Thriller download – I Wanto Believe http://iwantobelieve.com/ Wed, 10 Aug 2022 20:23:02 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://iwantobelieve.com/wp-content/uploads/2021/10/cropped-icon-32x32.png Thriller download – I Wanto Believe http://iwantobelieve.com/ 32 32 Should you ever get a payday loan? https://iwantobelieve.com/should-you-ever-get-a-payday-loan/ Wed, 10 Aug 2022 20:23:02 +0000 https://iwantobelieve.com/should-you-ever-get-a-payday-loan/ When you’re low on cash between paychecks or have an unexpected financial emergency, a payday loan can be a tempting option to help you make ends meet or access cash quickly. However, these short-term loans, which are usually due on the day of your next payday, are extremely risky. They come with very high interest […]]]>

When you’re low on cash between paychecks or have an unexpected financial emergency, a payday loan can be a tempting option to help you make ends meet or access cash quickly. However, these short-term loans, which are usually due on the day of your next payday, are extremely risky. They come with very high interest rates and other charges. The payday loan interest rates in the United States ranges from 154% to 664%.

Equally troubling, payday loans are often marketed to those who can least afford them, i.e. people who earn less than $40,000 a year. Although this type of loan is marketed as a short-term loan, payday loans can create a cycle of debt that is difficult to break free from.

What is a personal loan?

A payday loan is usually a short-term loan, lasting two to four weeks, that does not require collateral to be obtained. These loans are generally supposed to be repaid in one installment with your next paycheck when you receive Social Security income or a pension payment.

In most cases, payday loans are granted for relatively small amounts, often $500 or less, with the average borrower getting a payday loan of around $375. In some cases, payday loans can be made for larger amounts.

To obtain a payday loan, borrowers are asked to write a personal check for the amount of debt plus finance charges. If the loan is not repaid on time, the lender will deposit the check to recover their funds. Some lenders may request authorization to electronically deduct the funds from your bank account instead of requiring you to provide a personal check.

Payday loans generally do not involve credit checks, and your ability to repay debt while continuing to pay your daily expenses is generally not considered part of the application process.

Who usually takes out a personal loan?

Payday loans are most often sought out by those with ongoing cash flow issues, as opposed to borrowers who find themselves facing a financial emergency. A payday loan study found that 69 percent of borrowers first used a payday loan to cover recurring expenses such as utility bills, rent, mortgages, student loan payments or credit card bills. Only 16% of borrowers use payday loans for unexpected expenses.

These loans are also widely used by people living in neighborhoods and communities that are underserved by traditional banks or who do not have a bank account with a major financial institution. Payday lenders operate stores in 32 states, although a handful of states recently passed reforms requiring payday lenders to switch from a model in which borrowers must repay the loan in full with their next paycheck. pays to a fairer and less risky installment repayment structure.

What are the risks of personal loans?

Due to the many risks associated with payday loans, they are often viewed as predatory.

For starters, payday loans often come with astronomical interest rates. Those who take out such loans have to pay between $10 and $30 for every $100 borrowed. A typical payday loan with a two-week repayment term and a fee of $15 per $100 equates to an APR of almost 400%.

Many payday lenders also offer rollovers or renewals, which allow you to simply pay the cost of borrowing the money on the loan’s due date and extend the balance owing for a longer period. It can be a slippery slope that has borrowers quickly getting in over their heads with fees and interest piling up. According to recent data from Pew Charitable Trusts, the average borrower finds themselves in debt for five months to fully pay off what was supposed to be a one-time payday loan. In the process, borrowers pay hundreds of dollars more in fees than originally advertised for the loan.

Are payday loans really worth it?

With their high interest rates and fees, a payday loan is rarely a good idea. The fees alone cost Americans $4 billion a year. Because the costs associated with these loans are so high, borrowers often struggle to repay them and take on more debt, so it’s a good idea to carefully consider your options before taking out a payday loan.

However, if you are in dire need or need cash quickly and are confident you can repay the loan with your next paycheck, a payday loan may be a good idea. These loans may also be worth considering if you have no other financial options or if you have no credit and would not qualify for a traditional loan.

Alternatives to payday loans

Before taking on the significant financial risks associated with a payday loan, consider other alternatives that may be less expensive. Some of the options to consider include:

  • Borrowing money from family or friends: Payday loans should be a last resort. If you have family or friends willing to help you, it may be better to borrow money from your relatives than from a predatory lender.
  • Home Equity Loan: Tapping into the equity in your home will give you a much more competitive interest rate than a payday loan. Home equity loans are a popular way to access cash to consolidate debt or pay for other large or unexpected expenses. However, to access the equity in your home, you will need to meet certain requirements, including having a good credit rating, a stable income, and a debt-to-equity ratio of 43% or less.
  • Payday advance : Some employers may offer the possibility of taking a salary advance. This implies that the employer grants you a short-term loan which you will repay on your future salaries. Typically, the employer sets guidelines for how and when the money is to be repaid.
  • Personal loan: For those with good credit, a personal loan can be a safer and more cost-effective borrowing option. Plus, if you need money fast, some online lenders can provide personal loan funds in as little as a day or two.
  • Sell ​​unwanted items: There are various online platforms that allow you to turn all kinds of unwanted items into cash quickly. Some of the better known options include eBay, Facebook Marketplace, Craigslist and OfferUp. If it’s unwanted or used clothes that you want to convert into cash, there are also online resale platforms that specialize in this niche, including ThredUp, Poshmark, and TheRealReal. Many of these marketplaces deposit proceeds from sales directly into your bank account, while others, like OfferUp, allow you to sell locally and receive money directly from buyers.
  • Lateral stampede: Thanks to the proliferation of apps and websites like Thumbtack, TaskRabbit, Rover, Uber, and Lyft, it’s possible to do a few odd jobs in your spare time to quickly build up a side stream of income. TaskRabbit, for example, allows tasks to do everything from assembling furniture for extra cash to home delivery, gardening, and mounting TVs. Rover is a pet sitting and walking network where animal lovers can offer services.

At the end of the line

With high interest rates and tight repayment terms, payday loans are rarely the best choice when you need cash. Often, these types of loans trap borrowers in an inescapable cycle of debt.

Before resorting to a personal loan, consider the many alternatives. Borrowing money from family or friends, opening a home loan, or taking out a personal loan are far less risky options. And if you’re not in a rush for the money, there are even more options, including selling items you no longer want or taking on a side job to earn the extra cash you need.

]]>
Dave Ramsey says that taking on this type of debt is “like trying to save yourself from a sinking boat with a bucket full of holes”. Is he right ? https://iwantobelieve.com/dave-ramsey-says-that-taking-on-this-type-of-debt-is-like-trying-to-save-yourself-from-a-sinking-boat-with-a-bucket-full-of-holes-is-he-right/ Sun, 07 Aug 2022 13:32:43 +0000 https://iwantobelieve.com/dave-ramsey-says-that-taking-on-this-type-of-debt-is-like-trying-to-save-yourself-from-a-sinking-boat-with-a-bucket-full-of-holes-is-he-right/ Image source: Getty Images Is the finance guru irrelevant on this issue? Key points Dave Ramsey is not a fan of most types of debt. He doesn’t believe you should take out a personal loan. The reality is that borrowing through a personal loan can sometimes be a smart move for several reasons, such as […]]]>

Image source: Getty Images

Is the finance guru irrelevant on this issue?


Key points

  • Dave Ramsey is not a fan of most types of debt.
  • He doesn’t believe you should take out a personal loan.
  • The reality is that borrowing through a personal loan can sometimes be a smart move for several reasons, such as consolidating credit card debt.

If you know financial expert Dave Ramsey, you probably already know that he doesn’t like to borrow. In fact, he suggests avoiding most types of financing. And, there’s a particular kind of debt he said not to take on because it’s “like trying to get out of a sinking boat with a bucket full of holes.”

What debt is he talking about — and is he right to recommend avoiding it?

Dave Ramsey is against personal loans

On his blog, Ramsey explained common reasons people get personal loans: debt consolidation at a lower interest rate; building credit; and buy things you can’t afford to pay for outright. And he said none of those reasons are valid for borrowing.

“We know it can seem like taking out a loan will help you get ahead or even just relieve you in the middle of a crisis,” Ramsey said. “But trust us, the loans only leave you a few steps back from where you started.”

Ramsey warned that taking out a personal loan can be “a lot of work”, to “achieve absolutely nothing”. And he warned that “the burden of personal loans (plus the interest that is automatically added) prevents you from making real progress with your money”. He also suggested that if you take out a personal loan, you could find yourself stuck in debt for life, so you should just say no.

Is Ramsey right?

Ramsey is on the verge that certain types of debt, like store credit cards and installment loans, are bad news. But when it comes to personal loans, it falls far short of the basics.

First, personal loans won’t lock you into debt because unlike credit cards, which let you keep charging them as you pay down your balance, personal loans don’t work that way. You borrow a fixed amount of money and you have a limited time to repay it. This is a huge advantage of using a personal loan to pay off credit card debt because you can stick to a set schedule and know exactly when you are going to be debt free.

Second, personal loans can have much lower interest rates than most other types of debt, such as credit cards and payday loans. Therefore, using them to consolidate and pay off debts can make paying off what you owe much easier and more affordable. If you can pay off several other debts with a personal loan at a lower rate, there is absolutely no reason not to as long as you can count on yourself not to charge your credit cards once you refinanced them into the personal loan. .

There are also circumstances where you really have no choice but to borrow. While Ramsey says you can avoid doing this by saving for what you want and sticking to your budget, it does take time. If you don’t yet have an emergency fund saved up and an essential purchase you can’t afford, a personal loan might be one of the cheapest ways to borrow to pay for it.

Ultimately, taking out a personal loan is not about using a faulty bucket to try to save yourself. It is a very good tool to use in certain circumstances and not at all to hesitate.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

]]>
Cigno’s ‘greedy and evil’ payday lender’s cat-and-mouse game with ASIC continues https://iwantobelieve.com/cignos-greedy-and-evil-payday-lenders-cat-and-mouse-game-with-asic-continues/ Mon, 25 Jul 2022 18:37:20 +0000 https://iwantobelieve.com/cignos-greedy-and-evil-payday-lenders-cat-and-mouse-game-with-asic-continues/ Laura Platt was in desperate need of money to repair her car when she saw an advertisement for Cigno, which offered “quick cash loans of up to $1,000”. Key points: ASIC has banned the types of loans offered by Cigno, but the company appears to have implemented a new loan model Cigno made $60 million […]]]>

Laura Platt was in desperate need of money to repair her car when she saw an advertisement for Cigno, which offered “quick cash loans of up to $1,000”.

Ms. Platt downloaded a bank statement from the Cigno website and a few hours later $300 landed in her bank account.

“It was approved, right away. And I didn’t really look into the details,” Ms. Platt said.

Shortly after getting her first loan from Cigno, she successfully applied for $200, as she thought she had paid off her original debt.

However, Mrs. Platt did not realize that her $300 loan had also resulted in high account maintenance fees.

She has trouble repaying the loans. Two years later, after being hit with maintenance and late fees, she ended up paying Cigno $2,600, of which she still owes $32.

“[I am] completely confused and stressed because I already paid the money,” she said.

Legal gaps

Consumer advocates say Ms Platt is one of many Cigno customers who found themselves spiraling into debt after taking out a loan from the Gold Coast-based company.

On its website, Cigno advertises products such as “Centrelink loans without credit check”, “Bad Credit Centrelink loans”, “Payday loans for Centrelink customers” and “Online loans for Centrelink customers”.

“This lending model causes more harm than any other form of credit,” said Tom Abourizk, director of policy at the Consumer Acton Law Center.

Consumer Action Law Center policy manager Tom Abourizk says the federal government needs to act urgently to update credit laws.(ABC News: Simon Tucci )

Corporate regulator ASIC has been playing cat and mouse with Cigno for years.

The company circumvents credit laws by using exemptions from the National Credit Code.

“It is loan shark activity, and it is desperate that it must be stopped as soon as possible,” Mr Abourizk said.

Buy now, pay later companies and payday advance products are also currently exempt from credit laws.

On July 15, ASIC used its special powers of intervention to ban the short-term and continuous credit lending models used by Cigno and its associated lending entity BHF Solutions.

ASIC previously banned one of these loan models in another action order, but that order expired in 2021.

It came after ASIC won an appeal to the full Federal Court against Cigno and BHF Solutions last month, in a decision that sided with the regulator’s position that the companies were offering a form of credit captured by the National Credit Code because of the amount of fees they charge.

It overturned a Federal Court decision in June 2021.

The judgment included the example of a woman who, assuming she made her payments on time, had to pay $177.75 in fees for a $200 loan and $231.80 in fees for a $300 loan. $.

On Monday, Cigno and BHF Solutions filed for High Court leave to appeal the Federal Court’s decision. The High Court will have to decide whether or not to hear the appeal.

Meanwhile, Cigno is still offering loans on its website with slightly lower fees than those referenced in the Federal Court judgment.

According to Cigno’s website, customers must pay the lender’s fees and Cigno’s service fees.

The company says a typical $300 loan “could look like this”: $129.90 Cigno account maintenance fee, $15 additional fee for changing repayments, $79 decline fee and a $20 penalty for non-payment.

The website also states that the cost “will vary depending on the loan and payment options you choose.”

An ASIC spokeswoman said the regulator is investigating the legality of the pattern.

“ASIC is aware that Cigno (Cigno Australia Pty Ltd) continues to offer services for arranging loans on its website. ASIC reviews the product and loan model, including whether the conduct violates product intervention orders,” an ASIC spokeswoman said. said.

If so, it would be the third time Cigno has created a new loan model to circumvent ASIC bans and credit laws.

“The Cigno website still appears to be operating as usual,” Mr. Abourizk said.

“That means people can still be ripped off with the same excessive fees they’ve charged on loans they’ve taken out to date.”

Small loans generate big profits

The amount of money Cigno has made from his loans is far from a small change.

The company’s full financial history is not public, but federal court documents show that in five and a half months, Cigno took out 166,045 loans totaling more than $46 million, and the total amount billed in fees (plus principal) for these loans was over $61 million.

Cigno describes itself as an “agent to help you get a loan from lenders” rather than a lender itself.

BHF Solutions describes itself as “Australia’s leading expert in business advisory and financial advice”.

The ABC contacted Cigno, BHF Solutions and the law firms acting on behalf of the two companies but did not hear back by the publication deadline.

Financial Counseling Australia chief executive Fiona Guthrie said the federal government must act urgently to update Australia’s credit laws.

“As soon as regulators try to fill one hole in the law, they find another,” she said.

Fiona Guthrie wears a black jacket over a white top.
Fiona Guthrie of Financial Counseling Australia says Cigno is a predatory lender.(ABC News)

Mr. Abourizk said that depending on the outcome of the legal proceedings, CALC would encourage ASIC to seek ways to compensate Cigno customers.

“If there is a possibility for a remediation or offset project, they should definitely look into it,” he said.

“Our concern is that they might find the cupboards empty if it gets to this point with Cigno, as other predatory lenders like this have in the past.”

“Predatory Company”

Ms Guthrie said Cigno’s model targeted vulnerable people.

“Financial advisers would describe them as a predatory company,” she said.

Ms Guthrie hopes the High Court will reject BHF Solutions and Cigno’s request to hear her appeal.

“We can’t have companies like this operating in the Australian market, it’s so dangerous,” she said.

“There are costs to the wider community because we end up with people under financial and mental stress. They end up in hospital and they end up in emergency food services.”

“It’s pretty clearly credit. It’s an avoided credit lending model. And there’s no legal reason for it to continue.”

Ms Platt said her struggle to repay fees added to her loan amount meant she was forced to cut back on essentials such as groceries.

“They’re cold-hearted, greedy and mean. They’re horrible,” Ms Platt said.

“I would never recommend them.”

]]>
How to Use a Car Equity Loan When You Need Money https://iwantobelieve.com/how-to-use-a-car-equity-loan-when-you-need-money/ Fri, 22 Jul 2022 14:30:00 +0000 https://iwantobelieve.com/how-to-use-a-car-equity-loan-when-you-need-money/ Photo: fongbeerredhot (Shutterstock) The past few years have been a wild ride for almost everyone, with just about every aspect of our lives transformed in ways big and small. This kind of chaos is hard enough when you’re short on cash, but when cash is tight, inflation is skyrocketingand an emergency suddenly presents a huge […]]]>

Image for article titled How to Use a Car Equity Loan When You Need Money

Photo: fongbeerredhot (Shutterstock)

The past few years have been a wild ride for almost everyone, with just about every aspect of our lives transformed in ways big and small. This kind of chaos is hard enough when you’re short on cash, but when cash is tight, inflation is skyrocketingand an emergency suddenly presents a huge bill to pay, things can get dark.

If you don’t have a solid emergency fund to deal with an emergency, the most common solution is to borrow silver. Using credit cards to manage sudden debt is an easy solution, but these interest rates are often will make you regret the decision and any type of payday loan will have the same result. What you need is a collateral-based secured loan, like a home equity loan, but that won’t help you if you’re a tenant. And that’s where your car can come in: Just like a home equity loan, you may be able to get an auto equity loan, even if you are still owe money on the vehicle.

Here’s how auto equity loans work.

What is the difference between an auto ttitle loan and a car equity loan?

The first thing to understand is that there are two ways to borrow against your car: a car equity loan and a car title loan. You’ll want to avoid the latter like the plague, as it’s basically high interest payday loan who happens to put a lien on the title of your car. They tend to be very short term and easier to get, which is why people fall for them, but it’s a bad deal and if you fall behind on payments, you could lose your car.

A aEquity lending, on the other hand, is usually offered by a traditional lender, such as your bank. This is a secured loan using your capital in the car as collateral, so the interest rates are reasonable and the payments will be clear and fixed.

How to calculate your equity in your car

The first step to getting a home equity auto loan is to figure out what you strength be able to borrow. It’s a pretty simple process:

  1. Determine how much you still owe on the car. If you paid off the loan (or bought it with cash in the first place), this number is obviously zero.
  2. Determine the current value of the car by checking with Kelley’s Blue Book Where Autotrader or another resource. (Prepare to be disappointed – cars lose value quick.)
  3. Subtract the first number from the second. It is both your capital in the car and the potential value of your mortgage. That’s not to say that’s what a bank or other lender will actually offer you – they’ll have their own bizarre calculations to determine how much risk they’re willing to take.

For example, if you have a 2018 Ford Taurus in excellent condition, her current estimated value is approximately $18,500. If you owe $5,000 on the loan, you could potentially borrow $13,500 of your principal. While some lenders will let you borrow 100% of your equity in the car, many won’t be willing to lend you that much, but this is a good place to start.

The process of getting an auto loan is similar to any other loan. You identify a lender that offers auto equity loans (not all lenders do this – most big banks don’t, so you’ll probably have to explore smaller local banks or online banks like Funding for seafarers), complete the application and complete any other steps required by the lender. The process tends to be quite quick as long as everything is in order. With online lenders, you can often get an approval – and the money – within a day, but researching the best rates can be worth a bit of delay if you have the time.

The wrong side

While a car loan is better than a payday loan and can be a great solution for a short-term cash flow crisis, there are some downsides to consider:

  • Risk. You borrow money using your car to secure the loan, which means you could lose the car if you don’t repay the loan. This could be especially infuriating if you’ve paid off your car loan or are about to..
  • Hidden costs. Some lenders charge extra fees because an auto equity loan is not common and is perceived as a higher risk than other loans, so be sure to read all the fine print. And since it’s expensive to be poor, lenders may require you to purchase comprehensive auto insurance to protect their assets, so you’ll end up with higher monthly payments on top of everything else.

The bottom line? If you need short-term cash and have plenty of equity in your car, an auto loan is a relatively stable way to cover the gap. But exploring other options first might make sense, and you should always keep the risks in mind.

]]>
Five golden rules for getting a personal loan https://iwantobelieve.com/five-golden-rules-for-getting-a-personal-loan/ Fri, 08 Jul 2022 17:00:00 +0000 https://iwantobelieve.com/five-golden-rules-for-getting-a-personal-loan/ Unsplash Borrowing for a high-risk investment such as cryptocurrency should align with your risk tolerance and ability to repay debt if the market crashes. Katrina Shanks is the Managing Director of Financial Advice New Zealand. OPINION: Most of us have had personal loans – whether it’s car loans, mortgages or home improvement loans, to name […]]]>
Borrowing for a high-risk investment such as cryptocurrency should align with your risk tolerance and ability to repay debt if the market crashes.

Unsplash

Borrowing for a high-risk investment such as cryptocurrency should align with your risk tolerance and ability to repay debt if the market crashes.

Katrina Shanks is the Managing Director of Financial Advice New Zealand.

OPINION: Most of us have had personal loans – whether it’s car loans, mortgages or home improvement loans, to name a few, in our lifetime.

These loans have most likely been a mix of nice and much-needed purchases.

There are three kinds of debt: good, good and bad. Let’s take a look at each of them.

READ MORE:
* Stuff your dad would tell you: How do mortgages work and what do I need to do to get one?
* The ‘quick’ loan craze in advertising sends a coded signal to the desperate
* ANZ raises rates on fixed-term mortgages and deposits

Investment debt is good because it aims to help you build your wealth for a secure future.

However, investment debt should be considered carefully. For example, borrowing for a high-risk investment such as cryptocurrency should align with your risk tolerance and your ability to repay debt if the market crashes, as we’ve seen over the past few months. .

Katrina Shanks says the most dangerous debt is what is commonly called <a class=payday loans.” style=”width:100%;display:inline-block”/>

Provided

Katrina Shanks says the most dangerous debt is what is commonly called payday loans.

Mortgages are acceptable debts because they serve a purpose and are usually for something that is likely to give you a return over time.

Personal loans are generally bad debts, although there are exceptions.

These exceptions include when you are borrowing to do something like consolidate your loans or credit card debt into one loan, which is often at a lower interest rate. Or even to buy a vehicle to help you get to your place of work, which provides you with a source of income.

Until Covid-19 arrived, personal loans were relatively easy to obtain. Simply prove your ability to repay the loan by showing your payslip, and you’re away.

But that has now changed, as rising interest rates and lower risk tolerance from major lenders have combined with a general lack of basic financial knowledge and good financial behaviors on the part of many people to make them more problematic.

One of the most common debts is the mortgage. About 1.1 million people have it, with a total value of $34 billion.

The most dangerous debt is what is commonly called payday loans.

This is a very expensive short-term loan that you must repay within a specified time. If you don’t, the high interest rate will escalate significantly to the point that you could end up paying four or five times the original amount.

I’ve seen one with an interest rate of 0.8% per day, and when you add administration fees, that can make borrowing very expensive. At this rate, it is the highest cost of borrowing you can have.

For example, the full repayment for two weeks for $500 can quickly turn into $541, or $1091 for a $1000 loan. Often, on top of that, there will also be a setup fee of up to $300. And there are more costs if you fail to repay your loan. If you do, it can add $30 per week to the total.

Because you are borrowing money that you cannot afford to spend, you are immediately at a disadvantage.

If you can pay it off in a few weeks, that’s fine, but sometimes getting on the treadmill is easier than getting off, and once you’re there, it’s tempting to stay there and go. have more.

A few golden rules:

  • Ideally, only borrow if you know you can repay it on time.
  • Have a financial plan, so you know the big items in the future, whether it’s replacing a washing machine or a new car.
  • Try saving for what you need and want instead of borrowing.
  • Have an emergency fund in case the unexpected happens, so you don’t have to borrow money and go into debt.
  • Be aware that your loan application may show up on your credit report, which means other lenders will see that you need funds.
  • Only take out a payday loan if you have no other options – use it as a last resort. There are alternatives, and you should consider them before applying. These include Work and Income (if you are on stipend), The Good Shepherd and Salvation Army (as long as you are on a limited income) and BNZ (special rates for students, apprentices and recent graduates ).
Have an emergency fund in case the unexpected happens, so you don't have to borrow money and go into debt.

SUNGMI KIM / Stuff

Have an emergency fund in case the unexpected happens, so you don’t have to borrow money and go into debt.

I’ve had personal loans throughout my life – I had a mortgage and a credit facility for a larger purchase when I was younger and on a budget, but I needed to buy some things like a bed, a lawn mower and a TV.

My rule was to borrow only for necessities and to save for the wealthy.

As my financial advisor would say, a personal loan should be a last resort, and saving for something is better than borrowing.

There is no risk if you have to wait a few weeks or a few months to raise the money you need.

]]>
An option when the salary arrives too late https://iwantobelieve.com/an-option-when-the-salary-arrives-too-late/ Wed, 06 Jul 2022 09:04:55 +0000 https://iwantobelieve.com/an-option-when-the-salary-arrives-too-late/ The past few months have been difficult for New Yorkers. The omicron surge has ravaged the state, supply chain issues have contributed to grocery store shelves going empty, and many residents are finding it increasingly difficult to get and stay ahead of their bills. Inflation is at its highest level in 40 years and gasoline […]]]>

The past few months have been difficult for New Yorkers. The omicron surge has ravaged the state, supply chain issues have contributed to grocery store shelves going empty, and many residents are finding it increasingly difficult to get and stay ahead of their bills. Inflation is at its highest level in 40 years and gasoline prices are skyrocketing.

As these issues compound each other, families struggle to make ends meet. That’s why it’s more important than ever to provide access to cash and champion financial empowerment. As the cost of daily necessities continues to rise, thousands of Americans wonder how they will continue to pay their bills on time.

What should hard workers do when they need a few extra bucks to fill up their tank and they’ve made some money, but are stuck because they haven’t been paid for weeks? Every year, while Americans wait for their paychecks, more than $1 trillion of their hard-earned money gets stuck. As a result, consumers most in need of cash are racking up over $50 billion in late and overdraft fees and many are turning to high-interest loans, which can become a never-ending cycle.

One option is to turn to new and innovative financial technology that can help improve consumers’ quality of life. A relatively new concept, Earned Wage Access (EWA), allows working families to be paid on their own schedule, helping to manage their cash flow without the negative impacts of high interest loans and high fees. There are a number of companies offering people access to their pay as they earn it, without the interest and late fees charged by many financial service providers. EWA companies have no legal recourse against consumers. So if life happens and a consumer is unable to repay the company, there are no late fees and their credit scores are unaffected for years.

A research study conducted in May 2021 with FTI Consulting found that EWA helps working families stuck in a traditional payroll cycle manage their finances. The study found that without EWA, 44% of users would otherwise consider not paying certain bills and more than a third of consumers would deliberately overdraw or use a payday loan due to cash flow constraints. Additionally, 92% of consumers who received the EWA said it helped them pay their bills on time, avoid overdraft fees, and become less reliant on credit cards, allowing them easier access to financial freedom.

However, as EWA is currently unregulated in New York, there can be no assurance that responsible EWA providers will be allowed to continue to provide financial assistance to vulnerable residents who need access to their wages to get by. go out. It is our obligation to ensure that these tools are available to consumers in New York, but it is also our responsibility to ensure that these providers follow clear rules and that consumers do not have to sacrifice their privacy. or to be otherwise exploited in order to obtain their hard-earned money. Other financial products with a high APR, hidden contractual obligations, or that make money off the back of the consumer, rather than helping the consumer, should not find a backdoor through EWA.

The legislation I have introduced will draw a line between predatory practices and trustworthy EWA services that provide value to consumers who have been excluded by the traditional compensation cycle. It has been consistently shown that financially vulnerable users are better off when they have access to the money they have already earned through EWA. We must support new tech legislation that strengthens consumer protection laws and ensures bad actors are kept out while helping Americans achieve financial independence.

State Sen. Jeremy Cooney, D-Rochester, represents the 56th Senate District.

]]>
Best Online Payday Loans for Bad Credit – MarTech Series https://iwantobelieve.com/best-online-payday-loans-for-bad-credit-martech-series/ Mon, 04 Jul 2022 11:58:16 +0000 https://iwantobelieve.com/best-online-payday-loans-for-bad-credit-martech-series/ Best Online Payday Loans for Bad Credit – MarTech Series […]]]>









Best Online <a class="wpil_keyword_link " href="https://iwantobelieve.com/bad-credit-payday-loans-in-uk/" title="Payday Loans" data-wpil-keyword-link="linked">Payday Loans</a> for Bad Credit – MarTech Series










































]]>
Nearly 70% of medical debt will be removed from US credit reports https://iwantobelieve.com/nearly-70-of-medical-debt-will-be-removed-from-us-credit-reports/ Fri, 01 Jul 2022 15:06:31 +0000 https://iwantobelieve.com/nearly-70-of-medical-debt-will-be-removed-from-us-credit-reports/ article (Photo by David McNew/Getty Images) Help is coming for many people with medical debt on their credit reports. Starting Friday, the three major U.S. credit reporting companies will stop counting paid medical debt in reports that banks, prospective homeowners and others use to judge creditworthiness. Companies will also start giving people a year to […]]]>

(Photo by David McNew/Getty Images)

Help is coming for many people with medical debt on their credit reports.

Starting Friday, the three major U.S. credit reporting companies will stop counting paid medical debt in reports that banks, prospective homeowners and others use to judge creditworthiness. Companies will also start giving people a year to resolve overdue medical debts that have been sent to collections before reporting them – up from six months previously.

Next year, companies will also stop counting unpaid medical debt less than at least $500.

The companies say these measures will erase nearly 70% of medical debt listed on consumer credit reports.

Patient advocates call it a huge breakthrough. But they question whether medical debt should appear on credit reports, given that many see it as a poor indicator of someone’s reliability for a loan or rent.

“These aren’t people who bought shoes they couldn’t afford,” said Amanda Dunker, of the Community Service Society of New York. “They went to see a doctor because they were sick or needed help with an injury.”

RELATED: 100 million Americans have medical debt, some owing more than $10,000, survey finds

Brooke Davis had a medical debt of about $1,300 due to a breast cancer scare that lingered on her credit report for years.

McDonough, 48, Georgia, The resident said it made renting an apartment difficult and she needed a co-signer for a car loan.

“You can’t get anything, you can’t even get a credit card if you have bad credit,” she said.

The nonprofit organization RIP Medical Debt relieved Davis of debt last fall. But other health problems and the loss of a job pushed Davis into debt. She is currently stuck with a swollen knee that she cannot see her doctor for.

“I don’t have the money to really go get my knee right now, so I just suffer from it,” she said.

The federal consumer finance The Protection Bureau said its research shows that mortgages and credit cards are better predictors than medical bills of whether someone will repay a debt.

GettyImages-161115401.jpg

Thomas Crippen reviews paperwork after being treated at the Denver Health Adult Urgent Care Clinic. (Photo by Craig F. Walker/The Denver Post via Getty Images)

The agency, which monitors banks, lenders and other financial institutions, noted that people often don’t have time to shop around for the best price when seeking care and may have little control over the course of a serious illness.

Medical billing errors can end up on credit reports. And patients sometimes don’t know what they owe or whether an insurer will eventually pay it.

The agency said earlier this year that it estimated 58% of debt in collections and credit records came from medical bills, and overdue medical debt is more prevalent among blacks and Hispanics.

The bureau is trying to determine if unpaid medical bills should be included in credit reports.

John McNamara, the bureau’s deputy director, declined to estimate when the agency might make a decision. He could propose a rule, after hearing all parties on the issue, that would end the practice.

RELATED: Here’s How to Stay Debt Free After Credit Card Consolidation

Credit reporting companies are also debating whether medical debt should stay on reports, said Justin Hakes, vice president of the Consumer Data Industry Association.

The three national credit reporting agencies – Experian, Equifax and TransUnion – announced the medical debt changes in March, after the bureau said it would hold these companies accountable for the accuracy of their reports.

Patient advocates said these changes would help a lot of people.

Waiting to report an overdue debt will give patients time to figure out how to resolve a bill, noted Chi Chi Wu, an attorney at the National Consumer Law Center.

“It gives more leeway to deal with the insurance company or your provider,” Wu said. “Everyone has a story about it.”

Much of the medical debt that landed on Melina Oien’s credit report several years ago was for bills under $500. The Tacoma, WAa resident said she lived in an expensive place, Hawaiiwhere her ex-husband was stationed during the military. They were receiving care for a girl who had health issues, including a rare disease that affected her metabolism.

“We would reset our checking account with living expenses every month,” she said. “When you’re counting $5 for gas until the next payday, how do you pay a $30 bill?”

A severance package from the army finally helped them pay off their medical debt a few years ago. Oien said his credit rating jumped about 70 points from that alone.

But before that, they had to deal with higher interest rates on all the loans they took out, and they were only able to get a mortgage after his sister gave them some money. to repay a debt.

“It was embarrassing, it was very stressful,” said Oien, who now works as a patient advocate.

]]>
How online repayable loans can be beneficial https://iwantobelieve.com/how-online-repayable-loans-can-be-beneficial/ Thu, 23 Jun 2022 19:49:10 +0000 https://iwantobelieve.com/how-online-repayable-loans-can-be-beneficial/ Reading time: 2 minutes With the slow but steady suppression of the coronavirus, Canadian government support programs such as the Canadian Emergency Response Benefit (CERB) have also declined, leaving most low- and moderate-income Canadians economically vulnerable. economic. Online repayable loan facilities, such as My salary in Canadaoffer a quick fix for rent or bills that […]]]>
Reading time: 2 minutes

With the slow but steady suppression of the coronavirus, Canadian government support programs such as the Canadian Emergency Response Benefit (CERB) have also declined, leaving most low- and moderate-income Canadians economically vulnerable. economic. Online repayable loan facilities, such as My salary in Canadaoffer a quick fix for rent or bills that might pile up in the form of loans with immediate repayment.

What are online repayable loans?

Online repayable loans are short-term, low risk loans which are electronically transferred to the borrower with reduced requirements. Approved online payday lenders offer high-interest online loans of up to $1,500 that will transfer within five minutes if you’ve been approved. This concept is designed to provide money easily and quickly to those who need it, despite any history of bad credit or no credit. It is especially useful for young people who have no financial or credit history and are looking for alternatives. Compared to bank applications, online repayable loans avoid the hassle of an in-person visit and a week-long process requiring multiple supporting documents.

Register

The payday loan application process is quite simple and should only take a few minutes. The first step is to fill in all the relevant information required including your name, date of birth and the amount you want to borrow. The response to your application is quick. If approved, a contract is sent to you. As soon as you digitally sign the contract, the funds are transferred via Interac e-Transfer in less than five minutes.

Are they worth it?

Payday loans are considered low-risk, short-term loans (generally 62 days or less), especially when viewed through a cost-benefit analysis. Although the interest charged can be high, it eliminates the discount of middlemen that many companies hire, charging an additional 10-15% for their services. Their high cost of borrowing is justified by the risk of the business in granting fast and unrestricted loans.

The interest rate could go up to 548% per annum, so their feasibility is subjective to the individual applying for them. Online salary calculators that calculate and track your interest payments can help you gauge the rate and number of payments you will need to make. Direct contact with the lender makes this process more reliable as it is a well regulated industry. This ensures privacy as they are not legally allowed to share your financial information without consent, even for marketing purposes.

Endnote

The crux of the matter is that if you are looking for fast cash loans in Canada, payday loans are the way to go. Marketed to young people or people with bad credit, they can provide you with instant cash to solve any problem you may find yourself in. Whether it’s a late rent payment, utility bills, or even if you need cash for groceries, payday loans can serve you well. The availability of these loans online has finally made the borrowing process infinitely simpler, faster and more accessible to people from all types of backgrounds.

Authors biography :

Habib-Ur-Rehman is a well-known writer for technology, Companyfood and writers on multiple topics with up-to-date information for the public, believe in writing research-based content with an exceptional writing style.

]]>
Best Personal Loans Online June 2022 https://iwantobelieve.com/best-personal-loans-online-june-2022/ Wed, 22 Jun 2022 16:12:45 +0000 https://iwantobelieve.com/best-personal-loans-online-june-2022/ What is an online personal loan? Personal loans can be used for a variety of purposes, such as consolidating debt, paying for home improvements, or covering unexpected expenses. A personal loan is considered unsecured because it is not backed by collateral. An online loan is a convenient way for you to get a personal loan […]]]>

What is an online personal loan?

Personal loans can be used for a variety of purposes, such as consolidating debt, paying for home improvements, or covering unexpected expenses. A personal loan is considered unsecured because it is not backed by collateral. An online loan is a convenient way for you to get a personal loan without having to set foot in a bank or credit union. You can complete the entire application online and, upon approval, receive the money in your account within one to three business days. Approval criteria and interest rate depend on the financial institution.

What are the advantages of an online personal loan?

Online loans are convenient and fast. Many lenders allow you to prequalify and see custom rates and terms before you apply. This is known as a soft credit check and will not hurt your credit score. You can see what conditions you qualify for before applying for the loan. Online loans also allow you to easily search and compare lenders.

After completing the online application, you can be approved within minutes. Some financial institutions will deposit the money into your account on the same business day. All of this can be done without having to pick up the phone or physically go to a bank.

What are the disadvantages of an online personal loan?

Approval for an online loan will be based on your creditworthiness and other factors such as your work history and income. If you don’t have a good credit history or a good credit rating, you may not qualify for a loan or get the best rates. Many local community banks focus on developing close relationships with their customers. Therefore, if you need a loan but cannot meet traditional bank loan approval requirements, community banks may be more willing to help.

Online loans can be more expensive than loans from a credit union. So it’s important to shop around and see the best rates you qualify for. Many online lenders don’t have physical branches, so you won’t be able to talk to someone face-to-face.

There are also predatory lenders who offer personal loans online. Payday loans are usually $500 or less and must be repaid on your next payday. Depending on state laws, people can get payday loans online or through a storefront lender. Although they don’t require a credit check and you may qualify for cash online, a typical two-week payday loan can have annual percentage rates (APRs) of up to 400%. By comparison, credit card APRs can range from 12% to 30%. Payday loans should be considered a last resort.

What to look for in a personal loan

When looking for the best personal loans online, you need to consider a variety of factors.

  • Annual percentage rate (APR). This is the interest rate of the loan. Rates can vary from 4.99% to 35%. Rates are based on creditworthiness and loan term.
  • Amount of the loan. Many lenders have a cap of $50,000, while some can go as high as $100,000. You will need excellent credit to be able to borrow the maximum amount.
  • Repayment Terms. Lenders will offer different repayment options, ranging from two years to 20 years. The shorter the term, the lower the interest rate. However, the amount of the monthly payment will be higher.
  • Discounts. Some lenders will offer a discount for autopaying or bundling other loans. Ask to see what discounts you qualify for.
  • Costs. Lenders may have origination fees or prepayment penalties. Check the fees when comparing lenders.
  • Cosigner. If your credit score is low, you should consider applying to a co-signer who has better credit. Check to see if the lender you are considering allows co-signers.

How to compare online lenders

When looking for the best personal loan online, shop around for the best rates. You can choose to get an online loan from a regular bank, a credit union, or an online-only bank. Online banks usually have better rates because they don’t have the same overhead as regular banks.

  • Check your credit report and credit score. Your score will determine if you qualify for the loan, your interest rate and terms. An excellent credit score is one that is 800 or more. The better your credit rating, the better your interest rate. If your score is low, it may be best to work on improving your score. The difference can be thousands of dollars depending on the loan amount.
  • Determine how much you want to borrow. Personal loans range from $250 to $100,000, depending on the type of personal loan. Refer to your budget to see how much you can afford in monthly payments. You can use a personal loan calculator to estimate your interest rates and payments.
  • Shop around for the best rates. Contact different lenders to find out the loan rate and terms you qualify for. You can research multiple lenders online to find the best loan term for you. Many lenders have a pre-approval process that allows you to seek out the best interest rates without hurting your credit score.
  • Compare other personal loan features. Compare lenders to see if there are any additional fees such as origination fees or penalties for prepaying the loan. Some offer features like flexible payment dates, interest rate discounts, or the ability to add a co-borrower or co-signer.
  • Apply for a personal loan. Once you have selected a lender, you will need to submit an online application. They will perform a rigorous credit check which will impact your credit score. They will process your request and disburse the funds the same day or up to several days later.

How to apply for a personal loan online

Lenders will have different processes for getting a personal loan online, but most will ask you to follow these steps:

  1. Complete a pre-approval form. Many lenders have an online pre-approval form where you can enter your personal information. You will need to provide your work history, income, debts and any other information they require.
  2. The lender checks your credit. Lenders will then check your credit score and history to determine if it meets their minimum requirements. This is usually a soft credit check that won’t hurt your credit score. If a lender doesn’t have a pre-approval option, you won’t know the terms of your loan until you apply, which will impact your credit score.
  3. The lender gives pre-approval. If you qualify for a loan after the lender has checked your credit, they will let you know the terms you qualify for, such as the maximum amount, interest rate, and repayment terms. The minimum credit score depends on the lender. A pre-approval does not guarantee that you will be approved.
  4. Make a formal request for a personal loan. Once you have chosen the lender you want to work with, you officially apply on their website. This usually requires documentation and a rigorous credit check by the lender. If you are not eligible for a loan, the lender will notify you with an unfavorable letter. It will give a reason why you were denied, the credit agency used, and how to get a free copy of your credit report.
  5. Accept the loan contract. Once approved, you sign your loan agreements online and set up your loan for funding. Many banks will disburse the money the same day or the next business day.
]]>