cost associated with assessing these claims will far exceed the funds available for distribution,” the report said. .

“Based on the foregoing, the administrators are seeking to file an application with the court in the coming period to seek the removal of the barred portion,” he added.

Under initial plans, customers should have received fee and interest refunds, plus an additional 8% interest on that amount dating back to the start of their loan.

Meanwhile, administrators confirmed they had hired a debt collection agency to “improve” customer reimbursements and “maximize” payments to creditors. Among those creditors is Greensill Capital, whose collapse last year sparked a wave of political scandals.

Greensill, which specialized in offering business invoice advances for a fee, made loans to BrightHouse in 2018. As a lender, Greensill was considered a secured creditor, which put it at the top of queue for reimbursement when his client, BrightHouse, went screw up. The trustees’ report confirmed Greensill had been repaid in full, receiving a total of £30.86million in 2020 – a year before he collapsed into administration.

Sara Williams, debt counselor and author of the blog Debt Camel, said: “The hundreds of thousands of customers who should have been repaid for unaffordable loans will receive nothing. The money customers were pressured into paying during the administration goes entirely to secured creditors.

She added: “The government and the insolvency service need to change that. Customers are the innocent victims here and they should come first. Trustees should not seek to collect debts without first considering whether the loan was mis-sold.

The problem is particularly acute for customers of rent-to-own companies, who are usually young people, women or single parents, living in rented accommodation.

Customers have encountered similar issues when dealing with collapsed payday lenders such as Wonga. Hundreds of thousands of its former borrowers who were mis-sold by the company were told they would only receive 4.3p for every pound owed in compensation.

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A spokesman for the directors of Grant Thornton, which is also managing Greensill’s UK liquidation, said they were fulfilling their obligations under UK insolvency rules and had distributed BrightHouse’s assets “as required by the legislation”.

The spokesperson said: “While Greensill Capital (UK) Ltd was previously a secured creditor of BrightHouse, all obligations owed to it in connection with the administration of BrightHouse have been paid to it as required by law and before that it does not go into administration itself. We have no further comment beyond the content of the documents filed by the directors regarding the two matters.”

A spokesperson for the Insolvency Service said: “The insolvency framework is designed to ensure that creditors of an insolvent business receive as much of their money as possible, and it is the duty of insolvency practitioners to take into account the interests of all creditors in carrying out their work.”

PNC Bank Personal Loans Review 2022 Thu, 17 Mar 2022 07:00:00 +0000

PNC Bank can trace its history back to 1852 and the Pittsburgh Trust and Savings Co. Today, PNC Bank is the seventh largest bank in the United States and offers a wide range of personal and business banking services. Among its product line, PNC offers unsecured personal installment loans up to $35,000. Applicants are considered based on their satisfactory credit history, repayment capacity and income.

  • A range of loan amounts and repayment terms.
  • No prepayment penalty and no application or handling fees.
  • Get a 0.25 percentage point discount if you set up autopay using a PNC checking account.
  • Candidates can obtain a loan with a co-signer.

  • Account features (such as the ability to complete the full application online or be prequalified) and pricing vary by location.
  • Prequalification is only available for certain customers.

PNC personal loans, which start from $1,000, can be used for a variety of purposes. The main ones are to consolidate debt, finance home improvements or repairs, or meet unexpected expenses.

Prospective borrowers can begin the PNC personal loan application process online, in person at a branch, or over the phone. You will need to share personal and financial information, including:

  • Name, social security number, date of birth and address
  • An identity photo
  • Annual income plus any other income you want to include
  • Monthly housing expenses
  • Desired loan amount
  • If you are consolidating other debts, you must list the names of the creditors, the total balance owing, and the monthly payment amount.

Co-applicants will also need to include address and annual income.

For those who already have a PNC online banking account, logging in pre-populates your application.

The application only takes a few minutes to complete, and in some (but not all) cases, PNC will offer a decision immediately along with instructions on how to proceed.

Borrowers cannot use the loans to pay for college-related expenses or to refinance a student loan. PNC offers separate student loan and refinance options.

Borrowers can take out personal loans from $1,000 up to $35,000. Some states have lower loan limits. Annual percentage rates vary by zip code and other factors.

Keep in mind that the APR may increase depending on the applicant’s credit rating. Other factors affecting the rate include the loan amount and the repayment terms chosen. For example, a 24 month term will generally have a lower APR than a 36 month gain.

Note that borrowers can also get a 0.25 point interest rate reduction by automating payments using a PNC checking account.

PNC does not charge set-up or administration fees, and there is no penalty for early repayment. The late fee, once a payment is 15 days late, is 10% of the payment or $40, whichever is less.

Repayment terms vary from six to 60 months.

PNC does not disclose specific credit score requirements. Co-applicants can help borrowers qualify if they are unable to do so on their own.

Depending on the loan amount requested and the repayment terms you seek, qualifications and rates may vary. PNC offers a pre-qualification option to some applicants in some locations, but if this is not available, you must submit the full application to see if you are eligible.

Although PNC does not disclose minimum score thresholds, all applicants will be considered for approval based on their satisfactory credit history, repayment capacity and income.

PNC has a branch footprint in the Mid-Atlantic, Midwest and Southeast regions. People in the 50 states plus Washington, DC can apply for a personal loan online. The application process may vary depending on where the borrower is located.

PNC Bank has an A+ rating with the Better Business Bureau, but it is not BBB accredited. It has closed 608 complaints over the past 12 months. PNC Bank has a rating of 2.3 (out of 5) on Trustpilot. The Consumer Financial Protection Bureau has received 132 complaints over the past 12 months regarding PNC personal loans and has closed them in a timely manner.

Customers can reach customer service by phone Monday through Friday, 7 a.m. to 10 p.m. ET, or Saturday and Sunday, 8 a.m. to 5 p.m. ET.

During the application process, users can open an online chat window or call to reach a representative for assistance.

PNC also has a Twitter handle that is responsive to customer questions and requests, as well as a Online FAQs on the website that covers common issues.

Some customers may complete the personal loan application online, while others in some locations may need to visit a branch or call by phone to complete the process. The same goes for prequalification – it is not available to everyone.

Once the loan is processed and approved, borrowers can set up automated payments or pay the bill online PNC Bank also has a mobile application for account management including loans where you can view account activity and make payments.

PenFed Personal Loans 2021 Review – Forbes Advisor Thu, 02 Dec 2021 08:00:00 +0000

The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. Here is how PenFed personal loans compare to other popular lenders:

PenFed v Navy Federal

Navy Federal offers two types of personal loans. His basic personal loan has terms of up to 60 months and loan amounts ranging from $ 250 to $ 50,000; his personal renovation loan has terms of up to 180 months. If you plan to use your funds for home improvement projects, Navy Federal may be your best option.

However, Navy Federal charges higher interest rates than PenFed, with a minimum rate of around 7% compared to PenFed’s 6%. The criteria for membership in Navy Federal are also more stringent than those of PenFed. To become a member, you or a member of your family or household must have ties to the armed forces, the Ministry of Defense or the National Guard.

PenFed vs. USAA

The maximum loan amount available through USAA is $ 20,000, far less than what PenFed offers. The length of a USAA loan ranges from 12 to 84 months, but also depends on the amount you want to borrow. Unlike PenFed, you must be a current or former military or family member to be eligible for membership in the USAA.

Related: USAA Personal Loan Review

PenFed vs. SoFi

SoFi offers personal loans ranging from $ 5,000 to $ 100,000, which is well above PenFed’s $ 50,000 limit. SoFi’s starting interest rate is also lower than PenFed, but is only available to highly qualified applicants.

If you need to borrow a large amount, SoFi may be a better option. However, if you need less than $ 5,000, PenFed’s $ 600 minimum limit may work for you.

Related: Review of SoFi Personal Loans

]]> Oportun Expands Secured Personal Loan Product to Florida Tue, 13 Jul 2021 07:00:00 +0000

SAN CARLOS, Calif., July 13. Oct. 2, 2021 (GLOBE NEWSWIRE) — Oportun Financial Corporation (“Oportun”), a financial services company and digital platform that provides hard workers with responsible, affordable and credit-generating alternatives to payday and auto Title Loans, today announced that it is expanding its secured personal loan product to the State of Florida.

Oportun’s secured personal loans were previously only available in the state of California. The expansion of the Florida secured personal loan product is part of the company’s commitment to developing new financial products and services that further its mission of financial inclusion for those traditionally excluded from the financial mainstream.

“Just as our traditional personal loans served as an alternative to payday loans for the borrowers we serve, this new product provides an affordable, credit-creating alternative to auto title loans,” said Matt Jenkins, Chief Operating Officer. at Opportun. “According to the FTC, auto title loans often carry triple-digit interest rates and are due in full, via a one-time lump sum payment, within two to four weeks.”

Through its secured personal loans, Oportun can serve clients who would otherwise be denied access to affordable credit. It allows customers to receive a higher loan amount with a reduced interest rate compared to an unsecured personal loan. Oportun Secured Personal Loans offer clients fixed and affordable payments; no prepayment penalties or lump sum payments; and the ability to establish a credit score. Oportun secured personal loans range from $2,525 to $20,000.

For more information, please visit

About Opportun
Oportun (Nasdaq: OPRT) is a financial services company that leverages its digital platform to provide responsible consumer credit to hard-working people. Using AI-powered models that draw on 15 years of proprietary customer insights and billions of unique data points, Oportun has granted over 4 million loans and over $10 billion in credit affordable, offering its customers alternatives to payday loans and auto titles. In recognition of its responsibly designed products that help consumers build their credit history, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

Media Contact
Georges González