Instant Loans Tue, 04 May 2021 11:02:51 +0000 en-US hourly 1 Instant Loans 32 32 How to borrow at no cost (0% interest) and maximize your protection Tue, 04 May 2021 10:08:36 +0000

Buy now, pay later: easy, no interest, but only for 3 months and no protection

Buy Now, Pay Later (BNPL) does exactly what it says on the tin. Usually you get it at the checkout when you buy something, leading you to buy the item now and spread the cost over a few weeks or months. Our new Should I buy now, pay later? guide walks you through.

✔ Advantages: without interest | Easy to get | Refunds are fixed

❌ Cons: Many borrow when they don’t need it | It is (currently) unregulated – no recourse to ombudsman if things go wrong | No Section 75 Protection on Purchases | Short term only

The biggest problem with BNPL is that people get it when they don’t need it. They try to entice people into paying online as “an easy way to spread the costs,” but if you don’t originally plan on borrowing for what you’re buying, don’t.

However, if you do need borrow short term on items you need up to a few hundred pounds, provided you can afford to repay it, it’s easy and interest-free. There is no first choice here as it relates to your purchases.

The only major concern is if things go wrong – hitting your credit report, no items delivery and more. There is little recourse, as it is not yet covered by the financial mediator. Also, the rules in section 75 don’t apply, so it’s best to avoid it for anything larger.

0% credit card loans: good for small but complex amounts

If you want a cash loan (say, buy something you can’t pay with a credit card) then for less than £ 3000 a 0% money transfer credit card might be a good idea. way to get a lot more. cheaper than traditional loans.

Here, for a one-time fee of 3-4% of the transferred amount, you transfer money from the card to your bank account and then owe the card company instead.

✔ Advantages: interest-free for a decent time | Can verify eligibility without applying | Regulated – so can go to ombudsman if there are problems

❌ Disadvantages: one-off costs | No protection under Article 75 | Easy excessive spending and borrowing | Refunds are not fixed, so it’s easy to underpay | Not everyone can have one

As with 0% charge cards, money transfer cards are best for those who trust themselves to only use them for a one-time purchase and to erase the card before the 0% ends. These cards are complicated, so please read our guide to 0% money transfers to make sure you get it right.

Best Deals Right Now: What really matters is what you’ll be accepted for, so ALWAYS check the 0% money transfers you’re most likely to get first. The current top pick is MBNA up to 18 months 0% (2.99% fee) *, although some poorer credit assessors may get a 3.49% fee. After the end of 0%, it is 22.9% rep APR (examples APR).

Once you have a card, complete the transfer as soon as possible. Then make sure you pay it back within the 0% period – the best way is to set up a direct debit repayment for a fixed amount, much like you have a loan, to make sure you clear it (and never miss a payment).

Overdrafts, student loans, mortgages, payday loans, car financing and other loans …

If you’re looking for new borrowing, we’ve gone over the top options worth taking out, but they’re not the only ones that are borrowing fish in the sea of ​​debt. And there are specific loans that can be better (or worse) in some cases. So let’s briefly review these …

  • Overdrafts are a new risk of debt (reduce yours to 0% and get paid £ 100). Overdrafts are a costly form of debt for the most part, now have an average APR of 40% and are best avoided. If you are already overdrawn an option worth considering is to switch to First Direct as it has an overdraft of £ 250 at 0% for the most part and pays you £ 100 which will help you with it. adjust more. More help reducing your overdraft fees.
  • Mortgages are a whole different category. If you are considering buying a new home or getting a new mortgage on your current home, that’s another story and it’s too much to put here. There is plenty of help in our Saving Mortgage Money section.
  • Is your car a wreck and you need it to get to work? The cheapest way to borrow to buy a new car is usually with a cheap personal loan. However, specialized auto finance packages can be more flexible. Our auto financing guides have all the pros and cons of each.
  • Student financing works more like a tax than a loan. A lot of people get what are called loans to go to college, whether it’s for tuition, the cost of living, or both. Yet in practice, what you pay back (if any) and interest depends on what you earn afterwards, so it’s kind of like a tax – the more you earn, the more you pay. Find out how they really work in Mythbusting on Student Loans.
  • And finally … don’t touch expensive payday loans or credit with a bargepole. It’s a financial and interest nightmare. If you have one, check out our payday loan help guide. If you had one before, you may also be able to recover from poorly sold payday loans.

In debt crisis? Don’t Borrow – Get Free Debt Help

The above options relate to new planned loans. Yet some are trying to borrow to get out of debt. It doesn’t work, so don’t try. Martin has three questions worth asking about your debts …

– Do you have trouble meeting the minimum monthly payments?
– Does your total debt (excluding mortgage and student loan) exceed one year’s salary?
– Do you have sleepless nights or depression / anxiety related to debt?

If you said yes to any of these questions, don’t borrow more – instead, get free, one-on-one debt counseling help from Citizens Advice, StepChange, or National Debtline. And if you need emotional support, try CAP.

They are there to help, not to judge. The most common thing we hear after is, “I finally got a good night’s sleep.” Read inspiring stories in our Wannabe Debt Free forum and check out our mental health, debt, and debt crisis help guides.

This article first appeared in the MSE weekly email on Wednesday April 28.

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Sharon Schappacher – Financing and Credit Rating for Your Business | Business Tue, 04 May 2021 09:00:00 +0000

If you have a business, you should check your personal and professional credit score. You can do this for free at (scroll to the bottom of the page and click on “Business Credit Scores & Reports”). Over 60% of businesses use their business credit score or a combination of their business and personal credit score to obtain financing (Source: Federal Reserve Small Business Credit Survey 2020).

Obtain a Federal Identification Number (FEIN) and use a consistent start date on all your documents. File documents to become a legal person or file a DBA (Doing Business As) with your county. It is very important to have a business bank account and try to leave a balance of at least $ 1,000 in it at all times. They watch how many deposits you have because they don’t like to see a business depending on just a few customers. Also, try never to debit your bank account, even if you have a line of credit to protect yourself.

The most critical elements for obtaining financing are the ability to repay debt, business and personal credit rating, strength of the business and of the guarantor (which is higher if you have been in business for at least 2 years. ), guarantees and up to date of financial statements. Lenders will want to see 1 to 2 years of financial data (business and personal tax returns), a plan for the use of funds (accounts receivable, inventory, equipment, real estate). Depending on the loan application, a financial forecast of how the loan will generate income and profit is also good.

All loans will require personal collateral (so a good personal score is important) and collateral. Collateral can be anything in the form of physical assets (i.e. equipment, machinery, real estate, and inventory) or ancillary assets (accounts receivable). If collateral is an issue, there are other avenues to follow (SBA, personal assets such as home equity or commercial property equity). A credit institution will require at the strict minimum an “all assets” deposit. Each lending institution will have different lending policies which stipulate the required collateral. The longer you have been in business, the more personal and business credit you use, and your financial strength (both personal and professional) can also determine the type of collateral required for a business loan.

There are different types of loans such as lines of credit, term loans, SBA loans, and commercial real estate loans. SBA loans are loans guaranteed by the Small Business Administration. These loans are not made by the SBA but by individual lenders such as banks or credit unions. The special loans that have been granted since COVID-19 are an exception to this rule. There is a guide called “Is an SBA Loan Right for You?” The Quick Guide ”on and the link is Just because you can’t get an SBA loan from one lender doesn’t mean you can’t get one from another lender. Lenders may have additional restrictions besides the SBA.

The creation of business credit is important as it can affect interest rates, insurance / surety bonds, government contacts and certain types of financing. The top 3 commercial credit bureaus are Dun & Bradstreet, Equifax and Experian. If you want to learn more about improving your credit score, go to and watch the recorded webinar titled “Smart Credit Strategies for Small Business Owners”.

It is very important to make sure that you have a good personal and professional credit rating. Please contact SCORE on for mentorship or view the many articles and webinars in the SCORE Library.

Sharon Schappacher is a volunteer business mentor in the Tip of the Mitt chapter of SCORE. She has accounting experience and is involved in the hospitality industry and various other businesses. To request SCORE’s free and confidential mentoring services for small businesses, call (231) 347-4150 in the Petoskey area or (989) 731-0287 in the Gaylord area.

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NOTICE | SAVE YOURSELF: Tonight’s Financial Talk Could Change Your Life Tue, 04 May 2021 07:09:31 +0000

The most memorable financial advice, I find, is the one that is taken up. How can I know? It comes back to me all the time.

Here are a few:

• Stop wasting money on rent. If I had a dollar for every time I heard someone tell me that, just those who were looking to buy a house when they had credit card and student loan debt and didn’t have a dime in their name, I could buy a Tesla.

• Go buy a car. Interest rates are zero. You know what else is zero? Your car paid for without car payment.

• Sign for a student loan; everyone has them. Last week a man mistakenly attended a session on student loans. He was a father who wanted to help his son get student loans, but the session was for people who had student loans to find out how to repay them. He stuck with the session and said that was all he needed to hear. Complicated repayment schedules, high interest rates, and just the anxiety and stress levels of young people on the phone trying to pay off their loans were all he needed to hear. He would never wish that on his son or his wife and himself. They go with the affordable local college and pay in cash.

• Get a credit card with the best cash back or travel rewards. Ah, my favorite. Free vacations. All you have to do is spend a lot of money on a credit card and hope you’re in the lucky group that isn’t in trouble. Four of the next 10 people you pass on the sidewalk have month-to-month credit card balances and pay $ 1,100 a year in interest. How much does a vacation cost again?

Honestly, the list goes on.

Here is the good news. The advice works, even if it is not good advice. These casual ping-pong “truths” around the recipient’s brain, especially since they are relayed by relatives.

So folks, here’s the plan. See you tonight at 6 p.m. and in one sitting let’s change the future of financial advice. Let’s create some new tips, then dig deep to share financial goal setting with those people you care about.

Let’s start with the reflex advice:

• Save 10% in your workplace pension plan. And if you don’t have a plan, save 10% in your own Roth IRA.

• Pay off your credit card in full each month. Never carry a month-to-month balance.

• Calculate what three to six months of spending would be and keep it in a savings account at all times.

• When buying a home, make sure the payment is no more than 14% of your gross monthly salary. Always reduce 20% to avoid private mortgage insurance, or PMI, and make sure it will be paid off when you plan to retire.

• When you have a baby, when the social security card arrives in the mail, set up a 529 education savings plan.

Now who should give this advice? Obviously, the family, to begin with. Parents and grandparents are obvious choices, but let me expand this list to see if that might spark an idea in you.

How about a doctor with a passion for finances. He and his wife manage their finances. They have educated their children about finances and are happy that they are all financially independent. But when he described his staff as part of his financial world, I was blown away. He was ready to be a source of reliable financial advice and encourage them to save. He was also willing to challenge them to think differently when they were about to make financial decisions that might call into question their ability to save.

But how strange is that, right? When do people openly talk about buying their cars with their bosses, getting rid of credit card debt, or saving for a retirement plan? Almost never? In this case, he crossed that taboo line that our society has drawn and started the conversation. And it never stopped. He has established a safe zone where financial discussions are fair.

Another doctor, by chance, found himself answering questions from his staff in an informal manner. He was so pleased with the experience that he hosted a dinner and chat with about 10 of them after work one day where they could have a long, distraction-free chat on many financial topics. Top of the list? Save 10% on their retirement plan, of course. Many acted immediately. The conversation only continued from there.

[Video not showing up above? Click here to watch »]

Or places of worship? I was running a retirement booth this week, and a woman came to tell me about the retirement plan. After explaining our goal for employees to achieve a 10% savings rate, she shrugged and said that she had saved 10% since she started working. She asked, “Doesn’t everyone know the 10-10-80 rule? Save 10%. Give 10%. Spend 80%.”

How about an aunt for two young women by marriage? The aunt was starting her career and saw the power to proactively manage her finances. What if she had started this even earlier in her career? The answer was obviously to provide his nieces with whatever might have been of use to him. So, even though they had a relatively new relationship, the aunt suggested that they meet once a week by Zoom and read a financial book together. They had a modest job to read 10 pages a week, but they met long after reading the book. Thanks to him, they all developed and shared financial goals and opened up to financial anxieties.

One of the nieces decided that a major financial goal was to eliminate financial worries, and she already got a taste of it. She described the feeling of buying a guilt-free shirt for the first time in her life. How? ‘Or’ What? Well, in her financial plan, she allocated a small amount each month to a savings account for clothes. When she made the purchase, she knew it was within her means. The other niece? Well, his car died last week. Was it stressful? Not as stressful as it could have been. She had a ready-made auto savings account.

Marriage conversations are probably the most important to me, and sadly still not an obvious place for healthy conversations to take place. I find that most of the couples I meet have a spouse who manages the money, and they rarely discuss it. Heck, even in my own marriage, I can see how life in general can keep us from having deep control over our financial plan. That’s why once a year we get together and review everything, distraction-free, and change or reaffirm our savings and investments. Wouldn’t it be great if couples saw the value and engaged in an annual “business” meeting?

Tonight, I hope to spark this conversation in many other trusted relationships in the Arkansas Democrat-Gazette All Access discussion. If you are someone who wants to create a tribe of family or friends that you can have an ongoing conversation with, bring them along. If you’re someone who wants to start a conversation to help bring a spouse, child, or mentee into a financial discussion, get them involved. During this conversation, I’ll offer specific new tips to use right away, the basics for setting group financial goals, and then the starting point for an ongoing, rewarding and meaningful conversation between you and your money tribe.

There is still time to register, and this particular event is open to the public in case your friends and / or family are not subscribed. You can register at the link here:

Sarah Catherine Gutierrez is Founder, Partner and CEO of Aptus Financial in Little Rock. She is also the author of the book “But First, Save 10: The One Simple Money Move That Will Change Your Life”, published by Et Alia Press. Contact her at

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Watts: Expanding Access to Higher Education for Virginia’s Economic Recovery | Chroniclers Sun, 02 May 2021 04:00:00 +0000

Rebecca watts

Nick gould

Rebecca watts

If Virginia’s workforce is to meet the ever-changing needs of business and industry, and if employers want to provide thriving paid jobs that allow individuals to advance in chosen career paths, there is work to do.

Although Virginia has slowly regained the jobs lost due to the COVID-19 pandemic and the unemployment rate for February (5.2%) is lower than the national average (6.2%), it is still higher than it was last year at this time (3.3%).

Local industries, ranging from healthcare to information technology, all need a skilled and skilled workforce to continually maintain and modernize their service and product offerings. Without a top-notch talent pool prepared with relevant 21st century skills, companies risk not staying competitive.

Reversing this trend will require broad collaborative efforts, like the Virginia Chamber of Commerce Blueprint for Returning Virginians to Work, which directly addresses this issue with an imperative to align educational opportunities with areas of high demand. A self-sustaining workforce strengthens the Commonwealth’s economy and is made up of individuals who have the modern and relevant tools to reach their full potential, developed through education to harness talent into opportunity.

But there is an affordability gap to access this education. Last year, student submissions from the Free Application for Federal Student Aid (FAFSA) fell 8% nationwide. In Virginia, applications were down 8.7% and 31% for low-income Virginia high school students. These students are part of a critical segment of the state’s population – people who have not pursued higher education and the jobs that might result, in large part because they have not applied for or received financial assistance.

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Why didn’t San Antonio close its doors to Latin American colleges? Fri, 30 Apr 2021 03:15:00 +0000

The summer after her first year of undergraduate studies at St. Mary’s University, Vanessa Sansone’s mother was fired and her father suffered a heart attack. Hospital bills started to pile up and Sansone took on multiple jobs so her family wouldn’t lose their home or car. The only time she had to study was in the middle of the night.

“I thought I was going to have to retire,” Sansone said. “There were a lot of times I thought, day to day, ‘I don’t know if I can do this.'”

Now an assistant professor of educational policy at the University of Texas at San Antonio, her experience is fueling her research on access to higher education.

She managed to get her bachelor’s degree and then a doctorate, but she knows how easily it could have gone the other way – and how easily it can go the other way for many South Latin American students. from Texas.

“It shouldn’t have been that difficult. I shouldn’t have had to work three jobs. I shouldn’t have been constantly stressed and worried, ”Sansone said. “The systems are inequitable. And they’re like that for a reason.

According to U.S. Census data, only 17% of Hispanics in the San Antonio metro area have a bachelor’s degree, well under half the graduation rate for the white and Asian population of San Antonio. San Antonio’s black population falls in between, but is also less likely to have a college degree.

These inequalities have existed for generations and, despite years of focused efforts to close the gap, remain largely unchanged. The city of San Antonio founded the San Antonio Education Partnership in 1989 to address the gaps in higher education outcomes, and yet, decades later, huge disparities remain.

San Antonio statistics reflect national trends in education. But since San Antonio is 64% Latino, these disparities mean not only that San Antonio fails to adequately serve its most vulnerable, but also fails to ensure that the majority of its people have the skills they need to survive. build a career and earn a comfortable income. .

At the same time, national research and conventional wisdom on how best to ensure success in college does not match the reality on the ground in San Antonio. The focus is mostly on four-year universities, but the largest institution of higher education in San Antonio is the Alamo Colleges District, a system of community colleges.

The primary metric used to judge a college’s effectiveness is its graduation rate, but this only counts full-time students enrolled in the college for the first time. Most of the students at the University of San Antonio are part-time and many of them are transfer students. And with the exception of South Texas, most universities do not serve a predominantly Latin American population.

To help bridge the gap between conventional wisdom and the reality on the ground in San Antonio, TPR interviewed local students to find out what their college experience looked like, what helped them stay enrolled, and the biggest challenges they faced. they had to overcome. earn their degree.

Thanks to a scholarship with the Education Writers Association, TPR hired the Institute for Research on Public Policy at Texas A&M University-College Station to administer the survey and collect the results anonymously. The online survey was sent to students enrolled in one of the city’s public higher education institutions within the past two years.

The purpose of the survey was to collect data on finances and family – two factors, Sansone said, play critical roles in Latin American students’ decisions about college. Since the survey was sent in the spring semester of 2021, it also asked about the effects of the COVID-19 pandemic.

Over 2,600 students responded to the survey, which was sent to their student email accounts. Due to the nature of the format, the low response rate of less than 2% was expected. However, the responses largely reflected the same demographic trends as the overall student body at the University of Texas at San Antonio, Texas A&M University-San Antonio, and the Alamo Colleges.

Women, white college students, college students aged four, and students 25 and older were overrepresented in the survey, but the majority of respondents were Hispanic students. Half of the respondents were eligible for need-based financial assistance and almost half attended school part-time. Just under half attend one of the five community colleges in Bexar County.

The survey found that black and Hispanic students were more likely to face financial barriers than white students, but the vast majority of students, regardless of race and ethnicity, said their parents encouraged them to go. at University. Black and Latino students were also more likely to be economically affected by the pandemic.

Sansone said the survey results on finances, student loans, family responsibilities and expectations largely reflect the same trends she found in her research and underscore the need to reframe the parameters of what signifies a student’s achievement.

“The characteristics of the students we serve here in South Texas are different and come with unique needs, high needs, in many cases,” Sansone said. “This traditional way of doing things is not necessarily right for us, because it is not who our students are, nor the best way to serve them.”

Rather than focusing on encouraging more students to graduate in four years, for example, Sansone said colleges should focus on supporting students where they are and counting every time. diploma as a success no matter how long it takes a student to complete.

She also said it was important to keep in mind the history and geography of San Antonio and their influence on race, ethnicity, class and access to a college degree without making assumptions about what this story means for a student’s dreams and goals.

“South Texas is unique in this sense – back then, a long time ago – there were already racial disadvantages linked to the land when the United States decided to take control of Texas,” Sansone said. . “For many of these Latinx students, they come from a history of disadvantage (and) a legacy of injustice.”

Sansone cited Bexar County’s many school districts and steep economic disparities as an example of how these historic injustices affect San Antonio students today, making Latino students more likely to attend school with less. resources and less likely to be able to afford college easily.

In addition to long-standing inequalities in success in higher education, San Antonio also has large gaps in high school completion. Only 76% of Hispanic adults have a high school diploma in San Antonio, compared to 95% of white adults and 92% of black adults.

“It’s almost mind-boggling, you know, that (the Latino students in San Antonio are coming to college) because there have been generational barriers that have been put there, to make it even more difficult to access to higher education, let alone the graduate, ”Sansone said.

The purpose of TPR’s survey is to find out what makes it difficult for those who do to stay enrolled – and what helps them graduate.

This is the first in a series of articles based on TPR’s University Access Survey. Each story will explore the characteristics of the college experience of black and Latino students in San Antonio.

Editor’s note: TPR consulted STATS Sense About Science, United States Director Rebecca Goldin to determine how best to measure the statistical significance of the survey results. Due to the multiple questions included in the survey, no conclusions about the general student body were drawn in the TPR reports unless the p-value was less than .0005.

TPR was founded and is supported by our community. If you value our commitment to the highest standards of responsible journalism and are able to do so, please consider making your support donation today.

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Merchant Cash Advance: The Right Choice For Your Business? : Caribbean News from South Florida Fri, 30 Apr 2021 01:56:10 +0000

A cash advance from a merchant is different from a standard small business loan. Sometimes known as MCAs, they can provide businesses with cash quickly. Many lenders don’t view it as a loan because they offer business guarantees in return for a portion of the business’s future sales. Before you decide if a cash advance from a merchant is right for you, let’s take a look at how they work.

What is a merchant cash advance?

A cash advance from a merchant is not technically a loan. Instead, a lender provides a business with a cash advance, usually in the form of a lump sum, which is deposited into the borrower’s bank account within 24 to 48 hours.

According to GreenStarCashMCAs are similar to personal payday loans in that the money loaned should be repaid when the borrower receives income. In the case of payday loans, it is the borrower’s paycheck; for businesses, it means future sales.

The risk of the loan and the amount the lender will offer is determined differently from how banks or institutions approve small business loans. Usually, before extending a merchant cash advance, the lender will take into account the past and current sales of your business. This will help them assess the likelihood that the advance will be repaid on time. Due to the risk inherent in sales volatility, MCA rates may be higher than other loan options.

How does a merchant cash advance work?

Although merchant cash advances were historically only offered to businesses that relied on debit and credit card sales, the offers have grown. Indeed, MCAs can be structured in two ways.

The first is the most common. A lender evaluates the history, sales and projected income of your business. Based on these numbers, they can determine how likely your business is to repay the advance and how long that will take. Then the lender provides you with an advance or a lump sum of cash based on the future income of your business.

They also set a refund rate that will be taken from your credit or debit card sales. This is called withholding. Hold is the daily or monthly percentage of your business’s credit and debit card sales that will be used to pay off your MCA. This is usually a fixed rate and can range from 10 to 20 percent.

Fees will also be allocated, this is called the factor rate. It is based on the risk and likelihood of repayment of your business. The factor rate is generally between 1.2 and 1.5 percent.

Therefore, the more transactions your business makes, the faster you will be able to repay your advance. If you happen to have a slow period, the money taken as reimbursement will be less. Since the amount you pay on the advance depends on your sales, it may be easier to pay off your debt systematically.

For example, if your business needs $ 20,000 to purchase inventory. The lender will give you a MCA of $ 20,000, but will also give you a 1.4 factor rate. This means that you will have to pay back $ 28,000 in total. They will deduct 10% of your monthly credit and debit sales until you have paid off the loan in full.

The second option is fixed weekly or daily deposits from a bank account. This is called an ACH Merchant Cash Advance. The lender estimates your monthly income and then assigns an amount to be deducted from your account at regular intervals. This type can be ideal for businesses that do not rely heavily on credit or debit transactions. However, the refund amount is unrelated to your sales. The amount deducted will not fluctuate no matter how low last month’s income was.

Why do companies choose an MCA?

They are fast

A cash advance from the merchant can be a great option for some small businesses. They are quick and easy. In most cases, the lender will review your receipts to determine eligibility. The application process is neither complicated nor red tape. You can have the money in your account as early as 24 hours after approval.

The reimbursement amount is variable

A variable repayment amount based on sales is preferred by most small businesses. If you’ve had a lackluster month, you won’t have to worry about raising funds. When your sales go down, your payout goes down as well.

No physical warranty required

Unlike other types of loans, your business won’t have to put up valuable physical assets to secure a cash advance. This means that if you fail to repay your loan, you will not risk taking your assets. However, in some cases a personal guarantee is required. Therefore, if your business cannot repay, you are personally responsible for the remaining debt.

Is an MCA Right for Me?

Whether or not a merchant cash advance is right for you depends on several factors. You know your business better. Funds are generally easy to secure and are deposited quickly. While the refund amount is tied to your sales, the fees and APRs associated with ACMs can be high. Make sure you read the agreement carefully and consider alternatives before making a decision.

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CFPB Finalizes Extension of Mandatory Compliance Date for General Mortgage Final Rule Thu, 29 Apr 2021 04:45:54 +0000

On April 27, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule formally delaying the mandatory compliance date for the rule defining an “qualifying mortgage” (QM) (the general final rule of QM) from from July 1, 2021. to October 1, 2022.

We have already reported on this mortgage regulation which was finalized by the Bureau at the end of last year. The general final rule of quality management greatly simplifies the definition of quality management by replacing the original general lending definition of quality management (centered on the requirement that the debt-to-income ratio (DTI) consumer rate does not exceed 43%) by a loan-based limit. pricing. The rule was published in the Federal Register December 29, 2020, with an effective date of March 1, 2021 (although the rule contains an initial mandatory compliance date of July 1, 2021). We have also previously reported on the Office statement of February 23, 2021 which provided an update and more specific guidance regarding the current and future plans of the Office regarding quality management rules.

In accordance with the February 23 statement, the Bureau issued a rule proposal on March 3 to extend the mandatory compliance date of the General Quality Management Final Rule from July 1, 2021 to October 1, 2022 (which we also have already reported). The CFPB has now adopted the previous rule proposal.

For applications received on or after March 1, 2021, but before the mandatory compliance date of October 1, 2022, creditors seeking to provide General GQ loans have the option of complying with the revised definition of General GQ loan based on price. or the initial and total monthly general QM loan definition based on the DTI. In addition, the final rule affects the expiration of the temporary GSE QM loan definition or “Patch,” which is a temporary QM definition that also gives QM status to certain mortgages eligible for purchase or guarantee by the ‘either GSE (Fannie Mae or Freddie Mac). According to the final rule, the definition of temporary GSE QM loan will expire on October 1, 2022, or the date on which the relevant GSE leaves the trusteeship, whichever occurs first. However, only the revised, price-based general GQ loan definition will be available for applications received on or after October 1, 2022, which is a mandatory compliance date.

The final rule comes into effect on June 30, 2021.

To take away

  • It is important to note that although this Final Rule postpones the mandatory compliance date of the General QM Final Rule, it does not change the effective date of the General QM Final Rule (the General Final Rule of the QM entered into force on March 1, 2021).
  • As the Bureau itself acknowledges, the future impact of this delay on access to credit is subject to uncertainty. The practical availability of the temporary GSE QM loan definition after July 1, 2021 may be significantly affected by policies or agreements created by parties other than the Bureau, such as recent revisions to Preferred Share Purchase Agreements (PSEAs). ) entered into by the United States. Department of the Treasury and the Federal Housing Finance Agency, which include restrictions on GSE purchases that are based on the GSE QM temporary loan definition after July 1, 2021. These changes may prevent GSEs from purchasing loans on the basis of the definition of temporary GSE QM loan after July 1, 2021, and can therefore significantly limit the impact of the delay in the mandatory compliance date, in the absence of revisions to the agreements. A delay in the mandatory compliance date may not provide additional time for implementation because, in light of the PSPAs, creditors would likely have to comply with the revised general definition of the price-based QM loan to sell. their loans to GSEs as of July 1, 2021. It remains to be seen whether, and if so, how many loans covered by the GSE QM temporary loan definition will also be covered by the revised QM general loan definition based on price.
  • The Bureau concluded that maintaining flexibility to respond to the effects of the pandemic, by postponing the mandatory compliance date to October 1, 2022, outweighs fears that a postponement of the mandatory compliance date could stifle development. private sector approaches to underwriting or underwriting. a rebound in the private market excluding GSE in the short term. It remains to be seen, however, how the mortgage market reacts once the practical availability of the GSE QM temporary loan definition is severely limited on July 1, 2021.
  • This last rule does not make any other changes to the general definition of the QM loan. The Bureau stated that it plans to assess the changes made by the general final rule on quality management to the general definition of quality management loan and that it will consider at a later date whether there is Another regulation should be launched to reconsider other aspects of the general final rule of quality management. That said, the lingering uncertainty about a possible reconsideration of the revised definition of the general GQ loan based on prices may ultimately deter some creditors from implementing the revised definition of the general GQ loan.

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Post-secondary students worry about another jobless summer Thu, 29 Apr 2021 01:51:00 +0000

CALGARY – There is added stress for post-secondary students who complete semester final exams, find summer jobs with student loans adding up and tuition on the rise.

“The research has been very difficult over the past month,” said Justin Gotta, who has just completed his third year at the University of Calgary.

The economics major is hoping to secure a co-op position this summer, which he needs to graduate. But I have to say that there are not a lot of opportunities available.

“It’s really important to me, so I have the necessary work experience to enter the workforce after I graduate. It gives me an edge over my peers and allows me to compete with people who have already been in the workforce for several years, ”he said.

I received a reminder on Tuesday for a possible interview next week. He lost his two part-time positions, as a usher at the Scotiabank Saddledome and as a minor hockey referee last year.

He’s not the only one struggling to find a job.

“I was unemployed all last summer after I finished my undergraduate studies and this summer it was just as difficult, but most of the jobs I found were not really architecture related.” said master’s student Jassie Kehal.

“My schedule is so rigorous that it’s hard to find work year round, so summer internships are kind of what we rely on,” Kehal said.


As of May 1, 2021, tuition fees for most University of Calgary undergraduate programs increase by 7% for domestic students. Some programs will see a 10 percent increase.

The University of Calgary Students Union said it fears this year will be similar to last as many students could not find work or their opportunities were canceled at the last minute due to the pandemic.

The Students Union wants the province to bring back the Temporary Summer Employment Program (STEP) which was canceled by the UCP government in 2019. It has offered a wage subsidy to employers.

Gotta, is also the representative of the students’ union at the Faculty of Arts, said that a student-specific program is needed.

“It would be really beneficial for students right now so that employers are incentivized to hire a student position, to give us the appropriate work experience that we need to enter the workforce,” Gotta said. .

A Calgary MP is trying to ease the burden by securing $ 2.8 million in federal funding for jobs through the Canada Summer Jobs program.

“My constituents really worry me that their kids are dropping out of school and universities and not being able to find jobs,” said Jag Sahota, MP for Calgary Skyview.

The money will go to small businesses and non-profit groups who can then hire students. The candidates for this year have been chosen. Sahota said hundreds of candidates would benefit.

“We always say that small businesses are the backbone of our economy and it’s a win-win situation for everyone. The students, the young population get life experience, work experience and build long term relationships, then small businesses get the support they need, financial backing, ”she said.


On Wednesday, the federal government announced that more than 150,000 summer jobs across Canada are posted on an online job bank.

Jobs are available in a variety of fields, including nonprofit work, food industries, landscaping, and marketing for anyone between the ages of 15 and 30.

Employers will receive subsidies for wages.

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Scammers have their eyes on your money Wed, 28 Apr 2021 21:14:25 +0000

With the multiple stimulus checks paid over the past year, consumers and businesses have had a new pile of money to flood the system. In the months to come, crooks will likely see their eyes there.

According to the Federal Trade Commission, more than 380,000 fraud complaints have been filed since the start of the pandemic, and consumers have been defrauded of nearly $ 366 million. The government agency said scams related to the coronavirus peaked in the spring as fears of the virus began to spread in the United States.

With all of this in mind, this is an especially important time for consumers to be on the lookout for scams. Here are some of the most important to know.

Stimulus or not, many Americans are still struggling financially. At the same time, payday loan regulations were overturned earlier last year by the Consumer Financial Protection Bureau, making it easier for payday lenders to prey on the most vulnerable financially.

Despite the flashback, consumers should be aware that while payday loans can look attractive by providing quick access to funds, they also come with exorbitant interest rates which can make repayment very difficult, while potentially causing loss. serious damage to the consumer’s credit rating. (which can make it more difficult to get approval for more loans in the future and hamper job prospects).

Phone scammers took robocalls to the next level during the pandemic. In response, agencies such as the World Health Organization and the Federal Communications Commission have issued warnings on robocall and text message scams targeting both consumers and small businesses during the pandemic.

These scams can involve anything from offering false information about the virus, to selling home test kits, to offering bogus government assistance. A call claims to be from the US Department of Health, warning of an outbreak “in your area”.

Consumers should be aware never to share personal or financial information over the phone with suspicious and unverified callers and not to open suspicious text links from unknown numbers.

When the first round of stimulus checks took place in April and May, government agencies warned of a variety of scams, usually in the form of bogus emails or government phone calls, that attempted to phish. information by pretending to be the IRS or demanding payment. necessary to receive funds.

Now that consumers are on the verge of receiving another $ 1,400 stimulus check, another round of stimulus scam calls will surely come with it. It’s important to remember that the IRS – the agency responsible for sending the checks – will never contact you by phone, email, text, or social media. Consumers should only use the IRS website to submit information to the agency.

Most people should know that they only buy from verified sellers on established websites. If you order from a website like Amazon (NASDAQ: AMZN), Etsy (NASDAQ: ETSY), or eBay (NASDAQ: EBAY), check seller reviews to make sure they are legitimate. If you are ordering from a store’s website, make sure the business is real and check the return policy.

Consumers should also be aware of parcel delivery scams, where a fraudster will send a fake tracking link for your parcel. These links may prompt you to enter personal information or call a number due to an issue with your delivery, and may also install malware on your device.

As a result of the pandemic, consumer adoption of peer-to-peer mobile payment applications such as PayPal (NASDAQ: PYPL) Venmo, Square’s (NYSE: SQ) Cash App, and Zelle is growing.

These platforms are all easy to use and provide consumers with a fast and secure way to send and receive money from people they know and trust. However, their user-friendliness also makes them popular with crooks requesting transfers, where getting your money back can be extremely difficult.

Beware of anyone you don’t know who requests money through any of these mobile apps. This includes apparently well-meaning people asking for charitable donations, such as anyone managing a COVID-19 relief fund. If you’re sending money to an organization, check out how to do it using a payments app. If you are sending someone money, make sure you verify their information and that they are trustworthy.

Learn more about Benzinga

© 2021 Benzinga does not provide investment advice. All rights reserved.

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How to make sure your off-plan buy-lease property is mortgage friendly Tue, 27 Apr 2021 08:00:00 +0000

While off-plan brochures can look incredibly attractive, offering high rental yields for buy-to-rent investors, it’s important to do your homework and make sure your off-plan buy-let property is ‘loan-friendly’. mortgage ” to save you. time and money when you are done.

The construction of a multi-storey building.  Two construction cranes on a building construction.  Scaffolding on several floors

While off-plan buying comes with some risk, it’s usually a good option if you’re buying in an area where house prices are rising and there is a need for more homes.

Panoramic view of Manchester city

While buying a buy-to-lease property may seem like a straightforward process, there is a lot to dig into once you’ve scratched the surface.

When buying an off-plan property for rent, doing your homework can really come in handy when it’s time to finish it.

By doing your homework ahead of time, you can make sure you’re giving yourself the maximum mortgage eligibility and saving a lot of time, money, and stress when you finish.

– Stuart Marshall

MANCHESTER, GREATER MANCHESTER, UK, April 27, 2021 / – Buying off-plan can seem both tempting and scary at the same time. While many off-plan brochures can look incredibly attractive, offering high rental returns for rental investors, it’s important to do your homework and make sure your off-plan buy-let property is’ mortgage friendly. ” to save money. you have time, money and stress when you finish.

What is “off-plan” purchasing?
Buying off plan is where you buy a property before it’s built. While this comes with risk, it’s generally a good option if you’re buying in an area where house prices are rising and there is a need for more homes.

“There are advantages to buying off-plan,” says Stuart Marshall of Liquid Expat Mortgages. “ For example, if you are buying in a desirable area, you can often find that your property has already risen in value by the time it is completed versus when you bought it. Many off-plan properties are also the subject of special offers that offer buyers the opportunity to obtain better plots that they might not be able to obtain in a normal buy-to-lease market.

Off-plan rental properties sometimes also allow the buyer to choose their fixtures and fittings, allowing you to better tailor your property to your “ ideal tenant. ”

Do your homework!
“While off-plan rental properties can look incredibly appealing, you also need to make sure you do your homework,” continues Stuart Marshall. “ It is very tempting – and incredibly easy – to sign the reservation form on an off-plan buy-let property and think that there is nothing else to worry about until it is completed in a few minutes. years. However, the more you are able to do your due diligence before booking, the better! By doing your homework ahead of time, you can make sure you’re giving yourself the maximum mortgage eligibility and saving a lot of time, money, and stress when you finish. By ensuring the mortgage eligibility of your property, you do the same for future buyers, thus guaranteeing the largest pool of potential buyers when you come to sell ”.

But how do you make sure that your off-plan rental property is as “ mortgage friendly ” as possible? Well, there are a number of things you can do before you even decide to take the plunge into an off-plan rental property. First of all, you need to think about the following things:

– What is the reputation of the developer and what are the customer satisfaction levels?
– Is it possible that I can get a developer agreement? For example, some developers will offer fixtures and fittings or cover the stamp duty on the property.
– Make sure the developer has insurance to guard against their failure to complete development. This could involve a real estate lawyer.

“One of the biggest concerns investors have when it comes to off-plan developments is the expiration of mortgage offers,” says Stuart Marshall. “Usually mortgage offers expire after six months. When buying off plan, you can reserve a property a year or more before it’s available so you can be left dry if you’ve paid a reservation fee but can’t get a loan. mortgage. Fortunately, some lenders are now offering longer periods on their transactions. But, it is important to speak to a specialist broker about your situation so that they can advise you appropriately and ensure that you are not left behind.

Once you’ve done your initial homework, you need to take the important step of getting a “decision in principle” to see how much a lender will lend you. With this process, it is important that you check the following:
– Will the lender lend on new construction sites? Sometimes lenders don’t lend on new apartments.
– You need to make sure that you are not over your lender’s exposure limit since lenders will have a maximum percentage of properties they are willing to lend against on a given development.
– The lender’s surveyor will verify plans, construction materials and construction method. If there are any issues here, the lender probably won’t offer you a mortgage. Coating issues are of particular concern at this time. However, an expert broker will be able to help you through the process and ensure that there are minimal issues with your property by the time your lender’s surveyor inspects it.
– Since you are buying an investment property, you will also be subject to checks on the realizable rent of the property. These verifications will be carried out by the lender’s surveyor and you will need to provide your projection of the rent, supported by the written opinion of an agent. If the surveyor does not agree with your projection, you may be offered a smaller loan and therefore have to put a larger amount on your funds. This is a very important consideration as you need to know that you can afford the supplement if needed.

So while buying a buy-to-lease property may seem like a straightforward process, there is a lot to dig into once you’ve scratched the surface. As always, hiring an expert broker will ensure the process is as smooth and efficient as possible, helping you fully discuss your options and sort out any issues early in the process.

Disclaimer: Please note that Liquid Expat Mortgages has no direct control over the timeliness of processing mortgage applications or mortgage offers issued by lenders. Liquid Expat Mortgages has no control over the legal process and CANNOT accept any liability if your request is not processed before the expiration of the current land stamp duty rules expiring on September 30, 2021 or any extension of that date.

Liquid mortgage loans for expatriates
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Bury BL9 7BR
Telephone: +44 (0) 161 871 1216

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