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Common Reasons Borrowers Depend On Payday Loans


Payday loans are a useful source of credit, but come with a negative media narrative. Fortunately, the purpose of the mayhem was the high interest rate, which was eliminated several years ago with the introduction of regulation. Payday loan borrowers enjoy legal protection and for this reason it has gained popularity over traditional short term bank loans.

LoanPig.co.uk offers good opportunities and short loans for everyone to get a loan with ease and speed. The APR will be high, but you will pay it very soon. Even the amount of fees involved will be less than traditional bank loan processing. Moreover, if the repayment is made on time, it is an excellent option that gives you a space of 5 to 6 months to restructure your finances.

Common reasons why borrowers depend on the type of payday loan

There are several reasons why borrowers choose to choose payday loans. It’s a magic way to get cash flow to your bank account fast.

During unemployment

Source: forbes.com

Unemployment is a phase that hits a person emotionally and financially. This is a point that no one wants to experience, but which can suddenly put you in a financial situation where it becomes difficult to manage your basic needs. A personal loan is an attractive option because –

  • You have access to instant cash
  • You persist your similar lifestyle before you Unemployed
  • You think unemployment isn’t a big deal
  • You are breathing deeply and feeling motivated to look for another job opportunity

It is wise not to choose payday loans but to try other means. You can get jobseeker’s allowance. Also, reduce spending of your savings as much as possible. Accept any type of job until you land your dream job.

To merge other debts

Many borrowers apply for payday loans to pay off other debt. It could be credit card debt or a loan from another lender. It’s a wise move when the advertised interest on the loan is less than the debtor already owes.

Usually, the change can be bad because there are other bills, which can add up to a huge amount. Borrowers can choose the debt consolidation feature. It bundles all loans together making it easy to repay and less risky than using the payday option.

Avoid humiliation

Source: incomepassifmd.com

You can borrow small loans from friends and family, which is less risky than choosing a professional loan service. In addition, there are virtually no worries about interest payments.

Unfortunately, there are stories that borrowing from friends or family caused friction, which damaged their relationship. Therefore, many people prefer to go to a lender and pay interest. You can avoid the embarrassment and humiliation of taking out a loan from someone you know personally.

Holiday loans

At Christmas, parents look forward to giving their children objects or things they want. Payday loans seem to be the best answer. They receive the necessary funds for the holiday period, which are reimbursed with the New Year’s salary.

Parents may be tempted to borrow large sums to buy everything their children dream of, but overlook the cycle of debt. It is difficult for parents to explain to their children that the requested gifts are unaffordable, especially when Santa Claus is supposed to bring them. Be sure to consider your financial capacity before applying for a payday loan.

Support during bad credit ratings

Source: upgradedpoints.com

Payday loans have a bad reputation, so many people borrow from banks or other lending institutions. Here, if your credit score is not good, your loan applications are refused. Alternatively, payday loan services approve loans for bad credit. Approval is based on other criteria like affordability. However, rather than applying for a payday loan, it is better to work on improving your credit score by paying bills and debts on time consistently for more than 6 months. A high credit score will give you access to easy loans in the future.

Pay the bills

Payday loans are an attractive option to pay the high utility bill. Nevertheless, it is wise to look for ways to reduce your utility costs. Find ways to control energy use, such as better home insulation instead of wasting money on gas. Thick curtains can keep the heat inside and are not an expensive switch. Never leave the shower running for hours, have time limits to reduce wasted hot water.

For urgent medical treatment

Source: vitalrecord.tamhsc.edu

Medical bills must be paid or they will accumulate like any other type of debt. Urgent medical treatment or surgery is one of the main reasons people depend on short term loans. However, to circumvent personal loans, it is best to have adequate health insurance coverage, as a medical crisis can be expensive.

To pay mortgage payments

People debate that missing a mortgage payment is worse than getting a payday loan. This is because the mortgage provider begins to assume that you cannot afford the house. If you persist on late payments, they take action against you. You should discuss an appropriate repayment plan with the mortgage lender or downsize your home instead of applying for a payday loan.

Pay an overdraft

The unregulated overdraft is scary. You get penalized, and with payday loans, people avoid that. Steps should also be taken to ensure that you are not overdrawn.

Pay an unexpected debt

Source: experian.com

Everyone wants to stay miles away from debt, but it can happen unexpectedly. For example, your father is dead, so you inherited his debt. You will need to erase it as soon as possible. You will use the payday loan to escape from this situation.

Things to know

As another type of loan is hard to come by, payday loans have become popular for raising capital quickly rather than waiting and missing opportunities or in times of emergency. People who are in desperate need of money and don’t have time to go through the traditional loan approval process, which takes time, gets rejected and repeats it with another lending institution, find an option fast payday loan to pursue.

Bank loans are open to investigation, while a direct payday lender does not prioritize where the borrower will use their money. Disclosure to the payday lender about your loan is for statistical purposes only. You can use the amount to treat yourself or go on an excursion or pay a deferred installment, the determining aspect of the approval will be your ability to repay the borrowed amount.

What is – and not – a personal loan for


Lately, quick loans or instant loans have been the go-to option for those looking for an immediate source of funds. One can use the money for various personal reasons, but there are also certain circumstances in which the loan should not be used. This article discusses when you can and cannot borrow a personal loan.

When should you take out a personal loan

* To buy something expensive. There are times when you want to make an expensive purchase or book a vacation, but don’t want to swipe your card for it. This can happen at the end of the month, payday being a few days away, or when there’s a good deal on the cell phone or appliances you’ve been eyeing. There may also be times when you cannot provide the necessary funds up front, for example, for a small house renovation costing a few lakh rupees. A personal loan is useful in those times when you do not need to dip into your reserves to finance the purchase or the renovation.

* To finance a medical emergency. Medical emergencies strike without warning and must be dealt with quickly to avoid complications. But medical procedures and hospital stays are quite expensive, and you may not have the money for immediate hospitalization. An instant personal loan can help in these cases – the money is transferred to your account within hours of the application and you can use it to fund the emergency.

* To pay for your child’s education. The costs of school and college education have increased dramatically over the years, and there are key times when you need to provide a large sum of money (paying tuition, funding a study trip of a week, and you may not have the funds ready in your account.Taking a quick loan from a good loan application solves the problem at this point.

* To close an old debt. Instant loans are often used in debt consolidation, that is, to pay off old loans. It’s a process of closing old loans with a new loan, so you don’t have to struggle with multiple IMEs. This makes financial management easier and you end up with a single loan, i.e. the instant personal loan instead of several small loans.

When you should NOT take out a quick loan…

…to pay the insurance premiums. The point of taking out insurance is that you have residual funds that can pay the premiums. If you need to borrow a personal loan to pay insurance premiums, that means the policy is a drain on your income and savings. In addition, it imposes EMI loans on you.

…to pay EMIs for an active, larger loan. Likewise, if you need to borrow another loan to pay off a home loan or auto loan, that means there is a money management problem that needs immediate repair. Taking out a loan to pay off an old loan without closing it out completely only results in more EMIs and an additional drain on your income.

…to pay off someone else’s loan. It is risky to provide a quick loan to pay off another person’s loan. You end up in debt and the borrower may not repay the money on time, which increases your debt burden and lowers your credit score.

…if you have no source of income. Some people borrow instant loans when they are about to quit their job, so they can have cash on hand to get through the months between jobs. But whether you have a job or not, you still have to repay the EMIs on the loan. It’s hard to do without a source of income.

How to get instant personal loan

Download a leading lending app that offers a fully digital application-to-disbursement interface for lending. Check the interest rate offered, list of documents, eligibility criteria, maximum loan amount offered and processing fees before applying for the loan.

Once you have taken out the loan, you can repay it each month in easy and flexible EMIs from your job or business income.

Who regulates home equity loans?


A home equity loan, also called home equity loan, home equity installment loan, or second mortgage, is a type of consumer debt. Home equity loans allow homeowners to borrow against the equity in their home. The loan amount is based on the difference between the home’s current market value and the homeowner’s mortgage balance.

These types of loans carry risks. Home equity loans force mortgage holders to put their homes at risk if they do not repay the loan. And since property is often a family’s most valuable asset, defaulting on a home equity loan can have serious consequences. Because of these risks, home equity lending is relatively tightly regulated by both state and federal agencies.

In this article, we will examine the regulatory environment for home equity loans and explain which federal agencies control which of these loans.

Key points to remember

  • Many rules affect home loans: federal regulations, state laws, and codes of conduct issued by industry organizations.
  • The federal agency that regulates a specific home equity loan depends on the agency issuing the loan.
  • Home equity loans can be issued by banks and credit unions, as well as several other types of financial institutions. Each is regulated by a different body.
  • If you believe a lender has acted in violation of the law, a good place to start is to contact the Consumer Financial Protection Bureau (CFPB) or the US Department of Housing and Urban Development (HUD). Either agency may be able to tell you where to file a complaint.

Home Equity Loan Regulation

There are basically two main sources of home equity loan regulation: individual states and the federal government.

There are a number of federal laws relating to home equity loans. These include the Truth in Lending Act (TILA), which details how this type of loan can be sold and provides consumers with some key rights when it comes to working with them. Another key piece of mortgage regulation is the Property Settlement Procedures Act (RESPA). This law was enacted by Congress so that buyers and sellers would be aware of the full settlement costs of buying a home. Then there are laws like the Dodd-Frank Wall Street Reform and Consumer Protection Act, which Congress passed in the wake of the subprime mortgage meltdown that contributed to the 2007-2008 financial crisis. .

Additionally, each state in the United States has laws that affect home equity loans in some way, and these are constantly changing. There is indeed a manual in several volumes published each year, Pratt State Regulations on Second Mortgages and Home Equity Loanswhich gives an overview of these laws.

In short, many rules and regulations apply to home equity loans, and the same loan can be subject to several different regulators.

Who regulates home equity loans?

Just as there are many rules and regulations that affect home equity loans, there are also many organizations that can regulate any given loan. This is because home equity loans can be issued by a wide variety of financial institutions; banks and credit unions are most common, but home equity loans can also be obtained from commercial or agricultural lenders. Each type of institution has its own regulator who is ultimately responsible for monitoring the loans they make.

Here are the most important of these regulators:

Regulatory agency Regulated entity(ies) Phone/Website
Federal Reserve Consumer Aid PO Box 1200 Minneapolis, MN 55480 Federally Insured State Chartered Bank Members of the Federal Reserve (888) 851-1920 www.federalreservecon-sumerhelp.gov
Consumer Financial Protection Bureau (CFPB) PO Box 4503 Iowa City, IA 52244 Deposit-taking institutions and insured credit unions (and their affiliates) with assets greater than $10 billion, and non-custodial institutions such as mortgage originators, mortgage brokers and managers, large participants other financial services products, private education loan providers and payday lenders (855) 411-2372 www.consumerfinance.gov
Office of the Comptroller of the Currency (OCC) Customer Assistance Unit 1301 McKinney Street Suite 3450 Houston, TX 77010 National banks and savings banks/federally chartered associations (800) 613-6743 www.occ.treas.gov www.helpwithmybank.gov
Federal Deposit Insurance Corporation (FDIC) Consumer Response Center 1100 Walnut Street, Box #11 Kansas City, MO 64106 Federally-insured state-chartered banks that are not members of the Federal Reserve (877) ASK-FDIC or (877) 275-3342 www.fdic.gov www.fdic.gov/consumers
National Credit Union Administration (NCUA) Consumer Assistance 1775 Duke Street Alexandria, VA 22314-3428 Federally chartered credit unions (800) 755-1030 www.ncua.gov www.mycreditunion.gov
Federal Trade Commission (FTC) Consumer Response Center 600 Pennsylvania Avenue, NW Washington, DC 20580 Finance companies, retail stores, car dealerships, mortgage companies and other lenders, and credit bureaus (877) FTC-HELP or (877) 382-4357 www.ftc.gov www.ftc.gov/bcp
Farm Credit Administration Office of Congress and Public Affairs 1501 Farm Credit Drive McLean, VA 22102-5090 Agricultural lenders (703) 883-4056 www.fca.gov
Small Business Administration (SBA) Consumer Affairs 409 3rd Street, SW Washington, DC 20416 Small business lenders (800) U-ASK-SBA or (800) 827-5722 www.sba.gov

Each of these regulators oversees a different type of lender, and some lenders are covered by multiple federal agencies in addition to state regulators.

Does Reg Z apply to home equity loans?

Yes. Regulation Z is a federal law that standardizes how lenders pass on the cost of borrowing to consumers. It also limits certain lending practices and protects consumers against deceptive lending practices. It applies to residential mortgages, home equity lines of credit, reverse mortgages, credit cards, installment loans and some student loans.

How does a mortgage loan work?

A home equity loan is a loan for a set amount, repaid over a set period of time, which uses the equity in your home as collateral for the loan. If you are unable to repay the loan, you risk losing your home to foreclosure.

Are there state laws on home equity loans?

The essential

There are many rules that affect home equity lending: federal regulations, state laws, and codes of conduct issued by industry organizations. The federal agency that regulates a particular home equity loan depends on the agency that issued the loan. Home equity loans can be issued by both banks and credit unions, as well as several other types of financial institutions, and each is regulated by a different body.

‘Growth Zones’ are Second Load, Transitional and Commercial – Rainbird


According to Truffle Specialist Finance, the second fee market will continue to grow as consumer demand and lender supply grows.

Talk to Specialized loan solutionsmanaging director of Truffle Specialist Finance James Rainbird (illustrated), said the company had a record quarter for second charges in its most recent three-month period.

He said he was “pleased with its direction of travel” in space, however, he said the company was looking to ensure it had the “right resource going forward to keep pace.” demand”.

“There is strong and growing demand in this product space, and it’s up to us to ensure we have effective resources to continue to meet that demand,” Rainbird noted.

Rainbird said this is an area of ​​growth as consumer awareness of the product increases and lenders continue to come up with new product offerings.

He also pointed to the withdrawal of other advances and mortgages as a potential “boost” for the second mortgage market.

Rainbird said it could be “very difficult” for new businesses to enter the market without “real experience and relationships with lenders”, adding that lender back-office teams could be “challenging”. .

He said the company’s underwriters were “working tirelessly” seeking consents, buyouts and building society questionnaires, and that could slow down the process as many bank employees were still working remotely.

“The volume that the banks also receive is high. You need to have a good back-office team, good CRM systems in place to make sure you get those results for the consumer and for the introducing brokers,” Rainbird noted.

He added that “strong working relationships” with lenders, surveyors and accountants were “absolutely essential”.

Rainbird continued that bridging and trading was a “key area of ​​growth for the business” and that it was looking to grow its first charging and protection division locally as it was “actively hiring in this area”.

Based in Penarth, just outside Cardiff, Rainbird said three lenders – Lloyds, Barclays and Principality – had left the high street, giving Truffle an opportunity to fill the void.

He said Penarth was mainly made up of over-40s, professionals and a fairly affluent area, with many still wanting to have ‘face-to-face’ meetings.
Rainbird said while he was always on the lookout for the “right candidates” to grow his advisory team, that needed to be balanced with back-office support.

“You can write as much business as you want, but if you don’t have the back office support and connections, you’re going to struggle. So yes, there is a balance for us between advising and underwriting,” he said.

Invest in CRM system to give brokers “accountability and better reporting”

Rainbird said it is “investing substantial funds” in a new CRM back-office system, which will “help streamline our internal process” and give “brokers some accountability and better reporting, a case tracking system also, where they can actually upload documents.”

He added that it would “minimize the amount of traffic” coming into the office, such as emails and phone calls.

“Technology is extremely important for the future of our business and for our introducing brokers as well, if we can make it more and more attractive to them. It helps in terms of reporting, incentives and customer retention – if we have more automation, it encourages our introducing brokers to stay with us,” he explained.

The affordability challenge for consumers

Rainbird said Truffle saw an increase in apps across all product areas, but was unable to place a number due to affordability concerns.

He cited several factors that impact affordability, including rising interest rates and the rising cost of living.

“We are often still able to find solutions for customers in these circumstances. This is a positive point in itself because we tell our business introducers, who have these customers, that we are able to help them place these offers,” he noted.

The company offers specialized residential first load, second load, first and second load buy-to-let, transition, capital release, development finance, commercial finance and mortgage protection services.

“Affordability has always been an issue. But, fortunately, we have lenders who are proactive, and they are always looking for ways to change their criteria so that we can continue to write contracts and that consumers have the right products.

The rebranding led to an increase in new business

Rainbird said there has been “incredible reception” from existing brokers, media and local businesses after the name change to Truffle Specialist Finance.

He said local businesses had been under the impression that the company only did second charges, unsecured loans and payday loans, but that had now changed.

Rainbird said it has seen an increase in new accounts since the change.

“I think where the business was and has come from, where we are today, certainly as an industry and as a business, the word loans has become antiquated. If we look at the range of products we offer, the word ready is not used,” he said.

“I think it was the perfect time for us to just update the brand and for it to also reflect our time in the industry, our professionalism and our commitment to the industry as well.”

Claim Online Payday Loans for Unemployed at Filld.com – CryptoMode


If you are unemployed, you will struggle to cover your expenses. At some point, you may decide to borrow money from a direct lender. Will it be easy to do? It depends on many factors.

Getting payday loans for unemployed can be a reasonable solution to your financial problems. But this can come with high interest rates and service charges. If you are ready for these, you are free to apply now!

Get a payday loan if you’re unemployed

If you decide to claim Online payday loan for the unemployed, you may be asked to complete an affordability assessment. This should be done to demonstrate your financial ability to pay the money pack on time.

Loan products with the most attractive terms and conditions are traditionally reserved for those with a good credit record. Those with bad credit will need to prove their creditworthiness.

As long as you are unemployed, you must have another source of income. Do you have a long term deposit in a US bank or government assistance? Do you receive interest from commercial investments? Do you want to secure your loan with a guarantee? You can choose any option that suits you.

If you receive government assistance, you are also considered eligible for a loan. This may be:

  • Wage payments by an employer
  • Self-employment income
  • Unemployment benefits
  • pensions

Benefits offered by payday loans for unemployed

Payday loans for the unemployed carry certain risks. But they also offer many advantages, especially for borrowers who need money in the here and now. Here are a few:

Quick approval

After applying for a loan, you won’t have to wait for the result. It will appear almost instantly on the screen. If additional information is required, you will be notified. Then it may take a little longer.

Less or no paperwork

Compared to traditional bank loans, payday loans from https://filld.com/255-payday-loans/ direct lenders can be processed online. You don’t have to worry about paperwork. Some documents must be attached to the loan application form.

Less requirements

Payday loans for the unemployed have certain conditions to be met. But they are not many. Even if your credit history isn’t perfect, it won’t take long to apply for a loan. A few personal and contact details are all you need to apply for money from a direct lender.


Payday lenders can lend up to $5,000 https://www.justrightloans.com/ . Sometimes this amount may vary from one lender to another. The amount of your unemployment benefits or any other source of income that you are going to provide also affects the loan amount approved by the lender.

Improve credit score

Payday loans are difficult to obtain for bad credit holders. But if you get one and pay it off on time, you have a chance to improve your credit score. You won’t make it good like that. You will take it back a bit. Seeing a positive trend, direct lenders will be more eager to approve your loan the next time you need it.

Why a Payday Loan Might Be Denied

Whether your credit score is good or bad, your loan application can always be refused. Having a strong workplace with a steady income also doesn’t give you a 100% approval guarantee. The good thing is that online lenders usually explain their negative decision.

A bad credit report

Being employed or unemployed gives you no guarantees. Even if you now have a good source of income but your credit score is extremely low, you may hear “No” from a lender.

Multiple credit applications

Applying for multiple loans from different lenders will do you no good. All this information is reflected in the common network of lenders. Seeing your desperate attempts to get money always turns out to be a red flag for private lenders.

Can the payday loan be benefit-based?

If you are on salary, you can apply for a traditional payday loan. If you do not receive a salary, you apply for a payday loan for the unemployed. The latter becomes possible if you start receiving unemployment benefits. Depending on the amount of the loan, you may need to obtain government assistance of a certain amount. It depends on each particular lender.

Just make sure you find a reliable online lender with reasonable terms and conditions. Once you make the right choice, you will get a solid loan offer.

CryptoMode produces high quality content for cryptocurrency companies. To date, we’ve provided brand visibility for dozens of companies, and you can be one of them. All our customers appreciate our value for money ratio. Contact us if you have any questions: [email protected]

None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses incurred while acting on the information provided on this website by its authors or customers.

Spring cleaning: the CFPB dusts off the “dormant” authority to supervise the “risky” behavior of non-banks | Cadwalader, Wickersham & Taft LLP


On April 25, 2022, the Consumer Financial Protection Bureau (CFPB) announced plans to revitalize its authority to review “non-bank” financial companies that pose risks to consumers. Although the CFPB has held this authority since its creation in 2010, the agency has rarely invoked it, leaving it largely “dormant”. The CFPB’s announcement marks a possible reversal of this trend.

Supervision of “non-banks”

In addition to large depository institutions, the CFPB’s supervisory authority extends to certain “non-banks”, ie non-custodial financial institutions that do not have a banking charter. Many “fintechs” are not banks. In general, fintechs use technology to provide financial products and services to consumers nationwide.

Three categories of non-bank institutions currently fall under the CFPB’s non-bank supervision program:

  • firstall non-bank mortgages, private student loans and payday loans, regardless of size;
  • second, non-banks in certain other markets – such as consumer reporting, debt collection, student loan servicing, international remittances, and auto loan servicing – if they qualify as a “larger participant » in the market, as determined by the thresholds set by the rules of the CFPB; and
  • third, non-banks that operate in any sector or market, if the CFPB has reasonable grounds to determine that their activities pose risks to consumers. Actionable risks include unfair, deceptive, or abusive acts or practices, or any other act or practice that may violate federal consumer finance law.

This is the third category in which CFPB oversight has remained largely dormant. The CFPB noted that while a 2013 rule of procedure sets out the procedures for the CFPB to determine whether the conduct of a non-banking business poses risks to consumers, the CFPB has not used this rule and comes “to begin to invoke that authority”. CFPB Director Rohit Chopra noted that “CFPB is now using dormant authority to compel non-banks to the same standards as banks,” which will provide CFPB with “critical agility to move as quickly as the market, allowing [the CFPB] to conduct reviews of financial companies posing risks to consumers and stop the damage before it spreads. Director Chopra’s words therefore signal the CFPB’s intention to make full use of its supervisory authorities to regulate non-bank providers of consumer financial products and services, including firms that would not qualify for supervision under the CFPB “large participant” rule.

Increased transparency on risk determinations

With its new invocation of authority to regulate risks posed by non-banks, the CFPB has issued a new rule of procedure to shed light on the process it uses to determine risk.

The CFPB uses a variety of sources to identify risks, including CFPB complaints, whistleblower complaints, court and administrative decisions, information obtained from state or federal partners, and news reports. When faced with a potential decision by the CFPB that their activities pose risks to consumers, non-banks are warned and given the opportunity to respond. Existing CFPB rules consider all documents, records and communications related to these risk determination procedures to be “confidential”, protecting them from public disclosure.

The CFPB’s new procedural rule creates an exception to the rule of confidentiality for a final “decision or order” by the Director that determines that the respondent is subject to the CFPB’s supervisory authority because of the risks that his conduct poses to consumers. Within seven days of being served with the Director’s decision or order, the respondent may file a submission regarding their confidentiality. The Director will then determine whether the decision or order will be deemed confidential or made public, in whole or in part, on the CFPB website. The proposed rule notes that this exception is based on “a public interest in transparency regarding those potentially important decisions of the director as head of the agency.” The rule also opens the door to decisions or orders being used as a “precedent in future proceedings”.

The CFPB said its new rule of procedure is exempt from the notice and comment requirements of the Administrative Procedure Act because it is a “rule of organization, procedure or practice of the agency “. Nevertheless, the CFPB welcomes public comments and may modify the rule of procedure based on the comments. Comments are expected by May 31, 2022.

* * *

The CFPB’s decision comes amid growing pressure from some congressional lawmakers who have called for tougher regulation of fintechs and other emerging banking alternatives. Director Chopra has previously raised concerns about the risks of consumers turning to less heavily regulated non-banks for an ever-expanding range of financial services. Last October, the CFPB issued orders to collect information on the business practices of major technology companies operating payment systems in the United States, including Apple, Facebook and Google. This was followed by a survey last December of companies offering increasingly popular ‘buy now, pay later’ (BNPL) credits: Affirm, Afterpay, Klarna, PayPal and Zip.

It’s too early to tell if the CFPB’s announcement signals the start of an era of heightened scrutiny for non-banks, or if it was a token gesture to allay the concerns of fintech critics. . Along with some members of Congress, those critics include traditional banks, who have accused fintechs of playing on a level playing field given their less stringent regulatory environment.

The CFPB’s new transparency rule leaves significant open questions about its application, at least in its current form. The proposed rule does not codify any standard governing the Director’s determination of when to make a decision or order public, although the CFPB “welcomes” comments on whether such a standard would be appropriate in the final rule. The rule also does not specify the time period for publication of a decision or order after the Director determines that publication is appropriate. There is also no administrative mechanism to appeal the Director’s decision. This means that a non-bank wishing to challenge the agency’s supervisory authority assertion under the rule must seek other avenues of redress, including possibly seeking judicial review under the Banking Act. administrative procedures.

1 12 USC § 5514(a)(1)(A), (D), & (E).

2 Identifier. § 5514(a)(1)(B) (covering “a larger participant in a market for other consumer financial products or services, as defined by” the CFPB rules). To see 12 CFR Part 1090 (containing CFPB rules defining major participants in certain markets for consumer financial products and services).

3 Identifier. § 5514(a)(1)(C).

4 Identifier. § 5514(a)(1)(C).

5 To see 12 CFR §§ 1091.103(b)(2), .109(a), & .113(e).

Best Direct Online Payday Loans In America | Best No Credit Check Loans With Guaranteed Approval | Same day and installment loans


find a loan for bad credit with a low interest rate is everyone’s first priority. After all, while having bad credit, who would like to pay extra interest on emergency loans. So are you looking for a bad credit loan with a low interest rate? Want to know who to turn to if you need an emergency loan? Lucky for you, you’ve come to the right place! In this article, we are going to discuss the top 3 companies offering bad credit loans on flexible terms.

With advancements in digital technology, lending has become easier than ever with the growing number of online lenders. However, with the increasing options come the technicalities to be aware of in order to get the most out of a bad credit loan.

Online lenders must ensure that borrowers will be able to repay the loan on time. To get a rough estimate of this, they analyze your credit score to gauge your financial performance. As a firm credit inquiry lowers the credit rating, many people try to avoid this. So what if a credit check is not possible and a loan must be taken out at all costs? The answer is short and simple; search for a loan without a credit check. Gone are the days when a good credit score was the necessary condition for taking out a loan. You can now find several online lenders offering loans for bad credit without the need for a credit check.

The best thing about the online loan is that it not only helps you get emergency funds but also boosts your credit score. If you repay the loan on time, you can improve your credit score. Besides, you can also avail different financial services such as debt relief and credit repair.

After extensive research, we have selected and reviewed the top 3 loan for bad credit lenders in America for the year 2022. These lenders are rated positively by their customers and our surveys have shown them to be the best at their game.

Top 3 Best Bad Credit Lenders in America

In this article, we have briefly discussed the 3 best no credit check lenders in 2022. Starting from their detailed descriptions for a quick summary of their main features and ending with the pros and cons of dealing with them, we have tried to put it all in one word. So without further ado, let’s go!

  1. MoneyMutual : Best in all aspects

  2. FondsJoy : Fastest bad credit loan provider

  3. BadCreditLoans : Best lender without credit check

Whenever we talk about bad loans, MoneyMutual is the first name that comes to mind. With over a decade of experience in this industry, they have helped over 2 million people by providing emergency loans and various financial services. One of the main reasons for their growing popularity is that they do not require a full credit check from loan applicants.

MoneyMutual: It is completely free to submit the application and receive a loan on MoneyMutual, their profit only comes from the lender on their website. One important thing to remember is that MoneyMutual only serves as a link between borrowers and lenders; therefore, they do not guarantee you a loan offer. It is up to the lenders to decide whether they want to deal with you or not. Therefore, whatever your requirements, be sure to discuss them in detail with the lender so that they can provide you with a loan offer accordingly.


The main features of MoneyMutual are:

  1. Serves as a bridge between lenders and borrowers

  2. Full credit checks are not required

  3. The application form and the loan process are fully online

  4. Short term loans of up to $5,000 can be obtained

  5. Detailed information is provided on both parties so that they can decide whether or not to proceed with the transaction


  1. Has been continuously ranked as the best bad credit lender for the past few years

  2. Reputable organization with excellent customer service

  3. Short application process that only takes a few minutes to complete

  4. Transfer of funds is provided within 24 hours

The inconvenients

Doesn’t work in a few states like New York

Client experience

As evidenced by MoneyMutual’s consistent positive rating, customers love the services they provide. Their fast application process, instant approvals, and fast fund transfer are some of the many features that their customers love.

=> Visit the official MoneyMutual website now for more information!

FondsJoy : One of the fastest and most reliable emergency loan providers in 2022 is FundsJoy. It is a relatively new company, but many people have started using it as a referral lending platform whenever the need arises. Their short and easy application process is their main highlight feature and is loved by their clients.


The main features of FundsJoy are:

  1. Loans up to $5000 can be borrowed

  2. Application form that only takes 5 minutes to complete


  1. Automated software for processing requests

  2. The application form can be filled on all types of gadgets

  3. Fast processing of requests is ensured by electronic signatures

The inconvenients

  1. Not as famous as other lenders such as MoneyMutual

Client experience

Customers report that compared to other lending websites, FundsJoy’s designed application form is quick and short. The user interface is perfectly designed to ensure that it is understandable by all types of users. Due to the flexibility of the electronic signature, the request is quickly approved and the transfer of funds is ensured within 24 hours.

=> Visit the official FundsJoy website now for more information!

BadCreditLoans is the third most popular lending platform among people with bad credit. Much like MoneyMutual, they provide free services to borrowers and connect them to a large network of lenders, each offering loans on varying terms.

Since people with bad credit scores cannot afford to have a firm credit check, BadCreditLoans does not require them to have one. Hence, it is easier for such people to get cash when needed.

The lenders on this platform are independent and have the power to design the loan offers themselves. Therefore, be sure to negotiate with the lender to customize the deal to suit your needs.

This company provides detailed information about lenders and borrowers so that both parties can decide whether or not to deal with each other.


The following points will give you an overview of the main features of BadCreditLoans:

  1. Provides detailed information on lenders and borrowers

  2. Company-standard encryption technology protects your personal data

  3. Free services

  4. Negotiation with lenders is allowed after completing the application form


  1. Free services for lenders

  2. Analyzing the credibility of a lender is easy thanks to the detailed information provided by the platform

  3. Credit requirements are not high

  4. Loans of $500 to $5,000 can be borrowed

  5. It is possible to compare the loan offers of several lenders

The inconvenients

  1. Only people with good credit scores can get huge loans

Client experience

Like everything in our lives, we don’t want a complicated application form to apply for a loan. BadCreditLoans understands this! Customers love the short and easy application form that only takes a few minutes to complete. If you are looking for a no credit check loan, BadCreditLoans is your place to go!

= > Visit the official BadCreditLoans website now for more information!

We hope that after reading our review of the best bad credit loan lenders, you now have an idea of ​​where to go in case you need an emergency loan. Whatever your needs, make sure you understand all aspects of the loan offer and have the ability to repay it on time.

If we talk about a best emergency loan provider in 2022, MoneyMutual has no match. Their vast network of lenders, simple application process, and excellent customer service are popular with borrowers across America. You can obtain several types of loans on this platform with varying conditions. So if you are looking for an emergency loan, visit the MoneyMutual website, submit an application, compare loan offers, negotiate with the lender and have your funds transferred within 24 hours!

You might also be interested in reading: Best loans without credit check for May 2022

MoneyMutual Review: The Leading Payday Loan Company to Try?


And if you had an emergency today – your car broke down, you ended up in the hospital, an unexpected house repair, anything could happen. Do you have an emergency fund to help cover unexpected expenses, or will you have to rely on family, friends or, even worse, a credit card? MoneyMutual is a free resource that connects lenders with borrowers who can provide people with short-term loans ranging from $200 to $5,000, often within 24 hours. Customers can access the company online and fill out a simple form that gives access to over 90 lenders. One can choose the lender based on who has the best offer.

However, most people wonder if MoneyMutual is a lender and how the process works. This review provides comprehensive information to help you learn how MoneyMutual works.

What is MoneyMutual?

MoneyMutual is an online resource whose website at MoneyMutual.com gives you access to several lenders available in your area. MoneyMutual was founded in 2010 and has a proven track record of providing customer-focused services to Americans who might need help covering an unexpected expense. They are members of the Alliance of Online Lenders and provide useful information on their website to help consumers recognize websites that may be trying to take advantage of people or obtain their information to use for identity theft. or fraud. Montel Williams served as the company’s spokesperson for nearly a decade.

How does the short-term loan company work?

MoneyMutual provides customers with easy access to lenders who offer short term loans. It provides access to lenders who offer loans to people with bad credit and people who need access to money faster than traditional loans could provide. A recent survey found that nearly 60% of Americans cannot cover an unexpected $1,000 bill with savings.

People over 18 with a verifiable income of at least $800 per month and an official bank account can find a lender through MoneyMutual. Fill out the form on the website and check out the different lenders recommended by the company. The company partners with over 90 lending companies, ensuring customers choose when reviewing loans on offer.

Once you have chosen the best deal through MoneyMutual, you are directed to the lender’s website and provide more details for loan processing to begin. Here is a detailed breakdown of how the system works:

  • Provide personal information: MoneyMutual gives you access to an online form where you will submit your information
  • Review by lenders: Lenders review the information to determine the appropriate amount to offer.
  • Receive the money: Once the lenders approve the application, they deposit the money directly into your account within 24 hours.
  • The amount one can borrow through MoneyMutual ranges from $200 to $5,000.

Are there any fees associated with MoneyMutual?

Filling out the form on the website is free. You will not pay MoneyMutual at any time. You will repay your loan to the lender you sign up with. It is essential to review the terms and conditions before choosing a lender to understand how much it may cost to borrow.

How long will it take you to use MoneyMutual?

The online form is easy to fill out. This may take you a maximum of ten to fifteen minutes if this is your first time using the site. Frequent customers may take less time since the site has the information. Once you complete the online form, the lender reviews it and makes you an offer – if you accept, the money can be available within 24 hours.

How do Money Mutual lenders work?

MoneyMutual offers its customers access to over 90 lenders. Each lender reviews the personal information provided and goes through the financial history before approval. You choose the best lender based on your needs.

Lenders review information using the following process:

  • Once you submit the information, the lending company reviews all the details provided
  • Lenders follow the requirements before making a final decision
  • If the lenders approve the application, you will be directed to the lender’s official website to accept the terms and conditions of the loan.
  • In some cases, the customer service team may contact you to confirm details, such as your bank account, before finalizing the process.

The process is simple and only takes up to 24 hours once approved. All payday lenders at MoneyMutual are open with all required fees and charges. They also charge the recommended interest rates required by law. It is essential to check all charges to avoid any inconvenience.

What is MoneyMutual’s interest in the whole process?

MoneyMutual is a resource for your loan application process. They give you access to different payday lenders in your area where you can borrow money quickly. All clients are requested to read the terms and conditions carefully before entering into any contract with the lenders.

You are not charged any fees for applying for a loan at MoneyMutual, you enter into a contract with the lending company and each has its terms and conditions. MoneyMutual collects fees from the lender, not the borrower, so it has no financial interest in your loan until you register with the provider of your choice.

What do most customers say about MoneyMutual?

The lending industry, particularly the area of ​​payday loans, has a shady reputation. However, MoneyMutual is one of the oldest companies that connects customers with the most trusted loan companies. They have served over two million customers over the past ten years.

Most customers agree that MoneyMutual operates as it advertises itself. It gives them access to several payday loan companies, thus creating a link between the lending company and the customers.

Most customer reviews indicate that the lending companies on MoneyMutual have a transparent lending system with favorable interest rates. Many users also decided to try MoneyMutual after seeing the advertisements on TV.

Some of the negative MoneyMutual reviews come from customers who did not read the terms and conditions of the lending company before accepting the offer.

What are the requirements for applying for a loan via Money Mutual?

The following conditions must be met before applying for a short term loan through MoneyMutual.

  • Be at least 18 years old
  • Have a verifiable income of $800 per month, whether from employment or other income
  • Have a bank account
  • Different lenders may require additional requirements such as a social security number.

Money Mutual contact details

MoneyMutual is an online company headquartered in Las Vegas, Nevada. The company does not offer loans but provides access to over 90 lending companies. Montel Williams was the longest serving spokesperson representing the company for eight years.

Their website has an excellent section for frequently asked questions and walks you through the process carefully, as well as things to look out for if you choose to use other resources to research a loan. For example, they explain some of the typical “red flags” when dealing with sites that want your personal information. However, if your question is not answered on their website, you can contact them in one of the following ways;

  • Mailing address: MoneyMutual, LLC 2510 E. Sunset Rd. Ste 6, #85 Las Vegas NV, 89120
  • Email: [email protected]
  • Phone number: 844-276-2063

Final verdict on the MoneyMutual company

A recent study found that 40% of Americans cannot raise $400 in an emergency. MoneyMutual exists to help Americans access money for emergencies. The online company provides you with a list of loan companies in your area.

These companies offer short-term loans ranging from $200 to $5,000. The loan system is fast and it only takes 24 hours for the money to be paid into your bank account. Visit the official website and learn more about MoneyMutual.

RELATED: Best Bad Credit Loans (2022) Top High Risk Personal Loan Companies


  • https://www.consumerfinance.gov/ask-cfpb/what-is-a-payday-loan-en-1567/
  • https://www.federalreserve.gov/publications/files/2017-report-economic-well-being-us-households-201805.pdf

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Please understand that any advice or guidance revealed herein does not even remotely replace sound medical or financial advice from a licensed health care provider or licensed financial advisor. Be sure to consult a professional doctor or financial advisor before making any purchasing decisions if you are using any medications or have any concerns from the review details shared above. Individual results may vary and are not guaranteed as statements regarding these products have not been evaluated by the Food and Drug Administration or Health Canada. The effectiveness of these products has not been confirmed by the FDA or Health Canada approved research. These products are not intended to diagnose, treat, cure or prevent any disease and do not provide any type of enrichment program. Reviewer is not responsible for pricing inaccuracies. See the product sales page for final prices.

Line Secures $25 Million in Equity and Debt to Build an Inclusive Financial System; Already serving more than six hundred thousand working-class Americans in just over six months


Line is a public benefit corporation whose mission is to provide unparalleled access to financial services with uncompromising quality and without restrictions such as income type, income level or credit history.

Line, the company building a modern and inclusive financial network, today announced that it has secured $25 million in equity and debt, with Massive leading the way. Line is a public benefit corporation whose mission is to provide unparalleled access to financial services with uncompromising quality and without restrictions such as income type, income level or credit history. The long-term vision is an inclusive and interoperable financial network that replaces today’s fragmented mess that forces those who can least afford it to subsidize ecosystem inefficiencies with fees and interest rates. higher, or simply prevents them from accessing products so as not to adapt to obsolete products. Criteria.

“Most of the financial industry is focused on the same group: people with a monthly or bi-weekly W2 paycheck and a mix of checking, savings and maybe investment accounts – and still pegged primarily to men. Meanwhile, a growing portion of the population earns a living through a combination of gig work, hourly jobs, government assistance and cash wages, with at least 50% of them women. who earn a fraction of what men do at the same job and lose their pay when they take time off for babysitting responsibilities,” said Akshay Krishnaiah, Founder and CEO of Line. India where I was raised by parents from extreme poverty inspired me to create Line to provide a financial product that is relevant, inclusive and easily accessible to everyone – without the added weight and cost of predatory practices. rices who constantly tell people who is worthy and who is not.

Despite being skilled, banked, working in essential jobs and working hard to spend less than they earn, more than three billion people worldwide and more than 100 million people in the United States cannot access commonly needed financial services. This group has a poor credit history, which is considered non-traditional working conditions and/or traditional working conditions with poor company policies that make their income irregular (i.e. lack of paid vacation, loss of childcare credits, etc.). Rather than leading to new solutions that cater to this group where they need to raise them, it has instead led to a predatory trillion dollar financial services industry that includes things like cash advance apps funds, check cashing services, credit company loans, pawnshops and title loans.

Line investors know that existing financial institutions were built by and for a subset of the population, and that building something new for those excluded from existing systems is essential to truly creating financial inclusion. Their backgrounds are varied, but their vision for a better future is unique: Line. The round was led by a carefully chosen group of investors aligned with Line’s mission as a public benefit company – led by Massive and tracked by TASC Ventures, as well as a group of BIPOC investors, funds at social impact and women-led funds like Goodwater Capital, SustainVC, Avesta Fund, Strada Education Network, The Josephine Collective, Overtime VC, Techstars and Kelmhurst. They are joined by angel investors Alex Haro, CTO of MyMoneyKarma; John Kim, CEO of Sendbird; Chris Nguyen, co-founder of LogDNA; Ranjan Soups, CEO of Sardine; and Ethan Austin.

Line’s proprietary technology both dynamically adapts to meet individuals where they are in their financial journey and actively considers micro and macro trends, enabling it to support customers when neither financial firms neither public and corporate policies can. For a nominal monthly fee, Line offers users an emergency fund line without interest, credit checks, or the need to establish a credit history or a stable income. Line also helps people avoid overdrafts and late payments, actively monitors each customer’s credit, offers users up to 20% cash back on daily transactions and will soon help them build credit on these transactions. .

“We are built on a partnership rather than a predatory model, with the fundamental belief – having lived it – that people do the best they can with what they have for themselves and their families,” Akshay continued. . “By knowing this to be true and coming from a place of trust, we are able to have an industry-leading refund rate and incredibly higher customer retention than credit cards and products for the ultra-rich would be the envy.”

Since its quiet release last July, adoption has been rapid and steady, with more than six hundred thousand people registered in 5,200 cities in 50 states. Other boosts since the release of stealth just over six months include:

  • Become profitable with nearly 300% quarter-over-quarter revenue growth
  • Adding over $1 million in customer lifetime value every month
  • Go from instant disbursement of cash for emergencies in the thousands to millions per month
  • 100% month-over-month user sign-ups, over 70% of which come organically
  • Industry-leading loss rates, proving overlooked customers are actually good bets if you serve them with intention

“Most of the investment and innovation in personal finance over the past 20 years has been focused on bringing more products and features to the same affluent customers who already have plenty of choice. Line, Else hand, has thought through and carefully built a financial system for the significant underserved population. The incredible growth and performance the company has experienced over the past year demonstrates to the world that the underserved population deserves access to d ‘great financial products,’ said Ari Newman, CEO of Massive. “We are proud to be part of this important mission and to work with Line to build a long-awaited solution for millions of people.”

The new capital will go towards growing Line’s team and expanding its service. The company’s latest funding round follows the success of its previous $2 million round which included such luminaries as fintech unicorn Pine Labs CEO Amrish Rau; Andre Hadad, CEO of Turo, Avinash Gangadharan, CTO of Turo; James Barrese, senior vice president of technology at Chime; Karthik Balakrishnan, president of Actual; Sri Narasimhan of PayPal Angels; Ivo Distelbrink, EVP and Head of Asia Pacific at Fiserv with CMFG Ventures Discovery Fund, Techstars, TASC Ventures, Strada Education Network and Avesta.

To learn more, visit: https://useline.com/.

On the line

Line is building a modern, inclusive, and interoperable network of people, tools, and services that work together to put more money in the pockets of the average American. Line enables individuals to build trust and creditworthiness without the need for a credit history, credit score, traditional work arrangements or a stable income, while providing essential financial services such as instant money for emergencies for a monthly subscription as low as $1.97/month through its Line network-powered iOS and Android apps. Line is founded and backed by a team of players who come from humble beginnings, just like their users, and have built financial platforms that gross over $5 billion year-over-year, money management apps personal finance that ranks #1 in over 27 countries and the #1 global platform for underbanked and unbanked people worldwide. To learn more, visit https://useline.com.

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Protection against high-cost lenders in place May 1


Financially vulnerable British Columbians will benefit from better protections that come into effect on Sunday, May 1 with new legislation to regulate lenders of high-cost credit products.

“The coming into force of this new framework strengthens consumer protection and improves financial education to help people make important decisions,” said Mike Farnworth, Minister of Public Safety and Solicitor General. “Those using or considering high-cost financial services will benefit from regulation and oversight of the industry.”

As part of the 2019 amendments to the Business Practices and Consumer Protection Act, under the new framework, businesses that offer high-cost credit products, such as installment loans and lines of credit with more than 32% interest, will be required to obtain an annual license and be regulated by BC Consumer Protection.

This oversight will help ensure that businesses understand and comply with these new requirements, and that consumers are protected and can make informed choices when using high-cost alternative financial services.

The amendments also establish new requirements for transparency and borrower protection. The rules prohibit certain charges, establish requirements for credit agreements, and establish the rights and remedies of borrowers.

These improvements are part of the government’s 2018 Financial Consumer Protection Action Plan to strengthen consumer protection and improve affordability for the most financially vulnerable people in British Columbia. Previous phases included enhanced financial protections for consumers using payday loans and government check cashing services.

A new Consumer Financial Education Fund, also coming into effect May 1, 2022, will improve consumer financial education and awareness across the province. The fund will be supported by industry as part of its annual fee.

As the province’s consumer protection authority, Consumer Protection BC will administer the new framework and the Consumer Financial Education Fund. Information on high cost consumer credit products and the business licensing process is available on the Consumer Protection BC website.

Learn more:

Action plan for the financial protection of consumers:

Regulating high-cost credit products to protect consumers:

Online resources for borrowing money:

Information on British Columbia consumer protection laws – Consumer Protection BC:

Impact of COVID-19 on Online Payday Loans Market Share, Size, Trends and Growth from 2022 to 2031 – themobility.club


A recent report on the world Online payday loans market published by Market Reports provides a global overview and assessment of opportunities at the moment. The study provides an in-depth examination of key market trends. To forecast the growth of Online Payday Loans with the utmost accuracy, analysts consider both historical and current growth parameters.

The kOnline Payday Loans Business Intelligence Report estimates market size in terms of value (Mn/Bn USD) and volume (Mn/Bn USD) (x units). The research analysis has been geographically divided into critical regions that are growing faster than the global market to understand the development prospects of Online Payday Loans. Each section of online payday loans has been carefully considered in terms of price, delivery, and market potential.

For the forecast period, the study includes a review of the year-on-year growth pattern along with current and potential market volume forecasts (units). The study assesses the effect of the novel COVID-19 pandemic on online payday loans, as well as relevant insights into how industry players are responding to the new situation.

Access a sample report – marketreports.info/sample/22704/Online-Payday-Loans

The Online Payday Loans analysis rates each market leader based on market share, manufacturing presence, new releases, partnerships, existing R&D projects, and company strategies. In addition, the keyword research examines the SWOT report (strengths, gaps, opportunities and threats).

Major key players included in Online Payday Loans Markets are: Wonga, Cash America International, DFC Global Corp, Instant Cash Loans, Wage Day Advance, MEM Consumer Finance, 2345 Network, …

By TypeInstallationSingle-PhaseBy ApplicationPersonalLarge BusinessSMB

What are the main takeaways from the online payday loans study for readers?

• Study any Online payday loans the player’s existing business models, including product launches, expansions, alliances and acquisitions.

• Recognize key drivers, constraints, opportunities and patterns (DROT analysis).

• Key factors such as carbon footprint, R&D progress, prototype inventions and globalization.

• Examine and research the growth of the global Online Payday Loans landscape, including sales, supply, and usage, as well as historical and forecast data.

Check Instant Discount- marketreports.info/discount/22704/Online-Payday-Loans

The online payday loans report answers the following questions:

  • Which players have a significant share of online payday loans, and why?
  • Why do you think global online payday loans would be region-led?
  • What are the variables that negatively impact the growth of online payday loans?
  • How do online payday loan players develop plans to gain a strategic advantage?
  • What Would Global Online Payday Loans Be Worth?

Regional outlook:

Regionally, the global online payday loans market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In addition, market data classification and region to country analysis are covered in the market research report. Additionally, regions are separated into country and region groups:

– North America (USA and Canada)

– Europe (Germany, UK, France, Italy, Spain, Russia and rest of Europe)

– Asia-Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and rest of Asia-Pacific)

– Latin America (Brazil, Mexico and rest of Latin America)

– Middle East and Africa (GCC (Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East and Africa)

Buy the full report @ marketreports.info/checkout?buynow=22704/Online-Payday-Loans

About Us:

Market Reports offers a comprehensive database of syndicated research studies, custom reports, and consulting services. These reports are created to help make smart, instant and crucial decisions based on detailed and in-depth quantitative information backed by in-depth analysis and industry insights.

Our dedicated in-house team ensures that reports meet client requirements. We aim to provide valuable service to our customers. Our reports are based on extensive industry coverage and ensure that we focus on the specific needs of our clients. The main idea is to enable our customers to make an informed decision, keeping them and ourselves informed of the latest market trends.

Contact us:

Carl Allison (Business Development Manager)

Market reports

phone: +44 141 628 5998

Email: [email protected]

Website: www.marketreports.info

What is a payday loan? 7 expert reasons to avoid them

  • We earn a commission for products purchased through certain links in this article.

  • With the rising cost of living, you may be wondering what payday loans are and if they could be a solution to ease the strain on your household finances.

    With the price of everything rising these days, many of us are looking for ways to save money on food and worrying about the cost of our energy bills. Although a payday loan may seem like an easy solution, it could make your money worries worse.

    Myron Jobson, Senior Personal Finance Analyst at Interactive Investor explains, “It’s easy to see why these loans can be tempting at first glance, especially when they’re so quick and convenient,” he says. “But while taking out a payday loan to cover holes in your finances might seem like a quick fix, it too often can trap people in a cycle of debt.”

    What is a payday loan?

    Payday loans are short-term loans for small amounts of money that keep you going until your next payment. You can usually borrow between £100 and £1,000. The idea is that you repay the money within a month. Some lenders will often give you three to six months to repay the loan.

    Sarah Coles, senior personal finance analyst at Hargreaves Lansdown, says the catch is that they’re notoriously expensive. “The interest rate is penalizing and if you miss payments, the costs will increase alarmingly.”

    According to Financial Conduct Authority (FCA), the average annual percentage rate (APR) on a payday loan is 1,250%. However, for loans that are meant to be repaid over months rather than years, an APR doesn’t make much sense.

    For a better indication of costs, consider the cost caps that limit the amount payday lenders can charge. These were introduced in 2015 by the FCA, following a campaign by Labor MP and campaigner against payday loans Stella Creasy:

    • Lenders cannot charge you more than 0.8% interest per day, or 80 pence for every £100 borrowed. The maximum charge for a loan of £100 over 30 days is therefore £24.
    • You cannot be charged more than £15 for missing a payment.
    • You will never be asked to repay more than double the amount borrowed, including charges.

    These measures have gone a long way to limiting the risk of payday loans spiraling out of control. But it’s still a very expensive way to borrow.

    Payday lenders are also no strangers to controversy.

    Labor MP Stella Creasy, launched a campaign against payday loans from 2012. She urged the government to cap costs as some companies were offering loans with interest rates of 4,000%. In 2014, the FCA investigated Wonga and placed a qualified person at the company to help review its practices. But in 2018, Wonga went bankrupt following a deluge of compensation claims from customers who were sold high-cost loans. QuickQuid’s parent company also went into administration in 2019 after refusing to pay compensation claims.

    Are payday loans hurting your credit rating?

    Taking out a payday loan could potentially hurt your credit score. As a form of credit, payday loans will show up on your credit report. Your credit report gives potential lenders insight into your borrowing history. It tells them how much debt you have and whether you’ve ever missed or made late payments. Even if you don’t miss payments, payday loans can still lower your credit score.

    John Webb, senior consumer affairs executive at Experian, explains, “Taking a lot of short-term loans can lower your credit score for up to 12 months. Your credit score is also calculated based on the average age of your accounts, so having a lot of new accounts can impact your score.

    Theoretically, paying off a payday loan quickly could increase your credit score over time. However, because payday loans suggest you’re struggling with money, it’s not something lenders like to see on a credit report.

    John Webb of Experian adds: “Some lenders are nervous about these types of loans. If you want to apply for a mortgage in the future, it’s a good idea to avoid short-term loans for at least a year.

    Are payday loans safe?

    Payday loans are high risk. Even with regulated lenders, although there is some degree of consumer protection, payday loans are risky. Interest rates are exorbitant, there are penalties for missing payments and, even with FCA price caps, you could still end up paying double what you borrowed. It’s bad news if you’re already struggling to make ends meet and it’s too easy to borrow to become a habit.

    According to the Competition and Markets Authority, 75% of personal loan borrowers take out more than one loan per year, with the average borrower taking out six loans per year.

    Never borrow from a lender not regulated by the CIF – you are indeed dealing with a loan shark.

    7 reasons to avoid payday loans

    Payday loans are legal and, provided the lender is regulated by the FCA, offer some consumer protection. If your boiler is down, they may seem like a lifesaver. However, they are still high risk.

    Here are 7 reasons to avoid payday loans:

    1. They are expensive – borrowing £100 for 30 days will probably cost £24
    2. If you miss a refund you will be charged up to £15
    3. It is easy for debts to skyrocket. If you need to borrow this month, are you sure you can repay the loan plus interest next month?
    4. They could affect your ability to borrow later. Missed payments will lower your credit score while many lenders will frown on any evidence of a payday loan on your credit report.
    5. You can get a loan in minutes, which makes borrowing too easy without thinking about it. This often means you don’t end up getting to the root of your financial problems or looking for alternatives.
    6. You may be able to find cheaper or even free ways to borrow.
    7. A payday lender might not support you. 25% of Step Change charity customers said they didn’t think their payday lender took reasonable steps to ensure they could repay their loan. When customers told their payday lender they were having trouble paying, less than 50% heard about free debt advice.

    What is the best payday loan alternative?

    Choosing an alternative to a payday loan depends on your situation. If you have a good credit rating, using a credit card may be an option. Borrowing informally from parents or other family members can also be a solution. Another option could be a loan from a credit union. They are financial cooperatives that offer low-cost, non-profit savings and loans. Find out if there is a box near you, or that serves the industry in which you work.

    Sarah Coles, Personal Finance Analyst, says, “If you need money for a specific purchase to get you through payday, a normal credit card will let you borrow interest-free until the payday. payment. As long as you pay it off in full at this point, it won’t cost you anything. If you need to borrow longer and qualify for a credit card with 0% on purchases for a period, you can borrow without interest. Just be sure to figure out exactly how you will pay the money back before interest is charged.

    As a general rule, it’s best not to borrow unless you really have to. Instead, look to find ways to reduce your expenses wherever possible. It’s hard to save on gas and heating bills at the moment, but you might be able to head to a cheaper supermarket or cut down on remaining luxury expenses. Writing a monthly budget showing all your essential income and expenses is a good start.

    What should I do if I have a personal loan?

    If you already have a payday loan, the best thing to do is to pay it off as soon as possible – without taking out another short-term loan to do so. The longer you delay repaying the loan, the more it will cost you. If you miss payments, you will also be stung with penalties.

    In many cases, putting your finances under the microscope and writing a budget can be enough to get you back in control of your money. However, if that’s not enough, it’s worth contacting a charity such as Stage change or National debt line for free debt advice. The sooner you act, the easier it will be to get back on track.

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    Legal-Bay pre-settlement funding announces preparation for summer season


    Leading pre-installation financing the company can approve cases within 24-48 hours during what is expected to be the busiest summer funding period since pre-pandemic

    NEWARK, New Jersey, April 28, 2022 /PRNewswire/ — Legal-Bay LLC, The Pre Settlement Funding Company, announces that it is prepared for an increase in requests for court loan funding. All trends point to a rapid comeback in this particular market, with settlement loan applications at levels not seen since pre-Covid. Legal-Bay’s experienced staff are ready to handle the high volume of requests and provide a quick turnaround, typically less than 48 hours once all documents are received.

    Summer can be exhausting for plaintiffs who find themselves penniless, especially as the kids get out of school and parents need money for camp, vacations and family activities. Legal-Bay understands the need for extra money at this time of year and is ready to help plaintiffs obtain the funds that will help them get their lives back on track.

    Chris JanisCEO of Legal-Bay, said, “As Memorial Day approaches, we are already seeing an increase in car accident complaints. Once summer really kicks in, even more people will be on the road, which will unfortunately lead to more accidents and lawsuits. We’re here to help our complainants in any way we can, even if it’s just donating money to families trying to have a fun summer.”

    If you are a plaintiff involved in an ongoing lawsuit and need an immediate cash advance against an impending lawsuit settlement, please visit Legal-Bay HERE or call toll free: 877.571.0405.

    Legal-Bay is a leader in settlement loan services with some of the lowest rates in the industry. Any new customer who has an ongoing lawsuit and needs money can now apply for loan settlement financing. Legal-Bay finances all types of lawsuit loans, including personal injury, car, truck or boat accidents, and more.

    Legal-Bay’s pre-settlement funding programs are designed to provide immediate cash in advance of the claimant’s anticipated monetary compensation. Non-recourse lawsuit loans are risk-free because the money does not need to be repaid if the recipient loses their case. Therefore, lawsuit loans are not really loans, but rather a cash advance.

    To apply now, go to the company’s website HERE or call toll free: 877.571.0405 where the officers are.

    Contact: Chris JanisCEO
    E-mail: [email protected]
    Such. : 877.571.0405
    Website: www.Legal-Bay.com

    SOURCE Legal-Bay, LLC

    Cost of living crisis: County credit union warns of payday loans and loan sharks


    Now Credit Union CLEVR Money, the credit union of Preston, Blackpool, Fylde, Wyre and Lancaster, has warned of the financial disaster many could face if they resorted to high interest loans.

    The warning comes as the Credit Union, a nonprofit with some 5,000 members, reported receiving a growing number of loan applications.

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    CLEVR Fund Managers Anthony Brookes and Jackie Colebourne

    Anthony Brookes, Director of Loans, said: “The rising cost of living is certainly hitting people in our communities hard and we have certainly had an increase in loan applications as a result. Over the past few months, however, we’ve seen more and more people requesting smaller amounts to “help them out” to cover unforeseen expenses and even pay bills and overhead.

    “The most worrying factor is the growth in the number of workers contacting us, those who were about to make do with their wages but are facing dramatically increased expenses without a pay rise. terrifying on their own.”

    He continued: “We know that people are turning to other forms of lending such as payday loans, Buy Now Pay Later and even loan sharks which is a huge concern for us. These type of loans can very quickly go bad as debt skyrockets when penalties and fees are imposed or more money lent without the borrower having the means to repay it.

    The Caisse populaire helps people avoid debt by encouraging savings and offering what it calls “responsible loans”. Anthony said: ‘We are concerned that rising bills will force more people to borrow from these lenders and so we are working hard to encourage them to contact us first, an ethical and responsible non-profit co-operative who really care about their well-being.”

    Anthony noted that previously most loans were for “specific things… to cover the cost of major expenses such as home improvements, car repairs, holidays or Christmas for example”, but said the situation was changing.

    A credit union can help people in debt reduce the cost of paying off their loans by arranging to consolidate existing debts into one consolidation loan.

    Anthony said, “It pays off several high-interest but fast-growing debts and replaces them with a single credit union loan at an affordable interest rate.” It’s really brave when someone comes to us with a number of debts and asks for a debt consolidation loan, but it’s all worth it when they feel the relief of getting their finances straightened out, especially right now, in the face of inflation and rising costs.

    You can apply for membership if you live or work in the postcode areas: PR1 – PR5, FY1 – FY8 and LA1 – LA2.

    You can also become a member if your employer is a payroll partner.

    Comparison of States with Highest and Lowest Levels of Personal Debt and Income |


    Attention: Personal loans, BNPL credit need urgent regulation


    Emilie Chantiri* advocates for regulation of payday loans and Buy-Now, Pay-Later (BNPL) services, saying young people fall through the loopholes.

    Getting a payday loan is easy, but therein lies the problem. Not enough is being done to prevent payday lenders from giving money to people who might have trouble paying it back.

    The lack of background checks on loan applicants and the lack of regulation for payday lenders has caused many people to go deeper into debt after taking out one of these loans.

    Why do borrowers struggle to repay?

    It is often the young or the most vulnerable who use these types of loans, largely because they cannot get credit cards or loans from traditional banks.

    Typically, approved lenders don’t charge interest on payday loans, but they can charge high fees.

    This means that those who take out a loan may end up having to pay back a lot more than they expected.

    For example, most payday lenders charge a set-up fee of 20% of the amount borrowed and a monthly fee of 4% on top.

    Which means that for a loan of $2,000, a borrower would end up paying a setup fee of $400 plus a monthly fee of $80.

    Then, if this person defaults, the fees or charges can reach 200% of the total amount of the loan.

    Loopholes are a concern

    Many people seek out payday loans when they are in financial difficulty.

    Consumer advocates fear loopholes in lending laws could open the floodgates to predatory lending for millions of vulnerable Australians.

    These advocates say payday lenders can sidestep the Credit Law through loopholes and insist that more regulation is needed to tighten those loopholes to protect consumers.

    One such person is Fiona Guthrie, CEO of Financial Counseling Australia, who said financial advisers continue to see people who have taken out payday loans getting trapped in a cycle of debt.

    She explained that people often felt overwhelmed with financial stress, which meant it was difficult to know what to do and where to turn.

    “This stress of course manifests itself in all aspects of a person’s life, affecting their relationship and often their physical and mental health,” Guthrie said.

    “Children in families where there are financial difficulties are obviously also negatively affected.

    “People may feel like there’s no way out of debt, but there are always options.

    “And the sooner you seek advice, the better.

    “Pick up the phone and call a financial adviser on the National Debt Helpline on 1800 007 007.”

    And remember, financial advice is a free and confidential service.

    Global call to regulate BNPL

    Another often overlooked credit pitfall is that of buy-it-now, pay-later (BNPL) services.

    In fact, consumer groups from nine countries have called for urgent action against BNPL credit providers.

    The global call around BNPL coincided with World Consumer Rights Day, which fell on March 15, 2022.

    Australian consumer organisations, including CHOICE, are calling on the government to introduce legislation that will reduce the cost of payday loans and make the product safer.

    “The government drew up bills in 2017 that would allow this to happen, but did not follow through.

    “We need these laws introduced,” Guthrie said.

    And CHOICE has joined consumer groups in all nine countries calling for urgent action against BNPL providers, with new data showing many Australians are struggling with this form of debt.

    CHOICE CEO Alan Kirkland said companies have been allowed to sell unregulated loans to Australians for quite a long time.

    “Failure to act will create additional hardship for individuals and families who are already doing things the hard way,” he said.

    A key regulation requiring urgent action for BNPL products is that it be regulated in the same way as other forms of credit.

    This includes ensuring that measures such as caps on fees and charges, restrictions on unsolicited marketing and obligations to assist those in financial difficulty that apply under national laws are extended to BNPL.

    Another key reform is to require BNPL providers to assess whether it is appropriate and affordable to provide credit to people without the risk of causing financial harm.

    Are you concerned? Here’s what you need to do

    Before applying for a payday loan, there are other options for managing bills and debts.

    Call 1800 007 007 from anywhere in Australia to speak to a free, independent financial adviser.

    You can also talk to your electric, gas, phone, or water provider to see if you can work out a payment plan.

    If you receive government benefits, ask if you can receive an advance from Centrelink.

    The government’s MoneySmart website also has options that can help.

    * Emilie Chantiri is a Sydney-based journalist and best-selling author of Savvy Girl Money Book and The Money Club. She writes articles focusing on business, money, finance, management, work issues, and property.

    This article was first published on au.finance.yahoo.com.

    Loans for graduates. Most Graduate Students Are Strongly Determined by Loans


    Loans for graduates. Most Graduate Students Are Strongly Determined by Loans

    You really must be enrolled at minimum half-time (6 credits or more) to be considered for student loans. Be aware of your loan which is the total responsibility of your payment responsibilities. Our goal at UMass Boston would be to let you discover education funding aided by the best combination of expense, ease, and solution.

    Graduate students working full-time on the dissertation or dissertation are eligible for educational funding if they are generally making satisfactory academic progress and tend to create progress in completing their final level requirement. Students should distribute the thesis dissertation form towards the school funding solutions workplace or even the one to avoid. This form must certainly be completed because of the apprenticeship scholarship holder and his head of the graduate system. The student must pay a program fee to remain active in their program if a graduate student does not enroll in any credits during a semester.

    Borrow smart – just borrow what you need.

    Direct unsubsidized government loan

    • Direct unsubsidized loans are guaranteed by the federal government in full loans; there is absolutely no requirement to demonstrate monetary need.
    • Their class finds the total amount that is possible to borrow based on their attendance price as well as other educational funding you get.
    • You may be responsible for devoting attention to an unsubsidized principal loan for all durations.
    • Interest accrues throughout the disbursement of the mortgage in the category
    • You are not obligated to pay interest or principal payments 6 months after graduation or 6 months when you fall below half time. If you choose to never pass attention while you are in school and during grace periods and periods of deferment or abstention, their interest will accrue and the stay will be set to the principal level of their ready.
    • Graduate students working full-time on the dissertation or thesis may defer payment. A Graduate Plan Manager will need to send notification to the Registrar’s Office for virtually all term students working full-time on the degree which is the final requirement purchase to qualify for deferment in school . The student must pay a program fee to remain active in their program if a graduate student does not enroll in any credits during a semester.

    The Direct PLUS government loan for graduates or experts

    payday loans nebraska

    • Federally funded loan scheme available to graduate students enrolled at least half-time (6 credits) in a qualifying degree or certification scheme
    • A FAFSA type is required
    • Debtor can borrow as much as tuition less education funding per school year
    • Interest rate and origination fees
    • Different payment methods can be found

    CRUCIAL: Everyone who wants to borrow a Federal Direct PLUS loan must have completed a FAFSA

    • Once the following web page launches, choose APPLY FOR HELP, then choose Apply for Graduate PLUS loan once the type of loan. Choose begin to begin the program.
    • Year select a price.
    • Conclude the student learning information section.
    • Complete the Educational School and Loan Suggestions area. In the education school name box, be sure to find the University of Massachusetts Boston.
    • In the Loan Duration section, find the appropriate start and end times for the loan duration. After the last day of the requested deadline, our workplace cannot certify a bonus loan request.
    • Continue with the procedures to perform the rest of the parts associated with the application. Be sure to perform all transactions and use their legal name as shown on your personal security card.
    • Complete the credit check. The results of your credit check will be there right away.
    • If your credit has been authorized, you will be offered two alternatives:
      • Do not continue with the whole application, or
      • Keep and finalize a Loan Master Promissory Note advantage, while you may not have completed one yet.
    • When your credit is simply not authorized, you will be offered the options below:
      • maybe not pursuing the mortgage,
      • Get an endorser, or
      • Appeal the choice of credit

    Contact The One end if you need help using or figuring out exactly how much to borrow for the PLUS loan.

    Choice of personal loan

    Personal education loans are credit-based customer loans that you can use to cover all costs associated with post-secondary education, such as tuition and fees, publications and transportation. Before considering a private loan, we encourage you to apply for federal, state, and institutional educational funding, such as Federal Student Education Loans. UMass Boston strongly encourages all students to strive for educational funding each season by completing a FAFSA. After exhausting the loan options offered by federal aid, students can begin to think about private loan products as another way to get money.

    Eligibility for personal loans is based on ability and creditworthiness to settle, perhaps not economic need. Personal loans can be granted because of the scholarship holder or the parent/sponsor. More student loaned personal loans require a creditworthy co-signer and allow deferral of principal and interest payments even if the scholar is enrolled. Remember that interest rates from some lenders may vary depending on the payment option you choose.

    School Finance Solutions uses ELM select, a loan contrast device, where Louisiana City Payday Loans allows you to compare loan providers, their terms and conditions, and apply for loans directly through the website. ELM select.

    UMass Boston Re Payment

    Maybe not enthusiastic about a loan? There was an interest-free method to spend their semi-annual bill on equal, scheduled monthly obligations. Take a look at the payment per month arrange choice. There was clearly a one-time cost of non-refundable registration fees per semester. Issues? Contact the Bursar’s workplace by email.

    Government data suggests First Nations more often affected by CERB reimbursement letters


    The 57-year-old residential school survivor thought the Canada Emergency Response Benefit could be her financial life raft.

    “I thought the federal government was gracious in granting CERB,” she said in a recent interview from her Winnipeg apartment. “But they are ruthless and relentless in wanting that money back.”

    Ketchum was one of 441,599 aid recipients who, at the end of 2020, received a letter from the Canada Revenue Agency questioning their eligibility and warning they may have to repay some of the payments.

    Figures from The Canadian Press on the destination of the letters suggest a disproportionate number landed in First Nations postal codes, including Manitoba and Saskatchewan.

    Two regions in northern Manitoba stand out from the data, with more than half of the average number of CERB recipients in each benefit pay period receiving what the CRA called “educational letters.”

    Forward sortation areas, or the first three digits of a postal code, are home to two of the largest Aboriginal communities in the province. The local MP notes that there are also high poverty rates.

    CRA data shows that the average personal income in the R0B postal code is just over $11,900, which is below the national average of just over $51,000. Nearly 5,000 letters landed in this area.

    New Democrat Niki Ashton, who represents the region in the House of Commons, said her office has received calls from residents worried about having to reimburse CERB.

    “This whole issue has caused a lot of anxiety and concern for people in our communities,” Ashton said. “But it really speaks to the lack of, well, frankly, the lack of fairness on the part of the federal government stretching significant resources and stalking people in one of the poorest regions of Canada.”

    Areas with large numbers of CERB recipients, including in and around the Greater Toronto Area, showed smaller shares of letters in data obtained by The Canadian Press under the Freedom of Information Act. ‘information.

    The CRA said no one has been forced to repay any of the aid, no repayment deadline has been set and “no recovery or collection efforts have been made in respect of of any group, including Indigenous candidates”.

    That could soon change. Work is progressing this year to verify the eligibility of CERB beneficiaries, as the government has always promised, and efforts will continue over the next few years. Thousands of other letters were also sent to beneficiaries of the now defunct program.

    Just under 8.9 million Canadians have used the $500-a-week emergency benefit that the government rolled out quickly at the start of the pandemic, as millions of workers saw their incomes cut.

    Eligibility rules were eventually set to require a person to have earned at least $5,000 in the 12 months before applying, which the government noted became easier to verify once tax returns arrived .

    Part of the problem with letters sent to Indigenous communities is that tax filing rates are lower among Indigenous families.

    The CRA website encourages Indigenous assistance recipients to file their 2019 and 2020 tax returns as a way to prove their eligibility, even though the deadlines for these have long passed.

    The agency suggested another problem could be that some claimants have tax-exempt income because it is earned on a reservation under a specific section of the Indian Act.

    “If an individual had tax-exempt employment or self-employment income, the CRA may not have the necessary income information on file to confirm their eligibility for the CERB,” the statement said. agency in response to questions from The Canadian Press.

    The agency added that it had an email for specific questions about the Covid-19 work restrictions and the impact on the Indigenous income tax exemption.

    Ketchum struggled to understand the CRA website and leniency options, if any. She sought help from a tax preparer, but was told she would have to repay the money.

    According to a Statistics Canada study, Indigenous workers who met CERB income requirements were more likely than their non-Indigenous counterparts to receive CERB.

    Among First Nations workers the rate was 41.5%, among Inuit 40.3% and 36.2% among Métis. The corresponding percentage for non-Aboriginal workers was 33.9%.

    The reason they were more likely to receive CERB had to do with their disproportionate ranks in low-wage jobs that have been hardest hit during the pandemic amid rounds of lockdowns and hour reductions, and which don’t have still not rebounded to pre-pandemic levels despite the top tier numbers.

    Ketchum shakes his head at the situation. She relies on paying the money back during tax season to help pay her bills, but instead sold her condominium and took out $4,000 in risky payday loans to survive the pandemic.

    She said she could barely afford to eat and couldn’t afford the necessary dental work.

    “ARC took my teeth, my rent, my food,” Ketchum said.

    Some struggle to pay property taxes and turn to high-interest lenders


    The surge in property valuations released this month has left many homeowners reeling. As some struggle to pay taxes, 2022 could bring revival to a controversial industry.

    Property tax lenders offer to help desperate homeowners and businesses protect their properties from foreclosure by offering immediate loans at high interest rates. After years of steady growth, the pandemic has cut its fortunes short, but some see the conditions ripe for a comeback.

    “It’s definitely been a good year after a few pretty tough years before,” said Andy Cahill, president of Johnson & Starr, an Austin-based property tax lender that serves homeowners across the state. “I suspect this will be the best year we’ve seen in a long time.”

    This year, Bexar County assessed the average farm at just over $309,000, up more than 23% from last year, according to the Bexar County Assessment District. Just five years ago, the average farm assessed was around $170,600, so larger tax bills will likely keep some owners from paying.

    Cahill said the property tax loan industry saw high activity in February and March, typically the busiest time of the year. February is when unpaid property taxes become overdue and the first notices are sent. Next February, when the 2022 property taxes come due, could see an even bigger bump.

    It’s not just soaring assessment values ​​that are pushing some to apply for a property tax loan, Cahill said, but also the end of eviction moratoriums, which are just beginning to match the numbers in before the pandemic. Homeowners are feeling more pressure to pay overdue taxes, with some facing years of levies.

    Critics often compare the industry to payday lenders, which also offer fast, high-interest loans to desperate borrowers. According to the latest figures from the Texas Office of Consumer Credit Commissioner, the average interest rate on these loans was 13.09% for residential properties and 11.87% for non-residential properties. Bloomberg reported last year that borrowers often end up paying more than double face value for their tax liens.

    While taxpayers have a variety of options to ease the pain — like working with the county on a payment plan, appealing for appraisals, applying for homestead exemptions, or involving their mortgage provider — corporations tax loan companies promise flexibility, which they advertise strongly through leaflets, letters and billboards.

    The industry began to flourish in Texas in the 1990s and grew steadily until the pandemic cut its fortunes short. Peaking in 2019, property tax lenders processed a total of $198 million in loans that year, according to state records. In 2020, that number has dropped to just over $165 million. Total loan amounts for 2021, when valuations began their steep ascent, have yet to be released, let alone 2022.

    Peter Squier, president of the Texas Property Tax Lienholders Association, predicts that “many more people will need help paying their taxes next January when tax bills for new assessments come due.”

    Although federal funds have enabled the creation of a new state assistance program for homeowners, not everyone will be eligible. And for those people, Squier said in an email, “The Texas state-regulated property tax loan industry stands ready to provide tax loans that save homeowners money and prevent them from possible seizure of outstanding property taxes”.

    Squier is also president of Propel Financial Services, the San Antonio-based property tax lending company that dominates the industry. According to its website, it is the largest property tax lender in the state.

    Propel was co-founded in 2007 by Red McCombs, the San Antonio billionaire who made his fortune in car dealerships and radio. McCombs was bought out in 2012 for $187 million, but four years ago bought the company for an undisclosed price.

    “It’s one of my babies that I plan to grow into a very competitive financial services company,” McCombs told the San Antonio Business Journal at the time. “In two to three years it will be a $100 million business.”

    McCombs and others in the industry say it provides flexibility for landlords and other landlords, as he detailed in a 2013 opinion piece.

    Cahill echoed the sentiment. “Once we have a customer, we don’t want to foreclose them,” he said, because foreclosure would sever the credit relationship between the company and the customer, cutting off the money supply. Missed payments are more likely to lead to calls from a collection agency than a seizure, he said.

    Critics say there are less risky alternatives.

    Nick Longo, who recently founded PropertyAxe, a company that uses data-assisted techniques to help property owners appeal their appraisals, called the industry “sharks”. He described desperation to see a billboard for them on the way to Austin, and said many of the people targeted by these ads are the same ones who could be helped by his business.

    Steven Scurlock, director of government relations for the Texas Independent Bankers Association, described tax lenders as an “irritation” to the industry and an exploitation for homeowners. “A lot of times the consumer doesn’t understand what they’re getting into, and that can create problems far beyond your non-compliance with your taxes.”

    His association has long lobbied in the state house against the industry, whose model disrupts bank-provided mortgages. He urged homeowners to speak to their bank for help in situations where they cannot pay property taxes.

    Bexar County Chief Assessor Michael Amezquita called the companies predatory. He said he sympathized with landlords who were experiencing rising property values ​​and strongly urged them to appeal their appraisals, which he said have a 94% settlement rate. The process has been simplified in recent years with online appointment scheduling.

    He also urged those struggling with taxes to work out a payment plan with the county. Owners have several options for payment plans, particularly if the owner is older, has a disability, or is a veteran or married to one.

    Bexar County Tax Assessor-Collector Albert Uresti said homeowners can enter these types of payment plans at any time — even now — and the county also has flexibility. Those who miss a payment are subject to a 6% penalty fee and 1% interest.

    More people use county payment plans than property tax lenders, according to figures provided by his office. For the 2021 tax bills, he said about 11,500 accounts — less than 2% of property owners — opted into a county payment plan, compared to only about 700 who transferred their lien to a tax lender.

    “Why go to Propel? ” he said. “We have the same program here, and it’s a lot less risky.”

    Get Instant Same Day Payday Loans Online in California –


    California is a great place to live thanks to its warm climate and endless beaches. Each city in the state has its particular vibes. At the same time, some people find the cost of living quite expensive here. No wonder so many people struggle to cover bills like mortgage, rent, and utilities.

    Online payday loans same day deposit in California can be a great solution to make ends meet. In fact, they may be a reasonable option for resolving issues according to state law.

    If you are interested in any type of cash advance, you should read the information below. This will help you make the right decision.

    What is a payday loan?

    A payday loan is a short term loan which aims to help you cover your sudden expenses until you receive your next paycheck. The best thing about it is access to quick cash. It can be easily deposited directly into your bank account after approval.

    An average payday loan ranges from $100 to $500, although some lenders may have different limits. This is something you should check with the selected lender before submitting a loan application to them.

    What are payday lenders in California?

    All same day instant payday loans online in California are provided by direct lenders. These private financial institutions offer short-term loans that must be covered with interest and fees in a short period of time. This can be very beneficial as it helps people avoid certain problems.

    Some lending companies are accused of selling their customers’ personal data. And this is not a joke. They give scam calls and send scam emails to irritate their customers. In the case of payday loans, this can never be a real problem. In California, direct lenders do not let third parties get involved in the whole process. Thus, all data remains between the direct lenders and their customers. Above all, it is always kept safe.

    Using Online Payday Loans in California

    Direct lenders aren’t the only perks granted by the moment bad credit loans guaranteed approval. These short term loans are incredibly convenient as you don’t have to go anywhere to get the cash. It can all be done from the comfort of your home. All you have to do is visit the lender’s website, fill out an online form, get approved, and wait for the money to arrive in your bank account.

    You don’t need to spend hours trying to find a loan. Plus, there is a smart guide that will help you apply for payday loans in California.

    You must also have a clear understanding of this type of loan service. As soon as your form is completed, you will have to wait several minutes for a response. In addition, you must sign your loan agreement. The requested cash amount will be sent to your bank account within one business day.

    California fast payday loans are to be availed with no credit check and no paperwork. Many people who cannot receive cash advances from other direct lenders usually have poor credit histories. Online payday loans happen to be a great loan service because no one cares about your financial past. Direct lenders review the employment status of borrowers to ensure applicants are able to afford a loan. Bad credit loans can still be fully covered on the due date.

    How to apply for a payday loan online in California?

    A few requirements for payday loans should be considered before submitting an application. apply for a loan from direct lenders. Here are the most common:

    • Social security number or identity card;
    • Current account active;
    • Physical address and valid telephone number;
    • Relevant documents to verify your income.

    What is the value of online payday loans in California?

    For every $100 borrowed, you will need to repay approximately $18. Let’s say that if you borrow the amount of $100, you will have to repay the amount of $118. The same day instant payday loan online in California has an annual percentage rate (APR) of 450% and more.

    The APR deals with the total value of your covered loan as an annual rate. Check if the actual loan APR could be higher or lower. In most cases, it is estimated based on the actual amount you want to borrow and the repayment game you are committing to.

    Why Tax Refund Loans Are Bad: Fees, Interest, and Risk


    Last-minute filers are scrambling to ship their returns to the Internal Revenue Service by the 2021 tax year deadline of Monday, April 18, and are likely anxiously awaiting a big check via their refund of tax.

    Some tax firms or other lenders may offer the option of accessing these funds sooner, in the form of a tax refund loan, also known as a refund anticipation loan.

    Regulators and advocacy groups have warned of the potential downsides of loans, especially those that come with high fees or high interest rates. Personal finance experts generally do not recommend them.

    Here’s what you need to know about loans this tax season.

    What is a tax-free loan?

    A tax refund loan is, quite simply, an advance on your tax refund, said Matt Schulz, chief credit analyst at LendingTree.

    It’s a way to borrow against your tax refund to access funds immediately: borrow the amount from a lender and give them the refund when you get it from the IRS.

    “Unlike a lot of loans, it’s not necessarily something you’re looking for,” Schulz said.

    Tax refund loans are usually offered by a tax preparation company, Schulz said. You will not find them in your bank.

    What are the advantages and disadvantages?

    The advantage of a repayment anticipation loan is quite simple: you have immediate access to your repayment amount, instead of waiting for the days or weeks it may take to obtain the funds from the IRS.

    The wrong side? “It can end up costing you money,” Schulz said, in the form of interest or fees.

    Some tax firms will offer you a tax refund loan at no cost, Schulz said. But, you will have to pay the company to do your taxes for you.

    “Even with a 0% loan, there will always be a minimum that you will pay to prepare your taxes,” he said. “So if you’re someone who’s already planning to do your taxes, maybe it’s not that bad.”

    Teresa Murray, director of the US Public Interest Research Group’s consumer watchdog office, says the cost may outweigh the benefits.

    “We really urge people to avoid any type of prepayment anticipation loan,” she said. “Anything you borrow against a refund you haven’t gotten yet…it’s just bad news written all over the place.”

    The North Carolina Consumer Council is warning anyone considering a loan against their tax refund to “think again.”

    “While getting a tax refund advance may seem tempting, these loans are actually payday loans for tax returns, and you should avoid them as much as possible,” according to advice from the council on its website. . “The full amount must be repaid, as with any other loan, even if your repayment is less than expected or ends up not being repaid at all.”

    When can I expect to get my refund?

    The IRS issues more than nine out of 10 refunds in less than three weeks, according to its website. Taxpayers who filed their returns electronically will get their refund faster than those who mailed their tax forms.

    And the department is handing out refunds faster and faster, Murray said. Now, some e-filers can expect to see the funds in their bank account within days.

    “If you file electronically, you can get your money typically in four to six days,” she said.

    North Carolina taxpayers may get their state tax refunds slower, but the upside is that a delay in accepting returns this year was due to a legislative reduction in the personal tax rate. .

    Should I consider a tax-free loan?

    Schulz said if you really need the money — and read the terms carefully — a tax refund loan can be an alternative to riskier ways to fill your bank account.

    “Emergencies happen: job loss, medical emergencies, whatever the case,” he said. “(In that case), there are worse things you could do than a tax refund.”

    And assuming you’ve done your taxes correctly, he said, a tax refund loan is a secured loan, with your actual refund serving as collateral. This makes it much less risky than, say, an unsecured payday loan with an exorbitant interest rate.

    Murray, on the other hand, cautions against lending under any circumstances. She suggests holding on until you get your refund, especially since it might not take very long if you filed electronically and set up direct deposit.

    “If you’re short on money…find a friend or relative to borrow money from for a few days,” she said. “Don’t go the prepayment loan route because they’re just ridiculously expensive…you’re paying for your own money.”

    As this year’s tax filing season ends without the threat of a government shutdown going forward, that could make these loans even riskier, according to the North Carolina Consumers Council.

    “Frequent federal government shutdowns could make these types of loans more attractive if you want to get your money back quickly, which can complicate things. Remember that a delay in getting your repayment will not be considered by the lender and will not release you from any obligation to repay the loan on time,” its website states.

    Schulz added that major tax firms — like H&R Block or Jackson Hewitt — only accept applications for tax refund loans during a certain period, often between December and February. So, for these filers, the loan application window may already be closed.

    And Murray had another piece of advice for any registrants who haven’t signed up yet: start early next year.

    “When you’re in a rush, you’re more likely to not pay attention,” she said. “Anytime you have the words ‘not careful’ and ‘IRS’ in the same sentence, that’s not a good thing.”

    This story was originally published April 15, 2022 8:36 a.m.

    Charlotte Observer Related Stories

    Hannah Lang covers banking and economics equity for The Charlotte Observer. She studied business journalism at the University of North Carolina at Chapel Hill and grew up in the same town as her alma mater.

    The economy in a nutshell: Starbucks’ union wave continues


    Plus, the New York State Common wants big banks to stop investing in fossil fuels, and a new report shows payday loan reforms are saving borrowers millions in fees.

    Starbucks Union Wave continues

    Workers at a Starbucks coffee shop in Pittsburgh voted unanimously (20:0) to become the first store in Pennsylvania to unionize.

    Their success is part of a wave of organizing across the country. For example, workers in Eugene, Oregon also collectively voted to unionize. So far, 20 Starbucks coffee shops have unionized and more than 200 locations are filing for union elections, with five stores announcing their intentions in the past 48 hours.

    NPR reports that only one store has failed to unionize so far. Company executives are engaging in different tactics to steer employees away from unionizing, including the recent return of Howard Schultz as interim CEO on April 4.

    Schultz has earned the trust of employees, but he is notoriously anti-union. On his first day back, he pledged that his job “coming back to Starbucks is to make sure that we…reimagine a new Starbucks with our partners at the center of it all, as a business partner pro, as a company that doesn’t need someone between us and our people.

    However, employees continue to complain of mistreatment. Allegations of Starbucks’ illegal union-busting have caused the National Labor Relations Board (NLRB) to file a complaint against the coffee chain for allegedly threatening, interrogating and harassing workers.

    “We would all be happy to give this company everything we had if we were also treated the same,” Claire Picciano, a barista from Virginia, told NPR.

    Follow the developments here.

    New York State Common supports stopping fossil fuel funding

    On Tuesday, the New York State Common Retirement Fund announced its support for a shareholder resolution that would call on financial institutions to end their funding of fossil fuel projects, Pensions & Investments reports.

    Citigroup, Morgan Stanley, Bank of America, JP Morgan Chase, Goldman Sachs and Wells Fargo are the six companies that would be affected by this (non-binding) resolution, which each company adamantly opposes. Board members said the proposal was irrelevant given the company’s current environmental policies and that it “did not take into account the complexity of reducing carbon emissions”.

    The pension fund, however, argues that it is necessary to create real change. “All of these financial institutions have made net zero commitments…but to ensure that these commitments are credible, they must adopt policies that eliminate funding for the exploration and development of new fossil fuels,” reads its filing with the Securities and Exchange Commission.

    Four of the six companies affected by this resolution are in the list of the top 12 banks that finance the fossil fuel sector, according to a 2022 Banking on Climate Chaos report. JP Morgan Chase tops the list after investing $ 382 billion in fossil fuels for the past five years, despite joining the Net Zero Banking Alliance last year.

    “It is high time to stop funding fossil fuels. Oil, gas and coal companies will not manage their own decline,” said David Tong, global industry campaign manager at Oil Change International. “The simple reality is that the fundamental arithmetic of 1.5°C requires oil and gas production to decline by at least 3-4% per year, starting now. But no major oil and gas company has pledged to end its expansion, and banks around the world continue to pour billions into fossil fuels. This must stop now.

    Payday loans are four times higher in states with less consumer protection

    According to a report by Pew Charitable Trusts, states that have reformed payday loans have saved consumers millions in fees.

    Researchers studied Colorado, Hawaii, Ohio and Virginia and found that the stronger consumer protections offered by these four states increased access to credit. Because of these policies, lenders are offering smaller loans that can cost up to four times less than single payment payday loans.

    The policies put in place have also generally benefited lenders. Ohio’s own legislation offered new lenders who previously avoided working in the state due to confusing regulations. Now the shops that offer loans have become much more efficient, with the number of customers increasing from 500 to nearly 1,300.

    The study concludes by recommending that other states enact their own comprehensive reforms, as 27 states offer one-time payment payday loans.

    Solcyre (Sol) Burga was an Emma Bowen Foundation Fellow with Next City for the summer of 2021. Burga is completing her degree in political science and journalism at Rutgers University, intending to graduate in May 2022. As a Newark native and immigrant, she hopes to elevate the voices of underrepresented communities in her work.

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    New bilingual apps help Latinos get debit cards without bank accounts


    Fintech companies are offering Latinos a way to get debit cards they otherwise couldn’t get to conduct cashless transactions.

    COLORADO, United States — Latino households are less likely than non-Hispanic whites to use the banking system, and some financial technology (fintech) companies want to change that by helping unbanked Latinos get debit cards so they can transact cashless.

    According to BNC Newsa 2019 FDIC investigation showed that 12.2% of Hispanic households were “unbanked,” compared to 2.5% of white households.

    the the first two the reasons for unbanked households not having bank accounts were not having enough money to meet minimum balance requirements and distrust of banks.

    According to Axiosbanks have always charged people of color higher fees, made it harder for them to access business loans, or granted them more expensive mortgages. Not having access to banks can also make it harder for Latinos to access car leases, high-yield savings, and build good credit scores.

    To help Latinos get debit cards that allow them to make cashless transactions, some fintech companies offer mobile apps that do not require a social security number and accept an Individual Tax Identification Number (ITIN) or a Mexican Matrícula card.

    RELATED: New Data Shows Blacks, Latinos More Likely To Be Denied Mortgages In Metro Denver

    New fintech options designed specifically for Latino and Hispanic immigrants include bilingual digital wallets or apps, PODERcard and B9, which Axios says offer linked prepaid debit cards that can be used in stores and ATMs. tickets, with no commissions or minimum amounts. .

    “There is this myth that the migrant and Latino community only wants to do cash transactions, but it only happened because there was no other option,” Raúl Lomelí told Axios. -Azoubel, co-founder of SaberesPoder (SEP).. “We know this community wants to save, invest and they need these financial solutions.”

    In the past, Latinos have used fintech products like PayPal’s Remitly and Xoom to send money from the United States to Latin America and the Caribbean instead of banks, according to Axios.

    NBC News said people without bank accounts can take a toll on their wallets through check cashing, cashier’s check fees or high-interest payday loans.

    The cost of cashing a check can vary between 1% and 12% of the value of the check; cashier’s checks cost between $10 and $15 and those who use payday loans end up paying over 300% interest, according to NBC News.

    Axios says Latinos, especially people in the country without proper documentation, are more reliant on predatory services like payday loans, which have very high interest rates, or check or money order cashing services. which incur high costs.

    RELATED: What Experts Say You Need to Know About ‘Buy Now, Pay Later’ Programs

    SUGGESTED VIDEOS: Latest news from 9NEWS


    Modoc Nation Sued Over Alleged High-Interest Loan Scheme

    By Caleb Symons (April 11, 2022, 9:30 p.m. EDT) – An Oklahoma tribe that paid $2 million to avoid lawsuits in a recent predatory lending case was hit with a new lawsuit Monday accusing him of to help run a separate loan company that charges exorbitant interest rates.

    The putative class action lawsuit filed in federal court in Pennsylvania alleges that leaders of the Modoc Nation conspired with lending company 500FastCash to generate revenue from those interest payments while evading federal and state privacy laws. consumers.

    Idell Dearry, a Philadelphia resident who filed the lawsuit, says he paid thousands of dollars in interest to 500FastCash between 2011 and 2019 after the company converted its one-time payment…

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    Money-saving tips: Britons urged to consider ‘new ways’ to make saving ‘more manageable’ | Personal finance | Finance


    Brits may be wondering if there are ways to manage their money and ease some of the pressure on their households. Express.co.uk spoke exclusively to Neil Kadagathur, co-founder and CEO of Creditspring, about how Britons can manage these rising costs.

    He said: “The cost of living crisis is about to bite harder when energy bills soar and especially now with the rise in National Insurance.

    “The latest interest rate hike by the Bank of England will not reduce the cost of living or ease the pressure on households struggling to make ends meet – nor will it provide relief for savers.

    “In this context, trying to save money on a day-to-day basis is a challenge. But the good news is that there are tons of new apps and tools out there that can help people manage their money better.

    “From budgeting tools that help people know where they’re spending their money, to rounding services that save a small amount each time a payment is made, these products make saving more manageable, even for those who thought they could not afford.

    READ MORE: Capital gains tax: how to report your income to HMRC

    “These types of tools can also give people new ways to borrow to meet unexpected expenses, helping them avoid high-interest, high-risk alternatives like payday lenders.”

    Better money management can make all the difference, as people will be more aware of where their money is really going each month, potentially preventing them from taking on more debt.

    Mr. Kadagathur shared his top tips for saving money.

    He said: “One of the first ways people will try to save money is to reduce their day-to-day expenses.


    “Be savvy when shopping for weekly groceries – smaller local supermarkets tend to charge more than their larger counterparts – and think twice about what you buy.

    “For example, branded drugs often mean you only pay for the nice packaging because they contain the same ingredients as supermarket branded products, and you can often save money on drinks by walking to the back of the store and choosing your drink at rather than the refrigerated section at the front where the prices are higher.

    He encouraged Britons to use budgeting apps if they can.

    There are a host of budgeting apps and tools available to help people take control of their finances.

    He explained that money management apps like Cleo and Plum cam help people understand where their money is going so they can see if there are areas where they are overspending.

    Additionally, he reminded Britons to only use “Buy Now Pay Later” if they can repay.

    He said: “A third (32%) of people don’t know that BNPL is a form of borrowing, but it is. If you miss a payment, it can impact your credit score and even lead to debt collectors in the worst case.

    “It may seem like a simple way to split the cost of an item, but it only works if you know you’ll be able to 100% afford all refunds.”

    Brits are being warned to avoid high-cost lenders, especially when they need them.

    He added: “It can be tempting to turn to the kinds of lenders you see advertised on TV who promise your money will be with you within minutes. But no ! These types of lenders often have exorbitant interest rates, which can lead to more problems and prevent you from accessing cheaper loans in the future.

    Finally, people need to remember that there are people who can help.

    Mr Kadagathur explained that sadly three in ten adults (29%) in the UK feel terrified about their financial future.

    He said: ‘If you are in financial difficulty, remember that help and support is always available.

    “Charities like StepChange offer free expert debt advice to help people get back on track with their finances. Just answer a few questions and they’ll be able to tell you which solution or service is best for your situation.

    UK Buyers at Westfield Shopping Centers Benefit from BNPL Option


    Customers at more than a dozen stores in London’s Westfield shopping centers and Stratford City can now use a buy it now, pay later (BNPL) option when shopping, Bloomberg reported on Wednesday (April 6).

    Clearpay Finance Solutions, a payment processing provider based in Manchester, England, has partnered with shopping center owner Unibail-Rodamco-Westfield SE. The report adds that the French commercial real estate company is continuing BNPL’s expansion into physical stores globally.

    Clearpay – which is known as Afterpay outside of Europe – is working with Westfield to give shoppers more in-store payment options as the retail sector recovers from the pandemic, a co-founder and co-CEO Anthony Eisen told the outlet.

    “We are fully committed to the UK market and looking to grow the team,” he said.

    Clearpay said it has 2.5 million customers in the country, and Eisen said BNPL could soon account for 10% of e-commerce spending, the report notes. Spending networks such as Klarna and Affirm continue to grow as younger customers prefer to spread the cost of purchases without using a credit card.

    Eisen said he welcomed the regulations and said the process had been engaging and learning. At the recent Innovate Finance Global Summit in London, Eisen said discussions in the UK are similar to conversations in Australia.

    As many as 20% of Australians use BNPL. The payment plan is different from credit cards, and Eisen said it generally covers smaller purchases and faster refunds.

    “We recognize that millennials and Gen Z don’t want to sit in a world of revolving debt,” he added.

    Last month, Clearpay and cross-border payment platform Thunes also formed a BNPL partnership.

    See also: Cross-border payment platform Thunes partners with Clearpay on BNPL

    The partnership enables Thunes to offer Clearpay’s BNPL product to its network of gateways, merchants and marketplace partners, the company said.



    On: Patient portals have become a must-have for providers, so much so that 61% of patients interested in using the tools say they would choose a provider that offers one. For Accessing Healthcare: Easing Digital Frictions In The Patient Journey, a collaboration between PYMNTS and Experian Health, PYMNTS surveyed 2,333 consumers to learn how healthcare providers can ease digital pain points to improve care and satisfaction. patients.

    6 things to look for in payday loan companies


    We all face financial challenges at some point and that’s when credit comes in handy. When you need money to cover unexpected expenses, you can consider a payday loan. However, it can be quite difficult to access the best payday loan since not all lenders are the same. Here are 6 things to look for in payday loan companies.

    1. Application process

    Most payday lenders offer online services, and the application process can take around 24-48 hours. Unlike traditional loans from banks or credit unions, online credit applications do not involve significant paperwork. Once your information is verified, the lender will approve your application. The money can be deposited into your account within hours. You should check the requirements and make sure to include all the details. If there’s anything you don’t understand, be sure to check with the lender before submitting your application.

    2. Choose the best lender

    One thing you need to know about payday loan companies is that they are in business. This is why they target the poor and people with bad credit history who cannot apply for loans from banks. Payday loans come with high interest rates, but they vary. It is therefore crucial to seek best payday loan companies who offer competitive prices. You should also check to see if the company has any hidden costs that may increase the total amount you will have to repay for the loan.

    Other factors you should also consider before applying for a loan include processing fees, late fees, penalties, rollover fees and NSF check fees which will be added to the total amount you will repay. .

    3. Reputation

    You should check the reputation of the payday loan company before submitting your application. Some lenders have earned a good reputation for offering fast, flexible and fair practices. Reputable companies also offer favorable repayment terms. If you want borrow money with an installment loan, it’s important that you do your research thoroughly and look at comparisons so you can find the perfect option for you, depending on whether you have good or bad credit. The reputation of the lender plays a huge role in this decision. You can check customer reviews to get an overview of the operations of different lenders before submitting your loan application. You have to be careful not to deal with unlicensed lenders as they often prey on desperate people.

    4. Loan repayment period

    One of the most important things you should consider when applying for a payday loan is the repayment period. As the name suggests, some lenders require borrowers to repay their loans no later than the next paycheck. This means that you must repay the money plus interest within 30 days. However, some lenders offer extended loan repayment periods.

    These providers allow the customer to roll over their loans to extend their term. This service is chargeable, so you have to be careful not to get tangled up in an endless cycle of debt. You need to compare lenders to find the best repayment terms. More importantly, you need to understand the laws that govern the operations of payday lenders in your state.

    5. Loans for bad credit

    It is essential that you check whether the lender offers loans to people with bad credit history. It usually takes up to 8 years for a bad credit rating to disappear from your history. However, you might run into financial difficulties in between, and borrowing may be the only viable option you have. Therefore, you need to check if the lender deals with people with bad credit. Try to understand the implications of getting a payday loan when your credit score is weak. In some cases, lenders may charge high interest rates, which may further impact your financial situation.

    6. Maximum amount offered

    A payday loan offers a quick solution to your financial problems and you can use the money for any purpose. Depending on the use of the money, it is essential to check the maximum amount you can get. However, this should be determined by your monthly income. When you apply for a loan, make sure that the object for which it is contracted is an absolute necessity. Although some lenders offer higher amounts, don’t be tempted by this. Payday loan companies are in business and often prey on the poor to maximize their profits. You can end up creating a cycle of debt if you fail to manage your loans.

    If you need money to pay for an emergency, you can apply for a payday loan. However, you must understand that payday loans come with high interest rates. It is important that you repay the loan within the agreed repayment period to avoid the risk of increasing the amount owed. Although payday loans offer a quick solution to your financial needs, they are quite expensive. Therefore, you can use these tips to find the best lender and avoid long-term problems.

    SoLo Funds Launches SoLo Wallet and Seeks to Empower Borrowers


    Source: SoLo Fund

    SoLo Funds on Tuesday announced the release of its new SoLo digital wallet. The wallet aims to make it easier for users to add funds to the platform to send loans and to have a secure place to access loan funds.

    The wallet is designed to give lenders greater transparency with transactions and allow them to add and disperse funds more easily. For borrowers, they can access funds more easily and can use the wallet as a primary account with direct deposit and other standard consumer deposit account features.

    With SoLo Funds, users can request or fund loans from $50 to $500. Borrowers choose when they want to repay the loan and tip the person financing the loan. The maximum duration of the loan is 15 days. Tips to borrowers generally vary between 3% and 10% of the loan.

    According to the company, the average loan is around $240. So the tip for such a loan could be $7.20 to $24. Depending on the length of the loan (with a maximum of 15 days), this could be an interesting investment.

    Users will first need to link their bank account and debit card to the wallet. They can then deposit funds as they would with a normal deposit account, and then they can use those funds to lend money to borrowers. Borrowers will be able to withdraw funds received from lenders to their connected debit card.

    The company plans to add its own debit card, but for now users will need to use one they already have. SoLo also plans to integrate features such as prepayment, interest-bearing accounts and a credit creation tool in the coming months.


    Source: SoLo Fund

    Help those in need

    SoLo Funds is an innovative company that seeks to empower underserved communities and people who need emergency cash but cannot go to a typical lender for it, either due to poor credit, adverse conditions or other factors.

    “With SoLo, borrowers set their own terms, including when they will pay [the loan] return and what they will ultimately pay for the loan,” said Rodney Williams, co-founder of SoLo Funds. ZDNet. “We wanted the borrowers to have all the power.”

    Along with co-founder and CEO Travis Holoway, Williams wanted to address a problem they had both noticed in their own communities. They realized that a large portion of Americans struggled to meet unexpected expenses and had little recourse. “With that in mind, we really felt when we looked at the market that nobody provided a real solution to meet that need,” Williams said.

    According to the company, 82% of all members are from underserved communities. Over 60% of borrowers are women, 49% have a college degree, 22% are LGBTQ, and 16% have a disability. SoLo Funds has nearly 450,000 members, with over 300,000 SoLo Wallet accounts and 110,000 monthly active users.

    “We wanted [SoLo Funds] be driven by the community. I grew up in communities where there was no Chase Bank or Bank of America, but there were lots of other things, like check cashing places. There was a lack of trust when it came to financial institutions, so [SoLo Funds] wanted to delete them,” Williams said.

    He also said that when unexpected expenses arise, many people have few options to turn to for financial assistance. These include friends and family or payday loans, and when these don’t work out, some may resort to crime.

    “We believe in solving real problems and building trusting relationships with consumers. For us, many of the banking features we release are designed to make borrowing and lending easier and better,” he said. declared.

    Understand the risks

    SoLo Funds does not have a typical approval process. Users do not undergo credit or background checks, which makes it easier to access funds compared to a traditional lender.

    Instead, users are required to connect their bank account and debit card, as well as establish Know Your Customer (KYC) and other anti-money laundering (AMI) practices with the facilitator. of financial services from SoLo, Plaid. All three factors must be verified before you can start lending or borrowing through the app.

    SoLo then creates a SoLo Score for the user by analyzing the last 24 months of their banking data. The score is heavily influenced by the user’s cash flow and transaction history. The SoLo score will decrease and increase depending on the borrower’s responsibility for the loans they apply for.

    According to the company, this process works better than other alternative lenders, as it has recorded a repayment rate three times higher than the industry average, with 9 out of 10 loans paid off.

    Users looking to fund a loan can use the potential borrower’s SoLo score to determine whether they want to take out the loan or not. Additionally, SoLo Funds offers lenders the option to enroll in Lender Protection. For a 5% fee, SoLo will insure your loan in the event it is not repaid and credit the full amount to your SoLo wallet.

    “As you can imagine, it’s an investment like any other. So it comes with risk,” Williams said. Users who default on their loan can no longer use the app until it is paid, but their credit rating will not be affected. “We have made the decision as a company not to negatively affect the credit of our borrowers until we can positively affect it,” he said.

    But that doesn’t mean there aren’t measures in place to deter defaulting loans. If the loan is not repaid within the set time frame, SoLo will begin the process of contacting the borrower. If the loan is repaid within 35 days, the lender receives the loan in full. Outside of the 35 days, the borrower is charged a late fee of 10% of the loan principal payable to the lender. However, according to its FAQ page, if funds are recovered after 35 days, SoLo charges a 20% loan recovery fee.

    If the SoLo team fails to recover the funds within 90 days, the case is transferred to its third-party debt collection partner, who charges a 30% fee for the recovered funds. At this point, the borrower is permanently banned from SoLo Funds.

    Although this seems like a high risk, again SoLo offers lender protection to insure the loan for a 5% fee. Which, depending on the size of the loan, seems worth it to avoid the potential headache. There is also the SoLo Score system in place to help vet borrowers.

    A big part of the market is trust. By being incredibly borrower-centric, SoLo Funds hopes that borrowers will realize that they have much more to gain by repaying the loan than by not paying.

    “Even after a default, we remain connected to our borrowers’ bank accounts, so we’re still able to work with them. That’s one of the reasons why our repayment rates are so high. We don’t treat like a lot of other lenders. . We try to work with them,” Williams said.

    A focus on financial literacy

    Much of SoLo Fund’s approach to lending also focuses on the financial literacy of its users. Both the app and the website offer a number of modules designed to help educate users on financial topics.

    SoLo tries to take financial literacy one step further than traditional banks. The company recognizes that while banks provide financial education resources, many of the things they teach consumers may not be available to all individuals, especially those in underserved communities.

    “It’s extremely difficult when a bank doesn’t give you a chance. People say, ‘You teach me to do all these different things, but I can’t get a credit card, or I can’t access these products.’ What [SoLo Funds has] figured out how to give anyone access, and we teach them the cost of capital,” Williams said.

    GoDo and Highnote Bring Financial Inclusion to Millions of Americans Living Paycheck to Paycheck | News


    SAN FRANCISCO, April 05, 2022 (GLOBE NEWSWIRE) — GoDo, a fintech company offering no-cost, same-day advances to employees, has partnered with Highnote, the most modern card issuance platform in the world. world, to create the GoDo Card, a new card program that gives underbanked workers immediate access to interim wages at no cost.

    Powered by Highnote’s card issuance platform, the GoDo Card enables financial inclusion with the following benefits:

    No Fee Financial Account: FDIC-insured accounts with no minimum balance or monthly fees. Access: GoDo offers earned pay access, which means cardholders can access a portion of their paycheck as soon as they finish work, instead of waiting for a traditional payment cycle. Payment Parity: The GoDo Card provides working Americans who previously lacked access to card and digital payments, the same payment experiences enjoyed by well-banked Americans.

    Some banks charge fees to account holders who are unable to maintain a minimum balance. According to a US Postal Service study, this causes the average underserved household to spend 9.8% of their income on fees and interest charges, and often resort to payday loans and other predatory lenders. The GoDo Card improves financial well-being by eliminating minimum balance and overdraft fees, and giving members access to earned wages to avoid predatory lenders and minimize debt.

    “Our mission is to create economic inclusion by making banking easy and affordable for hard-working Americans who need access to middle incomes and financial products at no cost,” said James Ray, CEO from GoDo. “The GoDo Map is the cornerstone of this effort, and Highnote was the only map platform capable of delivering what we needed, including future functionality for our users that would not have been possible with other solutions on the market today.”

    The GoDo Card was created using Highnote’s modernized platform, which provided key benefits including:

    Speed ​​to market: By serving as both processor and program manager, Highnote provided GoDo with a market-ready card at a speed unmatched by other virtual card platforms. Differentiation: Highnote’s modular capabilities allow GoDo to create the features that set them apart from their competitors. Reduced cost: The Highnote platform enables GoDo to provide free access to interim salaries by reducing operational costs while generating revenue through interchange fees. With Highnote Ledger, GoDo can minimize bank transfers and thus reduce costs and avoid fees for cardholders.

    “We created Highnote to enable companies like GoDo to create truly unique and revolutionary payment solutions for their customers,” said John Macllwaine, co-founder and CEO of Highnote. “The earned wage access market needs modernized payment solutions that can power innovative digital experiences and we’re here to make it happen.”

    This partnership is a significant milestone for Highnote as they launch with GoDo as their first customer in the Earned Wage Access vertical. This is a $12 billion market that Highnote aims to address by creating more innovative payment solutions for financial inclusion.

    To learn more about the GoDo Card, visit the GoDo website.

    The GoDo Mastercard Debit Card is issued by Sutton Bank, Member FDIC, pursuant to license by Mastercard. Mastercard is a registered trademark and the circle design is a trademark of Mastercard International Incorporated.

    About Highnote: Highnote is the world’s most modern card platform, purpose-built to retain and engage customers with integrated card experiences. Its fully integrated technology stack provides all the services necessary for innovative companies to launch new ways to use card payments. Using the developer-friendly Highnote platform, product and engineering teams at digital businesses of all sizes can easily and efficiently integrate virtual and physical payment cards (commercial and consumer prepaid, debit, credit and charge ), ledger and portfolio capabilities into their existing product capabilities, creating compelling value for users while increasing revenue and creating a unique and differentiated brand. The company has raised over $90 million from leading investors and strategic partners and is headquartered in San Francisco, California. For more information, please visit www.highnoteplatform.com.

    About GoDo: More than 80 million underbanked adults in the United States are unable to get ahead due to predatory drains on their finances, including payday loans, check cashing and bill payment fees. In fact, the average financially underserved household has an annual income of around $25,500 and spends $2,412 a year in interest and fees, equivalent to 9.8% of income, on alternative financial services, according to a US Postal Service report.

    GoDo aims to disrupt this industry by closing the gap between earned wages and the cost of living – eliminating minimum balance and overdraft fees, providing access to earned wages free of charge, and offering additional products designed to reduce addiction to payday loans. GoDo provides workers with instant access to their pay in the form of a payday advance earned at no cost via a GoDo Debit Card and the GoDo App. For more information, please visit www.godolife.com.

    Media contact: Jon Keller, [email protected]

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9894d08c-8907-4efd-bc34-c90a2f6fc863

    Loss of child tax credit is hurting Arkansas families, advocates say


    WASHINGTON — Jasmine James didn’t use her federal child tax credit money on the extravagant. Instead, the 22-year-old mother from Jacksonville relied on monthly checks to help her with the basics of life: her car insurance payment, her electric bills and the food for her young children.

    Now that the monthly payments have expired, she is moving forward with $600 less each month. To cope, James said she took out two private loans from payday lenders to subsidize her bills. “If they bring it back it will help a lot more people because the bills are going up. The lighting bills are going up. The rent is definitely going up. The gas is going up,” said James, mother of a 2-year-old girl. and a 3 year old son.

    James’ household is among tens of thousands of Arkansas families who received their final monthly payments in December.

    According to the Treasury Department, about 350,000 child tax credit payments, covering about 602,000 children, were paid to Arkansas families that month. In total, Arkansas families received more than $160 million in payments under the program that month.

    Monthly child tax credit payments, which gave parents up to $300 per child per month, expired after Senate Republicans opposed President Joe Biden’s sweeping social and environmental legislative package, also known under the name “Build Back Better”.

    After it passed the House, Senate Democrats, facing public opposition from fellow U.S. Democrat Senator Joe Manchin in late December, were unable to garner enough support to push the package through to the bedroom.

    In Arkansas, proponents of monthly payments describe its expiration as a blow to families across the state. They say the money has fought child poverty and given families financial leeway as they navigate the coronavirus pandemic.

    Arkansas is home to the sixth highest poverty rate among the 50 states and has large disparities in median black and white household incomes.

    The state’s median household income is $49,475, well below the national average of $64,994, according to five-year estimates from the U.S. Census Bureau.

    There are large racial disparities in household income levels in Arkansas.

    In Arkansas, the median income of non-Hispanic white households is about 62% higher than that of black households, according to the bureau’s five-year estimates. The median household income for non-Hispanic white families is $53,335 and that same measure is $32,844 for black households, according to bureau data.

    Kymara Seals, policy director of the Arkansas Public Policy Panel, described the payments as a “lifeline” for families. The Policy Panel is a nonprofit organization that advocates for issues of social and economic justice.

    “It’s so unfortunate that these payments have been discontinued,” she said. “And interrupted at a time when this country could afford to continue making these payments. So the timing was terrible.”

    Families nationwide also continue to face high consumer prices, including high costs for food, electricity and gasoline.

    Republicans attribute the inflation to legislative policies supported by Democrats. Last year, Arkansas’ all-Republican congressional delegation voted against the $1.9 trillion US bailout package, which included direct monthly payments to families.

    “When you have more money for fewer goods, you inherently have more inflation,” said US Senator Tom Cotton. “We warned Democrats about this at the time, and it wasn’t just Republicans who warned Democrats.”

    Cotton, a Republican from Arkansas who opposes the return of monthly payments, said the payments contribute to inflation by adding more money to the economy at a time when supply is tight. Across the country, families received about $92 billion through monthly payments, according to Treasury Department figures.

    But Bruno Showers, senior policy analyst at Arkansas Advocates for Children and Families, said child tax credit spending alone was not enough to fuel inflation.

    The organization, which advocates for issues affecting children and families, was in favor of the monthly payments.

    “It’s a significant amount of money for those individual families who are receiving it,” he said. “It helps them pay for the necessities of life. But as part of our national economy, it’s really small.”

    Columbia University’s Center on Poverty and Social Policy credited the Expanded Child Tax Credit with keeping 3.8 million children out of poverty in November. The center reported that the monthly child poverty rate rose from 12.1% in December to 17% in January, the month families stopped receiving direct payments.

    The center bases its figures on the Supplemental Poverty Measurement Framework which takes into account non-monetary government assistance. The Census Bureau began publishing the measure in 2011. It takes into account other “government programs designed to help low-income families and individuals who are not included in the official poverty measure,” according to the site. Census Bureau website.

    U.S. Representative Rick Crawford said child tax credit payments were indiscriminate and not all families needed the money.

    “Really, I think we don’t need it anymore, so I don’t really think we need to bring that back,” the Jonesboro Republican said.

    Crawford said there were labor shortage issues in his district and employers were calling asking how they could get people back to work.

    “We have a problem at home, quite frankly, and across the country, where people aren’t at work and could be,” he said.

    That’s not the reality for James, the mother of two in Jacksonville.

    James works four 10-hour shifts a week as a fitter and loader in an Amazon warehouse. Her job doesn’t offer extra shifts at this time of year, she said. And even so, working more hours would mean missing out on quality time with her young children, she said.

    In general, there are people who work but don’t earn enough money, she said.

    “Working for minimum wage, you can barely afford the rent,” she said.

    There are parents who are also dealing with the effects of a long covid and are unable to work or are limited in their ability to work, said Donna Massey, president of Arkansas Community Organizations State. , a group that advocates for low-income families. .

    Anecdotally, families are feeling anxious again with the loss of child tax credit payments, said Terry Bearden, executive director of the Arkansas Community Action Agencies Association. The organization represents community action agencies that fight poverty and provide assistance to moderate to low income people in Arkansas.

    “Few people waste money on useless things,” she said.

    When parents worry about paying rent or feeding their families, they’re not well placed to make big leaps, like going back to college or starting a small business, she said. The monthly payments, she said, gave families a sense of stability.

    Other members of the Arkansas congressional delegation criticized the tax credit payments people received last year.

    U.S. Representative Bruce Westerman, a Republican, said he was not in favor of monthly child tax credit payments.

    “As part of the ‘Build Back Broke’ program, Democrats are trying to reimagine the program as a no-work welfare program,” Republican U.S. Representative Steve Womack said in a statement, referring to the social and environmental legislative package. supported by Democrats.

    US Representative French Hill, in a statement, said inflation was attacking household budgets and wage growth. He blamed the high consumer prices on the Democrats’ “tax and spend policies”.

    “The best way to reduce poverty is not new government handouts, but meaningful reforms to fight inflation,” he said, also pointing to the alleviation of the “tax burden” on small businesses.

    When asked if he would support restoring the monthly payments that happened last year, U.S. Senator John Boozman said he “supports looking at the program in its entirety and trying to come up with a sort of compromise.

    The monthly child tax credit payments were made in an emergency to get the country through covid, he said. But the covid landscape has changed, and the United States now faces “rampant inflation,” the Republican lawmaker said.

    “The question is what are you doing now?” he said. “Now we are in a different situation.”

    Chinese multi-crore loan app fraud and extortion racket dismantled, 8 detained (Ld)


    In a major operation, Delhi police busted a multi-million dollar Chinese loan application fraud and extortion racket and arrested eight people from different parts of the country, an official said on Sunday.

    The Deputy Commissioner of Police (IFSO), KPS Malhotra, told IANS that the defendants allegedly extorted and abused innocent people in the name of making and repaying loans.

    Sharing full details of the case, the DCP said a complaint was lodged with the Special Cell IFSO unit by a woman alleging that she was abused and threatened by strangers who sent her altered photographs and vulgar to his family, friends and loved ones via social networks.

    “The complainant had taken a loan from a loan app i.e. Cash Advance (Danakredit), she repaid the same on time. But after repaying the said amount, she started receiving calls and messages from threat on WhatsApp from Cash Advance employees,” the senior official said. noted.

    The complainant further observed that the alleged scammers were using the profile picture of a “senior police officer”.

    As a result, the police registered a case under Sections 354A, 509, 384, 385, 419, 420 and 120-B of the Indian Penal Code at the Special Cell Police Station and started an investigation.

    During the investigation, money trails of alleged transactions were established and it was found that the money was transferred to a current account which had been opened in the name of Balaji Technology. Additionally, it was discovered that the technology name Balaji was used in a motorcycle repair shop. The owner of the account was found in the name of Rohit Kumar, a resident of Rajeev Nagar, Delhi.

    It was further found that in the alleged account, about Rs 8.45 crore was credited in just 15 days and the same was simultaneously transferred to other accounts.

    Subsequently, on March 13, the police carried out coordinated raids in Pitampura and Rohini in Delhi from where defendants namely Rohit Kumar, Vividh Kumar, Puneet and Manish were arrested and the mobile numbers and the devices used in the crime were also recovered from them.

    Further on the case of the arrested defendants, Puneet Kumar, his wife Divya who was also found involved in the case was arrested. Later the next day, accused Krishana alias Ravi Shankar was arrested in Jodhpur, Rajasthan on March 14.

    “He was the main mastermind in India. It was further discovered that all defrauded amounts were sent to China via cryptocurrency by the accused Krishana. The crypto accounts of three Chinese nationals were identified where the defrauded amount was sent via cryptocurrency,” DCP Malhotra mentioned.

    During further investigation, another raid was carried out in Gurugram, Haryana and one accused namely Sumit was arrested who used to call the victims through a fraudulently obtained WhatsApp number . His arrest led to another defendant, namely Kartik Panchal alias Deepak, who was the team leader, leading a team of callers who called the victims. The defendants were found to transform photos of women and even put on nudity.

    During the interrogation of all the defendants, it was found that if a necessary person wants to take out a loan through the applications available online, he must first download the said application. At the time of downloading, the app asks for permission to capture, contact list, photo gallery and other personal data from the loan seeker’s phone.

    As soon as permission was granted by the loan seeker, all his data was transferred to the Chinese servers. Once this process is completed, the scammers immediately got the loan amount transferred to the account of the loan seeker. One team was tracking these loan seekers and another was calling the loan seekers and their associates like close friends etc through different cell phone numbers to refund the loan seeker’s money. Even after the money was refunded, the alleged accused used to extort more money from the loan seeker and also started sharing the transformed vulgar photos of the loan seeker with his family, relatives and friends. friends to pressure victims into paying more money.

    The gang’s second team handled the financial transactions. After receiving the extortion amount in the bank, the defendants used to transfer the money to their masters who sit in China, Hong Kong, Dubai and Nepal after converting it into crypto- change. All gang members received their share based on their role and performance.

    The DCP informed that the investigation into the case is ongoing and that more victims and other union members are being identified.



    (Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

    It’s high time to act on payday loans


    Sometimes the demands made on governments seem so eminently reasonable that it’s amazing they need to be repeated over and over again.

    In a report released last week, ACORN, a nonprofit group that advocates for low- and middle-income Canadians, once again calls on the federal government to crack down on exorbitant interest rates charged by high-cost lenders. .

    Screaming outlets offering payday loans and other similar quick-money provisions at high cost are symbols of desperation on the main streets of nearly every city.

    They are the physical manifestation of an inequitable society – a divide both highlighted and deepened by the COVID-19 pandemic.

    As ACORN has long argued, lenders benefit the most vulnerable.

    The pandemic has made matters worse for those on the fringes, he said. Many of those trying to pay their bills turn to so-called payday loans – small, short-term loans with extremely high annual interest rates.

    These loans do not exceed $1,500, must be repaid within 62 days and can bear interest up to 500% in some provinces. They are regulated by provincial governments and lenders are exempt even from the 60% limit on interest.

    Some respondents to an ACORN survey also took out what are known as installment loans – longer-term loans of $1,500 to $15,000 that are repaid over a longer period at annual rates of up to 60%.

    The result is people falling into pitfalls they can’t escape as they struggle to pay their bills and cover the rising cost of living, ACORN said.

    The poor, he said, are the industry’s target market and “lenders continue to exploit people’s vulnerabilities.”

    For lenders, “the objective is not to help people but to ensure that the person who took out a loan is trapped in a vicious circle of debt”.

    ACORN wants the federal government to reduce the legal limit on interest rates on installment loans to 30% from 60%.

    “This should be a priority and the government should act on it, and fast,” Donna Borden, an ACORN leader, told Torstar’s Christine Dobby.

    Lenders argue that the reduction in the legal interest rate could actually hurt some borrowers by cutting off all access to financing for those with low credit ratings.

    That’s why ACORN also wants the government to force traditional banks to offer more low-cost borrowing options to individuals, backed by the government itself, and cut bank fees charged from $45 to $10. when customers do not have the necessary funds to cover the transactions.

    “It is not preference but a lack of choice that is the main factor driving low and middle income people to take out high cost loans,” ACORN said.

    The survey notes that while the economic consequences of the pandemic continue to be felt and government supports dwindle, while “the most disadvantaged segments of the population have seen their jobs disappear or face a substantial reduction in working hours. work, senior executives, CEOs and large corporations have seen their wealth increase.

    In his mandate letter to Finance Minister Chrystia Freeland in December, Prime Minister Justin Trudeau asked her, among other things, to “crack down on predatory lenders by lowering the criminal interest rate.”

    Strong words. But as ACORN said last week, it’s “critical to translate that commitment into action.”

    The file is clear and the need is real. The government should get on it.

    New federal task force in Spokane targets businesses and individuals committing COVID-19 fraud


    A new team of federal investigators and prosecutors is using old laws to build new cases alleging the theft of government funds intended to help people weather the COVID-19 pandemic.

    “It all ran out very quickly, because there was an incredible need,” said U.S. Attorney for East Washington Vanessa Waldref, referring to the billions of dollars loaned out in the days following the government shutdowns. “But there were also a lot of incredible frauds, and a lot of deserving companies that didn’t get the funds they needed.”

    Waldref, who took office in October, said she recognizes in her office the expertise needed to bring large fraud cases, such as those targeting payday lenders, future historic real estate developers and contractors working on the Hanford nuclear cleanup site. A conversation with Weston King, special agent in charge of the Seattle field office of the Small Business Administration, led to the development of a task force assigning these investigators and attorneys to cases involving the theft of money set aside by Congress in coronavirus aid. .

    The task force follows U.S. Attorney General Merrick Garland’s announcement in May that the Justice Department would prioritize the investigation and prosecution of COVID-19 fraud cases. Dan Fruchter, an assistant U.S. attorney in the Eastern District of Washington who is one of five prosecutors working on cases, said the division of labor will lead to faster investigations and prosecutions.

    “That’s really the goal, to go from our investigative lead to the completion of the investigation in weeks instead of months and years,” Fruchter said.

    The bureau publicly announced an indictment and resolution of a case involving a contractor providing occupational health services to workers at the Hanford site. The case involved the alleged theft of $32,400 by Roshon E. Thomas, who the government says formed a corporation in July 2020 and filed documents showing his earnings were harmed by a pandemic that was proclaimed four months before the creation of his company.

    Thomas applied for an economic disaster loan through this company, citing payroll and property costs for a company that the government said did not exist. The program allowed a cash front of up to $10,000. Thomas has pleaded not guilty to a two-count wire fraud indictment and is awaiting trial.

    Hanford contractor HPM Corporation has admitted falsifying documents regarding its application for the Paycheck Protection Program, a separate program that allowed loans to be forgiven if the company could prove it had spent the majority of his loan in staff costs. HPM agreed to pay $2.9 million in damages and penalties.

    The cases were prosecuted under the False Claims Act and federal criminal law prohibiting wire fraud. Both laws were written in the 19th century, one by President Abraham Lincoln to give the federal government the ability to prosecute military contractors who provided substandard or non-existent supplies to fight the Civil War. Wire fraud has its origins in the 1870s, when federal lawmakers began expressing concern that the Postal Service was being used by city dwellers to defraud rural Americans, according to a February 2019 Congressional study. Research Service.

    Functionally, COVID-19 cases are similar to other types of fraud, Fruchter said. Cases may come to the attention of federal investigators when company formation documents are filed after the pandemic date, as alleged in Thomas’s case. They can also be received through tips from employees or evidence of lavish spending, such as in a case in Florida where a 29-year-old man was arrested and charged following the purchase of a sports car $318,000 Lamborghini.

    An added wrinkle in many cases is identity theft, where someone will steal the identity of a person or business in order to file a fraudulent claim for help, Fruchter said.

    “It’s a huge problem for the victim. Their credit could be ruined and they may have to pay the money back,” he said. “These are the kinds of cases that we really prioritize.”

    Waldref said the task force, inspired in part by a similar effort in Oregon, aims to help protect the interests of small business owners in the region. The Small Business Administration has issued more than 195,000 loans totaling $18.3 billion, according to publicly available statistics. The average loan size was less than $100,000 and the average business size was 10 employees.

    “In eastern Washington, we don’t have big cities and we still have vibrant businesses that are really capable of making our communities wonderful,” Waldref said, “and those are exactly the businesses that don’t have received the funds that would have been so essential to help them survive the pandemic.

    Those who suspect COVID-19 relief fraud in Eastern Washington are encouraged to contact the Department of Justice’s National Center for Disaster Fraud hotline at (866) 720-5721, or file a Complain electronically at justice.gov/disaster-fraud/ncdf-disaster -complaint form.

    Best Gold IRA Companies | Paid content | Detroit


    * We may receive a referral commission from some of the companies featured in this article. This is not a financial advice article. Refer to a professional for financial advice.

    American Hartford Gold offers scheduled and immediate deliveries for all of its products at no additional cost. The company also offers a storage offer accessible to all its customers. The office of this company is located in Los Angeles.

    The company provides quality customer service. They have phone and online chat options and the ability to send them emails or letters.

    The company currently sells gold or silver coins and bars from America, Canada, Australia, China and England. They also sell Johnson Matthey and Engelhard silver bars. These bars are manufactured in different countries.


    • The company has a good ranking with the BBB.
    • He provides quality customer service.
    • Guaranteed delivery of all bullion
    • Wide range of investment options in precious metals

    The inconvenients

    • The company does not ship to countries other than the United States.
    • Most transactions take 3-5 days.

    Click here for a free gold kit

    Why You Should Invest in Gold IRA Company

    Gold is an excellent investment for your retirement. It’s not as plagued by inflation as other things, which means it will generally hold its value. Gold is a safe investment for your future due to its scarcity.

    You can add up to $6,000 per year to your IRA, and that includes money you transfer from other accounts. And, if you want, you can also contribute an unlimited amount to a gold IRA.

    Gold is a popular investment as it is considered safer than other options. It can be kept in a safe place and you can even give it to your family. However, you must follow IRS rules if you want to take control of the gold yourself.

    Benefits of a Gold IRA

    There are many good foundations for getting a gold IRA. Some reasons include, but are not limited to:

    The rise in the price of gold

    Gold is a safe investment, which is why many people use it to save for retirement. If you want to invest your money wisely, you should consider using gold to save for your retirement.

    When choosing a company to create a golden IRA with, make sure you know the company well. The company must be reputable and have a good reputation, and they must also offer a reasonable price when they buy the gold back from you. When choosing a company to store your gold, make sure it is licensed by the IRS. This will ensure that your IRA is safe and secure.

    Backup and long-term protection

    The value of paper money decreases over time as there are more and more of them in circulation. On the other hand, the value of gold tends to increase over time. People invest in gold because they think it will be a good security for their future.

    Because you will have several benefits in the future, an Individual Retirement Account (IRA) is a smart choice today. Even if you only put a little money in the IRA, it will be worth it


    If you are investing in gold, it may make sense to also invest in some mining stocks. This way, if one investment falls behind, the other could catch up. But both opportunities present the same potential risk: they could lose all their value in the event of a major economic downturn.

    If you want something with lower risk, go with government treasury bonds or treasury bills. These are safe options that generally hold their value even during tough times.

    Fiscal advantages

    The money you earn from your gold IRA can be tax-deferred or tax-free, depending on the type of IRA you have. This means you don’t have to pay taxes on the money right away, and you may not have to pay them at all.

    As with any other IRA, it’s important to follow the rules of a gold IRA. Your gold supplier will give you information about a custodian. The custodian will help you follow your account rules, including making sure you don’t contribute more than the limit.

    Things to know before opening a Gold IRA

    Fees and Expenses

    Find out how much it will cost to have a gold IRA. Make sure the expenses are competitive in the market. This way you can save money in the long run.

    Gold is a good method to make sure your money is safe. Buying gold for your IRA is a wise move as it is a solid investment that has been lucky many times in the past.

    No return, no dividend, no interest

    Gold is a physical asset that produces no income, but may increase in value over time. Gold is a long-term investment option that can help you grow your savings. Remember that gold will always have value because it is rare.

    Fraud and theft

    When buying valuable commodities, such as precious metals, it is important to be careful. This is because there is a danger of fraud and theft. You can reduce this risk by only dealing with reputable dealers and always keeping track of your receipts and records. If something goes wrong, you’ll be ready.

    Buyer’s Guide to Investing in a Gold IRA

    Precious metals, such as gold and silver, can be a good investment opportunity. This is because they are rare and have intrinsic value. Owning them in an IRA protects your retirement investment portfolio in the event of global market volatility.

    If you want to learn more about this option, this guide will give you some basics on what you need to do. You will need to know the basics of this option before making a decision.

    Speak to a financial adviser or lawyer

    Before looking for opportunities, find out what is allowed where you are. Check to see which investment vehicles are acceptable. Some retirement accounts may have more limitations than other accounts. You’ll want to be aware of this in order to obey the law and stay out of trouble.

    You should speak to a lawyer or financial adviser before opening an account. This is so that the account is created legally. You should also understand all relevant tax implications before creating an account.

    Review the news for fraud alerts

    You should check the news regularly to keep up to date with ongoing finance scams. This includes staying abreast of the activities of the Better Business Bureau and the FBI’s Internet Crime Complaint Center. It is important to consider these organizations if you are investing in precious metals.

    When selling your metals, be careful. Beware of signs that could mean you’ve been scammed. For example, someone might offer to buy your house quickly and at a price above its value.

    Finding a Custody Company and Establishing the IRA

    To set up an ira d’or, you should find a company that can help you. There are specific laws that control how an ira can be set up. You need to find the one that will work best for you and then follow their instructions.

    After choosing a company, they will give you documents to complete and return.

    When you want to invest in a precious metals IRA, the company will need certain information from you. They will need your name, address and social security number. They will also want to know any assets you may have so they can calculate how much money you can put into the IRA.

    Establishing and funding the IRA

    You can turn some or all of the money you’ve saved for retirement into a precious metals IRA. You can choose to do this by making a lump sum payment or by contributing regularly, such as monthly. Some companies allow you to do both.

    It is important to know how your investment works. This will help you understand how it works and what you need to do to make money from it.

    Investing in precious metals via IRA

    You are now ready to invest in a gold or silver corporate IRA. Each company has their own process, but they should all give you instructions on what to do.

    To place money in precious metals, you need to contact a dealer and place an order. The metals will be stored in your retirement account. You will need to track the value of the metals each year.

    4 things to look for when choosing a Gold IRA company


    There are many websites that can help you find moving companies. Look for websites such as consumer monitoring sites and Internet forums to read reviews of a company’s services. You can also search for business reviews on other websites. The Better Business Bureau (BBB) ​​is a website where people share their experiences with businesses. On this website, you can find out if people have had good or bad experiences with a company’s customer service.

    IRA Fee Structure

    You will have to pay the company for their services. This typically includes annual management fees and transaction fees each time you buy or sell precious metals. Before signing up with a company, make sure you know how much these fees will be.

    Choose a company with low fees so you can save money in the long run.

    Efficiency and delivery time

    When looking for a company to buy precious metals, consider how quickly they will ship the goods to you. It is also important to consider their effectiveness. It is also crucial to examine their effectiveness. This implies that the company must be able to supply metals quickly and in a way that does not waste your time.

    Many famous and big companies are known to be fast and efficient.

    There are several ways to have your metals shipped to you. You can choose between having them brought in an armored truck or someone picking them up from a local branch. This decision depends on what you think is the most practical.

    Pushy sellers or unfriendly customer service

    When selecting a company to buy precious metals from, it is essential to assess how pushy the sellers are. If the staff tries to persuade you to buy more than you need, it may be because they are paid on commission. This implies that the more products you buy, the greater their earnings.

    It is essential to choose a company that employs pleasant people. If employees are pushy, it can be stressful for you. Because you’ll be talking to them frequently, make sure they’re easy to talk to.


    When you’re ready to take the next step, don’t hesitate to contact one of the best gold IRA companies. They can walk you through the process and answer any questions you have along the way. It’s important to be assertive in your decision when opening a gold IRA, and these companies will help you make sure of that.

    How to apply for a credit card: the questions you will be asked


    AApplying for a credit card is usually quite easy. But it helps to know what information you need to provide. This way you will know what to expect and can quickly find out if you are approved.

    If you apply soon, you will have plenty of company. U.S. consumers submitted 140 million credit card applications in the milder-than-usual pandemic year of 2020 and about 170 million in a normal year, according to a credit card market report. credit from the Consumer Financial Protection Bureau.

    What questions will I be asked about the application?

    You will need to provide a lot of personal information, so be prepared for that.

    Why? The card issuer will usually use the information to decide whether to approve you for a credit card. The most obvious step with most credit cards is a credit check, usually with one of the three major credit bureaus. After all, the credit card company is giving you credit. It’s trusting you to pay for whatever you load onto the card. In this way, it’s like applying for a loan.

    The exact information may differ from one credit card issuer to another, but in general here’s what you’ll need to provide:

    Social Security number

    We’ll talk about this one first because it’s the most sensitive information you’ll be asked for. In fact, with most credit card applications, it’s mandatory. It’s allowed and normal, according to the Consumer Financial Protection Bureau. Your social security number is how the card issuer verifies your identity and verifies your credit history. If you don’t have a social security number, you can instead provide an individual tax identification number, or ITIN, which is similar.

    You can safely provide these numbers if you deal directly with the issuer. Legitimate card comparison websites will direct you to the issuer’s site to complete the application.

    Nerdy tip: Some specialty cards may not require a social security number. Instead, issuers evaluate your application using different criteria. But these cards are exceptions to the rule.


    This question is tricky for some people.

    The issuer, by federal law, must take steps to assess whether you are able to repay. And your reported income is also a way for creditors to determine how much credit they should extend. They are often interested in the source of this income, for example whether it comes from a job or from elsewhere.

    A common related question is about your employment status, such as whether you are full-time, part-time, self-employed, retired, or a student.

    You may still be approved if your income is affected by being retired, unemployed, or a spouse with no income in a household, for example.

    Date of Birth

    Technically, it is possible to get a credit card once you turn 18. But in most cases you will need to be 21 years old. This is because if you are under 21, you must have independent income or a co-signer in order to be approved.

    Security issues

    You might be asked something like your mother’s maiden name. Or you may be asked to invent a safe word, such as the name of your favorite animal.

    Contact information

    Use your legal name. You’ll also typically need a US home mailing address to get a US-issued credit card. A PO box address may not work. And some cards are only available in certain states.

    Other contact information may include your email address and phone number, sometimes more specifically a mobile phone number so that the sender can text you. You may also be asked if you are a US citizen.

    A promise to tell the truth

    Often you must check a box indicating that you are providing accurate information. Lying is not recommended.

    Acceptance of terms and conditions

    The issuer may make you agree to the fine print, also known as terms and conditions. They include, among other things, information on tariffs and fees. There is often a checkbox.

    Authorized users

    Many issuers will ask you on the app if you want to add authorized users. You can do this immediately or skip this step and add authorized users later.

    Additional questions

    Some card types may have more questions or requirements. For example:

    Deposit for secure card. If you apply for a secured credit card – a card that requires a cash deposit – you’ll need to provide information on how to pay that deposit, which usually becomes your credit limit. This information is generally intended for a current account or a savings account. For example, you might need your bank account routing number.

    Occasionally, the issuer will ask for additional information and ask you to call their customer service phone number.

    Questions you won’t be asked

    Specific debts. An issuer will likely consider your debt-to-equity ratio, but you won’t be expected to provide a list of every debt or creditor you have. However, some may ask you whether you rent or own your home and specifically about your monthly rent or mortgage payment.

    Demographic Information. The apps don’t ask about gender, religion, race, or other information that they can’t use to make an approval decision.

    More from NerdWallet

    The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

    P2P Loans vs Payday Loans


    The cost of living is rising and more of us will likely be looking for consumer credit solutions in the near future.

    There are a number of options available to consumer borrowers, from overdraft facilities to credit cards. But for some borrowers, a personal loan may be the most appropriate choice.

    Despite the departure of leading consumer lenders such as Zopa and Lending Works, there are still a number of peer-to-peer lending platforms offering personal loans to borrowers. However, P2P loans are often confused with payday loans – short-term, low-value personal loans that are designed to help people make ends meet while they wait for their next paycheck.

    Read more: Sourced Capital prepares £12m loan pipeline for P2P investors

    There are many differences between P2P loans and payday loans. The main difference is that P2P loans are funded by retail investors, while payday loans are usually funded directly by the payday lender.

    Payday lenders tend to target low-income borrowers by offering smaller loans of £100 or less, while P2P consumer lenders offer larger loans with longer repayment terms. P2P lenders also tend to perform more rigorous credit checks than payday lenders, which means P2P loans may not be available to borrowers with bad credit histories. This means that default rates are generally lower with P2P loans and the collection process is less aggressive.

    But the most significant difference is the cost of loans. P2P lending aims to provide affordable financing solutions to borrowers, so that investors funding the loans have the best chance of receiving their principal and interest. Payday lenders make most of their money from the astronomical penalties and interest rates that kick in once a loan goes into default.

    Take a look at the examples below to see how much a £1,000 loan through a P2P loan would cost compared to a payday loan. We used three representative examples for each type of lender, and all figures were correct at the time of publication.

    How much does it cost to take out a £1000 loan from a P2P lender?

    elves market

    Elfin Market offers personal financing through Elfin Purse; an online credit card funded by P2P investors.

    All withdrawals from the Elfin Purse are subject to a representative APR of 5.8%. This means that a loan of £1,000 from Elfin Market would ultimately cost £58.87.

    The loan jump

    Leap Lending specializes in consumer loans between £500 and £15,000, which can be repaid over a two-year period with a representative APR of 15.48% (all fees included).

    A £1,000 loan paid off over two years would cost £157.76.

    How much does it cost to take out a £1000 loan from a payday lender?


    This popular payday lender offers same day loans between £300 and £2,500 with a representative APR of 611.74%.

    A loan of £1,000 repaid over three months would cost £1,530.40 in interest alone.

    loan pig

    Loanpig personal loans are due for repayment within two to 12 months and come with a maximum fixed APR of 292%. A £1,000 loan repaid over three months would cost £521.72 in interest payments.

    QuidMarket Loans

    QuidMarket offers same-day payment for short-term loans up to £1,500. The lender has capped its APR at 1,625.5%, but currently advertises a representative APR of 1,296.5% for loans repaid within three months. This means that a £1,000 loan would cost £514.58 in interest payments.

    Read more: JustUs raises interest rates for investors

    Best Payday Loans Online | Best Instant Payday Loans Online With Guaranteed Approval | Small Payday Loans Online No Credit Check


    If you need a loan for bad credit to pay off your debts, high interest loans can be frustrating. So let’s take a look at all the bad credit loan companies that offer guaranteed approval online.

    Main loans for bad credit:

    This list will provide you with an overview of our top picks for bad credit loan providers. Next, we’ll describe the features, pros, cons, and customer experience of each of these loan providers to give you a fair idea of ​​what you can expect from them.

    1. MoneyMutual : Best Payday Loans Online

    2. FondsJoy : Best Instant Payday Loans Online With Guaranteed Approval

    3. BadCreditLoans : Small Online Payday Loans No Credit Check

    MoneyMutual is easily one of the most popular and reputable loan providers in the country. Part of its popularity is due to the fact that there is no credit check on borrowers.

    The service is absolutely free where borrowers with bad credit could get in touch with genuine lenders and get loans regardless of their credit rating.

    MoneyMutual is not involved in the lending or borrowing process. It is basically a platform for these two parties to lend and borrow money. It’s like Amazon or eBay but caters to bad credit loans, instead of items.

    MoneyMutual has been in the industry for over 10 years now and has been able to provide assistance to two million people across the United States with their financial needs.


    See below the main features of MoneyMutual:

    • The platform through which potential borrowers can get in touch with potential lenders
    • Minimal credit checks are performed
    • Once funds are approved, customers must complete an online form
    • Allows loans up to $5,000 for short-term financing
    • Lenders review customer information and decide if they want to find their needs


    • Ranked #1 for bad credit loan companies.
    • Relatively simple for those with bad credit to get loans
    • The company is very reputable and experienced
    • Completing the online form only takes a few minutes
    • You can receive the money within 24 hours

    The inconvenients

    • Not available in some states like New York

    Client experience

    Because of MoneyMutual’s excellent service, customers all agree that borrowing money is simple and communicating with online lenders has never been easier. Customers also claim that they could receive funds through this service faster than they could using other similar services.

    MoneyMutual is undoubtedly the best loan without credit check with guaranteed approval online.

    ⇒Visit MoneyMutual official website for more information

    #2. FondsJoy – Best instant payday loans online with guaranteed approval

    FondsJoy is one of the fastest online loan providers in America that offers same day approval for bad credit loans.

    Borrowers are approved on this platform within minutes of applying for the loan. Potential borrowers won’t find a faster company that offers fast loans with no credit check.


    Here are the main features of FundsJoy:

    • A simple and efficient platform that connects lenders and borrowers in one place
    • Advanced technology on the site keeps your information secure and confidential
    • No hidden fees
    • Loan borrowers complete a quick online application to start the process


    • The fastest online lender in the industry with fast turnaround times
    • Funds are often granted with lower interest rates
    • Easy to use site with live chat
    • Large and medium size loans available

    The inconvenients

    • Not a household name yet, so some consumers have never heard of the company

    Client experience

    FundsJoy is known for its more than satisfactory customer service and fast response rate. A company that prides itself on providing excellent customer service is just getting started. We see this business growing and gaining more market share in the coming years.

    => Visit the official FundsJoy website now!

    Loans for bad credit are a top choice for those with bad credit history. This free service allows lenders to connect with borrowers and approve loans regardless of their credit score.

    We repeat – borrowers can get money from lenders using this site without checking credit report.

    Please note, however, that the company has no control over the lenders listed on its website. However, it gives you all the information you might need to help you determine if a particular lending partner meets your needs.


    Here are the main features of loans for bad credit:

    • A platform that helps connect borrowers with lenders and provides both parties with adequate information about each other
    • The site has advanced encryption technology that protects your private information
    • The use of this service is completely free.
    • Borrowers only need to fill out an online form for lenders to decide if they want to engage with them


    • Free Service
    • Very easy for borrowers to find lenders
    • The credit requirements of the lenders on the site are very flexible
    • You can borrow amounts between $500 and $5,000
    • Allows you to evaluate and compare interest rates from different lenders

    The inconvenients

    • Clients with poor credit scores receive lower loan amounts

    Client experience

    Borrowers seem happy with the ease with which a loan is approved using this site, as it allows for minimal credit checks. Moreover, the fact that people only take a few minutes to fill out the form on the site only contributes to the convenience of most people finding this service.

    For some, BadCreditLoans is their first choice for no credit check loans with guaranteed approval online.

    ⇒Visit Bad Credit Loans Official Website for more information

    Conclusion: Who is the number 1 loan lender for bad credit?

    So which company offers the best no credit check loans with guaranteed approval online? Our first choice is Money Mutual.

    In summary, getting online loans for bad credit is not difficult. Even for those who have never received financing from these sources before, the procedures for obtaining loan financing for bad credit are simple to follow.

    The websites we have provided here will help you get in touch with lenders immediately and ask them to grant you the funds you need. Our recommendation for you would be to try the services of MoneyMutual for their outstanding service and customer support. Additionally, online lenders give you access to several other financial services, such as credit cards and car loans. These sites help you compare interest rates from various lenders to choose the best one for you.

    Plus, all the information you need is readily available, such as loan terms and conditions. These websites are safe and secure, so you can rest assured that your personal information will remain confidential. That’s it: choose a site and borrow the money you need, regardless of your credit rating.

    If you need no credit check loans with guaranteed approval, MoneyMutual is your best bet.

    => Apply for bad credit loans online now

    The news and editorial team at Sound Publishing, Inc. played no role in the preparation of this post. The views and opinions expressed in this sponsored post are those of the advertiser and do not reflect those of Sound Publishing, Inc.

    Sound Publishing, Inc. accepts no responsibility for any loss or damage caused by the use of any product, and we do not endorse any product displayed on our Marketplace.

    Workers trade staggering amounts of data for ‘payday loans’


    Argyle CEO Shmulik Fishman said the company can coach lenders on factors such as consistency of work and upward trajectory. “Does your job title move up every six months? These are signs of a good worker and one you might want to take another look at,” he says.

    Reputation markers, however, may reflect bias. Shannon Liss-Riordan, a lawyer who is suing Uber over its allegedly racist customer star rating system, recently interviewed the drivers she represents. Of more than 4,000 respondents, 17.4% of white drivers said they were turned off due to a poor rating, compared to 24.6% of Asian drivers, 24.1% of black drivers and 24.9% of those who marked their race as “Other”. Only 16.9% of Latinx drivers said yes, but the actual number is likely higher because several drivers identified themselves as races such as Hispanic under “Other”. “I find it shocking that customer service data is used for other purposes that may affect drivers’ livelihoods, including access to loans or other benefits,” Liss-Riordan said. “This is a very dangerous precedent.”

    Asked about the risk of perpetuating prejudice, Fishman said: “We are not in the business of discrimination. And neither are we, very important, in the business of creating criteria for the choices of approval or rejection.

    Granted, not all payroll data companies focus so much on reputation data. “We don’t do that,” says Kirill Klokov, CEO of Truv. “I just don’t find it helpful, when applying for a loan, to know your star rating on Uber. The primary use case is that you should be able to prove that in the absence of a FICO score [for an immigrant] like me, I’m actually a person who will repay the loan to you. Or I actually worked at a company I claim to have worked for.

    While consumers must consent to sharing their data, if they later change their minds, they may lose access to a product and still have their data passed on. And some workers struggling financially may feel like they have little choice. Michael Gray, a pest control specialist from Iowa, regularly uses a cash advance app called Earnin for advances of up to $550. He agreed to have his GPS location monitored by Earnin to confirm he had gone to work. (Earnin doesn’t use payroll data.) Though he found it intrusive, he complied. “They kind of had you by the balls when they’re dealing with your money and trying to get by.”

    Despite borrowers’ difficult relationship with payday advance products, the convenience can be hard to resist. “If I need $100 for a bill or my groceries or whatever, it’s right there,” Gray says. “It’s fast. It’s a few clicks. So it was quite effective in keeping me in their ecosystem. He adds, ‘I really want to get out.’

    What consumer and labor advocates all seem to agree on is that the proliferation of these financial products is a symptom of a deeper problem: insufficient compensation. Access to employer-sponsored earned wages “essentially allows you to pay your workers as little as possible because you may be supporting poor employment practices,” says David Seligman, executive director of Towards Justice, a law firm non-profit that represents workers.

    “What we need most are higher wages, better tax programs, more support for low-income families and a child tax credit,” Levy says. “But other than that, the reality is that we have a lot of people living paycheck to paycheck. They will sometimes need credit to make ends meet.

    Updated 03/23/22, 6:45 PM EDT: An earlier version of this story stated that buy-it-now, pay-later, and payday-advance products were not governed by lending laws. Regulators consider whether or not they are subject to these laws.

    More Great WIRED Stories

    Payday Loan Services Market: Ready to Fly on High Growth Trends: Wonga, Cash America International, Wage Day Advance


    Payday Loan Services Market: Intense Competition But Strong Growth and Extreme Valuation

    This press release was originally distributed by SBWire

    New Jersey, NJ – (SBWIRE) – 03/22/2022 – Latest payday loan services market industrial growth study 2022-2028. A detailed study accumulated to offer latest insights about acute characteristics of the Payday Loan Services market. The report contains different market forecasts related to revenue size, production, CAGR, consumption, gross margin, price, and other important factors. While emphasizing the major driving and restraining forces of this market, the report also offers a comprehensive study of the future market trends and developments. It also examines the role of major market players involved in the industry, including their company overview, financial summary, and SWOT analysis.

    Key players covered in this report: Wonga, Cash America International, Wage Day Advance, DFC Global Corp, Instant Cash Loans, MEM Consumer Finance, Speedy Cash, TitleMax, LoanMart, Check `n Go, Finova Financial, TMG Loan Processing, Just Military Loans, MoneyMutual, Allied Cash Advance, Same Day Payday & LendUp Loans

    Payday loans service market research guarantees you stay/remain advised higher than your competitors. With structured tables and figures examining Payday Loans Service, the research document provides you with leading product, submarkets, revenue size and forecast to 2028. Comparatively, it also ranks the emerging as well as industry leaders.

    Click for Free SAMPLE PDF of Payday Loans Services Market (including full TOC, Table and Figures) @ https://www.htfmarketreport.com/sample-report/3862139-payday-loans- service market

    This study also covers company profiling, product specifications and picture, sales, market share and contact information of various regional, international and local vendors of the Payday Loan Services market. The market proposition is changing frequently with increasing scientific innovation and M&A activity in the industry. Additionally, many local and regional vendors offer specific application products for various end users. New candidate traders in the market find it difficult to compete with international suppliers based on reliability, quality and modernity of technology.

    Read Detailed Index of Full Research Study at @ https://www.htfmarketreport.com/reports/3862139-payday-loans-service-market

    The titled segments and sub-sections of the market are illuminated below:
    In-Depth Analysis of Payday Loan Services Market Segment by Types: Platform Financial Support and Off-Platform Financial Support

    Detailed Analysis of Payday Loans Service Market Segment by Application: Personal, Retiree and Other

    Top Key Market Players: Wonga, Cash America International, Wage Day Advance, DFC Global Corp, Instant Cash Loans, MEM Consumer Finance, Speedy Cash, TitleMax, LoanMart, Check `n Go, Finova Financial, TMG Loan Processing, Just Military Loans , MoneyMutual, Allied Cash Advance, Same Day Payday & LendUp Loans

    Regional Analysis For Payday Loans Service Market:
    – APAC (Japan, China, South Korea, Australia, India, and Rest of APAC; Rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
    – Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Republic Czech, Slovakia, Hungary and Romania)
    – North America (United States, Canada and Mexico)
    – South America (Brazil, Chile, Argentina, Rest of South America)
    – MEA (Saudi Arabia, United Arab Emirates, South Africa)

    In addition, the years considered for the study are as follows:
    Historic year – 2015-2021
    Reference year – 2021
    Forecast period** – 2022 to 2027 [** unless otherwise stated]

    **Furthermore, it will also include the opportunities available in the micro markets for the stakeholders to invest, a detailed analysis of the competitive landscape and product services of key players.

    Buy Latest Edition of Market Research Now @ https://www.htfmarketreport.com/buy-now?format=1&report=3862139

    Highlights of the Payday Loans Service Market Report:
    – Detailed consideration of Payday Loan Service market-specific drivers, trends, restraints, restraints, opportunities, and major micro markets.
    – Comprehensive assessment of all prospects and threats in the – In-depth study of industry strategies for growth of the Payday Loan Services Market-leading players.
    – Latest innovations and main procedures of the payday loans market.
    – Favorable drop inside the vigorous high-tech and remarkable latest market trends of the market.
    – Conclusive study about the growth plot of Payday Loan Services Market for forthcoming years.

    What to expect from this Payday Loan Services Market report:
    1. A comprehensive summary of several regional distributions and summary product types popular in the Payday Loan Services Market.
    2. You can repair your growing industry databases when you have information about cost of production, cost of products and cost of production for the next coming years.
    3. In-depth burglary assessment for new businesses wishing to enter the payday loan services market.
    4. How exactly do top companies and mid-level companies earn revenue in the market?
    5. Perform overall development research within the Payday Loan Services market that helps you choose product launch and review growths.

    Inquire for Customization in Report @ https://www.htfmarketreport.com/enquiry-before-buy/3862139-payday-loans-service-market

    Detailed TOC of Payday Loan Services Market Research Report-

    – Presentation of the payday loans service and overview of the market
    – Payday Loan Services Market, By Application [Staff, Retired People & Others]
    – Payday Loan Services Industry Chain Analysis
    – Payday Loan Services Market, By Type [ Platform Financial Support & Non-platform Financial Support]
    – Industry Manufacturing, Consumption, Export, Import by Regions
    – Industry value ($) by region
    – Payday Loan Services Market Status and SWOT Analysis by Regions
    – Major Region of Payday Loan Services Market
    i) Sales of payday loan services
    ii) Payday Loan Services Revenue and Market Share
    – List of main companies
    – Closing

    Thank you for reading this article; you can also get individual chapter wise section or region wise report version like North America, MINT, BRICS, G7, Western/Eastern Europe or Southeast Asia. In addition, we can offer you personalized research services, as HTF MI holds a repository of databases that includes public organizations and millions of private companies with expertise in various fields of industry.

    About the Author:
    HTF Market Intelligence Consulting is uniquely positioned to empower and inspire research and advisory services to empower businesses with strategies for growth, delivering services with extraordinary depth and breadth of thought leadership, research, tools, events and experience that help decision-making.

    Contact us:
    Craig Francis (Public Relations and Marketing Manager)
    HTF Market Intelligence Consulting Private Limited
    Unit #429, Parsonage Road Edison, NJ
    New Jersey United States – 08837
    Telephone: +1 (206) 317 1218
    [email protected]

    For more information on this press release, visit: http://www.sbwire.com/press-releases/payday-loans-service-market-ready-to-fly-on-high-growth-trends-wonga -cash-america-international-salary-advance-1355059.htm

    9 Types of Personal Loans to Meet Your Needs


    Unsecured Personal Loans

    An unsecured personal loan is not secured by any collateral. Therefore, unsecured loans pose a higher risk to financial lenders. Lenders generally require a higher credit score to qualify for an unsecured loan. Common examples are credit cards and payday loans. Here are more types of unsecured loans.

    Home improvement loan

    Home improvement loans pay for home renovations. Examples include a kitchen or bathroom renovation or home repairs.

    Ideal for people looking to add value to their home

    Home improvement projects can increase your enjoyment of your home and also add value when you sell your home. According to the Zillow Group Consumer Housing Trends Report 2020, the average homeowner makes 2.3 home improvements when preparing to sell their home. At least 79% of homeowners complete at least one home renovation.

    debt consolidation loan

    Debt consolidation loans are used to pay off multiple debts. Examples include balances on credit cards, personal loans, or other types of debt.

    Ideal for people looking to simplify their finances and pay off their loans faster

    Debt consolidation allows people to refinance their debt by consolidating higher interest credit cards and other debt into one payment with a potentially lower interest rate. This can help reduce the total interest paid over time and simplify their finances by making one payment instead of multiple payments.

    Peer-to-peer lending

    Peer-to-peer (P2P) loans are loans from other individuals. Financial institutions are cut out as intermediaries. Many websites facilitate P2P lending between individual borrowers and lenders.

    Ideal for people looking for alternative sources of loans

    P2P loans are also known as “social loans” or “participatory loans” and are a relatively new alternative source of loans. P2P is ideal for people who want to avoid the paperwork of large financial institutions and access funds fairly quickly. P2P websites connect lenders with potential borrowers. Borrowers apply for a personal loan on the website and investors can select who they want to lend money to. Borrowers can receive P2P loans from multiple investors.

    Payday loans

    Payday loans are short-term, high-interest loans, usually due by your next payday in one lump sum. Currently, 37 states regulate payday loans due to high costs.

    Ideal for people who need emergency cash and have no other options

    Payday loans are usually $500 or less and payment is due on your next payday. Depending on state laws, people can get payday loans online or through a storefront lender. A typical two-week payday loan can have annual percentage rates (APR) as high as 400%. By comparison, credit card APRs can range from 12% to 30%. Payday loans should be considered a last resort.

    Creditspring launches a new credit creation product to help you


    London, March 21, 2022 (GLOBE NEWSWIRE) — Creditspring, a leading UK-based FCA-regulated consumer credit provider, is on a mission to help over a million people improve their financial stability and resilience so they can focus on the important things in life.

    As part of this mission, Creditspring has launched a new credit building product called Step, designed for those who have patches in their credit history or no credit history. Step is giving more people the opportunity to build their credit responsibly with a fixed-fee financing subscription, eliminating the risk of spiraling debt. To reduce consumer reliance on loans, Creditspring’s goal is to remove financial barriers, simplify an industry that many consumers find complex and confusing, and give people the tools and guidance they need. to build credit, understand their finances and make informed decisions.

    Creditspring allows UK consumers to sign up for free and use a number of invaluable services, with additional services and personalized financial support available. One of these additional services is Step, their new package for those with bad credit history.

    Below we outline how you can build your credit with the Creditspring initiative:

    Promoting healthier finances through a free service called Creditspring Stability Hub

    Creditspring has created the Creditspring Stability Hub. The hub is free to join and acts as an education and support resource, helping people achieve financial stability before taking out loans or lines of credit.

    Within the hub, members can benefit from monthly financial health checks, personalized coaching to manage, save and earn money, and discover a range of additional credit-building services such as interest-free loans.

    All of the features and services that make up the Creditspring Stability Hub were carefully created by their in-house team, including one of the world’s most renowned economists, a successful fintech founder, and many successful finance professionals. This initiative helps UK consumers avoid unnecessary borrowing, take control of their finances and receive personalized support to build credit.

    Flexible short-term loans with no hidden fees and no interest

    Creditspring’s short-term lending model is directly informed by extensive research and feedback from UK consumers. They found that many people find overdrafts confusing, credit cards too risky and payday loans too expensive. Many have suggested that these financial options often exacerbate debt rather than help resolve

    Members have access to two interest-free loans per year. These loans help people avoid last-minute and expensive borrowing, giving them access to an affordable financial boost when needed and peace of mind when they don’t. With a representative. 87.5% APR, made up of just a flat-fee monthly subscription, Creditspring’s Step product ensures members will never pay more than £60 for their two interest-free loans, regardless of any late or early payments .

    Short-term, interest-free loans are a smarter, better way to manage unexpected expenses, backed by invaluable tips and advice on money management and credit building through the Creditspring Stability Hub.

    How to use Creditspring

    If you’re concerned about overdrafts, credit cards, or payday loans, and want to reduce your reliance on these financial services, joining Creditspring could be the answer.

    UK consumers can register for free today. By becoming a member, you are joining a service that has already helped over 100,000 members build their credit.

    Obtaining credit shouldn’t be as complex as the industry makes it, and consumers should be helped to make informed financial decisions. By using the initiative’s free services, consumers can build the life they want with the credit they deserve, staying in control of their finances and taking steps to improve financial stability.

    More information

    Creditspring was designed based on feedback from thousands of people across the UK who are tired of existing credit products and solutions. By offering flexible loans with no hidden fees or interest, Creditspring is taking steps to tackle the widespread problems associated with lack of savings and risky credit in the UK. Start building your credit and borrow what you need through the Creditspring website: creditspring.co.uk

    Creditspring Release New Credit Building Product to Help People alongside Free Advice Services and No Interest Loans


    Windsor council hopes to raise public awareness of the risks of payday loans


    Windsor City Council is seeking to educate the public about the risks associated with payday loans.

    Council is due to receive a report on the issue from city government at Monday’s meeting.

    District 3 Com. Rino Bortolin said the regulations likely won’t have much effect on the city’s payday loan companies, which can charge sky-high interest rates.

    “When we discussed this the last time, we focused on a lot of questions that focused on the usefulness of the licensing regime in achieving results,” Bortolin told CBC News on Friday. “And the result is really people don’t frequent them as often and keep more, more of their own money in their pocket.”

    A better option, he said, might be to educate the public about the risks associated with taking out high-interest loans.

    “I think at the end of the day if we license them and restrict them – we already have about a dozen of them – it’s not going anywhere,” Bortolin said. “You won’t really see much change unless some close later down the line.”

    Putting a restriction on where payday loan companies can be located, for example, wouldn’t prevent them from operating and engaging in what Bortolin called “predatory lending practices.”

    Bortolin said he’s interested in seeing the city create a committee that will work with community partners, such as agencies that issue social service checks, and talk to people using payday loan companies about other options. .

    “I think the key is to make sure that [you] tell them “you know you can go to a credit bureau and get it at 8% instead of 20%, for example, or even less?” he said. “I know, for example, that the city is working with social services to get more people to make direct deposits.

    There are challenges, however, he said. Banks may not cash a check for someone who does not have an account with them, for example.

    Credit unions have been working to expand the way they provide service, Bortolin said, but access has also been limited due to the COVID-19 pandemic as some branches have temporarily closed.

    Bortolin said one option might be to include a brochure with social services checks that includes information on ways to cash or deposit the check that don’t involve visiting a payday loan company.

    Michellle Chase said she and her husband had used payday loan companies in the past when she worked minimum wage and was short on time due to illness.

    Windsor resident Michelle Chase said she and her husband had previously used payday loan companies to get cash advances. They ended up having to declare bankruptcy. (Jacob Barker/CBC)

    “Before you knew it, we couldn’t get out from behind,” she told CBC News. “We ended up having to declare bankruptcy to get out of the hole.”

    “That wasn’t the only problem,” Chase said. “We were young and we lived kind of a party lifestyle. I don’t party anymore, but it’s so easy to [say] ‘I just need $100. I just need $100. And we had kids and bills to pay, food and all the other essentials of life. So it won’t be long before you’re swallowed into the pit.”

    Chase said that in her and her husband’s case, they would go to a payday loan company to get a cash advance.

    “We would get $800 and end up having to pay back almost double that by the time you eventually catch up,” she said. “Compound interest doubles every day.”

    “And when you just have this low-income job, it’s almost impossible,” Chase said. “The phone kept ringing to the point where I had to change the number and it got really bad.”

    Dave Booker originally took out a payday loan in 2018 to get his vehicle repaired. Booker said he suffered an injury and the pandemic hit as he tried to find work. Booker, a single parent, uses the loans to help pay bills and expenses.

    “Now I pay $15 on every $100 I borrow,” he said. “That makes it even a little more difficult, but that’s the situation you found yourself in.”

    Lower interest rates would help

    “It was between paydays, I needed my van on the road and I had to pay the mechanic, so I had to borrow it,” Booker said. “Now I have to…always have to pay, because once you’ve paid it all back, you have to borrow that money back so you can try to stay afloat.”

    Booker said he had a bank account and direct deposit, but was still “trapped” by the payday loan cycle.

    “I have buddies…they just switch bank accounts and they don’t pay it back at all,” he said.

    Booker and Chase said lower interest rates on payday loans would help a lot.

    Bortolin said the city has already spoken to various agencies and partners about the issue, and “it’s really about formalizing it and creating collaboration.”

    “I think what I’m going to look at is what kind of metrics can we layer on top of that and then check in a year or two to see if the program is working,” he said. “That’s what interests me, because we can move forward.”

    “But if the number of people relying on check-cashing places increases after two or three years, then obviously it’s not working,” Bortolin said. “We have to try something else.”

    Payday Loans Jamaica Nyc. The online payday loan has the following advantages


    <a class="wpil_keyword_link " href="/are-direct-lending-lenders-able-to-offer-an-advance-in-the-form-of-cash/" title="Payday Loans" data-wpil-keyword-link="linked">Payday Loans</a> Jamaica Nyc. The online payday loan has the following advantages

    Payday money is a quick method to get money for having a good limited time compared to reviewing your credit history. People are stalking you every day to pay their types of expenses in a timely manner. Jamaicans for New York are no different. But the majority of payday loans take away to solve their unique little problems. Inside Nyc zero expense income credit reporting solutions are available for your consumers. Funding is provided until after that payday and is expected to become secure due to financial interest.

    Payday loans uncovered so that you are able to a debtor and either used directly on the last credit party or used the online business towards the business. The best way to contribute resources is to use the characteristics of Internet site organizations. People who acquire a loan for Jamaica Nyc through the website must complete an online form.

    are the laws on payday loans?

    Credit folks bring the most helpful terms for the borrower, which is exactly why simple payday cash features are common. They help residents of Jamaica to resolve current financial difficulties very quickly. In the event of a tragedy, the customer will need a loan online as well as overnight. After all credit rating agencies really operate 24/7 now.

    The rules outside of Jamaica, New York allow you to take and you can borrow from the payday bank loan. Particular legislation and your standards must be adopted, which is exactly why it is more useful to examine the data more carefully before applying for your own New York payday loans. The possibility of credit is only for a few days and you can’t sum anything that only one is able to use is basically $500.

    A debtor normally discovers individual financing. The number of possible payday advances to discover inside Jamaica, Ny is five. This time period between acquiring your payday loans is 90 days.

    The procedure for your online payday loan Acquire in Jamaica, new york

    • Study the details regarding your financial institutions in Jamaica in New York. Understand private finance views and contact with people.
    • Seeing a most abundant credit business in the best ailments for your family members.
    • Go to the credit agency’s website for payday funds.
    • Complete the application mode and you can expect positive feedback using the lending company.
    • Don’t forget to choose the amount you want to receive on the website towards the company.
    • Has actually funded his bank card.

    All points provided to the mortgage organization must be a benefit. All data provided to lenders must be recent. Providing reliable data makes getting a home loan easy and effortless.

    Top Issues For Payday Loans To Find Over Jamaica, Nyc

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    To find a payday loan in Jamaica, New York, you must meet the compatible requirements:

    • The age of a debtor should be 18 and above for payday loans. According to American law, those who have not gone on strike for 18 years should never have a salary advance.
    • Someone’s works. You really need to have a stable currency having borrowed in Jamaica inside New York.
    • You definitely need to promote their financial membership.

    Never worry if you had a horrible loan from the bank see above. Their bad credit records is not a hindrance in finding a good payday loan in Jamaica, ny.

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    Remember that your loan must be repaid. Make sure you are also covered by the financing you get right before you get them. Become sensitive to your economic affairs.

    Scams circulating in Lancashire that fall victim to thousands


    Thousands of innocent people fall victim to scams and tricks that everyone should be aware of.

    Techniques vary from impersonating banks, family members or even Royal Mail. A new scam has seen criminals creating fake chatbots sneakily signing up victims for expensive monthly subscriptions.

    It starts with sending phishing emails posing as Royal Mail asking you to ‘start a conversation’ to track or reschedule a delivery. Other scams include a fake NHS Covid-19 text that defrauded people of large sums of money.

    READ MORE: Asda, Morrisons, Shell, Esso, BP: cheapest petrol and diesel prices in Lancashire

    Around £880,000 in identity theft scams that started with fake NHS Covid-19 texts have been reported in Santander since January. On average, people are defrauded of £5,600, according to bank data.

    We’ve rounded up recent scams from Which? have reported.

    Royal Mail chatbot scam

    Fraudsters are now creating fake chatbots in a new delivery scam, according to Which?.

    The trick sees chatbots sneakily sign up victims for expensive monthly subscriptions. It starts with sending phishing emails posing as Royal Mail that urge you to “start a conversation” to trace or reschedule a delivery, Echo reports.

    The fake chatbot then lists a delivery tracking number and shares an image of a package, explaining that “the label was damaged”, to convince you to reschedule the delivery.

    However, clicking the link takes you to another website that asks for your name, address, and payment information. In the fine print that sits at the very top of the page and is only visible when you scroll up on a mobile phone, adding these details puts you in a game.

    It’s called “Skill Game” and adding the details buys a three-day trial at bilingua.net which costs £2 and then £59 every 30 days. Which? reported a few days later, the form switched to promoting a different website – called proplanner.io – costing £62 every 30 days.

    Fake investment bank offering “refunds”

    A strange email from ‘GFC Investment’ which referred to itself as a ‘depositor’ was reported by Which?

    It claimed to be an investment bank “working to acquire new, more robust regulations” and that part of the process involved reimbursing the person receiving the email.

    According to consumer experts, this type of scam can lead to collection fraud. This is where scammers target previous victims, claiming to help recoup losses, only to then further defraud them.

    Warning issued over WhatsApp scam where people are losing thousands

    Fraudsters are increasingly turning to WhatsApp in a bid to scam users out of their hard-earned money.

    Worryingly, the total number of scams reported to start on WhatsApp increased twentyfold between 2020 and 2021.

    On average, victims of the scams lost around £1,950 each. Lloyds Bank has now released some message characteristics to be wary of.

    Users are warned that scam messages can seem “very personal” and will often use the pretense of being a family member who has lost their phone. They don’t even need to know your name, because “mom” or “dad” can suffice.

    Lloyds Bank said: “The story they tell may vary, but more often than not they claim that as it’s a new phone they don’t have access to their internet or mobile banking account, and so they need urgent help to pay a bill.”

    Warning as scammers target thousands of self-assessed taxpayers

    Scammers also target taxpayers subject to self-assessment. According to figures, 570,000 incidents were reported last year.

    HM Revenue and Customs (HMRC) urges customers to be on their guard after the self-assessment deadline. This time of year, self-assessment customers are at increased risk of being scammed, even if they don’t mention the self-assessment.

    People can be fooled by scam texts, emails or calls offering a refund or demanding unpaid tax, thinking these are genuine HMRC communications referring to their tax return. In the 12 months to January 2022, nearly 220,000 scams reported to HMRC offered bogus tax rebates.

    Criminals will target unsuspecting customers in an attempt to steal money or personal information, often mimicking government messaging to appear authentic. In January 2022, phone scams increased to 3,995 from 425 reported in April 2020.

    Myrtle Lloyd, chief executive of customer services at HMRC, said: “If someone contacts you saying they are from HMRC, wanting you to transfer money or give out personal details, please be sure your guards. Never get pushed around, and if you’re in doubt, check out our advice on ‘HMRC scams’ on GOV.UK.”

    Customers had an extra month to submit a completed tax return and if filed by February 28, 2022, they would avoid a late-filing penalty. HMRC has a dedicated team working on computer and telephone crimes using innovative technologies to prevent misleading and malicious communications from reaching the customer.

    Santander warning to customers after fake NHS text scam

    Santander has warned customers of a fake NHS Covid-19 text scamming people out of large sums of money.

    Around £880,000 in identity theft scams that started with fake NHS Covid-19 texts have been reported in Santander since January. On average, people are defrauded of £5,600, according to bank data.

    In one case seen by the bank, a couple transferred over £20,000. The scam works by fraudsters sending fake texts stating that the recipient has been in close contact with someone who has tested positive for Covid-19.

    The texts include a link to a fake NHS website to order a PCR test. The website asks for their personal details and a small amount of money is requested to cover the cost of postage for the PCR test. This means that payment card details can be retrieved by the fraudster, who then contacts the intended victim posing as their bank and convinces them that they are being scammed and need to transfer their money on a “secure account”.

    The name on the secure account is often someone else’s and the fraudster will concoct an explanation as to why it is not in the customer’s name. In reality, the account is controlled by the fraudster. Once the money is sent, all contact is cut off and the victims’ details are sometimes sold to other criminals.

    Will using Afterpay affect your ability to get a home loan?


    must know

    • Buy now, pay later (BNPL) providers continue to expand into all aspects of daily life
    • CHOICE joins other consumer groups concerned about the use of BNPL for essential services
    • Some customers say their banks asked them to close accounts to get a loan

    Afterpay customer Lisa Findlay told CHOICE she had been using the buy now, pay later platform for about two years when she applied for a home loan from Bankwest.

    She was surprised when the bank inquired about her BNPL accounts, asked her to close her Zip and Afterpay accounts, and then send proof of their closure to secure the loan.

    “I didn’t really see it as a credit, but I kind of understand it’s kind of now,” she says. “I was really hesitant to shut down Afterpay because I love using it so much.”

    She says she spoke to Afterpay, who advised her to close the account for a few months until the loan was completed, then reopen a new account with them, which she did.

    We have spoken to several other BNPL users who have faced similar situations when applying for a home loan from other banks.

    Banks may consider your use of BNPL

    We asked each of the big four banks how they view the use of BNPL when it comes to assessing a customer’s creditworthiness when applying for a home loan.

    Commonwealth Bank of Australia (CommBank)

    CommBank says customers are not asked to close BNPL accounts when assessing the home loan, but the use of BNPL is considered, along with other factors as part of its overall assessment.

    “When assessing a customer’s ability to service a loan, we look at a range of covenants, including BNPL transactions where applicable,” the bank told CHOICE.

    When assessing a client’s ability to service a loan, we look at a range of covenants, including BNPL transactions


    “All requests are assessed on a case-by-case basis and we encourage clients to speak with their lender or broker early in their journey to ensure they are in the best position to meet any outstanding repayments.”


    NAB says this too considers the use of BNPL, as well as other expenses.

    “NAB applies a series of measures to help us verify information to determine a customer’s suitability for a loan,” says Rachel Slade, NAB Group’s Head of Personal Banking.


    Westpac says it asks customers about all debts, including BNPL debts, when evaluating a loan.


    ANZ did not respond to our requests.

    Afterpay’s “sleight of hand”

    Afterpay is aware that it is taken into account when it comes to home loans and has a section in the help center of its website dedicated to it.

    “Afterpay should not affect your ability to be approved for a home loan as we do not perform credit checks or release any information to credit bureaus or agencies,” the webpage states.

    “This means Afterpay cannot affect what is known as your ‘credit score,’ which can determine your ability to get a home loan.”

    Bank bias after payment

    Afterpay also says it is aware that customers are being urged to close their Afterpay accounts to get a home loan, and suggests the reason could be banks’ bias against BNPL providers.

    “Unfortunately, we have heard of this sometimes, although it shouldn’t,” Afterpay says on its website.

    “Maybe it has something to do with banks not liking consumers moving away from credit to other modes of spending, like Afterpay.”

    Afterpay suggests users to close their accounts when getting the home loan and then reopen them after the loan is approved.

    “We would love to see you again,” the company says.

    Some banks consider the use of the BNPL when evaluating a mortgage application.

    “Falsely from BNPL”

    Buy Now, Pay Later (BNPL) such as Afterpay, Zip Pay and Humm continue their relentless expansion into all aspects of life.

    In November, Afterpay announced a partnership with Australian Venues Co., a giant in the hospitality industry. The company owns more than 160 pubs and venues, which would now offer Afterpay’s on-site loans to punters to buy food and drink. Combining booze and easy money – what could go wrong?

    BNPL for essential services

    In October, Xplor Technologies announced a partnership with Zip that would allow parents of children at more than 10,000 child care centers in Australia and New Zealand to access BNPL’s services to pay for child care. This is a far cry from the general industry assertion that unregulated lending is for discretionary spending.

    And while major BNPL players may limit what they move into, new players without these reservations are springing up and hoping to take advantage of the lack of government regulation.

    New Supplier Concerned Tenant

    In February, consumer groups sounded the alarm about a new BNPL provider called Tenanting, which is offering to pay your rent upfront. You then pay it back in installments with a five percent fee added, increasing your rent.

    At CHOICE, we recently asked our supporters to send us some of the most shocking examples of BNPL deals they’ve seen. Many pointed to Afterpay’s decision to let people use it to buy alcohol on the premises, while others found BNPL’s offer to pay for elective surgeries and medical procedures most concerning. .

    “Extremely worrying”

    Patrick Veyret, Senior Political and Campaigns Advisor at CHOICE, says BNPL’s ongoing transition to essential services is concerning.

    “It is extremely worrying that BNPL providers are now being sold for services such as paying rent or paying childcare costs,” he says. “Our research shows that one in five people who have used BNPL have used it to pay for essential goods and services.

    BNPL providers are increasingly looking like payday lenders by targeting people with predatory loans to buy essential goods and services

    Patrick Veyret, Senior Policy and Campaigns Advisor CHOICE

    “BPL providers are increasingly looking like payday lenders by targeting people with predatory loans to buy essential goods and services. In fact, some BNPL providers (like Humm) are simply rebranding as payday lenders.

    “As a community, we need to make sure people have enough income to pay the bills and not depend on predatory loans such as payday loans or BNPL to make ends meet.”

    Weak consumer protections

    Although the BNPL sector continues to operate outside the credit code without government oversight, it has its own model of self-regulation. But consumer groups, including CHOICE, have found that consumer protections under the BNPL’s voluntary code of conduct are weak.

    “The BNPL [industry] aims for complete omnipresence in the market, while pushing for very limited regulation or supervision,” says Veyret.

    “Australia already has one of the highest household debts in the world. Allowing the rapid expansion of unregulated debt is a serious cause for concern, both for individuals, households and the economy in general. .”

    The time of regulation

    We surveyed over 1,000 people across Australia in January to gather their views on BNPL and regulation.

    Almost nine in 10 respondents (88%) agreed that BNPL should have consumer protections similar to those for credit cards. This figure was even higher (94%) among those who had used BNPL in the previous 12 months.

    Almost the same proportion of people (87%) said BNPL providers should check a borrower’s ability to repay the loan as part of the application process.

    The frequency of BNPL use varied considerably, with only a small proportion of people (8%) using it once a week or more, and 39% using it once a year or less.

    Financial difficulty

    Among those who had missed a BNPL payment, nearly eight in 10 (78%) experienced some form of financial hardship as a result, such as struggling to pay debts, take out a loan or cut back on essentials to manage their expenses BNPL or debts.

    According to CHOICE’s Veyret, now is the time for the government to step in and properly regulate the industry.

    88% of Australians agree BNPL services should have credit card-like protections

    Patrick Veyret, CHOICE

    “The Australian public overwhelmingly supports closing the loophole on BNPL,” he says. “Eighty-eight per cent of Australians agree that BNPL services should have credit card-like protections.

    “It’s time for the federal government to close this loophole and regulate the BNPL industry before it’s too late.”

    An alliance of 12 consumer groups around the world is calling on governments to strengthen consumer protections against buy now, pay later loans. Add your support.

    Consumer claims unlicensed lender tampered with tribal ownership

    By Joyce Hanson (March 15, 2022, 8:02 p.m. EDT) – Lending website FirstLoan.com has been slapped with a proposed class action lawsuit in federal court in Illinois accusing it of making predatory loans with annual rates of up to 700%, in violation of state consumer fraud laws and the Racketeer Influenced and Corrupt Organizations Act.

    Lead plaintiff Joshua Kalkbrenner said in his Monday complaint against FirstLoan and its owner Stanley Chao that the unlicensed lender currently claims to be a Native American-owned business operated by the Elem Indian Colony of the Pomo Indians and a subsidiary of EIC Enterprises, a federally recognized branch of the tribe in Clearlake, California.

    But Kalkbrenner added that…

    Stay one step ahead

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    RISE Credit Loans Review 2022


    Personal Finance Insider writes about products, strategies, and advice to help you make smart decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective. Terms apply to offers listed on this page. Read our editorial standards.

    RISE loan amounts and interest rates

    RISE offers loans with fixed interest rates and a fixed term, repaid in monthly installments. You will receive your money in a single payment when you take out the loan. RISE lets you use its loans for many purposes, including expenses like medical bills, home repairs, or debt consolidation.

    Loan amounts on RISE loans range from $300 to $5,000. APRs range from 36% to 299%, but keep in mind that the lowest APRs are only for returning customers in CA, IL, or ND. Loan rates and amounts vary widely from state to state, so check your state’s specific terms.

    RISE will send your money the next business day, provided your request is processed and approved by 6 p.m. ET.

    Loans are not available to new customers in AK, CA, CO, CT, IL, IA, ME, MD, MA, NH, NJ, NY, NC, ND, PA, RI, SD, VT, VA, WV or Washington DC. You may be able to get a loan on a limited basis if you are a loyal customer in CA, IL or ND. The bank that will issue your loan depends on the state you live in:

    • Loans issued and funded by FinWise Bank — AK, AZ, FL, HI, IN, KY, LA, MI, MN, MT, NE, NV, OH, OK, OR, WA, and WY
    • Loans issued and funded by CCBank — KS, TN and TX
    • Government Installment Loans – AL, DE, ID, GA, MO, MS, NM, SC, UT and WI.

    Repayment terms vary depending on the state you live in, but the overall range is between four and 26 months.

    RISE reports your account and payment history to two of the three major credit bureaus, TransUnion and Experian. A history of on-time payments can improve your credit score, while late or missed payments could damage it.

    There is no minimum credit score for loans from RISE, but it is generally easier for borrowers with poor credit to obtain a loan from RISE than elsewhere.

    Advantages and disadvantages of RISE loans

    Who is RISE for?

    RISE is best for people who have exhausted other options available to them. This can include personal loans from other lenders, money from friends and family, or extra money from a side gig. RISE has inflated interest rates which are higher than other lenders and in some cases not much better than payday lenders.

    RISE is still probably a better option than a payday loan, as many payday loans have annual interest rates of up to 400% and must be repaid within a month. Many payday lenders have also been accused of predatory lending practices.

    You have little flexibility in your repayment terms, and residents of some states aren’t even eligible for loans with RISE.

    Comparison of RISE loans

    These three lenders offer high APR loans to borrowers with bad credit. This may seem attractive to those who cannot obtain loans elsewhere, but the rates charged by these companies can have a significant negative effect on your finances.

    You can take out a loan of $300 to $5,000 with RISE, $300 to $10,000 with Oportun, and $500 to $4,000 with Opploans.

    Oportun charges an origination fee, which is deducted from your overall loan proceeds. Neither RISE nor Opploans charge setup fees.

    Is RISE trustworthy?

    RISE has an A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB rates businesses by looking at their response to customer complaints, honesty in advertising, and truthfulness in business practices.

    RISE has also not been involved in any recent scandals or controversies. Between its high BBB rating and clean company history, you might decide you’re comfortable borrowing from RISE.

    Frequently Asked Questions

    Is RISE a legit company?

    Yes, RISE is a legitimate company that offers fixed rate loans to qualified borrowers. These loans are for small sums of money and come with high interest rates.

    Which bank uses RISE?

    RISE issues loans from two different banks depending on your state of residence.

    • Loans issued and funded by FinWise Bank – AK, AZ, FL, HI, IN, KY, LA, MI, MN, MT, NE, NV, OH, OK, OR, WA and WY.
    • Loans issued and funded by CCBank — KS, TN and TX.

    Does RISE report to the credit bureaus?

    Yes, RISE reports to two of the three major credit bureaus, Experian and TransUnion. You may be able to boost your credit score with a history of regular, on-time payments.

    What questions should you ask yourself?

    Have I explored alternatives to a high interest loan?

    Consider loaning money to friends and family, taking on a side job, or borrowing from another lender before settling for a loan with a high APR. In some situations, you could lock yourself into a debt cycle with a high-interest loan. If you are late paying, the interest charged to you may continue to accrue until you have trouble repaying it.

    Am I comfortable taking out a loan with a very high interest rate?

    RISE loans come with extremely high APRs, so you need to make sure you understand what you’re getting into before agreeing to borrow. You could end up paying a significant amount of interest on your debt depending on the length of your term.

    Why do I need a loan?

    Understand why you’re borrowing money before choosing to take out a loan, whether it’s for debt consolidation or home improvement. Otherwise, you may be forced to pay interest on the debt you incurred before you really thought about the decision.

    How to avoid getting scammed


    From internet scams to unauthorized transactions, scammers are taking advantage of these trying times to mislead and deceive consumers, according to New York Attorney General Letitia James.

    Consumers need to be vigilant and guard against fraud.

    Below are some of the top consumer complaints and tips for avoiding these scams:


    These include: internet services and service providers, data privacy and security, digital media, data breaches and internet manipulation fraud.

    Below are tips for avoiding some of these scams:

    Do you constantly reuse the same username and password? Cybercriminals could attempt to log into online accounts using login credentials stolen from other online services. If you’re looking to protect your online accounts, HERE ARE SOME STEPS TO TAKE.
    Phishing is a form of Internet fraud that aims to steal personal information such as credit card numbers, social security numbers, user IDs and passwords. These schemes can also trick the recipient into installing malware on a computer or mobile device. HERE ARE SOME TIPS TO PROTECT YOURSELF.
    Online shopping scams are on the rise. Scammers create slick websites claiming to sell high-demand items. To lure you to the sites, scammers pay for advertisements on Facebook, Google, and other websites. The best way to not get scammed is to be aware of the tactics and know what to look for. HERE ARE A FEW TIPS.
    If you have been impacted by a data breach. HERE ARE SOME STEPS you can take to protect your identity.

    Regularly check your online accounts for unauthorized transactions and immediately contact your online service (or credit card company, if applicable) if you see anything suspicious.


    These include: releases of security deposit, harassment of tenants.

    Here are a few tips :

    Your landlord must return your security deposit within 14 days of your departure. If your landlord takes money from the damage deposit, they must provide an itemized receipt outlining the damage and its cost. If your landlord doesn’t give you this receipt within 14 days of moving out, they must return your entire security deposit to you, whether or not there is damage. If your landlord fails to comply, you may be entitled to up to twice the amount of the security deposit.

    If you are having difficulty paying your rent, please contact your social service. Check the links below:

    New York residents can call 311 and inquire about rental assistance programs. More resources are available HERE.


    These include price gouging, faulty merchandise, poor customer service, pet stores and animal breeders.

    If you see excessive prices for gas or other goods vital and necessary for health, safety and well-being, the authorities ask you to report it immediately. HERE’S HOW TO REPORT a price hike in your state.
    Free COVID-19 test kits are available from the US government at www.covidtests.gov. The US Food and Drug Administration has warned consumers against fake COVID-19 home test kits. And HERE are tips to avoid scams related to COVID-19.


    These include COVID-19 testing facilities, alarm companies, dry cleaners, restaurants, movers, personal household services.

    Scammers are using telemarketing calls, text messages, social media platforms, and home visits to carry out COVID-19-related scams, according to the U.S. Department of Health and Human Services’ Office of Inspector General. HERE ARE some things consumers need to know to avoid fraud.

    COVID-19 testing facilities that advertise turnaround times for test results are required to accurately state how long it will take consumers to receive their test results. Any consumer who believes that a lab or other testing facility is making misleading claims about their time to get test results should report it to their state attorney general’s office.


    These include: Sales, Service, Financing, Repairs.

    Beware of deceptive sales tactics when buying or leasing a car. Prices for new and used automobiles continue to climb, driven by factors such as strong demand and global shortages of semiconductors, which are an essential component of new automobiles. Do not sign any documents and never leave the dealership with a car until you have carefully reviewed all of your documents. Don’t sign a blank document that doesn’t have any numbers or words filled in.

    Make sure what you sign is what the seller told you and that you are not being charged for accessories or additional products you did not request such as warranties, tire protection and wheels and wine engraving. Ask the seller or finance manager what fees or charges you don’t understand and if they’re required by law.

    If you’re shopping for a used car, be especially careful not to buy a flood-damaged vehicle. Water damage can be difficult to detect in vehicles. HERE IS SOMETHING telltale signs of flood damage.


    These include: debt collection, credit card billing, debt settlement and relief, payday loans, credit repair, credit reporting agencies, identity theft .

    Consumers facing debt collection now have additional protections under federal and state laws.

    New nationwide rules passed by the Consumer Financial Protection Bureau (CFPB), which came into force in 2021, limit how and when debt collectors are allowed to contact consumers. CLICK HERE to know your rights.
    When shopping online, only buy from secure websites. Use familiar websites, or find and read reviews of new sites, and check that the website starts with https (not just http – the ‘s’ stands for secure) or has a padlock icon. Protect your identity and your money by following THESE RULES.
    Scammers often use crisis incidents to perpetuate fraud and divert donations from intended recipients. Avoid being scammed with THOSE ADVICES.


    These include cordless and residential telephones, energy repairers and suppliers, cable and satellite.

    Do you need help paying your electricity bills? HERE are resources for energy assistance in your state.
    Scammers are using new tactics to extract money from utility company customers. HERE are the signs you need to look for.
    If you’re annoyed by robocalls, you’re not alone. Federal regulators reported a 25% increase in complaints in 2021. THESE TOOLS can help you stop unwanted calls.


    These include: Repair problems, misleading contractors.

    Before entering into a contract, shop around for estimates, check with the Better Business Bureau, vendors and neighbors for references.

    Know your rights: You have three days after signing a renovation contract to terminate it.

    ASA investigates payday loans that break rules served by Google


    The Advertising Standards Authority (ASA) is investigating several reported examples of Google allowing ads from “predatory lenders”. The findings follow a report published in the Observer on Sunday which found that 24 advertisements had been paid for by 12 advertisers, including loan companies and credit brokers.

    Google’s stated practices prevent ad sales related to financial services that do not disclose information about repayment terms or other potential risks to borrowers. It specifically cites failure to disclose associated fees as something prohibited, noting, “Disclosures may not be published as hover text or made available through any other link or tab. They should be clearly and immediately visible without the need to click or hover over anything.

    It also cites failure to include links to any third-party accreditation or endorsement where affiliation is stated or implied with the terms of the loan-related advertisement. This veneer of legitimacy — and Google’s efforts to prevent loan providers from making false associations with real organizations — were partly behind the search giant’s efforts to stamp out the practice in 2016.

    Commercials reported by the Observer including one that offered ultra-high interest rates of up to 1,721%.

    The vendors’ marketing techniques – especially messages related to how quickly money will be available – appear to run counter to Google’s policies. Following the Observer report, the Guardian found that many of the same companies were running similar adverts despite Google removing the initial adverts. In 2020, Google removed 123 million ads related to violations of its financial services policies.

    The ASA has concrete guidelines against predatory lending advertising and has enforced them across a wide range of advertising mediums. Its financial services rules information page points out that it has upheld the investigation into a Sunny Loans ad on the grounds that it may mislead consumers about repayment terms.

    The problem is exacerbated online due to the speed and reach with which digital advertisers can reach consumers. The ASA said that while responsibility for ensuring ads do not violate the guidelines rests with the advertiser, media platforms such as Google “also have some responsibility for ensuring content complies with the guidelines. rules”. A spokesperson told the Guardian: “Platforms should and are taking steps to ensure misleading and irresponsible ads are not published.”

    Top 10 Microfinance Banks in Nigeria


    Information available on the CBN website shows that there are approximately 916 licensed microfinance banks in Nigeria. These banks provide essential financial services (such as savings, loans, domestic remittances, etc.) to low-income, unbanked and underserved groups like market women and unemployed youth.

    For a highly populated country like Nigeria where only 64% of the adult population is financially included, these microfinance banks clearly have their job done well for them. Interestingly, a number of them are doing a fantastic job of serving the Nigerian public.

    In this special report, we will look at the top 10 Nigerian microfinance banks that set the pace and now hold the ace. Among the criteria used to determine the top 10 MFBs are efficiency in service delivery, innovation, and customer satisfaction. See the list below:

    1. KUDA Microfinance Bank

    It is yet another prominent MFB that has taken the Nigerian financial services industry by storm. Also launched in 2016, the company started out as Kudimoney and offered online-only digital savings and loans. Since then, the company has morphed into KUDA, raised over $90 million, and popularized itself among young people as “the bank of the free.”

    Currently, KUDA Bank is working to position itself as a major microfinance bank. And new users are signing up every day, thanks in part to its streamlined banking app that makes it easy to sign up and access a wide range of banking services.

    If you want to learn more about KUDA Bank, be sure to visit their website today. Also, be sure to check out the company’s mobile app, if you like.

    2. LAPO Microfinance Bank

    This microfinance bank was established in the 1980s primarily to help less privileged Nigerians cope with the harsh economic realities that followed General Ibrahim Babangida’s structural adjustment program. Since then, LAPO Microfinance has become one of the most outstanding MFBs in Nigeria, thanks to its constant efforts to ensure the economic empowerment of low-income households in Nigeria. To do this, the company provides “responsive financial services on a sustainable basis”.

    You can learn more about LAPO Microfinance and its loans by visiting its website today.

    3. ACCION Microfinance Bank

    ACCION Microfinance Bank is very similar to LAPO in that they are both national microfinance banks. It was established in 2006 and has since made it its mission to “empower micro-entrepreneurs and low-income people by providing financial services in a sustainable, ethical and profitable way”, according to information available on its website.

    The company offers different types of loans including small business loans, property loans, education loans, etc. Users can also get quick loans up to N150,000 through ACCION’s mobile banking or USSD channels.

    4. Mutual Trust Microfinance Bank

    Mutual Trust Microfinance Bank is one of Nigeria’s leading microfinance banks. Since April 2016 when the company changed its name from Mark to Rock Microfinance Ltd and changed management, it has embarked on a pioneering mission to redefine microfinance in Nigeria.

    The company prides itself on providing excellent financial services through the use of state-of-the-art technology and, of course, its highly experienced workforce. The processes are so simple that clients can complete their loan application in less than ten minutes. Also, loan applications are analyzed and approved in ten hours. And the best part is that the company has a very flexible repayment plan that makes it easy for customers to clear their loans without stress.

    If you want to learn more about Mutual Trust Microfinance Bank, visit their website today. You can also download the company’s mobile app from Google Play Store and iOS store.

    5. Microfinance Bank Assets

    No discussion of the best MFBs in Nigeria would be complete without mentioning Asset Microfinance Bank. Although relatively new, this microfinance bank has positioned itself as a force to be reckoned with, with its unique products designed to empower Nigerian businesses.

    According to information available on its website, Assets Microfinance Bank was established by the CBN to primarily provide personal, business and payday loans to Nigerians. In addition to this, the company also provides savings and investment services.

    6. Fina Trust Microfinance Bank

    On its website, Fina Microfinance prides itself on being “Nigeria’s premier microfinance bank”. Whether everyone agrees or not, what is true is that this is one of the leading microfinance banks in Nigeria. Established in 2009, Fina Trust Microfinance Bank is said to be affiliated with the LOLC group, the largest non-banking entity in Sri Lanka.

    Among the services provided by Fina Trust Bank are quick loans, payday advances, SME loans, education loans, financial asset financing, etc. The company also offers various types of account services including savings accounts, current accounts as well as term deposit accounts.

    You can learn more about Fina Trust Microfinance Bank by visiting their website today.

    7.AB Microfinance Bank

    This MFB was established in 2008 and is headquartered in Lagos. On its website, the company describes itself as “a socially responsible bank of choice for micro and small businesses”. Clients have access to microloans, SME loans and housing loans.

    In addition to loans, AB Microfinance Bank also offers its customers the possibility of opening savings accounts, current accounts and term accounts. More so, customers have access to mobile banking and other related banking services.

    8. VFD Microfinance Bank

    Just like KUDA Bank, VFD Microfinance Bank (or VBank for short) has been marketed and positioned as the go-to MFB for fashionable people. The company is a subsidiary of VFD Group which was established in 2009 and started operations in 2011.

    On its website, VBank said that its style of banking was completely revamped and designed to attract more customers. There is an emphasis on digitization even though the VBank mobile app is arguably one of the most advanced and streamlined to attract more customers.

    Visit the company’s website today to learn more about its services.

    9. Sparkle Microfinance Bank

    Launched in 2019 by former CEO of the defunct Diamond Bank Uzoma Dozie, Sparkle Microfinance said part of its mission was to democratize access to finance for small businesses and individuals.

    At Sparkle Microfinance, technology plays a huge role. By downloading the Sparkle mobile app from Google Play Store or the iOS store, you will be able to access a host of financial services. Visit the company’s website to learn more.

    ten. BoI Microfinance Bank

    This microfinance bank is a subsidiary of Nigeria’s oldest development bank, the Bank of Industry. According to the information available on its website, the BoI Microfinance Bank offers different types of services to small and medium enterprises as well as low-income people. This is part of the company’s commitment to encouraging entrepreneurship through the provision of easy loans. Apart from loans, BoI Microfinance Bank also offers savings deposit services. The company was established in 2002. And thanks to the financial support of the Bank of Industry, it is well placed to serve customers.

    Global Payday Loan Services Market Estimate 2022-2028 Analysis by Key Players like Wonga, Cash America International, Wage Day Advance, DFC Global Corp, Instant Cash Loans, Speedy Cash, etc.


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    In this report, a comprehensive analysis of the current global situation Payday Loan Services Market in terms of demand and supply environment is provided, as well as current and future price trends. This report also includes global and regional market size and forecast, key product development trends and typical downstream segment scenarios, in the context of market drivers and inhibitors analysis. The report overview includes the study of market scope, key players like Wonga, Cash America International, Wage Day Advance, DFC Global Corp, Instant Cash Loans, Speedy Cash, etc., market segments and sub-segments, market analysis by Type, Application, Geography, and the remaining chapters that illuminate the Payday Loan Service market overview

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    Global Payday Loan Services Market: Segment Analysis

    The research report includes specific segments by region (country), by company, by type and by application. This study provides information on sales and revenue over the historical and forecast period from 2015 to 2028. Understanding the segments helps to identify the importance of the various factors contributing to market growth.

    Key Market Players for the Global Payday Loan Services Market are listed below:

    • wonga
    • Cash America International
    • Payday advance
    • DFC Global Corp
    • Instant Cash Loans
    • MEM Consumer Financing
    • Fast payment
    • TitleMax
    • LoanMart
    • Check and go
    • Finova Financial
    • TMG loan processing
    • Just military loans
    • MoneyMutual
    • Allied cash advance
    • Same day payday
    • LendUp Loans

    Payday Loan Services Market Segmented by Types

    Payday Loan Services Market Segmented by Application

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    • South America [Brazil, Argentina, Columbia, Chile, Peru]
    • Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
    • Middle East and Africa [GCC, North Africa, South Africa]
    • Asia Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]

    Key target audience:

    • Manufacturers/suppliers/distributors of payday loan services.
    • Market research and consulting companies.
    • Government bodies such as regulators and policy makers.
    • Organizations, forums and alliances related to payday loan service.

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    3. Payday Loan Services Sales by Key Players
    4. Payday Loan Services Market Analysis by Region
    5. Global Payday Loan Services Market Segment By Type: Platform financial support, off-platform financial support
    6. Global Payday Loan Services Market Segment By Application: Staff, Retirees, Others
    7. North America by Country, by Type and by Application
    8. Europe by Country, by Type and by Application
    9. Asia-Pacific by Country, by Type and by Application
    10. South America by Country, by Type and by Application
    11. Middle East and Africa by Country, by Type and by Application
    12. Sales channel, distributors, traders and resellers
    13. Research results and conclusion
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    Government changes controversial lending rules


    The government is making changes to its controversial loan laws, following complaints that it was preventing some people in a decent financial position from getting mortgages and other loans.

    By Kathryn Armstrong

    The rules were changed in December in a bid to protect people against loans they couldn’t afford.

    However, this meant that banks and other lenders had to take a closer look at people’s spending when assessing the financial situation, especially when it came to their spending.

    “Someone would bungee jump and then the bank would say, ‘How often do you bungee jump? ‘” Economist Tony Alexander said.

    He thinks part of the problem was that as banks feared huge fines if they failed to apply the new rules correctly, they became incredibly cautious.

    Trade Minister David Clark said the problem was how the rules were interpreted.

    He said the rules have now been clarified to make them simpler.

    This includes clarifying that where borrowers provide a detailed breakdown of future living expenses, there is no need to learn current living expenses from recent banking transactions.

    Nor do lenders need to treat a loan applicant’s regular savings as an expense.

    “In very simple terms, that means banks don’t have to dig through your bank statements for the past few months,” Alexander said.

    They can take your word for your future spending.”

    Meanwhile, a broader investigation into the anticipated implementation of the December CCCFA changes continues.

    David Clark said that so far there was no reason to believe that the new laws were the main driver of the loan reduction.

    ACT chief David Seymour welcomed the clarification of “excessive lending rules that allowed people to choose between Netflix and a mortgage”.

    Seymour said the ACT has been calling for changes to the law since January after the effects of “were crippling for those seeking a loan”.

    “The occasional flat white should never have been a reason to keep a first-time home buyer off the market.”

    Tony Alexander said that although it is too early to see a huge change in the amount of money loaned, there have been other noticeable effects.

    “Applications going to banks, to mortgage brokers, really started to drop quite dramatically since probably just before December 1, partly because of loan-to-value ratios.”

    Financial mentoring group FinCap said it has noticed positive changes since the December Lending Act was amended.

    North Harbor Budgeting Service financial mentor David Verry said the reforms have led to the demise of mobile or payday lenders, like truck shops.

    “The number of people we had before – I had clients who had five or six payday loans – I don’t see payday loans now, or anything like a payday loan,” he said.

    Auto dealers and lenders keep tabs on CFPB again


    LAS VEGAS — The federal Consumer Financial Protection Bureau has once again become more assertive, with auto lenders and their associations closely monitoring the agency’s activities.

    Among the concerns of the new director of the CFPB, Rohit Chopra, is the rising cost of vehicles. This is mainly caused by a shortage of inventory, which in turn is caused by a global shortage of microchips.

    Inventory shortages have led some auto dealers to charge thousands of dollars above MSRP for popular vehicles. This caught the attention of the CFPB, says Celia Winslow, senior vice president of the American Financial Services Assn.

    “The CFPB wants to lower vehicle prices, but it has no control over dealerships, so it’s focused on car lending,” she told the annual vehicle finance conference. ‘AFSA, organized in conjunction with the National Automobile Dealers Assn. annual convention.

    For auto lenders, such scrutiny potentially includes fees, repossessions, loan-to-value ratios (the amount financed relative to the price of a vehicle) and interest rates, she tells Wards.

    In a presentation on federal auto loan issues, Winslow (photo below left) tells conference attendees that lenders who, for whatever reason, may choose to challenge the bureau on a particular issue that becomes untenable to them have no choice but to sue.

    Litigation could be the only ultimate solution, she says, without specifying what potential future CFPB action could trigger this.

    Still, she notes Administrator Biden. overall is not particularly focused on auto loans. He has other issues to deal with, including Russia’s war on Ukraine, inflation, COVID and the upcoming congressional elections, Winslow said.

    But for lenders watching Washington’s regulatory activities, “CFPB is where it’s at,” she says.

    The office, formed in 2011, is a product of the Dodd-Frank Act that Congress created following the collapse of the subprime financial sector of that era.

    From the start, lenders and auto dealers worried about the CFPB because progressive Elizabeth Warren, before becoming a U.S. senator, was instrumental in founding the office and served as its first acting director.

    Warren adamantly opposed the practice of dealerships adding one or more percentage points to indirect auto loans. Warren saw this as a scam.

    Her detractors saw her as polarizing. President Obama, faced with Republican pressure, chose not to make her the first director of the CFPB.

    That job instead went to Richard Cordray, a former attorney general from Ohio. Under his leadership, the office cited alleged disparate loans that were unintentionally racially and ethnically biased.

    Many lenders and their associations, including the AFSA, have questioned the accuracy of a CFPB disparate lending analysis that used people’s postcodes and surnames to conclude that biased lending was occurring.

    For a time at the time, dealers and lenders viewed the CFPB as an almost existential threat.

    But then Kathy Kraniger became a director under the Trump administration. President Trump was not a fan of the CFPB. During Kraniger’s tenure, the office became less crossover and more lender-friendly. Cordray had resigned in 2017, accusing Trump of undermining him and the office.

    President Biden named Chopra to lead the office in October. He contrasts sharply with Kraniger.

    Chopra is more of a determined crusader than even Cordray was, Winslow says. “He’s more active.”

    He is a particular opponent of payday lending practices, which do not affect lenders and car dealerships. Nonetheless, Winslow says he’s someone both of these groups should watch.

    Steve Finlay is a retired editor of Wards. He can be reached at [email protected].

    ‘Their weapon is your shame’: Toxic abuse by Nigerian loan sharks | Nigeria


    SHayo Adebayo, 28, an unemployed medical physiology graduate from southwestern Nigeria, has read dozens of abusive WhatsAapp messages and voice notes sent to her by fast loan company debt collectors.

    “I will destroy your life,” said one. “I want to see your payment or all hell will break loose,” said another. And another, which simply said “enjoy your shame”, arrived after a message calling her a fraud and a thief was sent to her family, friends and all her contacts, attached to a photo extracted from his Facebook page.

    Adebayo said the messages had been coming to her phone almost every day since October, prompting her to have suicidal thoughts.

    She is not alone in her anguish. Unemployment, inflation and the cost of living have risen sharply in recent years in Africa’s largest economy, fueling a thriving industry of fast or payday loans. Advertisements for quick loans appeared at bus stops and street corners and were played on the radio.

    Messages like those sent to Adebayo’s contacts have gone viral on social media, drawing attention to the companies’ attempts to harass and shame people struggling with debt.

    For months, Adebayo had relied on regular loans of 40,000 naira (£70) from a Lagos-based loan company, to pay for transport and food until payday. In October, she lost her job and her debts skyrocketed.

    Between October and December, Adebayo downloaded 32 quick loan application forms onto her phone as she struggled to cover her debts.

    “At first I was just borrowing to get to the end of the month,” she said. “Then I would borrow to pay off the loan, then I would borrow more to pay that one and so on. In the end, I had borrowed from so many apps.”

    A woman balances a bowl containing soft drinks as she weaves through a street in the Yaba district of Lagos on Tuesday. Photograph: Akintunde Akinleye/EPA

    Adebayo said that as she began to struggle to repay her debts, the payment reminders quickly turned into grim threats, first sent to her and then to almost everyone important in her life.

    As a condition for a loan, the application process required access to her contacts, social media accounts and details of her family and friends, where she worked, worshiped and lived.

    “By the time you take the loan, you are practically naked. They know everything about you,” she said. “So when you’re not able to pay, they start working on those contacts.”

    The debt collectors were constantly calling and texting and broadcasting WhatsApp messages to his phone contacts. “Their weapon is your shame,” she said. “That’s why they do it. They use it to reach you.

    Calls for the government to clamp down on the companies have multiplied. Many are accused of operating without registration and warning employees not to reveal details of their operations, according to former employees.

    Some of the loan companies enforce illegal terms, paying below minimum wage and encouraging abusive behavior, according to several former staff members.

    Sophie Olubode worked as a debt collector for months last year at a quick loan company which employs more than 150 people and is based in an unmarked office building in Lagos.

    She called the work environment “toxic”. Olubode said many employees were paid a base salary below the Nigerian minimum wage of just 30,000 naira per month and received bonuses based on debt collection targets. Every collector was pressured to take extreme measures, she said.

    “I remember one of my co-workers called a daughter’s father and told him that his daughter was at the police station and until the father paid the amount of the debt they would not release not the girl,” she said.

    In typical cases, people applied for loans for as little as 2,000 naira, she said, often to cover things like food and transport costs and medical expenses. The application process, she said, worked “like a trap”, and for many people, unpaid debts of as little as 500 naira quickly amounted to thousands.

    The Lagos skyline.  Advertisements for fast loan companies have popped up in the city and elsewhere in Nigeria.
    The Lagos skyline. Advertisements for fast loan companies have popped up in the city and elsewhere in Nigeria. Photography: Eye Ubiquitous/Alamy

    Most of Adebayo’s debts remain unpaid, but she said she turned a corner when she found support on a Facebook group used by 19,000,000 people, many of whom were in similar or worse situations. Stories of abuse and harassment are reported daily.

    Group members encourage others to pay off their debts but not to be overwhelmed by threats. Documents produced by loan company officers claiming to be from the police are being debunked and people are sharing posts where they responded to threats with jokes or taunts.

    “Some of the talks are actually funny,” Adebayo said. “They joke about it. It makes you feel like: OK, I can handle this, they can’t kill me.

    The Facebook group was founded by Willis Osunde, 32, an unemployed economics graduate, after he began his own ongoing experiments with quick loan companies.

    “When they defamed me, by sending messages to my contacts, I almost lost everything,” Osunde said. “My marriage, my family, my job, all at the same time. It started from 2019, until last year… It occurred to me that I might not be alone. Osunde always reimburses.

    In November, Nigerian financial crime and central bank authorities set up a “lenders’ task force” to investigate the rise of loan sharks, as regulators became increasingly active in prosecuting companies accused of harassment and fraud. ‘abuse. Victims of illegal practices were encouraged to contact the task force, although many members of the Facebook group felt more urgent action was needed.

    “People are still vulnerable to these companies,” Osunde said. “In this economy, a lot of people are desperate.”

    How to apply for a payday loan


    Payday loans are high-cost, short-term loans that borrowers typically use to meet financial obligations. These small, short-term loans come with high interest rates and high fees. While payday lenders market their products as quick and easy ways to meet emergency financial needs, the reality is that many consumers find themselves trapped in a cycle of debt. Many payday loan borrowers are unable to repay their loan, even after getting another payday loan to pay off the first.

    This article will teach you the proper method to apply payday loans to get maximum benefits.

    How do I apply for a payday loan?

    Many people with bad credit apply for payday loans to get quick cash. The application process only takes a few minutes, but it’s important that you read the terms and conditions of your agreement carefully before signing on the dotted line.

    When applying for a payday loan, there are certain policies you need to be aware of, such as loan renewal policies, rollover rules, and prepayment penalties.
    To apply for a payday loan, follow these steps:

    Step 1 – Fill in your personal information

    When entering your personal information, be sure to use the correct name, address, phone number, date of birth, and social security number. This will ensure lenders can easily verify your identity during the approval process.

    Step 2 – Provide proof of income

    You will need to provide proof that you are employed or have another source of income. This could be your most recent pay stub, on-demand employment earnings, unemployment benefit statement, pension award letter, or award letter social security disability.

    Step 3 – Fill in your bank details

    Payday lenders require you to provide them with your bank details so they can easily deposit the funds as soon as possible. Most payday lenders typically deposit funds the next business day after approval; however, some lenders may take up to two days to process your application and deposit your funds.

    Step 4 – Accept the fees and terms
    Once you have completed your application, review all fees and conditions. If everything is correct, click “submit” or “next” to complete your application. This will send it directly to a lender for review. You should receive an instant response from a lender as to whether you have been approved for the loan.

    How to choose a payday lender?

    If you’re considering applying for payday loans, it’s important that you only look through reputable loan companies that offer fair interest rates and transparent terms. Here are some tips for choosing a reputable payday lender:
    1. A reputable payday lender should not charge upfront fees.
    2. A reputable payday lender will not engage in any form of coercion or harassment if you reject their offer to give you a loan.
    3. A reputable payday lender should be able to lend you money even if your credit rating is low.
    4. A reputable payday lender will never charge hidden fees.
    5. Research customer testimonials online to see what other customers are saying about the company’s service, pricing, and convenience.

    In conclusion, payday loans are unsecured short term loans that do not require the borrower to provide any form of collateral. However, to successfully apply for these types of loans, you need to be aware of certain policies, such as loan renewal policies and rollover rules. You can also get help from your friends or colleagues who have already applied for payday loans.

    25% of U.S. lenders prepare online for less risky payday loans post-pandemic


    Payday lenders who have suffered the severe consequences of the pandemic are anxiously awaiting the end of most government programs in the United States. Those who follow the industry say high cost loans can never be fully paid off.

    Since 2020, the federal government has increased unemployment benefits, federal stimulus payments and evictions. In fact, the number of loans no credit check guaranteed approval dropped in some states more than 45%. The situation is not about to change in the near future.

    The story gets even more complicated as Americans have used much of their savings to pay off their debts. They do this primarily to protect a solid monthly child tax credit. Additionally, regulatory scrutiny is likely to tighten under the Biden government.

    Turbocharged Trends Experienced by Online Payday Loans

    Online payday loans are meant to prepare for a shift in customer preferences. Since 2019, small dollar loan volumes have declined significantly. If customer demand is lower, direct lenders tend to verify customer needs.

    Company for the traditional payday lenders offers 400% annual percentage rates on loans, high fees and small payment plans. It has been attractive to everyone nationwide. But the pandemic has amplified these trends.

    Payday loans are available in Alabama, Michigan, North Dakota, Washington, and Wisconsin. Since 2020, this type of service is provided at 40% and 60%. As for the low points, the federal distribution is associated with stimulus payments. According to Veritec Solutions, a data provider collates data from state regulators.

    And the California Department of Financial Protection and Innovation reported a 40% drop in payday loans granted in 2020 compared to 2019 levels, and a 30% drop in payday customers. There is a movement towards long-term installment products that oppose short-term payment. It’s a popular opinion voiced by top executives at big projects like the Pew Charitable Trusts Consumer Finance.

    Alliance members in government posted obvious declines in their payday loan products and other short-term loans. Despite good volumes of payments and check remittances, people are visiting stores to receive some assistance.

    Even online, high cost installment lenders hasn’t necessarily seen a huge increase in business during the pandemic. Just look at the services provided by two of the biggest online lenders, Elevate Credit and Enova International. They announced an increase in profits in 2020. In the meantime, they did not confirm any growth in loans. Both companies reported a significant drop in charges. Does this mean anything unusual to you? They suffered fewer losses on their professional loans. It has to do with a wide range of factors, including current social and economic situations around the world.

    How can average Americans benefit from these stories? They can access financial volumes anywhere in the world. They can borrow them and use them for personal and professional purposes. Moreover, they can use them in both short and long time frames.

    More Money, Less Online Payday Loans

    The government creates a direct economic environment. It demonstrates the biggest drop in in-store payday loans when stimulus checks go to people Bank accounts. The Federal Reserve Bank of New York reports that 37% of Americans are committed to using stimulus payments to cover their debts.

    Are there still issues? What do you need to know? The future turns out to be quite bleak. Financial aid is not enough. Due to the pandemic, there is an increase in areas with low vaccination rates. Opponents of high costs fear that people will come back to them.

    Along with pandemic relief, the federal government has increased a child tax credit of up to $300 per child. The credit is set to expire by the end of the year. President Joe Biden wants to continue for the next five years. Democrats expect to expand the program in the budget reconciliation bill.

    Internet and housing issues among top 10 consumer complaints received by NY AG in 2021


    NEW YORK (WKBW) – New York Attorney General Letitia James has released a list of the top 10 consumer complaints received by the Office of the Attorney General (OAG) in 2021.

    Most of the complaints received were about internet-related issues and landlord-tenant disputes ranked second on the list.

    You can find the full list below:

    1.Internet Internet-related (Internet services and service providers, data privacy and security, digital media, data breaches, Internet manipulation fraud). 8346
    2. Owner / Tenant Landlord/tenant conflicts (release of security deposit, harassment of tenants). 3144
    3. Retail sales Retail related (price gouging, faulty merchandise, poor customer service, pet stores and pet breeders). 2678
    4. Benefits Consumer-related services (COVID-19 testing facilities, alarm companies, dry cleaners, restaurants, movers, personal household services). 2610
    5. Automotive Automotive (sales, service, financing, repair) 2283
    6. Credit Credit (debt collection, credit card billing, debt settlement and relief, payday loans, credit repair, credit reporting agencies, identity theft) 1539
    7. Utilities Utilities (cordless and home phones, energy services and providers, cable and satellite) 1145
    8. Home Repair/Improvement Home repair/improvement (repair issues, deceptive contractors) 1034
    9. Health clubs Health clubs (inability to cancel memberships, inability to access facilities, refunds not provided, no response from clubs) 778
    10. Furniture/appliances Furniture/appliances (defective merchandise, delivery issues, and service and repair issues). 611

    Let this list serve as a warning to all New Yorkers to be on their guard against scam artists. From inaccurate turnaround times for COVID-19 test results to misleading debt collectors, scammers have taken advantage of these trying times to mislead and deceive New Yorkers. My office is committed to rooting out fraudsters and protecting all New Yorkers, young and old, from harm. Consumers have helped my office identify and root out fraud, and I urge them to remain vigilant and follow this advice.

    -AG James

    AG James offered the following advice to protect you from future scams:

    the Internet

    • Do not use the same password for multiple accounts. Cybercriminals use passwords stolen from one company for other online accounts. Earlier this year, Attorney General James announced that a thorough investigation by his office had identified more than 1.1 million online accounts compromised in cyber-credential stuffing attacks on just 17 well-known companies. . [lnks.gd]. New Yorkers can protect themselves with the following safeguards:
    • Never reuse passwords. While reusing login credentials can be convenient, it also puts consumers at risk. A password manager on a phone or computer can keep track of passwords, automatically filling them in when they log in to a website or app.
    • Enable two-factor authentication (2FA): 2FA can provide an additional layer of security by requiring anyone logging into an account to provide another identifier, such as a one-time code sent via text or email .
    • Regularly check your online accounts for unauthorized transactions and immediately contact your online service (or credit card company, if applicable) if you see anything suspicious.
    • Sign up for a breach notification service, like Have I Been Pwned [lnks.gd]which will send a notification if an account associated with your email address or phone number has been hacked.


    • Your landlord must return your security deposit within 14 days of your departure. If your landlord takes money from the damage deposit, they must provide an itemized receipt outlining the damage and its cost. If your landlord doesn’t give you this receipt within 14 days of moving out, they must return your entire security deposit to you, whether or not there is damage. If your landlord fails to comply, you may be entitled to up to twice the amount of the security deposit.
    • If you are having difficulty paying your rent, please contact your local Department of Social Services. To find offices statewide, see https://otda.ny.gov/workingfamilies/dss.asp [lnks.gd]. New York residents can call 311 and inquire about rental assistance programs. More resources are available here: https://ag.ny.gov/coronavirus/tenants-rights#pay-rent [lnks.gd]

    Retail sales

    • If you see unreasonably excessive prices for COVID-19 home testing kits or other vital and necessary health, safety and well-being goods, we encourage you to report it to my office immediately.
    • Free COVID-19 test kits are available from the US government at www.covidtests.gov [lnks.gd].

    Consumer related services


    • Beware of deceptive sales tactics when buying or leasing a car. Prices for new and used automobiles continue to climb, driven by factors such as strong demand and global shortages of semiconductors, which are an essential component of new automobiles. Do not sign any documents and never leave the dealership with a car until you have carefully reviewed all of your documents. Don’t sign a blank document that doesn’t have any numbers or words filled in.
    • Make sure what you sign is what the seller told you and that you are not being charged for accessories or additional products you did not request, such as warranties, tire protection and wheels and wine engraving. Ask the seller or finance manager what fees or charges you don’t understand and if they’re required by law.


    • If you have a collection debt, debt collectors are required to provide you with key information about the origin and history of your debt within five days of their first contact with you. You also have the right to dispute the debt, and once you have done so, the collector must stop all attempts to collect from you until they provide information to support their claim to the debt.
    • Collection agents cannot harass you and must respect limits on how and how often they contact you. For example, they cannot call you more than seven times in a seven-day period and cannot call you between 8 p.m. and 9 a.m. You have the right to tell debt collectors not to contact you by email, text or any other means of communication, and you can tell them not to contact you at all.
    • As of April 7, 2022, creditors can no longer sue or threaten to sue you for debts older than three years. Before April 7, creditors cannot sue you or threaten to sue you for debts that are more than six years old, or even less, depending on where the company or person you owed the debt is located.


    Home repair/improvement

    • Many of our homes have suffered wear and tear from the pandemic. Before entering into a contract, shop around for estimates, check with the Better Business Bureau, vendors and neighbors for references.
    • Know your rights: You have three days after signing a renovation contract to terminate it.

    health clubs


    • Always ask about a furniture or appliance retailer’s return policy before making a purchase. Some online retailers require customers to pay for return shipping, which can make it cost prohibitive for people to return bulky furniture or appliances.

    Attorney General James Releases Top 10 Consumer Complaints of 2021


    Top frauds included internet, housing issues, retail, automotive and consumer services

    AG James offers tips for avoiding scams and urges New Yorkers to report fraud to his office

    NEW YORK – New York Attorney General Letitia James kicked off National Consumer Awareness Week by releasing a list of the top 10 consumer fraud complaints received by the Office of the Attorney General (OAG) in 2021. The Attorney General James also provides a variety of tips on how consumers can avoid common scams.

    “Let this list serve as a warning to all New Yorkers to be on their guard against scammers,” said Attorney General James. “From inaccurate turnaround times for COVID-19 test results to misleading debt collectors, scam artists have taken advantage of these trying times to mislead and deceive New Yorkers. My office is committed to rooting out fraudsters and protecting all New Yorkers, young and old, from harm. Consumers have been invaluable in helping my office identify and root out fraud, and I urge them to remain vigilant and follow this advice. »

    Here are the top 10 consumer complaints received by the OAG in 2021 by category:


    Internet related (internet services and service providers, data privacy and security, digital media, data breaches, internet manipulation fraud).


    2. Owner / Tenant

    Landlord/tenant conflicts (releases of deposit, harassment of tenants).


    3. Retail sales

    Retail related (price gouging, faulty merchandise, poor customer service, pet stores and animal breeders).


    4. Benefits

    Consumer related services (COVID-19 testing facilities, alarm companies, dry cleaners, restaurants, movers, services for personal household use).


    5. Automotive

    Car (sales, service, financing, repairs)


    6. Credit

    Credit (debt collection, credit card billing, debt settlement and relief, payday loans, credit repair, credit reporting agencies, identity theft)


    7. Utilities

    Utilities (cordless and home phones, repairers and energy providers, cable and satellite)


    8. Home Repair/Improvement

    Home repair/improvement (repair problems, misleading contractors)


    9. Health clubs

    health clubs (inability to cancel memberships, inability to access facilities, refunds not provided, no response from clubs)


    10. Furniture/appliances

    Furniture/Appliances (defective merchandise, delivery issues, and service and repair issues).


    Attorney General James offers various tips to protect New Yorkers from future scams:

    o Do not use the same password for multiple accounts. Cybercriminals use passwords stolen from one company for other online accounts. Earlier this year, Attorney General James announced that a thorough investigation by his office had identified more than 1.1 million online accounts compromised in cyber-credential stuffing attacks on just 17 well-known companies. . New Yorkers can protect themselves with the following safeguards:

    o Never reuse passwords. While reusing login credentials can be convenient, it also puts consumers at risk. A password manager on a phone or computer can keep track of passwords, automatically filling them in when they log in to a website or app.

    o Enable two-factor authentication (2FA): 2FA can provide an additional layer of security by requiring anyone logging into an account to provide another identifier, such as a one-time code sent via text or email. mail.

    o Regularly check your online accounts for unauthorized transactions and immediately contact your online service (or credit card company, if applicable) if you see anything suspicious.

    o Sign up for a breach notification service, like Have I Been Pwned, which will send a notification if an account associated with your email address or phone number has been compromised.

    o Your landlord must return your security deposit within 14 days of your departure. If your landlord takes money from the damage deposit, they must provide an itemized receipt outlining the damage and its cost. If your landlord doesn’t give you this receipt within 14 days of moving out, they must return your entire security deposit to you, whether or not there is damage. If your landlord fails to comply, you may be entitled to up to twice the amount of the security deposit.

    o If you are having difficulty paying your rent, please contact your local department of social services. To find offices statewide, see https://otda.ny.gov/workingfamilies/dss.asp. New York residents can call 311 and inquire about rental assistance programs. More resources are available here: https://ag.ny.gov/coronavirus/tenants-rights#pay-rent

    o If you see unreasonably excessive prices for COVID-19 home testing kits or other goods vital and necessary for health, safety and well-being, you are encouraged to report it immediately to my office.

    o Free COVID-19 test kits are available from the US government at www.covidtests.gov.

    • Consumer related services:

    o COVID-19 testing facilities that advertise turnaround times for test results are required to accurately state how long it will take consumers to receive their test results.

    o Any consumer who believes that a laboratory or other testing facility is making misleading claims about their timeline for obtaining COVID-19 test results should report it to my office immediately.

    o Attorney General James has recovered over $400,000 in refunds for consumers who did not receive their COVID-19 test results within the promised time frame.

    o Beware of misleading sales tactics when buying or leasing a car. Prices for new and used automobiles continue to climb, driven by factors such as strong demand and global shortages of semiconductors, which are an essential component of new automobiles. Do not sign any documents and never leave the dealership with a car until you have carefully reviewed all of your documents. Don’t sign a blank document that doesn’t have any numbers or words filled in.

    o Make sure what you sign is what the seller told you and that you are not being charged for extras or additional products you did not request, such as warranties, product protection, tires and wheels and wine engraving. Ask the seller or finance manager what fees or charges you don’t understand and if they’re required by law.

    o If you have a collection debt, collection agents are required to provide you with key information about the origin and history of your debt within five days of their first contact with you. You also have the right to dispute the debt, and once you have done so, the collector must stop all attempts to collect from you until they provide information to support their claim to the debt.

    o Collection agents cannot harass you and must respect limits on how and how often they contact you. For example, they cannot call you more than seven times in a seven-day period and cannot call you between 8 p.m. and 9 a.m. You have the right to tell debt collectors not to contact you by email, text or any other means of communication, and you can tell them not to contact you at all.

    o As of April 7, 2022, creditors cannot sue or threaten to sue you for debts older than three years. Before April 7, creditors cannot sue you or threaten to sue you for debts that are more than six years old, or even less, depending on where the company or person you owed the debt is located.

    o Thousands of New Yorkers have recently seen their gas and electric bills increase dramatically and suddenly. Attorney General James has demanded reforms from Con Edison that include a commitment to provide consumers advance notice of such increases. Any consumer who believes they have received a high utility bill as a result of a billing error should report it to OAG immediately.

    o If you are having difficulty paying your energy bill, contact the electricity company. Resources are available for consumers who may need help paying their utility bill. Utility companies offer programs and payment plans to help you.

    o In addition, the Home Energy Assistance Program (HEAP) helps low-income people pay for home heating costs. Information on how to apply is available at otda.ny.gov/programs/heap/.

    o Many of our homes have suffered wear and tear from the pandemic. Before entering into a contract, shop around for estimates, check with the Better Business Bureau, vendors and neighbors for references.

    o Know your rights: You have three days after signing a renovation contract to terminate it.

    o The New York Health Clubs Act allows gym members to cancel their membership under certain circumstances, including “after the services are no longer available or substantially available as contracted due to the [gym’s] permanent discontinuance of operations or substantial change in operations,” and requires gym owners to provide pro-rated monetary refunds (NOT credits) for such cancellations within 15 days. In 2021, Attorney General James resolved a lawsuit against the parent company of the New York Sports Club and Lucille Roberts for illegally charging monthly dues to members and for participating in various illegal and fraudulent practices involving cancellation rights consumers during the COVID-19 pandemic. . Attorney General James obtained the proceeds of a $250,000 bond for restitution to affected consumers.

    o In addition, the law further prohibits misrepresentation regarding consumer cancellation rights.

    o Always ask about a furniture or appliance retailer’s return policy before making a purchase. Some online retailers require customers to pay for return shipping, which can make it cost prohibitive for people to return bulky furniture or appliances.

    Consumers can learn more about COVID-19 resources and consumer scams on the OAG website. Attorney General James reminds consumers that in addition to being vigilant, they should report cases of fraud to her office. Consumers are encouraged to file a complaint by completing and submitting a Consumer Frauds and Protection Bureau online complaint form or by calling (800) 771-7755 if they are unable to submit an online form.

    Payday Loan Services Market Outlook by Size, Share, Demand, Current Trends, Progress Status, Growth Strategies, Competitive Landscape and Forecast by 2022-2029


    The Payday Loans Services Market research report is a unique research guide that gives a total assessment of the Payday Loans Services market outline and covers the current status review and development factors , current market patterns and current situation survey. Sagacious assessment is done to assess the rate of progress, giving solid data available. It sheds light on market characteristics and even prospects. The report allows clients to assess correct execution in the future. It also incorporates an inclusive idea of ​​major traders and areas with the largest share of revenue. On a fundamental level, the market report attempts to give the party a brief overview of the present and future situations.

    Get the sample PDF copy (including full TOC, charts and tables) of this report @: https://www.a2zmarketresearch.com/sample-request/276202

    Competitive Outlook Analysis-:

    This section contains the essential details on the important players, close to the new missions and systems obtained by the players during the last years. The Payday Loans Service report evaluates various strong manufacturers and organizations operating in the market and then offers their hierarchical and financial structures. Vital and strategic business modules used by different market experts are assessed. Some of the major companies influencing this market are Wonga, Cash America International, Wage Day Advance, DFC Global Corp, Instant Cash Loans, MEM Consumer Finance, Speedy Cash, TitleMax, LoanMart, Check `n Go, Finova Financial, TMG Loan Processing, Just Military Loans, MoneyMutual, Allied Cash Advance , Same Day Payday, LendUp Loans.

    Essential Summary of Payday Loans Servicing Report-

    • In-depth investigation of the Payday Loan Services market and includes current status and future market estimations.
    • Creates models by segments, sub-parts and geographic markets for an in-depth understanding of the different performing segments of the market
    • Describes the major changes in the payday loan services market that affect its growth.
    • Represents the current and expected future market size, in terms of quality and volume.
    • Details and projects the latest industry improvements in this market.
    • Dissects the payday loan services market perspective with ongoing trends and SWOT survey

    Payday Loan Services Market Segmentation Study:

    The Payday Loans Services market report has been segmented into different parts to have a clear outlook of the overall Payday Loans Services market –

    Market Segmentation: By Type

    (Platform Financial Support, Off-Platform Financial Support, , , ),

    Market Segmentation: By Application

    (Staff, Retired, , , ),

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    The study of the report begins with a brief history of the market and then provides a comprehensive overview of the market. The report talks about market dynamics – the trends shaping the global payday loan services market. A detailed analysis of key market drivers and restraints is presented. In addition to this, an in-depth analysis of the challenges and threats facing the market are covered in this study. The study provides an analysis of the impact of these major trends according to demographics. The major regional segments of the market are Asia-Pacific, Europe, North America and Rest of the World (RoW). A detailed assessment of the major trends shaping these regional markets is mentioned in the research study. Market size by region, revenue share, volume share, forecast are covered in the report. Additionally, major revenue-generating companies dominating these regional markets are profiled in the report.

    Why buy this particular payday loan service report?

    • It helps the readers to get thorough understanding and insightful reviews of the Payday Loan Services market.
    • Readers can explore the structures of creation, important issues so that they can react accordingly to minimize the risk of progress.
    • It allows the readers to visualize the most impacting driving and restraining powers in the Payday Loan Services market and its impact in the overall market.
    • It answers queries regarding payday loan services market executives who are seized by driving distinct affiliations.


    Global Payday Loan Services Market Research Report 2022-2029

    Chapter 1 Payday Loan Services Market Overview

    Chapter 2 Global Economic Impact on Industry

    Chapter 3 Global Market Competition by Manufacturers

    Chapter 4 Global Production, Revenue (Value) by Region

    Chapter 5 Global Supply (Production), Consumption, Export, Import by Regions

    Chapter 6 Global Production, Revenue (Value), Price Trend by Type

    Chapter 7 Global Market Analysis by Application

    Chapter 8 Manufacturing Cost Analysis

    Chapter 9 Industrial Chain, Sourcing Strategy and Downstream Buyers

    Chapter 10 Marketing Strategy Analysis, Distributors/Traders

    Chapter 11 Market Effect Factors Analysis

    Chapter 12 Global Payday Loan Services Market Forecast

    Buy an exclusive report: https://www.a2zmarketresearch.com/checkout

    If you have any special requirements, please let us know and we will offer you the report you want.

    About A2Z Market Research:

    The A2Z Market Research Library provides market research syndication reports from around the world. Buy-ready syndication Market research will help you find the most relevant business intelligence.

    Our research analyst provides business insights and market research reports for large and small businesses.

    The company helps its clients to develop business policies and grow in this market. A2Z Market Research is interested not only in industry reports dealing with telecommunications, healthcare, pharmaceuticals, financial services, energy, technology, real estate, logistics, F&B , media, etc., but also your company data, country profiles, trends, information. and analysis on the sector that interests you.

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    I went from claiming benefits and payday loans to making $1.4 million a year in sales on a side hustle


    CREDIT can make or break your future is the lesson of Dallas-based entrepreneur Arnita Johnson-Hall.

    The founder of AMB Credit Consultants shared how she turned her poor credit score into a huge business opportunity.


    Arnita Johnson-Hall’s AMB Credit Consultants reported gross income of $1.1 million in 2016

    Johnson-Hall recently spoke with CNBC and said it was in 2007 that she received a wake-up call that would change her life.

    At the time, she was barely getting by with a $12 an hour job, when an opportunity with a starting salary of $60,000 came her way.

    Things seemed to turn around, until this opportunity did not present itself. His downfall, it turns out, was his low 303 credit score.

    How she started her stampede

    This rejection was the ultimate motivation.

    Johnson-Hall buckled down, studied its credit reports, corrected errors with each credit bureau, and imposed a strict budget on itself.

    His credit score increased by 100 points in six months.

    After this experience, she realized what she was doing for herself, what she could do for others, and her stampede began.

    Reach $1 million in sales

    Johnson-Hall started by helping family and friends improve their credit profile.

    In late 2007, she bought a website and gave her business a name, AMB Credit Consultants.

    Business was slow at first. Her first product offering was a free consultation and six-month credit education program, which she marketed for $149.

    She stuck to it, becoming a board-certified credit counselor and gradually promoting more on social media.

    Fast forward to 2016 and AMB Credit Consultants was grossing $1.1 million.

    Build a business

    Once Johnson-Hall had the capital, his business turned into an outright business.

    In 2013, she started promoting on luxury credita blog that provides free credit advice to readers and sells books on financial literacy.

    Then Johnson-Hall launched Luxury Lifestyle Plannera range of journals with useful tools for budgeting.

    His company now has 10 employees.

    In 2021, she worked with 672 clients.

    His tips for starting a business

    Make your story part of your brand. “An important part of my AMB brand story is my triumph over my poor credit rating and financial instability,” Johnson-Hall told CNBC.

    Be specific about who you can help. “In the beginning, my mission was to help anyone. Then I realized that I knew what it was like to be a young black single mother on government assistance, so I had an ability unique in helping these women,” Johnson-Hall explained. .

    Focus on the community. Johnson-Hall spends a lot of time and effort connecting personally with its followers. As she said, “Having a large following on social media isn’t enough. You need to cultivate a supportive community by engaging with your followers, responding to their needs, and asking for feedback.”

    The Sun explains how to fix errors on your credit report and how you can check your credit score.

    Plus, how to build your credit score.

    We pay for your stories!

    Do you have a story for The US Sun team?

    This 40-year-old started a side hustle while living on welfare – she now earns $1million a year


    In 2007, I was a 25-year-old single mom working a dead-end $12-an-hour insurance job in Dallas.

    I was living below the poverty line and was eligible for government assistance, including Section 8, which helps low to middle income families with affordable housing. All of my income went to rent, gas, daycare, and sadly, payday loans in order to survive until my next paycheck.

    One day I was offered a $60,000 a year job that could change my life, but I was turned down for having a low credit score of 303.

    This wake-up call led me to study the credit system and start AMB Credit Consultants, a side business that would later grow into a financial education business. Last year, it brought in $1.4 million in gross revenue.

    How I was motivated to start my stampede

    I had a credit score of 700 when I graduated from high school because my mom added me as an authorized user to her credit cards. But my credit profile plummeted as I got older. I didn’t understand the credit system or how to manage my finances. At one point, I had reached the maximum of 25 credit cards.

    After being denied this job opportunity, I was determined to improve my credit rating. I spent hours at the local library reading about consumer credit laws and building credit. I found inaccuracies in my credit report and asked the credit bureaus to correct them.

    This, combined with the budgeting strategies I learned, helped me increase my credit score by over 100 points in six months. I have seen the real change that having good credit has made in my life; I was able to buy a more reliable car and rent an apartment in a better neighborhood with good schools.

    I also started helping my family and friends build their credit profile. A friend, grateful for my help, suggested I charge for my services and started referring clients to me.

    I realized it could be a big hustle. So, in late 2007, I spent $500 on a website domain and business supplies. That’s how AMB Credit Consultants – named after my daughter, Ariyah Marie Bodley – was born, and I started advising clients after work and on weekends.

    I always thought I had to work for someone else to be financially stable. But being laid off from my job in insurance gave me the boost I needed to work full-time on my side.

    My journey to $1 million in sales

    Based on what my competitors were charging and what my target audience could afford, I priced my first product, which offered a free consultation and a six-month credit training and correction program, at $149.

    Business was slow at first. I made less than $12,000 a year for the first five years. I was not doing a great job promoting AMB and was charging too little for the work I was doing.

    To build AMB’s credibility, I touted my Board Certified Credit Consultant and FICO Professionals certifications. I have also posted customer testimonials on our social media accounts and website.

    Arnita Johnson-Hall, posing with two of her certifications

    Photo: Marrica Evans Calahan

    Partnerships with influencers have also helped increase testimonials. I offered my services for free to social media influencers and asked them to support my business if they were happy with the results.

    And in 2014, I changed my program structure to better reflect the work I was doing. I charged $149 for six months of service, then an additional $99 per month to stay signed up.

    To generate more revenue, I created campaigns that reduced signup from $149 to $47 for new customers. This increased the urgency for new customers to sign up when a promotion was running.

    In 2016, AMB brought in $1.1 million in gross revenue.

    How I started a business

    AMB now has 10 employees and served 672 customers in 2021. The success of the business and the change I was bringing to people’s lives inspired me to start a financial education brands business.

    In 2013, I started posting on Luxurious Credit, a blog that provides free credit information to readers and sells books on financial literacy and entrepreneurship. Then I launched Luxurious Lifestyle Planner, a line of journals that includes helpful tools like monthly budgeting sheets and credit score tracking tools.

    And in 2018, I launched the Achieve with Arnita Academy, a coaching service for aspiring credit consultants.

    My top tips for starting a business

    It’s been a long road to get to where I am today, but I’m glad I never gave up.

    I am now married and have five children. I’m in the process of buying land to build our forever dream home, and my business is doing better than ever.

    Here are my top tips for aspiring entrepreneurs:

    1. Integrate your story into your brand.

    An important part of my AMB brand story is my triumph over my poor credit rating and financial instability.

    When I was diagnosed with breast cancer, I incurred over $80,000 in credit card debt to pay for holistic treatment. But by 2021, I had paid off over $60,000 of that debt, along with loans for my family’s two cars.

    I used this story to show clients that I understood how to navigate the financial planning and credit system even under the most stressful of circumstances.

    2. Be specific about who you can help.

    Initially, my mission was to help anybody. Then I realized that I knew what it was like to be a young black single mother on government assistance, so I had a unique ability to help these women.

    To market my business in a way that resonates with them, I made a collage of images of women in my demographic and described their characteristics – like the challenges they faced and the goals they had .

    It helped me establish a very specific customer profile and strengthen my marketing and product development efforts.

    3. Focus on the community.

    Having a large following on social media is not enough. You need to cultivate a supportive community by engaging with your followers, responding to their needs, and asking for feedback.

    I like to offer free digital downloads for budgeting worksheets and educational workshops to my subscribers and newsletter subscribers. I also host the Luxurious Credit Society, a Facebook group that allows people to ask questions about their credit situation and get advice from me or another AMB representative.

    This encourages customers to stay and invite others to join. It also helps us measure the effectiveness of our services and find new ones.

    Arnita Johnson Hall is a credit educator and personal brand strategist whose mission is to help individuals take charge of their financial situation. She is a holistic cancer survivor, wife and mother of five. Follow Arnita on instagram and Twitter.

    Don’t miss:

    Reasons why people use payday loans


    Loan documents

    Photo by Andrea Piacquadio from Pexels

    There are many different reasons why some people turn to using payday loans. While some may use it to make a unique extravagant purchase, such as a luxurious vacation, they are also used by people who find themselves in difficult financial situations. This article will look at some of the reasons in much more detail.

    Debt consolidation

    Many people take out a payday loan to cancel other debts they may have. It is therefore used to repay a loan from another lender or to repay a credit card. When used for this purpose, taking out a payday loan is a good idea, although there are better options.

    pay bills

    The most common of all the reasons people take out a payday loan is to pay their bills. This can include household utility bills, such as gas and electricity, car loan payments, or cell phone contract bills. One thing people can do to make sure their bills don’t slip away is to try and limit the amount of energy, data, etc. they have. that they use on a daily basis.

    Liquified Creative Annapolis

    Medical fees

    For people who do not have adequate medical insurance or none at all, experiencing a medical emergency can indeed be very expensive. Depending on the extent of the medical condition, medical costs can range from a few thousand dollars to a few hundred thousand dollars. When a medical bill is not paid immediately, the interest accumulates and becomes more and more expensive.

    Avoid asking for help

    While some people feel happy and comfortable turning to friends, family, and co-workers for financial help, many people don’t and will take out a payday loan to avoid this. embarrassment. Although borrowing money from friends or relatives probably comes without the need to pay interest, it can lead to friction, which is why so many people avoid doing it.


    Payday loans can be obtained by people who find themselves unemployed following a dismissal. When people lose their jobs it can be a time of great uncertainty and a lot of stress worrying about how the bills will be paid and the food put on the table. A payday loan provides some security until that person gets back on their feet and secures a new role.

    Mortgage repayments

    The option of taking out a payday loan is better than missing a mortgage payment due to insufficient funds. Missing a mortgage payment can result in the loss of someone’s home, and sometimes they feel like they have very little choice but to take out a payday loan in order to prevent this from happening. When someone is continually struggling to make their mortgage payments, they should talk to their lender to see if a more suitable payment plan can be agreed upon.

    Category: Local News, NEWS

    Is SoFi about to disrupt online banking?


    From no monthly account fees to getting your paycheck two days sooner, SoFi (NASDAQ: SOFI) sets up a complete financial ecosystem for its current and potential customers. In this clip from “The Future of Fintech” on Motley Fool Live, recorded on February 10Motley Fool contributors Matt Frankel, Will Healy and Jason Hall discuss the scale at which SoFi is growing and analyze how it could disrupt the banking industry and convert customers from more traditional banking institutions.

    Matt Frankel: Will SoFi be successful in getting customers to ditch their long-standing checking accounts? Let me tell you what they offer. In addition to this 1% interest rate, they offer no monthly account fees, a large network of ATMs, 55,000 ATMs will be networked. Their paycheck will be directly deposited two days before payday if they set up recurring direct deposit, which is a very unique feature. They are in cashback programs. They woo local businesses specifically for their cash back programs. Free overdraft, cover up to $50 of overdraft protection for your account, it’s free. It’s all on your phone. Their app is better than anything I’ve seen from most physical banks. They do a great job of getting their name out there. The SuperBowl is about to be played at SoFi Stadium. They do a great job of marketing. But, do you think people will actually give up their checking accounts? Will, we’ll start with you.

    Will Healy: I guess the only word is slowly. The average American has very little savings in their account. They won’t see much difference, so I don’t think they will change. But, if you’re talking about the investor like you said with $50,000 in an account, they’re going to take a closer look at a company like SoFi.

    Jason Hall: I think the most important thing here is that I really don’t believe they are explicitly targeting people who have been to Bank of America (NYSE: BAC) Where Wells Fargo (NYSE: WFC) for 10 years or 20 years. I don’t think they’re picking on them. I think they go after people who might have a banking relationship, but they haven’t been around that long, and they’re younger, and they’re tech-savvy, and they’re ready to make that change before you start having all the other problems of fitting into a bank that gives you no returns and offers limited products and services, and has no other benefits other than you being stuck there. I truly believe that is the case. It’s a great message. They will have some on the sidelines. They’re going to have fringe customers, someone who’s older but still tech savvy enough to be willing to do this and they blow it all up. But most of them won’t have those deep relationships. It’s just a big marketing campaign.

    Frankel: This is the switching pattern that Lemonadeit’s (NYSE: LMND) using. Attract people while they are young when they are not very valuable to big insurance companies. It could be a 50-year customer relationship that they can leverage. If someone changes even a low balance checking account, let’s say they’re just using it to get their paycheck deposited and pay bills and things like that. SoFi also offers a variety of loan products that are now self-contained, as it can be a bank, i.e. mortgages, student loans. They offer refinance loans. They just started offering investment real estate loans which, by the way, if they can find a way to do it better than most lenders, it’s a huge market right now because most lenders are terrible at underwriting real estate investment loans. It’s so complicated to get one, and I know I’m a real estate investor. SoFi has a brokerage account that people can switch to. They try to be an all-in-one financial system or financial ecosystem for their customers. The insurance products they offer, I mentioned Lemonade, so technically they are a competitor to Lemonade in many ways. But, they offer insurance products, they offer estate planning services, they offer a credit card. Every customer that changes, it could be a 50 year, 60 year relationship, if they can keep them happy, that’s where I see the value. I don’t know, guys. Other opinions on SoFi?

    Hall: I think it comes down to execution right now, Matt, because it’s one thing to have all of these services and to work with a banking partner that takes on a lot of the risk taking an outsized share of the profit potential, but now you’re also taking that risk. So I think it’s really important. What I am is that the CEO of the bank they acquired has arrived and he will be, I assume, the president of their bank subsidiary. Does he really stay? I think that will tell me a lot because they need the right people to run this banking business to be successful.

    Healy: I think we have to see how the traditional banks will react to this. Like you said, customers are sticky, so it’s going to be a slow process, but they’ve always been behind on the technology side, and they’re going to have to improve if they’re going to stay competitive over time. You could see a traditional bank eventually take over a fintech to solve this problem. It’s going to be an ongoing story. We’ll just see how it goes.

    Frankel: I really think all the big banks have missed opportunities over the last decade to take control of some of these fintechs before they become massive threats to their business.

    Healy: certainly with To block (NYSE:SQ) and PayPal (NASDAQ: PYPL)it’s the case.

    Frankel: As if someone could have acquired them in 2016 for $5 billion and it wouldn’t be a competitor these days. But, I mentioned that SoFi went public through SPAC. They got a huge cash war chest, and they used $750 million of it to capitalize the bank they just bought, which will be SoFi Bank, and then they use a ton of it for marketing. I don’t know how much it costs to get their name on SoFi Stadium. I know the number, I don’t have it in front of me. But, they spend a lot on marketing. I can’t remember any other fintech disruptors launching SoFi-scale marketing campaigns, even the big ones like Square and PayPal, so I think that’s something worth watching as well.

    This article represents the opinion of the author, who may disagree with the “official” recommendation position of a high-end consulting service Motley Fool. We are heterogeneous! Challenging an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and wealthier.

    Florida tenants have few rights. Officials try to help


    Editorials and other opinion content provide insights into issues important to our community and are independent of the work of our newsroom reporters.


    In January, Hialeah tenants protested rent increases outside the Miami office of Eco Stone Group, their new landlord.

    [email protected]

    Here’s the not-so-new news: Florida law leans heavily in favor of landlords and property rights. So there’s no cavalry coming to the rescue of tenants facing jaw-dropping rent increases in South Florida.

    Governments can do little under state law to protect renters from price gouging. But they can protect tenants in other ways, such as through the order the Miami Beach City Commission unanimously approved this month requiring landlords to give 60 days notice before moving in. increase the rent by more than 5%. This rule could be extended to the rest of Miami-Dade County under legislation proposed by Commissioner Eileen Higgins.

    Sixty days gives renters time to look for cheaper living options if they don’t plan to pay. But a rent increase is a rent increase, and many tenants won’t find greener pastures elsewhere.

    So what else is available, or in the works, to help tenants? The Herald editorial board has compiled important information tenants need to know.

    Rent control

    State law prevents cities and towns from imposing caps on rent increases in most cases, and Democratic bills in the Legislature are doomed.

    There is an exception if a local government can declare a “housing emergency which is so serious that it poses a serious threat to the general public”. If we’re not here in Miami-Dade yet, we’re very close. The city or county would then ask voters to approve the control measures for one year, after which the same process would have to repeat for renewal, including voter approval.

    In December, two dozen Democratic state lawmakers signed a letter asking Governor Ron DeSantis to declare a state of emergency due to the “ongoing affordable housing crisis” and directing the attorney general to “recognize any increase in rental prices greater than 10% as price inflation. DeSantis ignored the request. No surprise there.

    Meanwhile, the St. Petersburg City Council voted in December to explore the idea of ​​capping rent prices for a year. A similar move is unlikely to happen in Miami-Dade County or the City of Miami, given the conservative lean of some commissioners and the backlash it would face from builders and owners, who have also seen their costs increase thanks to inflation.

    Rent control is not the only option available to local governments. Other creative solutions include granting tax exemptions to landlords who don’t raise rent above a certain threshold, state Rep. Anna Eskamani, D-Orlando, told the editorial board. . It is time for local governments to start thinking about it seriously.

    A fix that won’t help

    One of the Legislature’s solutions to the state’s housing affordability crisis was Senate Bill 884/Bill 537, which would allow landlords to charge tenants an unpaid monthly fee. refundable in lieu of an initial security deposit.

    At first glance, this would relieve tenants who cannot afford high moving costs. But here’s the catch: Landlords wouldn’t be required to pay back fees at the end of the lease like they do with security deposits, nor would payments apply to damage beyond normal wear and tear. . This means that this alleged fix could cause more problems and expense for tenants who have no other option. Of course, it’s driven by LeaseLock, a finance company that offers the fee option in 129 Florida communities.

    The legislature should offer more protections to tenants, not make them more vulnerable to potentially predatory practices that opponents liken to payday loans that trap workers in an endless cycle of debt.

    Can I withhold my rent?

    Many tenants are unaware that they can withhold rent payments if a landlord has failed or refused to provide important maintenance that renders “rented premises wholly unoccupied,” according to state law. The tenant must provide seven days written notice and give the landlord at least 20 days to make the repairs. The Florida Bar has a model of this notice on its website and instructions on how and when to withhold rent.

    However, what is in the law often differs from reality. Horror stories of bug infestations, toxic mold in apartments and hostile landlords are common in Miami-Dade, as Zaina Alsous of the Miami Workers Center told the Herald editorial board. Her advice is for tenants living in uninhabitable conditions to talk to neighbors facing similar issues and organize – “There is power in the union,” she said.

    Where can I ask for help?

    The Miami Workers Center is one of the organizations that connects tenants at risk of eviction to legal and community advocacy. The Miami-Dade County Commission is creating a housing advocacy office, and commissioners Raquel Regalado and Jean Monestime are working on an ordinance called the Tenant’s Bill of Rights to define what that office will do.

    A draft order shows the office would, among other things, create a tenant hotline and a webpage with resources and downloadable forms – i.e. eviction and withholding rent – approved by the Florida Bar and translated into Spanish and Creole.

    Declaration of tenant rights

    Here are some of the things the bill would do:

    Landlords could not require potential tenants to disclose a prior eviction until their application is approved. That information is public record, but Regalado said the rule would give applicants a face-to-face chance to be approved without prior expulsion looming against them.

    If a rental unit is sold, the seller or buyer must give tenants 60 days notice with a monthly agreement if the sale results in the termination of tenancies.

    Require landlords to provide tenants with notice of their rights no later than 10 days after signing or renewing a lease.

    Require landlords to notify tenants within 14 days of receiving notice that a residential building may be unsafe.

    The Tenant Bill of Rights is “a first step,” Regalado told the drafting committee. It won’t solve the #1 problem tenants face: skyrocketing rents. And there are other issues that need to be addressed, like the fact that only 10% of tenants have legal representation when facing eviction, according to the Workers Center.

    But in a state where tenants are often on their own, they will take whatever help they can get.


    What is an editorial?

    Editorials are opinion pieces that reflect the opinions of the Miami Herald Editorial Board, a group of opinion journalists that operates separately from the Miami Herald newsroom. Members of the Miami Herald editorial board are: Nancy Ancrum, editorial page editor; Amy Driscoll, Associate Editorial Page Editor; and columnists Luisa Yanez and Isadora Rangel. Find out more by clicking on the arrow at the top right.

    What is the difference between an editorial and a column?

    editorialsshort for “across from the editorial page”, are opinion pieces written by contributors who are not affiliated with our Editorial Board.

    Columns are recurring opinion pieces that represent the views of staff columnists who regularly appear on the Opinion Page.

    How does the editorial board of the Miami Herald decide what to write about?

    The editorial board, made up of confirmed opinion journalists, primarily addresses local and state issues that affect South Florida residents. Each board member has an area of ​​interest, such as education, COVID, or local government policy. Board members meet daily and discuss a range of topics. Once a topic has been thoroughly discussed, board members will report the issue further, interviewing stakeholders and others involved and affected, so that the board can present the most informed opinion possible. We strive to provide our community with thought leadership that champions policies and priorities that strengthen our communities. Our editorials promote social justice, equity in economic, educational and social opportunity and an end to systemic racism and inequality. The Editorial Board is separate from the Miami Herald’s reporters and newsroom editors.

    How can I contribute to the Opinion section of the Miami Herald?

    The Editorial Board welcomes 650-700 word opinion submissions from community members who wish to advance a specific point of view or idea that is relevant to our region. You can send an opinion submission by e-mail to [email protected] We also welcome 150-word letters to the editor from readers who wish to offer their views on current issues. For more information on how to submit a letter, go to here.

    How To Claim Cash Back On Guarantor Loans Worth Thousands Of Dollars As Complaints More Than DOUBLE


    BRITS can seek compensation in the thousands of pounds as claims over the Guarantor’s loans have more than doubled.

    Consumers who have been sold incorrectly can request a refund – we explain how.


    You could get a refund if you were wrongly sold an unaffordable loan

    The Financial Ombudsman Service received 16,500 complaints about guarantor loans last year, according to figures from auditing firm Mazars.

    This is a jump of 178% compared to the previous year, when 5,900 complaints were filed.

    This comes as more and more borrowers fail to repay, meaning lenders are suing the guarantor for the money.

    Secured loans are for people who cannot borrow from other sources due to a bad credit history or low income.

    This involves another person, such as a friend or family member, agreeing to make the repayments if the borrower cannot pay.

    If complaints are upheld, lenders are sometimes forced to pay compensation to customers and guarantors.

    Research has shown that reasons for complaints include allegations that the borrower would never be able to repay the loan.

    Another reason was that the surety was pressured to take responsibility or didn’t know what the role meant.

    Paul Rouse, partner at Mazars, said: “Having taken a lenient approach during Covid, lenders are now starting to seek guarantors for payment.

    “That plays a role in the huge spike in complaints.”

    A high number of complaints have pushed some guaranteeing loan companies into administration after they were unable to meet compensation claims.

    High-cost lender TFS Loans appointed administrators this month following unaffordable loan applications.

    Meanwhile, consumers who were mis-sold by Satsuma or Provident have until Monday, February 28 to file a claim for compensation.

    Some home loans from Provident and Greenwood, payday loans from Satsuma, and collateral loans from Glo were mis-sold to cash-strapped borrowers who couldn’t afford them.

    If you took out a loan from one of these companies between April 6, 2007 and December 17, 2020, you could get a refund.

    How to get compensation if you are a borrower

    You could get a payout if you were mis-sold a guarantor loan or if you were treated unfairly by the lender.

    You can make a claim even if you are still repaying the loan or have already repaid it.

    First, you need to determine if a loan was sold to you in error.

    Start by looking at your old bank statements from when you borrowed the money – you should be able to access them through online banking.

    If you were having trouble paying the repayments, then you were mis-sold the loan.

    This includes if you cut other essential expenses such as food, rent, and bills.

    The lender should never have given it to you if you were unable to pay the repayments.

    You were treated unfairly if the lender did not help you when you were told you were having trouble paying it back.

    This includes not offering you a different payment plan, using a debt collection agency without offering alternatives first, or asking your guarantor for payment too quickly.

    How much you are owed by the lender depends on your individual case, but it could be worth thousands of pounds.

    But you will not recover the full amount of the loan.

    You are likely to be reimbursed for the interest you have paid as well as any fees charged to you, such as late payments.

    You can also claim 8% interest per annum for each payment made from the date they were paid until the settlement date.

    Borrowers can also request black marks for missed payments to clear credit reports.

    If you are guarantor

    If you acted as a guarantor for someone but also couldn’t pay the refunds, you might also be able to make a claim.

    According to MoneySavingExpert, there are four main reasons why a guarantor complains. These include:

    • Be able to pay refunds
    • If the lender never fully explained to you what being a guarantor entails, or if they did not let you know when the borrower took out an additional loan
    • You have been pressured to be a guarantor, for example by a site manager putting your job at risk if you refuse
    • You had other financial ties to the borrower when you applied for the loan that would affect your ability to make repayments, for example, you were both on the same tenancy agreement.

    The outcome of your complaint will depend on the severity of the impact it has had on you

    But you may be entitled to a full refund of all payments you made on the borrower’s behalf, including interest.

    You may also be reimbursed 8% interest per annum on payments from the date they were paid until the date your complaint is settled.

    You will also be released from the responsibility of being a guarantor and will be able to request the rectification of your credit file.

    How to file a complaint

    It is free to file a complaint if you believe you have been wrongly sold a guarantor loan or have been treated unfairly.

    You don’t need to hire a claims management company, which charges high fees – up to 30% of your payment – for the service. On a payment of £1,000, this is worth £300 in fees.

    It’s free to file a complaint with your lender and you don’t need any supporting evidence, just a clear description of why you think you were abused.

    You will need to do this in writing by email or letter – you can find the address to send it to on the lender’s website.

    You will need to include information such as the amount of the loan and the date it was taken out, and explain that this is an affordability complaint.

    MoneySavingExpert and DebtCamel have template letters you can use – all you have to do is fill in your specific details.

    If you don’t hear from the lender within eight weeks, you can forward your complaint to the Financial Ombudsman Service (FOS).

    Alternatively, MoneySavingExpert and the claims site Resolver have a free tool you can use to build your case.

    It will also remind you to report your case to the FOS after eight weeks.

    We pay for your stories!

    Do you have a story for The Sun Online Money team?

    What is a no credit check loan?


    No credit check loans are loans where the lender does not check the borrower’s credit before approving and lending loans. These types of loans can be tempting if your credit is poor and you don’t qualify for other products. However, no credit check loans can be risky and are generally not well regarded as they tend to come with extremely high interest rates.

    What is a no credit check loan?

    A loan without a credit check is a loan that does not require a credit check. You might be tempted to apply if you don’t have the best credit and think you can’t be approved for other types of financing products. Here are some examples of loans without a credit check:

    Payday loans

    Payday loans are small, short-term loans that you can repay the next time you get paid. In most cases, you will pay them back within two to four weeks. These no credit check loans are designed to provide you with quick cash to hold you over until your next paycheck.

    Installment loans without credit check

    With no credit check installment loans, you borrow a lump sum of money and repay it over time via fixed monthly installments or installments. They usually come with larger loan amounts than payday loans and can be used to cover just about any expense.

    Auto title loans

    Auto title loans are secured loans that use your car as collateral. You give the lender title to your car in exchange for borrowing money. The amount you can receive will depend on the value of your car. Most lenders will let you drive your car while you pay off the loan. If you default on a car title loan, the lender can repossess your vehicle.

    Secured credit cards

    You cannot be approved for a traditional unsecured credit card with bad credit. This is where secured credit cards come in – some issuers don’t do credit checks for them. When you sign up for a secured credit card, you make a cash deposit which is usually equal to your credit limit. The credit card issuer will take your deposit if you do not pay your bill.

    Co-signer loans

    If you don’t qualify for a loan on your own, ask a trusted friend or family member to be your co-signer and apply for a loan with you. You’re more likely to be approved and earn a great interest rate if you have a co-signer with good or excellent credit. Just be sure to repay the loan so you can improve your credit and not leave your co-signer responsible for the payments.

    Why are no credit check loans a bad idea?

    Although no credit check loans may seem like a great option, you should avoid them if possible. Their sky-high interest rates lead to high payments, which can land you in a cycle of debt and wreak havoc on your credit. You may find that a loan without a credit check does more harm than good for your long-term financial situation.

    Many no credit check loans are considered predatory loans because the exorbitant interest rates can trap people in a cycle where they will never be able to repay the loan. Some lenders also add additional fees that make it even more difficult to get your finances back in order. Many no credit check loans turn out to be scams. Finally, since this type of loan does not build your credit, you lose the possibility of having your payments contribute to increasing your credit score.

    Can I get a loan with bad credit?

    You don’t have to turn to a no credit check loan if you have bad credit. Fortunately, there are many lenders who accept borrowers with bad credit. They may look at factors other than your credit to determine if they should approve you for a loan, such as your income, work history, and debt-to-equity ratio.

    What are the alternatives to loans without credit check?

    There are several alternatives to no credit check loans that can give you the funds you need, even if you have bad credit or no credit. Here is a brief overview of them.

    Bad credit lenders

    A number of lenders specialize in providing money to borrowers with bad credit. If you go with a bad credit lender, you may be able to get a relatively low interest rate for someone with less than stellar credit.

    credit unions

    Compared to banks, credit unions often have lenient requirements. As long as you are a member, you may be able to get approved for a loan from a credit union, even with bad credit. Credit unions will likely look at your overall financial situation in addition to your credit. In addition, the interest rate they can charge is capped at 18%.

    Alternative payday loans

    Alternative payday loans (ALPs) are small, short-term loans offered by some federal credit unions. They are generally more affordable than traditional payday loans and come with longer repayment terms. If you apply for PAL, a credit union will ask you for proof of your income to ensure that you can repay your loan.

    Secured loans

    Secured loans are backed by collateral, which is something valuable that you own. Collateral can be a physical asset such as a house, car or boat. It can also be a cash deposit. Since secured loans are less risky for lenders, you can get approved for a loan with bad credit. The caveat, however, is that the lender can seize your collateral if you fail to repay your loan.

    The bottom line

    If you have bad credit or no credit and need to borrow money, do not resort to a loan without a credit check. Instead, explore the alternatives available to you and think about the pros and cons of each. By choosing an alternative such as a loan from a lender with bad credit, you can save on interest and significantly reduce the overall cost of borrowing.

    Learn more:

    10 Common Reasons People Use Payday Loans | Ask the Experts


    Struggling to fund an emergency? What should you do if you need money right now? First of all, assess the situation and do not make hasty decisions. Payday loans play a good role here to help you pay off your debt and spend the necessary amount of money for emergency expenses.

    We recommend the option of taking out a payday loan DirectLoanTransfer if you have a short-term disruption to your finances. Thus, you can repay your debt in just one to two months and calmly continue to pay your loans on time.

    More often than not, we find ourselves in a financial bind. Suppose you spread yourself too thin and exhaust your borrowing options. Now what? Let’s take a look at 10 good reasons why people take payday loans.

    Reasons to get a payday loan

    1. When you can’t afford major purchases

    A client took out payday loans to buy new appliances, a cell phone, a fur coat for his wife, a car and winter tires. He was able to finance all of these purchases with payday loans while saving money to pay for his personal needs and necessities, such as food, gas, and clothing.

    2. To avoid empty pockets

    Over the past 15 years, a customer has taken out about 10 loans to buy a camera, two tablets, two phones, and new furniture. Taking out payday loans allowed her to buy what she needed and still have money in her pocket. These were well-calculated decisions that helped the client get the necessities without spending all her money.

    3. Out of madness

    A customer broke his phone. Unfortunately, he had no savings, so he took out a loan. Therefore, the customer filled out a request directly in the store, but only one bank responded. The fees and interest rates on this bank loan were thousands of dollars more than the original amount he had borrowed. After this realization, he decided to look into payday loans instead. The customer received money instantly and didn’t have to worry about trailing payments that accrue interest. With payday loans, he got his phone and paid off the debt in just one month – easy and hassle-free!

    4. If there is not enough will to accumulate

    Let’s say you took out two payday loans, the first for remote programming lessons and the second for a digital piano. One has already been paid, the other is being paid. There is not enough will to save on such acquisitions. Each time, think carefully about the need to apply for a payday loan. Consult specialists from different banks and don’t forget to consider different payday loan offers. Due to this, thanks to the training, you will receive attractive offers of personal loans from the management, and the piano will become a source of additional income.

    5. To raise the standard of living

    A payday loan is a great opportunity to get an item at a discount. You can close the debt on the first payment, saving a little. Credit cards help you get certain things without overpaying but a little earlier. Payday loans will help you raise the bar on quality of life. It is not because there are things that are borrowed. Indeed, you will start thinking in slightly different numbers with a payday loan.

    6. Live until the next paycheck

    Payday loans can help solve urgent and unexpected financial difficulties, but sometimes high rates and overpayments can create long-term problems in a family’s budget. Now we have to work for the loans. All the money is divided into two categories: repayment of the loan and somehow stretching the salary.

    7. In order not to constrain oneself in desires

    Payday loans can be taken on a whim. For example, if you suddenly wanted to renew your fleet of vehicles and it was uncomfortable to withdraw the full amount of traffic and savings, even if formally there was such an opportunity. You took about a few thousand dollars for six months for an iPhone. You can afford to take out a payday loan. You could take it for a wedding so as not to be afraid of desires, which is about 700,000 for three years.

    A personal loan is a practical tool if it is not coerced. If credit money helps accelerate the rate of capital growth or get the feeling now and pay it back later, then that’s a good reason to agree to take out a payday loan.

    8. In order not to choose what to buy

    When repairing an apartment, money is needed for plastic windows or TV. Suppose you need to borrow several thousand dollars for a television. Let’s say it would be a shame if you gave more than five thousand a month, but the way of life will not change. It is likely that you will not regret having taken out a personal loan. Nevertheless, in the future, think about how you could save in advance.

    9. To spend money on the most important

    Suppose you have taken out many small loans that could amount to hundreds of dollars. You close one and immediately organize the next, for example for studies, treatment, travel, expensive furniture or equipment. In general, for whatever is most important. Additionally, you can use a credit card with a limit of a few thousand. Loans are always closed ahead of schedule in two or three months while spending money on useful and necessary things that you could not save for in any way and not on momentary pleasures like a bottle of expensive alcohol or unnecessary clothes.

    10. When there are no other options

    Let’s say the roof of your house was in a terrible state. Suppose an urgent repair is needed, but it would be impossible to save such an amount even if the whole family saved the entire salary. Then a payday loan is a very good option.

    Online Payday Loans Market 2022


    Online Payday Loans Market Research Overview

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    This report contains an in-depth analysis of pre-pandemic and post-pandemic market scenarios. This report covers all recent developments and changes recorded during the COVID-19 outbreak.

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    Major Key Players in the Market:
    DFC Global Corp, Wage Day Advance, Cash America International, Wonga, Instant Cash Loans, MEM Consumer Finance, 2345 Network

    The types covered in this report are:
    single phase

    Based on the app:
    Big business

    With current market norms being revealed, the Online Payday Loans market research report has also impartially illustrated the latest strategic developments and patterns of market players. The report serves as a presumptive business document that can help the buyers in the global market to plan their next courses towards the future position of the market.

    Check Discount on Online Payday Loans Market Report @ https://www.marketresearchupdate.com/discount/354939

    Regional Analysis For Online Payday Loans Market

    North America (United States, Canada and Mexico)
    Europe (Germany, France, United Kingdom, Russia and Italy)
    Asia Pacific (China, Japan, Korea, India and Southeast Asia)
    South America (Brazil, Argentina, Colombia, etc.)
    The Middle East and Africa (Saudi Arabia, United Arab Emirates, Egypt, Nigeria and South Africa)

    Why B2B companies around the world rely on us to grow and maintain revenue:

    • Get a clear understanding of the online payday loan market, how it works, and the different stages of the value chain.
    • To understand the current market situation and future growth potential of the Online Payday Loans Market throughout the forecast period.
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    This report provides:

    1. A detailed overview of the global online payday loans market.
    2. Assessment of global industry trends, historical data from 2015, projections for the upcoming years and anticipation of compound annual growth rates (CAGR) by the end of the forecast period.
    3. Discoveries of new market insights and targeted marketing methodologies for Global Online Payday Loans
    4. Discussion on R&D and demand for new product launches and applications.
    5. Varied company profiles of major industry players.
    6. The composition of the market, in terms of dynamic molecule types and targets, highlighting the key industry resources and players.
    7. The growth of patient epidemiology and market revenue for the global market and among key players and market segments.
    8. Study the market in terms of generic and premium product revenues.
    9. Determine business opportunities in the market sales scenario by analyzing trends in licensing and co-development agreements.

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    In the end, the Online Payday Loans Market report includes analysis of investments and development trends. Present and future opportunities of the fastest growing international industry segments are covered throughout this report. This report additionally presents the product specification, manufacturing method, product cost structure, and price structure.

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    Looking for debt relief? Here’s how a credit counselor can help you


    Non-profit credit counseling agencies provide free or low-cost financial services to consumers struggling to manage debt or considering bankruptcy. Here’s what a credit counselor can do for you. (iStock)

    Unmanageable high-interest debt can take a heavy toll on a consumer’s finances. It may seem that no matter how much you try to repay, the balances continue to grow as interest accumulates over time.

    Ten percent of Americans are worried about missing their minimum debt payment in the next 3 months, according to the Federal Reserve Bank of New York. Becoming in default can cause some consumers to consider bankruptcy — and in the worst-case scenario, debt collectors can sue borrowers for unpaid debts, resulting in wage garnishment.

    If you’re having trouble paying off your debts, you might consider seeking help from a nonprofit credit counseling agency. Credit counselors can help you develop a plan to pay off several types of debt, such as credit cards, unpaid medical bills, and payday loans.

    Keep reading to learn more about credit counseling, as well as your alternative debt consolidation options. You can compare debt consolidation loan interest rates for free without affecting your credit score on Credible.


    What is credit counseling?

    Non-profit credit counseling agencies provide free, low-cost financial services to consumers struggling to manage their debts. Some consumers who file for bankruptcy may be required to seek credit counseling as part of their court filing. A credit counselor can help you by:

    • Provide advice on how to manage your money and debts
    • Analyze your finances and create a monthly budget
    • Get free copies of your credit report and credit scores
    • Sign up for a debt management plan (DMP), which may have a monthly cost
    • Negotiate with your creditors on your behalf to lower interest rates and waive late fees

    Consumers should be aware that some for-profit debt management companies may disguise themselves as non-profit organizations. A reputable credit counseling agency should send you free information about the services they offer, according to the Consumer Financial Protection Bureau (CFPB). If an advisor is unwilling to provide this information, this is a red flag.

    You can find reputable credit counselors through a few professional organizations, such as the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA). You can also view the full list of approved credit counseling agencies on the Department of Justice website.

    To learn more about your alternative debt consolidation options, contact a knowledgeable lending expert at Credible.


    3 Alternative Debt Repayment Methods

    Credit counseling is a relatively low-risk way to manage multiple debts, but it’s not your only option. Here are some other strategies to quickly pay off your debts.

    1. Debt avalanche or debt snowball

    The debt avalanche method involves paying off the debts with the highest interest rate first to save the most money over time. On the other hand, the debt snowball method is to pay off smaller balances first to speed up your debt repayment plan.


    2. Credit Card Balance Transfers

    It may be possible to transfer the balance of one or more credit cards to a new account at a lower interest rate with a balance transfer card. Credit card issuers typically charge a balance transfer fee of 3-5% of the total amount.

    Some consumers may even qualify for a 0% APR introductory offer, which allows you to pay off your credit card debt over up to 18 months without interest. These promotions are generally reserved for borrowers with very good to excellent credit, which is defined by the FICO model as 740 or higher.

    You can compare balance transfer cards from multiple credit card issuers at once on Credible.


    3. Debt consolidation loans

    A debt consolidation loan is a type of personal loan used to pay off unsecured debt at a lower fixed rate. Personal loans are lump-sum loans that you repay in monthly installments over a set period, usually a few years.

    According to the Federal Reserve, two-year personal loan interest rates are currently at record highs, which means there’s never been a better opportunity to refinance your debt at a lower rate. Remember that the interest rate you are entitled to depends on your credit score and your debt-to-equity ratio.

    Pay off $10,000 in credit card debt

    A recent analysis estimates that well-qualified applicants can potentially save up to $174 on their monthly payments by consolidating their credit card debt into a personal loan. Over time, this can translate into thousands of dollars in interest cost savings.

    If this strategy interests you, use a personal loan calculator to estimate your monthly payments. You can also visit Credible to compare debt consolidation loan interest rates to determine if this debt repayment strategy is right for your financial situation.


    You have a financial question, but you don’t know who to contact? Email the Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.

    Knights Funding Debt Consolidation Scam 2022

    Editorial credit: Cinemato

    Ad Disclosure: We earn referral fees from advertisers. Learn more

    Is Knights Funding a scam? We will let you be the judge.

    Knights Funding entices you by sending you a direct mail with a “personalized reservation code” and a low interest rate of 3% to 4% to consolidate your high interest credit card debt. You will be directed to KnightsFunding.com or myKnightsFunding.com. More than likely, you will not qualify for one of their debt relief loans and they will try to switch you to a more expensive debt settlement product.

    It’s not new. Many unscrupulous debt marketing companies have used this as a business model for years. They lure you in with the low interest rate, shackle you for a week, then let you know you don’t qualify for a loan. They then offer you very expensive debt settlement options.

    Knights Funding Debt Consolidation Scam 2022 2

    Is Knights Funding legit or a scam?

    Crixeo.com rewarded Financing of the Knights a 1-star rating (data collected and updated as of February 19, 2021). We hope the information below will help you make an informed decision on whether to do business with Knights Funding. We hope the information below will help you make an informed decision on whether to do business with Knights Funding.

    • Financing of the Knights operates two websites, KnightsFunding.com & Funding myKnights.com.
    • Financing of the Knights is part of a collection of almost 50 websites that we discovered. All are affiliated and listed below.
    • Our belief is that Financing of the Knights operates so many different websites in order to escape the huge amount of complaints and negative articles on the internet.
    • We advise caution when working with Financing of the Knights. Affiliate websites have several negative reviews and scam complaints.
    • Financing of the Knights operates under the sovereign protection of the Mandan, Hidatsa and Arikara Nation (a/k/ MHA Nation), a Native American tribe.

    Financing of the Knights may be affiliated with the following websites:

    • Hawkeye Associates
    • Loan Dale
    • Yellowhammer Associates
    • Big Apple Associates
    • Cornhusker Advisors
    • badger advisors
    • Rockville Advisors
    • Snowbird Partners
    • Gulf Street Advisors
    • Brice Capital
    • Partners earlier
    • Old Dominion Associates
    • Harrison Funding
    • Johnson Funding
    • Taft Financial
    • Georgetown Funding
    • Memphis Associates
    • Tate Advisors
    • Patriot Funding
    • Malloy loan
    • Plymouth Associates
    • Silvertail Associates
    • Safe Path Advisors
    • Coral Funding
    • neon funding
    • Cobalt Advisors
    • Saxton Associates
    • Hornet Partners
    • Colony Associates
    • First State Associates
    • Polk Partners
    • Ladder Advisors
    • Corey Advisors
    • Pennon Partners
    • Jayhawk Advisors
    • Clay Advisors
    • Great Lakes Associates
    • Pin Advisors
    • Alamo Associates
    • punch partners
    • Partners of the Montagne Blanche
    • Steele Advisors
    • Grand Canyon Advisors
    • glider loan
    • lucky marketing
    • Golden State Partners
    • Pin Advisors
    • Derby Advisors
    • Graylock Advisors
    • Tuck Associates
    • punch partners
    • Bowling Associates
    • Ballast Associates
    • Tweed Loan
    • loan competition
    • Graphite Financing
    • August Funding
    • Broadstar Financial
    • Salvation Funding
    • Stallion loan
    • Pebblestone Financial
    • Sussex funding
    • Lafayette financing
    • Funding for guardian angels
    • Bridgeline financing

    Financing of the Knights Reviews and Ratings

    Financing of the Knights and its affiliate websites are not accredited by the BBB and have been the subject of numerous complaints and negative press under various names.

    MEC Distribution LLC

    At one point, Financing of the Knights and its affiliate website operating as MEC Distribution, LLC. The Better Business Bureau issued its first alert on this company in February 2018:

    In February 2018, BBB staff visited Fargo ND addresses provided by MEC Distribution and found that all locations were vacant and building management explained that although rent was paid by MEC Distribution, the spaces in office were not used. MEC Distribution LLC has provided BBB with a mailing address for complaint handling in Bloomfield Township Michigan. BBB’s mail to this address was returned as “undeliverable as addressed – undeliverable”. Currently, BBB does not have a physical location for this business.

    BBB has confirmed with the North Dakota Department of Financial Institutions that Lafayette Funding is not licensed in North Dakota as a debt settlement company. Additionally, BBB contacted building management at the Lafayette Funding Claims address in Bismarck, ND, and learned that Lafayette is not located at that address. BBB advises extreme caution when dealing with this entity.

    In February 2018, BBB staff visited the Fargo ND addresses provided by MEC Distribution and found that all locations were vacant and building management explained that although rent was paid by MEC Distribution, the spaces of office were not used. MEC Distribution LLC has provided BBB with a mailing address for complaint handling in Bloomfield Township Michigan. BBB’s mail to this address was returned as “undeliverable as addressed – undeliverable”. Currently, BBB does not have a physical location for this business.

    HaFinancing of the Knights BBB Reviews

    You won’t find a BBB file on Financing of the Knights because the complaints haven’t started coming in yet. However, we have reviewed some complaints from its affiliate websites:

    Cathy M. – 1 star review

    They changed their name to Salvation Funding. After seeing this note, I understand why. I don’t know how they got my information, but they have to stop.

    Terry W. – 1 star review

    Beware of bait and change sender. The terms are “extremely different” from those advertised! It’s a waste of time.

    My goal is to help others realize that it’s a waste of time! Pebblestone Financial’s advertisement is definitely misleading in my opinion. After my conversation with Fred, his response was, “we can definitely help you…I’ll call you tomorrow morning with the details…have a pen and paper ready to write down the numbers.” The sender includes in fine print… This review is not guaranteed if you do not meet the selected criteria.

    It also further states: “This review is based on information in your credit file indicating that you meet certain criteria.” In my case, I’m not behind on payments, and neither will I be. I am current on all outstanding debts and my credit history demonstrates it. When Fred called the next morning… his terms were totally ridiculous and, in my opinion, “predatory loans”. When I asked Fred…are those the terms of Pebblestone’s offer, he said yes. I replied, I’m not interested in those terms and he hung up the phone immediately with no further conversation.

    The reason I responded to Pebblestone Financial’s offer was to consolidate and simplify with one payment and take advantage of the low pre-approved average rate of 3.67%. While I currently pay between 10.9% and 12.9% to credit card companies…this offer was attractive. The sender stated in BIG BOLD PRINT: You have been pre-approved for a debt consolidation loan with a rate as low as 3.67%. The pre-approved loan amount was actually $11,500 more than my total debt consolidation.

    In summary… it’s definitely a “Bait and Switch” scheme in my opinion. I checked BBB feedback before responding to this offer and have not seen any negative feedback. Now I see other very similar answers with the same “Bait and Switch” experience. Hope this helps others avoid wasting time finding out about these unethical practices of Pebblestone Financial.

    The Rent-A-Tribe Program

    In recent years, hiding behind the protection of a Native American tribe has been made popular by internet payday lenders. In July 2018 Charles Hallinan, “the payday loan godfather”, was sentenced to 14 years in prison for providing payday loans through the Mowachaht/Muchalaht First Nation in British Columbia. In January 2018, Scott Tucker was sentenced to more than 16 years in prison for running an illegal $3.5 billion payday loan business while operating under “sovereign immunity” from the Modoc tribe of the United States. Oklahoma and the Santee Sioux Tribe of Nebraska.

    Why do we focus on Financing of the KnightsThe negative reviews?

    We urge you to do your own research and exercise due diligence on Knights funding, especially when it comes to your Personal finance. We urge you to be careful what you find on the Internet. Compare the good and the bad and make an informed decision. In our experience, where there is smoke…there is fire. But you make the call.

    Knights Funding Review

    Knights Funding Review – Cautionary Notice

    Knights Funding entices you by sending you a direct mail with a “personalized reservation code” and a low interest rate of 3% to 4% to consolidate your high interest credit card debt. You will be directed to KnightsFunding.com or myKnightsFunding.com. More than likely, you will not qualify for one of their debt relief loans and they will try to switch you to a more expensive debt settlement product.

    Why Small Businesses Should Seek Alternative Equity Financing


    Opinions expressed by Contractor the contributors are theirs.

    It is difficult for many small and medium enterprises (SMEs) to navigate through various loan programs and debt consolidation opportunities, especially during an unprecedented global pandemic. Unlike consumers who are protected by the Consumer Financial Protection Bureau (CFPB), business owners are often not covered by the same guidelines, presenting individuals with fewer protections and new alternative finance companies that do not provide always the help needed.

    Therefore, consumers often seek matchmakers who can help them navigate the application and approval process, while providing them with the necessary basic training on how to receive inexpensive capital with training on the products.

    According to the Biz2Credit Small Business Lending Index, small business loan approval rates have slowly increased this year, with approval percentages at major banks rising from 14.2% last November to 14.3% this year. December. However, over the same period, small bank approvals fell from 19.9% ​​to 20.1%.

    Here’s how SMEs had to find new, alternative routes to capital, allowing business owners to access funds faster than before – and without the headache of trying to navigate the tedious legalese of paperwork.

    Related: So You Want Your PPP Loan Forgiven? Be sure to submit this request

    Increase debt before selling shares

    At the start of the pandemic, many business owners would have been told by hedge funds, private equity groups and venture capital firms that they had been approved for loans. This after many months of negotiating term sheet agreements, often over 100 pages, only to find later that they would not receive the funds until several months after signing their loan documents. Others would simply receive vague reasons for rejection or a complete lack of correspondence, and calling the Small Business Association (SBA) would only keep you on hold for hours before someone told you to wait for an email response. -mail.

    Some companies sell their equity before raising debt, taking immediate investors with immense pressure from the start. Many companies believe that investing in flashy technologies and high-end CRMs up front will set the business in the right direction and keep it attractive to the market.

    Wrong. One of the biggest strategies a newly launched business can have for itself is to prepare for the worst case when it happens (not if), which in this case means starting lean, mean and looking for ways to reduce expenses to a minimum.

    Networking and the Chamber of Commerce are your friends

    How many business owners do you know who understand the difference between factoring and a merchant cash advance? In most cases, these owners want fast working capital with an affordable return on investment. If you don’t have the necessary network of connections and network, this is where membership in your local chamber of commerce comes in, as well as attending trade conventions and local business groups.

    Small and medium-sized businesses, the self-employed, and minority-owned businesses have repeatedly been left out throughout history. Unfortunately, the pandemic has only exacerbated this problem. The Paycheck Protection Program and government-backed EIDL loans were set up to help small businesses, but were initially widely distributed to companies like Shake Shack and TB12.

    According to New York Times, data collected on the racial breakdown of the PPP allocation has been sparse, illustrating New York as a problematic area where lenders were not required to collect demographic details about their borrowers. Ultimately, economists have consistently found signs of shortcomings here.

    Additionally, analysis by the Federal Reserve Bank of New York noted that some counties with large numbers of black-owned businesses — including the Bronx, Queens, and Wayne County, MI (which includes Detroit) — had surprisingly low concentrations of relief loans. – Of the 996,000 loans that included information about the race of the borrower, 71% of the dollars went to white-owned businesses.

    More than half of the roughly $525 billion in loans made through November 2020 went to just 5% of more than five million recipients, an analysis of SBA data by The Washington Post.

    Related: 4 Ways Businesses Can Avoid Loan Scams and Predatory Lenders

    Beware of your reliance on government-provided funding

    Congress approved billions of dollars in aid for small businesses to help them protect their employees during the pandemic, but a large portion of those businesses never saw the funds. When the PPP was first launched in April 2020, banks quickly turned to larger loans and more established companies because in their world they were more lucrative. According to The New York Timesthe program’s largest lender (JPMorgan Chase) even refused to provide loans under $1,000.

    Forbes went on to report, “…from April 2020 to May 2021, PPP provided millions in loans to help keep businesses afloat during Covid-19. Since rolling out in 2020, more than 11.8 million PPP loans totaling nearly $800 billion have been approved, according to data from the US Small Business Administration as of May 2021. While many early PPP borrowers have already applied and received loan forgiveness, SBA data shows that at the end of July, 18% of 2020 PPP loan borrowers had not submitted forgiveness requests.

    Small and medium-sized businesses still struggle with the uncertainty of government loans and rising inflation, as do typical operating costs. SBA EIDL loans were initially capped at $150,000 in 2020. The SBA increased this amount to $500,000 in April 2021 to help businesses that were still struggling.

    With the end of the PPP, SMEs should consider taking risks again and growing their business. Small businesses still don’t know where to turn, so having private groups that understand how to provide customer-focused solutions that help educate small business owners on the best financing available will only serve to provide SMEs with a alternative financing that doesn’t set business owners up for failure.

    Can you get a payday loan with a credit score of 550?


    If your credit score is 550, you can only qualify for a personal loan. However, it is almost impossible to obtain large loans with low credit scores. This means you need to look for alternative financial solutions or improve your credit score.

    In this article, I will explain various things you need to know about getting a loan with a 550 credit score. Let’s cut to the chase.

    What does a credit score of 550 mean?

    Generally, anything below 576 is considered bad credit. So a score of 550 does you a disservice. On the contrary, chances are you won’t get good loans with reasonable interest rates and fees.

    Bad credit scores can be caused by many factors such as past loan defaults, delinquent accounts, or bankruptcy. All of this gradually leads to a bad credit history, which leads most lenders to stop you from getting a loan. If they offer you the loan, they will charge you huge fees and massive interest rates over a short period of time.

    However, all is not lost as you can still get financial aid. As for unsecured and secured loansthe lender can only offer you a loan if they’re sure you’ll pay back every penny, and that’s extremely unlikely if you have a credit score of 550.

    How can I get a payday loan with a credit score of 550?

    The fact that most lenders prefer a credit score of 600 and above makes it instantly difficult for you to get a loan with a credit score as low as 550. However, there is hope for you because there is lending platforms such as Gday loans with lenders who will grant you a loan regardless of your credit score.

    • Online lenders: A few online lenders don’t do massive credit checks, and you can apply to see if they’ll offer you the loan.
    • Credit unions: Unlike traditional banks, credit unions are different because they are flexible when dealing with borrowers with bad credit. Depending on where you live, you can take the challenge and be a credit union member and hopefully get the financial help you need.
    • Community banks: Like credit unions, community banks require you to be a member or regular user to get a loan agreement. In this case, you’ll need to find out about their loan options, and if you find a community bank employee you know, they might be able to help you get the best deal.
    • Payday Loans: Payday lenders don’t need your credit history to offer you a loan. For example, Gday Loans offers guaranteed approval loans for bad credit applications. However, these loans attract good fees and high interest rates.
    • High Interest Installment Loans: Some lenders offer lines of credit and installments. However, they charge huge interest rates and fees that prevent you from paying on time.
    • Securities lending: Title loans are a great way to get loans because you get an amount based on the value of your car. Once you pay, you get your vehicle. The best part is that you can still drive your vehicle even after getting the loan. The only problem comes when you don’t repay the loan and the lender confiscates your vehicle.

    How to Improve Your Credit Score 550

    Raising your credit score from 550 takes stamina, composure, and action. It also takes perseverance, as you will have to wait for some time before your credit score increases.

    Let’s look at what you can do to improve your credit score from 550:

    • Pay your bills on time: Paying off your bills on time is by far the best thing you can do to improve your credit score. Note that once a bill is due in 30 days and you don’t repay, most creditors will report you to the credit bureaus for late payment. That’s why it’s essential to always pay all your credit bills on time. Once it’s placed in your credit history, make sure it stays there for the next seven years.
    • Lower revolving account balances: If you use a revolving line of credit or a credit card, paying off all of your balances will reduce your credit usage and ultimately improve your credit score. The best part is that it’s fast and accurate so you don’t have to wait long to see significant improvement.
    • Open new accounts only if necessary: If you have a limited number of credit cards, taking advantage of a loan or secured credit card will be essential to boost your credit score. You will just need to settle the repayments on time on your new account so that a positive report is integrated into your credit score. However, do not take out any credit card loans if you doubt your ability to repay on time.

    Credit cards are also crucial in saving you insurance money, in addition to securing loans. Skipping bail and renting a house becomes easy because it proves that you are credible and can be trusted to pay your rent on time.


    Nevertheless, when you cannot get loans, you will need to improve your credit score. Few things hurt as much as being denied a loan while you’re in a financial crisis simply because you cannot meet the required credit score. Luckily, this article has shown you that you can get some loans even with a low credit score.

    But if improving your credit score takes longer and you urgently need money, try it. Gday Loanswhich will connect you to best bad credit lenders in australia.

    Are installment loans and payday loans the same thing? –


    Are installment loans and payday loans the same thing? When people need money right away, they often fail to shop around and evaluate loan options. However, the repercussions of rushed loans can be serious. For this reason, we will analyze and discuss the differences and similarities between two common types of loans: payday loans and installment loans. So here’s what you need to know to make smart credit decisions and avoid doubling your debt.

    What is an installment loan?

    We’ve all undoubtedly used different types of installment loans, even though the phrase “Paymentis unknown to us. It is a kind of loan in which you borrow a certain amount of money and then repay it in monthly installments. Typically, these loans have a fixed repayment schedule, which means the monthly payment amount remains constant for the life of the loan. As a result, borrowers can simply organize their budget and loan repayment will not be a surprise as payment day approaches.

    Common Examples of Installment Loans

    Installment loans come in different forms:

    They can be secured or unsecured, may have different repayment terms and APRs (Annual Percentage Rates). So whatever you’re looking for, it’s a good idea to compare interest rates https://shinyloans.com/articles/difference-between-nominal-and-real-interest-rate and repayment terms to find the one that suits you best. The most popular types of installment loans are:

    Car loans:

    These loans are granted to finance a new or used vehicle. These loans have a collateral when you secure the borrowed money against the acquired automobile. The repayment periods for these loans generally range from two to eight years.

    Student loans:

    These types of installment loans are usually unsecured and help pay for undergraduate, graduate, and other types of post-secondary education. The advantage of student loans is that you don’t start your payments right away. instead, you take the money, pay your tuition, and pay it back when you graduate and work.


    Mortgages are provided to make major expenses, such as the house. The purchased property also secures these loans. Mortgage repayment terms typically range from 10 to 30 years.

    What is a payday loan?

    The question most often raised is that of the payday loan. These loans are becoming increasingly popular due to their wide availability. Advertisements for these small loans spread across the internet, attracting more borrowers. Payday loans are short-term loans lasting several weeks. These loans, also known as cash advances, are popular among low-income borrowers and those with a history of credit failure. Unfortunately, because they have high interest rates, it’s easy to get into debt.

    Installment and payday loans: main distinctions

    Let’s start by noting the distinctions between these loans. Therefore, the basic distinction between a payday loan and an installment loan lies in the repayment terms, payment mechanism, and loan amounts.

    Reimbursement deadlines:

    A personal loan is a very short-term loan with a maturity of usually less than one month, while an installment loan is at least two years old.

    Payment forms:

    Payday advances must be repaid in one large payment. But installment loans, as the name suggests, are paid in monthly installments over a set period of time that can range from a few months to several years.

    Amounts borrowed:

    These two types of loans mainly vary in the amounts available. The amount borrowed for payday loans cannot exceed $2,500, while installment loans are available for higher amounts.

    Interest rate:

    Installment loans generally have lower interest rates than payday advances.


    Payday advances are easily accessible compared to installments.

    The Similarity Between Installment Loans and Payday Loans

    Despite the distinctions mentioned above, these two loan types also share some standard features:

    The absence of a surety:

    A basic similarity between payday loans and installment loans is that they are both often unsecured, meaning there is no property or collateral to back the transaction. In other words, if you fail to repay the borrowed money, the lender cannot seize your secured property.

    Online processing:

    Although installment loans are often granted by traditional credit institutions. (Banks and credit unions). They are increasingly available online through internet lenders. Accordingly, you can apply for these loans from anywhere and anytime.

    No credit check:

    Indirect credit drawdowns may occur in addition to hard credit drawdowns for online installment loans. Also, because internet lenders often do not set strict qualification standards for accepting these loans. Moreover, even consumers with poor credit could benefit.

    When choosing between a payday loan and an installment loan, the latter is always the cheaper alternative. However, if you are denied an installment loan, you can always consider payday loan options.

    Are installment loans and payday loans the same thing?

    The alternative to payday loans has its own risks


    Payday loans target consumers with no credit or low credit. According to IBISWorld, an industry research firm, the U.S. check cashing and payday lending industry is expected to grow 5.1% in 2022.

    These high-interest loans promise quick cash until the next paycheck arrives, but they often create dangerous cycles of new loans to pay off old ones, draining finances and pushing borrowers ever deeper into debt. poverty.

    Some states impose rate caps or rate restrictions on these types of loans. However, the authorized interest rate can be exorbitant; for example, California’s rate restriction for a $100 14-day loan can be as high as 460% APR.

    Today, consumers have some protection against this type of predatory lending through the payday rule, vehicle title, and some high-cost installment loans from the Consumer Financial Protection Bureau. But an alternative form of lending, known as installment loans, is quietly emerging as a less regulated alternative to payday loans.

    Payday Loans vs Installment Loans

    Payday loans and installment loans are similar in that they both offer a short-term solution when you need cash immediately. The main differences between payday loans and installment loans are whether they are unsecured (i.e. whether collateral is needed to secure the loan), the amount you can borrow, and the time available to you. granted to repay the loan, plus interest and fees.

    Payday loans are usually for a lower amount, like a few hundred dollars, while installment loans can reach amounts of up to $10,000. Payday loans are also repaid all at once by the borrower’s next pay period. Conversely, installment payments are paid in increments over several months or years.

    Although payday loans and installment loans offer a quick source of funding in a pinch, they often cause further financial turmoil for borrowers already struggling with high interest rates and high fees.

    Payday and short-term loans

    Payday and short-term loans are generally unsecured and do not require collateral. They are generally offered for amounts of $500 or less at interest rates of 400% APR or more, depending on your state’s regulations.

    These loans must be repaid in full during the borrower’s next pay period. Some states allow lenders to renew the loan if borrowers need more time.

    Other types of short-term loans include:

    • Car title loans. Car title loans use your car title or “pink slip” as collateral for a short-term loan. Typically, you have 30 days to repay the loan in full; otherwise, the lender will take possession of your vehicle.
    • Pawnbrokers. These loans require the use of a valuable asset as collateral in exchange for a small portion of its resale value. If you are unable to repay the loan, the pawnbroker keeps your property.

    Problems with short-term loans

    If payday loans provide money to nearly 12 million Americans in need and make credit available to about 11% of Americans who have no credit history, how bad can they be? The answer is complicated.

    Payday loans allow lenders to directly access checking accounts. When payments are due, the lender automatically withdraws the payment from the borrower’s account. However, if the account balance is too low to cover the withdrawal, consumers will have to pay overdraft fees from their bank and additional fees from the payday lender.

    Getting a payday loan is easy – that’s why a lot of them fall into predatory lending territory. Borrowers only need to show ID, employment verification, and checking account information. Payday lenders don’t look at credit scores, which means they’re too often given to people who can’t afford to pay them back.

    People who are constantly short of money can fall into a cycle of payday loans. For example, a woman in Texas paid a total of $1,700 on a $490 loan from ACE Cash Express; it was his third loan taken out this year, as reported by the Star-Telegram.

    When initial loans roll over to new, larger loans on the same fee schedule, borrowers run into trouble due to high interest and fees.

    Installment loans

    Installment loans are part of a non-bank consumer credit market, which means they come from a consumer credit company, not a bank. These loans are typically offered to low-income, low-credit consumers who cannot qualify for credit from traditional banks.

    Installment loans range from $100 to $10,000. Loans are repaid monthly within four to 60 months. These loans can be secured or unsecured.

    These are similar to payday loans in that they are intended for short-term use and are aimed at people with low incomes or those with poor credit ratings. However, the two types of loans differ significantly in their lending methods.

    Pew Charitable Trusts, an independent non-profit organization, analyzed 296 installment loan contracts from 14 of the largest installment lenders. Pew has found that these loans can be a cheaper and safer alternative to payday loans:

    • Monthly payments on installment loans are more affordable and manageable. According to Pew, installment loan payments are 5% or less of a borrower’s monthly income. This is a positive point, given that payday loans often eat up a significant portion of paychecks.
    • It is cheaper to borrow with an installment loan than with a payday loan. The Consumer Financial Protection Bureau found that the median charge on a typical 14-day loan was $15 per $100 borrowed. Installment loans, however, are much cheaper, according to Pew.
    • These loans can be mutually beneficial for the borrower and the lender. According to the Pew report, borrowers can repay their debt in a “manageable period and at a reasonable cost,” without compromising the lender’s profit.

    Risks of installment loans

    At first glance, installment loans are more profitable and appear to be a safer route for consumers. However, they come with their own risks:

    • State laws allow two harmful practices in the installment loan market: selling unnecessary products and charging fees. Often, installment loans are sold with complementary products, such as credit insurance. Credit insurance protects the lender if the borrower is unable to make payments. However, Pew says credit insurance provides “minimal consumer benefit” and can increase the total cost of a loan by more than a third.
    • The “all-in” APR is usually higher than the APR stated in the loan agreement. The “all-in” APR is the actual percentage a consumer pays after all interest and fees have been calculated. Pew reports that the average overall APR for loans under $1,500 can be as high as 90%. According to Pew, the non-all-in-one APR is the only one required by the Truth in Lending Act to be listed, confusing consumers who end up paying much more than they thought at the time. origin.
    • Installment loans are also commonly refinanced, at which point consumers again have to pay a non-refundable origination or acquisition fee. Additionally, a non-refundable origination fee is paid each time a consumer refinances a loan. As a result, consumers pay more to borrow.

    Other alternatives to short-term loans

    If you need funds, there are other alternatives to consider besides payday loans and installment loans. Here are some options:

    • Credit-generating loans. These loans are for borrowers with weak or no credit. The financial institution will deposit the loan funds into a locked savings account that you will only have access to after you have made all installment payments on the loan.
    • Alternative payday loans. Alternative payday loans, or PALs, are provided by credit unions to their members. These loans are for a small amount of less than $1,000 which are repaid over a month or a few months, depending on the institution.
    • Aask your employer for an advance. Some employers offer salary advances to their employees. Remember that if you advance part of your next paycheque, it means that your next pay period will be at a reduced amount.
    • Negotiate a payment plan with creditors. Contact your creditors, whether it’s for hospital bills or a credit card bill, to explain your financial situation. They might be able to share payment plan options that you weren’t aware of.

    Short-term loans may seem like easy solutions, but be sure to do your research to find the best option for your situation.

    Inside the fight for banks to benefit their communities • Sacramento News & Review


    As banks continue to merge, advocates are trying to ensure low-income communities won’t have to pay for it.

    By Robin Urevich, Capital & Main

    This story is produced by the award-winning journalism association Capital & Main and co-published here with permission.

    At a time when big banks are easily getting approval for profitable mergers, some California community groups say it’s not so fast. Dozens of them are seeking to block US Bank’s bid to acquire Union Bank unless the former earmarks $90 billion for charitable loans and donations to low-income areas and communities of color of State.

    The $8 billion merger, announced Sept. 21, 2021, would create California’s fifth-largest bank, a $680 billion mega-corporation that would compete with giants like Bank of America and JPMorgan Chase. The Biden administration’s response to the merger will be a test of whether the administration intends to carefully consider bank consolidation rather than rubber-stamp it.

    In a July 2021 executive order, President Biden called for a more critical approach to merger approvals, noting that “excessive consolidation increases costs for consumers, limits credit for small businesses, and hurts low-income communities.” “.

    The merger would be a win for bank executives, but Paulina Gonzalez-Brito, executive director of the Oakland-based California Reinvestment Coalition, made up of local housing advocates and nonprofit development groups, is leading the opposition to the merger. ‘acquisition. According to Gonzalez-Brito, low-income communities have a lot to lose from this deal.

    So far, US Bank and Union Bank have each provided financing for affordable housing. Each lends to individuals and small businesses, donates to local charities and community lenders.

    “Now the danger is that we will disappear. You end up with less than you started with and communities get less,” Gonzalez-Brito noted.

    Much of the $90 billion package proposed by the CRC would go toward one of the state’s greatest needs: housing. The California Housing Partnership reports that 1.2 million low-income renters lack safe and affordable housing.

    The California Reinvestment Coalition is calling for public merger hearings to be held in Los Angeles, Fresno and San Francisco. Among CRC’s proposals: special programs to boost home ownership among African Americans and small Native American businesses. Additionally, they are asking for smaller-scale opportunities for tenants like Maria Montes de Oca to own and manage their own buildings.

    * * *

    In Oakland, just before Christmas 2021, Montes de Oca and a handful of neighbors were celebrating. Its landlord, who she said had doubled the rent for the past two years while refusing to eradicate mold or fix backed-up plumbing, had tentatively agreed to sell her building to the Oakland Community Land Trust.

    “Now I can relax,” Montes de Oca said, as after a two-year rent strike, the land trust promises to keep the building affordable and make repairs, i.e. to say if the case passes.

    Oakland Community Land Trust executive director Steve King said he plans to reconcile funding from the City of Oakland and nonprofit lenders to purchase the building from Montes de Oca.

    CRC says the $90 billion benefits package would ensure low- and moderate-income communities of color get housing and small business financing opportunities and mitigate the potential damage of a consolidation.

    But such agreements are not legally binding and enforcement can be difficult. “It’s usually a hard thing to do,” said Mike Calhoun, president of the Washington, DC-based Center for Responsible Lending. “They will say they will make X dollars in loans. It is often unclear whether this is beyond what they have done. How do you count eligible loans? »

    In New York, Kathryn Franco, president of the Buffalo Niagara Reinvestment Coalition, said that to help enforce the agreements, her group tries to make sure the public is part of the process by “being really transparent with the information we have. have, [and] let community members know.

    * * *

    The American bank, for its part, argues that its acquisition of Union Bank is in itself a benefit to the communities where it operates, and promises in its October 2021 merger filing to provide affordable and increased financial access, to “address systemic racism” and to support “sustainable environmental practices”. It is also noted in the merger application that both banks passed their latest Community Reinvestment Act exams with an “Outstanding” rating.

    Under the Community Reinvestment Act, which aims to eliminate lending discrimination by banks, regulators periodically review each bank’s lending and community investment record, assigning ratings ranging from unsatisfactory to outstanding. But grade inflation is rampant, Gonzalez-Brito said, with 96% of banks passing their exams.

    Banks often agree to community benefit agreements in order to weed out opposition and grease the shoes for mergers to proceed. The CRC secured 12 such deals by calling on regulators to deny bank mergers and acquisitions based on poor community reinvestment performance. But a $90 billion commitment from the U.S. bank would be the biggest in California yet.

    Yet the whole process, from merger announcement to concessions made to community groups to eventual consolidation, is more akin to Kabuki theater than transparent regulatory scrutiny, because bank mergers – at least over the past 15 years – have been virtually guaranteed approval.

    In 2019, Sen. Elizabeth Warren (D-Mass.) removed all doubt by forcing Federal Reserve Chairman Jerome Powell to publicly admit that since 2006 the Fed had approved 3,813 mergers and denied none.

    But that can change. After President Biden issued his executive order last July, the DOJ and FDIC signaled that they would take a closer look at their merger approval rules.

    California Congresswoman Maxine Waters (D-Los Angeles), who chairs the House Financial Services Committee, called on regulators to rein in the US Bank-Union Bank deal and other pending mergers that would create banks with more $100 billion in assets. until federal agencies draft new regulations.

    Echoing the Reinvestment Coalition’s call for public merger hearings, Waters wrote in a December 2021 letter to federal regulators that evidence “has shown that bank consolidation is hurting small business lending, financial inclusion, financial stability and the rights of workers in financial institutions“.

    In its opposition to the merger, the CRC drew attention to the US bank’s branch closures in low-income neighborhoods and communities of color. The group cited a study by the National Community Reinvestment Coalition which showed that US Bank closed a quarter of its 643 California branches between 2017 and 2020. The CRC fears that the consolidation could lead to additional closings, which would encourage more people turning to high-cost check cashing and payday loans.

    The bank’s lending record also shows that racial disparities persist for borrowers in California, despite its better CRA score.

    In 2020, US Bank declined just 24% of loan applications from white areas, compared to 30% of applicants from predominantly African American neighborhoods and nearly 38% from predominantly Latino communities.

    The data, derived from banking disclosures to federal regulators, also shows that in 2020, about 38% of Californians lived in majority-white communities, with roughly the same percentage in majority-Latino neighborhoods. But 56% of the bank’s loan applicants were white and only 16.1% were Latino.

    * * *

    American bank spokesperson Jeff Shelman argued in an email to Capital & Main that the bank’s “loan underwriting and approval processes have been carefully designed with fair lending requirements in mind.” He pointed to $37 million in charitable donations and $1.3 billion in community development investments, such as a newly constructed 98-unit apartment building in San Bernardino County or a motel conversion to affordable housing in Anaheim. . Shelman didn’t say the bank wouldn’t be closing branches, but he said, “We won’t leave any community that Union Bank currently serves and we’re committed to keeping all front-line branch employees.”

    But the CRC insists that the banks put their commitments in writing. Gonzalez-Brito said Bank of America officials had held at least two “listening sessions” with his group, but so far no real negotiations.

    “I’m surprised how slowly they’re moving,” she says, adding that the community groups she works with are getting nervous.

    Now, with more critical merger reviews on the horizon, groups like CRC and New York State’s Buffalo Niagara Reinvestment Coalition may have greater leverage, and banks may be willing to spend more. for the communities in order to consolidate.

    “I hope there will be a real change in the way banks approach mergers,” said Kathryn Franco of the Buffalo coalition.

    Copyright 2022 Capital & Main

    US House January 6 panel subpoenas former Michigan GOP chair Laura Cox


    In a letter to Cox, committee chair Bennie Thompson, D-Mississippi, referenced her attendance at a Dec. 2, 2020, virtual event with Trump attorney Rudy Giuliani that lobbied lawmakers in the State to annul the election saying that certifying the results would be a “criminal act”.


    “We would like to better understand these and other statements and events that you witnessed or participated in, and the communications we believe you may have had with national, state and local officials regarding the results of the November election. 2020,” Thompson wrote, requesting a deposition and documents.

    Cox did not immediately return a voicemail requesting comment from Bridge Michigan on Tuesday.

    The congressional committee includes two GOP lawmakers, but both were censured last week by the Republican National Committee for their participation.

    The panel also subpoenaed two other Michigan officials: Republican National Committee member Kathy Berden and former 14th District GOP chairwoman Mayra Rodriguez.

    Berden and Rodriguez were listed as chair and co-chair on an unofficial voter document filed with the National Archivist in January 2021.

    Current Michigan Republican Party co-chairman Meshawn Maddock also signed the bogus document and said last month that the Trump campaign “asked us to do it.”

    State Attorney General Dana Nessel said the fake voters likely violated laws in Michigan, where Democratic President Joe Biden beat Trump by 154,188 votes. A GOP-led Senate panel investigated the election and found no evidence of widespread fraud.

    Nessel, a Democrat, did not pursue the charges against the alternate voters, but instead referred the matter to federal authorities.

    Berden and Rodriguez did not respond to requests for comment. The Michigan Republican Party has also declined to comment so far.

    Republican National Committee Chair Ronna McDaniel, who preceded Cox as Michigan state party chairman and is close to Berden, criticized the congressional investigation.

    “As you might expect, the January 6 Committee has far exceeded its original purpose and morphed into something else, investigating Republicans who had nothing to do with January 6 for the misdemeanor apparent to be a Republican,” McDaniel wrote in a recent op-ed.

    “Under the Committee’s approach, almost anything related to the 2020 election falls within its purview, including harassment of citizens who were not even in Washington, D.C. that day.”

    Michigan Secretary of State Jocelyn Benson, a Democrat, cooperated with the congressional committee and wrote a letter to members last month detailing “concerning attempts to overturn the will of Michigan voters.”

    Among other things, Benson noted reports that a draft presidential order prepared for Trump but never signed relied on faulty information about County Antrim voting machines to justify the seizure of tabulators in the states of the battlefield in order to search for possible fraud.

    Internal documents first reported by The Detroit News show Benson’s office also shared additional information with the committee, including requests for GOP challengers to flood the TCF Center in Detroit as election workers counted. postal ballots within hours of the closing of the polls. (TCF Center has since been renamed Huntington Place.)

    In early December, Benson’s chief legal counsel sent the committee a Nov. 4, 2020, email from the North Oakland Republican Club ordering activists to go to Detroit and make sure “criminals” don’t “steal our country”.

    Legal memos leaked by The New York Times and The Washington Post say the Trump campaign was trying to install its own slate of surrogate voters in battleground states while lawyers worked to undo Biden’s election victory in front of the court, efforts that ultimately failed.

    Voting and payday loan ballots move Michigan forward | Michigan News


    By DAVID EGGERT, Associated Press

    DELTA TOWNSHIP, Mich. (AP) — Ballots to expand voting options, restrict payday loans, and overhaul Michigan’s citizens’ initiative process passed the stages ahead of the state board of elections on Friday, allowing organizers to start collecting hundreds of thousands of signatures to qualify for the 2022 ballot.

    Canvassers have approved summaries to appear above five petitions for public distribution.

    Promote the Vote wants to create more than a week of early voting, allow all voters to request an absentee ballot for future elections, and require prepaid postage on return envelopes. His constitutional amendment — proposed months after Republicans launched an anti-veto initiative that they said would improve the integrity of the election but which Democrats say would reduce the vote — would also ban attempts to weigh down “de unreasonably” the right to vote and enshrine the council’s duty to certify the results after Donald Trump’s unprecedented attempt to void the 2020 election.

    Michiganders for Fair Lending hopes to lower the interest rates payday lenders charge that must be repaid within two weeks. The ballot committee, like Promote the Vote, appears to have the financial backing to distribute the petitions widely.

    political cartoons

    Two proposals for constitutional amendments supported by MI’s voting rights also moved forward. One has similarities with the Promote the Vote measure. The other would allow more time to collect signatures for ballots, allow voter referendums on laws that spend money, and eliminate the Legislature’s ability to pass bills initiated without the governor’s signature. . Instead, the initiatives would go to voters as constitutional revisions already do.

    The canvassers also approved the summary of a petition seeking to decriminalize the production and possession of psychedelic mushrooms.

    In total, canvassers have approved summaries for a dozen active ballots in 2022 – including those that would raise the minimum wage, limit the duration of emergency pandemic restrictions without legislative approval and enshrine the right to abortion. in the state constitution.

    Khalilah Spencer, chairman of the board of Promote the Vote, who successfully spearheaded a 2018 constitutional amendment that expanded absentee voting and allowed same-day registration, said: “We look forward to direct dialogue with Michigan voters about our Common Sense Voting Reform proposals. ”

    The proposal would, among other things, keep intact the ability for voters to sign an affidavit if they do not have photo ID and the verification by clerks of absentee voters’ signatures to verify identity.

    The Republican-affiliated Secure MI Vote wants to require additional information on mail-in ballot applications — such as the last four digits of a Social Security number or a copy of one’s photo ID — and require voters without a document ID to later verify their identity for their vote. to count. Spokesman Jamie Roe said the Promote the Vote measure “is unnecessary, costly and harmful to election security.”

    Follow David Eggert at https://twitter.com/DavidEggert00

    Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

    Canadian judge authorizes police to remove truckers blocking Ambassador Bridge


    Morawetz said the order would take effect at 7 p.m. Friday.


    “It gives individuals the opportunity and the time to clear the area,” he said in the original ruling.

    The Detroit-Windsor, Ont., span has been largely closed since Monday by Canadian ‘Freedom Convoy’ truckers, protesting a US-Canadian mandate that requires truckers to be vaccinated against COVID-19 to enter one or the other country.

    Calls for Canada to end the impasse grew among state and federal government officials on Friday, as the province of Ontario declared a state of emergency, with its premier pledging to further legal action against protesters, including fines and jail time.

    Anderson Economic Group, an East Lansing consultant, estimates the bridge standoff will cost Michigan $51 million in lost direct wages in its first week alone, a figure it says will “climb at a accelerated” the longer the stalemate will continue.

    “With the industry already understaffed and production lines waiting for parts, any further disruption is very costly,” said Anderson Economic Group CEO Patrick Anderson.

    General Motors closed several shifts at its vehicle production plant near Lansing this week due to parts shortages related to the closure of the bay that normally carries 8,000 trucks and more than $323 million worth of goods a day. . Ford Motor Co. and Toyota Motor Corp. halted some operations in Canada following the shutdown, while Honda planned to halt production on the assembly line at its plant in Alliston, Ontario.

    According to the U.S. Department of Transportation, the bridge is the busiest international land border crossing in North America and accounts for nearly one-third of annual two-way trade between Canada and the United States, estimated at more than $600 billion.

    In response to the potential economic crisis, officials on both sides of the border are increasing pressure to end the standoff. The blockade at the Ambassador Bridge also led to massive traffic slowdowns earlier in the week at the Blue Water Bridge in Port Huron, as truckers searched for alternate routes to Canada.

    Canadian protesters also closed border crossings at Coutts, Alberta, across from Montana and Emerson, Manitoba, across from North Dakota.

    On Friday, Governor Gretchen Whitmer said she was urging U.S. and Canadian officials to find a way to open the Ambassador Bridge.

    “I obviously burned the phone line talking with people from the White House to the Canadian ambassador to our congressional delegation and some of the leaders of the Canadian government,” Whitmer said.

    One way to spend less: spread out your paychecks


    Yes, in many cases, according to new research. Workers who get paid daily, whether through their normal salary agreement or by accessing their pay in advance via an app, often spend more money than workers who receive their pay in more traditional instalments. one or two weeks.

    The rise of new personal finance technologies and the gig economy means workers can increasingly access their wages more frequently. Some fintech apps such as DailyPay, whose clients include big companies like Big Lots Inc.

    -Allow you to get paid daily, although these apps often charge a fee for this service. Some gig-economy companies also offer workers the option of getting paid daily. Uber, for example, offers its employees the option of getting paid up to five times a day.

    Early access to one’s salary and daily salary payments are often marketed to low-income people as a way to avoid late bill payments and bank overdraft fees.

    According to the new research, receiving daily paychecks appears to encourage people to spend more money than those who get paid less frequently. “When people get paid more frequently, they tend to spend more on markups, perhaps buying a latte when they otherwise wouldn’t,” says Wendy De La Rosa, assistant professor at Wharton School of the University of Pennsylvania and co-author of the study. Professor De La Rosa adds that study participants said receiving daily paychecks made them feel wealthier and more secure in their ability to cover expenses.

    On average, workers paid every day of the week spent about $18.56 more per month than workers paid once a week and $20.65 more than workers paid biweekly. Workers paid daily also had more expenses.

    While the researchers found a correlation between frequent paychecks and increased spending, they were unable to disentangle causality from the data. So they did a series of lab experiments to better understand the relationship.


    What advantages/disadvantages do you see in being paid daily? Join the conversation below.

    In one experiment, participants were either paid $140 per weekday or $1,400 every two weeks. All participants started with $875 in their checking accounts and were then asked to make 28 spending decisions, one for each day of the simulation. Throughout the experiment, participants could see the balance of their checking accounts.

    Participants were asked to make decisions about covering basic expenses, such as: “Your heating bill is due. You owe $95. What are you doing?” They were also asked to make discretionary spending decisions, including, “You’ve had a tough few days. You can cook dinner at home or order takeout for $45 for the family. What do you do?” The authors found that participants paid daily spent more money than participants paid biweekly, at $2,919.58 versus $2,816.52.

    After the experiment, the authors asked the participants if they felt like they had a lot of money during the experiment. People with daily paychecks subjectively felt wealthier, even though they often had lower daily balances in their checking accounts throughout the experiment.

    The authors also found that people who were paid daily felt more confident that they had enough money to pass the simulation.

    One of the main implications of the study is that workers need to be more aware of what it costs them to receive daily paychecks. Some workers pay fees to access their paychecks on a daily basis, which can further erode savings in combination with the observed tendency to also spend more. Daily payroll costs could in some cases exceed the interest rates charged on payday loans, says Professor De La Rosa.

    Prof. De La Rosa plans to follow up on this article by studying whether daily-paid workers can be incentivized to save part of their salary. The idea, she says, is that since more frequent paychecks make people feel subjectively wealthier, they might be more willing to set aside a higher percentage of their paycheck than they would. other.

    “Liquidity changes can really change people’s mindset,” she says.

    Ms. Ward is a writer in Vermont. You can email him at [email protected]

    Copyright ©2022 Dow Jones & Company, Inc. All rights reserved. 87990cbe856818d5eddac44c7b1cdeb8

    The Fed opens the debate on the American digital currency | Foodman CPAs and Advisors


    A report examines the pros and cons of CBDC

    The Federal Reserve is considering issuing a central bank digital coin (CBDC), according to a new report examining the pros and cons of such a move. Issuing this digital currency would be the first type of new currency issued by the Fed since the printing of the first $10 bill in 1914.

    According to the report, the United States would issue a central bank digital currency (CBDC) that would be stored in apps or “digital wallets” on our smartphones. NPR’s David Gura calls it “a radical overhaul of the dollar for today’s digital world.”

    We could use this digital currency to instantly pay for goods and services, as we currently do with Venmo, Stripe, or Apple Pay. No physical money would change hands. A crucial test for a potential CBDC, according to the report, is whether it would prove superior to other methods.

    Technological innovation has recently ushered in a wave of digital assets with characteristics similar to those of money, the report notes. These “cryptocurrencies” are derived from a combination of cryptography and distributed ledger technologies, which together form a basis for decentralized peer-to-peer payments.

    Looking around the world, it seems unlikely that the government will give up control of its currencies. Governments seem to feel the need to keep control of their money supply and interest rates. Could a currency update be an answer?

    The first step of the Fed

    The Federal Reserve Act of 1913 created the American central national banking system “to provide the nation with a secure, flexible, and stable monetary and financial system.” Although the law has since been amended several times, the recent rapid growth of the digital currency industry has spurred Fed scrutiny.

    Federal Reserve Chairman Jerome H. Powell said the report is a first step in what could be a long process. It is intended to start a conversation about digital currency with policy makers as well as to gather feedback from everyday people.

    The Fed’s report stresses that it will not proceed with issuing a CBDC “without clear support from the executive branch and Congress, ideally in the form of specific enabling legislation.”

    There are concerns, however, that by moving slowly, the United States will let other countries shape the standards for national digital currencies. Could this lead to a decrease in the position of the US dollar as the world’s reserve currency?

    Review of Benefits and Risks of CBDCs

    The 33-page report summarizes the current national payment system. It discusses the different types of digital payment methods and assets that have emerged in recent years, including stablecoins and other cryptocurrencies. These provide a basis for decentralized peer-to-peer payments. It concludes by examining the potential benefits and risks of a CBDC and identifies specific policy considerations.

    A Federal Reserve press release highlights the differences between today’s digital forms of holding and moving money. Bank accounts, online transactions and payment applications all use digital transfers.

    The money used in these transactions “are liabilities of private entities, such as commercial banks”. Conversely, according to the Fed, “a CBDC would be a liability of a central bank, like the Federal Reserve.” Here are the highlights of the report:


    Reduce or eliminate fees. When you make a contactless payment today, there are several steps behind the scenes, each involving transaction fees. In 2020, these costs amounted to more than $110 billion, which were generally borne by companies.

    With a digital dollar, you could theoretically cut out those middlemen.

    A new foundation for the payment system. A CBDC could potentially act as a bridge between different payment services, old and new. It could also maintain the centrality of safe and reliable central bank money in a rapidly digitalizing economy.

    Like existing forms of commercial bank money and non-bank money, a CBDC would enable the general public to make digital payments. A CBDC would be a liability of the Federal Reserve. However, this would not require mechanisms like deposit insurance to maintain public confidence, nor would a CBDC depend on the support of an underlying asset pool to maintain its value.

    A CBDC would be the safest digital asset available to the general public, with no associated credit or liquidity risk.

    Stimulate innovation. A CBDC could also help level the playing field in payment innovation for private sector companies of all sizes, eliminating some costs and risks.

    Global Reserve. A CBDC could help the US dollar maintain its status as the world’s reserve currency. The international role of the dollar also allows the United States to influence the norms of the global monetary system.

    Financial inclusion: especially for economically vulnerable households and communities through, among other benefits

    • Enable the unbanked to participate in our increasingly cashless financial system.
    • More than 7 million, or more than 5% of American households, are still unbanked. Nearly 20% more have bank accounts, but still rely on more expensive financial services such as money orders, check cashing services and payday loans.
    • Access to digital payments would also make it easier for the federal government to distribute benefits. For example, the establishment of a digital dollar during the pandemic could have allowed the government to transfer relief payments directly into digital wallets.
    • Enable fast and cost-effective payment of taxes
    • Enable timely and cost-effective delivery of salaries, tax refunds, and other federal payments.
    • If enough people use the CBDC, its release could put pressure on credit card companies and payment processors to lower fees in order to compete.
    • Intermediation: In an intermediated model, potential intermediaries could include commercial banks and regulated non-bank financial service providers that would operate in an open market for CBDC services.

    An intermediate model would be

    • Facilitate the use of existing private sector privacy and identity management frameworks
    • Harnessing the innovation capacity of the private sector
    • Reduce the risks of destabilizing disruptions to the proper functioning of the US financial system.

    Transferable: For a CBDC to serve as a widely accessible means of payment, customers of different intermediaries should be able to easily transfer funds.

    Identity Verification: Financial institutions in the United States are subject to strict rules designed to combat money laundering and the financing of terrorism. A CBDC should be designed to comply with these rules, just as banks and other financial institutions currently verify the identity of their customers.

    Improvements to cross-border payments: In the document, the Fed explains that a US CBDC would improve cross-border payments by

    • Use new technologies
    • Implementation of simplified distribution channels
    • Create additional opportunities for collaboration and interoperability between jurisdictions.

    Currently, the high costs have a significant impact on households that carry out remittance transactions. The high costs of cross-border payments also affect small businesses that make infrequent global payments to suppliers. Reducing these costs could benefit economic growth, improve global trade, improve international remittances and reduce inequality.

    However, achieving these potential improvements would require significant international coordination to address issues such as:

    • common standards and infrastructure
    • legal frameworks
    • prevent illicit transactions
    • cost and implementation time.


    Confidentiality is paramount The most controversial issue in the design of a digital dollar, according to the Fed, is privacy. It also recalls the importance of respecting the rules “designed to combat money laundering and the financing of terrorism”.

    Changes in the market structure of the financial sector For example, a widely available US CBDC would serve as a close substitute for commercial bank currency. This could then reduce the amount of deposits in the banking system and potentially reduce credit availability or increase credit costs for households and businesses.

    Similarly, an interest-bearing CBDC could lead to a forfeiture of other low-risk assets, such as

    • money market UCITS units,
    • Treasury bills and other short-term instruments.

    A move away from these other low-risk assets could reduce credit availability or increase credit costs for businesses and governments.

    Works on financial institutions: The ability to quickly convert other forms of money – including commercial bank deposits – into CBDCs could make runs on financial companies more likely or more serious.

    Traditional measures to prevent large outflows of deposits from commercial banks to CBDCs in the event of a financial panic may be insufficient.

    Operational resilience and cybersecurity Securing the CBDC would be difficult. A CBDC could improve the operational resilience of the payment system if designed with offline capability. In this case, it would allow certain payments to be made without Internet access.

    Today, many digital payments cannot be executed during natural disasters or other significant disruptions, and affected areas must rely on in-person cash transactions. Central banks are currently investigating whether offline CBDC payment options would be feasible.

    Volatility If the CBDC bore interest, the interactions between the CBDC and the implementation of monetary policy would be more pronounced and more complicated.

    Consumers, businesses and potentially others could decide to reduce their holdings of bank deposits, treasury bills and investments in money market mutual funds and increase their holdings of CBDCs.

    The potential for significant foreign demand for CBDCs in this scenario would further complicate the implementation of monetary policy.

    Changes in interest rates and other market factors could also significantly affect public demand for CBDCs over time.

    Major update needed To implement a digital dollar, the US government would need to modernize the country’s financial infrastructure to ward off attacks.

    It would take five to ten years to introduce a digital currency in the United States, according to several experts, but they argue that policymakers cannot sit idly by.

    Invited public comment until May 20

    The report invites the public to comment if and how a CBDC could improve the safe and efficient national payment system,

    The Board document invites public comment on more than 20 questions through May 20, 2022, via the FED’s CBDC comment form.

    National’s plan to solve the home loan crisis caused by new responsible lending rules

    Nicola Willis is calling on the government to pass legislation to quickly address the unintended consequences of new responsible lending regulations.

    Kevin Stent / Stuff

    Nicola Willis is calling on the government to pass legislation to quickly address the unintended consequences of new responsible lending regulations.

    National has drafted legislation that it says could undo the damage new responsible lending regulations have done to borrowers’ chances of getting a home loan.

    National Housing spokeswoman Nicola Willis said she had written to Trade and Consumer Affairs Minister David Clark asking him to pass Andrew’s private member’s bill as a matter of urgency. Bayly.

    Critics of the new regulations, which came into force on December 1, say they are too prescriptive and mean that some people are no longer eligible for bank mortgages that would have been given to them previously.

    Willis said: “Regulations have led banks to intrusively audit the spending histories of potential borrowers and Kiwis have had their loan applications rejected for absurd reasons like buying takeout too often, subscribing to Netflix or go to therapy.”

    * SBA boss is confident tough new lending rules will be eased so fewer home loan seekers are ‘weeded out’
    * Slowdown in lending: government tricks or lenders crying wolf?
    * Banks deny minister’s accusation of irresponsible lending

    She said the regulations were meant to target predatory and high-risk lenders, not force heavily regulated banks to cut their mortgages.

    Bayly’s bill would change the regulatory powers of the Credit Agreement and Consumer Finance Act to allow for different regulations for different types of lenders.

    This would allow for stricter and more prescriptive responsible lending rules for lower-tier lenders like payday lenders, while leaving banks less regulated.


    Independent economist Tony Alexander says mortgage lenders’ willingness to lend has declined.

    “The government has taken a comprehensive approach that subjects banks to the same set of highly prescriptive and draconian regulations as high-risk payday lenders, although banks are already subject to a comprehensive set of mortgage standards enforced by the Bank. spare,” Willis said.

    “There is a categorical difference between regulated financial institutions that issue long-term mortgages at low interest rates and other types of higher-risk, shorter-term loans issued by other lenders at different purposes,” Willis said.

    The bill would require the minister to consider their different scale and risk profiles when setting regulations for their lending business.

    “We want to work with the government to pass this law. This is an immediate problem with the hopes and financial futures of thousands of Kiwis at stake. We urge the government to properly consider our proposal,” she said.

    Bayly’s bill is called the Consumer Credit Agreement and Financing Amendment Bill (Reasonable Investigations by Regulated Financial Institutions).

    National's commerce spokesman Andrew Bayly has drafted legislation he says could preserve defenses against predatory lenders, without preventing banks from extending home loans to non-vulnerable borrowers.


    National’s commerce spokesman Andrew Bayly has drafted legislation he says could preserve defenses against predatory lenders, without preventing banks from extending home loans to non-vulnerable borrowers.

    Following face-to-face meetings with Clark last week, the chief executives of ANZ and ASB made public statements about the proportion of home loan applications their banks have had to turn down since December 1, which that they would have previously approved.

    ANZ’s Antonia Watson said it was six out of 100 loans, while ASB’s Vittoria Shortt said it was seven out of 100.

    At the heart of the fight for banks to benefit their communities


    At a time when the big banks getting easy approval for profitable mergers, say some California community groups, not so fast. Dozens of them are seeking to block US Bank’s bid to acquire Union Bank unless the former earmarks $90 billion for charitable loans and donations to low-income areas and communities of color of State.

    The $8 billion merger, announced Sept. 21, 2021, would create California’s fifth-largest bank, a $680 billion mega-corporation that would compete with giants like Bank of America and JPMorgan Chase. The Biden administration’s response to the merger will be a test of whether the administration intends to carefully consider bank consolidation rather than rubber-stamp it.

    In a July 2021 executive order, President Biden called for a more critical approach to merger approvals, noting that “excessive consolidation increases costs for consumers, limits credit for small businesses, and hurts low-income communities.” “.

    The $8 billion merger would create California’s fifth-largest bank, a $680 billion mega-corporation that would compete with giants like Bank of America and JPMorgan Chase.

    The merger would be a win for bank executives, but Paulina Gonzalez-Brito, executive director of the Oakland-based California Reinvestment Coalition, made up of local housing advocates and nonprofit development groups, is leading the opposition to the merger. ‘acquisition. According to Gonzalez-Brito, low-income communities have a lot to lose from this agreement.

    So far, US Bank and Union Bank have each provided financing for affordable housing. Each lends to individuals and small businesses, donates to local charities and community lenders.

    “Now the danger is that we will disappear. You end up with less than you started with and communities get less,” Gonzalez-Brito noted.

    Much of the $90 billion package proposed by the CRC would go toward one of the state’s greatest needs: housing. The California Housing Partnership reports that 1.2 million low-income renters lack safe and affordable housing.

    The California Reinvestment Coalition is calling for public merger hearings to be held in Los Angeles, Fresno and San Francisco. Among CRC’s proposals: special programs to boost home ownership among African Americans and small Native American businesses. Additionally, they are asking for smaller-scale opportunities for tenants like Maria Montes de Oca to own and manage their own buildings.

    * * *

    In Oakland, just before Christmas 2021, Montes de Oca and a handful of neighbors were celebrating. Its landlord, who she said had doubled the rent for the past two years while refusing to eradicate mold or fix backed-up plumbing, had tentatively agreed to sell her building to the Oakland Community Land Trust.

    “Now I can relax,” Montes de Oca said, as after a two-year rent strike, the land trust promises to keep the building affordable and make repairs, i.e. to say if the case passes.

    Oakland Community Land Trust executive director Steve King said he expected to secure funding from the City of Oakland and nonprofit lenders to purchase the building from Montes de Oca.

    US Bank argues that its acquisition of Union Bank is in itself a benefit to the communities where it operates and promises to provide affordable and increased financial access.

    CRC says the $90 billion benefits package would ensure low- and moderate-income communities of color get housing and small business financing opportunities and mitigate the potential damage of a consolidation.

    But such agreements are not legally binding and enforcement can be difficult. “It’s usually a hard thing to do,” said Mike Calhoun, president of the Washington, DC-based Center for Responsible Lending. “They will say they will make X dollars in loans. It is often unclear whether this is beyond what they have done. How do you count eligible loans? »

    In New York, Kathryn Franco, president of the Buffalo Niagara Reinvestment Coalition, said that to help enforce the agreements, her group tries to make sure the public is part of the process by “being really transparent with the information we have. have, [and] let community members know.

    * * *

    The American bank, for its part, argues that its acquisition of Union Bank is in itself a benefit to the communities where it operates, and promises in its October 2021 merger filing to provide affordable and increased financial access, to “address systemic racism” and to support “sustainable environmental practices”. It is also noted in the merger application that both banks passed their latest Community Reinvestment Act exams with an “Outstanding” rating.

    Under the Community Reinvestment Act, which aims to eliminate lending discrimination by banks, regulators periodically review each bank’s lending and community investment record, assigning ratings ranging from unsatisfactory to outstanding. But grade inflation is rampant, Gonzalez-Brito said, with 96% of banks passing their exams.

    In 2019, Senator Elizabeth Warren forced Federal Reserve Chairman Jerome Powell to publicly admit that since 2006 the Fed had approved 3,813 mergers and denied none.

    Banks often agree to community benefit agreements in order to weed out opposition and grease the shoes for mergers to proceed. The CRC secured 12 such deals by calling on regulators to deny bank mergers and acquisitions based on poor community reinvestment performance. But a $90 billion commitment from the U.S. bank would be the biggest in California yet.

    Yet the whole process, from merger announcement to concessions made to community groups to eventual consolidation, is more akin to Kabuki theater than transparent regulatory scrutiny, because bank mergers – at least over the past 15 years – have been virtually guaranteed approval.

    In 2019, Sen. Elizabeth Warren (D-Mass.) removed all doubt by forcing Federal Reserve Chairman Jerome Powell to publicly admit that since 2006 the Fed had approved 3,813 mergers and denied none.

    But that can change. After President Biden issued his executive order last July, the DOJ and FDIC signaled that they would take a closer look at their merger approval rules.

    California Congresswoman Maxine Waters (D-Los Angeles), who chairs the House Financial Services Committee, called on regulators to rein in the US Bank-Union Bank deal and other pending mergers that would create banks with more $100 billion in assets. until federal agencies draft new regulations.

    Echoing the Reinvestment Coalition’s call for public merger hearings, Waters wrote in a December 2021 letter to federal regulators that evidence “has shown that bank consolidation is hurting small business lending, financial inclusion, financial stability and the rights of workers in financial institutions”.

    In 2020, US Bank refused only 24% of loan applications from white areas, compared to 30% of applicants from predominantly African-American neighborhoods.

    In its opposition to the merger, the CRC drew attention to the US bank’s branch closures in low-income neighborhoods and communities of color. The group cited a study by the National Community Reinvestment Coalition which showed that US Bank closed a quarter of its 643 California branches between 2017 and 2020. The CRC fears that the consolidation could lead to additional closings, which would encourage more people turning to high-cost check cashing and payday loans.

    The bank’s lending record also shows that racial disparities persist for borrowers in California, despite its better CRA score.

    In 2020, US Bank declined just 24% of loan applications from white areas, compared to 30% of applicants from predominantly African American neighborhoods and nearly 38% from predominantly Latino communities.

    The data, derived from banking disclosures to federal regulators, also shows that in 2020, about 38% of Californians lived in majority-white communities, with roughly the same percentage in majority-Latino neighborhoods. But 56% of the bank’s loan applicants were white and only 16.1% were Latino.

    * * *

    American bank spokesperson Jeff Shelman argued in an email to Capital & Main that the bank’s “loan underwriting and approval processes have been carefully designed with fair lending requirements in mind.” He pointed to $37 million in charitable donations and $1.3 billion in community development investments, such as a newly constructed 98-unit apartment building in San Bernardino County or a motel conversion to affordable housing in Anaheim. . Shelman didn’t say the bank wouldn’t be closing branches, but he said, “We won’t leave any community that Union Bank currently serves and we’re committed to keeping all front-line branch employees.”

    But the CRC insists that the banks put their commitments in writing. Gonzalez-Brito said Bank of America officials had held at least two “listening sessions” with his group, but so far no real negotiations.

    “I’m surprised how slowly they’re moving,” she says, adding that the community groups she works with are getting nervous.

    Now, with more critical merger reviews on the horizon, groups like CRC and New York State’s Buffalo Niagara Reinvestment Coalition may have greater leverage, and banks may be willing to spend more. for the communities in order to consolidate.

    “I hope there will be a real change in the way banks approach mergers,” said Kathryn Franco of the Buffalo coalition.

    Copyright 2022 Capital & Main

    Should you take out a bill consolidation loan?


    Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

    Taking out a bill consolidation loan can make it easier to manage your bills and potentially lower your monthly expenses. Learn more. (Shutterstock)

    If you’re having trouble coping with multiple debts, bill consolidation could be a solution. Bill consolidation is the process of combining multiple bills (like medical bills and credit card bills) into one debt by taking out a new loan.

    A personal loan to consolidate your bills could help you get a lower interest rate if you’re burdened with high-interest debt. But before applying for this type of loan, you should consider all the pros and cons.

    What is an Invoice Consolidation Loan?

    A bill consolidation loan, also known as a debt consolidation loan, is a personal loan that you use to pay off your existing debt. If you are approved for one, a lender will give you a lump sum that you can then use to pay your bills. Or, the lender can use the funds to pay your creditors directly. Then you will start making payments on the new loan with one monthly payment.

    Some benefits of taking out a debt consolidation loan include reducing the number of bills you have to keep track of and potentially reducing your interest rate and monthly payment amount. But some lenders may charge an origination fee for processing the loan, which is usually deducted from your loan amount. Before accepting the loan, make sure you fully understand all fees.

    When does a bill consolidation loan make sense?

    Signing up for bill consolidation could be a good financial decision in the following scenarios:

    You want a lower monthly payment

    If you’re having trouble keeping up with your monthly payments, loan consolidation can reduce the amount you pay each month. This could be the case if you get a lower interest rate or replace an existing debt with a loan with a longer repayment period. Remember that choosing a longer repayment period will likely mean you’ll pay more interest over time.

    You want a single payment

    Coping with multiple bill payments can be a challenge. And if you miss a payment, it could lower your credit score and lead to late fees. A bill consolidation loan combines your monthly payments into one. As a result, you may be less likely to make late payments, which could save you money and help avoid damaging your credit.

    You want a lower interest rate

    If your credit score and finances have improved since you took on debt, you may qualify for a lower interest rate with a bill consolidation loan. This could help you save money on interest and get out of debt much faster, especially if you’re consolidating high-interest credit card debt.

    How to consolidate your debts with a bill consolidation loan

    If taking out a bill consolidation loan is right for you, here’s what you should do to consolidate your debt:

    1. Make a list of your debts. Create a list of all the debts you want to consolidate. Add the total to find out exactly how much you need to borrow.
    2. Compare lenders. Research and compare different lenders. This will help you find the lowest rates and the best option for your situation.
    3. Get prequalified. Prequalify with as many lenders as possible to get an idea of ​​the rates and terms you could receive if approved.
    4. Choose the best loan for you. Once you’ve compared several loan options, choose the best lender for your situation.
    5. Submit a loan application. After choosing a lender, submit an official loan application. The lender will look at your credit score, income, debt-to-income ratio (DTI), and other key factors to determine if you qualify.
    6. Receive your loan funds. If you are approved for a loan, your loan funds are usually deposited into your account after you sign your loan agreement. This usually takes one to seven business days, depending on the lender.
    7. Pay off your debts. Use the loan funds to pay off the debts you want to consolidate, if your lender doesn’t pay your debts directly.
    8. Make payments on your bill consolidation loan. Repay your loan as agreed – remember to make payments on time to avoid possible late fees. Sign up for automatic payment, if possible, or use a bill management app to find out when your payment is due.

    What to consider when choosing a lender

    When shopping for a personal loan, it’s important to compare lenders and rates. This helps you find the best deal available. Here are some things to consider when doing comparison shopping:

    • Annual percentage rate – The APR of your loan takes into account your interest rate plus any fees. This is an important number because it helps you understand the true cost of the loan.
    • Costs – Origination fees, late fees, and prepayment penalties are all common types of personal loan fees. If possible, choose a lender that has no origination fees so that any funds you receive are used to consolidate your debts.
    • It’s time to finance — Consider how long you will need the loan funds. Some lenders can issue your funds the next business day, but others can take much longer. If you need your money quickly, choose a lender known for its speed of financing.
    • Minimum credit score Different lenders have different minimum credit score requirements. While some lenders will approve borrowers with fair credit, other lenders will require you to have good to excellent credit.
    • Advantages of the lender — Many lenders offer additional perks, such as free credit monitoring and tailored monthly payments. These may be a factor in your decision.

    Bill Consolidation Loan FAQs

    What types of debt can I consolidate?

    You can use your loan funds to consolidate several types of debt, such as credit card bills, utility bills, payday loans, and more. But before taking out a debt consolidation loan, check with the lender if they have any usage restrictions for borrowers. Some lenders may prohibit you from using personal loan funds to repay a student loan.

    Should I consolidate all my debts?

    You are allowed to choose which debts you want to incorporate into a debt consolidation loan. Consolidating all your debts may not be possible depending on the loan amount you receive. Also, consolidating certain debts may not make sense if it results in a higher interest rate.

    Does debt consolidation hurt my credit rating?

    When you apply for a debt consolidation loan, a lender performs a thorough credit check to review your credit history. As a result, your credit score could temporarily drop by up to five points, according to FICO. But if you pay off your loan on time, it will add a positive payment history to your credit reports, which could increase your score over time.

    Bill Consolidation Loan Alternatives

    When it comes to simplifying your bills and potentially lowering your interest rate, a debt consolidation loan isn’t your only option. Here are some alternatives to consider.

    Balance transfer credit card

    Looking to consolidate your credit card debt? A balance transfer credit card lets you transfer a balance from one credit card to another, and many offer an introductory interest rate of 0% or low for a certain period of time.

    By taking advantage of one of these offers, you could save a lot of money on interest. The downside is that once the promotional period expires, you’ll have to pay the standard credit card interest rate on any remaining balance. Additionally, you may have to pay a balance transfer fee, which typically ranges from 3% to 5% of the transfer amount.

    Student Loan Refinance

    If you have student loans and want to consolidate them, student loan refinancing is probably a better option than a bill consolidation loan. When you refinance your student loans, you take out a private student loan to pay off your existing federal or private student loans.

    If you have good credit and a decent income, you may qualify for a lower interest rate. The downside is that if you refinance your federal student loans, you will lose access to federal benefits, such as income-based and forbearance repayment plans.

    The debt avalanche method

    If you don’t want to consolidate or refinance your debt, you can use a debt repayment strategy to effectively eliminate your debt.

    With the debt avalanche method, you first pay off your debt at the highest interest rate. You are putting any extra money you have on this debt while making the minimum payments on your other debts. Once that debt is paid off, you move on to the debt with the next highest interest rate.

    One advantage of this method is that it helps you save the most interest. But it might take you a long time to pay off your debt with the highest interest rate if it is a large amount.

    The Debt Snowball Method

    The debt snowball method is another popular method you can use. With this repayment strategy, you pay off your debt with the smallest balance first. This means investing any extra money in this debt while making the minimum monthly payments on your other debts. Once that debt is eliminated, you move on to paying off the debt with the next smaller balance.

    One of the main advantages of the snowball method is that you will eliminate your small debts more quickly. When you see this progress, it can motivate you to keep reducing your debt. But the downside is that you might pay more interest with this strategy because your high-interest debts might not be the first ones you focus on.

    Home equity loan or home equity line of credit

    If you’re a homeowner, you may be able to tap into the equity in your home by taking out a home equity loan or a home equity line of credit (HELOC).

    Since these loans are secured by your home, they may come with lower interest rates than you would get with an unsecured personal loan. But you risk foreclosure on your home if you fail to repay the loan.

    What to watch out for before taking out a private student loan


    peki | E+ | Getty Images

    Why do people take out private student loans?

    The cost of a college education has risen sharply, with the annual price for a public college, including room and board, rising to over $18,000 and over $47,000 for a private college.

    There are limits to how much students can take out in federal loans — the maximum an undergraduate student can borrow in a year is $12,500 — and so many people are turning to private financing to finish covering their bill.

    As a result, the $130 billion private student loan market has grown more than 70% over the past decade, according to the Student Borrower Protection Center.

    Americans owe more in private student loans than they do in overdue medical debt or payday loans.

    Should students borrow through private lenders?

    People should consider taking out a private loan when they’ve reached federal student loan limits and still need education funding, Kantrowitz said.

    But, he added, “borrowing from private loans can be a sign of over-indebtedness, so they should do so with caution.”

    A rule of thumb is that students should not borrow more from college than they expect to earn as a starting salary.

    You can view average annual earnings for different occupations on the US Department of Labor website.

    Here’s what else to watch out for…

    Federal student loans offer a variety of protections, including remission programs and interest suspension forbearances, that most private student loans do not.

    More recently, federal student loan borrowers were able to hit the pause button on their payments for nearly two years during the Covid pandemic, interest-free. This relief has not been extended to private loans.

    “There’s also the prospect of broad student loan forgiveness, which may be limited to federal loans,” Kantrowitz said.

    “We almost always advise against private lending,” said Betsy Mayotte, president of the Institute of Student Loan Counselors, a nonprofit organization.

    “If you can’t make the payments, the lender can take legal action to gain access to wage garnishment, seizure of assets such as bank accounts, and that goes for both the borrower and the co-signer.”

    As Mayotte pointed out, many private lenders require students to get a co-signer who is also responsible for the debt.

    If payment problems arise, both people are responsible.

    “I hear every week from borrowers and co-signers who can’t afford the payments and I just can’t offer them options,” Mayotte said.

    Private student loans come with fixed and variable interest rates.

    “Generally, borrowers should prefer a fixed rate in a rising rate environment, although variable rates may start lower,” Kantrowitz said. “Variable interest rates have no choice but to rise.”

    Either way, rates on loans can be expensive.

    “I’ve heard of interest rates as high as 18% on private student loans,” Kantrowitz said.

    Pounds To Naira Official Exchange Rate / Black Market Rate Today February 4, 2022


    This is the news on the exchange rate between the British pound and the naira at the official and black market exchange rate today February 4, 2022.

    Read Naija News update on official book rates as well as Black market rates, Bureau de change (BDC) rate and CBN rate.

    How much costs Pounds To Naira Exchange Rate Official rate today?

    The official rate today, Friday, February 4, 2022, for £1 to naira = ₦566.5867/£1.

    According to CBN data, the exchange rate between the naira and the pound opened at ₦566.5867/£1 on Friday 4, after it closes at ₦564.5247 at £1 on Thursday, February 3, 2022.

    Naija News reports that a pound is bought at the official market at ₦565.906 and sold for 567.2673.

    What is the exchange rate for Pounds to Naira on the black market today?

    The exchange rate of the pound to naira in Lagos Parallel market (black market) players buy a dollar for ₦740 and sell for ₦745 on Friday, February 4, 2022, according to sources at Currency Exchange (BDC).

    Meanwhile, there is a general saying that the take home pay of most Nigerian workers cannot “bring them home”, hence most of them usually look for additional ways to find work. money to meet their needs. financial requirements.

    This has probably led to the high growth rate of loan application sites, but many have been discovered to just promise and not deliver.

    Others who actually give funds to their clients have become loan sharks, adopting unconventional means to pursue their clients who may default as there is usually no collateral involved.

    But amidst all this, Naija News reports that some banks are offering Central Bank of Nigeria (CBN) approved loan services from which workers, especially monthly earners, can obtain payday loans.

    6 best personal loans of February 2022 | Personal finance


    How many personal loans can you have at a time?

    Technically, there is no limit to the number of personal loans you can have at one time. That said, financial institutions limit the number of loans they are willing to give to a borrower at a time. These policies may vary depending on your particular situation. Also, the more debt you have, the less likely you are to be approved for a loan.

    Can you use a personal loan for anything?

    Some lenders restrict lending a little more than others and prohibit the use of funds to pay for college or contribute to retirement plans, among other things. Additionally, taking out a loan in someone else’s name or using it for any form of gambling – including investing – is prohibited with any type of personal loan.

    Should I apply for a personal loan or a balance transfer card to consolidate my credit card debt?

    Personal loans are a safer bet than a balance transfer card when it comes to credit card debt consolidation. Personal loans have lower interest rates than credit cards, with terms up to 60 months. Lenders may even offer loans at no cost. Balance transfer credit cards have lower interest rates than traditional credit cards, and most offer an initial APR of 0%. However, these offers usually last between 12 and 18 months, after which your APR will be based on your creditworthiness and market conditions. Transfer fees of up to 5% of the transferred amount may also apply.

    Koho gets $210 million for an alternative to payday loans


    Koho Financial, an online financial services provider, has raised $210 million in venture capital as it tries to expand its services to offer a new alternative to payday loans in Canada, The Globe and Mail reported on Tuesday. February 1st.

    Koho’s mobile app provides a savings account at no cost, and it has grown its user base to over 500,000 since the pandemic. The app allows users to accumulate savings in a way that’s akin to a regular high-interest savings account, but at no cost.

    Users can spend funds with a prepaid card, and the company derives its revenue from transaction fees collected from retailers. According to the report, this new funding will see Koho lean more towards loan products that can give free early access to his next paycheck, several days before payday.

    Through a partnership with Automatic Data Processing (ADP), users will also be able to access up to 50% of their salary at any time, interest-free.

    According to the CEO Daniel Eberhard, the growth shows that there is more demand for ways to manage money and digital options for those who don’t want to go to a physical building.

    “About half of Canadians are living paycheck to paycheck, waiting two weeks to get paid,” Eberhard said. “We want to be able to help individuals access the money they’ve already created and not have to turn to payday loans or go into excessive debt.”

    The funding round was led by new investor Eldridge, which is a Connecticut-based holding company that invests in technology, insurance, asset management, mobility, sports and gaming, media and real estate, among other industries.

    There were also commitments from returning investors TTV Capital, Drive Capital and Portage Ventures, a wing of Power Corp.’s alternative investment arm, Sagard Holdings. The round also included investments from the Healthcare of Ontario Pension Plan, Round13 and the Business Development Bank of Canada.

    In other Early Paydays news, Revolut launched a partnership with UK employers to offer similar services last fall, PYMNTS reported.

    Read more: Revolut Intros Payday Early Access to UK Salaries

    The service, simply called “Payday”, allows employees to debit a portion of their salary as they earn it, instantly getting the funds into their accounts.

    Revolut founder Nik Storonsky said the company believes in “the importance of making financial wellbeing accessible to everyone, and that includes focusing on the impact of financial stability on people’s mental health. employees”.



    On: Seventy percent of BNPL users say they would prefer to use the installment plans offered by their banks – if only they were made available. PYMNTS’ Banking On Buy Now, Pay Later: Installment Payments and the Untapped Opportunity of FIs, surveyed more than 2,200 U.S. consumers to better understand how consumers view banks as BNPL providers in a sea of ​​BNPL pure-players.

    US MFIs to hike online payday loan rates


    If you need money, but cannot borrow it from those around you (relatives, friends, co-workers, business partners), the only way to improve your financial situation is to become a member. of either loan program. This opportunity is open to everyone, but at high interest rates. According to the People’s News Agency, most US MFIs will have to raise their daily rate to 3%. And this process is inevitable, as the global monetary policy (MP) tightening cycle begins around the world. Moreover, the rising inflation rate in the country.

    You can instantly get cash on credit on HartLoan.com. Online personal loan it is the possibility of obtaining a loan at the old rate:

    • 100% online.
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    • In just 10-15 minutes.
    • At any time of the day, weekends and holidays.
    • No guarantor or guarantee.
    • No calls to friends, relatives, colleagues.
    • No hidden fees.

    Receive money directly on the card. You don’t even have to leave the house.

    Additionally, benefits include loan amount flexibility – instead of a standard denial or approval, the service offers an increased or compromised loan amount. And in case of temporary difficulties in repaying debt, it is proposed to use the service of unlimited extension of payment – the postponement of the loan repayment period.

    The authoritative news publication Forbes has repeatedly pointed out that HartLoan often offers permanent discounts and promotions, loyalty programs for regular customers. More importantly, HartLoan is the MFI with the highest loan approval rate in the United States.

    Quick cash loan – cash in 15 minutes

    First, you must be an adult US citizen and have a passport and tax number to prove it. You will also need a bank card or e-wallet number to which the money will be transferred. HartLoan no longer imposes any special conditions or requirements on its customers.

    With these documents, it’s time to go to HartLoan.com. Create a personal account. There is a calculator that allows you to calculate the loan amount and repayment term. Then fill out the form with the required data. The request is then sent for review.

    If the answer is positive, the loan contract must be signed. Soon the money will be credited to the card account.

    It’s so simple, and best of all, you can quickly take a payday loan in line.

    What to look for when taking out a microloan from an MFI?

    1. Take advantage of promotions

    Many MFIs, in the hope of having a loyal client, grant the first loan either at 0% or at 0.01% per day. In addition, microfinance organizations often organize seasonal promotions and discounts: before taking out a microloan, study at least 10 offers – this way you are more likely to choose the most profitable one.

    1. Read the contract carefully

    The contract may indicate certain nuances that will not be written on the site. For example, on insurance included in the cost of the loan. To avoid additional charges, we recommend that you carefully study the contents of the loan agreement.

    1. Calculate due date

    Even a day late will affect your credit history. And that’s not the worst part: in some MFIs, a fine of up to 2% of the entire loan body can be charged for each day of non-payment.

    Unfortunately, none of us can predict what awaits us in the future. Therefore, none of us can be sure that serious financial problems will not befall us tomorrow.

    10 red flags on a bank statement that could prevent you from getting a mortgage


    A new study from Boon Brokers has discovered that 83% of people across the country are unaware of certain activity on their bank statements, which could be a red flag for a mortgage lender.

    A survey of 2,863 UK residents conducted by TLF on behalf of the mortgage broker also found that 58% of respondents had never considered gambling transactions on their account to cause problems.

    One in two people (47%) have gambled in the past month, but many don’t know that doing so could jeopardize their chances of getting a good mortgage.

    When given a list of transactions that might give lenders reason to take a closer look, 55% didn’t think payday loans would be a cause for concern, and 58% didn’t. considered being constantly exposed to be a red flag.

    According to Boon Brokers, three in four (72%) didn’t think having multiple payouts without a clear reference to their usefulness would raise alarm bells.

    Gerard Boon, Partner at Boon Brokers, said: “Not all lenders will scrutinize your bank statements, but if you are considered a higher risk, perhaps with a smaller deposit or as a self-employed lender, lenders are more likely to take a closer look. Anything that shows the account holder may be having trouble getting into debt or controlling spending is likely to create questions.

    He continued: “Our research revealed that the equivalent of 1.38 million current homeowners would consider trying to hide transactions on their bank statement to ensure their mortgage was approved – which we would not recommend. certainly not.

    “If you’re considering applying for a mortgage or remortgage within the next six months, it’s worth being aware of which may lead to further inquiries – although in many cases it’s completely harmless. and easy to explain.”

    He added that this could lead to unnecessary delays in your mortgage application, which could prevent you from getting the property you want.

    However, not all things that could cause a problem are as easily identified as gambling, payday loans or overdraft, but there are others as well.

    Boon Brokers’ research found that deals people were least likely to know about could be red flags for a mortgage lender.

    Work for a family business

    Only three percent of people realized this could be a problem. Lenders may suspect that a family member employed a relative for the purpose of getting a mortgage.

    Using rude or joking references for payments to family and friends

    Only one in 10 (9%) said they thought it might delay a mortgage application, but using ‘funny’ references that could be misinterpreted can mean a lender needs to investigate further.

    There are several seemingly innocent transactions that could cost you a mortgage

    Have multiple payments for luxury items

    Only nine percent thought it might be a potential concern. Lenders will worry if they feel the expenses are out of control and beyond what they would expect based on the applicant’s income

    Have a lot of PayPal transactions

    While PayPal transactions themselves aren’t a problem, as it’s not always clear who is being paid, having a lot of vague PayPal transactions can raise concerns.

    Catalog or on payment on credit

    Buy now, pay later options can signal to a lender that you are unable to prepay for common items or that you are buying things beyond your means – which only 13% of people have achieved.

    play bingo

    Playing once in a while for fun with friends won’t be a problem, but a regular habit with larger sums could be classified as gambling, which can raise a red flag.

    Latest personal finance news

    Multiple store cards

    Store cards by themselves aren’t a problem, but if you’re struggling to pay off the balance each month, given their notoriously high interest rate, that could be a warning sign for the lender.

    Frequent payments to unknown third parties

    There are many obvious reasons for making frequent third-party payments, but whenever possible, it’s best to spell out the reason to minimize any risk of red flags.

    Large cash deposits or cashier work

    Surprisingly, only 20% of people thought this would be of interest to a mortgage lender, who will want to see proof of a stable, reliable and legitimate income.

    Take out a recent credit card

    Only one in five (22%) have realized that applying for new credit can cause your credit score to drop, something all lenders will look at to assess your eligibility.

    To read the 15 red flags that could affect your mortgage application, visit the Boon Brokers website here.

    Get the latest savings and benefits news straight to your inbox. Sign up for our weekly Money newsletter here.

    During the quarantine, the number of long-term online direct lenders has increased


    Microfinance market participants are seeing an increase in the share of microloans issued for a long period – up to one year. But the maturities of these loans are also reduced and the loans are repaid earlier than expected. According to Forbes in the fourth quarter of 2021, the share of long term Hart Loan loans reached 33.3%, whereas in previous quarters it did not exceed 25%. Half of prepaid loans at the end of last year were closed within the first 14 days. According to microfinance, this is because borrowers know the product better and calculate the savings in case of early closing.

    According to the leading information portal for investors and business people in the United States, microcredit is one of the most widespread digital services today, with many users having appreciated its convenience and relevance in certain situations. of life.

    Direct lender – fruitful cooperation

    There are two basic ways to get rid of the need to borrow money regularly. It is an increase in the income of a citizen or family and a reduction in expenses. Unfortunately, in most cases, both methods are not feasible in practice: wage growth is deferred until better economic times, and most of the costs are spent on food, cheap clothing, medicine, housing , communal services, mobile communications, transport, electricity, and heating. There is nothing special to save on: all expense items are vital. The solution is an urgent loan of a small amount of money from friends, relatives or work colleagues, in extreme cases – from the bank in which your credit card is registered. But what if everyone around you is experiencing some financial difficulties themselves and the credit limit granted by the bank has run out? Online payday loans direct lenders come to the rescue. The advantages of this method of obtaining the required amount in cash or non-cash money are obvious to anyone who has ever used this service. It’s before all :

    • Ability to receive money quickly, usually within 15 minutes from the time of request.
    • Receiving money online, urgent transfer to a personal account.
    • Grant loans without restrictions. Instead of collecting certificates on the place of work and income level, you simply indicate your data in the questionnaire (passport information and tax identification number).
    • A micro-credit is granted even without a credit history check.
    • The amount that you will receive as a result into your hands is not so large that it will significantly burden your family budget in the future when you have to return the money.

    Why do clients take out microloans repeatedly?

    HartLoan is an instant loan service in the US financial services market with extensive experience. The main objective of the company is to simplify the receipt of borrowed funds as much as possible and to make the services of MFIs accessible to a wide range of users.

    Many come back to reapply payday loans online direct lenders. And this is no coincidence because, according to many financial experts, not only in the United States but all over the world, microcredit is a quick way to solve any financial problem, transparent terms of cooperation, clear compliance with obligations and loyalty to customers.

    Online Payday Loans Market Expected to Generate Explosive Revenues by 2026


    Global Online Payday Loans Market Report – Professional Analysis of Production and Consumption (Impact of COVID-19) is the latest research study published by Market Intellix assessing the market, highlighting opportunities, risk analysis and supporting strategic and tactical decision making. The influencing factors of growth and regulations regarding the use of information, the availability of highly reliable products in the market and the increase in operational efficiency of online payday loans players. The study provides insights into market trends and development, drivers, capabilities, technologies, and the Online payday loan market According to the study, key and emerging players in this market are EasyCash, Raffles Credit, Tangbull, GM Creditz, Cashwagon, Robocash, 365 Credit Solutions, UangTeman, TunaiKita, Tala, Fortune Credit, Amaze Credit, Bugis Credit, A1 Credit, PT InFin Tech Indonesia.

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    by Application (Individual, Large Company, SME)

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    Key Points Covered in the Online Payday Loans Market Report:

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    – Online payday loans market competition by manufacturers

    – Analysis of impact of COVID-19 on the online payday loans market

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    – Online Payday Loan Supply (Production), Consumption, Export, Import by Region (2021-2026)

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    • How feasible is the online payday loan market for a long-term investment?
    • What are the factors influencing the demand for online payday loans in the near future?
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    Market Intellix provides comprehensive market research services and solutions across various industry verticals and helps businesses achieve exceptional performance. Attention to detail, consistency and quality are things we focus on. However, our pillar remains the knowledge, expertise and resources to make us players in the industry.

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    Marketplace Intellix LLP

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    How ‘payday loans’ help wolves manage their money


    Clubs won’t use the same wording, but many regularly take loans from banks. It is very common in modern football.

    Wolves are no different. In 2019, they took out a £50m loan backed by future TV revenue with Australian financial services giant Macquarie Group.

    Last month, they then received £23million from the same group on a secured loan against the last two installments owed by Liverpool for the sale of Diogo Jota.

    Financial jargon aside – Wolves essentially received £23m in December and when those future installments arrive from Anfield, due in July 2022 and July 2023, that money will then be refunded to the bank – with interest.

    The reason? Cash flow. Clubs tend to receive huge sums of money at the start of a season, with advances from television contracts and subscription sales, but often have little revenue throughout a season.

    They have to pay salaries and various other expenses, and that’s where bank loans come in.

    “Good cash flow in any business is essential for survival and sustainability,” said football finance expert Kieran Maguire.

    “Companies don’t fail because of a lack of profit, they fail because they don’t manage their cash flow well.

    “It’s exactly the same as us. As individuals, we may be asset rich, in the sense that we have a car or a house, but if we don’t have the money to buy groceries for that week, we will starve.

    “Having someone in a football club who can do cash flow forecasting and budgeting is essential for the survival of the club.”

    If you or I have taken out a payday loan, the interest may be piling up and financial difficulties are on the horizon.

    But with traditional banks reluctant to lend to football clubs, these specialist lenders step in with lower interest rates.

    “I don’t think there is a danger of clubs taking out these types of loans,” Maguire added.

    “If you get the money now, that will solve the problem and it could give you a cash flow problem in a year or two, or perhaps Wolves would have sold two more players or secured funding from other sources.

    “So I don’t see that as a problem. It’s a cash management issue and it’s cheaper than other forms of borrowing because it’s secured by money transfers. The clubs could see an advantage in this.

    “There is always interest on this type of loan.

    “In the documents we have seen, the lender normally charges between seven and nine and a half percent interest per annum.

    “It’s not prohibitive and it’s cheaper than a credit card. It’s cheaper than some owners charge for club loans, but it’s still important if we look at the money versus Diogo Jota’s transfer.

    “We’re talking tens of millions of pounds, so the interest is potentially hundreds of thousands of pounds, but that won’t stop a club from continuing.”

    The financial world of football was murky enough before the Covid-19 pandemic kicked in.

    There are many examples, past and present, where this goes wrong and clubs cease to exist.

    But for now, football payday loans will remain and the industry as a whole should thrive.

    Maguire said: “The pandemic has certainly not helped clubs.

    “The Premier League is financially insulating itself from the pandemic due to the strength of TV deals, but matchday revenue is still a vital part of a club’s finances. Therefore, this hole must be filled in one way or another.

    “They like to call it bill discounting, but I prefer the term ‘glorified payday loan.’

    “These types of loans are quite common in other industries, and those industries survive.”

    The call center comedy is a major dud


    Stretched beyond its limits, Death of a Telemarketer is never funny enough, and its hostage plot makes as much sense as a senseless cold call.

    Telemarketers, and their profession as a whole, rely on a certain brand of dishonesty, as the job requires them to come up with creative ways to keep potential brands online. The competition is brutal, the work environment almost always borders on toxic, and the world of high-pressure cold calling is extremely fierce. These realistic aspects of the telemarketing industry are well captured in Khaled Ridgeway’s article Death of a telemarketer, which is otherwise a bland comedy that elicits a few scattered laughs. Extended beyond its limits, Death of a telemarketer is never funny enough, and its hostage plot makes about as much sense as a mindless cold call.


    Telemarketer Ace Kasey (Lamorne Morris) is unrepentantly ahead of the game, a Telewin star, selling phone and internet connections to unsuspecting customers in any twisted way that earns a sale. An unsympathetic character from the start, Kasey is determined to win Telewin’s sales content in order to earn a hefty commission, which he plans to use to pay off his payday loans. After the other telemarketers are urged (almost threatened) to adopt the Kasey method, rookie employee Barry (Woody McClain) significantly outperforms Kasey. Desperate to make it work, Kasey goes to bed late and decides to try his luck on the banned do not call list.

    RELATED: Sorry to Bother You, Horse Twist Explained

    Kasey (Lamorne Morris) in Death of a Telemarketer

    The ridiculously capitalistic model on which the industry thrives is accurately portrayed, as one of the employees is fired on the spot for his inability to lie and cheat, while Kasey is applauded for his fraudulent techniques. In the midst of it all, Kasey tries to win back his girlfriend Christine (Alisha Wainwright) with a romantic dinner but is unable to do so for the unfortunate events that ensue that night. With only 30 minutes to beat Barry’s record, Kasey attempts to scam a Mr. Asa (Jackie Earle Haley), posing as his old friend, only to be told he died some time ago. Things take an even murkier turn when Asa shows up at Telewin and holds Kasey hostage at gunpoint, demanding that he apologize to all do-not-call list subscribers on behalf of all telemarketers.

    The first half of Death of a telemarketer is a bit slow and clunky, with the jokes managing to elicit a laugh here and there. Nothing is meant to be taken too seriously, of course, as this is comedy at its core. But when the overall tone shifts from comedic to slow-paced, it’s hard to care about everything that’s happening onscreen. Morris does his best to put himself in the shoes of Kasey, a telemarketer who is objectively irredeemable, but only a few of his offhand jokes and comments land, if at all. The rest of the characters, including those who take Kasey hostage, seem incompetent but still manage to get the upper hand, and these scenes are devoid of tension or logic of any kind.

    Kasey (Lamorne Morris) and Liz (Gwen Gottlieb) in Death of a telemarketer

    Ridgeway obviously wanted the title to reflect that of Arthur Miller Death of a seller to comic effect, but the intended effect seems more vapid as the film progresses. Just like the protagonist, who remains sincere until the very end, Death of a telemarketer has an air of duplicity about it, which doesn’t quite work in the film’s favor. For someone dubbed a smooth talker, Kasey is certainly incapable of picking up basic emotive rhythms in a conversation, and that fallacy extends to the film as a whole, causing it to slip as it progresses. Maybe if Death of a telemarketer were 30 minutes shorter, it could have improved on its already worn and joyless plot.

    NEXT: Death Of A Telemarketer Trailer Shows Cold Call Gone Wrong [EXCLUSIVE]

    Death of a telemarketer had a limited release on December 3, 2021 and was released on digital on January 25, 2022. The film is 89 minutes long and is rated R for language throughout, some violence, and sexual references.

    Our assessment:

    1 out of 5 (poor)

    benedict cumberbatch dog power

    Tom Holland hated Benedict Cumberbatch in Power of the Dog

    About the Author

    Here’s how the annual percentage rate works

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    Editor’s Note: This story originally appeared on The Penny Hoarder.

    If you’ve researched new credit cards or considered refinancing your home loan, you’ve probably noticed the term APR popping up everywhere. APR stands for “annual percentage rate” and, in terms of financial information you need to know, understanding APR is pretty high on our list.

    In this article, we’ll go over the basics of APR – what it is, how to calculate it, and how to improve it – so you can be an informed borrower.

    What is APR?

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    APR stands for Annual Percentage Rate. It represents the annual interest and associated costs of a loan including loan-specific fees such as loan origination fees or mortgage insurance. You’ll find APR listed for credit cards, car loans, mortgages, personal loans, and most other lines of credit. In fact, lenders are required to disclose the APR of a loan to the borrower thanks to the Truth in Lending Act (TILA).

    Because the APR takes into account some of the costs of a loan, the APR is often a more accurate representation of the cost of borrowing than the interest rate alone.

    For example, one mortgage may advertise a low interest rate through cash back points but have higher fees, while another may have a higher advertised interest rate but lower fees. Interest rates alone can be misleading, so looking at the APR will allow you to more accurately compare the overall cost of these two loans.

    Essentially, the higher the APR, the higher the cost of borrowing and vice versa. Although not all fees are included, the APR is a good starting point for comparing lines of credit.

    The two types of APR

    sad man reading his credit report
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    There are two types of APR: fixed APR and variable APR.

    Just as it seems, the fixed APRs do not change. The rate you locked in at the start of the loan stays with you for the duration of the loan. As a result, fixed APRs are more predictable than variable APRs. The actual rate you are offered depends on market conditions (and your credit score) at the time of the loan/application.

    Although this rate may change, the lender is required by the Consumer Financial Protection Bureau (CFPB) to notify you in writing.

    Variable APRs are linked to an indexed interest rate, such as the Wall Street Journal prime rate. This underlying rate fluctuates with economic conditions and therefore the variable APRs also fluctuate. Basically, when the indexing rate increases, your variable APR increases.

    Most credit cards use varying APRs and although you may find guidelines in the cardholder agreement as to when the APR may change, the lender is not required to notify you of when the exchange rate.

    Credit cards also often have multiple APRs depending on the type of transaction. These different transactions also have different grace periods, a period between the account closure date and your due date when you can repay your purchases without penalty (i.e. interest).

    APR terms you need to know

    Baby boomer couple reviewing their finances
    John Keith / Shutterstock.com

    There’s more to our Credit Card 101 to understand, but check out the glossary below for a quick overview of how different transactional APRs typically work.

    Each card will offer slightly different terms for each, so it’s important to check the Cardholder Agreement when considering a new credit card.

    Purchase APR

    Purchase APR is the interest rate applied to purchases made on the credit card. If you pay your statement in full each pay period, you’ll avoid all of this. Most credit cards have a grace period between the end of the billing period and the date your payment is due. During this period, you can refund the purchase without incurring interest. If you maintain a charge on the billing cycle, the purchase APR is applied accordingly.

    APR balance transfer

    Balance Transfer APR is the interest rate charged when you transfer a balance on your credit card. Some cards offer low promotional balance transfer APRs – just be aware that once the promotion ends, you will be charged the regular balance transfer APR on the remaining balance.

    APR cash advances

    Cash Advance APR is the interest rate charged for the privilege of borrowing money from your credit card. Normally this APR is higher than the purchase APR and there is no grace period.

    APR Penalty

    The APR penalty is the interest rate charged when you violate the terms of the cards, such as making a late payment. Not all cards have a penalty APR, but if they do, it’s normally the highest APR.

    Introductory APR

    Introductory APRs are normally very low rates that apply for a set period of time. Just make sure you know the timeline and what the APR will be after the promotional period ends.

    The difference between APR and APY

    confused businessman
    Kues / Shutterstock.com

    APR (Annual Percentage Rate) and APY (Annual Percentage Return) are easily confused. Knowing the differences can pay you big financial dividends and save you from unforeseen financial costs.

    APR and APY are ways to demonstrate interest rates. As we have seen, the APR is the annual percentage rate and indicates the combined annual cost to you of the interest and fees of a loan. APY is the annual percentage return and similarly combines interest and fees, but also takes into account the effects of compound interest.

    If you pay off interest on your loan or credit card balance each billing period, your APR will be an accurate representation of your costs. If you have a balance, however, the cost will be more than what the APR represents, because you will now be paying interest on the interest you have been charged, i.e. compound interest. This is where the APY, which already includes compound interest, becomes more useful.

    For this reason, a credit card issuer or bank is often strategic in choosing APR or APY to represent their product. For example, a credit card will most often advertise the APR because this rate is lower and does not show the effects of compound interest; it may seem like a lower cost. Again, this is not a misrepresentation, just a strategic representation. On the other hand, a savings account that earns you interest will often offer you the APY because it emphasizes the growth your money will make.

    The important thing to know is that just because you see the APR does not mean you are free from the effects of compound interest.

    How to calculate the cost of APR for you

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    It’s important to understand how much a loan or an outstanding balance on your credit card will actually cost you. Each bank has different margins and interest rates, but the overall concept is the same.

    For example, suppose you have a balance of $700 on your credit card with an APR of 25.99%. Because the APR represents an annual rate, you must first find your daily interest rate by dividing the APR by 365 days.

    25.99% ÷ 365 days = 0.0712%

    This means that each day a balance is carried over, you are charged 0.0712%, which for $700 is about 50 cents per day. Although this seems small, interest quickly begins to grow. If the card bill is assessed monthly, take that rate and multiply it by the number of days in the month.

    0.0712% × 31 days = 2.21%

    Multiply that new monthly rate by the $700 balance carried over, and maintaining that balance will cost about $15.45 that month.

    Before opening a new line of credit, it’s worth doing some simple math like this to understand the cost of that credit.

    What determines the APR offered to you?

    Man shopping online with credit card
    Syda Productions / Shutterstock.com

    APR calculations often start with an indexation rate that reflects current economic conditions. Credit cards then add a fee on top of that called a margin for using their service. This margin is highly dependent on the cardholder’s credit score. People with good credit scores are offered better APRs than those with bad credit scores. For this reason, it is important to understand how to improve your credit score. There are many ways to increase your score, but here is a list of the simplest and most common:

    • Establish credit.
    • Pay your bills on time.
    • Keep your existing card balances low.

    Over time, these small changes can improve your credit score and reduce the overall cost of borrowing.

    The essential

    Happy african american woman with credit card.
    Asier Romero / Shutterstock.com

    Credit and loans are part of modern life, so APR is not going anywhere. While you may be the type of borrower who pays your credit bill in full each month, there may be times in your life when you just can’t avoid paying the interest completely. In times like these, understanding APR will help you be an informed borrower.

    And when making those decisions, here are the key takeaways:

    • The APR represents the cost of borrowing credit, including interest and fees.
    • Fixed APRs have a fixed interest rate for the term of the loan, while variable APR rates can change without notice.
    • APY is different from APR in that it takes compound interest into account in its calculations.
    • Improving your credit score can help you receive a lower, and therefore better, APR.

    Frequently Asked Questions (FAQ) About APR

    Song_about_summer / Shutterstock.com

    If you’re still thinking about APR, keep reading to see our answers to these most frequently asked questions.

    What is APR in simple terms?

    Basically, the APR (annual percentage rate) is how much it will cost you each year to borrow money. It is expressed as a percentage and includes the interest rate and fees you will need to pay to use the loan.

    Is 17% a good APR for a credit card?

    A good APR is lower than the current average interest rate. Currently, the average APR is 14.68%, but credit card companies only offer it to people with good credit scores. So while 17% is higher than the average credit APR, it’s still lower than many marketed credit cards, so based on your credit score, it’s a decent option.

    What is an APR of 24%?

    An APR of 24% means that is the interest rate you will be charged during the year for the service of borrowing money. This means that if you keep an outstanding balance of $750 for one year with an APR of 24%, you will pay around $180 in interest. The APR does not account for compound interest, however, this cost may be higher if you accrue interest during the year.

    What does 30% APR mean?

    A 30% APR represents the amount of money you will pay to borrow money from a lender. While the APR represents an annual rate, interest is often applied monthly or daily. An APR of 30% represents a daily interest rate of 0.082% or a monthly interest rate of 2.5%.

    Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click on links in our stories.

    Investing in a fairer post-pandemic banking system


    Here’s what the Treasury’s new investment in 186 Community Development and Minority Financial Institutions will mean for more than 160 municipalities across the country.

    In the Morrisania section of the Bronx, New Covenant Dominion Federal Credit Union has seen steady growth in its loan portfolio since the start of the pandemic.

    It’s tiny, even by credit union standards, with just $1.4 million in assets. But as of September 2021, in its latest report to federal regulators, the credit union had 213 loans on its books, totaling more than $1 million, nearly double the number of loans (129) and value (535). $000) in March 2020.

    Most of these loans are unsecured lines of credit – for members who have at least two years of account history with no checks or NSF payments, New Covenant Dominion offers an unsecured line of credit of up to $5,000 . “Unsecured” means that no collateral is required. The average interest rate on these lines of credit is 11%, just a few points below the New York Statewide interest rate cap of 16%. These are the types of loans that often serve as an alternative to payday loans, or can be useful in an emergency, such as the sudden loss of a job during a global pandemic.

    Like its surrounding neighborhood, New Covenant Dominion members are predominantly black, Hispanic, and low-income. Morissania’s median income is $24,010, about one-third of the median income for the entire country. In 2017, New Covenant Dominion was among the first credit unions to go through a newly streamlined process of U.S. Treasury certification as a Community Development Financial Institution, or CDFI – meaning that at least 60% of its loans and other services target low to moderate levels. income communities. The certification opened the doors to federal grants for CDFIs, which helped position the credit union for the rapid growth it has experienced in recent years.

    But there is always more to do. There are always more households of color or of modest means who struggle to obtain the same ease of access to credit as wealthier households. For New Covenant Dominion to serve more, especially those who face the systemic racism of lower credit ratings, the main constraint is not deposits as most people might expect.

    The main growth constraint for banks and credit unions is what they call “equity”. It has a very specific meaning for banks and credit unions, and it can come from a few places. For banks, equity begins with the money that its founders or shareholders have invested as owners of the institution. For credit unions, this pool can be a donation from a sponsoring organization such as a church, another nonprofit, or the company whose employees form a credit union. If banks or credit unions have a profitable year, they can contribute some of the surplus to their equity base. Banking regulators require institutions to maintain a minimum ratio of capital to total assets – banks need $1 of capital for every $12 of assets, credit unions $1 of capital for every $16 in assets.

    Equity is the most difficult type of money for banks and credit unions to raise, especially if they focus on communities like Morissania, and especially if they are credit unions that are not structured to generate massive profits for shareholders. New Covenant Dominion currently has $186,000 in equity – but was recently announced as one of 186 banks and credit unions across the country to receive equity investments from New Covenant’s new capital investment program. US Treasury emergency. New Covenant Dominion is the smallest of the announced beneficiaries, and the Treasury investment could more than double the equity of the credit union.

    “For the CDFIs and minority depository institutions that have long been involved in this work, [Treasury’s Emergency Capital Investment Program] gave us the opportunity to think more boldly about our growth and impact,” says Cathi Kim, who helps credit unions raise equity through the work of Inclusiv, a national network of credit unions. which focuses on community development.

    The ECIP is part of a recent increase in equity capital sources for banks and credit unions, with a focus on historically disinvested communities. These sources of capital have emerged largely in response to the continued decline in the number of black-owned financial institutions, which today number less than 20 from around 40 a decade ago. There is the Black Bank Fund, the Black Vision Fund or the MDI Keeper’s Fund – which is affiliated with the National Bankers Association, a trade group for black banks. There is also the FDIC’s Mission-Driven Fund, which also plans to invest in banks. These funds, collectively, have so far promised to provide at least a few hundred million dollars in equity to banks or credit unions.

    Like these other funds, all ECIP investments must be repaid, but ECIP investments are also structured more favorably than most private investors can offer – ECIP recipients will repay their investments in 15 or 30 years, at rates interest rates between 2% and 0.5%, with lower interest rates based on each institution’s actual performance later in terms of lending to low- and middle-income households, high-poverty areas, or rural areas.

    Representing $8.7 billion in equity investments, ECIP is also larger than all of these others combined so far, by at least an order of magnitude.

    As required by the program, all of the 186 announced ECIP program beneficiaries are CDFIs, minority depository institutions, or both. They include 101 banks and 85 credit unions, located in 160 municipalities across the country, from the largest to the smallest.

    The biggest beneficiary of ECIP is Suncoast Credit Union, based in Tampa, Fla., with more than $14 billion in assets. But all of the smaller recipients are also credit unions – of 68 ECIP recipients with less than $100 million in assets, 57 are credit unions and all 12 ECIP recipients with less than $25 million of assets are credit unions.

    Among the sites receiving investments, 139 municipalities have only one ECIP beneficiary. Los Angeles leads the way with four ECIP recipients, followed by NYC with three (all in the Bronx) and there are also three in Durham, North Carolina.

    State by state, Mississippi leads with 30 banks or credit unions receiving ECIP, followed by 19 in Louisiana, 13 in Texas and 11 in California. Some ECIP recipients work in multiple states across the country, such as Self-Help – the credit union family is technically based in Durham, but now serves North and South Carolina, Florida, Illinois, Wisconsin , California and Washington State.

    Not all institutions that have applied for the ECIP have been announced as recipients – so far. Under the Consolidated Appropriations Act of 2021, which established ECIP, the program has the authority to invest up to $9 billion, which means there is still $300 million remaining that the program could invest later. Last year, 204 institutions applied to ECIP, seeking a total of $12.8 billion in equity.

    The Treasury Department said it evaluated applications based on each institution’s financial health, track record of reaching targeted communities and plan for growth with new ECIP equity.

    At Inclusiv, Kim has helped a host of credit unions with successful ECIP applications. She says their growth plans have focused on a range of strategies. Some want to work through new partnerships like with faith groups or grassroots organizations, others open new branches located in Hispanic or other communities they haven’t yet reached, and others focus on using new technologies to reach new members.

    Due to the way banking and credit union regulations currently operate, raising equity can also allow for more inclusive lending criteria.

    Kim notes that some credit unions she h