EMVERTEX

Banks have been criticised by firms and MPs for insisting on personal guarantees to issue government-backed emergency loans to business owners. The requirement loads most of the risk that the loan goes bad on the business owner, rather than the banks. It means that the banks can go after the personal property of the owner of a firm if their business goes under and they cannot afford to pay off the debt. Their main home would be protected but the bank could go after other assets. Those can include things like personal savings, shares or holiday homes. And some think that will stop business owners from making use of the emergency loan scheme, which the government put in place to stop businesses from going under during the coronavirus crisis. Alex Harris says the interest rate he was offered would bankrupt his bar/ALEX HARRIS The coronavirus business interruption loans (CBIL) are a key plank of the government’s package to protect businesses throughout the ongoing shutdown....

If you’re confused about what a student loan forgiveness tax bomb is, think of the term as a mixed blessing. On the one hand, the government forgives your student loans, but on the other hand, the government makes you liable for a hefty tax bill on the amount of money that’s forgiven. That’s because the forgiven debt is treated as additional income. With student loans topping more than $1.4 trillion in the U.S., more borrowers are depending on loan forgiveness programs to help erase some of their mounting debt. While the thought of having your debt disappear seems like a no-brainer, many students and their parents are caught off guard once the tax bill rolls around. Taxes on that forgiven debt are not erased and it’s mandatory that you report it to the IRS as income. Who faces a student loan forgiveness tax bomb? As April 15 approaches, it’s worth discussing who’s really at risk for a student loan forgiveness tax bomb down the road so there are no surprises. Borrowers strug...

​ Numerous myths associated with personal loans refrain many from applying for them. Let’s look at some of these widespread misconceptions regarding personal loans. With zero collateral, quicker disbursal and no restriction on the end usage of funds, personal loans can come handy for meeting immediate financial shortfalls. However, numerous myths associated with personal loans refrain many from applying for them. Let’s look at some of these widespread misconceptions regarding personal loans: Myth No. 1: Personal loans involve long processing time Borrowers often refrain from applying for a personal loan assuming it involves relatively longer processing time and cumbersome approval process. But being unsecured in nature with no requirement for security, personal loans are usually disbursed within 2-7 working days of submitting the loan application, with minimal documentation. Also, some lenders claim to disburse instant personal loans within the same day. Myth No. 2: Low cre...

These 5 defendants got busted for a major student loan scam. Here’s what you need to know – and how to avoid it. Student Loan Scam California’s Attorney General Xavier Becerra announced criminal charges against five defendants with allegedly running a student loan repayment scam. The scam involved allegedly charging student loan borrowers for student loan assistance services that were offered for free through the federal government. Let’s make sure you know what to look for so this never happens to you. Here are 4 things to watch out for with student loan repayment. 1. Never pay an upfront fee Student loan scammers love to charge upfront frees for your student loans. Here’s the thing: it’s illegal for a company to charge you an upfront fee before they perform a service for you. Student loan forgiveness is ripe for student loan scams. Don’t pay any fees for student loan forgiveness. Know this: No matter what any company promises, no company can forgive your student l...

A personal loan can come in handy if you want to consolidate debt or make a big purchase without resorting to a high interest credit card. Unlike mortgages or car loans where the item being financed serves as collateral, it’s possible to find personal loans that are unsecured. Many financial institutions will offer personal loans that range from $1,000 to $50,000, but certain lenders will offer as much as $100,000 to qualified borrowers. If you’re interested, here’s what to know and expect. How to apply for a personal loan To qualify for a $100,000 personal loan, you’ll need to have good to excellent credit, a solid debt utilization ratio, no recent history of bankruptcy, and an above average income level that shows you can afford the monthly payment in addition to your regular expenses. Before you apply, it helps to check your credit score to gauge your chances of approval. For a loan of this size, you’ll likely need to have a score of at least 670. Check the lender’s we...