Video game review – Vietcong Game http://vietcong-game.net/ Thu, 10 Nov 2022 16:19:20 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://vietcong-game.net/wp-content/uploads/2021/06/cropped-icon-32x32.png Video game review – Vietcong Game http://vietcong-game.net/ 32 32 Does the lottery do more harm than good? https://vietcong-game.net/does-the-lottery-do-more-harm-than-good/ Thu, 10 Nov 2022 16:19:20 +0000 https://vietcong-game.net/does-the-lottery-do-more-harm-than-good/ “The 360” shows you diverse perspectives on the major stories and debates of the day. What is happening A Winning Powerball ticket a record $2.04 billion worth was purchased in Altadena, Calif., lottery officials said Tuesday. The jackpot has reached such a staggering amount – more than $400 million more than the previous record – […]]]>

“The 360” shows you diverse perspectives on the major stories and debates of the day.

What is happening

A Winning Powerball ticket a record $2.04 billion worth was purchased in Altadena, Calif., lottery officials said Tuesday.

The jackpot has reached such a staggering amount – more than $400 million more than the previous record – in several months after 40 consecutive draws went without a winning ticket. The winner, who has not yet been named, will have the option of choosing to receive the full $2 billion as an annuity paid annually over 29 years or as a lump sum valued at just under $1 billion. dollars. Either way, they will have to pay a huge tax bill on the winnings.

The probability of a ticket winning the Powerball is estimated to be approximately 1 in 292 million. But those long odds don’t stop Americans in the 45 states who participate in the lottery from spending huge amounts of money in hopes of getting rich. In 2019, for example, more than $83 billion was spent on lottery tickets across the United States, according to the association that represents state lottery organizations.

A significant portion of this money is for prizes, while a portion is used to fund lottery management operations. Each state also allocates a portion of its lottery revenue to government spending projects. In many states, the money goes primarily to education. But it is also used to fund support for the elderly, environmental protection, construction projects and to bolster state budgets.

Lotteries existed in America since the first colonies, as has the controversy surrounding them. In fact, they were banned in all but a handful of states in the mid-1800s due to corruption issues, and there were no legally operating lotteries in the United States for the entire first half. of the 20th century.

Why there is debate

The modern version of the lottery is also the source of heated debate, with many experts claiming it does more harm than good.

Proponents of the lottery say it benefits many more people than individuals lucky enough to have a winning ticket. They argue that lottery proceeds allow states to support essential public programs that strengthen entire communities without having to raise taxes. The California lottery, for example, gave away more than $39 billion to public schools since its launch in 1985. Others argue that lotteries are harmless fun, giving players a chance to fantasize about what they might do with their wealth even though they understand that the odds of winning are essentially null. This experience alone, they say, is well worth the cost of a ticket.

But critics of the lottery, many of whom want to see it eliminated, often argue that it operates as a tax on the poor due to research that shows low-income Americans tend to gamble more and spend a greater share of their income on tickets than other groups. Others argue that lotteries exploit the desperation of people who have been left behind by a system that has given them little real opportunity for economic mobility.

There is also a lot of skepticism about the good that lottery funds do for the public. Research suggests that educational funds from lotteries often go to schools in wealthy or bourgeois neighborhoods rather than the poorer communities who contribute a disproportionate amount to lottery revenue. There’s also evidence that lawmakers frequently use lottery funds to cover spending cuts, meaning budgets for things like education and environmental projects aren’t really growing.

And after

Despite these objections, lotteries are still very popular with the American public. There have been recent efforts to extend the lottery to five states that currently do not allow it – Alaska, Hawaii, Alabama, Utah and Nevada – but local political opposition has stood in the way so far.

Perspectives

supporters

The pleasure of playing is its own reward

“For the average buyer, the obvious folly of hoping for a 1 in 300 million gain is outweighed by the ‘psychic income’ you get with your $2. What is psychic income? Merriam-Webster the defines as follows: “Rewards (as in prestige, leisure, or pleasant surroundings) not measurable in terms of money or goods.” … In the case of a lottery ticket, psychic income is in the form two or three days of richly rewarding fantasy.—Jeff Greenfield, Policy

Since people will be playing anyway, it better happen in state-sanctioned lotteries

“The impulse to gamble seems to be hard-wired into the human brain. … If people are determined to invest their money in the addictive jerk of gambling, isn’t it better for governments to run the games and skim the profits, rather than , shall we say, organized crime?—David Von Drehle, Washington Post

There is nothing improper about funding government projects through the lottery

“Governments have long imposed sin taxes on vices in an effort to increase revenue, with the added rationale that the resulting increase in the costs of such activities may discourage them. And while gambling can turn into a socially harmful addiction, its ill effects are nowhere near as costly overall as those of alcohol or tobacco, two other vices that governments use to generate revenue. —Lewis R. Humphries, Investopedia

The lottery is harmless compared to some of the other financial systems the United States allows

“Is it a mistake to play Powerball? Overall, it’s far less harmful than many of the other self-destructive things that people living on the brink often do, like racking up credit card debt, going over their bank overdraft limit, or taking out loans from payday lenders. If you don’t buy too many tickets, and it makes you happy, it seems harmless enough. —George Loewenstein, CNN

Reviews

Education budgets don’t really increase because of the lottery

“Although states generally claim that lottery revenue will be spent on education, the money is fungible: such income can simply replace general revenue that is used to plug holes elsewhere – in pensions, for example. A significant body of evidence suggests that educational benefits are generally small or illusory. — Editorial, Bloomberg

The greediest lottery players suffer the most

“Dreaming of how you might spend the wealth after the tax man takes his millions can be confusing, but this state-sponsored and promoted game encourages many Americans to throw away the money they can’t afford. to lose. The profile of regular lottery buyers leans towards low-income households. Is this how we want to fund our government? — Editorial, New York Daily News

The false promise of lottery earnings makes it harder to set up programs that would actually help people

“The lotteries have made it harder than ever to pass much-needed tax increases because, through years of vocal campaigning followed by decades of intensive promotion, the public mistakenly believes that schools and other vital services are generously funded by game funds.” —Catherine Schulz the new yorker

The lottery transfers wealth from poor communities to the suburbs

“A disturbing percentage of tickets, including daily number games and scratch tickets, are sold in low-income neighborhoods, where the terrible odds turn the lottery into a huge transfer of wealth in the wrong direction. Think of it as a sort of reverse Robin Hood mechanism, taking from the poor to give to the rich (or at least the middle class). — Editorial, Baltimore Sun

The lottery helps cover up how our society has failed its most vulnerable communities

“Perhaps most disturbingly, the lottery presents a false idea that people can gamble their way out of poverty. This economic mobility happens by chance. … This is totally counterproductive to the goal we all should sharing: expanding economic mobility for all —Matt Rexroad, Sacramento bee

Is there a subject you would like to see covered in “The 360”? Send your suggestions to the360@yahoonews.com.

Photo illustration: Yahoo News; photos: Getty Images

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Emergency loans: what they are and how to compare them https://vietcong-game.net/emergency-loans-what-they-are-and-how-to-compare-them/ Tue, 01 Nov 2022 07:00:00 +0000 https://vietcong-game.net/emergency-loans-what-they-are-and-how-to-compare-them/ What is an emergency loan? An emergency loan is a personal loan that you borrow to cover an emergency expense. Emergency loans are often not guaranteedwhich means the lender uses your personal information, including your credit, income, and other debts, to determine whether to offer you a loan and at what interest rate. Emergency loans […]]]>

What is an emergency loan?

An emergency loan is a personal loan that you borrow to cover an emergency expense. Emergency loans are often not guaranteedwhich means the lender uses your personal information, including your credit, income, and other debts, to determine whether to offer you a loan and at what interest rate.

Emergency loans have annual percentage rates from 6% to 36% and amounts from $1,000 to $100,000. Lenders usually have a minimum credit score and a maximum debt to income ratio requirements for this type of loan. Some offer secured, co-signed or joint loans, which may be easier to qualify for.

Even in an emergency, taking the time to compare personal loans and potentially cheaper options can save you money and help you avoid harmful lenders that hurt your credit and finances.

How do emergency loans work?

An emergency personal loan is a type of installment loan, which means you receive the money in a lump sum and pay it back in monthly installments. Repayment terms are two to seven years. These loans have fixed interest rates, so you will have the same monthly payment for the duration of the loan.

Most reputable lenders report loan repayments to three major credit bureaus, so that your payments are taken into account in your credit score. On-time payments improve your score, while missed payments can hurt it.

Other types of emergency loans

High-interest loans, such as pawnbrokers, car titles, and payday loans, should be considered a last resort after exhausting all other options. These emergency loans may be quick and easy to obtain, but they could cause long-term financial damage.

Installment loans without credit check: Some installment loans no credit check share similarities with payday loans and auto title loans. They are available online and in storefronts. These lenders do not look at your credit score or history to determine if you are able to repay the loan and what a fair rate would be, which is why many no credit check loans charge rates over 100%.

The repayment terms of these loans can be longer than necessary, resulting in exorbitant interest charges over the life of the loan.

Pawnbrokers: Pawnbrokers force you to hand over a valuable item to a pawnbroker. The store assesses the value and gives you a loan for that amount. You must repay the loan, with interest, or the pawnbroker will keep your item. APRs can reach more than 100% on this type of loan.

If you repay the loan but it takes up too much space in your bank account, you might end up borrowing from the pawnshop again.

Car title loans: With car title loans, a lender assesses the value of your vehicle and lends you a percentage of that amount. If you agree, the lender holds title to the car and you receive your loan. The lender generally does not review your ability to repay the loan and may charge 300% APR.

If you can’t repay the loan, the lender will take your car.

Payday Loans: Payday loans are high-cost, short-term loans that, even in an emergency, are risky. Payday lenders charge fees that can amount to 400% APRs, don’t check your credit score, and may not confirm your ability to repay the loan.

Borrowers who are not ready to repay the loan on their next payday often borrow again, dragging them into a cycle of debt.

Best Uses of Emergency Loans

Although lenders may ask you why you are borrowing, there are few restrictions on how you can spend unsecured loan funds. Here are examples of emergencies that you can pay with a personal loan:

  • Invoices after loss of income.

  • Unforeseen travel expenses.

How to choose an emergency loan

Calculate the monthly payment. Evaluate the impact of the monthly loan payments on your budget to determine if you can comfortably pay it back on time. Use a personal loan calculator to see how the rate and repayment term affect the monthly payment.

Compare interest charges. The loan with the lowest APR is the cheapest overall. You can use APR to compare emergency loans with other financing options. A loan with a long repayment term may seem attractive because it has a low monthly payment, but it also costs more in total interest. Look for a loan that balances affordable monthly payments with reasonable interest charges.

Check the fees. The most common fees to look for on a personal loan are origination fees. This can be anywhere from 1% to 10% of the loan amount, and it can be subtracted from the loan before you get the funds.

Ask about funding speed. If you need funds urgently, consider a lender that offers fast financing. Some lenders can fund a loan the next day, while others can take up to a week after approval. Online lenders often disclose the timeline in an FAQ or blog section of their websites.

Compare emergency loans

How to get an emergency loan

  1. Check your credit. Most lenders prioritize applicants’ credit scores in a loan decision, so check your credit report for any delinquent accounts or errors, and correct them before submitting an application. You can view your report from the three credit bureaus at AnnualCreditReport.com.

  2. Determine what you can afford. Review your monthly budget to determine how much you can afford to pay for the loan each month. So when you compare loan offers, you can choose the installment that best suits your budget.

  3. Pre-qualify and compare offers. Even if you’re in a rush, it’s worth taking the time to find a good rate for a loan that you’ll be paying off for a year or more. Most lenders allow you pre-qualify online to preview the loan rate, amount and repayment term. Pre-qualifying takes minutes, and no matter how many times you do it, your credit score is never affected.

  4. Gather the documents and apply. Once you have a loan offer with affordable monthly payments, find the documents you need to apply for a personal loan. This typically includes W-2s, pay stubs, government-issued ID, and proof of address. You might get an instant approval decision, but it’s more common for it to take a day or two.

How to get an emergency loan with bad credit

A bad credit score (below 630) doesn’t automatically prevent you from getting a loan, but many lenders weigh heavily on your credit score when applying.

Add a co-signer or co-borrower: A co-signer or a co-borrower can increase your chances of qualifying or getting a good rate. A co-borrower has equal access to funds, unlike a co-signer. If you cannot make the repayments, the co-signer or co-borrower is responsible for the payments.

Add a guarantee: Some lenders offer secured personal loans and consider the item used as collateral (usually a bank account or vehicle) when evaluating a claim. Adding collateral can improve your chances of qualifying, but the lender can take collateral if you miss too many payments.

Add the revenue streams: Your monthly income is another important factor on your application. Most lenders want to make sure you have enough money to pay your regular expenses, make the new loan payment, and have some left over. Many lenders consider things like Social Security, alimony, or alimony as part of your income.

Where to get an emergency loan

Online lenders: Online lenders usually let you check your rate before applying and offer a quick application process. But predatory lenders will try to exploit your emergency. Find a reputable lender who caps rates at 36% — the highest affordable loans according to most consumer advocates — and review your credit and income to make sure you can repay the loan.

Banks: Many banks prefer borrowers with good or excellent credit (690 or above), but there are a few exceptions. Some big banks, like American bank and Bank of America, offer small loans that can cover emergencies. You must be an existing customer to get this type of loan, but the fees are much lower than payday lenders.

Credit unions: Credit union members may have the most affordable emergency loan option. Federal credit unions cap personal loan APRs at 18%, lower than many online lenders. A credit union may consider an applicant’s membership history, in addition to credit and income, when making a loan decision. Some credit unions offer alternative payday loanssmall, low-interest loans that are repaid over a period of six months to one year.

Emergency Loan Alternatives

Cheaper alternatives borrowing is not always quick or convenient, and sometimes requires asking for help. But NerdWallet strongly recommends exhausting the alternatives first, even in an emergency. Here are some possible alternatives to an emergency loan.

Tips for building an emergency fund

While it won’t get you through today’s emergency, creating an emergency fund can help you avoid borrowing in the future. Here are some tips for set up an emergency fund.

Decide how much you need. Most financial experts recommend saving three to six months of living expenses. Use a emergency fund calculator to determine how much you would need to live comfortably without working for a few months.

Start small. Three to six months of spending can seem ambitious if you’re starting from scratch. It may be easier to start with a goal of $500, which can cover small emergencies, and work your way up. A smaller monthly savings goal can help you achieve this.

Automate your savings. Once you know how much to save on each paycheck, eliminate potential human error. Many banks allow you to set up recurring transfers from your check to a savings account. If your employer offers direct deposit, ask them to deposit part of your salary into a second account.

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Appeal ruling could force Supreme Court to reconsider CFPB https://vietcong-game.net/appeal-ruling-could-force-supreme-court-to-reconsider-cfpb/ Fri, 28 Oct 2022 11:07:18 +0000 https://vietcong-game.net/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’ decision to fund the CFPB outside of annual spending 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 it 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.

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Appeals court rules financial watchdog agency structure unconstitutional: NPR https://vietcong-game.net/appeals-court-rules-financial-watchdog-agency-structure-unconstitutional-npr/ Thu, 20 Oct 2022 02:52:48 +0000 https://vietcong-game.net/appeals-court-rules-financial-watchdog-agency-structure-unconstitutional-npr/ A seal at the headquarters of the Consumer Financial Protection Bureau (CFPB) in Washington, DC, on April 16. Samuel Corum/Bloomberg via Getty Images hide caption toggle caption Samuel Corum/Bloomberg via Getty Images A seal at the headquarters of the Consumer Financial Protection Bureau (CFPB) in Washington, DC, on April 16. Samuel Corum/Bloomberg via Getty Images […]]]>

A seal at the headquarters of the Consumer Financial Protection Bureau (CFPB) in Washington, DC, on April 16.

Samuel Corum/Bloomberg via Getty Images


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Samuel Corum/Bloomberg via Getty Images


A seal at the headquarters of the Consumer Financial Protection Bureau (CFPB) in Washington, DC, on April 16.

Samuel Corum/Bloomberg via Getty Images

A federal appeals court has ruled that the funding structure of the nation’s most powerful financial watchdog, the Consumer Financial Protection Bureau, is unconstitutional.

In a case brought by a payday lending group, a three-judge panel of the 5th U.S. Circuit Court of Appeals rejected a CFPB rule governing these high-interest lenders and ruled that the way the office is funded “violates the provisions of the Constitution”. structural separation of powers”.

“Three judges, all appointed by President Trump, decided to withdraw funding from this agency that Congress itself voted for,” says Chris Peterson, a law professor at the University of Utah and a former attorney-in-charge. law enforcement at the CFPB.

The bureau was created by the Obama administration and Congress in the wake of the financial crisis and the Great Recession to better protect ordinary Americans from scams by banks, student loan and credit card companies and other financial companies. He returned billions of dollars to consumers who he said were treated unfairly.

However, to protect it from political influence, the bureau receives its funding from the Federal Reserve, not Congress. It is this part of its structure which, according to the court, violates the Constitution.

“While the vast majority of executive agencies rely on annual appropriations for funding, the Bureau does not,” said the the judges wrote. “Where ever the line is between a constitutionally and unconstitutionally funded agency, this unprecedented arrangement crosses it.”

Peterson says the CFPB is not unique as an agency that does not receive its annual funding determined by Congress — both the Federal Reserve and the Federal Deposit Insurance Corporation are funded through other means.

“The CFPB is likely to seek a stay while it seeks to appeal to the entire 5th Circuit … and then likely to the Supreme Court of the United States after that,” Peterson said.

In the meantime, he says it raises doubts about all sorts of other rules the bureau has put in place, because at least in the 5th Circuit region — Texas, Louisiana and Mississippi — other CFPB rules could be challenged. by similar lawsuits.

“There’s going to be a lot of confusion about whether the rules associated with mortgages, debt collection, credit cards are still viable rules in the Fifth Circuit.”

If the decision is ultimately upheld, it could mean the bureau would have to get an annual budget approved by Congress, which Peterson said would leave it vulnerable to “banks, payday lenders and debt collection agencies that are incredibly good at pressure Congress to weaken consumers”. guards.”

In a statement, the CFPB said “there is nothing new or unusual about Congress’ decision to fund the CFPB outside of annual expense bills.” A spokesperson for the office said Medicare and Social Security are funded outside of the annual appropriations process. The agency says it “will continue to carry out its vital work enforcing the nation’s laws and protecting American consumers.”

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Consumer Alert: Rochester Area Businesses Offering High Interest Loans. Is the interest rate on your loan 189%? https://vietcong-game.net/consumer-alert-rochester-area-businesses-offering-high-interest-loans-is-the-interest-rate-on-your-loan-189/ Thu, 06 Oct 2022 00:18:26 +0000 https://vietcong-game.net/consumer-alert-rochester-area-businesses-offering-high-interest-loans-is-the-interest-rate-on-your-loan-189/ ROCHESTER, NY — This consumer alert concerns a serious matter that we want you to consider. Would you take out a loan if you knew the interest rate was 189%? For most of us, the answer is a resounding no. But I learned that these types of loans are offered here in Rochester. You might […]]]>

ROCHESTER, NY — This consumer alert concerns a serious matter that we want you to consider.

Would you take out a loan if you knew the interest rate was 189%? For most of us, the answer is a resounding no. But I learned that these types of loans are offered here in Rochester. You might think it’s illegal.

After all, New York is a state that has a number of consumer protection laws in place. And loans are no exception. New York caps the interest rate on small installment loans at 25%. So companies are doing what consumer advocates call bank lease loans with rates as high as 189%.

The National Consumer Law Center is one of many consumer advocacy groups calling rent-a-bank loans predatory. It was one of several consumer advocacy organizations that recently sent letters to businesses across the country urging them to “stop offering loans through predatory lenders.” Easy financing and Transportation Alliance Bank (TAB Bank).

Easypay Finance transfers its loans through an out-of-state bank called Transportation Alliance Bank (TAB) of Utah, which is not subject to our state’s lending limits. It then offers its financing services to auto repair shops in our region. But consumer advocates say these loans are often extortionate with interest rates as high as 189%.

Let’s say you’re driving and your car stops. You learn you’ve blown a head gasket, a repair that will cost you $2,000. You deposit $500 and the auto repair shop offers you a loan for the remaining $1,500 to be paid over 12 months.

But the Consumer Law Center maintains that Easypay does not disclose that the loan is at an interest rate of 189%. At this rate, your loan repayments are approximately $293. By the time you pay for this repair, you will have paid interest of $2,016. And the total cost would be around $3,516, more than double the original loan amount.

While businesses across the country received the letters months ago, according to Easypay’s website, the loans are still being used by thousands of businesses, including auto repair shops in the Rochester area. . The site presents 34 auto repair companies in our region that use Easypay financing. All are under Monro inc. umbrella: Monro Auto Service, Mister Tire and Tire Choice Auto Service.

I contacted the executives of Monro Inc. as well as Easypay. Nobody from Monro answered calls and emails, but Easypay people got back to me promptly. A spokesperson disputes the claim that their lending practices are predatory and they say it is often the only option available to many.

“Many Americans are being left behind by the traditional banking and credit system. EasyPay facilitates financing options to ensure that these consumers have a reliable and secure choice to access otherwise unavailable credit for urgent needs and discretionary purposes. Through a transparent process, we offer a range of credit levels based on the borrower’s credit profile, with an interest repayment program designed to encourage repayment. Our products are offered to eligible consumers in accordance with applicable federal and state laws. – EasyPay financing

While consumer advocates say Rent-a-Bank loans are friendlier than payday loans, they insist there are better options for those with no credit or bad credit. credit. CNBC, The bank rateand nerdwallet all have a number of suggestions.

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Dayton-based payday lender continues to put customers in debt https://vietcong-game.net/dayton-based-payday-lender-continues-to-put-customers-in-debt/ Mon, 03 Oct 2022 09:05:40 +0000 https://vietcong-game.net/dayton-based-payday-lender-continues-to-put-customers-in-debt/ Dozens of consumer complaints and a recent court ruling show how a Dayton-based payday lender continues to indebt low-income customers with predatory lending. The complaints detail clients who borrowed a few hundred dollars for short periods from NCP Finance, only to end up owing thousands to pay them back. They extend in time between before […]]]>

Dozens of consumer complaints and a recent court ruling show how a Dayton-based payday lender continues to indebt low-income customers with predatory lending.

The complaints detail clients who borrowed a few hundred dollars for short periods from NCP Finance, only to end up owing thousands to pay them back. They extend in time between before and after the adoption of a law 2018 aimed to shake up the industry, which has been known for decades to trap borrowers in cycles of debt.

According to a report state legislative analysts. Lawyers who have challenged payday lenders in court agree.

“There are so, so many ways these institutions will try to evade the rules,” said Jacqueline Gutter, an attorney at the Legal Aid Society of Columbus, which filed the lawsuit against the NCP.

The term “payday loan” generally refers to small, short-term loans, usually given to poorer people with limited access to traditional credit. They are reimbursed automatically on the next paycheck and often cost hundreds of percentage points annually.

Last month, the Ohio Capital Journal reported how CheckSmart, another payday lender, and affiliates managed to continue offering loans with rising interest rates despite new lending rules. Ohio. The company’s CEO and related political entities have showered lawmakers and Attorney General Dave Yost with campaign contributions.

Similarly, consumer complaints and a recent Court of Appeal decision against NCP Finance describe a continuing cycle of debt, with customers owing far more than they ever borrowed, sometimes against the titles of their vehicles.

NCP Finance is owned by Lee Scher, one of the most prolific Republican donors to Ohio politics. Since 2017, he has paid nearly $47,000 to Yost, whose office has handled most complaints against the company and manages the state’s consumer protection division.

A few examples of the nearly 50 complaints, obtained by public records request, over the past few years: A Dayton woman said in March 2019 that she received a $900 loan funded by ASC on a Cash Max storefront, secured by his vehicle. She repaid the loan, but the loan office closed. She was called by a third party claiming she still owed $3,000. Meanwhile, there is still a lien against his car, preventing him from receiving the title.

A Lorain County Woman Told Federal Consumer Financial Protection Bureau in September 2019, she repaid $1,700 against a $900 loan funded by ASC. She was then told that she owed an additional $1,000.

A Springfield woman said in a December 2020 complaint filed with Yost’s office that she borrowed about $1,900 in May 2019, secured by her personal vehicle as collateral. She said she paid off the loan, but the storefront has since closed, so she can’t get her car title.

Most of the underlying loans predate the 2018 law, indicating some success with the new policy. However, complaints and related lawsuits have continued, highlighting the persistent problem of the debt trap.

In August, First District Court of Appeals judges sided with the borrowers and questioned the legal legitimacy of some of the NCP’s loans, which predated the 2018 law. Judge Pierre Bergeron called the case is an example of lenders using “creative ways to try to charge excessive interest rates, often in a game of cat and mouse with the legislature.”

To circumvent state loan laws, Bergeron decided that NCP had instead entered into an “obscure” relationship with SunUp Financial, a “credit service organization” that brokers the loan.

He wrote that SunUp was charging fees that exceeded the loan amount by 200%. So, in addition to the payday loan, borrowers took out more money to pay SunUp’s fees.

“A loan that would otherwise be prohibited to ASC under Ohio law was then (theoretically, at least) possible simply because of its association with SunUp,” Bergeron says. “Left unexplored is the degree to which registrants and brokers work in concert, blurring the line between lawful and not.”

The borrowers in question were being sued by a company that bought up the debts of the lenders to collect them. The court ruling sent three cases back to lower courts to reconsider the claims of borrowers, who challenged the legitimacy of the loans.

A plaintiff in the case funded a total amount of approximately $5,000 with ASC. But court records say she only received $1,750 directly, while another $3,260 went to SunUp to cover CSO fees, which she must repay.

John Rebel, one of the attorneys who sued NCP in the case, said in an interview that the company’s practices were illegal and questioned why state regulators were allowing NCP to continue operating.

He dismissed the idea that the 2018 law had really taken a bite out of the industry. Instead, he said, NCP and others continue to offer loans online and through storefronts under other Ohio laws, while charging between 150% and 200% APR. .

“The state government, in my opinion, was in the pocket of the payday lenders,” he said.

The complex relationships between lenders, credit service agencies, and what are sometimes called “rent-a-banks” (usually based in Utah, whose laws are generally lender-friendly) are rarely explained clearly to customers.

Gutter, the legal aid attorney, said her clients often have low financial literacy. Sometimes they reach out before being sued, sometimes they don’t.

“Our customers have no idea this whole scheme is going on,” she said. “They find out when they think they’ve paid off the loan and then find out they owe double that.”

The OCJ contacted the NCP by phone and email three times last week regarding the consumer complaints and the appeal decision. The company did not respond to inquiries.

Similarly, this media contacted eight borrowers, none of whom responded. Their names have been withheld to respect their privacy.

Rebel said Ohio’s Financial Institutions Division should crack down on NCP and other payday lenders. Mikaela Hunt, a spokeswoman for ODFI, said the office is “aware of the products on offer” but cannot, by law, comment on investigations.

“DFI is able to refer complaints and inquiries to the [Attorney General’s office] to enforce the law or conduct our own investigation,” she said. “Depending on a company’s license and the specific law at issue, the IFD has the authority to impose civil penalties, issue cease-and-desist orders, and suspend or revoke the licensing a business through the administrative hearing process.”

Yost’s office provided the consumer complaints against ASC in response to a public records request. However, a spokeswoman did not respond to inquiries about NCP’s lending practices, Yost’s app, or the company’s CEO contributions to Yost’s campaign.

Rep. Kyle Koehler, a Springfield Republican who sponsored the 2018 law, previously wrote a letter to Yost urging him to investigate the business practices of CheckSmart, another payday lender. He reviewed the NCP’s complaints upon request, noting that many related to loans that predated the new law’s effective date.

“But they explain exactly why we needed this law,” he said in a text message. “We are looking into this…”

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We tend to underestimate our future spending – here’s a way to avoid it – St George News https://vietcong-game.net/we-tend-to-underestimate-our-future-spending-heres-a-way-to-avoid-it-st-george-news/ Thu, 29 Sep 2022 13:03:46 +0000 https://vietcong-game.net/we-tend-to-underestimate-our-future-spending-heres-a-way-to-avoid-it-st-george-news/ Stock photo | Photo by Lari Bat/iStock/Getty Images Plus, St. George News FEATURE (THE CONVERSATION) — When asked to estimate how much money they would spend in the future, people underestimated the total amount by over C$400 per month. However, when asked to think of unexpected expenses in addition to typical expenses, people made much […]]]>
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Stock photo | Photo by Lari Bat/iStock/Getty Images Plus, St. George News

FEATURE (THE CONVERSATION) — When asked to estimate how much money they would spend in the future, people underestimated the total amount by over C$400 per month. However, when asked to think of unexpected expenses in addition to typical expenses, people made much more accurate predictions.

These are the main results of a series of studies and experiments that we have carried out and which have just been published in the Marketing Research Journal.

In our first study, we started by asking 187 members of a Canadian credit union to predict their weekly expenses for the next five weeks. Then, at the end of each week, we asked them how much they had actually spent.

For the first four weeks, people underestimated their weekly expenses by about $100 per week or $400 for the month.

During the fifth and final week of the study, we ran an experiment to see if we could improve the accuracy of people’s predictions.

Stock image | Photo by Slphotography/iStock/Getty Images Plus, St. George News

Specifically, we randomly assigned participants to one of two groups. In the first group, participants estimated their expenses for the following week as they had done in previous weeks. These people have once again dramatically underestimated their expenses.

In group two, participants were asked to think about three reasons why their spending for the next week might be different from normal before making their estimate. This led them to make higher and much more accurate forecasts – just $7 of what they actually spent.

It’s important to note that participants in each group spent roughly the same amount of money that week, on average. The only difference between the two groups was whether they accurately predicted this amount.

Next, we ran nine experiments to better understand why people underestimate their expenses and whether being prompted to think about unusual expenses helps improve accuracy. In total, more than 5,800 people participated in these experiments, including a representative sample of US residents.

These experiments revealed two important insights.

First, people mostly base their spending forecasts on typical expenses like groceries, gas, and rent. They typically don’t account for irregular — though still common — expenses such as car repairs, last-minute concert tickets, or one-time healthcare bills. This is what leads to underestimation.

Man’s hands protect the piggy bank on the wooden table. Save money and financial investments, place and date not specified | File photo by
Marchmeena29/iStock/Getty Images Plus, St. George News

Second, getting people to think about irregular expenses in addition to typical expenses helps them make more accurate expense forecasts. In our studies, people didn’t take atypical expenses into account unless we asked them to.

why is it important

Helping people improve the accuracy of their spending forecasts could help improve their financial well-being.

Underestimating expenses can be costly. For example, 12 million Americans take out a total of over $7 billion in payday loans every year because they can’t meet their monthly expenses. These loans usually have extremely high interest rates – over 250% in some states.

Payday loans also mature so quickly that about three in four borrowers end up borrowing again to repay the original loan.

If consumers could better anticipate how much money they will spend in the future, it could motivate them to spend less and save more in the present.

In fact, one of our studies shows that our suggested prediction strategy not only increased the expense estimatesit also increased intentions to save.

And after

Members of our research team are currently studying if, when and why underestimating your expenses can be beneficial. For example, if a person sets an optimistic budget and actively tracks their expenses, does this help them reduce their expenses?

We also investigate whether people who work in the gig economy show a corresponding tendency to mispredict their future earnings.

Written by RAY CHARLES “CHUCK” HOWARDTexas A&M University; ABIGAIL SUSSMANUniversity of Chicago; DAVID J. HARDISTYUniversity of British Columbia and MARCEL LUKASUniversity of St Andrews.

This article is republished from The Conversation under a Creative Commons license. Read the original article here.

Copyright 2022 The Conversation. All rights reserved. This material may only be published, broadcast, or redistributed in accordance with The Conversation’s republication guidelines.

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Charlottesville issues updated advisory on roadwork likely to affect traffic in the city https://vietcong-game.net/charlottesville-issues-updated-advisory-on-roadwork-likely-to-affect-traffic-in-the-city/ Mon, 19 Sep 2022 17:22:19 +0000 https://vietcong-game.net/charlottesville-issues-updated-advisory-on-roadwork-likely-to-affect-traffic-in-the-city/ (© Vadim – stock.adobe.com) The existing pedestrian tunnel to/from the Downtown Mall via the Ting Pavilion on Water Street will be closed until the end of October. The detour route will follow the south sidewalk of Water Street to the existing crosswalk at the downtown transit station. A ramp and stairway are located west of […]]]>
(© Vadim – stock.adobe.com)

The existing pedestrian tunnel to/from the Downtown Mall via the Ting Pavilion on Water Street will be closed until the end of October.

The detour route will follow the south sidewalk of Water Street to the existing crosswalk at the downtown transit station. A ramp and stairway are located west of the Downtown Transit Station which connects to the Downtown Mall. The existing pedestrian tunnel is being extended eastward and an underground storm water retention system is being reconstructed on Water Street.

Vehicular traffic on the Water Street Bridge will be flagged intermittently, with pedestrian and vehicular movement stopped intermittently for intervals of up to 15 minutes as construction vehicles enter and exit the work area. The north sidewalk east of the bridge on Water Street is also closed and pedestrians are directed to the south sidewalk at existing crosswalks.

Vehicular traffic will be flagged during the day on Old Avon, East South Street and Graves Street (between 9th/Avon Street and Monticello Road) to install new storm drain pipes and curbs as well as to allow for the construction of a bridge. East South Street will be closed to through traffic and will be one-way westbound to allow access to/from local businesses. The temporary car park entrance has been moved from its location on East South Street in Old Avon while South Street is rebuilt.

Monticello Road will be closed to through traffic between Graves Street and Old Avon Street to construct the permanent retaining wall and for the crane used to construct the bridge. Vehicular traffic reporting may occur in this same section of Monticello Road.

To allow for utility work, segments of sidewalks and crosswalks will also be closed as work progresses. No street will have both sides of the sidewalk closed at the same time. The east sidewalk along 9th/Avon Street will be closed between Levy Avenue and Graves Street, with pedestrians directed to the west sidewalk along 9th/Avon Street. The west crosswalk across Graves Street will be closed and pedestrians will be directed to other open crosswalks at the mid-block crossing in Graves and at the signalized 9th/Avon/Levy/Garrett intersection.

The south sidewalk along Old Avon Street is closed between Monticello Road and where it ends near East South Street.

Pedestrian access will be maintained throughout the project area and access to private plots will be developed.

Construction is being led by Caton Construction Group, Inc. for the City of Charlottesville Department of Public Works. Pedestrian push buttons at the 9th/Avon/Levy/Garrett intersection have been moved to the large wooden sign posts (NE, NW, and SW corners) and a wooden auxiliary post with metal conduit (SE corner).

Work area is posted at 25 MPH – please drive carefully with phones down.

Visit the Page Traffic Advisories and Sidewalk Closures for related news articles.

Visit www.belmontbridge.org for information on the Belmont Bridge project.

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MoneyKey personal loans: 2022 review, rates https://vietcong-game.net/moneykey-personal-loans-2022-review-rates/ Mon, 19 Sep 2022 13:16:00 +0000 https://vietcong-game.net/moneykey-personal-loans-2022-review-rates/ Insider’s experts choose the best products and services to help you make informed decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page. The bottom line: MoneyKey charges very high interest rates and isn’t […]]]>

Insider’s experts choose the best products and services to help you make informed decisions with your money (here’s how). In some cases, we receive a commission from our our partners, however, our opinions are our own. Terms apply to offers listed on this page.

Current personal loan rates

MoneyKey Personal Loans

Costs

Must apply for a loan for fees to be disclosed

APR

up to 306.00% (rates vary by state)

MoneyKey MoneyKey Personal Loans

Costs

Must apply for a loan for fees to be disclosed

APR

up to 306.00% (rates vary by state)

APR

up to 306.00% (rates vary by state)

Costs

Must apply for a loan for fees to be disclosed

Chevron icon It indicates an expandable section or menu, or sometimes previous/next navigation options.

Chevron icon It indicates an expandable section or menu, or sometimes previous/next navigation options.

You can only get a MoneyKey installment loan in Delaware, Idaho, Mississippi, Missouri, Texas, Utah and Wisconsin. MoneyKey used to offer installment loans in Illinois and New Mexico, but no longer makes new loans in those states. The company offers lines of credit in other states, but not installment loans.

Although the loan terms are generally the same, depending on the state you live in, the terms of your loan vary:

Advantages and disadvantages of MoneyKey personal loans

Who is MoneyKey for?

MoneyKey is ideal for borrowers who need money fast and can’t qualify for a personal loan elsewhere. If you are only looking for a small amount of money, the lender might also be a good choice.

To be clear, MoneyKey charges exorbitant interest rates that will add hundreds of dollars in cost to your loan. Proceed with extreme caution if borrowing from the company. Its rates are relatively comparable to personal loans. According to Consumer Finance Protection Bureaua typical two-week payday loan with fees of $15 per $100 equates to an APR of almost 400%.

MoneyKey Personal Loan Comparison

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Chevron icon It indicates an expandable section or menu, or sometimes previous/next navigation options.

Editor’s Note

2.5/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Regular APR

up to 306.00% (rates vary by state)

Editor’s Note

2/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

Regular APR

35.99% to 211% APR, depending on your condition

Editor’s Note

2.5/5

A five pointed star

A five pointed star

A five pointed star

A five pointed star

A five pointed star

MoneyKey, Fig Loans and OppLoans are slightly cheaper alternatives to payday loans, many of which have interest rates around 400%. However, you will still pay a much higher interest rate with these three loans than you would with a traditional personal lender.

OppLoans terms range from nine months to 24 months, depending on which state you live in. Fig has terms ranging from one to six months, depending on where you live. MoneyKey has a term of six or 12 months, depending on where you live.

None of the three companies has a minimum credit score to qualify, so they could be a good option for borrowers who have been turned down by other companies due to a bad credit history.

Frequently Asked Questions

MoneyKey has a B-ranking from the Better Business Bureau, a non-profit organization focused on consumer protection and trust. The BBB cites 54 complaints filed against the company as the reason for its rating. The BBB rates companies by looking at responses to customer complaints, honesty in advertising and transparency in business practices.

The company has not been involved in any recent controversies. Between its clean track record and solid BBB rating, you might feel comfortable borrowing from the lender. However, a good BBB rating does not guarantee a good experience with the company. Talk to other people who have used MoneyKey before deciding to go with the lender.

Yes, MoneyKey is a legitimate company founded in 2011 headquartered in Delaware. It offers installment loans and lines of credit to borrowers in seven states.

When you apply for a loan with MoneyKey, the company will perform a soft credit check, which will allow them to see your credit history but will not affect your credit score. There is no serious demand (the kind of credit call that can lower your score) at any point in the loan process.

The company won’t report your loan to a credit bureau as long as it’s in good standing and you pay on time. The only time MoneyKey reports to a credit bureau is if you are unable to repay your loan.

Depending on where you live, one of many lenders may be the originator of your application. This includes CC Flow, a division of Capital Community Bank (CCBank), a Utah chartered bank, located in Provo, Utah, Member FDIC.

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Cash Advance Apps vs Payday Loans: Which is Better? https://vietcong-game.net/cash-advance-apps-vs-payday-loans-which-is-better/ Sun, 18 Sep 2022 16:02:27 +0000 https://vietcong-game.net/cash-advance-apps-vs-payday-loans-which-is-better/ (NerdWallet) – If you’re asked to imagine a payday lender, you might think of a storefront in a strip mall with green dollar signs and neon slogans like “everyday payday.” You probably wouldn’t imagine a mobile app that advertises on TikTok and sports a colorful logo. But cash advance apps like Earnin and Dave provide […]]]>

(NerdWallet) – If you’re asked to imagine a payday lender, you might think of a storefront in a strip mall with green dollar signs and neon slogans like “everyday payday.” You probably wouldn’t imagine a mobile app that advertises on TikTok and sports a colorful logo.

But cash advance apps like Earnin and Dave provide advances with the same borrowing and repayment structure as payday lenders, and consumer advocates say they carry similar risks. Both are quick, no-credit-check options for closing an income gap or easing the pressure of inflation.

Neither is an ideal first choice for borrowing money quickly, but knowing their differences can help you save money and avoid hurting your finances.

Cash advance apps work like payday loans

Like most payday loans, a cash advance or paycheck app lets you borrow money without a credit check. You are also required to repay the advance, plus any fees you have agreed, on your next payday.

A single payment cycle is usually not enough for borrowers to repay payday loanso many people fall into the habit of getting another loan to pay off the previous one, says Alex Horowitz, senior director of The Pew Charitable Trusts.

App users may find themselves in a similar cycle. A 2021 study by the Financial Health Network found that more than 70% of app users get back-to-back advances. The study doesn’t say why users re-borrow, but Horowitz says the behavior is particularly similar to payday loans.

“Direct-to-consumer payday advances share DNA with payday loans,” he says. “They’re structured the same, they have repeat borrowings, and they’re scheduled based on the borrower’s payday, which gives the lender strong collectability.”

Apps can offer more flexibility

Payday lenders and payday advance apps collect repayment directly from your bank account. If your account balance is too low when funds are withdrawn, you could incur overdraft fees, says Yasmin Farahi, senior policy adviser at the Center for Responsible Lending.

An application may try to avoid overcharging your account. Mia Alexander, Vice President of Customer Success at Dave, says the app reviews users’ bank accounts before withdrawing the refund. If the refund puts the balance close to zero or negative, the app may not withdraw the funds, she says.

However, apps typically include language in their user agreements that while they try not to overcharge your account, they aren’t liable if they do.

In states where payday loans are allowed, a payday lender is unlikely to offer a free, unsolicited payment extension, as some apps say. Some states require payday lenders to offer extended payment plans at no cost to troubled borrowers, but a 2021 report from the Consumer Financial Protection Bureau says some lenders are misrepresenting plans or not disclosing them.

Unlike payday lenders, the apps don’t make collection calls. If a user revokes access to their bank account to avoid a refund, the app will not attempt to collect the funds. The user simply cannot get another advance until they repay the previous one.

Payday loans cost more

Payday loans tend to have high mandatory fees, unlike apps. Instead, they charge a small fee that users can accept throughout the borrowing process. These fees can add up, but they are usually lower than those charged by payday lenders.

For example, an app might charge a monthly subscription fee or a fee for instant access to funds. Most cash advance apps also ask for a tip for service.

The charges on a $375 payday loan are most often about $55 over a two-week period, Horowitz says. Since the cash advance application fee is mostly optional, you can easily keep the cost below $10.

Earnin user Sharay Jefferson says she’s used payday loans in the past, but switched to a cash advance app because it’s a cheaper way to cover bills and unexpected expenses.

“If you get a $200 payday loan, you might be paying something back three times over,” she says. “With Earnin, I’m going to have to pay that $200 back, plus whatever I decide to give them. It’s much cheaper. »

Technically, apps are not lenders

Regulators like the CFPB have not classified payday advance apps as lenders, despite their similarities to payday loans.

Earnin CEO and Founder Ram Palaniappan says the app is more like a payroll service or an ATM because it makes it easier to access your own funds. Earnin asks users to upload a timesheet showing they worked enough hours to earn the cash advance amount. Other apps scan a user’s bank account for income and expenses to determine if they qualify for an advance.

Farahi says applications should be treated like creditors, meaning they would follow the Truth in Lending Act, which requires creditors to disclose an annual percentage rate. An APR allows consumers to compare costs between financing options. For example, users can compare the APR of a cash advance app to that of a credit card and choose the most affordable.

“People still need to know what the real cost of credit is and to be able to assess it and really compare that cost to other options,” she says.

Applications should also comply with applicable state lending laws. Currently, 18 states and Washington, DC, have maximum interest rate caps that could limit application fees, she says.

Cash Advance App vs Payday Loan: Which is Better?

If you need cash urgently, you can have better alternatives than payday loans and advanced apps, says Farahi.

Local charities and nonprofits can meet basic food and clothing needs. A family or friend could lend you money at no additional cost. If you have a few hours to spare, a side gig could generate as much money as a typical payday loan or cash advance application.

If you have the choice between an app and a payday loan, the app is probably the best option because:

  • It is less expensive.
  • It may not trigger overdraft charges.
  • If you don’t pay it back, the app won’t send you to collections.

A cash advance from an app is unlikely to leave you in a better financial position, Farahi says. But it may be a little less likely than a payday loan to make things worse for you.

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