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Desperation could lead people to get in over their heads with fast-cash lenders, an MP has warned. Leah Scott, the deputy Opposition leader, said that people who were struggling financially were attracted by personal loans that might become difficult...

Court summons were issued for 26 people on a single day after they racked up thousands of dollars worth of debts to an unlicensed fast-cash lender. Lawyers for Caribcash Bermuda filed a string of writs against people who it was claimed had defaulted ...

Dear Dave My daughter is a freshman in college, but I didn’t save for her education. My parents said it was my job to pay for my college, and that’s what I’ve told her. She’s going to have about $12,000 in student loan debt after her first year. How...

Many borrowers continue to struggle to make loan repayments, according to the latest figures on the banking sector published by financial regulator the Bermuda Monetary Authority (BMA). Non-performing loans (NPLs) — defined as loans in which borrower...

Dear Dave, My mom is 71 and debt-free. She’s investing $600 a month in a universal life insurance policy worth $250,000 because she wants to leave something behind when she dies. What could she invest this money in, other than the life insurance poli...

Dear Dave, I went to medical school, and now I have $70,000 in debt. I just started a three-year residency making about $50,000 a year, while my wife makes $40,000. The student loans represent our only debt. Do you think we should be paying this off ...

Bermuda Economic Development Corporation chairman Nick Kempe announced yesterday that the BEDC and Capital G have launched a ‘Micro Loan product’. Mr Kempe said “The Micro Loan product will be available to all small businesses, island wide; includin...

Precious metals buyer Gold Standard Ltd is going into the loan business. The company, which recently surpassed more than $5 million in gold, silver and platinum items purchased — decided to launch the service based on customer feedback. “In the cours...

Government has negotiated a $200 million three-year loan facility with Butterfield Bank, Premier and Finance Minister Paula Cox announced this morning. Ms Cox said the cash will cover an expected $145 million new borrowings, with the remaining $55 mi...