Category Archives: Loans
Parents Who Co-Sign for Kids Often End Up Bearing Burden of Debt in Chicago
By the way the media spins it, you’d think borrowing money is essential to success. Perhaps this is why, despite difficult economic times, many parents are lining up to co-sign credit cards, student loans, and mortgages for their kids. But while parents have the best of intentions, they may be doing more harm than good… Read More »
Illinois Runs Out of Financial Aid for College, Increasing Student Debt in Chicago
More Illinois students are being forced to take out expensive loans to pay for college, and it’s putting a financial strain on their families. A rapid increase in applications for financial aid has caused the state to run out of funds early, according to the Chicago Tribune. While 140,000 applicants are expected to receive aid,… Read More »
For Consumers Pushed Into Predatory ‘Advance Loans’ By Big Banks, Bankruptcy May Be Best Way Out
Banks are supposed to protect the money we deposit in checking accounts, not rob us of it. But that’s exactly what they’re doing with new short-term high-interest arrangements known as advance loans. Big banks such as U.S. Bank and Wells Fargo are increasingly promoting the loans, which are offered through direct deposit checking accounts. Their… Read More »
As Banks Trap Consumers in Cycle of Advance Loans, Nashville Bankruptcy May Offer Relief
Most of us would rather eat glass than knowingly sign up for a credit card with a 365% APR. Yet consumers are increasingly being tricked into loans with exactly that kind of sky-high interest rate – by their own banks, according to CNN Money. Called advance loans, these short-term loans provide quick cash for bank… Read More »
Chicago Bankruptcy Attorneys Warn of Predatory Loans Big Banks Are Handing Out to Customers
Payday loan companies have long been criticized for their predatory nature. Now, the nation’s biggest banks are surreptitiously doing the same thing under a different name. Lenders like Wells Fargo and U.S. Bank have begun offering advance loans through checking accounts with direct deposit. Like payday loans, these advance loans are short-term and high-interest. Struggling… Read More »