Digital lending: New-age practice of applying for instant loans

As the second-most populous nation in the world, India has always experienced a widespread need for credit. The outbreak of the global pandemic further intensified the credit demands throughout the country as medical and financial emergencies erupted. At a time like this, the traditional financial institutions, with their cumbersome lending process and reluctance to lend … Read more

Payday loan borrowers charged steep rollover fees despite consumer protections: CFPB

Payday loan lenders offer short-term loans and cash advances, but these products come with high interest rates that often lead to a debt trap, the CFPB found. (iStock) Payday lenders provide small-dollar loans that are repaid in a single lump-sum installment, typically on the borrower’s next payday. While these loans may offer fast funding without … Read more

Should You Use a Home Equity Loan to Pay Off Debt?

Home equity loans typically have relatively low interest rates, especially when compared with unsecured forms of debt like credit cards. If you are one of millions of Americans saddled with consumer debt, taking out a home equity loan to pay off your higher-interest debts can be a very attractive option. Key Takeaways Consolidating higher-interest-rate debt … Read more

Why Employees Need Financial Wellness Benefits | Saving and Budgeting

When it comes to financial benefits at work, employers typically provide a 401 (k) retirement plan option – and that’s it. But both economists and human resources experts alike suggest that expanding financial wellness benefits in the workplace could be a cost-effective way to quickly address the staggering number of Americans living paycheck to paycheck, … Read more

Americans’ Debt Payoff Remains Steady — But For How Much Longer? – Forbes Advisor

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors’ opinions or evaluations. High prices are forcing Americans to spend more and save less. But they’re not taking on more debt — at least, not yet. One-quarter of Americans say they’re spending more than usual, according to … Read more