Chess association – Ajedrez En Mexico http://ajedrezenmexico.org/ Wed, 02 Feb 2022 07:37:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://ajedrezenmexico.org/wp-content/uploads/2021/12/icon-69.png Chess association – Ajedrez En Mexico http://ajedrezenmexico.org/ 32 32 Do Long-Term Installment Loans With No Credit Check Exist? https://ajedrezenmexico.org/do-long-term-installment-loans-with-no-credit-check-exist/ Wed, 02 Feb 2022 07:37:30 +0000 https://ajedrezenmexico.org/?p=582 The lenders who offer lengthy installment loans with no credit check are the ideal scenario for a lot of people. But do they actually exist? The most straightforward answer is not. The concept of providing long-term business loans with no checks on the creditworthiness of the applicant is a bit of a risk, particularly with direct […]]]>

The lenders who offer lengthy installment loans with no credit check are the ideal scenario for a lot of people. But do they actually exist?

The most straightforward answer is not. The concept of providing long-term business loans with no checks on the creditworthiness of the applicant is a bit of a risk, particularly with direct lending. It is really the longer-lasting installment loans are actually only offered to the applicants here.

It is up to you to decide if a longer-term installment loan or no credit check is better for you.

If you’re suffering from weak credit scores and you’re not in a position to obtain credit checks or credit reports, you might need to take on funding that checks your credit, but they will also take applicants with low credit scores. However, certain kinds of financing for businesses are accessible without having to conduct credit checks.

If you choose to take the longer-term installment loans over no credit consider your options prior to deciding it is essential to confirm that you satisfy the conditions to qualify to receive this sought-after corporate financing.

Let’s look at the next steps you need to take when looking for financing to help your company.

This is the guide you need to determine the next steps for those who wish to obtain term installment loans with no credit find a lender on the internet.

The most effective loan options that don’t require a credit score

If you want at putting your “no checks on credit” aspect of the procedure, you’ll have to deal with a challenge in coming up with alternatives.

You’ll have to look at other options that are more short-term. Credit scores are one of the primary methods that institutions determine whether you’ll be able to repay the loan. So, only credit products that are short-term products will cause your credit score to fall.

There’s no type of financing that doesn’t have to be accompanied by credit checks in all areas for all lenders that offer it, there are certain types of loans that need credit verification more frequently than other lenders.

They could also be the most expensive type of financing for small businesses, and you’ll need to pay for it in order to avoid paying for a credit report. If a lender says that their loan is “credit check-free” then you’ll have to be careful.

Certain types of business finance don’t require credit checks. We’ve listed them below.

1. Invoice Financing

The most basic of loans that typically do not require credit checks could be invoice financing.

However, invoice financing could offer your company an increase of up to 90% of outstanding invoices. Because this kind of financing can increase the due amount of outstanding bills that your business is waiting to be paid on, and their underwriting is based on the customer’s trustworthiness, not on your creditworthiness. So, invoice financing applications generally will not require verification of your credit to any extent.

However, in the end, invoicing financing could be a costly expense to your company. This kind of financing is usually coupled with factor charges or discount rates that rise depending on the length of time that your invoice remains unpaid. Invoices for financing and factoring are typically accompanied by factoring fees that range between three percent or one percent each week that the invoice remains unpaid.

These rates could lead to higher costs as compared to conventional financing rates. So, it is important to look at options that are less costly before making a decision on this type of loan without a credit check.

Invoice your client’s invoices, you can offer financing as ideal for any B2B business, no matter if they’re seeking small-scale business loans that have no credit check or for long-term financing without credit checks.

2. Merchant Cash Advances

Another form of loan for an organization that typically does require a credit check is the cash advance offered by the merchant.

By granting merchant cash advances, they give small businesses an opportunity to buy large amounts of capital, dependent on future sales of credit cards. Capital is repaid with an annual percentage of the business’s purchases made with credit cards until the entire amount is returned.

The cash advance that is offered by merchants is one of the simplest kinds of loans you could be eligible for because the terms are extremely brief, as well as the rates of interest, are incredibly high. This is the reason that many lenders that provide cash advances for merchants can bypass credit checks in their underwriting processes to differentiate them from competitors. Instead of being concerned with their creditworthiness for your company, they’ll consider your company’s cash flow from credit cards as the principal decision-maker.

Additionally, this type of business loan is among the most costly financing options that are available. Factor rates generally range between 1.14 to 1.18 If you make regular payments this kind of loan could result in significant expenses to the business’s cash flow.

What do I need to know about an installment loan for long-term?

You’ve likely observed that business loans that do not require a credit assessment aren’t the most effective option to get funding. The majority of these lenders take advantage of a weakness that many business owners find themselves struggling to access the funds they require to run your company. They then make use of this money to charge you hefty interest rates.

Thus, unless you’re in need of money right now, it’s advantageous to delay building credit to be able to obtain loans with lower costs which may require an assessment of credit in the very near future.

Here’s a suggestion to get longer-term installment loans in the future.

1. Find the most affordable short-term financing that you are eligible for.

Though all of your financing options might not be the best option if you have bad credit scores or poor credit history, you may require access to capital for your company right away. If this is the case, make sure that you select the most cost-effective option that meets your needs. If you choose to choose the most expensive option, the next step could be difficult to complete.

Step 2. Pay your short-term loan punctually, each time

If you choose to pay back the loan be sure to complete the repayment on time and completely. This will let you enhance or strengthen your credit which will open the door to the possibility of future funding.

If you’re unable to pay your bills in time, late payments could negatively affect your credit score.

3rd Step: Create Credit With the assistance from the help of a Credit Card

So long as you pay back the loan in full It is also possible to build your credit by ensuring you spend responsibly with a credit card for business.

Based on the credit cards you choose This prudent spending can assist in diversifying and improving both your credit score for business as well as personal credit. Two options to consider are:

  • Capital One Secured Mastercard
  • Capital One Spark Classic for Business

If you make use of your credit card responsibly, this way, you’ll be able to increase your credit score faster and prove to prospective lenders that you’re a trustworthy creditor.

Step 4: Do some research Long-Term Installment Loans After Your Credit is in good standing

With a little time and a lot of effort, It is possible to increase your credit score to a level where you are suitable in the future to be eligible for installment loans, even though they will require a credit check. If your credit score is 620, you’ll be able to be considered for loans for businesses with a longer-term duration.

In fact, If your potential long-term lender requires an inquiry about your credit, you’ll be thrilled to accept it following these steps in order to enhance your creditworthiness.

The Bottom Line

What’s the goal behind long-term installment loans with no credit check?

At the final, in short, there isn’t a thing. We hope this guide will assist you to determine the best way to identify the most suitable business financing solution that meets your specific business requirements.

While no credit check business loans are offered, they’re always the most costly option. Therefore, unless you’re in need of immediate cash, we suggest spending time building credit before you apply for loans.

If you do a bit of prudent spending on the correct credit card, you’ll be able to get the most affordable business loans however it might require credit verification.

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Prevent payday lenders from using trusted banks for predatory lending https://ajedrezenmexico.org/prevent-payday-lenders-from-using-trusted-banks-for-predatory-lending/ Tue, 01 Feb 2022 20:01:04 +0000 https://ajedrezenmexico.org/prevent-payday-lenders-from-using-trusted-banks-for-predatory-lending/ Three major banks — Wells Fargo, Truist and Regions Bank — announced plans in January to launch small-dollar loan offerings to customers with checking accounts. If their loans give customers time to repay in affordable installments at fair prices, like the existing small loans from US Bank, Bank of America and Huntington Bank, that’s good […]]]>

Three major banks — Wells Fargo, Truist and Regions Bank — announced plans in January to launch small-dollar loan offerings to customers with checking accounts. If their loans give customers time to repay in affordable installments at fair prices, like the existing small loans from US Bank, Bank of America and Huntington Bank, that’s good news for consumers and that could yield significant savings over paydays and other high cost loans. loans.

But not all small loans are safe simply because they come from a bank: costly and risky third-party loan arrangements, better known as rent-a-bank, allow payday lenders to take advantage of a banking partner’s charter to make high-cost loans that circumvent state laws and consumer warranties.

Several state-chartered banks overseen by the Federal Deposit Insurance Corp. (FDIC) have in recent years begun providing high-cost loans to payday lenders. As the Office of the Comptroller of the Currency (OCC), the FDIC and other federal banking regulators consider new guidance on how banks can better manage third-party risk, they should take this opportunity to review the high-cost lending partnerships among a few. FDIC-regulated banks.

Research from Pew Charitable Trusts has identified the adverse effects of unaffordable short-term loans on the financial stability of many low-income consumers. Americans spend more than $30 billion borrowing small amounts of money from payday lenders, auto titles, pawnshops, rent-to-own and other high-cost lenders. Payday loan borrowers end up paying an average of $520 in five-month fees per year for an average loan of $375. Fortunately, state laws and federal guidelines have allowed some lower-cost loans to reach the market, proving that effective rules and lower-cost options can save borrowers billions of dollars each year while maintaining a widespread access to credit.

Outside of the banking system, many states allow payday loans with few collateral, while others choose to effectively ban payday loans. And some states allow payday loans, but only with strong consumer protections. However, even in states that protect consumers, unlicensed payday lenders are increasingly using bank lease agreements to make loans that would otherwise be prohibited.

For example, in eight states, bank lease lenders charge as much or more than state-licensed payday lenders. The spread of these bank lease agreements should alarm federal regulators from the OCC, the Consumer Financial Protection Bureau, and especially the FDIC, as these partnerships result in higher costs and consumer harm instead of expand access to better credit.

Our research revealed that consumers resort to high cost loans because they are in financial difficulty and often live from paycheck to paycheck. Lenders are well aware that these consumers are looking for quick and convenient loans, so they may charge excessive fees. Without strict rules for affordable payments and fair prices, consumers end up in long-term debt and report feeling taken advantage of.

Small loans can help meet the needs of financially insecure consumers. But a safer and far less costly solution than bank lease arrangements would be for banks to follow the lead of Bank of America, US Bank and Huntington Bank in offering small installment loans or lines of credit directly to their customers. – with prices, affordable payments and a reasonable repayment period. The offerings from these banks cost borrowers at least five times less than those offered by FDIC-supervised bank lease lenders. Pew found that with affordable loans like these, millions of borrowers could save billions a year.

As vulnerable consumers continue to face volatility in income and spending, the FDIC, which will have new leadership, should act decisively to stop risky bank lease loans – which have well-known loss rates. higher than any other product of the banking system. Normally, bank examiners would shut down such dangerous programs, but the poor results of these loans are hidden from examiners – because banks, which typically don’t keep loans on their books, quickly sell most or all of them to lenders on salary. But their high loss rates nonetheless show up in payday lender earnings reports. Thus, it is still possible for the FDIC to recognize that these are high-risk, high-loss payday loans.

Small, affordable installment loans from banks help consumers, and regulators should welcome them. But rent-a-bank loans are not affordable and have no place in the banking system.

alexander Horowitz is a senior executive and Gabe Kravitz is an executive of The Pew Charitable Trusts Consumer Credit Project.

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66% of businesses collect supplier credit information https://ajedrezenmexico.org/66-of-businesses-collect-supplier-credit-information/ Tue, 01 Feb 2022 18:56:11 +0000 https://ajedrezenmexico.org/66-of-businesses-collect-supplier-credit-information/ In the B2B ecosystem, companies must go through complex onboarding processes to set up customers for new transactions and vet new suppliers or vendors. While this often continues through the invoice approval and payment process, there is no standard operating procedure for this. Onboarding can consist of many different types of analysis, and most seek […]]]>

In the B2B ecosystem, companies must go through complex onboarding processes to set up customers for new transactions and vet new suppliers or vendors. While this often continues through the invoice approval and payment process, there is no standard operating procedure for this.

Onboarding can consist of many different types of analysis, and most seek to assess the financial reliability of new suppliers or partners. As part of this process, 66% of businesses collect credit information from new suppliers and 45% collect data on suppliers’ past financial performance, according to the “Innovating B2B Retail Payments Playbook,” a PYMNTS and MSTS collaboration.

Read more: Innovative playbook for B2B retail payments

Collecting these details helps suppliers ensure that new suppliers can pay on time and in accordance with contractual terms.

Nipping fraud in the bud

This is especially important in a time when payment fraud takes many forms and comes from many different places.

See more : Enterprise payment protection requires collaboration on multiple fronts

Fighting fraud is an overall process that tends to be more complex and labor-intensive in the B2B ecosystem than in the business-to-consumer (B2C) ecosystem.

In the B2B market, where payments are larger and there is no single point of sale (POS), the fight against fraud is much different. With bigger payments comes bigger stakes, causing companies to nip fraud in the bud before beginning the long and tedious internal review processes required to approve most companies’ invoices.

Digital onboarding tools also help companies assess the creditworthiness of new partners and determine appropriate credit limits to offer, by providing a digital footprint from which data is collected.

Many merchants’ onboarding processes also require selecting new partners to determine their legal status. This often involves ensuring they are certified or licensed – or checking to see if they are on international sanctions lists. Most likely, business customers will want to screen new vendors, which means that the latter will have to comply with the former’s single-vendor authentication processes.

Evaluate companies quickly and easily

Many companies also rely on manual onboarding processes, and transmitting physical documents between different stakeholders within an organization is more difficult and labor intensive than sending and receiving them via email. email or through a web portal. This can lead to significant constraints for B2B companies when collecting and submitting documents to comply with new trading partner authentication protocols.

Companies can use Accounts Receivable (AR) innovations to quickly and easily assess whether the companies they are onboarding are trustworthy. Artificial intelligence (AI) and machine learning (ML) technologies can automate the authentication process, reducing the need for manual review and verifying new vendors with greater accuracy.

Beyond the onboarding process, digital anti-fraud innovations — especially those that leverage AI and ML-based behavioral monitoring and analytics to automate the AR process — can go a long way toward Speed ​​up and streamline the fraud screening portion of B2B transactions. These and similar technologies can detect potential fraud in real time and use automation to make Know Your Customer (KYC) and Anti-Money Laundering (AML) compliance faster and easier for both parts.

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NEW PYMNTS DATA: 70% OF BNPL USERS USE BANK PAYMENT OPTIONS, IF AVAILABLE

On: Seventy percent of BNPL users say they would prefer to use the installment plans offered by their banks – if only they were made available. PYMNTS’ Banking On Buy Now, Pay Later: Installment Payments and the Untapped Opportunity of FIssurveyed more than 2,200 U.S. consumers to better understand how consumers view banks as BNPL providers in a sea of ​​BNPL pure-players.

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Lower consumer sentiment may help Debit, BNPL https://ajedrezenmexico.org/lower-consumer-sentiment-may-help-debit-bnpl/ Tue, 01 Feb 2022 18:34:44 +0000 https://ajedrezenmexico.org/lower-consumer-sentiment-may-help-debit-bnpl/ Perception, as they say, is everything. This is especially true with regard to consumer spending, where individuals can switch between payment choices based on how they perceive a number of external factors. These factors could include inflation, for example, or job prospects. Recent earnings results for businesses – banks and payment networks – have highlighted […]]]>

Perception, as they say, is everything.

This is especially true with regard to consumer spending, where individuals can switch between payment choices based on how they perceive a number of external factors. These factors could include inflation, for example, or job prospects.

Recent earnings results for businesses – banks and payment networks – have highlighted a resurgence in credit card spending, particularly for travel and entertainment-related goods and services.

Read more: Visa, Mastercard, Synchrony Results Spotlight Credit rebound — but for how long?

And yet, headwinds could be building against this rebound in credit, perhaps in favor of buy now, pay later (BNPL) and debit spending.

As noted by the most recent consumer surveys from the University of Michigan, consumer perception of current and future economic conditions in December was at its lowest level in several years.

At a high level, the consumer confidence index fell to 67.2 in the January survey, from 70.6 in December and well below last January’s 79. 74.

As for what lingers on the mind, the survey estimated that 75% said inflation remains a top concern and ranks higher than unemployment. Half of households surveyed believe the economy has deteriorated as 2022 approaches; a third of respondents (representing a minority) think the economy will improve.

Interestingly, and as it relates to payments themselves, 41% of consumers surveyed said high prices remained a reason not to buy in December.

The less than optimistic outlook – indeed, the sentiment index is at its lowest level in a decade – could prompt consumers to re-examine not just what they are buying, but how they buy.

Higher rates loom

Inflation translates into higher interest rates, which in turn translates into more expensive credit card debt.

One option is for consumers to consolidate their debt. In an interview with Karen Webster, LendingClub CEO Scott Sanborn said that about 40% of people who make at least $100,000 a year live paycheck to paycheck and could take a closer look debt consolidation (with the help of the company’s platform) as rates rise.

See more : Imminent rate hikes pose new challenges – and new opportunities – for lenders

Additionally, debit offers a way to spend cash in cash, essentially providing a budgeting tool, which prevents consumers from becoming over-indebted.

As part of debit, BNPL options are becoming a preferred method of payment, as installment loans offer consumers a way to more accurately account for and anticipate cash outflows. Considering that more than half of us live paycheck to paycheck, stretching to meet monthly expenses, this kind of visibility can be critical.

PYMNTS data shows that 40% of relatively financially stable and “worry-free” consumers – those with good credit or access to credit – want to use alternatives to traditional credit. Digging deeper into this count, 40% want to avoid overspending and 35% are focused on high interest rates.

Read more: User personas proving payouts have value beyond instant gratification

These priority concerns, amid declining consumer sentiment, seem tailor-made for continued use of debit in general, and BNPL options, in particular.

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NEW PYMNTS DATA: 70% OF BNPL USERS USE BANK PAYMENT OPTIONS, IF AVAILABLE

On: Seventy percent of BNPL users say they would prefer to use the installment plans offered by their banks – if only they were made available. PYMNTS’ Banking On Buy Now, Pay Later: Installment Payments and the Untapped Opportunity of FIssurveyed over 2,200 US consumers to better understand how consumers view banks as BNPL providers in a sea of ​​BNPL pure-players.

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CFPB seeks information from the public on fees charged on consumer financial products and services | Ballard Spahr LLP https://ajedrezenmexico.org/cfpb-seeks-information-from-the-public-on-fees-charged-on-consumer-financial-products-and-services-ballard-spahr-llp/ Tue, 01 Feb 2022 17:04:00 +0000 https://ajedrezenmexico.org/cfpb-seeks-information-from-the-public-on-fees-charged-on-consumer-financial-products-and-services-ballard-spahr-llp/ Recently, the CFPB published a “Request for information regarding fees charged by providers of consumer financial products or services.” Comments on the RFI must be submitted by March 31, 2022. On February 17, 2022, from 2:30-3:30 p.m. ET, Ballard Spahr will host a webinar titled “The CFPB’s Investigation into ‘Unwanted Fees’: What It Means for […]]]>

Recently, the CFPB published a “Request for information regarding fees charged by providers of consumer financial products or services.” Comments on the RFI must be submitted by March 31, 2022.

On February 17, 2022, from 2:30-3:30 p.m. ET, Ballard Spahr will host a webinar titled “The CFPB’s Investigation into ‘Unwanted Fees’: What It Means for Consumer Financial Service Providers.” »

The CFPB RFI press release bills it as “an initiative to save households billions of dollars a year by reducing unwanted operating costs charged by banks and financial firms” and “a chance for the public to share information that will help shape the agency’s regulatory and guidance agenda, as well as its enforcement priorities in the months and years ahead.

The CFPB describes the charges that the RFI focuses on as “charges that are not subject to competitive processes that ensure fair pricing” and calls them “unwanted operator charges.” According to the CFPB, these fees are “hidden” because they “are mandatory or quasi-mandatory charges added at some point in a transaction after a consumer has chosen the product or service based on an initial price.” As a result, they “may induce customers to make buying decisions based on a perceived lower price.” Further, the CFPB is “concerned about charges that exceed the marginal cost of the services they are intended to cover, implying that companies are not just passing costs on to consumers, but rather profiting from a relationship captivates with the consumer to generate additional profits”. .”

The CFPB indicates that these “excessive and abusive charges” can take several forms, including:

penalty fees such as late fees, overdraft fees, insufficient funds (NSF) fees, payment processing convenience fees, minimum balance fees, return item fees, chargeback fees, check image fees, paper statement fees, card replacement fees, out-of-network ATM fees, foreign transaction fees, ACH fees, wire transfer fees, account closure, inactivity fees, fees to investigate fraudulent activity, [and] incidental costs in the mortgage closing process.

The RFI includes the following examples for “certain products and markets”:

  • Deposit Accounts. Overdraft and NSF fees which, according to the CFPB, make up the majority of the total revenue banks derive from deposit accounts
  • Credit card. Late fees, with the CFPB noting that “almost all banks charge the same fees for late fees – the maximum allowed by law of $30 for the first late payment and $41 for subsequent late payments
  • Discounts and Payments. “Convenience Fee” on payment transfers, return item fees, chargeback fees, check image fees, online or telephone bill payment fees
  • Prepaid Accounts. “Additional” fees for regular activities such as transaction fees, cash top-up fees, balance inquiry fees, inactivity fees, monthly service fees and card cancellation fees
  • Application and closing fees, fees for making payments over the phone or online, fees for a repairman’s bill payment service, delinquency-related fees such as monthly property inspection fees, new title fees, appraisals and appraisals, broker pricing opinions, forced insurance, foreclosure fees and “unspecified company advances”
  • Other loans (including student loans, car loans, installment loans, payday loans). Fees for rescheduling payment dates, fees for making online or telephone payments. (Curiously, with respect to “other loans,” the CFPB says it’s also interested in origination fees such as application fees and fees to receive loan proceeds on an expedited basis.)

The RFI includes a list of specific questions on which the CFPB seeks information. Among the CFPB’s questions are the types of fees that hide the true cost of products or services by not being built into the original price, what fees exceed the costs to the entity that the fees are intended to cover, and what businesses or markets get significant revenue. back-end fees.

In addition to the CFPB’s general approach to labeling post-opening or post-account opening fees as “undesirable” and “operating and excessive” fees, it should be noted that the CFPB does not recognize that the authorized amounts many fees are established by federal and state law. In addition, federally chartered banks have the right to anticipate state limits on certain charges, and a bank’s exercise of this right to charge a higher amount does not mean that the bank charges an “abusive” amount. and excessive.

Further, the suggestion that fees are “hidden” appears to ignore the detailed disclosure rules promulgated and administered by the CFPB. For example, the DD Regulation requires disclosure, upon request and before a consumer opens a deposit account, of the amount of overdraft fees or NSF charges imposed in connection with the account. Regulation Z also requires the disclosure, on or with the application or solicitation of a credit card account, of any late payment charges. In the case of prepaid accounts, Regulation E requires disclosure, before a consumer acquires an account, of all transaction fees per purchase, cash top-up fees, balance inquiry fees, customer service charges, inactivity fees, and all monthly and other recurring charges. Even when a customer acquires a prepaid account in person at a point of sale, these fees must be disclosed and visible through any packaging material.

We are particularly intrigued by the CFPB’s apparent suggestion that credit card issuers charge excessive late fees by charging $30 for the first late payment and $41 for subsequent late payments. The provisions of Regulation Z that implement the CARD Act require that late payment fees charged by credit card issuers be reasonable and commensurate with the breach of account terms. They provide safe harbors that allow a card issuer in 2022 (as recently adjusted for changes to the Consumer Price Index) to impose a $30 fee for a late first payment and $41 for later late payment. (Regulation Z also allows an issuer who can demonstrate that higher fees are justified as a reasonable proportion of its internal costs to impose penalty fees above the Safe Harbor fee.) Accordingly, issuers card companies charging $30 for the first late payment and $41 for subsequent late payments charge a reasonable fee commensurate with the violation under federal law.

As confusing is Statement from Director Chopra that “when buying a home, there’s a whole host of fees added to the closing that borrowers feel ripped off”. The TILA/RESPA built-in disclosure rule severely limits a lender’s ability to add or increase fees at closing, so it’s unclear how lenders can add a host of fees at closing.

Despite the fact that many of the CFPB’s objections to various fees are unwarranted, there is no doubt that incidental fees of all kinds will be considered by the CFPB during reviews and will eventually be the subject of enforcement investigations. Therefore, we believe the time is right for banks and other consumer financial service providers to undertake a thorough review of their ancillary fees charged across all of their consumer financial services and products to ensure that the charges are legal under federal and state laws and are clearly and visibly disclosed. We assist several clients in this examination.

Not surprisingly, industry trade groups reacted to the RFI with criticism. The following statement on RFI has been issued by the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Credit Union National Association, Financial Services Forum, Independent Community Bankers of America, National Association of Federally-Insured Credit Unions and the National Bankers Association:

The CFPB’s new fee inquiry is a misguided effort that paints a distorted and misleading picture of our country’s highly competitive financial services market. Several federal laws and the CFPB’s own rules already require banks, credit unions and other consumer financial service providers to disclose terms and fees in a clear and visible manner, and our members do so every day. . Consumers in this country know they have a wide range of choices when it comes to financial services products, and these companies compete with each other every day, including on fees. We look forward to responding to this request for information with facts and perspective sadly missing from today’s announcement.

[View source.]

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Commodity ETF (USCI) Hits New High in 52 Weeks https://ajedrezenmexico.org/commodity-etf-usci-hits-new-high-in-52-weeks/ Tue, 01 Feb 2022 14:30:00 +0000 https://ajedrezenmexico.org/commodity-etf-usci-hits-new-high-in-52-weeks/ For investors looking for dynamism, US Commodity Index Fund USCI is probably on the radar. The fund just hit a 52-week high and is up about 40.5% from its 52-week low of $33.90/share. But are more gains in store for this ETF? Let’s take a look at the fund and its near-term outlook to get […]]]>

For investors looking for dynamism, US Commodity Index Fund USCI is probably on the radar. The fund just hit a 52-week high and is up about 40.5% from its 52-week low of $33.90/share.

But are more gains in store for this ETF? Let’s take a look at the fund and its near-term outlook to get a better idea of ​​its direction:

USCI in a nutshell

The investment objective of the United States Commodity Index Fund is that the daily percentage changes in the net asset value (“NAV”) of its shares reflect the daily percentage changes in the SummerHaven Dynamic Commodity Index Total Return. The index is designed to reflect the performance of a portfolio of 14 commodity futures contracts out of 27 possible futures contracts. The product charges 1.10% annual fee (see: all Broad Commodity ETFs here).

Why the move?

The commodities market has been an area to watch lately, given the surge in prices. The recovery in demand following COVID-19, supply chain disruptions, government policy and inclement weather have all contributed to tighter markets, pushing prices higher.

More wins to come?

It looks like USCI could remain strong given a weighted alpha of 38.73 and 20-day volatility of 12.8%. As a result, there’s certainly still promise for risk-aggressive investors who want to take advantage of this booming ETF.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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How to find a reputable personal loan company online https://ajedrezenmexico.org/how-to-find-a-reputable-personal-loan-company-online/ Thu, 27 Jan 2022 14:41:52 +0000 https://ajedrezenmexico.org/how-to-find-a-reputable-personal-loan-company-online/ Do you need a personal loan but don’t know where to start? Do not worry. You’re not alone. With so many online lenders, it can be difficult to determine which one is right for you. This is why this article will share some tips for finding a reputable personal loan company online. So whether you […]]]>

Do you need a personal loan but don’t know where to start? Do not worry. You’re not alone. With so many online lenders, it can be difficult to determine which one is right for you. This is why this article will share some tips for finding a reputable personal loan company online. So whether you need a loan for medical bills, home repairs, or want some extra cash, keep reading for the best advice.

Do research before applying

It’s also a good idea to do some research before applying for a personal loan. This way you can be sure that you are get the best deal possible. There are a few things you can do to achieve this:

  • Compare interest rates from different lenders.
  • Look for companies with no set-up fees or prepayment penalties.
  • Read the fine print. Make sure you fully understand all the terms and conditions of the loan before signing anything.

By taking the time to do your research, you can ensure that you are getting a personal loan from a reputable company. And, ultimately, that’s what you want to have peace of mind knowing you’re dealing with a reputable lender.

Check their credit requirements

Different companies have different credit requirements, so you will need to know in advance what they are. Some will require a lower credit score than others while offering the same type of loan. If you have bad credit, it can be difficult to get a loan. However, you have options. You can get a loan with bad credit if you need money fast and don’t want to wait for a traditional loan. There are several different types of bad credit loan companies, so it’s essential to do your research before deciding which one is right for you.

Know what the interest rates are

Another important thing you need to know is the amount of interest rates that will cost you, which will vary from company to company and type of loan to loan. If they don’t post their rates on their website, there’s a good reason. Never borrow money without knowing how much interest you will pay. Interest can accumulate very quickly depending on the rate making the loan unpayable. Hidden interest charges can be one of the most common ways lenders trick people.

Ask for a recommendation

If you don’t know where to start, you can always ask a friend or family member for a recommendation. They may have had a good experience with a specific company and be able to recommend it to you. Alternatively, if you know someone who has recently taken out a personal loan, they may be able to advise you on which company to choose. Either way, it’s always helpful to get recommendations from people who have gone through the process before. This will help you save time and energy searching for the right company.

It should offer affordable payment methods

A reputable company should offer installment loans. This will help ensure you have more time to pay off your loan and make affordable monthly payments. Moreover, the best installment loans often come with lower interest rates than other types of loans. So, if you are looking for a reputable company to borrow from, be sure to check out this feature. It could save you money in the long run.

Look at more than the interest rate

While you want to find a reputable personal loan company with low interest rates, that doesn’t mean you have to choose the cheapest option. Sometimes loans aren’t worth it because they come with too high fees and other rates. Only take out a loan with the cheapest rates if there are no fees. Otherwise, you risk paying more than double what you have to pay.

Read reviews online

Reading reviews can give you an idea of ​​other people’s experiences with different companies. If you see a lot of negative reviews, it may mean that the company is not reputable. However, it is important to note that all negative aspects Comments are accurate. Some people may leave bad reviews because they didn’t understand their loan terms or had a bad customer service experience. Also, be sure to check the Better Business Bureau (BBB) ​​website for information on specific companies. The BBB is an organization that rates companies based on their customer satisfaction and complaint history. So if you’re looking for a reliable company, the BBB is a great resource to check out.

When choosing a personal loan company, it is essential to do your research. Not all companies are created equal and some are more reputable than others. By reading online reviews, asking for recommendations, and checking credit requirements, you can narrow your search and find a reputable company that’s right for you.

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Scary fraud ensues when identity theft and usury collide – Krebs on Security https://ajedrezenmexico.org/scary-fraud-ensues-when-identity-theft-and-usury-collide-krebs-on-security/ Tue, 25 Jan 2022 20:02:32 +0000 https://ajedrezenmexico.org/scary-fraud-ensues-when-identity-theft-and-usury-collide-krebs-on-security/ What’s worse than finding out that identity thieves have taken out a 546% interest payday loan in your name? How about a loan at 900% interest? Or how about not learning about the fraudulent loan until it’s turned over to debt collectors? A reader’s nightmarish experience sheds light on what can happen when identity thieves […]]]>

What’s worse than finding out that identity thieves have taken out a 546% interest payday loan in your name? How about a loan at 900% interest? Or how about not learning about the fraudulent loan until it’s turned over to debt collectors? A reader’s nightmarish experience sheds light on what can happen when identity thieves and hackers start targeting online payday lenders.

The reader who shared this story (and the abundant documentation that accompanies it) requested that his real name be omitted to avoid encouraging further attacks on his identity. So we’ll call him “Jim”. Last May, someone applied for a type of loan in Jim’s name. The request was likely sent to an online portal that takes the borrower’s loan request details and shares them with several potential lenders, as Jim said that over the next few days he received dozens of emails and calls from lenders wanting to approve him for a loan.

Many of these lenders were eager to give Jim money because they were charging exorbitant interest rates of 500-900% for their loans. But Jim has long had a security freeze on his credit file with all three major consumer credit bureaus, and none of the lenders seemed willing to proceed without at least taking a look at his credit history. credit.

Among the companies that checked to see if Jim still wanted that loan he never applied for last May was Mountain Summit Financial (MSF), a lending institution owned by a Native American tribe in California called Habematelol Pomo d’ Upper Lake.

Jim told MSF and others who called or emailed that identity thieves had requested the funds using his name and information; that he would never take out a payday loan; and would they like to remove his information from their database? Jim says MSF assured him that would be the case and the loan was never granted.

Jim spent months sorting out this mess with MSF and other potential lenders, but after a while the inquiries died down. Then, on November 27, Thanksgiving weekend, Jim received a series of quick emails from MSF stating that they had received his loan request, that they had approved it, and that the requested funds were now available on the specified bank account. in his MSF profile.

Curiously, the scammers had taken out a loan in Jim’s name from MSF using his real email address – the same email address the scammers had used to impersonate MSF in May 2021. Although he didn’t don’t technically have an account with MSF, their authentication system is based on email addresses, so Jim requested that a password reset link be sent to his email address. It worked, and once inside the account, Jim was able to find out more about the details of the loan:

The terms of the unauthorized loan in Jim’s name from MSF.

Take a look at the 546.56% interest rate and finance charges shown on this $1,000 loan. If you pay off this loan in one year at the suggested bi-weekly payment amounts, you will have paid $3,903.57 for that $1,000.

Jim contacted MSF as soon as they opened the following week and discovered that the money had already been paid into a Bank of America account which Jim did not recognize. MSF asked Jim to complete an affidavit claiming the loan was the result of identity theft, which required filing a report with local police and a number of other steps. Jim said numerous calls to the Bank of America fraud team went nowhere because they refused to discuss an account that was not in his name.

Jim said MSF eventually agreed the loan was not legitimate, but they couldn’t or wouldn’t tell him how his information got to a loan – even though MSF was never able to pull it back. his credit report.

Then, in mid-January, Jim learned from MSF by post that they had discovered a data breach.

“We believe the stranger may have had the ability to gain access to certain customer accounts, including your account, in which case they could view that customer’s personal information and potentially obtain an unauthorized loan using the client’s credentials”, MSF mentioned.

MSF said personal information involved in this incident may include name, date of birth, government-issued identification numbers (e.g. SSN or DLN), bank account number and routing number. , home address, email address, phone number and other general loan information. information.

Part of the breach notification letter dated January 14, 2022 from tribal lender Mountain Summit Financial.

Never mind that his information was only in MSF’s system due to an earlier attempt by identity thieves: the intruders were able to update his existing file (never deleted) with new banking information, then push the application via MSF systems.

“MSF has been the target of a suspected attack by a third party,” the company said, noting that it was working with the FBI, the California Sheriff’s Office and the Tribal Commission in Lake County, California. “Ultimately, MSF confirmed that these trends were part of an attack that originated outside the company.

MSF did not respond to questions regarding the aforementioned third party(ies) that may be involved. But it’s possible that other tribal lenders were affected: Jim said that shortly after MSF’s bogus payday loan was set up, he received at least three inquiries in quick succession from other lenders who were suddenly interested in offering him a loan.

In a statement sent to KrebsOnSecurity, MSF said it had been “victim of a malicious attack from outside the company, by unknown perpetrators”.

“As soon as the problem was discovered, the company initiated cybersecurity incident response measures to protect and secure its information; and informed law enforcement and regulators,” MSF wrote. “Additionally, the company has notified individuals whose personally identifiable information may have been affected by this crime and is actively working with law enforcement in its investigation. As this is an ongoing criminal investigation, we cannot make any further comments at this time.

According to Native American Financial Services Association (NAFSA), a trade group in Washington, D.C. representing tribal lenders, the short-term installment loan products offered by NAFSA members are not payday loans but rather “installment loans” – which are amortized, have a set loan term, and require payments that not only serve interest, but also repay the principal of the loan.

NAFSA did not respond to multiple requests for comment.

Almost all US states have usury laws that limit the amount of interest a business can charge on a loan, but these limits generally do not apply to tribal lenders.

Leslie Bailey is an attorney at Public Justice, a nonprofit legal defense organization in Oakland, California. .

“The reason is clear: genuine tribal businesses are entitled to ‘tribal immunity’, which means they cannot be sued,” Bailey wrote in a blog post. “If a payday lender can shield itself from tribal immunity, it can continue to make loans with illegally high interest rates without being held liable for violating state usury laws.”

Bailey said that in a common type of arrangement, the lender provides the capital, expertise, staff, technology and corporate structure needed to run the lending business and retains most of the profits. In return for a small percentage of the revenue (usually 1–2%), the tribe agrees to help draft documents naming the tribe as the owner and operator of the lending business.

“Then, if the lender is sued by a state agency or group of deceived borrowers, the lender relies on those documents to claim that he is entitled to immunity as if he were himself. even a tribe,” Bailey wrote. “This type of arrangement – sometimes called ‘leasing a tribe’ – has worked well for lenders for a time, as many courts have taken company documents at face value rather than looking behind them. the curtain on who really gets the money and how the business is actually run. But if recent events are any indication, the legal landscape is moving towards greater accountability and transparency.

In 2017, the Consumer Financial Protection Bureau sued four tribal online lenders in federal court — including Mountain Summit Financial — for allegedly misleading consumers and collecting debts that weren’t legally owed in multiple states. All four companies are owned by Habematolel Pomo of Upper Lake.

The CFPB later dropped this investigation. But a class action lawsuit (PDF) against those same four lenders is pending in Virginia, where a group of plaintiffs have alleged that the defendants violated the Racketeer Influenced and Corrupt Organizations Act (RICO) and the Virginia usury by charging interest rates between 544 and 920. percent.

According to Buckley LLP, a Washington, D.C.-based financial services law firm, a district court denied RICO’s claims but denied the defense’s motion to compel arbitration and dismiss the case, holding that the arbitration clause was unenforceable as a potential waiver by the borrowers. ‘ federal rights and that the defendants could not claim tribal sovereign immunity. The district court also “held the loan agreements’ tribal choice of law to be unenforceable as a violation of Virginia’s firm public policy against unregulated loansharking loans.”

Buckley notes that on November 16, 2021, the United States Court of Appeals for the Fourth Circuit upheld the district court’s decision, finding that arbitration clauses in loan agreements “impermissibly require borrowers to waive their substantial federal rights under federal consumer protection laws, and contained an unenforceable tribal provision on choice of law, as Virginia law caps general interest rates at 12%.

Jim said he only heard about the MSF Thanksgiving weekend loan because the hackers apparently thought it was easier to get loans using existing MSF client account information than to change anything. it is in records other than the bank account to receive the funds.

But if the hackers had changed the email address, Jim might have first discovered the loan when the collection agencies came calling. And by then, his exorbitant loan would be in default and racking up heavy charges in arrears.

Jim says he’s still mad at MSF, and these days he’s just waiting for the other shoe to drop.

“They made this loan in my name without verification and without even checking my credit, even though they were already warned that they should not have dealt with me since the incident in May,” Jim said. “I always feel like I’m going to get that call at some point from a collection agency asking me why I didn’t make payments on an installment loan that I never asked for.”

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Best personal loans for fair credit February 2022 – Forbes Advisor https://ajedrezenmexico.org/best-personal-loans-for-fair-credit-february-2022-forbes-advisor/ Tue, 25 Jan 2022 13:10:00 +0000 https://ajedrezenmexico.org/best-personal-loans-for-fair-credit-february-2022-forbes-advisor/ Upgrade was launched in 2017 and provides online and mobile banking and credit services accessible in all states except Iowa, Vermont and West Virginia. Since then, the platform has made more than $3 billion in credit available to more than 10 million applicants and continues to expand its online and mobile services. Although maximum APRs […]]]>

Upgrade was launched in 2017 and provides online and mobile banking and credit services accessible in all states except Iowa, Vermont and West Virginia. Since then, the platform has made more than $3 billion in credit available to more than 10 million applicants and continues to expand its online and mobile services. Although maximum APRs are at the high end of other online lenders, Upgrade makes loans available to those with poor credit history.

Loan amounts, which start at just $1,000, are flexible but cap out at $35,000, less than lenders who focus on more creditworthy borrowers. Three and five year loan terms are available. Upgrade charges an origination fee of between 2.9% and 8% of the loan, and borrowers will incur a $10 fee if their payment is more than 15 days late or payment is not made; there is no discount for automatic payment. That said, upgrade borrowers aren’t subject to a prepayment penalty, so you can reduce the overall cost of the loan if you’re able to pay it off sooner.

In addition to offering accessible personal loans, Upgrade streamlines the loan process with a mobile app that lets borrowers view their balances, make payments, and update their personal information. Upgrade’s Credit Heath tool also makes it easy to track your credit score throughout the life of your loan.

Eligibility: Prospective borrowers must have a minimum score of 580 to be eligible for an upgrade personal loan (the average borrower score is 697), making it an accessible option for those with fair credit. Additionally, the lender does not require applicants to meet a minimum income requirement, although borrowers earn an average of $95,000 per year. Applicants must have a maximum pre-loan debt ratio of 45%, excluding their mortgage.

The lender also considers each applicant’s free cash flow, which demonstrates their likely ability to make regular, on-time loan repayments. Ideally, applicants should have a minimum monthly cash flow of $800.

The upgrade increases loan accessibility by allowing co-applicants as well.

The loan uses: Like most other personal loans, Upgrade loans should be used to pay off credit cards, consolidate other debts, make home improvements, or pay for other major purchases. However, Upgrade differs from some lenders by allowing borrowers to use personal loan funds to cover business expenses. Additionally, Upgrade will repay third-party lenders directly, making debt consolidation more convenient than with some competing lenders.

There are no specific prohibitions on the use of Upgrade Loans other than those already imposed by law.

Completion time : Once an upgrade loan is approved, it typically takes up to four business days for a borrower to receive the funds. However, if Upgrade repays a borrower’s loans directly to a third-party lender, it can take up to two weeks for the funds to clear.

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