Football industry – Authentic Raiders Sale http://authenticraiderssale.com/ Wed, 15 Sep 2021 09:04:46 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://authenticraiderssale.com/wp-content/uploads/2021/07/icon.png Football industry – Authentic Raiders Sale http://authenticraiderssale.com/ 32 32 Need cash in a hurry? Here are the best and worst ways to get it https://authenticraiderssale.com/need-cash-in-a-hurry-here-are-the-best-and-worst-ways-to-get-it/ Wed, 15 Sep 2021 06:38:00 +0000 https://authenticraiderssale.com/?p=358 Running out of money is a financial worst-case scenario – but it happens. It doesn’t take a catastrophe to experience a temporary cash crunch. Moving or switching jobs can sometimes cause serious, if short-term, liquidity issues, with financial outflows sometimes hitting your wallet before it is replenished by new money coming in. And sometimes even the […]]]>

Running out of money is a financial worst-case scenario – but it happens.

It doesn’t take a catastrophe to experience a temporary cash crunch. Moving or switching jobs can sometimes cause serious, if short-term, liquidity issues, with financial outflows sometimes hitting your wallet before it is replenished by new money coming in. And sometimes even the recommended rainy-day fund of three to six months worth of living expenses isn’t enough to cover a sudden, emergency expense.

So what are the best and worst ways to get money quickly when you need it? Global News put that question to David Gowling, senior vice president at debt consultancy MNP in Burlington, Ont., and Scott Hannah, head of the B.C.-based Credit Counselling Society. Here’s an amalgam of how they ranked the available options:

Payday loans

Payday loans are the best resort. These are short-term loans with interest that can quickly rise beyond your control if you don’t quickly repay your debt. And you can’t borrow much with a payday loan, anyways. According to the Financial Consumer Agency of Canada, the current credit limit is $1,500.

As you can tell from the name, the idea of a payday loan is that you’ll repay what you owe when you get your next paycheque. The loans are meant to cover a small cash shortfall until the next pay cycle, and generally the lender will help itself to the contents of your bank account when the loan is due.

The annual interest rate on a payday loan can easily amount to several times the principal, so even if you repay your debt quickly, this is a very expensive way to borrow. For example, borrowing $300 for two weeks might cost you $63 in interest with a payday loan, compared to less than $7 with a cash advance on a credit card or overdraft protection on a bank account, and less than $6 with a line of credit, according to the FCAC.

If you miss the payment, you’ll owe $363 plus, say, a $40 penalty, for a total of $403. Things could get out of control fast.

That said, provincial regulations of payday loans, with some imposing strict restrictions on what’s allowed.

Still, “if a payday loan is the only option, that’s an indication of serious financial problems,” Gowling said.

Unsecured line of credit

A line of credit works a bit like a credit card. It allows you to borrow money up to a pre-set limit, but you don’t have to use the loan until you need to and then you only have to repay the amount you borrowed. Unsecured means your financial institution is lending you the money without using assets, such as your home or car, as collateral. For many Canadians, unsecured lines of credit come with a reasonably low interest rate (think 5-7 per cent), zero fees and fast set-up, which is why both Gowling and Hannah put it at the top of their ranking. You can often borrow as little as $5,000 and up to several tens of thousands of dollars with an unsecured line of credit, which makes it a good option for emergency home repairs like fixing a leaky roof.

One of the downsides, however, is that minimum payments on lines of credit are often interest-only, which means your debt will become permanent if you only have the budget to repay the minimum, Gowling warned. Another potential drawback is that relying on lines of credit is so easy that it can quickly become addictive, he added. Over-reliance on lines of credit can be a slippery slope into unmanageable debt problems, which is why many debt consultants advise against relying on lines of credit as a substitute for having an emergency fund.

Also, “those with limited income or a less-than-perfect credit score may have trouble accessing this type of loan,” Gowling said.

Finally, keep in mind that lines of credit come with variable interest rates that may go up over time.

Click to play video: 'Common mistakes that explain why you never have enough money'

Tax-Free Savings Account

A Tax-Free Savings Account (TFSA) is where a lot of people store their emergency fund because any money sitting there grows tax-free and can be withdrawn at any time with no cost. If you have a plump rainy-day fund in a TFSA and your furnace goes bust or you lose your job, we don’t need to tell you what to do. And any money you take out frees up contribution room, which you can start filling the following year.

The case for tapping your TFSA, however, becomes less clear-cut if you’re using the account to save for retirement. For Canadians with limited income and in a number of other cases, TFSAs can be a better way to save for retirement than a Registered Retirement Savings Plan (RRSP). If the TFSA is the home of your nest egg, it may make sense to tap a line of credit instead. If your money is invested, your annual rate of return may be higher than the interest rate you’d be paying on a loan and you may not be able to turn those investments into cash without incurring steep costs, Gowling noted.

However, if you decide to opt for taking on debt instead of depleting your savings, make sure you have a realistic plan to repay what you owe.


Click to play video: 'Money123: Should your savings go into an RRSP or a TFSA?'

Home Equity Line of Credit

Home Equity Lines of Credit, or HELOCs, are lines of credit backed by the equity in your house. Because the bank can count on your property as collateral, the interest on HELOCs is usually considerably lower than that for unsecured lines of credit, though a bit higher than mortgage rates. HELOCs also allow you to borrow large amounts of money. If you have, say, $100,000 of equity in your home, you might be able to get a HELOC with a credit limit of close to that amount. That, and the low borrowing costs, make HELOCs a fan favourite among Canadians looking to finance home renovation projects. But HELOCs can be used for anything, not just home-related expenses.

If you own a home and already have a HELOC already in place, that should probably be your go-to option. But HELOCs pose some of the same risks that unsecured lines of credit do: They have variable interest rates and they easily turn into a debt trap if you make a habit of tapping them to cover expenses for which you didn’t budget. HELOCs have a particularly bad track-record when it comes to debt consolidation. Homeowners who consolidate, say, expensive credit card debt into one low-interest HELOC often wind up using their line of credit just like they used their credit card, according to the Credit Counselling Society.

Also, if you don’t already have a HELOC, “there will likely be closing costs to obtain a [one] as it is registered against the title of your home,” Hannah said via email. In addition, the application process can be slow, and Canadians will now have to undergo a financial stress test introduced by federal mortgage rules implemented over the last couple years, Gowling noted. “This may limit the amount of equity that can be utilized,” he said.

Credit cards

For smaller emergency expenses, such a pricey car repair, you could ask for a higher the limit on your credit card or apply for a new one. If you have a good credit score, either process will be relatively quick, Gowling said. The advantage of credit cards is that if you manage to repay your balance in full by the due date, you won’t pay any interest, which means you get to borrow money for free. The catch, of course, is that interest rates, when they do kick in, are very high – typically around 20 per cent and often higher. And if your credit card balance swells to a point where you can only afford minimum payments, it will become very difficult to pay off that debt.

Term loan

Unlike lines of credit, term loans have a set repayment term and interest rate. “The interest rate may be similar to an unsecured line of credit and is a good option if you have a good credit rating and need a larger amount of money and longer repayment term,” Hannah said.

Cash advance overdraft

This is the cash banks will temporarily put up for you if your chequing account is overdrawn and you have so-called overdraft protection. The amount generally ranges from a few hundred to a few thousand dollars.

“This is a good option if this is a short-term problem for a relatively small amount of money and you are able to repay the amount borrowed within a couple of months,” Hannah said.

Still, this option usually comes with steep fees and double-digit interest rates.

You can also get a cash advance using your credit card, either at an ATM or at your financial institution. You’ll be borrowing against your credit limit, but the costs will be steeper. For one, there is no interest-free grace period: Interest will accrue from the date you get the cash advance until you’ve paid it back. Also, the interest rate on cash advances is usually higher than that for regular purchases.


Click to play video: 'Money123: How much your credit card balance is really costing you'

Selling property

Got a boat or trailer you rarely use? Consider offloading those assets to get the cash you need, Hannah said. Having to sell property might be psychologically unpleasant, but it’s preferable to getting into a debt you’ll struggle to repay or putting a significant or permanent dent in your retirement savings.

Mortgage refinancing

This entails repackaging your mortgage in order to pile a new loan on top of whatever you already owe on your home. The advantage of doing so is that the new, larger mortgage will come with pretty low interest, Hannah said. The problem, though, is that this has “long term implications, as you are now amortizing the amount you borrowed over a long period of time (20+ years) and there will likely be legal costs to arrange this.” You may also incur penalties for breaking your original mortgage, Gowling noted.

Second mortgage

A second mortgage is a loan backed by a home on which you already have a mortgage. You’ll be paying a higher interest rate on this loan than you do on your mortgage because your lender doesn’t have first dibs on the property. If you default on your payments and lose your home, it’s the lender on your first mortgage that will be paid first.

Still, interest rates on a second mortgage are generally lower than those that come with unsecured loans, Gowling said. Another plus compared to lines of credit is that “monthly payments will include both principal and interest so there is an end date to the payments.”

And adding a new mortgage instead of refinancing the one you have might make sense “if the debt is amortized over a shorter timeline. You could end up paying less interest,” Hannah said.

Still, carrying two mortgage payments can be tricky, Gowling warned. Getting a second mortgage in order to consolidate other debt is a financial red flag, he added.

Click to play video: 'New mortgage rules means home buyers will qualify for smaller mortgage starting in January'

RRSP withdrawal

Where to place an RRSP withdrawal in this ranking seems a bit of a philosophical question. Gowling placed it fairly high up, noting that it’s another way to get cash without incurring potentially expensive debt. Hannah, on the other hand, placed it just at the bottom of his ranking, just above payday lenders. The drawbacks of pillaging your RRSP are many, he said. You’re taking away from your retirement funds and, unlike a TFSA, you won’t have the ability to repay the funds you withdraw at a later date. And that RRSP money may cost you a lot in taxes.

For example, say you withdraw $15,000 from your RRSP. What you’d actually receive is $12,000. The bank would remit $3,000, or 20 per cent, to the government as a so-called withholding tax.

Second, the full amount of your withdrawal – $15,000, not $12,000 – would count as taxable income on your tax return. This would be added to any other money you’ve made that year, potentially bumping you into a higher tax bracket.

Family and friends

This may surprise some, but both Gowling and Hannah ranked borrowing from family and friends as one of the most undesirable options for getting through a money squeeze. The advantage, of course, is that family loans often come with a flexible repayment schedule and little, if any, interest.

“I would caution against approaching family and friends for assistance as many relationships have been permanently damaged as a result of borrowing money,” Hannah said.

Generally, family loans can be a good option for a one-time emergency, and if you’re confident you can repay the money in a reasonable amount of time, Gowling said.

Alternative lenders

Alternative lenders serve borrowers with poor credit records, but the interest rates can be as high as 30 per cent. You can get both unsecured loans or use assets such as your car or home as collateral, which might lower your borrowing costs somewhat. You might be able to borrow up to several tens of thousands of dollars.

Alternative loans “can be a short-term fix for those with a poor credit rating but who do have the ability to repay the loan quickly,” Gowling said.

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Ikea shoppers furious after waiting “up to three months” for deliveries without “any help” from customer service https://authenticraiderssale.com/ikea-shoppers-furious-after-waiting-up-to-three-months-for-deliveries-without-any-help-from-customer-service/ Tue, 09 Mar 2021 11:35:00 +0000 https://authenticraiderssale.com/ikea-shoppers-furious-after-waiting-up-to-three-months-for-deliveries-without-any-help-from-customer-service/ I have a problem with Ikea, what can I do? Here’s what you can do if you’re concerned about an Ikea issue like an incomplete, damaged, or missing order: 1. First try to contact Ikea. Ikea offers customer service through live chat or phone service. You can find his contact details on his customer service […]]]>

I have a problem with Ikea, what can I do?

Here’s what you can do if you’re concerned about an Ikea issue like an incomplete, damaged, or missing order:

1. First try to contact Ikea. Ikea offers customer service through live chat or phone service. You can find his contact details on his customer service page, but Ikea admitted its chat and phone lines were temporarily down during peak hours. When we tried to contact us online, we received a message that the online chat service was not available “due to exceptionally high demand”.

Ikea says it tries to resolve requests as quickly as possible and has made efforts to increase customer service capacity.

It should be noted that when an item is defective, you are entitled to a full refund under consumer rights rules. If you purchased an item online and are not satisfied with it for any reason, you are also entitled to a refund as long as you cancel your order within 14 days of receiving it.

2. Consider making a chargeback or section 75 claim. If you are not lucky enough to get a response from Ikea and have lost your pocket due to an undelivered or defective order, you may be able to request a cashback from your bank through the chargeback system if you paid by card.

This is only a promise of customer service, so there is no guarantee. You must claim within 120 days of purchase, but remember that you can only initiate a chargeback request after you’ve exhausted all other avenues with the retailer. So you should only do this if you have tried to contact Ikea several times and have not received any response.

If you paid with a credit card for an item costing between £ 100 and £ 30,000, you can also make a claim under Section 75 of the Consumer Credit Act, which unlike chargebacks , is enshrined in law. Here, your card provider is jointly and severally liable when you don’t get the goods or services you paid for.

There is complete information on how the program works in our Chargeback and Article 75 guides.

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How to Prepare and Spend Your Government Relief Check https://authenticraiderssale.com/how-to-prepare-and-spend-your-government-relief-check/ Tue, 09 Mar 2021 11:35:00 +0000 https://authenticraiderssale.com/how-to-prepare-and-spend-your-government-relief-check/ The coronavirus The pandemic has disrupted the lives and finances of millions of people. A federal back-up plan to provide payments to struggling consumers was passed on Friday – but that money is not expected to land for several weeks. While you may have to wait for the money you may be entitled to, now […]]]>

While you may have to wait for the money you may be entitled to, now is the time to get your finances and plan ready. The best use of this money depends on your personal situation. Here’s how to think about it.

DO THIS PREPARATION WORK, Whatever your situation

Now is the time to take a look at your financial situation and save money, if possible. The fallout from the pandemic could continue for some time. Taking small steps can help you feel more independent and less stressed.

First, take stock of your current expenses, such as housing costs, car loans, and credit card payments or other debts. A budget spreadsheet can help put everything into account and show what goes to needs, wants, savings, and debt. Once you see the big picture, consider trimming where you can due to the current uncertainty.

“We’re all operating on limited cognitive load right now,” says Kristen Holt, CEO of nonprofit credit counseling agency GreenPath Financial Wellness. “Writing everything down and thinking about it before spending any money would be a good idea.”

IF YOU HAVE LOST YOUR JOB, DON’T WAIT TO ACT

Those who have lost their jobs may feel like the ground has collapsed beneath them. Government money will provide a much needed boost, but it may take weeks or even months before you get it. And you will probably need to top it up and stretch it.

“The amount of those checks is not going to go very far to pay people’s regular bills,” says Carol Fabbri, director of Fair Advisors, a Colorado-based financial planning firm. “They need to cut their bills as much as possible, then think about Maslow’s hierarchy of needs – you need to eat, you need shelter – and focus your spending on that.”

In this spirit:

TAKE ADVANTAGE OF ALL SOURCES OF HELP: Pick up the phone and call your creditors. Explain your situation and find a way to delay payments for a few months or set new minimum payments. Given the unprecedented nature of this moment, many creditors are offering ways to make payments more manageable for consumers. For homeowners, there are mortgage assistance programs you can use if you can’t pay your mortgage.

Explore the resources to help you manage and minimize expenses. File an unemployment claim if you are eligible and use all the resources your former employer can offer. By calling 211, you will be put in contact with local health and social service organizations.

MAKE A PLAN FOR THE MONEY YOU GET: Focus on necessities, like shelter and food, to make sure your basic needs are met.

If you have anything left, you might be tempted to throw that money into debt. But saving should be a priority now, says Diane Pearson, financial advisor at Pearson Financial Planning in Pennsylvania.

“We don’t know how long this situation might last and that money might be needed later,” says Pearson.

IF IT’S STILL NOT ENOUGH: For many people, this money will not cover all of their expenses, even after using all government and nonprofit resources. In this case, accumulating debt to cover expenses may be an option of last resort, but can be done strategically. Many of the “rules” regarding the use of credit cards do not currently apply.

“If you’re going to go into more debt, do it with a plan and make sure you use the best options available to you,” says Holt. “Don’t assume there are no options.” She suggests exploring the lending options of local credit unions, for example, and avoiding high interest loans like payday loans.

IF YOU STILL HAVE YOUR JOB, BUILD SAVINGS

For those who still have a regular income but not much in the bank, a government payment is a chance to build financial resilience.

BUILDING SAVINGS: If you don’t have an emergency fund or if you’ve already run out of it, creating one with that government money would be a good idea.

“An emergency fund is more essential right now than it has been in our entire life,” says Fabbri. “We are all vulnerable in this economic situation.

Fabbri suggests putting your money in a high yield account, like an online savings account, so you can earn more interest than a traditional checking account.

Designate your emergency fund for just that – a lack of cash. The economic impact of the pandemic is likely to last, so save some cash as protection against the headwinds you encounter.

IF YOU ARE FINANCIALLY STRONG, CONSIDER HELP

If you are still employed and have emergency funds, consider yourself lucky. If you qualify for a government payment, consider using it as a stimulus, not a relief. Consider donating to charities – avoid scams by navigating directly to known and trusted organizations – or sponsor small businesses that are suffering.

“If you are in the lucky place where you have already protected yourself, then this is a wonderful time to give,” says Fabbri. “Get a gift certificate for a nail salon or restaurant you usually go to. If you can afford it, this is a great way to support your community.

———

This article originally appeared on the NerdWallet personal finance website. Sean Pyles is a writer at NerdWallet. Email: spyles@nerdwallet.com. Twitter: @seanpyles.

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Payday Loans Still Not Ended – And Now Its Victims Are Once Again Wrong | The independent https://authenticraiderssale.com/payday-loans-still-not-ended-and-now-its-victims-are-once-again-wrong-the-independent/ Tue, 09 Mar 2021 11:35:00 +0000 https://authenticraiderssale.com/payday-loans-still-not-ended-and-now-its-victims-are-once-again-wrong-the-independent/ Another day, another payday lender comes out of the grave to bite his borrowers. The directors of Payday advance, which went bankrupt in February, began contacting thousands of former clients who were due to be compensated through badly sold loans by the company to entice them to join a growing list of creditors. Existing borrowers […]]]>


Another day, another payday lender comes out of the grave to bite his borrowers.

The directors of Payday advance, which went bankrupt in February, began contacting thousands of former clients who were due to be compensated through badly sold loans by the company to entice them to join a growing list of creditors.

Existing borrowers will be OK if their outstanding debt is less than the relief owed to them. Their balances will simply be reduced so that they have less to repay. But those who have settled their accounts are not so lucky.

The admins tell me that there will be money for them, so it is in their best interest to respond to text messages and emails that have been sent. But they will not be paid what is owed to them due to their scam. They have the status of unsecured creditors. This means that they are at the back of the pack when it comes to dividing up what is left of the company’s money.

Compared to Wonga, WageDay was more of a piranha fish than a shark – but the problems he created weren’t that different.

In the heyday of the payday loan industry, they both loaned money indiscriminately and then applied the screws to people who couldn’t afford to repay. In many cases, these people ended up paying off one short term loan with another and then another. As a result, their debts skyrocketed and they drowned.

I have already described industry practices as tantamount to a legalized loan shark. No, borrowers have not been bullied, but consider the impact on the health of people in this outrageous position. Imagine what it must be like to see the red bills, threat letters and the latest demands piling up on the doormat. Then ask yourself what is the difference between the way some payday lenders operate and the tactics employed by Nobby Knuckleduster, an affiliate of Backstreet Loans Unincorporated.

The growing scandal has led the Financial Conduct Authority (FCA) to impose a crackdown, capping interest rates and fees. He also ordered lenders to compensate abused borrowers as complaints flooded in. As a result, Wonga collapsed last August. WageDay went bankrupt in February when its owner Curo Transatlantic, who also operated Juo Loans, called in the directors. They can still be joined by others.

Hell is paved with good intentions and the FCA’s intentions with its compensation claim were good. The problem is, while the compensation system is there to ensure that savers are covered if their suppliers go bankrupt, it does not cover borrowers. It is a loophole in the system that has led many aggrieved WageDay and Wonga customers to experience a false dawn. They have every reason to be very bitter; they have slipped through the cracks.

As for payday loans more generally, they will unfortunately survive this blow. The industry is now much smaller than it used to be, and that’s a good thing. The arrival of Wonga and his imitators sparked an easy short-term credit boom. Thousands of people who would not have dreamed of taking out payday loans before he arrived have been sucked up and beaten in a painful place. Running out of cash when you’re after a night out on the town? We can help! It’s easy money! You can worry about refunds later (and worry, once we get our claws in you).

It should also be a better regulated industry. But was he punished? I am not sure.

I recently started filling out a form for a payday loan as part of the search for a coin. My interest was to compare chargers between this form of credit and others, but to get a quote I would have had to provide my bank details. At that point, I gave up.

Five minutes later I got a call on my cell phone from a friendly but arrogant salesperson extolling the virtues of the company I had chosen and asking me what they could do to help me join HappyClappyPaydayloans .com. Regulators should take note.

Support free-thinker journalism and attend independent events

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Arizona Auto Title Lending Must Be Capped To Save The Poor https://authenticraiderssale.com/arizona-auto-title-lending-must-be-capped-to-save-the-poor/ Tue, 09 Mar 2021 11:35:00 +0000 https://authenticraiderssale.com/arizona-auto-title-lending-must-be-capped-to-save-the-poor/ In this season Christians are observing the coming – awaiting the arrival of the one we believe has come to redeem the earth. It’s a moment of joy, yes. But it is also a time of reflection on the evils of the world. We walk in the darkness of injustice, war, poverty and greed. As […]]]>

In this season Christians are observing the coming – awaiting the arrival of the one we believe has come to redeem the earth. It’s a moment of joy, yes.

But it is also a time of reflection on the evils of the world. We walk in the darkness of injustice, war, poverty and greed.

As pastors, we are troubled when we see vulnerable worshipers being preyed upon, including in their financial transactions.

This is why we support the Arizona Fair Loans Act, a voting initiative effort that lower the interest rate on car title loans, so securities lending firms cannot charge more than 36% annual interest.

Loans charge borrowers 200% interest

When families are in financial difficulty, they are vulnerable to the promise of “quick cash” from car title and other predatory lenders as a financial liferaft. Unfortunately, the liferaft often turns out to be an anchor, weighing down borrowers with debt.

Too often this raft weighs us down too. With interest rates of up to 204%, our already strained charitable funds are often stretched even further in an attempt to help our brothers and sisters pay off these disastrous loans.

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Federal coronavirus stimulus checks slow to arrive for Americans without bank accounts https://authenticraiderssale.com/federal-coronavirus-stimulus-checks-slow-to-arrive-for-americans-without-bank-accounts/ Tue, 09 Mar 2021 11:35:00 +0000 https://authenticraiderssale.com/federal-coronavirus-stimulus-checks-slow-to-arrive-for-americans-without-bank-accounts/ NEW YORK – As the coronavirus crisis took hold, Akeil Smith’s employer reduced his home help work to 25 hours per week. Her salary of $ 15 an hour was no longer enough to pay her $ 700 in monthly rent, and she had to go to pantries to shop for groceries. While millions of […]]]>

NEW YORK – As the coronavirus crisis took hold, Akeil Smith’s employer reduced his home help work to 25 hours per week. Her salary of $ 15 an hour was no longer enough to pay her $ 700 in monthly rent, and she had to go to pantries to shop for groceries.

While millions of working Americans have already received a quick relief payment from the federal treasury by direct deposit, Smith is among the millions without traditional bank accounts who have to wait weeks for paper checks. When the checks finally arrive, this disproportionate population of blacks and Hispanics often has no choice but to use expensive check-cashing services to access the money.

“I’m living check for check, and right now I need more groceries,” Smith, 35, told The Associated Press as she stood inside Payomatic, a small store. cashing checks in a predominantly black neighborhood in Brooklyn.

In the six weeks since much of the U.S. economy was shut down by the pandemic, more than 30 million U.S. workers filed for unemployment insurance. Congress passed a $ 2.2 trillion economic bailout.

In April, the government began sending $ 1,200 for each individual, $ 2,400 for each married couple and an additional $ 500 for each dependent child to poor and middle-class families across the United States. The wealthiest families receive either a reduced payment or nothing depending on their income.

To facilitate the delivery of payments, the government has launched an online portal for people to provide their banking information for direct deposit. But this system offered nothing to people without savings or checking accounts.

A House Ways and Means Committee memo obtained by AP estimates that around 5 million paper checks will be issued each week, meaning those who need them most could wait several weeks for their payments.

In Houston, Ta’Mar Bethune, 41, a mother of four grown children raising a grandchild, will likely wait a while. As a younger woman, she struggled for years to pay the bank account fees until her account was closed. In the 1990s, she was also the victim of identity theft and never fully recovered.

More than 20 years later, Bethune still can’t pass a standard background check to open a checking account because the banking system considers her too risky, she said. To get by, she transfers the money she earns as a professional hairdresser and babysitter to a non-bank debit card.

“They charge you an arm and a leg,” she said, citing a monthly fee and a fee for each hit or withdrawal. “You never get all your money. It’s bad, but I have no other choice.

Bethune receives financial coaching from the Houston Area Urban League, a nonprofit organization that helps low to moderate income families examine their spending and saving behaviors. The organization says many families are reluctant to open bank accounts, especially if they have been burned down by the system.

“No one wants to be exploited,” said Carmela Walker, the group’s financial coach.

According to the Federal Deposit Insurance Corp, about 8.4 million US households were considered “unbanked” in 2017, meaning no member of the household had an account. of households also used an alternative financial service for money orders, check cashing, international remittances, payday loans and pawn shops, often at high costs.

About 17% of black households and 14% of Hispanic households did not have a bank account in 2017, compared with just 3% of white households. PA

Some of these services have been criticized for being predatory and marketing to black and Hispanic communities, which are disproportionately unbanked. About 17 percent of black households and 14 percent of Hispanic households did not have a bank account in 2017, compared with just 3 percent of white households and 2.5 percent of Asian-American households, the FDIC said.

Banking is a social justice issue with the potential to widen the racial wealth gap in the United States, said Cy Richardson, vice president of the National Urban League.

“Black America’s economic fate exists on a razor’s edge right now,” said Richardson.

Advocates say the federal government should use pandemic payments as an opportunity to get more people into the banking system through Bank On accounts, which are FDIC insured, cost $ 5 or less per month, and don’t authorize overdrafts or do not charge insufficient fund fees. Accounts can be used for direct deposit, purchases, and bill payments.

Otherwise, long lines at check-cashing stores could extend into the fall and pose dangers to public health.

“There is now an element of health to not being banked – people are going to have to take literal risks with their health in order to receive and then spend these dollars,” said Jonathan Mintz, CEO of the Cities for Financial Empowerment Fund, which aims to get underserved Americans set up with affordable bank accounts.

The opportunity to attract customers with relief payments is not lost on check-cashing and payday loan companies, an $ 11.2 billion network of stores in cities large and small.

In Brooklyn, B&H Check Cashing, in the predominantly Hispanic neighborhood of Bushwick, displays its check cashing rates on a wall. A check for $ 1,200, for example, would cost $ 26.76 to cash.

Essence Gandy, 26, stood in a line of two dozen people who snuck past a PLS Check Cashers in Brooklyn to cash change at a Coinstar kiosk. Her checking account was closed months ago because she didn’t have enough funds and couldn’t get back into good standing.

“I have bills on top of the bills,” said Gandy, who also has credit card debt and is behind in payments at a mattress store. She said she hopes to use the federal relief payment to catch up with her bills and will likely cash the paper check at PLS.

A representative for PLS, which has 300 locations in 12 states, said he has informed repeat customers that stimulus checks can be cashed at their lowest rates.

– The Associated Press

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Ethical fintech hopes to end payday loan debt cycle https://authenticraiderssale.com/ethical-fintech-hopes-to-end-payday-loan-debt-cycle/ Tue, 09 Mar 2021 11:35:00 +0000 https://authenticraiderssale.com/ethical-fintech-hopes-to-end-payday-loan-debt-cycle/ A fintech start-up aiming to stamp out payday lending is on trial in Scotland with support from an ethical investment firm. karma The smartphone app allows employees monthly salary advances with no interest applied, which is in stark contrast to the high interest rates charged by many payday lenders. Employers enrolled in the app can […]]]>

A fintech start-up aiming to stamp out payday lending is on trial in Scotland with support from an ethical investment firm.

karma The smartphone app allows employees monthly salary advances with no interest applied, which is in stark contrast to the high interest rates charged by many payday lenders.

Employers enrolled in the app can advance their staff up to £ 300 of their salary to purchase goods and services from retailers such as Tesco, Asda, Morrisons, Waitrose and Amazon.

Karma CEO Minck Hermans said the company hopes to disrupt the payday loan market and combat the damaging effects it has on consumers.

“We have not only built a solution, but we are starting a global movement to disrupt the short-term consumer loan market and eradicate the pain it causes,” he said.

“Employers are rewarded with increased employee productivity and engagement, as well as the recognition that they are doing the right thing; employees have more control over their finances and our business partners are rewarded with more business. Everyone wins, ”added Hermans.

Consumer tests of the application have already been carried out in Scotland with the support of Fortunis Capital. Karma has also been supported but the FCA sandbox program, which tests new products under a regulatory framework.

Justin MacRae, Director of Operations at Fortunis, said Karma will be a perfect fit for Edinburgh’s fintech cluster, which will allow the company to thrive.

“Karma joins the industry accredited fintech cluster in Edinburgh, where he has found a wealth of talent, an open and collaborative environment with the Bayes Center at the University of Edinburgh and a positive response from government groups”, a- he declared.

“With Scotland open to attracting technological investment in the country’s social capital, this is the perfect environment for ethical fintech companies like Karma to flourish,” MacRae insisted.

advised

Ivan McKee, Scottish Minister for Trade, Investment and Innovation, welcomed Karma’s arrival in the country’s fintech cluster.

“Scotland has a global reputation for attracting innovative businesses such as Karma and providing them with the opportunity to grow and prosper. It’s a pleasure to welcome Karma here, especially as a fintech looking to solve a major societal challenge and improve the lives of Scots and the world, ”he said.


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Chicago’s curfew was illegal and a mistake https://authenticraiderssale.com/chicagos-curfew-was-illegal-and-a-mistake/ Tue, 09 Mar 2021 11:34:59 +0000 https://authenticraiderssale.com/chicagos-curfew-was-illegal-and-a-mistake/ The eight-night Chicago-wide curfew enforced by police following protests against police violence targeting blacks was unconstitutional and the wrong answer. The ACLU presented the case moments after the curfew was announced, expressing concern that the curfew would be used to restrict constitutionally protected speeches and protests and be applied in a biased manner against black […]]]>

The eight-night Chicago-wide curfew enforced by police following protests against police violence targeting blacks was unconstitutional and the wrong answer.

The ACLU presented the case moments after the curfew was announced, expressing concern that the curfew would be used to restrict constitutionally protected speeches and protests and be applied in a biased manner against black people. Data on how the curfew was enforced validates both concerns.

On May 30, as thousands demonstrated in the streets and squares of the Loop, the city announced via Twitter that it would impose a curfew starting just 20 minutes later. The city made matters worse by raising all but one of the Chicago River bridges, and shutting down the CTA service in and out of the loop.

A recent Sun-Times report, examining data from arrests during the curfew, confirms our fears that the protesters were not informed of the curfew and that “hundreds of people [were] trapped in the ‘loop because of the actions of the city. Data shows that in the first moments after the curfew, police arrested hundreds of people in the Loop area.

The sordid history of racism in Chicago shows that whenever police have unlimited discretion to arrest or arrest people, police invariably arrest, search and arrest more people of color – even without reasonable suspicion or probable cause. wrongdoing. Before Illinois’ new cannabis law came into effect this year, blacks in our state were seven times more likely to be arrested for simple possession than whites, despite data showing that these groups use cannabis. cannabis at comparable rates. Data on traffic stops reported each year shows that black drivers are much more likely to be subjected to a consent search – a vehicle search based on an officer’s intuition or intuition – Than white drivers. This disparity remained in the data for the entire 15 years that Illinois collected this information.

A 2015 report from the ACLU found that more than 70% of all those subject to pedestrian checks by police were blacks, even though blacks only make up about 32% of the city’s population. These examples show that when the police have the flexibility to decide who to arrest, the police arrest black people far more than any other group of people in Chicago.

It’s no surprise, then, that the Sun-Times data on curfew violation arrests show that most arrests made by Chicago police during the curfew period were black. In the eight nights the curfew was enforced, 75% of all those arrested for curfew violations were black. Given the racial diversity in the protests following the murder of George Floyd, it seems there is little explanation for this.

But the data gets even worse the more you dig. If you remove the arrests made on the first night of curfew, an astonishing 93% of those arrested for curfew violations were black. 93%.

Despite the main enforcement of the curfew in black neighborhoods, we see that the CPD has done little to protect black and brown neighborhoods – reports which have been corroborated by this newspaper’s own reporting on the agents. CPD lounging in Congressman Rush’s office – without permission – while neighboring businesses were vandalized and looted. .

The protests continue, as does the call for fundamental reforms in our country. It is sad that the city’s response to these calls was to allow the police to abuse their powers to arrest hundreds of blacks in Chicago, many of whom were doing nothing but protesting police abuse. .

Colleen K. Connell, lawyer, has served as Executive Director of the Illinois ACLU since 2001.

Send letters to letters@suntimes.com.

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Calculating the costs of a secured loan: what to expect https://authenticraiderssale.com/calculating-the-costs-of-a-secured-loan-what-to-expect/ Tue, 09 Mar 2021 11:34:59 +0000 https://authenticraiderssale.com/calculating-the-costs-of-a-secured-loan-what-to-expect/ Our secured loan calculator provides a useful overview of typical borrowing costs incurred on a secured loan. As the rates for secured loans vary widely from lender to lender, we strongly suggest that you compare the market as a whole with the help of a reputable broker. What is a secured loan? The term “secured […]]]>

Our secured loan calculator provides a useful overview of typical borrowing costs incurred on a secured loan. As the rates for secured loans vary widely from lender to lender, we strongly suggest that you compare the market as a whole with the help of a reputable broker.

What is a secured loan?

The term “secured loan” refers to any type of loan secured against the applicant’s assets, usually his home. Property of sufficient value is used as insurance by the lender, who has the right to own it in the event of non-repayment.

For applicants with eligible assets, secured loans can be easy to set up, extremely cost effective, and less burdensome than conventional loans. As the loan balance is “secured” by a valuable asset, it is considered less risky by the lender.

As a result, even those with poor credit or a history of bankruptcy may be eligible for specialized secured loans.

Guaranteed loan fees and costs

When you explore options using a secured loan calculator, you get a basic overview of the overall borrowing costs of secured loans. Depending on your needs and the lender you are working with, any combination of the following fees and costs may apply:

  1. Administration fees

This is basically another name for the “set-up fee” of the loan – that is, the fee that the lender charges for setting up the facility. These are relatively standard upfront fees, which can range from 0% to 2% of the total loan value. Some lenders also charge a fixed administration fee, regardless of the value of the loan.

Product fees are the lender’s arrangement fee, which can be prepaid or, in most cases, added to the loan balance. The Administration Fee, Product Fee, and Arrangement Fee all overlap to some extent, payable at approximately 1%, but can be negotiated with broker assistance.

You will need to prove to the lender that the asset with which you intend to secure the loan is of sufficient value. This involves arranging the services of a professional surveyor, paid for by the applicant. It is essential to make sure that the surveyor you hire is approved by the lender, otherwise they might not accept their assessment as accurate or viable.

Some independent brokers provide their services to the client for free, recovering their commissions from the lender, however, this does not apply in all cases and many brokers attach a commission ranging from 0.5% to 2% of the total amount of the loan. ready. So this is something you should clarify with your broker, before seeking their support.

This includes all additional costs incurred as a result of the intervention of lawyers or legal experts of any kind. If the services of a notary are used, whether at your request or that of the lender, it is generally up to the borrower to cover the costs.

Finally, beware of lenders who charge unnecessarily high completion fees. This is either a fixed fee or a percentage-based commission payable at the end of the loan term, which depending on the size of the loan could be quite expensive.

]]> COVID-19 pandemic affects family finances https://authenticraiderssale.com/covid-19-pandemic-affects-family-finances/ Tue, 09 Mar 2021 11:34:59 +0000 https://authenticraiderssale.com/covid-19-pandemic-affects-family-finances/ As the country begins to recover financially from the pandemic, so can you. MACON, Georgia – The COVID-19 pandemic has caught many people off guard, and the changes it has made have put a lot of financial stress on families. In 2017, before the pandemic, the CareerBuilder.com website found that nearly 80% of American workers […]]]>

As the country begins to recover financially from the pandemic, so can you.

MACON, Georgia – The COVID-19 pandemic has caught many people off guard, and the changes it has made have put a lot of financial stress on families.

In 2017, before the pandemic, the CareerBuilder.com website found that nearly 80% of American workers live from paycheck to paycheck. As the country begins to recover financially from the pandemic, so can you.

Financial Advisor Sherri Goss shares these tips.

  1. Create a realistic budget for where your money is going.
  2. Open a savings account and put money in it every month.
  3. Pay off your debt to save money and reduce your monthly expenses.
  4. Review your career options to increase your income and reduce the risk of being laid off.

You can get started with the latter goal by contacting Georgia’s Community College System to learn more about the 17 careers you can graduate for free.

Goss shares the success story of a struggling restaurant waiter who worked in downtown Macon.

“I said, ‘Please call the guidance counselor tomorrow at the community college, call him and talk to him,” Goss said. “Well, the next time we spoke to him, he was already enrolled and they were going to pay him to get his CDL license and put him straight into a job. He said to me, “I could make $ 100,000 in a year. I didn’t even know it was here. That’s what matters.”

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