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The traders make their final moves of the week. With CNBC’s Dominic Chu and the Options Action traders, Carter Worth, Mike Khouw and Scott Nations.
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Tag: Banks
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Digging into the finer details of the financials
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Laying out the charts for the financials. With CNBC’s Dominic Chu and the Options Action traders, Carter Worth, Mike Khouw and Scott Nations.
08:09
2 hours ago
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Health care will continue to be a leader going into next year, says Strategas’ Chris Verrone
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Chris Verrone, Strategas head of technical analysis, joins ‘Closing Bell: Overtime’ to discuss why he thinks there will be opportunity in health care stocks in 2023.
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Watch CNBC’s full interview with Bank of America’s Brian Moynihan
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Brian Moynihan, Bank of America chairman and CEO, joins ‘Closing Bell’ to discuss the U.S. economy and why he sees a slight recession early next year, issues that worry him regarding the United States’ long-term competitiveness and his expectations for 2023.
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We predict a slight recession next year, but we’ll fare better than most other countries: BofA’s Moynihan
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Brian Moynihan, Bank of America chairman and CEO, joins ‘Closing Bell’ to discuss the U.S. economy and why he sees a slight recession early next year, issues that worry him regarding the United States’ long-term competitiveness and his expectations for 2023.
04:23
Fri, Dec 9 20223:30 PM EST
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European Central Bank warns that an EU gas price cap risks financial stability
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The European Central Bank has raised concerns over an idea to impose a cap on gas prices in Europe.
Haussmann Visuals | Moment | Getty Images
The European Central Bank is worried about the potential risks to financial markets from an EU-wide cap on natural gas prices.
The bloc has been in intense discussions for several weeks over how to impose a limit on gas prices. The measure — designed to prevent sky-high costs for consumers — is proving controversial for Europe amid an acute energy crisis following Russia’s invasion of Ukraine.
The European Commission, the executive arm of the EU, suggested in November that the cap should sit at 275 euros ($290.33) per megawatt hour. However, several member states argued this did not go far enough and was unlikely be triggered.
The Dutch TTF, Europe’s main benchmark for natural gas prices, traded around 135.50 euros per megawatt hour Friday.
Discussions on the cap continue among the EU’s 27 member states ahead of a ministerial meeting Tuesday — as the ECB warns the cap could have repercussions for financial markets.
“The ECB acknowledges that mechanisms aimed at moderating extreme price levels and volatility in wholesale gas markets may, in principle, alleviate a number of risks to financial stability, including the risks exposed during periods of elevated and volatile gas prices in 2022,” the central bank said in a document Thursday.
“However, the ECB considers that the current design of the proposed market correction mechanism may, in some circumstances, jeopardise financial stability in the euro area,” it added.
The comments are in line with concerns raised by countries such as Germany and the Netherlands, which have asked for stronger guarantees that the cap is not going to disturb markets.
Supporters of the price cap have argued that the instrument will be monitored regularly and can be stopped if regulators, including the European Central Bank, identify any financial distress.
Some are hoping that a decision on the price cap can be reached at the meeting of EU energy ministers in Brussels, Belgium.
“We hope this will close at the ministers’ level next week. But there are still discussions on the sidelines. We will see,” an official working for the prime minister of an EU country, who did not want to be named due to the sensitivity of the talks, told CNBC Thursday.
Another official working in Brussels, who did not want to be named due to their proximity to the talks, said: “Consensus seems very much out of reach.”
The impasse over the measure highlights how sensitive — and technical — it is.
Indeed, some energy ministers have described the initial proposal to cap prices at 275 euros per megawatt hour as a “joke.”
Many nations, such as Poland, Greece, Spain and Portugal, are keen to implement the price cap. These countries are less able to mitigate the impact of the energy crisis on consumers, and have been pushing for EU-wide solutions as a result.
Kostas Skrekas, Greece’s environment and energy minister, told CNBC’s Julianna Tatelbaum last month that a cap should be below 200 euros per megawatt hour.
“[A] price cap at 275 euro is not a price cap. Nobody can … stand buying gas at this expensive price for a long time. We surely believe that the price cap below 200 euro, between 150 and 200 euro, would be more realistic,” he said.
Two European officials confirmed to CNBC that the current proposal being discussed is a cap of 220 euros per megawatt hour. However, this could change again before ministers meet on Tuesday.
Under the same proposal, the cap would only be triggered when prices are 58 euros higher than the LNG reference price for 10 consecutive trading days, and European gas prices exceeded the price cap for two weeks.
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UK announces major overhaul of its financial sector in attempt to spur growth
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One Canada Square, at the heart of Canary Wharf financial district seen standing between the Citibank building and HSBC building on 14th October 2022 in London, United Kingdom.
Mike Kemp | In Pictures | Getty Images
The U.K. government on Friday announced extensive reforms to financial regulation that it says will overhaul EU laws that “choke off growth.”
The package of 30 measures includes a relaxation of the rule that requires banks to separate their retail operations from their investment arms. This measure — first introduced in the wake of the 2008 Financial Crisis — would not apply to retail-focused banks.
The government also confirmed it will review rules around the accountability of top finance executives — another post-2008 regulation. The Senior Managers Regime, introduced in 2016, means individuals at regulated firms can face penalties for poor conduct, workplace culture or decision-making.
Changes announced in the package, dubbed the Edinburgh Reforms, also include a review of rules on short-selling, how companies list on the stock exchange, insurers’ balance sheets and Real Estate Investment Trusts.
Finance Minister Jeremy Hunt said he wanted to ensure the U.K.’s status as “one of the most open, dynamic and competitive financial services hubs in the world.”
“The Edinburgh Reforms seize on our Brexit freedoms to deliver an agile and home-grown regulatory regime that works in the interest of British people and our businesses,” he said in a statement.
“And we will go further – delivering reform of burdensome EU laws that choke off growth in other industries such as digital technology and life sciences.”
The government is billing the reforms as a way to capitalize on freedoms offered by Brexit, stating that hundreds of pages of EU laws governing financial services will be replaced or scrapped.
Many argue that Britain leaving the EU has damaged the country’s financial competitiveness, with Reuters reporting that London lost billions of euros in daily stock and derivatives trading to EU exchanges following its departure from the bloc. Researchers at the London School of Economics said earlier this year that financial services will be among the sectors worst hit by Brexit.
Seeking to boost the U.K.’s sluggish economic growth has also become a priority for the government, with the country forecast to be on the brink of a long recession.
The previously-announced removal of the U.K. cap on bankers’ bonuses was one of the few policies announced by Hunt’s predecessor, Kwasi Kwarteng, that remained after his chaotic “mini budget.”
Kwarteng had promised a “Big Bang 2,” referring to the deregulation of the London Stock Exchange in the 1980s, which attracted a host of global banks and investment firms to the U.K. and rapidly increased the size of the City of London’s financial sector.
Another proposed reform would see regulators’ remit increased to include facilitating the competitiveness of the U.K. economy, particularly the financial services sector.
However, John Vickers, former chair of the Independent Commission on Banking, warned in a letter to the Financial Times this week that the “special favouring of the financial services sector … could be detrimental to it, as we all saw 15 years ago.”
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Options Action: Fading Bank of America
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Optimize Advisors’ Mike Khouw looks at what’s going on in the Banking names as options traders fade Bank of America. With CNBC’s Dominic Chu and the Fast Money traders, Tim Seymour, Courtney Garcia, Dan Nathan and Guy Adami.
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Here are 4 money moves you should make to set yourself up for financial success in 2023
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With the end of the year approaching, it may be time to reevaluate your finances. This year has been marked by record-high inflation and multiple interest rate hikes. As the Fed attempts to rein in inflation by raising interest rates, there’s a strong possibility that the economy teeters towards a recession in the coming months.
If you’re concerned about the economy, you’re not alone. This summer, consumer sentiment about the economy hit historic lows. Though personal finance advice is unlikely to save you from inflation or a market downturn, Select shares some personal finance tasks and tips to complete this year to help you save at least some money and to plan for the future.
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Check the APR on your credit card debt
When it comes to getting your finances in order, you’ll want to consider how rising interest rates affect how much interest you pay on your debt. When the Fed increases the interest rate, or the federal funds rate, it alters the interest rate on interbank lending. This, in turn, affects how much interest you pay on your credit card debt. Credit card APRs are tied to the federal funds rate.
In November, the Fed implemented its sixth rate hike this year. Now, the Fed’s target interest rate range is around 4%, up from near-zero interest rates during the pandemic. This means credit card APRs have been on the rise too. According to the Federal Reserve, the average APR is 18.43% for credit cardholders paying interest, up nearly 4% from five years ago.
In other words, it’s likely to get even more expensive to revolve a balance on your credit card in the coming months. Of course, paying it off is easier said than done, but you may consider getting a 0% balance transfer card to help avoid paying a lot in interest.
With a 0% balance transfer card, consumers transfer their credit card balance to a new card for a small fee, usually 3% to 5% of the balance. Cardholders then pay 0% interest on that balance before the 0% introductory period ends.
If you think this might be a good choice for you, you’ll likely need a good credit score (a FICO score of 670 or above). You’ll also want to make sure the balance transfer fee doesn’t exceed the amount you’d be saving in interest with the new card.
The Citi® Diamond Preferred® Card and the Wells Fargo Reflect® Card are both good options.
The Citi® Diamond Preferred® Card has a 21-month 0% APR introductory period on balance transfers from the date of the first transfer, after that the variable APR will be 16.74% – 27.49%. Balance transfers must be completed within 4 months of account opening.
Citi® Diamond Preferred® Card
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Rewards
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Welcome bonus
For a limited time earn a $150 Statement Credit after you spend $500 on purchases in the first 3 months of account opening.
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Annual fee
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Intro APR
0% for 21 months on balance transfers; 0% for 12 months on purchases
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Regular APR
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Balance transfer fee
5% of each balance transfer; $5 minimum. Balance transfers must be completed within 4 months of account opening.
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Foreign transaction fee
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Credit needed
Pros
- No annual fee
- Balances can be transferred within 4 months from account opening
- One of the longest intro periods for balance transfers
Cons
- 3% foreign transaction fee
The Wells Fargo Reflect® Card has a 0% introductory APR for 18 months from account opening on qualifying balance transfers with a three-month extension for cardholders who make on-time minimum payments during the introductory period. There’s a 16.74% to 28.74% variable APR thereafter. Balance transfers made within 120 days qualify for the intro rate and fee.
Wells Fargo Reflect® Card
On Wells Fargo’s secure site
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Rewards
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Welcome bonus
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Annual fee
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Intro APR
0% intro APR for 18 months from account opening on purchases and qualifying balance transfers. Intro APR extension for 3 months with on-time minimum payments during the intro period. 16.74% to 28.74% Variable APR thereafter; balance transfers made within 120 days qualify for the intro rate and fee of 3% then a BT fee of up to 5%, min $5.
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Regular APR
16.74% – 28.74% variable APR on purchases and balance transfers
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Balance transfer fee
Introductory fee of 3% for 120 days from account opening, then up to 5% ($5 minimum)
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Foreign transaction fee
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Credit needed
Pros
- No annual fee
- Long introductory APR period up to 21 months on purchases and qualifying balance transfers
- 3% intro balance transfer fee ($5 minimum) for first 120 days
- Access to Visa Signature Concierge
- Get up to $600 cell phone protection (subject to a $25 deductible)
- Access to My Wells Fargo Deals to earn cash back in the form of an account credit when shopping, dining
Cons
- No rewards
- No welcome bonus
- 3% fee charged on foreign transactions
Take advantage of a high-yield savings account
The Fed’s moves make it more expensive for consumers to borrow but rising rates also encourage people to save. When the Fed increases rates, annual percentage yields (APYs), or the interest you earn on your deposits, increases.
High-yield savings accounts differ from traditional savings accounts because they offer significantly higher interest rates. The national average APY on savings accounts is 0.24%, according to the Federal Deposit Insurance Corporation (FDIC). Meanwhile, the high-yield savings accounts with the highest APYs have rates that are 18 times higher than the average APY on traditional accounts. The WSJ found that people who held their deposits in traditional savings accounts at the five largest banks missed out on more than $42 billion in interest by not switching to the five highest-yield savings accounts.
High-yield savings accounts are a good option for people looking to store their emergency funds as consumers are able to make up to six withdrawals a month without paying fees. Select ranked LendingClub High-Yield Savings and UFB High Rate Savings as some of the best high-yield savings accounts.
LendingClub High-Yield Savings
LendingClub Bank, N.A., Member FDIC
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Annual Percentage Yield (APY)
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Minimum balance
No minimum balance requirement after $100.00 to open the account
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Monthly fee
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Maximum transactions
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Excessive transactions fee
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Overdraft fees
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Offer checking account?
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Offer ATM card?
Pros
- Strong APY
- No minimum balance required
- No monthly fees
- Free ATM card and no ATM fees
Cons
- $100 minimum opening deposit required, though there’s no minimum balance after that
- No physical branch locations
UFB High Rate Savings
UFB High Rate Savings is a Member FDIC.
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Annual Percentage Yield (APY)
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Minimum balance
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Monthly fee
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Maximum transactions
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Excessive transactions fee
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Overdraft fees
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Offer checking account?
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Offer ATM card?
Pros
- Strong APY
- No minimum balance
- No monthly fees
Cons
- No option to add a checking account
- No physical branch locations
Consider maxing out your 401(k)
If you have access to a 401(k) through your employer, you’ll have until the end of the year to contribute up to the $20,500 limit for 2022. People above the age of 50 can make catch-up contributions for a total limit of $27,000.
401(k) contributions are considered tax deductible. This means 401(k) contributions reduce your taxable income and therefore, the amount you pay in taxes. If you’re able to invest more in your 401(k), you may consider increasing your contribution amount to further reduce your taxable income.
Use up your FSA money
FSAs are flexible spending accounts that allow people to use pretax money for out-of-pocket medical expenses. These accounts are offered through your employer, and the money is ‘use it or lose it’. This means that you must spend the money before the end of the year or risk losing it. The contribution limit in 2022 for FSAs is $2,850.
Note that some employers offer grace periods of a few months after the year ends, but you should check with your employer. If you have an FSA, you can use your funds on everything from out-of-pocket doctor’s expenses to prescription medications to sunscreen.
Catch up on Select’s in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram and Twitter to stay up to date.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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U.S. lawmakers press federal banking regulators on the industry’s exposure to crypto after Alameda stake in bank comes to light
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The logo of FTX is seen on a flag at the entrance of the FTX Arena in Miami, Florida, November 12, 2022.
Marco Bello | Reuters
Top Senate Democrats pressed key banking regulators on possible ties between the industry and digital currency exchanges following the bankruptcy of major cryptocurrency firm, FTX.
Sens. Elizabeth Warren, D-Mass., and Tina Smith, D-Minn., members of the Senate Banking, House and Urban Affairs Committee, sent letters Wednesday to the Federal Reserve, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency asking about the close ties between crypto markets and traditional banking following the collapse of crypto exchange FTX.
related investing news
The letters are the latest in a series of inquiries to various financial institutions and regulators about cryptocurrency oversight.
“It appears crypto firms may have closer ties to the banking system than previously understood,” the senators wrote to Federal Reserve Chair Jerome Powell, Martin Gruenberg, acting chair of the FDIC and Michael Hsu, acting comptroller of the OCC. “Banks’ relationships with crypto firms raise questions about the safety and soundness of our banking system and highlight potential loopholes that crypto firms may try to exploit to gain further access.”
The letter referenced reporting from The New York Times that revealed former FTX CEO Sam Bankman-Fried’s sister company Alameda Research invested $11.5 million in Washington state-based Moonstone Bank. The amount was more than double the bank’s worth at the time, according to the report.
The head of Moonstone’s parent company FBH Corp also chairs Bahamas-based Deltec Bank, which offers banking services to FTX trading partner and stablecoin issuer Tether, according to the letter.
Silvergate Capital Corp., Provident Bancorp Inc., Metropolitan Commercial Bank, Signature Bank, Customers Bancorp Inc. are among several noted banks experiencing heightened volatility after the FTX failure. Crypto deposits made up 90% of Silvergate’s overall deposit base. The bank’s average quarter-to-date deposits fell to $9.8 billion from an overall deposit base of $11.9 billion, the letter states.
Crypto loans comprised over half the equity capital for Provident bank, which is experiencing potential losses as high as $27.5 million, the senators wrote.
“Banks’ relationships with crypto firms raise questions about the safety and soundness of our banking system and highlight potential loopholes that crypto firms may try to exploit to gain further access to banks,” the senators wrote.
Warren and Smith acknowledged that the banking system has remained relatively unscathed by the FTX failure, but the company’s entanglement with small banks exposes potential loopholes that crypto firms could use to gain further access to traditional financial institutions.
FTX’s investment in Moonstone could be interpreted as a way to bypass banking licenses in the U.S., according to a Nov. 25 CoinTelegraph article cited in the letter.
To better understand the banking industry’s exposure to crypto, the senators asked for responses to a roster of questions, including all business relationships between FTX, Alameda and Moonstone, by Dec. 21.
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Justice Department tells bankers to confess their misdeeds to cut better enforcement deals
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U.S. prosecutor Marshall Miller (C), William Nardini (R) and Kristin Mace attend a news conference in Rome February 11, 2014.
Tony Gentile | Reuters
Banks and other corporations that proactively report possible employee crimes to the government instead of waiting to be discovered will get more lenient terms, according to a Justice Department official.
The DOJ recently overhauled its approach to corporate criminal enforcement to incentivize companies to root out and disclose their misdeeds, Marshall Miller, a principal associate deputy attorney general, said Tuesday at a banking conference in Maryland.
“When misconduct occurs, we want companies to step up,” Miller told the bank attorneys and compliance managers in attendance. “When companies do, they can expect to fare better in a clear and predictable way.”
Banks, at the nexus of trillions of dollars of flows around the world daily, have a relatively high burden for enforcing anti-money laundering and other legal and regulatory requirements.
But they have a lengthy track record of failures, often due to unscrupulous employees or bad practices.
The industry has paid more than $200 billion in fines since the 2008 financial crisis, mostly tied to its role in the mortgage meltdown, according to a 2018 tally from KBW. Traders and bankers have also been blamed for manipulating benchmark rates, currencies and precious metal markets, stealing billions of dollars from developing nations, and laundering money for drug lords and dictators.
The carrot that Justice officials are dangling before the corporate world includes a promise that companies that promptly self-report misconduct won’t be forced to enter a guilty plea, “absent aggravating factors,” Miller said. They will also avoid being assigned in-house watchdogs called monitors if they fully cooperate and bootstrap internal compliance programs, he said.
Remember Arthur Andersen?
The first incentive carries extra weight for financial firms because guilty pleas can cause catastrophic issues for the highly regulated entities; they could lose business licenses or the ability to manage client funds unless they’ve negotiated regulatory carveouts.
“The message every corporation should hear is that the best way to avoid a guilty plea — for some companies, the only way to do so — is by immediately self-reporting and cooperating when misconduct is discovered,” Miller said.
Officials have generally sought to avoid inadvertently triggering the collapse of companies with enforcement actions after the 2002 indictment of accounting firm Arthur Andersen led to 28,000 job losses.
But that has meant that over the past decade, banks and other companies typically entered deferred prosecution agreements or other arrangements, coupled with fines, when misdeeds are found. For instance, JPMorgan Chase entered DPAs for its role in the Bernie Madoff pyramid scheme and a precious metals trading scandal, among other mishaps.
Uber compliant
Even in cases where problems aren’t immediately found, the Justice Department gives credit for managers who volunteer information to the authorities, Miller said. He cited the recent conviction of Uber‘s ex-chief security officer for obstruction of justice as an example of their current methods.
“When Uber’s new CEO came on board and learned of the CSO’s conduct, the company made the decision to self-disclose all the facts regarding the cyber incident and the CSO’s obstructive conduct to the government,” he said. The move resulted in a deferred prosecution agreement.
Companies will also be looked at favorably for creating compensation programs that allow for the clawback of bonuses, he said.
The department-wide shift in its approach comes after a year-long review of its processes, Miller said.
Crypto hint
Miller also rattled off a list of recent cryptocurrency-related enforcement actions and hinted that the agency was looking at potential manipulation of digital asset markets. The recent collapse of FTX has led to questions about whether founder Sam Bankman-Fried will face criminal charges.
“The department is closely tracking the extreme volatility in the digital assets market over the past year,” he said, adding a well-known quote attributed to Berkshire Hathaway‘s Warren Buffett about discovering misdeeds or foolish risk-taking “when the tide goes out.”
“For now, all I’ll say is those who have been swimming naked have a lot to be concerned about, because the department is taking note,” Miller said.
—With reporting from CNBC’s Dan Mangan
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If you need help covering large wedding expenses, consider these 5 personal loan lenders
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With the average cost of a wedding at $28,000 according to The Knot, you may be exploring alternative ways to finance your special day.
Personal loans have become a popular way to fund a variety of large expenses, including weddings. This is because they’re a more affordable alternative to credit cards since they typically carry a much lower interest rate (though the rate you receive will depend on your credit score).
If you’re considering using a loan to cover some or all of your wedding expenses, CNBC Select rounded up five of the best personal loan lenders for you to consider. When compiling our list, we evaluated dozens of lenders and looked at key factors like interest rates, fees, loan amounts and term lengths offered, plus other features including how your funds are distributed, autopay discounts, customer service and how fast you can get your funds. (Read more about our methodology below.)
The best wedding loans
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Best overall
LightStream Personal Loans
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Annual Percentage Rate (APR)
5.99% to 22.49%* when you sign up for autopay
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Loan purpose
Debt consolidation, home improvement, auto financing, medical expenses, wedding and others
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Loan amounts
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Terms
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Credit needed
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Origination fee
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Early payoff penalty
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Late fee
Pros
- Same-day funding available through ACH or wire transfer
- Loan amounts up to $100,000
- No origination fees, no early payoff fees, no late fees
- LightStream plants a tree for every loan
Cons
- Requires several years of credit history
- No option to pay your creditors directly
- Not available for student loans or business loans
- No option for pre-approval on website (but pre-qualification is available on some third-party lending platforms)
Who’s this for? LightStream is known for offering loans with some of the lowest interest rates (plus the ability to receive an even lower interest rate when you enroll in autopay). This lender provides loans for nearly every purpose except for higher education and small business, which means using the funds to cover wedding expenses is fair game.
Terms range from 24 to 144 months — the longest-term option among the lenders on this list. A longer loan term typically means lower monthly payments, which can make repaying the debt feel a little more affordable. Just keep in mind that a longer term also means you’ll accrue more interest charges over the long run.
LightStream does not charge any origination fees, administration fees or early payoff fees.
Best for borrowing larger amounts
SoFi Personal Loans
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Annual Percentage Rate (APR)
7.99% to 23.43% when you sign up for autopay
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Loan purpose
Debt consolidation/refinancing, home improvement, relocation assistance or medical expenses
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Loan amounts
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Terms
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Credit needed
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Origination fee
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Early payoff penalty
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Late fee
Pros
- No origination fees, no early payoff fees, no late fees
- Unemployment protection if you lose your job
- DACA recipients can apply with a creditworthy co-borrower who is a U.S. citizen/permanent resident by calling 877-936-2269
- Can have more than one SoFi loan at a time (state-permitting)
- May accept offer of employment (to start within the next 90 days) as proof of income
- Co-applicants may apply
Cons
- Applicants who are U.S. visa holders must have more than two years remaining on visa to be eligible
- No co-signers allowed (co-applicants only)
Who’s this for? SoFi offers personal loan amounts of up to $100,000 depending on creditworthiness, which can be ideal for individuals who need to borrow larger amounts of money to cover their wedding expenses.
SoFi allows borrowers to choose between a variable or fixed APR — most other personal loans only come with a fixed interest rate. Variable rates can go up and down over the lifetime of your loan, which means you could potentially save if the APR goes down (but the APR can also go up depending on economic conditions). However, fixed rates guarantee you’ll have the same monthly payment for the duration of the loan’s term, which makes it easier to budget for repayment.
Best for no fees
Marcus by Goldman Sachs Personal Loans
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Annual Percentage Rate (APR)
6.99% to 24.99% APR when you sign up for autopay
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Loan purpose
Debt consolidation, home improvement, wedding, moving and relocation or vacation
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Loan amounts
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Terms
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Credit needed
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Origination fee
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Early payoff penalty
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Late fee
Pros
- No origination fees, no early payoff fees, no late fees
- Will send direct payment to up to 10 creditors (for debt consolidation)
- Monthly VantageScore updates
- Earn a one-month payment vacation (interest-free) after making 12 on-time consecutive payments
- Ability to choose your due date when you accept the loan (and again up to two more times after that)
Cons
- Does not accept joint applications and/or co-signers
- Not the fastest funding (can take a week or 10 business days)
- Slightly tougher approval requirements (especially for larger loans/lower interest)
Who’s this for? Marcus by Goldman Sachs Personal Loans doesn’t charge any origination fees, early payoff fees, or late fees. By avoiding these fees, taking on this loan makes paying for your wedding just a little more affordable, and you won’t have to worry about accruing penalty charges for paying back the entire loan early.
Term lengths vary from 36 to 72 months. Marcus also has a soft inquiry tool on its website, so potential borrowers can look at possible loan options based on their credit report without impacting their credit score.
Best for lower credit scores
Upstart Personal Loans
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Annual Percentage Rate (APR)
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Loan purpose
Debt consolidation, credit card refinancing, home improvement, wedding, moving or medical
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Loan amounts
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Terms
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Credit needed
Credit score of 300 on at least one credit report (but will accept applicants whose credit history is so insufficient they don’t have a credit score)
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Origination fee
0% to 10% of the target amount
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Early payoff penalty
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Late fee
The greater of 5% of last amount due or $15, whichever is greater
Pros
- Open to borrowers with fair credit (minimum 300 score)
- Will accept applicants who have insufficient credit history and don’t have a credit score
- No early payoff fees
- 99% of personal loan funds are sent the next business day after completing required paperwork before 5 p.m. Monday through Friday
Cons
- High late fees
- Origination fee of 0% to 10% of the target amount (automatically withheld from the loan before it’s delivered to you)
- $10 fee to request paper copies of loan agreement (no fee for eSigned virtual copies)
- Must have a Social Security number
Who’s this for? Upstart is ideal for individuals with a low credit score or even no credit history. It considers factors like education, employment, credit history and work experience. Term lengths are a bit limited, though, compared to other more flexible options; you can choose either a three-year or five-year loan.
There are a few fees involved with this loan. Upstart charges an origination fee of up to 10% of the loan amount. And while there is no early payoff fee, this lender does charge a late fee of 5% of the last amount due or $15, whichever is greater.
Best for next-day funding
Discover Personal Loans
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Annual Percentage Rate (APR)
-
Loan purpose
Debt consolidation, home improvement, wedding or vacation
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Loan amounts
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Terms
36, 48, 60, 72 and 84 months
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Credit needed
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Origination fee
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Early payoff penalty
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Late fee
Pros
- No origination fees, no early payoff fees
- Same-day decision (in most cases)
- Option to pay creditors directly
- 7 different payment options from mailing a check to pay by phone or app
Cons
- Late fee of $39
- No autopay discount
- No cosigners or joint applications
Who’s this for? With Discover Personal Loans, you can receive your money as early as the next business day provided that your application was submitted without any errors (and the loan was funded on a weekday). So if you need funding in a pinch so you can start booking your venue and other services, this lender may be appealing.
While there are no origination fees, Discover does charge a late fee of $39 if you fail to repay your loan on time each month. There’s no penalty for paying your loan off early or making extra payments in the same month to cut down on the interest.
FAQs
What is a wedding loan?
A wedding loan is simply a personal loan that is used to cover wedding expenses. Personal loans are a form of installment credit that can be a more affordable way to finance the big expenses in your life. In addition to weddings, you can use a personal loan for debt consolidation, home renovations, travel and more.
How do wedding loans work?
Most personal loan terms range anywhere from six months to seven years. The longer the term, the lower your monthly payments will be, but they usually also have higher interest rates, so it’s best to elect for the shortest term you can afford.
The cash from a personal loan is usually delivered directly to your checking account. Once you receive the money, you have to pay back the lender in monthly installments, usually starting within 30 days.
Your monthly loan bill will include your installment payment plus interest charges. Although none of the lenders on our list have early payoff penalties, sometimes lenders charge a fee if you make extra payments to pay your debt down quicker.
How big of a wedding loan can I get?
Lenders offer a wide range of personal loan sizes, from $500 to $100,000. Before you apply, consider how much you can afford to make as a monthly payment, as you’ll have to pay back the full amount of the loan, plus interest.
Will a wedding loan impact my credit score?
As with any other form of credit, wedding loans and other personal loans can impact your credit score positively or negatively. Applying for a personal loan will trigger a hard inquiry so you should expect a slight dip at first, but using a personal loan to diversify your credit mix and making on-time payments can improve your score in the long run.
How is my wedding loan rate decided?
Your interest rate will be decided based on your credit score, credit history and income, as well as other factors like the loan’s size and term. Generally, loans with longer terms have higher interest rates than loans you pay back over a shorter period of time.
Select now has a widget where you can put in your personal information and get matched with personal loan offers without damaging your credit score.
Common personal loan definitions you should know
Here are some common personal loan terms you need to know before applying.
- Co-applicants or joint applications: A co-applicant is a broad term for another person who helps you qualify by attaching their name (and financial details) to your application. A co-applicant can be a co-signer or a co-borrower. Having a co-applicant can be helpful when your credit score isn’t so great, or if you’re a young borrower who doesn’t have much credit history. If your co-applicant has a good credit score, you might be offered better terms, including qualifying for a lower APR and/or a bigger loan. At the same time, both applicants’ credit scores will be affected if you don’t pay back your loan, so be sure that your co-applicant is someone you feel comfortable sharing financial responsibility with.
- Co-signers: A co-signer agrees to help you qualify for the loan, but they are only responsible for making payments if you are unable to. The co-signer does not receive the loan, nor do they necessarily make decisions about how it is used. However, the co-signers credit will be negatively affected if the main borrower misses payments or defaults.
- Co-borrower: Unlike a co-signer, a co-borrower is responsible for paying back the loan and deciding how it is used. Co-borrowers are usually involved in decisions about how the loan is used. Some lenders will only consider two co-borrowers who share a home or business address, as this is a firm indicator that they are sharing the responsibility of money in mutually beneficial ways. Both co-borrowers’ credit scores are on the hook if either one stops making payments or defaults.
- Direct payments: Some lenders offer direct payments when you select debt consolidation as the reason for taking out a personal loan. With direct payments, the lender pays your creditors directly, and then deposits any leftover funds into your checking or savings account. Until you see your account balance is fully paid off, it’s best to keep making payments so that you don’t get hit with additional late fees and interest charges.
- Early payoff penalty: Before you accept a loan, look to see if the lender charges an early payoff or prepayment penalty. Because lenders expect to get paid interest for the full term of your loan, they could charge you a fee if you make extra payments to pay your debt down quicker. The fees could equal either the remaining interest you would have owed, a percentage of your payoff balance or a flat rate.
- Origination fee: An origination fee is a one-time upfront charge that your lender subtracts from your loan to pay for administration and processing costs. It is usually between 1% and 5%, but sometimes it is charged as a flat-rate fee. For example, if you took out a loan for $20,000 and there was a 5% origination fee, you would only receive $19,000 when you got your funds. Your lender would get $1,000 of the loan off the top, and you’d still have to pay back the full $20,000 plus interest. It’s best to avoid origination fees if possible. Having a good to excellent credit score helps you qualify for loans that don’t have origination or administration fees.
- Unsecured versus secured loans: Most personal loans are unsecured, meaning they are not tied to collateral. However, if your credit score is less-than-stellar and you’re finding it hard to qualify for the best loans, you can sometimes use a car, house or other assets to act as collateral in case you default on your payments. When you put an asset up as collateral, you are giving your lender permission to repossess it if you don’t pay back your debts on time and in full.
Bottom line
Selecting the personal loan that’s right for you can make large expenses, like a wedding, feel more affordable. Pay attention to features like low or no fees, ability to receive quick funding and the maximum loan amount you can apply for.
Our methodology
To determine which personal loans are the best, Select analyzed dozens of U.S. personal loans offered by both online and brick-and-mortar banks, including large credit unions, that come with no origination or signup fees, fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.
When narrowing down and ranking the best personal loans, we focused on the following features:
- No origination or signup fee: None of the lenders on our best-of list charge borrowers an upfront fee for processing your loan.
- Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed rate APR, you lock in an interest rate for the duration of the loan’s term, which means your monthly payment won’t vary, making your budget easier to plan.
- Flexible minimum and maximum loan amounts/terms: Each lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
- No early payoff penalties: The lenders on our list do not charge borrowers for paying off loans early.
- Streamlined application process: We considered whether lenders offered same-day approval decisions and a fast online application process.
- Customer support: Every loan on our list provides customer service available via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
- Fund disbursement: The loans on our list deliver funds promptly through either electronic wire transfer to your checking account or in the form of a paper check. Some lenders (which we noted) offer the ability to pay your creditors directly.
- Autopay discounts: We noted the lenders that reward you for enrolling in autopay by lowering your APR by 0.25% to 0.5%.
- Creditor payment limits and loan sizes: The above lenders provide loans in an array of sizes, from $500 to $100,000. Each lender advertises its respective payment limits and loan sizes, and completing a preapproval process can give you an idea of what your interest rate and monthly payment would be for such an amount.
After reviewing the above features, we sorted our recommendations by best for overall financing needs, borrowing larger amounts, no fees, low credit scores and next-day funding.
Note that the rates and fee structures advertised for personal loans are subject to fluctuate in accordance with the Fed rate. However, once you accept your loan agreement, a fixed-rate APR will guarantee interest rate and monthly payment will remain consistent throughout the entire term of the loan. Your APR, monthly payment and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.
Catch up on Select’s in-depth coverage of personal finance, tech and tools, wellness and more, and follow us on Facebook, Instagram and Twitter to stay up to date.
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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Grade My Trade: Wells Fargo and the financials
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‘Mad Money’ host Jim Cramer and the ‘Halftime Report’ investment committee, Joe Terranova, Karen Firestone and Jason Snipe, weigh in on the Wells Fargo trade and whether now is the time to buy financials.
03:28
Wed, Dec 7 20221:00 PM EST
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‘There is a slowdown happening’ – Wells Fargo, BofA CEOs point to cooling consumer amid Fed hikes
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Many shoppers say they plan to spend less this Black Friday as the cost-of-living crisis bites.
Richard Baker | In Pictures | Getty Images
American consumers are tapping the brakes on spending as the Federal Reserve’s interest rate increases reverberate throughout the economy, according to the CEOs of two of the largest American banks.
After two years of pandemic-fueled, double-digit growth in Bank of America card volume, “the rate of growth is slowing,” CEO Brian Moynihan said Tuesday at a financial conference. While retail payments surged 11% so far this year to nearly $4 trillion, that increase obscures a slowdown that began in recent weeks: November spending rose just 5%, he said.
It was a similar story at rival Wells Fargo, according to CEO Charlie Scharf, who cited shrinking growth in credit-card spending and roughly flat debit card transaction volumes.
The bank leaders, with their bird’s eye view of the U.S. economy, are providing evidence that the Fed’s campaign to subdue inflation by raising borrowing costs is beginning to impact consumer behavior. Fortified by pandemic stimulus checks, wage gains and low unemployment, American consumers have supported the economy, but that appears to be changing. That will have implications for corporate profits as businesses navigate 2023.
“There is a slowdown happening, there’s no question about it,” Scharf said. “We are expecting a fairly weak economy throughout the entire year, and hopeful that it’ll be somewhat mild relative to what it could possibly be.”
Both CEOs said they expect a recession in 2023. Bank of America’s Moynihan said he expects three quarters of negative growth next year followed by a slight uptick in the fourth quarter.
Charles Scharf, CEO of Wells Fargo, Brian Moynihan, CEO of Bank of America, and Jamie Dimon, CEO of JPMorgan Chase, are sworn in during the Senate Banking, Housing, and Urban Affairs Committee hearing titled Annual Oversight of the Nations Largest Banks, in Hart Building on Thursday, September 22, 2022.
Tom Williams | Cq-roll Call, Inc. | Getty Images
But, in a divergence that has implications for the coming months, the downturn isn’t being felt equally across retail customers and businesses so far, according to the Wells Fargo CEO.
“We have seen certainly more stress on the lower-end consumer than on the upper end,” Scharf said. In terms of the companies served by Wells Fargo, “there are some that are doing quite well and there’s some that are struggling.”
Airlines, cruise providers and other experience or entertainment-based industries are faring better than those involved in durable goods, he said. That sentiment was echoed by Moynihan, who cited strong travel spending.
“People bought a lot of goods, exercised a lot of the freedom they had in discretionary spend over the last couple of years, and those purchases are slowing,” Scharf said. “You’re seeing significant shifts to things like travel and restaurants and entertainment and some of the things that people want to do.”
The slowdown is the “intended outcome” that’s desired by the Fed as it seeks to tame inflation, Moynihan noted.
But the central bank has a tricky balancing act to pull off: raising rates enough to slow the economy, while hopefully avoiding a harsh downturn. Many market forecasters expect the Fed’s benchmark rate to hit about 5% next year, though some think higher rates will be needed.
“You’re starting to see that [slowdown] take hold,” Moynihan said. “The real question will be how soon they have to stabilize that in order to avoid more damage; that’s the question that’s on the table.”
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Wall Street banks to cut bonuses ahead of expected slowdown
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Lydia Moynihan, New York Post reporter, joins CNBC’s ‘Squawk Box’ to explain why Wall Street bonuses are set to decline by an expected 20% this year.
04:14
Wed, Dec 7 20227:23 AM EST
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Activist investor calls for BlackRock CEO Fink to step down over ESG ‘hypocrisy’
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LONDON — BlackRock CEO Larry Fink is facing calls to step down from activist investor Bluebell Capital over the company’s alleged “hypocrisy” on its environmental, social and governance (ESG) messaging.
Fink has become an outspoken proponent of “stakeholder capitalism” and in his annual letter to CEOs earlier this year, pushed back against accusations that the giant asset manager was using its size to push a political agenda.
However, in a letter to Fink dated Nov. 10, shareholder Bluebell expressed concern about the “reputational risk (including greenwashing risk) to which BlackRock under the leadership of Larry Fink have unreasonably exposed the company.”
In a statement sent to CNBC on Wednesday, BlackRock responded: “In the past 18 months, Bluebell has waged a number of campaigns to promote their climate and governance agenda.”
Larry Fink, Chairman and C.E.O. of BlackRock arrives at the DealBook Summit in New York City, November 30, 2022.
David Dee Delgado | Reuters
“BlackRock Investment Stewardship did not support their campaigns as we did not consider them to be in the best economic interests of our clients,” it said.
London-based Bluebell — an activist fund with around $250 million in assets under management that holds a tiny stake in BlackRock — has previously targeted the likes of Richemont and Solvay, and had a hand in successfully forcing a management restructure at Danone.
Partner and co-founder Giuseppe Bivona told CNBC Wednesday that the firm was concerned about “the gap between what BlackRock consistently says on ESG and what they actually do,” based on Bluebell’s encounters with the Wall Street giant during activist campaigns directed at these companies.
“We see BlackRock endorsing a number of bad practices from a governance, social and environmental perspective which is not actually in tune with what they say,” Bivona said.
“In our latest activist campaign at Richemont, they have been opposing the increase of board representation for investors owning 90% of the company from one to three. I really don’t think this is in the best interest of the investor, upon which on a fiduciary basis they invest the money, and of course it’s not in the best interest of any shareholder.”
Bivona also took aim at BlackRock’s 2020 promise to clients to exit thermal coal investments, which it says in its client letter on sustainability that the “long-term economic or investment rationale” no longer justifies.
Bluebell noted that this commitment excludes passive funds such as index trackers and ETFs, which constitute 64% of BlackRock’s more than $10 trillion in assets under management.
The company remains a major shareholder in the likes of Glencore and “coal intensive miners” Exxaro, Peabody and Whitehaven, Bivaro’s letter to Fink on Nov. 10 noted. A report earlier this year found that giant global asset managers including BlackRock were still pumping tens of billions of dollars into new coal projects and major oil and gas companies.
“Let me say that when the price of coal was around $76 per ton, BlackRock was talking about essentially divesting,” Bivona told CNBC.
“Now that the price of coal is $380 per ton, they are talking about responsible ownership. I think there is a high correlation between BlackRock’s strategy on coal and the price of coal.”
Bluebell’s letter also took aim at BlackRock for having “politicized the ESG debate,” after its public advocacy led to a swathe of Republican-controlled U.S. states divesting assets managed by BlackRock in protest at the asset manager’s ESG policies.
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Oil plunge, tech collapse and Fed cuts? Strategist shares possible 2023 market ‘surprises’
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A trader works on the floor of the New York Stock Exchange (NYSE) in New York City, August 29, 2022.
Brendan McDermid | Reuters
After a tumultuous year for financial markets, Standard Chartered outlined a number of potential surprises for 2023 that it says are being “underpriced” by the market.
Eric Robertson, the bank’s head of research and chief strategist, said outsized market moves are likely to continue next year, even if risks decline and sentiment improves. He warned investors to prepare for “another year of shaken nerves and rattled brains.”
The biggest surprise of all, according to Robertson, would be a return to “more benign economic and financial-market conditions,” with consensus pointing to a global recession and further turbulence across asset classes next year.
As such, he named eight potential market surprises that have a “non-zero probability” of occurring in 2023, which fall “materially outside of the market consensus” or the bank’s own baseline views, but are “underpriced by the markets.”
Collapsing oil prices
Oil prices surged over the first half of 2022 as a result of persistent supply blockages and Russia’s invasion of Ukraine, and have remained volatile throughout the remainder of the year. They declined 35% between June 14 and Nov. 28, with output cuts from OPEC+ and hopes for an economic resurgence in China preventing the slide from accelerating further.
However, Robertson suggested that a deeper-than-expected global recession, including a delayed Chinese recovery on the back of an unexpected surge in Covid-19 cases, could lead to a “significant collapse in oil demand” across even previously resilient economies in 2023.
Should a resolution of the Russia-Ukraine conflict occur, this would remove the “war-related risk premia” — the additional rate of return investors can expect for taking more risk — from oil, causing prices to lose around 50% of their value in the first half of 2023, according to Robertson’s list of “potential surprises.”
“With oil prices falling quickly, Russia is unable to fund its military activities beyond Q1-2023 and agrees to a ceasefire. Although peace negotiations are protracted, the end of the war causes the risk premium that had supported energy prices to disappear completely,” Robertson speculated.
“Risk related to military conflict had helped to keep front contract prices elevated relative to deferred contracts, but the decline in risk premia and the end of the war see the oil curve invert in Q1-2023.”
In this potential scenario, the collapse in oil prices would take international benchmark Brent crude from its current level of around $79 per barrel to just $40 per barrel, its lowest point since the peak of the pandemic.
Fed cuts by 200 basis points
The main central bank story of 2022 was the U.S. Federal Reserve’s underestimation of rising prices, and Chairman Jerome Powell’s mea culpa that inflation was not, in fact, “transitory.”
The Fed has subsequently hiked its short-term borrowing rate from a target range of 0.25%-0.5% at the start of the year to 3.75%-4% in November, with a further increase expected at its December meeting. The market is pricing an eventual peak of around 5%.
Robertson said a potential risk for next year is that the Federal Open Market Committee now underestimates the economic damage inflicted by 2023’s massive interest rate hikes.
Should the U.S. economy fall into a deep recession in the first half of the year, the central bank may be forced to cut rates by up to 200 basis points, according to Robertson’s list of “potential surprises.”
“The narrative in 2023 quickly shifts as the cracks in the foundation spread from the most highly leveraged sectors of the economy to even the most stable,” he added.
“The message from the FOMC also shifts rapidly from the need to keep monetary conditions restrictive for an extended period to the need to provide liquidity to avoid a major hard landing.”
Tech stocks fall even further
Growth-oriented technology stocks took a hammering over the course of 2022 as the steep rise in interest rates increased the cost of capital.
But Standard Chartered says the sector could have even further to fall in 2023.
The Nasdaq 100 closed Monday down more than 29% since the start of the year, though a 15% rally between Oct. 13 and Dec. 1 on the back of softening inflation prints helped cushion the annual losses.
On his list of potential surprises for 2023, Robertson said the index could slide another 50% to 6,000.
“The technology sector broadly continues to suffer in 2023, weighed down by plunging demand for hardware, software and semiconductors,” he speculated.
“Further, rising financing costs and shrinking liquidity lead to a collapse in funding for private companies, prompting further significant valuation cuts across the sector, as well as a wave of job losses.”
Next-generation tech companies could then see a surge in bankruptcies in 2023, shrinking the market cap share of these companies on the S&P 500 from 29.5% at its peak to 20% by the end of the year, according to Robertson.
“The dominance of the tech sector in the S&P 500 drags the broader equity index lower too,” he suggested, adding: “The tech sector leads a global equity collapse.”
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Banks trading revenue is really strong, says Virtus’ Joe Terranova
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Joe Terranova, Virtus Investment Partners chief market strategist, joins ‘Closing Bell: Overtime’ to discuss what’s behind the fall in bank stocks.
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Strategas’ Chris Verrone says banks are signaling more trouble ahead
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Strategas’ Chris Verrone on why the charts seem to be saying there’s more pain to come for the bank stocks. With CNBC’s Melissa Lee and the Fast Money traders, Tim Seymour, Julie Biel, Dan Nathan and Guy Adami.
05:53
Tue, Dec 6 20225:51 PM EST
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‘We don’t lay off people’: This is how Bank of America’s CEO plans to reduce employee levels
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Brian Moynihan, chief executive officer of Bank of America Corp., speaks during a Bloomberg Television interview at the Goldman Sachs Financial Services Conference in New York, on Tuesday, Dec. 6, 2022.
Michael Nagle | Bloomberg | Getty Images
Brian Moynihan is no stranger to laying off workers — it’s one of the key ways he helped shape Bank of America after the 2008 financial crisis.
But in recent years, his firm has taken a different approach to managing its workforce. It raised the minimum wage paid to staff, gave them cash and stock bonuses and improved benefits.
While rivals including Goldman Sachs and Morgan Stanley cut workers recently ahead of a possible economic downturn in 2023, Moynihan and his CFO have said they don’t see the need for layoffs. That doesn’t mean the company’s head count won’t shrink, however, as the bank seeks to cut expenses amid the revenue pressures faced by the industry.
“We don’t lay off people, but we have an ability to reshape our headcount pretty quickly just by the turnover that occurs,” Moynihan said Tuesday during a financial conference.
In other words, Moynihan will allow positions to go unfilled as employees voluntarily depart, moving people around and retraining them as needed, he said.
The company’s head count has bounced between roughly 205,000 and 215,000 in recent years, Moynihan said. The bank had 213,270 employees as of Sept. 30, about 3,900 more than the year earlier.
“We’re up to about 215,000 [employees]; we need to run that back down,” he added.
Organizations as large as Bank of America are constantly losing and hiring employees, a churn that adds to expenses. The attrition rate in the industry is typically at least 10% annually, but can be several times higher in more difficult, lower-paid positions such as those in branches and call centers, or in highly competitive areas such as technology, according to an industry consultant.
Moynihan has used technology — from consolidating back-end processes to offering updated mobile apps — to help reduce noncustomer-facing employees. He expects to continue to do that next year, although strong wage inflation makes the job harder, he said.
“It is tedious and hard work and it’s harder when you have the inflationary aspects of what we’re all facing,” he said.
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