Information system – Eagle Rock IS http://eaglerock-is.com/ Sun, 18 Sep 2022 16:00:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://eaglerock-is.com/wp-content/uploads/2021/10/icon-56-120x120.png Information system – Eagle Rock IS http://eaglerock-is.com/ 32 32 Cash Advance Apps vs Payday Loans: Which is Better? https://eaglerock-is.com/cash-advance-apps-vs-payday-loans-which-is-better/ Sun, 18 Sep 2022 16:00:36 +0000 https://eaglerock-is.com/cash-advance-apps-vs-payday-loans-which-is-better/ (NerdWallet) – If you’re asked to imagine a payday lender, you might think of a storefront in a strip mall with green dollar signs and neon slogans like “everyday payday.” You probably wouldn’t imagine a mobile app that advertises on TikTok and sports a colorful logo. But cash advance apps like Earnin and Dave provide […]]]>

(NerdWallet) – If you’re asked to imagine a payday lender, you might think of a storefront in a strip mall with green dollar signs and neon slogans like “everyday payday.” You probably wouldn’t imagine a mobile app that advertises on TikTok and sports a colorful logo.

But cash advance apps like Earnin and Dave provide advances with the same borrowing and repayment structure as payday lenders, and consumer advocates say they carry similar risks. Both are quick, no-credit-check options for closing an income gap or easing the pressure of inflation.

Neither is an ideal first choice for borrowing money quickly, but knowing their differences can help you save money and avoid hurting your finances.

Cash advance apps work like payday loans

Like most payday loans, a cash advance or paycheck app lets you borrow money without a credit check. You are also required to repay the advance, plus any fees you have agreed, on your next payday.

A single payment cycle is usually not enough for borrowers to repay payday loanso many people fall into the habit of getting another loan to pay off the previous one, says Alex Horowitz, senior director of The Pew Charitable Trusts.

App users may find themselves in a similar cycle. A 2021 study by the Financial Health Network found that more than 70% of app users get back-to-back advances. The study doesn’t say why users re-borrow, but Horowitz says the behavior is particularly similar to payday loans.

“Direct-to-consumer payday advances share DNA with payday loans,” he says. “They’re structured the same, they have repeat borrowings, and they’re scheduled based on the borrower’s payday, which gives the lender strong collectability.”

Apps can offer more flexibility

Payday lenders and payday advance apps collect repayment directly from your bank account. If your account balance is too low when funds are withdrawn, you could incur overdraft fees, says Yasmin Farahi, senior policy adviser at the Center for Responsible Lending.

An application may try to avoid overcharging your account. Mia Alexander, Vice President of Customer Success at Dave, says the app reviews users’ bank accounts before withdrawing the refund. If the refund puts the balance close to zero or negative, the app may not withdraw the funds, she says.

However, apps typically include language in their user agreements that while they try not to overcharge your account, they aren’t liable if they do.

In states where payday loans are allowed, a payday lender is unlikely to offer a free, unsolicited payment extension, as some apps say. Some states require payday lenders to offer extended payment plans at no cost to troubled borrowers, but a 2021 report from the Consumer Financial Protection Bureau says some lenders are misrepresenting plans or not disclosing them.

Unlike payday lenders, the apps don’t make collection calls. If a user revokes access to their bank account to avoid a refund, the app will not attempt to collect the funds. The user simply cannot get another advance until they repay the previous one.

Payday loans cost more

Payday loans tend to have high mandatory fees, unlike apps. Instead, they charge a small fee that users can accept throughout the borrowing process. These fees can add up, but they are usually lower than those charged by payday lenders.

For example, an app might charge a monthly subscription fee or a fee for instant access to funds. Most cash advance apps also ask for a tip for service.

The charges on a $375 payday loan are most often about $55 over a two-week period, Horowitz says. Since the cash advance application fee is mostly optional, you can easily keep the cost below $10.

Earnin user Sharay Jefferson says she’s used payday loans in the past, but switched to a cash advance app because it’s a cheaper way to cover bills and unexpected expenses.

“If you get a $200 payday loan, you might be paying something back three times over,” she says. “With Earnin, I’m going to have to pay that $200 back, plus whatever I decide to give them. It’s much cheaper. »

Technically, apps are not lenders

Regulators like the CFPB have not classified payday advance apps as lenders, despite their similarities to payday loans.

Earnin CEO and Founder Ram Palaniappan says the app is more like a payroll service or an ATM because it makes it easier to access your own funds. Earnin asks users to upload a timesheet showing they worked enough hours to earn the cash advance amount. Other apps scan a user’s bank account for income and expenses to determine if they qualify for an advance.

Farahi says applications should be treated like creditors, meaning they would follow the Truth in Lending Act, which requires creditors to disclose an annual percentage rate. An APR allows consumers to compare costs between financing options. For example, users can compare the APR of a cash advance app to that of a credit card and choose the most affordable.

“People still need to know what the real cost of credit is and to be able to assess it and really compare that cost to other options,” she says.

Applications should also comply with applicable state lending laws. Currently, 18 states and Washington, DC, have maximum interest rate caps that could limit application fees, she says.

Cash Advance App vs Payday Loan: Which is Better?

If you need cash urgently, you can have better alternatives than payday loans and advanced apps, says Farahi.

Local charities and nonprofits can meet basic food and clothing needs. A family or friend could lend you money at no additional cost. If you have a few hours to spare, a side gig could generate as much money as a typical payday loan or cash advance application.

If you have the choice between an app and a payday loan, the app is probably the best option because:

  • It is less expensive.
  • It may not trigger overdraft charges.
  • If you don’t pay it back, the app won’t send you to collections.

A cash advance from an app is unlikely to leave you in a better financial position, Farahi says. But it may be a little less likely than a payday loan to make things worse for you.

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Cash On Your Mobile – Cash Loans Perth announces it offers accessible cash financial loan services https://eaglerock-is.com/cash-on-your-mobile-cash-loans-perth-announces-it-offers-accessible-cash-financial-loan-services/ Sat, 17 Sep 2022 07:10:02 +0000 https://eaglerock-is.com/cash-on-your-mobile-cash-loans-perth-announces-it-offers-accessible-cash-financial-loan-services/ Cash On Your Mobile – Cash Loans Perth is a premier financial lending company. In a recent update, the office said it offers accessible cash financial services. (Perth, WA, August 2022) In a website posting, Cash On Your Mobile – Cash Loans Perth stated that it offers accessible cash financial services. The team said they […]]]>

Cash On Your Mobile – Cash Loans Perth is a premier financial lending company. In a recent update, the office said it offers accessible cash financial services.

(Perth, WA, August 2022) In a website posting, Cash On Your Mobile – Cash Loans Perth stated that it offers accessible cash financial services.

The team said they offer a wide range of financial loans. Customers can now request Cash loans in Perth ranging from $400 to $2000. Their team works around the clock to ensure loan applications are approved.

The company revealed that it allows customers to access Perth payday loans even with bad credit. They claimed that credit rating does not play a significant role in most loan decisions. Additionally, they pointed out that electronic transfers are often completed within four hours of loan approval.

The agency concluded by assuring clients that they valued their privacy. Even though they claim to be the most reliable Perth business loans a, they do not compromise customer privacy. They use technologically advanced and up-to-date equipment and software to protect customer privacy.

About Cash On Your Mobile – Cash Loans Perth

Money on your Mobile – Cash Loans Perth is a leading cash lending company serving Perth and surrounding areas. They can help you with all loan requirements. The customer must complete an online application and submit it. They will be able to see the loan offer before accepting.

Media Contact
Company Name: Money on your Mobile – Cash Loans Perth
Contact person: James Clark
E-mail: Send an email
Call: (186) 509-3384
Address:Level 25/108 St Georges Terrace
Town: Perth
State: Washington
Country: Australia
Website: https://cashonyourmobile.net.au/cash-loans/perthwa-2/

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Michigan spent $2.5 million to be a rocket hub. Critics say it only produced hype https://eaglerock-is.com/michigan-spent-2-5-million-to-be-a-rocket-hub-critics-say-it-only-produced-hype/ Wed, 14 Sep 2022 20:45:55 +0000 https://eaglerock-is.com/michigan-spent-2-5-million-to-be-a-rocket-hub-critics-say-it-only-produced-hype/ “It’s truly remarkable that someone is considering putting a heavy industrial facility [like a launch pad] on the coastline of the largest body of fresh water in the world,” said Dennis Ferraro, who lives about 3 miles from the selected site and leads the opposition group Citizens for a Safe & Clean Lake Superior. “It’s […]]]>

“It’s truly remarkable that someone is considering putting a heavy industrial facility [like a launch pad] on the coastline of the largest body of fresh water in the world,” said Dennis Ferraro, who lives about 3 miles from the selected site and leads the opposition group Citizens for a Safe & Clean Lake Superior.

“It’s just a horrible idea. Ecologically, it is a disaster.

In Chippewa County, officials were thrilled after the Michigan Launch Initiative selected the base as its command site in January 2021. However, Brown’s group has yet to file the necessary permits with the Federal Aviation Administration to the project.

“I think everyone turned around, like we did, and said, ‘What have we won?

“There is no structure there. There is no money for that.

At Oscoda, airport officials are agitated and awaiting answers after Brown’s group suggested the former Air Force base as the site in 2020.

Airport board member Kevin Boyat said he still remains hopeful, but officials can’t get answers from Brown.

The board sent a letter months ago, he said, giving Brown 45 days to respond. He heard nothing back, Boyat said.

“It’s like ordering a new car and waiting six years [for it],” he said. “When you ordered it, you were excited.”

“It took so long and we can’t get any information from Gavin,” Boyat said.

Brown said he has complied with all state requests for information and remains confident about the state’s space outlook. He also played down environmental concerns, saying any vertical launch at Marquette would use “green energy,” some of which has yet to be developed.

But he also said no final decision has been made on when to apply for a spaceport license from the Federal Aviation Administration. This will come after a final decision as to whether it makes economic sense to proceed.

“It will start when it makes sense to start,” said Brown, who is also executive director of the Michigan Aerospace Manufacturers Association, which is an integral part of the space project.

Like all non-profit organizations, it is required to public tax declarations, on request. A Bridge search of publicly available records shows that only his 2010, 2011 and 2019 are currently available.

Bridge asked Brown and his accountant for copies of other tax returns on several occasions. Brown said he would provide them, including again in a midday email on Wednesday, September 14. At the time of publication, they were not provided by the publication.

Existing tax records show that 88% of his total revenue of $1.5 million in 2019 came from state grants.

“There was something wrong”

The turmoil comes amid what is otherwise an exciting time for space exploration.

As NASA prepares to back to the moon and the space industry approached 500 billion dollars last year, Michigan is entering the race to be a hub for launches into low Earth orbit.

It has an inherent advantage due to its location, more than halfway up the North Pole from the equator, which allows launches into “polar” orbits coveted by some commercial satellite companies.

Lawmakers funded the space effort through the belated approval of a budget that provided money for former Gov. Snyder’s pet projects in the final days of his administration.

Governor Gretchen Whitmer initially refused to honor funding for the space effort, citing a lack of details.

But after lawmakers agreed to the changes, his administration funded the project, and the quasi-government Michigan Economic Development Corp. oversaw the grant to “assess the feasibility of a low orbit launch site in Michigan”.

The Michigan Launch Initiative was scheduled to complete work in January 2021 but received two extensions. At the same time, its grant increased from $2 million to nearly $2.5 million.

The grant surprised Kirk Profit, a former lawmaker turned lobbyist.

He said the funds were raised shortly after Brown requested a $2 million investment from Kalitta Air to fly rockets into the stratosphere in its cargo planes at Willow Run and Oscoda airports.

Profit was Kalitta Air’s lobbyist at the time and said he and the company could find little on Brown’s background.

“We checked it. We finally shelved it,” Profit said recently. “There was something wrong.”

Conflicting studies

Michigan is forging ahead, though some critics say the state is lagging far behind others in the race to build infrastructure for the booming space industry.

One of the primary sources of criticism from critics is a report commissioned by Brown’s group.

The IQM Research Institute article noted that since Brown floated the idea of ​​the Michigan launches, the economics of the commercial space industry have changed dramatically.

The report, written by former air force brigadier general Michael Dudzik, who commanded all of the branch’s space forces, says the cost of putting satellites in space was dropping dramatically, from $7,000 a pound to less than $1,000. And a few big players – including Elon Musk’s SpaceX – dominated the market.

Just one more dozen spaceports in 10 states have received FAA licenses in recent years, and most have not staged a single launch.

In its 2021 report, IQM reported that there had been just 16 polar-orbiting launches — like the ones Michigan could host — at three U.S. spaceports in the previous three years.

In fact, with other locations dominating the market, IQM’s report concluded that so few new businesses would surround the launch sites that even if there was one launch per week, “annual revenue generated… would have the same revenue impact in the state equal to the annual revenue of two additional fast food chains.

“He was just selling the concept, but he was separated from the fundamental facts,” Dudzik told Bridge.

Brown criticized the finding during an interview with Bridge, saying it unfairly characterized the value of the food and beverage industry.

Dudzik’s report went “beyond the scope” of what it was asked to investigate, he added.

“No business case has been made,” he said.

Brown’s nonprofit website, however, includes a study that explores the “Business case” for launches.

The four-page study from August 2021 concludes that the sites could attract 30 aerospace companies and deliver $13.2 billion in economic impact over the next 10 years, a “potential return of 40 times the investment in terms of economic impact for the State of Michigan”.

The reasons for optimism

Even with the turmoil, many remain optimistic that Michigan could capitalize on the space industry.

The IQM report concluded that Michigan could still benefit without committing tens or hundreds of millions of dollars to launch facilities, as has happened in other states, including New Mexico, Colorado and Georgia.

Michigan has great advantages, with or without launch sites, said Greg Autry, director of the Thunderbird Initiative for Space Leadership, Policy and Business at Arizona State University.

He said Michigan’s manufacturing heritage makes it uniquely positioned to build rockets and their components. But focusing on launch sites before identifying a rocket builder is “kind of putting the chicken before the egg,” he added.

Michigan’s space efforts are “half-hearted,” Autry said, because they lack vigorous collaboration between government and the private sector.

The Colorado Space Coalition includes state government leaders as well as representatives from academia and the private sector. Although its launch site was not used, the coalition is actively working to develop the state’s aerospace industry.

If Michigan adopted Colorado’s model and got everyone around the table, “you’d move Colorado in the blink of an eye,” Autry said.

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These loans should be avoided..? Do you know why? https://eaglerock-is.com/these-loans-should-be-avoided-do-you-know-why/ Sat, 10 Sep 2022 12:03:01 +0000 https://eaglerock-is.com/these-loans-should-be-avoided-do-you-know-why/ These loans should be avoided..!? Do you know why? Many people think they shouldn’t take out loans. But at the end of the month, we will be forced to take out loans. This will be unavoidable in middle-class families earning a monthly salary. However, experts say they can avoid taking out some loans. Why do […]]]>
These loans should be avoided..!? Do you know why?

Many people think they shouldn’t take out loans. But at the end of the month, we will be forced to take out loans. This will be unavoidable in middle-class families earning a monthly salary. However, experts say they can avoid taking out some loans. Why do we say to avoid only certain loans? What is the reason for this? Let’s see.
Payday loan:
It is impossible to avoid borrowing during the current period, but it is very important to avoid payday loans. In particular, these loans are taken by small entrepreneurs, small traders and those who have shops in the daily market as individuals. You have to buy it in the morning and pay in the evening. Interest on these types of loans can be very high. It should therefore be avoided.
Car title loan:
A car title loan is usually a high interest loan. You can donate your vehicle and get it back within a month with interest first. Usually the interest on these loans is high. The vehicle may be sold if payment is not made within the time limit.
Credit card advance:
In order not to use credit cards unnecessarily, some people take credit card advances. After that, interest may continue to accrue as interest. The interest rate is very high. If you don’t pay it on time, the penalty is very high.Casino loan:
Such loans are very rare in India. However, these loans are loans that should be avoided. These loans are used to promote sports in foreign countries.
Pawnbroker:
Many people can have this experience. Usually we get such loans by pawning our jewelry. Failure to pay this debt on time may result in your property being auctioned off. This includes restricted loans of a lower amount for more expensive properties in rural areas.

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With very high inflation, taxpayers are reconsidering their payment options https://eaglerock-is.com/with-very-high-inflation-taxpayers-are-reconsidering-their-payment-options/ Fri, 09 Sep 2022 08:54:40 +0000 https://eaglerock-is.com/with-very-high-inflation-taxpayers-are-reconsidering-their-payment-options/ Taxpayers often wonder how to repay their tax debts. But with inflation and rising interest rates, these questions are becoming more common, and the standard answers don’t always apply. To make a good decision, it is important to understand how the IRS applies interest and penalties to tax bills. Penalties Two common penalties for individual […]]]>

Taxpayers often wonder how to repay their tax debts. But with inflation and rising interest rates, these questions are becoming more common, and the standard answers don’t always apply.

To make a good decision, it is important to understand how the IRS applies interest and penalties to tax bills.

Penalties

Two common penalties for individual taxpayers are default in payment (FTP) and default in reporting (FTF). The FTP penalty is 0.5% of the unpaid taxes for each month the tax remains unpaid. The FTF penalty is much higher – 5% of unpaid taxes for each month late filing – which is why you must file even if you can’t pay what you owe. In either case, the penalty will not exceed 25% of your unpaid taxes.

A Quick Note: The IRS recently announced that they will automatically waive the FTF penalty for individual returns for the 2019 and 2020 tax years filed on or before September 30, 2022.

Importantly, the IRS charges interest on penalties.

Interest

For people who owe money to the IRS, the interest rate is calculated using the federal short-term rate plus 3 percentage points. The IRS sets and publishes interest rates quarterly for the current year and previous years. You can consult the current rates and the rates of previous years on the IRS website.

Payment Considerations

This backdrop is key to understanding your options – math matters. But I also appreciate that convenience, long-term consequences, and the ability to rest easy at night are also important in your decision-making process. Although it’s best to pay now, it’s not always realistic. Here are some general recommendations for dealing with unpaid tax bills when you can’t pay immediately. Your mileage may vary.

just say no

Empty retirement accounts. Draining your retirement accounts to pay off an unpaid debt can be tempting, and the IRS considers funds held in a retirement or profit-sharing plan to be assets available for collection. But I still maintain that draining retirement accounts should be avoided for most taxpayers.

Beyond the obvious – you’re giving up the money you’ve been counting on for your future – you’ll take an immediate hit. Withdrawals from most accounts will be taxable, so you will have to pay tax on the money you use to pay taxes and, depending on your age and circumstances, you may also be subject to an early withdrawal penalty of 10%. Certain penalty exceptions may apply, including funds used to settle an IRS levy under Section 72

]]> Prepare your finances for the holidays | On your debt https://eaglerock-is.com/prepare-your-finances-for-the-holidays-on-your-debt/ Tue, 06 Sep 2022 05:00:00 +0000 https://eaglerock-is.com/prepare-your-finances-for-the-holidays-on-your-debt/
Truth: The holiday season is expensive, and it will be here soon. With interest rates and inflation rising, this could be the most expensive year ever. With the gifts, decorations, and other seasonal purchases you expect to make, you might be surprised how easily holiday spending can spiral out of control. Start planning your vacation […]]]>

Truth: The holiday season is expensive, and it will be here soon.

With interest rates and inflation rising, this could be the most expensive year ever. With the gifts, decorations, and other seasonal purchases you expect to make, you might be surprised how easily holiday spending can spiral out of control. Start planning your vacation now.

Establish a vacation budget, well before the vacation.

Decide how much money you can afford to spend in total. Write it down and, most importantly, stick to the plan as the season progresses. It’s easy to get caught up in the holiday spirit or caught off guard with last-minute purchases. Budgeting ahead of time will help you determine how much money you can spend on each expense category, including gifts, food, entertainment, and other holiday festivities.

Be careful when spending on your credit cards.

Before you sit down to plan your vacation spending, make a list of how much debt you already have on your credit cards. Set a strict limit on the amount of credit you will use throughout the season and be firm about spending no more than you can reasonably repay. Next year’s vacation is coming quickly, so have a plan to pay off any vacation debt as soon as possible.

Save now—Spend later.

Find a way to easily set aside a few dollars from every paycheck, whether monthly, semi-monthly, or weekly, and make sure the money goes directly to a separate place or savings account. Bring your lunch to work once a week and put what you would have spent in an envelope marked “Vacation”. At $15 a week, you’ll have saved $750 to use for your vacation expenses over the course of a year.

Make your travel plans as early as possible.

If you’re one of the more than 115 million Americans who travel during the holidays, you probably already know that booking flights, renting a car, and paying for gas or other travel expenses can be a hassle. quickly add up. Airlines, train stations, hotels, and other travel industry players tend to charge higher fares during holidays, and those prices only increase as the end of the season approaches. year.

Eliminate unnecessary holiday stress

The holidays are stressful enough without the added pressure of carrying debt or taking on more debt. However, if you find yourself facing a mountain of debt that you will never be able to repay, call us so that we can help you! Give yourself the holiday gift of being debt free.

Bond & Botes helps people struggling with debt

Let us solve your financial problems. There’s no obligation, and that means there’s no downside to gathering the information you need to make good decisions about how to break the cycle of debt stress and go forward. We can answer all of your questions regarding Chapter 7 bankruptcy, Chapter 13 bankruptcy, stopping a foreclosure or wage garnishment, avoiding liens, staying a lawsuit, l medical debt, personal loans, payday loans, credit card debt, etc. We can relieve your stress! We want to help you and we can help you!


Bond, Botes, Sykstus, Tanner & McNutt, PC

The Web: www.bondnbotes.com

Facebook: facebook.com/Bond-Botes-Sykstus-Tanner-McNutt-PC-203986783117475/

102 South Court Street, Suite 314, Florence, AL 35630

Telephone: 256-760-1010 • Fax: 256-760-1023

Opening hours: Monday to Friday • 8:00 a.m. to 5:00 p.m.

No representation is made that the quality of legal services to be provided is superior to the quality of legal services to be provided by other attorneys.

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Will debt collectors call my family for a delinquent payday loan? https://eaglerock-is.com/will-debt-collectors-call-my-family-for-a-delinquent-payday-loan/ Sun, 04 Sep 2022 13:54:32 +0000 https://eaglerock-is.com/will-debt-collectors-call-my-family-for-a-delinquent-payday-loan/ Dear Penny, I’m on Supplemental Security Income (SSI) and my car broke down. I needed extra money to pay my rent, so I took out a $400 payday loan. The winning amount is $567.91. I won’t be able to pay that much and still pay my bills. The monthly payment is $170.45, which I can’t […]]]>
Dear Penny,

I’m on Supplemental Security Income (SSI) and my car broke down. I needed extra money to pay my rent, so I took out a $400 payday loan. The winning amount is $567.91. I won’t be able to pay that much and still pay my bills. The monthly payment is $170.45, which I can’t afford either. The total balance will be $2,045.40.

I spoke with a consumer credit counselor. They said don’t pay it and let it go to collections. I’m afraid they’ll call my family. I don’t want them to know. Can I do something so they don’t contact my family?

-A.

Dear A.,

I’m afraid you probably can’t stop the lender from contacting your family. If you’ve defaulted on this debt since you wrote to me, you’re no doubt bombarded with calls and text messages.

The lender may already be in contact with your family members. When you take out a payday loan, you often need to provide references that the lender can contact in the event of a default. But lenders may also start calling your family members and friends, even if you haven’t included them as a reference.

The rules for these communications likely fall into a gray area. The Fair Debt Collections Practices Act (FDCPA) is a federal law that governs debt collection practices. The law only allows debt collectors to call non-spouse family members if they’re trying to locate you, but they can’t discuss your debt. They are also prohibited from saying they work for a debt collector unless asked to do so.

However, the FDCPA only applies to third-party debt collectors, not original creditors. Most payday lenders attempt to collect overdue loans internally before sending them to a collection agency. So there is a good chance that the lender who gave you the loan is still trying to collect it.

Some states have laws that place additional limits on collection efforts. You may want to ask your credit counselor if your state laws provide additional protection.

Knowing your rights can be helpful, but let’s face it: the payday loan and debt collection industries are notorious for their sketchy tactics, so even though there’s a law that limits who a collector can contact, don’t don’t assume he’ll follow her. .

Here’s where thinking like a debt collector might come in handy. A collector has one goal, which is to get paid. The more pressure they exert, the more likely you are to pay. Even when they supposedly call family just to locate you, they know a lot of people are embarrassed by their debt and will agree to just about anything once the calls to relatives start.

Don’t play the shame game. Pick up the phone when the lender calls you so it’s clear they have your correct contact information. Be firm about your inability to pay at this time. Avoid showing emotions or divulging details about your personal situation, as this will be used against you.

As for your family, you don’t owe them an account of your finances just because a payday lender calls you. You might say something vague like, “Thank you for letting me know. They called me too. I always try to get to the bottom of things. If they contact you again, I would appreciate it if you would tell them I don’t live with you and ask them to stop calling.

None of this is technically wrong. I have no idea how curious your family is, so I can’t guarantee this will satisfy curious minds. But as long as this debt does not concern them, they are not entitled to more information.

I’m glad you consulted with a credit counselor before deciding to let this loan go to collection. If you have to choose between rent and paying off a payday loan, rent is the winner by far. But make sure you have taken into account all the consequences of a breach.

Once that account is cashed out, you probably won’t be able to take out a payday loan or any other type of credit for at least two years. Obviously, you’ve learned the hard way that payday loans are best avoided. But I guess you applied for a payday loan because you had no alternative. You will therefore need to think about what you would do if you had to face another unexpected expense.

If you can save even a small amount of money, it’s worth asking if the lender would be willing to pay. A tactic that sometimes works is to tell the lender that you are considering bankruptcy. Because creditors must cease collection efforts when you file, they may be willing to settle for less.

Either way, don’t be fooled by the threats you might encounter. You will not be arrested for this debt and your SSI benefits cannot be garnished. Most importantly, don’t let them convince you to turn that debt into a new loan. This will only trap you in an endless payday loan cycle. The damage caused by this loan may be unavoidable, but make it your goal to never go back to this predatory system.

Robin Hartill is a Certified Financial Planner and Senior Writer at The Penny Hoarder. Send your tricky money questions to [email protected].


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The Better Business Bureau releases new study on predatory payday loans https://eaglerock-is.com/the-better-business-bureau-releases-new-study-on-predatory-payday-loans/ Thu, 01 Sep 2022 23:32:00 +0000 https://eaglerock-is.com/the-better-business-bureau-releases-new-study-on-predatory-payday-loans/ OMAHA, Neb. (WOWT) – A new study warns against predatory payday loans. According to a new survey by the Better Business Bureau, predatory payday loan companies and scammers steal your information by tricking you into thinking they know more about state laws than you do, by failing to explain the exact terms of the loan. […]]]>

OMAHA, Neb. (WOWT) – A new study warns against predatory payday loans.

According to a new survey by the Better Business Bureau, predatory payday loan companies and scammers steal your information by tricking you into thinking they know more about state laws than you do, by failing to explain the exact terms of the loan.

“I kept getting these texts and phone calls early in the morning or late at night,” says a Nebraska woman who wishes to remain anonymous. “When I finally spoke to them on the phone, all they wanted was my social security number.”

The BBB says this is a major red flag. And unfortunately, it has become an all too common scenario.

To add to the confusion, payday loan laws are managed state by state among the 32 states in which they are available. The BBB says a complex web of regulations makes the industry’s impact difficult to track.

“The main problem is that these loans carry three-digit interest rates,” says BBB Vice President of Communications and Public Relations Josh Planos. “And they are compounded by interest which is sometimes compounded weekly or monthly rather than annually.”

Here in Nebraska, lenders are prohibited from charging fees greater than $15 per $100 loan. Additionally, loans are limited to $500.

“I actually had a friend who had her identity stolen and then there was some financial stuff there, so I just got lucky and didn’t do any of that,” she says.

More recently, 6 News received an email from another woman expressing concern about a sender.

“I got the mail like I do every day, and I saw this postcard and it worried me a bit because it said First National Bank of Omaha, we’re calling to talk about your mortgage “, says this woman from Omaha who also wishes to remain anonymous. “He needs an immediate response, it’s urgent.”

The BBB confirms that this is another potential scam and one of the many ways fraudsters request and in some cases obtain your information.

“It’s something that absolutely affects your neighbor, your community here in Nebraska. It’s something to watch out for,” Planos says.

The BBB advises you not to hesitate to report a scam if you come across it. They say the more people who know, the more likely others are to avoid being victimized.

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Cannabis on fire: How debt financing hurts small and medium-sized cannabis businesses https://eaglerock-is.com/cannabis-on-fire-how-debt-financing-hurts-small-and-medium-sized-cannabis-businesses/ Tue, 30 Aug 2022 16:19:12 +0000 https://eaglerock-is.com/cannabis-on-fire-how-debt-financing-hurts-small-and-medium-sized-cannabis-businesses/ Nobody will tell because nobody really wants to admit it: the cannabis industry is on fire. We are seeing massive downturns in many frontier states due to market contraction and, of course, overtaxation. Yet we have known this for some time and understand the danger that overtaxation poses to small and medium-sized businesses […]]]>


Nobody will tell because nobody really wants to admit it: the cannabis industry is on fire. We are seeing massive downturns in many frontier states due to market contraction and, of course, overtaxation. Yet we have known this for some time and understand the danger that overtaxation poses to small and medium-sized businesses in particular. This is also a problem for large companies, but the glaring difference is that large companies have access to more capital than small and medium-sized companies. Many small and medium-sized businesses are owned by women, people of color, and immigrants who don’t have access to capital during this downturn or any other downturn.

It’s a three-alarm fire. What are we doing?

It’s often said that being in the cannabis industry means constantly putting out fires. What actionable items need to happen to put out the three-alarm fire we currently find ourselves in or at least slow it down until federal legalization? Some people would say that means we need to cut taxes, but we’re not going to see a significant drop in taxes because the states need the money. Despite the rhetoric, there is no state in the union that legalizes because of the factory – they legalize because of the money.

And taxation is not the only fire. Anyone currently raising capital for plant-related deals knows that it has become increasingly difficult to raise equity in recent months. It used to be that backers were looking for unicorns to invest in. That has changed, and now companies are looking for backers willing to invest in small and medium enterprises. These backers, well, they’ve become the unicorns. To say that equity funding has dried up over the past few months is an understatement, as the Viridian chart below shows.

Equity financing is drying up

The lower dark green bars on each chart represent equity issues smaller than $10 million. They have always represented a small fraction of the capital raised in the business of touching plants. This year, this bar disappeared. Small businesses are being shut out of the market before our eyes. Dark blue bars represent disappearing $10-25 million deals for mid-sized businesses. Do you see the illuminated area? This light blue area shows the debt financing available to the few in the industry. Right now, equity financing is nearly impossible to find if you’re a small or medium-sized business. Over 90% of all equity financing that exists is for multi-state operators, who have already gotten a lot of equity financing and lost it. Now the billions of dollars raised are for debt financing, and that’s where the cannabis industry has set itself on fire.

Going from equity financing to debt financing as the primary means of financing the cannabis industry is terrible, especially given some of the debt structures on offer. These credit facilities are often complex and punitive, hello 28% interest, or as we call them, payday loans.

Solvency in crisis

But what kind of financing is needed? Before we can understand what kind of financial products we should put in place for the cannabis industry, especially for small and medium enterprises and especially for social equity companies, we need to understand the failure of our financial institutions . In general, we need to understand the rubric currently used to identify who has creditworthiness for investment, equity or debt, who would be most likely to be successful at scale, and who has market share. It doesn’t work in the cannabis industry. This leaves a lot of people behind to get the first licenses, which isn’t a problem in normal industries because there wasn’t quite a market before non-cannabis industries sprang up.

We need to start opening our minds to different ways to identify the creditworthiness of cannabis businesses run by people who have traditionally not been considered creditworthy for anything in the entirety of this country’s existence. We need to value the power of their intellectual property over the past 80 years, their ability to create and scale a market for their companies, and the innovation they have brought and continue to bring to the industry. They have real value that is well worth your investment.

When we consider this in terms of upcoming recreational states, we have to look at New York.

What will New York do?

To use the credit rubric as it exists today in the cannabis finance industry is to understand that equity (ideal) and debt (less ideal) financing do not exist for people who obtain the first licenses in New York. It certainly didn’t help those who got their first licenses in California. It also didn’t help the social equity people who came after the fact in Colorado and other states. We need creative new financial products that are fairer without giving up reasonable to excellent returns. We need to create a thriving legal market, not just in New York, but across the United States. We need to change the rubric that funders, financial institutions, and foundations use going forward to truly support this revolutionary industry and provide financial products equitably to those less likely. qualify, but more likely to succeed in the cannabis industry.

Although New York is starting with a $200 million debt fund, that’s for real estate, not start-up or OPEX capital that will be needed to open a retail store. Without the cost of real estate, starting a cannabis retail store requires between $1 million and $2.5 million to open the doors. Then add 30% to that number for New York.

Where will this capital come from and in what form? What are the options for low cost start-ups and OPEX capital? And where to start?

Financial education beyond Quickbooks

We start by providing financial education on how to run a capital-intensive business beyond just using Quickbooks. The financial industry, setting up equity trading, loan facilities and everything else, needs to talk with formerly incarcerated people, BIPOC or women at scale to see what they need from their financial products . Financial products should solve a problem, not create a new one. What good is a golden ticket if you can never use it because you don’t have access to fair capital, and the capital you have access to, you may not understand how to take full advantage of it, or it can be so detrimental that you risk losing your business? Building stacks of capital for all possible eventualities is not something that is taught to new founders entering this complex industry.

On the other hand, funders need to create attractive financial products that support the whole industry, not just a select few. And last but not least, governments – local, state and federal – must be prepared to step in to create the low-interest loans and grants needed to build a new industry, as they did with cars. electric, solar energy, wind, steel, railroads, etc., but that’s my next editorial.

To continue to act like the cannabis industry is like any other industry is to continue to fund an industry that will not reach its full potential. This will be reflected in the net result of your investment. It is in the best interest of the industry and its investors that small, medium and large operators exist in synergy. We must all work together to move forward together or we will remain a fractured industry and market that willfully contribute to a continuous prison pipeline for the very people who built the industry.

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Five prudent tips for managing your personal finances https://eaglerock-is.com/five-prudent-tips-for-managing-your-personal-finances/ Sun, 28 Aug 2022 12:03:20 +0000 https://eaglerock-is.com/five-prudent-tips-for-managing-your-personal-finances/ By Pushkina Nautiyal New Delhi, August 28 (IANSlife): he most coveted form of independence is financial freedom. However, even those with the highest incomes can fall deeply into debt due to a lack of personal money management skills. Money management is a fantastic strategy for achieving your financial goals and can help you better […]]]>

By Pushkina Nautiyal

New Delhi, August 28 (IANSlife): he most coveted form of independence is financial freedom. However, even those with the highest incomes can fall deeply into debt due to a lack of personal money management skills. Money management is a fantastic strategy for achieving your financial goals and can help you better understand where and how you are spending your money. Here are six suggestions to help you manage your finances to improve your bottom line.

The importance of budgeting

Budgeting is the process of creating a plan for spending your money. It’s basically listing all your expenses and allocating funds to them, balancing your expenses with your income. This plan allows you to determine in advance whether you have enough money to cover your expenses and any shortfalls. This simple exercise can help you prioritize your spending. Following a budget or spending plan will also keep you out of debt or help you get out of it if you are currently in debt.

Save before you spend

Young people who have joined the workforce and are earning a good salary tend to feel that they are financially secure for life. As a result, most of them avoid or even ignore investing for long-term or even short-term financial gain. Although savings help you meet day-to-day expenses, they are best used when invested in long-term investment opportunities. An important aspect of money management is setting an investment goal based on your priorities in life. Do you need money to finance higher education? Is marriage on the cards? Are you a young parent? Depending on your needs, you can choose from different types of investments such as mutual funds, term deposits, real estate, government or corporate bonds, stocks, etc. These can offer investors good returns at the end of an investment term, while working as a corpus to pay for emergency needs.

The power of composition

Einstein once said “Compound interest is the eighth wonder of the world. Whoever understands it, earns it and who doesn’t pay for it.” The power of compounding adds the profit made to the principal amount and then reinvests the entire sum to speed up the process of earning profits. Compounding is essentially a long-term investment strategy and it benefits the most when you start early. The longer your money is invested, the more time it has to grow. When it comes to compounding returns, time is at an advantage. The trick is to contribute regularly and regularly, regardless of the amount. Even the small contributions paid each month will increase.

Choose safe loan options

Sudden unforeseen expenses or emergencies can sometimes mean that we cannot meet our financial needs all the time. While running out of money between pay cycles, it can be tempting to take out payday loans, but these loans can cost you dearly. Payday lenders often charge high interest rates and fees and have much higher penalties/late fees. Other options such as credit cards and Buy Now Pay Later programs can be convenient, but also charge interest and late fees which can be costly. Instead, opt for solutions like Salary On-Demand that give you instant access to your earned but unpaid wages, without loans or high fees.

Ask the Experts

As a young adult, don’t make the mistake of thinking you’re too young to manage your finances or too rich to keep track of them. Talk to financial advisors and make the right decision based on your needs. It’s never too late to start learning and improving your financial knowledge to better understand banking, budgeting, debt and credit management, and investing.

No matter what stage of life you are currently in, having a prudent plan for managing personal finances is essential and important because it will help you live a good life now and in the future. coming !

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