The “Intended” Consequences of Passing the 36% APR Lending Law A new study, currently posted for public comment, has found that rate caps prevent Americans from accessing high-quality credit products they need and want. Why It Matters The study, entitled Effects of Illinois’ 36% Interest Rate Cap on Small-Dollar Credit Availability and Financial Well-being, found that after the imposition of…

Personal Loan Documents Checklist There are lots of steps involved in applying for a loan, but one of the most important is getting all of your documents ready for the lender’s approval. These loan documents prove who you are, back up your financial information, and give lenders the information they need to make an informed…

Tower Loan is pleased to announce the purchase of all of the non-real estate secured loan accounts of American Thrift, based in New Orleans, Louisiana. The loans will now be serviced by Tower Loan within our network of branch offices.  Tower Loan’s President Francis Lee said, “This purchase will expand our market presence in the…

How to Borrow Money: An Easy-to-Follow Guide Almost everyone needs to borrow money at some point in their adult life. You may be in a tight spot and need some quick cash, or you may require a more significant amount for undertakings like buying a home. Luckily, there are numerous ways to borrow money. However,…

Is Debt Consolidation a Good Idea? The Pros and Cons The debt of American households reached a staggering $14.6 Trillion in 2021. And unfortunately, many of the millions of people with debt struggle with tackling multiple debts at once, with the interest rates preventing them from making any real progress. Because of that, many people…

What is a Cash Advance? (And Why There are Better Options) We’ve all been there. Your cash flow is low and you need funds now. Many people turn to a credit card cash advance. However, there are downsides to doing so. In fact, there are better options available. With that in mind, we’ve dedicated this…

Short-term High APR Loans vs. Personal Loans: An In-Depth Guide When you’re short on funds, you’re probably searching for convenient ways to get the money you need right now. If so, comparing short-term high APR loans vs. personal loans is a smart start. With that in mind, let’s review what a short-term high APR and…

Debit vs Credit: Understanding accounting examples Business accounting can be a complicated undertaking, but it’s essential to keep all financial transactions in order. One of the most popular accounting methods many businesses use today is debit vs credit or the debit and credit method, commonly known as double-entry accounting. It’s called double-entry accounting because every…

How Long Does Credit Stay On Your Report And When Does It Fall Off? You’re hoping to take out a loan but, uh oh, you’ve got a negative credit on your report. Consumers who want to borrow money in the form of a loan or credit card are evaluated based on their individual credit score,…

Small Personal Loans: Best short term $2,000 to $4,000 dollar We all need a little help sometimes. Maybe you need a little extra money and you don’t have time to save up the entire amount on your own. Other times, you may run into unexpected emergency expenses, such as an expensive car repair or hospital…