Political Sales – Shaughnessy For Congress http://shaughnessyforcongress.com/ Sat, 02 Jul 2022 06:00:00 +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 More UK households are turning to high-cost lenders, charity says | Borrowing & debt https://shaughnessyforcongress.com/more-uk-households-are-turning-to-high-cost-lenders-charity-says-borrowing-debt/ Sat, 02 Jul 2022 06:00:00 +0000 https://shaughnessyforcongress.com/more-uk-households-are-turning-to-high-cost-lenders-charity-says-borrowing-debt/ Struggling British households are increasingly turning to high-cost lenders as the cost of living crisis prevents them from paying their bills, anti-poverty charities have warned. It comes as subprime lender Amigo, which agreed to pay compensation to customers sold unaffordable loans, revealed plans to launch using a new brand called RewardRate. She wants to offer […]]]>

Struggling British households are increasingly turning to high-cost lenders as the cost of living crisis prevents them from paying their bills, anti-poverty charities have warned.

It comes as subprime lender Amigo, which agreed to pay compensation to customers sold unaffordable loans, revealed plans to launch using a new brand called RewardRate. She wants to offer a personal loan with an annual interest rate of 49.9% and a guarantor loan at 39.9%.

The high-cost credit industry, which includes home loans, guarantors, and payday loans, lends to people with poor credit ratings who might not be approved by traditional lenders.

The loans have high annual percentage rates, which means people end up paying back a lot more than they borrowed.

Charities expect more people to become dependent on this type of debt, with high-cost borrowers already more likely to be in arrears or struggling to pay essentials.

Rachelle Earwaker, senior economist at the anti-poverty charity Joseph Rowntree Foundation, said more than one in 10 low-income households – a figure of 1.3 million – had ever taken out credit in order to pay their bills” but what we’ve also seen is that 870,000 households plan to do so in the coming months”.

She said: “I think that gives you an indication of what’s to come. We are now seeing some of the impact of high prices, but much of that has yet to be felt, so I think the situation is absolutely going to get worse before it gets better.

Amigo, which nearly went bankrupt last year, stopped lending in 2020 to deal with mis-selling complaints. New loans require FCA approval before being made available. Borrowers can reduce the overall interest rate if they pay on time and can also freeze a payment once a year, without penalties.

He argues that his loans should not be described as high cost, but rather that they cater to the mid-cost market. “Many vendors have exited the market in recent years, and there remains demand, which may increase due to cost of living challenges.

“As the Center for Social Justice reports, those unable to access legitimate lenders are turning to illegal lenders in greater numbers, making the role of companies like Amigo important to its customers,” the company said.

Some FCA-regulated short-term loan companies operating online offer loans with APRs of up to 500% and 1,200%.

A study by the Joseph Rowntree Foundation found that one-fifth of low-income households were indebted to an approved high-cost lender, and 84% of them were in arrears with at least one household bill.

A total of 90% of households with high-cost credit went without at least one essential item this year, or experienced food insecurity in the past 30 days, the data shows.

“I don’t think anyone chooses to loan out at this level unless they absolutely have to get out of it,” Earwaker said. “It’s a spiral: if you’re in a position where you have to take out that loan in the first place, chances are you won’t be able to meet the repayments attached to it.”

Debt charity StepChange said it expected to see a growing reliance on high-cost credit as rising prices stretched people’s financial resilience.

“Taking out high-cost credit is not a discretionary activity – it’s due to the lack of other options and is often taken out to pay for essentials,” said Sue Anderson, its media manager.

However, she added: “At a time when people are grappling with the cost of living crisis and many low-income households are struggling to make ends meet, further borrowing is unlikely to be forthcoming. the answer to the financial problems of many households”.

The FCA said it had made several reforms to the credit market since 2014, including capping the cost of payday loans and accessibility requirements for new loans.

“Where people are struggling financially, help is available,” a spokesperson said.

“Lenders need to provide tailored support, including ensuring repayment terms are sustainable. We recently reminded lenders of their responsibilities and that we will act if they fail to meet them.

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How much of an FHA loan can I qualify for https://shaughnessyforcongress.com/how-much-of-an-fha-loan-can-i-qualify-for/ Thu, 30 Jun 2022 02:22:39 +0000 https://shaughnessyforcongress.com/how-much-of-an-fha-loan-can-i-qualify-for/ Looking for a payday loan calculator to see how much of an FHA loan you’ll qualify for? Online lenders such as Conway Green emphasize the importance of a calc payday loan. This article will provide you with the information you need! What is an FHA loan? FHA loans are government guaranteed loans that are available […]]]>

Looking for a payday loan calculator to see how much of an FHA loan you’ll qualify for? Online lenders such as Conway Green emphasize the importance of a calc payday loan. This article will provide you with the information you need!

What is an FHA loan?

FHA loans are government guaranteed loans that are available to borrowers with a low down payment. The FHA limits the amount of money you can borrow for the purchase of a single property to 109% of the home’s appraised value. A payday loan calculator can help you determine how much FHA loan you can qualify for.

How do I qualify for an FHA loan?

There are a few things you should know about the FHA home loan program before you start your mortgage search. In order to qualify for an FHA loan, you will need to meet certain requirements. First, the purchase price of the house must be between 100 and 125% of the median family income in the area. Additionally, you will need a good credit history and adequate income. Finally, the FHA requires that your down payment be at least 3.5% of the total cost of the home. An online payday loan calculator can help.

Unlike conventional lenders, FHA loans require you to pay a portion of the purchase price in cash. Lenders meet this requirement by requiring a slightly lower down payment. To determine the required amount, simply enter your monthly gross income and expenses into our mortgage calculator and press calculate. The personal loan calculator will recalculate your probable down payment amount.

How can a payday loan calculator help me with my FHA loan?

If you wonder how much of a mortgage you qualify for with an FHA loan, a payday loan calculator can help. The online calculator will allow you to enter all your information and quickly know how much money you would be able to borrow. Simply enter your annual income, debts, and down payment amount to see how much money you could borrow each month. You can also use this calculator to estimate how long it would take you to pay off your loan if you chose a lower interest rate.

Knowing how much money you can borrow with an FHA loan is essential when shopping for a home. The more information you have, the more likely you are to find the right payday loan calculator and get that perfect, safe FHA loan.

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

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

What are online repayable loans?

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

Register

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

Are they worth it?

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

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

Endnote

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

Authors biography :

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

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S Korean Travel makes localized payment case https://shaughnessyforcongress.com/s-korean-travel-makes-localized-payment-case/ Wed, 22 Jun 2022 08:03:42 +0000 https://shaughnessyforcongress.com/s-korean-travel-makes-localized-payment-case/ Neither pandemic surges nor inflation will deter adventurous South Korean travelers from booking travel in a year of recovery, but it’s an advanced market that demands more of travel experiences, the way travelers are able to pay and, in the case of suppliers, to be paid. Regardless of the market, it comes down to solid […]]]>

Neither pandemic surges nor inflation will deter adventurous South Korean travelers from booking travel in a year of recovery, but it’s an advanced market that demands more of travel experiences, the way travelers are able to pay and, in the case of suppliers, to be paid.

Regardless of the market, it comes down to solid execution of localization strategies on a global scale, like Worldline Global Travel Manager Damien Cramer says Karen Webster of PYMNTS.

To say that Asia is always behind the West “by a year or a season, if you will,” Cramer explained, “South Koreans, like Singaporeans where I am, and like some of the other maybe more developed markets in Southeast Asia, are a bit ahead of some other markets, and we’re looking forward to travel and we’re definitely planning to travel significantly.

In early June, the South Korean government eased its COVID-19 restrictions, eliminating the so-called push for “revenge trips” for takeoff.

To get the most out of it, travel suppliers must cater to local and regional payment preferences or risk running into foreign exchange (FX) issues that can kill a transaction, Cramer said.

“The biggest challenge, if I had to make it really basic, is the difference in language and cultural experience,” he said. “If you’ve ever branched out and hopped on a native [eCommerce] website or a native [travel] website in Indonesia, the product, the way things are presented and the user experience is quite different from how many westerners like to see it.

It does this by embracing and reflecting cultural, linguistic and regional differences and presenting them appropriately for South Korea – or any distinct geographic market – because what works even in a border country will work at all in neighboring markets.

See also: European Worldline Joins Spreedly’s PSP Partner Program

Conversion of local payments

Highlighting the rising costs of international travel, Cramer said: “What we need to be aware of is that in this costly purchasing decision there is an important level of trust – trusting the way the payment solutions are presented, the types of payment solutions presented, are they payment solutions that I know, trust and recognise? »

Yes, Visa and Mastercard are there, but they go hand-in-hand with “a lot of other very localized payment options where consumers have a high level of trust, and they’re heavily integrated into that market,” he said. he declared to Webster.

“I think we’ll see situations where customers will go, ‘if the airline…that I want to book isn’t going to present me with the option to pay with my Samsung card or whatever, but I can access a online travel will do that, I might be more inclined to use that secondary payment option or that secondary channel, rather than the primary channel,” he said.

It’s a failed conversion and a lost customer – two punches that all players try to avoid.

Approval rates come into the discussion with urgency when cross-border payments are involved, and there are issues that travel providers and payment providers need to address.

“I’m not a very tech-savvy person, but there’s a dark art, I think, associated with approval rates, how and where you route transactions,” Cramer said. “One of the things that’s mostly true is that the closer you can get to a localized network and a localized solution, the more likely you are to get approved.”

Read also: Worldline and Myra team up to deliver better hospitality payments

Data, trust and “Revenge Travel”

The pain and friction of international routing and approvals for expensive travel purchases that set off alarm bells with fraud schemes underscores the role of trust in these transactions.

“Travel is an ambitious service,” Cramer said. “What you get is a market ripe for some level of fraud. People want it, some people can’t afford it or want a better product or better service or whatever, and it happens. lends itself to levels of fraud.

Calling Strong Customer Authentication (SCA) models “a very good way to combat this”, Cramer said the new authentication capabilities are a huge improvement over last-generation solutions which he called ” crude and clumsy” and designed to protect traders more than consumers.

Meanwhile, he said these SCA solutions that assess fraud and risk are based on data points.

“There are some really valuable data points [being collected],” he said. “The data points that we have as a large payments processor that we can add to this are all very important and valuable when it comes to strong customer authentication.”

Worldline offers SCA services and will introduce them in South Korea as part of continued expansion into Asia and other markets.

The data goes a long way in everything from authenticating the purchase up front to issuing a refund down the line if needed, as so many others have since 2020.

“To a large extent, the rails, the infrastructure and the processes [needed] to be able to manage the reverse flow and overall risk were not in place,” he said. “We had to learn by doing. We learned by failing in some cases. We learned by co-creating a whole bunch of challenges.

Post-pandemic, there is “much more know-how and understanding, out of necessity rather than pure strategic decision-making intent, about the processes, systems and services that help manage and protect customers and the funds…and the whole mechanism around how the reimbursement processes work.”

Call it a recovery, a rebound or a journey of revenge, but pent-up demand in hot markets like South Korea is serving as a precursor to the broader global recovery, and there are new expectations.

“Ultimately, we have to adapt to consumer demand, and rightly so consumer demand in this market is going to require levels of flexibility, or a higher proportion of the population requiring levels of flexibility, than they would have otherwise before that, I didn’t expect that,” he said.

“Merchant Systems and Processes [and] payment service providers like us who handle and handle the money on their behalf, through the network to issuers, have been set up to support this,” he added. “Every crisis creates an opportunity.”

It’s an opportunity with a mission. Cramer pointed to a study that showed 60% of South Koreans are “excited” about the potential of technology to personalize their travel experience.

“I was watching this and I was like ‘OK, 60% is pretty good,'” he said.

And a lot of opportunities to exploit.

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NEW PYMNTS DATA: THE CUSTOM PURCHASING EXPERIENCE STUDY – MAY 2022

About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are succeeding and where they need to up their game to deliver a personalized shopping experience.

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Amy wanted to get rid of 34HH boobs until she found OnlyFans and made £40,000 in a month https://shaughnessyforcongress.com/amy-wanted-to-get-rid-of-34hh-boobs-until-she-found-onlyfans-and-made-40000-in-a-month/ Sun, 19 Jun 2022 13:20:59 +0000 https://shaughnessyforcongress.com/amy-wanted-to-get-rid-of-34hh-boobs-until-she-found-onlyfans-and-made-40000-in-a-month/ A woman who wanted a cut to stop people staring at her 34HH boobs is now earning £40,000 a month on OnlyFans and has paid off her family’s total debt of £130,000. Amy Sophia, 27, from Leeds, was so insecure about her ‘huge boobs’ that she used to try to hide her figure in baggy […]]]>

A woman who wanted a cut to stop people staring at her 34HH boobs is now earning £40,000 a month on OnlyFans and has paid off her family’s total debt of £130,000. Amy Sophia, 27, from Leeds, was so insecure about her ‘huge boobs’ that she used to try to hide her figure in baggy jumpers or tight clothes that would ‘crush’ her chest.

When she went clubbing with friends, she says strangers made comments and looks that depressed her. “Usually when I went to clubs or out in public it was the women who would tell me to ‘put it away’ because their boyfriends were staring at me,” Amy said.

“I usually ignore it, but I once got kicked out of a nightclub for flashing this girl who told me to cover up. I was just sick of it. I have such bad posture from the way I was always leaning forward to hide my boobs because when I kept my back straight it made them even more prominent and I hated that attention.

“Now the looks and comments don’t bother me anymore. I know they’re just jealous or they have body issues, they’re obviously not happy in their own skin.

Amy was working five days a week as a spa therapist earning £8.50 an hour when she decided to set up an OnlyFans page in October 2019. She says the site gave her confidence and helped her embrace her curvy figure.

When she joined she was saddled with debts of £30,000 from payday loans. Amy said: “I’ve always wanted a champagne lifestyle on a Coca Cola budget. I went on vacation abroad and always bought new clothes.

“Because of the high interest rates on payday loans, I was stuck in a vicious circle. Then there was a buzz around this new site, OnlyFans, and something just told me to do it. for money.

“I knew my boobs were getting attention, so I decided to use them to my advantage instead of hiding. In my first month I made £7000 which was insane.

“Every month it was increasing – my best month of income was £150,000, but I average around £40,000 now.”

As well as paying off her own debt of £30,000, Amy was also able to help her parents pay off a combined debt of nearly £100,000. She said: “Helping my family out of debt was the first thing I did with the money.

“It took me about four or five months before I started winning big before I could do it. Mom was so grateful. She’s fully supportive of what I’m doing and always has been from the start.

“The people who are important to me in my family have supported me and that’s all that matters. I’m so lucky to have such an understanding family behind me. I love them so much.”



Amy Sophia (Press Jam)
Amy Sophia (Press Jam)

As a teenager, the model’s figure “changed overnight” as she struggled to embrace her curvy new figure. She said: “I woke up one day when I was about 15 and it’s almost like my boobs just grew overnight, they were huge.

“I slowly started to dislike them as they got bigger and bigger. I felt like I had a hard time hiding them and people looked at me a lot. I avoided certain exercises at the gym and I had trouble buying clothes because they didn’t suit me or I was worried that everything would look too slutty.

At 23, she went to see a doctor about breast reduction, but the details of the operation were so daunting that Amy took longer to think about it. She said: “I was sick of the attention, of the men watching.

“I couldn’t enjoy shopping and buying nice clothes. I also felt like my big chest made me look fat because it hid my shape in the clothes.



Amy Sophia (Press Jam)
Amy Sophia (Press Jam)

“I learned how serious a reduction is, so I took my time to think about it. But during that time of reflection, I discovered Only Fans.

“That’s when I started kissing them. The positive attention has really changed my mindset.

“I realized that a lot of guys there love my boobs and now they are my sources of money.”

Amy likes to spend her earnings on clothes, fine dining and luxury travel – and has been to Mexico, the Maldives, Rome, Thailand, Las Vegas and all over Europe. She also had a Brazilian butt lift to further enhance her figure.

The model added, “I’ve always wanted beautiful things and to do the beautiful things in life. Now I can live the life I always dreamed of and wanted so badly.

“I do what I do for the money, which gives me freedom and freedom is everything to me.”

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What is a home loan and how does it work? https://shaughnessyforcongress.com/what-is-a-home-loan-and-how-does-it-work/ Tue, 14 Jun 2022 14:07:06 +0000 https://shaughnessyforcongress.com/what-is-a-home-loan-and-how-does-it-work/ Car title loans are designed for people who need cash fast. They offer a short-term loan using your vehicle title as collateral. Some lenders don’t do credit checks and may not even require proof of employment or income, making auto title loans easy to access, even for consumers with troubled credit histories. But like many […]]]>

Car title loans are designed for people who need cash fast. They offer a short-term loan using your vehicle title as collateral. Some lenders don’t do credit checks and may not even require proof of employment or income, making auto title loans easy to access, even for consumers with troubled credit histories.

But like many other loans available to consumers with bad creditHowever, the appeal of these cash loans is overshadowed by their high costs and severe consequences if you cannot repay what you owe. Here’s what you need to know about how title loans work and the pros and cons of using them.

How Securities Lending Works

A title loan provides short-term financing for borrowers who own their car or own a significant portion of it. Lenders use your vehicle title deed – a document that proves you own your car – as collateral for the loan and usually require payment within 15 or 30 days.

Lenders can offer title loans online or through a physical location. You will fill out a file to apply. If you are not already in a physical store, you will need to visit one to present your car.

You’ll also need to provide a clear title – although some lenders don’t even require this – photo ID, proof of insurance, and any other documents the specific lender might need. You may also need to give the lender a second set of car keys. That said, you will keep your car during the reimbursement process.

If you are unable to repay the debt on time, you may have the option of turning your existing title loan into a new one, but this will only add more interest and fees. If you end up defaulting, the lender can seize your vehicle and sell it to recover what you owe.

Since title loans can have very high interest rates, they are not allowed in all states. In some they are completely prohibited, and in others there are interest rate caps. In some states, however, there are no regulations.

How much can you borrow?

You can usually borrow between 25% and 50% of the value of your car. Loans can range from $100 to $10,000, depending on the lender. You’ll pay what you owe in person, online or by direct debit from your checking account.

How much do title loans cost?

With such a short repayment term, car title loans are an expensive form of credit, and even the best car title loans can charge three-digit annual percentage rates, which include interest and fees.

“Security loans often come with a host of additional costs, including processing, documentation and loan origination, totaling hundreds of dollars,” says Lyle Solomon, senior counsel at Oak View Law Group, which provides debt relief services. “The purchase and payment of a vehicle roadside assistance package may also be required in some cases.”

For example, let’s say you borrow $800 and the finance charge is 25% of the loan amount, or $200. If the loan is due within 30 days, your APR is around 304%. That’s way more than you’ll pay even with some bad credit personal loans.

“Title loans often fall into the category that many lenders consider predatory lending,” says James Garvey, CEO and co-founder of Self Lender, which offers credit lending.

Do title loans affect your credit?

Generally, title loans do not impact your credit score because there is usually no credit check when you apply. Also, lenders probably won’t report your payment to the credit bureaus, and if you default, the lender will usually repossess your car and sell it instead of sending your debt to a collection agency.

The fact that title loans don’t affect your credit can be a good thing or a bad thing. If your credit history is already bad, that won’t stop you from getting a title loan. Also, missing a payment probably won’t hurt your score any further. On the other hand, making payments on time will also not help your credit score.

Advantages and disadvantages of title loans

As with any financial product, there are usually pros and cons. However, the disadvantages of predatory loans like these usually far outweigh the advantages. Here’s what you should consider:

Advantages

  • Easy qualification. Even if your credit is bad, you can get approved as long as you hold the title to your car, have enough capital, and your income meets the lender’s requirements.
  • Simple approval process. You don’t need to submit to a credit check, so the process usually doesn’t take long.
  • Quick access to cash. As long as you have everything the lender needs, you can walk out of the store with the money the same day.

The inconvenients

  • You can lose your car. The worst case scenario with a car title loan is that you cannot repay the debt and the lender seizes your car. According to a report 2016 per the Consumer Financial Protection Bureau (the most recent statistics available), this happens to 20% of people who take out title loans.
  • You can easily go over your head. CFPB research also found that more than 80% of auto title borrowers take out a new loan the day the original is due because they can’t afford to repay the first one. More than half of all title loans mature into four or more consecutive loans by the time borrowers can repay the debt. Since each new loan adds more interest and fees, you could end up with a lot more debt than expected.
  • Title loans are expensive. Even if you repay on time, title loans incur far higher costs than most other loan options.

Alternatives to Car Title Loans

If you have bad credit, you might think you have no other options. After all, that’s why title loans are still popular, despite being such a threat to your financial well-being.

Still, it’s usually best to avoid this financing option. “Almost every other loan option out there is better than a title loan,” Solomon says. These alternatives can offer borrowers with bad credit access to funds without as much risk as a car title loan.

  • Family and friends. Going to family members or friends for money is not easy. But if you have trusted relationships and are confident you can repay what you borrow, consider applying for an unofficial loan.
  • Personal loan for bad credit. Some personal lenders specialize in working with people who have bad credit. Interest rates and fees can always be higher than what you would pay with a bond or great credit, but they’re probably much lower than what a title lender will charge you, and you’ll usually get a longer repayment term. This reduces the risk that you will need to re-borrow to pay off your debt.
  • Financial aid services. Depending on where you live, your state or local government may provide access to temporary financial assistance. These programs can provide help with medical bills, food, child care, utilities, emergency expenses and more. If you’re looking for quick cash to cover any of these, you might be able to get it without any strings attached or costly debt. You can also find this kind of help through local nonprofits, charities, and religious organizations. Garvey says, “Some nonprofits, such as the Mission Asset Fund, offer low-interest loans (even 0%).”
  • Payday advance. Your employer may be willing to provide an advance on your next paycheck. While this can cause problems when you need that money later, it can give you some time to figure things out. If your employer doesn’t offer payday advances, services like Earnin, MoneyLion, Dave, and Brigit allow you to get a payday advance with little or no fees or interest.
  • Alternative payday loan. Some credit unions offer alternative payday loans to eligible members. The interest rate on these loans is capped at 28%, making them much cheaper than some traditional personal loans.
  • Credit advice. If your financial problems are a symptom of crippling debt, working with a credit counselor can help you make more room in your budget. Credit counseling agencies may be able to use a debt management program to help you get relief from late payment fees and lower interest rates on your existing loans. Credit counselors can also help you get your finances back on track for the future. Garvey says, “The ultimate key to breaking the cycle of limited options and high interest loans is to build the credit you need to access more reputable financial products.

The important thing is that you take the time to consider all of your options and look for ways to get the financial help you need without sinking deeper into high-interest debt.

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Is debt threatening to ruin your retirement before it begins? 4 tips that can help | Smart Change: Personal Finances https://shaughnessyforcongress.com/is-debt-threatening-to-ruin-your-retirement-before-it-begins-4-tips-that-can-help-smart-change-personal-finances/ Sun, 12 Jun 2022 11:00:00 +0000 https://shaughnessyforcongress.com/is-debt-threatening-to-ruin-your-retirement-before-it-begins-4-tips-that-can-help-smart-change-personal-finances/ (Kailey Hagen) Almost everyone gets into debt from time to time, and it’s not always a big deal. But as you approach retirement, you want to get as much out of debt as possible. With fewer payments to worry about, you can further expand your existing savings. But getting rid of debt, especially high-interest debt, […]]]>

(Kailey Hagen)

Almost everyone gets into debt from time to time, and it’s not always a big deal. But as you approach retirement, you want to get as much out of debt as possible. With fewer payments to worry about, you can further expand your existing savings.

But getting rid of debt, especially high-interest debt, is easier said than done. If you’re struggling to get your finances under control, these four tips might help.

Image source: Getty Images.

1. Focus on high-interest debt first

You should always prioritize debts with the highest interest rates first. If you have payday loans or credit card debt, this is the best place to start. Don’t worry so much about mortgages or other low interest debt. Keep making your payments on these, but don’t put any extra money into them until your high-interest debt is paid off.

The debt avalanche method is a popular strategy for paying off credit card debt across multiple cards. First, you make the minimum payment on all your cards each month. Then you put any remaining money on your debt with the highest interest rate. When you have paid off that debt, you move on to the debt with the next highest interest rate, and so on.

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You can also try using a balance transfer card or a personal loan. Balance Transfer Cards Temporarily stop your balance growing, so it’s a good choice if you’re sure you can pay off what you owe within the 0% APR introductory period. Otherwise, a Personal loan might be a better option. These give you a predictable monthly payment, so you don’t have to worry about your balance growing.

2. Look for other ways to make more money

Bringing in more money can help you pay off your debt faster. You might be working overtime at your current job or starting a side hustle. Or you can use windfall earnings, like year-end bonuses, pay raises, and birthday money, for debt repayment.

Again, if you have high-interest debt, focus on that first, and you might even want to put your retirement savings on hold for a while. You’re probably paying more interest on your credit card in a year than you’ll earn investing your money, so it makes more sense to spend all your money on that debt first. Then, when it’s paid off, you can save for retirement and work on your other types of debt at the same time.

3. Don’t Touch Your Retirement Savings Sooner

You may be tempted to withdraw some of your retirement savings early to pay off your debts, but this is actually counterproductive. On the one hand, you will pay a 10% early withdrawal penalty if you withdraw money from most retirement accounts before you turn 59½ – and that’s on top of the taxes you’ll have to pay if the money comes from a tax-deferred account.

You will also significantly reduce your retirement savings. When you start saving again, you will need to save a lot more per month to retire on time. You’d better leave your savings alone so they can grow until retirement.

4. Delay retirement

When all else fails, you can always delay retirement to give you more time to save and pay off your debts. It’s not the ideal solution, but it’s better to run out of money early. You could also slowly transition into retirement, perhaps going part-time for a while before quitting for good.

Everyone’s debt repayment strategy will be a little different, depending on what they owe and how close they are to retirement. But don’t make the mistake of thinking it will get easier over time. The sooner you start paying off your debts, the better off you will be in the long run.

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Cost of living crisis: Glasgow 4th hardest hit city in UK https://shaughnessyforcongress.com/cost-of-living-crisis-glasgow-4th-hardest-hit-city-in-uk/ Thu, 09 Jun 2022 09:30:27 +0000 https://shaughnessyforcongress.com/cost-of-living-crisis-glasgow-4th-hardest-hit-city-in-uk/ Glasgow residents are among the hardest hit in the UK by the cost of living crisis, a study has found. Register to our GlasgowWorld Today newsletter Food, energy and fuel prices have all skyrocketed in recent months, leaving people struggling with ever-larger bills and leading them to seek cost-cutting measures. A study was carried out […]]]>

Glasgow residents are among the hardest hit in the UK by the cost of living crisis, a study has found.

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Food, energy and fuel prices have all skyrocketed in recent months, leaving people struggling with ever-larger bills and leading them to seek cost-cutting measures.

A study was carried out using search engine data from the last three months of search engine tools Ahrefs, Google Keyword Planner and KWFinder, looking at key terms such as energy price cap, payday loans, money savings and the cheapest energy supplier.

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This data was then analyzed and ranked based on the combined number of searches for all key terms. These data were then classified.

The most popular

How well do you know Glasgow?

Glasgow was the 4th worst affected area in the UK, with searches for same day loans being the 3rd most searched term in the whole of the UK. Other Scottish cities feeling the effect of the cost of living are Aberdeen 7th and Edinburgh 22nd.

Analysis of the data showed that people in Manchester are struggling with the cost of living more than anyone else in the UK. With 2,200 people looking for payday loans per month, 210 searches for energy price caps and 310 people looking for the cheapest energy suppliers, Manchester emerged as the worst affected area in the UK according to of the size of its population.

Newcastle was the second most affected city and, with its small population compared to other cities and towns, it had one of the highest numbers of payday loan searches in the study. With 1000 people a month looking for quick ways to get cash and cover unexpected expenses.

People in Leeds were the 3rd worst hit place in the UK when it comes to the cost of living crisis. Leeds had one of the highest numbers of people seeking information about the energy price cap, as well as people looking to switch energy providers for the cheapest service.

Newport, Cardiff and the London Borough of Brent were the least affected areas with the fewest people searching online for information on energy price caps, fast loans, ways to save money and information on the cheapest energy suppliers.

A spokesperson for pink storage commented on the findings: “The cost of living is a concern for most of us. By analyzing online search behavior, we can see how people are trying to make ends meet.

“If wholesale energy prices remain high, we can expect further increases in energy prices and, as a result, the online search behavior of internet users will reflect this.”

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Nova Scotia UARB Cuts Payday Loan Interest Rates https://shaughnessyforcongress.com/nova-scotia-uarb-cuts-payday-loan-interest-rates/ Tue, 07 Jun 2022 17:53:30 +0000 https://shaughnessyforcongress.com/nova-scotia-uarb-cuts-payday-loan-interest-rates/ A payday lender on Wyse Road in Dartmouth on Tuesday. Photo: Zane Woodford Payday lenders will get a smaller share of Nova Scotians’ checks later this year. In a decision released Tuesday, the provincial Utilities and Review Board (UARB) lowered the maximum interest such lenders can charge from $19 on a $100 loan to $17, […]]]>

A payday lender on Wyse Road in Dartmouth on Tuesday. Photo: Zane Woodford

Payday lenders will get a smaller share of Nova Scotians’ checks later this year.

In a decision released Tuesday, the provincial Utilities and Review Board (UARB) lowered the maximum interest such lenders can charge from $19 on a $100 loan to $17, effective Sept. 1. As of January 1, 2024, this number will drop. again, at $15.

Currently, Nova Scotia’s maximum is the second highest in Canada, with Newfoundland and Labrador capping interest at $21 on a $100 loan. Saskatchewan and Manitoba provide $17 per $100. At $15, Nova Scotia would equal British Columbia, Alberta, Ontario, Prince Edward Island and New Brunswick.

The move to $15 per $100 will raise the annual interest rate down approximately 390% (assuming a two-week term). If that rate sounds criminal, that’s because it is, but payday lenders in Canada are exempt from the Criminal Code provision interest capped at 60% per annum.

Nova Scotia was the first province to regulate payday loans, and the UARB first held a public hearing on the loans in 2008, choosing to set interest at $31 per $100 (about 800% per year). Since then, he has periodically reviewed the regulations, each time reducing the interest. Most recently, he held a hearing in 2018 and lowered the interest to $19 per $100.

In his decisiona panel of three council members – vice-chair Roland Deveau and members Richard Melanson and Jennifer Nicholson – summarized a hearing held in March 2022, when the council heard from members of the public, consumer advocates and payday loan industry representatives.

These representatives argued that lower rates would eliminate the payday loan industry. Patty Ko, a lawyer for the Canadian Consumer Finance Association (CCFA, formerly known as the Canadian Payday Loan Association), argued that the pandemic has already had a significant effect on the industry.

“Given the significant negative impact of the COVID-19 pandemic, she advised that now was not the time to make significant changes and urged that the maximum cost of borrowing of $19 per 100 $ be maintained,” the board wrote.

Patrick Mohan, president of the Canadian Association of Independent Payday Lenders, said rates should go up.

“Mr Mohan suggested that instead of lowering or maintaining the current maximum cost of borrowing, it should be increased to allow smaller operators to offer their product,” the council wrote.

“While his presentation provided anecdotal evidence, there was no verifiable data or expert opinion evidence to support the proposition that the maximum cost should be increased. The Council rejects this proposal.

The pandemic has led to a decrease in payday loans issued and repeat customers, but the board noted there was an increase in the percentage of default.

“The data shows, for the pre-COVID period, a decline in the number of loans from 2015 to 2019 of around 8%, although the decrease in the total value of loans was only around 3%”, wrote the board. “The data further indicates that the number of different companies offering payday loans in Nova Scotia and the number of retail outlets remained stable from 2017 to 2021, despite a reduction in the maximum cost of borrowing and a pandemic.”

The board ruled there was no reason Nova Scotia lenders couldn’t make a living charging the same rates as most countries.

“The CCFA has provided no evidence, or satisfactory explanation, as to why this would not be the case,” the board wrote. “While there are undoubtedly regional differences in overall population, demographics, income and other financial criteria, the consumer profile of the product should, due to the nature of the product, be relatively similar across the country. The industry as a whole should be able to serve this demographic at relative parity with the rest of the country.

Although it did not side with industry, the council wrote that it was considering the impact of the pandemic on business.

“Without the impact of the COVID-19 pandemic, the board would have been inclined to immediately move to the maximum cost of borrowing of $15 per $100,” the board wrote. “The Board is of the view that a phased approach to reducing the maximum cost of borrowing, to a level where Nova Scotia consumers enjoy the same rate protection afforded to most other countries, is reasonable in the circumstances.”

The board also reduced the maximum interest rate on post-default arrears from 60% to 30% and left the default penalty at $40, the highest in the country.

The council noted that many members of the public had called on it to abolish payday loans altogether or adopt regulations similar to those in Quebec, where a 35% annual interest cap effectively ended the practice. .

The council endorsed the provincial government’s position on this issue, stating that “the elimination of the regulated payday loan industry in Nova Scotia would reduce the short-term credit options available to consumers.”

“It would also increase the presence of unscrupulous and unregulated lenders, especially unlicensed online lenders, which could lead to the unfortunate consequences of innocent borrowers accessing such unregulated loans over the internet,” the council wrote.

The board will then review payday loan rates in three years, unless “a critical issue comes to the attention of the board in the interim.”


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How to Improve Personal Loan Applications: 6 Ways to Increase Chances of Approval https://shaughnessyforcongress.com/how-to-improve-personal-loan-applications-6-ways-to-increase-chances-of-approval/ Mon, 30 May 2022 14:00:08 +0000 https://shaughnessyforcongress.com/how-to-improve-personal-loan-applications-6-ways-to-increase-chances-of-approval/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. Before you take out a personal loan, […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

Before you take out a personal loan, read about 6 things you can do to improve your personal loan application and increase your chances of approval. (Shutterstock)

Personal loans can help cover a variety of unexpected projects and costs. The best way to get approved is to have good credit and a low debt-to-income ratio (DTI).

If you need a loan, these six tips can help improve your Personal loan apply and increase your chances of being approved for the funds you need.

Shopping around and comparing lenders is a good place to start before submitting an official personal loan application. Credible, it’s easy to view your prequalified personal loan rates from various lenders, all in one place.

1. Decide what type of personal loan you need

Personal loans are installment loans, which means you receive a lump sum of money up front and then repay the loan with fixed payments over an agreed term. But not all personal loans are created equal. There are many types of personal loans you can choose from, including:

2. Check your credit report

Your credit score is a three-digit number that gives lenders an idea of ​​how likely you are to repay the money you borrow. It is calculated based on your payment history, the number of accounts you have, the type of accounts, your credit usage (how much credit you use compared to the amount of available credit you have) and the duration of your credit history.

Lenders look at your credit score when they review your loan application. A higher credit score generally increases your chances of being approved and getting a better interest rate. By making payments on time and limiting the use of your credit, you can increase your score.

It’s a good idea to pull your credit reports from the three major credit bureaus at least once a year – you can do this for free by visiting AnnualCreditReport.com. Once you receive your reports, review them for potential errors, such as missed payments you didn’t actually miss or accounts you didn’t open. Dispute any errors you find with the appropriate credit reporting agency.

Visit Credible for compare personal loan rates from various lenders, without affecting your credit.

3. Improve your credit score

If you have a fair or bad credit scorehere are some things you can do to increase your score and increase your chances of getting approved for a personal loan:

  • Pay your bills on time. Even one missed payment can hurt your credit score. That’s why it’s important to pay your mortgage, credit cards, car loans, student loans and other bills on time, every time.
  • Pay off your debt. The lower your credit utilization ratio, the more likely a lender will approve you for a loan. By paying off your debt, you can improve your credit utilization ratio and, therefore, increase your credit score.
  • Do not close credit card accounts. Even if you no longer use certain credit cards, keep them open. It can increase the length of your credit history, which can improve your credit.
  • Limit new credit accounts. Only apply for new credit when you absolutely need it. Applying for too many credit accounts at once can hurt your credit score because it leads to difficult inquiries on your credit report and lowers the average age of your credit accounts.

4. Don’t borrow more than you need

While it can be tempting to ask for more money than you need to meet a financial goal, like a car repair or a kitchen renovation, it can do more harm than good. Since a larger personal loan will come with a higher monthly payment and affect your ability to cover other financial obligations, lenders will consider it riskier. This can make it harder for you to get approved for a loan.

5. Consider applying with a co-signer

A co-signer is usually a family member or close friend with a good credit rating and a stable income who agrees to repay your loan in the event of default.

For example, if you are applying with a co-signer because you are unemployed or your credit is poor, you may get approved for a loan that you would not qualify for on your own. You could also get a lower interest rate, which could save you hundreds or even thousands of dollars over the life of the loan.

While a cosigner can make your personal loan application more attractive to a lender, it’s important to consider the potential downsides of applying with just one. If you fall behind on your payments, you could put the co-signer in a difficult position and damage your relationship, as well as their credit. That’s why you should only apply for a co-signer if you’re sure you can repay your loan as agreed.

Additionally, it is difficult to remove a co-signer from a loan once the funds have been disbursed. Your co-signer may be stuck with responsibility for the debt for a while until you pay it off. Make sure the co-signer you choose not only understands this risk, but accepts it.

6. Find the best personal lender for you

There is no shortage of personal loans on the market. Take the time to shop around and compare a variety of products offered by banks, credit unions and online lenders. Look at their amounts, interest rates, fees, and any special perks they might offer.

It can help you find the ideal personal loan for your unique situation.

Credible, it’s child’s play to compare personal loan rates from multiple lenders without a firm credit application or any effect on your credit.

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