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What to expect when you take out payday loans


Payday loans are a convenient way to get quick cash when time is of the essence.


The costs are higher than with a traditional loan, but that’s the price you pay for quick and easy processing.

In addition, payday loans are short-term, low-value loans, so the higher interest rates are almost negligible. For example, if you get a payday loan online in Canada, you cannot borrow more than $1,500.

In Alberta, the maximum a payday lender can charge is $15 for every $100. If you borrow $1,500, the total amount you need to repay is $1,725 ​​(usually between 42 and 62 days). You can count on these things if you go to a licensed payday lender, so make sure you do.

Here are some other things to expect when taking out payday loans.

You must prove that you can repay it

Contrary to popular belief, a payday lender won’t just hand you a wad of cash for asking. You must prove that you can repay it. Generally, you must prove that you have a regular income, a bank account and a permanent address.

If you go to a physical store, you will need to fill out an application form. You will do the same for an online payday lender, except you will fill out an online form. It could look like this:


You can expect feedback on your loan application within minutes to an hour. The payday lender will ask you to complete a pre-authorized debit form if you are approved. The form will allow the lender to withdraw the loan amount plus fees from your bank account on the due date. Some lenders may require a post-dated check instead.

Only transact with approved payday lenders, especially if they require a pre-authorized debit form. You give them access to your account, so you have to be careful. Do your research before applying for a loan from an online payday lender.

You can cancel the loan within two days

According to location, you may be able to cancel your loan. You can repay the money without interest within two days of signing the loan agreement. This is also known as “cooling period.

Some of the provinces that stipulate this include Alberta, Ontario, British Columbia, Quebec, New Brunswick, Manitoba and Prince Edward Island. Additionally, payday lenders may be required to provide a cancellation form.

You can usually find the cancellation form on the last page of the loan agreement.

You get your money almost immediately

Payday lenders can remit money or deposit into your bank account once your application has been accepted. Some lenders may only deal with a prepaid card, which may mean paying extra to use it. With online payday lenders, you will usually receive your money through your bank account.

You must read the agreement

The loan contract stipulates all the conditions of the loan. This includes what you have to pay and when. Make sure you fully understand all the terms of the agreement before signing it. If there’s anything you don’t understand, don’t hesitate to ask.

You should only deal with approved lenders

Payday lenders in Canada operate under strict regulations, whether online or in a physical location. However, many aren’t allowed and aren’t too scrupulous about following the rules. Only transact with approved payday lenders and pay on time to avoid any issues.

Shiba Inu Price: After a meteoric rise of 2,50,00,000%, the Shiba Inu is buzzing again; can he rally more?

There’s an old adage that “every dog ​​has a day,” but the Shiba Inu (SHIB) dog-based meme token is having the best time of its life for a year now.

Ever since this penny token, named after a Japanese breed of dog, entered the crypto scene, it has grown at a staggering rate, catching the attention of investors and enthusiasts alike. It even managed to beat returns from behemoths like Bitcoin and Ethereum.

The coin itself has appreciated by 2,50,00,000% over the past year. An investment of Rs 1,000 in the token would have turned into Rs 25,00,00,000 during the period. However, it is important to note that cryptocurrencies, especially meme coins, are a very volatile investment.

In the past 24 hours, the thirteenth-largest crypto asset has grown by more than 15% and now boasts a market capitalization of just under $19 billion. Shiba Inu traded volume jumped nearly 105%, data from Coinmarketcap suggests.

Shiba is an altcoin, which means it is community-based. The success of the coin largely depends on the growth of the community and its utility has a lesser role to play in this, says Raj A Kapoor, Founder, India Blockchain Alliance.

The coin’s latest surge was fueled by a strong rumor that Shiba Inu will likely be listed on Robinhood.

“News that Shiba will be posting on the Robinhood app in February has renewed investor interest in the token. Shiba is maintaining the momentum it witnessed last year,” said Sharat Chandra, vice president of research and strategy, EarthID, a self-sovereign identity management platform.

He, however, advised investors to allocate a small percentage of their portfolio to this token.

Any major listing on a widely adopted exchange is big news. In the months following such events, investors seek to put themselves forward and purchases are heavy.

“It remains to be seen if this latest rumor will come to fruition or if it is just another smoke and mirror attempt to drive up the price of Shiba Inu in the short term. speculative,” Kapoor said.

“It wouldn’t be wise to invest too much money in Shib. The coin can help you earn money quickly, but it is not a reliable long-term investment,” he added.

Investors should understand that Shiba Inu is purely a meme token with no real intrinsic or underlying value and is purely entertainment-based.

Jay Hao, CEO of OKEx, said listing rumors are strong and the growth momentum will depend on how the rumor plays out.

Shiba Inu, introduced in 2020, aimed to be the Ethereum-based counterpart of Dogecoin. It became an overnight sensation thanks to tweets from Elon Musk and Vitalik Buterin.

Payday Loans Vs Personal Loans: What’s The Difference?


If you need money to cover an emergency, there are several ways you can borrow it.

One is a payday loan. This type of loan is easy to apply for but can be very risky. Payday loans charge high interest rates and often come with hidden fees. This makes it very easy to get stuck in a debt trap where it becomes very difficult to pay off your loan even if you only borrowed a small amount initially.

Another option is a personal loan. These loans are a bit more complicated to apply for but have much lower interest rates than payday loans. For this reason, personal loans are often used to consolidate debt and are a much safer way to access credit.

Here is what you need to know about the differences between these loans and how you can decide which one is best for you.

Key points to remember

  • If you need money to cover an emergency, there are several ways you can borrow it. One is a payday loan. This type of loan is easy to apply for but can be very risky. Another option is a personal loan. These loans are a bit more complicated to apply for but have much lower interest rates than payday loans.
  • Using a simple online personal loan calculator can help you determine the type of amount and interest rate that best suits your budget.
  • Payday loans are almost always more expensive than personal loans when it comes to borrowing money, and they are also riskier. If you are eligible for a personal loan, choosing this option will allow you to borrow more money, give you more time to pay it off, and charge you less interest.

Payday Loans vs. Personal Loans: An Overview

Payday loans and personal loans have some similarities. With both loans, you borrow money that must be repaid, with interest, at a later date. Both loans can be used to cover emergencies and to cover the cost of unforeseen bills or other financial obligations.

These loans can differ greatly. Payday loans are generally used to borrow small amounts of money until your next paycheck and are very easy to organize. You will not need any collateral for these loans and they can be quite expensive. For this reason, they are often considered predatory loans as they carry extremely high interest rates, disregard the borrower’s repayment capacity, and have hidden provisions that charge borrowers additional fees.

Personal loans are a much broader category. This loan is usually offered by a bank, credit union, or online personal lender, and you will normally need to provide them with proof that you will eventually be able to repay the loan. Personal loans normally involve much larger amounts of money than payday loans, but you will have a lot more time to pay off that money. The interest rates and fees for a personal loan are much lower than for a payday loan, so the overall cost of borrowing is likely to be much lower.


Payday loans can charge high interest rates (up to 400%) and charge you hidden fees.

How payday loans work

It is normally very easy to get a payday loan. You can walk into a payday lender‘s office and walk out with a loan. You won’t have to give the lender anything to secure the loan like you would with a pawnshop. Instead, the lender will normally ask you for permission to withdraw money electronically from your bank, credit union, or prepaid card account. Sometimes the lender may ask you to write a
check the repayment amount the lender will cash in when the loan matures.

Payday loans can be expensive. Payday lenders charge very high interest rates: up to 780% Annual Percentage (APR), with an average loan standing at almost 400%. Most states have usury laws that limit interest charges from 5% to 30%. However, payday lenders enjoy exemptions that allow their high interest. Sixteen states – Arizona, Arkansas, Colorado, Connecticut, Georgia, Maryland, Massachusetts, New Jersey, Montana, New Hampshire, New York, North Carolina, Pennsylvania, South Dakota, Vermont and West Virginia, and the District of Columbia – have outright ban extremely expensive payday loans. Seven states – Maine, New Mexico, Ohio, Oklahoma, Oregon, Virginia, and Washington – have imposed measures, such as term limits, fee limits, or the number of loans per borrower who offer some protection to consumers.

Payday lenders say their high interest rates are misleading because if you pay off your payday loan on time, you won’t be charged high interest rates. In some cases this may be true, but 80% of payday loans are renewed multiple times, according to the Consumer Financial Protection Bureau (CFPB), indicating that the majority of these loans are not repaid on time.

Debt consolidation

You can use a personal loan to consolidate your debts. If your credit rating is good, you can often take out a personal loan with a lower interest rate than you would pay on your credit cards.

How personal loans work

To get a personal loan, you need to apply from a lender. Again, this could be a bank, credit union, or online personal lender. Usually, you must first complete an application. The lender reviews it and decides whether to approve or deny it. If approved, you will receive the terms of the loan, which you can accept or decline. If you accept them, the next step is to finalize your loan documents.

When this is done, the lender will fund the loan, which means you will pay the proceeds. Depending on the lender, these can arrive by direct deposit to your bank account or by check. Once the loan is funded, you can use the money however you want.

Personal loans can be secured or unsecured. A secured personal loan is a loan that requires some form of collateral as a condition of borrowing. For example, you can get a personal loan with cash, like a savings account or certificate of deposit (CD), or with a physical asset, like your car or boat. If you don’t repay the loan, the lender might keep your collateral to pay off the debt.

Personal loans can also be found online. Many lenders offer personal loans through their websites. You can apply electronically, get a decision in minutes, and in some cases, get financing within 24-48 hours of loan approval. Using a simple online personal loan calculator can help you determine the type of amount and interest rate that best suits your budget.

Lenders may have different credit score, income, and debt-to-income ratio requirements that are acceptable to be approved for a personal loan. This can help you choose the loans that best match your credit profile and financial profile.

Key differences

There are several key differences between payday loans and personal loans when it comes to dealing with emergency spending:

  • Cost. Payday loans generally have much higher interest rates than personal loans and can impose hidden fees and charges on you.
  • Accessibility. Payday loans can be easier to arrange, especially for people with limited credit history and other financial issues. With some payday lenders, you can even get a loan without a bank account as long as you have a prepaid card account.
  • Impact on your credit score. Most payday lenders do not report to the credit bureaus. This means that only personal loans appear on your credit report. If you take out a personal loan and make your payments on time, your credit score will increase, which will help you qualify for better loans and interest rates in the future.

In almost all situations, a personal loan will be more expensive than a personal loan. If you need the money urgently, the best thing you can do is apply for a personal loan if you can qualify. Then, if you don’t qualify, you may want to consider other options. Even so, it may be best to spend money on your credit card, ask your employer for overtime, or borrow money from family and friends.

Is A Personal Loan A Better Alternative To A Payday Loan?

In general, a personal loan will be cheaper than a personal loan. Lower-cost personal loans give a borrower more time to repay a loan than a payday loan, and most credit unions offer personal loans with APRs comparable to credit cards, which still charge fees. lower rates than payday loans.

Are payday loans difficult or easy to repay?

Payday loans are sometimes more difficult to repay than a traditional loan because the lender did not check your repayment capacity before lending you money. Payday lenders usually do not assess your debt ratio or take into account your other debts before giving you a loan.

Do Payday Loans Help Your Credit?

Probably not. Payday loans are generally not reported to the three major national credit reporting companies, so they are unlikely to have an impact on your credit scores. Unless you don’t pay off the loan on time and are referred to a debt collection agency: it will actually hurt your credit score.

The bottom line

Payday loans are almost always more expensive than personal loans when it comes to borrowing money, and they are also riskier. If you qualify for a personal loan, choosing this option will allow you to borrow more money, give you more time to pay it off, and charge you a lower interest rate. If you are in urgent need of cash, you should first apply for a personal loan.

How mobile apps are helping the financial industry


Mobile apps are changing the way people do their banking. The financial industry is now able to offer more services and information directly to customers without having to go through a branch. This article will explore how mobile apps have helped change the industry, as well as some downsides of this new technology.

Loans and payments

The financial industry has been able to provide more services to customers using mobile applications, including loans and payments. Prior to the introduction of these programs, this information should have been sent through a branch. Now people can get their loan approved in minutes on their phone or tablet. This convenience can make applying for a loan much easier, as clients can handle the process at their own pace. If you are looking for a loan, Loanpig offers fast payday loans for any emergency for sudden expense. In addition to loans, customers can also make payments through their mobile app. This can include bills, rent, and other regular expenses. Instead of having to write a check or withdraw money from an ATM, customers can now pay for these expenses directly from their phones. This makes it easy for customers to track their spending, instead of having all receipts cluttering up a dresser or wallet.

Monitoring of investments

Mobile apps are also benefiting the financial industry by giving investors more tracking options. Using an app, clients can now track their portfolios and see their performance in real time. It can help people make better investment choices because they will have a better idea of ​​what is going on with their money. Additionally, some apps will notify customers when there is a change in the market so they can react quickly. This can be useful for people who are unable to constantly check their investments throughout the day. These types of apps can also help people save by providing suggestions on how much they should save, given their income and spending habits.

Fraud prevention

One of the biggest concerns in the financial industry is fraud. Unfortunately, criminals are always looking for new ways to steal money from innocent people. This is why mobile apps have become an important tool for banks and other businesses. By using a mobile app, customers can now easily verify their identity during a transaction. This is to prevent any unauthorized purchase or transfer of money, which can occur when someone uses your personal information. By forcing users to go through a verification process before making any transaction, banks can protect their customers and prevent them from losing their identity or their funds.

Best customer service

All of these advantages have made it easier for banks and other financial institutions to provide better customer service. By using mobile apps, many businesses can be more accessible to their customers so that they can answer any questions or handle issues as quickly as possible. It also saves the business money by reducing the need for additional customer service staff. In addition, mobile applications can be used to provide customers with advice and useful information about their accounts or the industry in general. It can help people better understand what is going on with their money and how they can improve their financial situation.

How mobile apps are helping the financial industry

In conclusion, mobile apps are a great way for the financial industry to stay ahead of the competition. Mobile apps have been around for several years now and they’re not going anywhere. Companies that don’t take advantage of what these powerful tools can offer will be left behind in this highly competitive industry.

What is a successful podcast?


Hello again. Welcome to your Mardi Hot Pod. Today we’re catching up with all kinds of big moves in the industry, layoffs at Spotify, and talking about what makes a podcast successful. Let’s go.

But first, an exciting announcement: On Air Fest announced its return in person last week with plans to take over the Wythe Hotel in Brooklyn on February 25-26. Here is the biggest news for us though: The Hot Pod Summit returns on February 24 as part of the festival. For newcomers here, Hot Pod Summit is an invitation-only industry conference where we’ll discuss hot topics, interview big names in the space, and more broadly, network with the people you want to know. We’ll have more to share in the coming weeks on how you can submit tickets, as well as what we think of in terms of lineup. If you think there is something we should discuss, please do not hesitate to contact us! Hope we can all get IRL together and meet. Crossed fingers!

Also, a little maintenance note that Aria will take care of all of the issues for next week – I’ll be out of the office (at home), hoping to bask in the sun. Nothing in the schedule will change, you just get bonus Aria time.

Now let’s move on to the news.

SCOOP: Spotify dissolves and fires its Spotify Studios team

This morning I posted a scoop on The edge that Spotify is shutting down its eponymous podcast studio – Spotify Studios – and laying off part of the team. You can read all the details here, but the thing to note, or at least what struck me, is how often we hear about Spotify’s podcasting efforts, but rarely from this particular team. Internally, they’re called Studio 4, and I’ve only found one public reference of that name. This seems to be the crux of what went wrong here. A former employee tells me that the leadership stirred constantly, that several bosses were in charge in just a few years, and although the team worked on popular shows, like Winds of change, the successes were transferred to the other studios acquired, such as, in this case, Gimlet, who took over the partnership with Pineapple Street Studios to co-produce Welcome to your fantasy.

I’m not necessarily reading in this news a deeper indication of the collapse of Spotify’s podcasting dreams, but rather the fact that it maintains a messy corporate structure. Spotify didn’t explain to me why it was making the change, but in an internal staff memo Julie McNamara, head of studios and video in the United States, said it would help the company “go faster, to make greater progress and to facilitate more effective collaboration within our organization.

That leaves only his acquired networks – Gimlet, Parcast and The Ringer – to do Spotify’s podcast production, which seems… doable? But more so, I wonder why Spotify couldn’t effectively build and manage its own in-house podcast team. Anyway, if you have any ideas, you know how to reach me. (Uh, see my open DMs.)

EXCLUSIVE: Bunch of podcasts come together to promote democracy

Podcasts Unite for Democracy. A bunch of shows, hosts, and networks, many of which you know like Pushkin Industries, Radiotopia, The Sporkful, Avery Trufelman and Dan Le Batard join forces to protect and promote election security and other pro-democracy issues. The podcasts will promote RepresentUs, whose goals are to pass “powerful state and local laws that mend our broken elections and end political corruption,” and they all pledged to do so through their broadcasts and platforms until 2022.

The coalition came together thanks to Jody Avirgan of 30 for 30 and FiveThirtyEight, who was already involved with the non-profit, non-partisan group RepresentUs. He says in a conversation with me that this is a “critical” moment and that podcasts provide a solid platform to get the word out on issues such as gerrymandering and voter rights.

“The coalition is launching as threats to American democracy intensify,” the group’s website said. “States deprive their citizens of the right to vote, whether by destroying electoral districts, passing laws that make it more difficult to vote, or restructuring the way they administer elections in order to circumvent the will of the people. And many of our leaders seem to reject the concept of inclusive democracy altogether. “

It is more about promoting ideas and issues rather than a particular political party or candidate.

Avirgan says the idea is for podcasters to use an inventory of unsold ads for these PSAs and that this is all happening on a voluntary basis; there are no quantified targets. Instead, he wants to “create a conversation” and hopes other shows will be involved. If you want more details on how to do this, he created a Google form here.

Slate and Forever Dog team up to sell ads

Slate and Forever Dog announced today that they will work together to sell commercials on Forever Dog’s shows, which include Race hunter and After the island. They can also collaborate on new programming. I was wondering what was going on with Forever Dog, an independent comedy network, after several bigger shows left the network, including Bodybuilders and Seek treatment. Joseph Cilio, CEO and co-founder of the network, tells me that he attributes the changes to the ‘time’ and career expansion of the hosts, but that this partnership will allow the team to grow – our favorite word. – and to concentrate on the creation of IP podcast.

“We needed to evolve,” he says. “Scaling costs a lot of money in different ways, and I thought we had to partner with this awesome company that wants to partner with us and they can sell ads. We will continue to develop intellectual property, we will concern ourselves with the development of intellectual property, and we will concern ourselves with the effective commercialization of this intellectual property.

Where are the podcasting successes, Bloomberg asks

The Twitter-oriented podcasting contingent lit up yesterday in response to a Bloomberg track titled: “The podcast hasn’t produced a new hit in years.” The article quotes Edison Research’s Top 50 Podcast list and points out that none of the Top 10 shows debuted in the past two years, and all are on average seven years old. Writer, Lucas Shaw, touches all the sore spots: more podcasts than ever are released, making it harder to stand out; discovery failures; and a lack of investment in marketing. All of this is true and the industry talks about it all the time. (And when you invest millions, when can we expect to see something in return?)

But the main problem that people have with the story is what is defined as a “hit”. Do you have to be the biggest show in the world to qualify? Personally, I look for shows that are financially viable. I am thinking of a program like Red fear which brings in over $ 53,000 per month and launched in 2018, or even Pivot, which launched the same year and charges $ 5,500 per attendee at their next conference. (To be fair, I have no idea how this event sells, but that sticker award!) Neither made it to the top 10 list, but the two, presumably, are making a lot of money, or at least enough to justify hiring a producer.

At the same time, I wonder what the investment in podcasting looks like going forward. Yes, Spotify probably wants to find the next Joe Rogan in a sea of ​​Anchor’s creators, but I also suspect his ad tech goals are just as high. If he can get the programming to appear on any shows that don’t make the top 10 – although some of them too, due to his licensing agreements – does he need to own the number one podcast?

I’ve heard from ad buyers that Rogan is the bait of the Spotify ad network. If you want to sponsor this show, you need to buy ads from the rest of the network as well. Maybe this taste is enough to interest ad buyers, and if Rogan doesn’t renew, Spotify is likely hoping that ad buyers will come back just for massive inventory, not singular success. Basically do you have to be the creator of the hits or do you just have to represent their sales?

However, I’m also writing this after posting the Spotify layoffs article. Mismanagement, or even the indiscriminate pursuit of space in the industry without a clear plan, potentially appears to be a problem. Even if the company wanted to suddenly, could they position themselves to get there?

Audie Cornish to launch new podcast and host CNN Plus show

To come full circle in last week’s discussion, Audie Cornish, the former All things Considered host, announced this week that she will host a new CNN Plus show, as well as a new podcast. No further details were provided, so stay tuned for more. And for those of you who missed it, here’s my story from last week on NPR’s high-profile revenue.

That’s it for this week, folks. There’s a ton of news that we weren’t able to access, so we’ll likely have a long one on Thursday as well. If you want to upgrade your Thursday and Friday newsletter subscription, you can do so here. Bye!

Oportun 2022 personal loan review – Forbes Advisor


Personal loan applications are approved or denied based on a number of factors. All lenders have their own underwriting requirements, but these usually include information from the applicant’s credit profile and other factors demonstrating the ability to repay the loan, such as income. Meeting the requirements below does not guarantee approval, but they can help you decide if a personal loan is right for you.

Credit score requirements

Timely does not disclose the minimum credit score you need to be approved for a loan. However, it is aimed at people with bad credit. Depending on the company, you may be able to get a loan even if you have already filed for bankruptcy.

Income requirements

When you apply for a loan, Oportun will verify your income by checking past bank statements or current pay stubs. You will need to earn at least $ 500 per month to be eligible for an Opportunity Loan.

Co-signatories and co-borrowers

If you are having difficulty getting approved for a loan based on your credit, one option is to pledge your car as collateral for the loan (i.e. get a secured loan). But if that’s not an option for you, you might be able to use a co-signer instead. Keep in mind that your co-signer will be required to repay the loan if you don’t.

Oportun does not allow co-borrowers.

Related: Co-borrower vs. Co-signer

Secured loan requirements

If you want to get a secured loan and increase your loan amount, Oportun allows you to pledge your car as collateral, which it can take back if you don’t pay off your debt. Your car will need to meet its own set of criteria.

You will need to be the sole owner of the vehicle (with no one else, such as a spouse), and it will need to be repaid in full without any other loans or liens. Your car will also need to be 25 years or older. Types of cars not eligible include:

  • Utility vans
  • Rented cars
  • Electric car
  • Cars registered in a different state from where you live

6 best personal loans of January 2022 | Personal finance


Can you use a personal loan for anything?

Taking out a loan on behalf of someone else or using it for any form of gambling, including investing, is totally prohibited with any type of personal loan. Some lenders restrict lending a bit more than others and prohibit the use of funds to refinance existing debt, pay for college education, or contribute to retirement plans, among other things.

Should I apply for a personal loan or a balance transfer card to consolidate credit card debt?

Personal loans are a safer bet than a balance transfer card when it comes to credit card debt consolidation. As they are considered installment debts, personal loans have low interest rates compared to credit cards, with terms of up to 60 months. Lenders can even offer loans at no cost.

Balance transfer credit cards have lower interest rates than traditional credit cards, and most offer an introductory 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.

Can I get a personal loan in case of unemployment?

While it is not impossible to get a loan when you are unemployed, it will be difficult without a job offer or other source of income. Some lenders may still offer you a loan offer, but keep in mind that the interest rates will likely be high because you will pose a higher risk.

A tool that allows you to access your daily income – The New Indian Express


Express news service

NEW DELHI: If a person could accumulate their daily earned salary, would that ease their financial pressures? About 38% of those polled in a survey answered yes to what may seem like a hypothetical question but is not.

A bank-like setting, where you can see and withdraw the money you’ve earned, or as it’s called, Earned Wage Access, is a fintech product that allows employees to access a portion of their accumulated salary but unpaid at any time before payday.

Employees, according to a Refyne survey, seem delighted with the new concept. While 77% of those surveyed are positive about this concept and are ready to rate its use, 28% said they would use an EWA product. Notably, 59% of those surveyed would consider EWA a deciding factor for their next job.

The report further found that the greatest interest in EWA exists among Millennials. Employees believe EWA will help them with more cash flow to manage unexpected expenses, investment planning, and improve their well-being. financial.

But what about employers?

Refyne, which claims to be India’s first and largest EWA platform, established in 2020, has onboarded 120 clients in the past year. months of growth with new clients as well as increasing adoption by staff of existing partners as employers can clearly see the benefits for their employees (full-time and on contract) with Refyne’s Earned Salary Access solution .

“For employers, Refyne is a free, risk-free product that integrates seamlessly with any human resources and payroll management software. Refyne manages the capital for withdrawals of earned wages, which means employers’ working capital stays intact and allows them to maximize their cash flow. EWA also saves man hours for HR managers spent processing salary advances and associated paperwork, ”said Sharma, noting that Refyne has no direct competitors in the country and that its Indirect competitors include payday lenders, loan applications, loan sharks, and other informal and unregulated credit program providers.

Akbar Khan, who is the CEO of a start-up EWA Rain India, says his company works with major corporate clients in manufacturing, IT, personnel, healthcare, hospitality. and other sectors in India. He says there are only a handful of EWA Companies operating in India.

“EWA is a relatively new concept for the Indian market which clearly differentiates itself from personal / consumer loan, payday advance and payday loans. “

Before Rain launched its business in India earlier this year, they also undertook an in-depth primary research exercise of the salaried employee cohort.

“Some of the interesting information from the research demonstrated a strong product market suited to EWA and the need for a credible global financial wellness provider with deep local expertise. For example, 90% of respondents received their salary once, at the end of the month, while 20% ran out of funds in the first 10 days of the month, 40% in the middle of the month and 85% at the end of the month. month,”

Sumeet Doshi, Country Manager, UKG India, a company that recently partnered with Rain, says providing access to their own salaries is key to ensuring employees feel valued and supported and are able to take charge their own financial well-being.

“Our partnership with Rain India ensures that we continue to deliver on our commitment to providing meaningful and impactful solutions to our customers here in India. “

HR concerns

While employees seem intrigued, HR managers are concerned about integrating the EWA solution into the lifestyle or culture of the Indian workforce.

“The reason is that the flexibility to access wages on any day of the month will require a lot of administrative work. Another big challenge that HR managers foresee is the flight of workers. In western professional culture, the longevity factor is quite high. Employees stay in their company for a long time. In India, on the other hand, there are many sectors where attrition is very high, ”explains Vicky Jain, founder of the technology start-up RH uKnowva, explaining that such a change will require a major transformation of the culture of the company. organization because a whole.

Also, from a technical standpoint, the existing payroll infrastructure may not be configured to handle regular employee demands to pay, Jain said.

“While there is no doubt that EWA is a revolutionary approach to improving payroll, a fantastic opportunity to be progressive and forward-thinking, and a flexible way to support changing work habits and patterns. life of employees in the post-pandemic era, but implementing the same in Indian work culture would not be an easy task. The concept is still new and only time will tell if it will gain traction in Indian work culture, ”he added.

New paycheck

  • Earned Wage Access (EWA) is a fintech product that allows employees to access a portion of their accrued but unpaid wages anytime before payday.

  • Millennial professionals show maximum interest in EWA.

  • Employees believe it will help them with more cash to manage unforeseen expenses, plan investments, and improve their financial well-being.

  • Employers fear that the flexibility of accessing wages on any day of the month will require a lot of administrative work.

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CFPB publishes fall 2021 supervision highlights | Weiner Brodsky Kider PC


The CFPB recently released its Fall 2021 Supervision Highlights, discussing the findings of its reviews regarding credit card account management, debt collection, equity loans, mortgage servicing, deposits, prepaid accounts and fund transfers.

This is the 25th edition of the CFPB Supervision Highlights and it covers reviews that were completed between January 2021 and June 2021. Some of the key findings from the Fall 2021 Supervision Highlights include:

  • Fair loan. The CFPB found that some mortgage lenders violated the ECOA by discriminating against African-American borrowers and women in granting rate exceptions based on competitive offers. The reviewers noted that, among other things, lenders did not have a formal policy on the use of this exception, and relied on managers to promulgate a “verbal policy that a consumer must initiate or request an exception. price match with a competitor ”. The CFPB also said that lenders had unexplained statistically significant disparities in the incidence of pricing exceptions for African American and female applicants compared to similarly situated white and non-Hispanic male applicants. Additionally, the examiners found that some lenders improperly questioned the religion of small business applicants and factored an applicant’s religion into their credit decision, in violation of the ECOA and Regulation B.
  • Mortgage services. The Bureau said that some mortgage agents have engaged in unfair acts or practices by (i) charging borrowers a delinquency-related fee under the CARES Act abstentions, (ii) assessing fees in excess of the actual cost of services rendered, and (iii) failing to terminate Electronic Funds Transfers (EFTs) after receiving notice that the consumer’s account had been closed and the consumer was charged insufficient funds. The reviewers also found that some providers incorrectly disclosed transaction and payment information in borrowers’ online mortgage accounts. In addition, the CFPB said it found violations of “Regulation X’s requirements to assess borrowers’ full loss mitigation requests within 30 days of receipt, Regulation Z’s requirements for overpayments on borrower escrow accounts and Homeowners Protection Act (HPA) requirements to automatically terminate private mortgage insurance[.]”
  • Debt recovery. The CFPB found that various debt collectors partly tricked consumers into believing that restarting and completing a payment plan would improve the consumer’s creditworthiness when making final payment under the plan and removing the line. commercial. The Bureau noted that there are several factors that affect a person’s creditworthiness, including trade agreements previously provided by previous owners of the same debt, and that running a repayment plan does not guarantee a better credit rating.
  • Transfers of funds. The reviewers found that some money transfer providers had violated the remittance rule. Specifically, the CFPB said vendors had received notices of errors alleging that the funds paid had not been made available to the designated recipient as of the disclosed availability date. However, these suppliers then did not seek to determine whether a deduction imposed by a foreign recipient bank constituted a commission that the suppliers were required to reimburse to the sender.
  • Deposits. The Bureau discovered that in some cases, due to incorrect or outdated information in the digital payment network directory, some consumer EFTs were sent to unintended recipients. This happened even though the consumer provided the correct credential token information for the recipient. Additionally, in violation of Regulation E, some institutions failed to conduct reasonable error investigations when they received error notices from consumers indicating that consumers had sent funds through a person’s payment network. to no one, but that the intended recipients had not received such funds.
  • Credit card account management. Reviewers said some credit card issuers have engaged in deceptive acts or practices by advertising, but not granting, bonus offers to existing customers for opening a new account. credit card requirements and meeting certain spending requirements. The Bureau also found that credit card issuers misled consumers who responded to advertisements offering incentives to open a new account and spend a minimum amount. Additionally, the examiners found that creditors violated Regulation Z billing error resolution requirements by failing to: (i) resolve a dispute within two full billing cycles after receiving an error notice from billing regarding the failure to credit a payment made by the consumer; (ii) reimburse a consumer for late fees after determining that a missed payment had not been properly credited to the consumer’s account; and (iii) conduct reasonable investigations after receiving billing error notices related to missing payment and unauthorized transactions.
  • Prepaid accounts. The CFPB noted that some financial institutions had included in their terms of use agreements terms that waived consumer rights under EFTA and Regulation E. The Bureau also stated that some financial institutions were not complying. the requirements of Regulation E for the investigation of suspected TEF errors.
  • Payday loans. The examiners found that some lenders engaged in deceptive acts or practices by debiting or attempting to debit from consumers’ accounts the remaining balance of their loans at the original due date after consumers requested a loan extension and received a confirmation email stating that only an extension fee would be billed on the due date. The CFPB also said that some lenders were engaging in unfair acts or practices by debiting or attempting one or more additional, identical and unauthorized debits “on consumers’ bank accounts after consumers called to authorize a payment.” debit card loan and the lenders’ systems mistakenly indicated the transactions were not processed.

Like previous surveillance highlights, the fall 2021 report includes information on recent public enforcement actions that resulted, at least in part, from CFPB’s surveillance work.

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FCA takes action as payday lender begins liquidation

By Najiyya Budaly (January 7, 2022, 12:40 GMT) – The city watchdog said on Friday it was working to ensure that customers of OunaPuu Ltd. be treated fairly after the payday lender went into liquidation in December.

The Financial Conduct Authority said it was working with the liquidators of OunaPuu, Harrisons Business Recovery & Insolvency (London) Ltd. to ensure that customers with existing loan agreements are treated fairly.

The high-cost short-term lender, formerly known as Ferratum UK Ltd., went into voluntary liquidation of creditors on December 31. Liquidations, known as CVLs, allow directors of typically small and medium-sized businesses to voluntarily place their business in liquidation to pay their …

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