Restaurant Fund – Mexicali Blues Cafe http://mexicalibluescafe.com/ Tue, 15 Nov 2022 20:22:51 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://mexicalibluescafe.com/wp-content/uploads/2021/06/icon-2-150x150.png Restaurant Fund – Mexicali Blues Cafe http://mexicalibluescafe.com/ 32 32 Credit Scores: The Meaning, Importance and Effects of Credit Scores on Loans and Jobs https://mexicalibluescafe.com/credit-scores-the-meaning-importance-and-effects-of-credit-scores-on-loans-and-jobs/ Tue, 15 Nov 2022 20:22:51 +0000 https://mexicalibluescafe.com/credit-scores-the-meaning-importance-and-effects-of-credit-scores-on-loans-and-jobs/ A credit score is essential for every individual to build a solid financial profile. You can get the loan products you need right away because of your good credit ratings. The possibility of obtaining credit increases due to your efforts to improve your credit score. Here, we’ll discuss everything you need to know about credit […]]]>

A credit score is essential for every individual to build a solid financial profile. You can get the loan products you need right away because of your good credit ratings. The possibility of obtaining credit increases due to your efforts to improve your credit score.

Here, we’ll discuss everything you need to know about credit scores and how they can affect your future, your ability to get loans, and job opportunities.

What are credit scores?

A credit score determines your credit risk, or the likelihood that you’ll repay your loans on time, and it’s a three-digit number ranging from 300 to 850.

Your credit score is determined by considering your payment history, the total amount of debt you owe, and the length of your credit history. Higher scores show that you have already demonstrated responsible credit behavior, which can inspire more confidence in potential creditors and lenders when evaluating a credit application.

Lenders, including banks and credit card companies, use credit scores to determine the risk of lending money to consumers and to reduce losses from bad debts. Lenders use credit scores to decide whether an applicant qualifies for a loan, interest rate and credit limits. Lenders also use credit scores to identify customers most likely to generate income.

Banks are not the only institutions to use credit scoring. Other businesses such as cell phone providers, insurers, landlords, and government agencies may use the same strategies. Alternative data sources are used by digital finance organizations, such as online lenders, to determine a borrower’s creditworthiness.

How are credit scores calculated?

Credit scores are calculated based on these five factors:

  1. About 35% of your credit score is based on your payment history. It represents your ability to pay your bills on time, the frequency of missed payments, the number of days you pay bills past the due date, and the frequency of late payments.
  2. The amount you owe is about 30% of your credit score. Factors such as the total amount owed, the type and number of accounts you have, and the ratio of your debt to available credit play a role in this. If you pay your bills on time and in small amounts, your credit score may rise, but larger balances and depleted credit cards will cause it to drop.
  3. The length of your credit history is about 15% of your credit score. The earlier you made your payments, the better your credit rating will be. When reviewing credit history, credit score models often consider the average age of your credit. For this reason, you might think about maintaining open and active accounts.
  4. Your account type accounts for about 10% of your credit score. Having various accounts, such as credit cards, installment loans, and other loans, can help boost your credit score.
  5. Recent activity on your account takes up the last 10% of your credit score. Recent account openings or requests for new accounts could indicate potential financial difficulties and lower your score.

If you have one below 690 credit score, you may need to consider increasing it to increase your chances of getting a loan. Also, if you don’t know your current score, you can calculate your credit score using any online tool available or visit your bank to find out more.

Building and maintaining good credit is the cornerstone of a successful financial life. Money Girl, Laura Adams and Rod Griffin of Experian explain how to manage credit wisely and instantly boost scores for free in this episode of the Money Girl podcast.

Importance of a good credit score

A credit score above 650 is considered fair. Having a good credit rating has many benefits, and we will discuss them below.

Lower interest rate

One of the fees that comes with getting a loan is the interest rate, and you often receive a rate that directly correlates to your credit score. There is a good chance that you are eligible for the lower interest rates and pay less finance charges on credit card balances and loans if you have a high credit score.

Easier loan approval

Due to repeated denials, borrowers with bad credit often avoid applying for new credit cards or new loans. A high credit score does not guarantee acceptance, as lenders always consider your income and debts. However, having a high credit rating increases your chances of getting new credit. In other words, you can confidently apply for a loan or a credit card. Although getting a loan with bad credit is possible, we advise you to maintain your high credit score.

Easier approval for a higher limit

Your credit score and salary determine your ability to borrow money. Because you’ve shown you can repay what you borrow on time, banks are more willing to let you borrow extra money if you have good credit. With a low credit score, you might still be accepted for some loans, but the amount will be lower.

Easier approval for rental homes and purchases

Many landlords now use credit scores during the tenant screening process. Bad credit can seriously hurt your chances of renting an apartment, especially if it’s caused by a previous eviction or unpaid rent. A good credit score means avoiding the time and stress of finding a landlord who will approve tenants with bad credit.

Effects of having a bad credit score on loans and jobs

With a bad credit rating, you may miss out on some loans and even job opportunities. Here are some disadvantages of having bad credit;

Higher interest rates on loans and credit cards

Your credit score indicates your risk of defaulting on a credit card or loan commitment. You are a riskier borrower than someone with a higher credit score. By charging you a higher interest rate, creditors and lenders are making you pay for this risk.

If you are granted credit with a poor credit score, you will end up paying more interest than if your credit were better.

You might miss some career opportunities.

Employers can obtain consumer credit reports in most states when choosing who to hire, promote or reassign. This is especially true if the position involves significant financial obligations.

Your employer won’t see your exact credit score, but they can access your credit report and see your account details with your signed authorization. If found, it could affect their decision to hire you.

For more on credit scores — and why yours may have plummeted — check out episode 599 of the Money Girl podcast below.

]]>
Card issuers cut car loan sizes due to difficulty in raising funds https://mexicalibluescafe.com/card-issuers-cut-car-loan-sizes-due-to-difficulty-in-raising-funds/ Tue, 08 Nov 2022 00:32:09 +0000 https://mexicalibluescafe.com/card-issuers-cut-car-loan-sizes-due-to-difficulty-in-raising-funds/ Cars driving on the Gyeongbu Expressway linking Seoul and the city of Busan in the southeast of this file photo. (Yonhap) SEOUL, Nov. 8 (Korea Bizwire) — A number of South Korean credit issuers and credit finance companies are reducing their auto installment finance offers due to the difficulty in raising funds in a prolonged […]]]>

Cars driving on the Gyeongbu Expressway linking Seoul and the city of Busan in the southeast of this file photo. (Yonhap)

SEOUL, Nov. 8 (Korea Bizwire)A number of South Korean credit issuers and credit finance companies are reducing their auto installment finance offers due to the difficulty in raising funds in a prolonged high interest rate.

For these companies, tiered interest rates for new cars (based on a 60-month term period) were between 6% and 7% this month.

Hyundai Capital Services Inc., the nation’s leading auto finance company, offers installment financing at an annual interest rate of 6.1% when customers buy new cars from its subsidiaries Hyundai Motor Co. and Kia Corp. ., about twice as many as several months ago.

Other companies’ installment interest rates are higher than this, all over 6.5%.

The main factor behind the rise in interest rates on car installments is the surge in the market financing rate resulting from the increase in interest rates in and out from the country.

The interest rate on corporate bonds issued by credit card companies with a maturity of three years stood at 6.1% on November 4, up 3.7 percentage points from the end of 2021. .

Industry watchers said some companies are essentially demarketing – attempting to reduce consumption – by raising interest rates on installments.

JS Shin (js_shin@koreabizwire.com)


Tagged

]]>
10 lenders who offer small personal loans https://mexicalibluescafe.com/10-lenders-who-offer-small-personal-loans/ Tue, 01 Nov 2022 17:23:24 +0000 https://mexicalibluescafe.com/10-lenders-who-offer-small-personal-loans/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. If you face an unexpected expense and […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

If you face an unexpected expense and only need to borrow a little money, small personal loans can be beneficial. (Shutterstock)

If you need to borrow a small amount of money to consolidate debt, pay a medical bill, or cover a emergency expense, you may be considering a small personal loan. Small loans probably won’t earn the lender as much interest, so not all lenders offer them.

But many lenders offer personal loans for amounts of $5,000 or less. Here’s how small personal loans work and where to find them.

If you are looking for a small loan, Credible allows you to view your prequalified personal loan rates from various lenders, all in one place.

What is a small personal loan?

A small personal loan is generally considered to be a loan in the amount of $5,000 or less. You can use funds from a small loan for almost any expense, including debt consolidation, car repairs, medical expenses or vacations.

Small personal loans are installment loans. You will receive the funds in a lump sum and then make fixed monthly payments (including interest) towards the balance over a set period of time.

In most cases, small personal loans are unsecured, so they don’t require you to post any asset as collateral. If you have bad credit, you may qualify for a secured loan, which would require collateral, such as your car or a savings account.

If you have little or no credit history, or if your rating is not what you would like it to be, it may be more difficult to qualify for a small personal loan. Many lenders work with borrowers with bad credit, but you’ll pay a higher interest rate to borrow money than someone with good credit.

You can find small personal loans from banks, credit unions and online lenders.

Types of small loans to avoid

When money is tight, it’s tempting to take advantage of any loan offer you receive. But you should avoid these types of small loans if possible:

  • Payday loan – Payday loans are small, short-term loans that are usually due before your next payday. Payday lenders do not consider your ability to repay the loan. They also charge exorbitant fees and interest, which can amount to an annual percentage rate (APR) of 400%, according to the Consumer Financial Protection Bureau.
  • Title loan — With a title loan, the lender requires the title to your car as collateral. If you are unable to repay the loan, the lender may repossess your vehicle to pay off the debt. Title loans have short repayment terms (usually within 30 days) and come with high fees and interest rates.
  • 401(k) loan — If you have a 401(k) plan, you may be able to borrow funds from the account. But if you withdraw money from your 401(k) before age 59½, you’ll pay a penalty on the withdrawal and may owe taxes on the funds you use. You may also have to repay the loan in full if you leave your current job.

10 Lenders Who Offer Personal Loans Under $5,000

If you’re looking for a small personal loan, these 10 credible partner lenders are a good place to start:

Before

  • Minimum loan amount: $2,000
  • Minimum credit score: 550
  • Good for: Borrowers with bad credit who need a loan fast

Discover

  • Minimum loan amount: $2,500
  • Minimum credit score: 660
  • Good for: Borrowers looking for longer repayment periods and no loan origination fees

loan club

  • Minimum loan amount: $1,000
  • Minimum credit score: 600
  • Good for: Borrowers who wish to apply with a co-signer

LendingPoint

  • Minimum loan amount: $2,000
  • Minimum credit score: 580
  • Good for: Borrowers with subprime credit scores and a minimum income of $20,000

OneMain Financial

  • Minimum loan amount: $1,500
  • Minimum credit score: None
  • Good for: Borrowers with bad credit who have collateral

PenFed

  • Minimum loan amount: $600
  • Minimum credit score: 660
  • Good for: Borrowers who want smaller loan amounts

Prosper

  • Minimum loan amount: $2,000
  • Minimum credit score: 640
  • Good for: Low-income borrowers with fair credit scores

Universal Credit

  • Minimum loan amount: $1,000
  • Minimum credit score: 560
  • Good for: Borrowers with bad credit who would use free credit monitoring

Upgrade

  • Minimum loan amount: $1,000
  • Minimum credit score: 560
  • Good for: Borrowers with fair credit ratings looking to rebuild their credit

Reached

  • Minimum loan amount: $1,000
  • Minimum credit score: 580
  • Good for: Borrowers who have a good education and work history

Visit Credible for compare personal loan rates from various lenders, without affecting your credit score.

Advantages and disadvantages of small personal loans

Small personal loans have advantages and disadvantages to consider before applying.

Advantages of small personal loans

  • Lower interest rates than credit cards — If you use a personal loan to consolidate your debt, you could save on interest compared to your credit cards.
  • Quick Funding — Many smaller personal lenders offer financing in just one or two business days. Some lenders can even fund your loan the same day you are approved.
  • Options for borrowers with bad credit — Even if your credit score isn’t perfect, you’ll probably be able to find financing from a lender that specializes in subprime borrowers. But keep in mind that you will probably pay a higher interest rate. Lenders offer their lowest interest rates to borrowers with good or excellent credit.

Disadvantages of small personal loans

  • Higher interest rates than larger loans — Lenders may charge higher interest rates for smaller loans to increase their income on the money you borrow.
  • Can pay fees — Some lenders charge origination fees for loan processing or late payment fees. Read the fine print and factor the fees charged by the lender into the total cost of your loan.
  • Take the risk of taking on more debt — If you’re using a personal loan to consolidate your debt, it can be tempting to spend on your newly paid off credit cards, putting you in more debt.

How to Apply for a Personal Loan Under $5,000

Once you’ve decided you’re ready to apply for a personal loan, follow these five steps:

  1. Create a budget. Decide how much you want to borrow and how much you can afford to repay each month. This will help you not to overwork yourself.
  2. Compare rates from multiple lenders. The best way to save money when borrowing is to compare the rates and terms of multiple lenders to make sure you get the best deal for your situation.
  3. Gather financial information. You’ll want to have your personal information ready before you apply, including proof of income, address, and identification. If you have a co-signer, you will also need their information.
  4. Complete the application. Once you have chosen the lender you wish to work with, complete the application. If you apply online, you may have a decision in minutes.
  5. Set a payment date that works for you and start making payments on your loan. If you are approved for a loan, you will sign a loan agreement and the lender will disburse your loan funds. Many lenders allow you to choose your payment due date. Choose a date that suits your budget. You might even be able to save on interest if you opt for automatic payments.

If you’re ready to apply for a small loan, Credible makes it quick and easy compare personal loan rates to find the one that suits your needs.

]]>
Emergency Cash Loans for Single Mothers: Is It Possible To Get If You’re Unemployed? https://mexicalibluescafe.com/emergency-cash-loans-for-single-mothers-is-it-possible-to-get-if-youre-unemployed/ Mon, 31 Oct 2022 09:31:54 +0000 https://mexicalibluescafe.com/?p=5011 This article talks about who might be able to get one of these loans, how to apply for one, how much money each loan is worth, and what kinds of things banks think about when deciding whether or not to give them out. This article tells you how to manage your money, even if you […]]]>

This article talks about who might be able to get one of these loans, how to apply for one, how much money each loan is worth, and what kinds of things banks think about when deciding whether or not to give them out. This article tells you how to manage your money, even if you are having trouble doing so so that you always have enough cash on hand to pay for unplanned expenses or emergencies.

What Are Loans for Single Moms in an Emergency?

Single mothers who need help with money right away can get Payday Champion cash loans. They can get different kinds of loans. For example, it could be an installment loan for the holidays to help you pay important bills in a way that works better for you once a year. You can also get a Direct Deposit Payday Loan, which can help you pay for short-term financial needs that you didn’t plan for.

Payday loans are usually paid back in full when the borrower gets their next paycheck. This is usually done in a short amount of time and all at once. With an installment loan, the money is usually paid back over a long period of time in a number of smaller payments. The option that works best for you will depend on a number of things, such as how much you need to borrow and how much money you already have.

Where can I get an emergency loan for a single mother?

Because of the internet, it is now easier than ever to find anything you need or want. You can easily find loans online by using services like the one on this page that match you with lenders.

You’ll only have to fill out one form with us, and we’ll look at the details based on the information we already have. When we find a good match, we’ll let the lender know, and they’ll get in touch with you to finish the deal.

We can help you find a wide range of loan options, including no-teletrack installment loans, which are made to meet the needs of people who have had financial problems in the past. No matter what your situation is, there’s a good chance that we’ll be able to help you find the right product.

What Kinds of Emergency Loans Are There for Single Moms?

There are two kinds of emergency loans for single mothers. The first is getting cash from your credit card company. This type of loan is very dangerous because it puts your credit at risk. It gives you the money you need to do whatever you want, like pay your bills or buy food. These loans are also quite pricey because they have high-interest rates and fees. But if you can’t get money from anywhere else to pay your bills, you may have no choice but to get one of these loans.

The second type of emergency loan for single moms is an unsecured loan. Banks and other financial institutions can give single moms money without hurting their credit by giving them an unsecured loan. This is the best way for single mothers who qualify to get the money they need because it is reliable and much cheaper than using a credit card.

How Single Mothers Can Get Emergency Loans

Before you start filling out an application for an Emergency Loan for Single Mothers, you should talk to all of the banks and organizations that offer these loans to find out what criteria you must meet. Most of these loans are meant to help single mothers pay for unexpected costs like rent and groceries. Some financial institutions will accept pay stubs or other documents that show a single mother works as proof of income, while others won’t even ask.

Things for unemployed single mothers to think about before getting emergency loans

If you are a single mom who doesn’t have a job right now, there are a few things you should know before you apply for an emergency loan for single moms. For example, even though a lot of banks offer these loans to single mothers who are unemployed, not all of them do so under the same terms and conditions. There is a chance that some lenders will offer less money or higher interest rates for Emergency Loans for Single Mothers. These loans are given to single mothers who are currently unemployed. If the borrower chooses certain other types of loans, the borrowed amount, plus any interest, may have to be paid back to the lender within a set amount of time. If you want to apply for this kind of loan while you don’t have a job, you should compare the terms that different lenders offer.

How much money can you get?

Most emergency loans for single mothers can range from $500 to $1,500 in value. Some banks are willing to lend up to a certain amount, but only after looking at your credit score, the value of your assets, and a number of other things. In addition to paying back this loan, you may have to pay a fee. If you don’t have enough money in your savings account, you can always use your ATM card to get cash from a bank. There is always something else you can do. You can call your bank or fill out an application online to find out if this is a possibility. You can also do one of these things to find out if another business offers Emergency Loans for Single Mothers.

Can single moms who don’t make money get loans?

Emergency Loans for Single Mothers can help unemployed single mothers who need money but don’t have a job. But if you are the only person in the house with a job, you probably won’t be able to borrow very much money (typically not more than one thousand dollars). Also, because these loans often require collateral (like a car title or property deed), you can use it to pay back the loan if you lose your job and can’t do it on your own. This is because these loans usually need something to back them up.

Will loans for single mothers with bad credit be given to them?

Emergency loans can be given to single mothers; even if they have a terrible credit history, the answer is yes. Your odds of being approved will be determined by both your current financial situation and the factors taken into account by the bank during the credit check.

]]>
Citi to sell Russian portfolio of personal installment loans to Uralsib https://mexicalibluescafe.com/citi-to-sell-russian-portfolio-of-personal-installment-loans-to-uralsib/ Fri, 28 Oct 2022 14:49:00 +0000 https://mexicalibluescafe.com/citi-to-sell-russian-portfolio-of-personal-installment-loans-to-uralsib/ Oct 28 (Reuters) – Citigroup Inc (CN) said on Friday its Russian unit had agreed to sell a portfolio of personal installment loans to commercial bank Uralsib, as the top U.S. lender seeks to pull out of the country and reduce its exposure to Russia. The bank will also sell a wallet of credit card […]]]>

Oct 28 (Reuters) – Citigroup Inc (CN) said on Friday its Russian unit had agreed to sell a portfolio of personal installment loans to commercial bank Uralsib, as the top U.S. lender seeks to pull out of the country and reduce its exposure to Russia.

The bank will also sell a wallet of credit card balances, if it gets customers’ consent.

Citi did not disclose financial details of the deal. The bank will not transfer any of its employees and branches to Uralsib under the agreement.

Private firm Uralsib, among Russia’s top 30 assets, also did not disclose the value of the deal, but said the loan book was of “significantly above market average” credit quality. , allowing the bank to increase its customer base in Moscow and St. Petersburg.

The deal comes as Russia this week banned transactions with the share capital of 45 banks, mostly units of Western and Asian lenders, including UniCredit (CRDI.MI), Raiffeisen (RBIV.VI) and Citi itself. , unless there is a special waiver from the Kremlin. Read more

Russia’s Central Bank Governor Elvira Nabiullina, when asked about Citi’s deal with Uralsib, said in a Friday briefing that the ban only covered transactions with shareholder capital. She added that the criteria allowing such transactions have not yet been established.

“Until these criteria are established, work is ongoing on the decree. All factors will be taken into account,” Nabiullina said. “And as for the ability to sell assets, the executive order only applies to transactions with shares.”

Citi had agreed last year to shed its retail business in Russia as part of an overhaul led by chief executive Jane Fraser. The scope of the exit was widened in March to include its commercial banking activities after the February 24 invasion of Ukraine.

In August, the bank said it expected to incur about $170 million in charges over the next 18 months as it winds down its retail and business banking operations in the country.

Other major U.S. banks, including Goldman Sachs Group Inc (GS.N) and JPMorgan Chase & Co (JPM.N), have also left Russia after the country was hit by sanctions from the West.

Reporting by Niket Nishant in Bangalore; Editing by Shounak Dasgupta, Arun Koyyur and Jonathan Oatis

Our standards: The Thomson Reuters Trust Principles.

]]>
Taichinh Bank offers fast and secure online loans in Vietnam and reiterates its commitment to providing monthly installment loans that only require an ID card https://mexicalibluescafe.com/taichinh-bank-offers-fast-and-secure-online-loans-in-vietnam-and-reiterates-its-commitment-to-providing-monthly-installment-loans-that-only-require-an-id-card/ Mon, 24 Oct 2022 17:31:23 +0000 https://mexicalibluescafe.com/taichinh-bank-offers-fast-and-secure-online-loans-in-vietnam-and-reiterates-its-commitment-to-providing-monthly-installment-loans-that-only-require-an-id-card/ The bank is driven by a desire to make online loans quick, easy and accessible for Vietnamese with poor credit scores, who don’t have enough collateral. Trying to get a loan from a bank can be difficult. The process involves making numerous inquiries, filling out forms, signing documents, providing guarantees, and much more. Even after […]]]>

The bank is driven by a desire to make online loans quick, easy and accessible for Vietnamese with poor credit scores, who don’t have enough collateral.

Trying to get a loan from a bank can be difficult. The process involves making numerous inquiries, filling out forms, signing documents, providing guarantees, and much more. Even after meeting the requirements of these banks, there is no guarantee that the loan application will be approved. Quick loan programs, on the other hand, are shady and characterized by scams and fraud. Due to poor credit scores, lack of collateral, and poor loan history, many applicants are denied loans. This makes obtaining loans online a very difficult undertaking.

Taichinh Bank is a financial institution in Vietnam that offers quick and easy online loans to people who are not eligible to access loans through traditional banking platforms. The agency helps loan seekers find installment-only loans with an ID card. Its loan offers are aimed at people with bad credit ratings who need urgent loans to solve financial problems of all kinds. Since its inception, Taichinh Bank online loan service has provided people with a unique way to search for information on reputable loan companies in Vietnam.

“People are struggling with different levels of needs and financial constraints,” explained Huy Nguyen, CEO of Taichinh Bank. “At Taichinh Bank, we want to help them find reputable companies that offer online loans without bank requirements. It is also important that the companies we recommend to Vietnamese are legitimate companies as the rate of scams continues to grow. Therefore, we carefully review each company before recommending them. If you’re over 18 and have an ID, we’ve got a plethora of recommendations to give you, and interestingly, you don’t need to have a good credit score because these loan services offer loans to people with bad credit.

The loan services offered by Taichinh Bank are known to offer monthly installments that only require an ID card and take care of bad debts. Regardless of the purpose of the loan or the applicant’s credit rating, Taichinh Bank can help people looking for a loan find companies that can provide the solutions they want. For more information, please visit https://taichinhbank.com.vn/.

About Taichinh Bank

Taichinh Bank was established with a mission to become one of the reputable financial loan information channels in Vietnam. It is not a banking or lending platform, but a search agency where people can find reputable lending products and companies for free.

Trying to get a loan from a bank can be difficult. The process involves making numerous inquiries, filling out forms, signing documents, providing guarantees, and much more. Even after meeting the requirements of these banks, there is no guarantee that the loan application will be approved. Quick loan programs, on the other hand, are shady and characterized by scams and fraud. Due to poor credit scores, lack of collateral, and poor loan history, many applicants are denied loans. This makes obtaining loans online a very difficult undertaking.

Taichinh Bank is a financial institution in Vietnam that offers quick and easy online loans to people who are not eligible to access loans through traditional banking platforms. The agency helps loan seekers find installment loans that only require an ID card. Its loan offers are aimed at people with bad credit ratings who need urgent loans to solve financial problems of all kinds. Since its inception, Taichinh Bank online loan service has provided people with a unique way to search for information on reputable loan companies in Vietnam.

“People are struggling with different levels of needs and financial constraints,” explained Huy Nguyen, CEO of Taichinh Bank. “At Taichinh Bank, we want to help them find reputable companies that offer online loans without bank requirements. It is also important that the companies we recommend to Vietnamese are legitimate companies as the rate of scams continues to grow. Therefore, we carefully review each company before recommending them. If you’re over 18 and have an ID, we’ve got a plethora of recommendations to give you, and interestingly, you don’t need to have a good credit score because these loan services offer loans to people with bad credit.

The loan services offered by Taichinh Bank are known to offer monthly installments that only require an ID card and take care of bad debts. Regardless of the purpose of the loan or the applicant’s credit rating, Taichinh Bank can help people looking for a loan find companies that can provide the solutions they want. For more information, please visit https://taichinhbank.com.vn/.

About Taichinh Bank

Taichinh Bank was established with a mission to become one of the reputable financial loan information channels in Vietnam. It is not a banking or lending platform, but a search agency where people can find reputable lending products and companies for free.

Media Contact
Company Name: Tai Chu Bank
Contact person: Huy Nguyen
E-mail: Send an email
Call: 841663052885
Country: Australia
Website: https://taichinhbank.com.vn/

]]>
Array Introduces Credit-Building Loans as a Service https://mexicalibluescafe.com/array-introduces-credit-building-loans-as-a-service/ Thu, 20 Oct 2022 13:35:00 +0000 https://mexicalibluescafe.com/array-introduces-credit-building-loans-as-a-service/ NEW YORK–(BUSINESS WIRE)–Array, a financial innovation platform, has launched BuildCredit™ Loan, the industry’s first private label installment loan product that can be integrated into a company’s digital experience with just a few lines of code and usually launched within a few weeks. BuildCredit Loan is a turnkey solution for financial institutions, digital brands and fintechs […]]]>

NEW YORK–(BUSINESS WIRE)–Array, a financial innovation platform, has launched BuildCredit™ Loan, the industry’s first private label installment loan product that can be integrated into a company’s digital experience with just a few lines of code and usually launched within a few weeks.

BuildCredit Loan is a turnkey solution for financial institutions, digital brands and fintechs to provide customers with the ability to build and grow their credit score. Funds lent are held as collateral and payments are reported to credit bureaus in the form of an installment account. When the loan is repaid, the loan proceeds are returned to the customer or can be paid into other product offerings offered by Array customers, such as a secured card or a new account.

“Credit enhancement loans are rapidly gaining popularity, but considerable internal development time and resources have prevented many banks and digital brands from moving forward,” said Darryl Eaton, CEO of Array. “BuildCredit Loan is an ideal solution for many businesses as they can rely on the expertise of BuildCredit and Array to manage infrastructure, compliance and service as the business focuses on providing a seamless digital experience. and extending the value it delivers to its customers.”

When BuildCredit Loan is integrated, customers can enroll in the digital experience, set up automatic payments, and accumulate savings. When the customer makes payments on time, they can establish a positive credit history while continuing to make installment payments over time. For example, a borrower with no existing debt who has a credit score of 560 may see up to 60 points of increase (source: Practitioner’s Guide to Targeting Credit Enhancement Loans, 2020).

“Each year, millions of consumers sign up for high-cost financial services because they don’t have a credit history or bankable credit score,” said Martin Toha, CEO and co-founder of Array. . “BuildCredit Loan is the first private label installment loan product for financial institutions, fintechs and digital brands. It’s a compelling alternative to high interest loan products and BuildCredit Loan takes most of the complexity out of the offering as we offer it as an end-to-end service.

BuildCredit loans will be issued by an accredited bank and are managed by BuildCredit LLC, a wholly owned subsidiary of Array. BuildCredit Loan is part of the Array financial innovation platform and can be integrated with other Array products such as My Credit Manager and Offers Engine. Array provides financial institutions, digital brands and fintechs with user interface, software components, customer support, payment processing and reporting to the three offices.

BuildCredit Loan is currently in a private Alpha phase. To learn more, visit our BuildCredit page. General availability is expected in early 2023.

About the table

Array is a financial innovation platform that helps digital brands, financial institutions and fintechs bring compelling consumer products to market faster. Our suite of private label offers helps our partners drive revenue, increase engagement and empower millions of consumers to achieve their financial goals. Array was founded in 2020 by Martin Toha and Phillip Zedalis. Investors include Battery Ventures, General Catalyst and Nyca Partners. To learn more, visit array.com.

]]>
AG Shapiro recovers $1.6 million for consumers who issued illegal car title loans – PA Attorney General’s Office https://mexicalibluescafe.com/ag-shapiro-recovers-1-6-million-for-consumers-who-issued-illegal-car-title-loans-pa-attorney-generals-office/ Fri, 14 Oct 2022 14:02:03 +0000 https://mexicalibluescafe.com/ag-shapiro-recovers-1-6-million-for-consumers-who-issued-illegal-car-title-loans-pa-attorney-generals-office/ Settlements with CashPoint and Financial Result Approved in Debt Cancellation for Thousands of Pennsylvanians HARRISBURG — Attorney General Josh Shapiro today announced a settlement with Kevin Williams and Mark Williams, owners of Dominion Management of Delaware, which operated as CashPoint, a now defunct auto title lending business. CashPoint made thousands of illegal loans to borrowers […]]]>

Settlements with CashPoint and Financial Result Approved in Debt Cancellation for Thousands of Pennsylvanians

HARRISBURG — Attorney General Josh Shapiro today announced a settlement with Kevin Williams and Mark Williams, owners of Dominion Management of Delaware, which operated as CashPoint, a now defunct auto title lending business. CashPoint made thousands of illegal loans to borrowers in Pennsylvania at annual interest rates exceeding 200%. As a result of this settlement, Kevin Williams and Mark Williams will repay over $1.5 million in illegal interest charges to consumers who fell victim to their scheme. These refunds are in addition to the $3.2 million in debt forgiveness the victims have already received following an October 2021 court order. AG Shapiro originally filed suit against the defendants in 2018 and 2020 .

AG Shapiro reached a similar settlement with Florida-based auto title lender Approved Financial for alleged violations of Pennsylvania usury laws and unfair and deceptive business practices. Under the terms of the AVC, Approved Financial will cancel all outstanding loans to Pennsylvania consumers. The company will also reimburse consumers in Pennsylvania for all fees and interest they paid, resulting in nearly 200 consumers receiving refunds totaling $21,500.

“Because they were based in Delaware and Florida, these defendants believed they could evade the laws of Pennsylvania,” AG Shapiro said. “But I don’t care where you are, if you’re exploiting consumers in Pennsylvania, you’re going to hear from my office. Today’s settlements hold CashPoint and Approved Financial accountable and warn other bad actors.

Title loans are high cost installment loans that require the borrower to pledge a vehicle title. Because title loans are extremely expensive, consumers typically turn to title lenders when they are most vulnerable, such as after losing a job or facing major medical bills. Under Pennsylvania’s usury and racketeering laws, title lending is effectively prohibited because title lenders typically charge interest rates well above the Commonwealth’s 6-24% annual interest limit.

Under the CashPoint settlement, Mark Williams and Kevin Williams are prohibited from participating in, owning, or knowingly working for any company that extends credit to residents of Pennsylvania, for a period of seven years after making their last payment in the framework of the regulations.

The settlements follow a significant victory by the Civil Division of the Attorney General’s Office of the United States Court of Appeals for the Third Circuit on behalf of the Pennsylvania Department of Banking and Securities. In that case, a third Delaware-based car title lender, TitleMax, sued the Department of Banking, seeking an injunction to stop the Department from investigating loans TitleMax made to Pennsylvania residents. In January 2022, the Third Circuit ruled that Pennsylvania could investigate and apply its usury laws to TitleMax. The Court wrote: “Pennsylvania has every interest in prohibiting usury. The application of Pennsylvania usury laws to Title Max loans promotes this interest, and any burden on interstate commerce to do so is, at most, incidental.

The CashPoint settlement was filed in the Philadelphia Court of Common Pleas by Deputy Director of Consumer Financial Protection Nicholas Smyth.

The approved financial settlement was filed in the Court of Common Pleas in Philadelphia by Senior Deputy Attorney General Debra Warring. The TitleMax litigation was handled by Senior Deputy Attorneys General Claudia Tesoro and Sean Kirkpatrick and Deputy Attorney General Alexander Korn.

Consumers who believe they have been exploited by a similar car title lender should file a consumer complaint online or contact the Office of the Attorney General by calling 1-800-441-2555 or emailing scams@ attorneygeneral.gov.

# # #

]]>
ASFA Responds to New CRL Report on Installment Loans | Ballard Spahr LLP https://mexicalibluescafe.com/asfa-responds-to-new-crl-report-on-installment-loans-ballard-spahr-llp/ Wed, 12 Oct 2022 18:11:45 +0000 https://mexicalibluescafe.com/asfa-responds-to-new-crl-report-on-installment-loans-ballard-spahr-llp/ On July 28, the Center for Responsible Lender (CRL) released a new report regarding the “continuing damage of high-cost installment loans,” saying such loans come with an “operating cost” in fees and interest that far exceeds the amount borrowed. , often causing irreparable harm to borrowers. CRL notes that the high-cost low-cost loan market has […]]]>

On July 28, the Center for Responsible Lender (CRL) released a new report regarding the “continuing damage of high-cost installment loans,” saying such loans come with an “operating cost” in fees and interest that far exceeds the amount borrowed. , often causing irreparable harm to borrowers. CRL notes that the high-cost low-cost loan market has recently seen the rise of high-cost installment loans with atypically longer terms, typically over a period of months, unlike traditional payday loans, which are typically due at once. sum within fourteen days.

CRL is concerned about the increase in these longer-term loans because they have similar characteristics to other payday loans and car titles, including lack of underwriting, access to bank account or vehicle a borrower as collateral, “structures” that make it difficult for borrowers to repay, excessive rates and fees, and a tendency towards loan reversal or stressed reborrowing. CRL concludes that borrowers cannot afford to repay these loans, whether they are structured as an installment or lump sum loan.

The data used in the report was collected via an online survey of 1,000 adults who took out at least one high-cost personal loan in 2019, 2020, or 2021, with samples of 100 black adults and 100 Latino adults who took out high-cost personal loans. such loans. . In addition to the survey, CRL hosted two virtual focus groups with high-cost installment loan borrowers. To be eligible for inclusion in the focus groups, participants had to have taken out a high-cost installment loan, with terms longer than two months in 2019, 2020 or 2021.

Among other things, the CRL report includes the following findings:

(1) Adverse terms of high-cost installment loans led most loans to be refinanced at least once. For the significant share of borrowers surveyed who have missed or made late payments on their loans, the consequences have been severe.

(2) The burden of repaying high-cost loans often caused borrowers to default on other obligations, resulting in additional debt or a greater financial deficit, aggravating rather than alleviating pre-existing financial difficulties.

(3) Borrowers understood that these loans hurt their credit rating and delayed wealth-building activities such as buying a house or car, investing in a business, or saving money. retirement, but circumstances led them to believe they had no other option to cope with in the short term. -term financial needs.

The American Financial Services Association (ASFA) responded to the CRL’s report, noting that the CRL groups traditional installment lenders (TILs) and other non-payday and car title lenders into a single category identified as ” high-cost installment lenders”. By “misleadingly grouping all forms of installment lenders under one umbrella”, ASFA argues that CRL is confusing both policymakers and consumers because, despite CRL’s assertion that such loans share similar characteristics with other payday and car title loans, it simply isn’t. for TILs. According to the AFSA, unlike these loans, TIL lenders “underwrite and assess customers’ ability to pay; they do not need to access customers’ bank accounts; the terms are clear, with standard monthly payments, no hidden fees, no lump sum payments or prepayment penalties, and credit bureau reporting. »

ASFA also notes, contrary to CRL’s assertion, that there is a great deal of research on the “effects of predatory lending on consumers’ financial status and the benefits of responsible small-dollar lending to consumers, particularly those who have subprime credit ratings” and that CRL’s “fallback policy of imposing interest rate caps to protect consumers” is unworkable and will lead to the proliferation of predatory lenders that CRL opposes.

[View source.]

]]>
How do personal loans work? https://mexicalibluescafe.com/how-do-personal-loans-work/ Mon, 10 Oct 2022 13:11:12 +0000 https://mexicalibluescafe.com/how-do-personal-loans-work/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. Personal loans can help you achieve a […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

Personal loans can help you achieve a variety of financial goals. Find out how they work and where to find one. (Shutterstock)

A personal loan is a sum of money that you borrow from a lender and agree to repay, with interest, over a certain period of time. It’s usually unsecured, which means you don’t have to offer collateral, like your house or your car. You can use a personal loan to consolidate debtpay medical bills, fund home improvement projects, or cover virtually any other expense.

Visit Credible for view your prequalified personal loan rates from various lenders, all in one place.

What is a personal loan?

A personal loan is a product offered by financial institutions such as banks, credit unions and online lenders. Once you withdraw one, you pay it back in equal installments, with interest, over a period of time. Repayment times can vary from a few months to a few years, or even more.

Most personal loans are unsecured, so you don’t have to worry about putting collateral on the line. Instead, factors like your credit and income will determine whether you qualify and the rate of interest you will get. Secured personal loans require you to provide collateral, such as jewelry or a car.

Because they present less risk to lenders, secured loans could have interest rate than unsecured loans. You may find it easier to qualify for an unsecured loan if you have poor or fair credit. Remember that the lender will have the right to seize your collateral if you cannot make your payments.

How do personal loans work?

A personal loan is an installment loan, so you will get all the money you borrow in one lump sum. Your Repayment period will depend on the lender and your particular situation. If you choose a fixed rate loan, the interest rate will remain the same throughout its term. A variable rate loan, on the other hand, will come with a fluctuating interest rate that can go up or down.

Most lenders will allow you to apply for a personal loan from the comfort of your own home. You will need to share some basic personal and financial information. You may also need to submit certain documents, such as government-issued ID and your pay stubs.

The funding time for a personal loan is usually around a few business days. But some lenders offer same-day or next-day financing after your application is approved. This is great news if you have emergency expenses and need cash right away.

Credible, it’s easy to compare personal loan rates from various lenders, without affecting your credit score.

How much does a personal loan cost?

A number of factors affect how much you’ll pay for a personal loan, including your credit, income, interest rate, fees, and how much you borrow. The lender you choose will also play a role in the cost of your personal loan.

It’s a good idea to borrow only what you need to keep your repayment costs as low as possible. You can use Credible personal loan calculator to estimate your monthly payments, as well as the amount you will pay over the term of the loan.

Advantages and disadvantages of personal loans

Before taking out a personal loan, be sure to weigh the pros and cons.

Advantages

  • Low rates — Compared to credit cards and other credit products, personal loans offer low interest rates. A lower rate can save you hundreds or even thousands of dollars over the life of the loan.
  • Flexible – You can use funds from a personal loan to pay just about any expense. It could be a car repair, a kitchen renovation, or even a vacation.
  • Potentially quick funding — Some lenders will fund your loan soon after you are approved. Depending on the lender, you may be able to receive your money the same day or the next business day after approval.
  • Can help you build your credit — As long as you make your payments on time, every time, a personal loan could improve your credit. A higher credit rating can open the door to lower rates and more favorable terms in the future.

The inconvenients

  • Must meet certain eligibility requirements — Most personal lenders require you to have a certain credit score and a stable income. It can be difficult to get approved if you don’t have the best credit.
  • Interest and fees — Personal loans are not free. Once you’ve signed up, you’ll have to pay interest and any fees charged by the lender, like origination fees and late payment fees.
  • Get into more debt — A personal loan will increase your debt. If you’re already drowning in debt because you have credit card debt, student loans, and car loans, for example, it might be difficult to add an extra debt payment each month.
  • Can hurt your credit — Even one missed payment can lower your credit score. A lower credit score will limit the credit products you will be approved for, and you will likely receive higher interest rates on loan products.

How to get a personal loan

If you want to apply for a personal loan, follow these steps:

  1. Check your credit. Since most lenders look at your credit score when deciding whether or not to approve you for a loan, it’s a good idea to check your credit before applying. Go to AnnualCreditReport.com to request copies of your credit reports from the three major credit bureaus. Dispute any errors or inaccuracies that could lower your score.
  2. Compare the prices. Not all personal loans are created equal. That’s why you should do your research and explore all your options with banks, credit unions, and online lenders. Compare interest rates, fees, terms, qualification requirements and financing times to find an option that’s right for you.
  3. Get prequalified. The prequalification process can help you understand if you are likely to be approved for a loan and what loan terms you can lock in. To be prequalified, you will usually need to provide the amount you want to borrow, how you will use the funds, your annual income, your employment status, and the last four digits of your Social Security number. When you’re prequalified, the lender will usually do an indirect credit check, which won’t hurt your credit score.
  4. Apply. Once you’ve found a loan offer you want to go ahead with, you’ll need to complete a formal application. Be prepared to include your name, address, phone number, date of birth, employment status and income. You will also need to submit documents, such as pay stubs or bank statements. During this stage, the lender may make a firm credit application, which will temporarily lower your score.
  5. Get funded. After approval, the lender will deposit your funds, usually by direct deposit into your bank account. You can receive the loan funds the same day, the next business day, or within a few business days, depending on the lender.

If you’re ready to apply for a personal loan, Credible makes it quick and easy compare personal loan rates to find the one that best suits your needs.

]]>