Personal loans are quickly becoming more popular in the wake of the Credit CARD Act of 2009. This act, implemented on February 22, was the most sweeping change within the industry in decades. Under the new regulations, low-income families and people with a bad credit history will find it nearly impossible to obtain a line of credit. In addition, the Federal Family Education Loan Program (FFELP) is on shaky ground, as politicians call for a shutdown of the program. If this program is terminated, it will be very difficult for students without a college fund to be able to afford tuition. Both of these shake-ups are making the personal loan a highly desirable option for people of all socioeconomic backgrounds
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