personal loan – Inzerce Pujcek http://inzercepujcek.net/ Tue, 11 Jan 2022 22:56:27 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://inzercepujcek.net/wp-content/uploads/2021/06/icon-87-150x150.png personal loan – Inzerce Pujcek http://inzercepujcek.net/ 32 32 Advocates Again Call for Legislation Capping Payday Loan Rates https://inzercepujcek.net/advocates-again-call-for-legislation-capping-payday-loan-rates/ Tue, 11 Jan 2022 22:56:27 +0000 https://inzercepujcek.net/advocates-again-call-for-legislation-capping-payday-loan-rates/ Angela Espada, executive director of the Indiana Catholic Conference, shares her group’s reasons for supporting legislation that would cap payday loan interest rates. Samantha Horton / IPB News Advocates are once again pushing lawmakers to pass legislation that would cap annual percentage rates for small loans. Hoosiers for Responsible Lending wants rate caps in place […]]]>

Angela Espada, executive director of the Indiana Catholic Conference, shares her group's reasons for supporting legislation that would cap payday loan interest rates.  - Samantha Horton / IPB News

Angela Espada, executive director of the Indiana Catholic Conference, shares her group’s reasons for supporting legislation that would cap payday loan interest rates.

Samantha Horton / IPB News

Advocates are once again pushing lawmakers to pass legislation that would cap annual percentage rates for small loans. Hoosiers for Responsible Lending wants rate caps in place to help protect thousands of people in the state from predatory lending.

The coalition is made up of veterans’ organizations, religious communities, consumer groups and social service providers. The group supports legislation by Sen. Ron Alting (R-Lafayette) and Representative Carey Hamilton (D-Indianapolis) that would cap payday loans at an interest rate of 36%.

“For the past four years I have listened to the predatory lending industry trying to defend itself and justify why it should exist in our state. And I wasn’t convinced, frankly I find their arguments defenseless, ”said Hamilton, author of Bill 1159. “We have an obligation to protect vulnerable users of this industry. It’s an industry that harms every user it meets. And that only benefits the owners, mostly out of state, of those facilities that lend in our communities. “

Indiana is one of 25 states with no high rate cap on payday loans. This means that lenders can have annual percentage rates as high as 391 percent.

Angela Espada, executive director of the Indiana Catholic Conference, said the United States Conference of Catholic Bishops had been trying for years to get state and federal lawmakers to limit interest rates and protect vulnerable populations.

“You can hear people say that are associated with payday loans, ‘Well that’s because these are high risk people,’ Espada said. “Well, when you can withdraw money in some states straight from a paycheck, it’s not really a high risk. It’s about as safe as it gets.

Marie Morse is the General Manager of HomesteadCS located in Lafayette. The association works with families and individuals by offering alternative loans to predatory loans. Morse said his organization would like all Hoosier families to have access to affordable interest rates.

“Since our program started in 2016, we’ve loaned over $ 2 million and saved our families over $ 3 million in interest,” Morse said. “And that’s money they desperately need to save for their housing.”

A survey conducted in 2018 for the Indiana Institute for Working Families and Prosperity Indiana found that 88% of Hoosiers approve a 36% rate cap on payday loans.

Both HB 1159 and Senate Bill 253, drafted by Alting, have been assigned to committees, but have not yet been heard. Similar bills introduced in previous sessions were not adopted.

Contact reporter Samantha at shorton@wfyi.org or follow her on Twitter at @ SamHorton5.

]]>
New mortgage proposal for teachers and first responders https://inzercepujcek.net/new-mortgage-proposal-for-teachers-and-first-responders/ https://inzercepujcek.net/new-mortgage-proposal-for-teachers-and-first-responders/#respond Sat, 17 Jul 2021 17:00:31 +0000 https://inzercepujcek.net/new-mortgage-proposal-for-teachers-and-first-responders/ Buying a home is not an easy thing to do. To achieve this goal, you need to save money for a down payment on your home, and for some workers, it’s a difficult thing to do. But there is a new proposal in the works that could waive this requirement for some mortgage applicants. Here’s […]]]>

Buying a home is not an easy thing to do. To achieve this goal, you need to save money for a down payment on your home, and for some workers, it’s a difficult thing to do. But there is a new proposal in the works that could waive this requirement for some mortgage applicants. Here’s what you need to know.

Start your journey to financial success with a bang

Get free access to the selected products we use to help us meet our financial goals. These fully vetted choices could be the solution to helping you increase your credit score, invest more profitably, build an emergency fund, and more.

By submitting your email address, you consent to our sending you money advice as well as products and services which we believe may be of interest to you. You can unsubscribe anytime. Please read our privacy statement and terms and conditions.

A lifeline for teachers and first responders

A new proposal known as the HELPER Law was recently introduced in the House of Representatives. Its goal is to create a mortgage program specifically for public service workers such as police, firefighters, paramedics and teachers.

Short for “Homes for Every Local Protector, Educator, and Responder,” the law would allow qualified buyers to apply for a HELPER loan. This loan would come with no down payment requirement and no current monthly mortgage insurance. HELPER loans would, however, carry an initial mortgage premium of 3.6% of the total amount of the loan taken out.

Now, there is already a mortgage product that allows buyers to buy a home without a down payment – VA loans. But VA loans are only available to serving US servicemen, military veterans, or surviving spouses of military veterans. Teachers and first responders are not eligible.

There are also FHA loans, which allow buyers to purchase a home with as little as 3.5% down. But for those who really can’t make a down payment, even that lower threshold can be a hindrance. The HELPER Act could solve this problem, while also allowing workers who serve their community to begin to reap the rewards of owning a home.

When could the HELPER law pass?

The HELPER Act was first introduced in mid-May and was submitted the same day to the House Committee on Financial Services. But it has not yet been scheduled for review. Once that happens, it can go through a full House vote before moving on to the Senate, where it will need approval to come true.

The HELPER law is not the only provision in preparation to make home ownership more accessible. President Biden also offered a first-home purchase credit worth up to $ 15,000. This money can be used towards the down payment of a house, so a lack of funds up front should not be a barrier to homeownership.

If the HELPER Act passes, it could help many Americans buy their own homes, especially in today’s tough housing market. Home prices have risen dramatically nationally due to low mortgage rates and limited inventory, both of which have caused increased demand from buyers. As such, coming up with a large down payment is a more difficult task now than it would be in a normal housing market. And since we don’t know when house prices will start to drop to more affordable levels, the HELPER law could come just at the right time.

]]>
https://inzercepujcek.net/new-mortgage-proposal-for-teachers-and-first-responders/feed/ 0
Stakeholders Comment on Colorado Student Loan Equit Catch-22 … https://inzercepujcek.net/stakeholders-comment-on-colorado-student-loan-equit-catch-22/ https://inzercepujcek.net/stakeholders-comment-on-colorado-student-loan-equit-catch-22/#respond Wed, 14 Jul 2021 20:55:58 +0000 https://inzercepujcek.net/stakeholders-comment-on-colorado-student-loan-equit-catch-22/ Stakeholders, including members of ACA International, who would be impacted by the Colorado Student Loan Equity Act, SB 21-057, signed by Governor Jared Polis on June 29, called for more information on the regulations and their cost during a public hearing with the Colorado attorney general’s office on Wednesday. SB 21-057 expands Colorado’s existing student […]]]>

Stakeholders, including members of ACA International, who would be impacted by the Colorado Student Loan Equity Act, SB 21-057, signed by Governor Jared Polis on June 29, called for more information on the regulations and their cost during a public hearing with the Colorado attorney general’s office on Wednesday.

SB 21-057 expands Colorado’s existing student loan services law, which applies only to people who administer student loans, by adding a new part covering private lenders, creditors and collection agencies in connection with student loans that are not made, insured or guaranteed under federal law and are used for post-secondary education, the ACA reported previously.

ACA members testified on the bill in hearings this spring following a campaign to seek member opinions with creditors working in Colorado’s private student loan industry.

The law authorizes the administrator of the Uniform Consumer Credit Code of the Department of Justice to establish fees for the register of private education lenders, to set requirements for the timing of documents and information required for the register and prescribing an alternative registration process and fee structure. for public and private not-for-profit post-secondary educational institutions.

Registration is required by September 1, 2021. Administrator plans to develop emergency rules to implement registration and public hearing as part of the process to determine number of entities who will need to register.

In response to questions from Makyla Moody, a member of the ACA, an attorney at Greenberg Sada and Moody PC in Englewood Colorado, Colorado student loans ombudsperson Kelsey Lesco said the attorney general currently has no information about registration or license fees and application availability.

“It could influence the number of people who are likely to apply,” Moody said. She added that the fee structure should be based on the loan amounts offered by private lenders versus public educational institutions.

However, Lesco reiterated that the attorney general was seeking information on the number of entities that would apply under the amended law to determine its tariff structure.

Representatives of private lenders also commented at the hearing.

Kay Rendleman of the Colorado Institute of Massage Therapy in Colorado Springs said the application fees and registration fees will impact their ability to continue to provide financial assistance to their students, which many rely on.

“Because of that, you’re going to stop schools from offering these programs,” Rendleman said.

Heidi Markey, director of financial aid at Adams State University in Alamosa, Colo., Said she agrees with Rendleman and the fees will impact their loans.

“It would have a negative impact on our student population. We have several situations where students are not able to borrow through the federal direct loan program, ”said Markey. “This is a group that we would consider at risk… we are going to lose students because of this.”

Lesco said the attorney general’s office will review the comments from the meeting and provide an update to stakeholders and licensees on next steps. They did not receive any written comments, which were due to be sent on July 14.

For more information, see a copy of the proposed draft regulation to enforce the law.

For more information on how the ACA licensing staff can help you complete your license applications, please contact us at license@acainternational.org or call (952) 926-6547.

]]>
https://inzercepujcek.net/stakeholders-comment-on-colorado-student-loan-equit-catch-22/feed/ 0
After setting aside billions of dollars for defaults that never happened, banks are recording windfall profits. . . . https://inzercepujcek.net/after-setting-aside-billions-of-dollars-for-defaults-that-never-happened-banks-are-recording-windfall-profits/ https://inzercepujcek.net/after-setting-aside-billions-of-dollars-for-defaults-that-never-happened-banks-are-recording-windfall-profits/#respond Tue, 13 Jul 2021 16:29:10 +0000 https://inzercepujcek.net/after-setting-aside-billions-of-dollars-for-defaults-that-never-happened-banks-are-recording-windfall-profits/ This week’s earnings reports from the nation’s major banks are on track to show a solid and continued recovery for Wall Street – and a boundless appetite for investment banking. JPMorgan Chase and Goldman Sachs launched the series of banking results this quarter with better than expected results. The strong numbers were boosted by the […]]]>

This week’s earnings reports from the nation’s major banks are on track to show a solid and continued recovery for Wall Street – and a boundless appetite for investment banking.

JPMorgan Chase and Goldman Sachs launched the series of banking results this quarter with better than expected results. The strong numbers were boosted by the release of some of the funds banks had put aside when Covid-19 first swept the country.

“Even though growth has peaked and is starting to slow, it is expected to remain robust until at least 2022,” said Jeff Mills, chief investment officer for Bryn Mawr Trust. “People are in better shape.”

Later this week, Bank of America, Wells Fargo, Citigroup and Morgan Stanley will also release their results.

Chase President and CEO Jamie Dimon called the consumer outlook pink in the report. “The balance sheets of consumers and wholesalers remain exceptionally strong as the economic outlook continues to improve,” he said, noting “the increasingly healthy condition of our customers and customers.”

Spending on debit and credit cards rose 45%, not surprisingly given the moribund state of the US economy in Q2 2020, but Dimon said that rebound also eclipsed the same quarter in 2019, up 22%.

Goldman Sachs ‘returns were supported by the strength of investors’ seemingly limitless appetite for IPOs. Likewise, Dimon said investment banking fees at Chase hit a record $ 3.6 billion, a 25 percent increase. .

Another factor that is increasing the number is that the big banks are releasing some of the loan loss reserves they accumulated at the start of the pandemic, anticipating a wave of loans, mortgages and credit defaults that did not. never happened. As banks release that money, it increases their bottom line, a transient effect, analysts say, that Wall Street has already built into the price.

“We expect the remainder of these reserves to be released through earnings over the next few quarters. The result is that earnings should look favorable for the banks, ”said Mike Mayo, senior banking analyst at Wells Fargo.

For the market, the big question is what comes next. Investors are listening this week to how bank executives characterize economic activity as they look to the future.

“He will be looking more into management’s direction for the future, particularly with regard to loan growth,” said David Wagner, portfolio manager at Aptus Capital Advisors. “The demand for loans is still quite low… Consumers still have plenty of cash and many businesses haven’t spent any capital. “.

However, the pandemic remains a persistent threat. “We always have to be careful. Certainly the delta variant is a risk, ”said Jeff Buchbinder, equity strategist for LPL Financial. “The last thing we want to see is more lockdowns. “

Buchbinder added, however, that current conditions give the market reason to remain bullish. “We don’t expect some sort of general economic shock anytime soon,” he said.

Goldman Sachs CEO David Solomon also noted in the company’s earnings release that the market cannot yet be satisfied with Covid-19. “While the economic recovery is underway, our customers and communities still face challenges in overcoming the pandemic,” he said.

The high-flying real estate market has drawn perhaps inevitable comparisons to the 2008 stock market crash and the housing crisis, but analysts say the underlying fundamentals are different this time around. “It’s night and day compared to the last recession,” Mayo said. “The last recession, the banks were a cause of the problem and a source of weakness.” Now, he said, “the banks have been a source of support for the economy and a source of strength.”

“People are in better shape. The housing market is a good example. We saw a fervor there, but the lending standards have remained relatively conservative, especially compared to what they were 10 years ago, ”Mills said.

A tough regulatory response after the Great Recession, though often criticized by banks in the years that followed, could have been the invisible shield that protected them from disaster.

“Kudos to the banking regulators ten years ago for upholding the foundation of banks,” Mayo said. “The banks were in a sufficiently solid state before the pandemic to be able to survive. “

]]>
https://inzercepujcek.net/after-setting-aside-billions-of-dollars-for-defaults-that-never-happened-banks-are-recording-windfall-profits/feed/ 0
Managing University Debt After Loan Cancellation is Lifted https://inzercepujcek.net/managing-university-debt-after-loan-cancellation-is-lifted/ https://inzercepujcek.net/managing-university-debt-after-loan-cancellation-is-lifted/#respond Sun, 11 Jul 2021 23:31:55 +0000 https://inzercepujcek.net/managing-university-debt-after-loan-cancellation-is-lifted/ Tips for managing student debt While the coronavirus pandemic has allowed some to cancel student loans, reality will soon set in as many students attempt to manage college debt. Finances are affected, and there are ways to bounce back and save. MILWAUKEE – While the coronavirus pandemic has allowed some to cancel student loans, reality […]]]>

While the coronavirus pandemic has allowed some to cancel student loans, reality will soon set in as many students attempt to manage college debt. Finances are affected, and there are ways to bounce back and save.

With graduation and the excitement of success, sometimes comes a worry about the future.

“Unfortunately, the student debt crisis actively prevents them from doing so, prevents them from building long-term wealth, but also prevents them from spending money on things they love,” said Tori Dunlap, Silver Educator.

Dunlap said the pandemic is forcing students to proceed with financial prudence and face a balancing act.

“Unfortunately, a lot of people who ended up battling a pandemic were probably struggling before, so they weren’t able to repay their student loans,” she said. “They may not have been able to take advantage of this time. It’s a bigger issue just around the student debt crisis – $ 1.7 trillion for recent graduates.”

FREE DOWNLOAD: Receive late-breaking alerts in the FOX6 News app for iOS or Android

She said it was an average payment of almost $ 400 per month, which leaves a lot of people spending the summer trying to figure out how to reach their financial goals.

“It depends on an individual, depends on private schools versus public schools,” Dunlap said. “Unfortunately, women bear the brunt of student debt. Women bear two-thirds of student debt in the United States, which is the biggest systemic problem around education, around accessibility.”

She suggests spending conscientiously and managing money responsibly, as interest can add up quickly.

“In addition to your monthly payment, you want to send any extra money you have available for principal,” Dunlap said. “That’s the original amount they took out as part of your student loan. Contributing to the extra money you have, even if it’s $ 50, pouring it into the principal – can help you get out of debt much faster ”.

]]>
https://inzercepujcek.net/managing-university-debt-after-loan-cancellation-is-lifted/feed/ 0
5 tips for getting a loan if your credit score is in the 600s https://inzercepujcek.net/5-tips-for-getting-a-loan-if-your-credit-score-is-in-the-600s/ https://inzercepujcek.net/5-tips-for-getting-a-loan-if-your-credit-score-is-in-the-600s/#respond Sat, 10 Jul 2021 14:00:21 +0000 https://inzercepujcek.net/5-tips-for-getting-a-loan-if-your-credit-score-is-in-the-600s/ If you need a loan and your credit score is around 600, you might not be sure about your chances of getting approved. You don’t need to worry. Based on the correct score, the 600 are in the fair and good credit ranges. With either one, it is possible to get approval from multiple lenders. […]]]>

If you need a loan and your credit score is around 600, you might not be sure about your chances of getting approved. You don’t need to worry. Based on the correct score, the 600 are in the fair and good credit ranges. With either one, it is possible to get approval from multiple lenders.

Even if you are well above the credit score you need for a personal loan, the loan process is still important. You don’t want to pick the wrong lender and get turned down or end up paying a higher interest rate than you need to. Follow these tips to get the loan you need for the best price.

Start your journey to financial success with a bang

Get free access to the selected products we use to help us meet our financial goals. These fully verified choices could be the solution to help you increase your credit score, invest more profitably, build an emergency fund, and more.

By submitting your email address, you consent to our sending you money advice as well as products and services which we believe may be of interest to you. You can unsubscribe anytime. Please read our privacy statement and terms and conditions.

1. Find lenders with minimum requirements that you can meet

Each lender has their own minimum credit score for potential borrowers. Some are open to borrowers with a score of 580. Others may require a score of 660, 680 or higher. By choosing a lender with a minimum requirement that you can meet, you have a higher chance of being approved.

Your FICO® score is the type of score that matters most. This is the most used score by lenders, so when you want to get your credit score, try using a method that provides your FICO® score.

If your credit score is in the 600s, start by looking at personal loans for fair credit. The fair credit range is 580 to 669 under the FICO system, so you should find lenders that work for you. If your score is in the 600s, you can even qualify for the best personal loans.

Ascent’s selection of the best personal loans

Are you looking for a personal loan but don’t know where to start? Ascent’s choices for the best personal loans help you demystify the offers available so that you can choose the one that best suits your needs.

See the selections

2. Check if you are pre-approved

Most lenders offer online pre-approval tools. These allow you to check loan rates without affecting your credit score.

To use a pre-approval tool, you need to enter some basic information. Lenders usually want your name, address, income, desired loan amount, and social security number. When you submit the form, the lender performs a gentle credit check on you. Then it will let you know if you are pre-approved for a loan. If so, it will tell you the amount and the interest rate you could get.

A personal loan pre-approval is not a guarantee. But it does give you an idea of ​​which lenders will approve you and what kind of rates you can get with each.

3. Find a co-signer

A co-signer is someone who agrees to take on a loan with you. For this reason, the lender can use the information of the co-signer to decide if they will approve the request and what kind of rate they will offer.

Applying for a personal loan with a co-signer who has a higher credit rating than you could help you get a bigger loan, a lower interest rate, or both. The challenge is to find someone to do it for you. The co-signer is taking a risk because they will be just as responsible for the loan as you are. If you get a loan with a co-signer, make sure you always pay on time to avoid hurting both of your credit scores.

4. Pay off your credit card balance before applying

Raising your credit score before applying for a loan can make a big difference. Even a small increase could help you get a good interest rate that will save you hundreds of dollars.

A quick way to increase your credit score is to pay off your credit card balance. This is due to a factor called the credit utilization rate, or the relationship between your card balances and your credit limits. For a good credit rating, it is good to keep this ratio below 30%. So for every $ 1,000 of credit you have, don’t use more than $ 300.

The Ascent’s Choices For The Best Debt Consolidation Loans

Want to pay off your debts faster? Check out our list of the best personal loans for debt consolidation and lower your monthly payments with a lower rate.

Pay off debt faster

The great thing about using credit is that only the current number counts. Let’s say you have 70% credit usage. If you pay up to 25%, your credit score will increase within a month when the credit card companies report your new balances.

5. Beware of predatory lenders

Unfortunately, there is no shortage of predatory loan offers. Lenders offering payday loans and auto title loans are two examples. They often charge extremely high interest rates, with lenders in some states charging APRs above 500%. The reason they are able to attract consumers is that they have fewer minimum requirements. Some will approve borrowers without even checking their credit rating.

Research any lender you are considering to see if they are trustworthy. Before accepting a loan, review the contract, including the repayment terms and the interest rate. If the cost of the loan makes repayment nearly impossible, keep looking for other options.

A credit score in the 600s is enough to qualify for a loan. Try to pay off all credit card balances to get your highest possible credit score before you apply, or see if you can find a co-signer to help you. After that, just compare your options and get the amount you need at the best possible rate.

]]>
https://inzercepujcek.net/5-tips-for-getting-a-loan-if-your-credit-score-is-in-the-600s/feed/ 0
FBI Springfield Hosts Paycheck Protection Program / Economic Disaster Loan Fraud Task Force – FBI https://inzercepujcek.net/fbi-springfield-hosts-paycheck-protection-program-economic-disaster-loan-fraud-task-force-fbi/ https://inzercepujcek.net/fbi-springfield-hosts-paycheck-protection-program-economic-disaster-loan-fraud-task-force-fbi/#respond Thu, 08 Jul 2021 19:51:17 +0000 https://inzercepujcek.net/fbi-springfield-hosts-paycheck-protection-program-economic-disaster-loan-fraud-task-force-fbi/ The Fairview Heights Resident Agency, part of the FBI Springfield Field Office, organized a task force made up of federal partners, the Internal Revenue Service Criminal Investigations (IRS-CI) and the Small Business Administration Office of Inspector General (SBA- OIG) to combat Paycheck Protection Program (PPP) and Economic Disaster Loan Fraud (EIDL). The PPP and EIDL […]]]>

The Fairview Heights Resident Agency, part of the FBI Springfield Field Office, organized a task force made up of federal partners, the Internal Revenue Service Criminal Investigations (IRS-CI) and the Small Business Administration Office of Inspector General (SBA- OIG) to combat Paycheck Protection Program (PPP) and Economic Disaster Loan Fraud (EIDL).

The PPP and EIDL are part of the CARES (Coronavirus Aid, Relief, and Economic Security) law designed to provide financial assistance to millions of American businesses during the pandemic. PPP loans help businesses keep their workforce employed during the pandemic. The loan proceeds are to be used for salary costs, mortgage interest, rent, utilities and other limited property damage and operating costs as specified in the program.

The EIDL program is designed to provide economic relief to small businesses that experience a temporary loss of revenue, with the revenue being used to cover a wide range of working capital and normal operating expenses.

Criminals fraudulently apply for these loans or target the funds after they have been disbursed. This type of fraud can involve business owners who have inflated their salary expenses to obtain larger loans, fraudsters who create fake companies and false identities, and organized criminal networks who submit identical loan applications under different company names. The ill-gotten money is then used for personal gain.

The PPP / EIDL Fraud Task Force, formed in conjunction with the FBI, IRS-CI, and SBA-OIG, will combine resources to target this escalating threat at an unprecedented rate and obtain data and insights. critical evidence to identify PPP fraud.

“Unfortunately, when a crisis arises as a result of a natural disaster or a global pandemic such as COVID-19, there are individuals in our society who will take advantage of the situation to defraud those in need of programs. government economic relief as a way to line their own pockets. We have seen several patterns related to the COVID-19 crisis. Beware of anyone seeking personally identifiable information or financial information, in person or online, to facilitate requesting or accessing government funds. The FBI and our partners are committed to protecting the American people and the integrity of government aid programs. We will relentlessly prosecute those who exploit government aid funds and use them for personal gain at the expense of the taxpayer. Our investigative partnerships will lead to jail terms for these criminals, “said FBI special agent Springfield, Sean M. Cox.

“Our mission is to combat the exploitation of programs designed to help those in need. The IRS-CI has successfully investigated PPP and EIDL frauds, identifying millions of stolen funds, ”said Amanda Prestegard, Acting Special Agent in charge of the IRS-Criminal Investigation Field Office in St. Louis. . “The IRS-CI will continue to partner with the FBI and SBA-OIG to aggressively prosecute those who commit CARES law fraud. “

Experience shows that the cooperation of public-private partnerships is one of the FBI’s best allies in maximizing awareness and visibility of suspicious conduct, including the misuse and abuse of taxpayer funds. If you suspect PPP / EIDL fraud, contact the Springfield FBI at 217-522-9675 or submit advice to advice.fbi.gov or IRS.gov or SBA-OIG anti-fraud hotline.

]]>
https://inzercepujcek.net/fbi-springfield-hosts-paycheck-protection-program-economic-disaster-loan-fraud-task-force-fbi/feed/ 0
Most Student Loan Borrowers Aren’t Ready to Resume Payments, Survey Finds – Here’s What You Can Do https://inzercepujcek.net/most-student-loan-borrowers-arent-ready-to-resume-payments-survey-finds-heres-what-you-can-do/ https://inzercepujcek.net/most-student-loan-borrowers-arent-ready-to-resume-payments-survey-finds-heres-what-you-can-do/#respond Wed, 07 Jul 2021 12:19:56 +0000 https://inzercepujcek.net/most-student-loan-borrowers-arent-ready-to-resume-payments-survey-finds-heres-what-you-can-do/ Most college graduates aren’t ready to resume federal student loan payments, according to a recent survey. Here are three ways it can be easier once the forbearance ends. (iStock) Federal student loans are abstained until September 30, 2021, and unless President Joe Biden’s administration takes further action, millions of borrowers will have to resume their […]]]>

Most college graduates aren’t ready to resume federal student loan payments, according to a recent survey. Here are three ways it can be easier once the forbearance ends. (iStock)

Federal student loans are abstained until September 30, 2021, and unless President Joe Biden’s administration takes further action, millions of borrowers will have to resume their payments on October 1. But the vast majority of college graduates are not ready to resume federal student loan payments, says one survey of over 23,000 student borrowers led by Student Debt Crisis, an advocacy group.

Senate Democrats have called on Biden to write off up to $ 50,000 in student loan debt per borrower by executive order, but Biden himself has questioned such robust student loan cancellation measures. Just over half of those polled (52%) are optimistic about their student loan situation with President Biden in power, according to the survey.

BIDEN’S BUDGET EXCLUDES STUDENT LOAN FORGIVENESS, SO WHAT SHOULD YOU DO WITH COLLEGE DEBT?

Nine in 10 federal student loan borrowers won’t be ready to resume their payments on October 1, and about two-thirds (65%) won’t be ready until September 2022 or later. If you’re among the majority of borrowers who don’t know what to do with their student loans, read on to learn more about your options to make your payments easier to resume, such as income-based repayment plans, forbearance from economic hardship and student loan refinancing.

Private student loan rates are near all-time lows, which means now is a good time to refinance your private student loans if you are looking to save money. Visit Credible to compare the rates of several lenders and see if refinancing is right for you.

WITH STUDENT LOAN REFINANCING RATES NEAR LOWEST RECORDS, HERE’S HOW TO CALCULATE YOUR SAVINGS

What to do with your student loans before payments resume

No one knows if the student loan cancellation measures will be successful, and with student loan payments resuming in October, it’s time to start thinking about making payments again. In the meantime, borrowers have a few options to consider:

  • Join an income-based repayment plan: Federal student loans offer an income-based repayment, which fixes your monthly payment based on your income. You can claim a refund based on income on the website of the Ministry of Education.
  • Apply for abstention in the event of economic difficulties: Borrowers who are in financial difficulty can apply for additional student loan forbearance. The federal government offers two types of forbearance: postponement of economic difficulties and postponement of unemployment.
  • Refinance your private student loans at a lower rate: The moratorium on student loan repayments only applies to federal student loans, but many borrowers also have private loans. Refinancing your private student loans can help you lower your monthly payments or pay off your debt faster.

If you are considering refinancing your private loans, be sure to compare the offers of several lenders on Credible to ensure you are getting the lowest possible rate for your situation. It will not impact your credit score.

STUDENT LOAN RATES WERE NEW LOWEST RECORDS – HOW TO KNOW IF YOU SHOULD REFINANCE

Student loan borrowers relied on federal forbearance moratorium

Given that 90% of student loan borrowers are not ready by the end of the student loan forbearance period, it is no surprise that many of them were dependent on COVID-19 emergency relief. Three-quarters of survey respondents said the payment break was critical to their financial well-being.

“The pause in my student loan payments allowed me to catch up on my car payments, so it wasn’t picked up,” a respondent from New York said. “It allowed me to reduce my large balance on medical bills. It allayed my worries that I didn’t have enough money to meet my family’s basic needs.”

Student loan repayments are a big debt when trying to budget for living expenses. Almost a third of borrowers surveyed said more than 25% of their income would go to student loans if payments resumed.

If you have private student loans in addition to your federal student loans, there’s never been a better time to refinance. Borrowers who refinanced for a shorter loan term on Credible saved $ 17,344 over the life of their loans. Find out the interest rate on your private student loan and compare the rates in the table below to see if refinancing is right for you.

STUDENT LOAN REFINANCING RATES FALL AGAIN TO RECEIVE LOW: HOW TO FIND YOUR RATE

Have a finance-related question, but don’t know who to ask? Email the Credible Money Expert at moneyexpert@credible.com and your question could be answered by Credible in our Money Expert column.

]]>
https://inzercepujcek.net/most-student-loan-borrowers-arent-ready-to-resume-payments-survey-finds-heres-what-you-can-do/feed/ 0
Greensill Capital Potentially Breached COVID Emergency Loan Program Rules, Says NAO | Economic news https://inzercepujcek.net/greensill-capital-potentially-breached-covid-emergency-loan-program-rules-says-nao-economic-news/ https://inzercepujcek.net/greensill-capital-potentially-breached-covid-emergency-loan-program-rules-says-nao-economic-news/#respond Wed, 07 Jul 2021 02:55:58 +0000 https://inzercepujcek.net/greensill-capital-potentially-breached-covid-emergency-loan-program-rules-says-nao-economic-news/ Greensill Capital potentially broke the rules of the government’s emergency coronavirus loan programs, loaning hundreds of millions of pounds to Sanjeev Gupta’s business empire and leaving the taxpayer exposed. According to a National Audit Office (NAO) investigation, the now defunct finance company has made seven £ 50million loans to companies with links to the Gupta […]]]>

Greensill Capital potentially broke the rules of the government’s emergency coronavirus loan programs, loaning hundreds of millions of pounds to Sanjeev Gupta’s business empire and leaving the taxpayer exposed.

According to a National Audit Office (NAO) investigation, the now defunct finance company has made seven £ 50million loans to companies with links to the Gupta Family Group Alliance (GFG), which owns Liberty Steel.

Six of them were made on the same day.

This despite the fact that the rules of the program did not allow loans of more than £ 50million to a company or group without prior authorization.

The loans could cost the taxpayer £ 335million and they raised such a red flag to officials that government-backed loans by Greensill were suspended soon after.

The loans in question were made under the Coronavirus Large Business Interruption Loan Scheme (CLBILS), one of the emergency loan programs put in place by the government to help struggling businesses at the onset of the pandemic.

The government has committed to guaranteeing 80% of loans under this program.

Greensill Capital was one of 27 CLBILS accredited lenders, but one of three that were not established banks.

Picture:
There has been controversy over David Cameron’s lobbying of government ministers on behalf of the struggling financial services firm

It has been approved to lend up to £ 400million under this scheme. The NAO report says it was made clear to Greensill that there was a maximum loan limit of £ 50million per group of borrowers.

Despite this, seven of the eight CLBILS loans granted by Greensill were for businesses in Mr Gupta’s business empire, totaling £ 350million.

Six of the £ 50million loans were made on the same day, September 30.

Liberty Steel's Sanjeev Gupta (file photo)
Picture:
Sanjeev Gupta is Managing Director of GFG Alliance, owner of Liberty Steel

The activity was so worrying that the British Business Bank, the group responsible for accrediting lenders, decided to ban Greensill from continuing to lend on October 13.

The report also sheds light on how unusual the lending model was.

Although lenders were allowed to lend up to £ 50million, most did not, and the average loan under CLBILS was only £ 3million.

In fact, only 17 of the 698 CLBILS loans were for the maximum amount – eight of which were loaned by Greensill, making it the fifth lender in the program by value.

GFG is an unusual collection in that the companies are related in their ownership by Mr. Gupta and his family, but they are not formally part of a group.

Greensill maintained that he considered the loans to be compliant.

Greensill Capital became a household name in March when it collapsed, casting doubt on the future of its key client Liberty Steel.

There has also been controversy over former Prime Minister David Cameron’s role in lobbying ministers in the current government on behalf of the ailing financial services company.

The NAO investigation did not explore the the company’s links with the government but he reported on the “unusual” interest shown by the Department of Business, Energy and Industrial Strategy (BEIS) in the accreditation of Greensill as a lender.

The report details how updates on the accreditation process were repeatedly requested, with eight email inquiries sent in 19 weeks.

The Liberty Steel flag flies over the steelworks in Dalzell, Scotland (file photo)
Picture:
The collapse of Greensill Capital has cast doubt on the future of its main client Liberty Steel

The department told the NAO it had done so because it knew Greensill could potentially provide support to Liberty Steel, and if Greensill was not accredited, it would have to consider alternatives.

The National Audit Office said the British Business Bank was in a hurry to get money to businesses as quickly as possible and that meant it didn’t necessarily have time to question Greensill further before accrediting him as that lender.

He explained that the bank relied more on audit checks after certifying lenders rather than due diligence beforehand, in order to speed up the process.

However, he was credited with acting swiftly and decisively when alleged violations had occurred.

British Business Bank Managing Director Catherine Lewis La Torre said: “The British Business Bank recognizes, as the report does, that in Greensill’s case, the application of a less streamlined process could have led to the bank to question Greensill’s candidacy.

“A less streamlined accreditation process, however, would have taken longer, meaning that fewer lenders could have been accredited and fewer businesses would have received the essential funding they needed.”

Meg Hillier MP, Chairman of the Public Accounts Committee, said: “Unfortunately, it’s clear that part of this mess could have been avoided with more due diligence on Greensill up front.

“As with many decisions made during the pandemic, there are important lessons for the government about the trade-off between speed and precision in its emergency response.”

]]>
https://inzercepujcek.net/greensill-capital-potentially-breached-covid-emergency-loan-program-rules-says-nao-economic-news/feed/ 0
Reliance Jio Introduces 1GB Emergency Data Loan Pack – Here’s How To Get It https://inzercepujcek.net/reliance-jio-introduces-1gb-emergency-data-loan-pack-heres-how-to-get-it/ https://inzercepujcek.net/reliance-jio-introduces-1gb-emergency-data-loan-pack-heres-how-to-get-it/#respond Mon, 05 Jul 2021 08:09:03 +0000 https://inzercepujcek.net/reliance-jio-introduces-1gb-emergency-data-loan-pack-heres-how-to-get-it/ For many occasions where we are short of mobile data and want internet access urgently, Reliance Jio has offered a high speed mobile data loan option. The company will allow its prepaid users to take out emergency data loans of 1 GB each, up to 5 GB. The price for these 1GB data packs has […]]]>

For many occasions where we are short of mobile data and want internet access urgently, Reliance Jio has offered a high speed mobile data loan option. The company will allow its prepaid users to take out emergency data loans of 1 GB each, up to 5 GB.

The price for these 1GB data packs has been set at Rs. 11 by Jio and users can pay the full amount, depending on the data loan they take out, at a later stage. In ideal scenarios, one GB of data should be enough for most people to complete their tasks or play the game they were stuck in and choose another data plan that offers more data and likely longer validity.

]]>
https://inzercepujcek.net/reliance-jio-introduces-1gb-emergency-data-loan-pack-heres-how-to-get-it/feed/ 0