What Credit Score Is Needed for a Personal Loan?

If youre strapped for cash but have pressing financial obligations, such as car or home repairs, or you need money for a vacation, a personal loan might be your best option. Personal loans can help you tackle common financial problems.

Your credit score is one of the most important factors lenders take into account when they consider your eligibility for a personal loan. The interest rate you receive will also be affected by your score. As you consider personal loans offered by local banks and credit unions, find out how your credit score is determined and what rates you can expect.

Read: What Is a Good Credit Score Anyway?

Your Credit Score and Why It Matters

Banking...

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Don Brann abruptly announces resignation as state-appointed trustee of …

Don Brann, the state-appointed trustee brought in to rescue the embattled Inglewood Unified School District from the financial abyss, has abruptly announced his resignation, officials said Tuesday.

Brann, the third state-appointed trustee of Inglewood in three years, will remain at the district during the transition process. A search for a replacement will begin immediately, said Tom Torlakson, state superintendent of public instruction.

Brann, who stunned a special board meeting Monday night when he announced his plans to step down, did not respond to interview requests Tuesday. His contract with the state runs through June 2017.

The Department of Education...

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The Nilson Report: U.S. Household and Credit Card Debt 2014

CARPINTERIA, Calif.–(BUSINESS WIRE)–Total household debt in the US was $13.512 trillion at the end of 2014
and credit cards accounted for 6.52% or $881.57 billion, according to
the annual report on credit card debt in the US published by The
Nilson Report, the top trade newsletter covering the card and mobile
payment industries. The ratio of credit card debt to household debt was
highest in 1996 at 10.05%.

Card debt is comprised of outstanding receivables tied to general
purpose and private label credit accounts. Debt on credit cards is a
subset of total consumer...

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RadioShack Nears Final Reckoning in Bankruptcy

Bankruptcy lawyers are counting the take from the liquidation of the former RadioShack¬†Corp., getting closer to final figures on the damage from the retailer’s collapse while fending off a bid to push them out of the case in favor of a trustee. The Wall Street Journal has the Daily Bankruptcy Review article here.

(Daily Bankruptcy Review is a daily newsletter with comprehensive coverage and analysis of emerging and in-progress insolvencies and turnarounds. For a two-week trial, visit http://on.wsj.com/DJBankruptcyNews, scroll to the bottom and click “try for free.”)

According to WSJ, the Supreme Court won’t consider Bernard Madoff trustee Irving Picard’s...

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Is the BRICS Bank an Alternative for Greece?

Over the past few weeks speculations have been circulating over Greece’s potential accession to the New Development Bank established by the BRICS: Brazil, Russia, India, China and South Africa. Russia’s invitation to Greece to become a member of the BRICS bank comes at a delicate point for the latter, since its new leftist SYRIZA-led government is attempting to strike a deal with its European counterparts in order to avoid a potential bankruptcy that would have a tremendous impact on the country and the Eurozone as a whole. Is Russia’s invitation to Greece just a mere coincidence? Have the BRICS decided to save Greece from collapsing, which would in effect enhance the Eurozone’s...

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Switching personal loans could save borrowers thousands

Personal loan rates have fallen dramatically over the last few years, and that could be good news even if you already have a loan as you could switch to a cheaper deal.

How rates have fallen

As an example, the average rate paid by borrowers applying in branch at Nationwide for a medium-sized loan during May 2013 was 8.5%.

Now the building society offers a joint market-leading rate of 3.6% to its current account customers (or 3.9% to non-current account holders) on borrowing between pound;7,500 and pound;14,999.

Mamp;S Bank, First Direct, Sainsburys Bank and HSBC also offer a leading rate of 3.6% on medium sized-loans right now.

So for people with existing...

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UAE personal loans hit Dh1.3 trillion in one year

Dubai: Personal borrowing in the UAE is again picking up with the amount of loans granted to UAE residents in the first quarter of the year increasing by 6.5 per cent from a year earlier.

In just 12 months, between March 2014 and March 2015, consumers in the UAE pocketed a total of Dh1.3 trillion ($355 billion) in personal loans, according to the data compiled by National Bank of Abu Dhabi (NBAD).

The bulk of the cash assistance or annualized sum, around 34 per cent, came from two local banks, Emirates NBD and NBAD, the two biggest lenders at the moment.

The loans from the two banks, combined with those from other home-grown brands, First Gulf Bank and Abu Dhabi Commercial Bank (ADCB),...

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Walker County commissioner drops lawsuit over financial advisory committee

A Walker County commissioner has dropped a lawsuit accusing a committee of citizens advising the county on financial issues of meeting in private.

While the suit has been dismissed because the group disbanded, Commissioner Dan Wright said he said he maintains the right to reopen it if the committee meets again.

Wright, who represents District 2, filed the suit in January.

The financial advisory committee was formed in November to look at the countys finances. Walker County faces looming financial problems as it expects to start making payments on $24 million owed on bonds. The county took out $9 million in bonds in 2002, and the commission at that time decided to defer...

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Greeks Secure Loans Through Bitcoin Exchanges

Banks are currently closed in Greece and ATM withdrawal limits have been imposed, leaving many with seemingly no option to secure loans. One possible alternative is through bitcoin exchanges, which can enable Greeks to send and receive money online.

With capital controls currently put in place, some bitcoin exchanges have reported seeing a sudden surge in signups from the country. Even bitcoin prices have enjoyed a bit of a boost from the increase in demand and trading volumes as the debt crisis unfolded in the past few days.

Loans from Bitcoin Exchanges

BTCjam is a global lending network that still allows loans to be secured by Greeks. The process is simple since it entails...

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Canaccord Genuity Sees Energy XXI Worth Over 50% More (NASDAQ: EXXI …

Stephen Berman from Canaccord Genuity has a Buy rating and a $5.00 price target on Energy XXI. He likes the outfits deep oil-weighted asset base on the Gulf of Mexico Shelf and likes the long-term potential from advanced seismic-driven exploration. Additional driving forces are from it enhancing liquidity, reducing debt and lowering operating costs.

What investors have to keep in mind is that this $3.10 stock has a 52-week range of $2.30 to $24.06.

Another issue with Energy XXI is that it recently executed a purchase and sale agreement to monetize the Grand Isle Gathering System to CorEnergy Infrastructure Trust. That deal was for $245 million in cash, plus the assumption of abandonment...

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