Which Banks Are Offering Summer Finance Promotions in 2014 for Home Improvement?

Home improvement loans are intended to finance renovations or repairs for a house or property. The loans can be used to make some changes that can help you increase the value of a home. This may include renovations such as repairs, adding a new bathroom, remodeling the kitchen, and extending the home. The landscapes and swimming pools might also be considered home improvement activities that could still be financed.

The month of May is considered the perfect month for beginning your home improvement projects thought such activities can continue the summer period. If your home has fallen by the wayside, it is important to think of renovating it. Since in summer the temperatures are heating up and the weather is nice, it is easier to spend the available home improvement financial options for your next renovation.

According to Mark Clement, a professional contractor, upgrading a home increases its curb appeal, which in turn increases the value of the property thus creating a positive impact on visitors. In a 2014 study, Cost vs. Value by Remodeling Magazine, it showed that home improvement projects that involve curb appeal could have very strong returns on investment for various homeowners.

Moreover, Zillow hinted that good curb appeal on a property can help in making a sale go smoother. With home improvement loans, they could pay for simple renovation projects or even more complex remodeling. The financing for home improvements could be tax deductible, and the monthly payments are usually lower than the personal loans and credit cards since the costs are spread over an entire length for the loan.

Whether you are considering creating more living space while at the same time remaining familiar with the neighborhood, you can seek for home improvement loans. Besides, homeowners who would like to create separate living areas for another additional family member or personalize their home in order to find their lifestyles by finishing basements or adding attic bedroom, they can make use of the home improvement loans.

People who would want to buy foreclosure and short sale homes and improve their conditions can also utilize these financial resources. While finding the right loan to finance your home improvements may be a challenge, there are banks that can help you get those loans.

If you are planning for home improvements this summer, you might want to explore options such as Citi Diamond Preferred Card, issues by City Bank, which offers 0 percent introductory annual percentage rates on, balance transfers. This can pay off for your home renovation if you purchase the materials and supplies in the selected stores. We found a list of top summer 2014 promotional credit cards,

Citi Dividend Platinum Select Card also issued by Citi Bank can help in home furnishes and gardening with $100 cash back after you spend $500 in purchases in the first 3 months following opening of account. The Discover Bank issues the Discover it card, which is ideal for home improvements, attracting $1,500 in bonus spending.

Discover it has a generous 5 percent cashback when you make purchases at home improvement stores. The Chase Freedom card by Chase Bank is another ideal promotional card that can help in home improvements, with its Lowe’s home improvement store deals within its quarterly rotating category of retailers and merchants.

Why CFPB Should Draw a Clear Line on Nonbank Entities

The Consumer Financial Protection Bureau has embarked on supervision plan for the nonbank entities. This implies that the CFPB is geared to overseeing a number of financiers, which consumers turn to on regular basis in situations where banks fall short in offering financial help. There has been a loaming issue of crackdown on the nonbank finance service providers. Although CFPB would want to create transparency within financial products, on the other hand, the hard-lined approach that is, being applied in regulating nonbank finance entities such as the payday loan lenders would most likely hurt the many consumers who depend on these services.

There is a gap created by the banks as far as lending to the subprime and low credit score consumers is concerned. Such a gap has only been sealed by the payday loans. The nonbank service products including check cashing, payday loans, prepaid debit cards, and pawnshops are a major product for many consumers who are sidelined by banks.

While it is estimated that one in every four American households are unbanked or unbanked, besides, analysts at Jefferies have also indicated that the underbanked consumers have almost doubled from 2009 to date. This is because most of the credit card lenders or issuers have actually backed away and not serving this group of consumers.

There is a high demand for the alternative financial services such as payday loans, pawnshops, and prepaid credit cards, but there seems to be a problem in that many people do not understand what drives consumers to opt for these services despite their costs. One factor is that the traditional bank products can be misused or abused by many consumers because of their low interest on balances as well as low credit score.

Another thing is that the nonbank financial products are considered because of their simplicity, convenience, and transparency on fees. If these nonbank products are phased out from the financial market, then it means that the underbanked consumer would have to pay more on overdraft fees as well as face higher levels of becoming bankrupt.

While the regulation of the nonbank financial providers may be a timely move, on the other hand, it should not be seen as a way of crippling down or phasing out these products from the market. Besides, banks should understand the financial needs of the underbanked consumer and try to develop products, which can meet their needs.

Despite the low credit score, these consumers also need finances. If they cannot be housed by banks, they will turn to the payday lenders. In addition, if the banks do not tailor their products to suit these consumers, and they use the bank services, they will most likely part with a lot of their money in form of overdraft fees.

Worse still, they will be risking being declared bankrupt, something that can hurt them even more. If the alternative finances are used properly, and the borrowing is done in a disciplined manner, consumers may be able to benefit from them in one way or the other. The problem is that consumers tend to underrate their ability to manage such nonbank credit facilities, thus they end up borrowing more than they can manage.