Day: September 27, 2020

You don’t need perfect credit to get a personal loan

A low credit score doesn’t have to stand in your way if you want to get a personal loan to cover an emergency or consolidate your debts.

Borrowers with bad credit, which is a FICO score below 630, may need to put in some extra work to qualify for a personal loan. But taking these steps can not only help you get approved, they could also get you a cheaper interest rate.

Clean up your credit, shrink your debt

Before you apply for a personal loan, get a copy of your credit report to see what the lender will see on it, says Adrienne Ross, a Washington-based certified financial planner. You can get one free copy of your report from all three major credit bureaus at

The details on your credit report can show you why your score is low and signal how to address the issues before a

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The Finance 202: New job postings are slowing, another sign the economic recovery is losing momentum

The information on openings from the jobs sites provides an up-to-date look at the state of the labor market. Recent history suggests it accurately previews the federal government’s data, which lags by weeks. Activity on Glassdoor, for example, has closely tracked that in the wider jobs market — and it shows new postings leveling off in August: is reaching roughly similar conclusions, with postings last week showing a 20 percent decline from 2019 levels, according to data it shared with the Wall Street Journal’s Eric Morath.

“Job postings on the site plummeted this spring when the pandemic hit. By May postings were 33% below February’s prepandemic level,” he writes. “But as states allowed many businesses to reopen, demand for labor improved steadily through July, and in August postings were about 12% below the early February level. Since then, the level of postings has largely plateaued and remained well

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State Farm to acquire Dallas insurance company Gainsco for $400 million

Dallas-based Gainsco has agreed to be acquired by State Farm in a $400 million deal, according to a Thursday news release.

The deal, in which State Farm has agreed to purchase all of Gainsco’s stock, is State Farm’s first acquisition of another insurance company in its 98-year history.

Gainsco will continue to operate as a separate company, but over time the two insurance firms will begin to combine products offered to customers, according to State Farm. The deal is expected to close in early 2021 pending approval of Gainsco’s shareholders.

“We are excited for the opportunity State Farm agents will have to serve a market that has historically not been open to them,” State Farm president and CEO Michael Tipsord said in a statement. “This will help us further toward our goal of serving more customers in more ways.”

With its headquarters in Oak Lawn, Gainsco was founded in 1978

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Here are 3-year bank fixed deposits that offer up to 7.65% for senior citizens

a close up of text on a white background: Here are 3-year bank fixed deposits that offer up to 7.65% for senior citizens

© Ruchira Kondepudi
Here are 3-year bank fixed deposits that offer up to 7.65% for senior citizens

Most senior citizens prefer investing in bank fixed deposits (FDs) to earn a regular monthly income after retirement. However, falling bank deposit rates have reduced their monthly income sharply in the last one year or so. This is because the Reserve Bank of India (RBI) has steadily cut repo rates. Banks have followed the same trajectory and gradually reduced the interest rates on fixed deposits across the tenures. The interest rate on small-saving schemes too have been cut in recent quarters.

Despite falling interest rates, there are still some banks that offer attractive rates on three-year FDs for senior citizens. Not surprisingly, the smaller private banks tend to top the rate chart on fixed deposits, given the competition they face in garnering deposits.

Higher rates offered by smaller private banks

Smaller private banks

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