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Wells Fargo Rejected Almost Half Of Black Applicants Seeking To Refinance Homes, Bloomberg Study Reveals

Black Americans were short-changed amidst a promising time for refinancing home loans. According to Bloomberg’s analysis of federal mortgage data, Wells Fargo rejected nearly half of Black applicants who were looking to refinance their homes. Worsening matters, the banking giant approved applications for more lower-income white applications than the highest-earning Black applicants. Engineer Mauise Ricard III experienced Wells Fargo’s rejection firsthand after paying $560.43 to refinance his home in the suburbs of Atlanta. Richard was married to a doctor and had a credit score boasting over 800. The loan officer affirmed he could qualify for a fast-track appraisal. Yet, what should have been a clear green light turned into a string of issues. Bloomberg reports, Richard’s former home was in a predominantly Black neighborhood and he was told by the loan officer “perhaps the area is not eligible” for fast-track appraisal. Later, the loan officer told Richard his rate would increase by...

Samantha Dorisca

Mar 14, 2022

Applying for a Business Loan Effectively

Are you in need of extra capital? Perhaps you’ve just received a large purchase order that you’ll need additional cash to fulfill. Or maybe local or regional economic uncertainty is taking a bigger bite out of your margins than anticipated. A business loan may be necessary, but applying for one may feel overwhelming, especially if you’ve never done so before. However, you can successfully apply for a business loan by thoroughly researching your options, organizing your financial records, maintaining impeccable credit, and demonstrating your repayment ability. Apply for the Right Loan If you don’t carefully review the eligibility requirements or loan terms, you may waste time applying for loan products for which you do not qualify or that don’t meet your needs. Or you may find yourself applying for a large loan that has hidden fees or charges or onerous repayment terms that put you behind the eight-ball. Research your options thoroughly to find the right loan for your business....

AfroTech

Nov 4, 2020

How to Use Coronavirus Student Loan Relief to Your Advantage

If you’ve been walloped by the economic fallout from the coronavirus pandemic, taking advantage of the federal student loan repayment suspension and interest freeze is a no-brainer. You can now stop making your payments and enjoy the six-month, interest-free period handed down by the U.S. government. But what if you can afford to keep putting money toward your education debt? For you, taking advantage of the federal student loan interest freeze might mean something else entirely. Here’s how to know… … when it makes sense to keep making federal loan payments … when it makes sense to sit back during the federal student loan interest freeze When it makes sense to keep making federal loan payments As you’ve likely heard, the government has enacted a six-month suspension of student loan payments — technically, an “administrative forbearance” — that allows most federal loan borrowers to take a penalty-free break from payment through Sept. 30, 2020. And yet, continuing to make payments...

StudentLoanHero

Apr 16, 2020

71% of Small Business Owners Fear They’ll Never Recover From Pandemic Losses

Despite the news that loan relief with extremely low interest is on the way, it’s unclear if it’ll be enough to save entrepreneurs hit hard by COVID-19. A new LendingTree survey of more than 1,200 small business owners found that 71% worry they’ll never recover from the downturn. Business owners are holding on by a thread as more governors join the long list of states closing non-essential businesses. Nearly half of small business owners have temporarily closed their businesses, our survey found. They have also laid off workers or reduced their hours and sought funding, often unsuccessfully, to stay afloat. Key findings 71% of small business owners are worried their business will never recoup the losses associated with the COVID-19 pandemic. Business owners in the accommodation/food service and retail trade sectors are among the most likely to fear for their company’s future. Nearly half — 47% — of small business owners surveyed have taken on debt to keep their business afloat...

Lending Tree

Apr 15, 2020

Six Tips About Using Home Equity to Fund Your Small Business

One of the biggest challenges most aspiring business owners face is finding the capital needed to launch. If you’re starting a business, one financing option you might want to think twice about is tapping into your home equity. There are a variety of ways homeowners may use home equity to start a business: A home equity loan provides a fixed amount of money from a loan that is secured by your home. You typically repay the loan in equal monthly installments over a fixed term, similar to a traditional mortgage. A home equity line of credit (HELOC) provides a line of credit that you can draw from as needed over a fixed period. You only make payments on the outstanding amount at any time. Cash-out refinancing replaces your existing mortgage with a new loan at a higher amount. You receive the difference in cash that can be used for any purpose. A HELOC isn’t a particularly popular way to fund a small business. According to a report from the Federal Reserve, just seven percent of all...

Lending Tree

Jan 8, 2020

Do New Payday Lenders Offer a True Remedy for the Desperate?

Earnin, a new online lending app touted as an alternative to payday lenders, may be giving false hope to those experiencing a shortfall. The app functions more like a cash advance, instead of a loan. However, instead of requiring users to incur a fee in addition to the original amount, Earnin “innocuously” asks users to pay back a “tip,” which is how the company makes its money. Initially, the “ask” may seem harmless. However, by the time desperate users catch on, they are in the midst of a zero-sum game: the lender continues to amass profits, and the user can now afford to borrow and repay less. Typical payday lenders provide customers with a small loan, then add high financing charges, before deducting the combined total from the user’s bank account on payday. According to an article by Atlantic news, payday lending is no longer allowed in many states , making services like Earnin and InstaCash the alternative. Earnin is seductive in that it does not demand a credit check or...

Emily Adeyanju

Dec 24, 2019

The Pros and Cons of Small Business Administration (SBA) Business Loans

For business owners who need help funding their venture, loans from the U.S. Small Business Administration can be a popular financing option. The SBA aims to help small business owners who have trouble qualifying for traditional business financing , said Terri Denison, SBA Georgia district director. However, that doesn’t mean everyone with less-than-perfect credit can receive SBA loans. “What we’re looking for is that middle section — the borrower that has a good, solid business plan and idea, but maybe there’s something that’s not quite meeting all the requirements of a lender’s conventional loan,” Denison said. If you fit that description, keep reading to explore the pros and cons of SBA loans. We’ll dive into the benefits of an SBA loan, as well as some downsides you could expect. What are SBA loans? Pros and cons of SBA loans The bottom line What are SBA loans? The SBA doesn’t directly lend to small business owners — rather, it backs loans made through partnering lenders,...

Lending Tree

Dec 17, 2019

How to Refinance Your Student Loans, Even If You Didn’t Graduate

People enroll in college anticipating that a degree will lead to better job prospects, higher salaries and more opportunities in the future. But for a range of reasons, including college costs and life circumstances, some students have to drop out. After leaving school, you’re still required to make payments on your student loan debt. Refinancing can help many people manage their student debt, but refinancing student loans without a degree can be difficult. Here are your options for refinancing student loan and coming up with a repayment strategy if you didn’t complete your degree. Can you refinance student loans without a degree? For many people, refinancing and consolidating student loans makes their debt more manageable. They may qualify for a lower interest rate, different repayment terms or even a lower monthly payment. That can free up money in their budgets for other financial priorities. If you didn’t complete your degree, finding a lender who will refinance your loans with...

StudentLoanHero

Dec 2, 2019