payday loans – War History 1944 http://warhistory1944.co.uk/ Sun, 17 Apr 2022 23:33:14 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://warhistory1944.co.uk/wp-content/uploads/2021/10/icon-35-120x120.png payday loans – War History 1944 http://warhistory1944.co.uk/ 32 32 Wagely Wins Additional $8.3M in Oversubscribed Pre-Series A Funding https://warhistory1944.co.uk/wagely-wins-additional-8-3m-in-oversubscribed-pre-series-a-funding/ Wed, 16 Mar 2022 03:36:00 +0000 https://warhistory1944.co.uk/wagely-wins-additional-8-3m-in-oversubscribed-pre-series-a-funding/ Jakarta, Indonesia and DHAKA, Bangladesh, March 16, 2022 /PRNewswire/ — salary, from Asia the fastest growing financial wellness platform has raised $8.3 million in oversubscribed pre-Series A funding as company expands platform to help workers access their on-demand earned wages in Indonesia and Bangladesh. The funding comes just seven months after securing its seed funding. […]]]>

Jakarta, Indonesia and DHAKA, Bangladesh, March 16, 2022 /PRNewswire/ — salary, from Asia the fastest growing financial wellness platform has raised $8.3 million in oversubscribed pre-Series A funding as company expands platform to help workers access their on-demand earned wages in Indonesia and Bangladesh. The funding comes just seven months after securing its seed funding.

The oversubscribed funding round was led by East Ventures (Growth Fund) with participation from existing backers including Integra Partners, Asian Development Bank, Global Founders Capital, Trihill Capital, Blauwpark Partners and 1982 Ventures, bringing total funding raised to $14 million in less than two years.

Wagely also revealed that he had secured backing from Central Capital Ventura, the VC arm of indonesia largest private bank, Bank Central Asia (“BCA”). Investment in Wagely Supports Commitment to Expand Digital Financial Ecosystem and Deliver Financial Wellness Solutions Across Indonesia.

With stagnant incomes, the rising cost of living and lack of savings, workers are under daily pressure to stay financially afloat. The options for this segment are very limited in the face of an urgent need for cash. The result is a vicious cycle of repeated reliance on payday loans and other expensive financial products, leading to pervasive financial stress among the workforce. Launched in 2020, Wagely is building a holistic financial wellness platform with Earned Wage Access (“EWA”) at its core that allows workers at partner employers to access their earned wages in real time. The concept, which has been proven in several markets around the world, has been adopted by some of the most renowned organizations, including Walmart, Pizza Hut and Visa, to reduce turnover, improve productivity and increase savings. companies.

Founded by former executives from Grab and Tokopedia, Wagely has seen strong growth in its markets, with its user base growing 10 times a year in 2021, while partnering with some of them. indonesia largest employers, including British American Tobacco, Ranch Market, Adaro Energy and Medco Energi. The pandemic has exacerbated the financial hardship faced by low- and middle-income workers, increasing the need for employers to reduce financial stress on their workers.

Commenting on the investment, Roderick Purwana, Managing Partner of East Ventures, said: “With Wagely’s rapid growth over the past few quarters, we believe they will be the go-to partner for large companies aiming to challenge the status quo of the financial well-being of workers in Indonesia and beyond. We are thrilled to support Tobias, Didi, Kevin and the payroll team as they change the lives of millions of workers across Asiawhere more than 75% of the population lives on a wage to wage basis.”

Pre-Series A funding comes only months after the company expands to Bangladesh, home to the 7th largest working population in the world. “We are proud to operate successfully in two of the largest markets in Asia, employing more than 150 million workers. Instant access to wages plays a central role in reducing costs for employers and increasing worker productivity and well-being. We are honored to offer Wagely’s financial wellness platform to leading apparel manufacturers from Bangladeshincluding SQ Group, Classic Composite and Vision Garments“, noted Tobias FisherCEO and co-founder of Wagely.

The new capital will allow the company to accelerate its leading position in the market Indonesia and Bangladesh and spur development of its holistic financial wellness platform, which the company plans to begin rolling out later this year.

SOURCE salary

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Earnipay raises $4 million to fund instant access to pay https://warhistory1944.co.uk/earnipay-raises-4-million-to-fund-instant-access-to-pay/ Mon, 14 Mar 2022 11:42:14 +0000 https://warhistory1944.co.uk/earnipay-raises-4-million-to-fund-instant-access-to-pay/ Earnipay raises $4 million to fund instant access to pay By Jeph Ajobaju, Editor-in-Chief Fintech solutions startup Earnipay has received $4 million in a funding round to provide flexible, on-demand access to logged-in workers on its app, reducing payroll system hassles for employers and employees. The funding round was led by Canaan with participation from […]]]>

Earnipay raises $4 million to fund instant access to pay

By Jeph Ajobaju, Editor-in-Chief

Fintech solutions startup Earnipay has received $4 million in a funding round to provide flexible, on-demand access to logged-in workers on its app, reducing payroll system hassles for employers and employees.

The funding round was led by Canaan with participation from XYZ Ventures, Village Global, Musha Ventures, Platform Ventures, Voltron Capital and Paystack.

– Advertising –

Earnipay, launched in January, says it will use the money to improve the financial well-being of workers by partnering with employers and integrating with their payroll systems to allow employees to track and withdraw their pay. through the app.

Instant access to salary

Earnipay CEO, Nonso Onwuzulike explained that fintech helps solve problems related to financial worries, which are usually the cause of workplace distractions due to salary payment structure in most organizations. .

“The monthly pay cycle means employees are often unable to pay day-to-day expenses, cover emergencies or take advantage of immediate financial opportunities.

“As a result, they are exposed to predatory payday loans and get stuck in endless cycles of debt with unrealistic repayment periods and high interest rates,” he said.

– Advertising –

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Ethical alternative

“Earnipay exists to solve this problem and provide an ethical alternative to instant access to pay while helping employers improve employee engagement and retention at no cost to their business,” Onwuzulike said, according to Nairametry.

“The future of pay is on-demand, and we are thrilled to be pioneering this incredible solution in Africa.

“I am delighted to partner with a group of highly respected investors who understand the need for a platform such as Earnipay to improve access to wages and, above all, to improve the financial well-being of people who earn an income. in Africa. ”

Onwuzulike pointed out that the startup works with employers to improve employee engagement and productivity.

“We are systematically tackling inefficiencies in the way Africa’s workforce interacts with wages and will continue to create products and services with both employers and employees in mind.”

Brendan Dickinson, Partner at Canaan, added: “We have seen access to earned wages growing rapidly in many markets and we believe it is a natural fit in Africa.

“Earnipay has quickly taken hold with a product designed specifically for payroll behaviors in this region, and early adoption by employers is very strong.

“Nonso have built one of the strongest teams we have come across across the continent, and we are delighted to have the opportunity to partner with them.”

Background

Onwuzulike founded Earnipay to target a financial wellness fintech solution that integrates employers’ payroll and human resources (HRM) systems to enable employees with on-demand funding to instantly access their wages earned without interest.

Earnipay says its flexible payroll access helps organizations improve employee engagement and productivity by relieving financial stress caused by eliminating the need for a payday advance or predatory payday loans with interest.

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Leveraging Technology to Improve Financial Inclusion in the United States https://warhistory1944.co.uk/leveraging-technology-to-improve-financial-inclusion-in-the-united-states/ Wed, 09 Mar 2022 21:00:00 +0000 https://warhistory1944.co.uk/leveraging-technology-to-improve-financial-inclusion-in-the-united-states/ By Ismail Amla, Executive Vice President, Professional Services, NCR Corporation The benefits of financial inclusion are known and numerous. Households that lack access to bank accounts or relatively affordable mechanisms for receiving, paying, and spending money end up spending a significantly higher percentage of their income on cash-intensive financial options. These options, like money orders […]]]>

By Ismail Amla, Executive Vice President, Professional Services, NCR Corporation

The benefits of financial inclusion are known and numerous. Households that lack access to bank accounts or relatively affordable mechanisms for receiving, paying, and spending money end up spending a significantly higher percentage of their income on cash-intensive financial options. These options, like money orders and payday loans, tend to have much higher fees and usurious interest rates. Households suffering from financial exclusion are disproportionately poor and less educated. The highest percentages of these excluded households are found in the least affluent countries. But even in the United States, according to the latest FDIC surveys, 5.4% of households were unbanked. This group represents 7.1 million households. The exclusion of people from the financial system also hinders economic growth; money that could have been spent on goods, services, and education is instead trapped in the cash economy or used to pay punitive fees and interest.

I believe the world is at a signing moment. Just as economic growth has dramatically reduced poverty rates around the world, ubiquitous, cheap, and connected technology can dramatically reduce rates of financial exclusion. It is now up to companies like NCR and the entire fintech ecosystem to work collectively to make this happen. Together, we believe we can dramatically reduce financial exclusion over the next five years in the developed world and over the next decade in the developing world.

Promoting greater access to technology, greater openness of the financial system, and a stronger and fairer market for financial products will enable us to achieve this goal. Combined, these three force factors are already at the origin of a rapid fintech revolution. This revolution is both a moral imperative to improve lives and a one-of-a-kind business opportunity that will benefit society by increasing overall economic growth.

Although the digital divide still exists, advances in technology and cost reduction are rapidly bridging this divide. According to Our World in Data, 640,000 new people come online every day. Smartphones and access to cheap or free data are the essential instrument of progress. Today, low-end smartphones cost less than $100, and forward-thinking carriers, such as India’s Jio, are offering low-cost wireless data plans. While smartphone data plans vary widely from country to country and are often expensive, Wi-Fi access is much cheaper and often free. If these trends continue, the number of people without Internet access will continue to decline.

A whole generation of new banks, such as Chime and Monzo, have built businesses entirely based on mobile phone apps. In China, for example, where digital payments are now the dominant form of exchange, the phone has become the main gateway to financial services. In developed countries, fewer people are using cash and employers are rapidly moving away from paper check payments. COVID has further accelerated the transition from cash to digital payments.

Traditionally, the unbanked and underbanked use digital financial services at a much lower rate than higher demographic households. But we have clear evidence that digital financial inclusion can work in less developed economies. In Africa, more than 200 million people use mobile electronic payment systems. In Kenya, M-Pesa mobile payment systems are almost universally adopted. With smart product designs, we can change that. The M-Pesa system was designed with local culture and values ​​in mind.

The enormous pressure that emerging fintech is placing on traditional banking processes is driving a welcome unbundling of financial services and multi-tiered competition. Venmo, for example, offers to give customers who set up direct deposit instant access to paychecks. Traditionally, banks have taken a day or two to process these deposits. For the poor and financially excluded, two days can mean the difference between paying rent on time and incurring a penalty. Unbanked users who wish to transfer money across borders for relatively small sums, as is often the case with remittances, can now choose from several options, including cryptocurrencies. Zelle, which is managed and owned by a consortium of major US banks, allows users with accounts to instantly transfer money at no cost.

While the winds of tech trends may be at our backs and the rapid rise of fintech may provide the impetus to rethink financial services, there are still a number of concrete steps that the financial services industry should consider. .

  • Remove common obstacles. Minimum fee balances or service charges drive away low-income consumers. In fact, according to the World Bank, the number one reason unbanked people don’t have an account is simply because they don’t have enough money. Clearly, this is something that is doable. CapitalOne, a major US bank, has just announced that it is waiving overdraft fees while continuing to offer overdraft protection.
  • Encourage mobile banking. According to the World Bank, low-income consumers tend to have a mobile connection rather than home Internet access. Designing banking products and mobile financial services that appeal to the unbanked will reduce exclusion. It is also a good universal product design. There’s a very good reason why the dominant financial platform in most parts of the world that are mostly unbanked or only recently banked is the smartphone.
  • Expand access points to advanced digital services. There’s a good reason why convenience stores, supermarkets, and other stores all have ATMs. Indeed, ATMs attract customers and make it easier for them to pay. In the digital economy, these same access points can take on equally important significance for stores as centers for the digital delivery of financial services, which could even be co-branded between banks and stores. Physical real estate combined with smart digital hotspots bring services closer to community members who might not walk to a bank branch on their own – and who otherwise would not have easy access.
  • Choose prepaid products. In 2017, nearly 27% of unbanked U.S. households used prepaid cards according to a FDIC Household Survey. Prepaid credit cards or debit cards can offer a descent path to credit history that can unlock other key doors. These cards are safer than cash or checks and can be used for online purchases.
  • Find new ways to analyze customers and give them access. In the United States, several companies are using artificial intelligence to create alternative and more accurate credit scoring systems. Created by former Google executives, Upstart looks at over 1,000 additional metrics to assess whether someone is likely to repay their loan. Upstart is actually more accurate than older credit scoring products and is particularly good at identifying people who might not get credit through traditional underwriting processes, but are actually very good risks. Similar systems can operate at lower levels of funding and loans, where unbanked people can operate.

To effect these kinds of changes, we will all have to put ourselves in the shoes of those watching from the outside, trying to imagine what it might be like to live a life of financial exclusion. It is now. The technology is there. The opportunity is huge. Let’s make a big dent in financial exclusion, not in our lifetime, but in the next decade – or even sooner.

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Pawnbrokers: pros and cons https://warhistory1944.co.uk/pawnbrokers-pros-and-cons/ Sat, 05 Mar 2022 18:30:57 +0000 https://warhistory1944.co.uk/pawnbrokers-pros-and-cons/ NEW YORK – March 5, 2022 – (Newswire.com) iQuanti: Pawnbrokers allow people to buy and sell all kinds of items, but you can also get quick loans by posting an item as collateral. These loans can be easy to obtain and offer several advantages, but there are a few disadvantages to consider before diving in. […]]]>


NEW YORK – March 5, 2022 – (Newswire.com)

iQuanti: Pawnbrokers allow people to buy and sell all kinds of items, but you can also get quick loans by posting an item as collateral. These loans can be easy to obtain and offer several advantages, but there are a few disadvantages to consider before diving in. Read on to learn how pawnbrokers worktheir pros and cons, and some alternatives to consider.

What are pawnbrokers?

Pawnbrokers are quick loans that require a valuable item that you own as collateral, such as jewelry or artwork. They do not require any credit checks and are quite fast. All you have to do is take your item to the pawnshop to appraise it and get an offer. If you agree, the pawnbroker will give you a ticket that you can use to get your item back after you pay off the loan.

Benefits of Pawnbrokers

Here are some advantages of pawnbroking:

You can get them quickly

Pawnbrokers are some of the fastest loans you can get. The pawnbroker can usually appraise your item and make you an offer the same day.

There is no credit check

Pawnbrokers don’t care about your credit. They only lend against the value of your collateral. So, a pawnbroker could be a good borrowing option if you have little or no credit.

No collection

If you are unable to repay your loan, the pawnbroker will take your item and put it up for sale to recover their funds. They will not send collections after you.

Disadvantages of pawnbrokers

Pawnbrokers also have drawbacks, including:

These are short term loans

Pawnbrokers usually have a term of 30 days. This may not give you enough time to find the funds to repay the loan.

They come with high interest rates and fees

Pawnbrokers can have high interest rates and fees. Depending on the size of the loan, it may be difficult to repay the loan on time.

You could lose your item

If you fail to repay your pledge loan, you will lose your collateral. The pawnbroker will take legal possession of the item and put it up for sale. This can be a pretty big inconvenience if you value the item you’re pawning.

Alternatives to pawnbroking

If you’re not sure if a pawnbroker is right for you, here are some alternatives to consider:

Cash advances

Cash advances are small, short-term loans you can use to cover expenses before your next payday. You will usually get these loans in two to four weeks when you get your next paycheck. These loans often come with instant approvals, same-day financing, and lenient credit score requirements, so you can get approved quickly and don’t need good credit.

Securities lending

Title loans allow you to use the title of your car as collateral if you own the vehicle. The lender will inspect and appraise your car and then offer you a loan worth 25-50% of the car’s value. If you accept the loan offer, you can receive your funds the same day. You can also continue to drive your vehicle while the loan is in progress.

Should I take out a pawnbroker?

Pawnshops have several advantages such as no credit checks, quick approval, and fast funding. But these loans also come with high interest rates and fees, and you can lose your item if you default.

All in all, a pawnbroker can be an option if you have poor credit and have a valuable item that you are willing to risk giving up. But if you don’t want to go that route, you can also consider alternatives like a cash advance or title loan. Be sure to weigh the pros and cons of pawnbroking and consider the alternatives before taking one out.

Notice: The information provided in this article is provided for guidance only. Consult your financial advisor about your financial situation.

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by
Newswire.com

Primary source:

Pawnbrokers: pros and cons

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Five factors that cause credit scores to plummet https://warhistory1944.co.uk/five-factors-that-cause-credit-scores-to-plummet/ Thu, 03 Mar 2022 16:16:01 +0000 https://warhistory1944.co.uk/five-factors-that-cause-credit-scores-to-plummet/ If you are someone who regularly monitors your credit score, you may be surprised to see a decline in credit in your credit report. Having the financial knowledge to understand what affects your credit rating can help improve your credit score while giving you peace of mind. Here are five reasons why your credit score […]]]>

If you are someone who regularly monitors your credit score, you may be surprised to see a decline in credit in your credit report.

Having the financial knowledge to understand what affects your credit rating can help improve your credit score while giving you peace of mind.

Here are five reasons why your credit score may have dropped recently and how to fix or prevent them.

You have late or missed payments

Your payment history is the most crucial element of your credit score.

Paying your bills on time is essential for your credit score. Your credit report records late payments, which can negatively affect your score.

To avoid late payments, be sure to set reminders to pay bills or set up automatic withdrawals to ensure your bills are always paid on time.

Your credit limit has dropped

A sudden drop in your credit limit can increase your credit utilization rate, which is the amount of debt you have to credit. Using most of your available credit can negatively impact your score.

Pay off a debt or request a credit limit from your bank.

You recently closed a credit card

As above, closing a credit card can reduce the amount of credit available, thereby increasing your credit utilization rate.

You recently applied for more credit

Credit checks, where financial institutions conduct a credit score inquiry, can negatively impact your credit score.

To avoid multiple credit checks, do not apply for multiple credit products at the same time.

You have been the victim of identity theft

A fundamental reason to regularly monitor your credit report is to keep an eye out for suspicious activity.

A large, unexpected drop could indicate that someone else has purchased credit products on your behalf and incurred significant debt.

Curious about what to do if you notice a drop in your credit score?

There are several steps you can take to improve your credit score, such as making sure you pay your bills on time and using your credit cards sparingly.

If you need access to a loan online fast, iCASH offers instant, bad credit, and payday loans.

Even if your credit score drops, you can access instant loans with iCASH. To visit icash.ca to start.

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Installment payments help ‘COVID-poor’ consumers reduce debt https://warhistory1944.co.uk/installment-payments-help-covid-poor-consumers-reduce-debt/ Mon, 28 Feb 2022 09:01:09 +0000 https://warhistory1944.co.uk/installment-payments-help-covid-poor-consumers-reduce-debt/ It is becoming more and more difficult to pay the rent, the mortgage and the bills, such as water and energy services, which are so critical for everyday life. This means the debt owed to local governments – for a range of services that can cover electricity bills, sewage, court costs, traffic fines and parking […]]]>

It is becoming more and more difficult to pay the rent, the mortgage and the bills, such as water and energy services, which are so critical for everyday life. This means the debt owed to local governments – for a range of services that can cover electricity bills, sewage, court costs, traffic fines and parking tickets – is rising.

PYMNTS’ own research determined that 61% of Americans live paycheck to paycheck. The most vulnerable among us – the 77% of people who earn less than $50,000 a year – also live paycheck to paycheck, with less than $800 in savings on hand.

Cash cushions are shrinking and inflation is on the rise, making the struggle to make ends meet all the more difficult.

As Phaedra Ellis-LamkinsPayments Platform CEO To promise, said Karen Webster of PYMNTS, “Public debt must be made accessible. We see a lot of people being left behind, struggling to pay water bills, child support bills and parking tickets – and they need help.

To get a sense of the extent of the problem, consider the fact that, as Ellis-Lamkins estimated, in the current environment and in the recent past, we have seen two segments of the population struggling with public debt.

Related: PYMNTS Intelligence: 61% of the American population lives paycheck to paycheck

There are those directly affected by the pandemic, where many service agencies could see 40% of people falling behind on payments (where, before the pandemic, the rate might have been less than 10%). These are people who were just one paycheck behind on payments – who suddenly lost their paycheck and then started struggling in earnest. We could call these people “COVID poor”.

Then there are the consumers who belong to the so-called “structurally poor” segment, according to Ellis-Lamkins, who do not really have the means to tackle the growing debt of services. They have been excluded from the traditional financial system and often do not have a bank account, instead using prepaid cards or payday loans to make their payments.

As for the impact on the agencies themselves, utilities and parking authorities simply don’t know how to handle the debt burden. They have never experienced this volume of missed payments before and simply do not have the technical infrastructure to handle this burden.

Most utilities, she noted, run on legacy enterprise software. This software assumes that if, by assumption, a payment is not made by the due date at 5 p.m., then there has been a consumer default and the cycle of debt begins.

Yet, as Ellis-Lamkin said, two-thirds of those who miss payments make them within 14 days – which then means that on the agency side, people are navigating through spreadsheets and checks paper. Along the way, due to legacy technologies and inefficient manual processes, that $40 parking ticket can quickly become $120 in a month, inflated by fees and penalties.

Many utilities and government agencies using their own systems, she said, won’t even consider the idea of ​​a payment plan until a balance hits $500 — which is then off. reach for a large percentage of the population. The debt goes into collections, and the agency has to pay for the execution.

Ellis-Lamkin said the most palatable solution is to get people and governments to tackle debt sooner, over time, without penalties, while avoiding a service disruption.

See also: 70% of millennials live paycheck to paycheck

The friction in the system

The friction in the system, she told Webster, is the outdated assumption that everyone has a paycheck that comes in every two weeks or once a month. Income, she said, is actually variable and inconsistent – ​​and payment cycles can stretch up to six weeks.

Platforms like Promise can increase revenue for these governments and utilities by helping consumers set up payments through installment plans. The platform model and flexible payment methods, she said, can ensure that critical services are not interrupted, while consumers avoid penalties and interest charges.

Promise, which recently announced a $25 million Series B funding round, makes money from transaction and onboarding fees levied on client agencies and organizations.

The company works with governments the same way one might buy a Peloton, with predictability for both the government and the consumer. It also has a “Relief Portal” that helps government entities distribute financial assistance funds, such as the Water Assistance Program for Low-Income Households or CARES Act funding. These funds can be instantly applied to outstanding consumer balances.

Promise also increases payments on uncollected parking tickets and toll debt. Payout rates on the bonds, she said, are significant — in the high 90% range.

The incentive is there, of course, so that people don’t have their water cut off, that they keep their driver’s license so they can get where they need to go. As for delivering aid faster, she said Promise can work with parties to deliver debt relief immediately, in a streamlined way.

In the past, an aid recipient might have to go to a non-profit organization and bring a copy of their tax returns. But by linking with Promise, she said, outreach is possible, where the company can send an individual a message notifying them that they have been pre-qualified and the debt has been cancelled.

“We don’t just bring money to governments – we also help transfer the money to qualified recipients,” she said.

Looking ahead, the company is experimenting with its prepaid card pilots to track how and where people are spending their money. Promise also seeks to create a “safe and trusted brand” for low-income customers, including seniors living on fixed incomes.

Ellis-Lambkins said that in 2022 and beyond, individuals in the paycheck economy will face additional challenges, in part due to inflation. We may also witness a perfect storm where government resources are reduced. Forbearance periods are ending for mortgages and student loans, meaning household cash flow will face pressure – and installment plans for essential services will be, well, essential.

“When these businesses are successful,” she told Webster, “the people who rely on the services are also successful.”

Read more: Paycheck to paycheck report: Gen Z consumers would have the hardest time affording $400 in emergency expenses

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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What is a payday loan? https://warhistory1944.co.uk/what-is-a-payday-loan/ Fri, 25 Feb 2022 22:26:00 +0000 https://warhistory1944.co.uk/what-is-a-payday-loan/ What is a payday loan? payday loans are generally short-term unsecured loans characterized by high interest rates that generally do not require a credit check. Although there is no exact and universal definition of the term, the US Consumer Financial Protection Bureau indicates that this type of loan is usually $500 or less and is […]]]>

payday loans are generally short-term unsecured loans characterized by high interest rates that generally do not require a credit check.

Although there is no exact and universal definition of the term, the US Consumer Financial Protection Bureau indicates that this type of loan is usually $500 or less and is usually due on the borrower’s next payday. States have different laws governing these types of fast loans, but they may be available to Americans through in-store payday lenders or in line, depending on location. The due date on payday loans is generally two to four weeks from the date of issuance, and lenders generally do not consider borrowers’ credit scores or their ability to meet other financial obligations when approving the loan.

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To secure a payday loan, payday lenders often require a personal check from the borrower for the loan amount, plus interest and fees, for a future deposit. They often require direct access to the borrower’s bank account.

Payday lenders hold the personal check until the borrower receives their next paycheck, direct deposit or social Security Payment. Depending on the terms of the loan and the laws of the state in question, some payday lenders offer long-term repayment plans that allow them to make multiple electronic withdrawals from the borrower’s bank account.

The average term for payday loans is about two weeks, and loans typically range between $50 and $1,000. In exchange for quick loans that don’t require a credit check, payday borrowers typically pay exorbitant interest rates and fees on their loans. Payday lenders often charge annual percentage ratesor APR, of 400% or more on their loans, plus finance charges of between $10 and $30 for every $100 borrowed.

The only requirements to qualify for most payday loans are an opening Bank account relatively in good standing, a regular income and a source of identification.

Because little consideration is given to the financial status or creditworthiness of borrowers, the CFPB has found that payday loans have a high default rate of around 20%. Additionally, approximately 80% of payday borrowers renew or re-borrow their loans within 30 days of their initial loan.

Qualified state borrowers can apply for a payday loan online from companies such as MoneyMutual, CashUSA.com, and BillsHappen. Many payday lenders also have thousands of physical stores in the United States.

In times of financial emergency or life or death situation, payday loans may be one of the only places Americans have bad credit can turn to temporary financial assistance. However, due to widespread deception and predatory behavior in the payday loan industry, the CFPB, Federal Trade Commission, and other federal and state regulators have repeatedly warned Americans of the dangers of payday lending. payday and imposed restrictions on the activities of payday lenders.

A 2016 five-year study by Pew Charitable Trusts found that 12 million Americans take out payday loans each year, and those borrowers collectively pay $9 billion a year in loan fees alone.

  • Speed. Payday loans are fast, and lenders often give same-day or next-day approval.
  • Ease of use. It’s usually easy to get approved for a payday loan as long as the applicant has a stable source of income, a bank account in good standing, and proper identification. Borrowers can even get payday loan approval online. While some critics say payday loans are inherently predatory, there are laws in place to protect the rights of borrowers.
  • Availablity. Depending on the situation, payday loans may be one of the only viable sources of emergency cash for borrowers with bad credit.

  • High cost. Payday loans can come with annual interest rates of 400% or more, and finance charges can be 15% to 30% of the loan amount. These high interest rates stand out even more compared to the national average of around 16.17% credit card interest rate or the average interest rate of 4.25% over 30 years mortgage end of February 2022.
  • Debt cycle. Due to interest and fees, a payday loan can easily force the borrower to put off the majority of their next paycheck, creating an opportunity for borrowers to fall into a cycle of repeat loans.
  • Harassment. Payday lenders have a reputation for exploiting financially vulnerable borrowers and using aggressive and harassing collection practices.

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Access to earned wages boosts productivity https://warhistory1944.co.uk/access-to-earned-wages-boosts-productivity/ Wed, 23 Feb 2022 06:00:57 +0000 https://warhistory1944.co.uk/access-to-earned-wages-boosts-productivity/ In a time of pandemic-induced financial and economic hardship, waiting to get paid once a month can be difficult in the face of emergencies, surprise medical bills, and unforeseen expenses. The inability to access earned wages during tough times can also increase the chances of employees resorting to payday loans at high interest rates, further […]]]>

In a time of pandemic-induced financial and economic hardship, waiting to get paid once a month can be difficult in the face of emergencies, surprise medical bills, and unforeseen expenses.

The inability to access earned wages during tough times can also increase the chances of employees resorting to payday loans at high interest rates, further compounding their dire financial situation.

In Spain, salary advance startup Payflow sought to solve this problem for workers by allowing them to access their earned wages “when they want, as many times as they want and receive”. [funds] instantly,” co-founder Avinash Sukhwani told PYMNTS.

“Millions of Spaniards live hand to mouth and only get paid once a month. In an increasingly immediate world, this cannot be a reality,” Sukhwani said, adding that allowing workers instant access to their earned wages several times a month eliminates financial stress, leading to greater productivity for business.

Compared to other companies in the on-demand payment industry, Sukhwani said Payflow, which launched in 2020, sells its product to businesses for a monthly fee with no direct employee charges for the service.

“The workers’ statute recognizes access to wages as a right. It would not be good for the workers to be charged for their rights,” he explained. “They [companies] offer Payflow as a benefit to their employees.

Read more: Barcelona-based Payflow closes $9.1m funding round

And in sectors like hospitality, for example, where companies face major challenges in both recruiting and retaining talent, being able to offer such a free service for staff that improves well-being employee finance is extremely valuable.

“We noticed that our customers [have been able to] hire 27% faster, reduce their turnover by 20% and increase the productivity of their employees by 10% since [using] Payment flow. Happy employees make for happy companies, and our product helps increase employee satisfaction,” he said.

Reach millions of employees

So far, the model has gained popularity among blue-collar workers, who are the most adopted by companies using the platforms.

“In just two years, Payflow has become the regional leader in the earning industry with [more than] 100,000 users and [over] 175 customers, including well-known brands such as Webhelp, Covirán, Aristocrazy and Grosso Napoletano,” Sukhwani said.

The company recently closed a $9.1 million Series A funding round that increased its total funding to nearly $14 million, and with 0% churn and never losing a customer. , Payflow’s point of differentiation is operating in what is proving to be an increasingly competitive space, he noted.

Going forward, the Spanish FinTech plans to grow from a payday advance business to a neobank, growing from more than 100,000 current users to millions of employees in Europe and Latin America.

“In order to achieve this goal, we should significantly expand the user base and launch features that allow employees to do more with their money,” he said, aware of the enormous challenges involved in an ambitious plan. like building a digital bank.

“Many have tried and failed because it is a very complex product to build from all points of view, including financial, operational [and] regulations,” he noted.

But after the success Payflow has enjoyed over the past two years, Sukhwani said the company is not slowing down anytime soon and staying focused on its goals and objectives.

“In 2022, we want to double the workforce and launch two additional products. We plan to continue our international expansion through Latin America and Southern Europe, [starting in Italy and Portugal],” he said.

Register here for daily updates on all of PYMNTS’ Europe, Middle East and Africa (EMEA) coverage.

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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Financial literacy matters – The National https://warhistory1944.co.uk/financial-literacy-matters-the-national/ Mon, 21 Feb 2022 05:22:10 +0000 https://warhistory1944.co.uk/financial-literacy-matters-the-national/ THE culture of saving is something many Papua New Guineans struggle to master.That’s the message from the man PNG loves to follow in the national rugby league, Melbourne Storm center Justin Olam.Olam, as a brand ambassador for the National Superannuation Fund (Nasfund), sees the need to promote this savings concept.Nasfund Chief Executive Ian Tarutia thanked […]]]>

THE culture of saving is something many Papua New Guineans struggle to master.
That’s the message from the man PNG loves to follow in the national rugby league, Melbourne Storm center Justin Olam.
Olam, as a brand ambassador for the National Superannuation Fund (Nasfund), sees the need to promote this savings concept.
Nasfund Chief Executive Ian Tarutia thanked Olam for using his time and position as a brand ambassador to help the fund promote a culture of saving through retirement.
Currently, 850,000 or 9.4% of Papua New Guineans contribute towards their retirement; this means that more than 90% of our employees do not take advantage of this benefit.
Saving money is not something most Papua New Guineans know how to do. Clearly, PNG struggles in the area of ​​financial literacy.
Financial literacy is the ability to understand and effectively use various financial skills, including personal financial management, budgeting, and investing.
The lack of these skills is called financial illiteracy.
The crutch of financial literacy is to build wealth and have a series of income-generating assets, so that if one fails, there are other income-generating assets. .
Financial literacy isn’t really about money power, it’s about having a healthy mind that will help people know how to use money and channel it into work.
With financial literacy and good cash, it allows people to make good decisions, have good homes and a good standard of living, and bring the country back up to the poverty line.
Financial literacy is important because it gives us the knowledge and skills we need to manage money effectively.
Without it, our financial decisions and the actions we take – or don’t take – lack a solid foundation for success.
Almost half of working Papua New Guineans do not expect to have enough money to retire comfortably and that is the reality.
Most households in the country generally seem to be better at handling immediate and short-term financial activities, but are less proficient at handling longer-term financial activities (including activities that require long-term planning) and longer-term financial activities. complex, including those that require engagement with the formal financial system.
According to the World Bank’s 2018 report on the diagnostic of financial consumer protection in Papua New Guinea, a quarter of Papua New Guineans obtain credit from unlicensed lenders.
Although there are no official statistics available, it is estimated that PNG’s unregulated lending industry may range from around 50 to around 280 registered businesses that offer short-term (payday) loans to employees of the government and some private sector employees.
This does not even take into account all the unregistered companies offering the same services.
Financial literacy and financial inclusion are becoming pressing issues in PNG and receiving increased attention.
Improved financial literacy can increase economic participation and social inclusion, boost competition and market efficiency in the financial services sector, and potentially reduce regulatory intervention.
The push for financial inclusiveness is enjoying considerable success, but a better understanding of money and savings is needed.
Saving money is extremely important.
It gives you peace of mind, expands your options for decisions that have a major effect on your quality of life, and eventually gives you the opportunity to retire.
Most people who are wealthy got there through a combination of their own hard work and smart saving and investing decisions and you can become one of those people too.
Only financial education will have a big impact on our community.

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These Arms Are Snakes release rarities compilation (splatter vinyl pre-order and new video) https://warhistory1944.co.uk/these-arms-are-snakes-release-rarities-compilation-splatter-vinyl-pre-order-and-new-video/ Fri, 18 Feb 2022 19:29:42 +0000 https://warhistory1944.co.uk/these-arms-are-snakes-release-rarities-compilation-splatter-vinyl-pre-order-and-new-video/ After playing two reunion shows in Seattle last summer, These arms are snakes now comes out a compilation of rarities, Duct tape and shivering crows, April 15 via Suicide Squeeze. It includes songs from the band’s 2008 split with Russian Circles, their 2004 collaborative EP with Harkonen, their covers of Nirvana’s “Heart Shaped Box” and […]]]>

After playing two reunion shows in Seattle last summer, These arms are snakes now comes out a compilation of rarities, Duct tape and shivering crows, April 15 via Suicide Squeeze. It includes songs from the band’s 2008 split with Russian Circles, their 2004 collaborative EP with Harkonen, their covers of Nirvana’s “Heart Shaped Box” and Jay Reatard’s debut band “Energy Drink and the Long Walk Home”, Lost Sounds, two B-sides, and the band’s first demo. We have the album for pre-order on translucent green vinyl with opaque pink splashes in our store. Here is a model of the variant:

Along with the announcement comes a new video for “Camera Shy” from the Russian Circles split. The video was directed by Bradley Hale and you can watch it below. Also watch a full, multi-camera video from TAAS’ recent reunion show below.

In related news, Botch reissues are on the way, via Sargent House. In the meantime, you can grab the Hydra Head pressing of their live album 061502 here.

Track list
1. Meet your mayor
2. Camera shy
3. Trix
4. Energy Drink and the Long Walk Home (Lost Sounds cover)
5. Heart-shaped box (Nirvana cover)
6. Washburn
7. Old Paradise
8. Payday Loans
9. Hang on to it
10. Ride the Grape Dragon (Demo)
11. Run It Through The Dog (Demo)
12. Ditch diggers everywhere (demo)
13. The Blue Rose (demo)

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