Artist tax – David Hemmings Bird Photography http://davidhemmingsbirdphotography.com/ Wed, 22 Jun 2022 16:12:45 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://davidhemmingsbirdphotography.com/wp-content/uploads/2021/06/icon-2021-06-25T155134.587.png Artist tax – David Hemmings Bird Photography http://davidhemmingsbirdphotography.com/ 32 32 Best Personal Loans Online June 2022 https://davidhemmingsbirdphotography.com/best-personal-loans-online-june-2022/ Wed, 22 Jun 2022 16:12:45 +0000 https://davidhemmingsbirdphotography.com/best-personal-loans-online-june-2022/ What is an online personal loan? Personal loans can be used for a variety of purposes, such as consolidating debt, paying for home improvements, or covering unexpected expenses. A personal loan is considered unsecured because it is not backed by collateral. An online loan is a convenient way for you to get a personal loan […]]]>

What is an online personal loan?

Personal loans can be used for a variety of purposes, such as consolidating debt, paying for home improvements, or covering unexpected expenses. A personal loan is considered unsecured because it is not backed by collateral. An online loan is a convenient way for you to get a personal loan without having to set foot in a bank or credit union. You can complete the entire application online and, upon approval, receive the money in your account within one to three business days. Approval criteria and interest rate depend on the financial institution.

What are the advantages of an online personal loan?

Online loans are convenient and fast. Many lenders allow you to prequalify and see custom rates and terms before you apply. This is known as a soft credit check and will not hurt your credit score. You can see what conditions you qualify for before applying for the loan. Online loans also allow you to easily search and compare lenders.

After completing the online application, you can be approved within minutes. Some financial institutions will deposit the money into your account on the same business day. All of this can be done without having to pick up the phone or physically go to a bank.

What are the disadvantages of an online personal loan?

Approval for an online loan will be based on your creditworthiness and other factors such as your work history and income. If you don’t have a good credit history or a good credit rating, you may not qualify for a loan or get the best rates. Many local community banks focus on developing close relationships with their customers. Therefore, if you need a loan but cannot meet traditional bank loan approval requirements, community banks may be more willing to help.

Online loans can be more expensive than loans from a credit union. So it’s important to shop around and see the best rates you qualify for. Many online lenders don’t have physical branches, so you won’t be able to talk to someone face-to-face.

There are also predatory lenders who offer personal loans online. Payday loans are usually $500 or less and must be repaid on your next payday. Depending on state laws, people can get payday loans online or through a storefront lender. Although they don’t require a credit check and you may qualify for cash online, a typical two-week payday loan can have annual percentage rates (APRs) of up to 400%. By comparison, credit card APRs can range from 12% to 30%. Payday loans should be considered a last resort.

What to look for in a personal loan

When looking for the best personal loans online, you need to consider a variety of factors.

  • Annual percentage rate (APR). This is the interest rate of the loan. Rates can vary from 4.99% to 35%. Rates are based on creditworthiness and loan term.
  • Amount of the loan. Many lenders have a cap of $50,000, while some can go as high as $100,000. You will need excellent credit to be able to borrow the maximum amount.
  • Repayment Terms. Lenders will offer different repayment options, ranging from two years to 20 years. The shorter the term, the lower the interest rate. However, the amount of the monthly payment will be higher.
  • Discounts. Some lenders will offer a discount for autopaying or bundling other loans. Ask to see what discounts you qualify for.
  • Costs. Lenders may have origination fees or prepayment penalties. Check the fees when comparing lenders.
  • Cosigner. If your credit score is low, you should consider applying to a co-signer who has better credit. Check to see if the lender you are considering allows co-signers.

How to compare online lenders

When looking for the best personal loan online, shop around for the best rates. You can choose to get an online loan from a regular bank, a credit union, or an online-only bank. Online banks usually have better rates because they don’t have the same overhead as regular banks.

  • Check your credit report and credit score. Your score will determine if you qualify for the loan, your interest rate and terms. An excellent credit score is one that is 800 or more. The better your credit rating, the better your interest rate. If your score is low, it may be best to work on improving your score. The difference can be thousands of dollars depending on the loan amount.
  • Determine how much you want to borrow. Personal loans range from $250 to $100,000, depending on the type of personal loan. Refer to your budget to see how much you can afford in monthly payments. You can use a personal loan calculator to estimate your interest rates and payments.
  • Shop around for the best rates. Contact different lenders to find out the loan rate and terms you qualify for. You can research multiple lenders online to find the best loan term for you. Many lenders have a pre-approval process that allows you to seek out the best interest rates without hurting your credit score.
  • Compare other personal loan features. Compare lenders to see if there are any additional fees such as origination fees or penalties for prepaying the loan. Some offer features like flexible payment dates, interest rate discounts, or the ability to add a co-borrower or co-signer.
  • Apply for a personal loan. Once you have selected a lender, you will need to submit an online application. They will perform a rigorous credit check which will impact your credit score. They will process your request and disburse the funds the same day or up to several days later.

How to apply for a personal loan online

Lenders will have different processes for getting a personal loan online, but most will ask you to follow these steps:

  1. Complete a pre-approval form. Many lenders have an online pre-approval form where you can enter your personal information. You will need to provide your work history, income, debts and any other information they require.
  2. The lender checks your credit. Lenders will then check your credit score and history to determine if it meets their minimum requirements. This is usually a soft credit check that won’t hurt your credit score. If a lender doesn’t have a pre-approval option, you won’t know the terms of your loan until you apply, which will impact your credit score.
  3. The lender gives pre-approval. If you qualify for a loan after the lender has checked your credit, they will let you know the terms you qualify for, such as the maximum amount, interest rate, and repayment terms. The minimum credit score depends on the lender. A pre-approval does not guarantee that you will be approved.
  4. Make a formal request for a personal loan. Once you have chosen the lender you want to work with, you officially apply on their website. This usually requires documentation and a rigorous credit check by the lender. If you are not eligible for a loan, the lender will notify you with an unfavorable letter. It will give a reason why you were denied, the credit agency used, and how to get a free copy of your credit report.
  5. Accept the loan contract. Once approved, you sign your loan agreements online and set up your loan for funding. Many banks will disburse the money the same day or the next business day.
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What is an interest rate floor? https://davidhemmingsbirdphotography.com/what-is-an-interest-rate-floor/ Mon, 20 Jun 2022 23:21:47 +0000 https://davidhemmingsbirdphotography.com/what-is-an-interest-rate-floor/ Example of an interest rate floor You now know what a floor rate means. But the concept can be a bit fuzzy until you see an example. The best way to learn about an interest rate floor is to see how this financial detail would work in real life. Let’s take a closer look at […]]]>

Example of an interest rate floor

You now know what a floor rate means. But the concept can be a bit fuzzy until you see an example. The best way to learn about an interest rate floor is to see how this financial detail would work in real life. Let’s take a closer look at two different examples.

ARM Interest Rate Floor

Let’s say you compare rates with different lenders and decide to go with a 5/1 ARM. When you take out a variable rate loan with this structure, the interest rate will remain the same for the first 5 years of your loan. After that, the ARM will adjust your interest rate for the duration of the term.

When you take out the loan, you agree to an interest rate floor of 5%. As you approach the 5-year mark, you discover that interest rates are hovering around 4%. But since you accepted the 5% floor, you will never see your rate drop below 5%.

Ultimately, the interest rate floor means you won’t save as much as you could when interest rates fall. But when accompanied by an interest rate cap, these guarantees can help prevent your mortgage payment from going over budget.

Interest rate floor on loans

Now let’s look at this from the lender’s perspective. As a lender, you structure an ARM with a mortgage customer. The home buyer wants an ARM 5/1.

Based on today’s economic conditions, you might decide that lower rates are a possibility. Since you don’t want to lose money on the loan, you stipulate a floor rate of 5% in the contract. If the benchmark interest rate falls below 5%, you can still charge the customer 5% interest on their loan.

Generally, lenders are very interested in including an interest rate floor. The goal is to protect their investment from losing money if market interest rates drop too much.

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Fast Cash – $255 Payday Loans Online Same Day https://davidhemmingsbirdphotography.com/fast-cash-255-payday-loans-online-same-day/ Sat, 18 Jun 2022 17:41:49 +0000 https://davidhemmingsbirdphotography.com/fast-cash-255-payday-loans-online-same-day/ $255 payday loans online same day Get 100% cash advance online even with bad credit. The best service for fast loans! Payday loans Cash advances are easy to use and can be used for monthly rent, food, transportation, and other regular expenses. The cost of these cash advances can vary widely and is usually between […]]]>

$255 payday loans online same day

Get 100% cash advance online even with bad credit. The best service for fast loans!

Payday loans

Cash advances are easy to use and can be used for monthly rent, food, transportation, and other regular expenses. The cost of these cash advances can vary widely and is usually between $300 and $1,000 up front, depending on how much and how much borrowed. Cash advances can also be used for short periods to cover some of your expenses to make ends meet. And you can get $255 payday loans online same day for example and get more benefits. It’s always beneficial for you anyway.

Cash advances are convenient, simple and are usually secured by a cash loan. Quick cash loans are another type of cash advance you can use. They’re not the most popular type of payday loan, but you can take advantage of them to cover urgent, daily, or urgent needs at rates ranging from 1.5% to 21% for 1 month. This type of debt is ideal for quick payday or to cover regular expenses. Fast cash loans online. Instant cash lenders, fast payments, credit and cash advance repayments. Some people will turn to cash loans in an emergency and they are relatively easy to use and quick to use. They are easy to process and payment is guaranteed on time.

While some cash advances are secured by a cash loan, others are not. These cash advances come from various methods including cash advances.

Benefits of Payday Loans

This is the best way to get quick cash even if you are only in your area. quick cash loans. Also you can get $255 payday loans online same day fast and easy, which means cash loans can be a quick and easy way to get cash to keep on hand. If you’re going on a trip for three weeks, quickcash loans are the best way to earn some quick cash. These loans give you access to any type of cash advance, short-term bank accounts or credit unions. These types of loans are usually used by people in need of large purchases and they are usually offered in the form of credit cards, debit cards or installment agreements. If you go on vacation, you might find yourself going over the limit. Quickcash fast loans.

With easy payments, you can also get instant financing if you need to make a big purchase, even if you don’t have the cash in the bank. Easy payments. Instant payments on easy loans are an easy way to get cash as quickly as you need without a long repayment period. You can get cash advances, mobile check cashing, money orders, money orders, and any kind of easy loan. If you are short on cash, you can get instant cash for some of these easy loans.

How to pay

Payday loans help keep your finances together while you pay off the balance of principal and interest on a small payday loan or credit card loan and $255 payday loans online same day , these are the main advantages. And how the bank knows to whom and how much to lend. Most lenders use a variable APR which is a percentage of the amount borrowed. In most cases, your monthly payment will be calculated based on the number of weeks you have to pay. Many companies offer instant payday loans online with guaranteed approval at a low interest rate and with a minimum amount. You can also seek out traditional loans and take advantage of cash advance financing. The best way to pay off your debt is to pay off existing debt.

Quick Cash Loans

Quick cash loans are convenient loans that come in a wide variety of forms on credit cards, debit cards or checks to individuals and businesses. These loans usually have to be repaid within a few weeks. Since quick cash loans come in a variety of forms, you need to know your options and what you need. These loans have fast repayment terms and can be secured with an interest-free loan to get you back on track quickly. These types of loans come with a cash advance. A $50 quick cash loan doesn’t include a $6 monthly interest rate or additional monthly fees that can add tens of dollars. You can also get $255 payday loans online same day and have it so easy for you. You should know that online fast cash loans are a faster form of finance.

They come with a guaranteed initial percentage of the loan, usually 2-6%. You pay the initial amount as a percentage based on how your credit score is calculated. Many companies also allow you to request cash advances while you apply for the credit card, debit card, or check. Once you have a loan approved, you can be on your way immediately. These quick cash loans can help you get started or save for a home, school, college, or retirement. Online fast cash loans are a great way to pay off your debt, or at least pay off existing principal debt quickly.

Online payday loans

Online payday loans are small types of loans that come in forms like payday loans. These loans have a fixed interest rate. With these quick return loans, you will receive a cash advance of $100 on top of your initial rate. You can also get $255 payday loans online same day and it often depends on your score. If you have a high score, you may qualify for a higher interest rate. Many companies will give you a “repayment rate” to pay off the original loan balance.

Check lenders offer a short term loan with a guaranteed rate. These loans come with a minimum payment of $24 and are usually due to payday loans to help keep the money moving, so it’s worth taking a look at the different loans available. We offer different types of loans suitable for a variety of situations and circumstances, from emergency needs to monthly bills. The type of payday loan you choose will largely depend on the type of interest rate you use and the amount of money you need to save to pay off the loan. This guide will help you choose the best deal for you.

Online credit card cash advances

A credit card cash advance offers a cheaper and more convenient way to pay for your in-store and online purchases. Many credit cards have some form of cash advance feature, and many shoppers have even found ways to purchase their favorite products online. Also get small online payday loans with no credit check same day and a cash advance often requires a deposit before the credit card statement is sent to the merchant. A cash advance allows you to use that money and earn interest while you continue to spend money on other purchases.

Payday loans are easy to use and convenient. Although there are many types of payday loans on the market, we are always adding new ones. These types of loans can come in many forms, such as auto and home loans, credit cards, mortgages, and even interest-free loans. Many different payday lenders offer these different types of loans, so be sure to see if you can use any of these payday loan types before deciding which one is right for you. Here are some of the best payday loans that can help you deal with your cash crisis.

If you’re struggling with the debt you have, or just need quick cash to pay your bills, you can take a look at one or more types of payday loans available to you. . These loans can be used to pay off debt and to save for financial emergencies.

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Americans are in favor of canceling student loans, but prefer to limit university fees https://davidhemmingsbirdphotography.com/americans-are-in-favor-of-canceling-student-loans-but-prefer-to-limit-university-fees/ Fri, 17 Jun 2022 09:00:00 +0000 https://davidhemmingsbirdphotography.com/americans-are-in-favor-of-canceling-student-loans-but-prefer-to-limit-university-fees/ As President Biden nears an announcement on the cancellation of federal student loans, a new NPR/Ipsos poll has found that just over half of Americans support what has been flagged as the most likely from Biden: forgive up to $10,000 per person. But an overwhelming majority – including a majority of those with student loans […]]]>

As President Biden nears an announcement on the cancellation of federal student loans, a new NPR/Ipsos poll has found that just over half of Americans support what has been flagged as the most likely from Biden: forgive up to $10,000 per person. But an overwhelming majority – including a majority of those with student loans – said the government should prioritize making college more affordable rather than canceling existing student loans.

The nationally representative survey of 1,022 Americans was conducted between June 3 and June 5 and included an oversample of more than 400 student borrowers. The margin of error is +/- 3.3 percentage points for all respondents and +/- 4.8 percentage points for those with student loans.

Here’s what we learned:

There is general support for some debt cancellation

A majority of the general public (55%) supports forgiveness of up to $10,000 of federal student loan debt. But the more the relief is generous, the more this support shrinks.

Forty-seven percent of all respondents said they supported writing off debt of up to $50,000, while 41% expressed support for completely wiping the slate clean for all borrowers.

Support for debt relief was, unsurprisingly, much higher among borrowers themselves.

One thing that comes out very clearly from this poll is that the people closest to the problem, the people who currently have student debt, are in a very different position than the general American public,” says Mallory. Newall from Ipsos.

Eighty-four percent of borrowers supported $10,000 in relief, 78% supported a jump to $50,000, and another two-thirds (68%) supported cancellation of all student loan debt.

Support was much lower among respondents without a student loan: half favored $10,000 relief and only 37% favored full debt forgiveness.

The Biden administration has also hinted it may exclude high-income borrowers from relief — those earning more than $150,000 a year or couples earning more than $300,000. But when asked about income limits, respondents’ views on debt relief did not budge.

Don’t leave out college borrowers

The Biden administration has mooted the possibility of only forgiving undergraduate debt, on the premise that a borrower with an advanced degree is in a better position to pay off debt. But according to this new survey, Americans see no significant difference.

Sixty-five percent of all respondents agreed: if the government forgives student loan debt, it should be for any type of education, whether undergraduate or graduate.

Only 30% said if the government canceled debt, it should only be for undergraduates.

Erase old debts vs fix the system

In one of the most unexpected findings of the survey, respondents were asked to choose the sentence they most agreed with:

  • “The government should prioritize making college more affordable for current and future students”
  • “The government should prioritize the cancellation of certain debts for those who already have student loans”
  • A whopping 82% said the government’s priority should be to make college more affordable for current and future students. Only 16% believed that canceling student debt should be a priority.

    What this tells me is that while canceling student loans for some is seen as a good proposal and a short-term solution, where we really need to go from here is a real systematic change,” says Newall.

    The other surprise is that respondents with student loans felt the same way.

    Fifty-nine percent of respondents with student loans said the government should focus on fixing the system first, while 41% said the government should prioritize debt cancellation.

    “If I had to pick one for myself today: forgive student loans,” says Briana Ford, 27, of Columbia, South Carolina. She has about $50,000 in college student loan debt and is now in the process of earning a graduate degree.

    Ford says she has tried, at every turn, to pay for her education without relying on loans, but she is incredibly frustrated with the high cost of college and worries that a generation of students will take out loans that ‘they can’t afford it because they don’t see any other viable solution. path to the middle class.

    That’s why, even though Ford wants Biden to prioritize debt forgiveness for past borrowers, she says the federal government needs to do something to help future borrowers as well.

    I agree that just forgiving student loans without fixing the problem is like draining a bathtub without turning off the tap,” Ford says, but “really, it’s not one or the other. Political leaders can actually do two things.”

    …simply forgiving student loans without fixing the problem is like draining a bathtub without turning off the tap.

    This could be a key crack in the student debt debate as President Biden’s most ambitious efforts to remake the system in the future remain unfinished, including his arguments to make community college free and to double the Pell Grant. for low-income students.

    The general public seems to understand what economists have been worrying about for months: that a decision to wipe out student debt without a plan to help future borrowers will simply lead to a new mountain of debt for a new generation of student debtors – and quickly. .

    In fact, the Committee for a Responsible Federal Budget estimates that “stock debt would return to its current level in 2027 for a $10,000 forgiveness, in 2034 for a $50,000 forgiveness, and in 2039 for full forgiveness.” “.

    What borrowers did during the student loan payment break

    Federal student loan payments have been on pause since March 2020. According to the survey, 57% of borrowers made no payments during the pause and 20% never made a payment for their student loans.

    Twins Morgan and Trianna Downing are among nearly 4 million college students who graduated in the spring of 2020 directly into the student loan payment freeze. They never experienced the pressures of regular loan repayments. Now, after a few years in the workforce and with a view to college, the twins have very different views on their finances.

    / Amanda Andrade-Rhoades for NPR

    /

    Amanda Andrade-Rhoades for NPR

    Twins Morgan (right) and Trianna Downing are among an estimated 4 million students who graduated in the spring of 2020 directly into the student loan payment freeze.

    Trianna wants to pay off her undergraduate debt before taking out more loans for her graduate studies.

    “I don’t mind starting to pay mine off now. I’m hoping to pay it off in less than four to six years, and I’ve budgeted to be able to do that.”

    The poll suggests she is an unusual case – only a small slice of respondents aged 18 to 25 said they made payments during the break.

    Morgan feels differently. She says she made a few repayments after graduating, but “after the second or third payment, I was like, ‘This is ridiculous. Why am I making payments?’ ”

    She says her undergraduate loans don’t seem real, and she’s waiting to see if President Biden keeps his campaign promise to forgive at least $10,000 in student debt per person.

    “I was delighted to vote for a president who said [he] was going to erase [my] debt,” Morgan says.

    In fact, 42% of borrowers in the NPR/Ipsos poll said they didn’t make a payment during the break because they hoped their debts would be forgiven.

    The payment pause allowed borrowers to breathe

    Forty-seven percent of borrowers surveyed by NPR and Ipsos said the payment break had improved their mental health.

    Newall at Ipsos says it’s evident when you look at how borrowers spent the money they didn’t have to spend on their loans. The top three expenses in this category include essentials like food, rent and gas (51%); repay other debts (45%); and putting money into savings (44%).

    “Clearly it gave people some financial freedom,” Newall says, “but that freedom isn’t really about making a big purchase like a house or a car or taking a vacation. ‘a reprieve – a little respite from your day-to-day life.’

    Copyright 2022 NPR. To learn more, visit https://www.npr.org.

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    Understanding Biden’s options on student loan forgiveness https://davidhemmingsbirdphotography.com/understanding-bidens-options-on-student-loan-forgiveness/ Wed, 15 Jun 2022 17:19:17 +0000 https://davidhemmingsbirdphotography.com/understanding-bidens-options-on-student-loan-forgiveness/ Placeholder while loading article actions President Joe Biden has considered canceling some government student loan debt. Such a move could help ease the burden on borrowers of $1.6 trillion in federal education debt, a figure that has more than tripled in the past 15 years. As a candidate, Biden had said he supported a congressional […]]]>
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    President Joe Biden has considered canceling some government student loan debt. Such a move could help ease the burden on borrowers of $1.6 trillion in federal education debt, a figure that has more than tripled in the past 15 years. As a candidate, Biden had said he supported a congressional action plan, but with no movement on the horizon, some Democrats are pressuring him to use his executive authority, which could strengthen the party’s base ahead of the November elections. The most frequently cited version of what is under consideration would be to forgive $10,000 per borrower. It’s a notion that has been welcomed by some, and called both too much and too little by others. In the meantime, Biden has taken more targeted action.

    1. Who would Biden’s plan help?

    According to data from the Department of Education in March 2022, more than 45 million borrowers hold federal student loans, including parents who borrowed for their children’s college education, as well as about 30 senior executives of Biden. The administration has not yet decided on the outlines of the proposal, but aims to focus relief on low- and middle-income people. In earlier discussions, his plan was designed to cover both current and former students, including those who dropped out without earning a degree. About 15.2 million borrowers — just over a third of the total — could see their federal loans forgiven by $10,000 in debt forgiveness, according to Department of Education data.

    2. Who would be left out?

    Another 27 million borrowers have debt between $10,000 and $100,000. Only 3.3 million owe more than that, including about 900,000 who have debt over $200,000, a group that likely includes many current or former graduate students. The Department for Education could not say whether the forgiveness would extend to parents who borrowed for their children. Biden has said he will not accept calls from progressive Democrats to cancel up to $50,000 in loans per borrower.

    3. What has Biden already done?

    On his first day in office, he ordered the Department of Education to extend the federal student loan payment freeze that now extends through the end of August and keep the interest rate on hold. at 0%, which means that there is no accumulation of interest during the freeze. . Collection efforts are also suspended. Payments were first suspended in 2020 as part of the pandemic relief effort, but do not apply to private loans. The Biden administration has already pardoned targeted amounts. This most recently includes the $5.8 billion student debt that the government says was defrauded by the defunct Corinthian Colleges Inc., a chain of for-profit universities. The June announcement said the loans held by 560,000 borrowers were the largest discharge in the Department for Education’s history.

    3. What is the case for the debt cancellation plan?

    When the idea was first floated in the 2020 campaign, part of the rationale for canceling debt and pausing payments was to prop up an economy weakened by the pandemic. That seems less appropriate now, as the United States faces the highest inflation in decades. Some forgiveness could help prevent troubled borrowers from defaulting, which can hurt credit reports. Some advocates see the issue as generational equity, saying no previous cohort must have entered adulthood with such a burden of debt. There is also an element of racial equity: canceling $10,000 of debt would cancel the loan balances of 2 million black borrowers and reduce the gap between blacks and whites in the share of people with student debt by 9 to 6 percentage points, according to data cited by Senator Elizabeth Warren. from the University of California Merced and Princeton University.

    4. What are the reviews saying?

    That the plan would be unfair to those who have already paid off their student loans or gone to college to avoid debt. Some economists point out that in a general forgiveness, some of the benefits would go to high-income students, especially those who have gone on to higher education, a path that can lead to higher-paying professions like law or medicine. Some progressive activists, like Warren, have called for forgiveness of up to $50,000 in loans, while others have called for deeper relief for targeted groups, like students who haven’t completed their education. Some student loan advocates stress the importance of making forgiveness automatic, or at least reducing the bureaucratic hurdles that have plagued other student loan repayment programs to help struggling borrowers. And people on all sides point out that debt cancellation does nothing to change the economics of education that produced the borrowing in the first place – the rising price of higher education.

    5. How might forgiveness work?

    The administration has not yet specified this. One idea, proposed by Matthew Chingos of the Urban Institute, is to link forgiveness to the resumption of loan repayments when the moratorium is over. One of the biggest challenges for the Department of Education will be getting borrowers to start making payments again after years of not being needed. The job will fall to loan managers who are hired to collect payments and help borrowers get into the paying habit and stay on track.

    More stories like this are available at bloomberg.com

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    President Biden’s remarks during a briefing on the New Mexico wildfires https://davidhemmingsbirdphotography.com/president-bidens-remarks-during-a-briefing-on-the-new-mexico-wildfires/ Sun, 12 Jun 2022 01:30:00 +0000 https://davidhemmingsbirdphotography.com/president-bidens-remarks-during-a-briefing-on-the-new-mexico-wildfires/ New Mexico State Regional Training Facility FacilitySanta Fe, New Mexico 3:18 p.m. MDT THE PRESIDENT Well, Governor, thank you very much. Before we begin, we are on National Guard property. I just want to say that the National Guard, of course, is controlled by the governor, except when federalized. And I federalized you a number […]]]>

    New Mexico State Regional Training Facility Facility
    Santa Fe, New Mexico

    3:18 p.m. MDT

    THE PRESIDENT Well, Governor, thank you very much. Before we begin, we are on National Guard property. I just want to say that the National Guard, of course, is controlled by the governor, except when federalized. And I federalized you a number of times across the country to fight fires, to fight every disaster that we had. And my son was a Major in the National Guard. And I think people don’t quite understand the scope — the scope of the work you’re doing and the risk you’re taking for us.

    And secondly, there is an expression where I come from: “God made man, then he made firefighters. You’re all crazy — (laughs) — but I love you. I grew up in a neighborhood called Claymont, Delaware when we moved from Scranton when the coal died. And, you know, my parents weren’t in the coal mines – they were in sales – but the economy shrunk and we moved to this little steel town. And I went to a little Catholic school across from the fire department – a fire station. And everyone I grew up with – either you became a cop or a firefighter or a priest. I didn’t qualify for any of them, so here I am. (Laugh.)

    I – but, you know, just so you know, I overdid it
    individual and collective funerals for firefighters and stars and — and, you are an incredible group of people. I mean, a really amazing group of people.

    Anyone – and the – and the overwhelming human instinct is that you’re running from a fire, not into it. And the only thing that protects firefighters is more firefighters – the only thing. More firefighters.

    And I just wanted to say it up front because I–you have my gratitude. And my fire department literally saved my life, not figuratively. My house was struck by lightning and most of it burned down. It had to be rebuilt.

    Saved – the thick – the smoke was so thick, Governor. It was literally so thick. And you couldn’t see through the windows or through the windows. And the floors were crumbling, and these guys came in and did two things: most importantly, they got my wife out – I was in Washington when it happened – and saved our cat. But just as important, almost – not equally important, but important – I have a ’67 Corvette that they released. (Laugh.)

    And so, anyway. But my point is: you are amazing. And so, Governor, thank you. And Senators Heinrich and Luján, thank you very much for all you do. And Teresa Leger Fernández and – you know, Herrell, and – and, you know, Stansbury, and all the members of the House are doing a great job.

    And–but maybe the proudest thing I’ve done is appointing the first Native American to be a cabinet minister. (Applause.) But she’s only been in New Mexico for 35 generations. You are a newcomer. (Laughs.) A newcomer.

    But, listen, another special thank you to the firefighters – over 4,000 of you. More than 4,000 of you put your life on the line.

    And we are about to receive a briefing on the largest and most destructive wildfire in America so far this year and the largest wildfire in New Mexico history.

    I just skimmed over some of the damage. And Air Force One is so big we couldn’t get in, but we flew over the perimeter of the–of the fire. And that’s an incredible amount of territory.

    And the impact on the families who have been there for so long is so significant. And in there — in a way — you know, there’s, you know, almost 700,000 acres. And a new fire has just started – just started. Thousands of displaced people. Farmers decimated. Schools closed. And wild nature – it looks like a moonscape. You could see parts of it where I–I was able to see.

    And I mean what you think, and that’s our responsibility. It’s not a gift. We have a responsibility to help this state recover, to help the families who have been here for centuries and the beautiful villages of northern New Mexico who cannot return home and whose livelihoods have been fundamentally modified.

    Governor, let me be clear: we will be here for you in response and recovery for as long as it takes. As long as it takes. (Applause.)

    And I learned something about this Governor: When she asks for something, I just say, “Yes.” (Laughs.) But I don’t think there’s —

    GOVERNOR LUJAN GRISHAM: Can you ask the legislator to do that?

    THE PRESIDENT: Well, that’s – (laughter) – that’s what we’re trying. You know, I’ve publicly stated that I support him – to support him. It’s 100 percent – anyway.

    Well, I hope we can achieve this. I know Ben Ray is working hard in the House to get passage. But we will — I have a little more trouble with the United States Senate. We have 50 Democratic senators, which means we have 51 presidents.

    And so that’s – you know, we have to get consensus and we can’t – not consensus, in some cases, if they insist on it being a – requiring closure, and we need 60 votes . So that…that remains to be seen.

    And so – but, you know, when you asked for a major disaster declaration, Governor, I immediately responded, providing millions of dollars in housing assistance and cash grants and emergency responder funding – not because they are of service; It is an obligation. I think we have a responsibility, as a government, as — to look after the communities that are put — in such danger.

    And today, I am announcing that the federal government is covering 100% of the cost of – (applause) – of debris removal and emergency protective measures for the next critical months that are – in this recovery.

    And then there will be a solid bridge until we — we pass the — Hermit Peak Fire Assistance Act, introduced by Senator Luján and Senator Heinrich and your — and Senator Fernández , as well as Stansbury, to fully compensate — fully compensate the survivors for their total loss.

    We also provide – (applause) – financing and loans to small businesses, farmers and ranchers. And we need to be sure that it won’t happen again. We know the circumstances of Hermit’s Park and calf [Calf] Canyon fires are unique, starting with prescribed burning.

    Every year the Forest Service, to put that into perspective – they do a very good job – does 4,500 prescribed burns. 99.8% go as planned. And – but this time, tragically, it’s not. And that’s why the Forest Service just put a complete pause on prescribed burns in our–in Forest Service lands. And it’s doing a 90-day intensive review, which will make public the – all the details of that review. And it must happen. And I will be informed of the results, and we will inform the world of the results – the country of the results.

    And for the folks back home, there are hundreds of firefighters — federal personnel on the ground trying to get you through this. I think if you take a look, the most important thing you can do is register with FEMA so you can quickly get the help you deserve and need. And there’s a FEMA mobile app that lets you quickly sign up for help. And it’s also available in Spanish.

    And our FEMA director, who I think has done an amazing job – how many people do you have here roughly?

    ADMINISTRATOR CRISWELL: Just under 400.

    THE PRESIDENT Just under 400 here. And that’s – (applause) – I don’t have – we – if you don’t have a phone yet – phone service, you have Disaster Recovers – Recovery Centers in Mora and Las Vegas where you can also sign up.

    And we also have a team on the ground to help you register. And FEMA is calling everyone who is denied help – everyone who is denied help to make sure they get the help they need and in the language they speak.

    A lot of, you know – you know, you have to know how to know. You have to know what you need to know to be able to do something. I can walk into the Library of Congress – one of the great libraries in the world – if you don’t know how to use the card catalog, it’s not very useful to you. I’m serious. You must know how to know.

    And so we’ve learned, in our administration, that it’s not enough to provide help, but to let people know how they can access help, and when they can’t, how they can resolve this issue.

    So eligible residents can enroll in a state program that provides benefits to purchase groceries and — as well as hot meals.

    Longer term, but right now, we need to help deal with the combined impacts of drought and wildfires and – that threaten your vital watershed. And it’s hard to explain to people in the east when I talk about it, because we went—we spent time, the director of FEMA and I, in other parts of the country—in the northern California, Oregon, Idaho – to explain what we’re talking about – the scope and size and consequences – and how the watershed is not – not – literally but by (inaudible) evaporating into many places. Find yourself in a position where it has a vital, vital impact.

    And through Bipartisan Infrastructure, we are already investing hundreds of millions of dollars in the state of your drought relief and wildfire and water mitigation infrastructure.

    And as the monsoon season approaches, we have authorized an additional $22 million to protect critical water infrastructure from post-fire flooding – (applause) – post-fire flooding and debris flows. And–and the work begins today. It starts today. Not – not next week, not next month. Today.

    The bottom line is, Gov – to the people of New Mexico: we will do whatever it takes, however long it takes, to follow your leadership and what – by telling us what you need. And I promise you, I – and I – and we kinda joke. They say “the governor is on the phone”. I say, “Just tell him yes.” And then I start the conversation. Y’all think I’m kidding. I am not joking. (Laugh.)

    So I will stop here. And I guess we’ll have – start the briefing, if we could. And – but I guess, David, I’m talking to you first. You’re secretary of the Department of Homeland Security and Emergency Management, so I’ll turn it over to you. OK?

    3:29 p.m. MDT

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    Money in Minutes offers fast payday loan in Las Vegas and cash advances to customers in Reno, NV https://davidhemmingsbirdphotography.com/money-in-minutes-offers-fast-payday-loan-in-las-vegas-and-cash-advances-to-customers-in-reno-nv/ Fri, 10 Jun 2022 17:36:17 +0000 https://davidhemmingsbirdphotography.com/money-in-minutes-offers-fast-payday-loan-in-las-vegas-and-cash-advances-to-customers-in-reno-nv/ Reno, Nevada – Money In Minutes offers fast payday loans and cash advances for customers in urgent need of cash in the Reno and Las Vegas areas. The company has a same-day approval policy for its Las Vegas payday loan and cash advance. Clients applying for loans receive feedback within one business day, provided they […]]]>

    Reno, Nevada – Money In Minutes offers fast payday loans and cash advances for customers in urgent need of cash in the Reno and Las Vegas areas. The company has a same-day approval policy for its Las Vegas payday loan and cash advance. Clients applying for loans receive feedback within one business day, provided they applied within business hours. Their hours of operation are 9 a.m. to 6 p.m. every day of the week. The company grants these loans in the form of short-term contracts and not long-term financial solutions.

    Money In Minutes has multiple locations for customers to apply to the nearest office. They have a quick screening process to determine customer eligibility for loans. During the application, customers provide information about their personal data to check their credit history and limit. The company recommends the use of credit counselors prior to loan applications for customers with credit difficulties. They have a customer-centric approach to level services that prioritizes customer needs and aims to create positive experiences for them.

    Money In Minutes has been providing payday loans and cash advances for over 20 years. They have 8 convenient locations in places like Nevada, Charleston, Spring Mountain, Sunset Road, and Flamingo, among others. The company has experienced professionals who are trusted and respected. Staff are familiar with all regulations and standards relating to loan applications. The company rep had this to say about their services.

    “We have worked hard for over 20 years to provide the highest quality, most innovative and exceptional service available anywhere. The needs of our customers will always come first. We will be positive, helpful and enthusiastic at all times; always focusing on solutions, not challenges. We will run a clean, organized and efficient operation and will always uphold the highest standards of integrity and ethical business practices.

    Clients who approach the company for loans are assured of receiving quick and timely responses that provide them with convenience in times of financial hardship. The company’s cash advances allow customers who are transitioning to new jobs or who need money urgently before their payday to get cash fast in Las Vegas. The company has been in operation for years and has earned a reputation that translates into greater reliability from its customers. Their friendly staff is keen on developing positive relationships with customers, which has a good influence on their customer satisfaction rating.

    In addition to payday loans and cash advances, Money In Minutes offers other services like consultations. Customers can talk to their staff to ask questions about loans and any other related issues. Company staff can inform clients of their eligibility for loans and the services they provide.

    Money In Minutes has a dynamic website where interested customers can learn more about their Las Vegas payday loans and cash advances. For consultation and reservation, contact their staff by calling (702) 672-0118.

    Media Contact

    Company Name
    Money in minutes
    Contact Name
    Susan Hamon
    Call
    (702) 672-0118
    Country
    United States
    Website
    https://moneyinminutesnv.com/

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    What is a home loan and how does it work? https://davidhemmingsbirdphotography.com/what-is-a-home-loan-and-how-does-it-work/ Wed, 08 Jun 2022 19:13:42 +0000 https://davidhemmingsbirdphotography.com/what-is-a-home-loan-and-how-does-it-work/ 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. A home equity loan allows you to […]]]>

    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.

    A home equity loan allows you to borrow a lump sum of cash against the value of your home and pay it back with fixed monthly payments. (Shutterstock)

    A home equity loan allows you to borrow a lump sum all at once when the value of your home is greater than your mortgage debt. Similar to a first mortgage, you pay off a home equity loan at a fixed interest rate over 10 to 30 years.

    Here’s an overview of how home equity loans work, the costs typically associated with them, and the requirements you’ll need to meet to qualify.

    Credible does not offer home equity loans, but you can compare pre-qualified mortgage refinance rates from several lenders in just a few minutes.

    What is a home equity loan?

    A home equity loan allows you to borrow against a percentage of your home equity, which is the difference between the market value of your home and the balance you owe on the home loans you already have. You can take out a home equity loan when you need a lump sum of money to cover a major expense.

    Home equity loans are a type of second mortgage, and taking out a second mortgage involves risk. For one, your home will serve as collateral for the home equity loan. If you can’t repay the loan, you could lose your home. Your home also secures the first mortgage you used to purchase your home. If you take out a home equity loan in addition to your first mortgage, you will have two loans secured by your home, increasing your risk.

    Increasing your monthly payment with a home equity loan will also tighten your budget. If your income drops, it might be more difficult to make your monthly housing payments than if you only had a first mortgage, or no mortgage at all.

    How does a mortgage loan work?

    A home equity loan, such as a cash refinance, allows you to borrow from your available equity. After closing your loan, you will have a three day right to cancel your loan if you change your mind. Once these three business days have passed, the lender will deposit the lump sum amount you have chosen to borrow into your bank account.

    What you do next is entirely up to you. You could build a heated pool, replace your dilapidated roof, spruce up your yard, or pay off all your credit cards. You can also finance your wedding, make a down payment on an investment property, or send your child to college.

    Whatever you do, just make sure you understand the benefits, risks, and trade-offs of your decision.

    How much can you borrow with a home loan?

    The amount you can borrow with a home equity loan depends on the equity in your home, your credit history, your income, and your existing debt. The more equity you have, the better your credit history, the higher your income and the lower your debt, the more you can borrow – and the better your interest rate will be.

    Here’s how to calculate the equity in your home:

    Home Value − Existing Home Loan Balances = Home Equity

    For example, if your house is worth $400,000 and you owe $150,000 on your first mortgage, your net worth is $250,000.

    Lenders often allow you to borrow up to 80% of the value of your home, or $320,000 for a $400,000 home. Your combined loan-to-value ratio (CLTV) is the sum of your first mortgage and the equity loan in the property you want to take out. After subtracting your first mortgage of $150,000 from $320,000, you would have $170,000 of equity available to borrow.

    HOW TO REFINANCE A HOME EQUITY LOAN

    Costs associated with home equity loans

    The costs of taking out a home equity loan vary by lender, but here are the fees you can expect to pay:

    • Set-up or administration fees — A flat fee or a percentage of the loan amount to compensate the lender for underwriting and originating your home equity loan
    • Credit report — A nominal fee to the lender for purchasing a copy of your credit history and score
    • Evaluation – A fee to establish the value of your property to determine how much you can borrow
    • Preparation of documents — A minor charge to cover the cost of preparing your closing documents
    • Government registration fees — Your local government’s fees to officially document the new lien holder when you take out your home equity loan
    • Title search and report — A charge to ensure no one else has a claim on your property other than you and your current lender
    • Notary – A professional service fee to have someone verify your identity and witness your signature on your loan documents
    • Flood certification — A small fee to research if your home is located in a high-risk flood zone. If so, the lender may require you to purchase flood insurance.

    Some lenders will waive some or all of your closing costs on a home equity loan to earn your business. However, if you refinance or repay the loan within three years of closing, you may have to repay the lender some of these costs.

    You won’t find home equity loans at Credible, but if you’re looking for a great rate on a mortgage refinanceyou can compare rates from different lenders.

    Advantages and disadvantages of taking out a home loan

    Each financial product has its pros and cons. Here’s what you need to know about the pros and cons of a home loan:

    Benefits of a home equity loan

    • Relatively low fixed interest rates
    • Ability to borrow a large sum
    • Flexibility to use the money as you wish
    • Potentially deductible interest, if you detail
    • Long repayment period

    Disadvantages of a home equity loan

    • Requires a house as collateral, which increases the risk of foreclosure
    • May take several weeks to get the money
    • Interest rates are generally higher than the initial rates on home equity lines of credit (HELOC)
    • Tax savings likely won’t apply
    • Interest payments for a decade or more

    HELOC vs home equity loan

    Home equity loans and home equity lines of credit are the two types of second mortgage, but they work differently and meet different needs.

    A home equity line of credit, or HELOC, gives you access to a certain amount of money that you can borrow as needed until you reach your credit limit. Your loan term begins with a drawdown period that typically lasts up to 10 years, followed by a repayment period that typically lasts another 10-20 years. You can use a HELOC to gradually remodel your home over time.

    During the draw period of a HELOC, you can borrow and redeem your line at your leisure. Once the drawdown period is over, you can no longer borrow from your line of credit.

    The interest rate is variable throughout the drawing period and the repayment period. However, some lenders will allow you to lock in the interest rate on some or all of the money you borrowed from your HELOC, similar to a home equity loan.

    Depending on your needs, one loan may suit you better than another. Here’s how the two compare:

    How to qualify for a home equity loan

    Qualifying for a home equity loan is similar to qualifying for a refinance.

    You will need to submit detailed information about your income, assets, and liabilities and back it up with information from account statements and tax returns.

    A loan underwriter will review and verify everything to determine if you qualify.

    Each lender has their own approval criteria, but typical requirements often include:

    • Credit score — At least 680
    • Debt-to-income ratio — No more than 43%
    • Home equity – At least 20%

    If you decide that refinancing is a better fit with your financial goals, you can compare mortgage refinance rates from multiple lenders in minutes with Credible.

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    Small Business Restaurant Improvement Loans https://davidhemmingsbirdphotography.com/small-business-restaurant-improvement-loans/ Mon, 06 Jun 2022 22:32:31 +0000 https://davidhemmingsbirdphotography.com/small-business-restaurant-improvement-loans/ If you’re a business owner in the restaurant industry, you understand the importance of keeping your restaurant up to date to be successful. Whether you’re opening a new restaurant, establishing a new location, or renovating an existing restaurant, a restaurant improvement loan and other financing options can help. Some financing options include: Traditional bank loans […]]]>

    If you’re a business owner in the restaurant industry, you understand the importance of keeping your restaurant up to date to be successful. Whether you’re opening a new restaurant, establishing a new location, or renovating an existing restaurant, a restaurant improvement loan and other financing options can help.

    Some financing options include:

    • Traditional bank loans
    • Business line of credit
    • Equipment loans
    • Commercial real estate loans
    • Merchant Cash Advance
    • Small Business Administration (SBA) Loans

    This article explains your financing options and how they can help your restaurant business.

    Why would someone need a restaurant improvement loan?

    As restaurateurs, keeping your restaurant open and profitable is the most important thing. So it is good to understand why you would need a restaurant improvement loan for your business. Here are four reasons:

    1. Buy inventory

    A restaurant improvement loan can help you avoid breaking the bank on everything from bar stools, tables and chairs to other must-have restaurant equipment. With a loan, small business owners can focus on creating the best environment for their customers that matches their business needs. Also, inventory can extend to kitchen equipment like ovens, food prep counters, or food processors, which are very expensive and you don’t want to pay for with your personal funds or put on your score. personal credit.

    2. Renovations

    Another reason you might need a restaurant improvement loan is to renovate your restaurant. Renovations can include:

    • Installation of new flooring
    • Updated seat cabins
    • Bathroom upgrades
    • Installation of new light fixtures
    • Paint the interior and exterior

    There are many reasons why you would want to renovate and keep your restaurant up to date, especially in a social media generation where people value aesthetics. A restaurant improvement loan can bring you much closer to your goal of having a restaurant with rave reviews.

    3. Implement new technologies

    Technology is constantly changing, so whether you need an updated point-of-sale (POS) system or you’re infusing your restaurant business with mobile technology and online ordering, you may need funds. additional. Brick-and-mortar businesses are constantly changing the way they serve their customers, so finding a lender who can provide you with the financing to scale your restaurant can help you scale.

    4. Marketing and Advertising

    Restaurant improvements can also include how you get the message across to your customers. Marketing and advertising are key tools for retaining repeat customers, attracting new ones, and keeping your business profitable. However, marketing and advertising online or elsewhere can be quite expensive and having funding options that increase cash flow can help you acquire the right amount of marketing needed to keep your business running.

    Types of Catering Business Loans

    These types of restaurant business loans are the ones you should consider:

    Equipment loans

    Equipment financing is specifically designed to get you the new or updated equipment your restaurant business needs. You have the option of securing the necessary financing to purchase or lease the equipment. Alternatively, you may decide to pursue a sale and leaseback agreement, in which you sell the equipment to a lender in exchange for cash and then lease the equipment from the lender. You have the option of returning the equipment at the end of the term or purchasing it from the lender.

    Working capital loans

    A working capital loan is money you borrow for the day-to-day running of your business. Working capital loans pay for a business’s short-term needs and expenses instead of investments or assets that will be held longer. This is a small business loan that could come in handy if your business finds itself in a difficult financial situation. Rather than long-term investments, short-term financial goals are the main focus of this type of business financing.

    Merchant Cash Advance

    Compared to other forms of financing, such as conventional bank loans, merchant cash advances offer a unique opportunity for small businesses. Business owners get financing in the form of an upfront lump sum from a merchant cash advance provider. The owners then repay the advance using a percentage of the business’s future sales. An MCA can be an alternative for businesses that have a high number of credit card sales, are in dire need of capital, or don’t qualify for a conventional loan.

    Bank loans

    Other financing choices, such as credit cards, payday loans, or short-term loans from internet lenders, often carry higher interest rates than those offered by traditional bank loans. Also, if the lender discloses payments made to commercial credit bureaus, you can improve your business’ creditworthiness if you make your payments on time.

    When you have questions about your loan or other financial products that could benefit your business, you can speak to a professional banker or loan officer located at a local branch of many banks for assistance. . This service is offered by many banks.

    When to Apply for Restaurant Improvement Funding

    Having a business plan can help you determine the longevity of your business growth, especially with financing. Knowing when to apply for restaurant improvement financing can have a positive effect on your working capital and can also help you buy equipment, do renovations, and more.

    Here are important times in your business when you should consider applying for restaurant improvement financing:

    • Opening a new location
    • Low season
    • When your credit score is high
    • If you need more inventory
    • To afford additional equipment
    • Make essential renovations

    Depending on the length of your business or your restaurant’s volume of business, this may dictate when you should apply for financing. In the end, needing it and not having the extra funds is worse than having it and being ready to make the changes necessary for your business to grow and succeed.

    How to Improve Your Chances of Funding Approval

    There are many facets to improving your chances of being approved for funding, but it is absolutely essential and doable. Whether you are a new business or have bad credit, you always have options. Here are ways to improve your chances of getting your seed funding approved:

    • Build your business credit score. When seeking financing for any loan amount, it is good to have established credit for your business. As a borrower, you don’t want to run the risk of sacrificing your personal credit, so establishing an EIN against a social security number will help your application process strictly through your business name. Nav offers a tool here to better understand your business credit score.
    • Increase your income. One of the best ways for lenders to ensure that you have the ability to repay a loan is to show your financial statements. With lower incomes, you may benefit from loan options with higher interest rates or only short-term loans requiring faster repayment terms.
    • Bring in a co-signer. Depending on the type of loan, if your credit isn’t the best, bringing in a trusted co-signer who has better credit and income can also improve your chances of approval. A co-signer on your loan application could also be someone related to your restaurant business, as they will have the same responsibility for repaying the loan.

    Best Loans for Restaurant Improvements

    If you’ve ever started your search for a loan, you know there is a seemingly endless number of lines of credit and small business loans available from banks and online lenders. Since new businesses are perceived to have a higher level of risk, the opportunities available to them will be more restricted. However, check out the loan deals Nav has for all small businesses.

    Ultimately, whatever loan products, small business loans, or other type of financing you choose for your restaurant business, Nav is here to help. With Nav’s resources and loan matching tool, you can receive the business financing that best suits your business needs. From how to establish business credit to offering a comprehensive list of business credit cards to ensure you get the best restaurant financing options, the choice is yours.

    This article was originally written on June 6, 2022.

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    Government buy now, pay later loan dilemma https://davidhemmingsbirdphotography.com/government-buy-now-pay-later-loan-dilemma/ Sat, 04 Jun 2022 17:00:00 +0000 https://davidhemmingsbirdphotography.com/government-buy-now-pay-later-loan-dilemma/ EXPLANATION : Buy now, pay later has exploded into our lives. People, especially young people, loved it, preferring it to credit cards and hire purchase. Buy Now, Pay Later (BNPL) short-term consumer loans are interest-free, so people can use them to buy things they haven’t saved up for at no apparent cost. This cheapness is […]]]>

    EXPLANATION : Buy now, pay later has exploded into our lives.

    People, especially young people, loved it, preferring it to credit cards and hire purchase.

    Buy Now, Pay Later (BNPL) short-term consumer loans are interest-free, so people can use them to buy things they haven’t saved up for at no apparent cost.

    This cheapness is because retailers add the actual cost of loans to the price of their goods (we all bear this cost), and you can get a BNPL account online in minutes.

    READ MORE:
    * The secret “buy now, pay later” code of conduct that you are not allowed to see
    * Government considers regulating ‘buy now, pay later’ lenders
    * Minister spoke of buy now, pay later “a ticking time bomb”

    BNPL was outside pesky responsible lending laws that require lenders to check borrowers can repay before extending credit.

    What could go wrong?

    A lot. So much so that BNPL could be the next industry to go unregulated, and the number of people missing payments from their accounts is growing rapidly.

    This seems to confirm claims by financial mentors that many BNPL accounts were opened by people who could not afford to make repayments.

    The Minister of Commerce and Consumer Affairs, David Clark, is indeed considering three options:

    • Let the industry regulate itself, with a voluntary code
    • Subject the BNPL to responsible lending laws
    • Creation of a “lighter touch” regulation especially for BNPL

    But it’s not a simple matter for Clark, whose latest foray into regulation to protect vulnerable people from lenders, really seems to have led to some non-vulnerable borrowers realizing they no longer qualify for loans.

    Data from credit bureau Centrix shows a surge in the number of buy now, pay later accounts that are overdue after people miss repayments.

    provided

    Data from credit bureau Centrix shows a surge in the number of buy now, pay later accounts that are overdue after people miss repayments.

    Over 565,000 people have BNPL accounts, and many love them. Clark will be wary of upsetting them.

    But what seemed so great, and was touted as allowing people to split payments for essential things like appliances and dentistry, is now down to the consumer.

    A growing number of people are missing BNPL payments and paying late fees, but research in Australia shows that people sometimes skip meals or miss payments on rent and electricity bills, in order to make BNPL payments .

    Models walk the runway during the Bondi Born show during Australia's Afterpay 2022 Fashion Week. It's no surprise the lender buy now, pay later is sponsoring a fashion event.

    Mark Metcalfe/Getty Images

    Models walk the runway during the Bondi Born show during Australia’s Afterpay 2022 Fashion Week. It’s no surprise the lender buy now, pay later is sponsoring a fashion event.

    An unknown number of people are using debt to repay BNPL. One in five people use a credit card to make their BNPL repayments.

    Financial mentors say people who cannot afford BNPL refunds get multiple accounts. Desperate people are “piling” BNPL accounts on loans they already have. More BNPL loans are ending up with debt collectors, they say.

    Andrew Henderson of the Dunedin Budget Advisory Service told the government: ‘We are seeing many consumers with multiple BNPLs who cannot afford their essential costs because of this. Consumers are trapped in the cycle of debt with BNPL, which impacts their future and their mental health.

    And to top it off, BNPL lenders openly claim to retailers that accepting BNPL makes people spend more. Young women are a particular target of BNPL lenders.

    Buy now, pay later is often seen by people as a tool to spread out refunds on a purchase.  It is not perceived for what it really is: consumer debt.

    Laurent Delhourme/Stuff

    Buy now, pay later is often seen by people as a tool to spread out refunds on a purchase. It is not perceived for what it really is: consumer debt.

    Calls for regulation frustrate people who use BNPL cautiously.

    They don’t want to have to answer intrusive financial questions to open an account or have their credit limits lifted. Regulation adds costs. They want BNPL to remain interest-free.

    As Adam Bright told the government in his brief on the bill, “I’ve used two different vendors and had excellent experiences with both.”

    He appreciated that there were no account fees.

    “I’ve never been behind on payments and I think it’s a great tool for buying items by spreading payments,” he said.

    It was really useful at a time when his budget was squeezed by rising inflation, allowing him to make expensive purchases.

    “It actually helped me save money while also stimulating the economy with my purchases,” he said.

    A BNPL user said Things it had become more prominent since changes to Clark’s Responsible Lending Rule made it harder for low-income people to get loans.

    “It seems that these responsible lending rules … do nothing to help those of us on the bottom aspire to anything beyond the usual meager existence that a benefit provides,” he said. .

    “Since BNPL’s arrival in New Zealand, the facility has been a boon for those of us on low fixed incomes.”

    Most BNPL account users manage their repayments well, he said.

    While this is true, these days politicians are less willing to turn a blind eye to loan abuse.

    We should know within a few weeks how Clark thinks BNPL should be regulated.

    He has been fairly quiet, even refusing to publish a code of conduct drawn up by BNPL lenders, in which they hope he will let them operate.

    It is now available on the Department for Business, Innovation and Jobs website, and it is weaker than it will be willing to accept.

    Under the code, even checking a person’s credit report (which shows their credit score, recent payment history and loans they have) would be voluntary.

    And, it’s not good enough for difficulties. Financial mentors trying to help people struggling with debt find it difficult to deal with BNPL lenders.

    If Clark goes there, this code will need a big rewrite.

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