The Reality of Loans For African American Women

The Reality of Loans For African American Women
The changing conditions of the American economy and the vast engagement of African American women in the business sector have signaled the time for many more changes in the corporate world. As Black Women managed to enter successfully the industrial businesses, becoming very successful entrepreneurs, they found out that they can claim and get more loans, either for personal or business usage.
African American women can now turn to many different institutions and places to ask for financing, whether the purpose is to buy a house or to enforce the quality of their business.
The best conditions and less requirements for loans refer to the financing and loans granted by many organizations, profit or not, both American and international who support the involvement of Black women to local economy and try to help as much as possible. The loans generated by those organizations come with really favorable terms. Most of their announcements can be found either online or in the state public offices and in several newspapers and media.
African American women enjoy loans given by the official State and Government. Some of them are really generous and come along with good terms and friendly conditions; however the demand for them is really high. This makes the availability limited and especially if you get to know that some loans were announced a few days ago you might end up being really late. Women who are interested in them should be really well up to date with news.
Since African American Women entered dynamically the world of business today, Banks and Financial institutions could not do otherwise, but acknowledge and appreciate the fact. Many loans are given now to women who have good credit scores, some serious income and are either Native Americans or immigrants who reside in the country and meet several theoretical requirements.
Unfortunately good news stops here, because the reality for African American Women who ask for loans is still harsh. According to several studies and research results, women are more likely to get higher interest rates than men or white people, even though they meet the requirements fully and more efficiently.
For the lover of statistics, here are some very enlightening news coming from the research made by the American Consumer Federation. Women are indeed getting loans with much higher rates than men, and black women have even higher rates than men and white people. 32% of women will get a high interest rate when closing a loan with a bank while men who will close the same loan will get significantly lower. 50% of those men are under qualified in comparison with those women. The Average interest rate for black women is 7-9% while for white people is 5-6%. The difference is obvious and the discrimination is more than striking.
Today with the recession being present, the conditions are even worse. African American Women are granted less and less loans every day, despite the fact that most of them have seriously big income and very reliable credit history. Advocacy groups and consumer institutions protest for this ongoing phenomenon trying to ameliorate the terms and conditions for African American Women.