Vandalism Penalty – KNZ Clan Fri, 14 Jan 2022 06:23:33 +0000 en-US hourly 1 Vandalism Penalty – KNZ Clan 32 32 Tribal-linked lenders win second RICO loan lawsuit Thu, 13 Jan 2022 22:40:00 +0000 By Victoria McKenzie (Jan. 13, 2022, 5:40 p.m. EST) – Online lender Aaniiih Nakoda Finance LLC has been the subject of a second proposed racketeering class action lawsuit in Illinois under the Organizations Influenced and Corrupted by racketeers who accused the company of using a federally recognized tribe as a front to avoid prosecution for […]]]>
By Victoria McKenzie (Jan. 13, 2022, 5:40 p.m. EST) – Online lender Aaniiih Nakoda Finance LLC has been the subject of a second proposed racketeering class action lawsuit in Illinois under the Organizations Influenced and Corrupted by racketeers who accused the company of using a federally recognized tribe as a front to avoid prosecution for its illegal predatory lending program.

Illinois resident Lauren Combs told a federal judge on Tuesday that the company, which operates as Bright Lending, illegally charged it 699.99% annual interest in violation of the Lending Act. 2021 on Illinois Predatory Lending Prevention. Due to the company’s status as a “tribal lending entity,” she said, Bright Lending claims sovereign immunity from usury laws.

According to the complaint, …

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How a Mississippi teacher broke free from her payday lenders Tue, 11 Jan 2022 21:28:36 +0000 Working as a teacher in Cleveland, Mississippi was hugely rewarding, said Jennifer Williams, but sometimes she struggled to make sure her income flowed from paycheck to paycheck. So one day she borrowed $ 200, promising to settle with the lender when she was paid soon after. Soon, Williams found herself in a quagmire of high […]]]>

Working as a teacher in Cleveland, Mississippi was hugely rewarding, said Jennifer Williams, but sometimes she struggled to make sure her income flowed from paycheck to paycheck. So one day she borrowed $ 200, promising to settle with the lender when she was paid soon after.

Soon, Williams found herself in a quagmire of high cost loans that it was nearly impossible to get out of.

“It sounds good at first, and when you come in they will do whatever they can to get you into the system,” Williams told NBC News. “But it’s like quicksand: you try to get out, but you can’t. “

For more, watch “Top Story with Tom Llamas” tonight on NBC News Now at 7 ET.

The “system” Williams talks about is the payday loan industry, providing short-term and small dollar loans with annualized interest rates that can exceed 400%. Typically used by workers who are strapped for cash before their next paycheck, loans are easy to obtain, do not require a credit check, and are available in stores and online. Whether a borrower can actually repay the loan is generally not a factor considered by these lenders, according to the Consumer Financial Protection Bureau.

Jennifer Williams.NBC News

Payday lenders operate nationwide, but are ubiquitous in Mississippi, where Williams lives. According to the Consumer Division of the State Department of Banking and Consumer Finance, there are nearly 800 check advance / payday loan transactions in Mississippi, more than double the estimated 300 Starbucks outlets. McDonald’s and Burger King there. In the city of Williams, Cleveland, 12,000 residents, a Google search revealed eight payday lenders against seven banks.

But Williams eventually paid off his loans, with help from a local bank that offered financial literacy workshops and credit counseling. That bank was Southern Bancorp, an Arkansas-based community development financial institution. Participants in the bank’s financial literacy workshops may receive a low-interest loan after completing the course.

Bancorp from the South.NBC News

“The weekly workshops covered different financial topics,” Williams said, “saving money, keeping your expenses in mind”. She completed the program and, in 2016, after six years, finally paid off all of her payday loans.

“We take seriously the empowerment aspect of financial education in our operation,” said Southern Bancorp CEO Darrin Williams, without any connection to Jennifer. “We try to be creators of wealth for everyone, especially low income people. It is expensive to be poor – they are trapped after the trap.

“It’s difficult to get out”

Payday lenders and check loan companies claim they provide a necessary service: extending credit to borrowers who have no other access to funds, sometimes referred to as “unbanked.” The Community Financial Services Association of America, an industry lobby group, says 12 million American households use small loans each year.

But many consumer advocates see payday lenders as predatory.

“They’re located where people need them most,” said Beth Orlansky, until recently director of advocacy at the Mississippi Center for Justice, a nonprofit that combines political advocacy with legal services. provided to low income residents. “If you go to areas where the industry is gone and people are struggling, you only see payday lenders. It’s very strategic. ”

When advertising their products, payday lenders often target Black and Latino communities, according to a study released last month by Jim Hawkins, a professor at the University of Houston Law Center, and student Tiffany Penner. Advertising works, the study found, with African Americans and Latinos more likely than white customers to use high-cost credit.

In Jennifer Williams’ experience, payday lenders often gave her her first interest-free loan, she said, which made it easy for her to sign up. When she couldn’t repay her initial loans, she said she looked for other lenders.

Jennifer Williams and her son.Courtesy of Jennifer Williams

Payday loans generally last two weeks or less and can be made for as little as $ 100 and up to $ 1,000. While these loans are often touted as helping borrowers cope with occasional financial hardship, clients often take out new payday loans to pay off old ones, the research shows. A 2009 study by the nonprofit Center for Responsible Lending found that 76% of these loans go to clients who need fresh funds to pay off an existing payday loan.

Williams’ experiment also followed this pattern.

“I would go to work and get paid monthly as a teacher,” Williams recalls. “I needed the money for gasoline until the next pay period. In the end, I had about nine cash advances from five or six locations in three different cities.

When her first loan of $ 200 came due, she said she went to the lender to repay it, but ultimately increased the loan to $ 400, with a repayment amount of 487.50 $. If she were to pay this off in a month, the interest rate translates to 264 percent annualized.

“You don’t know, once you get the money it’s hard to come out,” Williams said. “The average person cannot afford them. ”

“A silent battle”

In addition to the six-week personal finance course Jennifer Williams took, Southern Bancorp offers other financial education and counseling programs. The bank offers advice on home savings and the best use of tax refunds.

“A lot of times the tax refund is the biggest check a low-income person will get,” said Darrin Williams, “so we encourage them to save some.”

Darrin Williams.NBC News

One of Southern Bancorp’s goals is to help people of color get rich: for example, 80% of recent participants in its counseling programs were black. Southern Bancorp also offers a program that pairs savings from low-income customers – intended for a home, small business, or tuition – with federal funds of up to $ 2,000 per person. Of the participants in 108 of these programs, 96 percent were black.

Having learned to budget and spend wisely, Jennifer Williams said she is in a much better position now.

“I just paid for my car, so this weight doesn’t weigh on me,” she said. “I pay all my bills, I live comfortably, without financial stress. Things are really good.

Still, she said her involvement with payday lenders had taken its toll.

“They prey on the weak and the desperate, the vulnerable, ”she said. “It was emotionally draining, a silent battle I fought.”

Nearly 20 states have passed laws to curb payday lending. The most recent was Hawaii, which capped annualized interest rates on payday loans at 36% last year and allowed borrowers to prepay without penalty. Before the law changed, a borrower who took out a $ 300 loan for two months could have paid $ 210 in finance charges; now that fee is $ 74, according to an analysis by Pew Charitable Trusts, a nonprofit organization.

Payday lenders argue that restrictions on these loans such as imposing interest rate caps or outright banning them end up hurting consumers as they create problems like bank overdraft fees when checks bounce and even bankruptcy.

But Lauren Saunders, associate director of the National Consumer Law Center, a nonprofit that advocates on behalf of consumers, said research shows borrowers are finding better alternatives when states hold back payday lenders.

“In places that are doing nothing to crack down, payday loans are flourishing like never before,” Saunders said.

While stimulus checks and government tax credits during the Covid-19 pandemic helped borrowers reduce their reliance on payday loans, these programs are now ending.

“Payday loans are picking up again,” Saunders said. “Unfortunately, it’s too easy to take advantage of people who can’t earn a paycheck.”

Meanwhile, the Consumer Financial Protection Bureau said it was on the lookout for problem lenders.

“We know that these loans can be very damaging, and we have serious and significant concerns about the business models where borrowers are set up to fail,” said Zixta Martinez, its deputy director. “The CFPB will be vigilant and will take action where we see abuse. “

Best Payday Loans Online 2021 Thu, 22 Jul 2021 03:02:07 +0000 Best Payday Loans Online 2021This post contains affiliate links. If you purchase products through these links Observer will earn a commission. Living from paycheck-to-paycheck, you might not be able to save up money for any unexpected situations. Also, trying to get a loan when your credit score is already affected is yet another difficult task. So, what next?  Getting […]]]> Best Payday Loans Online 2021
This post contains affiliate links. If you purchase products through these links Observer will earn a commission.

Living from paycheck-to-paycheck, you might not be able to save up money for any unexpected situations. Also, trying to get a loan when your credit score is already affected is yet another difficult task. So, what next? 

Getting an online payday loan might be a suitable solution. However, it is pertinent to mention that these types of loans usually come with hefty interest rates, and some lenders might exploit you for the situation you are dealing with. 

In order to avoid any such undesired happening, we have come upo with a list of trusted, reputable, and free sources that can link you with a lender online from which you can borrow the required amount and get it transferred to your bank account the same day or the next. 

This will not only save you from becoming prey to fraudulent people but will also save you from those tiring in-person meetings. 

Last but not least, there is also a chance that online lenders might charge lower interest rates than traditional ones. So, let us get started.

Top 5 Best Online Payday Loans 

In our opinion, loans provided by MoneyMutual are the best payday loan providers among all. 

  1. MoneyMutual: Best Overall Same Day Loan Provider 
  2. BadCreditLoans: Top Payday Loan Provider  
  3. CashUSA: The Easiest Loans to Get
  4. Credit Loans: Best Online Payday Loan for Instant Approval
  5. Personal Loans: Best Online Payday Loan for Bad Credit 

#1. MoneyMutual – Best Overall Same Day Loan Provider 

Best Personal Loan Provider for Bad Credit

Contrary to conventional payday loan stores, which limit you to a few daytime hours to apply for loans, MoneyMutual allows you to apply for the loan amounts at any hour of the day — be it midnight or early morning. Also, minimum effort is required to get the job done since it takes only a few minutes to fill out the form and submit it. Also, a credit check is not a priority.

Please note that MoneyMutual itself is not a lender; instead, it acts as a bridge between the lender and the borrower. And, it does not charge anything for doing so. 

With MoneyMutual, you can get up to $2500 transferred into your account within 24hrs. The trust of 2,000,000 users in MoneyMutual is a self-evident truth that supports the fact that it is the most credible source to rely on for payday loans. 

It has over 60 lenders in its community, and once you have filled and submitted the request form, MoneyMutual forwards it to all of them. Then, the lender reviews your request, and on accepting it, the platform connects you and the borrower directly. 

You will then be redirected to the website of the lender to review the terms and conditions. If you find everything suitable, you can accept it; otherwise, you have the full right to turn it down without being liable to pay any hidden charges.

So, even if you have a bad credit score, MoneyMutual has you covered as long as you are 18 years old or older and you earn $800 monthly. 

Lastly, if a payday loan is not the solution to your problem, the platform also has the option of small short-term personal loans. 

Click here to learn more about how MoneyMutual works on the official site

Other Options to Contemplate with Payday Loans

In addition to MoneyMutual, the following are our favorite options. While some of the below-discussed companies might not offer payday loan facilities, they do have the option of personal loans. You can borrow as little as $250 to as much as $35000 and repay it in easy installments. 

The benefit to personal loans over payday loans is the low APR offered. 

Let us have a detailed look at what the company has to offer and how it works.

#2. BadCreditLoans – Top Payday Loan Provider

Best Emergency Loans For Bad Credit Borrowers


This Washington-based company mainly focuses on providing loans to people with a poor credit check. You can not only bear your sudden and unplanned expenses with the help of BadCreditLoans, but you can also get your score repaired.

If you unfailingly manage to pay the installments on time, there is a chance your bad credit scores will get better since the company reports all of your performance to credit bureaus.

With BadCreditLoans, you can borrow up to $10,000 at interest rates that range from 5.99% – 35.99%. However, the amount that can be lent to you might vary depending on your score. 

So, no matter why you want a loan, whether for debt consolidation, auto repair, medical expenses, taxes, or vacations, you can get the amount transferred straight into your bank account within one business day if you are 18+ and have a regular source of income, e-mail address and phone number, legal residency or SSN as proof of your valid citizenship, and a personal checking account. 

The initial process is pretty straightforward and easy. To begin with, you have to fill out a form that requires some basic information, like the reason for which you want a loan, the area you live in, your full name, and whether or not you are active military. 

In the second step, another page of the form pops up, and some detailed information is required, like how long you have been living in a particular area and everything regarding your employment — including your net income, the name and phone number of your employer, etc. 

Then, you are required to complete the third and last page of the form. Here you will have to enter details regarding your upcoming payday and bank account and then finish the form by entering your phone number. 

The process might sound a little too lengthy, but trust us, it only takes a few minutes. However, if you compare running after lenders individually and doing meetings with them, you will realize this is a way better option. 

Once a lender reviews your request, they will share the terms and conditions with you. Make sure you go through each and every part of it. If you find everything suitable, go for it; otherwise, feel free to decline the offer. 

On accepting the offer, you will have to give your e-consent. It is likely the funds will be transferred to your account in one business day. 

Click here to learn more about how BadCreditLoans works on the official site

#3. CashUSA – The Easiest Loans to Get

The Easiest Loans To Get


No matter if you need $500 or $10,000, CashUSA will find someone to lend the amount to you in no time. This U.S.-based company connects borrowers with low credit scores to lenders for free; often without a credit check. So, despite the type of loan you are planning to get, be it a payday loan or a personal loan, one thing is for sure, you will not regret choosing CashUSA.

The eligibility criterion set by the company is not strict since the restriction of minimum score is not imposed. CashUSA demands no different information than the rest of the companies, which is your correct name and date of birth, whether or not you are active military, and other traditional contact details. 

Having a steady income of $1000 monthly and a personal account is a must for the approval of your request. And, once your request is approved by a lender, the terms and conditions set will be made accessible to you for review. However, do not rush when this stage arrives. Take your time and make a wise decision. You are not obliged to accept the offer if it is unsuitable. 

If you accept the offer, make sure to pay back the installments timely to avoid any undesired complications. For payments, all you have to do is keep the amount due in your account, and it will automatically be drawn on the decided date. 

In addition, the industry-standard encryption used by CashUSA ensures the safe transfer of funds. Also, you can be assured of the fact that your personal information is in safe hands. To have a more in-depth knowledge of how the site works and what the data collected from you is used for, feel free to visit the official website and review their privacy policy

Click here to learn more about how CashUSA works on the official site

#4. Credit Loans – Best Online Payday Loan for Instant Approval

Guaranteed Bad Credit Loans

Credit Loan

Established in 1998, Credit Loans aims to help people get funds in the hour of need despite poor credit scores. Generally, the platform enables you to borrow as low as $250 and as much as $40,000, but individuals with low scores can only get up to $5000. 

By using Credit Loans, you can apply to multiple lenders for funds at once. This helps you avoid the exhausting process of finding and meeting with lenders individually. 

The process starts with filling out the basic, required form. The information required is similar for each company; however, the peculiar thing about Credit Loans is that they satisfy their customers by telling them why each blank needs to be filled. This boosts the customer’s trust in the company.  

Once you submit the form, your request is instantly processed and is accessed by the lenders available. In no time, you will receive an email regarding loan offers. You can choose any offer you find suitable and accept it; but, before doing that, make sure you have carefully reviewed the terms and conditions. 

Despite the fact you have the pre-approval on your loan request, please remember that nothing is definite until formal paperwork is completed. 

This is because, during the earlier steps, a soft credit check is run, but, if the lender finds something unsuitable during the final/hard inquiry, they can still step back. However, if everything goes fine, you can give your final consent, and the funds will be available to you in no more than 24hrs.  

Apart from the loan services offered by the platform, it also educates people regarding the typical but most important financial issues. This, in our opinion, is a great initiative, as it lets you enjoy multiple benefits under one roof. 

Lastly, the official website of Credit Loans is a safe and secure platform. The TRUSTe Seal is proof of that. However, make sure to give their privacy policy a read before you get started. 

Click here to learn more about how Credit Loan works on the official site

#5 Personal Loans – Best Online Payday Loan for Bad Credit

Best Personal Loan Provider


This Utah-based company might be the best option for you if you are planning to get an installment, peer-to-peer, or bank loan urgently since the platform processes your request swiftly. 

The flexible repayment options offered by the company add to its functional versatility, which is a big plus. You can borrow as low as $1000 and as much as $35,000 and repay the loan in up to 72 months with the typical APR that ranges from 5.99% – 35.99%. 

Here, it is pertinent to mention that the company does not play any role in deciding the interest rate; it completely depends on the lender. 

The eligibility criterion set by Personal Loans is no different than other companies. You need to be a minimum of 18 years old, have proof of your valid citizenship, a regular source of income (with proof), and a personal checking account. 

Coming to how things work on Personal Loans, it would be apt to let you know in advance that the process is not different from Money Mutual, Credit Loans, or other companies on our list. 

You start by filling out the form that appears on the website’s home page and then submit it. Soon after that, the platform forwards your request to the lenders. Then, on receiving an offer by the lender, you will have the chance to either accept or decline it. 

If the agreement suits you, and you accept the offer, the lender might ask you to submit some more personal information to proceed. 

After the approval process is completed and you both have agreed on common terms, your funds will be provided to you in up to five business days, depending on the lender’s method of transferring the amount. 

Click here to learn more about how Personal Loans works on the official site

FAQ About Online Payday Loans

Q1. What is the most reputable payday loan company?

First, we should know about the best way of borrowing a short-term loan to meet our urgent needs at a crucial time. Obviously, one of the best options you can choose is a payday loan. 

But, the question is, which is the most suitable marketplace for this sort of borrowing? Indeed, it is MoneyMutual, which has been proved to be the top online marketplace for borrowing a loan promptly and comfortably. 

There are some sound reasons behind considering MoneyMutual the best one. Numerous people, more than two million, have experienced and benefited from this online marketplace for lending and borrowing. Its first and foremost job is to connect people with lenders all over the country. 

One of the salient features of MoneyMutuals is the easy way of filling in the application form. It only requires about five minutes to complete. Once you have applied for the loan, your job is over. 

Then MoneyMutual’s work starts, where they forward your biodata to their efficient network of moneylenders. This is the way it seeks the most suitable lenders for you who can offer a loan instantly, which may be up to $2,500.

On your acceptance of the offer, the required amount is transferred directly to your account within a day. 

It is pertinent to clarify that MoneyMutual itself is not a payday lender. It is rather a lender organizational network. It just acts as a bridge between borrowers and lenders. 

The rest of the job is that of the lenders, who apprise you of the terms and conditions of the loan offer, like rate of interest, date of repayment, and other service charges. So, make sure you opt for the offer you think is the best for you.           

You can turn down one offer if its terms do not suit you, and you have a choice to choose another one which you think is better for you.  

Q2. Are there any legit online payday loans?

Of course, all of the above-discussed lending networks are legitimate. They are real and actually work with lenders who offer legal online payday loans.

There is a criterion of judging a true and lawful payday lender. The legitimacy of a lender lies in the fact that they must possess a working license of money lending in the state of which you belong. The license must be displayed with all clarity on the website of the company. 

In case you are doubtful about the legitimacy of a payday loan lender, you can bear it out by consulting the legal forums of your state. It will help you to recognize the companies which deliberately escape the state laws.

No wise person would like to work with and accept an illegal money lending company. Such illegitimate companies take undue advantages like charging excessively high interest rates and imposing huge penalties.

Q3. What is the easiest loan to be approved?

Generally, the lenders do not hesitate to grant comparatively smaller amounts of loans. The reason is that, in smaller loans, no risk is involved for the lenders. Moreover, in smaller loans, the conditions like a credit check, credit history, and credit scores become secondary considerations for the lender. 

However, one of the main demerits that becomes a hurdle in the approval of a loan is a low credit score, for which you have to pay a higher interest rate. If your score is good enough, you can get a loan at a lower interest rate and more easily.

Some of the money lending organizations offer the lowest amounts of payday loans, around $100 to $250. Such a small amount of payday loan can be borrowed on the softest terms. It requires an income of just $1000 monthly. 

Try not to opt for the lenders that charge hefty interest rates, as it would not be favorable for you. In this article, we have reviewed some very decent yet legitimate companies that have no hidden charges. 

Q4. Would it be possible for me to get a loan if my credit score is 450?

Simply the answer is yes. The 450 credit score makes you eligible for a payday loan. But this low score will certainly deprive you of the benefits of which a higher score and attractive credit history can provide. 

The credit score table begins from 300 and goes up to 850. Credit scores ranging from 300 to 500 are below average and become the cause of extremely high interest rates of loans. A 450 credit score in America is too poor to be considered. 

Careful statistical data reveals that the percentage of people having 450 scores in the U.S. is 127.9%, which eventually means they are spending 27.9% more than they should. It is suggested that for the maintenance of good credit,  you must keep the ratio of your average credit utilization less than 30%. 

However, a low credit score and a high debt ratio do not become a hindrance in getting a payday loan from a lender. Your eligibility for a payday loan depends upon the status of your regular income. 

Money Mutual requires you to have a minimum monthly income of $800 to get your payday loan approved. Your source of income can be a regular nine to five job, a pension, disability benefits, or Social Security.

Q5. What are alternatives to costly payday loans?

You might find payday loans unsuitable, especially if you have a poor credit score, because you will be subjected to unreasonable and unjustified rates of interest with huge fees. 

The general public is off and on caution by the Federal Trade Commission about such exploitation and malpractice. But, those who do not have enough knowledge can fall prone to many scams. 

In case you are unable to pay such a payday loan, you can encounter problems. Also, late payments and missing installments may create never-ending issues for you. 

Payday loans are unsecured and unbound. Such loans do not require any pledges, and the duration of repayment is very short. Sometimes, you become liable to make full payment with immediate effect.

The lender may require an automatic withdrawal of the due payment from your account. The other option you can go for is the installment loan. This type of loan is repaid with a decided amount on a monthly basis. You can benefit yourself from an installment loan on soft terms.

Applying for loans online could not have been easier since you have been provided with a variety of online networks of payday and personal loan lenders above.

Additionally, the options of getting a payday loan are not restricted to money lenders only. You may look for your relatives, friends, and well-wishers for a small loan to meet your immediate needs. However, you must be efficient enough to pay them back according to your commitment to them. 

This kind of loan is the easiest one. The only risk involved is that you may lose your precious relationship if you fail to fulfill your promise of paying back the loan according to your commitment. Your agreement, with all of the terms and conditions, including the repayment time frame, must be in black and white.

The next option is that you may use your credit card to get a cash advance. It depends upon the credit limit of your credit card as to how much cash you can borrow. You are entitled to get the 20% of the existing limit of your card.

The annual percentage rate on cash loans will be much bigger than those when buying commodities. You can cut down interest fees if you manage to pay back the credit balance quickly. So, the sooner, the better. 

If you lack the required balance on your cards, the mortgage option is left for you to apply for a loan. In this case, you can pledge any of your possessions, including your house or car, against the amount of the title loan.  Mind you, the lender will confiscate the mortgaged asset if you fail to make the payment of the loan.

Q6. Can I get a payday loan without having a bank account?

Having a bank account is an essential requirement of the lending networks for granting a payday loan to the applicant. Therefore, a borrower must have a checking account in their own name. In this account, the cash granted by the loan provider is deposited.

The following are the other essential requirements.

  • The age of the borrower should be 18 years.
  • Borrower should be either a citizen or a permanent resident of the U.S.
  • Their monthly income should be at least $800, excluding taxes.
  • They must have contact numbers of their home or workplace and an active email address.

Fulfillment of all of the above-mentioned requirements does not mean that your loan is approved. Some lenders might require you to provide additional access to your personal information. 

They like to have direct access to your checking account to make an automatic withdrawal of the loan payments on the due date. This account is also used by the lender for depositing the amount of the loan.

In case you lack funds to repay the loan, you must request your lender in anticipation of the extension of the date. This will provide safety to your credit score from any damaging effect. If you do not have a checking account, you may use your savings account for the same purpose.

There is another alternative for getting your loan approved if you have no bank account at all. Your debit card can be used for this purpose. You can get the amount in cash, or a check can be sent to you at the address you provided

In any case, you will have to communicate with your lender about the option you intend to use for receiving and paying back the amount of the loan beforehand. 

Q7. Being a part of the Federal Credit Union, can I get a loan?

If you are connected with the Federal Credit Union, you can borrow a short-term loan as an alternative to payday loans. The amount you can receive is up to $2,000. 

The costs that you will have to bear for these loans are below the conventional ones. You can decide your loan term and its repayment.

The revised rules of the National Credit Union Administration are:

  • The time to repay the loan ranges from  1 to 12 months.
  • The members of Federal Credit Union have the privilege to get payday alternative loans soon after becoming members. They will not have to wait.

The payday alternative loans aim at helping out the members of Federal Credit Union in giving up the idea of other loans of small amounts. It helps them build up their credit records.

Q8. Are there any plus points of payday loans?

Since payday loans are advantageous, people prefer to opt for them the most. In a time of financial crunch, when you have no other option, a payday loan works. It provides you with cash to meet your urgent needs promptly. 

The nature of an emergency may be different, but it does exist in one way or the other. One may face an emergency in the form of paying utility bills. Others may have to pay the installment of his car loan to save it from being confiscated.

You can enjoy the facility of online payday loans even if you have bad credit, because you will most likely get the approval within no time. 

Q9. Are there any downsides of payday loans?

The worst disadvantage of a payday loan is that it has a high-interest rate. Mostly, the borrowers with bad credit opt for payday loans and they can create a cycle of debt.

Thus, they have to pay the cost of their bad credit in the form of paying high interest rates. This is because they are seen as high-risk to lenders; therefore, they are charged excessively.

The rates of payday lenders for the borrowers of bad credit scores are 391%  APR, or in some cases, it goes higher than that (as much as 2,290%).

Additionally, some other disadvantages have also been observed, which are discussed below:

  • Using the Loan for the Wrong Cause 

Although payday loans are exclusively meant for emergency purposes, many borrowers utilize this loan for current expenses like paying rent and utility bills, which is unwise.

  • Difficulty in Managing Monthly Expenses

Your mismanagement in the utilization of payday loans can increase your trouble instead of decrease it. The average earning of a borrower is $30,000 per annum. 58% of such imprudent borrowers get into trouble when they make recurring expenses with payday loans.

  • Tight Repayment Schedule 

The threat of the repayment of payday loans remains impending. Since, in most cases, the online lender @ Champion has direct access to the borrower’s checking account, they withdraw the installment of the payment of the loan from the borrower’s account, leaving no option for the borrower to pay all other payments. 

However, some of the lenders recommended by us are lenient in permitting you to repay the loan on a monthly basis, instead of weekly, with comparatively lesser interest rates.

  • Not Affordable for Some Individuals

A normal payday loan uses 36% of the borrower’s total income. However, a large number of borrowers can bear only 5% of interest for a loan after covering the basic expenditures.

  • Loan After Loan Is Needed

Large numbers of payday loan borrowers, almost 80%, have to borrow a fresh loan within a couple of weeks for the repayment of the previous payday loan. It is like creating a vicious cycle of debt where the borrowers are trapped.      


Any unexpected circumstance can quickly upset your financial position. In such situations, you can fall back on the payday loan facility. But, the condition is that you must have the capacity to pay back the loan without affecting your expenditures in routine.

The online lending marketplaces we have recommended for you can serve this purpose. You have a choice to go for the option that suits you the most. The procedure to apply for a payday loan is quite simple, and above all, you can get the cash instantly. 

The thing that is most important is to review the terms and conditions thoroughly, no matter if it is a payday loan or a short-term personal loan. To avoid regretting it later, pay attention today. 

Even borrowers with bad credit can qualify for this type of loan. The rates of interest can be higher than your expectation and affordability. However, you can manage to make it favorable for you if you pay promptly and regularly. With wise planning, you can easily avoid paying more than the actual amount due. From our top picks today, we would personally recommend considering MoneyMutual for your money needs. 

This post contains affiliate links. If you purchase products through these links Observer will earn a commission.

Best Payday Loans Online 2021

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Perversion of justice by Julie K. Brown, journal. Wed, 21 Jul 2021 20:20:00 +0000 Slate maintains relationships with various online retailers. If you buy something through our links, Slate may earn an affiliate commission. We update links where possible, but note that offers may expire and all prices are subject to change. All prices were current at time of posting. The first part of Julie K. Brown Perversion of […]]]>

Slate maintains relationships with various online retailers. If you buy something through our links, Slate may earn an affiliate commission. We update links where possible, but note that offers may expire and all prices are subject to change. All prices were current at time of posting.

The first part of Julie K. Brown Perversion of justice: the story of Jeffrey Epstein reads like good old fashioned newspaper yarn. It even culminates with Brown’s pilgrimage to the Miami Herald press., to watch his 2018 blockbuster talk unfold on newsprint and in delivery trucks. Brown’s story, the product of months of hard work, precipitated Epstein’s arrest the following year on federal charges of child sex trafficking and earned him the prestigious George Polk Award. Her account of how she got the story will be adapted into a limited series by HBO. It’s a story filled with obscene public officials, slanderous editors, conspiratorial whispers, threatening phone calls made to potential sources, and even a menacing white van parked for hours outside the home of the loyal partner. of Brown’s report, photographer Emily Michot. In short, the stuff that Oscars (and top entertainment) like the 2015 Spotlight movie are made of.

But because all of this happened in the internet age, Perversion of justice also features countless minor slurs to undermine any cinematically satisfying shot of a newspaper bullet slapping on a sidewalk. Brown’s great story, also titled “Perversion of Justice,” was first published online, as all the scoops are these days. As she stood in the newsroom watching a digital screen listing the Heraldof the morning’s most read stories, she was sure her article – despite all the blood, sweat, tears, and weeks it took to write it – could never get past a nugget titled ” gas in store, then pulls a knife. ”She checked it once asleep Twitter account and noticed that suddenly she had thousands of followers. “Then the unbelievable happened,” Brown writes of the report that made her a household name, at least in journalism circles: “It broke the fart story. “

Julie K. Brown.
Photographic illustration by Slate. Photo of Eileen Soler.

Brown wasn’t the first reporter to cover Epstein or scrutinize the 2008 plea deal in which the billionaire got away with a simple slap on the wrist, despite plenty of evidence he drew dozens of. underage girls in his Palm Beach mansion to assault and sexually exploit them. But Brown resurrected history by poring over piles of court documents, meticulously tracing the countless ways that Epstein’s powerful friends and well-funded lawyers manipulated the justice system on his behalf. More importantly, she tracked down several victims – which was no easy task, as legal documents made them anonymous – and persuaded several women to be formally questioned, while winning over the detective and the police chief. suspicious of the Palm Beach police, who she quickly realized. , “appeared to be the only two people who were willing to risk their careers to go after Jeffrey Epstein.” Following his article, Alexander Acosta, a former Miami American lawyer and 2008 chief prosecutor, resigned his post as Donald Trump’s Labor Secretary. By the time Epstein died in a cell at the Metropolitan Correctional Center in New York in 2019 and that death was controversially declared a suicide, the story had become too important for a journalist, and although Brown clearly considers the circumstances as suspect, it does not. seem to go further.

Perversion of justice makes it clear that even as she doggedly investigated her career story, Brown, a single mother with two children, struggled to make ends meet with a journalist’s ever-shrinking salary. Even as she coaxed sources into officially speaking, the woman at the check-cashing store where Brown frequently went for payday loans knew her by first name and asked her about her children. . Brown had taken pay cuts and time off to keep her job, and it was a feat in 2016 that she was finally earning the same salary she was offered when the Herald hired her a decade earlier. As Michelle Goldberg pointed out in the New York Times, the Internet’s havoc on local journalism made it easier for predators like Epstein to get away; Brown stuck with it, but imagine all the reporters who didn’t or couldn’t.

The first and (quietly) most heroic parts of Perversion of justice can be a bit cumbersome, given that Epstein’s tactics to evade justice involved phalanxes of lawyers and the manipulation of dense procedural groves that can confuse the mind of a layman. I could only admire Brown for going through this stuff. His post-publication experiences are in some ways the most depressing typical of contemporary journalism, the daily chore of fending off hikers and rivals. A crazy former socialite who had self-published a book on Epstein began to appear when Brown made public appearances, loudly accusing him of plagiarism. She suspects The New York Times of having her so dazzling with VIP treatment when she visited the newspaper’s offices that she inadvertently slipped and handed them a lead related to Epstein. (Time the publisher involved claims otherwise.) Above all, she and the Herald were tormented by Alan Dershowitz, the octogenarian lawyer who both worked for Epstein and was accused of associating with the abuse of some of his victims. Among her many infuriating ploys, Dershowitz is said to claim that certain sealed court documents refuted Brown’s reporting, and then, when she and her editors asked her to justify this by showing them the material, accused them of trying to get her to break the law. law.

When Epstein was first arrested in 2008, Dershowitz sought to defend him by slandering his accusers. He sent state prosecutors printouts of a victim’s Myspace page, writing: “You will notice that she herself has chosen to be called ‘Pimp Juice’ and the site details, including photos, his apparent fascination with marijuana. “Epstein was looking for girls who met a certain physical type: white, petite, tattoo-less and no older than 17, with blonde or light brown hair. But he also targeted the vulnerable and marginalized, runaways and girls from struggling families, many of whom have no money or a permanent place to live and some drug addicts.In a nightmarish Catch-22, the same misfortunes that made them easy prey became excuses to dismiss their accounts of it. that Epstein did to them.

It’s clear that Brown – whose single mother was looked down upon in the Pennsylvania town where she grew up and who became an emancipated minor at age 16, taking factory jobs to pay rent – identifies with these victims. Class, as much as the dismal state of journalism, is the great undercurrent in Perversion of justice and give this scrappy book its heart. The most blatant breach of the plea agreement that triggered the Herald the investigation was a violation of the law on the rights of victims of crime, which stipulates that victims must be informed of an impending agreement and be given the opportunity to speak out when the accused is sentenced. Epstein’s victims were simply left out of this process, and more than one source pointed out to Brown that prosecutors sometimes seem to team up with the victim defense. In a sense, as members of the professional class, they were.

The assumption that Epstein’s victims were insignificant and disposable permeated everything he did. In a striking anecdote, Brown hears about Epstein’s long-standing friendship with Donald Trump, who once fondly remarked that Epstein was “a lot of fun to be with.” It is even said that he loves beautiful women as much as I do, and many of them are younger. According to the story told to Brown, the two finally fell out when Epstein punched the daughter of a member of Mar-a-Lago. It was an unusual misstep for Epstein, hunting among the people that matter. As Brown continued Epstein’s story, The Times and The New Yorker ran stories about Harvey Weinstein, exposing sexual harassment and assault within a social stratum that can rightly be called “l ‘media elite’. Brown’s own editor was skeptical that his Epstein story had legs before the testimony of Hollywood actresses made headlines. But Brown – who like most local journalists fell somewhere between working class and middle class – always knew that Epstein’s victims, women not so different from her, were a pretty important story. They were just waiting for the right person to say it.

The cover of Perversion of Justice.

By Julie K. Brown. Books from rue Dey.

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Payday Advances: Alternatives and Why You Should Avoid Them Wed, 21 Jul 2021 12:57:02 +0000 Payday Advances: Alternatives and Why You Should Avoid Them The problem with payday loans and what you can do If you’re struggling to make ends meet, it can be extremely stressful. You will likely need to find almost any solution that can help you spend your bills and meet your bills. One choice that will […]]]>

Payday Advances: Alternatives and Why You Should Avoid Them

The problem with payday loans and what you can do

If you’re struggling to make ends meet, it can be extremely stressful. You will likely need to find almost any solution that can help you spend your bills and meet your bills. One choice that will seem very attractive to many people is a payday loan.

A cash advance is a short term loan that is definitely designed to “get a payday”. These loans are generally fairly straightforward to obtain. More often than not, you won’t need to do a credit check to get one, and you certainly won’t have to wait long for your hard-earned money. In most cases, all a payday lender will need to see is proof that you are of the correct age and that you are used to it. Plus, payday lenders are very easy to find. In a few metropolitan areas, you can spot one on almost every block. The ease of a cash advance makes it a good idea when you are feeling a financial crisis.

But, payday advances can be extremely dangerous. Many people who take out a payday loan online quickly find themselves in serious financial difficulty.

Why payday loans are dangerous

The main reason that payday loans often trigger difficulties is that they don’t really solve your economic dilemmas. At best, they simply delay them, and at worst, they put you in even more debt.

Unfortunately, the truth is that many people who take out a payday loan online have to struggle to pay it off over time. These loans are incredibly short term, usually a day or two in total. Since you might have the most effective reasons once you delete the mortgage, and you will more than likely decide to do your best to pay it off on time, these reasons are not always practical. It is difficult to get the money you will need in just fourteen days.

If you want to borrow money quickly to get to payday, chances are you’ve been hit by an unexpected expense that you can’t handle. Needless to say, you might even be spending more money than you earn when you leave. In a choice of situation, the very fact remains that you need help because you don’t have any type of crisis fund. Life is definitely unpredictable. Even if you budget very carefully and do whatever it takes to make yourself feel at home within your means, one thing could constantly pop up that derail you. And, it’s likely to happen again at some point in the future if it happens once. A quick payday loan does not solve this example.

Many people who have a quick payday loan find themselves unable to repay it over time. Many Canadians do not have adequate savings in an emergency and many people reside in Canada. So it will be extremely difficult to pay off a payday loan fast over time without hurting yourself economically.

Be honest with yourself before taking out a payday loan online. In the event that you don’t have the money now to fund your expenses, will you likely have it in two weeks? Yes, you will be compensated at that time, but since you have no savings, you probably live. This means that there is a good chance that you will need the income from your next check to cover other costs. Where is the money obtained by you to settle the payday loan? And, if you could possibly spend the loan over time, exactly how are you going to spend the money to sleep spending in the years to come?

While a payday lender just isn’t able to provide you with another loan to end up in a “revolving door” of debt until you’ve paid off the first loan, that doesn’t stop you. . You might be tempted to go to another lender – and maybe even another payday lender – for another loan if you can’t pay off your loan on time. When you do, it could make your financial obligation problem worse. Now you will have two loans to settle.

Even if you have no savings and you are alive, how long before you need another loan to make ends meet if you pay off your loan on time?

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Entrepreneurs of color are at the heart of our economic recovery from COVID-19 Wed, 21 Jul 2021 10:01:07 +0000 For centuries, small businesses owned by people of color have contributed to the fabric of innovation and economic growth in this country. Between 2007 and 2017, businesses owned by people of color grew 10 times faster than the overall growth rate of U.S. small businesses during the same period, and today entrepreneurs of color operate […]]]>

For centuries, small businesses owned by people of color have contributed to the fabric of innovation and economic growth in this country. Between 2007 and 2017, businesses owned by people of color grew 10 times faster than the overall growth rate of U.S. small businesses during the same period, and today entrepreneurs of color operate more than 8 million businesses. But despite the huge impact this community has had on local and national economies, small business owners of color have faced unique challenges when trying to start and grow a business due to discrimination in our system. banking and society at large – issues that have been dramatically exacerbated by the COVID-19 pandemic. Without a concerted federal effort to truly invest in a diverse and equitable business ecosystem, entrepreneurs of color will continue to face systemic barriers and will not survive the next crisis.

It’s no secret that black and Latino-owned businesses not only have suffered the brunt of lost revenue and business closures, but have also experienced more difficulty accessing federal programs. emergency aid such as the Paycheck Protection Program (PPP) and received less funding than their white counterparts. This is due to long-standing inequalities in our traditional banking system, a process that favors large corporations over small businesses owned by women and minorities.

For example, while black-owned businesses are more likely to apply for bank financing, less than half of those applications are fully funded. Lenders demand that businesses provide overwhelming, sweeping, and archaic collateral for loan applications, making it difficult for small businesses to get a traditional loan without additional help and resources. In fact, before the pandemic, women and minority-owned businesses received just over 4% and 5% of conventional loans, respectively.

These challenges in turn enabled predatory lending practices that have preyed on minority-owned businesses in plain sight for years. Unlike payday loans for consumers, online finance companies and other alternative small business finance companies operate in an almost entirely unregulated market where it is legal for bad actors to disguise their fees or not provide these. information.

Expanding access to responsible credit and capital would help prevent these unfair lending practices and create a level playing field for all small businesses. Too many entrepreneurs of color have shared their stories of crushed dreams due to a desperate need for an injection of cash to avoid an indefinite shutdown. That’s why we need more federal grants and low-cost loans for businesses owned by people of color that have been left behind by federal relief efforts, as well as the federal government’s adoption of the Law on Truth in Small Business Lending, which would require more transparency. and equity in commercial lending to combat blatant predatory lending practices.

Another injustice facing small business owners of color is access to affordable, quality health coverage. More small business owners of color have recently identified obtaining health insurance coverage as a challenge during the pandemic than white business owners. Access to affordable health care has historically been uneven in communities of color, and some businesses have been forced to make tough decisions between paying or cutting health care benefits during the pandemic. Clearly, small business owners of color would benefit from smart healthcare policies, such as the expansion of the Affordable Care Act and the continued premium assistance provided by the American Rescue Plan, which would ensure affordable, accessible and equitable quality health care.

Healthcare costs can be overwhelming for small business owners of color, but establishing a strong and reliable local business mentoring culture specific to a minority business is a unique barrier to success. Entrepreneurs of color thrive when there is an abundance of social capital to help grow their business. They rely on community organizations and state and federal agencies to access essential business support and education. Since some businesses of color have historically seen less investment in their communities, Congress should provide the funding and resources to support free, low-cost training that will help minority business owners build their financial literacy. , their credit and their procurement opportunities.

The importance of creating a solid financial foundation and building a successful business model goes beyond the surface of a brick and mortar; building generational wealth is often the primary goal of entrepreneurs of color and their motivation to do what they can to keep their doors open. After all, entrepreneurship is the best way to build wealth after home ownership. But for too long, people of color have been discouraged from pursuing entrepreneurial dreams because of the policies in place that are unfair and racially motivated. Now that we look forward to a post-pandemic economy, we must prioritize legislation that will better position minority homeowners to withstand the next crisis.

While Congress can quickly turn the page to the next issue, moving on isn’t that easy for small business owners of color. Let’s build long-term financial sustainability, promote a level playing field for minority-owned businesses, and recognize that predatory lenders often target communities of color. It starts with supporting policies that will fill these gaps and foster meaningful, long-term relief for small business owners of color chasing the American Dream.

Sarkash Director of Government Affairs for Small Business Majority.

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Buy Now, Pay Later – How Does It Work? Mon, 19 Jul 2021 21:39:03 +0000 Financial experts advise individuals not to buy property the cost of which they cannot cover with the available money. Well that’s true, but impractical, especially when you need something your paycheck or savings can’t cover. Fortunately, there is another way to pay for an item that you don’t have the money to pay for right […]]]>

Financial experts advise individuals not to buy property the cost of which they cannot cover with the available money. Well that’s true, but impractical, especially when you need something your paycheck or savings can’t cover. Fortunately, there is another way to pay for an item that you don’t have the money to pay for right now. That is, the Buy Now, Pay Later (BNPL) service.

BNPL allows individuals to purchase items on credit, then pay the money later, and is generally interest-free. The service can be used for online and in-store purchases. So you can get the clothes, TV, or any other item you want in the same way you might get when you buy them directly, except with this method you make the payments afterwards.

The main advantage of this payment method is that consumers pay for goods over time. And, one can get approval for this finance even when they are not eligible for other loan options due to their low credit rating.

If you don’t have the money to pay for the items you want up front, here are some of the best buy now and pay later options to consider.

Get a payday loan

Payday loans are great if you need quick access to cash. They can help you buy the item you want without delay. Most of these unsecured personal loans have to be paid off by your next paycheck, which means that if you shop around in the middle of the month, you can get the item you want using this loan and then pay it off later when your salary is coming.

Payday loans have a shorter repayment period. Consumers typically pay them off within a few weeks. And this short payment term can be economical in the long run because the interest will not increase, unlike a loan with a longer payment term. Also, since they have less requirements, getting cash is more convenient.

If you’ve seen a good product on sale and don’t have the money to pay for it yet, taking out a payday loan may be a viable option. Well, you can decide to wait until you have saved enough money for it, but remember that you won’t be guaranteed to get the same product. And if it was a discount, the promotion might not be running by the time you get the money.

Wondering where to get a payday loan? Think about CashFlex. It is a fast online loan service that helps consumers access the right loan for their situation. Their application form is simple and their decision time is very fast. You can have the money sent to your account within minutes. Check The CashFlex website for more information on payday loans.

Pay with a credit card

Financial experts have always advised against the use of credit cards. And that’s because a lot of people use them irresponsibly, which puts them in debt. However, if you can use your credit card responsibly, you will find this financing option excellent.

Credit cards allow individuals to obtain the item in advance and then pay the charges later. Swiping your credit card is like taking out a loan. But, it is not a once and does not come with a fixed repayment date. Plus, you can still use your credit card as long as your account is in good standing.

Most of the time, credit card companies don’t care what you buy with your credit card. So you can buy whatever you want. Also, since credit cards are not secure, the lender is not allowed to take the items you buy. However, we encourage you to pay them because defaulting on your payment damages your credit score.

But you can also take secured credit cards if you want to develop and improve your credit. However, you will have to pay the deposit. Also note that with unsecured credit cards, your line is influenced by the annual purchase rate, which depends on your credit history. This means that if you have good credit, you can borrow at lower interest rates.

But it should also be mentioned that when individuals take new credit or are offered an offer by their existing credit, the issuer usually gives them a promotional period to buy something and pay it back later without interest. This means that you can buy the product you want with your existing credit card and then apply for a new credit card with attractive balance transfer offers.

So if there’s something you want to buy but can’t afford, paying with a credit card is a great option. However, we insist that you approach this method with caution in order to avoid entering a cycle of debt. It’s better for a one-time purchase of an expensive item like a washing machine and not for everyday expenses.

Buy all kinds of techniques for hire

Rental This is when the owner (tenant) of an item gives another person (tenant) permission to use that item while they make periodic payments (lease rental). Although the property remains with the tenant, the tenant has the right to use this item and, at the end of the contract, they can choose to buy the item or renew the rental agreement.

Leasing has several advantages in that most landlords don’t need you to pay the down payment. This method allows you to access items that would be too expensive to purchase. In addition, leasing gives you several options, as one is not limited by high upfront costs. And because you don’t pay for maintenance, you aren’t responsible for repairing the equipment. Leasing is suitable for jewelry, appliances, electronics, accessories, musical instruments, mobile devices, mattresses, etc.


Buy Now Pay Later allows you to buy the items you need or want and pay for them overtime. And, depending on which method you use, it can help you build your credit while adding quality to your life. However, as with all financial decisions, you must first weigh your options.

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Long-term loan for the purchase of real estate Mon, 19 Jul 2021 16:03:22 +0000 Posted on Monday, July 19, 2021 at 12:03 p.m. Join AFP’s 100,000+ followers on Facebook Buy an AFP subscription Subscribe to AFP podcasts on itunes and Spotify News, press releases, letters to the editor: Advertising requests: (© alexlmx– Buying real estate is one of the smartest investments you can make over the […]]]>
property investment
(© alexlmx–

Buying real estate is one of the smartest investments you can make over the long term. The value of real estate will rarely decrease over the years; on the contrary, they are much more likely to increase in value or, at the very least, stay the same. However, the sheer value of the funds needed to purchase land and / or property means that it remains a dream for many people regardless of their income. Costing at least several million rupees, buying real estate still requires some form of debt financing for it to be a viable investment. Fortunately, there are many service providers offering credit facilities specifically for this purpose. In fact, you might be overwhelmed with the different options available to you and you might not even know where to start.

Where do I start?

Once you have decided that you are definitely going to be buying real estate in the near future, your first step should be to simultaneously research suitable properties and start preparing your finances. Once you’ve found the perfect house / land / building / apartment, you should be able to bid on the spot and finalize the deal to make sure you secure it before a competitor.

Some of the types of real estate that you might need to borrow money to finance are:

  • Buy or build a house
  • Empty earth
  • Different types of buildings
  • Condominiums, apartments or apartments
  • Sometimes even home renovations and improvements
  • There are even loans to help you reconfigure an existing credit facility that you may have fallen behind on.

Choose a lender

When it comes to financing your purchase, you can choose from a variety of lenders. Most banks and financial institutions offer different types of home loans, with different payment terms, interest rates, and loan values. There is also a growing market for online loans in Sri Lanka which have proven to be extremely effective when used to finance large purchases.

Ideally, the first thing you should do is approach various lenders; start with a simple Google search to generate a list of options. This list would probably include all the major banks and financial institutes. Then you need to approach them and get the following information from each of them:

  1. Their interest rate
  2. How much you can borrow from them
  3. Period and terms of repayment
  4. Any other benefit offered by them

Once you’ve done that, don’t be afraid to get recommendations from your friends and colleagues. Their point of contact in these companies might even be able to offer you a better deal than what was originally offered to you. Some service providers even offer special packages for various professions, like academic staff, civil servants, doctors, military, etc.

What are my loan options?

There are generally two types of ways to borrow money to finance your home purchase: a regular loan or a mortgage.


A loan is when the lender gives you a sum of money that you must repay within an agreed timeframe (sometimes up to 25 years for larger loans of this nature), with an additional interest payment that acts as the fresh lender for the provision of this service. This is the most basic type of credit facility in Sri Lanka. There is an innovative new type of loan which is the payday loans which can help you with your daily financial problems. One such company that helps in such cases is


Mortgages are slightly different. Put simply, the lender will outright buy the item you need the money for (in this case real estate, but this also applies to vehicles) and you will have to pay the lender the value of the money. article, as well as interest over the agreed period. The advantage of mortgages over a general loan is that the interest tends to be lower because the lender has more collateral in this arrangement. If you don’t pay off the mortgage, they will get the asset back and get their money back by selling it to a buyer. Mortgages are also commonly referred to as leases in Sri Lanka.

How much can I borrow?

If you are a salaried employee or a businessman (essentially generating some form of income on a regular basis), you will be able to borrow money from a lender. However, this amount depends on a number of variable factors, such as:

  • Your income level
  • Your social status (level of education, place of work, etc.)
  • Any outstanding debt, loan, or line of credit (including overdrafts and credit cards)
  • Loan history (terminated loans and refused loans)
  • Your overall credit score
  • How much you deposit
  • Relationship with the lender (if you have been a customer for longer, you are more likely to get approved for a loan)

If you manage to meet the above criteria exceptionally (and depending on the service provider selected), you may find that you can even borrow up to over one hundred million rupees, repayable up to twenty- five years.

What should I prepare?

Although the list of documents you need to prepare to apply for a loan depends on the lender of your choice, here are some of the most common documents required:

  1. Completed loan application form
  2. ID card
  3. Pay slips for the last three months
  4. Letter from your employer specifying your title, salary and length of employment
  5. Educational / Professional Qualifications Certificates

After you successfully submit your application, it may take a few days to a few weeks for your loan to be approved and the money deposited into your bank account. So, it is always best to start securing your finances well before you complete your transaction, otherwise you risk selling your ideal real estate to another party who has been able to make a down payment faster than you.

Things to watch out for

While the above sounds pretty straightforward, you might find that you run into some issues along the way. Here are a few things you should watch out for when applying for a home loan:

  • A lender will not lend you the full amount required; Most service providers lend up to a maximum of 75% of the value of your required assets. You would need to find the remaining 25% elsewhere.
  • Pay attention to variable interest rates versus fixed interest rates when applying select what works best for you, because although you can change it later, there will be a substantial service charge.
  • Find out upfront about all other fees involved such as compound interest, late payment fees, service fees, processing fees.


Almost everyone finances the purchase of their home or other real estate property through some form of loan. Although this is a massive financial commitment, it is somewhat of a rite of passage to adulthood. With a little careful planning and selecting the most reliable lender, you should be able to make your dream of owning real estate come true.

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LendingClub to pay $ 18 million to settle 3-year FTC dispute Mon, 19 Jul 2021 15:00:26 +0000 Dive brief: LendingClub agreed last week to pay $ 18 million to resolve a three-year battle with the Federal Trade Commission (FTC), which said the online lender made misleading statements to customers about the fees and whether they were approved for loans. The FTC sued LendingClub in 2018, alleging borrowers had to pay origination fees […]]]>

Dive brief:

  • LendingClub agreed last week to pay $ 18 million to resolve a three-year battle with the Federal Trade Commission (FTC), which said the online lender made misleading statements to customers about the fees and whether they were approved for loans.
  • The FTC sued LendingClub in 2018, alleging borrowers had to pay origination fees of $ 1,000 or more, even though the company advertised “no hidden fees.” The regulator also alleged that the lender told clients that they were approved for loans when they were not and that it had withdrawn money from their bank accounts without their consent.
  • Last summer, a federal judge granted LendingClub a stay pending a Supreme Court ruling on a related issue.

Dive overview:

Last week’s regulations prohibit LendingClub from making false statements to loan seekers and requires the company to disclose “clearly and conspicuously” the origination fee and the total amount borrowers will receive.

But a lot has changed since the dispute began in 2018. LendingClub bought Radius Bank last year, putting it on the path to oversight by different regulators. It has also overhauled certain aspects of its business model, moving out of the peer-to-peer lending space in which it was a pioneer.

Other changes seem to be happening in the regulations in general. In the Supreme Court case, Scott Tucker, a racing car driver now in jail and a paid contractor, argued that the FTC had misinterpreted FTC law as giving it the power to bypass administrative processes and go directly to court for monetary compensation.

The Supreme Court, in an April ruling, unanimously sided with Tucker. But Judge Stephen Breyer, writing for the court, noted that the FTC could use another legal basis to seek restitution – a route that could take longer and give lenders more leverage.

“This is a blow to the FTC’s enforcement powers and jeopardizes a significant number of more recent FTC orders for monetary relief,” lawyers for Manatt Phelps & Phillips wrote to the following the decision, according to American Banker.

In the LendingClub dispute, a court previously found that the company falsely told claimants that their loans were “on the way” and “100% guaranteed,” although many would never get a loan. The FTC also alleged in its complaint that LendingClub removed double payments from customers’ accounts and charged those who canceled automatic payments or paid off their loans.

LendingClub did not admit any wrongdoing in the settlement and said it has set aside the amount of the penalty, which will be used to repair the customer.

“While we have never agreed with the FTC’s claims, we appreciate the important role the FTC plays in protecting consumers and are pleased to have reached an agreement that resolves the agency’s concerns.” , said Brandon Pace, executive director of LendingClub, in a press release. , according to American Banker.

The FTC approved the settlement with a 4-0-1 vote. Newly installed President Lina Khan did not attend.

“Companies that profit by preying on consumers aren’t just harming the families they cheated on – they are also harming their rules-playing competitors,” Samuel Levine, acting director of the Privacy Office, said Thursday. FTC consumers, in a press release. “Loan Club skinned consumers looking for a loan online. “

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Payday Loans Online: What You Need To Know Mon, 19 Jul 2021 10:02:27 +0000 It’s hard to know what life has in store for you. But adults have probably faced unforeseen or urgent expenses once in their lifetime, and they will likely agree that it is sometimes difficult to keep up with such expenses, especially if they arise during times of financial hardship. Take, for example, when your car […]]]>

It’s hard to know what life has in store for you. But adults have probably faced unforeseen or urgent expenses once in their lifetime, and they will likely agree that it is sometimes difficult to keep up with such expenses, especially if they arise during times of financial hardship.

Take, for example, when your car doesn’t suddenly start and you have to go to the garage to get it fixed. The store tells you to pay a few hundred dollars for the repair of the car and unfortunately you are running out of budget. In such a case, the best option is to get a quick loan.

Payday loans online allow you to borrow money quickly and with less stringent credit checks. Here is what you need to know about payday loans online.

Online Payday Loans: What is it?

Payday loans online belong to the category of short term loans. Online lenders most often offer such loans to borrowers who need to borrow money in the short term and to borrowers who have a bad credit rating. A payday loan, as you can guess by the name, must be repaid on the debtor’s payday.

The interest rates for online payday loans vary, but they can be more expensive than other loans. For every $ 100 a person borrows, a fee of $ 15 to $ 20 is charged against the loan. Translated as an annual percentage, this represents around 400% to 500% APR.

Online loan companies like typically assess your income and credit score to determine the APR to charge on your loan. One of the requirements before the loan release that you need is to give an account withdrawal authorization or a post-dated check to the lender.

Benefits of Payday Loans Online

While the APRs for online payday loans are quite high, people still choose to take out this type of loan because of its many advantages.

  • No worries to apply. Applying for a personal loan is very easy because the application is online. This means that you don’t have to go to the lender’s office to borrow money. The online lender will process your online loan application through their website. On the website, you have to answer the online application form and submit it to the lender.
  • No strict credit check. Another thing that people love about online payday loans is that the credit checks are not strict. Even borrowers with bad credit can qualify for the loan as long as they have a regular monthly income proving that they are able to pay the loan amount and the interest.
  • Easy to pay loan amounts. Online businesses that lend payday loans have a limit set on the amount you can borrow. This is to ensure that you can repay the loan in full on its due date. Most lenders offer $ 100 to $ 1,000 for online payday loans.
  • Fast transfer of funds. For those who really need to borrow money, online payday loans are a great option. Since the application process will not take forever, the lender can immediately assess your application. Once you get the loan approval, you can get the funds you need right away.
  • Security and confidentiality. Naturally, some people have doubts about the security and confidentiality of the data of the online loan application. But many online lenders are now adopting robust data protocols and computer systems to keep your sensitive information safe. Read the lender reviews online before applying for a payday loan online.

Online Payday Loan Application Process

If you are wondering about the online payday loan application process, read these steps to guide you.

Complete the online application form

Find a reputable online loan company on the Internet. When you find one, search for an online application form on their website and fill it with the necessary information, such as your name, place of residence, phone number, employment status, monthly income information, etc. Once you are done, submit the form to the lender for appraisal.

Examination of your request

After receiving your request, the lender will now review the information you provided in your validity request. The examination can be carried out manually or via a computer.

Assessment of your ability to repay the loan

The lender will now check your ability to repay the loan amount plus interest from the income you provided in your application. Those with a stable income are more likely to receive loan approval.

Loan approval

Once the lender sees that the personal information in your application is valid and that you have the means to repay the loan, they will approve your application. You will now receive a copy of the terms and conditions of the loan. Read it carefully before signing.

Funds transfer

When you and the lender come to an agreement, you will now get the loan amount you need. It will be deposited into your bank account immediately or in the next few days.

To take with

Do you want to borrow money? If so, consider online payday loans. It is not complicated to apply for this loan option and you can get the cash you need in no time. But be aware of the high interest rates of online payday loans.

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