Michigan funding – Blissfield http://blissfield.net/ Sun, 26 Jun 2022 17:31:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://blissfield.net/wp-content/uploads/2021/10/icon-3-120x120.png Michigan funding – Blissfield http://blissfield.net/ 32 32 Sketchy ads on TikTok encourage high-interest payday loans https://blissfield.net/sketchy-ads-on-tiktok-encourage-high-interest-payday-loans/ Sun, 26 Jun 2022 14:30:57 +0000 https://blissfield.net/sketchy-ads-on-tiktok-encourage-high-interest-payday-loans/ A group of secret TikTok advertisers are using sketchy tactics to push massive loans that experts say could violate misleading advertising laws, The Post has learned. Some of the ads tease “almost instant” five-figure deposits despite bad credit, while others seem to imply they’re part of government “inflation programs” and use the logos of news […]]]>

A group of secret TikTok advertisers are using sketchy tactics to push massive loans that experts say could violate misleading advertising laws, The Post has learned.

Some of the ads tease “almost instant” five-figure deposits despite bad credit, while others seem to imply they’re part of government “inflation programs” and use the logos of news organizations like CNN.

Cash-strapped borrowers who click on links in many advertisements are asked to provide sensitive personal information, including their social security and bank account numbers.

“At best, these videos are designed to make you give up information you shouldn’t be giving away, which will lead to more solicitations,” John Breyault, vice president of the National Consumer League advocacy group, told The Post. “At worst, this is a complete scam designed either to take your money or information for fraudulent purposes.”

A typical TikTok loan ad opens with a photo of the words “US Government Inflation Program 2022” on a video from the US Capitol.

Some advertisements appear to imply that they are part of the government’s “inflation programs”.
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“The US government’s inflation program helps Americans get a loan, even with bad credit,” a voiceover says in somewhat broken English. “You can get up to $50,000 by filling out a simple form.”

The ad then cuts to a shot from the point of view of a person holding stacks of hundred dollar bills in a car.

“I use my money to cover my bills, fill up on gas for the rest of the year, and cover my medical needs,” the voiceover says. “Click the link below, fill out the form in as little as 60 seconds and see how much you can get. Thank me later.”

People who click on the link, which leads to a site called “Lavish Finances”, are asked to fill out forms with personal information, including bank details, social security numbers and addresses.

Lavish Finance says it then passes applicants’ information to lenders, who can respond with loan offers with annual interest rates of up to 35.99% for terms of up to four years. If someone were to take out a loan under the sites maximum terms – $50,000 repaid at 35.99% APR over four years – the user would ultimately be liable for more than $137,000.

Tik Tok Logo
Experts say the sketchy tactics of TikTok advertisers to push massive loans could run afoul of the law on misleading advertising.
Reuters

Breyald said the loans advertised by Lavish Finance and similar sites are “terrible” for the vast majority of consumers.

“35.99% APR is higher than some of the highest credit card loans,” he said.

Breyault and Bartlett Naylor, a financial policy advocate with consumer rights group Public Citizen, said the ads risked violating Federal Trade Commission rules on misleading advertising.

@Loanssy TikTok announcement for a loan
Other advertisements use the logos of news organizations like CNN.
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“If it is implied that it is a government program and you click on it and it is not a government program, my advice is: you are being scammed,” Naylor said, advising people to “stay away” and calling on TikTok to take a tougher line against people. loan announcements.

After The Post contacted TikTok to comment on the ads from Lavish Finances and other companies, the social media site removed them over violations of its advertising policies, which prohibit “misleading, inauthentic and deceptive behavior”.

“Advertisers and ad content must follow our Community Guidelines, Advertising Guidelines, and Terms of Service, and content that violates these guidelines will be removed,” a TikTok spokesperson told The Post.

When The Post emailed the only email address available on the Lavish Finances website for comment, messages bounced back. A phone number listed on the site went directly to a voicemail, which was full. The Lavish Finances site lists the address of a building in Dover, Del., which sells “virtual office services” for $50 per month.

The FTC said it does not comment “if it is investigating a specific company, individual, or business practice.” The agency has not announced any action against any of the sites mentioned in this article, but it Is frequently prosecute The companies, according to the agency, falsely claim to be affiliated with the US government.

Lavish Finances is far from the only advertiser to use questionable techniques on TikTok. An ad that links to a site called PersonalLoanPro shows what appears to be a fake CNN segment. It flashes “BREAKING NEWS” that “AMERICANS CAN NOW CLAIM UP TO $50,000”.

“They’re showing it again,” a man says, pointing to a television showing the segment. “That’s how I got my money.”

The camera then pans to the man’s face as he says: ‘A new benefit was just released last week allowing Americans to claim up to $50,000. You don’t need a credit history at all — no bank requirements. I did it myself and made $8,000 in two days.

A similar Facebook version of the video was slap with a ‘false news’ warning in May – but as of mid-June it was still being advertised on TikTok without any disclosure.

@Loanssy TikTok announcement for a loan
Some lending sites ask users to enter sensitive information, including their social security number.
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Other advertisements related to PersonalLoanPro feature various narrators gushing about receiving money through the site. In one, the text “I got $45,000 almost instantly” appears onscreen as a female narrator walks up to a man and says, “Baby, where did you get all that money ? »

The man shows an online bank account on his phone and says, “That’s really crazy. I just got a $45,000 loan and it’s already in our bank account.

In another ad, a male narrator sitting in a car brandishes wads of hundred-dollar bills and raves that a loan is the “last-minute miracle I desperately needed.”

Like Lavish Finance, PersonalLoanPro asks people to enter sensitive information, including their social security numbers. He says he will then refer them to lenders who can offer them loans with interest rates of up to 35.99% APR on terms of up to 15 years.

“They basically say something like, ‘Nobody else knows, I wish I knew sooner’ — and they show you stacks of cash,” Breyault said. “It’s laughable at first glance, but it’s a common tactic.”

PersonalLoanPro’s site says it’s owned by a Durango, Colorado-based company called On The Barrelhead. Email inquiries sent to both PersonalLoanPro and On The Barrelhead went unanswered, while a call to an On The Barrelhead site phone number went straight to voicemail.

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PleaseLoan eliminates endless loan lines with its online platform that makes the borrowing process easier https://blissfield.net/pleaseloan-eliminates-endless-loan-lines-with-its-online-platform-that-makes-the-borrowing-process-easier/ Fri, 24 Jun 2022 20:57:30 +0000 https://blissfield.net/pleaseloan-eliminates-endless-loan-lines-with-its-online-platform-that-makes-the-borrowing-process-easier/ The loan company provides loan services to government and private employees to help them with additional resources that can help their financial difficulties Award Loans are unsecured, fixed, low-interest loans specifically designed for federal employees. These loans are easily accessible even for employees who have bad credit because the loans are paid by deduction from […]]]>

The loan company provides loan services to government and private employees to help them with additional resources that can help their financial difficulties

Award Loans are unsecured, fixed, low-interest loans specifically designed for federal employees. These loans are easily accessible even for employees who have bad credit because the loans are paid by deduction from the employee’s monthly salary. Award loans are essential to the well-being of federal employees to float them through uncertain financial tides, as well as to act as a lifeline in an emergency. It is important that the task of accessing such a loan is handled by a reputable lending company and PleaseLoan is the ideal company for this service.

PleaseLoan is an online platform designed to connect consumers with handpicked lenders across the country, based on an exclusive team of professionals who are focused on the customer’s needs and are positioned to improve their financial situation in the best way. possible. The process for allotment loans with PleaseLoan is seamless as the customer simply has to submit their application, wait for a response, and electronically sign the loan agreement, all within a single business day.

Additionally, PleaseLoan is a safe and confidential platform as the customer’s credit is not checked and the customer does not need to disclose their intentions for the loan. Borrowers have access to more of the company’s loan services, including providing installment loans for people with bad credit, emergency loans and payday loans. Loans for federal employees through PleaseLoan are up to $5,000, which is approved regardless of credit score and deposited directly into the customer’s account.

For more information, please visit https://www.Pleaseloans.com/

About loans please

Please Loans is owned by financial expert and finance enthusiast, Alex Ostapovich.

Media Contact
Company Name: Please lend
Contact person: Alex Ostapovich
E-mail: Send an email
Call: (866) 336-3850
Country: United States
Website: https://www.Pleaseloans.com/

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5 Best Fast Loans and Fast Cash Loans Online for Bad Credit and Payday in 2022 https://blissfield.net/5-best-fast-loans-and-fast-cash-loans-online-for-bad-credit-and-payday-in-2022/ Wed, 15 Jun 2022 07:25:00 +0000 https://blissfield.net/5-best-fast-loans-and-fast-cash-loans-online-for-bad-credit-and-payday-in-2022/ Quick loans save your life when you are in financial trouble. Millions of Americans have used quick cash loans at one time or another. So whether you’re short on cash because you just shelled out hundreds for a home repair, or maybe you bought an expensive birthday present, or covered an emergency expense, loans in […]]]>


Quick loans save your life when you are in financial trouble. Millions of Americans have used quick cash loans at one time or another. So whether you’re short on cash because you just shelled out hundreds for a home repair, or maybe you bought an expensive birthday present, or covered an emergency expense, loans in Quick lines will allow you to get a cash advance to live comfortably until your next payday. Here are the top five fast loan providers and what makes them a viable choice.

Best Quick Loans 2022 – Quick Overview

  • Viva Payday Loans – Best fast payday loans overall for fast disbursement
  • Heart Paydays – Best for fast bad credit loans
  • Credit Clock – Great for fast online loans and easy loan approvals
  • Money Lender Squad – Ideal for quick online application
  • Very Merry Loans – Ideal for small loans that are repaid the same day

General Eligibility Criteria for Quick Loans

If you want to benefit from fast loans online, you must meet the following criteria:

  • at least 18 years old
  • Permanent address in the United States
  • Earn at least $800 per month
  • Don’t be over-indebted
  • Have a bank account

5 Best Quick Payday Loans

If you’re looking for fast loans online, here’s a quick rundown of everything you need to know about the best online fast loan providers in the United States.

1. Viva Payday Loans – Best Quick Payday Loans Overall for Fast Disbursement

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Advantages

  • Disbursement within 60 minutes of approval
  • Get up to $5,000
  • Repayments over 2 to 24 months

The inconvenients

  • Not available in some states

Viva Payday Loans is one of the best quick and easy loans with access to lenders that get the job done. There is no waiting when using Viva payday loans. Once a loan is approved by a lender, the money is credited to your bank account as quickly as possible. It is not uncommon for borrowers to get the money in their bank account within an hour, subject to lender approval. Although interest rates can be high, some lenders are reducing their rates to stay competitive. For this reason, interest can vary from 5.99% to 35.99% for fast payday loans online. To be a successful candidate, you must be 18 or older, have permanent residence in the United States, hold a permanent job, and earn enough income to cover the cost of the loan payments as well as your other monthly expenses.

Click here to request funds from Viva Payday Loans >

2. Heart Paydays – Best for fast bad credit loans

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Advantages

  • Affordable monthly payments
  • Low FICO scores are welcome to apply
  • Application return guaranteed in 2 minutes

The inconvenients

  • Approval times can take longer than one business day in some cases

Heart Paydays does not discriminate against borrowers, even those who do not have a bad credit history or those who are specifically looking for fast loans for bad credit. When you use this loan search service, you will have the advantage of being connected to the lenders most likely to help you, even if your credit score is low. Of course, affordability checks are in place to ensure borrowers can afford the loans they apply for. Fast loans through the Heart Paydays portal come with an APR of 5.99% to 35.99% and sizes ranging from $100 to $5,000. If you earn at least $1,000 per month, have permanent residence in the United States, and are at least 18 years old, you can apply today.

Click here to request funds from Heart Paydays >


3. Credit Clock – Best for quick online loans and easy loan approvals

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Advantages

  • 100% easy loan search service
  • Super-fast online application
  • Quick disbursement

The inconvenients

  • Interest rates can reach 35.99%

Credit Clock connects borrowers with lenders who offer affordable and fast loans in the United States. As a reputable loan finder, Credit Clock presents borrowers looking for quick payday loans with viable loans ranging from $100 to $5,000 with 2 to 24 months to pay off. If you earn $1,000 per month, have a valid ID, are at least 18 years old, and are a permanent resident of the United States, you are eligible for fast payday loans online through CreditClock!

4. Money Lender Squad – Best for Quick Online Application

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Advantages

  • The online application takes a few minutes
  • Get up to $5,000 in your account today
  • Panel of lenders to choose from

The inconvenients

  • Not all requests are approved

Money Lender Squad is a great alternative if you’re tired of the bureaucracy often associated with traditional bank loans. This loan search site helps borrowers select the best fast loans online by applying just once. The online system is geared towards ultimate simplicity. All you have to do is enter the amount you want to borrow and the expected repayment term. Next, provide your contact details (name, ID, address, employment details, bank account, and a list of your monthly expenses), and the best quick cash loan options will be presented to you within minutes.

5. Very Cheerful Loans – Ideal for small loans that are repaid on the same day

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Advantages

  • Easy loan terms
  • Apply online in 2 minutes
  • Withdraw money the same day

The inconvenients

  • Small loans up to $2,000 only

If you’re not looking for bad credit fast loans, the fast loans available through Very Merry Loans are ideal. These loan packages are deliberately small to ensure easy repayment so you won’t find fast online payday loans over $2,000 here. APRs are between 5.99% and 35.99%. Best of all, the lenders Very Merry Loans puts you in touch with are used to repaying loans the same day they are approved.

What is a fast payday loan?

Quick payday loans are often quick loans for borrowers with bad credit or people who don’t have time to wait through lengthy bank processes to get the money they need. These loans operate on a basic loan model. The borrower requests funds and indicates the repayment period that would suit them best. The lender offering instant or fast cash loans will present an offer, detailing the amount of interest (usually between 5.99% and 35.99% depending on the state) and the terms of the loan. If the borrower agrees to the terms, the loan agreement must be signed and the lender, usually the same day, transfers the funds to the borrower’s bank account.

FAQs

Can I get an instant loan in 5 minutes

If you are looking for the best fast same day loans in the USA, you might want to try the options mentioned above. All of these loan matching services have application processes that only take two minutes. If your loan is approved by a lender, payments usually occur the same day.

Can I get a quick loan with a 550 credit score?

Credit scores of 550 are significantly lower than the average credit score. If your financial situation has changed and you are now able to afford your monthly expenses plus a loan installment, you may still be a viable candidate for fast payday loans.


Can you get a loan with no payment history?


If you have no credit history to speak of, you are still eligible for fast cash loans online. Although a credit check will be carried out, it will not be the only deciding factor in the outcome of your loan.

Disclaimer – The above content is not editorial, and Economic Times hereby disclaims all warranties, express or implied, in connection therewith, and does not necessarily warrant, guarantee or endorse any content. The loan websites reviewed are loan matching services, not direct lenders. Therefore, they are not directly involved in the acceptance of your loan application. Applying for a loan with the websites does not guarantee acceptance of a loan.
This article does not provide financial advice. Please seek the assistance of a financial advisor if you need financial assistance. Loans available only to US residents.

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Review of possible financing installment loans 2022 – Forbes Advisor https://blissfield.net/review-of-possible-financing-installment-loans-2022-forbes-advisor/ Thu, 09 Jun 2022 17:12:24 +0000 https://blissfield.net/review-of-possible-financing-installment-loans-2022-forbes-advisor/ Although Possible Finance can quickly offer small loans to borrowers with bad credit (or no credit), it charges higher APRs than some other personal lenders. Here’s how Possible Finance’s installment loans stack up against competitors. Possible financing against upgrade Upgrade offers personal loans starting at $1,000, so it might be a better option than Possible […]]]>

Although Possible Finance can quickly offer small loans to borrowers with bad credit (or no credit), it charges higher APRs than some other personal lenders. Here’s how Possible Finance’s installment loans stack up against competitors.

Possible financing against upgrade

Upgrade offers personal loans starting at $1,000, so it might be a better option than Possible Finance if you need to borrow more than $500. In fact, you can borrow up to $50,000 with the upgrade and APRs start around 6% and go up to 36%. Since Upgrade’s rates are much more competitive than those of Possible Finance, it may be worth checking to see if you qualify for one of its personal loans before borrowing a Possible installment loan.

The upgrade requires a minimum credit score of 580 to qualify, making it a viable option for potential borrowers with damaged credit.

Related: Personal Loans Review Upgrade

Possible financing against SoFi

Possible Finance offers small loans up to $500, but SoFi funds personal loans between $5,000 and $100,000. SoFi’s competitive APRs start around 6%, but you’ll need to pass a credit check to qualify. SoFi requires a minimum credit score of 650. If you cannot qualify on your own, you may consider applying with a co-borrower, such as a spouse or trusted friend.

Related: SoFi Personal Loans Review

Possible financing against LightStream

Similar to SoFi, LightStream also offers personal loans from $5,000 to $100,000, depending on the purpose of the loan, with competitive APRs starting in the low single digits. While Possible Finance finances short-term loans, LightStream allows you to repay your loans over two to 20 years. You must have a minimum credit score of 660 to qualify for a LightStream personal loan.

Related: LightStream Personal Loans Review

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Small Business Restaurant Improvement Loans https://blissfield.net/small-business-restaurant-improvement-loans/ Mon, 06 Jun 2022 22:32:31 +0000 https://blissfield.net/small-business-restaurant-improvement-loans/ If you’re a business owner in the restaurant industry, you understand the importance of keeping your restaurant up to date to be successful. Whether you’re opening a new restaurant, establishing a new location, or renovating an existing restaurant, a restaurant improvement loan and other financing options can help. Some financing options include: Traditional bank loans […]]]>

If you’re a business owner in the restaurant industry, you understand the importance of keeping your restaurant up to date to be successful. Whether you’re opening a new restaurant, establishing a new location, or renovating an existing restaurant, a restaurant improvement loan and other financing options can help.

Some financing options include:

  • Traditional bank loans
  • Business line of credit
  • Equipment loans
  • Commercial real estate loans
  • Merchant Cash Advance
  • Small Business Administration (SBA) Loans

This article explains your financing options and how they can help your restaurant business.

Why would someone need a restaurant improvement loan?

As restaurateurs, keeping your restaurant open and profitable is the most important thing. So it is good to understand why you would need a restaurant improvement loan for your business. Here are four reasons:

1. Buy inventory

A restaurant improvement loan can help you avoid breaking the bank on everything from bar stools, tables and chairs to other must-have restaurant equipment. With a loan, small business owners can focus on creating the best environment for their customers that matches their business needs. Also, inventory can extend to kitchen equipment like ovens, food prep counters, or food processors, which are very expensive and you don’t want to pay for with your personal funds or put on your score. personal credit.

2. Renovations

Another reason you might need a restaurant improvement loan is to renovate your restaurant. Renovations can include:

  • Installation of new flooring
  • Updated seat cabins
  • Bathroom upgrades
  • Installation of new light fixtures
  • Paint the interior and exterior

There are many reasons why you would want to renovate and keep your restaurant up to date, especially in a social media generation where people value aesthetics. A restaurant improvement loan can bring you much closer to your goal of having a restaurant with rave reviews.

3. Implement new technologies

Technology is constantly changing, so whether you need an updated point-of-sale (POS) system or you’re infusing your restaurant business with mobile technology and online ordering, you may need funds. additional. Brick-and-mortar businesses are constantly changing the way they serve their customers, so finding a lender who can provide you with the financing to scale your restaurant can help you scale.

4. Marketing and Advertising

Restaurant improvements can also include how you get the message across to your customers. Marketing and advertising are key tools for retaining repeat customers, attracting new ones, and keeping your business profitable. However, marketing and advertising online or elsewhere can be quite expensive and having funding options that increase cash flow can help you acquire the right amount of marketing needed to keep your business running.

Types of Catering Business Loans

These types of restaurant business loans are the ones you should consider:

Equipment loans

Equipment financing is specifically designed to get you the new or updated equipment your restaurant business needs. You have the option of securing the necessary financing to purchase or lease the equipment. Alternatively, you may decide to pursue a sale and leaseback agreement, in which you sell the equipment to a lender in exchange for cash and then lease the equipment from the lender. You have the option of returning the equipment at the end of the term or purchasing it from the lender.

Working capital loans

A working capital loan is money you borrow for the day-to-day running of your business. Working capital loans pay for a business’s short-term needs and expenses instead of investments or assets that will be held longer. This is a small business loan that could come in handy if your business finds itself in a difficult financial situation. Rather than long-term investments, short-term financial goals are the main focus of this type of business financing.

Merchant Cash Advance

Compared to other forms of financing, such as conventional bank loans, merchant cash advances offer a unique opportunity for small businesses. Business owners get financing in the form of an upfront lump sum from a merchant cash advance provider. The owners then repay the advance using a percentage of the business’s future sales. An MCA can be an alternative for businesses that have a high number of credit card sales, are in dire need of capital, or don’t qualify for a conventional loan.

Bank loans

Other financing choices, such as credit cards, payday loans, or short-term loans from internet lenders, often carry higher interest rates than those offered by traditional bank loans. Also, if the lender discloses payments made to commercial credit bureaus, you can improve your business’ creditworthiness if you make your payments on time.

When you have questions about your loan or other financial products that could benefit your business, you can speak to a professional banker or loan officer located at a local branch of many banks for assistance. . This service is offered by many banks.

When to Apply for Restaurant Improvement Funding

Having a business plan can help you determine the longevity of your business growth, especially with financing. Knowing when to apply for restaurant improvement financing can have a positive effect on your working capital and can also help you buy equipment, do renovations, and more.

Here are important times in your business when you should consider applying for restaurant improvement financing:

  • Opening a new location
  • Low season
  • When your credit score is high
  • If you need more inventory
  • To afford additional equipment
  • Make essential renovations

Depending on the length of your business or your restaurant’s volume of business, this may dictate when you should apply for financing. In the end, needing it and not having the extra funds is worse than having it and being ready to make the changes necessary for your business to grow and succeed.

How to Improve Your Chances of Funding Approval

There are many facets to improving your chances of being approved for funding, but it is absolutely essential and doable. Whether you are a new business or have bad credit, you always have options. Here are ways to improve your chances of getting your seed funding approved:

  • Build your business credit score. When seeking financing for any loan amount, it is good to have established credit for your business. As a borrower, you don’t want to run the risk of sacrificing your personal credit, so establishing an EIN against a social security number will help your application process strictly through your business name. Nav offers a tool here to better understand your business credit score.
  • Increase your income. One of the best ways for lenders to ensure that you have the ability to repay a loan is to show your financial statements. With lower incomes, you may benefit from loan options with higher interest rates or only short-term loans requiring faster repayment terms.
  • Bring in a co-signer. Depending on the type of loan, if your credit isn’t the best, bringing in a trusted co-signer who has better credit and income can also improve your chances of approval. A co-signer on your loan application could also be someone related to your restaurant business, as they will have the same responsibility for repaying the loan.

Best Loans for Restaurant Improvements

If you’ve already started your search for a loan, you know that there are a seemingly endless number of lines of credit and small business loans available from banks and online lenders. Since new businesses are perceived to have a higher level of risk, the opportunities available to them will be more restricted. However, check out the loan deals Nav has for all small businesses.

Ultimately, whatever loan products, small business loans, or other type of financing you choose for your restaurant business, Nav is here to help. With Nav’s resources and loan matching tool, you can receive the business financing that best suits your business needs. From how to establish business credit to offering a comprehensive list of business credit cards to ensure you get the best restaurant financing options, the choice is yours.

This article was originally written on June 6, 2022.

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Why Netflix Deposits Its Money In Black Banks https://blissfield.net/why-netflix-deposits-its-money-in-black-banks/ Thu, 02 Jun 2022 14:01:23 +0000 https://blissfield.net/why-netflix-deposits-its-money-in-black-banks/ Hope Credit Union, based in Mississippi, raises its capital by bringing in large member companies. Operating a credit union in the Deep South, an area with some of the deepest poverty in the country, comes with additional challenges. Hope Credit Union, headquartered in Mississippi, has 34,000 members, but every day, two-thirds of these members have […]]]>

Hope Credit Union, based in Mississippi, raises its capital by bringing in large member companies.

Operating a credit union in the Deep South, an area with some of the deepest poverty in the country, comes with additional challenges. Hope Credit Union, headquartered in Mississippi, has 34,000 members, but every day, two-thirds of these members have less than $1,000 in their bank account and almost the same amount earn less than $50,000 a year. The region’s high rates of unbanked or underbanked residents allow payday and subprime lenders to thrive.

According to Bill Bynum, CEO of Hope Credit Union, this means they have to get creative with creating cash.

“When you’re in wealth-poor, dust-poor places, you have to import capital,” says Bynum. “People don’t have the savings, the deposit, that traditional banks rely on to buy low-cost cash to make loans.”

Hope Credit Union has done this by bringing in a series of high profile corporate members – including Netflix, PayPal and Nike – under a program they call the Transformational Deposit Initiative.

They launched the initiative in June 2021 and soon received their first deposit of $10 million from Netflix. For Netflix, the investment was part of a commitment by the company to place 2% of its cash, totaling around $100 million, in black financial institutions. According to Aaron Mitchell, director of human resources at Netflix Animation Studios, they hope to encourage other big companies to do the same.

“A lot of companies make statements and donate, but we wanted to change the way we do business day-to-day to address issues like the racial wealth gap,” Mitchell says. “Black banks have been fighting to improve their communities for decades, but they are disadvantaged by their lack of access to capital. The big banks, where the big multinationals, including ours, keep most of their money, are also focusing more on improving capital, but not at the local level, these black-run institutions like Hope can do that. .

The company created a three-part miniseries on YouTube titled Bet on us. The series identifies some of the topics black Americans face in acquiring wealth. The series explores the difficulties black Americans have in acquiring wealth and some of the systemic racism of financial institutions, such as the difficulties black people have in acquiring a mortgage or a business loan, which are ongoing barriers to economic mobility.

Bynum says Netflix put Hope Credit Union through a rigorous process of reviewing Credit Union’s management and financial condition to ensure they would be good stewards of their resources.

The deposit provided liquidity, but it also “brought attention to this strategy,” says Bynum. “We couldn’t buy the recognition it brought. Netflix was very intentional in spreading the word about it, encouraging other companies to follow their lead and they did.

During the second half of 2021, Hope Credit Union received $116 million in processing deposits from 443 individuals, businesses and nonprofits. Credit Union estimates that every $10 million deposit helps fund more than 2,500 entrepreneurs, homebuyers and consumerslargely from marginalized communities: Among Hope Credit Union members, 77% are black and 60% are women.

“We’re able to use those deposits to replace those checking and savings accounts that you find so easily in thriving communities, but aren’t in the places we serve,” says Bynum.

At 0.10%, the bond incentive offers more of a social return than a financial one. Institutions understand “the importance of their future workforce and their future customers,” says Bynum. And since the money is a deposit and not a gift, banks can withdraw it whenever they want.

“We’ve seen a lot of individuals, a lot of families who have proven they can do anything anyone else can when they have the tools,” Bynum says. “So our job is to try to put these tools to good use for people who don’t have access to them. … We feel really lucky to be able to give a financial helping hand, a lifeline and facilitate their progress in the economic scale.

However, this ladder can sometimes be a bit slippery. The past two years have been difficult for many Americans, but it has been especially difficult for black Americans. In a study 2021, the Brookings Institution’s Hamilton Project found that while all Americans, regardless of socioeconomic background, have been affected by COVID-19, black Americans from economically disadvantaged communities have been particularly affected. The authors of the reports write that while all Americans have been affected by COVID-19, “many black Americans and their communities lack sufficient income and wealth to cushion both the crisis of job losses and the economic crisis. that have resulted from the COVID-19 pandemic. ”

It’s a fact Bynum knows well, but he sees the corporate response as a beacon of hope. The attention for the large corporate donations they received, as well as the series from Netflix, continued to grow. Last December, Hope Credit Union received $88 million under the US Treasury Department’s Emergency Capital Investment Program (ECIP), the largest community development investment the organization has ever received.

“There seems to be more attention over the past two years following the murder of George Floyd,” says Bynum. “And a bit of awareness and acknowledgment that the gaps exist and are not sustainable. So I’m going to look at this as a window of opportunity, but we need to maximize the opportunity.

This story is part of our series, CDFI Futures, which explores the community development finance industry through the lens of equity, public policy and inclusive community development. The series is generously supported by Partners for the Common Good. Sign up for PCG’s CapNexus newsletter at capnexus.org.

Connie Aitcheson is a freelance writer based between Florida and Kingston, Jamaica. She worked for many years at Sports Illustrated and has been published in Essence, PTSD Journal, Cosmopolitan and espnw.com.

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Where can I get a bad credit loan? https://blissfield.net/where-can-i-get-a-bad-credit-loan/ Tue, 31 May 2022 21:44:51 +0000 https://blissfield.net/where-can-i-get-a-bad-credit-loan/ It can be difficult to get a loan from a traditional lender if your credit score is low. However, that doesn’t mean you’re out of luck if you need money fast. Other options to consider for securing the funds you need include online lenders, some banks and credit unions, payday lenders, and title lenders. Some […]]]>

It can be difficult to get a loan from a traditional lender if your credit score is low. However, that doesn’t mean you’re out of luck if you need money fast. Other options to consider for securing the funds you need include online lenders, some banks and credit unions, payday lenders, and title lenders. Some may be better suited to your finances than others, so it’s important to understand how they work to make an informed decision.

Online lenders

Several online lenders offer bad credit personal loans. The application process is generally streamlined and you can get a loan decision within minutes. If approved, some lenders also offer same-day or next-day financing.

You can also use an online lending network to view and compare offers from multiple lenders with one app. Generally, you can see the quotes without affecting your credit, as it only results in a slight increase in credit. Some online lenders also offer pre-qualification tools on their websites that don’t hurt your credit score.

But there is a downside with online lenders. You will likely get a high APR if your credit score is low because you pose a high risk to the lender. Loan origination fees should also be taken into account (if applicable) as they represent 1-8% of the loan amount.

Who is it best for: People who prefer to obtain a loan without having to go to a local branch.

Advantages The inconvenients
  • Simplified application process and quick loan decision
  • Financing available same day or next day
  • High borrowing costs
  • Loan origination fees (if applicable)

Bank or credit union

Traditional banks are also an option for getting a personal loan with bad credit. However, they may not be the best choice because most loan decisions are based solely on your creditworthiness and income. Thus, a lower score may equate to an automatic rejection if it does not reach the minimum threshold.

Credit unions are a bit more lenient than banks. They also assess credit scores and income to decide if you are a good candidate for a loan. The advantage of working with a credit union is the relationship factor. Credit unions are member-driven, which gives you an edge and maybe helps you get approved, even with a lower credit score.

Who is it best for: Banks or credit unions are ideal for borrowers who are also account holders and want to leverage their relationship with the financial institution when seeking approval.

Advantages The inconvenients
  • Longer wait times for approvals
  • Established account holders could be approved with lower credit scores
  • Rigorous qualification criteria
  • Higher APRs than online lenders

Payday lenders

Payday lenders offer small, short-term loans of up to $500. Even if you have bad credit, these loan products are easy to get approved, but there is a significant downside. You’ll pay a high interest rate, often up to 400%, and only have a small window to pay off what you owe.

Many borrowers cannot repay the loan on the due date, which is usually your next payday. Unfortunately, this leads to even more fees and a perpetual cycle of debt that is virtually impossible to escape. So, despite their convenience, these loans should only be used as a last resort.

Who is it best for: Borrowers who have exhausted all other options.

Advantages The inconvenients
  • No credit check required
  • Same day financing
  • Excessive APRs and high fees
  • Short repayment period

Securities lenders

Securities lenders also cater to borrowers with poor credit ratings. Car title loans are installment loans that are relatively easy to qualify for. You will make equal monthly payments over a fixed period of up to six months in most cases. You might also get a slightly lower interest rate than you would with a payday loan.

Yet, these loans are risky because they use your vehicle as collateral. And if you’re behind on payments, your car could be seized to collect what’s owed to the lender.

Who is it best for: People who can afford to repay their loans in a timely manner.

Advantages The inconvenients
  • Better interest rates than personal loans
  • Easy to qualify with bad credit
  • Requires warranty to be approved
  • Collateral is at risk of seizure

At the end of the line

Before applying for a bad credit loan, consider the pros and cons of each option. Also, get quotes from a few lenders and analyze the numbers to make the best decision for your financial situation. You may find that it is better to explore other alternatives, such as a credit card or a loan. Or you can borrow the funds from a relative or rework your budget to meet your short-term cash flow needs.

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The 7 main steps to prevent loan application fraud https://blissfield.net/the-7-main-steps-to-prevent-loan-application-fraud/ Mon, 23 May 2022 14:49:54 +0000 https://blissfield.net/the-7-main-steps-to-prevent-loan-application-fraud/ As more people access the Internet and more websites emerge, hackers have more opportunities. Loan application fraud has been one of the most common scams over time. This fraud, which consists of stealing personal information from people and using it to obtain a loan, has already had devastating consequences for organizations, businesses and individuals. As […]]]>

As more people access the Internet and more websites emerge, hackers have more opportunities.

Loan application fraud has been one of the most common scams over time.

This fraud, which consists of stealing personal information from people and using it to obtain a loan, has already had devastating consequences for organizations, businesses and individuals.

As a result, many businesses are already battening down the hatches and looking for ways to protect themselves and their customers.

Keep reading if you find yourself in this situation. We’ll go over the top seven ways to prevent loan application fraud in this article.

Let’s start.

Understanding credit fraud: what is it?

Loan fraud is defined as when someone uses your identity to obtain a loan without your permission.

A fraudulent act is sometimes committed by the person or organization offering the loan (the creditor). Sometimes it is the borrower (the debtor) who acts in bad faith.

Mortgage fraud, payday fraud, and loan fraud are all examples of loan fraud. In each of them, someone will be left out, while the counterpart will take advantage and disappear.

5 types of loan fraud

Several types of loan fraud can occur. Some of the most common are listed below.

Personal Loan Fraud

The most common and recurring type of loan fraud is personal fraud. It happens when someone takes out a loan while lying on their application. They could, for example, lie about their income or their ability to repay the loan.

Third Party Loan Fraud

Second-party fraud is the same as first-party fraud, except that the fraudster “impersonates” an accomplice. The accomplice may be a family member or friend who may or may not know about the borrowing system.

Third Party Loan Fraud

Third-party loan fraud occurs when someone borrows money under the guise of another person. In this situation, an individual (or a group of individuals) provides fraudulent credentials to a creditor in order to borrow money.

Loan Scams and Debt Collections

Debt collection programs aim to attack debtors. These deceptive techniques are used to trick customers into paying a fee to access a loan or to scare borrowers into repaying a loan to the wrong company.

mortgage fraud

Mortgage lenders, who provide loans for the purchase of property, are also vulnerable to fraud. Fraudsters may try to outsmart the mortgage system in order to get a better loan or gain access to a property.

Borrowers who commit real estate fraud are often motivated by a desire to keep their current property or acquire a new one. These borrowers think they are unlikely to be accepted for a loan if they provide honest information, so they falsify or omit important facts such as employment and income, debt and credit or value of a property in order to increase their chances of acceptance and even to acquire better loan conditions.

Why you need to prevent loan fraud

Loan fraud has a wide range of negative implications, which are not limited to banks, governments and lenders.

A thief can, at the very least, take out many payday loans on your behalf. In the worst-case scenario, a fraudster can create a real home, business, or auto loan in your name that you would be required to repay.

You may be liable for money withdrawn on your behalf if you are a victim of credit fraud. If you don’t repay the loan, you could face a significant penalty on your credit score as well as criminal prosecution.

Loan fraud can sometimes be difficult to detect. Especially if the scammer is based in another state or gained access to your mail through a change of address system.

Finally, if an identity thief has used your stolen identity to obtain a loan, they may attempt other types of fraud with it.

Fortunately, the majority of victims can prove that the loan was acquired by an identity thief. However, going through the procedure is still a negative experience that can have long-term consequences on your credit.

7 steps to prevent loan application fraud

Today, thanks to advances in technology, there are several methods to prevent loan application fraud. Some of the most important and relevant are listed here.

Identity verification and facial recognition

Implementing secure technology solutions, such as identity verification and facial recognition, is one of the first steps in loan fraud prevention.

Identity verification is a type of authentication that compares a person’s claimed identification to the data that verifies it. Birth certificates, social security cards, driver’s licenses and other papers can all serve as providers of this objective reality.

In addition to verifying paperwork, which may have been stolen, you can also deploy a facial recognition system to provide even more secure loan fraud prevention.

Facial recognition is a technological method of recognizing a human face.

It is a biometric identification approach that uses a person’s facial pattern and biometric data to authenticate their identity.

Validation of identity data

Identity data validation is the process of verifying that an individual’s personal information, such as name, address, phone number, and email address, exists in the real world.

Checking databases such as mailing address files, phone records, or even basic credit data can help you do this.

digital fingerprint

A digital fingerprint, also known as a digital shadow or an electronic fingerprint, is the data trail you leave when you use the internet. This includes the websites you visit, the emails you send, and the online forms you fill out. A person’s internet actions and gadgets can be tracked via a digital fingerprint.

Since these behaviors and habits are difficult to imitate, using digital fingerprints for verification purposes is a good strategy to avoid fraud.

Therefore, analyzing a user’s digital fingerprint may lead to the discovery of fraud. For example, if a single IP address is used to create several new accounts in a short time, you may suspect fraud.

Bank account verification

The process of determining if funds are being transferred between real bank accounts is called bank account verification.

This technique helps your business verify submitted bank account information and confirm that it belongs to the rightful owner. Finally, you can be sure that the funds are coming from the correct source.

Knowledge-Based Authentication

Knowledge-Based Authentication, abbreviated KBA, is an authentication method based on a series of knowledge questions used to validate a person’s identity to prevent unwanted access to a location or, more generally these days, to an account.

KBA authentication is classified into two types: static and dynamic.

Static knowledge-based authentication, one of the most widely used security approaches, is sometimes referred to as “shared secrets” or “shared secret questions”. When creating an account, the user selects the KBA static question.

Therefore, the question and answer are saved for future use when identity verification is needed.

Unlike static KBA, which requires the user to build a security question and provide the answer when creating an account, dynamic KBA does not require the user to construct a security question and provide the answer. response when creating an account.

This implies that questions are created in real time using data linked to an identification number. “Select the last digits of your social security number”, for example.

Phone and social media authentication

Using social media accounts for authentication is becoming increasingly popular. This type of authentication allows users to access the Internet using their current social media accounts, such as Facebook or Twitter, without having to provide additional credentials.

This way, you can have greater confidence in the truthfulness of users and the validity of their actions.

In terms of social media, several websites use phone authentication, which seems to be more secure than social media authentication.

Since it’s impossible to fake phone numbers, you can be sure that the user is genuine.

Two-factor authentication

Two-factor authentication is one of the most popular verification methods on the web.

It improves security by requiring two verification methods (also known as authentication factors) to prove your identity. A security factor can include something you know – like your email address and password – as well as something you have – like a smartphone app – to approve authentication requests.

Conclusion

This concludes our blog post on the top seven steps to prevent loan application fraud.

As discussed throughout, these types of financial crimes can have serious financial and legal consequences for your business, organization, and users.

By preventing it now, you will avoid these negative repercussions. As we have already noted, there are several ways to keep your users safe. You can select the ones that best suit your organization.

Thank you for taking the time to read this blog post. I hope you found it informative and relevant.

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Financial management skills to reach your business goals faster https://blissfield.net/financial-management-skills-to-reach-your-business-goals-faster/ Wed, 18 May 2022 13:41:29 +0000 https://blissfield.net/financial-management-skills-to-reach-your-business-goals-faster/ Finances have a significant impact on our overall health and quality of life. Having a plan helps you manage your money, save for emergencies, and invest in your future. It doesn’t matter if you are married, single or elderly when it comes to financial matters. This guide will walk you through five easy steps to […]]]>


Finances have a significant impact on our overall health and quality of life. Having a plan helps you manage your money, save for emergencies, and invest in your future. It doesn’t matter if you are married, single or elderly when it comes to financial matters.

This guide will walk you through five easy steps to take control of your money and achieve your financial goals:

1. Assess your current financial situation

Start by looking at your current financial situation to see how you can improve your money management skills. Maybe you better understand the strengths of your business, limits and possibilities for improvement by evaluating your financial situation. This information will help you achieve your business goals.

Pay attention to important items on your bank and credit card bills, such as paying for a house or student loan, or the cost of food or car maintenance. To get a better idea of ​​your financial situation, compare these numbers to your income. If you can’t pay off your credit cards every month because your expenses exceed your income, find solutions to reduce your expenses.

2. Monitor your business expenses and budget

Before making purchases, keep track of your business expenses and make sure you have enough money set aside to cover them. Make a list of your expenses, even the smallest ones, so as not to exaggerate in impulse purchases.

If there are necessary purchases you need to make but you don’t have the necessary cash, get easy tribal loans for bad credit at Heart Paydays.

Please check costs at many retailers for the most affordable choice. Make a list of everything you need before you go shopping, whether it’s food or household items. Coupons are another way to save money.

3. Use financial intelligence to control your debt

To avoid a financial crisis, it is essential to have a solid knowledge of the different financial instruments. Credit card debt is the most common type of debt, and it usually results in a lot of debt accumulating.

You can prevent financial difficulties by knowing how to effectively manage your debt. It’s best to only use your credit card to make purchases that you can repay in full at the end of the month. Buying the item if you can’t afford to repay it in full will cause your debt to accumulate.

Credit cards and high interest loans can hinder wealth growth. Don’t accept same day advances from Viva Payday Loans and use them to pay off debt if you have multiple credit cards. Consolidating credit card debt lowers your interest rate and eliminates the need to pay many creditors.

Paying all your payments on time is the best way to manage your debt.

4. Save money and invest

You should set aside a percentage of your monthly income for the future. This will help you avoid financial difficulties. When things go wrong, you can depend on your savings.

You can also use your funds to invest – research high return but low risk investment options. Investing is essential for secure your financial future and achieve financial independence.

Committing to a monthly savings goal can be difficult. However, you can make it easier for yourself by setting reasonable goals and automatically transferring money from your checking account to a savings account.

Consider consulting a financial advisor or taking a money management program if you can’t increase your money. Securing your future is an essential part of sound financial management. This implies that you need to start saving and investing early if you want a decent retirement.

Conclusion

To become proficient in financial management, it takes a lot of time and effort. Mastering these abilities may seem difficult at first glance, but it will become second nature long enough if you stick with them. Remember, the sooner you master these abilities, the more secure your future will be.

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Amigo payday lender’s creditors support survival plan https://blissfield.net/amigo-payday-lenders-creditors-support-survival-plan/ Fri, 13 May 2022 16:19:04 +0000 https://blissfield.net/amigo-payday-lenders-creditors-support-survival-plan/ Amigo, the struggling subprime lender, said its creditors had backed a legal scheme and a new stock issue that would allow it to move on. Amigo stalled after complaints exploded about its lending practices. He has now requested a stay of his actions while the legal process is completed. The company said its creditors had […]]]>

Amigo, the struggling subprime lender, said its creditors had backed a legal scheme and a new stock issue that would allow it to move on.

Amigo stalled after complaints exploded about its lending practices. He has now requested a stay of his actions while the legal process is completed.

The company said its creditors had voted for a plan which it hopes can give them 42p for every pound owed to them.

The proposal was supported by nearly 89% of customers who voted and beat out a second proposal which would have liquidated the company with a lower payment to customers.

“Our customers voted in favor of the new business program, which the Amigo Board of Directors believes provides the maximum possible recourse to creditors,” Chief Executive Gary Jennison said.

“This is an important step in settling liabilities arising from historical lending practices under previous management.

“However, the new trade regime has yet to be sanctioned by the court.”

The case will go to court on May 23 and 24.

The company’s future has been in limbo for two years after receiving so many compensation claims it simply couldn’t pay them all.

A year ago, aggrieved customers voted in favor of another deal, which would have given them just 10p for every pound they were owed. But this was rejected by the High Court, which said it was not fair.

Amigo also has an Irish operation and started lending here in February 2019, targeting people with “bad credit”, who had been turned down by traditional lenders. It offered loans of up to €5,000 at an annual rate of 49.9%.

However, it stopped all new loans pending its restructuring. – Sound system

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