Marketing techniques – Inigo Tech http://inigo-tech.com/ Wed, 16 Nov 2022 22:45:45 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://inigo-tech.com/wp-content/uploads/2021/06/favicon-18-150x150.png Marketing techniques – Inigo Tech http://inigo-tech.com/ 32 32 Loans 101 | MaxLend Loans https://inigo-tech.com/loans-101-maxlend-loans/ Wed, 16 Nov 2022 22:45:45 +0000 https://inigo-tech.com/loans-101-maxlend-loans/ Loans 101Cloth Borrowing money can seem like a difficult task. From late fees to interest rates, loans can be a complex but useful tool. But before jumping into borrowing money, it’s important to understand loans and how they work. Before you start applying for a loan, ask yourself this question: what is a loan? A […]]]>

Loans 101Cloth

Borrowing money can seem like a difficult task. From late fees to interest rates, loans can be a complex but useful tool. But before jumping into borrowing money, it’s important to understand loans and how they work.

Before you start applying for a loan, ask yourself this question: what is a loan? A loan is a form of credit in which you receive money from another person or entity. In return, you agree to repay the money, usually with interest, in the future.

In most cases, the lender will add interest or other charges to your principal amount, which you will have to pay on top of the original amount. The amount of interest may vary depending on the lender and other factors, such as your credit score. Loans can be fixed term, where you receive the money in a lump sum and agree to repay the loan over a specified number of payments with a set end date. Or they can be open-ended, like a line of credit, where you can borrow, as needed, up to a specific credit limit, without having to reapply each time you withdraw money.

How many types of loans are there?

Loans are available for different purposes and can have a variety of features, from personal loans to secured loans and even loans for bad credit. Here are some common loan features:

Unsecured Loans

Unsecured loans are loans that are not secured by collateral. In other words, you don’t have to pledge anything of value as collateral for loan repayment. Interest rates can be based on your credit score and credit history. People with bad credit may still be able to get unsecured loans. Because those with poor credit scores are considered a higher credit risk, they may be charged higher interest rates for an unsecured loan. Failure to repay an unsecured loan could result in collection activity and reporting to credit bureaus, which could make it more difficult to take out a loan in the future.

Secured loans

Secured loans, also known as secured loans, require borrowers to provide some kind of collateral to secure the loan. Collateral is something of value that would be lost if the borrower defaulted. Secured loans can have lower interest rates than unsecured loans. However, when you choose a secured loan, if you do not repay all or part of the loan, you risk losing the property you have offered as collateral.

Personal loans

Many personal loans can also be unsecured, meaning you won’t have to provide collateral. When you apply for a personal loan, you decide how to use the funds, including emergency funds or home repairs. Before applying for a personal loan, review your budget to see how much you’re willing to pay for each installment.

Payday loans

Payday loans are short-term loans that can usually be taken out by people with low or bad credit. Borrowers will generally have to repay the loan in full with interest by their next payday. Be aware that, depending on the amount you borrow, it may be difficult to repay the loan with interest on your next payday and that you have enough money left over to cover your regular expenses. If this happens, payday lenders may allow you to extend the term of the loan, but this usually means you will have to pay more fees.

Installment Loans – Alternative Payday Loans

Installment loans can be a great alternative to payday loans. Although installment loans are still short-term, you’ll usually have a longer repayment period than with a payday loan. This means that you repay the loan in smaller installments, spread over more time. This type of arrangement can allow you to cover your regular expenses while meeting your loan repayments. You won’t have to worry about paying in full with interest by your next payday when you choose an alternative payday loan.

Loans for bad credit

People with bad credit may still be able to get a loan. Bad credit loans can be paid in fixed, regular installments, and borrowers may not have to post collateral. Lenders may look at your income, credit history and other factors to make a decision. These factors can also help them determine your interest rate.

advance loans

A cash advance loan can be similar to payday loans and other short-term loans with a fast application process and quick funding for those who are approved. As with all loans, be aware of the fees and interest rates you will pay and the time you have to repay the money.

Cash loans

Cash loans are another way people refer to payday loans, alternative payday loans like installment loans, and any other low-value short-term loans with a fast application and funding process. Some lenders can provide the funds in cash, or you can have the funds deposited directly into your bank account.

How does the subscription of a loan work?

Taking out a loan may include completing an application, checking your credit history or other information, and preparing to repay the funds with accrued interest. Before you begin the process, it is important that you understand loans and how they work. You borrow funds from a lender, but the tricky part may be the repayment process. Keep the loan term, interest rate, and your budget in mind before taking out a loan.

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What is an installment loan? | MaxLend Loans https://inigo-tech.com/what-is-an-installment-loan-maxlend-loans/ Wed, 09 Nov 2022 22:43:13 +0000 https://inigo-tech.com/what-is-an-installment-loan-maxlend-loans/ Installment loansCloth What is an installment loan and how do installment loans work? What is an installment loan? An installment loan is a type of loan where you receive a lump sum of money and sign an agreement that you will repay it in regular installments over a set period of time until your debt […]]]>

Installment loansCloth

What is an installment loan and how do installment loans work?

What is an installment loan?

An installment loan is a type of loan where you receive a lump sum of money and sign an agreement that you will repay it in regular installments over a set period of time until your debt is paid off. The repayment schedule is predictable, giving borrowers control over their budget and an easy way to plan for a better financial future.

What can direct installment loans be used for?

Direct installment loans can be used for unexpected personal expenses, as well as a wide variety of things if you don’t have enough money in your savings account. Direct installment loans are repaid with a repayment plan over time. Depending on the type of installment loan and the lender, you may not be limited on how you spend the funds. Direct lenders for installment loans may not ask you how you intend to use the money.

Types of installment loans

There are two types of installment loans: secured and unsecured. Mortgages and auto loans are secured loans, while personal loans and student loans are classified as unsecured.

Collateralized

Mortgages are secured or secured with the home the loan is used to purchase. The same goes for auto loans, where the lender uses the vehicle as collateral against the loan sum. If you fail to make the payments for a secured loan, you risk losing the item used as collateral.

Not guaranteed

Loans that do not require collateral, called unsecured or unsecured loans, are usually based on the borrower’s credit history and ability to make payments. Unsecured installment loans may have a higher interest rate, reflecting the higher risk of default.

Reasons to Get a Direct Installment Loan

If unexpected expenses come your way – home repairs, auto repairs, emergency legal fees, etc. – and you need emergency financing, a direct installment loan could help you get back on your feet and give you time to get your finances under control. When you apply for money online and opt for an installment loan, you know exactly how much each payment will cost and how long you will pay off the loan.

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10 lenders who offer small personal loans https://inigo-tech.com/10-lenders-who-offer-small-personal-loans/ Tue, 01 Nov 2022 17:23:24 +0000 https://inigo-tech.com/10-lenders-who-offer-small-personal-loans/ 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. If you face an unexpected expense and […]]]>

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.

If you face an unexpected expense and only need to borrow a little money, small personal loans can be beneficial. (Shutterstock)

If you need to borrow a small amount of money to consolidate debt, pay a medical bill, or cover a emergency expense, you may be considering a small personal loan. Small loans probably won’t earn the lender as much interest, so not all lenders offer them.

But many lenders offer personal loans for amounts of $5,000 or less. Here’s how small personal loans work and where to find them.

If you are looking for a small loan, Credible allows you to view your prequalified personal loan rates from various lenders, all in one place.

What is a small personal loan?

A small personal loan is generally considered to be a loan in the amount of $5,000 or less. You can use funds from a small loan for almost any expense, including debt consolidation, car repairs, medical expenses or vacations.

Small personal loans are installment loans. You will receive the funds in a lump sum and then make fixed monthly payments (including interest) towards the balance over a set period of time.

In most cases, small personal loans are unsecured, so they don’t require you to post any asset as collateral. If you have bad credit, you may qualify for a secured loan, which would require collateral, such as your car or a savings account.

If you have little or no credit history, or if your rating is not what you would like it to be, it may be more difficult to qualify for a small personal loan. Many lenders work with borrowers with bad credit, but you’ll pay a higher interest rate to borrow money than someone with good credit.

You can find small personal loans from banks, credit unions and online lenders.

Types of small loans to avoid

When money is tight, it’s tempting to take advantage of any loan offer you receive. But you should avoid these types of small loans if possible:

  • Payday loan – Payday loans are small, short-term loans that are usually due before your next payday. Payday lenders do not consider your ability to repay the loan. They also charge exorbitant fees and interest, which can amount to an annual percentage rate (APR) of 400%, according to the Consumer Financial Protection Bureau.
  • Title loan — With a title loan, the lender requires the title to your car as collateral. If you are unable to repay the loan, the lender may repossess your vehicle to pay off the debt. Title loans have short repayment terms (usually within 30 days) and come with high fees and interest rates.
  • 401(k) loan — If you have a 401(k) plan, you may be able to borrow funds from the account. But if you withdraw money from your 401(k) before age 59½, you’ll pay a penalty on the withdrawal and may owe taxes on the funds you use. You may also have to repay the loan in full if you leave your current job.

10 Lenders Who Offer Personal Loans Under $5,000

If you’re looking for a small personal loan, these 10 credible partner lenders are a good place to start:

Before

  • Minimum loan amount: $2,000
  • Minimum credit score: 550
  • Good for: Borrowers with bad credit who need a loan fast

Discover

  • Minimum loan amount: $2,500
  • Minimum credit score: 660
  • Good for: Borrowers looking for longer repayment periods and no loan origination fees

loan club

  • Minimum loan amount: $1,000
  • Minimum credit score: 600
  • Good for: Borrowers who wish to apply with a co-signer

LendingPoint

  • Minimum loan amount: $2,000
  • Minimum credit score: 580
  • Good for: Borrowers with subprime credit scores and a minimum income of $20,000

OneMain Financial

  • Minimum loan amount: $1,500
  • Minimum credit score: None
  • Good for: Borrowers with bad credit who have collateral

PenFed

  • Minimum loan amount: $600
  • Minimum credit score: 660
  • Good for: Borrowers who want smaller loan amounts

Prosper

  • Minimum loan amount: $2,000
  • Minimum credit score: 640
  • Good for: Low-income borrowers with fair credit scores

Universal Credit

  • Minimum loan amount: $1,000
  • Minimum credit score: 560
  • Good for: Borrowers with bad credit who would use free credit monitoring

Upgrade

  • Minimum loan amount: $1,000
  • Minimum credit score: 560
  • Good for: Borrowers with fair credit ratings looking to rebuild their credit

Reached

  • Minimum loan amount: $1,000
  • Minimum credit score: 580
  • Good for: Borrowers who have a good education and work history

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

Advantages and disadvantages of small personal loans

Small personal loans have advantages and disadvantages to consider before applying.

Advantages of small personal loans

  • Lower interest rates than credit cards — If you use a personal loan to consolidate your debt, you could save on interest compared to your credit cards.
  • Quick Funding — Many smaller personal lenders offer financing in just one or two business days. Some lenders can even fund your loan the same day you are approved.
  • Options for borrowers with bad credit — Even if your credit score isn’t perfect, you’ll probably be able to find financing from a lender that specializes in subprime borrowers. But keep in mind that you will probably pay a higher interest rate. Lenders offer their lowest interest rates to borrowers with good or excellent credit.

Disadvantages of small personal loans

  • Higher interest rates than larger loans — Lenders may charge higher interest rates for smaller loans to increase their income on the money you borrow.
  • Can pay fees — Some lenders charge origination fees for loan processing or late payment fees. Read the fine print and factor the fees charged by the lender into the total cost of your loan.
  • Take the risk of taking on more debt — If you’re using a personal loan to consolidate your debt, it can be tempting to spend on your newly paid off credit cards, putting you in more debt.

How to Apply for a Personal Loan Under $5,000

Once you’ve decided you’re ready to apply for a personal loan, follow these five steps:

  1. Create a budget. Decide how much you want to borrow and how much you can afford to repay each month. This will help you not to overwork yourself.
  2. Compare rates from multiple lenders. The best way to save money when borrowing is to compare the rates and terms of multiple lenders to make sure you get the best deal for your situation.
  3. Gather financial information. You’ll want to have your personal information ready before you apply, including proof of income, address, and identification. If you have a co-signer, you will also need their information.
  4. Complete the application. Once you have chosen the lender you wish to work with, complete the application. If you apply online, you may have a decision in minutes.
  5. Set a payment date that works for you and start making payments on your loan. If you are approved for a loan, you will sign a loan agreement and the lender will disburse your loan funds. Many lenders allow you to choose your payment due date. Choose a date that suits your budget. You might even be able to save on interest if you opt for automatic payments.

If you’re ready to apply for a small loan, Credible makes it quick and easy compare personal loan rates to find the one that suits your needs.

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Barbara J. Wolf named CEO of SAIL Loans and Affiliates https://inigo-tech.com/barbara-j-wolf-named-ceo-of-sail-loans-and-affiliates/ Fri, 28 Oct 2022 07:23:35 +0000 https://inigo-tech.com/barbara-j-wolf-named-ceo-of-sail-loans-and-affiliates/ CHICAGO, IL, Oct. 28, 2022 /24-7PressRelease/ — Barbara J. Wolf has been named Managing Director of SAIL Loans and its affiliates, including AmeriCash Loans and CreditBox, founding member Dustin Mauldin announced today. Wolf, former Chairman of the Board of Directors of the New York Financial Services Centers and longtime member of the Board of Directors […]]]>

CHICAGO, IL, Oct. 28, 2022 /24-7PressRelease/ — Barbara J. Wolf has been named Managing Director of SAIL Loans and its affiliates, including AmeriCash Loans and CreditBox, founding member Dustin Mauldin announced today.

Wolf, former Chairman of the Board of Directors of the New York Financial Services Centers and longtime member of the Board of Directors of the American Financial Services Centers, most recently served as Chief Operating Officer for Payomatic, a service provider New York-based financial and check cashing firm.

“We are very happy to bring Barb on board,” Mauldin said. “His extensive experience in alternative financial services – and his vision for the future – will help us better meet the evolving needs of unbanked and underbanked consumers.”

SAIL Loans provides online and in-store services, including financial education tools and an innovative savings and installment loan, to consumers in Illinois.

“Barb’s outstanding credentials and accomplishments facilitated our search for a CEO,” said Greg Labuschagne, Chief Financial Officer of Finbond Group Limited, a majority member of SAIL Loans. “She is uniquely qualified to address the business and regulatory challenges of alternative financial services, charting a confident path to exceeding client needs and growing our businesses.”

About SAIL Loans, AmeriCash Loans and CreditBox

Headquartered in suburban Chicago, SAIL Loans (Savings and Installment Loan) provides consumers in Illinois with an easy way to build savings and obtain financing for an installment loan of up to at $4,000, both online and in-store. AmeriCash Loans, with online and in-store convenience in Wisconsin, Missouri and South Carolina, offers financial services, including installment loans up to $2,500, with an application and approval process fast. CreditBox, providing online loans for today’s hectic lifestyle, serves consumers in Wisconsin, Missouri, New Mexico, Nevada, South Carolina, Tennessee and Utah, with convenient online loans up to $5,000.


Press release service and press release distribution provided by http://www.24-7pressrelease.com

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Taichinh Bank offers fast and secure online loans in Vietnam and reiterates its commitment to providing monthly installment loans that only require an ID card https://inigo-tech.com/taichinh-bank-offers-fast-and-secure-online-loans-in-vietnam-and-reiterates-its-commitment-to-providing-monthly-installment-loans-that-only-require-an-id-card/ Mon, 24 Oct 2022 17:31:23 +0000 https://inigo-tech.com/taichinh-bank-offers-fast-and-secure-online-loans-in-vietnam-and-reiterates-its-commitment-to-providing-monthly-installment-loans-that-only-require-an-id-card/ The bank is driven by a desire to make online loans quick, easy and accessible for Vietnamese with poor credit scores, who don’t have enough collateral. Trying to get a loan from a bank can be difficult. The process involves making numerous inquiries, filling out forms, signing documents, providing guarantees, and much more. Even after […]]]>

The bank is driven by a desire to make online loans quick, easy and accessible for Vietnamese with poor credit scores, who don’t have enough collateral.

Trying to get a loan from a bank can be difficult. The process involves making numerous inquiries, filling out forms, signing documents, providing guarantees, and much more. Even after meeting the requirements of these banks, there is no guarantee that the loan application will be approved. Quick loan programs, on the other hand, are shady and characterized by scams and fraud. Due to poor credit scores, lack of collateral, and poor loan history, many applicants are denied loans. This makes obtaining loans online a very difficult undertaking.

Taichinh Bank is a financial institution in Vietnam that offers quick and easy online loans to people who are not eligible to access loans through traditional banking platforms. The agency helps loan seekers find installment-only loans with an ID card. Its loan offers are aimed at people with bad credit ratings who need urgent loans to solve financial problems of all kinds. Since its inception, Taichinh Bank online loan service has provided people with a unique way to search for information on reputable loan companies in Vietnam.

“People are struggling with different levels of needs and financial constraints,” explained Huy Nguyen, CEO of Taichinh Bank. “At Taichinh Bank, we want to help them find reputable companies that offer online loans without bank requirements. It is also important that the companies we recommend to Vietnamese are legitimate companies as the rate of scams continues to grow. Therefore, we carefully review each company before recommending them. If you’re over 18 and have an ID, we’ve got a plethora of recommendations to give you, and interestingly, you don’t need to have a good credit score because these loan services offer loans to people with bad credit.

The loan services offered by Taichinh Bank are known to offer monthly installments that only require an ID card and take care of bad debts. Regardless of the purpose of the loan or the applicant’s credit rating, Taichinh Bank can help people looking for a loan find companies that can provide the solutions they want. For more information, please visit https://taichinhbank.com.vn/.

About Taichinh Bank

Taichinh Bank was established with a mission to become one of the reputable financial loan information channels in Vietnam. It is not a banking or lending platform, but a search agency where people can find reputable lending products and companies for free.

Trying to get a loan from a bank can be difficult. The process involves making numerous inquiries, filling out forms, signing documents, providing guarantees, and much more. Even after meeting the requirements of these banks, there is no guarantee that the loan application will be approved. Quick loan programs, on the other hand, are shady and characterized by scams and fraud. Due to poor credit scores, lack of collateral, and poor loan history, many applicants are denied loans. This makes obtaining loans online a very difficult undertaking.

Taichinh Bank is a financial institution in Vietnam that offers quick and easy online loans to people who are not eligible to access loans through traditional banking platforms. The agency helps loan seekers find installment loans that only require an ID card. Its loan offers are aimed at people with bad credit ratings who need urgent loans to solve financial problems of all kinds. Since its inception, Taichinh Bank online loan service has provided people with a unique way to search for information on reputable loan companies in Vietnam.

“People are struggling with different levels of needs and financial constraints,” explained Huy Nguyen, CEO of Taichinh Bank. “At Taichinh Bank, we want to help them find reputable companies that offer online loans without bank requirements. It is also important that the companies we recommend to Vietnamese are legitimate companies as the rate of scams continues to grow. Therefore, we carefully review each company before recommending them. If you’re over 18 and have an ID, we’ve got a plethora of recommendations to give you, and interestingly, you don’t need to have a good credit score because these loan services offer loans to people with bad credit.

The loan services offered by Taichinh Bank are known to offer monthly installments that only require an ID card and take care of bad debts. Regardless of the purpose of the loan or the applicant’s credit rating, Taichinh Bank can help people looking for a loan find companies that can provide the solutions they want. For more information, please visit https://taichinhbank.com.vn/.

About Taichinh Bank

Taichinh Bank was established with a mission to become one of the reputable financial loan information channels in Vietnam. It is not a banking or lending platform, but a search agency where people can find reputable lending products and companies for free.

Media Contact
Company Name: Tai Chu Bank
Contact person: Huy Nguyen
E-mail: Send an email
Call: 841663052885
Country: Australia
Website: https://taichinhbank.com.vn/

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Does prepaying a loan hurt your credit? | Personal loans and advice https://inigo-tech.com/does-prepaying-a-loan-hurt-your-credit-personal-loans-and-advice/ Tue, 18 Oct 2022 13:42:00 +0000 https://inigo-tech.com/does-prepaying-a-loan-hurt-your-credit-personal-loans-and-advice/ Paying off your debts is a worthy goal, especially if it can help you improve your financial situation or free up money to spend in other areas. But while it may help your budget, are there any downsides to paying off a loan? Does prepaying a loan hurt your credit? It’s important to know that […]]]>

Paying off your debts is a worthy goal, especially if it can help you improve your financial situation or free up money to spend in other areas. But while it may help your budget, are there any downsides to paying off a loan? Does prepaying a loan hurt your credit?

It’s important to know that paying off a loan early doesn’t affect your credit any differently than paying it back on time. But it’s true that paying off a loan can affect your credit score for better or worse, depending on your overall credit profile.

Even if there is a short-term negative impact on your credit, the benefits of paying off your debt can be worth it. Here’s what you need to know about what happens to your credit score when you pay off a loan.

How paying off a loan affects your credit

Your credit score is made up of several different factors, which are analyzed to give you and lenders insight into your overall credit health. In some cases, it is possible to see a drop in your credit score after repaying a loan. It’s not due to a conspiracy to keep you in debt.

Remember that credit scores are designed to predict risk, specifically the risk that a potential borrower will not repay a debt. Although credit scoring models are far from perfect, they still depend on consumer behavior.

In particular, when you repay a loan, the lender closes the account. This causes several things:

  • The payment history of the account has less influence. If you have always made your payments on time, this positive information will remain on your credit reports for 10 years. But for credit scoring purposes, timely payments on open credit accounts have more of an impact on your credit score than a positive payment history on a closed account.
  • You have less debt. The amount of debt you owe is the second most influential factor in FICO credit score, so paying down debt, in general, can have a positive impact on your score.
  • The loan no longer helps your story length. The length of your credit history includes how long your credit accounts have been open and the average age of your accounts. When you pay off a loan, FICO will still include the age of the account when it was closed, but it won’t age, so to speak, with the rest of your open accounts.
  • This gives the scoring models less information to work with. Your credit score gives a picture of how you have managed your debts in the past and in the present. Once you have repaid a loan, there are no new data points from that account for the credit score models to use in their calculations. In fact, FICO said having installment loans with low balances relative to their original amounts is considered less risky than having no installment loans at all.

How much will my credit score drop after paying off a loan?

Because credit reporting models are so complex, it’s impossible to say exactly how prepaying a loan will affect your credit score. In general, however, it helps to practice good credit behaviors.

By looking at the factors that go into your credit score, you’ll generally see less of a negative impact after paying off a loan if:

  • You have a long credit history.
  • You have always made your payments on time.
  • It’s not your only installment loan.
  • You have a good mix of different types of credit accounts.

Even though the decline is mainly due to the newly closed loan account, the impact is usually temporary and continuing to build good credit habits is much more important to establishing and maintaining a high credit score.

“Paying off debt is the fastest way to truly improve your financial situation,” says Dean Kaplan, president of The Kaplan Group, a commercial collection agency. “That’s more important than avoiding a small, temporary drop in a computer-generated credit score.”

Is it wise to repay a loan early?

Can a loan be repaid early? Absolutely, but it is important to consider both the pros and cons of early debt repayment and if you can do more with your money in another area of ​​your financial life.

“Paying down debt means you have more money to invest and grow,” says Jay Zigmont, Certified Financial Planner and Founder of Childfree Wealth.

It can also reduce your debt to income ratio, which can make it easier to get approved for a mortgage and other types of debt. Whether or not you need that cash flow for something else, it can give you some peace of mind.

But here are a few situations where it might not make sense to pay off a debt faster:

  • The interest rate is low. If you have a mortgage at a 3.5% interest rate, paying off that debt early will generate plenty of extra cash flow that you can spend on other financial goals. But if you instead invest the extra money you plan to invest in the loan for retirement, you could end up with a long-term return of 7% or more, which will give you more value than the savings of potential interest on debt repayment. faster.
  • You don’t have an emergency fund. It’s best to avoid rushing your debt repayments if you don’t have enough savings to prepare for financial emergencies. After all, if you’re spending all of your extra income paying off your car loan and the vehicle breaks down, you can’t ask the lender to pay back the extra payments to take care of the repairs.
  • There is a prepayment penalty. Some loans may come with a prepayment penalty which is triggered if you repay the loan before a certain deadline. These penalties are not common, but you should always review your loan agreements carefully to make sure there are no surprises.
  • You plan to borrow again soon. Paying off a loan can help lower your debt-to-equity ratio, but if it also temporarily lowers your credit score, it might be worth keeping the loan if your DTI is low enough as it is. “If you’re planning to borrow soon, you might not want to completely pay off a long-term account that has a good credit history, because that helps boost your score,” Kaplan says.

In many cases, however, the impact on your credit score isn’t huge, especially in the long run. “If you see a drop after paying off a debt, just ignore it,” Zigmont says. “Keeping up debt isn’t worth it. Start focusing on your net value and use it as a measure of your progress.”

In all of this, the important thing is that you take the time to consider the different ways you can use your money to improve your financial situation, research the pros and cons of each option, and determine the best path for you. .

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AG Shapiro recovers $1.6 million for consumers who issued illegal car title loans – PA Attorney General’s Office https://inigo-tech.com/ag-shapiro-recovers-1-6-million-for-consumers-who-issued-illegal-car-title-loans-pa-attorney-generals-office/ Fri, 14 Oct 2022 14:02:03 +0000 https://inigo-tech.com/ag-shapiro-recovers-1-6-million-for-consumers-who-issued-illegal-car-title-loans-pa-attorney-generals-office/ Settlements with CashPoint and Financial Result Approved in Debt Cancellation for Thousands of Pennsylvanians HARRISBURG — Attorney General Josh Shapiro today announced a settlement with Kevin Williams and Mark Williams, owners of Dominion Management of Delaware, which operated as CashPoint, a now defunct auto title lending business. CashPoint made thousands of illegal loans to borrowers […]]]>

Settlements with CashPoint and Financial Result Approved in Debt Cancellation for Thousands of Pennsylvanians

HARRISBURG — Attorney General Josh Shapiro today announced a settlement with Kevin Williams and Mark Williams, owners of Dominion Management of Delaware, which operated as CashPoint, a now defunct auto title lending business. CashPoint made thousands of illegal loans to borrowers in Pennsylvania at annual interest rates exceeding 200%. As a result of this settlement, Kevin Williams and Mark Williams will repay over $1.5 million in illegal interest charges to consumers who fell victim to their scheme. These refunds are in addition to the $3.2 million in debt forgiveness the victims have already received following an October 2021 court order. AG Shapiro originally filed suit against the defendants in 2018 and 2020 .

AG Shapiro reached a similar settlement with Florida-based auto title lender Approved Financial for alleged violations of Pennsylvania usury laws and unfair and deceptive business practices. Under the terms of the AVC, Approved Financial will cancel all outstanding loans to Pennsylvania consumers. The company will also reimburse consumers in Pennsylvania for all fees and interest they paid, resulting in nearly 200 consumers receiving refunds totaling $21,500.

“Because they were based in Delaware and Florida, these defendants believed they could evade the laws of Pennsylvania,” AG Shapiro said. “But I don’t care where you are, if you’re exploiting consumers in Pennsylvania, you’re going to hear from my office. Today’s settlements hold CashPoint and Approved Financial accountable and warn other bad actors.

Title loans are high cost installment loans that require the borrower to pledge a vehicle title. Because title loans are extremely expensive, consumers typically turn to title lenders when they are most vulnerable, such as after losing a job or facing major medical bills. Under Pennsylvania’s usury and racketeering laws, title lending is effectively prohibited because title lenders typically charge interest rates well above the Commonwealth’s 6-24% annual interest limit.

Under the CashPoint settlement, Mark Williams and Kevin Williams are prohibited from participating in, owning, or knowingly working for any company that extends credit to residents of Pennsylvania, for a period of seven years after making their last payment in the framework of the regulations.

The settlements follow a significant victory by the Civil Division of the Attorney General’s Office of the United States Court of Appeals for the Third Circuit on behalf of the Pennsylvania Department of Banking and Securities. In that case, a third Delaware-based car title lender, TitleMax, sued the Department of Banking, seeking an injunction to stop the Department from investigating loans TitleMax made to Pennsylvania residents. In January 2022, the Third Circuit ruled that Pennsylvania could investigate and apply its usury laws to TitleMax. The Court wrote: “Pennsylvania has every interest in prohibiting usury. The application of Pennsylvania usury laws to Title Max loans promotes this interest, and any burden on interstate commerce to do so is, at most, incidental.

The CashPoint settlement was filed in the Philadelphia Court of Common Pleas by Deputy Director of Consumer Financial Protection Nicholas Smyth.

The approved financial settlement was filed in the Court of Common Pleas in Philadelphia by Senior Deputy Attorney General Debra Warring. The TitleMax litigation was handled by Senior Deputy Attorneys General Claudia Tesoro and Sean Kirkpatrick and Deputy Attorney General Alexander Korn.

Consumers who believe they have been exploited by a similar car title lender should file a consumer complaint online or contact the Office of the Attorney General by calling 1-800-441-2555 or emailing scams@ attorneygeneral.gov.

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ASFA Responds to New CRL Report on Installment Loans | Ballard Spahr LLP https://inigo-tech.com/asfa-responds-to-new-crl-report-on-installment-loans-ballard-spahr-llp/ Wed, 12 Oct 2022 18:11:45 +0000 https://inigo-tech.com/asfa-responds-to-new-crl-report-on-installment-loans-ballard-spahr-llp/ On July 28, the Center for Responsible Lender (CRL) released a new report regarding the “continuing damage of high-cost installment loans,” saying such loans come with an “operating cost” in fees and interest that far exceeds the amount borrowed. , often causing irreparable harm to borrowers. CRL notes that the high-cost low-cost loan market has […]]]>

On July 28, the Center for Responsible Lender (CRL) released a new report regarding the “continuing damage of high-cost installment loans,” saying such loans come with an “operating cost” in fees and interest that far exceeds the amount borrowed. , often causing irreparable harm to borrowers. CRL notes that the high-cost low-cost loan market has recently seen the rise of high-cost installment loans with atypically longer terms, typically over a period of months, unlike traditional payday loans, which are typically due at once. sum within fourteen days.

CRL is concerned about the increase in these longer-term loans because they have similar characteristics to other payday and car title loans, including lack of underwriting, access to bank account or car title. borrower as collateral, “structures” that make it difficult for borrowers to repay, excessive rates and fees, and a tendency for loan reversal or stressed reborrowing. CRL concludes that borrowers cannot afford to repay these loans, whether they are structured as an installment or lump sum loan.

The data used in the report was collected via an online survey of 1,000 adults who took out at least one high-cost personal loan in 2019, 2020, or 2021, with samples of 100 black adults and 100 Latino adults who took out high-cost personal loans. such loans. . In addition to the survey, CRL hosted two virtual focus groups with high-cost installment loan borrowers. To be eligible for inclusion in the focus groups, participants had to have taken out a high-cost installment loan, with terms longer than two months in 2019, 2020 or 2021.

Among other things, the CRL report includes the following findings:

(1) Adverse terms of high-cost installment loans led most loans to be refinanced at least once. For the significant share of borrowers surveyed who have missed or made late payments on their loans, the consequences have been severe.

(2) The burden of repaying high-cost loans has often caused borrowers to default on other obligations, resulting in additional debt or a larger financial deficit, which aggravates rather than alleviates pre-existing financial difficulties.

(3) Borrowers understood that these loans hurt their credit rating and delayed wealth-building activities such as buying a house or car, investing in a business, or saving money. retirement, but circumstances led them to believe they had no other option to cope with in the short term. -term financial needs.

The American Financial Services Association (ASFA) responded to the CRL’s report, noting that the CRL groups traditional installment lenders (TILs) and other non-payday and car title lenders into a single category identified as ” high-cost installment lenders”. By “misleadingly grouping all forms of installment lenders under one umbrella”, ASFA argues that CRL is confusing both policy makers and consumers because, despite CRL’s assertion that these loans share similar characteristics with other payday and car title loans, this is simply not the case. for TILs. According to the AFSA, unlike these loans, TIL lenders “underwrite and assess customers’ ability to pay; they do not need to access customers’ bank accounts; the terms are clear, with standard monthly payments, no hidden fees, no lump sum payments or prepayment penalties, and credit bureau reporting. »

ASFA also notes, contrary to CRL’s assertion, that there is a great deal of research on the “effects of predatory lending on consumers’ financial status and the benefits of responsible small-dollar lending to consumers, particularly those who have subprime credit ratings” and that CRL’s “fallback policy of imposing interest rate caps to protect consumers” is unworkable and will lead to the proliferation of predatory lenders that CRL opposes.

[View source.]

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UnityLoan Review: Best Payday Loans No Credit Check & Instant Approval https://inigo-tech.com/unityloan-review-best-payday-loans-no-credit-check-instant-approval/ Tue, 04 Oct 2022 14:14:12 +0000 https://inigo-tech.com/unityloan-review-best-payday-loans-no-credit-check-instant-approval/ The need for money can strike anyone at any time. You may be in desperate need of money to fix something around the house or survive a sudden job loss. Whatever your reason for being here, if you’re looking for the best payday loans online, you’ve come to the right place! When it comes to […]]]>

The need for money can strike anyone at any time. You may be in desperate need of money to fix something around the house or survive a sudden job loss. Whatever your reason for being here, if you’re looking for the best payday loans online, you’ve come to the right place!

When it comes to payday loans, there are different types of online platforms. Some will be convenient and some will take too long to process your request.

This is why borrowers should be more careful when choosing a lender. Visit UnityLoan, a leading payday loan provider with a strong reputation. Here is an honest review of this online broker.

What is a personal loan?

A payday loan is a short-term loan that is borrowed for a certain term. The money is usually given to a borrower in exchange for their paycheck or some other form of income. The money is given on the condition that it will be repaid with additional interest by the borrower’s next paycheck, which could be as soon as 15 days after receipt of the advance.

These loans generally have higher interest rates than longer term alternatives because they are shorter term.

But that doesn’t mean you have to accept excessive interest rates. Apply for a payday loan with no credit check on UnityLoan will connect you with lenders who offer fast approvals, quick funding, and reasonable interest rates.

Benefits of Payday Loans

Easy application

The payday loan application process is very simple. All you have to do is fill out a form and if you are eligible, you will be accepted as soon as you submit your application. Also, there is no need for documentation for this loan at UnityLoan.

Quick approval

A payday loan can be approved within minutes of submitting the application, assuming your information and needs match the lender’s requirements. This is because there are fewer background checks on applicants than with bank loans.

Faster credit check

Normally, when you apply for a loan, your credit history is one of the most important factors considered. But when requesting online personal loan, there are no typical firm credit applications that occur after bank loan applications. Soft credit checks, which are frequently performed by payday lenders and performed by major credit agencies, do not require much time.

More money than others

The loan amounts that can be approved are usually more than alternatives such as minor cash advances on loan applications. Personal loans allow borrowers with negative credit to obtain several thousand dollars even without a co-signer.

Good credit not necessary

In most cases, you can qualify for a payday loan even with bad or no credit. Payday lenders focus more on your ability to repay the money you borrow than on your credit score. As long as you can afford to repay the loan, they will give you a loan.

Types of Payday Loans at UnityLoan

Installment loans

These loans are in place for a longer period and you can repay them in weekly or monthly installments. They are considered easier to repay because the debt is spread evenly over a long period.

Same day loans

If you need cash fast, UnityLoan offers same-day payday loans. These loans come with affordable interest rates and are a good option in times of emergency. These are loans that are disbursed to the borrower on the same day they are accepted, as their name suggests. These loans require soft credit checks, which do not show up on the applicant’s credit report or impact their FICO score.

Loans for bad credit

These are the types of loans that are taken by borrowers with bad credit. As long as your monthly net salary is at least $800, you can easily qualify for it as they have simple eligibility requirements.

Quick Cash Loans

Fast cash loan providers approve loans quickly and disburse approved loan amounts almost as quickly. They can be secured or unsecured and minimal credit checks are required.

Loans without credit check

UnityLoan offers loans to people who don’t want to deal with credit checks. These are loans that do not require the usual intrusive credit checks. In its place, soft credit checks are performed, which do not appear on the applicant’s credit report and do not impact their FICO score.

Personal loans

UnityLoan also offers personal loans with different amounts available online. Personal loans are a type of installment loan that is granted as a lump sum and repaid over time in regular installments.

Factors to Consider Before Applying for an Instant Online Payday Loan at UnityLoans

  1. Purpose of the loan: It is very important to assess your financial situation before applying for a loan. You should make sure you fully understand the terms of any agreement and review repayment options before applying for a loan.
  2. Terms and conditions: Each lender has their own terms and application requirements, including interest rates and processing fees. All of these terms should be carefully considered before making a final decision. Check with UnityLoan for more details on their terms.
  3. Credibility: The best way to make sure you’re dealing with a reputable lender is to check their reputation online. For example, UnityLoan is a reliable and trustworthy online payday loan platform.
  4. Understanding the risks: Always make sure you fully understand the risks associated with any type of loan. Liability waivers, low cost credit and warranty, and other terms should be carefully considered before making a final decision.

How to get payday loans online?

Fill out the application

Completely fill out the loan application form, including your name, loan amount you need, email address, and other financial details like your credit score.

Receive a quote

You should quickly be connected with a variety of lenders who will review your application, approve it if you pass this assessment, and provide you with a quote.

Receive funds

Choose one after comparing the available options. After that, put your signature on the quote. The lender must process the accepted loan amount the next business day.

Conclusion

Whether you have been employed traditionally or have been self-employed throughout time, you need to know about the best payday loans online. However, if your bank account runs out and you need more money to meet your financial obligations for a few weeks, this should be taken in the form of a payday loan.

If you are looking for a payday loan company that offers flexible repayment terms and fast approvals, then UnityLoan can be your ally. Just hop on their website and apply for a payday loan right away.

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Strange bedfellows call on CFPB to enact broader participation rule for personal loans https://inigo-tech.com/strange-bedfellows-call-on-cfpb-to-enact-broader-participation-rule-for-personal-loans/ Tue, 27 Sep 2022 19:17:38 +0000 https://inigo-tech.com/strange-bedfellows-call-on-cfpb-to-enact-broader-participation-rule-for-personal-loans/ The Center for Responsible Lending (CRL) and the Consumer Bankers Association (CBA) have filed a joint petition with the CFPB that urges the Bureau to engage in developing rules to define the biggest players in the personal loan market. In February 2022, the CFPB established a new procedure for members of the public to submit […]]]>

The Center for Responsible Lending (CRL) and the Consumer Bankers Association (CBA) have filed a joint petition with the CFPB that urges the Bureau to engage in developing rules to define the biggest players in the personal loan market. In February 2022, the CFPB established a new procedure for members of the public to submit petitions for rulemaking (including changes to or repeals of existing rules). The petition has been registered by the CFPB. Under the new CFPB procedure, registered requests will receive a final response from the CFPB. (The ABC previously sent a letter in October 2021 to incoming director Chopra in which it urged the CFPB to adopt a broader participation rule for fintech consumer lenders.)

In their petition, CRL and CBA describe the consumer credit market as consisting of five segments: mortgages (including home equity loans and HELOCs), credit cards, auto loans, students and “other personal loans”. They describe the category of “other personal loans” as encompassing three types of loans which may be secured (other than by real estate interest) or unsecured: short-term installment loans (generally lasting from three months to year), longer-term loans and revolving lines of credit. Secured loans in this category include loans intended to finance the purchase of durable goods (such as a household appliance or mobile home) and loans backed by security over an existing asset of the borrower (such as a vehicle).

CRL and CBA note that in 2015, the Bureau announced in its regulatory agenda that it planned to develop a proposed rule to define large non-bank participants in the personal loan market, including installment loans. consumer and vehicle title loans, and reported in its Spring 2017 Regulatory Agenda report that it was working on such a rule. However, as they also note, the Bureau under former acting director Mulvaney reclassified rulemaking as inactive in its spring 2018 regulatory agenda and has not spoken on the matter since.

Reasons set out in the petition why the Bureau should resume rulemaking for larger participants include:

  • A rapidly growing personal installment loan market, particularly as a result of changes in state law that effectively ban payday loans;
  • A significant portion of consumers who use other personal loans, particularly consumers who obtain such loans from non-bank institutions, tend to be economically vulnerable consumers who cannot obtain credit through credit cards or HELOCs. , have exhausted their available credit or have incurred such debt that they need to refinance a credit card or HELOC;
  • Substantial growth in fintech targeting the subprime market and offering loans that consumers are struggling to repay;
  • The current regulatory regime creates an uneven playing field with CFPB-supervised banks and a significant risk that consumer protection issues affecting vulnerable consumers will go undetected; and
  • Risk-based supervision, because of the need for firm-specific findings, is not an adequate substitute for a higher participation rule in a market with a substantial number of significant participants.

In their petition, CRL and CBA recommend that the personal loan market be defined as follows:

Creation or management of closed or open lines of credit payable in installments and provided to consumers for personal, family, or household purposes other than loans secured by real estate, loans for post-secondary education as defined in 12 CFR 1090.106 (a), or automobile purchase or refinance loans as defined in 12 CFR 1090.108(a).

Regarding their recommendation that the Bureau cover both closed installment loans and open lines of credit, CRL and CBA state that “there is an ongoing debate as to whether [buy-now-pay-later (BNPL)] the loans are fixed principal loans or variable principal lines of credit” and state that “[g]Consolidating closed and open loans in the definition of a single market for personal loans will avoid potential inconsistencies with regard to the supervision of the Office and avoid potential uncertainties with regard to the coverage of BNPL loans.

Regarding their recommendation that the market be defined to cover both the origination and servicing of personal loans, CRL and CBA point to bank/fintech partnerships. Calling “questionable” the assertion that the bank in such partnerships is the true lender, they argue that it is clear that the non-bank partner is a covered person providing a consumer financial product or service in its role as loan manager. According to CRL and CBA, defining the market to cover services and origination “will ensure that these noncustodial fintechs, if large enough to meet the higher participation threshold, are subject to Bureau oversight at least relates to its service activities, including its billing activities, collection and provision of data to consumer reporting agencies. »

In August 2022, eight national trade groups filed a petition with the CFPB that urged the Bureau to engage in developing rules to define the largest participants in the data aggregation services market.

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