Wildlife donation – Rio Grande Delta Audubon http://riograndedeltaaudubon.org/ Sat, 23 Oct 2021 02:15:43 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://riograndedeltaaudubon.org/wp-content/uploads/2021/10/icon-50x50.png Wildlife donation – Rio Grande Delta Audubon http://riograndedeltaaudubon.org/ 32 32 Need Cash Fast? Quick Payday Loans Offer a Solution For You https://riograndedeltaaudubon.org/need-cash-fast-quick-payday-loans-offer-a-solution-for-you/ https://riograndedeltaaudubon.org/need-cash-fast-quick-payday-loans-offer-a-solution-for-you/#respond Fri, 22 Oct 2021 15:58:19 +0000 https://riograndedeltaaudubon.org/?p=943 In this economy, the idea of getting your paycheck before it actually hits your account is appealing. There may be a catch. Do you need a quick loan? Read more at bridgepayday.com Why payday loans are popular? Payday loans are popular because they are small, unsecured loans with short terms that don’t require collateral. In practice, however, […]]]>

In this economy, the idea of getting your paycheck before it actually hits your account is appealing. There may be a catch. Do you need a quick loan? Read more at bridgepayday.com

Why payday loans are popular?

Payday loans are popular because they are small, unsecured loans with short terms that don’t require collateral. In practice, however, they can end up costing the borrower a lot. You need to be aware of what you are getting into.

Todd Christensen is an education manager at Money Fit by DRS. He explains that payday loans are based on the idea of providing just enough money to get you to your next payday. This theoretically happens within two weeks.

The loans are convenient because companies organize their offices more like a fast-food restaurant.

Just like McDonald’s, you can get your order within a short time.

Christensen states that loans are quick, which means you can have the money in your account in a matter of hours or less. Compare that to banks or credit unions which can take days to approve personal loans, especially if your credit score is not good.

Payday loans are expensive. 

Lenders will often advertise their fees in percentage rates, but these rates are usually based on the term of the loan. This makes them sound worse than they actually are. Christensen states that a two-week 15% charge equals a 390% APR (5% x 26 2-week terms per annum).

This is not good considering that borrowers who apply for these loans may not be able to pay the repayments.

Lisa Stifler, Center for Responsible Lending director of state policy, says that loans can be very expensive and can cause many financial consequences and harms. If you are already having trouble paying your bills monthly, then this loan will add to that debt.

It’s basically a trap. Research has shown that 80% of payday loans are rolled over and renewed within two weeks. An average of nine loans per year are taken out by active borrowers.

Here’s a quick example of how quickly things can get out of control. Let’s say you get a $200 payday loan with a $30 charge. You can’t repay it after the two-week grace period. You decide to roll it over. You’re now responsible for the $200 borrowed, the $30 first and $30 additional fees. In just a few months, you’ll owe more interest/fees that you ever received in credit.

Even worse, regulation is often patchy. The Consumer Financial Protection Bureau rescinded last month a 2017 rule that required lenders to verify the income and expenses of borrowers before granting them loans. Stifler states that the decision to repeal this “common-sense rule” means that lenders will be free to continue their business as usual.

Apps and online lenders are also under scrutiny: Officials in 11 states and Puerto Rico launched an investigation into the industry of payroll advances in August 2019. They are investigating whether tipping, monthly memberships, and other fees “are unscrupulous and harmful to consumers”.

Get money fast

Bottom line: Payday loan can quickly turn into a predatory business if you aren’t careful. Pay attention to red flag phrases such as “get money fast”, “same day transfer” or “no credit check” when you’re looking for loans.

You would prefer not to be in a financial crunch as you have an emergency fund. Christensen suggests that you have an emergency fund in case you find yourself in this situation.

  • Ask a friend to lend you a small amount of money for a short term. Offer to pay interest
  • My credit card allows me to get a cash advance
  • Consider a personal loan via an online peer-to–peer platform, a bank, or credit union

Everyone gets in trouble from time to time, but the goal of a payday loan is to offer a better option with lower APR and fewer strings.

He says that a payday loan is only a temporary fix and can often make things worse. Click here to learn more about your options.

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What are pay-on-demand apps? Here’s what to know before using one https://riograndedeltaaudubon.org/what-are-pay-on-demand-apps-heres-what-to-know-before-using-one/ https://riograndedeltaaudubon.org/what-are-pay-on-demand-apps-heres-what-to-know-before-using-one/#respond Fri, 22 Oct 2021 15:21:24 +0000 https://riograndedeltaaudubon.org/what-are-pay-on-demand-apps-heres-what-to-know-before-using-one/ Sharon * feels sick when she sees television commercials for on-demand products. * Name changed for more confidentiality. “They show how easy it is [to access an advance on your wage]: ‘click a button and here is your money’! “It’s your money, you just get it a little earlier!” “”, she says. “But what people […]]]>

Sharon * feels sick when she sees television commercials for on-demand products.

* Name changed for more confidentiality.

“They show how easy it is [to access an advance on your wage]: ‘click a button and here is your money’! “It’s your money, you just get it a little earlier!” “”, she says.

“But what people don’t understand is that it can get out of hand very quickly.”

She saw it with her own eyes when her son Tom *, in his early 20s, came to ask for help. He was using a pay-on-demand app to access part of his monthly salary earlier to fund his gambling and cover a patchwork of other loans he had taken out.

“He used these apps when he got into real trouble,” she says.

He would ask for some of his pay sooner, spend it almost immediately, run short on his next payday, and then start the cycle again.

With each claim adding to the growing stress, Sharon says, “You can’t spill blood from a stone.”

What are pay-on-demand apps?

These products are quite new in Australia, but they are already very popular.

They are marketed as a quick fix for anyone facing an unexpected bill or expense; a simple way to advance your pay. But Rob Benton, a financial advisor at Uniting NSW, who works on the National Debt Helpline, doesn’t see it that way.

“You don’t have access to your salary; you have access to a loan, ”he says.

Mr. Benton says many of his financially struggling clients often don’t recognize it as debt.

It is important to note that there are key differences between this type of debt and more conventional types of debt (including payday loans, who have been in Australia for some time).

First, you usually don’t need to do a credit check. Rather, most applications require proof that you are regularly employed and meet a minimum income requirement. They then automatically set a limit to the amount you can access each payroll cycle.

And second: the majority of pay-on-demand apps don’t charge interest on late payments, instead opting for a flat fee (usually around 5%) on each advance.

Nevertheless these terms and conditions often vary whether the service is offered by your employer or a bank.

Why this can be a problem

“For occasional use, this seems like an acceptable expense,” Mr. Benton said. “But these products can be the start of a slippery slope.”

Getting advances on your wages on a regular basis creates a situation where you are always late, he notes, and – like the huge job losses during the pandemic have shown – a person’s continued income is never 100 percent guaranteed.

Roslyn Russell, professor at RMIT’s School of Economics, Finance and Marketing and Research Director at Good Shepherd, a non-profit organization that provides services and support to financially insecure Australians, is also hesitant.

“For many low-income employees, it’s really hard to make ends meet. And so what worries me is that they need money for daily expenses, rather than [one-off occasions]. “

She says Good Shepherd has seen more and more people seek help during COVID, often after taking out a number of small loans (including products buy now-pay-later) from companies that make it “simple” and “brilliant”.

“I can certainly understand the temptation… [When you’re in a difficult situation] you’re just completely focused on solving this problem you’re in right now, ”she says.

“But the next month arrives and there are more bills and more expenses.

A young man looks at his phone in a dark room.
Feeling out of control? Mr. Benton said “the best decision you can make is to call the National Debt Helpline on 1800 007 007”.(Unsplash: Eddie Billard)

But isn’t getting money fast a good thing?

In theory, yes! But Mr Benton and Ms Russell suggest thinking about what you might trade for that convenience.

Many pay-on-demand apps are currently exempt from responsible lending laws, which means you don’t have some of the usual legal protections either.

Katherine Temple, Director of Policy and Campaigns at the Consumer Action Law Center, explains:

“Responsible lending laws require that lenders, like payday lenders or the banks that distribute credit cards, verify someone’s income and expenses, and make sure they can make repayments without endure significant hardship. And they also need to verify that information. “

She also notes that you are not guaranteed to have an external dispute resolution process if things go wrong.

Large companies have refuted suggestions that their products are contributing to financial hardship. Some apps offer budgeting features to help you manage your money, and a few explicitly state that they look at people’s bank statements for indications of problem gambling or other loans.

Sharon is currently trying to get answers as to how her son slipped through these stitches.

What are the other options?

If you’re in a really tough spot and are considering using a pay-on-demand app, Mr Benton says it’s worth it. explore your other options first. This could include checking interest free loans and / or discuss with your utility companies about late payments.

But, he says, “the best decision you can make is to call the National Debt Helpline on 1800 007 007”.

“Consult a free financial advisor and take a look at your situation.

When Tom got into trouble, he turned to his family as well as professional rehabilitation services for his gambling addiction – and Sharon is delighted he did.

“Thank goodness he came to me and told me exactly what was going on.

“We feel very lucky. And I know he feels very lucky too.”

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Coalition launches to fight predatory lending https://riograndedeltaaudubon.org/coalition-launches-to-fight-predatory-lending/ https://riograndedeltaaudubon.org/coalition-launches-to-fight-predatory-lending/#respond Fri, 22 Oct 2021 15:21:24 +0000 https://riograndedeltaaudubon.org/coalition-launches-to-fight-predatory-lending/ Montgomery, USA – April 21, 2018: Easymoney Payday Loan Financial Institution with Cashed Payable Checks Window Panel, Fast and Easy Title Loan in Alabama Capital City (Indiana News Service) A new coalition is forming to fend off predatory lending and urge state lawmakers to take action to protect consumers. Indiana has 286 payday loan stores, […]]]>
Montgomery, USA – April 21, 2018: Easymoney Payday Loan Financial Institution with Cashed Payable Checks Window Panel, Fast and Easy Title Loan in Alabama Capital City

(Indiana News Service) A new coalition is forming to fend off predatory lending and urge state lawmakers to take action to protect consumers.

Indiana has 286 payday loan stores, where people go to take out small loans with high interest rates, and borrowers are often low-income residents who cannot repay the loans and are caught in a cycle. debt.

Natalie James, one of the leaders of the Hoosiers for Responsible Lending coalition, said predatory lending has been a smoldering problem for years, and she noted that the pandemic has made many people more financially precarious.

“We aim to send a message to our federal and state lawmakers that a pandemic is not the time to allow lenders to take advantage of Hoosiers’ financial distress,” said James.

82% of payday borrowers take out another loan within 30 days of paying off the previous one. James noted that some states have reasonable caps on the Annual Percentage Rate (APR), the overall cost of funding these loans, including fees, but Indiana is not one of them.

Andy Nielsen, another leader of the coalition, said he supports legislation to cap the APR for payday loans at 36%. In Indiana, the current cap is 391%.

Nielsen explained, “The 36% APR is a long-standing rate that preserves a borrower’s ability to repay and allows lenders to always make a profit. “

Nielsen added that payday loans drain Indiana consumers $ 60 million per year in fees, and with a cap of 36% of the APR, they could save millions of dollars.

Sixteen states plus DC have already implemented similar limits, and a study in North Carolina shows that the absence of payday lenders did not impact the availability of credit for low- and moderate-income families. .

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Colorado Poll Shows Economic Toll of COVID-19 on Latinos | Legislature https://riograndedeltaaudubon.org/colorado-poll-shows-economic-toll-of-covid-19-on-latinos-legislature/ https://riograndedeltaaudubon.org/colorado-poll-shows-economic-toll-of-covid-19-on-latinos-legislature/#respond Fri, 22 Oct 2021 15:21:24 +0000 https://riograndedeltaaudubon.org/colorado-poll-shows-economic-toll-of-covid-19-on-latinos-legislature/ A poll released on Tuesday gives figures on the hardships Latin American families endured during the pandemic, as 60% of those polled said they had worked hours or reduced wages or that a member of their household had lost his work. Of the same 1,000 Latino adults surveyed, 56% said they had difficulty paying their […]]]>

A poll released on Tuesday gives figures on the hardships Latin American families endured during the pandemic, as 60% of those polled said they had worked hours or reduced wages or that a member of their household had lost his work.

Of the same 1,000 Latino adults surveyed, 56% said they had difficulty paying their bills or covering their utilities. Half said they had difficulty paying their mortgage or rent, and a third said they had not been able to afford enough food.

The poll was conducted August 16-31 by BSP Research for the Colorado Organization for Latina Opportunity and Reproductive Rights, with additional support from the Department of Political Science at Metropolitan State University of Denver, Colorado Democratic Latino Caucus, Voces Unidas de las Montañas and Protected by Conservation Colorado.

The survey is the same group’s project to regularly research and report on political attitudes and issues affecting Latinos. A more comprehensive survey will be released on November 4.

“It is almost impossible to overstate the impact of the pandemic on Colorado’s Latino community,” Alex Sánchez, executive director of Voces Unidas de las Montañas, said in a statement. “When it comes to basic economic indicators like having the money to pay the bills to keep a roof over their heads and to put food on the table, the survey provides sobering insight how harsh the economic recession caused by the pandemic has been on the state’s largest ethnic minority.

Dusti Gurule, executive director of the Colorado Organization for Latina Opportunity and Reproductive Rights, noted the “difficult and sometimes disastrous decisions” people faced during the pandemic.

“Now they are looking to officials at the state and federal government levels to develop policies aimed at improving employment prospects and the economy, as well as meeting the costs associated with necessities such as housing. , healthcare and internet access, ”she said.

Colorado figures agree with those that are nationally reported. On October 13, the nonprofit Center on Budget and Policy Priorities reported: “The impacts of the pandemic and the economic fallout have been widespread, but remain particularly prevalent among black adults, Latino adults and other people of color. . These disproportionate impacts reflect hard and long-standing inequalities – often due to structural racism – in education, employment, housing and health care that the current crisis has exacerbated. Households with children also continue to face particularly high hardship rates. “

The poll released Tuesday indicates that Latinos on the Western Slope had higher incidences of food insecurity than the rest of the state at 40%, as did 64% of those west of the Continental Divide who had difficulty in pay their rent or mortgage.

A national poll released last week indicated that among all adults, 14%

In Denver, 64% of Latinos have seen their working hours reduced, pollsters say.

Polis rings in Hispanic Heritage Month, noting administration work

Of those surveyed, almost 34% had used all or most of their savings to cover expenses, and 42% had savings of $ 1,000 or less to cover financial emergencies – 20% had less than $ 100 .

Nineteen percent skipped a monthly car, rent, or mortgage payment, and 20% postponed or cut back on their health-related expenses. Eleven percent used higher interest payday or easy loan companies, including 19% on the West Slope.

The survey included interviews online and over the phone, over landlines and cell phones, with 1,000 randomly selected Latino adults online and in Colorado and has a margin of error of plus or minus 3.1% .

The survey was conducted by Dr Gabriel Sanchez and Dr Matt Barreto of BSP Research.

OVERVIEW |  It's time for lawmakers to prove their worth to communities of color

OVERVIEW |  Equity in Colorado is a sliding equation

COVER: THE TRAINING GROUND |  Colorado left focus on diversity and bench construction

Fight to Protect Hispanic Voters from Congressional Cutout Plan Heads to Supreme Court

OVERVIEW |  Colorado has a juicy interest in an accurate census

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Let Postal Banking Help Close the Racial Wealth Gap, by Nicole Ndumele | Chroniclers https://riograndedeltaaudubon.org/let-postal-banking-help-close-the-racial-wealth-gap-by-nicole-ndumele-chroniclers/ https://riograndedeltaaudubon.org/let-postal-banking-help-close-the-racial-wealth-gap-by-nicole-ndumele-chroniclers/#respond Fri, 22 Oct 2021 15:21:24 +0000 https://riograndedeltaaudubon.org/let-postal-banking-help-close-the-racial-wealth-gap-by-nicole-ndumele-chroniclers/ The U.S. Postal Service recently launched a Postal Banking Pilot Program that allows customers to cash paychecks and business checks up to $ 500 in four cities: Washington, Baltimore, the Bronx and Falls Church, Va. . This modest pilot project is the foundation for envisioned more extensive postal banking services that could include bill payment […]]]>

The U.S. Postal Service recently launched a Postal Banking Pilot Program that allows customers to cash paychecks and business checks up to $ 500 in four cities: Washington, Baltimore, the Bronx and Falls Church, Va. . This modest pilot project is the foundation for envisioned more extensive postal banking services that could include bill payment services, access to ATMs, and money order and wire transfer capabilities, all of which would provide essential financial services to millions of people. people excluded from banking services. that promote the economic security and well-being of many Americans.

Local bank branches are closing in communities across the country, and traditional banks are failing to deliver financial services that meet the needs of many communities, especially low-income, rural and black and Latino communities. As a result, too many people are forced to turn to exploitative payday loan services that charge outrageous fees and interest rates for the most basic financial services, including cashing a paycheck.

Robust postal banking services, which should eventually include checking and savings accounts as well as lending options, could step in and provide fair, accessible and affordable financial services to people who do not have access to traditional banking services and otherwise would have to turn to high banking services. low cost and low value fringe financial institutions.

An alarming number of Americans – over 60 million people – are either “unbanked” (meaning no current account or savings) or “underbanked” (i.e. say using products and services outside of traditional banks like check cashing stores and payday lenders). One in five Americans who are underbanked are the least able to afford financial service fees, but pay the highest costs to access their money. Underbanked households have an average annual income of $ 25,000 and typically spend around 10% of their income on fees and interest at fringe financial institutions just to access their money – an amount equal to what the average household does. spend every year on food.

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National Payday Loan Relief Celebrates 15 Years of Transforming Lives Through Payday Loan Consolidation https://riograndedeltaaudubon.org/national-payday-loan-relief-celebrates-15-years-of-transforming-lives-through-payday-loan-consolidation/ https://riograndedeltaaudubon.org/national-payday-loan-relief-celebrates-15-years-of-transforming-lives-through-payday-loan-consolidation/#respond Fri, 22 Oct 2021 15:21:24 +0000 https://riograndedeltaaudubon.org/national-payday-loan-relief-celebrates-15-years-of-transforming-lives-through-payday-loan-consolidation/ National Payday Loan Relief celebrates 15 years of payday loan debt relief to Americans through its Payday Loan Consolidation Program. The program helps clients stuck in the payday loan cycle gain financial freedom by providing a realistic solution to meeting monthly lender payments. OAKLAND PARK, Florida (PRWEB) October 20, 2021 National payday loan relief celebrates […]]]>

National Payday Loan Relief celebrates 15 years of payday loan debt relief to Americans through its Payday Loan Consolidation Program. The program helps clients stuck in the payday loan cycle gain financial freedom by providing a realistic solution to meeting monthly lender payments.

OAKLAND PARK, Florida (PRWEB) October 20, 2021

National payday loan relief celebrates 15 years since they started the Payday Loan Consolidation Program. This program has helped thousands of Americans wallow in payday loan debts regain their financial freedom. Through this program, the company assumes the responsibility of settling an outstanding payday loan on behalf of the client. This allows a client to pay off one or more loans simultaneously and leave a single loan with new terms and rates.

“We have been replacing our clients for fifteen years and helping them regain their financial freedom. We are delighted to take this step, which would not have been possible without our dear customers. We also thank all our partners for their unwavering support. , and we promise to do even better in the future. Our promise is a promise of excellence, and negotiating with lenders to find a solution is what we do best, ”said Steven Harris, current president of National Payday Loan Relief.

Payday loans are a major contributor to the US economy, and most households have survived on a payday loan at some point. They are quick and convenient and are a good source of emergency cash. However, these loans are expensive and can lead the debtor into an endless cycle of debt. Some of the disadvantages of payday loans include:

  • They have ridiculously high interest rates
  • They don’t build your credit score
  • Due to their ease of application, clients are trapped in a never-ending cycle of debt
  • Lenders can access customers’ bank accounts and embezzle or freeze their money

National Payday Loan Relief understands the deep waters of payday loans and has helped clients get out through the payday loan consolidation program. They do this by combining all the loans owed by the customer and paying them back into one settlement. The customer only has one loan to think about and can even get the new loan at a competitive interest rate. Additionally, the new loan may have a longer repayment period, giving the customer a grace period.

Consolidating payday loans is one of the most convenient ways to relieve debtors from the burden of multiple payday loans. Customers with multiple payday loans in charge high interest rates combine the loans and consolidate them into one loan. This process is known as loan consolidation. The process reduces the total amount payable for each loan and also lowers the monthly payments.

“Payday loan consolidation is a very similar process to other debt consolidation programs. Rather than paying off multiple high interest loans, you pay them off with financing loaned to you at a lower interest rate. While you’re technically borrowing again, you’re doing it at a much more manageable interest rate, ”Harris explained.

A payday loan consolidation is the bridge that most debtors use to achieve their financial freedom. National Payday Loan Relief deploys this program in four easy steps. Once the client has enrolled in the program, the company will assign them a professional financial advisor to collect all the vital data regarding their payday loan. These include loan amount, interest, payment terms, income, and other bills.

Second, the company contacts the lender and takes over the communication between the lender and the debtor. This step also involves persuading the lender to waive any penalties and come up with a flexible monthly plan.

The third step is a meeting between the client and the loan consolidation company to develop a monthly repayment plan. The plan is based on clients’ income, payday loans, and loan interest.

Finally, National Payday Loan Relief will accompany the client hand in hand until the payday loan is settled. Clients are required to honor their monthly payments for the program to be successful.

National Payday Loan Relief is a payday loan consolidation company that helps clients regain their financial freedom through debt relief programs such as payday loan consolidation, debt settlement, credit card debt relief and financial advice. The company’s mission is to provide the best payday loan debt elimination option to consumers struggling with debt.

For more information visit their office at NW 10th Terrace, Oakland Park, FL 33309

Or call (888) 407-4521

Email: info@nationalpaydayloanrelief.com

Website: https://nationalpaydayloanrelief.com/

For the original version on PRWeb visit: https://www.prweb.com/releases/national_payday_loan_relief_celebrates_15_years_of_transforming_lives_through_payday_loan_consolidation/prweb18276430.htm

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LETTER TO THE EDITOR: A Faithful Response to Payday Loans https://riograndedeltaaudubon.org/letter-to-the-editor-a-faithful-response-to-payday-loans/ https://riograndedeltaaudubon.org/letter-to-the-editor-a-faithful-response-to-payday-loans/#respond Fri, 22 Oct 2021 15:21:24 +0000 https://riograndedeltaaudubon.org/letter-to-the-editor-a-faithful-response-to-payday-loans/ Payday loans are low amount loans due on the borrower’s next payday. In Minnesota, the 2020 Minnesota Department of Commerce report showed the average payday loan amount is $ 380, and the cost of borrowing that amount for two weeks is a dreadful 273% APR. . In Beltrami County, there were 4,109 payday loans averaging […]]]>

Payday loans are low amount loans due on the borrower’s next payday. In Minnesota, the 2020 Minnesota Department of Commerce report showed the average payday loan amount is $ 380, and the cost of borrowing that amount for two weeks is a dreadful 273% APR. .

In Beltrami County, there were 4,109 payday loans averaging $ 311 with an average annual interest rate of 202%.

This exorbitant interest rate could be ignored if borrowers took out just one loan, got out of debt, and walked away satisfied. But that is not the reality surrounding this predatory loan product.

MDC data shows that the typical payday loan borrower takes an average of 10 loans per year and goes into debt for 20 weeks or more at triple-digit APRs. For the $ 380 loan mentioned above, that translates to $ 397.90 in fees, plus the principal amount, which is almost $ 800 in the end.

RELATED: Quick Tips on Pioneer’s Letter to Editor’s Submissions

The practices of most contemporary payday lenders are very similar to those condemned in the sacred texts and teachings of Judaism, Islam and Christianity.

The Bible says, “If you lend money to one of my people who is in need, don’t treat it like a business; charge no interest ”(Exodus 22:25).

The Qur’an takes a principled stance against predatory lending – charging interest is a sin according to Allah, as it is the responsibility of financial professionals to help people get out of debt as quickly as possible, rather than dig deeper and profit from their debt. (Sura 2: 275-281).

In the Compendium of the Social Doctrine of the Church, the Catholic Church teaches that “usury is a scourge which is also a reality in our time and which has a hold on the lives of many” – and Pope Francis recently spoke out specifically against pay day. ready.

RELATED: Read more letters to the editor

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Choosing the best short-term loan https://riograndedeltaaudubon.org/choosing-the-best-short-term-loan/ https://riograndedeltaaudubon.org/choosing-the-best-short-term-loan/#respond Fri, 22 Oct 2021 15:21:24 +0000 https://riograndedeltaaudubon.org/choosing-the-best-short-term-loan/ Start-ups and small businesses with minimal collateral and little or no credit history often struggle to access small business loans. They resort to short term loans as a viable option to fill their financial deficits. Even if you do your best to anticipate all possible expenses when starting a business, you can still find yourself […]]]>

Start-ups and small businesses with minimal collateral and little or no credit history often struggle to access small business loans. They resort to short term loans as a viable option to fill their financial deficits.

Even if you do your best to anticipate all possible expenses when starting a business, you can still find yourself caught off guard with unforeseen costs. Whether it’s a production machine breakdown or an unusual late payment from a reliable customer, you will be in dire need of funds.

Short term loans can save lives despite the risk of having a short repayment period and being very expensive.

What is a short term loan?

– Advertising –

This is the type of loan that a person or business gets to deal with temporary cash flow shortages. It is characterized by repayments that can range from a few weeks to six months or a year. Start-ups that may not be eligible for small business loans from traditional lenders find it a feasible alternative.

These loans range from as low as $ 100 to $ 100,000, offering much lower amounts than conventional small business loans. However, they are withdrawn much faster, sometimes within 24 hours of approval. This helps to sort out sudden cash flow tensions.

Benefits of getting a short term loan

A start-up can benefit from this in several ways.

1. Relaxation of eligibility conditions for loans

Many start-ups and small businesses have less than impressive credit scores, making it difficult to access long-term loans. Short term loans have lenient requirements that allow these companies to access credit.

2. Fast financing time

A shorter repayment period means less risk for the lender. These loans are approved and paid to applicants sometimes during the day.

3. Short repayment period to incur interest

Since the funds are repayable within a year, you will likely pay less total interest. Long term loans and other small business plans have a huge interest component given the longer repayment period.

4. Increase your credit score

– Advertising –

By repaying these loans on time, you can increase your credit score. This track record enables your business to apply for larger business loans for large capital expenditures in the future.

The best type of these loans for your business

1. Online loans

Several fintech companies offer online loans that are approved automatically using digital algorithms. The approval and transfer of funds to your account happens almost instantly.

2. Cash advances from the merchant

This is a short-term loan from a lender who advances a lump sum to a start-up. The loan is repaid by collecting a percentage of future credit card sales when customers make purchases at the borrower’s store.

3. Funding of invoices

As a business owner, you can use your unpaid bills to get short term loans from lenders. The lender will charge your principal plus interest when your customer pays. Then they will return the balance to you. You will receive funding while you wait for customer payments.

4. Payday loans

– Advertising –

Business owners who are still earning a salary can access emergency loans in the hope of paying off the loan on payday. The full amount is refunded when the salary reaches the account.

5. Lines of credit

The business can access an overdraft limit payable in monthly installments. Monthly payments vary depending on the amount the business uses on the line of credit. They are cheaper compared to business credit cards.

6. Customer advances

This applies when customers make reservations by paying for a service in advance, which gives you access to cash flow for services you have not yet rendered. Think about hotels or show tickets purchased in advance.

7. Sell items in installments

You sell an item to a customer who pays for it in installments. Your customer makes installment payments and collects the item after payments are complete. While not strictly a loan, it is a financing option that allows the business owner to quickly access funds.

Conclusion

Short term loans can be the lifeline for start-ups that may be eligible for conventional loans. These loans are easy to access and have a speed of execution which makes them particularly attractive. Look for the best short term loans to keep your business afloat.

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What are the main title loan requirements and how to get one fast https://riograndedeltaaudubon.org/what-are-the-main-title-loan-requirements-and-how-to-get-one-fast/ https://riograndedeltaaudubon.org/what-are-the-main-title-loan-requirements-and-how-to-get-one-fast/#respond Fri, 22 Oct 2021 15:21:24 +0000 https://riograndedeltaaudubon.org/what-are-the-main-title-loan-requirements-and-how-to-get-one-fast/ If you need a quick influx of cash, but your credit score isn’t all rosy, getting a title loan might be a solution. This type of short term loan requires you to provide your car as collateral and has a high interest rate (usually an annual rate of 300% or APR). To be eligible for […]]]>

If you need a quick influx of cash, but your credit score isn’t all rosy, getting a title loan might be a solution.

This type of short term loan requires you to provide your car as collateral and has a high interest rate (usually an annual rate of 300% or APR). To be eligible for this type of loan you must be the outright owner of your car, and if you fail to pay your rates on time, the lender has the right to repossess it. It’s similar to a payday loan in that you usually have 30 days for a lump sum payment.

What would you like to know

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As with any financial decision, a loan is something that should not be taken lightly. We will try to explain as simply as possible the car title loan terms and how to get the loan as soon as possible. Before you start going into the whole business, there are a couple of things you need to think about, how much money you really need, don’t overdo it with the amount, and be sure you have a plan to pay off the loan on time, so you don’t lose your car for a fraction of its value for no reason.

Prepare

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To apply for a title loan, you will need to bring your vehicle and the necessary documents to the lender. The vehicle will undergo an inspection so that the lender can check its condition and verify if you have the necessary complete documentation. Here is the list of necessary documents:

  • The original car title showing that you are the sole and pure owner
  • ID that matches the name on the title (government issued)
  • Proof of residence with matching name (such as a utility bill)
  • Current car registration
  • Proof of vehicle insurance
  • Proof that you can successfully repay the loan (like a recent pay stub)
  • Names and addresses of at least two references, as well as their telephone numbers
  • Car key copies

Some lenders may also attach a GPS tracking device to your car so you can track it or even turn it off if you fail to make the payment on time.

The lender will usually not verify your credit rating at all, so don’t worry about that side of the deal. On the other hand, the fact that you can get a loan with a bad score means that the interest rates will be very high. They also won’t check if you are currently employed. The amount of money you can lend is usually 25% of the vehicle’s estimated value, so keep that in mind. This percentage can vary, however, some lenders can approve up to 50% of the value of the cars for the loan, so be sure to find out what different lenders have to offer if you need more money. important. Also, make sure you already know your car’s estimated value before it is appraised to ensure you’re getting a good deal.

How to get the loan as quickly as possible

The entire process, from applying for a title loan to starting out with the money in your hands, can take as little as 30 minutes. The main thing is to be prepared beforehand, to make sure that you have gathered all the documents listed, and also that your state does allow this type of loan (not all do). The lender will assess the value of the car and check its condition, but you should have your car appraised by a third party first to make sure you know its true value. If you have everything prepared correctly and there is no problem with your license and car title, the whole process should not take more than half an hour and you can solve the financial crisis that prompted you to take out the loan in the first place. From the moment you leave the lender with the cash, the repayment period begins. Make sure you will be able to make payments on time, to avoid losing your vehicle which is worth several times more than the loan itself.

These types of loans should only be considered as a last resort, so if you don’t have an urgent need for cash, or your credit score is good enough to try and get a traditional one, you shouldn’t. rush to get a title. loan, as tempting as it may sound to have the cash on hand so quickly. If you decide, you have been given a concise list of what is needed and tips on how to avoid extending the waiting period for approval.

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