Car Brands – PKW Zubehoer http://pkw-zubehoer.com/ Tue, 28 Jun 2022 22:41:33 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://pkw-zubehoer.com/wp-content/uploads/2021/09/icon-2-150x150.png Car Brands – PKW Zubehoer http://pkw-zubehoer.com/ 32 32 8 Best Cash Advance Apps That Cover You Until Payday https://pkw-zubehoer.com/8-best-cash-advance-apps-that-cover-you-until-payday/ Tue, 28 Jun 2022 22:41:33 +0000 https://pkw-zubehoer.com/8-best-cash-advance-apps-that-cover-you-until-payday/ YinYang / iStock.com Once in a while you may get stuck in a situation where you need money urgently. If you don’t have friend around who could lend you extra money, you can turn to an institution for help. However, processing times from conventional lenders can often take weeks. Payday loans have been around for […]]]>

YinYang / iStock.com

Once in a while you may get stuck in a situation where you need money urgently. If you don’t have friend around who could lend you extra money, you can turn to an institution for help. However, processing times from conventional lenders can often take weeks.

Payday loans have been around for a long time, but lenders can charge huge fees. In fact, payday interest rates can exceed 600%.

8 Best Cash Advance Apps

Luckily, some apps allow you to borrow money, making it easier for you to get urgent money in just a few minutes. Not only is the processing fast, but it also takes less than five minutes to start applying for a loan. Plus, the fees are much better than traditional payday loans.

Here are the 8 best apps for cash advances.

  • David – Best for highest cash advance

  • Empower — Ideal for quick cash advances

  • To win — Ideal for income-based borrowing

  • PayActiv — Ideal for short-term loans

  • Brigitte — Ideal for same-day loans

  • SilverLion – Ideal for multiple options

  • Vola — Ideal for same-day cash advances up to $300

  • albert — Ideal for no late fees

1. Dave: Best for highest cash advance

Dave offers the largest cash advance in the industry – up to $500 through his new ExtraCash feature. All new members also receive a Dave Spending account, which will allow them to receive funds instantly for a low fee.

  • Rising: Up to $500

  • Delay of treatment : One to three days or instantly if you choose to pay express.

  • Repayment: By default, this is the day of your next paycheck, but you can change the date.

  • Costs: Dave charges a $1 subscription fee which is paid monthly. Users can also leave an optional tip. If you opt for instant money, you’ll pay an express fee of 99 cents to $6.99 for Dave’s spending account and $2.99 ​​to $11.99 for external transfers.

Advantages

The inconvenients

Dave offers the largest cash advance in the industry.

Express fees apply to receive money instantly.

2. Empower: Ideal for quick cash advances

Empower offers you cash advances of up to $250. Plus, you can use the Empower Card to get up to 10% cash back on purchases at specific merchants. The card also offers free transactions at 37,000 ATMs across the country. Even better, Empower cardholders receive their paychecks up to two days earlier.

Advantages

The inconvenients

Interest-free loan up to $250.

$8 subscription fee after 14-day free trial.

3. Earnin: Best for income-based borrowing

Earnin is a payday advance app that has a unique loan system. Its app tracks how many hours you have worked and lets you access your money based on your income. Additionally, the app has a notification feature that alerts you if your bank balance is low.

  • Rising: $100 to $500

  • Delay of treatment : Typically, the processing time is 1-2 business days, but you can get your money instantly if you opt for Earnin’s Lightning Speed.

  • Repayment: On your next repair

  • Costs: Earnin uses a voluntary tipping model up to $14. If you want to get the overdraft protection feature, you must set a recurring tip. However, if no overdraft protection is required, the tip can be set to $0.

Advantages

The inconvenients

The more you use the app, the more Earnin will allow you to borrow.

Charges may apply to use Earnin’s Lightning Speed ​​feature.

4. PayActiv: best for short-term loans

PayActiv is more than just an app that lets you borrow money. In fact, it also allows users to pay their bills and get discounts on select department store purchases and prescription drugs. Check stores associated with PayActiv and redeem your discounts directly in the app. For example, you can get 10 cents off per gallon with Murphy USA.

The app lets you see what you’ve won and lets you access it when you need it. Plus, you can pay your bills directly through the app.

Additionally, the app lets you book Uber rides using your earned salary.

  • Rising: A fixed percentage of what you earn

  • Delay of treatment : Transfers to the PayActiv card are instant and transfers to other debit cards take 48 hours. Card transfers can be made instantly for a fee of $1.99.

  • Repayment: Not required since you are paid for what you have already earned.

  • Costs: PayActiv is free if you direct deposit your salary on your PayActiv card. If you don’t, there’s a $1 per day fee for each day you use Cash Access, Card Load, and Bill Pay. If you choose cash pickup at a Walmart store or use instant deposit on another card, you’ll pay a $1.99 processing fee.

Advantages

The inconvenients

You can pay bills and get discounts on things like gasoline and prescription drugs with the PayActiv app.

Without a PayActiv card, charges apply.

5. Brigit: best for same day loans

Brigit lets you borrow $250 the same day you apply, as long as your application is submitted by 10 a.m. EST.

However, you must use the company’s monthly plan to access this feature.

  • Rising: Up to $250

  • Delay of treatment : You get your loan the same day if you apply before 10 a.m. EST. Otherwise, the money is deposited into your account the next business day. Instant cash may be available if you have a debit card connected.

  • Repayment: The app sets the repayment date according to your income schedule. You can also reschedule it once if you have repaid two advances on time.

  • Costs: The paid Plus plan costs $9.99 per month.

Advantages

The inconvenients

No late fees or penalties if you can’t pay on time.

$9.99 fee to access cash advances.

The app allows you to defer payment.

Early cut-off time to request and receive money the same day, unless you have a debit card connected.

6. MoneyLion: best for multiple options

Besides offering you a loan, MoneyLion has many other features, such as financial tracking and investment accounts.

  • Rising: $50 to $250. You can access larger loan amounts if you have a RoarMoney account or become a Credit Builder Plus member.

  • Delay of treatment : If you have a RoarMoney account, you will get your loan in 24-48 hours, and if you choose to have the money deposited in an external account, it will take 3-5 days. You can also choose to have your money within minutes to hours by paying turbo fees.

  • Repayment: During your next repair.

  • Costs: You can pay an optional tip. Additionally, there is a $3.99 fee for instant delivery if you are an account holder and $4.99 otherwise.

Advantages

The inconvenients

Access to amounts over $250 is possible.

It can take three to eight weeks to become eligible for the maximum amount of Instacash.

Various account features.

A fee is charged to get money the same day.

7. Vola: Best for same-day cash advances up to $300

When looking to borrow money with a loan app, Vola stands out because it offers same-day cash advances up to $300 with no credit check. It also supports more than 6,000 credit unions and banks.

  • Rising: Up to $300

  • Delay of treatment : Within five hours

  • Repayment: Manually or automatically on the due date

  • Costs: Subscription fees from $2.99 ​​to $28.99

Advantages

The inconvenients

Up to $300 advanced in the same day.

Subscription fees apply.

Five-day cooling-off period between reimbursement and request for another advance.

8. Albert: Best No Late Fee

Albert has designed its products to take the complexity out of your financial life. It offers instant cash advances, automatic repayment, and there are never late fees.

  • Rising: Up to $250

  • Delay of treatment : Instantly, which may incur a fee, or within two to three days for free

  • Repayment: Automatic reimbursement on your next pay date

  • Costs: No fees to advance money instantly if you advance it to Albert Cash; instant advances to an external account will pay a small fee.

Advantages

The inconvenients

Albert never charges late fees and there are no fees if you repay after the due date.

A 30-day free trial of Albert Genius is required when signing up for Albert Instant, which you can cancel.

Carry

Each cash advance application has its pros and cons, so it’s important to do your research and choose the one that’s right for you. Be sure to read the terms and conditions and don’t borrow more than you can afford.

FAQs

Choosing the right app for a cash advance is important. To help you decide, here are answers to some frequently asked questions.

  • What’s the easiest app to get a cash advance?

    • Vola lets you borrow up to $300 without a credit check. However, each application has different qualifications for borrowing money, so it’s important to do your research and choose the one that best suits your situation.

  • How can I borrow $200 on Cash App?

    • On the Cash app, go to the “Bank” header and select “Borrow”. Although Cash App Borrow is not yet available to everyone, it allows you to borrow up to $200 as long as you meet their requirements.

    • If the “Borrow” option does not appear, it is not yet available to you.

  • Which app gives you $100?

  • Which app gives the most cash advance?

    • Dave is offering up to $500 with the ExtraCash feature.

    • Earnin also offers up to $500, but the amount is based on hours worked.

Cynthia Measom contributed to the reporting of this article.

Rates and fees are correct as of June 28, 2022 and are subject to change.

This article originally appeared on GOBankingRates.com: 8 Best Cash Advance Apps That Cover You Until Payday

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Sketchy ads on TikTok encourage high-interest payday loans https://pkw-zubehoer.com/sketchy-ads-on-tiktok-encourage-high-interest-payday-loans/ Sun, 26 Jun 2022 14:30:57 +0000 https://pkw-zubehoer.com/sketchy-ads-on-tiktok-encourage-high-interest-payday-loans/ A group of secret TikTok advertisers are using sketchy tactics to push massive loans that experts say could violate misleading advertising laws, The Post has learned. Some of the ads tease “almost instant” five-figure deposits despite bad credit, while others seem to imply that they are part of government “inflation programs” and use the logos […]]]>

A group of secret TikTok advertisers are using sketchy tactics to push massive loans that experts say could violate misleading advertising laws, The Post has learned.

Some of the ads tease “almost instant” five-figure deposits despite bad credit, while others seem to imply that they are part of government “inflation programs” and use the logos of news organizations like CNN.

Cash-strapped borrowers who click on links in many advertisements are asked to provide sensitive personal information, including their social security and bank account numbers.

“At best, these videos are designed to make you give up information you shouldn’t be giving away, which will lead to more solicitations,” John Breyault, vice president of the National Consumer League advocacy group, told The Post. “At worst, this is a complete scam designed either to take your money or information for fraudulent purposes.”

A typical TikTok loan ad opens with a photo of the words “US Government Inflation Program 2022” on a video from the US Capitol.

Some advertisements appear to imply that they are part of the government’s “inflation programs”.
ICT Tac

“The US government’s inflation program helps Americans get a loan, even with bad credit,” a voiceover says in somewhat broken English. “You can get up to $50,000 by filling out a simple form.”

The ad then cuts to a shot from the point of view of a person holding stacks of hundred dollar bills in a car.

“I use my money to cover my bills, fill up on gas for the rest of the year, and cover my medical needs,” the voiceover says. “Click the link below, fill out the form in as little as 60 seconds and see how much you can get. Thank me later.”

People who click on the link, which leads to a site called “Lavish Finances”, are asked to fill out forms with personal information, including bank details, social security numbers and addresses.

Lavish Finance says it then passes applicants’ information to lenders, who can respond with loan offers with annual interest rates of up to 35.99% for terms of up to four years. If someone were to take out a loan under the sites’ maximum terms – $50,000 repaid at 35.99% APR over four years – the user would ultimately be liable for more than $137,000.

Tik Tok Logo
Experts say the sketchy tactics of TikTok advertisers to push massive loans could run afoul of the law on misleading advertising.
Reuters

Breyald said the loans advertised by Lavish Finance and similar sites are “terrible” for the vast majority of consumers.

“35.99% APR is higher than some of the highest credit card loans,” he said.

Breyault and Bartlett Naylor, a financial policy advocate with consumer rights group Public Citizen, said the ads risked violating Federal Trade Commission rules on misleading advertising.

@Loanssy TikTok announcement for a loan
Other advertisements use the logos of news organizations like CNN.
ICT Tac

“If it is implied that it is a government program and you click on it and it is not a government program, my advice is: you are being scammed,” Naylor said, advising people to “stay away” and calling on TikTok to take a tougher line against people. loan announcements.

After The Post contacted TikTok to comment on the ads from Lavish Finances and other companies, the social media site removed them over violations of its advertising policies, which prohibit “misleading, inauthentic and deceptive behavior”.

“Advertisers and ad content must follow our Community Guidelines, Advertising Guidelines, and Terms of Service, and content that violates these guidelines will be removed,” a TikTok spokesperson told The Post.

When The Post emailed the only email address available on the Lavish Finances website for comment, messages bounced back. A phone number listed on the site went directly to a voicemail, which was full. The Lavish Finances site lists the address of a building in Dover, Del., which sells “virtual office services” for $50 a month.

The FTC said it does not comment “if it is investigating a specific company, individual, or business practice.” The agency has not announced any action against any of the sites mentioned in this article, but it Is frequently prosecute The companies, according to the agency, falsely claim to be affiliated with the US government.

Lavish Finances is far from the only advertiser to use questionable techniques on TikTok. An ad that links to a site called PersonalLoanPro shows what appears to be a fake CNN segment. It flashes “BREAKING NEWS” that “AMERICANS CAN NOW CLAIM UP TO $50,000”.

“They’re showing it again,” a man says, pointing to a television showing the segment. “That’s how I got my money.”

The camera then pans to the man’s face as he says: ‘A new benefit was just released last week allowing Americans to claim up to $50,000. You don’t need a credit history at all — no bank requirements. I did it myself and made $8,000 in two days.

A similar Facebook version of the video was slap with a ‘false news’ warning in May – but as of mid-June it was still being advertised on TikTok without any disclosure.

@Loanssy TikTok announcement for a loan
Some lending sites ask users to enter sensitive information, including their social security number.
ICT Tac

Other advertisements related to PersonalLoanPro feature various narrators who are happy to receive money through the site. In one, the text “Got $45,000 near INSTANTLY” appears on screen as a female narrator approaches a man and says, “Babe, where did you get all that money?

The man shows an online bank account on his phone and says, “That’s really crazy. I just got a $45,000 loan and it’s already in our bank account.

In another ad, a male narrator sitting in a car brandishes wads of hundred-dollar bills and raves that a loan is the “last-minute miracle I desperately needed.”

Like Lavish Finance, PersonalLoanPro asks people to enter sensitive information, including their social security numbers. He says he will then refer them to lenders who can offer them loans with interest rates of up to 35.99% APR on terms of up to 15 years.

“They basically say something like, ‘Nobody else knows, I wish I knew sooner’ — and they show you stacks of cash,” Breyault said. “It’s laughable at first glance, but it’s a common tactic.”

PersonalLoanPro’s site says it’s owned by a Durango, Colorado-based company called On The Barrelhead. Email inquiries sent to both PersonalLoanPro and On The Barrelhead went unanswered, while a call to an On The Barrelhead site phone number went straight to voicemail.

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Best site for payday loans in June 2022 | Top Resource For Quick Cash Loans https://pkw-zubehoer.com/best-site-for-payday-loans-in-june-2022-top-resource-for-quick-cash-loans/ Sat, 25 Jun 2022 12:41:30 +0000 https://pkw-zubehoer.com/best-site-for-payday-loans-in-june-2022-top-resource-for-quick-cash-loans/ If there’s one thing you need like a hole in the head, it’s an unexpected bill. Especially if you are not financially prepared for such an inconvenience. Maybe you had medical bills to pay or a car repair that blew a hole in your pocket. Do not be afraid, You’re not the only one. Millions […]]]>

If there’s one thing you need like a hole in the head, it’s an unexpected bill. Especially if you are not financially prepared for such an inconvenience. Maybe you had medical bills to pay or a car repair that blew a hole in your pocket.

Do not be afraid, You’re not the only one. Millions of hard-working Americans like you need emergency funds every day. Even if they have bad credit ratings, they are still able to get payday loans for bad credit to help make ends meet. So can you!

Our top resource for payday loans:

MyUSALoans

  1. High credit availability
  2. Easy to use platform
  3. Fast application process

MyUSALoans is the best payday loan broker we’ve found. They provide a free and transparent service; giving applicants with even the lowest credit scores the ability to borrow up to $5,000 and receive the funds within 24 hours.

Apply here on the official MyUSALoans website

Opportunities:

  • Up to $5,000 available
  • Decision in minutes
  • Funds deposited the next day

Obstacles:

  • Service not available for residents of AK, NY, VT, WV
  • Payday loans can have high interest rates

Eligibility criteria

MyUSALoans requires that you meet the following criteria:

  • Must be at least 18 years old
  • Have a current account with direct deposit
  • Regular income and pay frequency

Is it easy to get a loan?

You’ll need to provide some basic information about yourself, but the forms don’t take more than a few minutes to complete.

Once you complete your application, your details will be presented within seconds to available lenders who can provide you with a payday loan.

When you’ve agreed to the terms and finalized your loan, your lender will deposit your money into your bank account, usually within 24 hours.

Benefits of payday loans and how they can help

Payday loans are short-term, high-interest loans that are usually designed to be repaid on the borrower’s next paycheck. They often get a bad rap due to their high interest rates and are generally considered an option of last resort for people in need of short-term financial assistance.

HoweverThe reality is that due to the difficulties many Americans face getting a loan with bad credit, payday loans still hold their place as a helpful resource for covering essential costs. Typically, core costs include things like:

  • Medical fees
  • Car repairs
  • Unexpected bills
  • Home repairs

Accessibility

All you need is a phone or computer to apply. If you can read this article, you can claim up to $5,000 in minutes. No matter the time of day, you can log in and submit your application 24/7.

Convenience

Besides the advantage of easy access to payday loans, it is convenient to apply.

You can borrow up to $5,000 and have it deposited into your checking account in as little as 24 hours. You’ll get your approval decision within minutes of completing the application form, and best of all, MyUSALoans doesn’t charge you anything for their service.

You can improve your credit score

Repay the loan on time box increase your credit score. No different to any other loan; you show an ability to make structured repayments, and that may well reflect on your report.

No restrictions on how you use it

Although we only advocate the use of payday loans to cover unavoidable emergencies, there are no specific rules as to what you should use the loan for.

During your application phase, you may be asked what you are taking the loan for, but if you want to spend it on something else, you can. Just be reasonable and make sure you only borrow what you need. More on this in the next section.

What are the costs?

The first cost to consider is obviously going to be the interest rate. Beware that payday loans have interest rates of up to 841%. Generally, the less you borrow, the less interest you will pay. However, your credit history will also play a role in this.

The ideal is to find the lowest possible interest rate. You should also use good judgment when checking your lender’s terms and conditions. It is common to encounter processing fees, late refund fees and other charges related to non-payment.

Processing fees are industry standard and are added to the total cost of the loan, normally at a rate of approximately 1-2% of the loan amount.

Late repayment fees are exactly what they say they are. If you don’t repay on time, you’ll be charged exorbitant fees, in addition to having to pay back the money you owed. It is essential that you do not allow this to happen. The best way to protect yourself is to always follow the golden rule; borrow only what you absolutely need and always repay on time.

What other loan options do I have?

Payday loans aren’t the only way to get short-term credit. If you’re not sure if a payday loan is right for you but need financial help, there may be another solution.

Guarantor Loans

Secured loans are a type of unsecured loan that requires a friend or family member to promise to repay the loan if the borrower does not.

They are a great way to access credit if you have bad credit. Repaying on time will boost your credit history, but make sure you are fully confident in your ability to repay so you don’t jeopardize your trusted friend’s credit rating!

Secured loans

Secured loans require you to appoint collateral which will be used to recover the cost from the lender if you do not repay. As you can probably imagine, secured loans are often involved in obtaining large sums of money.

Here are some examples of warranties:

  • Home/Mortgages
  • Autos/Vehicles
  • Valuable objects
  • Investments

If you default multiple times on your loan, the lender can repossess your collateral without notice. Also, if the value does not match the amount of the debt, you will still be responsible for the remaining balance.

Loans for family and friends

This makes the bottom of the list, as loans between family and friends can often cause distress in personal relationships. However, if you have people willing to help you with a short-term loan, you will find it to be a much cheaper solution than payday loans.

It’s usually a good idea to write up a spreadsheet or document detailing the specific amount borrowed and repayment dates. Just make sure you stick with it, or you’ll jeopardize your relationship.

Our most frequently asked questions

Will my credit report be affected when I apply?

When you apply with MyUSALoans, you voluntarily provide them with your score during the application phase. As such, they have no reason to check your score when finding you lenders.

Some lenders, however, will check your score. Some won’t. The lender will normally clarify before you apply with them whether or not they will check your score. If they say they will do a “soft search”, don’t worry because it won’t show up as a credit inquiry on your report.

Can you get approved if you have bad credit?

These lenders make their living by providing loans to people with bad credit. There is no credit score that will stop you from applying, just be aware that you may have to pay higher interest rates if your score is very bad.

However, if you need money, it is better to have the option of the loan than not to have it. Just make sure that you will be able to pay the repayments, otherwise you should look for alternative loans.

Are you allowed to borrow twice from the same lender?

Yes. If you have already successfully repaid a loan on time, this lender is more likely to offer you favorable repayment terms. This could include lower interest rates or better access to credit.

Our final thoughts on payday loans

Overall, we find that when used responsibly, payday loans are a good resource for obtaining emergency credit when needed.

By using a reliable broker like MyUSALoans, you eliminate the hassle of finding and verifying your own lenders. With their simple and efficient application process, they do all the heavy lifting for you and make the whole process seamless.

If you’ve been hesitating about getting a payday loan, we hope this information has given you the confidence to tackle your financial needs head-on. Whether you have great credit or bad credit, apply for a payday loan today!

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42% of employees run out of money before payday ― Earnipay https://pkw-zubehoer.com/42-of-employees-run-out-of-money-before-payday-%e2%80%95-earnipay/ Thu, 23 Jun 2022 17:25:57 +0000 https://pkw-zubehoer.com/42-of-employees-run-out-of-money-before-payday-%e2%80%95-earnipay/ Earnipay, a fintech company that provides flexible, on-demand access to employees, revealed that 42% of employees in Africa run out of money before payday. According to the company, this causes employers to lose up to 27 days of working hours per employee per year due to money stress. Speaking at a media roundtable in Lagos […]]]>

Earnipay, a fintech company that provides flexible, on-demand access to employees, revealed that 42% of employees in Africa run out of money before payday.

According to the company, this causes employers to lose up to 27 days of working hours per employee per year due to money stress.

Speaking at a media roundtable in Lagos on Wednesday, June 22, 2022, Earnipay Founder and CEO Mr. Nonso Onwuzulike said that for employers to improve the productivity of their teams, eliminate the financial stress that prevents even star employees from performing optimally. , businesses can take advantage of Earnipay’s services to take care of weekly or bi-weekly salaries that suit the lifestyle of some low-income earners.

According to him, 67% of employees want more financial support from their employer.

“Most of the African workforce is paid monthly, but lives on paycheck to paycheck. Unlike more developed countries like the United States, where weekly or bi-weekly wages can support this lifestyle, low monthly wages.

“So what ends up happening is that wage earners take payday advances or borrow money from payday lenders and loan sharks to offset their day-to-day expenses and emergencies, eventually falling into a debt cycle,” he said.

While explaining that Earnipay does not provide payday advance, but funds equivalent to 50% of days worked in a month, Onwuzulike noted that a few individual companies have sought to address this internally and allow employees to access their daily salary as they work for it.

ALSO READ FROM NIGERIAN TRIBUNE

The company says it wants to improve the financial well-being of employees by partnering with employers and seamlessly integrating with their payroll systems to offer its services to employees, who can then track and withdraw their accrued wages through application any day of the month.

“At the end of the month, the employer deducts the withdrawn amount from the employee’s salary, reimburses Earnipay with it, and then pays the employee the balance as salary for that month,” Onwuzulike said.

Financial worries, he said.

are the number one cause of workplace distractions. The monthly pay cycle means employees are often unable to pay day-to-day expenses, cover emergencies, or take advantage of immediate financial opportunities.

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

“Earnipay exists to solve this problem and provide an ethical alternative to instant access to pay while helping employers improve employee engagement and retention at zero cost to their business.

“The future of pay is on-demand, and we’re thrilled to be pioneering this incredible solution in Africa. I’m excited to partner with a group of highly respected investors who understand the need for a platform like ‘Earnipay to improve access to wages and, above all, to improve the financial well-being of employees in Africa, he said.

Also speaking, other team members including Esther John, Sakes and the Business Development Manager explained that Earnipay charges employees a nominal processing fee of NGN 250 or NGN 500 for this access. There are no refunds or interest charges because employees have access to what they worked for, it’s their money, they said.

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

According to the company, Earnipay has received US$4 million and with the seed funding, Earnipay will accelerate the development of its technology platform to serve large enterprise employers. In doing so, the technology company will provide employees with the tools they need to make better financial decisions and improve their quality of life.

The company plans to offer its pay-on-demand solution to 200,000 employees by the end of 2022 and has already served more than 40 companies, outsourcing companies and HR solution providers in Nigeria.

Employers can sign up for Earnipay through the web platform to access the employer dashboard and add their employees in a simple process.

Top 10 Business Ideas In Nigeria You Can Start With 100,000 Naira

42% of employees run out of money before payday ― Earnipay

2023: Kwankwaso will not be deputy to Obi —NNPP

42% of employees run out of money before payday ― Earnipay

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Group aims to stop ‘predatory’ payday loans in Michigan https://pkw-zubehoer.com/group-aims-to-stop-predatory-payday-loans-in-michigan/ Tue, 21 Jun 2022 15:56:00 +0000 https://pkw-zubehoer.com/group-aims-to-stop-predatory-payday-loans-in-michigan/ (WXYZ) – As inflation puts pressure on families, others could turn to payday loans for help. But some say the law allows predatory payday lending in Michigan and it needs to change. The nonpartisan Michiganders for Fair Lending said it submitted more than 400,000 signatures to put payday loan regulations on the ballot in November. […]]]>


(WXYZ) – As inflation puts pressure on families, others could turn to payday loans for help. But some say the law allows predatory payday lending in Michigan and it needs to change.

The nonpartisan Michiganders for Fair Lending said it submitted more than 400,000 signatures to put payday loan regulations on the ballot in November.

WXYZ charts for depth

WXYZ charts for depth

It was a pothole that caused a big financial bump down the road in Amber Wyatt’s life. His car needed repairs.

“I thought it was something simple, so I took it to the mechanic. I found out it was something big. $715 big,” Wyatt said. “I couldn’t afford to pay. So I had to borrow money to get my car and go to work.”

She took out a salary advance in November.

“I got the money like this. The problem is you borrow $600, you have to pay back $677,” Wyatt said.

She then found herself having to replenish and renew that payday loan, each time getting significant new fees. And life went on. She went on maternity leave to have her beautiful baby 4 months ago.

“We’re all trying to survive and keep lights and shelter and food on our kids’ tables,” she said.

Centerforresponsiblelending1.png

responsible credit center

Depth charts

Chart: Responsible Credit Center

There are currently laws in Michigan limiting the fees charged on payday loans, but many don’t realize how high the interest rates they pay are.

According to the Michigan Department of Financial Services and Insurance, if you borrow $100 for 2 weeks, the maximum charge allowed is $15. That might not seem like a lot, $15, if you’re in trouble. But if you break it down into interest, $15/14 equals $1.071429 per day. For a loan of $100, you convert it to an annual percentage rate by multiplying it by the number of days in the year. That’s 391% interest per year MAX for a $100 Michigan loan.

Source: Michigan Attorney General’s Department

Now there is a movement to lower this rate with a new law.

“There are more payday loan stores than McDonald’s,” Josh Hovey said.

Hovey is the spokesperson for the Michiganders for Fair Lending campaign.

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WXYZ charts for depth

WXYZ charts for depth

He points to a Center for Responsible Lending report that found here in Michigan, people spend more than $100 million a year on payday loan fees every year.

The Center says Michigan has what it calls a payday loan debt trap with average payday loans announced in 2021 around 370% per year.

“It’s fair to charge someone interest for a loan, but we don’t think 370% should be the number,” Hovey said.

Michiganders for Fair Lending has turned over more than 400,000 signatures that the state is currently reviewing. If approved, his petition would allow voters to decide whether to cap interest charged by payday lenders at 36% per year.

“It’s not an unreasonable thing to ask not to attack people,” he said.

When asked if it would put people out of business, Hovey replied, “No, I think any business should be able to make money on 36% interest.”

Advance America Statement

Moving America Forward

Advance America FAQs

7 Action News has contacted Check N Go and Advance America for their response to such a proposal, but has not yet received a response. However Advance America website says his fees are sometimes lower than the costs people face if they can’t accept a payday loan. He also says a 36% interest rate cap would not cover the cost of running their business and would be an effective ban on cash advances.

Wyatt has mixed feelings. The payday loan got her out of trouble, though she admits it got her into trouble again.

“When you have an emergency and you need money now, you don’t have much choice,” she said.

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Personal loan ads on social networks https://pkw-zubehoer.com/personal-loan-ads-on-social-networks/ Sun, 12 Jun 2022 00:07:08 +0000 https://pkw-zubehoer.com/personal-loan-ads-on-social-networks/ The past few years have been difficult for many Americans. Unfortunately, trying to stretch every dollar to buy basic necessities has become the norm. Some might consider a second or third job to pay the bills. This is precisely the type of person that payday loans target. Promising quick cash without telling the full story […]]]>

The past few years have been difficult for many Americans. Unfortunately, trying to stretch every dollar to buy basic necessities has become the norm. Some might consider a second or third job to pay the bills.

This is precisely the type of person that payday loans target. Promising quick cash without telling the full story of loan costs, these ads have been popping up on social media platforms like TikTok.

Read on to find out how these companies are bending the rules and why taking a payday loan is bad.

Here is the backstory

All social media platforms have advertising as it is the main way to generate profit. But some sites are not as strict about ad content as others. For example, TikTok claims to have a policy against “exaggerated performance or promises”.

Yet, there are many payday loan messages that target vulnerable users. According to Media Matters for Americathree companies systematically violate TikTok’s advertising policies by promoting payday loans.

Promising instant cash, posts by Earnin, Brigit and Albert target those in need of quick cash with phrasing such as “living paycheck to paycheck” or always being “broke”. It is unclear how advertising is allowed to be on the platform.

TikTok Payday Loans
Credit: Media Matters for America

But Earnin is no stranger to controversy. The company settled a $12.5 million lawsuit three years ago for deceptive lending practices. Brigit and Albert are also not registered with the Better Business Bureau (BBB), as some users claimed there were unexpected charges or missing deposits.

What can you do about it

It may seem like a lucrative opportunity to get some quick cash in your wallet, but there will always be a catch. The interest rate will be exorbitant, and they don’t call it often. Some advertisements will use words such as “fee” or “tip” without mentioning the interest rate.

According to the Consumer Financial Protection Bureau, a two-week payday loan with a $15 fee to borrow $100 gives you an annual percentage rate of 400%. That’s way more than the typical 30% for a high-interest credit card.

It may leave you in a cycle of debt, but according to the BBBthere are safer alternatives to payday loans:

  • Build a budget with an emergency fund. Create a budget so you know how much money you receive and how much you need to pay your bills. This will help avoid needing a loan in the first place. Then set aside money each month to build an emergency fund. You will be covered even if an unexpected expense or emergency occurs.
  • Get credit advice. Get credit counseling if you find yourself unable to pay your bills or caught in a cycle of debt due to a high-interest loan. The US Department of Justice has a list of agencies for people looking for debt reduction help. Also see BBB’s advice on credit counseling for more resources.
  • Shop for loans. Compare interest rates, fees and late fees by reading the fine print before choosing a lender. Pay close attention to interest rates and loan rollover fees. Credit unions are a great place to get a small loan with reasonable interest rates. Even credit card cash advances, which typically have double-digit interest rates, likely have lower interest rates than those offered by a payday lender.
  • Contact your creditors if you cannot pay on time. If you realize you won’t be able to make a payment on time, don’t panic. Contact the creditor directly. Many creditors are willing to work with you to design a payment plan you can afford.

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Five loans to start your business – Flux Magazine https://pkw-zubehoer.com/five-loans-to-start-your-business-flux-magazine/ Wed, 08 Jun 2022 22:36:34 +0000 https://pkw-zubehoer.com/five-loans-to-start-your-business-flux-magazine/ Al Woods words When you start a business you need money, there is no getting around it. It is necessary to have enough capital to grow, expand and advance your business. Whether you have money to start your business or not, having enough capital is essential to grow. That’s where loans come in. Whether you’re […]]]>

Al Woods words

When you start a business you need money, there is no getting around it. It is necessary to have enough capital to grow, expand and advance your business. Whether you have money to start your business or not, having enough capital is essential to grow. That’s where loans come in. Whether you’re trying to open a cafe or start a tech business, capital is imperative. No matter what type of business you start, you will need money. Below are five loans to help you start a business.

Business loans

The obvious option when it comes to starting a business is a business loan. Business loans usually come from banks and can have very high interest rates. Other lenders may be interested in providing funding for your business, but they will generally want to understand your business model and what you are looking to accomplish. If a lender likes your business model, they’ll be more likely to provide you with the funds you need. Business loans vary quite a bit. They are dynamic and versatile, but they might not be the best option for you.

Personal loans

Another option for starting a business is a personal loan. Personal loans are of two different types. Secured loans generally use collateral. It’s a good option to buy a big piece of equipment when you start your business. For example, if you are trying to start a brewery, you can use a secured loan to purchase a brewing kit. Of course, you must make the payments on time. Failure to do so could result in the lender repossessing your equipment. Unsecured loans, however, do not require collateral. These are based on your credit score. When trying to start a business, an unsecured personal loan can be a great way to get cash to use for anything.

Installment loans

Installment loans are just that, loans offered in multiple installments. You may be thinking, what is the difference between payday loan and installment loan choice ? Payday loans help borrowers through a specific period, and they pay it in the interest rate. Installment loans are loan options that provide funds in bursts. This way, you won’t have to pay it all off at once and enjoy the benefits of getting money every week or so. They too does not require a credit check. These loans are great for starting a business because you will receive money as you spend it and determine the base or operations.

Crowdfunding

Crowdfunding is a non-traditional loan to help you start your business. Sure, you could ask people to give you free money back, but you probably won’t get that many donations. Instead, you can offer lenders freebies, products, and special offers. Crowdfunding is a great way to determine your target demographic. It’s, in a sense, a loan, but it’s directly from your customers to get you started. If you have a product or service in demand, crowdfunding is a good option for a non-traditional loan.

Small business loans

Small business loans can be a little different from traditional business loans. Many of these loans come from the government. When you open in a location that needs economic development, the city or county might be willing to loan you money to start the business. Small business loans are also available from private lenders, but generally these businesses are set up in places where it benefits the business.

When you start a business, there are so many things to think about. The most important thing to start a business is to have enough money. You need capital to start the business and keep it running for years. If you’re not making money right away, this is especially relevant. You’re lucky. There are many types of loans to choose from to get started. If you think you’ll need money to take the business to its highest potential, you shouldn’t overlook your loan options. Instead, do some research to find the best loan for your business model. You won’t regret it when you have a successful business in your hands!

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Small Business Restaurant Improvement Loans https://pkw-zubehoer.com/small-business-restaurant-improvement-loans/ Mon, 06 Jun 2022 22:32:31 +0000 https://pkw-zubehoer.com/small-business-restaurant-improvement-loans/ If you’re a business owner in the restaurant industry, you understand the importance of keeping your restaurant up to date to be successful. Whether you’re opening a new restaurant, establishing a new location, or renovating an existing restaurant, a restaurant improvement loan and other financing options can help. Some financing options include: Traditional bank loans […]]]>

If you’re a business owner in the restaurant industry, you understand the importance of keeping your restaurant up to date to be successful. Whether you’re opening a new restaurant, establishing a new location, or renovating an existing restaurant, a restaurant improvement loan and other financing options can help.

Some financing options include:

  • Traditional bank loans
  • Business line of credit
  • Equipment loans
  • Commercial real estate loans
  • Merchant Cash Advance
  • Small Business Administration (SBA) Loans

This article explains your financing options and how they can help your restaurant business.

Why would someone need a restaurant improvement loan?

As restaurateurs, keeping your restaurant open and profitable is the most important thing. So it is good to understand why you would need a restaurant improvement loan for your business. Here are four reasons:

1. Buy inventory

A restaurant improvement loan can help you avoid breaking the bank on everything from bar stools, tables and chairs to other must-have restaurant equipment. With a loan, small business owners can focus on creating the best environment for their customers that matches their business needs. Also, inventory can extend to kitchen equipment like ovens, food prep counters, or food processors, which are very expensive and you don’t want to pay for with your personal funds or put on your score. personal credit.

2. Renovations

Another reason you might need a restaurant improvement loan is to renovate your restaurant. Renovations may include:

  • Installation of new flooring
  • Updated seat cabins
  • Bathroom upgrades
  • Installation of new light fixtures
  • Paint the interior and exterior

There are many reasons why you would want to renovate and keep your restaurant up to date, especially in a social media generation where people value aesthetics. A restaurant improvement loan can bring you much closer to your goal of having a restaurant with rave reviews.

3. Implement new technologies

Technology is constantly changing, so whether you need an updated point-of-sale (POS) system or you’re infusing your restaurant business with mobile technology and online ordering, you may need funds. additional. Brick-and-mortar businesses are constantly changing the way they serve their customers, so finding a lender who can provide you with the financing to scale your restaurant can help you scale.

4. Marketing and advertising

Restaurant improvements can also include how you get the message across to your customers. Marketing and advertising are key tools for retaining repeat customers, attracting new ones, and keeping your business profitable. However, marketing and advertising online or elsewhere can be quite expensive and having funding options that increase cash flow can help you acquire the right amount of marketing needed to keep your business running.

Types of Catering Business Loans

These types of restaurant business loans are the ones you should consider:

Equipment loans

Equipment financing is specifically designed to get you the new or updated equipment your restaurant business needs. You have the option of securing the necessary financing to purchase or lease the equipment. Alternatively, you may decide to pursue a sale and leaseback agreement, in which you sell the equipment to a lender in exchange for cash and then lease the equipment from the lender. You have the option of returning the equipment at the end of the term or purchasing it from the lender.

Working capital loans

A working capital loan is money you borrow for the day-to-day running of your business. Working capital loans pay for a business’s short-term needs and expenses instead of investments or assets that will be held longer. This is a small business loan that could come in handy if your business finds itself in a difficult financial situation. Rather than long-term investments, short-term financial goals are the main focus of this type of business financing.

Merchant Cash Advance

Compared to other forms of financing, such as conventional bank loans, merchant cash advances offer a unique opportunity for small businesses. Business owners get financing in the form of an upfront lump sum from a merchant cash advance provider. The owners then repay the advance using a percentage of the business’s future sales. An MCA can be an alternative for businesses that have a high number of credit card sales, are in dire need of capital, or don’t qualify for a conventional loan.

Bank loans

Other financing choices, such as credit cards, payday loans, or short-term loans from internet lenders, often carry higher interest rates than those offered by traditional bank loans. Also, if the lender discloses payments made to commercial credit bureaus, you can improve your business’ creditworthiness if you make your payments on time.

When you have questions about your loan or other financial products that could benefit your business, you can speak to a professional banker or loan officer located at a local branch of many banks for assistance. . This service is offered by many banks.

When to Apply for Restaurant Improvement Funding

Having a business plan can help you determine the longevity of your business growth, especially with financing. Knowing when to apply for restaurant improvement financing can have a positive effect on your working capital and can also help you buy equipment, do renovations, and more.

Here are important times in your business when you should consider applying for restaurant improvement financing:

  • Opening a new location
  • Low season
  • When your credit score is high
  • If you need more inventory
  • To afford additional equipment
  • Make essential renovations

Depending on the length of your business or your restaurant’s volume of business, this may dictate when you should apply for financing. In the end, needing it and not having the extra funds is worse than having it and being ready to make the changes necessary for your business to grow and succeed.

How to Improve Your Chances of Funding Approval

There are many facets to improving your chances of being approved for funding, but it is absolutely essential and doable. Whether you are a new business or have bad credit, you always have options. Here are ways to improve your chances of getting your seed funding approved:

  • Build your business credit score. When seeking financing for any loan amount, it is good to have established credit for your business. As a borrower, you don’t want to run the risk of sacrificing your personal credit, so establishing an EIN against a social security number will help your application process strictly through your business name. Nav offers a tool here to better understand your business credit score.
  • Increase your income. One of the best ways for lenders to ensure that you have the ability to repay a loan is to show your financial statements. With lower incomes, you may benefit from loan options with higher interest rates or only short-term loans requiring faster repayment terms.
  • Bring in a co-signer. Depending on the type of loan, if your credit isn’t the best, bringing in a trusted co-signer who has better credit and income can also improve your chances of approval. A co-signer on your loan application could also be someone related to your restaurant business, as they will have the same responsibility for repaying the loan.

Best Loans for Restaurant Improvements

If you’ve already started your search for a loan, you know that there are a seemingly endless number of lines of credit and small business loans available from banks and online lenders. Since new businesses are perceived to have a higher level of risk, the opportunities available to them will be more restricted. However, check out the loan deals Nav has for all small businesses.

Ultimately, whatever loan products, small business loans, or other type of financing you choose for your restaurant business, Nav is here to help. With Nav’s resources and loan matching tool, you can receive the business financing that best suits your business needs. From how to establish business credit to offering a comprehensive list of business credit cards to ensure you get the best restaurant financing options, the choice is yours.

This article was originally written on June 6, 2022.

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5 Best Online Payday Loans – Online Payday Loans Same Day Deposit & No Rejection Payday Loans Direct Lenders in 2022 https://pkw-zubehoer.com/5-best-online-payday-loans-online-payday-loans-same-day-deposit-no-rejection-payday-loans-direct-lenders-in-2022/ Fri, 03 Jun 2022 06:26:00 +0000 https://pkw-zubehoer.com/5-best-online-payday-loans-online-payday-loans-same-day-deposit-no-rejection-payday-loans-direct-lenders-in-2022/ Online payday loans are the solution to almost any type of financial lock-up. Whether you need money to redecorate the spare bedroom, buy an expensive birthday present, or pay for an expensive car repair, online payday loans can provide you with the cash you need. Many Americans have experienced the financial flexibility offered by online […]]]>


Online payday loans are the solution to almost any type of financial lock-up. Whether you need money to redecorate the spare bedroom, buy an expensive birthday present, or pay for an expensive car repair, online payday loans can provide you with the cash you need. Many Americans have experienced the financial flexibility offered by online payday loans, and if you’re looking for financial relief, you can too.

Loan search services such as Viva Payday Loans give borrowers quick access to lenders offering the best payday loans online. With so many online payday loan providers, it can be difficult to choose the right one. This article features the top five direct online payday loan seekers on the market, putting you in direct contact with lenders.

Best online payday loans 2022 – a quick overview

What are the best online payday loans? See our top 5 below:

  • Viva Payday Loans – Best payday loans for fast payments
  • Heart Paydays – Best for No Disclaimer Payday Loans, Direct Lenders Only
  • Credit Clock – Best Online Payday Loans With Fast Approval Process
  • Money Lender Squad – Best for $255 payday loans online same day
  • Very Merry Loans – Best online payday loans with same day deposit

Best General Eligibility Criteria for Online Payday Loans

Borrowers must meet the following criteria to obtain payday loans online.

  • Must be 18 years or older
  • Must hold US residency
  • Must earn a minimum of $1,000 per month
  • Must pass accessibility checks
  • Must have a US bank account

If you have bad credit, you can still apply for the best payday loans online through Viva Payday Loans if you meet the criteria above. While none of the loan finder sites do credit checks on your name directly, lenders offering financing might.

Five Best Online Payday Loans: Same Day Deposit for Bad Credit

1. Viva Payday Loans – Best Payday Loans for Fast Payments

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Viva Payday Loans is known for its fast turnaround time, providing access to lenders who offer the best payday loans online in the shortest possible time. To be a successful applicant, you must meet the above loan criteria and pass affordability checks. Once the loan is approved, the funds are disbursed to the borrower within an hour. Interest rates range from 5.99% to 35.99%, depending on the lender.

Advantages

  • Repayment terms from 2 to 24 months
  • Loan values ​​up to $5,000
  • Fast payments within 60 minutes of loan approval

The inconvenients

  • High interest rates up to 35.99%

Click here to request funds from Viva Payday Loans >

2. Heart Paydays – Best for No Disclaimer Payday Loans Only for Direct Lenders

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Borrowers with bad FICO scores or no credit history can apply for the best online payday loans for bad credit through the Heart Paydays portal and still stand a chance of getting the money they need if they are currently in an excellent financial situation. When using this loan finder service, borrowers are tempted to be matched with direct no-disclaimer lenders only who are most likely to view their financial situation favorably. Loan amounts range from $100 to $5,000 with APRs of 5.99% to 35.99% and 2 to 24 months to pay off.

Advantages

  • Simple eligibility requirements
  • Almost instantaneous request feedback in 2 minutes
  • Flexible repayment terms

The inconvenients

3. Credit Clock – Best Online Payday Loans for Fast Approval Process

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When the best online payday loans are needed in a hurry, time seems to fly without giving you a second to catch your breath. This is where Credit Clock comes to the rescue with lenders that offer fast approval processes and even faster payments.

Credit Clock connects borrowers and lenders with the click of a button. Lenders through Credit Clock offer borrowers affordable loan amounts from $100 to $5,000 for 2 to 24 months. Interest rates range from 5.99% to 35.99%, which may seem high but may be worth the convenience, fast loan approvals and quick repayments. Check if you meet the loan criteria above and apply today!

Advantages

  • Fast payments
  • The easy online application process
  • Affordable Loans

The inconvenients

4. Money Lender Squad – Best for $255 Same Day Online Payday Loans

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Money Lender Squad gives borrowers direct access to lenders without the usual hassle of traditional financial institutions. Their loan finder service helps borrowers apply for the best direct online payday loans online with a single application.

The process is simple and requires borrowers to enter their details, choose their loan amount and repayment period, and the best payday loans online appear in minutes. Online payday loans through lenders on the Money Lender Squad portal range from $100 to $5,000 with APRs of 5.99% to 35.99% and 2 to 24 months to pay off!

Advantages

  • The fast online application process
  • Offers $255 payday loans online and same day deposit
  • Loan amounts up to $5,000

The inconvenients

  • Not all requests are guaranteed to be approved

5. Very Merry Loans – Best Online Payday Loans with Same Day Deposit

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If you don’t need a large loan, the best online payday loans are available through the Very Merry Loans portal lenders. Loan amounts are kept small to keep them affordable, and APRs typically range from 5.99% to 35.99%. Additionally, lenders on the Very Merry Loans platform are known to pay on the same day as loan approval, giving borrowers access to seemingly instant cash. If you meet the general loan criteria mentioned above, you can easily apply for some of the best payday loans online through lenders on the Very Merry Loans platform.

Advantages

  • Same day payments
  • Flexible loan terms
  • Quick online application in 2 minutes

The inconvenients

  • Loan amounts capped at $2,000

Best Online Payday Loans Same Day Features and Considerations

Credit checks

Most online payday loans through US-based lenders are subject to credit checking by law. No credit check, instant approval. However, if you have a bad FICO score but your financial situation has improved, you can still apply online for the best payday loans.

Affordability

Affordability is key when applying for the best payday loans online. When processing your application, lenders will do an affordability check, such as comparing your bank account to expenses and pay stubs.

Penalties

Your loan agreement will specify the penalties and fees associated with your loans. Therefore, it is best to familiarize yourself with the terms of the loan agreement to avoid paying early or late repayment fees.

Conclusion

Online payday loans are an excellent form of financing for those who need funds quickly. They give you the flexibility you need between now and your next payday if you find yourself in a difficult financial situation.

FAQs

What are the best and easiest payday loans to get same day?

Online payday loans are fast, simple and convenient. First, borrowers complete a simple online application that connects them to a panel of lenders. From there, lenders assess the borrower’s affordability and, if they can afford the loan, funds are usually disbursed the same day.

What is the highest payday loan to get?

Online payday lenders offer loans between $100 and $5,000. Depending on the lender, APRs can range from 5.99% to 35.99% with the providers mentioned above. However, most lenders offer flexible repayment terms of 2-12 months or 2-24 months.

What are the best online payday loans?

Borrowers asking about the best payday loans online can use a range of loan search platforms such as Viva Payday Loans to find the best loan for them. Loan finder services simultaneously connect the borrower to a wide range of lenders. This means they are more likely to get a loan because multiple lenders have assessed their applications.

Disclaimer – The above content is not editorial, and Economic Times hereby disclaims all warranties, express or implied, in connection therewith, and does not necessarily warrant, guarantee or endorse any content. The loan websites reviewed are loan matching services, not direct lenders. Therefore, they are not directly involved in the acceptance of your loan application. Applying for a loan with the websites does not guarantee acceptance of a loan. This article does not provide financial advice. Please seek the assistance of a financial advisor if you need financial assistance. Loans available only to US residents.

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Ballot initiative could cap payday loans in Michigan https://pkw-zubehoer.com/ballot-initiative-could-cap-payday-loans-in-michigan/ Wed, 01 Jun 2022 20:32:00 +0000 https://pkw-zubehoer.com/ballot-initiative-could-cap-payday-loans-in-michigan/ LANSING, Mich. (WILX) — Payday loans could face much tougher regulation in November. Michiganders for Fair Lending, a Grand Rapids-based policy advocacy group, submitted 405,625 signatures Wednesday afternoon to the Michigan Secretary of State in an effort to ask a question about the November 2022 ballot to reform predatory practices payday loan. Lily: U.S. gasoline […]]]>

LANSING, Mich. (WILX) — Payday loans could face much tougher regulation in November.

Michiganders for Fair Lending, a Grand Rapids-based policy advocacy group, submitted 405,625 signatures Wednesday afternoon to the Michigan Secretary of State in an effort to ask a question about the November 2022 ballot to reform predatory practices payday loan.

Lily: U.S. gasoline prices hit record highs

Payday lenders have used the lure of quick money to prey on vulnerable Michiganders for too long. These extreme interest rate loans are designed to trap people in an endless cycle of debt, and we’re giving voters a chance this fall to fix that problem,” said Josh Hovey, Michiganders spokesperson for Fair. Lending.

In Michigan, the typical payday loan carries the equivalent of an annual percentage of 370% (APR). The Michiganders for Fair Lending proposal asks voters to approve capping payday loan interest rates at no more than 36% APR.

“These conditions trap Michiganders in a cycle of debt,” Hovey wrote in a statement. “According to the Consumer Financial Protection Bureau, 75% payday loan fee are collected from borrowers with ten or more loans per year.

Hovey said the canvassing team exceeded their goal and collected more than 575,000 signatures to ensure a significant buffer.

Next, the Board of State Solicitors will consider petitions from Michiganders for Fair Lending. The campaign must submit 340,042 valid voter signatures to qualify for the November 2022 ballot.

Next:

  • Mason Post Office closes due to structural issues
  • Man hospitalized after motorcycle crash with deer in Ingham County

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