Payday Loans – Fast Paths http://fastpaths.com/ Fri, 23 Sep 2022 13:57:03 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://fastpaths.com/wp-content/uploads/2021/05/default.png Payday Loans – Fast Paths http://fastpaths.com/ 32 32 Capital City Chamber conference focuses on financing challenges https://fastpaths.com/capital-city-chamber-conference-focuses-on-financing-challenges/ Fri, 23 Sep 2022 13:57:03 +0000 https://fastpaths.com/capital-city-chamber-conference-focuses-on-financing-challenges/ This year’s Advantage conference brought together many financial institutions under one roof to hear about the challenges faced by minority-owned businesses while raising capital. The capital’s Chamber of Commerce hosted the two-day conference which included panel discussions on upcoming developments in Tallahassee and opportunities for entrepreneurship education. However, the central theme was funding and the […]]]>

This year’s Advantage conference brought together many financial institutions under one roof to hear about the challenges faced by minority-owned businesses while raising capital.

The capital’s Chamber of Commerce hosted the two-day conference which included panel discussions on upcoming developments in Tallahassee and opportunities for entrepreneurship education.

However, the central theme was funding and the need to do more to bridge the gap that small businesses face while securing funds for their respective operations.

Katrina Tuggerson, President of the Capital Chamber of Commerce

Previously:Could ‘hidden workers’ help Tallahassee’s workforce woes? The chamber forum explores the subject

“Invest early”:Childcare, labor challenges spark discussion at Tallahassee chamber conference

It was also a call to action for banks and credit unions to review their practices and understand the limitations some potential customers may have and what can be done to reach 7% of households in the United States. States that are considered “unbanked” or “underbanked”. meaning no household member has a checking or savings account at a bank or credit union. These people use alternative financial services such as person-to-person apps like CashApp, payday lenders, car title loans, check cashing facilities, and pawnshops.

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Cash Advance Apps vs Payday Loans: Which is Better? https://fastpaths.com/cash-advance-apps-vs-payday-loans-which-is-better/ Sun, 18 Sep 2022 16:00:43 +0000 https://fastpaths.com/cash-advance-apps-vs-payday-loans-which-is-better/ (NerdWallet) – If you were 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 […]]]>

(NerdWallet) – If you were 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.

One payment cycle is usually not enough for borrowers to repay a payday loan, so 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 with 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’re in dire need of cash, you may have better alternatives than payday loans and advanced apps, Farahi says.

Local charities and nonprofits can provide 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://fastpaths.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://fastpaths.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 apply for cash loans in Perth ranging from $400 to $2,000. Their team works around the clock to ensure loan applications are approved.

The company has 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 offer the most reliable business loans in Perth, 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

Cash On Your Mobile – Cash Loans Perth is a leading cash loan 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://fastpaths.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://fastpaths.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 restless and awaiting answers after Brown’s group suggested the former Air Force base as a 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 make tax returns public, upon 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.

With NASA poised to return to the moon and the space industry approaching $500 billion last year, Michigan is entering the race to become a hub for low Earth orbit launches.

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, said the cost of placing 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.

More than a 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’s website, however, includes a study that explores the “commercial dosage” 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://fastpaths.com/these-loans-should-be-avoided-do-you-know-why/ Sat, 10 Sep 2022 12:03:01 +0000 https://fastpaths.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.
Advance on credit card:
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 real estate in rural areas.

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isolved is helping Americans tackle the cost of living crisis with Financial Wellness Suite https://fastpaths.com/isolved-is-helping-americans-tackle-the-cost-of-living-crisis-with-financial-wellness-suite/ Thu, 08 Sep 2022 14:07:00 +0000 https://fastpaths.com/isolved-is-helping-americans-tackle-the-cost-of-living-crisis-with-financial-wellness-suite/ Company launches pay-as-you-go offering and increases employee discountsand relief for increased living expenses NASHVILLE, Tenn., September 8, 2022 /PRNewswire/ — More Americans are living paycheck to paycheck, increasing the costs they pay through overdraft fees and cash advances to bridge the gap between paydays and forces them to make impossible decisions about basic needs to […]]]>

Company launches pay-as-you-go offering and increases employee discounts
and relief for increased living expenses

NASHVILLE, Tenn., September 8, 2022 /PRNewswire/ — More Americans are living paycheck to paycheck, increasing the costs they pay through overdraft fees and cash advances to bridge the gap between paydays and forces them to make impossible decisions about basic needs to be met without, such as medicine to keep them healthy or gasoline to keep them working. To help ease the burden of the current cost of living crisis, minimize the debt cycle and improve workforce stability, isolved today announced the People Cloud On-Demand Pay solution. for the 145,000 employers and 5 million employees it serves.

isolved On-Demand Pay eliminates the need to wait for the traditional payroll cycle, allowing employees to access their payroll when they need it – without business interruption through payment cards and digital wallets. This earned wage access model can not only reduce the amount of debt Americans have and the fees they pay in interest, overdrafts, and payday loans, but also improve recruitment, retention, and business operations.

“Businesses, particularly those in fast food, transportation, healthcare and other frontline operations, have been particularly hard hit by the financial snowball that their employees are enduring – first because of the pandemic, then inflation and now rising interest rates,” said James Norwood, Marketing and Strategy Director at isolved. “isolved People Cloud On-Demand Pay improves employee well-being by helping them take the best financial care of themselves, their families, and ultimately their customers.”

While many employees are already struggling financially, 69% of full-time U.S. employees are also concerned that the economy will impact growth within their company, including advancement and promotions, according to isolved’s latest Voice of the Workforce survey. Of these employees, 59% are concerned about job security and more than a third (35%) have begun to seek new opportunities within an organization they perceive to be more secure.

isolved’s wide range of financial wellness offerings include pay-as-you-go, which doesn’t require employees to have a bank account, additional payroll access options through the onboarding marketplace isolved and:

  • Self-service discounts: isolved’s Employee Marketplace offers employee discounts on prescription drugs, entertainment, and other day-to-day cost reductions.
  • Help for caregivers: As costs increase, child and elder care rates also increase. Employees are forced to make decisions about going without care or not coming to work. Through isolved Benefits Services, employees can choose to set aside a pre-tax amount to be reimbursed for childcare and eldercare expenses, helping them deal with the shortage of caregivers.
  • Assistance to commuters: isolved Benefit Services makes it easy to offer employees a transit plan to help cover travel expenses with pre-tax income.
  • Deductible aid: Employees can lower premium costs on high-deductible plans with an Isolated Benefits Services HRA, as well as make informed health care and cost decisions with an Isolated Benefits Services HSA .
  • Quick refunds: With resolute expense management, employees no longer have to wait for long periods of time to be reimbursed for mileage and other accrued expenses at work, which helps employees get to jobsites on time.

For more information about isolved’s pay-as-you-go, visit isolved’s retirement and financial services page. To download “Voice of the Workforce”, click here.

About
I’ve resolved

isolved is a leader in employee experience, providing intuitive, people-centric HCM technology. Our solutions are delivered directly or through our network of HRO partners to more than five million employees and 145,000 employers in all 50 states, who use them every day to improve performance, increase productivity and accelerate results while reducing risks. Our HCM platform, isolved People Cloud, intelligently connects and manages the employee journey across Talent Acquisition, HR, Payroll & Benefits, Workforce Management, and Talent Management functions. Regardless of industry, we help high-growth organizations employ, empower and empower their workforce by transforming the employee experience for a better today and a better tomorrow.

Media Contact
Amberly DresslerSenior Director of Brand and Content Strategy
[email protected]

RESOLVED

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Become a Lending Affiliate in These 5 Easy Steps https://fastpaths.com/become-a-lending-affiliate-in-these-5-easy-steps/ Tue, 06 Sep 2022 14:01:42 +0000 https://fastpaths.com/become-a-lending-affiliate-in-these-5-easy-steps/ Everything is getting more expensive these days, and even a small extra expense can lead to an immediate need for cash. If you’re looking for extra money to pay the bills in these times of high inflation, you can help people get to their paychecks faster while making one for yourself. With a payday loan […]]]>

Everything is getting more expensive these days, and even a small extra expense can lead to an immediate need for cash. If you’re looking for extra money to pay the bills in these times of high inflation, you can help people get to their paychecks faster while making one for yourself.

With a payday loan affiliate program, you can earn money as a contractual liaison between loan providers and those looking for a payday loan.

Become a Lending Affiliate by following these five easy steps:

1. Join a Lending Affiliate Program and Create a Website

The first step to becoming a Lending Affiliate is to complete an application with a Lending Affiliate. This company will support you by providing loans to the customers you refer. Be sure to research the company thoroughly and be sure that they will reliably review and grant loan applications and pay your commission.

Next, you’ll need to set up your website and get people to fill out a loan application there and automatically connect to companies offering loans. As you’ll see below, you’ll want your website to incorporate ready affiliate widgets, have blog content, and create an email sales funnel.

2. Start bringing people to your website

You need web traffic to get people to apply for payday loans on your website. Some ways to drive traffic is to write articles with SEO keywords to move your website to the top of search engine listings when people search for those words. Regular blog posts are a great way to do this.

You can also use paid advertising. Many social media sites have their own advertising programs. Consider your customer base and the platforms they use, and tailor an ad campaign to that.

3. Prepare your marketing strategies

You can advertise your loan affiliate website by placing ads on other websites, advertising on social media, and generating mailing lists. You should seek to combine as many of these options as possible.

Old-school ads can also work well. Radio ads, TV ads, or a newspaper page can help draw people to your website. This approach is less targeted but will affect several people at once.

4. Use the tools provided by the payday loan affiliate

When you become a Loan Affiliate, you need to make sure that you are working with a company that provides the tools you need to attract customers. These include an application programming interface (API) to add multiple lenders to your sales funnel and website widgets to easily integrate your website basics, like the loan application form.

5. Get Paid When You Become A Lending Affiliate

When you become a loan affiliate, you get the low start-up cost of just creating a website and integrating the loan application form. After that, it’s up to you how you generate leads. Once you kick off the application stream, you can generate up to $250 per lead and earn the extra money you need while helping others get their money faster.



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Payday Loan Scams Consumers Should Be Aware Of: Fake Loans, Stolen Information, Fraud https://fastpaths.com/payday-loan-scams-consumers-should-be-aware-of-fake-loans-stolen-information-fraud/ Sun, 04 Sep 2022 20:49:06 +0000 https://fastpaths.com/payday-loan-scams-consumers-should-be-aware-of-fake-loans-stolen-information-fraud/ Payday loans in the US are a hugely predatory industry, and now the landscape is getting worse as scammers pose as popular lenders try to scam people. A new Better Business Bureau report on these scammers has shed light on the story of Shirleywho “received a call from a woman who said her name was”Lawrence […]]]>

Payday loans in the US are a hugely predatory industry, and now the landscape is getting worse as scammers pose as popular lenders try to scam people.

A new Better Business Bureau report on these scammers has shed light on the story of Shirleywho “received a call from a woman who said her name was”Lawrence Green.Lauren told Shirley that she “qualified for a $5,000 loan from the West Point lenders” but that shehad to do was pay $535 as a feebefore the money is deposited into their account. Then Green again said that “another $535 was needed because his credit wasn’t good enough.” However, once Shirley handed over the $1,070, Lauren disappeared with Shirley’s money, and when she went to search, she discovered that the company was fake and that her information had been stolen.

To be fowarding something…

Many scammers use names close to major payday lenders to work on the notoriety of some of these companies. The BBB has warned that fraudsters posing as debt collectors can also use the same tactics to “make their threats more serious”.

How many payday lender scams have been reported this year?

While the total number of scam attempts reported to the BBB has gone down, the amount that has been taken from those defrauded has increased over the years:

  • 2019 – Reports: 1,151 | Losses: $856
  • 2020 – Reports: 741 | Losses: $900
  • 2021 – Reports: 760 | Losses: $765
  • 2022 – Reports: 403 | Losses: $1,000.

These figures should be taken with caution since the BBB estimates that only about ten percent of fraud cases of this nature are reported to the organization – meaning that the extent of the problem is much bigger than these numbers represent.

The federal government should take notice of people’s willingness to engage in the scam, as many have reported falling for the trap because “they were already in debt due to payday loans.” After being scammed, some victims also reported: “months behind on rents and other bills, due to the financial consequences of these scams.”

A general warning for those interested in a payday loan

Payday lenders are one of the least regulated aspects of financial services. The BBB reported that their scam trackers show “that despite efforts across the country to limit the power of payday loan companies, many Americans are still trappedin debt cycles after taking out any of these loans. These agencies use complicated formulas to hide high interest rates applied to loans of up to more than four hundred percent. BBB researchers shared the story of Wanda, a senior in Georgia who took out a $1,000 payday loan to build her credit.

Buried behind all the fees and paperwork, his real interest rate was almost 450%. She quickly regretted the decisionreads the report, noting that these companies often take advantage of older people. “They bill you every two weeks, and that’s about $400.00 to $600.00 per month to repay such a small amountt,” Wanda said, addressing the report’s authors.

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The Better Business Bureau releases new study on predatory payday loans https://fastpaths.com/the-better-business-bureau-releases-new-study-on-predatory-payday-loans/ Thu, 01 Sep 2022 23:32:00 +0000 https://fastpaths.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 investigation by the Better Business Bureau, predatory payday loan companies and scammers steal your information by tricking you into believing 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 investigation by the Better Business Bureau, predatory payday loan companies and scammers steal your information by tricking you into believing 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 fall into the trap. They say the more people who know, the more likely others are to avoid being victimized.

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Is it biblical to charge interest on debt? https://fastpaths.com/is-it-biblical-to-charge-interest-on-debt/ Wed, 31 Aug 2022 12:35:26 +0000 https://fastpaths.com/is-it-biblical-to-charge-interest-on-debt/ In the debate over the Biden administration’s recent move to institute “student loan forgiveness,” some Christians have resurrected past theological condemnations of usury (lending money at interest). Christians have said and done many things throughout history. I am convinced that Christianity has been a clear net positive for human society, but that does not mean […]]]>

In the debate over the Biden administration’s recent move to institute “student loan forgiveness,” some Christians have resurrected past theological condemnations of usury (lending money at interest).

Christians have said and done many things throughout history. I am convinced that Christianity has been a clear net positive for human society, but that does not mean that every Christian opinion or even tradition has been right or good. Some have been pretty bad. I sometimes console myself that some of them, although espoused by Christians, were in fact imports from pagan philosophy. An example is geocentrism. Wear too.

It would have been great if the Protestant Reformation had cleared things up with usury, but the legacy there is ambiguous. John Calvin was more sensible than most, though the temptation to moralism still affected him. Economist Murray Rothbard writes,

Calvin’s main contribution to the question of usury was to have the courage to get rid of prohibition altogether. This son of a prominent city official had nothing but contempt for the Aristotelian argument that money is sterile. A child, he pointed out, knows that money is sterile only when it is locked up somewhere; but who, in their right mind, borrows to keep the money idle? Merchants borrow to make a profit on their purchases, and so the money is then fruitful. As for the Bible, Luke’s famous injunction only commands generosity towards the poor, whereas the Hebrew law of the Old Testament is not binding in modern society. For Calvin, then, usury is perfectly lawful, provided it is not burdened with loans to the poor, who would be harmed by such payment. In addition, any legal maximum must of course be respected. And finally, Calvin argued that no one should operate like a professional moneylender.

The odd result was that by protecting his explicit pro-usury doctrine with a caveat, Calvin in practice converged on the views of scholastics such as Biel, Summenhart, Cajetan, and Eck. Calvin began with a radical theoretical defense of the taking of interests, then surrounded it with reservations; liberal scholastics began with a ban on usury, then nuanced it. But while in practice the two groups converged and the scholastics, in discovering and elaborating exceptions to the prohibition of usury, were theoretically more sophisticated and fruitful, Calvin’s bold break with the formal prohibition was a liberating breakthrough in Western thought and practice. He also cast the responsibility of applying the teachings on usury of Church or State to the conscience of the individual. As Tawney says, “The important feature of his [Calvin’s] discussion on the subject is that it assumes that credit is a normal and inevitable incident in the life of a society. »

On the law of the Old Testament, Calvin was absolutely right. Regulations on inter-Israeli loans were enmeshed in a system of sabbaticals, bans on selling land and rules on slavery. No one is advocating that all agrarian production be stopped every seven years, then for an additional year every fifty years (so no cultivation for two consecutive years). And the land ownership system was based on a history of conquest that cannot and should not be duplicated. Those who advocate the prohibition of usury (which was not forbidden in any case in Israel) are not serious about the Bible. If they were, they should consider banning foreigners from owning land in the United States as an application of biblical justice. No, I am not suggesting that such a policy is Christian. And does not condemn wear and tear either.

Furthermore, Jesus believed that lending money at interest was ethical (Matthew 25:27; Luke 19:23). If I thought it really mattered to people, I would say more about the biblical context. But I don’t think that’s the case.

Usury is only the rent of money. If usury is a sin, so is renting anything else.

Saying that rent is not inherently a sin is not the same as saying that all tenancy agreements are truly in the tenant’s best interest. Nor is it the same as saying that all owners are rights.

Frankly, I have never found a situation in which renting was as beneficial as owning the property. Likewise, being poor will always be a disadvantage of being rich. Legislation will never change this basic fact. Borrowing money is just one important manifestation of this disadvantage.

Your emotional reaction to things like payday loan companies does not justify legislative interventions. You need a reasonable basis to claim that a proposed legislative intervention will actually improve the situation of the people you claim to want to help. Reciting decontextualized statements from the Old Testament, or economic errors from classical philosophy that have been imported into Christian culture, is not enough.

Mark Horne has served as a pastor and worked as a writer. He is the author of Victory According to Mark: An Exposition of the Second Gospel, Why Baptize Babies?JRR Tolkienand Solomon says: Guidelines for Young Men. He is the executive director of Logo Sapiens Communications and the author of SolomonSays.net.

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