payday loans – Urban Art Adventures http://www.urbanartadventures.com/ Sat, 26 Mar 2022 14:45:01 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://www.urbanartadventures.com/wp-content/uploads/2021/11/icon-17.png payday loans – Urban Art Adventures http://www.urbanartadventures.com/ 32 32 Wagely Wins Additional $8.3M in Oversubscribed Pre-Series A Funding https://www.urbanartadventures.com/wagely-wins-additional-8-3m-in-oversubscribed-pre-series-a-funding/ Wed, 16 Mar 2022 03:36:00 +0000 https://www.urbanartadventures.com/wagely-wins-additional-8-3m-in-oversubscribed-pre-series-a-funding/ Jakarta, Indonesia and DHAKA, Bangladesh, March 16, 2022 /PRNewswire/ — salary, from Asia the fastest growing financial wellness platform has raised $8.3 million in oversubscribed pre-Series A funding as company expands platform to help workers access their on-demand earned wages in Indonesia and Bangladesh. The funding comes just seven months after securing its seed funding. […]]]>

Jakarta, Indonesia and DHAKA, Bangladesh, March 16, 2022 /PRNewswire/ — salary, from Asia the fastest growing financial wellness platform has raised $8.3 million in oversubscribed pre-Series A funding as company expands platform to help workers access their on-demand earned wages in Indonesia and Bangladesh. The funding comes just seven months after securing its seed funding.

The oversubscribed funding round was led by East Ventures (Growth Fund) with participation from existing backers including Integra Partners, Asian Development Bank, Global Founders Capital, Trihill Capital, Blauwpark Partners and 1982 Ventures, bringing total funding raised to $14 million in less than two years.

Wagely also revealed that he had secured backing from Central Capital Ventura, the VC arm of indonesia largest private bank, Bank Central Asia (“BCA”). Investment in Wagely Supports Commitment to Expand Digital Financial Ecosystem and Deliver Financial Wellness Solutions Across Indonesia.

With stagnant incomes, the rising cost of living and lack of savings, workers are under daily pressure to stay afloat financially. The options for this segment are very limited in the face of an urgent need for cash. The result is a vicious cycle of repeated reliance on payday loans and other expensive financial products, leading to pervasive financial stress among the workforce. Launched in 2020, Wagely is building a holistic financial wellness platform with Earned Wage Access (“EWA”) at its core that allows workers at partner employers to access their earned wages in real time. The concept, which has been proven in several markets around the world, has been adopted by some of the most renowned organizations, including Walmart, Pizza Hut and Visa, to reduce turnover, improve productivity and increase savings. companies.

Founded by former executives from Grab and Tokopedia, Wagely has seen strong growth in its markets, with its user base growing 10 times a year in 2021, while partnering with some of them. indonesia largest employers, including British American Tobacco, Ranch Market, Adaro Energy and Medco Energi. The pandemic has exacerbated the financial hardship faced by low- and middle-income workers, increasing the need for employers to reduce financial stress on their workers.

Commenting on the investment, Roderick Purwana, Managing Partner of East Ventures, said: “With Wagely’s rapid growth over the past few quarters, we believe they will be the go-to partner for large companies aiming to challenge the status quo of the financial well-being of workers in Indonesia and beyond. We are thrilled to support Tobias, Didi, Kevin and the payroll team as they change the lives of millions of workers across Asiawhere more than 75% of the population lives on a wage to wage basis.”

Pre-Series A funding comes only months after the company expands to Bangladesh, home to the 7th largest working population in the world. “We are proud to operate successfully in two of the largest markets in Asia, employing more than 150 million workers. Instant access to wages plays a central role in reducing costs for employers and increasing worker productivity and well-being. We are honored to offer Wagely’s financial wellness platform to leading apparel manufacturers from Bangladeshincluding SQ Group, Classic Composite and Vision Garments“, noted Tobias FisherCEO and co-founder of Wagely.

The new capital will allow the company to accelerate its leading position in the market Indonesia and Bangladesh and spur development of its holistic financial wellness platform, which the company plans to begin rolling out later this year.

SOURCE salary

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Payment Processor That Helped Fake Bilk Discount Clubs Consumers to Pay $2.3M in FTC Case https://www.urbanartadventures.com/payment-processor-that-helped-fake-bilk-discount-clubs-consumers-to-pay-2-3m-in-ftc-case/ Fri, 11 Mar 2022 18:00:00 +0000 https://www.urbanartadventures.com/payment-processor-that-helped-fake-bilk-discount-clubs-consumers-to-pay-2-3m-in-ftc-case/ A payment processor that allegedly helped a bogus discount club system debit tens of millions of dollars from consumers without authorization will have to pay $2.3 million and face a permanent ban from working with high-end customers. risk following a Federal Trade Commission lawsuit. According to the FTC’s complaint in the case, which was first […]]]>

A payment processor that allegedly helped a bogus discount club system debit tens of millions of dollars from consumers without authorization will have to pay $2.3 million and face a permanent ban from working with high-end customers. risk following a Federal Trade Commission lawsuit.

According to the FTC’s complaint in the case, which was first filed in 2017, iStream Financial Services and its senior executives, Kris Axberg and Richard Joachim, allegedly debited money from consumers seeking loans on salary or cash advances, but were signed up for a bogus coupon service and charged an upfront fee of up to nearly $100 plus up to $19.95 per month. Consumers were enrolled in the discount club program online and through outbound telemarketing.

The complaint alleged that 99.5% of consumers illegally charged for “discount clubs” never accessed any coupons, and that tens of thousands of them called the defendants to try to reverse the charges, while that thousands more disputed the fees directly with their banks.

“The order announced today prohibits iStream from processing high-risk payments and orders it to pay $2.3 million that can be used to reimburse defrauded consumers,” said Samuel Levine, director of the Bureau of FTC Consumer Protection. “Unfortunately, this amount represents a small fraction of the approximately $40 million in total losses suffered by consumers as a direct result of the Supreme Court’s decision in AMG. Without a legal solution to restore the FTC’s strongest authority to obtain refunds, these consumers, and millions more like them, cannot be cured.

Payment processors, like iStream, offer merchants the ability to obtain customer payments for products and services through electronic banking. According to the complaint, iStream, in conjunction with merchants, used a type of payment called a remotely created check (RCC) to withdraw money from consumer accounts, causing significant harm to hundreds of thousands of consumers, often those who could least afford to have funds unexpectedly taken from their accounts without authorization.

iStream, which processed all payments for the discount club from November 2010 to April 2016, consistently ignored the high return rates generated by discount club transactions, a red flag indicating illegal debit. According to the FTC’s complaint, iStream also ignored other indications of fraudulent activity, including that the primary merchant client involved in the scheme from 2010 through September 2013 was EDebitPay, LLC, a company that had previously subject of previous enforcement actions by the FTC for engaging in very similar misconduct.

Under the proposed settlement order, defendants will be permanently prohibited from using any form of remotely created payment orders, including RCCs, as well as from processing payments on behalf of any customer whose activity involves outbound telemarketing, discount clubs or offers to help consumers. with payday loans. The order will also prohibit the defendants from providing payment services to any customer that the defendants know or should know violates the FTC Act or the Telemarketing Sales Rule (TSR).

The order will require the defendants to conduct a thorough screening of all of their existing customers as well as all future customers to ensure that the customers do not violate FTC or TSR law.

The FTC’s case against the other defendants in the case, including the merchants operating the discount club system, is ongoing.

The Commission’s vote approving the stipulated final order was 4-0. The FTC filed the draft order in the United States District Court for the Northern District of Georgia.

REMARK: The stipulated final orders have the force of law when approved and signed by the judge of the district court.

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Government changes controversial lending rules https://www.urbanartadventures.com/government-changes-controversial-lending-rules/ Thu, 10 Mar 2022 23:45:56 +0000 https://www.urbanartadventures.com/government-changes-controversial-lending-rules/ The government is making changes to its controversial loan laws, following complaints that it was preventing some people in a decent financial position from getting mortgages and other loans. By Kathryn Armstrong The rules were changed in December in a bid to protect people against loans they could not afford. However, this meant that banks […]]]>

The government is making changes to its controversial loan laws, following complaints that it was preventing some people in a decent financial position from getting mortgages and other loans.

By Kathryn Armstrong

The rules were changed in December in a bid to protect people against loans they could not afford.

However, this meant that banks and other lenders had to take a closer look at people’s spending when assessing the financial situation, especially when it came to their spending.

“Someone would bungee jump and then the bank would say, ‘How often do you bungee jump? ‘” Economist Tony Alexander said.

He thinks part of the problem was that as banks feared huge fines if they failed to apply the new rules correctly, they became incredibly cautious.

Trade Minister David Clark said the problem was how the rules were interpreted.

He said the rules have now been clarified to make them simpler.

This includes clarifying that where borrowers provide a detailed breakdown of future living expenses, there is no need to learn current living expenses from recent banking transactions.

Nor do lenders need to treat a loan applicant’s regular savings as an expense.

“In very simple terms, that means banks don’t have to dig into your bank statements for the past few months,” Alexander said.

They can take your word for your future spending.”

Meanwhile, a broader investigation into the rapid implementation of the December CCCFA changes continues.

David Clark said that so far there was no reason to believe that the new laws were the main driver of the loan reduction.

ACT chief David Seymour welcomed the clarification of “excessive lending rules that allowed people to choose between Netflix and a mortgage”.

Seymour said the ACT has been calling for changes to the law since January after the effects of “were crippling for those seeking a loan”.

“The occasional flat white should never have been a reason to keep a first-time home buyer off the market.”

Tony Alexander said that although it is too early to see a huge change in the amount of money loaned, there have been other noticeable effects.

“Applications going to banks, to mortgage brokers, really started to drop quite dramatically since probably just before December 1, partly because of loan-to-value ratios.”

Financial mentoring group FinCap said it has noticed positive changes since the December Lending Act was amended.

North Harbor Budgeting Service financial mentor David Verry said the reforms have led to the demise of mobile or payday lenders, like truck shops.

“The number of people we had before – I had clients who had five or six payday loans – I don’t see payday loans now, or anything like a payday loan,” he said.

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Philadelphia City Council Moves Towards Nation’s First City Bank https://www.urbanartadventures.com/philadelphia-city-council-moves-towards-nations-first-city-bank/ Fri, 04 Mar 2022 23:34:30 +0000 https://www.urbanartadventures.com/philadelphia-city-council-moves-towards-nations-first-city-bank/ The city council voted 15-1 to pass legislation that will launch the creation of the Philadelphia Public Financial Authority on Thursday. The entity is supposed to provide loans and improve access to credit and other financial services to disadvantaged communities. It is also seen as a first step towards the city creating its own municipal […]]]>

The city council voted 15-1 to pass legislation that will launch the creation of the Philadelphia Public Financial Authority on Thursday.

The entity is supposed to provide loans and improve access to credit and other financial services to disadvantaged communities. It is also seen as a first step towards the city creating its own municipal bankwho would be the first in the country.

Although the PPFA does not initially provide checking or savings accounts, it could potentially do so in the future, which some supporters of the bill hope.

The authority “will have the ability to provide letters of credit as well as guarantees to businesses, especially black and brown businesses…that have not traditionally had this type of financial product,” council member Derek Green said. , who introduced the bill.

these financial tools are essentially a promise from the authority to traditional lenders that it will repay whatever an entrepreneur borrows.

Green, who was himself a banker, said he started working on the bill when he took office six years ago. He knows many residents who could have benefited from the program, including a friend who has a small tech business.

The business owner entered into a contract with the city in October 2021 and provided the agreed services, but was not paid due to issues on the city side. The owner then needed to borrow money to pay the payroll.

“They went to their traditional lender, who they had a 17-year relationship with, and that lender wouldn’t increase their line of credit that they needed for their cash flow,” Green said. “They were actually thinking of going to an alternative lender and paying a much higher interest rate just to generate cash flow for their employees.”

The authority’s focus on entrepreneurs of color stems from the country’s long history of redlining and loan discrimination. Green says these factors have left African Americans and Latinos own only 10% of businesses have employees in Philadelphia, even though they represent 44% and 15% of the city’s population, respectively.

Green said the PPFA was formed under the aegis of Pennsylvania Economic Development Financing Actwhich allows municipalities to form an agency that can borrow money to provide residents with loans and letters of credit.

Municipalities in Pennsylvania are prohibited from creating their own municipal banks, so this is a way around this rule, Green Recount Billy Penn.

But some of the bill’s supporters would like to see Philly enter the realm of personal banking, given that 10% of households in the city do not have a checking or savings account and 22% are underbanked. This leaves them with limited access to credit and financial services such as payday loans or check cashing services not offered by the banks where they have accounts.

The PPFA will be led by a nine-person board of directors appointed by the mayor, the Philadelphia Business Journal reports. Whenever a position becomes available, the city council will have the opportunity to recommend candidates. These trustees will appoint a nine-person policy council that will guide the day-to-day operations of the authority.

At least five board members would need five years of experience working on issues such as neighborhood small business development, public transportation, and environmental and racial justice.

Additionally, a board member must be an officer of the Pennsylvania Community Development Financial Institutions Network – a coalition financial institutions focused on community development. Another must be a member of the board of directors of a minority-owned bank and another must have worked for two years to defend the economic interests of consumers and the community.

But not everyone thinks creating a public bank is a good idea. The city government is far from free from its own financial problems.

“Do you really trust that a city that hasn’t reconciled its bank statements for seven years can reliably take taxpayers’ money and play banker with it?” Larry Platt, co-founder of the Philadelphia Citizen, wrote in a editorial on the site last month.

In the article, he points out that the city would need large public subsidies to launch the project and notes that a study of starting a public bank in San Francisco found that it would take 56 years for the project reaches the break-even point.

Platt also points out that there are other ways to increase access to credit in underserved communities of color, some of which are already being implemented in Philadelphia.

Several organizations focused on improving the flow of capital in communities like the ones Green focuses on have been created in recent years.

This includes the Philadelphia Growth, Resiliency, Independence, Tenacity Fund – a $100 million fund collaboration between 30 financial institutions to provide credit to black and brown communities through CDFI of Pennsylvania.

Platt added that there is currently a movement create more black-owned banks in the country. Currently, only 21 of the country’s more than 4,000 banks are owned by African Americans, but many believe they would do a better job providing credit to communities of color.

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Payday Loans Statistics | The bank rate https://www.urbanartadventures.com/payday-loans-statistics-the-bank-rate/ Mon, 28 Feb 2022 20:04:08 +0000 https://www.urbanartadventures.com/payday-loans-statistics-the-bank-rate/ Here’s a breakdown of payday loan demographics by parental status. Parents are more likely to take out payday loans than non-parents. Parental status Percentage having used a personal loan non-relative 5% relative 8% payday loans in america The rates and terms of payday loans can vary widely by state. Some states don’t even allow payday […]]]>

Here’s a breakdown of payday loan demographics by parental status. Parents are more likely to take out payday loans than non-parents.

Parental status Percentage having used a personal loan
non-relative 5%
relative 8%

payday loans in america

The rates and terms of payday loans can vary widely by state. Some states don’t even allow payday lenders because these lenders can sometimes be debt traps. In states where payday loans are permitted, one of three levels of regulation may apply.

Permissive states allow high loan fees and APRs and generally have the fewest restrictions. Hybrid states tend to have more restrictions, either by having rate caps, restrictions on loans per borrower, or giving borrowers more payment periods to repay the loan. Restrictive states don’t allow payday loans or have a 36% APR rate cap, making it virtually impossible for payday lenders to set up shop in these states.

Payday loans are most common in urban areas and the Midwest, with 7% of urban residents and 7% of Midwest residents using them.

Why do people use payday loans?

Payday loans are intended for urgent or unexpected expenses, and it is generally advisable to avoid using them for anything else if possible. If someone is living paycheck to paycheck and falling behind on their bills, a payday loan to cover groceries or rent might seem like a great idea. Unfortunately, the fees incurred by these loans are usually higher than the loan itself, pushing borrowers further into the cycle of debt.

However, the majority of payday loan borrowers, 69%, use these loans for regular expenses.

Payday loans are commonly used to pay:

  • Utilities
  • Car payment
  • Payment by credit card
  • Rent/mortgage
  • Food

Alternatives to payday loans

If you’re in dire financial straits and want to borrow money quickly, payday loans aren’t your only option. Payday loans tend to start a borrowing cycle, and borrowers are likely to get in over their heads with extremely high fees. There are several alternatives to taking out a payday loan, including loans for lenders with bad credit, credit card cash advances, and personal installment loans.

These options have lower fees and longer repayment terms. Credit card cash advances have high APRs similar to payday loans, but they allow the borrower a longer period to repay the loan.

While personal loan interest rates will be higher for less qualified borrowers, personal loan rates are capped at around 36%, significantly lower than payday loan rates. Additionally, personal lenders tend to charge lower fees than payday lenders.

If you decide to take out a personal loan, be sure to do your research on today’s best personal loan rates and bad credit loans.

The bottom line

Payday loans can be extremely useful for those who find themselves struggling with unexpected expenses or falling behind in their day-to-day expenses. Payday lenders lend money to people who may not qualify elsewhere. However, taking out a payday loan usually leads to taking out more, leaving borrowers in a cycle of debt. Younger, lower-income borrowers are more likely to take out these loans, and people of color also tend to take out payday loans at higher rates.

If you are considering a payday loan, make sure you know the payday loan rules in your state and that you are getting the lowest APR you can find in your area. Also, beware of payday scams, as the lack of regulation in some states can cause lenders to take advantage of borrowers. However, if you can qualify, taking out a personal loan or credit card cash advance is a safer and less expensive option.

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Florida tenants have few rights. Officials try to help https://www.urbanartadventures.com/florida-tenants-have-few-rights-officials-try-to-help/ Sat, 26 Feb 2022 20:45:18 +0000 https://www.urbanartadventures.com/florida-tenants-have-few-rights-officials-try-to-help/ OPINION AND COMMENT Editorials and other opinion content provide viewpoints on issues important to our community and are independent of the work of our newsroom reporters. In January, Hialeah tenants protested rent increases outside the Miami office of Eco Stone Group, their new landlord. Pedro Portal pportal@miamiherald.com Here’s the not-so-new news: Florida law leans heavily […]]]>

OPINION AND COMMENT

Editorials and other opinion content provide viewpoints on issues important to our community and are independent of the work of our newsroom reporters.

title=

In January, Hialeah tenants protested rent increases outside the Miami office of Eco Stone Group, their new landlord.

pportal@miamiherald.com

Here’s the not-so-new news: Florida law leans heavily in favor of landlords and property rights. So there’s no cavalry coming to the rescue of tenants facing jaw-dropping rent increases in South Florida.

Governments can do little under state law to protect renters from price gouging. But they can protect tenants in other ways, such as through the order the Miami Beach City Commission unanimously approved this month requiring landlords to give 60 days notice before moving in. increase the rent by more than 5%. This rule could be extended to the rest of Miami-Dade County under legislation proposed by Commissioner Eileen Higgins.

Sixty days gives renters time to look for cheaper living options if they don’t plan to pay. But a rent increase is a rent increase, and many tenants won’t find greener pastures elsewhere.

So what else is available, or in the works, to help tenants? The Herald editorial board has compiled important information tenants need to know.

Rent control

State law prevents cities and towns from imposing caps on rent increases in most cases and Democratic Bills in the Legislative Assembly to change who are doomed.

There is an exception if a local government can declare a “housing emergency which is so serious that it poses a serious threat to the general public”. If we’re not here in Miami-Dade yet, we’re very close. The city or county would then ask voters to approve the control measures for one year, after which the same process would have to repeat for renewal, including voter approval.

In December, two dozen Democratic state lawmakers signed a letter asking Governor Ron DeSantis to declare a state of emergency due to the “ongoing affordable housing crisis” and directing the state’s Attorney General to “recognize any rental price increases greater than 10% as a price increase”. DeSantis ignored the request. No surprise there.

Meanwhile, the St. Petersburg City Council voted in December to explore the idea of ​​capping rent prices for a year. A similar move is unlikely to happen in Miami-Dade County or the City of Miami, given the conservative lean of some commissioners and the backlash it would face from builders and owners, who have also seen their costs increase thanks to inflation.

Rent control is not the only option available to local governments. Other creative solutions include granting tax exemptions to landlords who don’t raise rent above a certain threshold, state Rep. Anna Eskamani, D-Orlando, told the editorial board. . It is time for local governments to start thinking about it seriously.

A fix that won’t help

One of the Legislature’s solutions to the state’s housing affordability crisis was Senate Bill 884 / House Bill 537that would allow landlords to charge tenants a non-refundable monthly fee instead of an upfront security deposit.

At first glance, this would relieve tenants who cannot afford high moving costs. But here’s the catch: Landlords wouldn’t be required to pay back fees at the end of the lease like they do with security deposits, nor would payments apply to damage beyond normal wear and tear. . This means that this alleged fix could cause more problems and expense for tenants who have no other option. Of course, it’s driven by LeaseLock, a finance company that offers the fee option in 129 Florida communities.

The legislature should offer more protections to tenants, not make them more vulnerable to potentially predatory practices that opponents liken to payday loans that trap workers in an endless cycle of debt.

Can I withhold my rent?

Many tenants are unaware that they can withhold rent payments if a landlord has failed or refused to provide important maintenance that renders “rented premises totally unlettable”, according to State Law. The tenant must provide seven days written notice and give the landlord at least 20 days to make the repairs. The Florida Bar has a model of this notice on its website and instructions on how and when to withhold rent.

However, what is in the law often differs from reality. Horror stories of bug infestations, toxic mold in apartments and hostile landlords are common in Miami-Dade, as Zaina Alsous of the Miami Workers Center told the Herald editorial board. Her advice is for tenants living in uninhabitable conditions to talk to neighbors facing similar issues and organize – “There is power in the union,” she said.

Where can I ask for help?

The Miami Workers Center is one of the organizations that connect tenants risk of deportation to legal and community defence. The Miami-Dade County Commission is creating a housing advocacy office, and commissioners Raquel Regalado and Jean Monestime are working on an ordinance called the Tenant’s Bill of Rights to define what that office will do.

A draft order shows the office would, among other things, create a tenant hotline and a webpage with resources and downloadable forms – i.e. eviction and withholding rent – approved by the Florida Bar and translated into Spanish and Creole.

Declaration of tenant rights

Here are some of the things the bill would do:

▪ Landlords could not require potential tenants to disclose a prior eviction until their application is approved. That information is public record, but Regalado said the rule would give applicants a face-to-face chance to be approved without prior expulsion looming against them.

▪ If a rental unit is sold, the seller or buyer must give tenants 60 days notice with a monthly agreement if the sale results in the termination of tenancies.

▪ Require landlords to provide tenants with notice of their rights no later than 10 days after signing or renewing a lease.

▪ Require landlords to notify tenants within 14 days of receiving notice that a residential building may be unsafe.

The Tenant Bill of Rights is “a first step,” Regalado told the drafting committee. It won’t solve the #1 problem tenants face: skyrocketing rents. And there are other issues that need to be addressed, like the fact that only 10% of tenants have legal representation when facing eviction, according to the Workers Center.

But in a state where tenants are often on their own, they will take whatever help they can get.

BEHIND OUR REPORTS

What is an editorial?

Editorials are opinion pieces that reflect the opinions of the Miami Herald Editorial Board, a group of opinion journalists that operates separately from the Miami Herald newsroom. Members of the Miami Herald editorial board are: Nancy Ancrum, editorial page editor; Amy Driscoll, Associate Editorial Page Editor; and columnists Luisa Yanez and Isadora Rangel. Find out more by clicking on the arrow at the top right.

What is the difference between an editorial and a column?

editorialsshort for “across from the editorial page”, are opinion pieces written by contributors who are not affiliated with our Editorial Board.

Columns are recurring opinion pieces that represent the views of staff columnists who regularly appear on the Opinion Page.

How does the editorial board of the Miami Herald decide what to write about?

The editorial board, made up of confirmed opinion journalists, primarily addresses local and state issues that affect South Florida residents. Each board member has an area of ​​interest, such as education, COVID, or local government policy. Board members meet daily and discuss a range of topics. Once a topic has been thoroughly discussed, board members will report the issue further, interviewing stakeholders and others involved and affected, so that the board can present the most informed opinion possible. We strive to provide our community with thought leadership that champions policies and priorities that strengthen our communities. Our editorials promote social justice, equity in economic, educational and social opportunity and an end to systemic racism and inequality. The Editorial Board is separate from the Miami Herald’s reporters and newsroom editors.

How can I contribute to the Opinion section of the Miami Herald?

The Editorial Board welcomes 650-700 word opinion submissions from community members who wish to advance a specific point of view or idea that is relevant to our region. You can send an opinion submission by e-mail to oped@miamiherald.com. We also welcome 150-word letters to the editor from readers who wish to offer their views on current issues. For more information on how to submit a letter, go to here.

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10 Common Reasons People Use Payday Loans | Ask the Experts https://www.urbanartadventures.com/10-common-reasons-people-use-payday-loans-ask-the-experts/ Fri, 25 Feb 2022 01:52:00 +0000 https://www.urbanartadventures.com/10-common-reasons-people-use-payday-loans-ask-the-experts/ Struggling to fund an emergency? What should you do if you need money right now? First of all, assess the situation and do not make hasty decisions. Payday loans play a good role here to help you pay off your debt and spend the necessary amount of money for emergency expenses. We recommend the option […]]]>

Struggling to fund an emergency? What should you do if you need money right now? First of all, assess the situation and do not make hasty decisions. Payday loans play a good role here to help you pay off your debt and spend the necessary amount of money for emergency expenses.

We recommend the option of taking out a payday loan DirectLoanTransfer if you have a short-term disruption to your finances. Thus, you can repay your debt in just one to two months and calmly continue to pay your loans on time.

More often than not, we find ourselves in a financial bind. Suppose you spread yourself too thin and exhaust your borrowing options. Now what? Let’s take a look at 10 good reasons why people take payday loans.

Reasons to get a payday loan

1. When you can’t afford major purchases

A client took out payday loans to buy new appliances, a cell phone, a fur coat for his wife, a car and winter tires. He was able to finance all of these purchases with payday loans while saving money to pay for his personal needs and necessities, such as food, gas, and clothing.

2. To avoid empty pockets

Over the past 15 years, a customer has taken out about 10 loans to buy a camera, two tablets, two phones, and new furniture. Taking out payday loans allowed her to buy what she needed and still have money in her pocket. These were well-calculated decisions that helped the client get the necessities without spending all her money.

3. Out of madness

A customer broke his phone. Unfortunately, he had no savings, so he took out a loan. Therefore, the customer filled out a request directly in the store, but only one bank responded. The fees and interest rates on this bank loan were thousands of dollars more than the original amount he had borrowed. After this realization, he decided to look into payday loans instead. The client received money instantly and didn’t have to worry about trailing payments that accrue interest. With payday loans, he got his phone and paid off the debt in just one month – easy and hassle-free!

4. If there is not enough will to accumulate

Let’s say you took out two payday loans, the first for remote programming lessons and the second for a digital piano. One has already been paid, the other is being paid. There is not enough will to save on such acquisitions. Each time, think carefully about the need to apply for a payday loan. Consult specialists from different banks and don’t forget to consider different payday loan offers. Due to this, thanks to the training, you will receive attractive offers of personal loans from the management, and the piano will become a source of additional income.

5. To raise the standard of living

A payday loan is a great opportunity to get an item at a discount. You can close the debt on the first payment, saving a little. Credit cards help you get certain things without overpaying but a little earlier. Payday loans will help you raise the bar on quality of life. It is not because there are things that are borrowed. Indeed, you will start thinking in slightly different numbers with a payday loan.

6. Live until the next paycheck

Payday loans can help solve urgent and unexpected financial difficulties, but sometimes high rates and overpayments can create long-term problems in a family’s budget. Now we have to work for the loans. All the money is divided into two categories: repayment of the loan and somehow stretching the salary.

7. In order not to constrain oneself in desires

Payday loans can be taken on a whim. For example, if you suddenly wanted to renew your fleet of vehicles and it was uncomfortable to withdraw the full amount of traffic and savings, even if formally there was such an opportunity. You took about a few thousand dollars for six months for an iPhone. You can afford to take out a payday loan. You could take it for a wedding so as not to be afraid of desires, which is about 700,000 for three years.

A personal loan is a practical tool if it is not coerced. If credit money helps accelerate the rate of capital growth or get the feeling now and pay it back later, then that’s a good reason to agree to take out a payday loan.

8. In order not to choose what to buy

When repairing an apartment, money is needed for plastic windows or TV. Suppose you need to borrow several thousand dollars for a television. Let’s say it would be a shame if you gave more than five thousand a month, but the way of life will not change. It is likely that you will not regret having taken out a personal loan. Nevertheless, in the future, think about how you could save in advance.

9. To spend money on the most important

Suppose you have taken out many small loans that could amount to hundreds of dollars. You close one and immediately organize the next, for example for studies, treatment, travel, expensive furniture or equipment. In general, for whatever is most important. Additionally, you can use a credit card with a limit of a few thousand. Loans are always closed ahead of schedule in two or three months while spending money on useful and necessary things that you could not save for in any way and not on momentary pleasures like a bottle of expensive alcohol or unnecessary clothes.

10. When there are no other options

Let’s say the roof of your house was in a terrible state. Suppose an urgent repair is needed, but it would be impossible to save such an amount even if the whole family saved the entire salary. Then a payday loan is a very good option.

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Evangelical Responsibility Extends to Politics https://www.urbanartadventures.com/evangelical-responsibility-extends-to-politics/ Wed, 23 Feb 2022 11:43:11 +0000 https://www.urbanartadventures.com/evangelical-responsibility-extends-to-politics/ While Glenn Youngkin successfully campaigned last year as the Republican candidate for governor of Virginia, many critics pointed to his religious ties. Simply put, Youngkin supported Orthodox dissenters from the Episcopal Church as it embraced serious heresy and sin. As this denomination further supplanted biblical faith with universalism and sexual immorality, several northern Virginia congregations […]]]>

While Glenn Youngkin successfully campaigned last year as the Republican candidate for governor of Virginia, many
critics pointed to his religious ties. Simply put, Youngkin supported Orthodox dissenters from the Episcopal Church as it embraced serious heresy and sin. As this denomination further supplanted biblical faith with universalism and sexual immorality, several northern Virginia congregations severed ties, citing the institution’s total abandonment of Christianity.

Youngkin generously supported Holy Trinity Church in McLean, Va., a conservative congregation that has no official connection to an Anglican body. Whereas in the past generous donors to any church would have been considered upstanding citizens, today such religiosity – when leaning conservatively on moral issues – can be a major political liability. Apparently marching in Pride parades and supporting hours of drag queen storytelling is fine, but material support for Orthodox Christianity sets a bad example for children. Specifically, there is a popular notion that ardent and traditional Christians should not be in a position of significant political power and, if they are, they had better not act according to their religious principles, especially in regard to concerns morality.

Surprisingly, this claim comes from both inside and outside the church. Secular elites and even some prominent religious voices bemoan the presence of politically engaged Christianity, especially when it opposes the broader agenda, values ​​and conduct of the global managerial class. Certainly, many political candidates are not religious and must put on a show to attract conservative voters. Other well-meaning (or power-hungry) politicians have done poorly in determining how their faith should inform and guide their conduct and policies. The result is laudable examples of moral blindness, obvious religious ignorance and embarrassing scandals. And, it should be noted that such cases occur on both the right and left sides of the aisle.

Many liberal leaders claim a religious identity for themselves, even though the Democratic Party’s embrace of abortion-on-demand and sexual license has pushed many religious identities to breaking point. Only those with minimal religious beliefs, such as adherents of mainstream Protestantism or Reform Judaism, experience little tension in this regard.

A good number of self-described evangelicals today, however, seem uncomfortable with any exercise of political authority by other evangelicals. They see political power as inherently corrupt and worldly, and its exercise by Christians as a compromised witness to the watching world. A whole intellectual class exists to remind evangelicals that they must decouple their theology from their politics or stop making an idol of politics. They become uncomfortable with the idea of ​​laws and policies that punish, fine, and even imprison people for various offences.

If Christians cannot take power and rule according to their first principles, unbelievers are quite ready to do so.

This tendency is not rooted in historical Protestantism. The Radical Reformation rejected the post-Constantinian Christian tradition at its root (based), including many centuries of political theology. At first, this manifested as violent revolts
and sectarian utopian projects to the influence of pacifists like Menno Simons and Jacob Amman became dominant. The radical tradition has been revived somewhat by influential neo-Anabaptist theologians like John Howard Yoder. From this perspective, one of the great tragedies of history was the conversion of Constantine the Great and the resulting legalization and establishment of Christianity. Before that, Christianity was pure because it was politically impotent. Since then, the Church has become stained with political commitment.

Now, most people aren’t coherent thinkers, so many embarrassed evangelicals don’t give up politics altogether. They intuitively realize that political authority is necessary and not inherently sinful. They simply don’t have the courage to perform such oaths of office themselves or to see the same performed and exercised by other biblical Christians, for it will end up being “wicked” and lacking in “seductiveness.”

This argument produces a convenient evangelical paralysis that is exploited by secular politicians, pressure groups and institutions. If Christians cannot take power and rule according to their first principles, unbelievers are quite ready to do so.

It’s a recipe for continued political defeat combined with unseemly morality. If we believe that society should commit to certain laws and not others, it means using the means to have those necessary laws passed – in the right way, with the right motive, towards the ends of rights. There is a difference between seeking power for power’s sake and pursuing a political office that holds the power to shape policy that benefits everyone in society.

Powerful forces of evil take advantage of a politically disengaged Christianity. Christians hold vital beliefs about sex, the sanctity of life, marriage, justice for the innocent, and exploitation of the poor. Sunday work, the sale and distribution of addictive substances, a deeply corroded public education apparatus, gambling, payday loans, pornography, no-fault divorce laws, financial irresponsibility and predatory financial practices yield immense profits or provide tools to subjugate a populous freedom. And they are threatened by evangelicals wielding political authority.

It’s one thing to have political influence taken away from you. It is quite another to give up that influence on our own.

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Looking for debt relief? Here’s how a credit counselor can help you https://www.urbanartadventures.com/looking-for-debt-relief-heres-how-a-credit-counselor-can-help-you/ Mon, 21 Feb 2022 14:01:54 +0000 https://www.urbanartadventures.com/looking-for-debt-relief-heres-how-a-credit-counselor-can-help-you/ Non-profit credit counseling agencies provide free or low-cost financial services to consumers struggling to manage debt or considering bankruptcy. Here’s what a credit counselor can do for you. (iStock) Unmanageable high-interest debt can take a heavy toll on a consumer’s finances. It may seem that no matter how much you try to repay, the balances […]]]>

Non-profit credit counseling agencies provide free or low-cost financial services to consumers struggling to manage debt or considering bankruptcy. Here’s what a credit counselor can do for you. (iStock)

Unmanageable high-interest debt can take a heavy toll on a consumer’s finances. It may seem that no matter how much you try to repay, the balances continue to grow as interest accumulates over time.

According to the Federal Reserve Bank of New York. Becoming in default can cause some consumers to consider bankruptcy — and in the worst-case scenario, debt collectors can sue borrowers for unpaid debts, resulting in wage garnishment.

If you’re having trouble paying off your debts, you might consider seeking help from a nonprofit credit counseling agency. Credit counselors can help you develop a plan to pay off several types of debt, such as credit cards, unpaid medical bills, and payday loans.

Keep reading to learn more about credit counseling, as well as your alternative debt consolidation options. You can compare debt consolidation loan interest rates for free without affecting your credit score on Credible.

4 MONEY MANAGEMENT STRATEGIES TO HELP IMPROVE YOUR FINANCES

What is credit counseling?

Non-profit credit counseling agencies provide free, low-cost financial services to consumers struggling to manage their debts. Some consumers who file for bankruptcy may be required to seek credit counseling as part of their court filing. A credit counselor can help you by:

  • Provide advice on how to manage your money and debts
  • Analyze your finances and create a monthly budget
  • Get free copies of your credit report and credit scores
  • Sign up for a debt management plan (DMP), which may have a monthly cost
  • Negotiate with your creditors on your behalf to lower interest rates and waive late fees

Consumers should be aware that some for-profit debt management companies may disguise themselves as non-profit organizations. A reputable credit counseling agency should send you free information about the services they offer, depending on Consumer Financial Protection Bureau (CFPB). If an advisor is unwilling to provide this information, this is a red flag.

You can find reputable credit counselors through a few professional organizations, such as National Credit Counseling Foundation (NFCC) or the Financial Counseling Association of America (FCAA). You can also view the full list of approved credit counseling agencies at the Department of Justice website.

To learn more about your alternative debt consolidation options, contact a knowledgeable lending expert at Credible.

STUDENT LOAN BORROWERS CAN POTENTIALLY SAVE $5,000 BY REFINANCING

3 Alternative Debt Repayment Methods

Credit counseling is a relatively low-risk way to manage multiple debts, but it’s not your only option. Here are some other strategies to quickly pay off your debts.

1. Debt avalanche or debt snowball

The debt avalanche method involves paying off the debts with the highest interest rate first to save the most money over time. On the other hand, the debt snowball method is to pay off smaller balances first to speed up your debt repayment plan.

PERSONAL LOAN OR CAPITAL LOAN: WHICH IS BETTER?

2. Credit Card Balance Transfers

It may be possible to transfer the balance of one or more credit cards to a new account at a lower interest rate with a balance transfer card. Credit card issuers typically charge a balance transfer fee of 3-5% of the total amount.

Some consumers may even qualify for a 0% APR introductory offer, which allows you to pay off your credit card debt over up to 18 months without interest. These promotions are generally reserved for borrowers with very good to excellent credit, as defined by the FICO model like 740 or higher.

You can compare balance transfer cards from multiple credit card issuers at once on Credible.

HOW LONG SHOULD YOUR PERSONAL LOANS TERM BE?

3. Debt consolidation loans

A debt consolidation loan is a type of personal loan used to pay off unsecured debt at a lower fixed rate. Personal loans are lump-sum loans that you repay in monthly installments over a set period, usually a few years.

According to the Federal Reserve, two-year personal loan interest rates are currently at record highs, which means there’s never been a better opportunity to refinance your debt at a lower rate. Remember that the interest rate you are entitled to depends on your credit score and your debt-to-equity ratio.

Pay off $10,000 in credit card debt

A recent analysis estimates that well-qualified applicants can potentially save up to $174 on their monthly payments by consolidating their credit card debt into a personal loan. Over time, this can translate into thousands of dollars in interest cost savings.

If this strategy interests you, use a personal loan calculator to estimate your monthly payments. You can also visit Credible to compare debt consolidation loan interest rates to determine if this debt repayment strategy is right for your financial situation.

HOW TO GET A PERSONAL LOAN AMOUNT OF $50,000

You have a financial question, but you don’t know who to contact? Email the Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

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Wall Street’s new enemy is a close ally of Elizabeth Warren https://www.urbanartadventures.com/wall-streets-new-enemy-is-a-close-ally-of-elizabeth-warren/ Thu, 17 Feb 2022 23:49:07 +0000 https://www.urbanartadventures.com/wall-streets-new-enemy-is-a-close-ally-of-elizabeth-warren/ But it has been stalled by litigation and the Trump White House. The alternate version of his administration—issued in 2020— had no such requirement. Indeed, not much has changed yet for payday loans. Chopra will not only have to come back into this debate, but will also have to deal with how these small loans […]]]>

But it has been stalled by litigation and the Trump White House. The alternate version of his administration—issued in 2020— had no such requirement. Indeed, not much has changed yet for payday loans. Chopra will not only have to come back into this debate, but will also have to deal with how these small loans have continued to evolve.

Over the past decade, a series of new businesses have sprung up to allow workers to get advances on their paychecks, in exchange for compensation. Under Trump, officials advised that these so-called earned wage access products are not regulated like credit, but consumer and labor groups have urged Chopra to revoke those guidelines, which they say create dangerous loopholes in payday loans. Chopra told me that the CFPB will “look into it closely” and that, more broadly, it is concerned about increasing employer debt, such as workers who take out loans for training, equipment or prospects. “It’s a troubling trend,” he said, “and as the distinction between consumers and workers blurs, we’re going to be increasingly active in this space.”

Thanks to his CFPB debut, Chopra spent years as a close ally of Elizabeth Warren. “I have no doubt that you are the right person to lead the office at this time,” the senator said. noted during his confirmation hearing last year. Thanks to that friendship, progressive advocates have been optimistic about the direction Chopra will take for the agency. “He is extraordinarily progressive, but was also one of the very few registered Democrats to have been confirmed by the McConnell glove in the Trump years,” noted Felicia Wong, president of the Roosevelt Institute, a think tank where Chopra worked. briefly as a scholarship holder.

Yet, as the payday loan merry-go-round illustrates, enacting reforms that can actually last will not be easy, which may partly explain why Chopra’s early actions were concentrated on brighter Big Tech issues like Apple Pay or cryptocurrency. National consumer groups have placed their trust in the CFPB’s new director, thanks to his track record, but that goodwill may also have led to confused silence on the agency’s new debt collection rule, which was published in the home stretch of the Trump administration and Has taken effect in November.

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