In a recent interview with Learnbonds.com, the chief executive at Crediful.com, Chane Steiner has warned that the subprime mortgages that contributed to the 2007/08 recession are making a comeback. According to Steiner, the subprime borrowing has led to the current mortgage crisis in the United States.
During the interview, the CEO also called on individuals impacted by the coronavirus pandemic to apply for aid immediately as a way out of the crisis. He further opined that online businesses have a good chance of thriving during the current crisis.
Student loans have recently become a crisis and you aim to help students get the best offers in the market. What criteria do you use to help students determine a good loan?
“The first criteria I use to help students determine a good loan is whether they are eligible in the first place. If they do not have a valid social security number, they need to at least meet the requirements of having a green card or applicable status. Secondly, they need to be enrolled at an eligible high school and be applying to a college that qualifies. Finally, if they meet those criteria, their grades come into play, with well over a 2.0 being ideal.”
The impact of the coronavirus outbreak continues to affect many people financially. What are your take on short term and long term measures individuals can adopt to overcome the crisis?
“I strongly suggest that people apply for whatever immediate aid they can qualify for. Typically this will be based on current earnings in the form of an emergency relief grant or loan. After that, I would also recommend keeping an eye on the future. Use the loan money to maintain your business so that you are not in an inoperable state after quarantine is lifted.”
You focus on offering personal finance in different sectors. Among the different sectors you cover, which one attracts more audience and why?
“The greatest focus is on lending for younger people. Loans related to education and automotive are very popular because people who are in need of these are typically not as educated in the world of credit and lending.”
It’s been almost two years since you rebranded from AAACreditGuide to Crediful.com. How has the rebranding impacted your platform so far?
“Initially, the rebranding took a toll on our readership. A lot of this had to do with search engine optimization and link building. However, I will say that the name change has provided us with a much more memorable brand. I also think it speaks to a younger audience, which we try to reach out to.”
Does Crediful.com have plans to offer in-person financial advice in the future?
“We don’t plan to offer personal credit advice as of now, but we are constantly focused on expanding our database and relevant content. This is the way we are able to offer such high-quality lending information for free.”
You cover a lot of content about stocks in your blog. Thus, while most stocks have fallen to their all-time low meaning that investors are seeking to buy and sell when they improve, what should guide investors in selecting stocks during this period?
“I do not want to make myself out to be a financial advisor, so please note that this is not to be taken as professional advice. That said, always conduct a lot of research before you purchase stocks. Stick to services and commodities that have long term value, and most likely you will benefit in the long run, especially during a downturn.”
The global economy is staring at a recession due to the Coronavirus. In your opinion, are there any opportunities in a recession and how can investors prepare for such an eventuality?
“I have noticed, that businesses related to online content have remained steady. Those who are establishing an online presence are benefiting with the lack of brick and mortar retail. Again, I am not a financial advisor and this is not to be taken as professional advice.”
To date, Creditful.com has given financial advice to more than 9 million people, what makes you stand out in a field with dozens of personal financial advisors?
“It’s our focus on making credit and lending information available, in a way that is understandable to a typical American is what makes us stand out. We try to help everybody have a level playing field, whether they are a young student or a seasoned banker.”
Mortgage debt is now a crisis in the United States. In your view, what factors have contributed to this crisis and what can individuals do to recover?
“People who are paying close attention already know that subprime mortgages are already making a comeback. It is shocking that after the crash of 2007/2008, lenders are still engaging in the same predatory practices under a different name. If you are in a tight situation with a mortgage, I would suggest you seek out all available emergency aid related to the current crisis.”
Thank you, Chane, for the conversation!