LendingClub Agrees to Pay $18 Million to Settle FTC Charges

Agency charged the company with deceiving loan applicants about hidden fees Online lender LendingClub Corporation agreed to pay $18 million to settle Federal Trade Commission charges that the company deceived consumers about hidden fees that it charged and about whether their loan applications were approved. In addition, the settlement bars LendingClub from making misrepresentations to … Read more

Sanctioned Disruption of the Banking Industry to Come

For the most part the announcement from the Office of the Comptroller of the Currency (OCC) are painful boring. Sorry fellas. But this one looks like it could provide some innovative changes to the banking industry that could disrupt things for the better. The OCC says: “On December 2, 2016, Comptroller of the Currency Thomas … Read more

Will You Really Help to Fund My Debt Consolidation Loan?

Question: Dear Steve, I have $40,000 in credit card debt (accruing interest) and about $10,000 currently on 0% promotions. Tried to consolidate via credit union or with Wells Fargo a several times over the years. They all declined for the same reason: too many high balances on revolving debt. Well duh, that is the point … Read more

CFPB Takes Bite Out of Dental Financing

The Consumer Financial Protection Bureau (CFPB) has ordered Springstone Financial, LLC to provide $700,000 in relief to victims of deceptive credit enrollment tactics. Many consumers who signed up for Springstone’s deferred-interest loan product at dental offices to pay for dental work were led to believe that the product was interest free. In fact, interest accrued … Read more

I Was Turned Down by Lending Club and Prosper for a Debt Consolidation Loan. – Brian

“Dear Steve, I applied at LendingClub.com and at Prosper.com for a loan to consolidate my debt. I was declined at both. I have been trying to find a solution to consolidate my debt and eventually eliminate it. No places simply want to provide a loan. My credit score is good (690 ish). What other steps … Read more

Is Lending Club a Good Place for an Unsecured Debt Consolidation Loan? – Mary

“Dear Steve, In debt to my eyeballs, starting with under-employment and day care for three kids, including infant twins, 10 years ago. Paid cash for day care and put everything else on credit particularly when husband was unemployed. Snowballed from there. Now have a loan from credit union (less than $10,000), two massive credit card … Read more

I Need a Debt Consolidation Loan. Can I Get One? – Melissa

“Dear Steve, I have two lines of credit and one credit card and my husband has an ATV loan all totalling approx. $32000.00. The two line APY’s are great but the credit card APY is outragious and the ATV APY could be better. Is there a way that we could consolidate these four debts into … Read more

Lending Club – A Place to Get Real Loans to Consolidate Debt. I’ll Even Invest in Yours.

I have written a lot about Lending Club (click here) as a place to go for a legitimate debt consolidation loan. And I wanted to show you how much I believe in this peer-to-peer lending network by putting my money where my mouth is. If you apply for a debt consolidation loan by clicking on … Read more

Where Can I Go to Get a Consolidation Loan With a Better Interest Rate? – Jennifer

“Dear Steve, Citibank MasterCard increased my interest rate to 19.99% from 14.99% in the summer. I have a balance of $6,000 now. I have always tried to pay twice the amt due. Since my rate increase my debt is increasing. I have paid $1200 in the past 6 months and have not seen a significant … Read more

Get Some Free Stuff From LendingClub.com

Well it’s official, LendingClub.com has lost their mind. LOL. They picked me as one of the top five best “DebtBuster” bloggers to share these free gifts with if you want to take the DebtBuster Challenge to get out of debt. Actually, I am very flattered. And you know how I’m all about getting out of … Read more

I’m Lending Money to People So They Can Consolidate Their Debt. Want Some?

I’ve written in the past about LendingClub.com. They are a peer-to-peer lending network where people just like you and me lend money to others and cut the banks out all together. I had $375 that was available in my account to invest so I just logged in and reinvested it. Since I was last on … Read more

Why I’m Investing $1,000 to Help People Consolidate Their Debt.

I’m old enough now to learn that I should never say never about anything. There was a time that I was very anti peer-to-peer lending and thought there were no longer any opportunities for people to get unsecured debt consolidation loans. My initial uncertainty and hesitancy about this form of lending was supported by what … Read more