Fan Money – Fiftysix http://fiftysix.net/ Mon, 01 Aug 2022 16:57:16 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://fiftysix.net/wp-content/uploads/2021/06/icon-3-150x150.png Fan Money – Fiftysix http://fiftysix.net/ 32 32 Molly McCann’s remarkable rise from payday loans to UFC glory https://fiftysix.net/molly-mccanns-remarkable-rise-from-payday-loans-to-ufc-glory/ Mon, 01 Aug 2022 16:57:16 +0000 https://fiftysix.net/molly-mccanns-remarkable-rise-from-payday-loans-to-ufc-glory/ There were times when I just thought, ‘Why is life worth living?’ Molly McCann puts on a desperate face as she recalls what life was like less than a decade ago. And it’s not so surprising considering how far he’s come – from serving sandwiches to being an octagon star. The 32-year-old recently picked up […]]]>

There were times when I just thought, ‘Why is life worth living?’

Molly McCann puts on a desperate face as she recalls what life was like less than a decade ago.

And it’s not so surprising considering how far he’s come – from serving sandwiches to being an octagon star.

The 32-year-old recently picked up a second consecutive UFC London victory in four months, a thunderous elbow knocking American Hannah Goldy to the ground.

The win catapulted McCann to global stardom, earning applause from hip-hop artist Drake, The Rock and UFC President Dana White – an infamously stubborn character.

Molly McCann tasted success with two knockout wins at UFC London this year. (Photo: Getty)

“On St. Patrick’s Day 2013, I was serving sandwiches in a sandwich shop. I was literally working in Subway,” recalls McCann, who also worked two bar jobs in Liverpool to support his studies.

The fighter’s former job at the sandwich chain is the inspiration behind her nickname, “Meatball.”

Born and raised in the Norris Green housing estate, an area plagued by poverty and gang crime, McCann admits she “had to get Wonga loans” because she didn’t qualify for student finance.

Despite the obstacles in her path, McCann nevertheless graduated from Liverpool John Moores University, one of the UK’s most prestigious sporting institutions, with a degree in physical education.

She worked as a personal trainer after graduating, but that was put on hold – along with her budding fighting career – when her father was diagnosed with cancer.

McCann told JOE: “There were times when I thought, ‘Why is life worth living?

“I was breastfeeding my dad and had to take a break when he passed away.”

Molly McCann’s father, Paul Pearson, died before she made it to the UFC (Picture: @meatballmolly)

McCann first fought professionally for the Shock ‘n’ Awe and Cage Warriors promotions, but says she lost more money than she actually made in competition.

She remembers being disappointed with the £5,000 prize handed out for winning her first title, the Cage Warriors Flyweight Championship.

“I thought, ‘Will I ever get there? Is it worth it?'”

Six straight wins paved the way for his move to the UFC in 2018, but his time with the biggest promotion on the planet hasn’t been without its challenges either.

McCann lost in her UFC debut to Gillian Robertson and has since been beaten twice. Losses in 2020 and 2021 amid the coronavirus pandemic have left his future uncertain.

However, McCann fought back to defeat Ji Yong Kim in September 2021 on fellow Liverpudlian Darren Till’s undercard, before winning twice this year at UFC London.

The key to McCann’s rise to fame has been how she has won her last two fights.

Both Goldy and Luana Carolina were adorned with a twisting back elbow, the kind of finish that easily lends itself to social media virality and catches the eye of stars like The Rock.

The actor and WWE icon shared footage of McCann’s victory over Goldy on his social media platforms, drawing comparisons to his own legendary People’s Elbow finisher.

“It’s just crazy,” McCann says, “I keep looking at all the messages.”

She acknowledges the impact her fighting style has had on her popularity.

“In the span of four months, I’ve done two back elbow finishes. There’s only been five in the history of combat sports and I’ve done two.”

However, becoming a UFC superstar is not without setbacks.

“I haven’t really left the house with anxiety because of how much life has changed and how different people are.

“There are no more people just asking, ‘hiya, are you okay?’ to them running and screaming or passing me their babies to take pictures with. It’s a crazy place, when you’re not used to this kind of moment.

McCann named Valentina Shevchenko — the UFC’s biggest pound-for-pound fighter and current flyweight champion — as his ultimate conquest.

Shevchenko has been described by fellow Brit Tom Aspinall as the best all-rounder in the UFC, and McCann admits there’s still work to be done before she reaches that level.

Speaking in the wake of her win over Goldy, McCann sees Valentina’s sister Antonina as a more realistic prospect right now.

“I never call anyone, it’s not up to me,” she said.

“But when you’re talking about legacy, prestige, honor, who’s the best in the game? It’s Valentina. Am I ready for Valentina already? No, come on. Am I ready for Antonina? Let’s see I believe I am.

Valentina Shevchenko is currently the number one fighter on the UFC roster. (Photo: Getty)

“It’s not a problem, but I honestly think it’s an amazing fight to have and I know if they do a fight camp for me, if I ever get to Shevchenko, they’ll have the plan. But I’m also going to have the plan because I’ll know how to beat her sister. So with the utmost respect, I said her name because I think she’s the best.

McCann may need to get a few more wins under his belt before he tries his hand at the champ, but MMA is ultimately an entertainment business.

The fighters with the biggest fanbases are getting more and more sway, and that could prove crucial in McCann’s rise to the top.

Follow FightJOE on Instagram for exclusive news and interviews

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‘Hijrah’ moment: Coming out of the dark side of payday loans – Universities https://fiftysix.net/hijrah-moment-coming-out-of-the-dark-side-of-payday-loans-universities/ Thu, 28 Jul 2022 18:32:27 +0000 https://fiftysix.net/hijrah-moment-coming-out-of-the-dark-side-of-payday-loans-universities/ Sri Rahayu Hijrah Hati (The Jakarta Post) PRIME Jakarta ● Fri, July 29, 2022 Indonesia has become a promised land for the development of the mobile payday loan market (locally known as Pinjol). Based on data from the Financial Services Authority (OJK), in April, 122 companies provide legal payday loan services online. But data from […]]]>

Sri Rahayu Hijrah Hati (The Jakarta Post)

PRIME

Jakarta ●
Fri, July 29, 2022

Indonesia has become a promised land for the development of the mobile payday loan market (locally known as Pinjol). Based on data from the Financial Services Authority (OJK), in April, 122 companies provide legal payday loan services online. But data from the Institute for Economic and Financial Development (INDEF) shows that 95% of payday loan services are illegal.

Many people today choose to borrow money on the payday loan because they (1) receive the money instantly, (2) face no restrictions on how to use the loan, (3) have a bad credit rating, (4) don’t need any collateral, and so on.

From a marketing perspective, many Chinese companies are entering the Indonesian payday loan market due to the tightening industry regulations set by their government. As the Indonesian market is still in its infancy, foreign companies expect to take a chunk of the domestic market ahead of any potential regulatory changes.

read the full story

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Salary on demand! Get real-time employer salary before payday https://fiftysix.net/salary-on-demand-get-real-time-employer-salary-before-payday/ Thu, 28 Jul 2022 07:25:01 +0000 https://fiftysix.net/salary-on-demand-get-real-time-employer-salary-before-payday/ More than 80% of Indians exhausted their salary before the end of the month. Current inflation and uncertainty continue to add pressure to meet day-to-day financial needs. Lack of access to credit or formal loans, coupled with a poor understanding of financial products, drives many people to take out high interest loans, pushing them into […]]]>

More than 80% of Indians exhausted their salary before the end of the month. Current inflation and uncertainty continue to add pressure to meet day-to-day financial needs. Lack of access to credit or formal loans, coupled with a poor understanding of financial products, drives many people to take out high interest loans, pushing them into vicious cycles of debt and financial stress. .

Refyne, India’s leading on-demand salary platform, has announced the launch of its services on WhatsApp to provide employees with a fast, transparent and convenient way to access their salaries, in real time. With this, Refyne becomes the first financial wellness company in India to offer pay-on-demand on WhatsApp.

Refyne allows employers to pay their employees’ salaries between pay cycles, as they are earned, in real time. With the launch on Whatsapp, employees can simply enjoy their accrued salaries within seconds.

With the availability of Refyne on WhatsApp, Salary On-Demand is accessible to many other audiences who may be less tech-savvy but comfortable using WhatsApp. Users can get started by simply sending a Whatsapp to Refyne. They are guided through a few quick and easy steps to complete the required KYC and once complete they can start transacting instantly. The service is fully compliant with RBI laws and employee data is kept secure in accordance with Refyne’s privacy policy. Additionally, all transactions are secure and follow two-factor authentication.

Chitresh Sharma, CEO and Co-Founder of Refyne, said, “In India, 1 in 3 people live paycheck to paycheck and a significant portion have no or very limited access to credit. As a result, many are underserved or unserved for reasons ranging from financial literacy to credit data to geographic constraints. We believe that the combination of smart financial products and technology can be a great catalyst to foster financial inclusion. Considering the penetration of Whatsapp in India, we believe this is a step in the right direction to make Salary On-Demand accessible to a large number of Indians.

More and more companies in India are recognizing their role in promoting the financial well-being of employees and the impact this has on business. Salary On-Demand has enabled several employees to meet their daily needs without expensive payday loans, making them less stressed, motivated and engaged in the workplace.

Earned Wage Access (EWA) is a financial product that allows employees to access a portion of their earned wages anytime before their payday, with the remainder paid at the end of the pay period without disrupting payroll. This helps them better align their income and expenses and reduce their need for high interest credit programs. Unlike payday loans or payday loans, EWA does not involve borrowing on the part of the employee.

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Cigno’s ‘greedy and evil’ payday lender’s cat-and-mouse game with ASIC continues https://fiftysix.net/cignos-greedy-and-evil-payday-lenders-cat-and-mouse-game-with-asic-continues/ Mon, 25 Jul 2022 18:37:20 +0000 https://fiftysix.net/cignos-greedy-and-evil-payday-lenders-cat-and-mouse-game-with-asic-continues/ Laura Platt was in desperate need of money to repair her car when she saw an advertisement for Cigno, which offered “quick cash loans of up to $1,000”. Key points: ASIC has banned the types of loans offered by Cigno, but the company appears to have implemented a new loan model Cigno made $60 million […]]]>

Laura Platt was in desperate need of money to repair her car when she saw an advertisement for Cigno, which offered “quick cash loans of up to $1,000”.

Ms. Platt downloaded a bank statement from the Cigno website and a few hours later $300 landed in her bank account.

“It was approved, right away. And I didn’t really look into the details,” Ms. Platt said.

Shortly after getting her first loan from Cigno, she successfully applied for $200, as she thought she had paid off her original debt.

However, Mrs. Platt did not realize that her $300 loan had also resulted in high account maintenance fees.

She is struggling to repay the loans. Two years later, after being hit with maintenance and late fees, she ended up paying Cigno $2,600, of which she still owes $32.

“[I am] completely confused and stressed because I already paid the money,” she said.

Legal gaps

Consumer advocates say Ms Platt is one of many Cigno customers who found themselves spiraling into debt after taking out a loan from the Gold Coast-based company.

On its website, Cigno advertises products such as “Centrelink loans without credit check”, “Bad Credit Centrelink loans”, “Payday loans for Centrelink customers” and “Online loans for Centrelink customers”.

“This lending model causes more harm than any other form of credit,” said Tom Abourizk, director of policy at the Consumer Acton Law Center.

Consumer Action Law Center policy manager Tom Abourizk says the federal government needs to act urgently to update credit laws.(ABC News: Simon Tucci )

Corporate regulator ASIC has been playing cat and mouse with Cigno for years.

The company circumvents credit laws by using exemptions from the National Credit Code.

“It is loan shark activity, and it is desperate that it must be stopped as soon as possible,” Mr Abourizk said.

Buy now, pay later companies and payday advance products are also currently exempt from credit laws.

On July 15, ASIC used its special powers of intervention to ban the short-term and continuous credit lending models used by Cigno and its associated lending entity BHF Solutions.

ASIC previously banned one of these loan models in another action order, but that order expired in 2021.

It came after ASIC won an appeal to the full Federal Court against Cigno and BHF Solutions last month, in a decision that sided with the regulator’s position that the companies were offering a form of credit captured by the National Credit Code because of the amount of fees they charge.

It overturned a Federal Court decision in June 2021.

The judgment included the example of a woman who, assuming she made her payments on time, had to pay $177.75 in fees for a $200 loan and $231.80 in fees for a $300 loan. $.

On Monday, Cigno and BHF Solutions filed for High Court leave to appeal the Federal Court’s decision. The High Court will have to decide whether or not to hear the appeal.

Meanwhile, Cigno is still offering loans on its website with slightly lower fees than those referenced in the Federal Court judgment.

According to Cigno’s website, customers must pay the lender’s fees and Cigno’s service fees.

The company says a typical $300 loan “could look like this”: $129.90 Cigno account maintenance fee, $15 additional fee for changing repayments, $79 decline fee and a $20 penalty for non-payment.

The website also states that the cost “will vary depending on the loan and payment options you choose.”

An ASIC spokeswoman said the regulator is investigating the legality of the pattern.

“ASIC is aware that Cigno (Cigno Australia Pty Ltd) continues to offer services for arranging loans on its website. ASIC reviews the product and loan model, including whether the conduct violates product intervention orders,” an ASIC spokeswoman said. said.

If so, it would be the third time Cigno has created a new loan model to circumvent ASIC bans and credit laws.

“Cigno’s website still appears to be operating as usual,” Abourizk said.

“That means people can still be ripped off with the same excessive fees they’ve charged on loans they’ve taken out to date.”

Small loans generate big profits

The amount of money Cigno has made from his loans is far from a small change.

The company’s full financial history is not public, but federal court documents show that in five and a half months, Cigno took out 166,045 loans totaling more than $46 million, and the total amount billed in fees (plus principal) for these loans was over $61 million.

Cigno describes itself as an “agent to help you get a loan from lenders” rather than a lender itself.

BHF Solutions describes itself as “Australia’s leading expert in business advisory and financial advice”.

The ABC contacted Cigno, BHF Solutions and the law firms acting on behalf of the two companies but did not hear back by the publication deadline.

Financial Counseling Australia chief executive Fiona Guthrie said the federal government must act urgently to update Australia’s credit laws.

“As soon as regulators try to fill one hole in the law, they find another,” she said.

Fiona Guthrie wears a black jacket over a white top.
Fiona Guthrie of Financial Counseling Australia says Cigno is a predatory lender.(ABC News)

Mr. Abourizk said that depending on the outcome of the legal proceedings, CALC would encourage ASIC to seek ways to compensate Cigno customers.

“If there is a possibility for a remediation or offset project, they should definitely look into it,” he said.

“Our concern is that they might find the cupboards empty if it gets to this point with Cigno, as other predatory lenders like this have in the past.”

“Predatory Company”

Ms Guthrie said Cigno’s model targeted vulnerable people.

“Financial advisers would describe them as a predatory company,” she said.

Ms Guthrie hopes the High Court will reject BHF Solutions and Cigno’s request to hear her appeal.

“We can’t have companies like this operating in the Australian market, it’s so dangerous,” she said.

“There are costs to the wider community because we end up with people under financial and mental stress. They end up in hospital and they end up in food relief services.”

“It’s pretty clearly credit. It’s an avoided credit lending model. And there’s no legal reason for it to continue.”

Ms Platt said her struggle to repay fees added to her loan amount meant she was forced to cut back on essentials such as groceries.

“They’re cold-hearted, greedy and mean. They’re horrible,” Ms Platt said.

“I would never recommend them.”

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BREAKING: GOP Senate candidate Ted Budd sided with payday lenders as he took their PAC donations https://fiftysix.net/breaking-gop-senate-candidate-ted-budd-sided-with-payday-lenders-as-he-took-their-pac-donations/ Fri, 22 Jul 2022 17:36:47 +0000 https://fiftysix.net/breaking-gop-senate-candidate-ted-budd-sided-with-payday-lenders-as-he-took-their-pac-donations/ A new report released today reveals that Ted Budd “repeatedly sided with payday lendersand in return they “repeatedly filled his campaign coffers.” Despite North Carolina’s ban on payday loans, Budd has always voted for legislation that supports predatory lenders and their “exploitation tactics.” In May 2017, Budd even received industry donations”a few days after a […]]]>

A new report released today reveals that Ted Budd “repeatedly sided with payday lendersand in return they “repeatedly filled his campaign coffers.” Despite North Carolina’s ban on payday loans, Budd has always voted for legislation that supports predatory lenders and their “exploitation tactics.” In May 2017, Budd even received industry donations”a few days after a key votethat would allow payday lenders to charge consumers higher interest rates.

Learn more about Budd’shistory of siding with his donors over his North Carolina constituents.”

American Independent: GOP Senate candidate Ted Budd sided with payday lenders as he takes their PAC donations

  • North Carolina Republican Senate candidate Ted Budd has always sided predatory lenders and the payday loan industry, even though payday loans are banned in his state. The industry rewarded him with thousands of dollars in campaign contributions.
  • He has consistently supported lenders who prey on low-income people using abusive repayment terms and exploitative tactics, practices that have been illegal in North Carolina for more than 20 years.
  • In March 2018, Budd signed as co-sponsor of an effort to repeal a Consumer Financial Protection Bureau rule cracking down on paydays, car title and other high-cost loans.
  • In July 2020 and again in February 2021Budd introduced a “Freedom to Regulate Act” that would have placed limits on the actions of independent agencies, including the Consumer Financial Protection Bureau.
  • As Budd repeatedly sided with the payday lenders, payday lenders repeatedly filled his campaign coffers.
  • He received at least $2,500 of the Community Financial Services Association of America PAC, the political arm of the payday loan industry trade association.
  • Funding for Budd’s June 2022 campaign report noted thousands of dollars in PAC contributions from payday loan companies.
  • Some of the industry donations he received came days after a key vote.
  • On May 4, 2017, Budd vote to advance the Financial Choice Act of 2017 off the House Financial Services Committee. The package, which was primarily aimed at to move back the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Actincluded a section determining that the Consumer Financial Protection Bureau “cannot exercise any regulatory, enforcement, or other authority with respect to payday loans, vehicle title loans, or other similar loans.”
  • Several financial company executives donated to Budd that month, including at least one payday lender.
  • On May 31, he receives $1,000 from Scott Wisniewski, CEO of Western Shamrock Corporation, who offers payday advance loans and has been called “predatory lenderby the advocacy group Texans for Public Justice.

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Payday loan initiative won’t get Michigan to vote, canvassers rule https://fiftysix.net/payday-loan-initiative-wont-get-michigan-to-vote-canvassers-rule/ Thu, 21 Jul 2022 15:14:00 +0000 https://fiftysix.net/payday-loan-initiative-wont-get-michigan-to-vote-canvassers-rule/ DELTA TOWNSHIP, MI – Michigan’s November ballot will not include any legislative initiatives after the state’s Superior Election Commission ruled that a proposal to crack down on predatory payday lending failed to gain enough signatures . The Board of State Solicitors voted 4-0 to accept the Board of Elections’ recommendation that Michiganders for Fair Lending […]]]>

DELTA TOWNSHIP, MI – Michigan’s November ballot will not include any legislative initiatives after the state’s Superior Election Commission ruled that a proposal to crack down on predatory payday lending failed to gain enough signatures .

The Board of State Solicitors voted 4-0 to accept the Board of Elections’ recommendation that Michiganders for Fair Lending do not qualify for the ballot. The Bureau’s sample review of the nearly 400,000 signatures submitted found that only 274,668 were valid, meaning the initiative missed about 72,000 signatures.

“It’s not a close call,” said Andrea Hansen, an attorney for the opposition group Safe Lending Michigan.

Fair Lending was the only one of 10 legislative initiative petitions to submit signatures by the June 1 deadline and said it was confident in the accuracy of its petition materials due to an internal quality control process.

Line-by-line review by the Elections Office of a representative sample of approximately 500 signatures revealed that more than 1 in 5 were invalid, the most common reason being that the person was not registered to vote in the good jurisdiction.

A challenge from Safe Lending Michigan also invalidated some signatures. Fair Lending challenged about 1,400 rejected signatures and succeeded about 300, Bureau Director Jonathan Brater said, but that wouldn’t have been enough to make up the difference.

“Even if all the signatures they think should be turned over were counted,” Brater said, “it wouldn’t affect the projection here in terms of validity, just because they ended up being short by a considerable margin. .”

No one from Fair Lending appeared Thursday to plead further. The initiative would have prevented payday lenders from charging predatory interest rates, attempting to give people access to small loans instead of trapping them in debt.

Thursday’s meeting was the first for newly appointed Republican canvasser Richard Houskamp. The Council is made up of two Republicans and two Democrats, nominated by their political parties and appointed by the Governor.

Although no legislative initiative is on the ballot in November, two proposed constitutional amendments are still in effect after submitting signatures for consideration last week. Petitions for abortion rights and increased access to voting have each achieved the minimum number of signatures in the hundreds of thousands.

The canvassers are then due to meet on Aug. 19, when members decide whether to certify the results of Michigan’s Aug. 2 primary election.

Learn more about MLive:

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Payday loan reform unlikely to qualify for Michigan ballot, state review finds https://fiftysix.net/payday-loan-reform-unlikely-to-qualify-for-michigan-ballot-state-review-finds/ Tue, 19 Jul 2022 19:32:00 +0000 https://fiftysix.net/payday-loan-reform-unlikely-to-qualify-for-michigan-ballot-state-review-finds/ A Michigan ballot initiative to combat predatory lending is not expected to appear before voters in November because it does not have enough valid signatures, the state’s Office of Elections found in a review of petitions. Michiganders for Fair Lending, the only one of 10 legislative proposals to submit signatures this year, turned in 392,009 […]]]>

A Michigan ballot initiative to combat predatory lending is not expected to appear before voters in November because it does not have enough valid signatures, the state’s Office of Elections found in a review of petitions.

Michiganders for Fair Lending, the only one of 10 legislative proposals to submit signatures this year, turned in 392,009 just hours before the June 1 deadline. The Elections Office rejected about 9,000 people during a preliminary review, but found more issues during a more in-depth review.

In a random sample of 522 signatures, Bureau staff discovered that 122 – more than 1 in 5 – were invalid. The most common reason was that the person signing was not registered to vote. Another 25 signatures were invalidated after the Safe Lending Michigan opposition group alleged other technical issues.

The main reasons included someone signing more than once and some signature lines missing information.

Extrapolating from the sample, the Bureau estimates that Michiganders for Fair Lending contains only 274,668 petition signatures, more than 70,000 less than the required 340,047.

The Bureau’s report recommends that the Board of State Solicitors not certify the initiative at its Thursday meeting.

“Michiganders for Fair Lending is disappointed with the staff report concluding that this year’s petition campaign did not meet the signature requirement,” spokesperson Josh Hovey said in a statement. “As widely reported in the news, this has been a difficult year for all petition campaigns in Michigan.”

Related: ‘It’s their obligation’: Michigan expels 19 candidates from Aug. 2 ballots over petition errors and fraud

The initiative would have prevented payday lenders from charging predatory interest rates, attempting to give people access to small loans instead of trapping them in debt. The ballot measure would have capped the annual percentage rate on payday loans at 36%, when the typical rate in Michigan is the equivalent of 370%.

Michiganders for Fair Lending put their signatures through a “thorough quality control process,” Treasurer Dallas Lenear said of their submission, which he said made the group “confident” they were submitting valid signatures. .

“Fair Lending did not attempt to rehabilitate any particular signature ‘invalidated by the Bureau, according to its report,’ but noted that it could do so before the Board [of State Canvassers].”

Learn more about MLive:

Only one of 10 Michigan ballots submitted before deadline

Michigan abortion rights advocates have signed 150,000 signatures and hope to avoid challenges

Petition to expand early voting in Michigan, absentee access submits 670,000 signatures

6 of Michigan’s 7 most popular petition campaigns since 1978 have failed in the election

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Installment Loans with BridgePayday: How They Help You Finance Big Purchases or Consolidate Debt https://fiftysix.net/installment-loans-with-bridgepayday-how-they-help-you-finance-big-purchases-or-consolidate-debt/ Mon, 18 Jul 2022 16:30:05 +0000 https://fiftysix.net/installment-loans-with-bridgepayday-how-they-help-you-finance-big-purchases-or-consolidate-debt/ When it comes to financing big purchases or consolidating debt, installment loans can be a great option. Unlike a payday loan, an installment loan is repaid over time in fixed monthly payments. This makes it more manageable for borrowers and can help them avoid costly penalties and interest rates. Installment loans are disbursed all at […]]]>

When it comes to financing big purchases or consolidating debt, installment loans can be a great option. Unlike a payday loan, an installment loan is repaid over time in fixed monthly payments. This makes it more manageable for borrowers and can help them avoid costly penalties and interest rates.

Installment loans are disbursed all at once, giving borrowers quick access to important expenses. Just make sure you’ll eventually pay off your debt and have a stable source of income to help pay your monthly payments. In this blog post, we’ll discuss the benefits of installment loans and how they can help you get ahead financially.

What are installment loans and what are their benefits?

Installment loans are a type of loan in which the borrower repays the loan in fixed monthly installments. The main advantage of installment loans is that they are easier for borrowers to manage than other types of loans, such as payday loans. Indeed, the borrower knows exactly how much he has to pay each month and can budget accordingly. Additionally, installment loans often have lower interest rates than other types of loans, which can save long-term borrowers money.

The fact that installment loans can be used for a number of things is another advantage. For example, consumers can use installment loans to pay for important acquisitions such as a car or a new house. Or, customers can combine their debts using installment loans. For borrowers who have multiple debts with different interest rates, this can be a viable solution. Borrowers could reduce their monthly payments by combining these obligations into a single loan with a reduced interest rate.

Be sure to browse and compare offers from several lenders if you are considering taking out an installment loan. Before signing a loan agreement, make sure you fully understand the terms and conditions. Before taking out an installment loan, like any other type of loan, make sure you can afford the monthly payments.

How to benefit from an installment loan?

To qualify for a BridgePayday installment loan, you will generally need to have a stable source of income and good credit. Lenders will also want to see that you have a history of making payments on time. If you don’t have perfect credit, you may still qualify for an installment loan with a co-signer. A co-signer is someone who agrees to repay the loan in the event of default.

If you’re not sure if an installment loan is right for you, there are a few other options to consider. For example, personal loans and lines of credit have their own advantages and can be used for various purposes. However, personal loans generally have higher interest rates than installment loans. Lines of credit, on the other hand, can be a good option for borrowers who need flexibility in how they repay their debt.

Whichever type of loan you choose, be sure to shop around and compare offers from multiple lenders. Make sure to read the terms and conditions carefully before signing any loan agreement. And, as with any type of loan, make sure you can afford the monthly payments before taking out a loan.

The different types of installment loans

There are several types of installment loans. The most common type is a mortgage, which is used to purchase a home. Mortgages are generally repaid over a period of 15 to 30 years. Other types of installment loans include auto loans, student loans, and personal loans.

  • The car loan is used to finance the purchase of a new or used vehicle. Auto loans are generally repaid over a period of two to seven years.
  • Student loans are used to finance the cost of college or higher education. Student loans are generally repaid over a period of five to 20 years.
  • Personal loans can be used for a variety of purposes, such as consolidating debt or financing a major purchase. Personal loans are generally repaid over a period of two to five years.

The borrower’s credit history will be a major factor in determining the interest rate and other parameters of the installment loan. Compared to alternative financing options, a borrower with a poor credit rating might not qualify for an installment loan with a favorable interest rate and payment size. However, a low credit score does not always prevent you from obtaining an installment loan. Never hesitate to check with a lender to determine if you are prequalified for a loan without it affecting your credit score.

If you’re considering an installment loan, be sure to shop around and compare offers from multiple lenders. Make sure to read the terms and conditions carefully before signing any loan agreement. And, as with any type of loan, make sure you can afford the monthly payments before taking out an installment loan.

What you need to know before taking out an installment loan

Before taking out an installment loan, there are a few things you need to know.

First, installment loans can be used for a variety of purposes, such as financing a major purchase or consolidating debt.

Second, when shopping for an installment loan, be sure to compare offers from multiple lenders. And third, make sure you can afford the monthly payments before taking out an installment loan.

When you are ready to apply for an installment loan, be sure to read the terms and conditions carefully before signing any loan agreement. And, as with any type of loan, make sure you can afford the monthly payments before taking out a loan.

By adding a history of on-time payments to your credit report, installment loans can boost your credit score. They can also diversify your credit mix, as the different forms of credit you’ve successfully managed affect your credit score.

If you are considering a BridgePayday installment loan, be sure to keep these things in mind. Installment loans can help you finance a major purchase or consolidate debt, but it’s important to compare offers from multiple lenders and make sure you can afford the monthly payments before taking out a loan.

Author Bio: Julie Snearl, Senior Personal Finance Writer at BridgePayday

An editor and writer for over a decade, writing and editing finance for the national technical and mainstream readership, Julia Snearl is the Personal Finance Editor at BridgePayday. His experience in business book publishing also includes working as graphics editor of Ahead of the Curve. With over 3 years of experience editing content for finance on BridgePayday, Julie is interested in learning how to use digital content to help people make better financial choices.

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Miami payday lender ordered to pay $39 million to Venezuelan investors https://fiftysix.net/miami-payday-lender-ordered-to-pay-39-million-to-venezuelan-investors/ Mon, 11 Jul 2022 22:29:20 +0000 https://fiftysix.net/miami-payday-lender-ordered-to-pay-39-million-to-venezuelan-investors/ Efrain Betancourt Jr., CEO of Sky Group USA, LLC, is pictured with his wife, Leidy Badillo Miami Archives Miami payday loan company must pay more than $39 million to hundreds of Venezuelan Americans in South Florida who lost some of their money after investing in the business, court order says a federal judge. Sky Group […]]]>

Efrain Betancourt Jr., CEO of Sky Group USA, LLC, is pictured with his wife, Leidy Badillo

Efrain Betancourt Jr., CEO of Sky Group USA, LLC, is pictured with his wife, Leidy Badillo

Miami payday loan company must pay more than $39 million to hundreds of Venezuelan Americans in South Florida who lost some of their money after investing in the business, court order says a federal judge.

Sky Group USA, LLC, has agreed to final judgment with the Securities and Exchange Commission without admitting or denying violations of federal laws.

Sky Group has until the end of July to pay that amount in order to resolve the SEC’s civil case, according to court records. Under similar settlement terms, Efrain Betancourt Jr., the CEO of Sky Group, agreed to pay more than $6 million for the total fine.

The Securities and Exchange Commission, whose regional offices are located in downtown Miami, plans to reimburse more than 500 Sky Group investors for whatever the company and Betancourt eventually pay for their losses. Sky Group and Betancourt are not expected to repay the full amount owed to the SEC under the judgment rendered by US District Judge Beth Bloom.

Under agreements with the SEC, Sky Group and Betancourt, 34, are prohibited from trading in securities in the United States. Their attorney, Mark Hunter, declined to comment on Monday.

In September of last year, the Miami SEC filed a civil lawsuit against Betancourt and his company, accusing them of committing securities violations in a scheme that authorities called “affinity fraud”. . In a civil suit, the SEC said Betancourt and Sky Group sold investors fraudulent promissory notes totaling $66 million. Indeed, Betancourt raised millions from them to fund high-interest loans to borrowers across the country.

According to the SEC complaint, Betancourt spent most of the money on a luxurious lifestyle — including a new waterfront condo in Miami and a wedding to his fourth wife in Monaco — while using at least $19 million to pay interest to some investors to keep them at bay.

In an effort to dismiss the SEC’s complaint, Betancourt attorney Hunter argued that the promissory notes were not securities like stocks and bonds, but rather loans; therefore, his client and Sky Group did not break the law by not reimbursing the lenders.

Betancourt’s alleged scheme, described in the SEC complaint, lasted from January 2016 until just before the coronavirus pandemic hit the country in March 2020. As countless borrowers defaulted on their payday loans, his company, Sky Group, suffered a severe cash flow problem and was unable to pay interest on investor promissory notes.

In December, Betancourt filed a deposition in one of several related arbitration cases in which he repeatedly invoked his Fifth Amendment right against self-incrimination during questioning.

In a previous deposition, Betancourt, who was born in Venezuela and raised in the Miami area, admitted that he did not have law and computer engineering degrees in the United States. But he insisted his payday loan business was legitimate, despite interest rates far higher than Florida’s 18% annual cap. He also said that the people who had invested in his business were “lenders” involved in financing short-term, high-interest loans. He called them “commercial transactions”.

“I made it very clear that they were investing in a payday portfolio,” Betancourt said in a May 2021 deposition. “Now the payday portfolio comes with risk.”

Despite his defense, Betancourt and Sky Group lost an arbitration case earlier this year to a Venezuelan family represented by Miami attorney Rick Diaz. The judgment was for $15,000 – although the family claimed to have lost $150,000 in their investment with Betancourt’s Sky Group.

“We were among the first to sue this guy and refer him to the SEC,” Diaz told the Miami Herald on Monday. “We are waiting to collect our judgment [against Betancourt and Sky Group] in state court, but if it doesn’t work, we’ll file a lawsuit with the SEC. »

Promise of high returns

According to the SEC complaint, Sky Group and Betancourt falsely told investors that the company would use investors’ money only to make payday loans and cover the costs of those loans, promising them annual rates of return of up to $120. % on tickets.

“We continue to warn investors to be wary of any investment that promises returns that are too good to be true,” Eric I. Bustillo, director of the SEC’s Miami regional office, said in an earlier statement. The SEC said Sky Group’s operation was akin to a “Ponzi” scheme.

In fact, according to the complaint, Betancourt misappropriated at least $2.9 million for personal gain. Among his expenses: an extravagant wedding at a French Riviera castle, vacations to Disney resorts and the Caribbean, and the costs associated with buying a luxury Miami condominium at Epic Residences on Biscayne Boulevard. . He also used some of the money to service his personal Piper plane, SEC officials said.

Epic Residences also sued Betancourt, claiming it owed more than $65,000 in condo and hotel appraisals, according to court records.

Betancourt was also accused of transferring at least an additional $3.6 million to friends and family, including his ex-wife, Angelica Betancourt, and to EEB Capital Group LLC without an “apparent legitimate business purpose”, according to the SEC complaint. The company’s bank accounts were controlled by Efrain Betancourt and his current wife, Leidy Badillo, according to the complaint.

In a final judgment filed in late June, EEB Capital agreed to pay $2.2 million for the judgment against Sky Group and Efrain Betancourt.

For her part, Angelica Betancourt denied receiving $1.2 million from Sky Group, as alleged in the SEC complaint. She said she only earned an annual salary of $60,000 from the payday loan company, but had yet to resolve her dispute with the securities agency.

This story was originally published July 11, 2022 4:51 p.m.

Jay Weaver writes about federal crime at the crossroads of South Florida and Latin America. Since joining the Miami Herald in 1999, he’s covered the federal courts non-stop, from Elian’s custody battle to A-Rod’s steroid abuse. He was part of the Herald team that won the 2001 Pulitzer Prize for breaking news on the seizure of Elian by federal agents. He and three Herald colleagues were finalists for the 2019 Pulitzer Prize for explanatory reporting for a series on gold smuggling from South America to Miami.

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How to claim compensation for mis-sold unaffordable credit on cards, loans and overdrafts https://fiftysix.net/how-to-claim-compensation-for-mis-sold-unaffordable-credit-on-cards-loans-and-overdrafts/ Sun, 10 Jul 2022 00:54:35 +0000 https://fiftysix.net/how-to-claim-compensation-for-mis-sold-unaffordable-credit-on-cards-loans-and-overdrafts/ MILLIONS of people who were wrongly sold unaffordable credit on cards, loans and overdrafts could be compensated. Even those who have already repaid what they owed could claim thousands if they can prove that paying off the debt was difficult in addition to day-to-day life. 3 Millions who were wrongly sold unaffordable credit on cards, […]]]>

MILLIONS of people who were wrongly sold unaffordable credit on cards, loans and overdrafts could be compensated.

Even those who have already repaid what they owed could claim thousands if they can prove that paying off the debt was difficult in addition to day-to-day life.

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Millions who were wrongly sold unaffordable credit on cards, loans and overdrafts could be compensatedCredit: Getty

Lenders are responsible for verifying whether a borrower can afford to repay a loan before extending credit.

More than half of complaints about unaffordable loans are upheld by the Financial Ombudsman Service, which decides whether a customer owes a refund.

Debt counselor Sara Williams says, “Most people who have trouble with money worry it’s their fault, but lenders shouldn’t put big limits on it.”

This week, Rosie Murray-West explains who can recover — and how to do it.

I'm an Engine Expert - Beware of Stuff That Won't Save Gas Money
Millions miss pay rise - full list of those affected

WHAT CAN I CLAIM?

ANY of the following could be worth checking out, according to Sara, who runs the debt collection website Debt Camel:

  • Personal loans intended for short-term credit
  • Auto Finance Loans
  • Guarantee loans that a relative or friend had to repay in the event of default
  • Standard personal loans whose monthly repayment was unsustainable given your financial situation
  • Bank overdrafts increased without financial control
  • Credit cards with high spending limits

Even if you have repaid the loan or closed the bank account, you can still claim.

HOW MUCH CAN I CLAIM?

YOU won’t get it all back, but the ombudsman usually orders companies to refund you the interest you paid, any additional costs, plus eight percent more interest.

You will always be expected to repay the amount you borrowed.

For example, a customer who borrowed £5,000 and repaid £250 over 36 months would receive £4,320, or £4,000 in fees and charges and 8% interest.

It usually requires that any black marks on your credit report due to debt be removed as well.

WILL I SURELY RECEIVE COMPENSATION?

THERE IS NO WARRANTY. However, the financial ombudsman withholds more than half of loan complaints after lenders refuse to repay, so the odds are in your favour.

The mediator will issue a legally binding decision for the company. But it can take more than three months, so be prepared to wait.

If you still don’t agree after the ombudsman makes a decision, your only option is to sue the lender.

You should bear in mind that you will have to pay legal fees – and these could cost thousands of pounds. Again, there is no guarantee that you will win.

WHAT HAPPENS NEXT?

If the lender does not resolve your problem within eight weeks or if you are not satisfied with their response, you can report it to the Financial Ombudsman Service.

The countdown starts from the moment you file this complaint, whether you do so by phone, email or post.

You must do so within six months of the company’s response.

You can complain online at financial-ombudsman.org.uk. Or call 0800 023 4567.

Either way, your submission is free.

HOW TO APPLY?

You should avoid companies that charge a fee to claim on your behalf as this will reduce any compensation and not speed up the process.

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You should avoid companies that charge a fee to claim on your behalf as this will reduce any compensation and not speed up the process.Credit: Getty

COMPLAIN directly with your lender first. You can do this yourself or use a free dispute resolution service such as Resolver (resolver.co.uk).

You should avoid companies that charge a fee to claim on your behalf, as this will reduce any compensation and not speed up the process.

Debt Camel has free letter templates on its website if you choose to go it alone, as well as tips on how to customize them.

If your lender is bankrupt, the rules are somewhat different and in some cases you may not be able to claim at all.

Researching the company name on the Resolver website should show you what to do in your specific situation.

The lender can pay you back immediately. If not, it’s worth fighting for.

When you complain, include evidence that you shouldn’t have received the credit because the lender should have been able to see that you couldn’t afford it.

Evidence may include bank statements from when you took out the credit showing that you already had several loans or that you were a regular player.

You can also use your credit report from that time as proof.

YOUR CHANCES OF SUCCESS

% of complaints confirmed by the ombudsman

Guarantee loans: 68%

House credit: 66%

(Also known as home equity loan)

Logbook Loans: 62%

(Credit secured against your vehicle)

Personal loans: 45%

Payday Loans: 46%

Overdraft: 45%

Credit card: 37%

£442 Free groceries

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Credit: Getty

THOUSANDS of cash-strapped families are missing out on supermarket vouchers worth up to £442 a year.

The Healthy Start program provides low-income parents with extra help to buy milk, vegetables, fruits, legumes and vitamins.

You must be at least ten weeks pregnant or have a child under the age of four and receive an eligible benefit to get support.

New applicants receive a prepaid card which is topped up with digital vouchers every four weeks. Parents can get between £4.25 and £8.50 per week, or up to £442 per year.

Data from the NationalWorld website suggests that 115,000 people do not get free support.

But with millions of people struggling with a crippling cost of living crisis, it is essential to seek all the help possible. For more information visit healthystart.nhs.uk.

I am mom of
Our garden fence has been broken for months - my children can't play outside

AT 18 YEARS OLD ? GET A CHILD FUND

NEARLY 200,000 people have a savings pot worth around £2,000 that they don’t even know about.

The latest data reveals that £374m remains untouched in lost Children’s Trust Funds (CTFs).

CTFs were automatically opened by the then Labor government for children born between 1 September 2002 and 2 January 2011. They were later replaced by Junior ISAs.

Children with a CTF received a £250 voucher at birth. Low-income families could get £500.

Children born between 2002 and 2011 also received an additional £250 when they turned seven. Parents could decide whether the money would be invested in stocks and shares or saved in cash.

Savings were not accessible until the child reached the age of 18. But many young adults who have come of age don’t even know they have an account – and could lose thousands of pounds.

You can find a lost CTF using the government’s online search service at gov.uk. Parents can also contact HMRC to find an account for their child.

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