Payday Loans Online UZZ Fri, 11 Jun 2021 18:52:23 +0000 en-US hourly 1 Payday Loans Online UZZ 32 32 Roller coasters are fun… but not when it comes to consumer financial regulation | Dentons Fri, 11 Jun 2021 17:34:24 +0000

I love roller coasters! But the older I get, the more I risk ending up with my head in a trash can. As a lawyer specializing in consumer financial regulation, the past decade has been a roller coaster ride and my clients are nauseated.

In response to the worst financial crisis in a generation, Congress passed in 2010 and President Obama enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation reshaped the financial regulatory landscape in the United States and created a new government agency, the Consumer Financial Protection Bureau or “CFPB”. The function of the CFPB is to provide centralized federal oversight over consumer financial sectors, including mortgages, credit cards, student loans, and other products.

When the CFPB opened in 2012 under the leadership of then-director Richard Cordray, it went from “zero to sixty” at lightning speed, regulating, overseeing and aggressively using its broad executive power. . Consumer advocates applauded Director Cordray’s work, while many in the industry felt the Bureau had created unnecessary twists, turns and loops.

And in November 2017, when Director Cordray resigned, the agency’s momentum stopped and then reversed. President Trump appointed Mick Mulvaney interim director until the Senate confirmed Kathy Kraninger as CFPB director at the end of 2018. Under interim director Mulvaney and director Kraninger, the Bureau took a less aggressive approach, backtracking on many of his current projects and using his big projects. force the application of the dollar more sparingly. Consumer advocates and many Democrats have been shouting that the wheels are off, but industry players have enjoyed a much smoother ride.

But, once again, the Bureau has swung in the opposite direction. On January 20, 2021, Director Kraninger stepped down, paving the way for President Biden to appoint CFPB veteran Dave Uejio as interim director and to appoint Federal Trade Commissioner Rohit Chopra as director. Unsurprisingly, Acting Director Uejio and Mr Chopra are committed to making the agency operate on the same track as the Cordray administration with their own twist on key priorities, including pandemic financial issues and discrimination. fair credit.

Running one of the most important government agencies like an endless roller coaster is dangerous and dizzying. So how did we get to this? And how to make it stop?

The Dodd-Frank Act centralized immense power to the director of the CFPB by establishing a five-year term that could only be terminated for cause. On top of that, CFPB funding operates outside of normal congressional appropriations, making the CFPB director one of the most influential people in America’s financial industry. Courts across the country have examined the agency’s constitutionality, with different results depending on the court. Last year, the United States Supreme Court ruled, ruling that an administrator who can only be removed for cause violates the constitutional separation of powers. The Court, however, did not reject the CFPB out of hand, but rather amended it. This paved the way for the president to have the power to fire the director of the CFPB, which further reinforces the fact that the CFPB is a reflection of the president’s political leanings.

Congress created the CFPB to protect, supervise, and stabilize consumer financial markets in order to prevent another “crash and burn” in 2008. Almost ten years later, however, many of us feel sick as a result. rabbit, and it’s terrible for consumers and businesses.

There have been several important policies and regulations where the Bureau has run in one direction, to completely change course. For example, one of Director Cordray’s last actions at the end of 2017 was to issue a long and comprehensive settlement regarding low-cost and high-cost payday loans and other credits. Almost immediately after Director Cordray left, the Bureau put the brakes on and officially repealed parts of the settlement last year. Meanwhile, the new leadership of CFPB has expressed interest in bringing him back to life. On the other side of the track, in early 2020, Director Kraninger issued guidelines on how the Bureau would review “abusive” conduct, which Acting Director Uejio quickly quashed. There are many more examples.

The CFPB has done a lot of good work for the American people, and it plays a necessary and important role. However, inefficiency and uncertainty prevent the agency from achieving its goal. Industry players like my clients are constantly in limbo, which is a serious obstacle to innovation in consumer credit markets. It takes time, resources and planning to implement changes, and even more time, resources and planning to reverse changes. Consumers are poorly served when laws are applied inconsistently. Credit becomes more expensive for consumers when businesses incur higher and unnecessary regulatory compliance costs. Additionally, policy reversals waste the time of CFPB’s smart, dedicated and talented career employees, who spend years working on projects that are derailed by politics.

The ticket for this ride is a CFPB governance structure creating more stability. While executive agencies are typically shaped by the president’s agenda, the CFPB is a different beast. No other federal agency affects consumer credit markets like the CFPB does.

There are two easy and necessary “fixes” that need to be made immediately. First, the CFPB must go through the federal appropriation process so that Congress can exercise oversight. The Bureau has no direct accountability, and this needs to be changed so that the Bureau responds directly to our elected representatives. Second, the governing structure should be a bipartisan commission made up of both Republicans and Democrats, similar to the Federal Trade Commission. Neither of these concepts is new, and legislation has been around for years. However, as with most things, politics gets in the way. It shouldn’t be a Democratic or a Republican problem. Our elected officials must recognize that wild ups and downs benefit neither consumers nor industry and are not fun for any of us.

Until Congress and the President let us go off this crazy roller coaster, buckle up!

]]> 0
Do you use your personal credit card for business expenses? 5 reasons to reconsider Fri, 11 Jun 2021 15:48:10 +0000

While it may be more convenient to use your personal credit card for business expenses, you should be aware of the downsides of doing so. (iStock)

Personal credit cards and business credit cards offer similar benefits, such as cash back rewards and travel rewards. Some credit card companies even offer 0% interest rate periods for both types of credit cards.

If you already have a credit card open in your name, it’s probably more convenient for you to include a business expense on it. Why bother to apply for a new credit card just for your business?

While it can be easy to record business expenses on your personal card, there are some benefits that are unique to business credit cards that you can forgo. Plus, you might miss out on some long-term benefits of using a business card instead.

Even if you don’t own a business, you can get a business credit card for your side business. If you want to open a credit card, visit a online market like Credible to compare interest rates and credit card charges.


Here are five reasons why you should consider using a business credit card for your business expenses instead of your personal card:

  1. It’s easier to track spending
  2. You won’t build business credit
  3. You will not earn credit card rewards
  4. Most business credit cards don’t show up on your credit report
  5. You could put your business at risk

1. It’s easier to track spending

Certain business expenses are tax deductible. One of the main benefits of using a business card over a personal card is that it’s easier for you to track your spending.

Additionally, using two separate accounts can make it more difficult to track the profitability of the business.

2. You will not create a trade credit

Just as building your personal credit score is good for your financial health, building business credit is good for the health of your business. Having a positive credit history can help you grow your business and build relationships with your suppliers. When you use a personal credit card for business purchases, it doesn’t help you build your business credit.

This can hamper your ability to qualify for construction leases or small business loans in the future. Learn how to qualify for a small business credit card. Visit Credible at compare card details, such as annual fees and rewards programs.

3. You will not earn credit card rewards

While business credit cards offer similar benefits to traditional credit cards, some business credit cards offer unique benefits to business owners. For example, some business credit cards give you a signup bonus after spending a certain amount of money in office supply stores, as well as money spent on internet and phone services.

Additionally, some other business cards offer higher reward rates on common business costs, like shipping and advertising. If you have a business with employees, some credit card issuers allow you to add employee cards, which can help you earn rewards faster.

4. Most business credit cards don’t show up on your credit report

Another advantage of using a business credit card over a traditional credit card is that it won’t affect your personal credit score. It might help you avoid common credit error to have a high credit utilization rate.

Additionally, it means that the business credit you use might not impact your eligibility for a personal loan or credit card. If you’re interested in this benefit, ask the credit card issuer if they report card activity to consumer credit card bureaus before you apply.

You can monitor and check your personal credit score for free on Credible.


5. You could be putting your business at risk

When you mix personal finance and business together, you risk having your personal assets confiscated if a court rules against your business. Business owners often set up limited liability companies to protect their personal assets, but using a personal credit card for business expenses blurs the lines of protections.

Once this happens, a court can hold you personally liable for your business debts.


The bottom line

While it’s easy to use a personal credit card for business purchases, it’s best to use a business credit card instead. This way, you can better track your spending, create business credit, and avoid being personally responsible for business debts. Just be sure to compare annual fees, overseas transaction fees, rewards programs, introductory APR, and other card details.

You can even open a business card without a business. By doing this, you can get a head start on establishing business credit.

Visit Credible’s online marketplace to buy all the financial tools you need, from credit cards to personal loans.


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

]]> 0 David Lawrence Rare Pieces Auction Highlights More From Hansen Collection Fri, 11 Jun 2021 14:39:16 +0000

Sunday auction # 1174 of David Lawrence Rare Coins (DLRC) is now LIVE and offers 365 lots, including 25 chest values, 65 lots without reserve, and a selection of new offers from the DL Hansen Collection.

A colorful key date is included in the variety of fantastic items approved by PCGS, NGC and CAC in this week’s sale. 1923-S 10c PCGS / CAC MS65 + FB, an elusive 1796 25c PCGS / CAC VG-10, a beautifully shiny 1919-D 25c PCGS MS64 FH, a magnificent 1892 $ 1 PCGS / CAC Proof 67, an amazing cameo gem $ 1898 2 1/2 PCGS / CAC Proof 67 CAM, and a hard variety 1818 $ 5 PCGS MS63 (STATE OF).

Make sure you browse and bid before bidding closed on Sunday June 20.

Some of the other highlights of the 1174 auction include:

In addition to the coins above, there are many other highlights from the David Lawrence Rare Coin Auction, so be sure to browse all lots in this exciting new sale before it closes Sunday, June 20.

If you have any questions about the parts in this auction or the items to purchase directly, please call us at 800-776-0560, or send an email and we’ll get back to you immediately.

Thanks for browsing and participating in our auction!

* * *


David Lawrence Rare Pieces still needs coins. When you’re ready to sell, we’ve got you covered. David Lawrence offers three options that provide maximum flexibility to meet your needs while providing the highest quality personalized service in the industry:

  1. You can sell your parts to us directly.
  2. You can check in your coins.
  3. You can participate in our guaranteed auction program.

DLRC Special Consignment

Check out our Special Consignment Collector! We offer the following options which can be combined or adjusted for your specific needs:

Maximum returns – For coins over $ 10,000, consign with a reserve and receive 90% or consign without reserve and receive 92%.

Immediate cash advance – For collections over $ 10,000, receive an immediate cash advance of up to 75% on non-reserved shipments.

Fastest turnaround time – We will auction your parts within 3 to 5 working days of receipt, for a delay of approximately two weeks.

Standard conditions still apply:

  1. Coins from $ 1,000 to $ 10,000 – deposit with a reserve and receive 85%; send unreservedly and receive 90%
  2. No fee guarantee – no registration fees, no imaging fees and no redemption fees
  3. Prompt payment – payment within 30 days of sale; for this promotion, we can expedite the payment to two weeks in most cases
]]> 0
Mortgage and refinancing rates today, June 11 | Stable rates Fri, 11 Jun 2021 14:09:13 +0000

Today’s Mortgage and Refinance Rates

Average mortgage rates were unchanged yesterday. Many expected a hike following today’s inflation report. And I was one of them.

The markets this morning appear sluggish. And current mortgage rates may remain stable or drop a little.

Find and Lock a Low Rate (Jun 11, 2021)

Current mortgage and refinancing rates

Program Mortgage rate APR* Switch
Conventional 30 years fixed 2.811% 2.811% -0.02%
Conventional 15 years fixed 2,125% 2,125% -0.04%
Conventional 20 years fixed 2.625% 2.625% -0.13%
Conventional 10 years fixed 1,943% 1,978% Unchanged
5-year conventional MRA 3.62% 3.222% + 0.05%
30-year fixed FHA 2.688% 3.343% Unchanged
15 years fixed FHA 2.404% 3.003% Unchanged
5 years ARM FHA 2.5% 3,194% Unchanged
Fixed VA over 30 years 2.25% 2,421% Unchanged
VA fixed 15 years 2.25% 2,571% Unchanged
ARM VA 5 years 2.5% 2,372% Unchanged
Prices are provided by our network of partners and may not reflect the market. Your rate may be different. Click here for a personalized quote. See our pricing assumptions here.

Find and lock in a low rate (June 11, 2021)

COVID-19 Mortgage Updates: Mortgage lenders change rates and rules due to COVID-19. To see the latest information on the impact of the coronavirus on your home loan, click here.

Should you lock in a mortgage rate today?

Judging by the reaction of yesterday’s markets to the Consumer Price Index, investors are not yet ready to act decisively in today’s bizarre economy. And mortgage rates could stay in their current narrow range for some time to come.

You may therefore lose or gain little by continuing to float. But you will take risks. Because most experts expect mortgage rates to start rising quite quickly.

And that’s why my personal rate lockout recommendations should stay:

  • LOCK if closing 7 days
  • LOCK if closing 15 days
  • LOCK if the closure 30 days
  • LOCK if closing 45 days
  • LOCK if closing 60 days

However, I do not claim perfect foresight. And your personal analysis could turn out as good as mine, if not better. You can therefore choose to be guided by your instincts and your personal risk tolerance.

Market data affecting today’s mortgage rates

Here is a look at the state of play this morning around 9:50 a.m. (ET). The data, compared to around the same time yesterday, was as follows:

  • the 10-year Treasury bill yield fell to 1.46% from 1.50%. (Good for mortgage rates.) More than any other market, mortgage rates normally tend to track these particular yields on Treasury bonds, although less recently.
  • Main stock market indices were higher again at the opening. (Bad for mortgage rates.) When investors buy stocks, they often sell bonds, which lowers bond prices and increases yields and mortgage rates. The reverse can happen when the indices are lower
  • Oil price held at $ 70.55 per barrel. (Neutral for mortgage rates *.) Energy prices play an important role in creating inflation and also indicate future economic activity.
  • Gold price edged down to $ 1,887 from $ 1,891 an ounce. (Neutral for mortgage rates*.) In general, it’s better for rates when gold goes up and worse when gold goes down. Gold tends to rise when investors worry about the economy. And worried investors tend to cut rates
  • CNN Corporate Fear and Greed Index – fell to 54 from 57 out of 100. (Good for mortgage rates.) “Greedy” investors push bond prices down (and interest rates up) when they exit the bond market and move into stocks, while “fearful” investors do the opposite. So lower readings are better than higher ones

* A change of less than $ 20 in gold prices or 40 cents in oil prices is a fraction of 1%. We therefore only count significant differences as good or bad for mortgage rates.

Warnings about markets and rates

Before the pandemic and the Federal Reserve’s interventions in the mortgage market, you could look at the numbers above and make a pretty good guess at what would happen to mortgage rates that day. But this is no longer the case. We still make daily calls. And are generally right. But our accuracy record won’t hit its former high levels until things calm down.

So use the markets only as a rough guide. Because they have to be exceptionally strong or weak to lean on them. But, with that caveat, so far mortgage rates today are expected to remain stable or slightly lower. However, be aware that intraday fluctuations (when rates change direction during the day) are a common feature at this time.

Find and Lock a Low Rate (Jun 11, 2021)

Important Notes on Today’s Mortgage Rates

Here are some things you should know:

  1. Typically, mortgage rates rise when the economy is doing well and fall when it is struggling. But there are exceptions. Lily ‘How mortgage rates are determined and why you should care
  2. Only “top” borrowers (with exceptional credit scores, large down payments and very healthy finances) get the ultra low mortgage rates you’ll see advertised.
  3. Lenders vary. Yours may or may not follow the crowd when it comes to daily rate moves – although they generally all follow the larger trend over time.
  4. When daily rate changes are small, some lenders adjust closing costs and leave their fee schedules unchanged.
  5. Refinancing rates are generally close to those for purchases. But some types of refinancing are higher following a regulatory change

So there is a lot going on here. And no one can claim to know for sure what will happen to mortgage rates in the hours, days, weeks or months to come.

Are mortgage and refinancing rates going up or down?

Today And so on

Yes, I was surprised the markets ignored yesterday’s hotter than expected inflation report. But not shocked. Years ago, I invented a metaphor (more precisely, a comparison) to describe how they work:

The markets are like a herd of wildebeest at an African waterhole. They drink avidly while the weaker members of the perimeter are captured by predators. But then a big bull in the front sees a log floating. And he takes him for a crocodile. Then the whole herd rushes off, only stopping to think about it when it’s halfway through the Serengeti.

Now I suspect investors might be right not to be scared off by yesterday’s report. Personally, I find the arguments of economists who predict that inflation will be transitory convincing. But a lot of people who are much smarter than me are not. And, anyway, fear trumps rationality in these situations.

What the May Consumer Price Index may have done is push investors closer to where they might rush. And, if and when they do, most experts think they’re much more likely to push mortgage rates up than down.

Mortgage Rates and Inflation: Why Are Rates Rising?

For more information, read our last weekend edition, which offers more space for in-depth analysis.


Through much of 2020, the overall trend for mortgage rates was clearly downward. And a new all-time low was set 16 times last year, according to Freddie Mac.

The most recent weekly record low occurred on January 7, when it stood at 2.65% for 30-year fixed-rate mortgages. But then the trend reversed and rates went up.

However, most of these increases were replaced by declines in April, although these moderated in the second half of this month. Meanwhile, the month of May saw the declines outweighing the increases very slightly. Freddie’s June 10 report puts that weekly average at 2.96% (with 0.7 fees and points), down against 2.99% the previous week.

Expert mortgage rate forecasts

Longer term, Fannie Mae, Freddie Mac and the Mortgage Bankers Association (MBA) each have a team of economists dedicated to monitoring and forecasting the development of the economy, real estate sector and rates. mortgage.

And here are their current rate forecasts for the remaining quarters of 2021 (Q2 / 21, Q3 / 21, Q4 / 21) and the first quarter of 2022 (Q1 / 22).

The figures in the table below are for 30-year fixed rate mortgages. Fannie’s forecast was updated on May 19 and the MBA’s forecast on May 21. Freddie’s forecast is dated April 14. But they are now only updated quarterly. So expect his numbers to start looking out of date soon.

Forecaster T2 / 21 Q3 / 21 T4 / 21 T1 / 22
Fannie Mae 3.0% 3.1% 3.2% 3.3%
Freddie mac 3.2% 3.3% 3.4% 3.5%
MBA 3.1% 3.3% 3.5% 3.7%

However, given so many unknowables, the current crop of forecasts could be even more speculative than usual.

Find your lowest rate today

Some lenders have been frightened by the pandemic. And they limit their offers to the more vanilla mortgages and refinances.

But others remain courageous. And you can still probably find the cash refinance, investment mortgage, or jumbo loan that you want. Just shop more widely.

But, of course, you should be doing a lot of comparisons regardless of what type of mortgage you want. As a federal regulator, the Consumer Financial Protection Bureau said:

Shopping around for your mortgage can save you money. It may not seem like much, but saving even a quarter of a point of interest on your mortgage saves you thousands of dollars over the life of your loan.

Check your new rate (June 11, 2021)

Mortgage rate methodology

Mortgage Reports receive daily rates based on selected criteria from multiple lending partners. We arrive at an average rate and an APR for each type of loan to display in our graph. Because we average a range of rates, it gives you a better idea of ​​what you might find in the market. In addition, we average the rates for the same types of loans. For example, fixed FHA with fixed FHA. The end result is a good overview of the daily rates and how they have changed over time.

]]> 0
Clair, an American neobank focused on salary advances, raises $ 15 million Fri, 11 Jun 2021 04:05:52 +0000

Based in New York Clear finished one $ 15 million Series A funding round, bringing its total funding to $ 19.5 million after scoring $ 4.5 million during a roundtable a few months ago, TechCrunch reports.

This is what it does:

  • The flagship offer of the neobank is a free payday advance product. It integrates directly with HR systems to allow customers to quickly access the money they have already earned. It also provides more standard neo-banking features, including spending and savings accounts, a debit card that can be accessed virtually through its app, and personal finance management tools. The neobank plans to use its new funding to continue to expand in areas such as healthcare and debt repayment, according to TechCrunch.
  • Clair acts as an alternative to predatory payday lenders. U.S. regulators have been keeping their eyes on payday loans for some time: They’ve issued a call in March 2020 for financial institutions (FIs) to offer low-value loans to protect consumers in financial difficulty from having to turn to payday lenders. Clair’s solution joins the low dollar lending options of FIs, including the neobank by Varo Varo Advance and Bank of America Balance aid, as well as similar offers of early access to the wages of neobanks Carillon and Current.

Clair is spearheading its customer acquisition efforts with early access to salaries, a parallel approach to becoming a banking service provider. Instead of attracting new customers with attractive rates or perks on deposit products like savings or checking accounts, Clair tries to persuade customers using its free payday loans to use its banking offers as well. digital.

It is a high risk and high return strategy:

  • On the one hand, Clair charges nothing for payday advances and even pays workforce management and payroll systems to integrate with its technology.
  • On the other hand, clients that the neobank attracts have a high chance of using their new Clair accounts as primary accounts, given that they will already have a direct deposit relationship with Clair through their HR system.
]]> 0
5 tips to save money for 2021 Fri, 11 Jun 2021 02:15:00 +0000

LOS ANGELES, June 10, 2021 / PRNewswire / – Every dollar saved is money someone can spend on a financial goal, whether it’s building a retirement nest egg, saving for kids’ college, or to buy a house. Everyone needs more tips on how to put aside a few extra dollars, so here are five tips on how to save money in 2021.

1. Track expenses

Tracking expenses is a similar tactic to creating a budget, but can be easier to learn and get started. People can use a simple spreadsheet to record expenses or track them in budgeting apps by linking their bank information.

These tools can make it easier to keep track of every penny spent for a few weeks or even months. From there, people could discover expenses that are easy to reduce. For example, they might see that they go out to lunch four days a week at work. Reducing that by making lunch at home makes for easy savings.

2. Audit subscription services

Subscription services have exploded in popularity. Consumers can subscribe to anything from streaming sites to monthly skincare boxes and more.

The problem is, people sometimes lose track of all of their subscription services. They may not use them as much or stop using them altogether, but they still pay for these services every month.

In this case, people need to go through their bank statements, make a list of each subscription service they pay for, and seriously think about how much use or need for each service. Chances are, many can cut off one or two subscriptions (or at least downgrade their plan) and save a good chunk of change each month.

3. Refinance the debt

The high interest rates that borrowers have to pay can add up. Fortunately, borrowers can often refinance their debts at a lower rate and save each month.

Many borrowers use personal loans to do this. Some also rely on balance transfer credit cards, which allow the borrower to transfer balances to the card and pay them off without interest over a set period (e.g. 12 months).

Either way, borrowers should make sure that the new debt has an interest rate that is lower than the weighted average interest rate of their old debt. Homeowners can also refinance their home at a lower interest rate and potentially save hundreds of dollars on monthly payments.

4. Take advantage of cashback

People rarely have to pay full price for much of their purchases these days, thanks to credit cards and websites. Cashback Reward Cards allow cardholders to accumulate points for their daily spending on cards, then spend those points or convert them to cash or credit on a statement each month.

Rewards sites and apps work the same. Consumers visit their favorite stores through the rewards site link, make purchases and earn points redeemable for cash. Buyers who combine these methods can earn a substantial amount of cash back without changing their spending habits.

5. Get a higher interest rate on savings

Traditional savings accounts earn interest, but not a lot. With high yield savings accounts, consumers can earn more on their savings.

These accounts are excellent for emergency funds. Consumers who are struggling to fully fill their emergency funds can use high yield savings accounts to get there a little faster. Then, they can use the additional interest earned on their fully funded fund to fund other savings and investing goals.

Save more money this year

Saving money doesn’t have to be complicated. These are people who monitor their personal finances and are consistent. Applying the tips above may represent small changes, but they deliver substantial savings over the months and years, thus helping anyone who follows them build more wealth and strengthen their financial security.

Note: The information provided in this article is provided for informational purposes only. Consult your financial advisor about your financial situation.

SOURCE Advancing America

]]> 0
Review of Marcus Personal Loans by Goldman Sachs 2021 Thu, 10 Jun 2021 21:33:04 +0000

Personal Finance Insider writes about products, strategies, and tips to help you make informed decisions with your money. We may receive a small commission from our partners, such as American Express, but our reports and recommendations are always independent and objective.

Marcus by Goldman Sachs loan amounts and interest rates

Marcus personal loan amounts range from $ 3,500 to $ 40,000 and can be repaid over three to six years, depending on the agreement you make with the lender.

Marcus’ lowest APR of 6.99% is slightly higher than comparable lenders. With SoFi, you can get as low as 6.11% and LightStream has a minimum APR of 2.49%. Know that your credit must be in good condition to benefit from the best rates from these lenders.

On the bright side, Marcus has roughly the same maximum APR as similar companies. Marcus’ maximum rate is 19.99%, the same as Lightstream’s maximum, and SoFi’s is slightly less than 18.85%. Take a tour of the different companies to see which one will offer you the best conditions.

Marcus offers unsecured personal loans through Goldman Sachs Bank USA (FDIC member). A warranty, such as a house or a car, is not required to obtain a warranty. personal loan without collateral. You can take out a personal loan for a variety of purposes, including debt consolidation, home improvement, and vacations.

Depending on when your request is approved, it will take between one and four business days to receive money in your Marcus account. You will not pay any fees with the company.

A unique feature of Marcus is that the company offers an “on-time payment reward”. You can skip a month of payments if you pay off your loan on time and in full every month for a year, and you won’t earn interest during that time. Your loan will then be extended for one month. This break in payments could help you spend money on other financial goals for a month, like your emergency fund, retirement, or higher interest debt.

To contact customer service, call the lender Monday through Friday, 8:00 a.m. to 10:00 p.m. ET, or weekends from 9:00 a.m. to 7:00 p.m. ET. If the call doesn’t work for you, you can also send correspondence to Marcus’ address in Utah.

Marcus also has a sleek mobile app on the Google Play and Apple stores that lets you manage your loan on the go.

You will need to meet the following conditions to apply for a personal loan from Marcus:

  • Be at least 18 years old (19 in Alabama, 21 in Mississippi and Puerto Rico)
  • Have a valid US bank account
  • Have a valid social security or individual tax identification number

The request is available online or by phone and can be completed within minutes. Marcus does not allow you to file a joint application. You will need basic information for the initial request, including:

  • Last name
  • Date of Birth
  • Contact details, including your address, phone number and email
  • Total annual income
  • Monthly rent
  • Source of income
  • Employment status
  • Social Security number

Marcus may ask you for several documents to verify your information, including:

  • A bank statement
  • Recent payslips
  • Contact your employer directly

Once you apply and your loan has been approved, you will likely get your money back within one to four business days.

Marcus does not list a minimum APR to qualify for a loan, however, you will likely need a score of 670 or higher to qualify for good rates. This suggested score is comparable to that of similar personal lenders. For example, the SoFi minimum is 680 and the lowest score Lightstream will accept is 660.

You can find your credit report for free at from one of the three major credit bureaus each week until April 20, 2022. While this report does not give you your credit score, it will show you information about your credit and payment history, which lenders use to decide whether to grant you a loan. Examining your credit report can help you figure out what you need to improve.

You can find your score free of charge on your credit card statement or online account. You can also pay it with a credit reporting agency.

Your credit score will not be affected when you check your rates with Marcus, as the lender will only perform a gentle credit check. Keep in mind that before you finalize your loan, Marcus will do a serious credit investigation, which will likely impact your credit score. A thorough investigation gives the lender a full view of your credit history, but it can negatively impact your credit score.

If you want to get a personal loan from Marcus but need to improve your credit score to do so, here are some tips that can help you increase your score:

  • Request and review a copy of your credit report. Look for errors on your report that could lower your score. If so, ask the credit bureau to correct the errors.
  • Keep credit card balances low. Maintaining a credit utilization rate (the percentage of your total credit that you use) of 30% or less will prove to lenders that you can manage your credit responsibly.
  • Create a system to pay bills on time. Your payment history is an important part of your credit score, and lenders want to see consistent and reliable past payments. Make calendar reminders or automatic payments to make sure you don’t forget anything about your obligations.

Marcus is a Better Business Bureau accredited company, and the BBB gives Marcus a A + in reliability. The BBB measures reliability by examining companies’ responses to consumer complaints, honesty in advertising, and transparency of business practices.

However, a good BBB rating doesn’t necessarily mean you’ll have a positive relationship with Marcus, so ask friends and family about their experiences with the company and check out consumer reviews online.

Marcus has no recent controversies. You might feel comfortable choosing Marcus as your personal lender because of his sparkling history and top BBB rating.

Marcus interest rates are similar to those offered by comparable lenders, although the rates depend on your particular profile. Here’s how Marcus stacks up against the competition:

Goldman Sachs review of Marcus vs. SoFi review

Marcus does not have a minimum credit score requirement, but in general you will need a credit score of 670 or higher to qualify for a good rate.

You’ll need a higher minimum credit score to qualify for a personal loan with SoFi, and the company’s APR range is similar to that required by Marcus. If you have top-notch credit, you might qualify for a slightly lower APR with SoFi than Marcus, but the difference is slim.

You won’t pay any set-up fees, prepayment penalties, or late payment fees with either lender, making this a great option to avoid additional costs on your loan.

Marcus’ loan term range of three to six years is slightly lower than SoFi’s two to seven year range. If you want to spread your payments over more time, SoFi may be a better option for you.

Goldman Sachs Critique of Marcus Against Lightstream

Lightstream’s 2.49% minimum APR is significantly lower than Marcus’ 6.99% minimum APR, although you can only get Lightstream’s best rate with great credit. Plus, you can subscribe up to $ 100,000 with Lightstream, while you can only subscribe up to $ 40,000 with Marcus. Neither company charges origination fees or prepayment penalties.

While it’s easier to compare offers to find out which rate is right for you, Lightstream does not offer pre-approval and would require you to submit and accept a firm credit request to obtain your rates. Marcus offers online pre-approval.

A distinguishing feature of Marcus personal loans is the company’s “on-time payment reward”. If you pay off your loan on time and in full every month for a year, you can skip a month of payments and interest won’t accrue during that time. Your loan will then be extended for one month. You may prefer Marcus if you want to take advantage of this benefit.

Ryan Wangman is a review officer at Personal Finance Insider and reports on mortgages, refinancing, bank accounts, bank reviews, and loans. In his past writing about personal finance, he wrote about credit scores, financial literacy, and homeownership.

]]> 0
Can Payday Loans Become Obsolete? With $ 15 million more, Clair wants to find out – TechCrunch Thu, 10 Jun 2021 12:31:19 +0000

The world seems to go faster every year, and yet nothing seems slower than the speed at which paychecks are distributed. In the United States, work done the day after a pay period will take just two weeks to process, with a check or direct deposit arriving a week or two later. For the tens of millions of employees who live paycheck to paycheck, that weeks delay can mean the difference between a rent check – or not.

A variety of startups have approached this problem with different solutions, and one of the most recent and compelling offerings is Clair.

Using its own capital base, based in New York Clear offers instant – and most importantly – free pay advances to workers by integrating with existing HR technology platforms. It works with both full-time employees and gig workers, and it offers a suite of online and mobile apps for workers to make sense of their finances and request an advance on earned wages.

The company was founded in late 2019 by CEO Nico Simko, COO Alex Kostecki and CPO Erich Nussbaumer, and today the company announced that it has raised $ 15 million in Series A funding led by Kareem Zaki. of Thrive Capital, who will join the company’s board of directors. directors. Just a few months ago, Clair announced a $ 4.5 million funding round led by Upfront Ventures, bringing its total funding to $ 19.5 million.

“Payday advance” or “earned payday advance” (there is a slight distinction) has been Silicon Valley’s euphemism for payday lending, an industry that has been plagued by allegations of fraud, deception. and rapacious greed that distracted workers from their hard work. – paychecks earned thanks to usurious interest rates.

What sets Clair apart is that its offer is free for workers. Since it connects directly to HR systems, the startup takes much less financial risk than traditional payday lenders, who don’t have access to the payroll data Clair is able to analyze.

For Simko, one of his goals is simply to see the complete elimination of the traditional industry. “I have a payday lender right across from my apartment in Brooklyn and there’s a long line on the 25th of every month, and I’m not going to stop until that line is gone.” , did he declare. “Success for us is simply to become the winner of access to earned wages. “

He is Argentinian-Swiss and came to the United States to study at Harvard, where he met Nussbaumer. He ended up working at JP Morgan focused on the payments market. He kept in touch with Kostecki, whose families are good friends, and the Swiss trio decided to tackle the problem, in part inspired by Uber’s instant checkout feature that he introduced in 2016 and which met with great success.

Clair Founders Alex Kostecki, Nico Simko, Erich Nussbaumer. Image credits: Clear

Instead of making money on interest rates, fees, or tips, Clair instead wants to be the bank and financial services provider of choice for working people. As I noted last week about Pinwheel, a payroll API platform that owns the direct deposit relationship with a worker, but guarantees that they will do the vast majority of their financial transactions through that account. particular banking.

Clair offers free instant paychecks as a gateway to its other offerings, which include spending and savings accounts, a debit card, in-app virtual debit card, and financial planning tools. Simko said, “Our business model is to give people free access to the salary they earn, then automatically enroll them in a digital bank, and then we make money the same way Chime makes money, at find out the interchange fees. “

In fact, he and the company believe in this model so much that it will actually pay human capital technology platforms such as workforce management and payroll systems to integrate with Clair like an incentive. It offers a recurring revenue stream for HR tools based on the number of users joining Clair, regardless of the amount of software use by those workers. We are “really studying the integrated fintech thesis,” said Simko. “Employees start spending money on their Clair card, and we redistribute it to our [HR tech] the partners.”

Clair joins a number of other companies in this space, which is becoming more and more passionate as the perceived opportunity in financial services remains high among investors. Last year, the Gusto payroll platform announced that it would be moving from a simple payroll to a financial wellness platform, which is partially based on its Instant Pay Advances or what it calls Cashout. . We’ve covered Even, which is one of the originals in this space with a major partnership with Walmart, as well as neobank Dave, which offers payday advance features with a tip income model. Dave comes from announced a $ 4 billion PSPC with VPC Impact Acquisition Holdings III.

Nonetheless, Clair’s perspective is different as the race to lock everyone in the world with new financial services intensifies. Simko says he sees a gargantuan opportunity to be the “Alipay” of the United States, noting that unlike China with Alipay, Nubank in Brazil and increasingly in Latin America, and N26 and Revolut in Europe, he There is still an opportunity for a complete neobank to conquer the American market.

With this new financing, the company will continue to expand its product offering, exploring areas such as healthcare and debt repayment. “I can give the APR not based on their credit score, but based on their employer’s credit score, which is the multibillion dollar idea here,” Simko said. The team is nominally based in New York with about half the team of around 25 people.

]]> 0
Fortville woman convicted in $ 1.2 million fraud case Thu, 10 Jun 2021 07:45:48 +0000

HANCOCK COUNTY – A Fortville woman accused of working with co-conspirators overseas in a scheme to rip off deaf and elderly people across the country for around $ 1.2 million has been convicted of several federal charges by federal court in Harrisburg, Pa.

Donna L. Summerlin, 62, of Fortville, was convicted late last week after a seven-day jury trial before United States District Court Judge Jennifer P. Wilson, the Justice Department said in a press release. The 2018 case was brought by the United States District Attorney’s Office for the Central District of Pennsylvania.

Summerlin, who was convicted of conspiracy to commit mail and electronic fraud and conspiracy to commit money laundering, faces a lengthy prison sentence.

According to Acting US Attorney Bruce D. Brandler, Summerlin has been charged with taking money from victims as part of a cash advance system. Many of the victims were either elderly or deaf, or both.

In the programs, victims were contacted via Facebook and said they were the winners of a “deaf lottery” or that they had been selected for special and exclusive government grants or other programs.

In order to claim their so-called financial reward, the “winners” were asked to prepay expenses such as taxes and customs fees with the promise of a much larger prize. After making an upfront payment, victims were asked to make larger additional payments. In some cases, the fraudsters were successful in obtaining multiple payments from the victims, who never received a financial reward, according to the press release.

The fraudsters used false names and fake photographs to disguise themselves. They have also taken over some of the victims’ social media accounts in an attempt to entice their friends to send money and to reassure them of the program’s legitimacy when victims have doubts about their participation, officials said.

Victims were ordered to send payments to Summerlin, who worked as a “money mule” or middleman for fraudsters, for about four years, from 2012 to 2016.

She regularly received money from fraud victims at her home outside Fortville, Dawn Clark, public affairs manager for the United States Attorney’s Office for the Pennsylvania Middle District, said in an email to the Daily Reporter. .

Victims mailed cash and checks to her address, in addition to sending money transfers through MoneyGram and Western Union and bank to bank wire transfers.

According to court documents, Summerlin was indicted by a grand jury in August 2018. None of the victims listed in the 21-page indictment were from Indiana. She was arrested at her Fortville home shortly after the indictment.

No one else from Indiana has been arrested or charged in this case.

“The Summerlin co-conspirators are believed to be primarily located in other countries,” Clark said.

Clark said officials have received significant assistance from several law enforcement agencies in the Indianapolis area, including the Fishers Police Department, the Madison County Sheriff’s Department and the US Department of Justice. Homeland Security, Homeland Security Investigations Office in Indianapolis.

At trial, prosecutors showed Summerlin, who is also deaf, received more than $ 1.2 million from more than 100 people across the country and, in some cases, from other countries like Canada and the United States. Australia.

The victims included an elderly deaf couple in Pennsylvania who sent Summerlin about $ 500,000, depleting their savings.

After receiving the funds, according to testimony, Summerlin would quickly withdraw them from the more than 40 bank accounts she used for activities. Typically, she transferred some of the funds to co-conspirators in Nigeria and Britain. She also made large cash withdrawals, which were used to send funds to co-conspirators and for personal use.

“Records show that she kept some of the victims’ funds for personal use,” Clark said. Evidence at trial showed Summerlin was keeping around $ 100,000, which was spent on household expenses, school fees, family vacations, a major purchase at the Apple Store in Indianapolis, and other things. Clark added.

The jury returned a guilty verdict after about an hour of deliberation. Summerlin was found guilty of both counts in the indictment.

The maximum penalty under federal law for offenses is 20 years imprisonment, a supervised release sentence after imprisonment, and a fine.

The date of conviction has not yet been determined. A pre-sentence conference is scheduled for October 19 at the Pennsylvania court.

]]> 0
Harmoney cuts personal loan rate by 1.64 percentage point Thu, 10 Jun 2021 04:15:18 +0000

Personal lender Harmoney today cut the interest rate on its unsecured personal loans by 164 basis points, or 1.64%.

The advertised rate is now 5.35% per annum (comparison rate of 6.14% per annum *), and is intended for borrowers with an “Excellent” credit rating.

The minimum loan term is three years and the maximum term five; borrowers can borrow between $ 2,000 and $ 50,000.

For loans under $ 5,000, the start-up fee is $ 275 and $ 575 for loans over this amount.

There are no monthly account maintenance or prepayment fees, and borrowers can reimburse weekly, fortnightly or monthly.

A number of other Harmoney unsecured personal loans for a variety of credit ratings also ranged up to 570 basis points (5.70%).

More soon…


Looking for a personal loan? The table below shows personal loans with some of the lowest interest rates in the market.

Photo by Sergey Shmidt on Unsplash

The entire market was not taken into account in the selection of the above products. Instead, a smaller part of the market has been envisioned, which includes the retail products of at least the Big Four banks, the Top 10 customer-owned institutions, and Australia’s largest non-banks:

  • The big four banks are: ANZ, CBA, NAB and Westpac
  • The top 10 institutions owned by clients are the ten largest mutual banks, credit unions and building societies in Australia, ranked by assets under management as of November 2019. They are (in descending order): Credit Union Australia, Newcastle Permanent , Heritage Bank, Peoples’ Choice Credit Union, Teachers Mutual Bank, Greater Bank, IMB Bank, Beyond Bank, Bank Australia and P&N Bank.
  • The largest non-bank lenders are those who (as of 2020) have more than $ 9 billion in loans and advances funded by Australia. These groups are: Resimac, Pepper, Liberty and Firstmac.
  • If you click on a product link and are directed to a product or service provider’s web page, it is highly likely that a commercial relationship exists between that product or service provider and .at

Products from some vendors may not be available in all states.

In the interest of full disclosure,, Performance Drive, and are part of the Firstmac group of companies. Find out more about how manages potential conflicts of interest, as well as how we get paid, please click on the website links.

*the Comparison rate is based on a loan of $ 30,000 over 5 years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees, or other loan amounts may result in a different comparison rate.

]]> 0