Tag: loans

59.7% of Gen Xers Have Auto Loans at the Highest Balances

LendingTree, the nation’s leading online loan marketplace, today released its study on auto debt by generation that found those between the ages of 39 and 54 shoulder the biggest load among its users, with nearly 60% of Gen Xers having an auto loan.

Financial Institutions Can Target College Tuition Payers With Loan Packages

According to the 2018 Allianz Tuition Insurance College Confidence Index, roughly 40% of families find the Free Application for Federal Student Aid (FAFSA) challenging to complete; a troubling statistic considering the growing number of families saving nothing for college. The index reveals a growing “college savings gap,” as even parents who have saved have only about a third of what they think a four-year degree will cost. Both groups expect to tap outside sources (including those accessible after filing the FAFSA) to cover 40% of the balance, a significant increase from 2017.

Alternative Financial Institutions to Roll Out New Small-Dollar Credit Loans

Despite the improving economy, consumers often find themselves in a financial emergency and need credit to get through to the next paycheck. About 15 million U.S. consumers lack access to traditional banks and credit cards and regularly turn to small-dollar credit (SDC) products. These services are provided by pawn companies, payday loan operators and paycheck advance or similar services and often come with high interest rates. To help consumers break this cycle and to encourage industry operators to market new products, the Center for Financial Services Innovation analysts have studied the reasons consumers habitually need SDC services and have suggested new types of services.