Court Justice Settlement – Criminal Justice Online http://criminaljustice-online.com/ Fri, 25 Nov 2022 10:31:54 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://criminaljustice-online.com/wp-content/uploads/2021/06/icon.png Court Justice Settlement – Criminal Justice Online http://criminaljustice-online.com/ 32 32 How Can I Get Personal Loan Online in 2022? https://criminaljustice-online.com/how-can-i-get-personal-loan-online-in-2022/ Fri, 25 Nov 2022 08:16:29 +0000 https://criminaljustice-online.com/?p=4845 What Is a Personal Loan? Payday Champion defines personal loans. A personal loan is a quantity borrowed from a financial organization, such as a credit union, bank, or internet lender, and repaid over two to seven years via fixed monthly payments or installments. Personal loans can be a smart method to address non-discretionary demands, such […]]]>

What Is a Personal Loan?

Payday Champion defines personal loans. A personal loan is a quantity borrowed from a financial organization, such as a credit union, bank, or internet lender, and repaid over two to seven years via fixed monthly payments or installments.

Personal loans can be a smart method to address non-discretionary demands, such as consolidating debt, even if it’s normally preferable to utilize savings or an emergency fund to pay for unforeseen expenses.

How does a personal loan work?

Most loans to individuals are unsecured, meaning they are not secured by collateral. When considering whether or not to grant you an unsecured loan, the lender will consider several factors, including your credit score and history, cash flow, and debt-to-income ratio.

If you do not fulfill the criteria for an unsecured loan, you may be eligible for a secured or co-signed loan. If you fail to repay a secured loan, the lender may seize the collateral, such as your home or vehicle. Loans that another borrower has co-signed with strong credit will be held liable for late payments—debts another creditworthy borrower has co-signed.

There are also two more forms of personal loans: variable-rate loans, in which the interest rate and payment conditions fluctuate often, and fixed-rate loans, in which the interest rate and payment terms remain constant.

How personal loans can affect your credit score

As with any other sort of credit, a personal loan might damage your credit score overall. Your credit score can increase if you pay your bills on time, but it might decrease if any of your late payments are reported to credit reporting agencies.

You will also experience effects on your credit score due to your loan request. When pre-approved, most lenders will let you perform a “soft pull” to determine your eligibility without impacting your credit score. However, submitting a formal application will result in a “hard pull” that will typically lower your credit score by less than five points and stay on your credit report for two years.

What could I do with a personal loan?

Personal loans can be utilized for nearly every purpose imaginable. This loan is frequently used to consolidate debt, make home modifications, pay medical expenses, or refinance an existing loan.

You could use a loan to pay for a vacation, a wedding, or a significant expenditure.

When to take out a personal loan

We recommend getting a personal loan only if it will help you save money, make it easier to make money, or increase the value of an asset you already own. Private loans should never be used to incur additional debt. Instead, it would help if you used them to reach your financial goals and organize your finances.

If you lack significant equity in your home or do not wish to use it as collateral, a loan may be your best option. For instance, investing in home improvements could increase the value of your property.

Obtaining a personal loan to pay off multiple types of debt could be a good idea, particularly if the interest rate is low. You would use this type of loan to pay off your existing obligations before beginning monthly payments on the personal loan in the form of predetermined monthly installments.

How can I get a personal loan?

Not only do you have a greater chance of obtaining a personal loan if you have excellent credit, but you also have a greater chance of obtaining one with a cheap interest rate. However, some financial institutions will engage with individuals with credit scores ranging from excellent to poor.

Alternative information is any information that is not included in your credit report. It could be your degree of education, employment background, or location. Some lenders also give more weight to alternative information when evaluating an application.

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New West families are seeing their debt rise due to rent and food prices https://criminaljustice-online.com/new-west-families-are-seeing-their-debt-rise-due-to-rent-and-food-prices/ Thu, 24 Nov 2022 00:20:00 +0000 https://criminaljustice-online.com/new-west-families-are-seeing-their-debt-rise-due-to-rent-and-food-prices/ Family Services offers financial workshops and one-on-one financial empowerment coaching People of all ages are using credit – or accessing payday loans – to pay their rent and put food on the table. Murray Baker, financial empowerment manager at Family Services of Greater Vancouver, said rising inflation and interest rates are impacting everyone, especially low-income […]]]>

Family Services offers financial workshops and one-on-one financial empowerment coaching

People of all ages are using credit – or accessing payday loans – to pay their rent and put food on the table.

Murray Baker, financial empowerment manager at Family Services of Greater Vancouver, said rising inflation and interest rates are impacting everyone, especially low-income and vulnerable people. He said it had a “huge impact” on people in Metro Vancouver, as some of the areas seeing the biggest increases are food and rent.

“It would be different if it increased on luxury cars – it won’t impact the customers we see,” he said. “It’s the food and the rent that hits these people hard.”

Baker said people with low incomes, unstable jobs, or who are elderly or disabled can access credit just to make ends meet.

“They don’t have access to credit to buy luxury items or discretionary items; they need to access credit just to live day to day,” he said. “Food on the table, feeding their families, making sure they have money at the end of the month for rent.”

Baker said people who don’t have good credit or who have instability in their jobs can find it very difficult to get credit from banks or other financial institutions, so they are often pushed to access to credit through “predatory” lenders who may charge 45 to 60 percent interest on loans.

“This is one of the areas where we are seeing an increasing number of people being affected,” he said. “And once people get trapped in this downward debt cycle, it’s really hard for them to get out of it.”

Baker said he deals with some “heartbreaking” cases, such as a senior on a fixed income who accessed a loan to help a family member, and was then paying $1,000 a month to repay these loans.

“When you access it, you have to pay. And if you miss payments, there are penalties involved. And the interest rates are prohibitive,” he said. “Quite honestly, I was worried about his mental well-being because he was so stressed about it. Imagine an elderly person in his 60s, not living an exorbitant life, and all of a sudden struggling to…find that money to repay those loans.

Family Services was able to help the man get a loan through a credit union, which reduced his payment to $350 per month.

“Some of the most difficult people I see are struggling people, older people who may have worked all their lives, who haven’t lived an extravagant lifestyle or anything, and who are struggling with homelessness or food security,” he said. “So those are some of the most heartbreaking customer stories I see.”

Baker told the story of a customer with a disability who had taken out payday loans, but was confused about what he was signing.

“He thought the interest he was paying was 6%, but it was 46%,” he said.

Some people, Baker said, feel like they have no choice but to get payday loans because they can’t get credit from a bank.

“They choose the predatory lender because in fact the bank is closed to them. They cannot access credit through the bank. So it’s a forced decision that attracts people there,” he said. “And then, unfortunately, when the economy is tough, some of these places really thrive because people – it’s a case of, do I take a payday loan or do I not pay my rent or do I have a bare table for dinner?”

Financial Literacy Month

November is Financial Literacy Month in Canada, a month aimed at strengthening financial literacy across the country. This year’s theme is Making Change That Matters: Managing Your Money in a Changing World.

The Financial Consumer Agency of Canada said this year’s theme reflects a complex and changing financial landscape. In the face of rising costs of living, rising interest rates and record levels of household debt in Canada, FCAC is putting the spotlight on debt management.

According to Family Services of Greater Vancouver, the number of people affected by inflation and the rising cost of living continues to rise in the Lower Mainland: nine out of 10 Canadians are tightening their household budgets as inflation and high prices persist; high inflation has pushed record numbers of Canadians to food banks in 2022; and nearly half of Canadians say their finances are worse than a year ago.

Baker said financial empowerment is about providing education to individuals, so they can make better, more informed financial decisions. When they have solid financial information, he says they are able to make good decisions and ask the right questions.

“If you have basic knowledge and ask well-thought-out questions, you’re probably less likely to be financially exploited,” he said.

Baker said he always wondered why financial empowerment wasn’t taught to students in school.

“A life skill, such as financial empowerment, is something that you’re going to use all your life,” he said.

If people have an understanding of budgeting, setting financial goals, saving, Baker said, it can have a huge impact on their lives.

Help is available

Family Services offers general workshops on topics such as: money basics (financial skills, budgeting, credit and debt); make your money work (saving and investing, saving for retirement, registered disability savings plans) and registered education savings plans); money and you (money and relationships, consumption, frauds and scams); advantages of navigation; and tax declaration. Services are offered in English, Spanish, French, Farsi, Cantonese and Vietnamese, and some workshops are offered at local public libraries.

“The message we want to get across is that if people are in trouble, there is help available,” he said. “Of course, our workshops are good for general information. But our individual coaching is really helpful.

While workshops and one-on-one coaching can’t immediately solve people’s financial problems in a single session, Baker said they often leave an hour-long session less stressed than when they arrived.

“They realize that there are options available, whereas when they first arrive they think there is no hope,” he said. “They leave knowing, ‘Hey, we talked about different strategies or things I can do. “”

Through one-on-one coaching, family service staff will work with a person on their personal situation.

“Our approach is very much a trauma-informed, client-centered approach,” Baker said. “We support and provide the information, strategies and options, but ultimately it’s up to the client to decide what action they want to take. We find that’s really beneficial because it gives them control, and they gain that confidence knowing they’re making the decision.

Baker said there was increased interest in post-pandemic programs. It is also picked up as inflation has increased.

For people who are struggling financially, the first step in family services is to see if there are ways to increase their resources, which could include using the benefits finder tool that provides a list of potential benefits they may receive.

“A lot of times we have customers come in, and they’re not even aware that they’re missing out on a particular benefit,” Baker said. “So one of the things we do is make sure their taxes are filed and up to date, which sometimes low-income people don’t file taxes, because their rationale is ‘I don’t earn enough. , it’s not worth me filing .’ But by not reporting, they often miss out on many government benefits.

Family Services also helps people learn about community benefits they may be eligible for, such as grants that can help seniors pay for housing or affordable internet services. Other actions could include finding ways to reduce expenses and providing information about food banks and other food programs if food insecurity is an issue.

Baker said single parents are a group that finds it particularly difficult, as are older people who may not be able to accept a job or other employment. He said college and university students are accessing food programs in increasing numbers, having seen “very significant” increases in rental rates.

“It’s an area, in fact, I’ve spent most of my career working in that area, writing books for students on how to fund colleges and universities. So it’s an area that I’ve been studying and writing about for many years. And it’s, you know, it’s probably one of the worst situations in terms of current students.

Baker is the author of the book, The Debt-Free Graduate: How to Survive College or University Without Breaking the Bank. He was inspired to write the book after seeing the “huge debt” of students after graduation and the impact it had on their lives for many years after graduation from college. including their ability to get married, to start a family, to start their life. own business, to buy consumer goods (which has an impact on the whole economy) and to set aside money for their own financial future.

“It’s really had a huge effect,” he told the Registration.

Debt impacts people’s lives — from their relationships with family members to mental health issues, Baker said. He emphasizes that there is no shame in asking for help.

“People don’t have to feel stigmatized if they’re in debt,” Baker said. “We do our coaching without judgment – ​​we don’t care how people got to the situation; our concern is how can we help you out of this situation? »

The Family Services team works with a variety of clients, some of whom earn six-figure incomes but are at risk of losing their homes to debt.

“People look around the Lower Mainland and you see nice homes and people driving fancy cars. Or you’re on social media and people are sharing their new purchases and things like that. There’s the perception that “everyone is fine except me,” Baker said. “And sometimes you compare it to an illusion rather than a reality. You don’t know all these people who drive nice cars, how much debt they have.

For coaching appointments, contact Family Services of Greater Vancouver at moneynavigator@fsgv.ca or call 1-800-609-3202.

Follow Theresa McManus on Twitter @TheresaMcManus
Email tmcmanus@newwestrecord.ca

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FTX Crypto Crash Threatens Workers’ Life Savings https://criminaljustice-online.com/ftx-crypto-crash-threatens-workers-life-savings/ Thu, 17 Nov 2022 18:31:59 +0000 https://criminaljustice-online.com/ftx-crypto-crash-threatens-workers-life-savings/ The dramatic collapse of cryptocurrency exchange FTX sent shockwaves around the world last week, especially after it emerged that business leaders allegedly stole at least $1 billion in cash. poor customers and working-class people around the world who have never owned so-called “digital assets”. In Canada, pension plan managers had to reassure public school teachers […]]]>

The dramatic collapse of cryptocurrency exchange FTX sent shockwaves around the world last week, especially after it emerged that business leaders allegedly stole at least $1 billion in cash. poor customers and working-class people around the world who have never owned so-called “digital assets”.

In Canada, pension plan managers had to reassure public school teachers that their exposure to FTX was limited after it emerged that the Ontario Teachers’ Pension Plan had invested $75 million dollars in business. The investment could end up being worthless, but it represented less than 0.05% of pension plan assets, fund managers said.

Meanwhile, in El Salvador, market turbulence caused by the fall of the FTX has brought one of the poorest countries in the Western Hemisphere one step closer to an economic crisis. The administration of right-wing President Nayib Bukele has bet on the growth of cryptocurrency by passing industry-friendly laws and using public money to bet on the price of Bitcoin. Although Bukele has said that El Salvador has no money tied up in FTX, his plans to woo the crypto industry and speculate in Bitcoin seem increasingly doomed in the wake of the Bitcoin crash. the company with growing doubts about the long-term economic viability of the cryptocurrency, which had already been plagued by criticism and questions about its usefulness before FTX’s bankruptcy.

Although Bukele remains very popular in El Salvador, its government’s adoption of the cryptocurrency has been largely unpopular. In September 2021, protests greeted the enactment of a law that made Bitcoin legal tender. Commercial developments designed to attract cryptocurrency investors have also been met with howls of dissent after displacing poor Salvadorans.

Overall public approval of the Salvadoran government could change dramatically in January, when the country will have to pay off $667 million in debt it is finding it increasingly difficult to finance. This week, in an apparent attempt to pressure creditors into agreeing to new terms, Salvadoran Vice President Felix Ulloa claimed the Chinese government was interested in buying the country’s debt. China’s Foreign Ministry responded by saying it was unaware of any such plan. Analysts have estimated that the Salvadoran public is currently down $70 million on government Bitcoin purchases.

Meanwhile, retail investors with direct exposure to FTX seem to include many people around the world with little downside. Studies have shown that the cryptocurrency industry – like subprime mortgages and payday loans – has attracted people to the United States who are priced below conventional financial services. The market has thrived in recent years under false promises of instant wealth with the blessing of lawmakers and regulators who have failed to enforce consumer protections, ignoring centuries of lessons learned from speculative frenzies dating back to the Dutch Tulip Mania of the 1630s.

Many policymakers and regulators who have encouraged the hands-off approach that has allowed crypto to flourish have been particularly taken with FTX. In recent years, the company’s founder and former co-CEO Sam Bankman-Fried have been regularly invited to appear before Congress to testify on behalf of the industry, and have made $40 million in campaign donations. this election cycle, primarily to Democrats. Ryan Salame, FTX’s other co-CEO, has also given generously to Republicans, awarding them $24 million in campaign donations this cycle.

The total amount of retail losses is not yet clear. More will be known in the coming weeks as insolvency administrators tally the claims made against the company, which filed for Chapter 11 bankruptcy on Nov. 11. But working- and middle-class retail investors around the world have already told reporters they can’t access the money they hold on FTX — thousands each held by a tech worker in Alabama. and a musician in Thailand, to an entire “economy of life” that a man in Morocco says is trapped on the platform.

To add insult to injury and create more doubt for those worried about getting their money back, an apparent hack of digital wallets that remain on FTX has drained hundreds of millions of dollars from users with frozen funds. The Securities and Exchange Commission, Commodity Futures Trading Commission and Department of Justice have all said they are investigating alleged wrongdoing related to the stock market crash. The House Financial Services Committee announced Nov. 16 that it would soon hold a hearing on the matter, and the Senate Banking Committee will follow, a spokesman for the latter said. Truth.

“The SEC, DOJ and CFTC have announced investigations into the bankruptcy of FTX and the misconduct of Sam Bankman-Fried,” the Senate Banking Committee spokesman said. “The role of the Banking and Housing Committee is to understand the structure of the cryptocurrency industry, as well as to consider the broader issue of the impact of cryptocurrencies on consumers, our markets and the community. ‘economy.” The spokesperson noted that the committee is “working to schedule a hearing and details are forthcoming.”

FTX’s crash was so sudden, unexpected, and characterized by accusations of wrongdoing that analysts and investors questioned the long-term viability of the entire cryptocurrency industry afterward. Yahoo finance Editor Brian Sozzi said the industry “now faces a major confidence deficit” due to the bankruptcy. And like the the wall street journal noted on November 17 that it is “increasingly hard to believe that the future of crypto looks like anything close to its prosperous past, with higher interest rates, crypto prices hovering around multi-year lows and FTX customers wondering if they’ll ever get their money back.” Bitcoin price fell 25% after FTX pulled back, the paper points out.

Another regulator, the Consumer Financial Protection Bureau (CFPB), has provided insight into the pain that will likely arise as the bankruptcy process progresses. On November 10, the agency released a report on the rise in complaints to CFPB officials regarding cryptocurrency, which has accompanied the growth of the industry in recent years. The study noted that a clear plurality of complaints allege fraudulent activity and highlighted the grievances of customers of two crypto-finance companies that went bankrupt earlier this year, Celsius and Voyager, the latter of which falsely presented its accounts as being protected by the Federal Deposit. Insurance company.

In a footnote, the office also cited letters sent to bankruptcy judges by those who lost money in businesses. The testimonials detail anxiety, despair, unpaid bills and thoughts of self-harm. In a separate footnote, the officials also reported how in August the FDIC sent a cease-and-desist letter to FTX saying the company also misrepresented its accounts as federally insured. .

Stories about FTX’s downfall are also likely to surface soon on the CFPB’s public complaints database, which releases filings 15 days after the subject of the complaint is given an opportunity to respond. If the company does not respond, the agency does not publish the complaints, but forwards them to the Federal Trade Commission, which investigates deceptive marketing practices. The agency also makes complaints “available to federal and state agencies through the CFPB’s secure government portal,” a spokesperson said. Truth.

Tragically, the situation is something satirists warned of months ago. In April, for example, before the global cryptocurrency market plunged sharply, onion published an article with the title: “The man who lost everything in crypto just wishes several thousand more people had warned him.”

But, unfortunately for those with money stuck in FTX, the safety and soundness of the financial system is not the responsibility of onionthe editors. Nor is it the responsibility of individuals seeking to make their meager savings profitable in a world currently marked by a crisis in the cost of living. It is the duty of regulators and legislators, both Democrats and Republicans, who have chosen, once again, to sacrifice the working class on the altar of capital accumulation.

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Achieve predicts moderate spending on gifts and travel for the 2022 holiday season https://criminaljustice-online.com/achieve-predicts-moderate-spending-on-gifts-and-travel-for-the-2022-holiday-season/ Mon, 14 Nov 2022 20:00:00 +0000 https://criminaljustice-online.com/achieve-predicts-moderate-spending-on-gifts-and-travel-for-the-2022-holiday-season/ Only 14% of US consumers say they set aside savings for holiday shopping. SAN MATEO, Calif., November 14, 2022 /PRNewswire/ — Americans plan to take a restrained approach to gifts, travel and other spending this holiday season, a sentiment boosted by economic concerns over inflation, rising interest rates interest, layoffs and the threat of a […]]]>

Only 14% of US consumers say they set aside savings for holiday shopping.

SAN MATEO, Calif., November 14, 2022 /PRNewswire/ — Americans plan to take a restrained approach to gifts, travel and other spending this holiday season, a sentiment boosted by economic concerns over inflation, rising interest rates interest, layoffs and the threat of a looming recession, according to a new report by Reachthe leader in digital personal finance.

The 2022 Season Expenditure Reportpublished by the Achieve Center for Consumer Insights, found that 69% of American adults plan to cap their gift spending at $500 this year, while 14% said they had no intention of buying gifts. The report also found that only 14% of Americans say they have separate savings for vacation-related expenses, while one in five consumers wish they had created a dedicated vacation savings plan.

“While most Americans are planning limited travel this year, many still wish they had done a better job preparing financially for the holiday season,” said the co-founder and co-CEO of Achieve. Brad Stroh. “The large gap between consumers making holiday savings plans is particularly concerning, given that household debt is at peak levels and growing.”

The data and conclusions of the 2022 Season Expenditure Report are based on an online survey of 1,000 U.S. consumers ages 18-65, including a statistically significant sample of Gen Z adults. Data is representative of Census Bureau benchmarks of the U.S. population for the age, sex, race and ethnicity.

Stay home for the holidays

Nearly half of respondents plan to celebrate the holidays at home this year, while 28% say they have no plans at all. Of those who will travel, most plan to stay in the United States, usually to visit family. Respondents whose annual household income is greater than $100,000 are nearly three times more likely to take national holidays this holiday season than those with incomes below $100,000. The report also found that feelings about gifts vary by age, gender and relationship status.

  • Women were about twice as likely as men to say they put a lot of effort into choosing gifts.
  • Men were almost three times more likely than women to say they like giving away tech gadgets.
  • Baby boomers were the most likely to say they dislike giving gifts, while millennials and Gen Z were the most likely to say they were generous and caring.
  • Married respondents were more likely to consider themselves last-minute shoppers than single, engaged/living with a partner, or divorced/widowed consumers.

“Finances are a significant contributor to holiday stress,” Stroh said. “But consumers who stick to their budget and focus on their priorities this season will get through the holidays with less stress and potentially more money in their bank accounts.”

Holiday Payment Trends

Consumers plan to use a combination of methods to pay for holiday spending on gifts, new outfits, food and entertainment. Most will rely on available funds accessed from their bank accounts, supplemented by credit card spending. Although the overall use of paper checks is minimal, a surprising 9% of Millennials expect to use them, compared to only 4% in each of Gen Xers and Baby Boomers. Other payment methods, such as payday loans and money orders, play a much smaller role in most consumers’ holiday shopping.

  • While freebies can be moderate, 20% of respondents said they expect their credit card debt to increase by $1,000 or more during the holidays.
  • Gen X (5%) and Gen Y (6%) expect they will need the most help managing their vacation debt. Separately, 65% of baby boomers — the highest proportion of any generation — believe they will keep their spending under control.
  • Among those who expect to accumulate more than $5,000 In the case of holiday credit card debt, 17% think they will need outside help to settle their debt. Conversely, only 2% of consumers who plan to add less $500 credit card balance believe they will need the same kind of help.

Tips from Achieve: 5 Steps to Building a Holiday Budget

Many people resist making a budget because they think it only serves to limit spending. Instead, think of your budget as a tool that helps direct spending to the things that are most important to you. Any good budget is based on setting priorities and setting realistic goals.

  1. Figure out how much you can spend this year without incurring unnecessary debt.
  2. Carefully consider and list everything and everyone you plan to spend money on during the holiday season. Include gifts, greeting cards, decorations, holiday meals and year-end gratuities for service providers. Finally, don’t forget about future travel expenses, even if you’re only traveling across town to visit loved ones.
  3. Then start listing gift ideas and include prices. You may need to modify the gifts you want to buy to avoid going over your budget constraints.
  4. If the budget seems tight, but you don’t want to take someone off your gift list, the gift of time can mean so much more than a wrapped gift.
  5. Remember what your vision of vacations is and that vacations were never meant to create financial stress.

About the Achieve Consumer Information Center

The Achieve Center for Consumer Insights is an ongoing initiative that leverages Achieve’s team of digital personal finance experts to provide a view into the state of consumer finances. In addition to sharing insights drawn from Achieve’s proprietary data and analysis, Achieve’s Consumer Insights Hub publishes in-depth research, tailored data and thoughtful commentary in support of Achieve’s mission. Achieve to help everyday people borrow and stay on the path to a better financial future.

About Reach

Reach is the leader in digital personal finance. Our solutions help everyday people engage and stay on the path to a better financial future, through innovative technology and personalized coaching. Leveraging proprietary data and analytics, our solutions are tailored to every stage of a consumer’s financial journey and include personal loans, home loans, debt relief, and financial tools and education. . Based at San Mateo, CaliforniaAchieve has more than 2,700 dedicated employees across the country with centers in California, Arizona and Texas and has consistently been recognized as a better place to work.

Achieve and its affiliates are subsidiaries of Freedom Financial Network Funding, LLC, including Bills.com, LLC d/b/a Achieve.com (NMLS ID #138464) Equal Housing Lender; Freedom Financial Asset Management, LLC (NMLS ID #227977); Freedom Resolution (NMLS ID #1248929); and Lendage, LLC d/b/a Achieve Loans (NMLS ID #1810501), Equal Housing Lender.

SOURCE Go

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Is a payday advance from a bank better than a personal loan? https://criminaljustice-online.com/is-a-payday-advance-from-a-bank-better-than-a-personal-loan/ Sat, 12 Nov 2022 12:32:34 +0000 https://criminaljustice-online.com/is-a-payday-advance-from-a-bank-better-than-a-personal-loan/ Image source: Getty Images We’ve all come across an unexpected expense from time to time. Key points 60% of Americans couldn’t cover a $400 emergency expense without going into debt. If you need cash fast and your bank offers payday advances, it might be worth looking into. A personal loan has other advantages, however, such […]]]>

Image source: Getty Images

We’ve all come across an unexpected expense from time to time.


Key points

  • 60% of Americans couldn’t cover a $400 emergency expense without going into debt.
  • If you need cash fast and your bank offers payday advances, it might be worth looking into.
  • A personal loan has other advantages, however, such as a higher borrowing limit and a lower interest rate.

Many of us have been there. You had a car accident, and now you have to pay the mechanic to fix it. This unexpected expense will cost you a few hundred dollars and, like 60% of Americans, you won’t be able to cover it with your savings. Plus, you only have money for the bare necessities left in your checking account, and your next payday is days away. What should you do?

You have a few options in this situation. Read on to learn more about bank payday advances versus personal loans, and how to decide which is right for you.

What is a salary advance?

A payday advance loan from a bank or credit union is called a small amount loan. These are loans generally between $100 and $1,000 granted by a bank to account holders. The intention is to give consumers an alternative to predatory payday loans (see below) when they are in a financial bind. If your bank offers them, you’ll get the money you need quickly and pay it back from your next paycheck via direct deposit, or over a period of weeks or months. You will have to pay a fee (either a fixed dollar amount or a small percentage of what you borrow) and interest for the service.

Discover: These personal loans are the best for debt consolidation

More: Prequalify for a personal loan without affecting your credit score

You may soon hear more about payday advances; a Bloomberg Law report in early October 2022 noted that federal regulators want banks to be able to offer them, but banks need more guidance from regulatory agencies moving forward. Personal loans, on the other hand, are already reliably available for your emergency borrowing needs.

What is a personal loan?

A personal loan is a fairly easy way to borrow a lump sum of money. They usually come with lower interest rates than many other quick cash solutions, like credit cards or payday loans (and certainly lower than payday loans). However, if your credit isn’t in top shape, you may not qualify for the best personal loan rates available.

Personal loans are generally in the amount of $1,000 to $100,000, and can often be funded fairly quickly after your application is approved. In some cases, you can get the money the same day or the next day. Is there another way to borrow money fast? Yes, but you probably want to stay away.

Try to avoid payday loans

Although it may seem counterintuitive (after all, there’s “payday” in the name), it’s a good idea to avoid payday loans. And depending on where you live, they may be illegal in your area; they have been banned in 13 states and the District of Columbia. Payday loans are small, short-term loans of $500 or less, usually with a very high interest rate.

As of 2022, typical payday loan rates range from 28% to 1,950%. These loans often lead consumers into a cycle of debt from which they cannot easily escape. Can’t repay your loan on your next payday? That’s fine, the lender will turn it into a new payday loan for you! How nice of them. Your best choice is probably a payday loan or a personal loan.

How do you choose?

There are a few things to consider when choosing between a payday advance and a personal loan.

How much money do you need?

A payday advance loan, if you can get one from your bank or credit union, is probably best for borrowing smaller amounts. If your auto repair bill is $350, but the smallest personal loan amount you can take out is $1,000, that’s not ideal. If your surprise expense is larger, you’ll likely get a better interest rate with a personal loan (plus, payday loans from your bank may be capped at $500).

How fast do you need it?

If you can wait a few days and have good credit, you may be better off with a personal loan – again, because of interest rates. That said, if your bank offers payday advance loans, they might approve you fairly quickly if you’re an existing customer in good standing. It has already registered you and can access your finances in the form of your bank account(s). Plus, your bank can easily send the money you borrow directly to your account.

How long do you need to pay it back?

This is where a personal loan probably has the advantage. You will have more time to repay a personal loan (months to years) than a payday loan (weeks to months). But again, a lot depends on the amount of money you need to borrow.

Payday advance loans and personal loans have their place, and if you ever get into trouble and need to borrow a relatively small amount of money, both are worth considering. However, it is definitely in your best interest to avoid payday loans.

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.

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Pennsylvania Instant Cash Loans Online | Emergency loan with StarLoans https://criminaljustice-online.com/pennsylvania-instant-cash-loans-online-emergency-loan-with-starloans/ Thu, 10 Nov 2022 00:40:11 +0000 https://criminaljustice-online.com/pennsylvania-instant-cash-loans-online-emergency-loan-with-starloans/ Philadelphia, PA –If you find yourself in a situation where you urgently need funds, and your credit history or time does not allow you to go to a bank, the best option is to contact a non-banking company. The most popular non-bank offers are payday loans and title loans. In order to understand which of […]]]>

Philadelphia, PA –If you find yourself in a situation where you urgently need funds, and your credit history or time does not allow you to go to a bank, the best option is to contact a non-banking company. The most popular non-bank offers are payday loans and title loans. In order to understand which of the proposals suits you best, read the article below.




Short term payday loans are instant internet loans that can be obtained even in 15 minutes! With online payday loans in Pennsylvania, you can get anywhere from $100 to $1,000 with a repayment period of up to 31 days. Thanks to modern lending platforms, lenders can offer customers quick and convenient access to an express loan via the Internet – in extremely attractive amounts and flexible repayment dates.








Anyone who owns a car in Pennsylvania can get a loan even faster. The amounts that can be obtained through title loans are higher, since the amount of the loan depends solely on the value of your car. To get a title loan, all you have to do is take money against his car. More and more such offers are available on lending websites that operate in Pennsylvania. Only private car owners can afford this type of loan.

starloans





How do these loans work?

A car loan is a type of transaction that is guaranteed by the car of the person who decides to contract it. With this type of option, you can borrow a much higher amount from the lender. And all thanks to its protection in the shape of a car.

To receive both pennsylvania cash advance and securities loans, you must follow the same steps required when applying for other types of loans, i.e.:







  1. First, you need to choose a lending company whose services you want to use; it does not have to be a fixed installation; now more and more sites offer this type of loan.
  2. In the next step, you will need to fill in the form required by the lender; it must include data such as: name and surname, identity card number, residence address, e-mail address, telephone number, employment information and data on your car in the case of home loans.
  3. Then you have to wait for a response from the lender.

Formalities that the lender will expect from us

If our loan application is approved, we will then have to complete all the formalities required by it.

At first, the loan company will send us a loan agreement, the transfer of ownership of the car and a power of attorney, through which you can enter the lender as a co-owner of our car.

You should know that on the basis of a car transfer agreement, the loan company obtains 51% of its ownership. Only when we repay the loan in full does it transfer full ownership of the vehicle to us. From the borrower’s point of view, the most important thing is that he can use the car for the entire repayment period (if he is only a co-owner of the car).

In the case of a title loan, once all required documents have been signed by both parties, the borrower must:

  • Take the power of attorney and the property contract and contact your communications department.
  • He must file an application there with the loan company with which he signed the loan contract to be registered on the registration certificate as co-owner of his car.
  • The borrower has 7 days to carry out this type of activity; they are counted from the moment of the conclusion of the agreement with the lender.
  • The next step is to send the borrower a scan or readable copy of the new registration certificate.
  • Additionally, many lenders also require that you send them several photos of the car (including its engine – there should be a legible VIN number on it; a photo of the windows is also recommended in this case – there should be a registration sticker on it).

What are the documents required when concluding this type of loan agreement?

To benefit from a car loan, you must bring the vehicle registration certificate and your identity card. The age of our car will be extremely important to the lender. For most loan companies, it can’t be more than 8-12 years old. It should also be remembered that our registration certificate must indicate that we are the sole owners of the car for which we wish to take out a loan.

If you apply for a fast personal loan, all you need to do is provide your identity card and proof of income.

Our car should then have:

  • Civil liability insurance policy in force,
  • Assignment of the policy to the lender,
  • Vehicle card (if, of course, it was issued earlier).
  • From the borrower’s point of view, the most important thing in this case is that the lending company will not verify the source or amount of our income. It is possible because it is secured by our car.

Are these loans profitable?

There are no perfect loans, as each requires timely payment of all installments. Of course, a loan is unequal. That’s why you should carefully compare the offers of different loan companies. The safest option is to choose an offer from a company that has been operating in the market for many years like money online at starloans.net. By contacting it, you can be sure that it is a trustworthy institution. After all, hundreds or even thousands of people before you have trusted this company.

The advantages of both types of loans:

  • You do not need to present certificates which would document how to receive and how much income we make
  • You do not have to wait a long time for the decision of the loan company (of course, if we immediately provide a set of documents required by it)
  • You will be able to take out a new loan from the same lending company as soon as we repay the one we took out first
  • Even those who have never used this type of offer can apply for such a loan.

Thus, by choosing one or another type of loan, you should only start from your preferences and desires. The risk of losing the car if we don’t repay the loan we took out is one of the biggest drawbacks of title loans. However, you can receive large sums even if you do not have a stable source of income; all because your car will protect it in this case.

It’s up to you to decide which loan suits you and your needs at any time.


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Financing options for Lyft and Uber drivers https://criminaljustice-online.com/financing-options-for-lyft-and-uber-drivers/ Fri, 04 Nov 2022 16:14:13 +0000 https://criminaljustice-online.com/financing-options-for-lyft-and-uber-drivers/ A rapid increase in the use of ride-sharing apps like Lyft and Uber has provided many job opportunities for people who want to generate income on their own schedule. The best part? These people only need a valid driver’s license and a car to start making money! Unfortunately, there are a few expenses associated with […]]]>

A rapid increase in the use of ride-sharing apps like Lyft and Uber has provided many job opportunities for people who want to generate income on their own schedule.

The best part? These people only need a valid driver’s license and a car to start making money!

Unfortunately, there are a few expenses associated with the role, and maintaining a vehicle to company standards and policies can be a bit costly. This is when Lyft and Uber drivers can consider outside sources of income to supplement their work, such as a Lyft driver payday loan.

Here are some other financing options to consider.

Why Rideshare Drivers Need Funding

Here are three of the most common reasons a Lift or Uber driver may need additional financial assistance:

For emergency funds

Being a driver for Lyft or Uber usually comes with a good financial package, but the job doesn’t come without its own set of significant expenses. For example, owning a car that can then be used for commuting can be quite expensive.

If you consider the cost of car upgrades and maintenance, gas, parking fees and accessories, money can quickly add up and become an unmanageable sum!

Debt Consolidation

This is a common strategy for paying off debt with a single financing solution. It is an ideal solution that helps borrowers to repay a loan amount in full. For a rideshare driver who may have balances with interest rates, debt consolidation may be a good idea.

Buy a new car

Using a loan to buy a new car can be a good way to solve a pretty big problem. After all, having a quality car is an asset as a Lyft or Uber driver. Taking out a loan allows drivers to have a solid source of income without having to dip into their savings or shell out hefty up-front payments.

Are they eligible for loans?

The simple answer is yes, Lyft and Uber drivers are eligible for certain loans.

Unfortunately, unlike contractors, Lyft and Uber drivers may have a harder time qualifying for any type of loan. This is largely due to the unpredictability of the ridesharing industry, stringent documentation requirements, poor credit history, and even employment status.

Types of loans available

There are different types of loans available for Lyft and Uber drivers to choose from and apply for, depending on specific circumstances. We have described some of the most suitable options below.

Payday loans

One of the main buffers to ensure that a car stays in pristine condition is a payday loan. Although this can be a practical solution if they are in a difficult situation, it often comes with higher interest rates which can make repayments much more expensive than they should be.

Secured loans

These have lower interest rates in exchange for collateral types of items. It’s one of the best types of loan a Lyft or Uber driver can get, and it’s good for improving credit scores. Yet, if a loan is not repaid on time, the car may be lost as collateral.

Unsecured Loans

It’s another good option for Lyft and Uber drivers to consider, but it’s much harder to qualify than other types of loans. If they don’t want to put their car under warranty, this is a great alternative.

Loans for bad credit

If rideshare drivers have a bad credit history and are not eligible for secured loans, this is a good alternative. However, it has stricter repayment terms and much higher interest charges as they pose more risk to lenders.

Credit card

It’s the best option for Lyft and Uber drivers looking to fund some bills from time to time. It’s a pretty straightforward route to a line of credit that can be used to make purchases for the car, buy gas, and even pay for needed repairs. However, they must repay the minimum amount before the delegated due date.

Personal loans

Lyft and Uber drivers can apply for personal loans in any situation. If they have collateral or decent credit, they can receive much lower rates on whatever loan they get. Whether they want to finance car repairs or buy months worth of fuel for the car, a personal loan can be a very useful tool!

Other financing options to consider

Instead of resorting to quick cash loans or payday loans with high interest rates and fees, here we have listed the various alternative funds that drivers can apply for.

Credit line

Sometimes a borrower does not need to take out a loan but still does not have enough money should an emergency arise. This is where a strong line of credit will come in handy. It provides Lift and Uber drivers with a comfortable cushion of funds to cover maintenance costs and other relevant purchases.

Cash advance

If a Lyft or Uber driver has bad credit, a cash advance may be the answer. It is not a loan, but rather a calculated cash amount that is given to the driver based on all of their future earnings.

Alternative Small Business Lending Platforms

There are many companies that might be willing to offer more suitable loans for small businesses operating in the economy, such as Lift and Uber drivers.

Depending on which lender they choose to go with, drivers could receive a loan of $10,000 and an additional $15,000 in the form of a line of credit.

These lenders usually charge higher interest rates, which can put anyone in a more difficult financial situation.

Summary

There is no doubt that being a Lyft or Uber driver can sometimes be quite an expensive task. Fortunately, drivers no longer have to shell out money out of pocket to cover work-related expenses. This is because there are many suitable financial alternatives.

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5 Tech Trends Helping Unbanked People Access Financial Services https://criminaljustice-online.com/5-tech-trends-helping-unbanked-people-access-financial-services/ Mon, 31 Oct 2022 19:54:17 +0000 https://criminaljustice-online.com/5-tech-trends-helping-unbanked-people-access-financial-services/ Mobile banking is booming. Online payment services are all the rage. These are two of the findings of the Federal Deposit Insurance Corp’s 2021 National Survey. on unbanked and underbanked households, a biennial survey investigation which measures the means and degrees to which Americans access safe and affordable banking services. The agency partnered with the […]]]>

Mobile banking is booming. Online payment services are all the rage.

These are two of the findings of the Federal Deposit Insurance Corp’s 2021 National Survey. on unbanked and underbanked households, a biennial survey investigation which measures the means and degrees to which Americans access safe and affordable banking services. The agency partnered with the US Census Bureau to collect responses from more than 30,000 households in the United States in June 2021.

This year’s survey had a number of takeaways with implications for banking technology, including the prevalence of mobile banking as the primary form of account access, usage patterns of online payment services and technologies that have potentially helped more people obtain banking services or find alternatives. to predatory services. Even though the national unbanked rate has fallen, there are persistent problems with access to banking services among minorities – an issue that has technological implications that are not discussed in detail in the report.

“We’ve had nearly a decade of large-scale digitization of financial services and mass adoption of smartphones,” said Sarah Morgenstern, venture capital partner at Flourish, a venture capital firm that invests in startups. focused on financial health. “This has helped reduce costs and increase access to financial products at fair prices, especially for low- and middle-income consumers.”

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Video: Rep. Elaine Luria Holds Press Conference on Jen Kiggans Vote Against Military and Military Families https://criminaljustice-online.com/video-rep-elaine-luria-holds-press-conference-on-jen-kiggans-vote-against-military-and-military-families/ Fri, 28 Oct 2022 16:44:54 +0000 https://criminaljustice-online.com/video-rep-elaine-luria-holds-press-conference-on-jen-kiggans-vote-against-military-and-military-families/ ICYMI: Congresswoman Luria Holds Press Conference on Jen Kiggans Vote Against Military and Military Families VIRGINIA BEACH, Virginia – Today, Elaine Luria (VA-02), former small business owner and 20-year Navy veteran congresswoman, held a press conference with local leaders and veterans after he It was revealed that Jen Kiggans took money from the predatory payday […]]]>

ICYMI: Congresswoman Luria Holds Press Conference on Jen Kiggans Vote Against Military and Military Families

VIRGINIA BEACH, Virginia – Today, Elaine Luria (VA-02), former small business owner and 20-year Navy veteran congresswoman, held a press conference with local leaders and veterans after he It was revealed that Jen Kiggans took money from the predatory payday loan industry and then voted against a bipartisan bill that would crack down on exploitative industry practices that harm active duty personnel and workers. military families.

The press conference took place outside the Republican National Committee for Veterans Affairs Community Center in Virginia Beach, which was closed at the time. Click here for the press conference livestream. Additional videos and photos are available here.

“Jen Kiggans took tens of thousands of dollars from a Republican PAC with substantial financial backing from the payday loan industry before voting against a bipartisan bill that would crack down on payday lenders who exploit our active duty personnel. , our veterans and our military families,” said MP Luria. “Whether it’s supporting a nationwide ban on abortion, refusing to say Joe Biden won a free and fair election, or taking money from a shady political organization and then voting against protecting of our military families, Jen Kiggans has proven time and time again that she cannot be trusted. She will say and do anything to get elected, including voting against the men and women who risk their lives for serve our country.

Kiggans voted against Senate Bill 421, the bipartisan Virginia Fairness in Lending Act, which caps operating interest on payday loans and expands access to credit.

After being asked by WAVY 10 about her vote, Kiggans abruptly left the interview with the station’s microphone still attached. Campaign finance reports show Kiggans received $20,000 in contributions from a Republican PAC funded by the payday loan industry before she voted against the legislation as a state senator.

“There is nothing I value more as a legislator than fighting for our veterans,” said Virginia House Democratic Leader Don Scott. “Jen Kiggans needs to explain why she took $20,000 from our military and their families and then ran when asked about it.”

]]> How to prepare for a recession — even if -2- https://criminaljustice-online.com/how-to-prepare-for-a-recession-even-if-2/ Tue, 25 Oct 2022 18:51:00 +0000 https://criminaljustice-online.com/how-to-prepare-for-a-recession-even-if-2/ People should also be aware of the risks of “old-school predatory lending,” Williamson added, including payday loans, auto-title lenders and rent-to-own businesses. Payday lenders in particular tend to settle in communities of color, Williamson said, and are marketed as easy ways to get money. Often these loans come with high rates. “They have an established […]]]>

People should also be aware of the risks of “old-school predatory lending,” Williamson added, including payday loans, auto-title lenders and rent-to-own businesses. Payday lenders in particular tend to settle in communities of color, Williamson said, and are marketed as easy ways to get money. Often these loans come with high rates.

“They have an established presence in the community, and in many ways low-income consumers need to look beyond that to determine if there are other, more sustainable ways to get a small loan,” said Williamson.

When credit becomes harder to come by during a recession as lenders limit borrowing, people will be tempted to turn to abusive products and worse terms because it seems like whatever is available, Friedline said.

Credit card issuers previously reduced credit limits during the COVID-19 pandemic and the Great Recession, a measure that may help them avoid losses from consumers unable to repay debts, according to a June report from Consumer Financial Protection Bureau. However, these discounts can dramatically increase usage, or consumers maxing out their cards, which in turn can lower credit scores and make it even more difficult to borrow.

“People on low incomes are short on money, so you may know you’re being scammed, but what other options do you have?” Friedlin said.

Still, she said to watch out for promises of “a new product you’ve never heard of before that’s positioned as something that’s really going to help you,” like payday advances offered by an employer, which may come with a fee. and have worried some consumer advocates.

Given these vulnerabilities, Friedline added, policymakers could put in place more regulations and consumer protections, like interest rate caps on small loans. “The exploitation that we think is likely to happen doesn’t have to happen,” she said.

Of course, not all forms of support are scams. There are government programs that will help cover or reduce utility bills, for example. Consumers can sign up for Federal Trade Commission email alerts to stay up to date on money-saving tips and scammers taking money.

People can contact the Consumer Financial Protection Bureau with complaints about financial services, Friedline noted. The agency also offers several guides for those looking to buy a home, maintain their financial health in emergencies and disasters, or plan for retirement.

Collins, of the University of Wisconsin-Madison, noted that it helps to keep an open dialogue with family members about the financial situation. It’s normal to feel stressed about your budget, but there’s no point in ignoring the problems.

“The more people can talk about this stuff, whether it’s virtually or with friends and families or others — just so it’s less taboo — that’s important,” Collins said.

-Emma Ockerman

 

(END) Dow Jones Newswire

10-25-22 1451ET

Copyright (c) 2022 Dow Jones & Company, Inc.

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