Lender Offers – Win Win Lose http://winwinlose.net/ Tue, 28 Jun 2022 01:53:51 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://winwinlose.net/wp-content/uploads/2021/06/icon-9.png Lender Offers – Win Win Lose http://winwinlose.net/ 32 32 Today’s Mortgage Refinance Rates: June 27, 2022 https://winwinlose.net/todays-mortgage-refinance-rates-june-27-2022/ Tue, 28 Jun 2022 01:53:51 +0000 https://winwinlose.net/todays-mortgage-refinance-rates-june-27-2022/ Mortgage rates spiked last week — and they’ve risen again this week, but not as sharply. News about inflation and the 0.75% federal reserve Rate hikes have created some volatility in the markets, leading to rising mortgage rates. Prices have increased dramatically compared to this time last year. Rising interest rates have reduced affordability for […]]]>

Mortgage rates spiked last week — and they’ve risen again this week, but not as sharply. News about inflation and the 0.75%


federal reserve

Rate hikes have created some


volatility

in the markets, leading to rising mortgage rates.

Prices have increased dramatically compared to this time last year. Rising interest rates have reduced affordability for homebuyers, leading to a drop in home demand.

Mortgage rates today

Today’s refinancing rates

mortgage calculator

Use our free mortgage calculator to see how today’s mortgage rates are affecting your monthly and long-term payments.

mortgage calculator

$1.161
Your estimated monthly payment

  • Pay a 25% you would save yourself a higher down payment $8,916.08 on interest charges
  • interest rate reduction 1% would save you $51,562.03
  • pay surcharge $500 each month would shorten the loan term by 146 Months

By entering different terms and interest rates, you can see how your monthly payment might change.

Are mortgage rates rising?

Mortgage rates started rising from historical lows in the second half of 2021 and may continue to rise throughout 2022.

In the last 12 months, the consumer price index rose by 8.6%. The Federal Reserve has been working to bring inflation under control and plans to raise the federal funds rate four more times this year after raising it in March, May and June.

While not directly tied to the federal funds rate, mortgage rates are often pushed up as a result of Fed rate hikes. As the central bank continues to tighten monetary policy to bring down inflation, it is likely that mortgage rates will remain high.

What do high rates mean for the housing market?

When mortgage rates rise, homebuyers’ purchasing power falls because more of their expected housing budget has to be devoted to paying interest. If interest rates get high enough, buyers can be squeezed out of the market entirely, dampening demand and putting pressure on home price growth.

However, that doesn’t mean house prices will fall – in fact, they’re expected to rise even more this year, just at a slower pace than in recent years.

What is a good mortgage rate?

It can be difficult to know if a lender is offering you a good interest rate, which is why getting several pre-approved is so important


mortgage banks

and compare each offer. Apply for pre-approval from at least two or three lenders.

Your fare isn’t the only thing that matters. Be sure to compare both your monthly costs and your upfront costs, including any lender fees.

Although mortgage rates are heavily influenced by economic factors beyond your control, there are some things you can do to ensure you’re getting a good rate:

  • Consider fixed vs adjustable rates. You may be able to get a lower introductory rate with an adjustable rate mortgage, which can be good if you want to move before the end of the introductory period. But a fixed rate might be better if you’re buying a forever home because you don’t risk your interest rate going up later. Look at the interest rates your lender is offering and weigh your options.
  • Look at your finances. The better your financial situation, the lower your mortgage rate should be. Look for ways to improve your credit score or reduce your debt-to-income ratio, if necessary. Saving up for a higher down payment also helps.
  • Choose the right lender. Each lender charges different mortgage rates. Choosing the right one for your financial situation will help you get a good interest rate.

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The best small business loans for Gigster https://winwinlose.net/the-best-small-business-loans-for-gigster/ Sat, 25 Jun 2022 23:54:29 +0000 https://winwinlose.net/the-best-small-business-loans-for-gigster/ As a Gigster, you probably come across many situations where you need money that you don’t have on hand. You want to start a new business but need an expensive machine or equipment. Or maybe you want to expand an existing business but don’t have the capital. Whether you are starting a new business idea, […]]]>

As a Gigster, you probably come across many situations where you need money that you don’t have on hand. You want to start a new business but need an expensive machine or equipment. Or maybe you want to expand an existing business but don’t have the capital.

Whether you are starting a new business idea, investing in real estate for an existing business or need funds for any other reason, a small business loan can help you achieve your professional goals.

This article describes some common types of small business loans and the best lender options for finding financing today.

The central theses

  • With so many small business loans to choose from, you’re sure to find one that suits your needs.
  • Kabbage offers the most flexible lending options for small businesses.
  • Fundera offers low-risk SBA loans to help companies build credit.
  • BlueVine makes small business loans to people with poor credit ratings.
  • FundingCircle offers the best term loans for small businesses.
  • Kiva offers the best microloans to unbanked borrowers.
  • OnDeck offers same-day payout term loans.

Types of small business loans

There are many financing options for small business loans. Which one is best for you depends on your credit rating, collateral and circumstances. Check out the loan types below to learn about some of the most common types.

term loan

When most people hear the word loan, they think of a term loan. The lender gives the borrower a lump sum, which the borrower repays in fixed monthly installments plus interest. Most auto loans, home mortgages, and personal loans fall into the term loan category.

Unlike some loan types that restrict the money’s path, term loans offer flexible financing for whatever you need. You can use a term loan to fund the purchase of large equipment, pay for new employees, or cover everyday expenses.

Commercial Mortgages

Business owners purchase commercial real estate with commercial mortgages. These loans work similarly to other term loans, with a lump sum loan and repayment in fixed monthly installments. You can use a commercial mortgage to buy commercial real estate, renovate an existing property, or even refinance another commercial real estate loan.

SBA loan

Small Business Administration (SBA) government-backed loans provide capital at lower interest rates and less risk to the borrower. These loans prove to be very useful, but the application process is often lengthy. Approving an SBA loan can take months, so consider this option if you need cash fast.

Business Credit Lines

Many business owners choose lines of credit over traditional loans to borrow only what they need. Credit lines offer revolving credit limits and only charge interest on what you withdraw. If you need varying amounts of cash over a period of time, a business loan can help you maintain your cash flow.

microcredit

Business owners who need a small amount of money take out microloans of up to $50,000. Some microlenders charge ridiculously high interest rates, but you can find an affordable microcredit with the right lender.

The type of small business loan you need depends on your business and your circumstances. For example, an SBA loan can be the perfect financing option when you need a low-risk loan with moderate interest rates and fees.

Small Business Loans for Gigster

Below is a list of the best small business loans offered by private lenders. These options include term loans, lines of credit, SBA loans, microloans, and loans with low credit requirements.

Kohl: The most flexible loans

If you need capital but don’t know exactly how much, Kabbage offers a great solution. Kabbage customers receive a certain amount of financing, which is provided through a line of credit.

Since you don’t have to borrow the entire loan amount at once, you only pay interest on what you have spent. Kabbage offers maximum flexibility by allowing business owners to borrow what they need instead of taking out an excessive term loan.

Fundera: Best SBA Loans

If getting into debt makes you nervous, try an SBA loan to take advantage of government support, lower interest rates, and reduced fees. Fundera offers SBA loans to help small business owners with limited credit histories and lower credit scores.

BlueVine: Best Loans for Bad Credit

Another small business loan option if your credit needs improvement is BlueVine. This private lender offers financing to small business customers with FICO scores as low as 530. If you need capital but don’t qualify for many loans, BlueVine can provide the financing you need.

FundingCircle: Loans with the best maturity

FundingCircle offers small business loans up to $250,000. They only require a minimum credit score of 600 and can offer same-day payouts depending on where you live and the loan amount. However, business owners in Nevada, North Dakota and South Dakota are not eligible for loans from FundingCircle.

FundingCircle does not charge any prepayment fees, so you will not be penalized for prepaying your loan.

Kiva: Best Micro Loans

If you’re an unbanked business owner, you’re likely struggling to qualify for business loans. Kiva offers interest-free microloans ranging from $1,000 to $15,000 to help such business owners get the financing they need. Kiva does not require a minimum credit rating, but does require investors in the form of friends and family members.

OnDeck: Best Same Day Loans

If you need same-day financing, consider OnDeck. This private lender offers business owners loans with same-day payout options (up to $100,000 in certain states). OnDeck only requires a minimum credit score of 600 and offers credit up to $250,000.

Find small business loan from these top lenders to fuel your efforts to achieve your goals, whether you are starting a new business venture or need capital for an existing small business. If you are looking for more tips for running a small business, click this link to discover some important tips for business financing from the small business banking experts at Nearside.

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RadCred certifies 2048-BIT RSA to protect user’s personal information https://winwinlose.net/radcred-certifies-2048-bit-rsa-to-protect-users-personal-information/ Fri, 24 Jun 2022 10:25:37 +0000 https://winwinlose.net/radcred-certifies-2048-bit-rsa-to-protect-users-personal-information/ BURBANK, Calif., June 24, 2022 (GLOBE NEWSWIRE) — According to a report According to the Global Economic Crime Survey, cybercrime has escalated like never before. Cyber ​​crime, including data breaches, is the most common financial crime today. Increasing reliance on digitization, nearly 55% of the population rely on online tools for their borrowing needs. RadCred […]]]>

BURBANK, Calif., June 24, 2022 (GLOBE NEWSWIRE) — According to a report According to the Global Economic Crime Survey, cybercrime has escalated like never before. Cyber ​​crime, including data breaches, is the most common financial crime today. Increasing reliance on digitization, nearly 55% of the population rely on online tools for their borrowing needs. RadCred includes 2048-BIT RSA protection to protect personal loan application data. To ensure the safety of their customers, the platform is also a member of TrustedSite, which regularly scans the site to minimize security breaches.

About 2048-BIT RSA:
2048-BIT RSA is an extension of the existing 1024-BIT RSA. Essentially, 2048-BIT RSA is a type of symmetric encryption responsible for securing the website’s algorithm. The world seems to be adapting well to quantum cryptography, which aims solely to secure the roadmap of Internet websites. Also, 256 bits is the longest and mathematically most difficult AES key length. It is said that it will take an average computer more than 300 trillion years to crack 2048-BIT RSA encryption keys (source). Because 2048-BIT RSA is also the most difficult to crack in the US National Institute of Standards And Technology (NIST), the use of security codes below 112 bits is not allowed under the federal government (source). Google validated and integrated the specified encryption strength by the end of 2013. However, the current encryption keys are valid until the year 2030. Currently federal ministries and agencies, non-governmental organizations, commercial companies and organizations use the highest BIT RSA encryption to protect their sensitive information.

About RadCred
RadCred is an online marketplace that brings lenders and borrowers together. Its unique selling proposition lies further in the provision of funds personal loans for bad credit in less than 24 hours securely and immediately to its customers. The platform also offers lenders that accept loan applications without a credit check. To start the process, there are 3 simple steps to complete the application.

Since its inception, the marketplace has served and helped millions of people worldwide. RadCred is also a member of the Online Lenders Alliance, which ensures its members follow a code of conduct and propriety by resorting to safe practices. The Online Lenders Association (OLA) protects the interests and rights of users to create a diverse and responsible marketplace. Based in Burbank, California, RadCred connects borrowers with the best mortgage lenders in the industry at the best interest rates.

For more information, see: radcred.com
Email: info@radcred.com

Disclaimer: RadCred is not a direct lender and is not involved in the credit process in any way.

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Verizon customers can now get Internet at home for just $25 a month https://winwinlose.net/verizon-customers-can-now-get-internet-at-home-for-just-25-a-month/ Wed, 22 Jun 2022 16:47:17 +0000 https://winwinlose.net/verizon-customers-can-now-get-internet-at-home-for-just-25-a-month/ Image source: Getty Images You may be able to get internet at home for as little as $25 a month. Important points Verizon will offer discounted home Internet plans to its mobile customers. Three Verizon home internet plans are available for $25. Most Americans use the internet every day to take care of their needs. […]]]>

Image source: Getty Images

You may be able to get internet at home for as little as $25 a month.


Important points

  • Verizon will offer discounted home Internet plans to its mobile customers.
  • Three Verizon home internet plans are available for $25.

Most Americans use the internet every day to take care of their needs. However, many internet service providers charge high monthly fees for internet service at home. For some US households, a high internet bill doesn’t fit into their monthly budget – so they forego access.

But that could change soon. Verizon recently announced that its wireless subscribers can now get home Internet service for just $25 a month. Find out how you can get a lower price for Internet at home.

Verizon aims to make home Internet access more affordable. The company will lower the price of its home internet service for eligible customers.

Pricing starts at $25 per month. There are no additional device costs, additional fees or annual contracts.

The following home internet plans are eligible for the $25 monthly rate:

  • 5G home
  • Fios Home Internet 300 Mbit/s
  • LTE home

There’s a catch. To get this lower price, customers must subscribe to one of Verizon’s premium 5G cellular plans and sign up for Autopay.

The following premium 5G cellular plans qualify for this offer:

  • 5G play more
  • 5G does more
  • 5G Get more

This offer could offer cost savings if you are a Verizon Wireless customer and do not already have Verizon Home Internet service. You may want to see if the service is available in your area.

Hopefully this change will encourage more businesses to drop their internet prices at home. With today’s higher-than-normal cost of living, every extra buck saved can make a big difference.

Could you save money on home internet?

If you’re currently paying more than $25 a month for home internet access, this offer could help you keep more money in your bank account. You may be able to put more money toward your savings goals because of the lower cost of your bill.

Is $25 still too much for your budget? We recently wrote about how 48 million US homes could get free internet at home. If you meet the income requirements or are dependent on an eligible utility program, you may qualify for the Affordable Connectivity Program.

If you don’t qualify for this particular program, there is still hope. You may be able to lower your internet bills at home by making changes to your plan or switching providers.

You should review your bills annually. You may be paying more than you realize.

It’s not uncommon for companies to increase the monthly price of their service after you’ve been a customer for a while. When signing up as a new customer for the first time, you may qualify for a promotional price, but the discount you receive may be part of a limited time offer.

Now is an excellent time to check your bills so you know how much you’re spending. If your bill seems higher than it should be, you should ask your provider if they will lower it.

In some cases companies will offer a lower price, especially if they think you will leave your company and be handed over to a competitor. Don’t be afraid to negotiate your bills.

The worst that can happen is they say no. But you’ll never know if you don’t ask.

Check out our personal finance resources for more ways to save money.

Warning: The top cashback card we’ve seen now has an introductory APR of 0% through 2023

Using the wrong credit or debit card can cost you a lot of money. Our expert loves this top pick, which offers an introductory APR of 0% through 2023, an insane cashback rate of up to 5%, and all of that with sort of no annual fee.

In fact, this card is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

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The goal is to lower prices to get rid of excess inventory and you could get big deals https://winwinlose.net/the-goal-is-to-lower-prices-to-get-rid-of-excess-inventory-and-you-could-get-big-deals/ Sun, 19 Jun 2022 12:00:20 +0000 https://winwinlose.net/the-goal-is-to-lower-prices-to-get-rid-of-excess-inventory-and-you-could-get-big-deals/ Image source: Getty Images The goal is to lower the prices of some products, which could be a win for your wallet. Important points Target is committed to eliminating excess inventory and will lower some product prices to encourage shoppers to clear the shelves. You may be able to get some items at a reduced […]]]>

Image source: Getty Images

The goal is to lower the prices of some products, which could be a win for your wallet.


Important points

  • Target is committed to eliminating excess inventory and will lower some product prices to encourage shoppers to clear the shelves.
  • You may be able to get some items at a reduced price.

Many shoppers have had to reconsider their shopping habits as the daily cost of living continues to rise. Due to changing consumer behavior, some retailers are now overstocked. Target is one such brand, and the company will drop the prices of some of its products to clear inventory. You may be able to do great business.

With the increase in groceries, gas and household goods, many US households have had to make budget changes. Due to financial worries, budget changes can lead to eliminating unnecessary spending and buying only the essential must-have items.

Businesses are affected by changing consumer habits. Target is a large retailer that has noticed changes in the types of products consumers are buying as they become more cautious about spending.

Because of this, the brand has excess inventory that it needs to sell. Target recently announced that it would make changes to minimize excess inventory and better meet evolving consumer needs.

One way the retailer will make changes is by lowering the price of some of its products in order to clear the shelves. What does that mean for your wallet? It could be a win.

You may be able to get deep discounts

Since Target lowers prices on some products, you may be able to get big discounts. If you’ve been wanting to buy a specific item and have saved up for it, now is an excellent time to check your local destination to see if you can buy it at a discount.

It’s worth noting that you’re unlikely to see significant discounts on groceries, beverages, and everyday household items. But you could save on other purchases.

Other product categories that shoppers may be buying less at the moment, such as home goods and electronics, may have discounted price tags.

If you shop at Target regularly, it’s worth checking the shelves the next time you visit to see if you can save money on something you’ve been planning to buy. Instead of paying full retail price, you could get what you need for less.

Don’t want to waste time cruising down the aisles? You can download the Target mobile app to check prices at your local store. This gives you the flexibility to search for specific items.

Don’t forget to take advantage of store loyalty programs

As costs rise, we all look for ways to make our money. One tip that could help you save money and earn extra rewards is to use store loyalty programs.

Most of these programs are free and easy to join, and they could help you keep more money in your bank account. Many stores have programs that allow shoppers to get additional discounts if they shop there regularly.

If you’re a Target loyalist, don’t forget to join and take advantage of the Target Circle Rewards program. We recently wrote about five ways you can get more value from the Target Circle Rewards program.

Check out these personal finance resources if you’re looking for other ways to save money.

Warning: The top cashback card we’ve seen now has an introductory APR of 0% through 2023

Using the wrong credit or debit card can cost you a lot of money. Our expert loves this top pick, which offers an introductory APR of 0% through 2023, an insane cashback rate of up to 5%, and all of that with sort of no annual fee.

In fact, this card is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

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Innovative fintech platform creating high-yield lending opportunities https://winwinlose.net/innovative-fintech-platform-creating-high-yield-lending-opportunities/ Fri, 17 Jun 2022 13:37:21 +0000 https://winwinlose.net/innovative-fintech-platform-creating-high-yield-lending-opportunities/ “We are pleased to introduce you Montfort as a leading innovator in specialty lending,” said Mike Walkinshaw , CEO of Montfort Capital Corporation. “Including pending acquisitions, our business will have more than tripled in the past year 450 million dollars in assets as we leveraged our expertise and scalable lending and servicing platform beyond technology […]]]>

“We are pleased to introduce you Montfort as a leading innovator in specialty lending,” said Mike Walkinshaw , CEO of Montfort Capital Corporation. “Including pending acquisitions, our business will have more than tripled in the past year 450 million dollars in assets as we leveraged our expertise and scalable lending and servicing platform beyond technology lending. As a core element of our growth model, we have combined focused and experienced management teams and leveraged advanced technology to deliver superior fee-related returns.”

TIMIA has applied for ticker symbol changes to the TSX-V and OTC, which expects Montfort common stock to trade on the TSX Venture Exchange under the new ticker symbol “MONT” and on the OTCQB Exchange under the ticker symbol “MONTF”. . The Company has also applied to have its A Preferred Shares traded on the TSX Venture Exchange under the new ticker symbol “MONT.PR.A”. The Company expects to announce dates for symbol changes, which will take effect upon confirmation by exchanges.

Montforts Mission is to create value for investors by building and managing specialty finance brands while leveraging a technology-enabled lending platform to reduce costs and improve performance. Montfort’s brands, beginning with Timia Capital and Pivot Financial, span multiple credit sectors and are therefore resilient in their diversification.

Private credit is an attractive asset class for privately negotiated debt financing from non-bank lenders Montforts group of companies. Montfort is committed to building a family of personal loan brands that provide personal loans to diversified market segments. It offers equity investors access to an early-stage private loan manager growth opportunity that has not been readily available in the past. Plus, unlike private companies, as a public company Montfort offers:

  • Transparency – Montfort Investors can rest easy and get an unprecedented insight into our portfolio.
  • Flexibility – We have more financing options available to bring companies into our group.
  • Creative Extension – We have the opportunity to acquire additional private lending companies.
  • Continuous operational improvement – Our fintech platform enables active credit monitoring for market-leading returns.

TIMIA also announces that it has entered into an advertising and awareness campaign agreement (the “Agreement”) with Dig Media Inc. dba Investing News Network (“INN”). INN is a private company headquartered in Vancouver, Canada dedicated to providing independent news and information to investors since 2007.

INN will introduce the company to the INN audience of educated, active investors. Using a variety of methods including improved advertiser profiling, news marketing, website and newsletter promotions and dedicated emails, INN will encourage its target audience to engage directly with the company to consider investing in the company draw. INN does not provide investor relations or market making services as defined in the policies of the TSX Venture Exchange (the “TSXV”). The engagement is subject to acceptance by the TSXV.

Under the terms of the agreement with INN, the Company has agreed to pay INN $48,000 for the 12-month promotion, payable in cash in installments of $4,000 per month. All payments will be made from existing working capital. INN and the Company on arm’s length terms and INN has no interest in the Company’s securities.

About Montfort Capital Corporation

Montfort manages a diversified family of specialist private lending brands that employ focused strategies and experienced management teams combined with advanced technology to improve fee-related performance. Montfort facilitates transparency for all of its investors through public company reporting. For more information, see www.montfortcapital.com

The company democratizes private lending for investors by offering a wide range of specialty private lending opportunities with transparency and efficiency facilitated by the company’s proprietary technology platform. These high-yield loan opportunities are delivered through operational divisions: Timia Capital provides revenue-based investments for fast-growing, business-to-business Software-as-a-Service (or SaaS) companies in North America and Pivot Financial, which specializes in asset-based personal loans for middle-market borrowers Canada . The Company employs funds on behalf of limited partnerships, institutions, retail investors, high net worth individuals, its management team and shareholders. For more information on TIMIA and SaaS lending, visit www.timiacapital.com . For more information on Specialty Loans and Pivot, visit: www.pivotfinancial.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information

Certain information and statements in this press release contain and constitute forward-looking information or forward-looking statements within the meaning of applicable securities laws (collectively, “Forward-Looking Statements”). Forward-looking statements usually contain words such as “believe”, “expect”, “anticipate”, “plan”, “intend”, “continue”, “estimate”, “may”, “will”, “should”, “ongoing”. ‘ and similar expressions and includes in this press release all statements (express or implied) regarding the Company’s name change, the Company’s new trade symbols and the timing of the name and trade mark changes, the completion of future acquisitions and the Company’s future growth , the development of private credit brands and the benefits of the Company’s arrangement with INN. Forward-looking statements are not guarantees of future performance, actions or developments and are based on expectations, assumptions and other factors that management currently believes to be relevant, reasonable and given the circumstances, including but not limited to the following assumptions: that the Das Company and its investees are able to achieve their respective future goals and priorities, assumptions about overall economic growth and the absence of unforeseen changes in the legal and regulatory framework for the company.

Although management believes that the forward-looking statements are reasonable, actual results could differ materially due to the risks and uncertainties inherent in and associated with Timia’s business. Significant risks and uncertainties affecting the forward-looking statements contained herein include, but are not limited to: the conditions of the proposed acquisitions will not be satisfied; that the Company’s proposed acquisitions will not be completed; that the Company’s name change will not provide anticipated benefits; that the Company’s proposed acquisition targets will not achieve their growth and profitability goals; the Company does not have insufficient financial resources to complete the proposed transaction and achieve its objectives; intense competition in all aspects of business; dependence on limited management resources; general economic risks; new laws and regulations; and the risk of litigation. Although Timia has attempted to identify factors that could cause actual actions, events or results to differ materially from those disclosed in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated , predicted or estimated or intended. Also, many of the factors are beyond Timia’s control. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by law, Timia undertakes no obligation to restate or update any forward-looking statements as a result of new information or events after the date of this release. All forward-looking statements contained in this press release are qualified by this cautionary statement.

SOURCE Timia Capital Corp.

decision Show original content: http://www.newswire.ca/en/releases/archive/June2022/08/c6893.html

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What is a title loan and how does it work? https://winwinlose.net/what-is-a-title-loan-and-how-does-it-work/ Tue, 14 Jun 2022 14:07:06 +0000 https://winwinlose.net/what-is-a-title-loan-and-how-does-it-work/ Auto title loans are for people who need cash quickly. They offer a short-term loan with the title of your vehicle as collateral. Some lenders do not conduct a credit check and may not even require proof of employment or income, making auto title loans easily accessible even for consumers with a troubled credit history. […]]]>

Auto title loans are for people who need cash quickly. They offer a short-term loan with the title of your vehicle as collateral. Some lenders do not conduct a credit check and may not even require proof of employment or income, making auto title loans easily accessible even for consumers with a troubled credit history.

But like many other loans accessible to consumers bad credit, the appeal of these cash advances is overshadowed by their high cost and harsh consequences if you fail to pay off your debt. Here’s what you need to know about how title loans work and the pros and cons of using them.

How title loans work

A title loan provides short-term financing for borrowers who own their car outright or have significant equity. Lenders use your vehicle’s title — a document that proves you own your car — as security for the loan, and typically require payment within 15 or 30 days.

Lenders can offer title loans online or through a physical location. You fill out an application to apply. If you’re not already at a brick and mortar location, you’ll need to visit one to introduce your car.

You must also provide a clear title — although some lenders don’t even require it — photo ID, proof of insurance, and any other documents that the particular lender may require. You may also need to give the lender a second set of car keys. However, you keep your car during the repayment.

If you don’t manage to pay off the debt on time, you may have the option of converting your existing title loan into a new one, but that only adds more interest and fees. If you default, the lender can impound and sell your vehicle to recover your debt.

Because title loans can have very high interest rates, not all states allow them. In some they are completely banned, in others there are caps on interest rates. In some federal states, however, there are no regulations.

how much can you borrow

You can usually borrow between 25% and 50% of the value of your car. Loans can range from $100 to $10,000 depending on the lender. You pay off your debt either in person, online, or by automatic payment from your checking account.

How Much Do Title Loans Cost?

With such a short repayment period, auto title loans are an expensive form of credit, and even the best auto title loans can command triple-digit annual percentages that include interest and fees.

“Title loans often come with a number of additional fees, including processing, documentation, and loan origination, that total in the hundreds of dollars,” says Lyle Solomon, principal attorney for Oak View Law Group, which provides debt relief services. “In some cases, the purchase and payment of a vehicle roadside assistance package may also be required.”

For example, let’s say you borrow $800 and the financing fee is 25% of the loan amount, or $200. If the loan is due within 30 days, your APR is approximately 304%. That’s far more than what you pay for even some bad credit personal loans.

“Title loans often fall into the category that many lenders view as bootleg loans,” said James Garvey, CEO and co-founder of Self Lender, which provides loans to lenders.

Do title loans affect your credit score?

In general, title loans do not affect your credit score as there is usually no credit check when applying. Additionally, title lenders are unlikely to report your payment to the credit bureaus, and if you default, the lender will typically repossess your car and sell it rather than sending your debt to a collection agency.

The fact that title loans don’t affect your credit score can be a good thing or a bad thing. If your credit history is already in bad shape, that doesn’t stop you from getting a title loan. Also, missing a payment is unlikely to further affect your score. On the other hand, making payments on time will not help your credit score either.

Pros and cons of title loans

As with any financial product, there are usually both pros and cons. However, the disadvantages of such robbery loans usually far outweigh them. You should note the following:

advantages

  • Easy qualification. Even if your credit is in bad shape, you can get approval as long as you own your car title, you have enough equity, and your income meets the lender’s requirements.
  • Easy approval process. You do not have to undergo a credit check, so the process usually does not take long.
  • Fast access to cash. As long as you have everything the lender needs, you can walk out of the store with the cash that same day.

Disadvantages

  • You can lose your car. The worst-case scenario with a car title loan is that you can’t pay off the debt and the lender confiscates your car. according to a Report 2016 According to the Consumer Financial Protection Bureau (the most recent statistics available), this happens to 20% of people who take out title loans.
  • You can easily get in over your head. CFPB research also found that more than 80% of auto title borrowers take out a new loan on the original loan’s maturity date because they cannot afford to pay off the first loan. More than half of all title loans turn into four or more consecutive loans before borrowers can repay the debt. Because each new loan adds more interest and fees, you could end up owing far more than you originally planned.
  • Title loans are expensive. Even if you repay on time, title loans come with a much higher cost than most other lending options.

Alternatives to auto title loans

If you have bad credit, you may think you have no other options. This is why title loans are still popular despite posing such a threat to your financial wellbeing.

Still, it’s generally best to avoid this financing option. “Almost every other loan option available is better than a title loan,” says Solomon. These alternatives can provide borrowers with bad credit with access to funds without as much risk as an auto title loan.

  • Family and friends. It is not easy to go to family or friends for money. But if you have trusting relationships and are confident that you can repay what you borrowed, consider applying for an unofficial loan.
  • Bad credit personal loan. Some personal lenders specialize in working with people with bad credit. Interest rates and fees can still be higher than what you would pay at Gut or excellent credit, but they’re likely to be much lower than what a title lender will charge you, and you’ll usually get a longer payback period. This reduces the likelihood that you will have to borrow again to pay off your debt.
  • Financial Assistance Services. Depending on where you live, your state or local government may offer access to temporary financial assistance. These programs can provide help with medical bills, groceries, childcare, utilities, emergency expenses, and more. If you’re looking for some quick money to cover these, you might be able to get it with no strings attached or expensive debt. You may also find this type of help at local nonprofits, charities, and religious organizations. Garvey says, “Some nonprofits like the Mission Asset Fund offer loans with lower (or even 0%) interest rates.”
  • salary advance. Your employer may be willing to provide an advance on your next paycheck. While this can cause some problems if you need the money later, it can give you some time to figure things out. If your employer doesn’t offer salary advances, you can use services like Earnin, MoneyLion, Dave, and Brigit to get a salary advance with little or no fee or interest.
  • Payday alternative loan. Some credit unions offer alternative payday loans to eligible members. The interest rate on these loans is capped at 28%, making them much cheaper than even some traditional personal loans.
  • credit advice. If your financial problems are a symptom of crippling debt, work with a Credit Advisor can help you free up more space in your budget. Credit counseling agencies may be able to use a debt management program to help you get rid of late payment fees and lower interest rates on your existing loans. Credit counseling can also help you get your finances back on track for the future. Garvey says, “The ultimate key to breaking the cycle of limited opportunity and high-yield credit is to build the credit you need to access more respected financial products.”

The most important thing is that you take the time to review all of your options and look for ways to get the financial assistance you need without digging deeper into high-interest debt.

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Analysts cut earnings outlook for two Arkansas banks and raise it for one https://winwinlose.net/analysts-cut-earnings-outlook-for-two-arkansas-banks-and-raise-it-for-one/ Sun, 12 Jun 2022 07:05:01 +0000 https://winwinlose.net/analysts-cut-earnings-outlook-for-two-arkansas-banks-and-raise-it-for-one/ Growth prospects for two of Arkansas’ largest banks, which recently expanded operations in Texas, may not be as promising as first hoped. Last week, banking analysts at Stephens Inc. lowered earnings forecasts for Conway and Simmons First National Corp.’s Home BancShares Inc. from Little Rock for the next two years. In April, both banks completed […]]]>

Growth prospects for two of Arkansas’ largest banks, which recently expanded operations in Texas, may not be as promising as first hoped.

Last week, banking analysts at Stephens Inc. lowered earnings forecasts for Conway and Simmons First National Corp.’s Home BancShares Inc. from Little Rock for the next two years. In April, both banks completed acquisitions that created new opportunities across Texas, including access to some of the nation’s fastest growing markets. The revised forecasts were impacted by forecasts of declining net interest income at both banks.

However, the report provided good news for Little Rock-based bank OZK, which received a boost in earnings forecasts.

Texas provides a target-rich environment for Home BancShares and Simmons First, both of which have struggled with declining credit volumes for several quarters.

Home Bancshares, which operates as Centennial Bank in its markets, jumped across the border into Texas for the first time with the purchase of Amarillo-based Happy Bancshares Inc. Conway Bank touted the “triple active transaction” that would immediately increase profitability.

The $961.9 million deal gives Home access to major markets in the Texas panhandle — Amarillo and Lubbock — while adding booming areas like Austin and Dallas.

In revised guidance for all Southwest banks, Stephens forecasts a slight decline in operating earnings per share for Home BancShares this year and next. The investment firm now forecasts that the Conway lender will post earnings per share of $1.77 this year, compared to $1.80 per share. And 2023 guidance is $1.98 per share, down $2.

Forecasts assume higher noninterest income from happy bancshares offset by “more modest” net interest income, Stephens reported. The update also noted that the integration of the Happy Bancshares transaction will likely remain Home’s most immediate focus. Additionally, the Stephens team did not account for changes from liquidity deployments, although it would not be surprising if the bank disclosed in its earnings releases that it had made such investments in securities.

Bank officials hinted at that possibility when reporting the first-quarter results. At the time, Chairman John Alison pointed out that the lender was pretty flush with $3.5 billion in cash and was poised to deploy it over the next two years. If interest rates rise, Home could use the cash for income-boosting security investments.

Stephens’ revised guidance was much stricter for Simmons First, which expanded in Texas with the $581 million acquisition of Conroe-based Spirit of Texas Bancshares Inc. Stephens cut its forecast for operating earnings per share for the next two years by 4%, down 10 cents each year.

New forecasts call for earnings per share of $2.30 versus $2.40 this year. Earnings in 2023 are forecast at $2.26 per share, down from $2.36. “Our updated estimates are based on more conservative assumptions, which resulted in a lower NII,” the report said, referring to net interest income.

The addition of Spirit of Texas Bancshares expands Simmons’ presence in a key market and in East Texas. The bank has served the greater Dallas-Fort Worth area for several years and is now adding Austin, College Station, Houston and San Antonio, among others.

Regarding bank OZK of Little Rock, Stephens is raising his forecasts for 2022 and 2023, citing a bank filing that shows the lender has expanded its share buyback program more than previously expected. Based on the filing, OZK appears to have purchased 2.6 million shares in April; that’s up from an expected purchase of 2 million shares for the entire three-month period.

“Therefore,” write the analysts, “we are raising our buyback forecast and now expect 2.8 million shares to be bought back” by the end of June. That prompted Stephens’ team to grow operating earnings per share from $4.18 to $4.20 this year and from $4.27 to $4.30 in 2023.

Overall, Stephens forecasts average operating earnings per share this year to fall 2% from previous forecasts for the 15 banks the company has reviewed in the Southwest region. Stephens estimated a similar 1% decline in median earnings per share in 2023.

The second quarter, ending June 30, will be the first three-month period in which both Home Bancshares and Simmons First will include the recently added Texas operations in earnings.

Stay tuned, there’s more to come. Stephens says it will update its forecasts in mid-July before the Arkansas Big Three report their second-quarter results.

WINDSTREAM GOES NATIONWIDE

Windstream Holdings Inc. provides wholesale 400 Gigabit services coast-to-coast. Communications company Little Rock offers four routes nationwide with hubs in Ashburn, Virginia, Atlanta, Seattle and Chicago.

“The bandwidth requirements of enterprise and hyperscale customers are growing and evolving rapidly as the transition to cloud services and cloud computing accelerates, and Windstream Wholesale is expanding our long-haul network to ensure we serve their needs,” said Joe Scattareggia, Chief Revenue Officer of Windstream Wholesale. “We are taking a phased approach that gives our customers time to plan as we continue to invest and enable 400G services across our core long-haul network.”

Additionally, the company said it will add two network routes later this year from Chicago, another from Atlanta, and one from McAllen, Texas.

The company is accepting orders for the third phase of its 400G expansion beginning in Q3 2022.

SBA PROMOTES PROSPERITY

Small businesses nationwide account for about 47% of the United States workforce and they are a prime opportunity for minorities and women to create wealth.

To further these efforts, the US Small Business Administration is hosting a virtual event titled “Path to Prosperity: Incentivizing Small Business to Build a Path Forward” on Wednesday from 1:30 p.m. to 6:60 p.m.

Small business owners and entrepreneurs, especially minorities and women, are encouraged to attend the event, which focuses on businesses based in the Southern United States. Community lending partners such as financial institutions and non-profit organizations can also participate in small business growth.

Topics include tips on how business owners and entrepreneurs can access capital and build relationships with lenders; developing a healthcare business; and the fundamentals of public procurement.

Federal Deposit Insurance Corp Speakers and the US Department of Agriculture will also participate and provide insight into how business owners in underserved and underserved communities can build credit relationships with key financial institutions.

Column ideas or recommendations? Thoughts or musings that need to be pursued? Contact me at [email protected] or at (501) 378-3567.

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Business Warrior buys Alchemy Technologies https://winwinlose.net/business-warrior-buys-alchemy-technologies/ Thu, 09 Jun 2022 21:18:20 +0000 https://winwinlose.net/business-warrior-buys-alchemy-technologies/ Business Warrior, which provides marketing and lending services for small businesses, has acquired software-as-a-service (SaaS) FinTech Alchemy Technologies, according to a press release, to add lending services and international reach. Alchemy provides end-to-end cloud-native lending experiences intended for use by FinTechs, merchants, and banks. The press release states that Alchemy’s services include personal loans, point-of-sale […]]]>

Business Warrior, which provides marketing and lending services for small businesses, has acquired software-as-a-service (SaaS) FinTech Alchemy Technologies, according to a press release, to add lending services and international reach.

Alchemy provides end-to-end cloud-native lending experiences intended for use by FinTechs, merchants, and banks.

The press release states that Alchemy’s services include personal loans, point-of-sale financing, health and beauty financing, construction loans, solar and home improvement financing, and small business lending. Alchemy has customers in the US and Puerto Rico, Mexico, the United Arab Emirates, Australia and the UK

Alchemy will operate under its current name as a subsidiary of Business Warrior.

The press release states that Alchemy founder and CEO Timothy Li will join Business Warrior as Global Head of Technology.

“This move provides Alchemy with the additional resources, tools and capital needed to improve our service to customers,” said Li. “Both companies believe that small business owners are the lifeline of local communities. By bringing Alchemy and Business Warrior together, the positive impact on these communities will be global.”

“After working with Alchemy, we quickly realized the tremendous potential of bringing this international group of industry leaders to the Business Warrior team,” said Jonathan Brooks, President of Business Warrior. “With our business warrior platform, premium marketing and now a global lending technology footprint, we create solutions that drive small business success.”

See also: Alchemy provides SaaS platform to automate commercial lending to small businesses

PYMNTS wrote that Alchemy also recently introduced new financing software that small businesses can use.

This will be particularly useful in Latin America, which has done more work with the credit information infrastructure, allowing lenders and finance companies to underwrite small businesses by accessing credit history and posting transactions.

The system manages lines of credit, installment loans and revenue-dependent repayment structures.

Alchemy says it will “cover repayments, payment reminders, and collections modules to help lenders stay on top of their portfolio and investments.”

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NEW PAYMENT DETAILS: THE CUSTOMIZED SHOPPING EXPERIENCE STUDY – MAY 2022

Around: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are right and where they need to up their game to deliver a tailored shopping experience.

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Buy Here Pay Here: What’s this? https://winwinlose.net/buy-here-pay-here-whats-this/ Tue, 07 Jun 2022 20:41:24 +0000 https://winwinlose.net/buy-here-pay-here-whats-this/ kupicoo / iStock.com If you’ve recently bought a car, or just driven by a few used cars, chances are you’ve seen “Buy Here, Pay Here” signs. But what exactly does that mean and is it a good deal for the car buyer? Which means “buy here, pay here”. The term “Buy Here, Pay Here” (BHPH) […]]]>

kupicoo / iStock.com

If you’ve recently bought a car, or just driven by a few used cars, chances are you’ve seen “Buy Here, Pay Here” signs. But what exactly does that mean and is it a good deal for the car buyer?

Which means “buy here, pay here”.

The term “Buy Here, Pay Here” (BHPH) simply means that the dealership you are buying the car from is funding the sale themselves rather than letting you go through an outside lender. This is sometimes referred to as in-house financing.

Many used car dealers use third party financing companies to provide credit to their customers when purchasing a car. The financing company takes over the qualification of the customer, the granting of the loan, the processing of the payments and, if necessary, the collection process if the customer defaults on the loan. The trader gets a cut in interest in exchange for sending the deal to the lender.

Some traders choose to handle the financing themselves rather than having a financing company handle it. These are the BHPH dealers who often specialize in servicing customers who may have poor – or no – credit or no down payment. This is more risky for the dealer, so they often charge a higher interest rate than other sources of funding.

What is the best way to finance a car?

There are three ways to finance the purchase of a car.

  1. You can get a car loan from your bank. First, fill out the loan application and wait for approval. Once approved, the bank can write you a check to take to the dealer who will buy the car. You then make your payments to the bank until the loan is paid off. The bank is named on the title as the lien until you repay the loan.
  2. You can finance through the dealership with a third party finance company. Most new car dealerships and many used car dealerships offer this option.
  3. You can go to a BHPH dealer and finance there. They take care of the paperwork and you make your loan payments to them.

The best way to finance a car depends on a number of factors, including the car you want and your personal financial situation. Sometimes new car dealers offer financing offers, e.g. B. 0% interest for a set number of months. To qualify for this offer, you’ll need near-perfect credit, additional income above your basic expenses, and a down payment. You must also be willing and able to buy a new car as these deals are not offered on used vehicles.

If you have excellent credit and a deposit, a bank will usually offer the best interest rate outside of a promotion at a merchant. Check with your bank to see what they offer and what you qualify for. Then compare with the dealer’s offer.

If your credit is below average or you don’t have a down payment, a BHPH dealer may be your best option. They’re likely to pay a higher interest rate than someone with perfect credit would pay at a bank or through a dealer financing company, but BHPH dealers often lend to those who wouldn’t qualify for other options.

Regardless of which option you choose when financing your vehicle, there are two things you should keep in mind. First, make sure you can make the payments on time, even if your financial situation changes. Some BHPH merchants offer weekly rather than monthly payments, which can make it easier to keep up. Second, look for the best interest rate you can get for the car you want. If you’re in the used car market, don’t be fooled by the financing offers from new car dealers. And don’t buy a more expensive car than you want or need just because the financing is right.

FAQ

  • What are the disadvantages of “buy here, pay here”?
    • Because a BHPH car dealership doesn’t usually check your credit or ask for a large down payment, they usually charge a higher interest rate than you would get from a bank or finance company. Additionally, some BHPH dealerships do not report your on-time payments to the credit bureaus, so financing a car through a BHPH dealership may not help you improve your credit score.
  • How do I get a car with no money or credit?
    • A “buy here, pay here” retailer will often offer no deposit, no credit check financing. However, this is risky for the trader, so they will try to mitigate this risk by charging a higher interest rate. When choosing a BHPH dealer make sure you choose a car you can afford to pay for.
  • Does a Buy Here, Pay Here go to your balance?
    • Many BHPH dealers do not conduct a credit check to approve your credit. They usually check your income to make sure you’re making enough money to make the payments, but they care less if you’ve made payments on time in the past. Some BHPH merchants also don’t report your on-time payments, so keep that in mind when trying to build your credit.

Information is correct as of June 4, 2022.

Our in-house research team and on-site financial experts work together to create content that is accurate, impartial and timely. We verify every single statistic, quote, and fact against trusted primary sources to ensure the information we provide is accurate. Learn more about GOBankingRates’ processes and standards in our editorial policy.

About the author

Karen Doyle is a personal finance writer with over 20 years of experience writing about investing, money management and financial planning. Her work has been featured on numerous news and financial websites including GOBankingRates, Yahoo! Finance, MSN, USA Today, CNBC, Equifax.com and more.

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