Alergy Medication Cost – Parents Of Allergic Children http://parentsofallergicchildren.org/ Wed, 21 Sep 2022 13:00:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://parentsofallergicchildren.org/wp-content/uploads/2021/06/icon-5.png Alergy Medication Cost – Parents Of Allergic Children http://parentsofallergicchildren.org/ 32 32 DailyPay Announces Fee-Free Earned Salary Access Option https://parentsofallergicchildren.org/dailypay-announces-fee-free-earned-salary-access-option/ Wed, 21 Sep 2022 13:00:00 +0000 https://parentsofallergicchildren.org/dailypay-announces-fee-free-earned-salary-access-option/ NEW YORK, September 21, 2022 /PRNewswire/ — Continuing its mission to create a new financial system that works for everyone, DailyPay announces a new no-fee transfer option (1-3 business days). Millions of American workers nationwide will now have a no-cost transfer option so they can pay bills, spend, save, or invest at their own pace. […]]]>

NEW YORK, September 21, 2022 /PRNewswire/ — Continuing its mission to create a new financial system that works for everyone, DailyPay announces a new no-fee transfer option (1-3 business days). Millions of American workers nationwide will now have a no-cost transfer option so they can pay bills, spend, save, or invest at their own pace. This announcement comes after the recent introduction of DailyPay Friday by DailyPay™, a general purpose reloadable app and card that allows DailyPay users access to instant EWA for free if they upgrade their direct deposit to Friday.

In partnership with major U.S. employers, DailyPay works with businesses to bring financial tools to their workforce by providing employees, many of whom are often unbanked or underbanked, with access to Pay Balance, payment at demand and a much-needed financial lifeline and cash flow. the solution. This service has provided much-needed financial support to workers during the pandemic and may be particularly relevant in providing financial flexibility to so many struggling with high inflation. In fact, 75% of hourly workers have struggled to pay their expenses this year, according to a recent Harris Poll commissioned by DailyPay and Funding Our Future. DailyPay will be rolling out its new one to three business day fee-free transfer option to its user base over the coming weeks.

“It’s all about choice and access,” said Matthew Koko, Vice President, Public Policy, DailyPay. “Our users now have the option of paying a small ATM-like fee for an immediate transfer or a no-fee option for a transfer within one to three business days. We have also recently rolled out Friday, a new reloadable general purpose (GPR) prepaid card and app, which allow users to instantly receive transfers at no cost. These measures align with our mission to provide millions of Americans with access to their paychecks and the ability to take control of their finances on their own schedule.”

Using on-demand pay can provide workers with a more optimal way to make ends meet. A study by the Aite-Novarica Group commissioned by DailyPay shows that workers who previously depended on payday loans, overdraft fees, borrowing from friends and late fees can save several hundred dollars a year in reduced interest on loans, overdraft fees and late fees when using DailyPay.

The study also reveals that 95% of DailyPay users who previously relied on payday loans either stopped using payday loans or reduced their usage after DailyPay. Additionally, 97% of those who said they had overdrafted their bank account before using DailyPay said they rarely or never incurred overdraft fees (79%) or less overdraft fees (18%) after using DailyPay. Reducing the need to rely on payday loans, payday advances, or personal loans from family and friends allows workers to improve their credit, accumulate savings, and feel more financially capable and independent. New research in 2022 by the Mercator Advisory Group confirmed similar results on the financial well-being of workers.

About Daily Pay

DailyPay, Inc., powered by its cutting-edge technology platform, is on a mission to create a new financial system for everyone. DailyPay offers the industry-leading on-demand payment solution with modern, insight-driven compensation strategies that help leading U.S. employers activate their workforces and build stronger relationships with their employees so that they feel more engaged, work harder and stay longer. With its vast data network, proprietary funding model and connections to over 6,000 banking system endpoints, DailyPay ensures that money is always in the right place at the right time for employers, merchants and financial institutions. DailyPay is headquartered in New York Citywith operations based in Minneapolis and Belfast. For more information, visit www.dailypay.com/press.

Media Contacts
David Schwarz
E-mail: [email protected]

Gabriella Lourie
E-mail: [email protected]

SOURCEDailyPay

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Tired of overdraft fees? Try postal banking https://parentsofallergicchildren.org/tired-of-overdraft-fees-try-postal-banking/ Mon, 19 Sep 2022 12:06:00 +0000 https://parentsofallergicchildren.org/tired-of-overdraft-fees-try-postal-banking/ The BDN Opinion section operates independently and does not set newsroom policies or contribute to the writing or editing of articles elsewhere in the newspaper or on bangordailynews.com. Devin Thomas O’Shea is a writer living in St. Louis. This column was produced by Progressive Perspectives, which is run by The Progressive magazine and distributed by […]]]>

The BDN Opinion section operates independently and does not set newsroom policies or contribute to the writing or editing of articles elsewhere in the newspaper or on bangordailynews.com.

Devin Thomas O’Shea is a writer living in St. Louis. This column was produced by Progressive Perspectives, which is run by The Progressive magazine and distributed by Tribune News Service.

Many of us have been hit with overdraft fees on our checking account before, and while it was nice to have the protection, the $33 fee – the average overdraft fee these days – definitely stung. .

What if I told you that overdraft fees are an intentional failure move by a wealthy few in an increasingly rigged game against the rest of us?

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Can the laws protect you from excessive interest rates on loans? https://parentsofallergicchildren.org/can-the-laws-protect-you-from-excessive-interest-rates-on-loans/ Fri, 16 Sep 2022 13:00:35 +0000 https://parentsofallergicchildren.org/can-the-laws-protect-you-from-excessive-interest-rates-on-loans/ usury laws Usury laws protect borrowers in many states and some borrowers nationwide from excessively high interest rates. However, state standards for excessive interest vary widely, and federal banking laws allow credit card issuers, among other things, to charge essentially whatever traffic will bear. Additionally, usury laws do not apply to many loans, allowing certain […]]]>

usury laws

Usury laws protect borrowers in many states and some borrowers nationwide from excessively high interest rates. However, state standards for excessive interest vary widely, and federal banking laws allow credit card issuers, among other things, to charge essentially whatever traffic will bear. Additionally, usury laws do not apply to many loans, allowing certain types of lenders in some states to charge annual percentage rates in excess of 500%. Meanwhile, efforts to enact a national usury law have failed, but many states are capping certain loan rates at 36%.

Discussing your borrowing plans with a financial advisor can help you avoid ending up with a high-interest loan.

Basics of wear

Protecting borrowers from excessively high interest rates has been a concern of many human cultures dating far back in history. In some places and at some times, receiving even the slightest interest for lending money is considered usury. More commonly, however, usury laws set a maximum interest rate that can be charged on loans.

In the United States, the federal government has largely left usury laws to the states. All but a few states have some sort of upper limit that lenders can charge for loans. Often the highest statutory rate is a simple interest rate, but sometimes it is an annual percentage rate that includes the cost of fees as well as interest. Loan sharking can allow loans to be forgiven beyond the legal limit, and lenders who cross the line can also face fees and jail time.

State wear limits vary widely. The Center for Responsible Lending, an advocacy organization, says effective usury rules on loans of $300 or less exist in 19 states: Arizona, Arkansas, Colorado, Connecticut, Georgia, Illinois, Maryland, Massachusetts, Montana, Nebraska, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Dakota, Vermont, and West Virginia.

Many of these states have capped interest at 36% and offer other protections. Some of the others offer limited protections such as maintaining effective rates at or below 200% per annum. Those with little or no borrower protection include Nevada and Texas, where the Center for Responsible Lending reports annual percentage rates (APRs) can exceed 600%.

State laws change frequently and the general trend lately has been towards stricter usury bans. Rhode Island, for example, adopted a cap of 36% in 2022.

Limits of usury law

usury laws

usury laws

Usury laws are complex and have many loopholes. Usury laws generally only affect certain types of loans, usually small, short-term payday loans, without affecting the rates of other loans. In California, for example, a 36% cap only applies to loans between $2,500 and $9,999, allowing payday lenders to charge more.

Credit cards are one of the most notable exemptions. Indeed, a 1978 court ruling allowed card issuers to charge each cardholder the highest rate allowed in the state where the issuer was based. This included borrowers in states where usury laws set lower standards. After that decision, South Dakota and Delaware removed interest rate caps, prompting many large card issuers to move their headquarters to those states.

State usury laws also do not apply to federally regulated banks, credit unions, finance companies, and pawnbrokers. And the only national federal usury law only covers loans to military service members. The National Credit Union Administration currently prohibits its members from charging more than 18% interest on most loans, but they can still charge higher payday loan rates.

With all the exemptions, usury laws do not apply to most loans from most lenders for most borrowers. They do, however, apply to interest-bearing loans between family and friends. Unless you are a licensed lender such as a bank or pawnbroker, check your state’s usury laws before lending money to a family member or friend at a rate above 10%, which is the point where some state usury laws might come into play.

The future of usury laws

Legislative efforts in recent years to expand attrition protections for military service members have stalled in Congress. Payday lenders have argued that APR-based usury limits should not apply to the very short-term loans they issue, which often derive most of their revenue from fees rather than interest. simple.

After the failure of the federal usury initiative, many states began instituting 36% caps on payday loans. This group included former no-wear states such as South Dakota and Delaware. Today, the trend is for states to adopt caps of 36%. However, these still only concern a limited number of transactions, mainly small loans of a few hundred dollars.

The essential

usury laws

usury laws

State usury laws protect certain lenders on certain loans from excessive interest rates. However, many loans and lenders are not covered by rate caps, allowing effective payday loan rates to exceed 500% in some states. Proponents of a national usury limit failed. But many states are moving to limit payday lenders to a maximum annual percentage rate of 36%, including fees.

Banking advice

  • A financial advisor will help you with all your banking needs. Finding a qualified financial advisor doesn’t have to be difficult. SmartAsset’s free tool connects you with up to three financial advisors who serve your area, and you can interview your matching advisors for free to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, start now.

  • You can find out how much interest you’ll pay for a personal loan by using SmartAsset’s free online interest rate calculator.

Photo credit: ©iStock.com/AmnajKhetsamtip, ©iStock.com/Prostock-Studio, ©iStock.com/BartekSzewczyk

The post How Usury Laws Regulate Loan Interest Rates first appeared on the SmartAsset blog.

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Tips to save money on your groceries https://parentsofallergicchildren.org/tips-to-save-money-on-your-groceries/ Thu, 15 Sep 2022 13:40:37 +0000 https://parentsofallergicchildren.org/tips-to-save-money-on-your-groceries/ Saving money on groceries can be difficult, but it’s not impossible. This blog post will discuss tips to help you save money on your grocery bill and reduce your expenses without making major lifestyle changes. So if you want to save money on groceries, read on. 1. Make a realistic shopping list and stick to […]]]>

Saving money on groceries can be difficult, but it’s not impossible. This blog post will discuss tips to help you save money on your grocery bill and reduce your expenses without making major lifestyle changes. So if you want to save money on groceries, read on.

1. Make a realistic shopping list and stick to it

One of the best ways to save money on groceries is to make a realistic list and stick to it. It may seem logical, but it’s amazing how many people go grocery shopping without a list and spend more than they expected.

If you make a list of what you need before you go shopping, you’ll be less likely to make impulse purchases and more likely to stick to your budget. In addition, it will save you time in the store since you will know exactly what you need to buy.

2. Sign up for loyalty programs

Another tip for saving money on groceries is to sign up for loyalty programs at your local grocery store. It can help you save money in different ways. First, many stores offer discounts to loyal members on certain items each week.

Second, you can often earn points for free rides or other rewards just by shopping with your loyalty card. Finally, many stores also offer coupons and exclusive offers to loyal members. So if you’re not already a member, join the next time you’re grocery shopping.

3. Join a wholesale club

If you do a lot of cooking at home, joining a wholesale club like Costco or Sam’s Club can help you save money on groceries. You will be able to buy ingredients in bulk at a discount, and you can also take advantage of their members-only deals and coupons.

Don’t worry if the coupons come at the wrong time of the month because you can always opt for payday loans cover a grocery store. Viva Payday Loans is a great example of a trusted lender that you can find online. It offers instant loans with no hidden fees.

You can apply for a loan in minutes and the money you need will be deposited directly into your bank account.

4. Compare prices between stores

Another way to save money on groceries is to compare prices between different stores. It can be a bit complicated, but it’s worth it if you can save a lot of money.

To compare prices effectively, you need to know the regular prices of the items you buy at each store. Keep a price book or use your phone to track prices so you can quickly see which store has the best deal.

5. Buy items on sale

Buying items on sale can be especially helpful if you have a large family to support. You can find sales at your local grocery store or even online, but it’s best to shop around so you know you’re getting the best deal.

Remember, the end goal is to save money, so don’t be afraid to ask the store manager if there are any deals or promotions going on. They may be able to offer you a discount or even a coupon if the item is out of stock.

6. Take advantage of coupons

One of the best ways to save money on groceries is to take advantage of coupons. There are different ways to find coupons, such as online or in the Sunday paper. You can also find coupons in store flyers or at checkout.

To get the most out of coupons, pair them with sale items. Also, try to use coupons for items you normally buy, so you don’t spend money on items you don’t need just because a coupon is available.

7. Cook and freeze meals in batches

Batch cooking and freezing meals is another great way to save on grocery bills. This way you can cook larger amounts of food at once and then have meals ready to eat throughout the week or month.

Conclusion

Saving money on groceries is a great way to free up extra cash each month. Follow these tips and you’ll be well on your way to eating healthy while saving money. Also remember that you can always apply for a loan if you need additional help.

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These loans should be avoided..? Do you know why? https://parentsofallergicchildren.org/these-loans-should-be-avoided-do-you-know-why/ Sat, 10 Sep 2022 12:03:01 +0000 https://parentsofallergicchildren.org/these-loans-should-be-avoided-do-you-know-why/ These loans should be avoided..!? Do you know why? Many people think they shouldn’t take out loans. But at the end of the month, we will be forced to take out loans. This will be unavoidable in middle-class families earning a monthly salary. However, experts say they can avoid taking out some loans. Why do […]]]>
These loans should be avoided..!? Do you know why?

Many people think they shouldn’t take out loans. But at the end of the month, we will be forced to take out loans. This will be unavoidable in middle-class families earning a monthly salary. However, experts say they can avoid taking out some loans. Why do we say to avoid only certain loans? What is the reason for this? Let’s see.
Payday loan:
It is impossible to avoid borrowing during the current period, but it is very important to avoid payday loans. In particular, these loans are taken by small entrepreneurs, small traders and those who have shops in the daily market as individuals. You have to buy it in the morning and pay in the evening. Interest on these types of loans can be very high. It should therefore be avoided.
Car title loan:
A car title loan is usually a high interest loan. You can donate your vehicle and get it back within a month with interest first. Usually the interest on these loans is high. The vehicle may be sold if payment is not made within the time limit.
Advance on credit card:
In order not to use credit cards unnecessarily, some people take credit card advances. After that, interest may continue to accrue as interest. The interest rate is very high. If you don’t pay it on time, the penalty is very high.Casino loan:
Such loans are very rare in India. However, these loans are loans that should be avoided. These loans are used to promote sports in foreign countries.
Pawnbroker:
Many people can have this experience. Usually we get such loans by pawning our jewelry. Failure to pay this debt on time may result in your property being auctioned off. This includes restricted loans of a lower amount for more expensive real estate in rural areas.

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Pay-as-you-go helps American workers pay their bills more easily, save money and avoid the cycle of debt, according to new research from the Mercator Advisory Group https://parentsofallergicchildren.org/pay-as-you-go-helps-american-workers-pay-their-bills-more-easily-save-money-and-avoid-the-cycle-of-debt-according-to-new-research-from-the-mercator-advisory-group/ Thu, 08 Sep 2022 15:03:00 +0000 https://parentsofallergicchildren.org/pay-as-you-go-helps-american-workers-pay-their-bills-more-easily-save-money-and-avoid-the-cycle-of-debt-according-to-new-research-from-the-mercator-advisory-group/ The financial wellness advantage can be critical, especially in times of high inflation, high gas prices and financial hardship. Nearly eight in 10 respondents say DailyPay helps them avoid expensive or predatory alternatives NEW YORK, September 8, 2022 /PRNewswire/ — Amid continued inflation and the high cost of everyday items, millions of American workers are […]]]>

The financial wellness advantage can be critical, especially in times of high inflation, high gas prices and financial hardship.

Nearly eight in 10 respondents say DailyPay helps them avoid expensive or predatory alternatives

NEW YORK, September 8, 2022 /PRNewswire/ — Amid continued inflation and the high cost of everyday items, millions of American workers are using essential financial benefits offered by their employers to pay their bills. A new report from Mercator Advisory Group (commissioned by DailyPay) reveals that nearly eight in 10 survey respondents (77%) said DailyPay’s on-demand payment benefit helps them save money by avoiding other more expensive alternatives to manage expenses.

Some studies showing up to 77% of Americans carrying some form of debt, inflation can be financially crippling. For many of the approx. 58% of Americans, living paycheck to paycheck, according to a recent report by LendingClub, help from their employers is needed to survive these seemingly insurmountable financial challenges. Pay-as-you-go benefits can help employees better manage their cash flow and avoid a cycle of debt. More than 90% of respondents to the Mercator study reported an improvement or elimination of the use of traditional financial alternatives such as overdraft fees, payday loans and late fees.

“On-demand compensation solutions have highlighted the benefits these flexible compensation options offer workers to avoid costly forms of financing and help make ends meet,” said Sarah Cave, Director of Debit Advisory Services, Mercator Advisory Group. “With this study, we can now quantify the level of savings that workers achieve by decreasing or completely avoiding the use of payday loans, overdraft fees and biller late fees.”

The ability to access earned compensation can be the difference between making a payment on time or incurring high fees. More than half (53%) of respondents to the Mercator study indicated that using pay-as-you-go helped them avoid late fees to billers.

The price of groceries increased by 12.2% in the last year. Unsurprisingly, 78% of respondents in the Mercator survey say grocery bills are the area in which they have used pay-on-demand support the most, followed by utilities (64%), and transportation and automobile insurance (54%).

“This study confirms that pay-as-you-go can be an effective solution to the overdraft and predatory debt crisis,” said Matthew Koko, Vice President, Public Policy, DailyPay. “With access to on-demand compensation, workers report a significantly increased ability to take control of their financial future,

For more information on Mercator’s report, including survey methodology, click here.

About Daily Pay

DailyPay, powered by its cutting-edge technology platform, is on a mission to create a new financial system for everyone. DailyPay offers the industry-leading on-demand payment solution with modern, insight-driven compensation strategies that help leading U.S. employers activate their workforces and build stronger relationships with their employees so that they feel more engaged, work harder and stay longer. With its extensive data network, proprietary funding model and connections to over 6,000 banking system endpoints, DailyPay ensures money is always in the right place at the right time for employers. DailyPay is headquartered in New York Citywith operations based in Minneapolis. For more information, visit www.dailypay.com/press.

Media Contact
David Schwarz
[email protected]

Gabriella Lourie
[email protected]

SOURCEDailyPay

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Become a Lending Affiliate in These 5 Easy Steps https://parentsofallergicchildren.org/become-a-lending-affiliate-in-these-5-easy-steps/ Tue, 06 Sep 2022 14:01:42 +0000 https://parentsofallergicchildren.org/become-a-lending-affiliate-in-these-5-easy-steps/ Everything is getting more expensive these days, and even a small extra expense can lead to an immediate need for cash. If you’re looking for extra money to pay the bills in these times of high inflation, you can help people get to their paychecks faster while making one for yourself. With a payday loan […]]]>

Everything is getting more expensive these days, and even a small extra expense can lead to an immediate need for cash. If you’re looking for extra money to pay the bills in these times of high inflation, you can help people get to their paychecks faster while making one for yourself.

With a payday loan affiliate program, you can earn money as a contractual liaison between loan providers and those looking for a payday loan.

Become a Lending Affiliate by following these five easy steps:

1. Join a Lending Affiliate Program and Create a Website

The first step to becoming a Lending Affiliate is to complete an application with a Lending Affiliate. This company will support you by providing loans to the customers you refer. Be sure to research the company thoroughly and be sure that they will reliably review and grant loan applications and pay your commission.

Next, you’ll need to set up your website and get people to fill out a loan application there and automatically connect to companies offering loans. As you’ll see below, you’ll want your website to incorporate ready affiliate widgets, have blog content, and create an email sales funnel.

2. Start bringing people to your website

You need web traffic to get people to apply for payday loans on your website. Some ways to drive traffic is to write articles with SEO keywords to move your website to the top of search engine listings when people search for those words. Regular blog posts are a great way to do this.

You can also use paid advertising. Many social media sites have their own advertising programs. Consider your customer base and the platforms they use, and tailor an ad campaign to that.

3. Prepare your marketing strategies

You can advertise your loan affiliate website by placing ads on other websites, advertising on social media, and generating mailing lists. You should seek to combine as many of these options as possible.

Old-school ads can also work well. Radio ads, TV ads, or a newspaper page can help draw people to your website. This approach is less targeted but will affect several people at once.

4. Use the tools provided by the payday loan affiliate

When you become a Loan Affiliate, you need to make sure that you are working with a company that provides the tools you need to attract customers. These include an application programming interface (API) to add multiple lenders to your sales funnel and website widgets to easily integrate your website basics, like the loan application form.

5. Get Paid When You Become A Lending Affiliate

When you become a loan affiliate, you get the low start-up cost of just creating a website and integrating the loan application form. After that, it’s up to you how you generate leads. Once you kick off the application stream, you can generate up to $250 per lead and earn the extra money you need while helping others get their money faster.



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Will debt collectors call my family for a delinquent payday loan? https://parentsofallergicchildren.org/will-debt-collectors-call-my-family-for-a-delinquent-payday-loan/ Sun, 04 Sep 2022 14:10:28 +0000 https://parentsofallergicchildren.org/will-debt-collectors-call-my-family-for-a-delinquent-payday-loan/ Dear Penny, I’m on Supplemental Security Income (SSI) and my car broke down. I needed extra money to pay my rent, so I took out a $400 payday loan. The winning amount is $567.91. I won’t be able to pay that much and still pay my bills. The monthly payment is $170.45, which I can’t […]]]>
Dear Penny,

I’m on Supplemental Security Income (SSI) and my car broke down. I needed extra money to pay my rent, so I took out a $400 payday loan. The winning amount is $567.91. I won’t be able to pay that much and still pay my bills. The monthly payment is $170.45, which I can’t afford either. The total balance will be $2,045.40.

I spoke with a consumer credit counselor. They said don’t pay it and let it go to collections. I’m afraid they’ll call my family. I don’t want them to know. Can I do something so they don’t contact my family?

-A.

Dear A.,

I’m afraid you probably can’t stop the lender from contacting your family. If you’ve defaulted on this debt since you wrote to me, you’re no doubt bombarded with calls and text messages.

The lender may already be in contact with your family members. When you take out a payday loan, you often need to provide references that the lender can contact in the event of a default. But lenders may also start calling your family members and friends, even if you haven’t included them as a reference.

The rules for these communications likely fall into a gray area. The Fair Debt Collections Practices Act (FDCPA) is a federal law that governs debt collection practices. The law only allows debt collectors to call non-spouse family members if they’re trying to locate you, but they can’t discuss your debt. They are also prohibited from saying they work for a debt collector unless asked to do so.

However, the FDCPA only applies to third-party debt collectors, not original creditors. Most payday lenders attempt to collect overdue loans internally before sending them to a collection agency. So there is a good chance that the lender who gave you the loan is still trying to collect it.

Some states have laws that place additional limits on collection efforts. You may want to ask your credit counselor if your state laws provide additional protection.

Knowing your rights can be helpful, but let’s face it: the payday loan and debt collection industries are notorious for their sketchy tactics, so even though there’s a law that limits who a collector can contact, don’t don’t assume he’ll follow her. .

Here’s where thinking like a debt collector might come in handy. A collector has one goal, which is to get paid. The more pressure they exert, the more likely you are to pay. Even when they supposedly call family just to locate you, they know a lot of people are embarrassed by their debt and will agree to just about anything once the calls to relatives start.

Don’t play the shame game. Pick up the phone when the lender calls you so it’s clear they have your correct contact information. Be firm about your inability to pay at this time. Avoid showing emotions or divulging details about your personal situation, as this will be used against you.

As for your family, you don’t owe them an account of your finances just because a payday lender calls you. You might say something vague like, “Thank you for letting me know. They called me too. I always try to get to the bottom of things. If they contact you again, I would appreciate it if you would tell them I don’t live with you and ask them to stop calling.

None of this is technically wrong. I have no idea how curious your family is, so I can’t guarantee this will satisfy curious minds. But as long as this debt does not concern them, they are not entitled to more information.

I’m glad you consulted with a credit counselor before deciding to let this loan go to collection. If you have to choose between rent and paying off a payday loan, rent is the winner by far. But make sure you have taken into account all the consequences of a breach.

Once that account is cashed out, you probably won’t be able to take out a payday loan or any other type of credit for at least two years. Obviously, you’ve learned the hard way that payday loans are best avoided. But I guess you applied for a payday loan because you had no alternative. You will therefore need to think about what you would do if you had to face another unexpected expense.

If you can save even a small amount of money, it’s worth asking if the lender would be willing to pay. A tactic that sometimes works is to tell the lender that you are considering bankruptcy. Because creditors must cease collection efforts when you file, they may be willing to settle for less.

Either way, don’t be fooled by the threats you might encounter. You will not be arrested for this debt and your SSI benefits cannot be garnished. Most importantly, don’t let them convince you to turn that debt into a new loan. This will only trap you in an endless payday loan cycle. The damage caused by this loan may be unavoidable, but make it your goal to never go back to this predatory system.

Robin Hartill is a Certified Financial Planner and Senior Writer at The Penny Hoarder. Send your tricky money questions to [email protected].


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Here’s how the Hartford Public Library and its partners plan to help the city’s most vulnerable populations https://parentsofallergicchildren.org/heres-how-the-hartford-public-library-and-its-partners-plan-to-help-the-citys-most-vulnerable-populations/ Fri, 02 Sep 2022 18:20:00 +0000 https://parentsofallergicchildren.org/heres-how-the-hartford-public-library-and-its-partners-plan-to-help-the-citys-most-vulnerable-populations/ Payday loans, pawnshops, check cashing services and other services that come with high costs, interest rates and fees often lead to the paradox that it is expensive to be poor. Those living in poverty or near the poverty line are often unbanked or underbanked, which can leave them vulnerable to other scams that perpetuate the […]]]>

Payday loans, pawnshops, check cashing services and other services that come with high costs, interest rates and fees often lead to the paradox that it is expensive to be poor.

Those living in poverty or near the poverty line are often unbanked or underbanked, which can leave them vulnerable to other scams that perpetuate the spiral of poverty.

A new program – which brings together the Hartford Public Library, Liberty Bank, the Connecticut Association for Human Services and the Cities for Financial Empowerment Fund – targets one of the most financially vulnerable populations by expanding banking opportunities for the community of immigrants and refugees from the city.

U.S. Senator Richard Blumenthal, Hartford Mayor Luke Bronin, Library President Bridget E. Quinn, and Liberty Bank Vice President of Community Development Glenn Davis were on hand at the Hartford Public Library on Friday to announce that the library has received a $487,000 federal grant to help promote and teach financial literacy to the immigrant community with the Building Social Capital: An Inclusive Approach to Immigrant Financial Immigration program.

The program will help members of the immigrant and refugee community navigate the world of financial institutions, which can be daunting for anyone.

“Immigrants may also have other specific challenges, such as fluency in English, trust issues with financial institutions or government, wondering who is trustworthy in these interactions, they may have already been subject to, perhaps, predatory lending or fees associated with other kinds of financial tools,” Quinn said. “We’re starting something new, which we hope will help communities across the country to serve this population and will strengthen our economy through the work and access this population will now have to these financial service tools.”

Blumenthal, who helped secure the grant with U.S. Senator Chris Murphy, said the grant is an investment in the community, not a cost. He also noted the important work the library does in the community.

“America has always been the land of opportunity, of equal access to uphill,” Blumenthal said. “That’s why people have come to America over the centuries. Libraries are a symbolic and practical sign of America, land of opportunity. … Libraries have been community centers, a source of learning and self-promotion.

He noted that his father immigrated to the United States in the 1930s when he was 17. Back then, Blumenthal said, the banking system was much easier to navigate.

“People today need a lot more education not only to seize opportunities… but also to avoid scams: payday loans, pawnshops, all kinds of promotions and internet promotions,” Blumenthal said. “Ultimately complicated, misleading and misleading stuff. Financial literacy has become a form of opportunity, but also a protection against some of the scams that exist. …Financial know-how is essential in today’s world to seize opportunities and avoid the pitfalls of scammers and scammers. In very difficult economic times, to ensure that consumer purchasing power keeps pace with potential price increases.

Participants in the program agree to deposit in a savings account with Liberty Bank $50 per month for five months, according to a press release. The account will be administered by the library. When the participant reaches the goal of $250, the money is transferred to an individual account in his name and he receives a match of $250, the statement said. Participants can then close the account. However, if they maintain a balance of $250 for another five months, they will receive an additional $250 from library donor funds, the statement said.

During the five months, participants meet for three hours, every two weeks, for financial education and other networking opportunities.

The program will be available to those who have been in the country for less than 10 years.

Bronin said the corresponding aspect of the program is “a powerful thing”.

“It helps solve the fact that so many residents of our community and our country in our country are unbanked,” Bronin said. “About a quarter of Americans are unbanked. You can imagine that percentage is much higher in a community where there is a concentration of poverty and in a community where there is a large immigrant community. this opportunity to connect our residents to banks, financial institutions, savings accounts and provide the educational component that goes with it is really very powerful.

American Place at the Hartford Public Library has proposed and will administer the program, which is expected to launch in the spring, Quinn said.

“This is a really essential program,” Quinn said. “We are super excited for this program.”

YMCA of Greater Hartford Receives $500,000 Grant

The YMCA of Greater Hartford also received a $500,000 grant for improvements and upgrades to its location on Albany Avenue, officials said Thursday.

Lt. Gov. Susan Bysiewicz, House Speaker Matt Ritter and State Rep. Ed Vargas touted the grant, which came from the State Bonding Commission.

“The programs and services provided by local YMCAs across our state are vital to the positive development of our young generation,” Bysiewicz said in a news release. “Children can interact with friends and have fun, learn social-emotional skills and coping mechanisms through practice and play, while being exposed to different and exciting opportunities.”

Ritter and Vargas also stressed the importance of the YMCA.

“We all recognize that the Y is a hub of enrichment programs for families and youth – the programs are essential to our community,” Ritter said.

“Summer enrichment programs are invaluable in the overall development of young people by giving them opportunities and options to learn, develop and improve the problem-solving and social interaction skills that are essential for success,” added Vargas. “I applaud the good work of the YMCA which for generations has been a cornerstone of our community and has had such a positive impact on many lives.

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Cash Converters takes on the ‘crazy’ BNPL sector that allows customers to rack up 800 purchases in 90 days https://parentsofallergicchildren.org/cash-converters-takes-on-the-crazy-bnpl-sector-that-allows-customers-to-rack-up-800-purchases-in-90-days/ Thu, 01 Sep 2022 02:52:00 +0000 https://parentsofallergicchildren.org/cash-converters-takes-on-the-crazy-bnpl-sector-that-allows-customers-to-rack-up-800-purchases-in-90-days/ Desperate shoppers who owe money on up to 800 purchases now and pay later ask Cash Converters to borrow high-cost money to cover their debts. The WA-based group, which has reduced its reliance on riskier, low-reputation payday loans in favor of longer-term loans, says it is responding to more inquiries from BNPL customers who are […]]]>

Desperate shoppers who owe money on up to 800 purchases now and pay later ask Cash Converters to borrow high-cost money to cover their debts.

The WA-based group, which has reduced its reliance on riskier, low-reputation payday loans in favor of longer-term loans, says it is responding to more inquiries from BNPL customers who are struggling to cover their obligations.

“There’s a large cohort of really over-burdened Australians from BNPL, from what we’re seeing,” Cash Converters chief executive Sam Budiselik said. “It’s frightening.”

At the ‘extreme’ end, he said, ‘we have (loan) applications coming in that list 800 BNPL transactions in 90 banking days, and we cannot respond responsibly to their needs’ .

It is undeniable that the BNPL has become a major competitor in the microcredit sector in recent years.

But after coming under scrutiny over their lending practices over the past decade, Cash Converters and other payday or micro-lenders, as well as consumer groups, want BNPL providers to be subject to the same responsible lending laws that govern them and the big banks.

As they do not pay interest, BNPL transactions are not classified as credit and are therefore not covered by the National Consumer Credit Protection Act.

However, Mr Budiselik said promoting the BNPL sector hid late fees on transactions, which meant that their final cost was sometimes equivalent to or more expensive than loans from Cash Converters.

“If we give money to people, we have to make sure that they repay those obligations and that they do so responsibly,” he said.

“(BNPL) needs to be regulated, it’s just totally out of control.”

Mr Budiselik was speaking as Cash Converters reported a 46% drop in annual net profit to $11.2 million after a previously disclosed writedown of its pawn shop network to cover COVID-19 closures.

Excluding the impact of impairment, operating profit improved 26% to $19 million.

Revenue rose 22% to $245.9 million as demand for the company’s loans increased and shoppers returned to its 155 Australian stores in search of second-hand goods.

Mr. Budiselik said that with record unemployment, Cash Converters’ traditional customer base was “in good shape” and still able to meet their repayment obligations.

“But the cost of living pressures are really starting to bite, so we’re seeing more transactions in the retail sector, with people selling us more goods and more demand for small loans,” a- he declared.

Cash Converters’ loan portfolio grew 20% to $213.9 million in the year to June 30, with its medium-term priority loans increasing 54% to $76.1 million for exceed short-term or payday loans for the first time.

“We see a high demand for credit, especially in the second half of the year, as people try to cope with increased expenses, or they have started to travel and see their families and are moving again,” Mr. Budiselik said. .

Customers borrow an average of $1,200 for nine months under Cash Converters Small Credit Agreements (SACCs) to cover expenses until their next payday, such as school trips or appliance repairs.

The average loan under the Medium Amount Credit Agreement (MACC) is $3,000 for 16 months.

Cash Converters declared a final dividend of 1¢ per share.

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