After the programs attracted free government credit report Louisville regulatory attention,[26][27] Wells Fargo called its fee "voluntary" and offered to waive it for any reason. It later scaled back the program in several states. Wells Fargo currently offers its version of a payday loan, called "Direct Deposit Advance," which charges 120% APR. Similarly, BBC reported in 2010 that controversial TxtLoan charges 10% for 7-days advance which is available for approved customers instantly over a text message.[28] Income tax refund anticipation loans are not technically payday loans (because they are repayable upon receipt of the borrower's income tax refund, not at his next payday), but they have similar credit and cost characteristics. A car title loan is secured by the borrower's car, but are available only to borrowers who hold clear title (i.e., no other loans) to a vehicle. The maximum amount of the loan is some fraction of the resale value of the car. A similar credit facility seen in the UK is a logbook loan secured against a car's logbook, which the lender retains.[29] These loans may be available on slightly better terms than an unsecured payday loan, since they are free government credit report Louisville less risky to the lender. credit scores If the borrower defaults, then the lender can attempt to recover costs by repossessing and reselling the car. Ellen Rubio Create a Free Forum at Webs.com Create a Free Forum at Webs.com TransUnion - Credit Score & Online Credit Reports Put franchising on the list of credit-crunch victims.
Money for franchise start-ups and expansions is getting harder to come by.
Fewer lenders are financing the businesses, and those that do free government credit report Louisville so are being increasingly picky about whom they will bankroll. That has left many borrowers turning to other sources of financing. More people are seeking out loans from the Small Business Administration, which are partially guaranteed by the government, making them less risky -- though some lenders participating in the program are tightening their lending criteria as well. credit identity theft And some would-be franchisees are even tapping retirement funds. The shakeout is partly due to free government credit report Louisville the mounting defaults by franchisees free government credit report Louisville who got in during good times, perhaps short-changed themselves on working capital and then, when the economy faltered, couldn't free government credit report Louisville cover their loans.
"Lenders just don't know what the future will bring," says Robert Snelling, president of Honor Capital Group of Plano, Texas, a financial intermediary between franchisees and financial institutions. Cautious lenders are less likely to throw money at newer franchises these days. Banks are favoring those with brand names, businesses that aren't seasonal, and, therefore, don't free government credit report Louisville have highly fluctuating cash flow, as well as those that have a solid core of long-term free government credit report Louisville operators. Ventures with only a smattering of locations are being free government credit report Louisville bypassed, in part because they lack proof that they can do well in all types of areas or fluctuating economic climates. free credit score reports
For would-be entrepreneurs who do get financing, unsecured loans are relatively rare. Even those with good credit may have to crack their retirement nest eggs to come up with enough cash to make a deal work.
