Business and Finance
Personal Loan Interest Rates Are Rising for These Types of Loans
NEW YORK (Newswire.com) – Credello: Thanks to the Federal Reserve’s raising interest rates, many loan borrowers are getting sticker shock looking at their loan terms. But which loans are getting the highest rate increases? Here’s what you should know.
The loans with the highest interest rates
Borrowers are seeing the biggest interest rate spikes on short-term loans, particularly those that run for three to five years. A report by Credible found that rates in April 2023 on 3-year, fixed-rate loans increased by 10.63%, while 5-year, fixed-rate loans averaged an increase of 9.41%.
What’s most interesting is that it seems credit scores weren’t a significant factor in determining rates. Credible found that these rate increases were happening for borrowers with credit scores of 720 or more, a score that’s traditionally seen as worthy of the most competitive (i.e., lowest) rates possible.
Why are these loans getting such drastic rate increases?
Three- to five-year loans are typically categorized as “short-term” personal loans. There are a few differences between long-term and short-term loans, but the most significant difference is the interest rate attached.
Short-term loans usually have more aggressive terms and conditions because the lender makes less money on them over time than on a longer loan, like a mortgage. The risks of short-term personal loans are also a factor lenders consider, as these loans are easier to get for those with lower credit scores.
How to get the best interest rate possible on your personal loan
Getting the best interest rate on your personal loan is important to ensure you are paying the lowest amount of money over the life of the loan.
Improve your credit score.
Improving your credit score is the simplest way to ensure you get the most competitive interest rates possible. While interest rates have risen dramatically for all credit scores, the better scores will always have more options available and the best rates possible. The reason for this is, again, due to risk. Generally speaking, lenders will see those with lower scores (~625 or lower) as less responsible with their finances than someone with a higher score. Some lenders have realized this could be an unfair practice, particularly to minorities or those previously underserved by banks, and have begun adding new criteria to their decision-making algorithms. However, for the most part, improving your credit score is the easiest way to get a better offer.
Credit scores are a mix of factors weighted based on their importance determined by credit reporting bureaus. The two most significant factors are the number of late payments on your record and the amount of credit you have available (known as the “Credit Utilization Ratio”).
To increase your credit score quickly, focus on these two factors. Try to make the minimum payment on time every month on any outstanding credit card balances or loans. Next, try to get your credit card balances below 20% of your available credit. Focusing your effort on these two factors will cause the fastest changes to your score.
Shop around for the best rates.
If you’re not seeing rates you like, shop around! Many lenders will offer promotional rates for both new and returning customers, so start with the lenders you already have an established relationship with, as they’ll typically be the ones to approve your application the fastest.
However, if they’re not willing to give you the terms you want, check out loan comparison sites with the most up-to-date information with interest rates lenders offer to those with similar credit scores. They’ll also typically have reviews from other borrowers and ratings that give you insight into your chances of getting approved and details on what your experience could be working with them.
The bottom line
While interest rates on personal loans have slowly been creeping up for the past few years, there’s been a drastic spike in rates caused by the Federal Reserve’s interest rate hikes to combat inflation. However, that doesn’t mean there aren’t great personal loan rates out there still for those with good credit scores. By improving your credit score and shopping around for the most competitive interest rates available, you should get the best possible terms for your loan.
About Credello
Credello is a financial tech company offering a personal finance tool that simplifies financial decisions through personalized, on-demand recommendations — so users can borrow, save, or invest with confidence. Credello believes that finding the right financial product should be as easy and interactive as online shopping, and we are on a mission to make that possible. For more information, please visit https://www.credello.com.
Source: Credello
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(Family Features) For some, tax season represents the opportunity for a return and some much-needed relief for their bank accounts. Yet for others, it’s time to write a check to Uncle Sam. Ensure you’re up to date on all things 2025 taxes with this guidance from the Consumer Financial Protection Bureau and the IRS.
Tax Deadlines
If you’re unable to file before the traditional April 15 deadline, you do have a few options. Filing for an extension provides an extra six months until Oct. 15, however, if you believe you will owe taxes, you’re required to estimate how much you owe and pay that amount alongside your extension form.
Filing Your Taxes
Each person’s tax situation is unique, but there is an assortment of options when it comes time to file. Some people (an estimated 100 million) are eligible to file their returns for free, such as seniors, those who speak English as a second language, those with incomes of less than $60,000, servicemembers and more. Be sure to check your eligibility for services like IRS Volunteer Income Tax Assistance, AARP Foundation Tax-Aide, The Tax Counseling for the Elderly, MyFreeTaxes, GetYourRefund, IRS Free File, MilTax and more.
Accessing Your Refund
Electronically filing and choosing direct deposit is the fastest way to receive your refund. The IRS typically issues refunds within 21 days, but issuance of a paper check may take 4-6 weeks. Make sure to have your account and routing numbers ready when filing your return. One alternate solution is to have your refund issued to a prepaid card that accepts direct deposit, but there may be fees involved. Check with the card provider to determine any applicable fees.
Watch for Scams
The IRS will not contact you by email, text message or social media to request personal or financial information. Scammers may impersonate the IRS to convince you to share personal information through the mail, telephone, email and beyond.
Find more tax tips and information at irs.gov and visit eLivingtoday.com for additional financial advice.
Photo courtesy of Unsplash
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If you’ve recently discovered that your paycheck is smaller than expected, it’s possible you’re dealing with wage garnishment—a distressing situation that affects millions of Americans every year. This means a portion of your hard-earned money is being taken before it ever reaches your bank account, making it incredibly challenging to manage your budget, especially during tough financial times.
Understanding how wage garnishment works can help you navigate this rocky terrain. It usually occurs after a creditor has sued you, won a judgment, and obtained a court order to garnish your wages. However, certain exceptions—such as unpaid taxes, child support, and student loans—allow for garnishment without a court order. Regardless of how you found yourself in this situation, it’s important to know that there are steps you can take to mitigate or even stop the garnishment altogether.
If you’re facing wage garnishment, don’t lose hope. Acting quickly can be crucial. Here are six steps to help you address this issue and potentially find relief:
1. Verify the Garnishment Is Legal
It may feel overwhelming to see your paycheck impacted, but the first step is to confirm the legitimacy of the garnishment. Federal law mandates that you must receive a garnishment notice prior to any wage withholding. Carefully review this document to ensure that the debt belongs to you and that the creditor followed all proper legal protocols. Garish mistakes can occur, and verifying each detail can empower you to challenge any discrepancies.
2. Check for Violations of the Fair Debt Collection Practices Act
It’s disheartening, but some debt collectors may engage in questionable practices throughout the garnishment process. If you have not been properly notified or if your wages have been garnished beyond what is legally allowed, this might constitute a violation of the Fair Debt Collection Practices Act (FDCPA). Knowing your rights can be the first step in seeking justice. If you notice any irregularities, document your experiences—this could be crucial in seeking damages or legal fees.
3. Know Your Legal Protections
Understanding your legal protections can provide significant relief. Federal law stipulates that creditors can only garnish a limited portion of your earnings—typically 25% of disposable income or the amount by which your income exceeds 30 times the federal minimum wage, whichever is less. Additionally, certain income sources, like Social Security and disability benefits, are generally exempt from garnishment. Familiarizing yourself with these protections can bolster your confidence as you navigate this process.
4. File an Objection or Exemption Claim
If the garnishment is causing you severe financial hardship, you have the right to file an objection, often referred to as a “claim of exemption.” This usually involves submitting a formal request to the court that issued the garnishment order. It might feel daunting, but many courts are willing to reconsider garnishments that pose a significant burden on your ability to support yourself or your dependents. Advocating for your rights can lead to a modification or even termination of the garnishment.
5. Negotiate Directly with the Creditor
Even after wage garnishment begins, there’s still room to negotiate with the creditor. A direct conversation can sometimes open the door to negotiating a more reasonable payment plan or even settling for a lesser amount of what you owe. Many creditors are willing to work with you rather than endure the complexities of garnishment procedures. Approach this conversation with transparency about your financial situation and be prepared to offer a realistic, sustainable payment option.
6. Consider Bankruptcy as a Last Resort
When all else fails, it might be time to consider bankruptcy. While this option can feel intimidating, it offers a pathway to eliminate debts and stop wage garnishment. However, bankruptcy comes with its own set of complexities and consequences, so it’s essential to seek guidance from a qualified financial advisor or an attorney specializing in bankruptcy law.
Conclusion
Finding out that your wages are being garnished can evoke a whirlwind of stress, uncertainty, and fear. Remember, you’re not alone in facing this issue—millions are battling similar challenges. It’s critical to know that there are legal steps you can take to protect your rights and alleviate the strain of garnishment. By verifying the garnishment, understanding your rights, and taking action, you can work toward regaining control of your financial situation. With determination and the right approach, there is light at the end of the tunnel.
If you want to read more on this topic, check out the story from CBS News that highlights important steps to take when facing wage garnishment. It provides valuable insights and information that can help you navigate this challenging situation. Don’t miss it! 
https://www.cbsnews.com/news/what-to-do-debt-collector-garnishing-paycheck/
Welcome to the Consumer Corner section of STM Daily News, your ultimate destination for savvy shopping and informed decision-making! Dive into a treasure trove of insights and reviews covering everything from the hottest toys that spark joy in your little ones to the latest electronic gadgets that simplify your life. Explore our comprehensive guides on stylish home furnishings, discover smart tips for buying a home or enhancing your living space with creative improvement ideas, and get the lowdown on the best cars through our detailed auto reviews. Whether you’re making a major purchase or simply seeking inspiration, the Consumer Corner is here to empower you every step of the way—unlock the keys to becoming a smarter consumer today!
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ATLANTA, Feb. 19, 2025 /PRNewswire/ — GlassesUSA.com, a leader in the online eyewear industry, has just unveiled Drop 2 of its collaboration with NFL icon Von Miller. This collection showcases the results of a design process that leverages AI technology to reimagine every detail of the eyewear collection.
A fierce competitor on the field and a style innovator off it, Von Miller is the perfect partner for GlassesUSA.com’s mission to lead the eyewear industry through innovation. Together, Miller and the GlassesUSA.com team used AI to create an eyeglasses and sunglasses collection that embodies individuality, confidence, and cutting-edge design.
The Von Miller Eyewear Collection features premium acetate frames, complete with bold colors, innovative materials, and the signature VM logo embedded in the designs. Each pair is available as both prescription eyeglasses and sunglasses, giving customers more ways to express their individuality.
“Eyeglasses is about expressing who you are. I wanted to create something that empowers people to own their individuality,” said Von Miller. “Working with GlassesUSA.com and their AI technology allowed us to design a collection that makes finding your perfect pair of frames easy and exciting.”
This collaboration isn’t GlassesUSA.com’s first venture into AI. The brand has already made waves with its Pairfect Match AI, a cutting-edge tool that helps customers find their perfect frames. Now, the same innovative spirit extends into product design, showcasing GlassesUSA.com’s commitment to blending technology and creativity to revolutionize eyewear.
“At GlassesUSA.com, we leverage AI to develop innovative products and features that enhance the eyewear experience. Von was an amazing partner with an outstanding perspective on eyewear—we couldn’t have asked for a better collaborator on this project.” said Arie Tom, GlassesUSA.com’s CMO.
“We asked Von to imagine the kind of glasses he envisions—frames that push boundaries and speak to his unique sense of style,” said Lihi Kopel, Head of Design at GlassesUSA.com. “With AI, we reimagined how the frames, temples, and even the smallest details could look and feel, and brought it to life, creating something truly exceptional.”
The Von Miller Eyewear Collection is available now, exclusively at GlassesUSA.com. The drop consists of 6 styles and 17 SKUs, There are 4 optics and 2 sunglasses styles included. The color pallet is based on digital colors like digital purple, light green, gray, and metallics.
Customers can use the Virtual Try-On Tool to see how the frames look before purchasing, ensuring a perfect fit. Starting at $78, this collection redefines what’s possible in eyewear design.
Learn more at: Von Miller’s official glasses collection, exclusively at GlassesUSA.com.
About GlassesUSA.com:
Founded in 2007, GlassesUSA.com, a subsidiary of the Optimax Eyewear group, has quickly become one of the leading direct-to-consumer online eyewear retailers in the United States. We offer the largest selection of styles and brands, with over 10,000 styles of glasses, sunglasses, and contact lenses, making it easy for everyone to find their perfect pair. Our mission is to enhance our customers’ lives by delivering eyewear tailored to their unique needs, style preferences, and budgets.
By controlling the entire supply chain, from product design and manufacturing to optical lens production and the digital shopping experience, GlassesUSA.com provides exceptional savings, offering high-quality eyewear at up to 70% off traditional retail prices. Our broad selection includes popular brands like Ray-Ban, Oakley, Prada, and Gucci, as well as our own brands such as Muse, Ottoto, Revel, and Amelia E., starting from just $29, including shipping. GlassesUSA.com also offers a variety of optical lens options, coatings, and upgrades to meet every customer’s needs.
GlassesUSA.com develops and deploys innovative technology and AI-driven solutions to transform the eyewear industry and offer customers a seamless shopping experience.
GlassesUSA.com’s Tech Suite Includes:
- Pairfect Match AI™: Re-inventing the eyewear shopping experience with the power of AI. Pairfect Match AI™ provides customers with personalized frame recommendations based on their unique facial features, taking into account face shape and style preference.
- Live Try-On: An AR Virtual Mirror that bridges the physical and virtual worlds and enables users to try on thousands of glasses from home with their mobile phones.
Our products are meticulously crafted in our state-of-the-art optical lab in Atlanta, GA, with next-day shipping available across the US. GlassesUSA.com is part of the Optimax Eyewear group.
For more information, please visit https://www.GlassesUSA.com
SOURCE GlassesUSA.com
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