| Not all home lending is bad news
A search for a concise definition from Wikipedia, the online encyclopedia, tells us that, "subprime lending, also called "B-Paper," "near-prime," or "second chance" lending, is a general term that refers to the practice of making loans to borrowers who do not qualify for market interest rates because of problems with their credit history." Economic down turns and personal hard times will create an atmosphere where subprime "predatory" lending practices can flourish. In recent months, the national news has been full of stories about the subprime lending market and the potentially disastrous debts befalling homebuyers and mortgage holders. Buying a home can be bewildering for anyone, and people with little financial savvy can be sold sophisticated financial instruments with little understanding of the details, their long-term responsibilities, or the potential for negative consequences.
Never a lender or a borrower be
Something thats changing is the way people lend money in South Africa - the new National Credit Act arrives on 1 June 2007 and promises to help prevent people becoming over-indebted. Classic Business Day gets Credit Information Ombudsman Manie van Schalkwyk on the line
LINDSAY WILLIAMS: No more high charges hidden in credit agreements as the new National Credit Act (NCA) designed to protect the consumer comes into full effect in June. Manie, weve been building up to this for quite a while - is the NCA really going to protect the consumer?
MANIE VAN SCHALKWYK: Yes, I think we are entering a good era - an absolutely new era for credit where consumers can expect debt protection in various ways. To prevent over-indebtedness for the first time in history the credit granter is being made responsible to ensure that consumers can afford the loans or the goods before granting credit.
No Teletrack Payday Loans - No More Worries About Your Credit Score
The no teletracking payday loan is a heavenly blessing for all those with a bad credit score. Since these loans do not demand to know your credit score before providing you with a loan, it is very convenient for those with bad credit. It is easy to apply for and you can look forward to receiving a favorable reply from them. What Exactly Is Teletracking? Teletracking is a financial service company that was founded in 1989. It may be also called something of an information provider to financial companies. It is their job to provide information to customers about the financial condition of the people they are interested in. Very often they are in a position to expose the financial status of a person, including his bankruptcy, outstanding checks and credit history.
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