Measure of association – Sahara Acaps http://sahara-acaps.org/ Thu, 26 May 2022 13:53:25 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://sahara-acaps.org/wp-content/uploads/2021/10/icon-59-120x120.png Measure of association – Sahara Acaps http://sahara-acaps.org/ 32 32 Spring Finance raises the second charge and releases an interest-only BTL product https://sahara-acaps.org/spring-finance-raises-the-second-charge-and-releases-an-interest-only-btl-product/ Thu, 26 May 2022 13:53:25 +0000 https://sahara-acaps.org/spring-finance-raises-the-second-charge-and-releases-an-interest-only-btl-product/ Specialist lender Spring Finance has relaunched its second mortgage proposal and launched an interest-only buy-to-let (BTL) product. The lender released its “prestige range”, to complement its existing products, focused on mid-prime borrowers. Prestige product rates start from 60% loan-to-value (LTV) and go up to 80% LTV, available on three and five year fixed […]]]>

Specialist lender Spring Finance has relaunched its second mortgage proposal and launched an interest-only buy-to-let (BTL) product.

The lender released its “prestige range”, to complement its existing products, focused on mid-prime borrowers.

Prestige product rates start from 60% loan-to-value (LTV) and go up to 80% LTV, available on three and five year fixed rates.

Rates start at 7.65% for one demerit and 8.05% for two demerits.

Demerits include things like missed payments, county court judgments and defaults, unsecured credit, and payday loans.

Second BTL load

The second BTL charge is for homeowners who want to benefit from the equity in their property, and all come with an interest-only option up to 75% LTV.

It varies from 60 to 75% LTV with rates without demerit from 8.25% and 8.55% for a demerit.

Graeme Wade (photo)Sales Manager for Secured Loans at Spring Finance, said the second fee market is increasing month by month and processing times are at the “front line of service levels.”

He added that the lender had made several “positive improvements” to its underwriting system, including its demerit-based points system.

“These changes will significantly reduce the time it takes to complete each loan. Our goal has always been to improve the product offering to our introducers and this new product launch does just that,” he said.

Andrew Bloom, owner of Spring Finance, said: “Spring has a reputation for providing an excellent product offering to applicants from different backgrounds. These new products, supported by the simplification of our underwriting process, will further increase the value we can add to our brokers.

“This product relaunch, along with our recently launched transition proposal, demonstrates our continued commitment to the specialty finance market.”

Spring Finance was launched in 2011 as a long-term second lien lender, then entered the bridge and development finance market earlier this year to offer first and second lien loans on a regulated and unregulated basis. .

]]>
Florida Digital Lending Market Grows Geriatric Population to Drive 2031 Growth – Carbon Valley Farmer and Miner https://sahara-acaps.org/florida-digital-lending-market-grows-geriatric-population-to-drive-2031-growth-carbon-valley-farmer-and-miner/ Tue, 24 May 2022 18:42:16 +0000 https://sahara-acaps.org/florida-digital-lending-market-grows-geriatric-population-to-drive-2031-growth-carbon-valley-farmer-and-miner/ According to the Market Statsville Group (MSG), the Florida Digital Lending Market it is estimated that the size goes from $5.2 billion in 2021 for $18.1 billion by 2030to CAGR of 16.9% from 2022 to 2030. Consistent credit approval process, secure and privacy features, less time-consuming and instant decision-making options are some of the major […]]]>

According to the Market Statsville Group (MSG), the Florida Digital Lending Market it is estimated that the size goes from $5.2 billion in 2021 for $18.1 billion by 2030to CAGR of 16.9% from 2022 to 2030. Consistent credit approval process, secure and privacy features, less time-consuming and instant decision-making options are some of the major advantages of digital lending solutions and services in the market. Many lenders determine a borrower’s creditworthiness based on scores from the Fair Isaac Corporation (FICO) in Florida. Also, FICO scores have different names at each of the three major US credit reporting companies, namely Experian, Equifax, and TransUnion.

Get a sample full PDF copy of the report:https://www.marketstatsville.com/request-sample/florida-digital-lending-market

In Florida, customers are increasingly requesting short-term and long-term loans for their personal and business needs. Additionally, a massive increase in internet usage among individuals and easier access to loans from lending companies are driving the growth of government digital lending solutions. However, lending institutions charge a high rate of interest for various loan amounts, which is the main factor hindering the growth of the market.

Digital Lending Market Definition

Digital lending involves offering loans online and allows borrowers to apply for loans using laptops or smartphones over the internet. With many advantages over the traditional lending process, individuals and businesses are opting for digital lending services.

Inquire before purchase @:https://www.marketstatsville.com/buy-now/florida-digital-lending-market?opt=2950

Florida Digital Lending Market Dynamics

Drivers: Rise in Need and Adoption of Digital Lending Solutions in the State

In Florida, consumers are increasingly asking for short-term and long-term loans for their personal and business needs. Additionally, the massive increase in internet usage among individuals and easier access to loans available through online applications are driving the growth of digital lending solutions in the state. Moreover, digital lending services allow consumers to change their lifestyle and standard of living by helping them financially. Also, an increase in government initiatives for digital lending and an increase in the number of consumers taking out loans from digital lenders to establish their own business and increase their standard of living, which is propelling the growth of the market.

Constraints: High interest on small amounts and shorter repayment term provided by lenders

Lending institutions charge a high rate of interest for different loan amounts, which is the main factor hindering the growth of the market. Also, loan companies mainly focus on increasing their revenue due to which their repayment term is short for sanctioned loan amount. In addition, credit institutions borrow large sums of money from various banks and other institutes. Interest rates charged on loan amounts are generally high, which limits the growth of the digital loan market in Florida.

Florida Digital Lending Market Segmentation

The study categorizes the digital loan market based on loan type, provider type, loan amount, and end users..

Outlook by loan type (Sales/Revenue, USD millions, 20172030)

By type of Outlook provider (Sales/Revenue, USD millions, 20172030)

  • Banks
  • credit unions
  • FinTech Institutions
  • Others

Outlook by Loan Amount (Sales/Revenue, USD millions, 20172030)

  • Less than $500
  • $500 to $4,999
  • $5,000 to $10,000
  • Over 10,000

From end-user perspectives (Sales/Revenue, USD millions, 20172030)

  • People
  • Contractors
  • SME

The personal loan segment expected to account for the largest market share, by loan type

On the basis of loan type, the Florida digital loan market is segmented into payday loans, personal loans, and SME loans.. In 2021, the personal loan segment accounted for the largest market share of 50.1% in the Florida digital loan market. A personal loan is a lump sum of money that an individual borrows from a bank, credit union, online lender, financial institution, and others.

Request Full Table of Contents and Figures & Graphs @https://www.marketstatsville.com/table-of-content/florida-digital-lending-market

Personal loans allow users to make smarter financial decisions by highlighting spending trends, helping manage debt repayment, and tracking financial goals. Additionally, individuals are resorting to personal loans to easily manage emergency financial crises, enabling effective planning and management of monetary cash inflows and outflows, thus driving the adoption of digital lending services in this segment. Additionally, following the COVID-19 pandemic, in May 2020, a study conducted by TransUnion, an American consumer credit reporting agency, reported that Florida had 10.35%, which is the highest percentage of personal loans compared to Colorado and New York States.

Key Market Players in Florida Digital Lending Market

The main competitors in the digital loan market in Florida are:

These players have adopted various strategies to gain higher shares or maintain leading positions in the market. Product launch, agreement and partnership are the strategies most adopted by these players. The best winning strategies are analyzed by performing an in-depth study of the key players in the Florida Digital Loans market. A comprehensive analysis of recent developments and growth charts of various companies helps in understanding the growth strategies adopted by them and their potential effect on the market.

Report Description Request @https://www.marketstatsville.com/florida-digital-lending-market

]]>
Citrus North explained the different types of loans offered by Canada https://sahara-acaps.org/citrus-north-explained-the-different-types-of-loans-offered-by-canada/ Mon, 23 May 2022 07:19:04 +0000 https://sahara-acaps.org/citrus-north-explained-the-different-types-of-loans-offered-by-canada/ The subject of interest rates can be an extremely difficult subject to grasp, especially for people unfamiliar with the regulations and rules that govern lending in Canada. Understanding the concept of interest rates is not something you can master on your own. Here is a brief description of the different types of loans. 1. Payday […]]]>

The subject of interest rates can be an extremely difficult subject to grasp, especially for people unfamiliar with the regulations and rules that govern lending in Canada. Understanding the concept of interest rates is not something you can master on your own. Here is a brief description of the different types of loans.

1. Payday Loans

The payday loan can be between two weeks and two weeks to a month. You can withdraw up to $1,500, but the balance owing is due when your next paycheck is due, so you’ll need to pay on time. In the event that a loan to pay a breakdown cannot be repaid, the borrower has the option of taking out another one or placing it in overdraft on his account until his next payday.

If you are looking for particular areas, you can search for “payday loans in Kamloops” and review the regulations that apply to the specific area. These loans are characterized by high interest rates, usually around $25 per $100 borrowed.

There are, however, cheaper options to use. Some loans offer reduced interest rates when you make a direct deposit or a pre-authorized transfer to the credit card. Payday loan companies that offer the service online, such as CitrusNorth: Instant Approval.

2. Line of credit loans

Unsecured line of credit also called credit loan is a form of overdraft that can be used to pay specific fees. For example, in the event that, for example, you are traveling and have additional expenses associated with your travel plans, they can be paid for through lines of credit or lines of credit.

This is also known as credit loans. The procedure is simple. You can withdraw the amount you want and pay interest until the credit is fully repaid.

If you are looking to get more money, it is possible. There is no limit to the amount you can spend. However, there are some limitations. Some people are not eligible to receive these loans because they are credit loans.

If the credit score is not excellent, chances are you will be refused. Lines of credit are generally not as expensive as payday loans, but they are still dependent on credit rating.

3. Student loans

If you have just graduated or, in certain circumstances, are attending a college, university or university, student loans may be the right choice to consider. They differ from other types of loans in that, instead of requiring collateral for a loan, applicants are required to prove that they are currently enrolled in the institution or have completed a course in the institution. ‘establishment.

They allow you to withdraw the amount you need based on your financial situation and the tuition fees you are currently paying. Also, there are no fees as they do not rely on any type of credit score as a method of determination.

Many students do not realize the obligation to repay loans immediately with withdrawals from their accounts or through the financial aid office of the university or college they attend and paying for the service of financial aid.

4. Citizenship Loans

Citizenship loans are available to people who have recently obtained recognition of their citizenship in Canada. This type of loan is generally offered to people who need cash to settle their file or to cover travel expenses.

It’s usually small amounts of money that have a return. There are no fees as this is a short term loan and you will need to pay it back quickly. It could take just a week for the loan to be credited to your credit card, assuming everything goes as planned.

To qualify for the loan, you are not required to demonstrate that you have a good credit history, but in certain situations when it is your first time applying for the loan after being approved for the loan, they will look at the details of your credit report.

5. Unsecured Loans

Loans that are unsecured do not require collateral and are generally given to those who are able to show a good credit history and low interest rates. People eligible to receive these types of loans are usually those who need funds to cover unexpected expenses or to pay for a longer period.

For example, you may qualify for an unsecured loan if you need money to renovate your home or pay for an essential procedure.

What you are eligible to receive generally depends on the conditions of your work and your income. However, there are other types of credit that are secured, such as movable mortgages, which allow you to obtain more than traditional loans, since they offer a certain proportion in the loan amount in the event that the security is used due to inability to pay.

6. Secured Loans

Secured loans are generally granted to those who have a bad credit history. Because these are people who have bad credit, these loans usually have a higher interest rate, which means you will have to pay higher interest rates for the loan.

Due to higher interest rates and poor credit ratings, this type of credit is usually secured by collateral. That’s why you can get up to $25,000, depending on the type of warranty you decide to test.

If you are seeking a secured loan, you must be at least 18 years old, but there is no age limit if you can prove that you are able to meet the financial obligation. The type of loan must be repaid within a specific time frame, as specified by your lender.

What are the benefits of loans?

They are vital for many reasons. They allow you to achieve your goal of having your own home, even if you are unable to put enough money into your account. Another reason for loans is that they allow those with bad credit to still get money and can possibly help improve their credit situation.

You can obtain credit that is unprotected and not subject to a higher interest rate. Another reason for the need for loans could be that they allow businesses to grow and grow as most businesses need money to start their business or to increase the scale of their business.

Torben A. Carlsen of Citrus North asserts that loans are an effective instrument that can be used in a variety of ways. The other benefit of loans is the fact that they help individuals become financially self-sufficient by helping them start their own business or buy a house or cover medical expenses that might not be feasible otherwise.

Other articles from mtltimes.ca – totimes.caottitimes.ca

Caerula Mar Club a new standard in paradise – South Andros Bahamas

SHAN SWIMSUIT

The Hottest Bikinis of 2022 – Montreal SHAN Collection

]]>
Financial literacy courses could become a requirement in Montana schools next year | Montana News https://sahara-acaps.org/financial-literacy-courses-could-become-a-requirement-in-montana-schools-next-year-montana-news/ Fri, 20 May 2022 21:15:00 +0000 https://sahara-acaps.org/financial-literacy-courses-could-become-a-requirement-in-montana-schools-next-year-montana-news/ When Butte resident Mike Paffhausen graduated from Carroll College in 2009, he received a thin, purple school book that he says changed his life. It was called “Life After Graduation: Your Guide to Success”. Paffhausen then made a to-do list on a few blank pages at the back of the book, filled with items the […]]]>

When Butte resident Mike Paffhausen graduated from Carroll College in 2009, he received a thin, purple school book that he says changed his life. It was called “Life After Graduation: Your Guide to Success”.

Paffhausen then made a to-do list on a few blank pages at the back of the book, filled with items the book recommended. The list spanned a page, plus a few, and included items such as “buy life insurance”, “create a budget” and “make a will”.

Today, he still has the book and has crossed off every item on the list within the first two years of reading it.

The book and the lessons learned from it were pivotal in Paffhausen’s life, he said, and after that he became determined to have other young adults benefit from those lessons.

“Finances are like sex, religion and politics,” Paffhausen said. “We don’t talk about it at the table anymore; it’s inappropriate and taboo, and it shouldn’t be. And that’s really inappropriate in those families where they’re not good at money. So we perpetuate poverty.

Paffhausen’s many efforts to improve financial literacy in the community include working with Carroll, local high schools, through his church, and even fundraising to continue buying books for future seniors.

In the summer of last year, he told the board of directors of the National Association of Insurance and Financial Advisors of Montana, of which he is a member, his goal of getting guaranteed personal finance courses for every high school student in Montana. Paffhausen and other proponents refer to it as guaranteed rather than mandatory — like all high schools, students are guaranteed a financial literacy course.

Paffhausen has connected with Next Gen Personal Finance, a nonprofit that he says has worked with him and the NAIFA MT board for almost the entire year to make their goal a reality. Paffhausen was introduced to Carly Urban, an economist with a Ph.D. in economics and associate professor at Montana State University in Bozeman, via Next Gen.

In October 2021, Paffhausen spoke at the Montana Association of Business Professionals of America’s Fall Leadership Conference as part of NAIFA MT. Paffhausen said he spoke at a roundtable with teachers about the organization of guaranteed financial literacy classes in high schools in Montana, and they were all “resoundingly supportive,” which he said. urged him and the NAIFA MT Board to continue.

He became president of the National Association of Insurance and Financial Advisors Montana in January.

On Tuesday, Urban, who is a senior researcher in the field, presented her findings on guaranteed personal finance classes in schools at the 2022 NAIFA MT State Convention at the Fairmont Hot Springs Conference Center near Anaconda, where NAIFA MT members who were not on the board were present.

About Literacy Classes

The idea behind financial literacy in schools is that high school graduates have to make many very important financial decisions when they graduate and should educate themselves about money before they start doing so.

The case for financial literacy, Urban said during his presentation, is in his favorite thing: data. According to his research, only 27% of 23-28 year olds can correctly answer three basic questions about interest, inflation and diversification.

“And when I say basic questions, I mean, ‘You have $100 today, the interest rate is 2%, how much money will you have next year? Will you have more than $100, exactly $100 or you don’t really know? Said Urban.

She said her research also revealed that 54% of student borrowers did not calculate their future monthly payments before choosing a loan and, one statistic she found very telling: 38% of 18-34 year olds said they had used alternative financial solutions. services, such as payday loans, over the past five years.

Urban called these alternative financial services a “debt trap for young people”.

“If you want to make sure you can never start a small business as a young adult, or in your life, start the payday cycle,” she said.

When his research looked at states that guaranteed financial literacy courses as a condition of graduation, it showed that the first class had no change in credit scores by age 23 and had a decrease 1.4% of unpaid bills over 90 days. The second cohort achieved a 16 point improvement in credit score and a 3.4% decrease in delinquency over 90 days, and the third cohort experienced a 32 point increase in credit score and a decrease in 5.8% of delinquency over 90 days according to age. 23. Urban called the results of the third cohort of high school students “enormous.”

His research also shows that people want financial literacy courses in schools, with 88% of respondents to a 2022 survey saying high school students should be required to take a semester or year-long course on financial literacy. personal finances.

Student loan repayment rates for first-generation and low-income students and the shift from high-cost to low-cost borrowing methods have also increased with guaranteed financial literacy courses, and payday loans have declined. Students who had guaranteed financial literacy courses in high school were also 21% less likely to have a credit card balance. Moreover, his research found that students from low-income families were helped the most by this requirement.

However, Urban said, there is no evidence that guaranteed financial literacy courses increase the likelihood of opening a retirement account, non-retirement savings account or owning a home.

She said it’s because at 16, 17, and 18, most students think about what’s going on right now, like car loans and student loans, and they’re not ready to think yet. retired or owning a home.

The guaranteed personal finance courses also do not change graduation rates, college attendance rates, college completion rates, income, or work location.

According to Urban’s presentation, eight states across the country are guaranteeing financial literacy classes to every high school student, and five more are in the early stages of implementation.

The reason these courses should be required instead of optional, Urban said, is because research shows that making it optional makes no difference to students’ future credit scores, borrowing habits, and more. or delinquency rates.

Paffhausen said that in addition to the other sought-after benefits of guaranteed financial literacy classes, it’s a non-partisan cause that everyone he’s spoken to supports.

State of courses in Montana

Eight schools in Montana currently require financial literacy to be taught, including Absarokee High School, Anaconda Sr. High School, Box Elder High School, Hamilton High School, Polson High School, St. Ignatius High School, Sweet Grass County High School, and Victor High school, according to Urban’s presentation.

About three weeks ago, Paffhausen said, the efforts he and the NAIFA MT board put in paid off. Paffhausen and Urban were able to meet Elsie Arntzen, Superintendent of Public Instruction of Montana, and found her a home for their cause.

According to documents from the Montana Office of Public Instruction, updated Montana Administrative Rules Chapters 55, 57, and 58, which include guaranteed financial literacy classes for high school students, would go into effect in January 2023. they were adopted.

Currently, four units of English Language Arts, three units of Mathematics, three units of Science, three units of Social Studies, two units of Career and Technical Education, two units of Arts, one health, two units of world languages ​​and two units of electives.

Proposed rule changes include adding a required half-credit of civics or government education in all three social studies units and adding a required half-credit of economics and financial education in all three social studies units or both vocational and technical study units. education, according to OPI documents.

Urban’s research shows that social studies is actually the best course for implementing financial literacy, not math, as some people might think.

There will be challenges, said Paffhausen, and these will mostly be “strategic and tactical issues” of course implementation, such as training existing teachers to teach personal finance and finding space for new content in the secondary program.

According to research on required personal finance courses in Peru, course teachers also benefit. The instructors involved in the Peru study saw their savings increase after teaching the class because they, too, learned about personal finance in a more fun and digestible way than personal finance is sometimes explained to adults.

The cost to schools can also be free, Urban said, with Next Gen Personal Finance offering free, high-quality teacher training and certification, as well as a free curriculum.

Arntzen also said she will make personal finance units available as part of the 60 units teachers must complete every five years to maintain an active teaching license.

Paffhausen said NAIFA MT is the right organization to champion this cause. “Which organization is best suited to bring this conversation to the fore? ” he said. “Everyone in this room has had clients in front of us who we wish we had had a better start and had a simple, fundamental education about how money works.”

And while NAIFA MT is an advocacy organization, Paffhausen said promoting guaranteed personal finance courses does not directly benefit them.

“Society doesn’t know who NAIFA Montana is and never will,” he said. “We have no discernible earnings advantage in this area.”

As for his own children, he said, they will learn financial literacy anyway. But he said he believed in this cause for all the other kids who might not, and ultimately because it’s a good thing to do.

]]>
Red flags of toxic debt and how to avoid it https://sahara-acaps.org/red-flags-of-toxic-debt-and-how-to-avoid-it/ Thu, 19 May 2022 15:10:03 +0000 https://sahara-acaps.org/red-flags-of-toxic-debt-and-how-to-avoid-it/ Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. The word debt can often have a bad connotation, but not all debt is necessarily “bad”. […]]]>

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

The word debt can often have a bad connotation, but not all debt is necessarily “bad”. Certain types of debt, such as student loans and/or mortgages, allow you to use leverage to help improve your financial future. In addition, their low interest rates allow you to take advantage of cheap financing over time.

At the other end of the spectrum is what we call “toxic debt”. Unlike low-interest debt, toxic debt is a loan that is issued with a very high interest rate (usually a rate north of 30%). In other words, toxic debt is debt that is unlikely to be repaid with interest, a characteristic that can be particularly toxic for both lender and borrower.

“The loan will usually cost you significantly more than the value of the loan amount,” Trina Patel, financial advice manager for the personal finance app albert, says Select. Examples include payday loans or loans from predatory lenders that are characterized by unreasonable fees, rates and payments.

When you’re short on cash, payday loans seem like an easy solution because they can be a quick way to get the cash you need, but their interest rates are sky high. In some unregulated states, you could be paying over 500% interest for a short-term loan of a few hundred dollars, which quickly increases over time when you can’t pay off the balance.

Because toxic debt could wreak havoc on your finances without you even realizing it, we’re sharing signs below that you might already have it, along with tips for avoiding or getting out of toxic debt.

Subscribe to the Select newsletter!

Our top picks delivered to your inbox. Shopping recommendations that help you improve your life, delivered weekly. register here.

Signs you may already have toxic debt

Tips for avoiding or getting out of toxic debt

Obviously, you should try to avoid toxic debt at all times, but this may be easier said than done.

If you find yourself in a situation where you need extra money right away, Patel recommends first asking a family member or trusted friend to borrow money and creating a plan for it. repayment with him.

Another option is to subscribe to a personal loan from a bank or credit union. Personal loans often have lower interest rates than credit cards, and consumers can use them to finance almost any type of expense or to consolidate debt.

LightStream, for example, offers some of the lowest interest rate loans we’ve found when ranking the best personal loans, ranging from 3.49% to 19.99% fixed APR when you sign up for autopay. . Borrowers can even receive their funds the same day, if applied and approved on a weekday by 2:30 p.m. ET, and the loan terms are among the longest available, ranging from 24 to 144 months.

LightStream Personal Loans

  • Annual Percentage Rate (APR)

    3.49% to 19.99%* when you sign up for autopay

  • Purpose of the loan

    Debt consolidation, renovation, car financing, medical expenses, marriage and more

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

While LightStream requires applicants to have good credit or above, there are also personal loans for those with bad credit. Here are Select’s top picks:

If the above options aren’t viable, you can finally consider using your credit card, either by simply swiping it or taking a cash advance (cash advances usually have a fee of around 5 % or more, note that you will start charging interest immediately on the cash advance). Although credit cards have some of the highest interest rates, they’re still cheaper than what you’d pay if you took out a payday loan you can’t afford to pay back.

In this scenario, Patel suggests talking to your credit card company about lowering your interest rate. You can also consider getting a low interest credit card or a credit card with a 0% APR intro period like the U.S. Bank Visa® Platinum Card, which offers one of the best overall intro APR periods: 0% for the first 20 billing cycles on balance transfers and purchases (after, 15.24% to 25.24% variable APR; cardholders must complete balance transfers within 60 days of account opening). This is one of the longest interest-free periods for balance transfers and purchases. With such a long introductory period, ideally you can pay off your debt within that time frame and not have to pay any additional interest.

“With all of these options, it’s important to create a plan to pay off that debt,” says Patel. “I would also recommend reviewing your budget to see where you can cut expenses and start building an emergency savings fund to avoid this in the future.”

U.S. Bank Visa® Platinum Card

On the secure site of US Bank

  • Awards

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% for the first 20 billing cycles on balance transfers and purchases

  • Regular APR

    15.24% – 25.24% (Variable)

  • Balance Transfer Fee

    Either 3% of the amount of each transfer or $5 minimum, whichever is greater

  • Foreign transaction fees

  • Credit needed

Consider a credit counselor to develop good financial habits

And if you already have toxic debt, prioritize action to eliminate it completely. Patel suggests starting by talking to a credit counselor who can help you explore your options. The most reputable credit counseling organizations are non-profit organizations and you can take advantage of their programs for free or at an affordable flat rate. You won’t pay high fees to meet with one like you would with a financial advisor.

To get started, find an accredited credit counseling agency in your area on the FCAA website or by phone at (800) 450-1794. You can also search on NFCC website (search by zip code below), or call (800) 388-2227.

Check out Select’s in-depth coverage at personal finance, technology and tools, welfare and more, and follow us on Facebook, instagram and Twitter to stay up to date.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

]]>
Beware of payday advance promises https://sahara-acaps.org/beware-of-payday-advance-promises/ Tue, 17 May 2022 04:00:43 +0000 https://sahara-acaps.org/beware-of-payday-advance-promises/ High energy and food prices are particularly bad for people who live from payday to payday. In the UK, around 22% of adults have less than £100 in savings, according to a government-backed investigation. In the United States, about 20% of households say they could only cover their expenses for two weeks or less if […]]]>

High energy and food prices are particularly bad for people who live from payday to payday. In the UK, around 22% of adults have less than £100 in savings, according to a government-backed investigation. In the United States, about 20% of households say they could only cover their expenses for two weeks or less if they lost their income, according to the consumer protection regulator.

In this context, many employers want to do something to help their staff become more “financially resilient”. An increasingly popular idea is to partner with companies that offer “earned wage access” or “early wage advance plan” products. These companies connect to an employer’s payroll to allow employees to pre-debit a portion of their upcoming salary.

Businesses usually charge a commission per transaction (usually between £1 and £2 in the UK) which is paid by the employee or employer. The products are largely unregulated as they are not considered loans. They are proliferate in the UK, USA and a number of Asian countries such as Singapore and Indonesia.

UK-based banking app Revolut has also entered the market, narrative employers, it’s a way to “enhance the financial well-being of employees, at no cost to you”. Data are sparse, but the research company Aite-Novarica estimates that $9.5 billion in wages were accessed early in the United States in 2020, compared to $3.2 billion in 2018.

In a world where many employers no longer offer one-time employee advances, these products can help staff deal with unexpected financial emergencies without having to resort to expensive payday loans. Some of the apps like UK-based Wagestream, whose funders include charities, combine it with a suite of other services like financial coaching and savings. There is also value in the clear information that some of these apps provide to workers about their earnings, especially for shift workers.

But for businesses that don’t offer these broader services, the question arises as to whether payday advances actually promote financial resilience. If you deduct from the next paycheck, you may miss again the following month.

Data from the Financial Conduct Authority, a UK regulator, suggests users take advances between one and three times a month on average. While the data shared by Wagestream shows 62% of its users do not use the payday advance option at all, 20% support it once or twice a month, 9% support it four to six times and 9% support it seven times or more .

In addition to the risk of being trapped in a cycle, if you pay a flat fee per transaction, the cost can quickly add up. CAF has warned there is a “risk that employees do not appreciate the true cost” in relation to interest rate credit products.

On the other hand, Wagestream told me that frequent users were not necessarily in financial difficulty. Some users are part-time shift workers who just want to be paid after each shift, for example. Others seem to want to create a weekly pay cycle for themselves.

Wagestream users on average transfer lower amounts less often after a year. The company’s “end goal” is for all costs to be covered by employers rather than workers. Some employers already do this; others are considering doing so as the cost of living rises.

Regulators have noticed the market but have yet to get involved. In the UK, the FCA The Woolard Review last year “identified a number of risks of harm associated with the use of these products”, but found no evidence of “crystallization or widespread harm to consumers”. In the United States, the Consumer Financial Protection Bureau is expected reconsider whether some of these products should be treated as loans.

A good starting point for regulators would be to collect better data on the scale of the market and how people are using it.

Employers, on the other hand, should be wary of the idea that they can offer “financial well-being” on the cheap. Companies that believe in the value of these products should cover the costs and keep tabs on how staff are using them. They might also offer payroll savings plans to help people build a financial cushion for the future. Nest, the British state-backed pension fund, has just reached an encouraging agreement trial an “opt out” approach to employee savings funds.

If employers don’t want to go down this road, there is a very valid alternative: pay staff a living wage and let them do it.

sarah.oconnor@ft.com

]]>
‘Buy now, pay later’ in spotlight as high street banks enter https://sahara-acaps.org/buy-now-pay-later-in-spotlight-as-high-street-banks-enter/ Sun, 15 May 2022 05:00:00 +0000 https://sahara-acaps.org/buy-now-pay-later-in-spotlight-as-high-street-banks-enter/ High street lenders are in part being attracted by an apparent generational shift, among Millennials and Gen Z consumers, away from credit cards towards BNPL. Failure to adapt to changing consumption habits could lead them to reduce their future sources of income. Chris Taylor, Head of Consumer Lending at Virgin Money, says: “We are looking […]]]>

High street lenders are in part being attracted by an apparent generational shift, among Millennials and Gen Z consumers, away from credit cards towards BNPL. Failure to adapt to changing consumption habits could lead them to reduce their future sources of income.

Chris Taylor, Head of Consumer Lending at Virgin Money, says: “We are looking to attract a younger demographic, who we would like a lifelong relationship with, by helping them build a credit profile for the future, unlike BNPL’s unregulated providers who offer customers only an ephemeral point-of-sale credit mechanism.

In a regulatory review for BNPL, the Financial Conduct Authority (FCA) said the payment option “has provided a meaningful alternative to payday loans and other forms of credit”, but also “represents significant potential harm to the consumer”.

His research found that “some” customers don’t view BNPL as credit and associate it more closely with debit cards and payment methods, such as Apple Pay. The regulator quoted a major unnamed UK bank as saying that 10% of the 677,000 personal account customers who made a payment to two of BNPL’s major providers in November 2020 exceeded their overdraft limit that same month.

Inflation could even drive up interest rates for hard-hit customers struggling with late payment fees as BNPL suppliers try to preserve their margins.

Those concerns prompted trade body UK Finance to push for new regulations, which are currently in Treasury consultation following legislation passed in 2021.

A UK finance spokesperson said: “The main piece of legislation in this area – the Consumer Credit Act (CCA) – is now nearly 50 years old and in need of fundamental reform. It’s something we’ve stood for for a long time. »

Some BNPL suppliers say they do not object to stricter regulation.

“Regulation can’t come soon enough to protect consumers as more vendors enter the space,” says Alex Marsh, director of Klarna UK. “For our part, we have introduced a series of changes to better support consumers, including clearer terms and conditions, payment information and the creation of an internal complaints arbitrator.”

He insists that Klarna has taken the report’s advice “not to wait for regulation” to heart. Earlier this month, the fintech company announced that it would start reporting customer purchases to credit reporting agencies.

As traditional players enter the space, some argue that unregulated BNPL providers are not required to adhere to the same strict consumer protection laws as banks. Anthony Stephen, managing director of Barclays Partner Finance, said it was “not a level playing field”.

He adds, “All loans should be reported to credit reference agencies at the point of purchase, so other lenders can get an accurate picture of the customer’s monthly credit commitments.”

According to the FCA, most BNPL providers perform a very basic credit assessment which focuses on risk as opposed to what is affordable to the consumer. Stephen, however, is not optimistic that the regulations will even out, potentially putting high street lenders at a disadvantage.

“The key issue is that the government can potentially apply a different level of regulation to short-term, low-interest products than it does to more traditional offerings, such as credit cards,” he said. he declared. “It will create an unnecessary two-tier regulatory framework that works against the interests of consumers.”

]]>
10 Ways To Stay Motivated While Paying Off Debt According To PaydayChampion’s Mirek Saunders – CONAN Daily https://sahara-acaps.org/10-ways-to-stay-motivated-while-paying-off-debt-according-to-paydaychampions-mirek-saunders-conan-daily/ Sat, 14 May 2022 01:41:02 +0000 https://sahara-acaps.org/10-ways-to-stay-motivated-while-paying-off-debt-according-to-paydaychampions-mirek-saunders-conan-daily/ When you’re trying to pay off your debt, it can be hard to stay motivated. Especially if you’ve been struggling with it for a while. But don’t worry, because you are not alone. Thousands of people are in the same situation as you, and many of them have found ways to stay motivated and continue […]]]>

When you’re trying to pay off your debt, it can be hard to stay motivated. Especially if you’ve been struggling with it for a while. But don’t worry, because you are not alone. Thousands of people are in the same situation as you, and many of them have found ways to stay motivated and continue their journey to debt freedom.

In this blog post, Mirek Saunders from PaydayChampion, a well-established online loan referral service, shares 10 tips and tricks from experienced payday loan borrowers who successfully repaid their debts. These tips are for those who want to achieve financial freedom.

wads of dollar bills (©Celyn Kang)
  1. Make a plan.

Know what you need to do and when you need to do it. This will help keep you accountable and on track.

2. start small.

It can be overwhelming to think about paying off all your debts at once. So start with a loan or credit card balance and work your way up from there.

3. Define aims.

Both short term and long term. Having something to do will help you stay motivated even on days when you feel like you’re not making progress.

4. Find a support system.

Whether it’s friends, family, or an online community of people in the same situation as you, having someone to talk to and lean on can make all the difference.

5. Talk about your debt-free journey.

Sharing your experience and accomplishments with others will help you stay on track and stay motivated. It can also be a great way to inspire others who are striving to become debt free themselves.

6. Reward yourself.

Every time you hit a goal, give yourself a pat on the back (and maybe even a little treat!). This will help reinforce positive behavior and remind you that being debt-free is worth all the effort.

7. Keep a debt-free journal.

Document your journey so you can come back to it later and see how far you’ve come. It can be a great motivator when you’re feeling down about your progress.

8. Get inspired by the stories of others.

There are many people who have been in your shoes and come out of it debt-free. Reading or listening to their stories can give you the hope and motivation you need to keep going.

9. Visualize your goal.

Close your eyes and imagine what life will be like once you are finally debt free. What will you do with all that extra cash? How will it feel to not have the weight of debt hanging over your head?

ten. Remember why you do this.

It’s easy to lose sight of your goals when the going gets tough. But if you can remember why it’s important for you to be debt free, it will be that much easier for you to keep going.

.

If you’re struggling with payday loan debt, you’re not alone. Millions of Americans are in the same boat, and many of them have managed to pay off their debts. Use these tips and tricks from experienced debtors to help you stay motivated on your own journey to debt freedom. With hard work and dedication, you can accomplish anything.

It will be very helpful to find someone to hold you accountable, such as a financial adviser or even a friend.

Taking loans without a credit check is probably not a good idea right now. You need someone who will help hold you accountable, it will be a lot easier to stay on track and motivated while you pay down your debt. A financial advisor can help you develop a budget and payment plan tailored to your particular situation. And having a friend or family member to talk to can make all the difference in feeling motivated to pay off debt.

So reach out to your support network and find someone who can help you stay accountable on your journey to debt freedom. It will make all the difference in helping you stay motivated and on track.

]]>
Tip recap: Nothing goes beyond money: Newly approved pilot program will provide $1,000 per month to 85 households – News https://sahara-acaps.org/tip-recap-nothing-goes-beyond-money-newly-approved-pilot-program-will-provide-1000-per-month-to-85-households-news/ Thu, 12 May 2022 09:26:33 +0000 https://sahara-acaps.org/tip-recap-nothing-goes-beyond-money-newly-approved-pilot-program-will-provide-1000-per-month-to-85-households-news/ City Council approved a pilot program at its May 5 meeting to provide monthly payments of $1,000 to 85 households for an entire year. Once people are accepted into the guaranteed income pilot, they won’t have to “prove” they still need the help, as many government-run financial aid programs normally require. The pilot project will […]]]>

City Council approved a pilot program at its May 5 meeting to provide monthly payments of $1,000 to 85 households for an entire year. Once people are accepted into the guaranteed income pilot, they won’t have to “prove” they still need the help, as many government-run financial aid programs normally require.

The pilot project will cost $1.18 million, with $152,000 going to TogetherTogether, a California-based nonprofit that will administer the program. The remaining funds, which were approved by the Board as an addendum to the fiscal year 2022 budget, will go to eligible families. UpTogether has experience administering direct cash assistance in Austin under the COVID-19 relief efforts, and works with the St. David’s Foundation on a similar guaranteed income pilot program.

These programs are guided by two fundamental principles: that the poor know better where to spend the money they have and that their needs can change more quickly than traditional public assistance programs (rent assistance, food allowances, childcare subsidies children, etc.) at the top. Austin Equity Director Brion Oaksin a memorandum to Council, referred to research by the city Innovation Office who found that fast-breaking financial “shocks” are “the most important driver[s] travel” as they add to other financial pressures – such as overdue bills that rack up late fees or interest-bearing payday loans – that can lead to eviction. Unrestricted income support, wrote Oaks, is not a “gift” of public funds, but an “essential investment in families and individuals” that can improve their health and fortunes to the point where they need less help from the sector long-term audience.

Mayor Steve Adler alluded to in his comments before the Board approved the program. “I just think [it’s] so misleading and so fake” that people call government aid programs “gifts,” he said. spend it in the most meaningful way for their family?” Adler also tied the guaranteed income program, which he hopes staff can expand and sustain in the years to come after the pilot, to the broader effort. of the city to reduce homelessness.

Mayor Pro Tem Alison Alter voted against the program, explaining in remarks before the vote that it was a complex decision for her. Alter acknowledged that the program would help families in need, but given the magnitude of the need in the city and the limited financial resources the city can deploy to meet that need, she felt it was not the right kind of program for the city. . “When I look at all the levers I have to help families meet basic needs,” Alter said, “I haven’t been able to conclude that this investment, at this time, is the best way for me. to meet those needs.” Council Members Pool Leslie and Mackenzie Kellywho both have similar reservations about guaranteed income (and, in Kelly’s case, the appropriate role of government), did not attend the May 5 meeting.

Guaranteed income programs have ambitious goals, and although similar programs exist in about 50 US cities, they remain largely untested as a means of reducing poverty. The Council’s vote to create the Austin pilot was postponed from its April 21 meeting in part because of questions about how to gauge its effectiveness; staff intend to work with Urban Institute, a DC-based think tank, to assess the success of the program. This analysis will include interviews with participants and stakeholders to identify potential improvements for future iterations of the program, as well as a “quasi-experimental quantitative analysis” comparing results for program participants and non-participants. Some suggested measures include the ability to cover an emergency expense of $400; the ability to access preventive health care and maintain a healthy diet; and the “ability to live life to the fullest”, which could be measured by how often caregivers prepare meals for children or have time for hobbies and interests.

CMs also raised concerns that Texas law does not allow for a guaranteed income program that is not intended to address specific public policy issues facing the city. Staff intend to focus on qualifying indicators to select participants, such as households at risk of eviction, utility customers who consistently miss payments, or people transitioning from homelessness to housing. with support services.

Right now, all the data we have about UpTogether’s success comes from the nonprofit itself. At a press conference earlier today, Ivanna Neri, director of UpTogether’s South West Partnership, said preliminary results from the St. David’s Foundation pilot project showed that all 125 program participants used the money to pay for basic necessities like housing, food, clothing and gasoline. Independent analysis of a publicly funded pilot project could go a long way to testing the underlying theory of guaranteed income: empowering people with unlimited financial assistance can be an effective and more dignified way to reduce poverty .

Do you have something to say ? the the Chronicle welcomes opinion pieces on any topic from the community. Submit yours now at austinchronicle.com/opinion.

]]> Should the government crack down on predatory lending https://sahara-acaps.org/should-the-government-crack-down-on-predatory-lending/ Tue, 10 May 2022 18:54:34 +0000 https://sahara-acaps.org/should-the-government-crack-down-on-predatory-lending/ Listen here or subscribe to Apple podcast, Spotify, Google Podcasts, or wherever you listen to your favorite podcasts, including Youtube, where closed captioning is available. Stay up to date on episodes via our Twitter. If you would like to support the journalism of the Toronto Star, you can subscribe to thestar.com/subscribematters. Guest: Christine Dobby, business […]]]>

Listen here or subscribe to Apple podcast, Spotify, Google Podcasts, or wherever you listen to your favorite podcasts, including Youtube, where closed captioning is available. Stay up to date on episodes via our Twitter. If you would like to support the journalism of the Toronto Star, you can subscribe to thestar.com/subscribematters.

Guest: Christine Dobby, business journalist

You don’t have to look far to see those who have been in dire financial straits over the past two years. We don’t talk about our finances. But a recent report painted a stark picture nonetheless. The report released by ACORN, a non-profit organization that advocates for middle-to-low-income Canadians, found that more people have been forced into installment or payday loans during the pandemic – and many are trapped in a vicious cycle, paying interest rates of up to 60%.

Star Business reporter Christine Dobby explains how high-cost lenders work and whether the government should have done anything to help prevent Canadians from falling through the cracks and falling into a crushing cycle of debt.

This episode was produced by Saba Eitizaz, Brian Bradley and Matthew Hearn.

Saba Eitizaz is co-host and producer of Star’s podcast team. She is based in Toronto. Follow her on Twitter: @sabaeitizaz

]]>