Political Sales – Shaughnessy For Congress http://shaughnessyforcongress.com/ Thu, 17 Nov 2022 10:55:28 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://shaughnessyforcongress.com/wp-content/uploads/2021/06/icon-4.png Political Sales – Shaughnessy For Congress http://shaughnessyforcongress.com/ 32 32 FTX’s failure and SoftBank’s struggles point to a hangover in tech investing https://shaughnessyforcongress.com/ftxs-failure-and-softbanks-struggles-point-to-a-hangover-in-tech-investing/ Thu, 17 Nov 2022 10:55:28 +0000 https://shaughnessyforcongress.com/ftxs-failure-and-softbanks-struggles-point-to-a-hangover-in-tech-investing/ The encounter is a dream come true for the scriptwriters who are already hard at work on the film version of events. In 2021, Sequoia Capital, a large venture capital (VC) firm, made its first investment in FTX, a now bankrupt cryptocurrency exchange. To publicize the agreement, Sequoia posted part of the transcript of the […]]]>

The encounter is a dream come true for the scriptwriters who are already hard at work on the film version of events. In 2021, Sequoia Capital, a large venture capital (VC) firm, made its first investment in FTX, a now bankrupt cryptocurrency exchange. To publicize the agreement, Sequoia posted part of the transcript of the virtual pitch meeting on its website. Sam Bankman-Fried, the founder of FTX, explained that he wanted the company to be a “superapp” where “you can do whatever you want with your money from within FTX.” Sequoia investors swooned. “Love this founder,” one said in a chat feature; “Yes!!!!” said another. An FTX executive who sat next to Mr. Bankman-Fried during the pitch noticed another detail: “Turns out that motherfucker was playing ‘League of Legends’ the whole meeting.”

It also turns out that ftx was doing more with the customers’ money than it promised. His disappearance forced Sequoia to write down its $210 million investment. It will also hurt another beleaguered backer. On November 11, SoftBank, a Japanese conglomerate turned technology investor, announced that its Vision funds, which focus on venture capital investments, had lost about $10 billion in the three months to September. The company is expected to write off about $100 million of its investment in ftx.

This adds to a series of bad news for tech investors. Since the tech downturn began last December, many Silicon Valley darlings have gone bankrupt, including Fast, an online payment company, and LendUp, a payday loan provider. There has also been a flurry of other explosions in cryptoland, such as the failure of Three Arrows Capital, a hedge fund, and Voyager Digital, a lender.

Venture capital investing is all about taking risks. An investor can expect only two companies to succeed out of a portfolio of ten, hoping that the outsized returns from the stars compensate for the misfires. Usually the risk is greater when companies are young and cheap. But FTX’s valuation in January was $32 billion. Many believe that the industry’s inability to notice that something was wrong is symptomatic of larger issues. “Venture capital is in la-la land,” says one industry veteran. There are three areas of risk: governance, due diligence and a focus on growth at all costs.

The problems are the hangover from years of explosive growth. Today, the market is flat due to high inflation, rising interest rates and the war in Ukraine. But in 2021, venture capital investment hit a record $630 billion, double the previous record set the previous year. Part of the reason for the growth was new entrants. SoftBank raised its first venture capital fund, worth $100 billion, in 2017. After that, crossover investors (which back both public and private companies), such as Tiger Global and Coatue, also started looking for more deals with startups.

The new entrants have created fierce competition and injected much more capital into the market. This meant that some investors “started to streamline a set of governance structures that would have been unthinkable before,” says Eric Vishria of Benchmark, a venture capital firm. In the past, venture capitalists were expected to sit on the boards of companies in which they made significant investments. This is no longer the case. FTX had no investors on its board. Tiger, for example, has invested in around 300 companies in 2021 with few board seats in return.

Due diligence is another issue. Before the boom years, investors had weeks to scrutinize a company’s founders and grill customers. As competition intensified, lead times got shorter. Some hot startups only gave investors 24 hours to make an offer. For many, the risk of missing the next Google was too great. As a result, much of the due diligence went out the window. Instead, some investors have used the involvement of big companies, such as Sequoia or Andreessen Horowitz, as a shortcut test. If a renowned venture capital firm invested in a startup, according to the theory, it had to be a safe bet. This logic is currently being revised. (Sequoia says it performs “rigorous” due diligence on all companies in its portfolio.)

The industry’s obsessive focus on growth presents the final problem. Many investors are pushing startups to grow at all costs, especially after major funding rounds. But not every company can truly sustain this supercharged growth model, argues Mark Goldberg of Index Ventures, another venture capital firm. Startups that get swept up risk falling flat. This includes companies such as WeWork, a flexible office rental company that halted its initial public offering in 2019, and Opendoor, a real estate company that has been stung by falling house prices this year. “It’s like giving kerosene to cars,” Goldberg adds. “If you do that, bad things will happen.”

The market slowdown has, for now, relieved some of the pressure on the industry. In most cases, investors say they now have more time for due diligence. Governance could also improve, thanks to FTX’s setbacks and the fact that the crisis has given investors more bargaining power. But, as the recession drags on, more Silicon Valley startups will struggle to raise the capital they need. The hangover of 2021 has only just begun.

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© 2022 The Economist Newspaper Limited. All rights reserved.

From The Economist, published under licence. Original content can be found at https://www.economist.com/business/2022/11/17/ftxs-failure-and-softbanks-struggles-point-to-a-tech-investing-hangover

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Florida Digital Lending Market to Hit $13.89 Billion by 2027; https://shaughnessyforcongress.com/florida-digital-lending-market-to-hit-13-89-billion-by-2027/ Mon, 14 Nov 2022 18:03:00 +0000 https://shaughnessyforcongress.com/florida-digital-lending-market-to-hit-13-89-billion-by-2027/ The increase in the need and adoption of digital lending solutions in the state and the massive shift from traditional to digital lending is driving the growth of the digital lending market in Florida. Based on provider type, the FinTech institutions segment accounted for the highest share in 2019 and will continue its lead by […]]]>

The increase in the need and adoption of digital lending solutions in the state and the massive shift from traditional to digital lending is driving the growth of the digital lending market in Florida. Based on provider type, the FinTech institutions segment accounted for the highest share in 2019 and will continue its lead by 2027. There has been an increase in the adoption of online and digitized financial services in the State during the pandemic.

You can access the full report:
https://www.alliedmarketresearch.com/florida-digital-lending-market-A11092

According to the report published by Allied Market Research, the Florida digital lending market earned $4.35 billion in 2019 and is expected to reach $13.89 billion by 2027, growing at a 2020 CAGR of 16.7%. to 2027. The report offers a detailed analysis of changing market dynamics, competitive scenario, top segments, key investment pockets, value chain and regional landscape.

The increase in the need and adoption of digital lending solutions in the state and the massive shift from traditional to digital lending is driving the growth of the digital lending market in Florida. However, high interest on small amounts and shorter repayment terms provided by lenders are hampering the growth of the market. On the other hand, the adoption of advanced technologies in lending services creates new opportunities in the coming years.

Download a free sample report: https://www.alliedmarketresearch.com/request-sample/11457

According to loan type, personal loan segment contributed the highest market share in 2019, accounting for almost half of the total market share, and is expected to maintain its leading position during the forecast period. . However, the SME-focused lending segment is expected to grow at the highest CAGR of 22.5% from 2020 to 2027.

Based on vendor type, the FinTech institutions segment accounted for the highest share in 2019, holding more than two-fifths of the digital lending market in Florida, and is expected to maintain its leading status throughout the forecast period. . Moreover, this segment is expected to witness the highest CAGR of 18.7% from 2020 to 2027. The research also analyzes the segments including banks, credit unions and others.

On an end-user basis, the consumer segment accounted for the highest market share in terms of revenue, contributing more than two-thirds of the total share in 2019, and is expected to maintain its dominance in terms of revenue from by 2027. However, the SME segment is expected to witness the fastest CAGR of 21.0% during the forecast period.

Interested in getting the data? (Get a detailed analysis in PDF – 113 pages): https://www.alliedmarketresearch.com/purchase-enquiry/11457

Key Florida Digital Lending Market players analyzed in the research include Ally Financial Inc., Florida Credit Union, Credible, VyStar Credit Union, Navy Federal Credit Union, LendingPoint LLC, Suncoast Credit Union, Social Finance, Inc., TD Bank , NA , and WELLS FARGO

Related links:
AI in the insurance market: https://www.alliedmarketresearch.com/ai-in-insurance-market-A11615
BFSI crisis management market: https://www.alliedmarketresearch.com/bfsi-crisis-management-market-A11105
IoT insurance market: https://www.alliedmarketresearch.com/iot-insurance-market-A09784
Mortgage market: https://www.alliedmarketresearch.com/mortgage-lending-market-A17282
Payday loan market: https://www.alliedmarketresearch.com/payday-loans-market-A10012
Personal loan market: https://www.alliedmarketresearch.com/personal-loans-market-A07580

United States
USA/Canada:
+1-800-792-5285

Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global corporations as well as small and medium enterprises with unrivaled quality of “market research reports” and “Business Intelligence solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

We maintain professional relationships with various companies which helps us to extract market data which helps us to generate accurate research data tables and confirm the utmost accuracy of our market predictions. Allied Market Research CEO Pawan Kumar helps inspire and encourage everyone associated with the company to maintain high quality data and help clients in every way possible to achieve success. All data presented in the reports we publish are drawn from primary interviews with senior managers of large companies in the relevant field. Our secondary data sourcing methodology includes extensive online and offline research and discussions with knowledgeable industry professionals and analysts.

This press release was published on openPR.

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PACE loans in Ohio may need more consumer protection – ProPublica https://shaughnessyforcongress.com/pace-loans-in-ohio-may-need-more-consumer-protection-propublica/ Wed, 02 Nov 2022 09:00:00 +0000 https://shaughnessyforcongress.com/pace-loans-in-ohio-may-need-more-consumer-protection-propublica/ ProPublica is a nonprofit newsroom that investigates abuse of power. Subscribe to dispatchesa newsletter that shines a light on wrongdoing across the country, get our stories delivered to your inbox every week. Ohio lawmakers this fall consider adding protections for consumers to “clean energy” loan programs, addressing the concerns they may impose on vulnerable homeowners. […]]]>

Ohio lawmakers this fall consider adding protections for consumers to “clean energy” loan programs, addressing the concerns they may impose on vulnerable homeowners.

In testimony during the State House Committee hearings this year, some proponents of the bill have pointed out reporting by ProPublica as proof that Ohio should regulate loans tightly. This report showed that Property Assessed Clean Energy, or PACE, loans often left low-income borrowers in Missouri at risk of losing their homes.

Two Republican members of the State House from eastern Ohio are pursuing rules for PACE, though such a loan program has only been offered as part of a pilot program in Toledo. But lawmakers Bill Roemer, of Richfield, and Al Cutrona, of Canfield, said they wanted to make sure that, if companies try to introduce a statewide program in Ohio, they comply with stricter rules.

PACE provides financing for energy-efficient home improvements that borrowers repay in their property taxes. Unlike some other types of financing, default on a PACE loan can result in the sale of a home during a tax sale.

Missouri, California, and Florida are the only states with active statewide PACE residential programs. Last year, Ohio nearly become the fourthafter California-based Ygrene Energy Fund announced it would offer homeowner loans in partnership with the Toledo-Lucas County Port Authority.

But the program never started. Ygrene has since suspended all loans nationwide and last week agreed to settle a complaint by the federal government and the state of California that the company had harmed consumers through deceptive practices.

Roemer said in an interview that he co-sponsored the measure after speaking to a coalition which included mortgage lenders, real estate agents, and advocates for affordable housing and homelessness.

“You never really see all these people coming together on a bill,” he said. “I did my research and said, ‘This is a really bad program that takes advantage of the most vulnerable people. “”

The legislative session ends on December 31, leaving little time to pass the bill.

“It’s going to take a lot of work,” Roemer said, “but I think it’s very important that we do it.”

Ben Holbrook, a Cutrona aide, said that after Ygrene’s withdrawal Bill was “less reactive and more proactive”.

ProPublica found that state and local authorities in Missouri exercised little control over the two entities that operated clean energy loan programs in that state. Ygrene and the Missouri Clean Energy District charged high interest rates and fees over terms of up to 20 years, collecting loan repayments through tax bills and executing debts by placing liens on property – which left some borrowers vulnerable to losing their homes if they defaulted.

The reporters analyzed about 2,700 loans registered in the five counties with the most active PACE programs in Missouri. They found that borrowers, especially in predominantly black neighborhoods, sometimes paid more interest and fees than their home was worth.

PACE lenders said their programs provide much-needed financing for home renovations, especially in predominantly black neighborhoods where traditional lenders typically don’t do much business. They said their interest rates were lower than payday lenders and some credit cards.

Weeks after ProPublica’s investigation, the Missouri Legislature passed and Governor Mike Parson signed a law mandate more consumer protection and oversight of PACE. In Ohio, following our reporting, leaders of the state’s two most populous cities, Columbus and Cleveland, said they would not participate in any residential PACE plan.

The Ohio Bill would cap the annual interest rate on PACE loans at 8% and prohibit lenders from charging interest on fees. Lenders must verify that a borrower can repay a loan by confirming that the borrower’s monthly debt does not exceed 43% of their monthly income and that they have sufficient income to meet basic expenses.

The measure would also change the way PACE lenders secure their loans. In states where PACE has thrived in residential markets, PACE liens are paid first if a home is foreclosed. And a homeowner can borrow without the consent of the bank that holds the mortgage. The Ohio bill would refund PACE liens after the mortgage and any other liens on the property. Additionally, the mortgage lender should agree to add a PACE loan.

Ygrene officials did not respond to requests for comment. But a company official told the legislative committee that the bill would “unequivocally kill residential PACE.” Crystal Crawford, then vice-chairman of Ygrene, told the committee in May that the bill was “not a consumer protection bill – it’s a bank protection bill” .

Ohio’s limited experience with PACE illustrated how the program, with sufficient oversight, could be a low-cost option for borrowers. The Port Authority of Toledo-Lucas County has implemented a pilot program allowing residents to borrow money for energy-saving projects without paying high interest or fees. A local nonprofit, the Lucas County Land Bank, made sure borrowers had the means to repay loans, connected homeowners with contractors, and made sure home improvements were made. properly completed before releasing the loans.

Ygrene announced in August that she had suspended the granting of PACE residential loans in Missouri and California, but continued to provide PACE residential loans in Florida and PACE commercial loans in more than two dozen states. Commercial loans have not attracted as much attention from regulators because they tend to involve borrowers with more experience and access to capital who are not as likely as residential borrowers to default.

More recently, the Ygrene website suggests that instead of providing loans directly, Ygrene now operates as an online lending marketplace where consumers looking for personal home improvement loans can enter personal information and receive offers from third-party lenders.

The lawsuit filed by the Federal Trade Commission and the California Department of Justice alleges that the company misled consumers about the potential financial impact of its financing and registered liens on borrowers’ homes without their consent. To solve the case, Ygrene has agreed to provide financial assistance to certain borrowers, end allegedly deceptive practices, and meaningfully supervise contractors who act as its sales force. The settlement must be approved by a judge.

Ygrene said in an email that the complaints date back to the “early days” of the company marketing PACE loans in 2015 and that it has since taken “extensive steps” to protect consumers.

“We deeply regret any negative consequences any customer may have suffered, as even one unhappy customer is too much,” the company said.

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Unbanked Americans at rock bottom https://shaughnessyforcongress.com/unbanked-americans-at-rock-bottom/ Sun, 30 Oct 2022 07:15:32 +0000 https://shaughnessyforcongress.com/unbanked-americans-at-rock-bottom/ NEW YORK – The number of Americans without bank accounts fell to a record low last year, as the proliferation of online-only banks and an improving economy bring more Americans into the traditional financial system. A new report from the Federal Deposit Insurance Corp. published last week revealed that 4.5% of Americans – representing about […]]]>

NEW YORK – The number of Americans without bank accounts fell to a record low last year, as the proliferation of online-only banks and an improving economy bring more Americans into the traditional financial system.

A new report from the Federal Deposit Insurance Corp. published last week revealed that 4.5% of Americans – representing about 5.9 million households – did not have a bank account in 2021. This is the lowest level since the FDIC began tracking the data in 2009 and compared to 5.4% of Americans in the 2019 survey data.

The decline in unbanked households can be partly attributed to the coronavirus pandemic. States and the federal government handed out trillions of stimulus dollars to Americans after covid-19 crippled the US economy in March 2020. Benefit programs largely needed a bank account to send funds quickly to people affected.

“During the pandemic, consumers opened bank accounts to quickly and securely access relief funds and other benefits,” Acting FDIC Chairman Martin J. Gruenberg said in a statement. .

But the FDIC attributed most of the improvement to the strength of the economy in 2021, as restrictions related to the coronavirus pandemic largely expired and the unemployment rate was low.

Black and Hispanic households remain much more likely to not have a bank account, though those numbers are improving. About 11.3% of black households do not have a bank account, up from 13.8% two years earlier. Among Hispanic households, that figure fell from 12.2% to 9.3%.

The top reasons someone would choose to be unbanked were largely unchanged from previous surveys. One in five unbanked households said not having enough money to maintain an account was the main reason they didn’t have one – a sign that being unbanked remains a problem. economic inclusion.

The FDIC began tracking unbanked Americans in 2009. In 2011 data, the number of unbanked Americans increased significantly following the Great Recession. While Americans have kept their bank accounts during the coronavirus recession, the number of unbanked Americans may increase in the future if inflation continues to hurt the economy and unemployment rises.

Other households had privacy and trust issues with banks. Large companies like Amazon have tracked consumer data through credit card usage for some time, but banks also profit from this data.

Americans outside the traditional financial system face many hurdles with their day-to-day finances, which is why policymakers are pushing so hard to get unbanked households to open a savings or checking account. Check cashing services, utility payment services, rent payments without a bank account often come with fees, money that someone with a bank account would not be subject to.

New immigrants and refugees are also among the unbanked. Jhuma Acharya, a former refugee from Bhutan and a case manager with Refugee and Immigration Community Services in Columbus, said he’s seen an increase in clients calling him about businesses that won’t accept not their money.

“I have never worked with a single (new) refugee who said they used a credit card in their lifetime,” Acharya said.

Acharya said customers typically take at least five months to build up enough credit with banks in the United States to open an account. In the meantime, Acharya said they are trying to educate customers on how to set up a debit card and how to use their electronic benefits transfer card.

There has also been a growing number of businesses that no longer accept cash as a form of payment, an issue that several state legislatures have begun to address.

Some states and cities required cash to be accepted before the covid-19 pandemic, such as New Jersey, Massachusetts, San Francisco and Philadelphia. However, at least seven states have passed such bills since the pandemic began, mostly in response to the growing number of contactless businesses following CDC recommendations to limit cash use for fear of spreading the virus.

Delaware, New York, Oregon, Arizona, Colorado, Connecticut and Rhode Island have all passed bills requiring businesses to accept cash, according to data from the National Conference of State Legislatures. More than a dozen states have introduced cash-mandated bills since 2020. At least three bills in the Republican-majority states of Florida, Mississippi and North Dakota have died in committee, along with two bills in New Hampshire and Wisconsin, mostly held by Democrats.

In Ohio, State Senator Louis Blessing III, Township of R-Colerain, introduced a bill in the 2021 legislative session that would open businesses up to lawsuits if they don’t accept cash as a means. of payment. Blessing cited protecting immigrant and poor communities as a driver of the bill, as well as protecting the data privacy of consumers and older people, who are more likely to use cash.

The bill is still pending in the Ohio legislature.

“I think if this bill went to a vote, every Democrat in the state would vote yes,” said Blessing, who was voted down mostly by his Republican counterparts in the Republican-held state.

The survey also revealed that the percentage of so-called underbanked households – those who have a bank account but still use expensive financial services like check cashing, pawnshops, loans payday and remittances – also declined.

The FDIC also found that about half of all US households used a non-bank payment service such as CashApp, Venmo, or PayPal in 2021.

Information for this article was provided by Samantha Hendrickson of The Associated Press.

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Kim and McGuire face off in Lake County Treasurer’s campaign – Chicago Tribune https://shaughnessyforcongress.com/kim-and-mcguire-face-off-in-lake-county-treasurers-campaign-chicago-tribune/ Thu, 27 Oct 2022 21:46:41 +0000 https://shaughnessyforcongress.com/kim-and-mcguire-face-off-in-lake-county-treasurers-campaign-chicago-tribune/ Four years after becoming Lake County treasurer in a 2018 blue wave election, Mundelein Democrat Holly Kim faces a challenge from Republican Paula McGuire of Green Oaks. Kim touts nearly $10 million in investment income earned in 2020, up from $2 million four years ago, the launch of online billing to reduce printing and postage […]]]>

Four years after becoming Lake County treasurer in a 2018 blue wave election, Mundelein Democrat Holly Kim faces a challenge from Republican Paula McGuire of Green Oaks.

Kim touts nearly $10 million in investment income earned in 2020, up from $2 million four years ago, the launch of online billing to reduce printing and postage costs and the launch of a 24-hour support system among its achievements.

She also said she had raised the profile of the office from a time when “no one really knew anything about the Treasurer’s Office”, despite a host of challenges presented by the COVID-19 pandemic.

McGuire, a longtime accountant for PwC, says things aren’t going so well and she can usher in changes to better serve Lake County residents.

“I think there’s a fine line in being a PR office and having some sort of fiduciary professionalism in place as well,” McGuire said. “I think the main focus would be to make sure that community assets are properly protected and then you would make sure that individuals in the community actually have access to all the information that they are looking for and maybe you would report, of course on a quarterly basis, what is going on in this office.

Kim took the job with a vision to play a bigger role than just being an office that “just collects the money” from property tax payments and manages a portfolio worth a few hundred million dollars. dollars in county assets.

“It’s true, this office is just collecting the money,” Kim said. “But honestly to God, with the way we invested and returned money, it all helped the county keep its levy flat for three straight years because we got all those extra millions of dollars. So I guess we can help in different ways.

Kim said the increase in investment income was partly due to investments made in ways that his predecessor, David Stolman, “didn’t realize” were available after updates to state laws governing the management of county investments, including the seizure of corporate and municipal bonds. markets.

She added that this raise helps the treasurer’s office “give back millions” so the Lake County Board can then “do things like road projects or flood (mitigation).”

McGuire said she wondered if the wins shared by Kim might be too good to be true.

“If I asked (Kim) specifics about it and how it happened, I’m not sure she could answer that question,” McGuire said. “I found that to be a bit, how do you say that…impossible. If you’re investing according to state regulations and looking at the rates of return over those years, and I don’t want to answer to her question in her place but in my opinion the only way to do that is if you have a huge base influx I kind of tried to press her on that in another situation and she didn’t haven’t really been able to answer the question.

Republican Paula McGuire of Green Oaks is challenging Democratic incumbent Holly Kim for Lake County treasurer in the Nov. 8 election.

McGuire said that if she were to win the job, she would want to ensure that investments are made in clearly permitted areas as defined in state regulations, which she said, “there is a question whether or not this has actually happened in the past here for the past four years.

“Because I’m not a politician, one of the things most people say when dealing with the treasurer’s office is that they want to be more transparent and more specific,” McGuire said.

She said that in order for residents to “get the details” on the desk, “you need the FOIA.”

Kim said she has made other improvements to benefit taxpayers, including reducing eCheck fees to free for online and phone payments, as well as joining the Illinois BankOn Commission, in the part of a mission to get people to avoid taking out payday loans.

“We work with the state; it’s really a move in that we’re moving people away from payday loans and starting a relationship with a bank or credit union instead,” Kim said. “There are a lot of things I’ve been involved in that this office has done to help people.”

McGuire said her “stronghold is numbers” and that she has the financial sense to “act proactively instead of worrying about acting reactively”. A Lake County resident for more than 25 years, McGuire said, she has experience in the insurance industry, banking industry and financial investment services.

She said now was the right time to run for public office since her kids are grown and she’s not one to sit around and complain about things she’d like to see changed, rather than d act to implement them itself.

“With the political climate as it has been for the past five years or so, I don’t think anyone can really sit down and complain about something unless they’re trying to do something,” McGuire said. .

Kim explained that a decision during the pandemic to allow residents to pay their property taxes in four installments shows her ability to adapt and thrive in the role under difficult circumstances.

She said 2022 was the first “normal collection year” during her tenure after figuring out how to handle new software launched by her predecessor, which she said had many “development issues”. Allowing four payments was impractical, Kim said, “but it was the right thing to do.”

“What it did then in the third year that I was here was that we were running two fiscal years, so it was hard for our accounting to catch up,” she said. “There were certain things like the tax sale that we had to pay twice in a year.”

Kim said she’s also taken an active role in advocating for legislative changes that help county residents, including one that ensured more than 5,000 mobile home owners in Lake County would have capped late fees. $100 or 50% of their initial tax bill, as applicable. is lower.

She previously said there were instances in Lake County where customers were unable to pay their property taxes due to accrued late penalties, which she called a policy holdover from politicians who, according to she wanted to “keep the poor in poverty”.

McGuire pointed to a mistake made earlier this year when many residents mistakenly had both installments of their property taxes withdrawn from their bank accounts, instead of the first payment as expected, as evidence that a change is needed. locally.

Kim explained in a June Facebook post that the double charge happened due to “human error.”

McGuire, as well as some people who commented on Kim’s post, criticized the error for possibly causing bank accounts to be overdrawn, resulting in overdraft fees, and even the disruption of other scheduled payments.

“My question is, how do you split this two-payment process into four payments, but not test it enough to make sure it’s not going to double?” McGuire said. “I don’t understand how this could have happened.”

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How to Get a $2,000 Personal Loan – Forbes Advisor https://shaughnessyforcongress.com/how-to-get-a-2000-personal-loan-forbes-advisor/ Thu, 20 Oct 2022 17:25:12 +0000 https://shaughnessyforcongress.com/how-to-get-a-2000-personal-loan-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. Borrowing a $2,000 personal loan could help you out of a tough spot, whether you need to cover a medical bill, a car repair, or some other expense. While some lenders require […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Borrowing a $2,000 personal loan could help you out of a tough spot, whether you need to cover a medical bill, a car repair, or some other expense. While some lenders require you to take out a larger loan, there are banks, credit unions, and online lenders that offer $2,000 loans. You might even be able to get financing in as little as one business day.

Follow these five steps to get a $2,000 loan.

1. Consider qualification requirements

Most personal loans are unsecured, so a lender bases their approval decision primarily on your credit and income. Here are some common qualification requirements for getting a $2,000 loan:

  • Credit. A lender will look at your credit history and credit score when evaluating you for a loan. Borrowers with strong credit are more likely to qualify for more favorable terms. A good FICO score starts at 670, a very good score starts at 740, and an exceptional score starts at 800. You can check your credit score with all three major credit bureaus, use a credit monitoring service or go through your credit card provider. You can also view your credit report from AnnualCreditReport.com. If you spot reporting errors, challenge them to have them removed.
  • Revenue. You will need to meet a lender’s income requirements to qualify for a $2,000 loan. A lender may ask you to upload pay stubs when you apply to ensure you have the funds to repay your loan.
  • Debt-to-income ratio (DTI). Your DTI Report compares your monthly debt payments with your monthly income. This is another indication of your ability to repay a loan. If your DTI is too high, a lender might reject your loan application. Lenders generally prefer a DTI of 35% or less.
  • Co-applicant. Although a co-applicant is not required to borrow a $2,000 loan, some lenders allow you to add one to your application if you cannot meet the credit and income requirements on your own.
  • Collateral. Most personal loans are unsecured, meaning they don’t require collateral. However, you can find secured loans, especially if you don’t meet a lender’s credit and income criteria. Secured loans are backed by collateral, such as a car title or bank account. However, you could lose your guarantee in the event of late payment.

2. Prequalify with multiple lenders

Although a $2,000 loan is a relatively small sum, it’s still worth shopping around for the best deal. Many online lenders allow you prequalify for a loanwhich means you can check your rates without affecting your credit score.

All you have to do is provide some basic personal information and the lender will show you loan offers. These offers aren’t locked in until you submit a complete application, but they can give you an idea of ​​your rates.

3. Compare your offers

Compare offers from various lenders to find the one with the lowest interest rate and fees. Here are some factors to consider when comparing $2,000 loans:

  • Annual percentage rate (APR). Your loan is APR measures both interest rate and fees, allowing you to compare loans on an apples-to-apples basis. The loan with the lowest APR should be the most affordable.
  • Repayment Terms. Consider how many months or years you will need to repay the loan. Since your loan amount is small, your repayment terms may be shorter than they would be for a larger sum.
  • Monthly payments. Review what your monthly payments will be on each loan offer to make sure they fit your budget.
  • Funding time. Find out how long it will take to receive the funds, especially if you have an immediate need for the loan.
  • Customer service and reviews. Check out lender reviews to see what other borrowers have to say about the loan process and customer service. Make sure the lender offers customer support via phone, email, and/or online chat in case you have questions or run into problems.

4. Complete and submit your application

Once you’ve found a loan offer you like, fill out and submit a full application. This application will be more complete than the pre-qualification form.

You will provide your personal information and upload all required documents. Sample documents include pay stubs, W-2 forms, and bank statements, although requirements vary by lender.

Many lenders allow you to complete the application online, although some offer the option of applying over the phone or in person.

5. Manage and repay your loan

After you submit your application, the lender will review your information and run a firm credit application to check your credit. This rigorous credit check could temporarily reduce your credit score by a few points.

Assuming the lender approves the loan, you will receive the funds less any origination fees charged by the lender. You will also start repaying the loan according to the agreed repayment term. Consider setting up automatic payments to make sure you don’t miss any.

How to get a $2,000 loan with bad credit

Bad credit can limit your options for a $2,000 personal loan. Since most personal loans are unsecured, lenders rely on your credit and income to determine your risk as a borrower.

That said, it’s still worth shop to see if a lender is willing to work with you. Universal Credit, for example, requires a minimum score of 560, while Upgrade and Avant require scores starting at 580.

You can also check with your current bank or credit union to see what they can offer. Some lenders will also let you apply with a co-signer or opt for a secured personal loan if your credit isn’t up to scratch.

Finally, you can search for a loan between individuals or one alternative payday loan (PAL) from a credit union, both of which may have more flexible credit requirements than traditional personal loans.

Beware of loans that don’t require a credit check, as these can be payday loans with exorbitant interest rates and fees. Payday loans typically require repayment within weeks and can have fees equivalent to APRs of 400% or more.

Where to get a $2,000 loan

Long-term costs of a $2,000 loan

The long-term costs of a $2,000 loan vary depending on your interest rate, fees, and repayment terms. The lower your rate and fees, the lower your borrowing costs will be.

You can also reduce your borrowing costs by opting for a shorter loan term. The downside of choosing a short-term loan, however, is that your monthly payments will be higher.

For example, let’s say you borrow a $2,000 personal loan at a rate of 10%. With a repayment term of one year, your monthly payment would be around $176 and you would pay $110 in total interest charges. Over a two-year term, your monthly payment would be $92, but your total interest charges would almost double to $215.

Use our personal loan calculator to estimate both your monthly payments and your long-term charges according to different repayment terms. Searching for a $2,000 loan offer can also help you find a loan that fits your budget.

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Canada Post officially launches national loan program with TD Bank Group https://shaughnessyforcongress.com/canada-post-officially-launches-national-loan-program-with-td-bank-group/ Thu, 13 Oct 2022 04:18:18 +0000 https://shaughnessyforcongress.com/canada-post-officially-launches-national-loan-program-with-td-bank-group/ Canada Post is now offering loans in addition to stamps, packaging and its existing financial services as it officially launches a partnership with TD Bank Group. The Crown corporation said Wednesday that the loan program, which could be expanded to other services, will provide more financial options to Canadians across the country, including in rural, […]]]>

Canada Post is now offering loans in addition to stamps, packaging and its existing financial services as it officially launches a partnership with TD Bank Group.

The Crown corporation said Wednesday that the loan program, which could be expanded to other services, will provide more financial options to Canadians across the country, including in rural, remote and Indigenous communities.

“We believe this is the best way to provide Canadians with better access to financial services, especially underserved Canadians,” said Michael Yee, Vice President of Financial Services at Canada Post, in an interview ahead of the launch.

The loans, which range from $1,000 to $30,000, fill a gap between payday lenders and traditional banks. The loans will come with interest rates set by TD, but customers don’t need to have a bank account and may be new to credit.

“What we discovered when we spoke to Canadians is that there really is a need in the market for access to easy and affordable loan services,” Yee said.

The Postal Service has been running pilots for the loan program, called MyMoney, since last year and in recent weeks it has scaled it up to the roughly 6,000 post offices nationwide. Customers used the loans for unexpected emergencies like car repairs or vet bills, as well as consolidating debt for higher-interest products, Yee said.

Postal workers are not authorized to give financial advice, but have been trained to instruct customers on how to apply for a loan online or over the phone, as well as to provide documents with more information. TD employees will help customers through the application, decision-making and financing process.

The partnership will help TD reach more Canadians, said Michael Rhodes, group head of personal banking in Canada, in a statement.

“Financial services are an essential service, and this alliance allows TD to play an important role in helping to expand access to banking services for more Canadians. »

Canada Post declined to provide details on the commercial terms of the partnership with TD, including how the two share benefits and risks.

The Canadian Union of Postal Workers supports the move as part of a broader campaign to bring low-cost banking to post offices, National President Jan Simpson said.

“This is just the beginning, because we are calling for a completely public bank, because as we know, in France and elsewhere in the world, the postal bank has really succeeded, and we know that it can succeed here in Canada. as well.”

Other countries such as Italy, Brazil, New Zealand and Switzerland also offer postal banking services, while Canada had a post office-based National Savings Bank until 1969.

Simpson said it was important for Canada Post to ensure appropriate staffing levels as it considered rolling out more services, but the expanded offerings could help reduce the company’s debt levels, create good union jobs and helping communities.

“We hope Canada Post expands beyond loans and into savings and checking accounts, mortgages, insurance and even credit cards, because we really need to offer a lot of services to those who are currently underbanked in our society,” she said. said.

Donna Borden, an executive with advocacy group ACORN, said in an emailed comment that she was happy to see a low-interest alternative to payday loans, which can charge what amounts to interest rates. interest of almost 400% per year.

She said, however, it’s still unclear how easily those with little or no credit will be able to access the new loans, and would also like to see a lower entry point.

“In the future, we would like to see them offer even smaller equity interest loans to people in financial crisis – so people can avoid having to use payday loans.”

Canada Post already provides a range of financial services, including international remittances, money orders and prepaid gift cards that together account for five million transactions worth $2 billion a year, but the new program could be part of a larger expansion, Yee said.

“We believe we have a solid foundation and are already a trusted partner for many Canadians providing financial services. We are therefore looking to expand these financial services through partnerships in the future to provide greater access to Canadians.

By Ian Bickis

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$520,659 for Family and Small Business Loans: St. Helens Credit Union to Share Funding | New https://shaughnessyforcongress.com/520659-for-family-and-small-business-loans-st-helens-credit-union-to-share-funding-new/ Thu, 29 Sep 2022 00:00:00 +0000 https://shaughnessyforcongress.com/520659-for-family-and-small-business-loans-st-helens-credit-union-to-share-funding-new/ Three Oregon credit unions, including InRoads in St. Helens, will receive a total of $520,659 in federal dollars to support small loans to families and businesses. InRoads Credit Union can be reached at 503-397-2376 for more information on federal loan funds for families and small businesses. Metro Creative Connection The funding comes from the United […]]]>

Three Oregon credit unions, including InRoads in St. Helens, will receive a total of $520,659 in federal dollars to support small loans to families and businesses.






InRoads Credit Union can be reached at 503-397-2376 for more information on federal loan funds for families and small businesses.




The funding comes from the United States Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) under the FY22 program of the Small Dollar Loan (SDL) program, according to United States Senators Jeff Merkley and Ron Wyden of the Oregon.

“Whether it’s a mortgage, a car loan, or a line of credit to start a business, access to credit is crucial to the financial well-being of Oregonians,” Merkley said. “This funding provided to credit unions in St. Helens and Portland will help provide crucial services and support to Oregonians and provide an important alternative to expensive payday loans. I will continue to work hard to ensure that all Americans have access to vital financial services and resources. »

“The essential and manageable financial option that credit unions provide in Oregon communities takes on even greater importance when families and small businesses walk an economic tightrope,” Wyden said. “I am pleased that these credit unions have won this federal investment that helps them generate opportunity in their communities so Oregonians do not turn to exploitative financial services, and I will continue to fight for credit unions across our state are getting similar resources. ”

Through the SDL Program, the CDFI Fund offers loan loss reserve (LLR) premiums to enable CDFIs to establish a loan loss reserve fund to cover the costs of establishing or maintaining a loan loss reserve. a small loan program; and technical assistance (TA) grants to support technology, staffing, and other eligible activities to enable a CDFI to establish and maintain a small loan program.

The laureats :

  • $150,403 to InRoads Credit Union in St. Helens
  • $156,759 to Ironworkers USA Federal Credit Union in Portland
  • $213,497 at Point West Credit Union in Portland
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How to get fast cash loans in Australia? https://shaughnessyforcongress.com/how-to-get-fast-cash-loans-in-australia/ Wed, 21 Sep 2022 10:00:56 +0000 https://shaughnessyforcongress.com/how-to-get-fast-cash-loans-in-australia/ Payday loans are designed to get you out of trouble when you’re short on cash. Quick cash is available in the form of “payday loans,” short-term financial solutions typically suited to the time between paychecks. This article takes a look at which sites offer the best short term loan in Australia fast. Let’s dive. 1. […]]]>

Payday loans are designed to get you out of trouble when you’re short on cash. Quick cash is available in the form of “payday loans,” short-term financial solutions typically suited to the time between paychecks. This article takes a look at which sites offer the best short term loan in Australia fast. Let’s dive.

1. Gday Loans

On the Gday Loans platform, people who want to borrow money just have to complete one application to get loans from top lenders. This online service introduces potential borrowers to the best Australian lenders, who can provide them with a loan of their choice at an interest rate of 199.43%.

Online applicants often get feedback on their loan application within three minutes. If you ever need cash fast, don’t consider visiting gdayloans.com.au to apply for a payday loan with reasonable rates and terms.

Advantages

  • Online application and approval can be done quickly
  • Same day payment
  • People can borrow from $300 to $10,000

The inconvenients

  • To get a loan, you have to live in Australia

2. Pronto Paydays – Best for Same Day Loans

Pronto paydays‘ company that offers people in need of fast cash get payday loans quickly and quickly, making it a great loan option during emergencies.

If you’re considering a payday loan, make sure you understand how the loan works. Payday loans are usually small amounts that you have to repay when you get your next paycheque. You may have to pay additional fees and interest.

Advantages

  • They quickly share essential information
  • Acceleration of audit and compliance procedures
  • Analytics help people understand how things work.
  • No security deposit is required.
  • Loan amount is based on borrowers income

The inconvenients

  • Exaggerated interest rates
  • Less client protection and less transparency

3. Viva Payday Loans

Viva Payday Loans, a reputable online lending platform in Australia, offers lenders the best payday loans up to $5,000 with considerate repayment plans from 16 days to one year. You can still get one of their great loan offers even if you get help from Centrelink or have a low credit score.

For loans under $2,000, Viva Payday Loans have a 20% setup fee. Meanwhile, loans over $2,000 have a setup fee of $400, which means the APR will be between 20% and 199.43%. Viva Payday Loans also charges a 4% fee each month.

Their application process is simple, and after accepting your application, you will need to sign the agreement form so that the money can be sent to your account immediately.

Advantages

  • You don’t need collateral to get their loans
  • The application process is simple
  • You can still borrow even if your credit score is low

The inconvenients

  • They come with high interest rates

4. Fair Go Finance small loan

Fair Go is another good online lending service that has been around for a while and has gained the trust of many Australians. It connects people who want to borrow money with lenders who can give them loans ranging from $300 to $2,000 over 24 months. Their repayment plan is based on your ability to pay, and there are no penalties for paying before the agreed time.

Fair Go doesn’t discriminate against its customers, so you’ll always get a loan that’s right for you even if you have bad credit. But the loans will cost you dearly to repay, so you need to think carefully before taking out one.

Also, they charge a 20% setup fee that you have to pay, mostly for loans from $18 to $400, and you have to pay their 4% monthly fee.

Advantages

  • It offers a repayment term of more than two years
  • Loans of up to $2,000 are available
  • They offer unsecured loans

The inconvenients

  • They charge a 4% fee every month
  • They charge an application fee of 20% on the amount of the first loan

5. Equitable financing

This online loan matching service connects borrowers with top Australian lenders who offer loans ranging from $300 to $2,000 with terms ranging from one to 24 months. Unlike many fintech companies, Fair Go Finance allows customers to prepay their loans without fees or penalties.

The best part is that this platform allows people with bad credit to get loans, but they will not be eligible for the 4% setup fee waiver. For loans between $18 and $400, there is a 4% fee each month.

Advantages

  • Loan amounts vary between $300 and $2,000
  • The platform sets the payment schedule based on how often the customer gets paid
  • No collateral needed

The inconvenients

  • High interest rates and fees
  • The loan comes with high interest rates and monthly fees

Conclusion

It is inevitable that at some point in your life, you will run into financial difficulties and need quick help. Quick loans can be helpful, but only if you go through the right steps. The payday loan options mentioned above are the go-to alternatives when you’re short on cash.

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Several 16-year-olds suspected in connection with S Bank scams https://shaughnessyforcongress.com/several-16-year-olds-suspected-in-connection-with-s-bank-scams/ Mon, 19 Sep 2022 05:57:30 +0000 https://shaughnessyforcongress.com/several-16-year-olds-suspected-in-connection-with-s-bank-scams/ THE MISTAKE in S Bank online banking was exploited for wrongdoing by a group of mostly underage friends and acquaintances, reports Helsingin Sanomat. Klaus GeigerThe chief detective inspector for the preliminary investigation at the Western Uusimaa Police Department told the newspaper last week that the alleged ringleader, who is in pretrial detention, is 16, […]]]>

THE MISTAKE in S Bank online banking was exploited for wrongdoing by a group of mostly underage friends and acquaintances, reports Helsingin Sanomat.

Klaus GeigerThe chief detective inspector for the preliminary investigation at the Western Uusimaa Police Department told the newspaper last week that the alleged ringleader, who is in pretrial detention, is 16, like many other suspects.

Meanwhile, a handful of adults are said to have helped the youngsters transfer the fraudulently obtained money to other accounts. “They spent the money and gave bank accounts to transfer the stolen money,” Geiger said.

In total, less than 10 people are suspected of wrongdoing in connection with the case.


He also revealed that the suspects accidentally spotted the vulnerability in the online banking system, meaning they didn’t need any programming know-how or a cyberattack to carry out the wrongdoings.

Bank S confirmed last week that the system error allowed a “limited group of customers” to access others’ online banking services for nearly four months, between late April and early August. It has also been exploited to make unauthorized bank transfers, connect to third-party online services, and commit other wrongdoings.

The error, he pointed out, was corrected as soon as it was detected on August 5.

Geiger told Helsingin Sanomat that the suspects managed to spend most of the stolen money on “living big” and investing in cryptocurrencies.

MTV Uutiset Thursday reported that the profits obtained by the perpetrators amount to one million euros, with the suspects obtaining around 940,000 euros by bank transfer and using the login credentials to apply for consumer and payday loans.

Officers from the West and East Uusimaa Police Departments are investigating a total of 53 aggravated means of payment fraud and approximately 150 computer break-ins in connection with the case. The victims of the misdeeds reside throughout Finland.

Aleksi Teivainen – HT

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