Real estate investing – Talktalk China http://talktalkchina.com/ Mon, 21 Nov 2022 11:49:53 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://talktalkchina.com/wp-content/uploads/2021/10/icon-2-120x120.png Real estate investing – Talktalk China http://talktalkchina.com/ 32 32 In South Dakota and Nebraska Deep Red, voters used ballot initiatives to reduce inequality https://talktalkchina.com/in-south-dakota-and-nebraska-deep-red-voters-used-ballot-initiatives-to-reduce-inequality/ Mon, 21 Nov 2022 05:54:53 +0000 https://talktalkchina.com/in-south-dakota-and-nebraska-deep-red-voters-used-ballot-initiatives-to-reduce-inequality/ This fall, in the run-up to the midterm elections, a group of Catholic nuns, Protestant ministers and other religious leaders caravanned through South Dakota on what they called a “Love Your Neighbor Tour.” . They stopped at grocery stores, restaurants, senior centers, libraries and other community gathering places to start conversations about health insurance. They […]]]>

This fall, in the run-up to the midterm elections, a group of Catholic nuns, Protestant ministers and other religious leaders caravanned through South Dakota on what they called a “Love Your Neighbor Tour.” .

They stopped at grocery stores, restaurants, senior centers, libraries and other community gathering places to start conversations about health insurance. They heard story after story of family members, friends and neighbors struggling to afford quality health care.

The purpose of this tour: to build support for a ballot initiative to help more South Dakotans get the care they need.

Through such initiatives, citizens can circumvent elected officials who have become disconnected from their constituents.

In this year’s elections, voters over 30 states engaged in this form of direct democracy. These voters raised taxes on the wealthy in Massachusetts and Los Angeles, funded universal preschool and child care in New Mexico, and clamped down on medical debt in Arizona.

In South Dakota, the “Love Your Neighbor” campaign won big. By a margin of 56 to 44, voters approved a proposal to force their state government to expand Medicaid eligibility, a move that will help about 42,500 working-class people get treatment.

These people earn too much to qualify for the state’s existing Medicaid program, but too little to access private insurance through the Affordable Care Act. Since 2010, the federal government has covered 90% of the costs when states expand Medicaid, but political leaders in South Dakota and 11 other states refused to do so.

This isn’t the first time South Dakotans have used effective strategies of people-to-people organizing and ballot initiatives for the good of their neighbors.

In 2016, a bipartisan coalition with strong support from the faith community won an incredible victory against financial predators, winning 76% support for a ballot impose a 36% interest rate cap on payday loans. Previously, those rates averaged around 600% in South Dakota, trapping many low-income families in a downward spiral of debt.

In this midterm election season, Nebraska offers another inspiring example of citizen action to circumvent out-of-touch politicians.

For 13 years now, Republicans in Congress have blocked efforts to raise the federal minimum wage, leaving it stuck at $7.25 since 2009. Nebraska’s entire congressional delegation — all Republicans — has always opposed the hikes minimum wage. Rep. Adrian Smith, for example, recently attacked President Biden’s $15 federal minimum proposal as “economically harmful.”

Nebraskans see the issue differently.

Voters there approved an increase in the state minimum wage to the same level Biden has proposed — $15 an hour — by 2026. The measure, which sailed with 58% supportwill mean larger paychecks for approximately 150,000 Nebraskans.

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Reforms needed as number of debt collection cases in Michigan rises https://talktalkchina.com/reforms-needed-as-number-of-debt-collection-cases-in-michigan-rises/ Thu, 17 Nov 2022 01:27:00 +0000 https://talktalkchina.com/reforms-needed-as-number-of-debt-collection-cases-in-michigan-rises/ Law360 (November 16, 2022, 8:27 p.m. EST) — Debt collection lawsuits “dominate” Michigan’s civil court system and the state should do more to help debtors defend themselves in court, a lawsuit said Wednesday. Michigan Supreme Court. The study also found racial disparities in debt collection cases and said Michigan trails its peers in consumer protection […]]]>

Law360 (November 16, 2022, 8:27 p.m. EST) — Debt collection lawsuits “dominate” Michigan’s civil court system and the state should do more to help debtors defend themselves in court, a lawsuit said Wednesday. Michigan Supreme Court.

The study also found racial disparities in debt collection cases and said Michigan trails its peers in consumer protection during the debt collection process.

The report by the Michigan Supreme Court’s Justice for All Commission found that debt collection cases accounted for 37% of all civil court filings in state district courts in 2019, the most recent year for which the data was analyzed. It was the second most common type of case after trafficking cases.

Growth in the volume of debt collection lawsuits in recent years “has been driven almost entirely by corporate debt buyers,” the commission found.

Third-party debt-buying companies are increasingly the plaintiffs behind debt collection lawsuits in Michigan courts and are responsible for 60% of debt collection filings, according to the report. The top three filers by volume in recent years have been third-party debt buyers: Midland Funding filed 20% of Michigan debt collection cases from 2017 to 2019, Portfolio Recovery Association 12% and Jefferson Capital Systems 8.8%, according to the Commission.

The tendency for debt buyers to sue presents “unique concerns,” the commission wrote, because consumers do not have a direct relationship with the debt buyer. When contacted by a debt buyer before or during legal action, a consumer may not recognize the name of the business, may believe that the debt buyer’s communications are a scam, and may ignore attempts. recovery and court documents until it is too late and a default judgment is rendered. . Default judgment is the result in 68% of Michigan debt collection cases, usually because the defendant has failed to respond, according to the study.

Looking at geographic data, the report found that two to three times as many debt collection lawsuits are filed against consumers in majority black neighborhoods compared to majority white neighborhoods at all income levels.

“More information is needed to understand the reasons for these disparate deposit rates,” the commission said, pointing to possible responses to racial disparities in access to low-interest credit and generational wealth disparities that mean black debtors are less likely to be able to get help from a family member to repay a loan.

Compared to neighboring states, Michigan also has more lenient pleading requirements for a debt collector to file a claim in district court, according to the report. Applicants only need to provide an account number and balance owing, with no requirement to provide documentation supporting the amount owed or proving ownership of the debt, unlike in Illinois, Indiana, and Minnesota.

“Other states in the region require documentation such as the original agreement or a monthly billing statement showing that the defendant used the account in question, the balance owing with charges and interest broken down, and documentation showing the chain ownership of the debt if it were sold to a debt buyer,” the report said.

Less than 0.5% of defendants in debt collection cases had legal representation, according to the report, while 96% of plaintiffs were represented by a lawyer.

The debts at issue included all non-mortgage consumer debt, including amounts owed on credit cards, auto loans, medical bills and payday loans. The median amount sought in debt collection lawsuits was $1,600 in 2018-19, according to the study.

After the default judgment is issued, judges will grant garnishment in 78% of cases, most often on state tax returns, but also on wages, bank accounts and other income.

The fact that so many cases end in default judgment, with serious consequences such as wage garnishment, raised red flags for the commission about “whether consumers actually received proceedings, whether the complaint and the summons provided meaningful and understandable notice to consumers of the claims against them, and whether consumers understood” the legal process.

The commission recommended a series of policy changes that would give defendants more time to serve notice of prosecution and expand options for mail and alternative methods of service; increase the amount of information a complainant is required to include in the complaint; and revising court forms to make them easier to understand for self-represented litigants.

“This groundbreaking research will help us improve the way trial courts handle debt collection cases to make the process easier to navigate and more fair, efficient and consistent,” said commission chair, the Michigan Supreme Court Justice Brian Zahra in a statement accompanying the release of the report. .

The commission also said it would work on pilot programs offering alternatives to litigation, describing debt collection lawsuits as a costly and time-consuming “lose-lose-lose” situation for creditors, consumers and the courts.

“With debt collection representing a substantial and growing portion of caseloads, this work is a critical step toward our goal of a civil justice system accessible to all,” said commission vice chair Angela Tripp. director of Michigan Legal Help.

Tripp called on “other branches of government” to also take action to address the issue of debt collection practices.

The report was compiled with help from The Pew Charitable Trusts and data advisory firm January Advisors.

–Edited by Jill Coffey.

For a reprint of this article, please contact reprints@law360.com.

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Is a payday advance from a bank better than a personal loan? https://talktalkchina.com/is-a-payday-advance-from-a-bank-better-than-a-personal-loan/ Sat, 12 Nov 2022 12:32:34 +0000 https://talktalkchina.com/is-a-payday-advance-from-a-bank-better-than-a-personal-loan/ Image source: Getty Images We’ve all come across an unexpected expense from time to time. Key points 60% of Americans couldn’t cover a $400 emergency expense without going into debt. If you need cash fast and your bank offers payday advances, it might be worth looking into. A personal loan has other advantages, however, such […]]]>

Image source: Getty Images

We’ve all come across an unexpected expense from time to time.


Key points

  • 60% of Americans couldn’t cover a $400 emergency expense without going into debt.
  • If you need cash fast and your bank offers payday advances, it might be worth looking into.
  • A personal loan has other advantages, however, such as a higher borrowing limit and a lower interest rate.

Many of us have been there. You had a car accident, and now you have to pay the mechanic to fix it. This unexpected expense will cost you a few hundred dollars, and like 60% of Americans, you are not able to cover it with your savings. Moreover, you only have money left for the bare necessities in your current account, and your next payday is several days away. What should you do?

You have a few options in this situation. Read on to learn more about bank payday advances versus personal loans, and how to decide which is right for you.

What is a salary advance?

A payday advance loan from a bank or box is called a small loan. These are loans of an amount generally between $100 and $1,000, granted by a bank to account holders. The intention is to give consumers an alternative to predatory payday loans (see below) when they are in a financial bind. If your bank offers them, you’ll get the money you need quickly and pay it back from your next paycheck via direct deposit, or over a period of weeks or months. You will have to pay a fee (either a fixed dollar amount or a small percentage of what you borrow) and interest for the service.

You may soon hear more about payday advances; a Bloomberg Law report in early October 2022 noted that federal regulators want banks to be able to offer them, but banks need more guidance from regulatory agencies moving forward. Personal loans, on the other hand, are already reliably available for your emergency borrowing needs.

What is a personal loan?

A Personal loan is a fairly easy way to borrow a lump sum of money. They usually come with lower interest rates than many other quick cash solutions, like credit cards or payday loans (and certainly lower than payday loans). However, if your credit is not in top shape, you may not be eligible for the best personal loan rates available.

Personal loans are generally in the amount of $1,000 to $100,000, and can often be funded fairly quickly after your application is approved. In some cases you can get the money the same day or the next day. Is there another way to borrow money fast? Yes, but you probably want to stay away.

Try to avoid payday loans

Although it may seem counterintuitive (after all, there’s “payday” in the name), it’s a good idea to avoid payday loans. And depending on where you live, they may be illegal in your area; they have been banned in 13 states and the District of Columbia. Payday loans are small, short-term loans of $500 or less, usually with a very high interest rate.

As of 2022, typical payday loan rates range from 28% to 1,950%. These loans often trick consumers in a cycle of debt from which they cannot easily escape. Can’t repay your loan on your next payday? That’s fine, the lender will turn it into a new payday loan for you! How nice of them. Your best choice is probably a payday loan or a personal loan.

How do you choose?

There are a few things to consider when choosing between a payday advance and a personal loan.

How much money do you need?

A payday advance loan, if you can get one from your bank or credit union, is probably best for borrowing smaller amounts. If your auto repair bill is $350, but the smallest personal loan amount you can take out is $1,000, that’s not ideal. If your surprise expense is larger, you’ll likely get a better interest rate with a personal loan (plus payday advances from your bank may be capped at $500).

How fast do you need it?

If you can wait a few days and have good credit, you may be better off with a personal loan – again, because of interest rates. That said, if your bank offers payday advance loans, they might approve you fairly quickly if you’re an existing customer in good standing. It has already registered you and can access your finances in the form of your bank account(s). Plus, your bank can easily send the money you borrow directly to your account.

How long do you need to pay it back?

This is where a personal loan probably has the advantage. You will have more time to repay a personal loan (months to years) than a payday loan (weeks to months). But again, a lot depends on the amount of money you need to borrow.

Payday advance loans and personal loans have their place, and if you ever get into trouble and need to borrow a relatively small amount of money, both are worth considering. However, it is definitely in your best interest to avoid payday loans.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

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Global Mortgage Market: Major Major Players Bank of America Corporation, Ally Financial Inc., Citigroup, Inc., https://talktalkchina.com/global-mortgage-market-major-major-players-bank-of-america-corporation-ally-financial-inc-citigroup-inc/ Wed, 09 Nov 2022 14:48:00 +0000 https://talktalkchina.com/global-mortgage-market-major-major-players-bank-of-america-corporation-ally-financial-inc-citigroup-inc/ Mortgage market Global Mortgage Market: Major Major Players Bank of America Corporation, Ally Financial Inc., Citigroup, Inc., PORTLAND, OR, USA, November 9, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global market mortgage market generated $11.48 billion in 2021 and is expected to reach $27.50 billion by 2031, growing at […]]]>

Mortgage market

Global Mortgage Market: Major Major Players Bank of America Corporation, Ally Financial Inc., Citigroup, Inc.,

PORTLAND, OR, USA, November 9, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global market mortgage market generated $11.48 billion in 2021 and is expected to reach $27.50 billion by 2031, growing at a CAGR of 9.5% from 2022 to 2031. The report offers a detailed analysis of the changing trends in the market, major segments, value chain, key investment pockets, competitive scenario, and regional landscape. The report is essential for key market players, investors, new entrants and stakeholders in formulating strategies for the future and taking action to strengthen their position in the market.

Download a free sample report: https://www.alliedmarketresearch.com/request-sample/17702

The report offers detailed segmentation of the global market mortgage market depending on the type of mortgage loan, mortgage terms, interest rate, provider and region. The report provides an analysis of each segment and sub-segment using tables and figures. This analysis helps market players, investors, and new entrants determine which sub-segments should be leveraged to achieve growth in the coming years.

By mortgage type, the conventional mortgage segment accounted for the highest share in 2021, contributing almost three-quarters of the total share, and is expected to maintain its leading status over the forecast period. However, the jumbo loan segment is expected to show the highest CAGR of 13.7% from 2022 to 2031.

Interested in getting the data? (Get a detailed analysis in PDF – 363 pages) @: https://www.alliedmarketresearch.com/purchase-enquiry/17702

Based on mortgage terms, the 30-year mortgage segment held the largest share in 2021, accounting for more than half of the market, and is expected to maintain its revenue dominance by 2031. However, the 15-year mortgage segment is estimated to witness the highest CAGR of 13.7% during the forecast period.

Based on interest rates, the fixed rate mortgage segment led the market in terms of revenue in 2021, accounting for more than two-thirds of the market, and is expected to maintain its leading position over the forecast period. . However, the adjustable rate mortgage segment is expected to register the highest CAGR of 11.3% during the forecast period.

On a provider basis, the primary mortgage lenders segment held the largest share in 2021, accounting for almost three-quarters of the market, and is expected to maintain its dominance through 2031. However, the secondary mortgage lenders segment is expected to exhibit CAGR the highest of 12.1% over the forecast period.

Based on region, North America accounted for the highest share in 2021, contributing almost half of the total market share, and is expected to maintain its leading status by 2030. However, Asia -Pacific is expected to post the fastest CAGR of 13.2%. during the forecast period.

Key players in the global mortgage loan market analyzed in the research include Bank of America Corporation, Ally Financial Inc., Citigroup, Inc., BNP Paribas Fortis, JPMorgan Chase & Co, Fannie Mae, PT Bank Central Asia Tbk, Mr. Cooper Group Inc., Royal Bank of Canada, QNB, Social Finance, Inc., Rocket Mortgage, LLC, Truist, Standard Chartered, Wells Fargo, ClearCapital.com, Inc. and Roostify, Inc.

Main benefits for stakeholders

This report provides a quantitative analysis of market segments, current trends, estimates and dynamics of Mortgage Lending Market analysis from 2021 to 2031 to identify current opportunities in the Mortgage Lending Market.
Market research is offered with information related to key drivers, restraints, and opportunities.
Porter’s Five Forces analysis highlights the ability of buyers and suppliers to enable stakeholders to make profit-driven business decisions and strengthen their supplier-buyer network.
An in-depth analysis of the mortgage market segmentation helps to determine the existing market opportunities.
Major countries in each region are mapped according to their revenue contribution in the global market.
The positioning of market players facilitates benchmarking and provides a clear understanding of the current position of market players.
The report includes analysis of regional and global mortgage loan market trends, key players, market segments, application areas and market growth strategies.

Related links

AI in the insurance market: https://www.alliedmarketresearch.com/ai-in-insurance-market-A11615
BFSI crisis management market: https://www.alliedmarketresearch.com/bfsi-crisis-management-market-A11105
IoT insurance market: https://www.alliedmarketresearch.com/iot-insurance-market-A09784
Florida Digital Lending Market: https://www.alliedmarketresearch.com/florida-digital-lending-market-A11092
Payday loan market: https://www.alliedmarketresearch.com/payday-loans-market-A10012
Personal loan market: https://www.alliedmarketresearch.com/personal-loans-market-A07580

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4 smart ways to finance your holiday shopping – and 2 to avoid https://talktalkchina.com/4-smart-ways-to-finance-your-holiday-shopping-and-2-to-avoid/ Sun, 06 Nov 2022 15:32:00 +0000 https://talktalkchina.com/4-smart-ways-to-finance-your-holiday-shopping-and-2-to-avoid/ Image source: Getty Images If the Christmas music stores played last month isn’t enough warning, the holiday season is right around the corner. This means that we only have a few weeks left to buy all the gifts on our list. That’s a challenge in itself, but you also have to decide how you’re going […]]]>

Image source: Getty Images

If the Christmas music stores played last month isn’t enough warning, the holiday season is right around the corner. This means that we only have a few weeks left to buy all the gifts on our list. That’s a challenge in itself, but you also have to decide how you’re going to finance all those purchases.

What you choose could affect your finances long after the start of the new year, so you need to weigh all your options carefully. Here are four financing options you might want to consider and two you should probably avoid.

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4 smart ways to pay for your holiday shopping

These strategies should be your go-to options for holiday shopping:

1. Save over time

Make a list of all the gifts you plan to buy and their costs. If that’s a lot more than you can afford, set a vacation budget and decide how much you can allocate to each person on your list.

Once you have a savings goal, try setting aside a little extra money each week until you reach your goal. You may need to make changes to your budget, such as cutting back on dining out or discretionary shopping for yourself, to get there.

2. Layaway

Many department stores and some online retailers offer layaway services. This is where you choose the items you want and pay a small percentage down. Then you make regular payments over time, and when you’ve paid for everything, you can take the items home.

Not all retailers allow layaway, and those that do may have different policies regarding how much you must pay and how quickly you must pay the full balance. So it’s a good idea to find out about the conditions at the store you’re buying from before deciding if it’s right for you.

3. Buy now, pay later

Services Buy Now, Pay Later (BNPL) are similar to layaway, except you can take the item home before you finish paying for it. You should always put money aside and make regular payments until you’ve paid it all off.

If you choose this route, be careful not to spend more than expected. When you pay only a small amount, it can encourage you to overspend, and you may not be able to pay the bills later.

4. Credit card with rewards

Credit cards are a safe way to shop online and rewards credit cards allow you to earn gift cards that you can use for future purchases. Or you can put the points you earn on your next credit card bill to reduce the amount you owe.

But if you plan to do so, you should only charge the card if you are sure you can repay at the end of the month.

Two financing options to avoid

Using any of these strategies to pay for your holiday gifts could come back to bite you in the long run:

1. Payday Loans

Payday loans offer quick cash and have fairly low eligibility requirements. But they also have extremely high interest rates. If you are unable to repay your balance in full at the end of the loan term, you could find yourself in a spiral of debt that haunts you long after the holiday season.

2. Rewards credit cards if you can’t pay off your balance in full

Interest rates on credit cards are not as high as interest rates on payday loans, but they can still exceed 20%. If you don’t pay off your balance in full at the end of the month, the rest will start earning interest and you’ll pay a lot more in the long run.

You can use a combination of the strategies listed above to pay for your Christmas presents. But whenever possible, try to avoid borrowing money. Even if you fully intend to pay it back on time, you never know what other costs might arise in the meantime. If you pay for everything with your own savings, you won’t have to worry about late fees or creditors suing you.

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We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts.Kailey Hagen has no position in the stocks mentioned. The Motley Fool fills positions and recommends Target. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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Want to consolidate your payday loan debt? Here’s how MyrtleBeachSC News https://talktalkchina.com/want-to-consolidate-your-payday-loan-debt-heres-how-myrtlebeachsc-news/ Mon, 31 Oct 2022 14:48:37 +0000 https://talktalkchina.com/want-to-consolidate-your-payday-loan-debt-heres-how-myrtlebeachsc-news/ If you’re struggling to cope with your payday loan debt, you may be considering consolidation. It’s a great option if you want to get out of debt quickly and easily. In this blog post, we’ll discuss the basics of consolidation and how it can help you get back on track financially. We’ll also give you […]]]>

If you’re struggling to cope with your payday loan debt, you may be considering consolidation. It’s a great option if you want to get out of debt quickly and easily. In this blog post, we’ll discuss the basics of consolidation and how it can help you get back on track financially. We’ll also give you tips on choosing the right consolidation company for your needs.

What is Consolidation?

Taking out a new loan to cover other outstanding loans is called consolidation. This could be helpful in minimizing monthly payments and overall debt.

When you consolidate your payday loan debt, you will only have to make one monthly payment to the consolidation company. This payment will be less than the total of your current payday loan payments. Namely, the professionals of Solid finance let’s say you can expect to save up to 50% on your consolidation loan. The way this is possible is that the consolidation company will negotiate with your lenders to lower your interest rates and monthly payments.

How it works?

Consolidation works by consolidating your multiple payday loans into one new loan. This new loan will have a lower interest rate than your existing payday loans, so you’ll save money on interest charges. The consolidation company will then repay your existing payday loans with the new loan. When you only have one loan to repay, it will be easier for you to control your payments and get out of debt quickly.

What are the benefits of grouping?

There are many benefits to consolidating your payday loan debt. These include:

  • Reduced monthly payments: When you consolidate your personal loans, you will only have to make one monthly payment to the consolidation company. This payment will be less than the total of your current payday loan payments.
  • Lower interest rates: Consolidating your payday loans will give you access to lower interest rates. This means you’ll save money on interest charges and pay off your debt faster.
  • One simple payment: When you consolidate your payday loans, you only have to make one monthly payment. This can make it easier for you to control your payments and get out of debt quickly.
  • Pay off debt quickly: Consolidating your payday loans can help you get out of debt faster. This is because you will have a lower interest rate and a simple payment.

What are the disadvantages of consolidation?

There are some potential downsides to consolidating your payday loan debt. Namely, you may still owe the full amount: consolidating your payday loans will not reduce the amount you owe. You will still be responsible for paying the full amount of your loans. Plus, you might end up paying more interest: if you consolidate your payday loans and extend the repayment period, you might end up paying more interest. Indeed, you will pay interest on the total amount of your loans for a longer period.

How to choose the right consolidation company?

If you are considering consolidating your payday loan debt, it is important to choose the right consolidation company. There are many consolidation companies out there, so it’s important to do your research. Here are some things to look for in a consolidation company:

  • A good reputation: Look for a consolidation company with a good reputation. This can be determined by reviews from past customers or by checking with the Better Business Bureau.
  • Low Fees: Make sure the consolidation company you choose has low fees. You shouldn’t have to pay a lot of money to consolidate your payday loans.
  • Flexible repayment options: Choose a consolidation company that offers flexible repayment options. This will allow you to tailor your repayment plan to your financial situation.
  • A focus on customer service: Make sure the consolidation company you choose emphasizes customer service. This will ensure that you have a good experience working with the company.

How to consolidate your personal loan debt?

If you’re ready to consolidate, there are a few things you need to do. First, you need to gather all the information about your payday loan. This includes the amount you owe, the interest rate and the monthly payment. Next, you need to find a consolidation company. You can do this by searching online or by speaking to a financial advisor. Once you have found a consolidation company, you need to apply for a consolidation loan. Once you have been approved for the loan, the consolidation company will repay your payday loans. You will then be responsible for making a monthly payment to the consolidation company.

Still, consolidating your payday loan debt can be a great way to save money on interest, lower your monthly payments, and get out of debt fast. However, it is important to choose the right consolidation company and understand the potential downsides of consolidation. If you do your research and choose a reputable consolidation company, you can consolidate your payday loan debt and put yourself on the path to financial freedom.

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How to prepare for a recession if you are -2- https://talktalkchina.com/how-to-prepare-for-a-recession-if-you-are-2/ Thu, 27 Oct 2022 16:03:00 +0000 https://talktalkchina.com/how-to-prepare-for-a-recession-if-you-are-2/ People should also be aware of the risks of “old-school predatory lending,” Williamson added, including payday loans, auto-title lenders and rent-to-own businesses. Payday lenders in particular tend to settle in communities of color, Williamson said, and are marketed as easy ways to get money. Often these loans come with high rates. “They have an established […]]]>

People should also be aware of the risks of “old-school predatory lending,” Williamson added, including payday loans, auto-title lenders and rent-to-own businesses. Payday lenders in particular tend to settle in communities of color, Williamson said, and are marketed as easy ways to get money. Often these loans come with high rates.

“They have an established presence in the community, and in many ways low-income consumers need to look beyond that to determine if there are other, more sustainable ways to get a small loan,” said Williamson.

When credit becomes harder to come by during a recession as lenders limit borrowing, people will be tempted to turn to abusive products and worse terms because it seems like whatever is available, Friedline said.

Credit card issuers previously reduced credit limits during the COVID-19 pandemic and the Great Recession, a measure that may help them avoid losses from consumers unable to repay debts, according to a June report from Consumer Financial Protection Bureau. However, these discounts can dramatically increase usage, or consumers maxing out their cards, which in turn can lower credit scores and make it even more difficult to borrow.

“People on low incomes are short on money, so you may know you’re being scammed, but what other options do you have?” Friedlin said.

Still, she said to watch out for promises of “a new product you’ve never heard of before that’s positioned as something that’s really going to help you,” like payday advances offered by an employer, which may come with a fee. and have worried some consumer advocates.

Given these vulnerabilities, Friedline added, policymakers could put in place more regulations and consumer protections, like interest rate caps on small loans. “The exploitation that we think is likely to happen doesn’t have to happen,” she said.

Of course, not all forms of support are scams. There are government programs that will help cover or reduce utility bills, for example. Consumers can sign up for Federal Trade Commission email alerts to stay up to date on money-saving tips and scammers taking money.

People can contact the Consumer Financial Protection Bureau with complaints about financial services, Friedline noted. The agency also offers several guides for those looking to buy a home, maintain their financial health in emergencies and disasters, or plan for retirement.

Collins, of the University of Wisconsin-Madison, noted that it helps to keep an open dialogue with family members about the financial situation. It’s normal to feel stressed about your budget, but there’s no point in ignoring the problems.

“The more people can talk about this stuff, whether it’s virtually or with friends and families or others — just so it’s less taboo — that’s important,” Collins said.

-Emma Ockerman

 

(END) Dow Jones Newswire

10-27-22 1203ET

Copyright (c) 2022 Dow Jones & Company, Inc.

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In a pinch? Here are the four loans you can get the fastest https://talktalkchina.com/in-a-pinch-here-are-the-four-loans-you-can-get-the-fastest/ Sun, 23 Oct 2022 14:30:49 +0000 https://talktalkchina.com/in-a-pinch-here-are-the-four-loans-you-can-get-the-fastest/ Image source: Getty Images When you’re in a bind and need cash fast, it’s important to know what your options are. There are different types of loans that you can get relatively quickly, depending on your needs. Before taking out a personal loan, it’s important to understand the different types of personal loans and find […]]]>

Image source: Getty Images

When you’re in a bind and need cash fast, it’s important to know what your options are. There are different types of loans that you can get relatively quickly, depending on your needs. Before taking out a personal loan, it’s important to understand the different types of personal loans and find the one that’s right for you. Here are four of the most common.

1. Credit cards

If you have good credit, you may be able to get a cash advance on your credit card. This is usually a quick and easy process, but it will come with high interest rates. So if you are able to repay the loan quickly, this could be a good option. Cash advances can be very useful in an emergency situation when you need money immediately.

Discover: These personal loans are the best for debt consolidation

More: Prequalify for a personal loan without affecting your credit score

Another benefit of using a credit card for a cash advance is that you may already have money available on your line of credit that you can use. This can be useful if you don’t want to take out a new loan or use other assets as collateral. However, using a credit card for a cash advance also has some drawbacks. First, as mentioned earlier, interest rates on cash advances are usually very high. This means that if you don’t repay the loan quickly, you could end up paying a lot of interest. Also, most credit cards have limits on how much you can borrow as a loan. So if you need a large sum of money, this might not be the best option.

2. Payday Loans

Payday loans are one of the fastest ways to get cash, but they come with high interest rates and fees. They’re usually only for small amounts of money, so if you need a lot of cash quickly, they’re probably not the best option. However, if you just need a little extra money to last you until your next paycheck, a payday loan might work. Payday loans are not ideal, Nevertheless. These are short-term, high-interest loans, usually due by your next payday in a single amount. Currently, 37 states regulate payday loans due to their high costs.

Payday loans are usually for $500 or less and are due on your next payday. Depending on state laws, people can get payday loans online or through a storefront lender. A typical two-week payday loan can have annual percentage rates (APR) as high as 400%. By comparison, credit card APRs can range from 12% to 30%. Payday loans should be considered an option of last resort.

3. Pawnbroker

Pawnbrokers are short-term loans secured by an object of value that people bring to a pawnbroker. As they are backed by the value of the object, they are cheaper than payday loans but are more expensive than a conventional loan. Pawnbrokers are regulated by the government. This type of loan is ideal for people who need cash quickly without a credit check.

Loan terms vary by pawnbroker. People can use valuables, such as jewelry or electronics, to get a loan based on the value of the item. No credit check is required. Those who may not qualify for a traditional loan can consider a pawnbroker. Once the loan amount is paid off, you will receive your items. If you don’t pay it back, the pawnbroker can seize the secured items.

4. Securities Lending

Title loans are another quick way to get cash. They are short lived secured personal loans supported by your car. Financial institutions put a lien on your car. If you are unable to repay the loan, they can seize your car, as it is used as collateral. Title loans generally do not consider your credit and can be approved quickly. However, a title loan is very expensive, with an APR of around 300%.

These are four of the most common types of loans that you can get relatively quickly. Consider which one best suits your needs and compare interest rates and fees before you apply. Understand how these personal loans work can help you make a smarter decision.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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

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

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

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

1. Consider qualification requirements

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

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

2. Prequalify with multiple lenders

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

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

3. Compare your offers

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

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

4. Complete and submit your application

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

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

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

5. Manage and repay your loan

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

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

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

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

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

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

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

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

Where to get a $2,000 loan

Long-term costs of a $2,000 loan

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

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

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

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

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US bank earnings show consumer finances ‘do not show high risk’ https://talktalkchina.com/us-bank-earnings-show-consumer-finances-do-not-show-high-risk/ Tue, 18 Oct 2022 00:11:00 +0000 https://talktalkchina.com/us-bank-earnings-show-consumer-finances-do-not-show-high-risk/ By Andrew Keshner Prices continue to soar as September inflation data came in higher than expected earlier this week Despite all the worries about pinching inflation and the possibility of a recession, just-released big bank earnings reports indicate that the wallets of many ordinary Americans are generally holding up as they do facing higher prices […]]]>

By Andrew Keshner

Prices continue to soar as September inflation data came in higher than expected earlier this week

Despite all the worries about pinching inflation and the possibility of a recession, just-released big bank earnings reports indicate that the wallets of many ordinary Americans are generally holding up as they do facing higher prices – for now.

Stock markets ended Monday on a rosy note, after starting with a dip and rebounding with a surge following September inflation data that came in hotter than expected.

Comments on third-quarter earnings calls this month from executives at JPMorgan Chase & Co. (JPM), Wells Fargo (WFC) and Citibank (C) suggested consumers still had their own rebound despite the pressure. The optimistic words, however, were cut with a dose of caution.

It’s a reminder that assessing someone’s financial health is a tricky mix of moods and also dollars and cents. Also on Friday, consumer sentiment remained gloomy but improved slightly according to the University of Michigan consumer sentiment measure and data showed retail sales flat in September.

After JPMorgan’s third-quarter earnings and revenue beat estimates, an analyst on the call asked if there were any “cracks” emerging, including for people working in the banking industry. detail.

There’s high inflation, rising interest rates, higher mortgage rates, questions about fuel prices and more, CEO Jamie Dimon said.

“It’s not a crack in the current numbers. It’s entirely predictable that it will weigh on future numbers,” said the banker, who expressed potential fears of a recession. For now though, “balance sheets are very good for consumers,” he noted at one point.

At Wells Fargo, CEO Charlie Scharf noted that average deposit balances declined from the second quarter to the third quarter, but are still above pre-pandemic levels. There is a segment of customers who are seeing their balances “decline steadily” and their balances are now below pre-pandemic levels, he said.

“It’s important to note that this is still a small percentage of our total customer base,” he said. “Overall, our consumer deposit customer health metrics, including cash flow, payroll and overdraft trends, continue to show no elevated risk concerns,” he said. declared.

Wells Fargo posted stronger-than-expected third-quarter revenue to counter the loss in analysts’ earnings estimates.

Challenges await the UK and Europe, Citi CEO Jane Fraser said, speaking hours after British Prime Minister Liz Truss sacked her Chancellor of the Exchequer on Friday.

“The U.S. economy, however, remains relatively resilient. So while we see signs of an economic slowdown, consumers and businesses remain healthy,” Fraser noted.

“Supply chain constraints are easing, the labor market remains strong, so it’s all about what it takes to really get a grip on persistently high underlying inflation,” she added. . Citi earnings exceed profit targets

Of course, the numbers and takeaways that appear on a major bank’s earnings call are just a snapshot of people’s financial situations. Indeed, inflation rates at their highest level in four decades have become a key political issue in the midterm elections which will take place in less than a month.

It should also be noted that there are whole sections of people who do not have a bank account or who use the services of a bank very little. Most Americans are “fully banked,” meaning they have a bank account and don’t use alternative financial services such as payday loans, according to Federal Reserve analysis.

But an estimated 13% are “underbanked” and another 5% are unbanked. Without access to traditional banking services, these consumers — who typically have lower incomes and are black and Hispanic — are using services such as check cashing services and payday lenders, according to Fed data.

Black, Hispanic and Native American families have been especially grappling with the toll of inflation, research and polls show

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite closed Monday. Shares of JP Morgan, Well Fargo and Citi rose on Monday.

Wells Fargo shares are down about 9% year-to-date, while JPMorgan and Citigroup shares are down about 30% and 28%, respectively, over the same period.

-Andrew Keshner

 

(END) Dow Jones Newswire

10-17-22 2011ET

Copyright (c) 2022 Dow Jones & Company, Inc.

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