Bank Named Top Lender for Home Improvement Loans

United Community Bank was named a Minnesota Housing Top Producing Fix Up Lender at the Gold Level for 2016.

Minnesota Housing is a state agency that works with local lenders like United Community Bank to provide affordable loans for home remodeling, repairs, energy efficiency upgrades and accessibility improvements. Homeowners can access the Fix Up Loan Program to receive loans from $2,000 to $50,000 with fixed interest rates, secured and unsecured options, and repayment terms up to 20 years.

More information and eligibility requirements are available at www.mnhousing.gov. In addition to home improvement loans, Minnesota Housing also offers homebuyer loans and finances multifamily housing across the state.

The Minnesota Housing Top Producing Lender Program awards outstanding Fix Up lenders annually at three levels: Platinum, Gold and Silver. Lenders meeting the threshold for each level based on regional production are recognized as top producers, and demonstrate a deep understanding of Minnesota Housing’s Fix Up Loan Program.

“The Fix Up Loan Program helps hundreds of Minnesota families make affordable improvements to their homes each year,” said Minnesota Housing Commissioner Mary Tingerthal. “We can’t do that without the work of our great Top Producing Fix Up Lenders.”

“We are happy to be able to offer this loan program to our customers and hope more people take advantage of it for their home improvements,” said United Community Bank lender Lisa Glynn.

Minnesota Housing collaborates with individuals, communities, and partners to create, preserve, and finance affordable housing.

Source: http://www.perhamfocus.com/business/4275840-united-community-bank-named-minnesota-housing-top-producing-lender-home-improvement


BBB Warns About Raleigh Cash Loans Funding Scam

RALEIGH, North Carolina (WTVD) —
Looking for a loan? Well, you may want to avoid one “local” loan service.

The Better Business Bureau (BBB) serving Eastern North Carolina has issued a warning about Cash Loans Funding.

On their website, the company claims to be based out of Raleigh at 208 Fayetteville St.

Despite having that Raleigh address, there is no sign the company actually operates out of the building.

Troubleshooter Diane Wilson called the number listed on the company’s website, and while a representative did answer, she said it’s the wrong number and they were not associated Cash Loans Funding.

A representative with the BBB says more than 60 consumers have inquired about the business, and two people have lost a combined total of more than $1,100 to the company.

The BBB provided ABC11 with this contract that they got from a customer of Cash Loans Funding.

The contract has a different phone number and address listed than the website.

It’s the same street address of 208 Fayetteville St., but instead of being in Raleigh it states Charlotte.

When Wilson called the number listed on the contract, no one ever answered, instead the call was disconnected.

According to one of the contracts consumer provided to the BBB, it states that in order to get the loan from Cash Loans Funding, they were asked to pay an upfront “insurance fee”, which is not typical within the loan industry.

Cash Loan Funding is not listed with the North Carolina Secretary of State’s Office nor is it listed with the North Carolina Banking Commission, which regulates state banks and lenders that offer consumer loans…

Rest at: http://abc11.com/news/bbb-warns-about-raleigh-loan-scam-/2068618/


Ottawa Cracking Down On Payday Loan Companies

The city will wait until after the next municipal election to decide if it should license payday loan companies, which traditionally charge enormous fees to those who can’t get bank loans or credit cards.

Bylaw chief Roger Chapman wrote an analysis on what the city could do to regulate the businesses, responding to a council direction from April 2016. The analysis was recently sent to council’s community and protective services committee.

The city counted 59 payday loan business locations in Ottawa at the beginning of June. Provincial data reviewed by the city show there are 796 payday loan shops across Ontario and they collectively issue more than $1 billion in loans annually.

Payday loan shops are often the last resort to access emergency funds after people get rejected by banks and credit card providers.

Clusters of the businesses are focused in Centretown and Vanier and on Merivale Road and on Bank Street near Heron Road. There are locations across the city.

More at: http://www.ottawasun.com/2017/06/09/city-delays-decision-on-payday-loan-companies-until-next-year


Are Payday Fast Loans Having a Fast Death?

USA Toady on fast loans of a payday nature:

Payday loans — the “lifesavers” that drown you in debt — are on the decline.

Fines and regulatory scrutiny over high rates and deceptive practices have shuttered payday loan stores across the country in the last few years, a trend capped by a proposal last summer by the Consumer Financial Protection Bureau to limit short-term loans.

Consumer spending on payday loans, both storefront and online, has fallen by a third since 2012 to $6.1 billion, according to the nonprofit Center for Financial Services Innovation. Thousands of outlets have closed. In Missouri alone, there were approximately 173 fewer active licenses for payday lenders last year compared to 2014.

In response, lenders have a new offering that keeps them in business and regulators at bay — payday installment loans.

Payday installment loans work like traditional payday loans (that is, you don’t need credit, just income and a bank account, with money delivered almost instantly), but they’re repaid in installments rather than one lump sum. The average annual percentage interest rate is typically lower as well, 268% vs 400%, CFPB research shows.

Spending on payday installment loans doubled between 2009 and 2016 to $6.2 billion, according to the CFSI report.

Rest at: https://www.usatoday.com/story/money/personalfinance/2017/05/22/payday-loans-dying-problem-solved-not-quite/101611192/


Get Easy Loans from Legit Sources, Not Scam Artists

A call center which had been duping thousands of US citizens in name of easy loans has been busted by the Thane crime branch in Ambernath near Mumbai during the intervening night of June 8 and 9. The raid started in the Anand Nagar MIDC area of Ambernath where a BPO named Rackon enterprises operated from an industrial building.

The raid and search is still on after teams left for three different locations in and around Mumbai to apprehend the people involved. More than 25 callers including some women have been apprehended who offered loans at easy installments but on provisions that they would provide a commission.

The commission would be anything which could range between 20 to 30 per cent of the loan amount. These loans were of amounts ranging from USD 1,000 to 5,000 but sometimes the commission would go up to USD 10,000 as the customers were being lured in name of easy loans.

From: http://indiatoday.intoday.in/video/easy-loan-rackon-enterprises-bpo-us-citizens-duped/1/974496.html