Skating admission fee – Figuristka http://figuristka.org/ Tue, 15 Nov 2022 19:09:33 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://figuristka.org/wp-content/uploads/2021/10/icon-3-120x120.png Skating admission fee – Figuristka http://figuristka.org/ 32 32 The truth about payday loans https://figuristka.org/the-truth-about-payday-loans/ Tue, 15 Nov 2022 19:09:33 +0000 https://figuristka.org/the-truth-about-payday-loans/ Payday loans are a controversial topic. Some people see them as a lifeline in times of need, while others see them as a dangerous way to trap people in a cycle of debt. So what’s the truth about payday loans? In this blog post, we’ll explore the pros and cons of payday loans. We’ll discuss […]]]>

Payday loans are a controversial topic. Some people see them as a lifeline in times of need, while others see them as a dangerous way to trap people in a cycle of debt. So what’s the truth about payday loans? In this blog post, we’ll explore the pros and cons of payday loans. We’ll discuss the potential risks and benefits of taking out a payday loan, as well as some alternatives to consider. Check payday loans – FlashApply.

What is a payday loan?

Payday loans are short-term, high-interest loans that are usually due on the day of your next payday. These loans can be very expensive, with fees and interest rates that can add up quickly. Payday loans can also be very dangerous, as they can lead to a cycle of debt that is difficult to break.

If you’re considering taking out a payday loan, it’s important to understand the risks involved. Payday loans can be an expensive form of credit, and they can also put you at risk of falling into a cycle of debt. Before taking out a personal loan, make sure you fully understand the costs and risks.

How do payday loans work?

When you take out a payday loan, you’re essentially borrowing against your next paycheck. The loan is usually due on the day of your next payday and the amount you can borrow is based on the amount of money you expect to receive. Payday loans are generally short term loans and as such they usually have high interest rates.

In most cases, you will need to provide the lender with a post-dated check or authorization to withdraw funds from your bank account on the day the loan is due. If you don’t have the money in your account to cover the loan by the due date, the lender may attempt to cash the check or withdraw funds from your account, which could result in overdraft charges.

Payday loans are generally meant to be used for short-term financial needs and are not meant to be a long-term solution. If you regularly need to take out payday loans, it may be a good idea to explore other options, such as credit counseling or debt consolidation.

How to get a payday loan

If you’re considering taking out a payday loan, there are a few things you need to know. Payday loans are usually small, short-term loans that are used to cover unexpected expenses or to tide someone over until their next paycheck. It’s usually easy to qualify and get in quickly, making it an attractive option for those who need cash fast. However, payday loans come with high interest rates and fees, which can make them difficult to repay. Plus, defaulting on a payday loan can result in costly penalties and hurt your credit score.

Conclusion

Although payday loans may seem like a quick and easy solution to your financial problems, they may actually cost you more in the long run. The high interest rates and fees associated with payday loans can leave you in a cycle of debt that is hard to get out of. If you’re considering taking out a payday loan, make sure you understand all the terms and conditions before you sign anything. You may be better off finding another source of financial assistance.

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Payday Loans vs. Bank Loans https://figuristka.org/payday-loans-vs-bank-loans/ Tue, 15 Nov 2022 04:19:44 +0000 https://figuristka.org/payday-loans-vs-bank-loans/ Payday Loans vs. Bank Loans You may think that payday loans and bank loans are the same thing, but they are very different. Both are viable options if you need financing for the purchase, but you should consider all of your options before making a decision. Payday loans and personal loans differ mainly in three […]]]>
Payday Loans vs. Bank Loans

You may think that payday loans and bank loans are the same thing, but they are very different. Both are viable options if you need financing for the purchase, but you should consider all of your options before making a decision.

Payday loans and personal loans differ mainly in three ways: how much you can borrow, how much interest they charge, and how long you have to pay them back. Compared to bank loans, payday loans offer smaller loan amounts, higher interest rates, and shorter repayment terms.

WHAT IS A PERSONAL LOAN?

This is a high interest rate unsecured loan which is especially useful in times of need. Borrowers repay the loan amount when they receive their next salary or other source of income after loan approval. Because payday loans are designed specifically for working professionals, they are very beneficial. You can use your loan for anything you want by purchasing moped and moped insurance.

Personal loans can be used by salaried professionals even if they have exhausted their salary at the beginning of the month. Despite their high interest rates, payday loans are an attractive option. Paying rent, EMIs, and living expenses are common uses for these loans.

WHAT IS A PERSONAL LOAN OR A COMMON BANK LOAN?

The purpose of a personal loan is to cover expenses such as weddings, renovations and vacations. The loan amount can be spent as the borrower wishes. Based on the borrower’s credit rating and ability to repay the loan, the loan is approved. A fixed monthly payment plan is generally used to repay the loan. A bank’s interest rate on a personal loan varies.

WHAT ARE THE DIFFERENCES BETWEEN PERSONAL LOANS AND PAYDAY LOANS?

Here are the main differences between the two types of loans:

Time based rates. Variable rate personal loans reduce interest over time because you can only pay interest on the outstanding loan amount, while payday loans increase interest over time. The interest rate on a fixed rate personal loan remains the same for the entire term of the loan.

Fees and interest. Interest rates on personal loans range from 6% to 23% per annum. For loans over £2,000, payday loans have an interest rate of 48% but can charge up to 20%. The actual cost of the loan can therefore be extremely high.

The cost. A payday lender may charge you several things, whereas a personal loan is usually fixed and secured by your assets.

COMPARISON OF PERSONNEL LOANS AND PERSONAL LOANS

Personal loans and payday loans mainly differ in their terms. The duration of a personal loan is generally less than one month, while that of a personal loan is at least two years.

As a debt consolidation loan or to pay for an emergency, personal loans have a lower interest rate than payday loans. The maximum amount for payday loans is usually less than £500. Depending on the company, you can borrow up to £100,000.

A personal loan is much easier to obtain than a personal loan. A payday loan store can provide you with a loan within 30 minutes if you stop. Processing a personal loan can take a few days.

Only personal loans appear on your credit report, a lesser-known difference between payday loans and personal loans. Your credit score will increase if you take out a personal loan and make payments on time. You can qualify for better loans and interest rates in the future if you do.

As with payday loans, personal loans are often unsecured, so no property or assets back them. You cannot be seized by the lender if you default on a payday loan or personal loan.

Personal loans are always more expensive than personal loans if you have the choice between the two. Consider other options if you don’t qualify for a personal loan.

Does your boss allow you to ask for overtime or sign up for a side job? Is it possible to borrow money from family or friends? Such alternatives are better – and cheaper – than payday loans.

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Financing options for Lyft and Uber drivers https://figuristka.org/financing-options-for-lyft-and-uber-drivers/ Fri, 04 Nov 2022 16:14:13 +0000 https://figuristka.org/financing-options-for-lyft-and-uber-drivers/ A rapid increase in the use of ride-sharing apps like Lyft and Uber has provided many job opportunities for people who want to generate income on their own schedule. The best part? These people only need a valid driver’s license and a car to start making money! Unfortunately, there are a few expenses associated with […]]]>


A rapid increase in the use of ride-sharing apps like Lyft and Uber has provided many job opportunities for people who want to generate income on their own schedule.

The best part? These people only need a valid driver’s license and a car to start making money!

Unfortunately, there are a few expenses associated with the role, and maintaining a vehicle to company standards and policies can be a bit costly. This is when Lyft and Uber drivers can consider outside sources of income to supplement their work, such as a Lyft driver payday loan.

Here are some other financing options to consider.

Why Rideshare Drivers Need Funding

Here are three of the most common reasons a Lift or Uber driver may need additional financial assistance:

For emergency funds

Being a driver for Lyft or Uber usually comes with a good financial package, but the job doesn’t come without its own set of significant expenses. For example, owning a car that can then be used for commuting can be quite expensive.

If you consider the cost of car upgrades and maintenance, gas, parking fees and accessories, money can quickly add up and become an unmanageable sum!

Debt Consolidation

This is a common strategy for paying off debt with a single financing solution. It is an ideal solution that helps borrowers to repay a loan amount in full. For a rideshare driver who may have balances with interest rates, debt consolidation may be a good idea.

Buy a new car

Using a loan to buy a new car can be a good way to solve a pretty big problem. After all, having a quality car is an asset as a Lyft or Uber driver. Taking out a loan allows drivers to have a solid source of income without having to dip into their savings or shell out hefty up-front payments.

Are they eligible for loans?

The simple answer is yes, Lyft and Uber drivers are eligible for certain loans.

Unfortunately, unlike contractors, Lyft and Uber drivers may have a harder time qualifying for any type of loan. This is largely due to the unpredictability of the ridesharing industry, stringent documentation requirements, poor credit history, and even employment status.

Types of loans available

There are different types of loans available for Lyft and Uber drivers to choose from and apply for, depending on specific circumstances. We have described some of the most suitable options below.

Payday loans

One of the main buffers to ensure that a car stays in pristine condition is a payday loan. Although this can be a practical solution if they are in a difficult situation, it often comes with higher interest rates which can make repayments much more expensive than they should be.

Secured loans

These have lower interest rates in exchange for collateral types of items. It’s one of the best types of loan a Lyft or Uber driver can get, and it’s good for improving credit scores. Yet, if a loan is not repaid on time, the car may be lost as collateral.

Unsecured Loans

It’s another good option for Lyft and Uber drivers to consider, but it’s much harder to qualify than other types of loans. If they don’t want to put their car under warranty, this is a great alternative.

Loans for bad credit

If rideshare drivers have a bad credit history and are not eligible for secured loans, this is a good alternative. However, it has stricter repayment terms and much higher interest charges as they pose more risk to lenders.

Credit card

It’s the best option for Lyft and Uber drivers looking to fund some bills from time to time. It’s a pretty straightforward route to a line of credit that can be used to make purchases for the car, buy gas, and even pay for needed repairs. However, they must repay the minimum amount before the delegated due date.

Personal loans

Lyft and Uber drivers can apply for personal loans in any situation. If they have collateral or decent credit, they can receive much lower rates on whatever loan they get. Whether they want to finance car repairs or buy months worth of fuel for the car, a personal loan can be a very useful tool!

Other financing options to consider

Instead of resorting to quick cash loans or payday loans with high interest rates and fees, here we have listed the various alternative funds that drivers can apply for.

Credit line

Sometimes a borrower does not need to take out a loan but still does not have enough money should an emergency arise. This is where a strong line of credit will come in handy. It provides Lift and Uber drivers with a comfortable cushion of funds to cover maintenance costs and other relevant purchases.

Cash advance

If a Lyft or Uber driver has bad credit, a cash advance may be the answer. It is not a loan, but rather a calculated cash amount that is granted to the driver based on all of their future earnings.

Alternative Small Business Lending Platforms

There are many companies that might be willing to offer more suitable loans for small businesses operating in the economy, such as Lift and Uber drivers.

Depending on which lender they choose to go with, drivers could receive a loan of $10,000 and an additional $15,000 in the form of a line of credit.

These lenders usually charge higher interest rates, which can put anyone in a more difficult financial situation.

Summary

There is no doubt that being a Lyft or Uber driver can sometimes be quite an expensive task. Fortunately, drivers no longer have to shell out money out of pocket to cover work-related expenses. This is because there are many suitable financial alternatives.

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How to Choose the Best Loan Company for Bad Credit https://figuristka.org/how-to-choose-the-best-loan-company-for-bad-credit/ Thu, 27 Oct 2022 21:33:45 +0000 https://figuristka.org/how-to-choose-the-best-loan-company-for-bad-credit/ A loan for bad credit is a personal loan for consumers in credit difficulty. It is relatively easy to apply and most lenders make quick loan decisions and offer quick funding turnarounds. You may also qualify for a bad credit loan if you have little or no credit history, and most lenders generally don’t limit […]]]>

A loan for bad credit is a personal loan for consumers in credit difficulty. It is relatively easy to apply and most lenders make quick loan decisions and offer quick funding turnarounds. You may also qualify for a bad credit loan if you have little or no credit history, and most lenders generally don’t limit how funds can be used.

These loan products usually come with high interest rates because they are risky for the lender. It is therefore important to shop around to find the best deal. But the interest rate on most bad credit loans is fixed, so the monthly payment amount won’t change. Loan proceeds are allocated in a lump sum and payable in equal monthly installments over a specified period.

Before applying for a loan for bad credit, understand the loan types to identify the best option and select a loan term that suits your financial situation. You also need to be prequalified, calculate loan costs, and evaluate lenders based on their reputation and the incentives they offer.

1. Know what type of bad credit loan you need

There are four main types of bad credit loans: secured, unsecured, payday and cash advance. Some require collateral, which makes them riskier for the borrower. Here’s what to know about each option:

  • Cash advance: This expensive option is available from some credit card issuers and involves withdrawing funds from your credit card’s available balance. The amount you borrow will be added to your existing account balance, but you can expect to pay a higher interest rate than that charged for purchases made with the card.
  • Secured loan: You will need collateral to get approved for a secured loan, and the lender may seize your property and sell it to recoup their losses if you are late on payment. The advantage is that these loan products are easier to obtain if you have bad credit. Also, the rate will usually be lower than what you would get with an unsecured loan.
  • Unsecured loan: You won’t need collateral to qualify and could qualify for a hefty amount. The downside is that your interest rate will be higher with a lower credit score.
  • Payday loan: A payday loan can be used as a last resort if you cannot qualify for a personal loan or borrow from family or friends. It is a short term loan of $500 or less. It comes with an excessive interest rate, usually in the triple digits, and is payable on the day of your next payday. Moreover, they can lead to a dangerous cycle of debt if you are forced to extend the term of the loan.

2. Choose the loan terms that suit you best

Most bad credit loans have repayment periods of between two and five years (with the exception of payday loans, which are due on your next payday). It can be tempting to opt for an extended term loan product to get a more affordable payment. However, making the balance longer means you’ll pay more interest over time, making a shorter loan term ideal if you want to pay off what you owe faster and save a lot of interest.

Use a loan calculator to calculate the difference between monthly payments and interest charges for different repayment periods. This will give you a better idea of ​​what to expect and help you choose the best loan term for your financial situation.

3. Pre-qualify or try to determine what your offers would be

Get prequalified online with the lenders you are considering to assess your chances of approval. The process is simple and can usually be completed online in minutes without hurting your credit score, as it only requires a soft credit check. If there’s a match, you can view potential loan offers, including loan amount, term, interest rate, and monthly payment, before moving forward with a formal request.

4. Calculate loan costs

Once you’re prequalified with a few lenders, compare the interest rates on offers for the same loan amount and repayment period to determine which are the most competitive. Evaluate each lender’s fees before making a formal request.
You might find that one lender charges a higher interest rate but far less in fees than another option with a much lower rate. And in this case, they might be the best choice to minimize overall borrowing costs.

5. Review customer experience and reviews

The lender should offer customer support by phone, online, or both at times that suit your busy schedule. It’s also essential that the application experience is seamless and that the lender allows you to manage your loan online.

Also, you should look online for reviews to get an idea of ​​the level of service they offer. It’s not unusual to see a few negative reviews here and there, but most should indicate a satisfying customer experience. Otherwise, you may want to look elsewhere to borrow the funds you need.

6. Identify helpful perks

In addition to giving you a seamless application experience and fast funding, some bad credit lenders offer other perks to help improve your overall financial health. For example, you can have free access to your credit score directly from the online dashboard. Or there may be an assortment of financial tools, including calculators and educational articles, to provide the information needed to make sound financial decisions in the future.

7. Beware of predatory lenders and scams

Loans for bad credit are readily available from several financial institutions, both physical and online. Not all lenders are the same and some should be avoided. Some lenders may even be crooks.

Avoid lenders that aren’t registered to do business in your state, offer guaranteed approvals without a credit check, or require an upfront payment to approve you for a loan. It is equally important that they have a secure website and a physical address.

At the end of the line

Several loan options for bad credit could be suitable. But before applying for a loan, research loan types and shop around for quotes. When narrowing down your options, you also want to evaluate lenders based on their reputation, loan costs, terms, and customer service to find the best one for you.

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In a pinch? Here are the four loans you can get the fastest https://figuristka.org/in-a-pinch-here-are-the-four-loans-you-can-get-the-fastest/ Sun, 23 Oct 2022 14:00:26 +0000 https://figuristka.org/in-a-pinch-here-are-the-four-loans-you-can-get-the-fastest/ Image source: Getty Images Here are some quick ways to get cash ASAP. Key points You can use your credit card to pay, as well as to get a cash advance. Payday loans are a quick way to get cash, but have APRs of up to 400%. If you have valuables, you can get cash […]]]>

Image source: Getty Images

Here are some quick ways to get cash ASAP.


Key points

  • You can use your credit card to pay, as well as to get a cash advance.
  • Payday loans are a quick way to get cash, but have APRs of up to 400%.
  • If you have valuables, you can get cash through a pawnbroker, or you can use your car as collateral for a title loan.

When you’re in a bind and need cash fast, it’s important to know what your options are. There are different types of loans that you can get relatively quickly, depending on your needs. Before taking out a personal loan, it’s important to understand the different types of personal loans and find the one that’s right for you. Here are four of the most common.

1. Credit cards

If you have good credit, you may be able to get a cash advance on your credit card. This is usually a quick and easy process, but it will come with high interest rates. So if you are able to repay the loan quickly, this could be a good option. Cash advances can be very useful in an emergency situation when you need money immediately.

Another benefit of using a credit card for a cash advance is that you may already have money available on your line of credit that you can use. This can be useful if you don’t want to take out a new loan or use other assets as collateral. However, using a credit card for a cash advance also has some drawbacks. First, as mentioned earlier, interest rates on cash advances are usually very high. This means that if you don’t repay the loan quickly, you could end up paying a lot of interest. Also, most credit cards have limits on how much you can borrow as a loan. So if you need a large sum of money, this might not be the best option.

2. Payday Loans

Payday loans are one of the fastest ways to get cash, but they come with high interest rates and fees. They’re usually only for small amounts of money, so if you need a lot of cash quickly, they’re probably not the best option. However, if you just need a little extra money to last you until your next paycheck, a payday loan might work. Payday loans are not ideal, Nevertheless. These are short-term, high-interest loans, usually due by your next payday in a single amount. Currently, 37 states regulate payday loans due to their high costs.

Payday loans are usually for $500 or less and are due on your next payday. Depending on state laws, people can get payday loans online or through a storefront lender. A typical two-week payday loan can have annual percentage rates (APR) as high as 400%. By comparison, credit card APRs can range from 12% to 30%. Payday loans should be considered an option of last resort.

3. Pawnbroker

Pawnbrokers are short-term loans secured by an object of value that people bring to a pawnbroker. As they are backed by the value of the object, they are cheaper than payday loans but are more expensive than a conventional loan. Pawnbrokers are regulated by the government. This type of loan is ideal for people who need cash quickly without a credit check.

Loan terms vary by pawnbroker. People can use valuables, such as jewelry or electronics, to get a loan based on the value of the item. No credit check is required. Those who may not qualify for a traditional loan can consider a pawnbroker. Once the loan amount is paid off, you will receive your items. If you don’t pay it back, the pawnbroker can seize the secured items.

4. Securities Lending

Title loans are another quick way to get cash. They are short lived secured personal loans supported by your car. Financial institutions put a lien on your car. If you are unable to repay the loan, they can seize your car, as it is used as collateral. Title loans generally do not consider your credit and can be approved quickly. However, a title loan is very expensive, with an APR of around 300%.

These are four of the most common types of loans that you can get relatively quickly. Consider which one best suits your needs and compare interest rates and fees before you apply. Understand how these personal loans work can help you make a smarter decision.

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.

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Cost of living crisis: do you lack the help of your employer? | Social advantages https://figuristka.org/cost-of-living-crisis-do-you-lack-the-help-of-your-employer-social-advantages/ Sat, 15 Oct 2022 09:00:00 +0000 https://figuristka.org/cost-of-living-crisis-do-you-lack-the-help-of-your-employer-social-advantages/ Many employers are stepping in to help workers cope with the rising cost of living, with some companies offering a one-time bonus or other assistance ranging from enhanced employee discounts to free food. Some big companies are giving lower-paid workers extra money to help combat the impact of soaring inflation and higher bills. In the […]]]>

Many employers are stepping in to help workers cope with the rising cost of living, with some companies offering a one-time bonus or other assistance ranging from enhanced employee discounts to free food.

Some big companies are giving lower-paid workers extra money to help combat the impact of soaring inflation and higher bills.

In the meantime, there may be benefits you haven’t used that could help you balance your budget even if your boss doesn’t give you a raise.

For example, many companies offer perks such as discounts at local businesses, bike-to-work programs, membership loans, free eye tests, and the ability to resell unused vacation time.

Jonathan Watts-Lay, director of Wealth at Work, a financial wellness and retirement specialist, says if you’re struggling with your finances, talk to your employer to find out what help they have. “Even if they’re not offering anything at the moment, sharing the challenges you’re facing can inspire them to build support.”

Likewise, your union – if you’re a member of one – will often offer offers and other help, so take the time to see what’s on offer.

Cost of living payments

Wealth at Work says if you’re having difficulty with your finances, talk to your employer. Photograph: Dominic Lipinski/PA

Major employers, including HSBC, John Lewis and Virgin Media O2, are paying some workers extra payments to help them cope with the rising cost of living.

Virgin Media O2 announced earlier this month that it would make payments totaling £1,400 to employees earning £35,000 and under.

The first payment of £400 will be issued next month, followed by another £400 in January 2023 and then six payments of £100 per month until July 2023.

Meanwhile, John Lewis recently revealed that full-time staff will receive a one-off £500 cost of living payment – with part-time staff eligible for a lower amount.

Banks including HSBC and Nationwide are offering the lowest paid staff bonuses of £1,500 and £1,200 respectively.

Wage increases

Other companies say they are giving staff a pay rise to combat the rising cost of living rather than making lump sum payments. However, there will often be different reasons why companies raise wages – for example, in sectors such as hospitality and retail, these are likely to be staff shortages and companies competing to recruit and retain workers who are the main factors behind some of the recent wage increases.

That said, some companies target salary increases towards the lowest paid staff members.

English breakfast: fried egg, bacon, beans and toast on a plate close-up.  horizontal top view
Some companies offer free food to workers during shifts.
Photography: Sergii Koval/Alamy

Free food and help with bills

Some employers are handing out free meals and snacks to help workers cope with the cost of living crisis, while others have hardship funds to support staff struggling to pay their bills.

For example, John Lewis and Waitrose will offer free food during the winter and will also double their financial aid fund to help workers pay their bills.

Sainsbury’s says it will give workers access to ‘basic groceries’ during their shifts from this month.

Hybrid work and expenses

Allowing staff to work flexibly between home and the office allows people to weigh the cost benefits, for example, saving money on your commute versus using more gas and electricity while working from home.

You must also ensure that you claim reimbursement for all expenses to which you are entitled. For example, your employer may agree to pay a certain amount for fuel costs or to cover food and beverages if you need to be out of the office.

Discounts

Check to see if your company offers discounts as part of your benefits package.

For example, they may have agreements with local stores or other businesses such as salons and gyms, to give money to employees.

Some supermarkets are increasing their employee discounts as part of their package to help workers cope with the cost of living crisis.

As well as a pay rise for staff, Tesco has increased its Clubcard discount allowance for employees from £1,000 to £1,500, meaning workers can get 10% off – rising to 15% off discount every pay weekend.

Asda has scrapped the 12-week qualification period for workers to access the 10% staff discount. The grocer says there is no cap on how much employees can spend with their card and it saves them around £400 a year.

Meanwhile, Iceland has increased its staff discount offer from 10% to 15% off.

Resell annual leave

Some companies give workers the option of buying or selling vacation days at a certain time of the year.

If you think you don’t need all of your vacation allowance, you may be able to sell some of it back to the company and get paid instead.

Debt help

You may be able to get debt help through your workplace. Many companies offer financial education seminars on debt management to help employees understand how to manage and repay debt, and what help is available, says Wealth at Work. Some also offer loan consolidation through payroll, to support those who need help paying off their debts.

Check with the human resources department to see what your company offers. If there is no specific debt support service available, they should direct you to the appropriate support. For example, a charity like Stage change or that of the government MoneyHelper service.

Salary sacrifice, etc.

Someone rides along a cycle lane alongside heavy traffic in Birmingham.
Does your company offer a work-cycle program? Photograph: Jacob King/PA

Many companies offer “wage sacrifice” options like work-to-bike programs or things like loaner season tickets.

With wage sacrifice, payments for the bike, car, or whatever are deducted from your gross income.

These programs will often allow you to spread the cost of big-ticket items over several months and can help you manage your money.

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Microlender ISP Finance taps the bond market for $570 million | Company https://figuristka.org/microlender-isp-finance-taps-the-bond-market-for-570-million-company/ Fri, 14 Oct 2022 05:07:28 +0000 https://figuristka.org/microlender-isp-finance-taps-the-bond-market-for-570-million-company/ Microlender ISP Finance Services Limited raised $570 million in fresh capital in the bond market to partially fund the expansion of its loan portfolio, as well as to refinance existing debt. The debt raise, which was arranged by Sterling Asset Management, closed on Wednesday after 15 days on the market. The bond, which is due […]]]>

Microlender ISP Finance Services Limited raised $570 million in fresh capital in the bond market to partially fund the expansion of its loan portfolio, as well as to refinance existing debt.

The debt raise, which was arranged by Sterling Asset Management, closed on Wednesday after 15 days on the market. The bond, which is due to mature in 2025, is priced at a fixed rate of 11.50% for the first year, then at a floating rate based on the yield of six-month Treasury bills, plus a spread of 3 .50%.

The six-month Treasury yielded 8.152% in October.

The bond will maintain an 11% floor for interest payments.

The first payment is due on December 31. Thereafter, interest on the bond will be paid quarterly until maturity.

The company did not disclose how much of the proceeds would go to debt refinancing. Its June financial statements show borrowings of $231.4 million related to a corporate bond and a promissory note.

The microlender, which seeks to grow its business in an increasingly competitive microfinance industry, currently manages a loan portfolio of $681 million. The portfolio is static from the previous year, when it was valued at $689 million.

In the June quarter, ISP’s interest income was virtually flat at $113 million, while its net income fell 21% to $15.5 million, making it the third consecutive quarter where ISP saw a decline in profits.

It has been a year since ISP Finance announced plans to acquire portions of a loan portfolio from an entity it did not name. At the time, ISP Finance had only announced that the loan portfolio acquisition agreement reached in 2021, as part of a restructuring of the microfinance sector, gave the company the right to buy certain loans. existing among what was described as a portfolio of medium-sized loans.

This transaction was supposed to materialize by December 2021, but it did not. However, at ISP Finance’s annual general meeting earlier this year, CEO Dennis Smith assured shareholders that the acquisition was still on the table.

ISP Finance started in 2007 as a provider of short-term loans to security guards, then expanded to other workers. The microcredit agency, which operates out of Phoenix Avenue in Kingston, now offers loans primarily for household expenses, small business loans, education, debt consolidation, payday advances and healthcare expenses.

Its target market is largely made up of public sector workers. But its presence in the loan market is far behind that of its big rival Access Financial.

Access in June had a loan portfolio of $4.65 billion, while newly listed competitor Dolla Financial’s portfolio exceeded $1 billion on that date.

karena.bennett@gleanerjm.com

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4 times a variable APR makes sense https://figuristka.org/4-times-a-variable-apr-makes-sense/ Fri, 23 Sep 2022 12:00:28 +0000 https://figuristka.org/4-times-a-variable-apr-makes-sense/ Image source: Getty Images When taking out a loan, it pays to weigh the pros and cons of a variable interest rate. Key points Variable interest rates make sense in specific situations, such as when you plan to buy and sell a home in a few years or want to pay off a loan early. […]]]>

Image source: Getty Images

When taking out a loan, it pays to weigh the pros and cons of a variable interest rate.


Key points

  • Variable interest rates make sense in specific situations, such as when you plan to buy and sell a home in a few years or want to pay off a loan early.
  • Variable rate loans, however, can be risky as interest rates can rise.
  • Fixed rate loans are almost always more reliable and easier to budget for.

When it comes to borrowing money, one of the decisions you will need to make is whether you want a variable rate or a fixed rate loan. A variable interest rate is a rate that goes up and down over time. Since floating rates are tied to an underlying benchmark interest rate, they mimic what happens with that underlying rate. For example, the variable interest rate increases if the reference rate increases.

Although fixed rate loans are more common, you might be surprised to learn that an adjustable rate loan is best for you in certain situations. Here are four.

1. You don’t expect to keep a loan for long

Let’s say you’re moving to a new city, but know that you’ll only be there for two or three years. You buy a house and find that the variable interest rate is lower than the fixed rate. The less you carry a variable interest rate mortgage, the less likely it is that the underlying benchmark will rise and your variable rate will rise. It may therefore be wise to opt for a variable rate when you know that you are not going to keep the loan for long.

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Another example would be if you are expecting funds from an annuity, life insurance, or work bonus. If you’re borrowing money in the months leading up to that big payday (and plan to pay off the loan with the money), a variable rate can save you money because of the lower interest rate.

2. You think interest rates will go down

Like the weather, interest rates can change from day to day. If you’re borrowing money and everything points to lower interest rates, taking out a variable rate loan means your monthly payment could go down as well. That said, if you’re wrong and the interest rate goes up, you’ll see your payments go up.

3. You use the monthly savings to repay the principal

Imagine you take out a $50,000 debt consolidation loan. The fixed interest rate is 6% and the variable rate starts at 4%. The term of the loan is 10 years. By opting for the variable interest rate, you will save approximately $50. If you plan to use those monthly savings to repay the principal (the original amount you borrow), you’ll not only prepay the loan, but you’ll also save over $1,200 in interest.

The catch is that this plan only works if the variable interest rate doesn’t increase before the loan is paid off. The longer you have a variable interest rate, the higher the rate will increase.

4. Accepting a variable rate is the only way to qualify for the loan

If you are making a major purchase, such as buying a house or land, and you don’t qualify for a fixed rate mortgage, you may qualify for a variable rate mortgage. lower interest and a monthly payment.

However, if what separates you from a loan is a slightly higher interest rate, you may want to reconsider the purchase, at least for now. The fact that you do not qualify for the fixed rate loan indicates that you may be taking on a larger obligation than you can comfortably afford.

The bottom line is this: A variable rate loan generally only makes sense in specific situations. A fixed rate loan allows you to budget knowing that your loan payments won’t increase over time. If you can get a low enough interest rate on a fixed rate loan, it’s almost always the most reliable choice.

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Should I take out a personal loan? 3 things to consider https://figuristka.org/should-i-take-out-a-personal-loan-3-things-to-consider/ Tue, 13 Sep 2022 14:56:39 +0000 https://figuristka.org/should-i-take-out-a-personal-loan-3-things-to-consider/ The advantages of taking out a personal loan are many. Getty Images As inflation continues to limit consumers’ purchasing power, many people use credit to pay bills and emergencies. But while getting into debt is sometimes the only option, there are ways to limit the amount of interest you end up paying. One of the […]]]>
Personal loan
The advantages of taking out a personal loan are many.

Getty Images


As inflation continues to limit consumers’ purchasing power, many people use credit to pay bills and emergencies. But while getting into debt is sometimes the only option, there are ways to limit the amount of interest you end up paying.

One of the best options is to take a Personal loan. Personal loan interest rates are lower than some other forms of credit. And they are a reliable way to cover certain expenses.

If this sounds like something you could benefit from, you can start the process now.

In this article, we explain what a personal loan is and why you might want to get one.

What is a personal loan?

A personal loan is an unsecured loan, which means there is no collateral behind the loan. You can use a personal loan for several different reasons, such as home improvement projects, emergency expenses, or debt consolidation.

Personal loan amounts range from $2,000 to $100,000, depending on the lender, your credit score, and other factors. Repayment terms range from two to seven years.

3 reasons why you could take out a personal loan

The recent rise in interest rates has had a slight impact on personal loan interest rates. But if you have excellent credit, you may still qualify for a low rate. Read below to understand some of the best reasons to use a personal loan.

May be cheaper than other types of credit

Many borrowers resort to personal loans because they are often cheaper than using credit card. For example, the average credit card APR in 2022 is 16.17%. But if you have good credit, you might qualify for a personal loan with single-digit rates.

Here’s how much you could save using a personal loan. Let’s say you have a balance of $10,000 on a credit card with an APR of 16%. If you take out a personal loan with an interest rate of 7% and a term of five years, you could save $4,719 in total interest over the life of the loan.

Top lenders offer rates as low as 4.99% APR, but you’ll likely need a credit score of 760 or higher to qualify.

Plus, it’s easy to go through the application process. Some loans are even disbursed within days. Get money in a lump sum once in a while, then pay it back monthly.

Can repay other loans

A personal loan can be more flexible than short-term loans like payday loans and title loans. These loans have fast repayment terms, often in a month or less. However, if you opt for a personal loan, you can opt for a much longer repayment term with more manageable monthly payments.

If you have a large credit card balance, paying it off with a personal loan can also improve your credit. When you have a credit card, the credit bureaus calculate how much credit you are currently using. This is called your credit utilization rate, which is 30% of your credit score.

When you have a large balance on a credit card, you may have a high credit utilization rate which could hurt your credit score. However, if you can pay off this balance with a personal loan, you can improve your credit score while paying less total interest.

Can help you consolidate multiple loans

One of the main reasons consumers take out a personal loan is to consolidate several other loans into a single loan. This strategy allows borrowers to simplify their repayment process.

For example, if you had a balance on three different credit cards, you could pay them off with one personal loan. Then you would only have one monthly payment to worry about.

Having fewer monthly payments to manage could help you avoid late fees and additional interest charges. Plus, late payments can hurt your credit score.

This is not an exhaustive list. There are many other benefits to taking out a personal loan, some of which are specific to your personal financial situation. If you’re considering this unique opportunity, it’s best to speak with a lender to determine what you qualify for and how quickly you can get paid.

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If you paid suspended student loans, you could get a refund https://figuristka.org/if-you-paid-suspended-student-loans-you-could-get-a-refund/ Wed, 07 Sep 2022 11:15:55 +0000 https://figuristka.org/if-you-paid-suspended-student-loans-you-could-get-a-refund/ You weren’t wrong if it seemed like a responsible adult to refrain from paying student loans during the nearly three-year hiatus. After all, paying off a loan balance while interest is frozen is generally a good thing. But for some borrowers who paid off while politicians debated student loan forgiveness, that bet against the White […]]]>

You weren’t wrong if it seemed like a responsible adult to refrain from paying student loans during the nearly three-year hiatus. After all, paying off a loan balance while interest is frozen is generally a good thing.

But for some borrowers who paid off while politicians debated student loan forgiveness, that bet against the White House might not pay off. For others, their payments can be refunded.

The Biden administration announced in August that it would forgive $10,000 of student debt per borrower on federal loans and $20,000 per borrower for Pell Grant recipients.

The U.S. Department of Education also announced that the forbearance — which has suspended federal student loan interest and payments since March 2020 — is extended through December 31, 2022.

While millions of people struggling with student debt rejoiced, many borrowers who still paid were confused and appalled. Those who have paid off loans or have a few thousand dollars left have unnecessarily reduced a balance that would have now fallen under forgiveness.

However, some of these borrowers are eligible for a refund on installments made since March 2020.

Here’s how to find out if your student loans are eligible for repayment. And some things to consider before you rush out to maximize student loan forgiveness and put money back in your pocket.

Can you get a refund on student loan payments during the break?

Nearly 40 million borrowers whose direct federal loans are part of the U.S. Department of Education administrative forbearance are eligible for a refund of all payments they have made since March 2020.

However, only a tiny percentage of these borrowers chose to continue making payments during the break. This refund has always been available to borrowers but takes on new meaning now that the cancellation of student loans has been announced.

Borrowers can contact their loan servicer to determine their reimbursement eligibility. This process is not automatic. It is the borrower’s responsibility to request a refund.

As borrowers race to maximize their eligibility, services warn that processing payment refunds can take six to nine months.

Who is eligible for reimbursement of student loan repayments?

There’s a lot of buzz but not many details about who is eligible for a refund of student loan payments. Mark Kantrowitz, a student loan expert, talks only about 1.2% of borrowers continued to pay based on U.S. Department of Education data it analyzed.

Borrowers eligible for repayments should be aware of the following criteria.

  • Eligible loans are part of the Federal William D. Ford Direct Lending Program. This includes direct subsidized, unsubsidized, PLUS, and consolidation loans.
  • Only payments made since the start of the forbearance period in March 2020 are eligible.

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Certain types of student loans are not eligible for repayment of payments, mainly because these loans have been guaranteed by private funds. These include private student loans and some Perkins, HEAL and FFELP loans — most student loans prior to 2010 belong to this category.

If your loans were not eligible for payment pausechances are they are not eligible for forgiveness.

These stipulations mean that millions of borrowers are currently not eligible for student loan forgiveness. The Biden administration is working to address this concern.

In the meantime, the FFELP and other borrowers may be eligible for consolidate your loans in the federal direct lending program. Once consolidated, these loans would become eligible for student loan forbearance and cancellation.

How to get a refund on your student loan payments

As you can imagine, you will need a lot of patience to get through the refund process. Long waiting time because federal loan officers Fighting rising call volumes is certainly part of the problem, but there’s also a lot of confusion.

To get a refund, you must call your loan servicer, but first:

  • Do your research. Learn about your loans and potential options.
  • Prepare to defend yourself. You may be asked to explain why you believe you are entitled to a refund and answer any questions.
  • Prepare the necessary information. This includes your social security number and proof of all payments you’ve made since March 2020.

How a Refund Can Maximize Student Loan Forgiveness

If you have repaid your loans during forbearance or your balance is less than $10,000 or $20,000, it may be beneficial to request a refund.

Let’s say you started March 2020 with $7,500 of eligible federal student loan debt and paid off your balance at $5,000 while on forbearance. Requesting a refund means you will get the $2,500 back and that amount will be added to your loan balance.

When the student loan forgiveness occurs, the entire $7,500 would be forgiven, instead of just $5,000. What you do with the $2500 windfall is up to you.

Should you get a refund on your student loan payments?

Now that you know how to get a refund, we have come to a crucial question. You can ask for a refund, but should you?

It’s complicated, but there are a few scenarios where a refund doesn’t make sense.

If your student loan debt remains large even with the forgiveness, those payments should stay where they are. Unless you’re currently experiencing financial hardship, asking for a refund could put you financially (and your credit score) return.

And there are some states — including Alabama, Arkansas, Mississippi and New Jersey — where loan forgiveness can come at a steep price.

“Some states offer tax-exempt status for student loan forgiveness, and some don’t,” says Kantrowitz of The university investor. “This could be an unexpected tax bomb waiting for some Americans.”

Getting a refund on your student loan payments feels like stumbling on a payday, but weigh your decision carefully and proceed with caution. For some borrowers, a refund may simply delay and complicate paying the piper down the road.

This story originally appeared in The Penny Hoarder.

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