California Payday Loans – Tinigard http://tinigard.info/ Mon, 21 Nov 2022 07:30:01 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://tinigard.info/wp-content/uploads/2021/05/default1-150x150.png California Payday Loans – Tinigard http://tinigard.info/ 32 32 Michigan women score big and set for key leadership in Legislative Assembly https://tinigard.info/michigan-women-score-big-and-set-for-key-leadership-in-legislative-assembly/ Fri, 18 Nov 2022 08:00:00 +0000 https://tinigard.info/michigan-women-score-big-and-set-for-key-leadership-in-legislative-assembly/ As of 1 p.m. Wednesday, 33 Democratic candidates and 14 Republicans were on course to win their state House races, and 12 Democratic women and four Republicans were leading the state Senate races. Related: Democrats wrested control of the state Legislature from Republicans on Tuesday for the first time in years, and women are expected […]]]>

As of 1 p.m. Wednesday, 33 Democratic candidates and 14 Republicans were on course to win their state House races, and 12 Democratic women and four Republicans were leading the state Senate races.

Related:

Democrats wrested control of the state Legislature from Republicans on Tuesday for the first time in years, and women are expected to make up the majority of both Democratic legislative caucuses.

If current trends continue in other state legislatures, the increase puts Michigan ahead of the pack in terms of women’s representation in state government. According to Rutgers University’s Center for American Women and Politics, the only state to date to achieve gender parity or a majority of women in the state legislature is Nevada.

Of Michigan’s 13-member congressional delegation, five incumbent women were re-elected to their seats, and Grand Rapids Democrat Hillary Scholten won election in Michigan’s 3rd congressional district.

State Sen. Winnie Brinks, D-Grand Rapids, is in the running for the position of caucus leader next year. She said the change was refreshing.

“It’s been hundreds of years that everything has been lopsided the other way around, so it’s really gratifying to see women taking their place in the halls of power,” Brinks said.

“Certainly having more women at the table has been a trend in recent years in Michigan, and I think you’re seeing confirmation from voters that they like what they’re seeing.”

Voters re-elected Michigan Governor Gretchen Whitmer, General Counsel Dana Nessel and Secretary of State Jocelyn Benson, all Democrats. All were first elected in 2018, a turbulent year for Democratic women following frustration over the election of President Donald Trump in 2016.

This year, Michigan was one of 10 states to elect a female governor this year, part of a national trend of more women seeking statewide positions. Six states, including Michigan, have seen two women vying for the governorship.

“It’s definitely a sign that there’s been a sea change in terms of voters’ perception of women in leadership positions,” said Amanda Hunter, executive director of the Barbara Lee Family Foundation, a nonpartisan organization. who studies women in American politics.

“Seeing a number of constitutional positions across the state filled by strong women helped open voters’ minds to the possibility that women would be well suited for executive office and paved the way for re-election. women.”

Abortion is a key issue

Several Democratic lawmakers have said abortion is a key issue that has boosted women’s participation and candidacy.

“When you start playing around with people’s basic rights, like reproductive freedom, it really caught people’s attention,” Brinks said.

Brinks said the legislature must repeal a 1931 abortion ban that was to come into effect when the U.S. Supreme Court struck down Roe v. Wade this summer “to keep it consistent with what people have said they want to see in our Constitution.”

Rep. Julie Brixie, D-Okemos, focused on this year as she recruited female candidates to run for public office. Brixie is the chair of recruiting and training for the House Democrats campaign.

“When Roe fell and when we put reproductive rights on the ballot … I knew it was going to be really important to the results and women were going to do really well,” she said.

]]>
Vacation spending will leave half of Americans in debt this year, survey finds https://tinigard.info/vacation-spending-will-leave-half-of-americans-in-debt-this-year-survey-finds/ Tue, 15 Nov 2022 20:30:00 +0000 https://tinigard.info/vacation-spending-will-leave-half-of-americans-in-debt-this-year-survey-finds/ Inflation and stress also lead to anxiety and depression as families worry about overspending. If you have to go into debt, really try to keep it under control. And when considering buying gifts, remember: it really is the thought that counts. — Lawrence White, Professor, NYU Stern School of Business AUSTIN, TEXAS, USA, Nov. 15, […]]]>

Inflation and stress also lead to anxiety and depression as families worry about overspending.

If you have to go into debt, really try to keep it under control. And when considering buying gifts, remember: it really is the thought that counts.

— Lawrence White, Professor, NYU Stern School of Business

AUSTIN, TEXAS, USA, Nov. 15, 2022 /EINPresswire.com/ — Holiday spending is expected to be robust again this year, whether or not Americans can afford it.

Around 50% of shoppers plan to take on new short-term debt this year during the Christmas season to cover extra costs, and going through the season is damaging emotional health, causing depression, crying, compulsive overspending and even suicidal thoughts. .

And just like the Nov. 8 election, there’s a very narrow margin between the number of people who say they’ll spend more because they’re optimistic after the primaries — 7.58% — versus 6.21% who say they will spend less because the outcome has made them more pessimistic.

The National Retail Federation predicts holiday retail sales in November and December will rise 6% to 8% from a year ago, to between $942.6 billion and $960.4 billion. And that’s after last year’s $889.3 billion broke previous records. But many families are already struggling with inflation, rising gas prices and day-to-day expenses. Extra costs associated with gifts, travel and special meals are expected to blow budgets in the United States

How hard will families have it? DebtHammer.org surveyed 1,100 Americans to learn more about their vacation spending plans this year. Here are the results :

Americans will end the year in debt: While most said they would turn to a credit card to help them get through it, a third of those credit card users said they wouldn’t. able to pay the bill and that they’ll have to carry a balance through 2023. 13% plan to use “Buy Now, Pay Later” plans, which require paying for an item in four (or sometimes more) installments. Another 8% plan to use payday loans or title loans, and 7% will use personal loans. Nearly 9% will receive an advance from a payday advance app like Dave or an employer-sponsored earned salary app like PayActiv. About 3% said they plan to skip an essential bill to have extra money to spend while on vacation.

Under pressure: The most wonderful time of the year brings a lot of stress, anxiety and depression. Just under half of Americans experience some form of anxiety during the approaching season.

Wreak havoc: For those suffering from anxiety or depression, the emotional toll is so extreme that 7% say they have thought about suicide or questioned their will to live. About 53% cite constant worrying, 31% can’t sleep, 31% have cried because of holiday stress, 24% have mood swings, 23% overeat, 23% have bought stress-related items they cannot afford and 12% have consumed alcohol. About 15% plan to turn to a lender for help or financial advice.

Read the full report at: debthammer.org/holiday-spending-survey/.

DebtHammer is an industry leader in the fight to get Americans out of debt.

Please email media@debthammer.org for more information or if you would like to schedule a phone or video call with DebtHammer CEO Jake Hill.

Feel free to embed any of the visuals included in the report on your website, or use or modify the raw files as needed. Complete datasets are available upon request.

Expert advice

What advice would you give to someone considering going into debt from holiday spending?

People need to consider both finances and psychology when considering the possibility of going into debt due to vacation expenses. Both elements are important. Financially, people often wonder how much they want to spend, how deep the debt will be created, what is the interest rate and how long will it take to pay it back. There are also psychological issues at play. These may include, “What does the gift recipient really need to know that I care about them or to make them happy?” ; “How much is really enough?” or “Apart from generosity, are there other emotions at play that influence my gift choices?” Sometimes we realize that this emotional side of spending, even if it’s buying for others, it’s more complicated than you first think.Taking a few moments to think about these psychological aspects can influence the extent to which people take on debt.
–Steven Meyers, professor in the Department of Psychology at Roosevelt University

Going into debt from vacation expenses has major downsides to your mental health. Our finances can play a major role in impacting our stress levels. When people spend more than they have or go into debt, their stress multiplies. Financial stress often increases conflict in family relationships, due to the expenses themselves when the partners disagree or due to the sacrifices needed to try to pay off the debt. Think carefully about the burdens of taking on holiday debt, as they could outweigh any possible benefits.
–Maryam Kia-Keating, associate professor of clinical psychology at the University of California, Santa Barbara, Department of Counseling, Clinical and School Psychology

There are many logical reasons to accept debt into your life. I think the best reason is to improve your economic situation. Accept debt if you are starting a business or going to college to earn a degree or certificate that will lead to promotion and increased income. Holiday expenses, it’s not worth it. Find a way to stick to your budget and plan for it throughout the year.
–Deborah Cohn, Acting Dean, School of Management, New York Institute of Technology

Jake Hill
DebtHammer
+1 214-542-2502
write to us here

]]>
Ohio lawmakers seek tough rules for ‘clean energy’ loans https://tinigard.info/ohio-lawmakers-seek-tough-rules-for-clean-energy-loans/ Sun, 13 Nov 2022 06:04:48 +0000 https://tinigard.info/ohio-lawmakers-seek-tough-rules-for-clean-energy-loans/ Editor’s Note: This story was first published by ProPublica. This fall, Ohio lawmakers will consider adding consumer protections to “clean energy” loan programs, addressing concerns they may impose on vulnerable homeowners. In testimony at state House committee hearings this year, some proponents of the bill pointed to the ProPublica reports as proof that Ohio should […]]]>

Editor’s Note: This story was first published by ProPublica.

This fall, Ohio lawmakers will consider adding consumer protections to “clean energy” loan programs, addressing concerns they may impose on vulnerable homeowners.

In testimony at state House committee hearings this year, some proponents of the bill pointed to the ProPublica reports as proof that Ohio should tightly regulate lending. This report showed that Property Assessed Clean Energy, or PACE, loans often left low-income borrowers in Missouri at risk of losing their homes.


Two Republican members of the State House from eastern Ohio are pursuing rules for PACE, though such a loan program has only been offered as part of a pilot program in Toledo. But lawmakers Bill Roemer, of Richfield, and Al Cutrona, of Canfield, said they wanted to make sure that, if companies try to introduce a statewide program in Ohio, they comply with stricter rules.

PACE provides financing for energy-efficient home improvements that borrowers repay in their property taxes. Unlike some other types of financing, default on a PACE loan can result in the sale of a home during a tax sale.

Missouri, California, and Florida are the only states with active statewide PACE residential programs. Last year, Ohio nearly became fourth, after the California-based Ygrene Energy Fund announced it would offer homeowner loans in partnership with the Toledo-Lucas County Port Authority.

But the program never started. Ygrene has since suspended all loans nationwide and last week agreed to settle a federal and state of California complaint that the company harmed consumers through deceptive practices.

Roemer said in an interview that he co-sponsored the measure after speaking to a coalition that included mortgage lenders, realtors, and advocates for affordable housing and homelessness.

“You never really see all these people coming together on a bill,” he said. “I did my research and said, ‘This is a really bad program that takes advantage of the most vulnerable people. “”

The legislative session ends on December 31, leaving little time to pass the bill.

“It’s going to take a lot of work,” Roemer said, “but I think it’s very important that we do it.”

Ben Holbrook, a Cutrona aide, said that after Ygrene’s withdrawal Bill was “less reactive and more proactive”.

ProPublica found that state and local authorities in Missouri exercised little control over the two entities that operated clean energy loan programs in that state. Ygrene and the Missouri Clean Energy District charged high interest rates and fees over terms of up to 20 years, collecting loan repayments through tax bills and executing debts by placing liens on property – which left some borrowers vulnerable to losing their homes if they defaulted.

The reporters analyzed about 2,700 loans registered in the five counties with the most active PACE programs in Missouri. They found that borrowers, especially in predominantly black neighborhoods, sometimes paid more interest and fees than their home was worth.

PACE lenders said their programs provide much-needed financing for home renovations, especially in predominantly black neighborhoods where traditional lenders typically don’t do much business. They said their interest rates were lower than payday lenders and some credit cards.

Weeks after ProPublica’s investigation, the Missouri Legislature passed and Governor Mike Parson signed legislation mandating more consumer protections and PACE oversight. In Ohio, following our reporting, leaders of the state’s two most populous cities, Columbus and Cleveland, said they would not participate in any PACE residential plans.

The Ohio bill would cap the annual interest rate on PACE loans at 8% and prohibit lenders from charging interest on fees. Lenders must verify that a borrower can repay a loan by confirming that the borrower’s monthly debt does not exceed 43% of their monthly income and that they have sufficient income to meet basic expenses.

The measure would also change the way PACE lenders secure their loans. In states where PACE has thrived in residential markets, PACE liens are paid first if a home is foreclosed. And a homeowner can borrow without the consent of the bank that holds the mortgage. The Ohio bill would refund PACE liens after the mortgage and any other liens on the property. Additionally, the mortgage lender should agree to add a PACE loan.

Ygrene officials did not respond to requests for comment. But a company official told the legislative committee that the bill would “unequivocally kill residential PACE.” Crystal Crawford, then vice-chairman of Ygrene, told the committee in May that the bill was “not a consumer protection bill – it’s a bank protection bill” .

Ohio’s limited experience with PACE illustrated how the program, with sufficient oversight, could be a low-cost option for borrowers. The Port Authority of Toledo-Lucas County has implemented a pilot program allowing residents to borrow money for energy-saving projects without paying high interest or fees. A local nonprofit, the Lucas County Land Bank, made sure borrowers had the means to repay loans, connected homeowners with contractors, and made sure home improvements were made. properly completed before releasing the loans.

Ygrene announced in August that it had suspended making PACE residential loans in Missouri and California, but continued to make PACE residential loans in Florida and PACE commercial loans in more than two dozen states. Commercial loans have not attracted as much attention from regulators because they tend to involve borrowers with more experience and access to capital who are not as likely as residential borrowers to default.

More recently, the Ygrene website suggests that instead of providing loans directly, Ygrene now operates as an online lending marketplace where consumers looking for personal home improvement loans can enter personal information and receive offers from third-party lenders.

The lawsuit filed by the Federal Trade Commission and the California Department of Justice alleges that the company misled consumers about the potential financial impact of its financing and registered liens on borrowers’ homes without their consent. To solve the case, Ygrene has agreed to provide financial assistance to certain borrowers, end allegedly deceptive practices, and meaningfully supervise contractors who act as its sales force. The settlement must be approved by a judge.

Ygrene said in an email that the complaints date back to the “early days” of the company marketing PACE loans in 2015 and that it has since taken “extensive steps” to protect consumers.

“We deeply regret any negative consequences any customer may have suffered, as even one unhappy customer is too much,” the company said.

]]>
What is a payday loan and other types of predatory loans? https://tinigard.info/what-is-a-payday-loan-and-other-types-of-predatory-loans/ Thu, 03 Nov 2022 09:01:17 +0000 https://tinigard.info/what-is-a-payday-loan-and-other-types-of-predatory-loans/ Financial watchdog groups have raised concerns about predatory lenders taking advantage of low-income Americans who need cash fast as soaring inflation squeezes consumers. So what is predatory lending? Predatory lending imposes unfair or abusive loan terms on borrowers, including triple-digit interest rates and tight repayment terms. Meanwhile, a “fair” loan guarantees the same lending opportunities […]]]>

Financial watchdog groups have raised concerns about predatory lenders taking advantage of low-income Americans who need cash fast as soaring inflation squeezes consumers.

So what is predatory lending?

Predatory lending imposes unfair or abusive loan terms on borrowers, including triple-digit interest rates and tight repayment terms. Meanwhile, a “fair” loan guarantees the same lending opportunities to all consumers, including low-cost loans for those with good credit scores, according to federal guidelines.

A predatory lender can also persuade a borrower to accept abusive terms through deceptive, coercive, exploitative or unscrupulous actions, according to Orlando-based debt.org, an online site that provides advice from financial experts. An example is lenders targeting borrowers with credit problems or who have recently lost their jobs.

Predatory lending practices can also include fraudulent, deceptive and unfair tactics that lenders use to “trick” consumers into loans they cannot afford, according to the U.S. Attorney’s Office for Eastern Pennsylvania, who cites high mortgage costs as contributing to borrowers who cannot keep their homes in good repair.

A person rides a scooter past a check cashing and payday loan store on March 11, 2022, in downtown Los Angeles.
PATRICK T. FALLON/AFP via Getty Images

The Center for Responsible Lending, a North Carolina-based nonprofit research organization working to end predatory lending, released a study in late September that looked at the “persistent harms of high-cost installment loans.” , a form of predatory lending that includes “rental” bank loans. The group says it found that predatory lending had a greater impact on people of color and low-income people.

Published

Updated

]]>
PACE loans in Ohio may need more consumer protection – ProPublica https://tinigard.info/pace-loans-in-ohio-may-need-more-consumer-protection-propublica/ Wed, 02 Nov 2022 09:00:00 +0000 https://tinigard.info/pace-loans-in-ohio-may-need-more-consumer-protection-propublica/ ProPublica is a nonprofit newsroom that investigates abuse of power. Sign up for Dispatches, a newsletter that shines a light on wrongdoing across the country, to get our stories delivered to your inbox each week. This fall, Ohio lawmakers will consider adding consumer protections to “clean energy” loan programs, addressing concerns they may impose on […]]]>

This fall, Ohio lawmakers will consider adding consumer protections to “clean energy” loan programs, addressing concerns they may impose on vulnerable homeowners.

In testimony at state House committee hearings this year, some proponents of the bill pointed to the ProPublica reports as proof that Ohio should tightly regulate lending. This report showed that Property Assessed Clean Energy, or PACE, loans often left low-income borrowers in Missouri at risk of losing their homes.

Two Republican members of the State House from eastern Ohio are pursuing rules for PACE, though such a loan program has only been offered as part of a pilot program in Toledo. But lawmakers Bill Roemer, of Richfield, and Al Cutrona, of Canfield, said they wanted to make sure that, if companies try to introduce a statewide program in Ohio, they comply with stricter rules.

PACE provides financing for energy-efficient home improvements that borrowers repay in their property taxes. Unlike some other types of financing, default on a PACE loan can result in the sale of a home during a tax sale.

Missouri, California, and Florida are the only states with active statewide PACE residential programs. Last year, Ohio nearly became fourth, after the California-based Ygrene Energy Fund announced it would offer homeowner loans in partnership with the Toledo-Lucas County Port Authority.

But the program never started. Ygrene has since suspended all loans nationwide and last week agreed to settle a federal and state of California complaint that the company harmed consumers through deceptive practices.

Roemer said in an interview that he co-sponsored the measure after speaking to a coalition that included mortgage lenders, realtors, and advocates for affordable housing and homelessness.

“You never really see all these people coming together on a bill,” he said. “I did my research and said, ‘This is a really bad program that takes advantage of the most vulnerable people. “”

The legislative session ends on December 31, leaving little time to pass the bill.

“It’s going to take a lot of work,” Roemer said, “but I think it’s very important that we do it.”

Ben Holbrook, a Cutrona aide, said that after Ygrene’s withdrawal Bill was “less reactive and more proactive”.

ProPublica found that state and local authorities in Missouri exercised little control over the two entities that operated clean energy loan programs in that state. Ygrene and the Missouri Clean Energy District charged high interest rates and fees over terms of up to 20 years, collecting loan repayments through tax bills and executing debts by placing liens on property – which left some borrowers vulnerable to losing their homes if they defaulted.

The reporters analyzed about 2,700 loans registered in the five counties with the most active PACE programs in Missouri. They found that borrowers, especially in predominantly black neighborhoods, sometimes paid more interest and fees than their home was worth.

PACE lenders said their programs provide much-needed financing for home renovations, especially in predominantly black neighborhoods where traditional lenders typically don’t do much business. They said their interest rates were lower than payday lenders and some credit cards.

Weeks after ProPublica’s investigation, the Missouri Legislature passed and Governor Mike Parson signed legislation mandating more consumer protections and PACE oversight. In Ohio, following our reporting, leaders of the state’s two most populous cities, Columbus and Cleveland, said they would not participate in any PACE residential plans.

The Ohio bill would cap the annual interest rate on PACE loans at 8% and prohibit lenders from charging interest on fees. Lenders must verify that a borrower can repay a loan by confirming that the borrower’s monthly debt does not exceed 43% of their monthly income and that they have sufficient income to meet basic expenses.

The measure would also change the way PACE lenders secure their loans. In states where PACE has thrived in residential markets, PACE liens are paid first if a home is foreclosed. And a homeowner can borrow without the consent of the bank that holds the mortgage. The Ohio bill would refund PACE liens after the mortgage and any other liens on the property. Additionally, the mortgage lender should agree to add a PACE loan.

Ygrene officials did not respond to requests for comment. But a company official told the legislative committee that the bill would “unequivocally kill residential PACE.” Crystal Crawford, then vice-chairman of Ygrene, told the committee in May that the bill was “not a consumer protection bill – it’s a bank protection bill” .

Ohio’s limited experience with PACE illustrated how the program, with sufficient oversight, could be a low-cost option for borrowers. The Port Authority of Toledo-Lucas County has implemented a pilot program allowing residents to borrow money for energy-saving projects without paying high interest or fees. A local nonprofit, the Lucas County Land Bank, made sure borrowers had the means to repay loans, connected homeowners with contractors, and made sure home improvements were made. properly completed before releasing the loans.

Ygrene announced in August that it had suspended making PACE residential loans in Missouri and California, but continued to make PACE residential loans in Florida and PACE commercial loans in more than two dozen states. Commercial loans have not attracted as much attention from regulators because they tend to involve borrowers with more experience and access to capital who are not as likely as residential borrowers to default.

More recently, the Ygrene website suggests that instead of providing loans directly, Ygrene now operates as an online lending marketplace where consumers looking for personal home improvement loans can enter personal information and receive offers from third-party lenders.

The lawsuit filed by the Federal Trade Commission and the California Department of Justice alleges that the company misled consumers about the potential financial impact of its financing and registered liens on borrowers’ homes without their consent. To solve the case, Ygrene agreed to provide financial assistance to certain borrowers, to end allegedly deceptive practices and to significantly supervise contractors who act as its sales force. The settlement must be approved by a judge.

Ygrene said in an email that the complaints date back to the “early days” of the company marketing PACE loans in 2015 and that it has since taken “extensive steps” to protect consumers.

“We deeply regret any negative consequences any customer may have suffered, as even one unhappy customer is too much,” the company said.

]]>
Appeal ruling could force Supreme Court to reconsider CFPB https://tinigard.info/appeal-ruling-could-force-supreme-court-to-reconsider-cfpb/ Fri, 28 Oct 2022 11:07:18 +0000 https://tinigard.info/appeal-ruling-could-force-supreme-court-to-reconsider-cfpb/ Peterson and other legal experts have said the CFPB should seek a stay of decision and a full 5th Circuit review. Such a bench review could confirm, soften or reverse the decision made by the three judges. Anything less than a complete reversal increases the likelihood that the case will go to the Supreme Court. […]]]>

Peterson and other legal experts have said the CFPB should seek a stay of decision and a full 5th Circuit review. Such a bench review could confirm, soften or reverse the decision made by the three judges. Anything less than a complete reversal increases the likelihood that the case will go to the Supreme Court.

“There is nothing new or unusual about Congress’s decision to fund the CFPB outside of annual expense bills,” Sam Gilford, a CFPB spokesman, said without commenting on an appeal. Gilford added that other federal financial regulators and the Federal Reserve System are funded this way and that the CFPB would continue to enforce laws and protect consumers.

Only two years ago, the Supreme Court restricted the independence of the CFPB, finding that isolating the director of presidential oversight violated the constitution, but did not challenge its funding structure. The 5th Circuit panel’s decision, however, ups the ante by posing a question the High Court has not directly addressed in 2020.

“The only constitutional flaw we have identified in the structure of the CFPB is the insulation of the director from removal,” Chief Justice John G. Roberts Jr. wrote for the majority in a 5-4 decision in a high-profile case. as Seila Law v. CFPB. In the 2010 law that created the CFPB, Congress said the president could only fire the director for cause.

Roberts, joined by conservative justices Samuel A. Alito Jr. and Brett M. Kavanaugh, wrote that it was unconstitutional to give the director so much independence, but did not declare the agency’s rules unconstitutional. And they rejected Seila Law’s request to disband the CFPB if they believed isolating the Director of Presidential Authority was unconstitutional.

]]>
Synapse and Glance Capital join forces to democratize access to credit | Nation/World https://tinigard.info/synapse-and-glance-capital-join-forces-to-democratize-access-to-credit-nation-world/ Mon, 24 Oct 2022 15:32:00 +0000 https://tinigard.info/synapse-and-glance-capital-join-forces-to-democratize-access-to-credit-nation-world/ SAN FRANCISCO–(BUSINESS WIRE)–October 24, 2022– Synapse Financial Technologies Inc., a banking-as-a-service (BaaS) platform that improves access to best-in-class financial products, today announced a partnership with Glance Capital to power a suite of credit and deposit for Glance Capital clients. Glance, which offers simple, straightforward loans to construction workers, saw an opportunity to improve traditional banks’ […]]]>

SAN FRANCISCO–(BUSINESS WIRE)–October 24, 2022–

Synapse Financial Technologies Inc., a banking-as-a-service (BaaS) platform that improves access to best-in-class financial products, today announced a partnership with Glance Capital to power a suite of credit and deposit for Glance Capital clients.

Glance, which offers simple, straightforward loans to construction workers, saw an opportunity to improve traditional banks’ rigid lending criteria for people with little or no credit, multiple part-time jobs and varying incomes. This segment of workers earned over $1.4 trillion in 2019 and is expected to reach $2 trillion by 2025.

To realize its vision of disrupting predatory payday lending in the form of revolving lines of credit and neo-banking services, Glance needed a banking-as-a-service platform with deep knowledge of the credit industry, a full suite of deposit and card services, and compliance and know-your-customer (KYC) services aligned with their inclusiveness model.

“We wanted a platform that gave us the ability to customize our products to meet the unique needs of our clients,” said Brad Stuit, CEO of Glance Capital. “We also wanted a partner who aligned with our mission to support banking services designed for borrowers. Synapse was there to help us get to market faster and ensure we were compliant with state and federal regulations. Since Launching with Synapse on September 1, 2022, Glance received over 6,000 new apps and loaned over $250,000 to customers across the United States.

Synapse’s technology platform powers customizable deposit, credit, and crypto solutions, including one-time loans and expense cards, reliably delivering integrated financial solutions that scale with their customers.

“Glance and Synapse have a common vision,” said Sankaet Pathak, CEO of Synapse. “We both want everyone to have access to best-in-class financial products. To fulfill this mission, Synapse has a wide range of financial products, including credit, debit and crypto, and our open APIs make it easy to develop and launch innovative financial services in weeks, not months or years. years.

About Synapse

Synapse was founded in 2014 with a mission to ensure that everyone around the world has access to best-in-class financial products, regardless of their net worth. Synapse’s banking platform as a service provides payment, card issuance, deposit, lending, compliance, credit and investment products as APIs to over 15 million end users. It has an annualized trading volume of $67 billion and $11 billion in assets under management on its platform. With white-label APIs for developers and bank-facing APIs for institutions to automate their back-end operations, Synapse customers can quickly build, launch, and scale innovative financial products and services. The company is backed by over $50 million in funding from top venture capital firms, such as Andreessen Horowitz, 500 Startups and Trinity Ventures, and was recently ranked #92 in Financial Services on the 2022 Inc. list of the 5000 fastest growing companies. Synapse Financial Technologies, Inc. is not a bank. Deposit, banking and card services are provided by partner banks of Synapse Financial Technologies, Inc., Member FDIC. Credit services are provided by Synapse Credit LLC, a US lender licensed in designated states. Global cash management services provided by Synapse Brokerage LLC, a registered broker and member of FINRA and SIPC. Crypto services are provided by Wyre Payments, Inc., an American money services company. Synapse Brokerage LLC does not offer crypto services and no cryptocurrency may be held in an account established through Synapse Brokerage, LLC. Cryptocurrencies are not stocks, and your cryptocurrency investments are not protected by the FDIC or SIPC.

For more information, visit synapsefi.com.

About Regard Capital

Glance Capital was founded in 2020 with a vision to disrupt the predatory payday loan industry that over 100 million Americans rely on for their basic financial needs. Instead of relying solely on credit score, Glance uses over 100 data points to instantly approve customers for long-term revolving lines of credit instead of high-interest short-term loans.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20221024005759/en/

CONTACT: For Synapse Financial Technologies, Inc.

Shannon Mullins

smullins@sloanepr.comFor a look

Brad Stuit

brad@glancecapital.com

778-986-9049

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

SECTOR KEYWORD: BANKING PERSONAL FINANCE PROFESSIONAL SERVICES FINANCE

SOURCE: Synapse Financial Technologies Inc.

Copyright BusinessWire 2022.

PUBLISHED: 10/24/2022 11:31 a.m. / DISK: 10/24/2022 11:32 a.m.

http://www.businesswire.com/news/home/20221024005759/en

Copyright BusinessWire 2022.

]]>
JPMorgan Chase, taking feature from Fintech Rivals, offers some customers early payday deposits – NBC Los Angeles https://tinigard.info/jpmorgan-chase-taking-feature-from-fintech-rivals-offers-some-customers-early-payday-deposits-nbc-los-angeles/ Wed, 19 Oct 2022 12:10:26 +0000 https://tinigard.info/jpmorgan-chase-taking-feature-from-fintech-rivals-offers-some-customers-early-payday-deposits-nbc-los-angeles/ JPMorgan Chase is giving select customers early access to their direct deposits, a feature popularized by fintech rivals as it hopes to lure users into an overdraft-free checking account. The feature – which speeds up payments including payroll, tax refunds, pensions and government benefits by up to two days – debuts for Secure Banking customers […]]]>
  • JPMorgan Chase is giving select customers early access to their direct deposits, a feature popularized by fintech rivals as it hopes to lure users into an overdraft-free checking account.
  • The feature – which speeds up payments including payroll, tax refunds, pensions and government benefits by up to two days – debuts for Secure Banking customers starting this week.
  • That usually means getting paid on a Wednesday rather than a Friday, the bank said.

JPMorgan Chase is giving select customers early access to their direct deposits, a feature popularized by fintech rivals as it hopes to lure users into an overdraft-free checking account.

The bank is rolling out the feature – which speeds up payments including payroll, tax refunds, pensions and government benefits by up to two days – for customers of its Secure Banking product, starting this week, according to Ryan MacDonald, Head of Growth Financial Products for Chase.

That usually means getting paid on a Wednesday rather than a Friday, he said.

“Those few days are often the difference between digging for money from family or not paying that bill on time and being charged late fees,” MacDonald said in an interview.

JPMorgan, the largest U.S. bank by assets, hits the milestone as the sector faces mounting pressure from regulators and lawmakers over overdrafts and other fees. While smaller rivals including Capital One have said they are scrapping overdraft fees, the CEOs of the three largest U.S. institutions have repeatedly refused calls to end the fee.

Instead, banks have drawn attention to existing products that protect users from overdraft fees, while providing most of the features of full-service accounts.

For JPMorgan, that product is Secure Banking, which has no minimum balance requirement and costs $4.95 per month. The service, which is aimed at households earning about $55,000 or less a year, has about 1.4 million users, MacDonald said. Most customers have direct deposit and will automatically start receiving advance payments, he added.

The bank, which says it serves more than 66 million U.S. households overall, can be a “fast follower” to fintech rivals when they build much-needed functionality, MacDonald said. Startups such as Chime and Current popularized early direct deposits, winning millions of cost-conscious users.

“Fintechs are doing a good job of entering the space and trying to disrupt by offering services,” MacDonald said. “Customers didn’t even think about early payment access until some of these players arrived. As we’ve assessed, we think there’s a real need for some customers to have this. .”

Unlike new app-dependent players, JPMorgan’s value proposition includes both digital services and an extensive physical network of approximately 4,700 branches and 16,000 ATMs, the executive said.

The bank is working on introducing other solutions for this group, including small loans or installment products, to help users smooth out their financial needs in times of emergency, he added.

]]>
Corporate social credit scores reflect China and risk the Republic https://tinigard.info/corporate-social-credit-scores-reflect-china-and-risk-the-republic/ Mon, 17 Oct 2022 17:46:38 +0000 https://tinigard.info/corporate-social-credit-scores-reflect-china-and-risk-the-republic/ When the United States entered into serious trade relations with China in the late 1980s and early 1990s, policymakers speculated that a capitalist market in China would evolve into a representative, democratic, and western style. As China holds its 20th Communist Party Congress this week, where Xi Jinping is set to be granted an unprecedented […]]]>

When the United States entered into serious trade relations with China in the late 1980s and early 1990s, policymakers speculated that a capitalist market in China would evolve into a representative, democratic, and western style.

As China holds its 20th Communist Party Congress this week, where Xi Jinping is set to be granted an unprecedented third term and named “president for life,” Americans can only regret the naivety of leaders who allowed and reinforced the rise of the communist regime which is now an existential threat worldwide.

But as we lament the naivety of George HW Bush, Bill Clinton and the 106th Congress, Americans should take heed too. For we have not only failed to “convert” China from communist authoritarianism to the ways of a democratic society, as we had hoped, but we have also made our own society more authoritarian in a way that mimics certain from China.

A silence from the private sector

John Locke, the 17th century philosopher who so influenced the Founders, wrote in “A Letter Concerning Tolerance”: “The tolerance of those who differ from others is so pleasing…to the true reason of mankind, that it seems monstrous for men to be blind enough not to see the necessity and advantage of it in such a clear light.

As Locke wrote about religious tolerance between different sects, his notions were so embraced by the Founding Fathers that they became the basis for James Madison’s derivation of the First Amendment which prohibits Congress from restricting free speech or freedom of press.

Today, however, the tolerance of speech is in danger. And it’s the private sector companies that are limiting speech in ways that Congress can’t — and in ways that the founders probably never envisioned.

As I reported earlier this month, privately held PayPal maintains a policy that allows the company to charge $2,500 from accounts of users who promote “hate, violence, race or other forms of discriminatory intolerance”. Your account may be closed if you “provide false, inaccurate or misleading information”. Decisions as to whether you meet these thresholds are, of course, solely made by PayPal.

Earlier this year Mike Lindell, the ‘My Pillow Guy’, had bank accounts he maintained with Minnesota Bank & Trust terminated after the bank described him as a ‘reputational risk’. The bank apparently found Lindell’s lingering doubts about the integrity of the 2020 election to be something of a threat to it.

Lauren Witzke, a US Senate candidate in Delaware and a self-proclaimed “Christian nationalist” who opposes the LGBTQ movement, has been denied access to her account at Wells Fargo. She claims to have done business with Wells Fargo for years, but banking services were only denied when she became a candidate and had a platform to espouse her views.

These “blackballings” of opposing rhetoric from financial institutions all seem to go against conservative groups. Left-wing groups like Antifa and Black Lives Matter do not appear to have been sanctioned by financial institutions, even though they have been accused of engaging in violence. ActionNetwork, a turnkey social and contributory platform for all sorts of “progressive” causes, large and small, allows contributions via credit cards.

A virus launched in 2013

It all seems to have started with “Operation Choke Point,” a covert regulatory policy launched by the Obama administration in 2013 that was supposed to target money laundering, but also arms and ammunition dealers and self-determined called “payday lenders” (who give out loans that must be repaid on the next payday). Documents uncovered in a lawsuit showed that some Obama administration regulators abhor such ventures, despite them being legal.

Dennis Shaul, CEO of the Community Financial Services Association of America, wrote an article for The American Banker in which he described regulators’ animosity toward the industry, which he said they tried to obscure when he appeared; then he wrote:

“A dangerous precedent has been set here. If government regulators under one administration can target companies they personally disapprove of, any subsequent administration can do the same. Personal bias cannot be the norm in regulation, and the government should never ignore due process or regulatory procedures to stifle legitimate business. »

Fortunately, the Justice Department shut down Operation Choke Point in the early months of the Trump administration.

But that doesn’t seem to have ended the communist-style social credit scheme imposed by financial institutions. Some banks continue to impose barriers to financial services based on their own subjective views on legal business and controversial opinions, even though they are no longer under the yoke of government regulation. Most of them are encouraged by ESG-conscious private equity managers and public employee pension funds.

Last month, for example, the attorneys general of California and New York wrote to the three major credit card companies asking them to establish a merchant category code for gun retailers and ammunition. Public employee pension funds were quick to join the initiative, citing alleged “regulatory, reputational and litigation risks that could harm long-term shareholder value” at credit card issuers. One can easily imagine how, if the banks acquiesce to this request, they could well be asked to “unbank” controversial political movements, political parties and religious institutions.

Financial services companies are utilities and common carriers

No one should be unbanked or frozen from their credit accounts because they support controversial political views or engage in legal activities that unelected bank leaders or regulators abhor. It is an extrajudicial sanction that undermines the very nature of First Amendment guarantees and the sensibility of a democratic society. While obscenity, defamation, fraud, incitement, genuine threats, and speech that is an integral part of already criminal behavior are clearly illegal, other speech, even heinous offensive speech and “speech of hatred”, are legally protected, as long as they do not constitute incitement. And if Congress wishes to pass a constitutional amendment to change that and make certain speeches illegal, as is the case in some countries in Europe and Canada, there is a process for that. But Congress, which regulates the banks, should not allow the process to be circumvented by bureaucrats and bankers.

Harry Truman, the outspoken Missouri Democrat who became an unwitting president, once said of measures to curb dissent (in his day, the threat of the Red Scare):

“Once a government is committed to silencing the voice of opposition, it has only one path to follow, and that is the path of increasingly repressive measures, until that it becomes a source of terror for all its citizens and creates a country where everyone lives in fear.

The next Congress should establish a national financial services bill of rights to limit the power of banks and regulators to deny credit, close accounts or impose the types of fines provided by PayPal. This is clearly a role more suited to a court, with guarantees of due process and appeal, than to bureaucrats and businessmen.

Evelyn Beatrice Hall, an English writer who wrote a biography of Voltaire, summed up the philosopher’s view of speech by attributing this quote to him: “I disapprove of what you say, but I will defend your right to the death. to say it.

In a nation as deeply divided as ours, where outliers tend to get the most attention and speeches we abhor are commonplace, it’s important that we remember Voltaire’s quote. And Truman’s. And respect both.

If we don’t, we could ultimately sacrifice the republic.

The opinions expressed in this article are the opinions of the author and do not necessarily reflect the opinions of The Epoch Times.

Follow

JG Collins is Managing Director of Stuyvesant Square Consultancy, a strategy consulting, market research and advisory firm in New York. His writings on economics, business, politics and public policy have appeared in Forbes, the New York Post, Crain’s New York Business, The Hill, The American Conservative and other publications.

]]>
What is a personal finance app? https://tinigard.info/what-is-a-personal-finance-app/ Sun, 16 Oct 2022 02:06:03 +0000 https://tinigard.info/what-is-a-personal-finance-app/ Managing your finances is a tedious task that only a few people do. It takes a lot of time and effort to maintain, on your own, with all the things you need to pay attention to. Balancing a checkbook, tracking expenses, and keeping track of your bank balance, on your own, can be a daunting […]]]>

Managing your finances is a tedious task that only a few people do.

It takes a lot of time and effort to maintain, on your own, with all the things you need to pay attention to. Balancing a checkbook, tracking expenses, and keeping track of your bank balance, on your own, can be a daunting task. Fortunately, there are personal finance apps that can help you manage your finances and do all the work for you!

Nick Wilson, CEO of AdvanceSOS and experienced loan officer, shares his thoughts on personal finance apps and how they can help you. A few words about the AdvanceSOS loan service. Its quick and easy app helps people in an emergency to reach the huge network of approved lenders to get same day deposit payday loans at AdvanceSOS without credit check in Texas, California, Ohio and Florida .

Nick Wilson also shares some of the best personal finance apps that you can use depending on your needs. These apps were chosen based on their features, functionality, and purpose.

What is a personal finance app?

A personal finance app is an app that you can download to your smartphone or tablet. It offers convenient real-time tracking of your expenses, savings, and investments. It can track your credit payments and notify you of recent changes in your credit score. You can also connect it to your bank so you know where your money is being spent.

Personal finance apps provide convenience and an easy way to track your finances. Personal finance apps have different features, but generally they have a shared wallet, bill reminders, automatic bill payment, and subscription management.

How much does a personal finance app cost?

Personal finance apps usually have a free version and a paid version. A free version would have fewer features compared to the paid version and might also contain advertisements. The paid version differs in price but is relatively inexpensive, costing only $25 per year or less. Other apps only have a free version!

So if you need help managing your finances, but don’t want to spend a lot of money, personal finance apps can help you without breaking your budget.

What types of personal finance apps are offered?

For debt repayment

You need a budget, also known as YNAP, is one of the best personal finance apps for debt repayment. The app works according to YNAB’s four rules: give every dollar a job, accept true spending, roll with the punches, and age your money. The app is committed to helping you budget better and control your spending. It allows you to import transactions from checking accounts and apply them to each budget category. This will help you get an accurate picture of your spending and maintain a balanced budget by adjusting budget categories if you over or under budget.

Each month, you’ll receive a detailed report of your spending and help you identify areas where you can improve your spending. According to YNAB, an average new user saves $600 in the first two months and moves $6,000 in one year. The app offers a free version for the first 34 days of use.

For wealth management

Personal capital allows you to manage your assets and investments in addition to your expense accounts. Along with tracking your expenses, the app also tracks and improves your investments. The app allows you to track your investment by account, asset class and individual security. The mobile and tablet version of the app has an intelligence system that uncovers opportunities for diversification, risk management and uncovers hidden fees.

Personal capital also allows you to compare your portfolio to major market benchmarks to determine if you are meeting your investment goals. It also provides financial advisors who can help you achieve your goals.

For bill payment

Prism works with over 11,000 billers, including banks and small utility companies, making it the best personal finance app for managing your bills. It also allows you to list all your invoices and financial accounts in one place.

Add your invoices to the app and Prism will automatically track them for you and send you due dates and reminders to help you avoid late payments. You can also use the app itself to pay your bills. You can schedule same-day payments or schedule them in advance for your convenience.

For shared expenses

Spent is a personal finance app that you can also use for shared payments and expenses. It allows you to create a shared wallet with your friends or family to manage a shared expense or budget.

Just import your bank transactions into the app, and Spendee will categorize them for you, or you can also add cash expenses manually to be more specific. Creating a budgeted amount for expenses in each category will prevent you from going over budget. The app will also track your progress towards your budgeted amount. The app also has a bill tracker that sends reminders to pay your bills to avoid penalties and additional charges. If you are going on a trip or to an event, you can create a category for that event and Spendee will track your expenses to stay within your budget.

For budgeting

Every personal finance app can be used for budgeting, but the best is the Every dollar application. The app uses a zero-based budgeting method recommended by personal finance expert Dave Ramsey. Zero-based budgeting gives every dollar a purpose, hence its name.

The app has a built-in monthly expense tracker that you’ll connect to your bank to import transactions and track your expenses. The tracker shows what you’ve spent so far and how much you have left to spend. The app gives you access to financial management experts to help you with your financial planning. Accessing your budget can be done using your mobile app or desktop. All users get a free trial of the premium version of the app which you can upgrade at any time through the app menu.

About the Author

Amanda Girard is a lead writer for AdvanceSOS. His expertise and input are valuable assets to our website and other channels. She has been a tremendous help since our founding in 2019, producing pieces that are not only engaging but also informative and entertaining. She remains an influential figure in the company and among its customers.

Nick Wilson, CEO of AdvanceSOS and experienced loan officer, shares his thoughts on personal finance apps and how they can help you. It also shares some of the best personal finance apps that you can use depending on your needs. These apps were chosen based on their features, functionality, and purpose.

Related Articles


VIDEO


“We re-imagine, recreate and redeem cultural omissions and misrepresentations of blackness, for culture….” This post is made in Partnership with British pathe.

]]>