Payday Loans Online UZZ Tue, 27 Sep 2022 21:15:35 +0000 en-US hourly 1 Payday Loans Online UZZ 32 32 MoneyLion Instacash Review 2022 Tue, 27 Sep 2022 21:15:35 +0000

When unexpected expenses arise, access to instant cash may seem ideal, but it often comes at a price. As a result, many are turning to a cash advance, which involves borrowing money from a credit card’s line of credit.

Although convenient, it’s a costly decision given the high interest rate you’ll have to pay in addition to the cash advance fee, which is usually 3% or 5% of the total amount of each cash advance. what you ask.

Fintech and MoneyLion® mobile app offers a way around this with its Instacash℠ feature, which allows users to get cash fast with cash advances of up to $250 at a time without any interest obligation.

Below, Select details how Instacash advances work, as well as the types of fees you can expect.

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How Instacash advances work

Instacash is accessible through the MoneyLion app. Users should see an “Instacash” button option when they open the app’s home screen, which they can click and “request” the amount of money they want, along with the due date. which they wish the funds to be transferred to them.

Note that you must link a current account to qualify for interest-free cash advances. The key is that his checking account must also be technically “qualified”, which basically means having any type of income or recurring deposits. It must also be open for at least two months, with a history of consistent income deposits and a positive balance, and be active.

Initially, users will be able to get a cash advance of at least $25 – if MoneyLion can detect recurring deposits in its linked checking account, these can be at least $50 and up to $250. Those who choose to link the MoneyLion RoarMoney℠ checking account or choose to become a MoneyLion Credit Builder Plus member can get up to $300.

However, it can take three to eight weeks to qualify for the maximum amount of Instacash. A user’s Instacash advance will never exceed 50% of their scheduled recurring direct deposit amount per deposit period. Users can access higher cash advances when their direct deposit amounts are higher and more consistent.

When you apply for an Instacash advance, there is no credit extraction or credit check, so your credit will not be affected.

Repay an Instacash advance

To repay the Instacash advance, the money you borrowed will be automatically deducted (interest-free) from your RoarMoney or external checking account on the due date determined by your recurring direct deposit cycle, which typically lasts around two weeks.

If there isn’t enough money in your checking account to cover what you owe, Instacash will only deduct a partial refund and try again when you have a balance or when the next direct deposit arrives. Users can also choose to manually repay their cash advance in the MoneyLion app.

Once you’ve repaid your last cash advance, you can get another as long as you still meet the eligibility requirements.


Along with no interest, there’s also no monthly fee required to access Instacash advances – you might end up paying a fee if you need your funds really fast, though.

Standard regular delivery takes 12-48 hours for cash advance funds to be deposited into a MoneyLion RoarMoney account and three to five business days to appear in an external checking account. Alternatively, to get your funds almost immediately via MoneyLion’s “turbo delivery”, there are fees ranging from $0.99 to $7.99, depending on the disbursement amount and whether the funds go to a RoarMoney checking account or an external current account.

Cash Advance Alternatives

LightStream Personal Loans

  • Annual Percentage Rate (APR)

    4.99% to 19.99%* when you sign up for autopay

  • Purpose of the loan

    Debt consolidation, renovation, car financing, medical expenses, marriage and more

  • Loan amounts

  • Terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

Personal Loans Before

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt consolidation, major expenses, emergency expenses, home renovation

  • Loan amounts

  • Terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

    Up to $25 per late payment after a 10-day grace period

However, note that you will have to pay interest if you take out a personal loan and some may even charge origination and late payment fees. Keep this in mind when considering how much money to borrow.

At the end of the line

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff alone and have not been reviewed, endorsed or otherwise endorsed by any third party.

3 stocks I buy during the NASDAQ bear market Tue, 27 Sep 2022 14:45:00 +0000

It was a difficult year for the NASDAQ Composite Index (NASDAQ INDEX: ^IXIC), plunging nearly 30% this year. While some of this selling was certainly warranted (as 2021 valuations could not be sustained), some stocks oversold.

Here are three stocks I’m considering buying because their long-term opportunities are still intact while their stock prices are well below their highs: Alphabet (GOOG 0.26%), MercadoLibre (MELI 2.05%)and CrowdStrike (CRWD 2.63%). Stick around to find out why.


Alphabet (formerly known as Google) is a huge business conglomerate, but its primary focus is advertising. In good times, this company shines. Unfortunately, in tough times, advertising can be a tough business.

When companies are forced to cut costs to maintain profits, advertising budgets are often the first thing to do. That’s an easy cut compared to laying off workers or canceling projects, so many companies are doing it preemptively if they see signs of an economic downturn. This line of thinking hurt Alphabet in the second quarter, but it still managed to grow revenue 13% year-over-year.

This resilience shows how vital it is for companies to advertise on Alphabet’s family of companies (like the Google search engine, the Android operating system or YouTube).

Despite rising spending (which has dented Alphabet’s profitability), Alphabet is trading at an all-time low of 18.6 times earnings. That’s very cheap for a company whose revenues have always recovered from economic downturns.

GOOG revenue (quarter-over-year growth) given by Y charts.

I am confident that this downturn will be like any other and that Alphabet’s revenue growth will return to higher levels, taking with it its strong cash flow.


Another internet powerhouse, MercadoLibre, is based in Latin America. Serving 18 countries – home to approximately 650 million people – MercadoLibre brings many facets of e-commerce that Americans take for granted to Latin America.

With fintech and commerce platforms, consumers can shop on Mercado Libre (the commerce site) and pay with Mercado Pago (its payment platform) using whatever credit card they have. obtained through Mercado Credito (its credit division). Then, the package can arrive at the customer’s doorstep in less than 48 hours after being delivered by Mercado Envios (its logistics division). Nearly 80% of the packages processed were delivered in less than 48 hours in Q2.

MercadoLibre is the e-commerce site in Latin America, and for good reason. Its results, which were fantastic in the second quarter, confirm its domination of the market.

Revenue grew 57% year-over-year to $2.6 billion, driven by the strength of fintech, which increased revenue 107% to $1.2 billion. The trade faces tougher comparisons (thanks to a COVID-affected Q2 2021) but still grew revenue 23% year-over-year while its gross merchandise volume grew 26 %. Although not massively profitable, MercadoLibre still posted a profit margin of 4.7% in the second quarter.

With these results, you can expect the stock to be up significantly this year or at least break even. However, the shares are down 34% and the valuation sits at five times sales. The last time MercadoLibre was this cheap was during the height of the Great Recession in 2009.

MercadoLibre has traded around 12 times its sales for most of the last decade, so this stock is incredibly cheap. As a result, I think MercadoLibre is one of the strongest buys in the market today.


While the first two stocks are priced cheaply, CrowdStrike is not. Instead, it trades for 21 times sales. Still, I think it’s a great buy today because of its market opportunity and strong, sustained execution.

CrowdStrike is a cybersecurity company, and with the cost of cyberattacks expected to rise 15% per year through 2025, it’s an area that companies can’t afford to cut corners on right now. Thanks to its cloud-based platform, CrowdStrike’s software can deploy quickly to network endpoints (like phones or laptops). Its software uses artificial intelligence and machine learning to continually evolve the program. Thus, when a customer suffers an attack, the defense of the whole customer is reinforced thanks to this information.

While many companies have slowed their spending on enterprise software, CrowdStrike managed to grow its customer base by 51% in the second quarter (ended July 31) to 19,686. These customers include 69 from the Fortune 100 and 537 from the Global 2000, which shows that CrowdStrike still has many customers to win, especially small businesses around the world.

Annual recurring revenue (ARR) also grew rapidly in the second quarter, growing 59% year-over-year to $2.14 billion. Still, this is a drop in the ocean compared to the $126 billion market opportunity predicted by CrowdStrike in 2025.

While CrowdStrike can be an expensive stock, its huge market opportunity and strong growth are the culprits behind this valuation. Unfortunately, the best companies are often not cheap, so investors sometimes pay a premium to own a specific company. However, if CrowdStrike’s growth continues on its strong trajectory (ARR management projects will be $5 billion by January 2026), the price investors are paying today will seem much cheaper.

The NASDAQ now offers many attractive investment opportunities; investors just need the confidence to step in and buy stocks when all looks bleak.

Suzanne Frey, an executive at Alphabet, is a board member of The Motley Fool. Keithen Drury has positions in Alphabet (C shares), CrowdStrike Holdings, Inc. and MercadoLibre. The Motley Fool holds positions and recommends Alphabet (A shares), Alphabet (C shares), CrowdStrike Holdings, Inc. and MercadoLibre. The Motley Fool has a disclosure policy.

HELOC and Home Equity Loan Rates September 26, 2022 | What to expect after the Fed rate hike Tue, 27 Sep 2022 00:13:42 +0000

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Key points to remember

  • Home Equity Loan and Line of Credit (HELOC) rates rose slightly this week.
  • The Federal Reserve raised its main short-term interest rate by 75 basis points, which will push up the cost of borrowing.
  • The Fed hike will most directly affect HELOCs, which often have floating rates tied to what the central bank is doing.
  • If you have a variable-rate HELOC, be careful when borrowing more money because rates will likely continue to rise for a bit longer, experts say.

Expect to pay more if you borrow money against your home. Thank the Federal Reserve.

This isn’t just the case if you’re considering taking out a new home equity loan or line of credit (HELOC). If you already have a HELOC or a variable interest rate loan, this will increase.

The Fed announced last week that it raise its benchmark short-term interest rate – the federal funds rate – by 75 basis points as part of its continued attempt to contain persistently high inflation. The prices were 8.3% more in August than they were a year earlier, according to the Bureau of Labor Statistics, which was higher than expected.

This increase in the federal funds rate is designed to discourage spending and encourage saving, with the goal of lowering prices.

“Inflation is a major concern for people,” says Brian Walsh, senior director of financial planning at SoFi, a national personal finance and lending company. “It impacts everyone and is particularly harmful for people at the bottom of the income scale. The Fed needs to control inflation and it has relatively limited tools to do so. Whether it’s perfect or not, they have to use their tools at their disposal. One of the main ones is the increase in rates.

A higher federal funds rate will mean higher interest rates for all types of loans, and it will have a particularly direct impact on HELOCs and other variable rate products that move in concert with central bank changes.

“However you cut it, it’s not going to be fun to have a higher payment each month on the same amount of money,” says Isabelle Barrowdirector of financial planning at Edelman Financial Engines, a national financial planning firm.

Here are the average home equity loan and HELOC rates as of September 21, 2022:

Type of loan Last week’s rate Previous week’s rate Difference
$30,000 HELOC 6.75% 6.51% +0.24
10-year $30,000 home equity loan 7.15% 7.08% +0.07
Home equity loan of $30,000 over 15 years 7.12% 7.04% +0.08

How these rates are calculated

These rates come from a survey conducted by Bankrate, which, like NextAdvisor, is owned by Red Ventures. Averages are determined from a survey of the top 10 banks in the 10 major US markets.

How will the Fed’s rate hike affect home equity loans and HELOCs?

Home equity loans and HELOCs are similar. You use the equity in your home — the difference between its value and what you owe on your mortgage and other home loans — as collateral to get a loan. This means that if you don’t repay, the lender can foreclose on your home.

They differ in how you borrow the money.

Home Equity Loans

Home equity loans are usually quite simple, in that you borrow a pre-determined amount of money and then pay it back over a number of years at a fixed interest rate. Home equity loan rates are based on your credit risk and the cost to the lender of accessing needed cash.

The Fed’s benchmark rate is a short-term rate that affects what banks charge each other to borrow money. This hike will increase costs for banks, potentially leading to higher interest rates on products such as home equity loans.

Home equity loan interest rates tend to be a bit higher than HELOCs, but that’s because they usually have fixed rates. You don’t take the risk that rates will rise in the future – as they probably will. “You have to pay a little more interest to get that risk mitigation,” Barrow says.


HELOCs are similar to a credit card secured by the equity in your home. You have a limit on how much you can borrow at one time, but you can borrow some, pay it back, and borrow more. You will only pay interest on what you borrow, but the interest rate tends to be variable, changing regularly as market rates change.

Many HELOCs have variable rates that follow the preferential ratewhich changes at the same time as the Fed’s reference rate.

“For people who have variable rates, whether it’s a HELOC or a home equity loan, we expect those to go up as the Fed raises rates,” says Walsh. “These interest rates are based on the prime rate, which is basically the federal funds rate plus 3%. As the fed funds rate rises 75 basis points, we expect HELOC rates to rise 75 basis points.

Pro tip

Variable rate HELOCs will see this rate increase after the Fed’s latest rate hike and into the foreseeable future. Keep this in mind when deciding how much to borrow and what to spend it on.

What can you use home equity loans and HELOCs for?

Although a mortgage is primarily used to pay for a home, you can use a home equity loan or HELOC for just about anything. But just because you can doesn’t mean you have to.

The most common use is for home improvements, especially those that are expected to increase the value of your home. With the short-term future of the economy uncertain, Walsh advises you to be careful when borrowing. Think about why you want to tap into your home’s equity and decide if it’s worth what will likely be higher interest charges.

“We don’t want people to get into the habit of treating their home equity like a piggy bank or like a credit card for discretionary purposes,” he says.

Home equity loans can be useful for consolidating higher-interest debt, such as credit cards, which also become more expensive when the Fed raises rates. Experts advise caution when turning unsecured debt into secured debt — you run the risk of losing your home if you can’t pay it off. If you choose to use a home equity loan or HELOC to help you get out of a credit card debt hole, Walsh says the most important thing is to make sure you don’t keep digging yourself deeper. a deeper hole at the same time.

“If you’re using a HELOC or a home equity loan to consolidate your credit card debt, I wish it were just mandatory that you stop spending on a credit card,” Walsh says. “What ends up happening is someone consolidates their credit card debt, then a few years later they now have their home loan or HELOC on top of their new credit card debt because it hasn’t solved the underlying problem that brought it to credit card debt to begin with.

How will the September Fed hike affect existing home equity loans and HELOCs?

If you already have a fixed-rate home equity loan, “quite frankly, it doesn’t matter what the Fed does,” says Walsh.

The Fed matters a lot for HELOCs and loans with variable interest rates. Since these rates will and will likely continue to rise for the foreseeable future, you need to think carefully about how you use them. “It’s really important to know if you have a loan that will adjust,” Barrow says. “If you do, you have to be prepared for that loan to adjust upwards, which means it will cost you more and more every month.”

If you have a lot of borrowed money in a HELOC right now, an option that may seem counterintuitive could save you a lot of money, Barrow says. You can cash-out refinance — even if mortgage rates are higher than 6% — if the total savings on your HELOC outweighs the cost of switching to a higher mortgage rate. “It’s not a foregone conclusion that a refi makes sense, but you definitely need to be prepared for a higher rate on a HELOC,” she says.

Rates will continue to rise with this rise. The Fed should keep its foot on the gas until the end of the year, at least until inflation is on track towards 2%. Consumers should be wary of taking on too much debt with variable rates.

“We can look at it and say a rational person would say the Fed is going to keep raising rates so it’s going to keep getting more expensive for me to borrow money from a HELOC and that’s going to affect my payments “Walsh says. “Generally speaking, most consumers don’t behave in a perfectly rational way. They tend to underestimate this and it will surprise them if they don’t talk it over with someone who can weigh the pros and cons with them when using their HELOCs.

Driver in fatal H2oi crash in Wildwood recently wrecked car that took off, father says Sun, 25 Sep 2022 22:47:00 +0000

The driver charged with a fatal crash at an unauthorized Wildwood auto encounter has a documented history of traffic violations and recently survived a serious crash, according to court records and a family member.

Gerald J. White, 37, of Pittsburgh, Pa., is charged with multiple counts of driving death, driving assault and related charges for one of the crashes that plagued the town of Wildwood Saturday night at a “pop-up” gathering known as H2oi, or H20i, or H2022.

White was driving a 2003 Infiniti that hit a 2014 Honda Civic and then two pedestrians on Burk and Atlantic avenues shortly after 9:30 p.m., authorities said. A pedestrian, Lindsay Weakland, 18, of Carlisle, Pennsylvania, and a Civic passenger, Timothy Ogden, 34, of Clayton, died of their injuries.

This isn’t the first time White has been involved in a serious accident, his father Gerald T. White told NJ Advance Media on Sunday night.

His son recently overturned a Pontiac Supercharger while traveling 80 miles per hour on a freeway. “He went up in the air and then came down and hit the barrier twice,” the elder White said. He did not say where this accident happened.

Gerald T. White said he would warn his son about high-performance cars and their safe driving, warning him that dangerous driving could prove fatal. Father and son worked on cars together, and he knew his son was active in the automotive community, Gerald T. White said.

Although listed as living in Pittsburgh, the son, Gerald J. White, currently lives in Delaware with his girlfriend and young children, his father said. A recent post from Pennsylvania lists an address in Delaware.

White has a long history of driving offenses over the past decade, racking up thousands of dollars in fines and facing multiple license suspensions, according to New Jersey municipal court records.

None of the offenses listed on the New Jersey Courts website resulted in injuries to other drivers.

White’s most recent charges in New Jersey relate to driving with a suspended license, for which he received two tickets in 2020. Both times he negotiated pleas for failing to process a driver’s license.

Prior to that, White had been charged with driving with a suspended license in 2013 and 2011. It’s unclear what led to the four suspensions.

A fifth charge of driving without a license stems from a prolific history of parking tickets. This charge was resolved with $133 in costs paid in cash.

Most of the tickets were from Elizabeth and Linden and included things like not wearing a seatbelt, running a red light, turning incorrectly, not having a license or insurance card in the car, blocking traffic or have tinted windows that are too dark.

He was also charged with leaving the scene of an accident that caused property damage in 2011, but the charges were dismissed. Online court records do not provide further details.

Thank you for counting on us to deliver journalism you can trust. Please consider supporting with a subscription.

Katie Kausch can be contacted at Follow her on Twitter @Katie Kaush.

One Thing You Can’t Afford Anymore: Having Bad Credit Sun, 25 Sep 2022 01:00:00 +0000

If you think inflation feels bad at the grocery store or at the gas pump, consider the pain it inflicts on a credit card statement, where higher prices don’t just impact the cost of the items purchased, but also on the financing to pay for them.

And according to several recent studies, a growing number of consumers are feeling this discomfort from the bills they see each month, as credit card balances approach record highs and look certain to surpass previous highs and eclipse 1 trillion dollars for the first time.

This is proof that many Americans engage in poor financial behavior.

Yes, I would like to believe that regular readers of a column like mine are financially responsible and not oblivious to debt; I hope what I’m about to say sounds mostly like a sermon given to the choir.

But as times change, strategies with credit change too. Behaviors that were acceptable and responsible a short time ago are no longer as healthy or appropriate today, a situation that will only get worse until interest rate hikes stop and inflation step back.

Meanwhile, the numbers suggest that many Americans — and the country as a whole — are headed for a credit card debt crisis.

Just last year, few people would have predicted such a thing.

As the pandemic took hold in 2020, Americans cut spending and focused on debt reduction; National credit card debt fell from a record $927 billion in the fourth quarter of 2019 to $770 billion in the first quarter of 2021, according to consumer debt data from the Federal Reserve. Bank of New York.

Since then, however, Americans have added more than $100 billion to their revolving credit balances, which now total some $887 billion.

With inflation and interest rates on the rise – along with other factors that are struggling for many consumers – it’s a lock that the old record will soon be broken, likely by the end of the year. ‘year.

At the same time, the rates themselves break another record, for the highest average credit card rate nationwide. pegs average credit card rates at over 18%, the highest since 1996.

This barely explains the Federal Reserve’s latest interest rate hike, which card issuers hadn’t fully digested before the central bank raised interest rates by 0.75 percentage points. Wednesday.

In addition, the Fed has signaled that it will likely raise rates again – by a total of 1.25% – before the end of the year.


LendingTree, which in 2019 began tracking rates on 200 of the nation’s most popular credit cards (issued by over 50 lenders) recently pegged the average credit card interest rate at around 21.6%, a record.

And several studies show that the average interest rate on new cards issued today is north of 21%.

With further increases already planned, rates of 25% will not be outliers by the time New Year’s Day rolls around.

This should be enough to dissuade consumers from going into debt, but it is not.

LendingTree analysts calculated the national average card debt among people with outstanding balances to be $6,569. Meanwhile, a study released this week showed that nearly two-thirds of credit card debtors have had a balance for at least a year.

If you’re constantly faced with credit card bills – never resetting balances after big purchases or just regular monthly expenses – then carrying credit card debt isn’t a temporary way to getting by is an ongoing part of your financial strategy.

Good luck with this, as high prices and higher rates will make it harder to repay in the future, adding years to the time it takes to zero a bill by paying at or near minimum.

Worse still, although you can try to blame the situation on the economy and rising prices, most credit card debt problems are the fault of the borrower.

Yeah, the dollars aren’t going as far now as they were a year ago. But this doesn’t just apply to the goods you buy, it also affects the interest you owe. If you have $5,000 in credit card debt and are making monthly payments of $500 while trying to reduce the balance, less of your money is now going to the principal (unless you have a fixed rate card).

Your behavior may not have changed, but your payment date is further away and your efforts have become less effective.

The good news, if there is any, is that so far consumers seem to be paying their bills. Delinquency levels are historically low, and the debt-to-income ratio is not exceptionally high.

That could change overnight, however, as the cumulative effects of more expensive everyday life continue to knock on our doors.

With this in mind, consumers need to fine-tune their spending and eliminate all high-interest debt.

With so few investment products currently promising double-digit returns, anyone with debt to repay should consider “investing” in repayment as a good return on their money.

Making progress is tough with inflation north of 8%, so write down any debts, track your spending, and see where you can cut ledger expenses to improve the outlook for what you owe.

Trade-offs can be difficult, but ask yourself if debt is causing more pain – monetary or emotional – than spending cuts; if so, tackle the debt.

Consider refinancing where possible. There are still low rate balance transfer offers available; consider moving credit card balances, but beware of transfer fees and the costs that will arise if you can’t pay off the debt before the interest rate expires and the normal rate comes in to kick your ass buttocks.

Consider the timing of major purchases and evaluate financing options before heading to the store or dealership. Monitor your credit rating; the more progress you can make to improve it now, the more it can help you if you need to seek a refinance deal down the road.

Will personal loans become more expensive in 2023? Sat, 24 Sep 2022 14:05:22 +0000

Image source: Getty Images

If you need money, whether to cover home repairs, renovations or medical expenses, you might be inclined to turn to a personal loan. The advantage of personal loans is that you are not obligated to finance a specific asset, whereas with a mortgage, for example, you can only use the proceeds of your loan to finance the purchase of a house.

Personal loans also tend to offer the advantage of relatively affordable interest rates. And that’s important, because the lower the interest rate on your loan, the less money you spend when you borrow.

Discover: These personal loans are the best for debt consolidation

More: Prequalify for a personal loan without affecting your credit score

But while it’s easy to see the appeal of personal loans, they may not be your best borrowing option next year. Indeed, personal loan interest rates could rise, making these loans a less affordable route than usual.

Why Personal Loan Interest Rates Might Rise

There are different factors that determine the rate you get on a personal loan. One factor is your credit score, and it is an important factor.

Since personal loans are unsecured, that is, they are not tied to a specific asset, lenders rely on your creditworthiness as a borrower when disbursing this money. The higher your credit score, the less risk a lender thinks it takes. And lenders tend to reward low-risk borrowers with lower interest rates.

But another factor that goes into personal loan interest rates is general market conditions. And there are reasons to believe that borrowing will be more expensive across the board next year.

The Federal Reserve has aggressively raised interest rates in an effort to calm inflation and give consumers some much-needed relief. When rates rise, people tend to borrow less money, which could lead to lower spending. And while that might sound like a bad thing, we actually need to slow down spending a bit so that supply chains can catch up with demand and prices can come down.

But while higher borrowing rates can help slow the pace of inflation, they are likely to make life harder for consumers, including by leading to higher monthly loan payments. And so that’s a good reason to potentially avoid a personal loan next year. Signing one could mean paying a lot more interest than usual.

Other borrowing options to consider

Although personal loans can be quite affordable, next year you could pay more. And so, if you’re a homeowner, it pays to compare personal loan rates to home equity loan rates and see which option gives you the most competitive borrowing.

Many people are sitting on large amounts of equity in their homes since property values ​​are rising nationwide. And so if you’re in this boat, it’s worth seeing if a home equity loan will result in lower monthly payments than a personal loan.

On the other hand, if you don’t own a home, a personal loan could really become your most affordable bet in 2023 – even if you’re stuck with a higher rate through no fault of your own.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

‘Bloodbath’: Citrix buyout debt sale casts shadow over ongoing deals Sat, 24 Sep 2022 09:00:39 +0000

Banks lost $600 million this week when they completed the biggest junk bond sale of 2022. Yet the financial damage inflicted by underwriting the $16.5 billion leveraged buyout of Citrix may be just getting started.

After offloading $8.55 billion in bonds and loans at rock-bottom prices, lenders including Bank of America, Goldman Sachs and Credit Suisse still have billions of additional Citrix debt on their books, worth much lower than what they agreed to subscribe to in January. And banks are still holding far more debt from financial packages supporting takeovers of TV valuation group Nielsen, TV broadcaster Tegna, auto parts maker Tenneco and, if completed, the Twitter takeover. by Elon Musk for $44 billion.

The sale of Citrix debt was seen as a test of capital markets which have been reeling since Russia invaded Ukraine, global growth has cooled sharply and central banks from Frankfurt to Washington have began to aggressively raise interest rates. Demand was weak, with fund managers preferring to hold cash or higher quality investments rather than lending to risky businesses and private equity firms. A banker involved in the case said it was a “bloodbath”.

Interest was so low that one of the investors to buy $1 billion worth of bonds was Elliott Management – ​​which, along with Vista Equity Partners, is also one of two private investment groups buying Citrix, according to people informed about it and documents consulted. by the Financial Times.

“We had to put the pig through the python,” said a second banker involved in financing the takeover. “Everyone was getting comfortable in August, but unfortunately Jackson Hole happened and then everything went haywire,” the banker added, alluding to remarks by Federal Reserve Chairman Jay Powell. in Jackson Hole, Wyoming, last month, where he made clear his desire to control inflation with higher interest rates.

Borrowing costs have jumped. When banks were rushing to lend to businesses and private equity firms earlier this year, a US company with a low B debt rating could expect an interest rate of around 4.74% . The rate is 9.2% today. As Citrix has demonstrated, even this level may not be sufficient to attract potential creditors.

The bankers ended up selling $4 billion worth of Citrix covered bonds at a discount price of about 83.6 cents on the dollar for a 10% yield. Another $4.55 billion in loans were sold at 91 cents on the dollar, also to yield 10%. For banks that agreed to lend to Citrix buyers before the Fed began to tighten, the resulting losses have been painful.

“After a period of gluts of liquidity, when rates rise that much, a bubble that has formed somewhere bursts,” said Bob Michele, head of the global fixed income, currencies and commodities unit at JPMorgan Asset Management. “It’s happened every time, and it shows you the Fed has done its job.”

Line chart of ICE BofA single B rated US corporate bond index return (%) showing borrowing costs rising for risky US companies

The Citrix deal captivated the market in part because of its size, but also because of the relatively small equity investments Elliott and Vista made to buy the enterprise software company. To support the sale of the gargantuan debt, Elliott contributed more than $2 billion in cash while Vista merged its already leveraged Tibco software business at a valuation of more than $4 billion.

Banks were so greedy in January that they had no trouble convincing risk managers to sign the giant deal they agreed to sign. Citrix’s high level of debt has become increasingly costly, with some dealmakers privately concerned that rising interest costs could eat up most of its cash flow.

Citrix is ​​not alone. Among the deals causing heartburn on Wall Street is Musk’s takeover of Twitter, a deal he is trying to back out of. But unless a judge sides with the billionaire – or the social media group’s board agrees to end the deal – a group of seven banks that have agreed to lend $13 billion dollars in April for the buyback are still hanging in the balance despite the company’s recent troubles and market downturn. It’s a deal that investors say would result in huge losses for underwriters.

Bankers involved in the Citrix financing told the FT they were relieved they were able to finalize the $8.55 billion debt deal and it did not collapse. While they still hold about $6.45 billion worth of Citrix debt on their balance sheets — including some of the riskiest bonds they couldn’t sell — the fact that the markets weren’t completely closed gave them the hope that they will be able to sell more seated debt. on their books.

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But lackluster demand, including banks’ failed attempt to offload junior debt from Citrix over the summer, will nonetheless hamper Wall Street’s ability to underwrite new low-rated loans. The fact that some of the largest lenders in the United States hold some of the riskiest debt may also worry regulators.

“It feels like even when the banks have the deal, there’s still a surplus,” said a senior executive at a major lender.

Bank of America, Credit Suisse and Goldman Sachs declined to comment.

As banks closed their doors to new business to iron out problematic financings, frustrated private equity buyers turned to direct lenders such as Blackstone, Apollo and Ares, which financed ambitious privatizations like with Zendesk and Avalara this summer.

“Banks have been pretty much on hold,” said the head of a large firm that buys syndicated bank debt. “Direct lenders are upselling into larger deals and taking business away.”

Payday lender Cash Express reports data breach affecting 100,000 customers Fri, 23 Sep 2022 19:50:00 +0000

Non-bank lending company Cash Express this month reported to the Montana Attorney General a data breach that allowed an unauthorized party to access sensitive consumer information of more than 100,000 people.

The company, which provides payday loans, check cashing, title loans and other high-cost short-term lending services, said in a letter to those affected that an unauthorized party obtained their personal information, including dates of birth, social security numbers, financial information. and contact information earlier this year. The Cookeville, Tennessee-based company did not provide specific details about how the breach occurred.

Richard Console, a personal injury lawyer, said in a legal blog that the most common harm from data breaches Hackers use people’s personal information to open new credit cards or personal loans. Console told American Banker in an email that it has seen an increase in data breaches since the start of the COVID-19 pandemic, particularly in 2021.

“The lesson to be learned from any data breach is that companies need to do more to protect the sensitive consumer information entrusted to them,” Console said in the email to Banker. “Certainly creating and maintaining robust data security protocols is an additional cost; however, given the ever-increasing number of data breaches, the expense is justified.”

At least 80 financial services companies reported data breaches in 2022according to the Maine Attorney General’s Office, though Maine only tracks violations that affect at least one resident of the state.

In its letter to those affected, Cash Express said it had engaged a third-party data security firm to conduct an investigation after detecting unusual activity on its corporate network on February 6. The investigation revealed that an unauthorized party accessed part of the computer system between January 29 and February 6. According to the Maine Attorney General’s Office, 106,521 people were affected through the breach.

Cash Express received the results of the investigation on August 4 and reported the activity to the Montana Attorney General and affected individuals on September 15. CEO Garry McNabb said in the letter that Cash Express is offering free credit card monitoring to affected individuals through a one-year membership to Experian’s IdentityWorks.

The consumer lending company was founded in 1995. It operates through offices in the Midwest and the South.

In 2018, the Bureau of Consumer Financial Protection Bureau announced that Cash Express would pay a civil penalty of $200,000 and restitution of $32,000 to customers for a series of violations of the Consumer Financial Protection Act involving deceptive consumers.

What to do with your money during rising interest rates Fri, 23 Sep 2022 15:11:02 +0000

The Federal Reserve announced on Wednesday that it would raise benchmark interest rates by three-quarters of a percentage point and signaled that more hikes were to come.

The rise is the third consecutive move of 0.75 percentage points and the fifth increase in the past six months – all part of a central bank effort to calm runaway inflation. Altogether, the series of hikes took the federal funds rate to a range of 3% to 3.25%, the highest since 2008, and from near zero to start the year.

You would have to go back to 1981 to find a six-month period when interest rates rose more. The numbers back then were a bit more extreme: From late July 1980 to January 1981, the federal funds rate jumped from 9% to 19%, according to the Federal Reserve Bank of St. Louis.

With more and more interest rate hikes, it’s worth considering how they affect your finances and how financial experts say you can best adjust your saving, spending and investing strategies.

Prioritize the repayment of your debts

The Fed’s decisions make borrowing more expensive because the rates on many forms of consumer borrowing are pegged to the federal funds rate.

“You’re heading into a stronger and stronger headwind as interest rates rise,” Greg McBride, chief financial analyst at Bankrate, told CNBC. “Credit card rates are the highest since 1996, mortgage rates are the highest since 2008, and auto loans are the highest since 2012.”

Further interest rate hikes will not affect any fixed rate car loan you may have, and the same goes for fixed rate mortgages. If you have a balance on a credit card, however, the rate you owe on that money will continue to rise alongside the short-term rates set by the Fed.

With the average card currently charging an interest rate of 18.16%, according to Bankrate, it is essential to act as soon as possible.

“The interest you save by paying down debt is the same as making an investment with the same rate of return on a risk-free, after-tax basis,” says Lisa Featherngill, national director of wealth planning at Comerica. “If your card has a 22% interest rate, that’s like earning 22% on your after-tax investment.”

Credit card rates are the highest since 1996, mortgage rates are the highest since 2008, and auto loans are the highest since 2012.

Greg McBride

chief financial analyst at Bankrate

If you’re unable to pay off your debt quickly, switching your debt to a balance transfer credit card can ensure that you don’t owe interest on your outstanding balance for 6 to 21 months.

Other options to ease the burden of your high-interest debt include consolidating your debt into a low-interest personal loan or signing up for a credit counseling service.

“If you have more than $5,000 in debt, that can be really beneficial,” Ted Rossman, senior industry analyst at Bankrate, told CNBC Make It.

Increase the interest rate you get on cash in the bank

A silver lining of a rising rate environment is that it becomes more lucrative to save. Well, depending on where you save.

Although interest rates on deposits tend to correlate with increases in the federal funds rate, you’re still likely to earn next to nothing on your savings. Bank of America, Chase, US Bank and Wells Fargo each offer an annual rate of 0.01%, according to Bankrate. In total, the national average rate on savings accounts is only 0.13%.

There are deals to be had at online banks, however, with several offering interest rates north of 2%, and even 2.5% on savings accounts.

That may seem like little comfort to savers who are dealing with inflation north of 8%, points out Kelly Lavigne, vice president of consumer insights at Allianz Life. “In this environment, you’re going to lose money if you have cash in reserve,” he says.

Still, finance professionals recommend keeping enough cash to cover at least three to six months of living expenses in an emergency fund: “That way, if the worst happens, you’ll have enough to cover your bills,” he says. And even if your current cash reserve rates don’t keep up with inflation, earning something on your money is worth next to nothing.

Choose your investments wisely, think long-term and “make sure you don’t panic”

If you’ve taken a look at your portfolio amid the recent rate hike regime, you’ve probably noticed that your stocks and bonds don’t seem to be big fans of higher rates. The S&P 500 has lost about 20% so far this year as investors fear the Fed’s efforts to curb inflation could tip the economy into recession.

Bonds, traditionally seen as less volatile ballast to offset equity portfolios, fared little better. Because bond prices and interest rates move in opposite directions, bond indices have been hit hard in 2022, with the Bloomberg Barclays US Aggregate Bond Index falling more than 13% over the year.

If you’re a long-term equity investor, “you want to make sure you’re not panicking,” says Lavigne. “It can be difficult to buy when the market is down. It’s better to keep making periodic investments and not try to time the market.”

Bond investors, meanwhile, would be wise to check the average duration of their portfolio, a measure of interest rate sensitivity. Generally, bonds with longer maturities have longer durations, which means they will lose more value in response to increases in interest rates. Shorter term bonds will tend to be more resilient to rising rate regimes.

An investment that everyone would be wise to consider, at least according to Suze Orman: Series I bonds. These bonds, issued by the Treasury and known simply as “I bonds”, pay a fixed rate of interest throughout the life of the bond, plus a rate indexed to variations in inflation. If you buy before the end of October, you will benefit from an interest rate of 9.62%.

There are a few takes. Among them: they cannot be refunded within 12 months of the date of your purchase, and you will face a penalty equal to three months interest if you cash in at any time during the first five years of ownership. the bond. Bonds must be purchased directly from the Treasury website and you cannot invest more than $10,000 per person per calendar year.

Because there are complicated investments, it would be a good idea to consult a financial planner before buying, says LaVigne. “No one should embark on any type of investment without first discussing it with a financial professional.”

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Don’t miss: The Fed just made a ‘jumbo’ interest rate hike of 0.75% – here are 4 things that will be more expensive

Personify Personal loans: 2022 balance sheet, rates Thu, 22 Sep 2022 21:25:30 +0000

Insider’s experts choose the best products and services to help you make informed decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Personalize personal loans


5% setup fee (except in GA, SC), $25-$30 late fee


19.00% – 179.50%, varies depending on your state

Personify Personify Personal Loans


5% setup fee (except in GA, SC), $25-$30 late fee


19.00% – 179.50%, varies depending on your state


19.00% – 179.50%, varies depending on your state


5% setup fee (except in GA, SC), $25-$30 late fee

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You can get a Personify installment loan in 25 states:

  • Alaska
  • Alabama
  • Arizona
  • Delaware
  • Florida
  • Georgia
  • Idaho
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • New Mexico
  • Ohio
  • Oklahoma
  • Caroline from the south
  • Tennessee
  • Texas
  • Utah
  • Washington
  • Wisconsin

Most states allow you to choose between a term of 12, 18, 24, 36 or 48 months. You can borrow from as little as $500 to as much as $15,000. Your APR will vary from 19% to 179.50%.

However, borrowers in Georgia and South Carolina will find slightly different numbers:

Advantages and Disadvantages of Personify Personal Loans

Personify is best for people with poor credit who have exhausted other borrowing options. Borrowers who want their money fast may also like Personify because it funds loans within one business day.

Remember that if you have a low credit score, you may have to pay very high interest rates which could add hundreds or thousands of dollars to the cost of your loan. If you have a good credit score, you can probably get better terms from a lender other than Personify.

Personify Personal Loan Comparison

How Personify Compares

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Editor’s Note


A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Regular APR

19.00% – 179.50%, varies depending on your state

Editor’s Note


A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Regular APR

up to 306.00% (rates vary by state)

Editor’s Note


A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Regular APR

35.99% to 211% APR, depending on your condition

MoneyKey, Fig Loans and Personify are slightly cheaper alternatives to payday loans, many of which have interest rates around 400%. However, you will still pay a much higher interest rate with these three loans than you would with a traditional personal lender.

All three companies have term lengths based on where you live. Personify terms range from 12 months to 48 months, Fig has terms ranging from one to six months. MoneyKey has a term of six or 12 months.

None of the three companies has a minimum credit score to qualify, so they could be a good option for borrowers who have been turned down by other companies due to a bad credit history.

Compare personal loan rates

Frequently Asked Questions

Personify is a Better Business Bureau accredited company with an A+ rating of the BBB, a non-profit organization focused on consumer protection and trust. The BBB measures companies by evaluating their responses to customer complaints, the truthfulness of advertising and the transparency of business practices.

The company has not been involved in any recent controversies. Between its clean track record and top-notch BBB rating, you can feel comfortable borrowing from the lender. However, an excellent BBB rating does not guarantee a good experience with the company. Talk to other people who have used Personify before deciding to go with the lender.

There is no minimum credit score requirement for a Personify loan.

No, a Personify loan is not a payday loan. Payday loans are usually taken out of your next paycheck and charge exorbitant rates – usually around 400%. Personify loans have longer repayment terms and no prepayment penalties.

Your rate will vary from 19% to 179.50%, depending on your creditworthiness and other financial factors.