Project Design – Artdeko BG http://artdeko-bg.com/ Wed, 18 May 2022 09:50:33 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://artdeko-bg.com/wp-content/uploads/2021/07/artdeko-bg-icon-150x150.jpg Project Design – Artdeko BG http://artdeko-bg.com/ 32 32 DWP releases new guidelines that could help more people access loans worth up to £812 within 14 days https://artdeko-bg.com/dwp-releases-new-guidelines-that-could-help-more-people-access-loans-worth-up-to-812-within-14-days/ Wed, 18 May 2022 08:55:20 +0000 https://artdeko-bg.com/dwp-releases-new-guidelines-that-could-help-more-people-access-loans-worth-up-to-812-within-14-days/ People applying for certain benefits from the Department for Work and Pensions (DWP) may be eligible for a budget loan to help them pay for essential goods or services that they otherwise could not afford due to their current situation. People who have applied for income support, income-based jobseeker’s allowance, income-related employment and support allowance […]]]>

People applying for certain benefits from the Department for Work and Pensions (DWP) may be eligible for a budget loan to help them pay for essential goods or services that they otherwise could not afford due to their current situation.

People who have applied for income support, income-based jobseeker’s allowance, income-related employment and support allowance or pension credit for at least six months may be eligible for the loan, which is reimbursed by their benefits.

Budgeting Loans are not available to those applying for Universal Credit, however, they may be eligible for a Budgeting Allowance. If someone moved from Universal Credit to Pension Credit, the DWP will add the length of time they got Universal Credit to the six months.

New easy-to-read online guidance, which could potentially help more people access the service, has now been released and simplifies the process, including eligibility, what it can be used for and how it is reimbursed to the DWP.

What is a budget loan?

A budget loan is a sum of money that people who have been claiming the previously mentioned benefits for at least six months can request from the DWP.

It is important to know that since this is a loan, the money has to be repaid and is done through benefit payments.

Who cannot apply for a budget loan?

People claiming these benefits cannot apply:

  • New Style Jobseeker’s Allowance
  • New Style Employment and Support Allowance

If you have a job and are currently involved in a business dispute, you cannot get a budget loan.

If you owe more than £1,500 from another budget loan or crisis loan, you cannot get a new budget loan.

What can a budget loan be used for?

The loan is intended to help pay for essential things or services.

This could include:

  • Furniture in your home
  • Household appliances such as a washing machine, cooker, vacuum cleaner or refrigerator
  • Clothes or shoes
  • Rent you have to pay in advance
  • All moving costs such as a moving truck
  • Essential work needed on your home, including maintenance
  • Security for your home, like new keys or locks
  • Certain UK travel costs
  • Things that will help you get a new job, like a suit for interviews or taxi fare to get to an interview
  • Costs related to pregnancy and childbirth
  • Fees for a funeral

how much you could get

The lowest amount you can borrow is £100.

You could go up to:

  • £348 if you are single
  • £464 if you have a partner
  • £812 if you or your partner are claiming Child Benefit

The amount you could get depends on whether you:

  • Can repay the loan
  • Have savings of over £1,000 (£2,000 if you or your partner are 63 or over)
  • You are repaying an existing budget loan or crisis loan

Repay the budget loan

The money is repaid in full to DWP at 0% interest within two years.

When the DWP pays your benefit, it will take an amount to help pay off your loan.

The amount withdrawn depends on your total income, which includes the benefits you receive and what you can afford.

If you stop receiving benefits, the rest of your budget loan must still be repaid.

If you can get a loan, the DWP will also tell you the amount of your weekly repayments from your benefits and if you agree, your weekly repayments from your benefits will start immediately.



If you apply online for a budget loan and choose to receive the result by SMS, you could get the money within 14 days

How to register

You can apply for a budget loan online or by mail, however, DWP guidelines state, “You will get a faster decision on your budget loan by applying online.”

What happens after an application is submitted?

The DWP will send you an email, text or letter telling you whether or not you can get a budget loan – you should ask for which notification method when you apply.

But it should be noted that if you requested a decision by email or SMS, you will get it within seven days.

If you requested a decision by mail, it will be sent to you within 21 days.

How to accept a loan

If you can get a budget loan, you have to “accept” the decision before you get the money.

How you “accept” your decision depends on how you applied:

  • If you applied online, you will receive an SMS or email telling you what to do
  • If you applied by mail, you can accept the decision by mail

Financial aid in Scotland

Once you have accepted the offer

Once you have accepted the loan offer, the DWP will release your money to your account, but when you will receive your money will depend on how you accepted your loan offer.

If you:

  • accepted the loan offer online, you will receive your money within seven days
  • accepted the loan offer by mail, you will receive your money within 21 days

If you have given your mobile number to the DWP, they will text you when they deposit the money into your account.

To find out more about applying for a budget loan by post, or how to appeal a decision, visit the GOV.UK website here.

To keep up to date with the latest benefits news, join our Money Saving Scotland Facebook group here, follow Record Money on Twitter hereor subscribe to our bi-weekly newsletter here.

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GW should educate students about student loans – The GW Hatchet https://artdeko-bg.com/gw-should-educate-students-about-student-loans-the-gw-hatchet/ Mon, 16 May 2022 09:40:27 +0000 https://artdeko-bg.com/gw-should-educate-students-about-student-loans-the-gw-hatchet/ President Joe Biden’s repeated debt repayment freezes and more recent willingness to attempt debt forgiveness for some have left student borrowers puzzled about their own financial futures. Students in debt must decide whether to wait for a blanket debt forgiveness or make the most of Biden’s payment pause — and what to do if or […]]]>

President Joe Biden’s repeated debt repayment freezes and more recent willingness to attempt debt forgiveness for some have left student borrowers puzzled about their own financial futures. Students in debt must decide whether to wait for a blanket debt forgiveness or make the most of Biden’s payment pause — and what to do if or when those payments start up again. As more and more students rely on this increasingly complex system of government, private and institutional financial aid to meet GW’s rising tuition fees, the University can and should educate student borrowers on student loans through online courses and public forums to ensure that current and prospective students understand the true cost of student loans.

Government-backed loans can make college more accessible, especially for first-generation, minority, and low-income students who might otherwise lack the financial resources to attend college. Yet these loans can put students in debt. The average student debt balance can reach nearly $40,000, and the average GW student graduated with $33,305 in debt in 2018. Federal action to address student debt could only do complicate their individual situation – who can expect what relief and when? Canceling or freezing student loan debt can ease the financial burden on student borrowers, but it does not make it easier to understand the student loan process. Borrowers who don’t know the basics of the student loan process need help that goes beyond relief — they need information about student loans in general.

Biden and Education Secretary Miguel Cardona have already made progress in addressing the $1.7 trillion student loan debt problem facing more than 40 million student borrowers. The fight against student loans was part of Biden’s presidential campaign, and he wrote off the debts of disabled borrowers and those who attended fraudulent for-profit colleges since his election. While the measures have been fairly narrowly tailored to certain groups of borrowers, Biden has also supported more widespread solutions to student debt. He extended the repayment freeze his predecessor began in March 2020 six times in April, saving nearly 37 million borrowers about $195 billion in canceled payments. But unlike forgiveness, this freeze still leaves students with the same levels of debt.

Rather than continued repayment breaks, progressives favored sweeping loan forgiveness. Calls for the unilateral cancellation of all student loan debt by executive order became widespread in the 2020 election after Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., released proposals to forgive up to $50,000 in debt and all student debt, respectively. Moderates and conservatives who favor any form of student debt relief argue that students’ income or amount of debt should determine potential debt cancellation. This stricter or ‘means-tested’ approach ultimately caps relief for those above a certain income level. Between this ideological impasse and questions about whether Biden has the legal authority to unilaterally cancel student debt by executive order, government action that goes beyond freezing payments to settle student debt seems unlikely. It’s always worth pushing for some form of debt relief, but it probably won’t be enough to relieve students of their debt.

The trillion-dollar student debt problem stems as much from students’ lack of knowledge as it does from predatory loan companies or out-of-control tuition fees. Teens borrowing for the first time may make a significant financial commitment without understanding how serious their decision is – the costs and benefits of student loans aren’t for everyone. But combined with societal pressure to attend college, especially at prestigious universities like GW, and the normalization of student debt, taking out student loans is almost a right of passage, even a financial necessity for many students.

This is not to say that students do not take their loans seriously, but rather that student loans are extremely complicated. In turn, students need help to understand them. The estimated cost of attending GW next year is over $80,000 for most undergraduates, and a likely corresponding increase in student financial aid needs means the University should explain the terms and terms of this aid.

As in 2020, the University is expected to host a series of virtual and in-person town halls to address questions and concerns from students and their families about the financial aid changes. Beyond these question-and-answer sessions, a simplified crash course in student loan basics would help student borrowers make an informed decision about whether underwriting student loans is right for them. The Office of Student Financial Aid already provides an overview of the financial aid process, and students can visit the Student Services Center at the University’s Student Center for assistance and answers to their questions, including those concerning student loans. But these resources are not useful if students are unaware of them or when the information they provide is no longer relevant to changing federal policies. Beyond GW, students looking for more information can visit the Federal Student Aid website directly to learn the basics of the federal student loan process.

With changes to federal student loan policies on the horizon, the University should equip students with the tools to learn about their individual student loans. While such loans can make education accessible, direct, effective, and consistent communication about them can help new borrowers avoid the trillion-dollar problem of student debt. With GW’s support, its students can confidently navigate the pros and cons of such a life-changing financial decision.

The Editorial Board is made up of Hatchet staff members and operates separately from the Newsroom. This week’s staff op-ed was written by opinion writer Ethan Benn and contributing opinion writer Riley Goodfellow, based on discussions with research assistant Zachary Bestwick, sports editor Nuria Diaz, the managing editor Jaden DiMauro, cultural editor Clara Duhon, managing editor Grace Miller and social media contribution. director Ethan Valliath.

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A look at recent changes in the online lending industry – CONAN Daily https://artdeko-bg.com/a-look-at-recent-changes-in-the-online-lending-industry-conan-daily/ Sat, 14 May 2022 01:30:12 +0000 https://artdeko-bg.com/a-look-at-recent-changes-in-the-online-lending-industry-conan-daily/ Over the past few years, there have been big changes in the online payday loan industry. In particular, many lenders have moved towards more responsible and moral lending practices. This is a welcome change, as online payday loans can be a useful tool for those who need cash fast. However, it is important to ensure […]]]>

Over the past few years, there have been big changes in the online payday loan industry. In particular, many lenders have moved towards more responsible and moral lending practices. This is a welcome change, as online payday loans can be a useful tool for those who need cash fast.

However, it is important to ensure that you are borrowing from a reputable lender who follows all regulations and offers fair terms. In this blog post, we’ll take a look at recent changes in the online payday loan industry and explain why they’re so important.

American dollar bills (©Alexander Mills)

The payday loan industry is a $40 billion a year business in the United States.

There are approximately 22,000 payday loan stores in operation in the United States. The industry has been accused of preying on financially vulnerable people and trapping them in a cycle of debt.

Over the past few years, there have been significant changes in the payday loan landscape. New players have entered the market, offering alternatives to traditional personal loans that are more flexible and easier to repay. These new lenders are using technology to create a better experience for borrowers and restore morality to the industry.

One of these new players is Trick Technologies, which offers three main products, namely home equity lines of credit (HELOC), installment loans and refinance loans. All of these products have lower interest rates than traditional payday loans and can be repaid over time rather than all at once.

Another new player in the industry is Ipass.Net, which offers unsecured personal loans with fixed interest rates and terms up to 36 months. Borrowers can use the money for any purpose, and there are no origination fees or prepayment penalties.

These new lenders are using technology to create a better experience for borrowers and restore morality to the industry. With more flexible repayment options and lower interest rates, these companies help borrowers avoid the debt trap that payday loans can create.

What is the current state of online payday loans?

The online payday loan industry has come under fire in recent years for its high interest rates and aggressive collection practices. In response to these criticisms, some lenders have started offering more reasonable terms and conditions. However, many of these same lenders still engage in questionable practices, such as using hidden fees and loan renewals.

Rolling over a loan means that the borrower takes out another loan to repay the first loan. This can be extremely detrimental to borrowers, as it can quickly lead to a cycle of debt. Hidden fees are also problematic, as they can add significant costs to the already high interest rates charged by payday lenders.

These practices have led to calls for stricter regulation of the online payday loan industry. Some argue that the industry should be banned altogether, while others believe that more reasonable conditions should be put in place.

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Payday loans are short-term, high-interest loans that are typically used to cover emergency expenses or unexpected bills.

Orville L. Bennett of Ipass.Net warned us that while payday loans can be helpful in some situations, they can also be very detrimental to borrowers who are unable to repay the loan on time.

Over the past few years, there have been a number of changes in the online lending industry that have made it more difficult for borrowers to access payday loans.

Ipass.Net says one of the biggest changes was the introduction of new regulations by the Consumer Financial Protection Bureau (CFPB), a federal agency created in 2010 in response to the financial crisis. One of its main purposes is to protect consumers from predatory lenders. Its payday loan regulations are designed to prevent borrowers from being trapped in a cycle of debt.

The regulations require lenders to assess a borrower’s ability to repay the loan before making the loan, and they place limits on the number of times a borrower can renew or renew a loan. These changes have made it harder for borrowers to access payday loans, but they have also made it harder for lenders to profit from these loans.

As a result, many payday lenders have stopped offering loans altogether. While this is good news for borrowers, it has created a new problem: borrowers who need quick access to cash now have fewer options available to them.

One option that is always available to borrowers is called an installment loan. Installment loans are similar to payday loans, but they are repaid over a longer period and usually have lower interest rates.

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The CFPB is working to reform the payday loan industry by introducing new rules that will prevent consumers from being trapped in a cycle of debt.

The regulations, which came into force in July 2019, require lenders to verify a borrower’s ability to repay the loan before extending credit.

The CFPB actions are a response to the growing number of complaints about payday loans, which typically have high interest rates and fees. According to the Pew Charitable Trusts, 12 million Americans take out payday loans every year, and they often end up paying more in fees than they originally borrowed.

The new rules are designed to help borrowers avoid getting trapped in a debt cycle by ensuring they can only borrow what they can afford to repay. This is good news for consumers, as it will help protect them from the predatory practices of some payday lenders.

The changes that the CFPB is putting in place are a step in the right direction when it comes to restoring the morality of personal loans. These regulations will help prevent consumers from being exploited by predatory lenders and being trapped in a cycle of debt.

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Expert Insights: Discover the Benefits of DSCR Loans https://artdeko-bg.com/expert-insights-discover-the-benefits-of-dscr-loans/ Wed, 11 May 2022 22:05:08 +0000 https://artdeko-bg.com/expert-insights-discover-the-benefits-of-dscr-loans/ This piece originally appeared in the May 2022 edition of MReport magazine, online now. Raymond Eshaghian is President and Founder of Greenbox Loans Inc., a wholesale lender specializing in non-QM/nonprime loans. Eshaghian has over 30 years of mortgage lending experience in senior and managerial roles, with extensive experience and expertise in the non-QM market. MReport […]]]>

This piece originally appeared in the May 2022 edition of MReport magazine, online now.

Raymond Eshaghian is President and Founder of Greenbox Loans Inc., a wholesale lender specializing in non-QM/nonprime loans. Eshaghian has over 30 years of mortgage lending experience in senior and managerial roles, with extensive experience and expertise in the non-QM market. MReport recently had a conversation with Eshaghian about the benefits of debt service coverage ratio (DSCR) loans, their growing popularity, and how they differ from standard non-QM products.

What are DSCR loans and what makes them a good option for first-time buyers?
Debt service coverage rate loans, more commonly known as “DSCR” loans, allow a borrower to finance real estate without having to personally qualify with their own income. The property is qualified instead, using its rental rate divided by the debt associated with it, such as loan payment, taxes, insurance, and HOA fees, if any. This number is the ratio. A ratio of one or more indicates that the borrower will earn enough from the property to repay the loan.

The advantage of DSCR financing is that you also don’t have to be a millionaire to use these products and start building real estate wealth. Investors can also deduct the depreciation of assets from their taxes and benefit from tax credits for the purchase of social housing. Overall, DSCR loans are a great financing vehicle for both experienced and new investors.

What is driving the growing popularity of DSCR loans?
There are several factors, really. Most obvious is the growth in real estate values ​​and rents, which have made real estate investing more attractive to new investors. In fact, Realtor.com recently conducted a rental analysis for properties with two bedrooms or less in the 50 largest metropolitan areas in the United States and found that the median rent jumped 19.3% between December 2020 and December 2021. Another reason is that DSCR loans offer long-term loans. term financing on reasonable terms, making it a great option for private money or “hard money” lending.

Aren’t DSCR loans typically used for commercial properties?
Traditionally, this has been true. But today, they’re used for nearly every type of property, including mixed-use buildings and condos. In fact, right now we’re doing an incredible number of DSCR loans for unsecured condominiums. The formula used to calculate the ratio for residential properties with one to four units is similar to the formula for commercial properties, but much simpler.

Still, these are non-QM loans and there are key differences between them and the average 30-year fixed loan. If you plan to sell DSCR loans, it helps to have a partner who specializes in this.

Why would investors choose these loans over hard money loans?
DSCR loan programs are traditional mortgages with 30-year funding, whereas hard money loans typically only last one to two years. This means that with hard money the borrower has to refinance repeatedly and pay high points and fees if they decide to keep the property. Borrowers with high credit scores can also get a DSCR loan for as little as 20% down. Many Americans have enough equity in their homes to put down a down payment on a rental property. Moreover, by accepting a slightly higher rate, investors can even obtain “ratio-free” DSCR loans for properties with a slightly negative cash flow.

Generally speaking, how well do mortgage brokers and loan originators understand these products?
As DSCR loans become increasingly popular for residential investments, most originators have a basic understanding of how they work.

In particular, mortgage brokers are paying more attention to these alternative non-QM programs to provide more options for their clients. That being said, there are still misconceptions out there. The most common myth is that a borrower qualifies for a DSCR loan the same way they qualify for a regular mortgage. The truth is that it is the property that qualifies, not the borrower. Yes, a borrower needs good credit. But there is no income or employment verification that takes place, and no TRID requirements. It is the income from the property that counts.

What is your outlook for DSCR lending through 2022 and beyond?
Right now, the demand for DSCR loans is only going up.

Given the nation’s housing shortage, home values ​​and rents are expected to continue to rise for the foreseeable future. More and more people prefer to invest in real estate rather than stocks and are happy to build a long-term real estate portfolio.

DSCR loans are simply one of the easiest and most versatile ways for ordinary Americans to start investing. They are also a fantastic way for mortgage brokers and originators to tap into the real estate investor market and grow their business.

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Global loans for real estate investors https://artdeko-bg.com/global-loans-for-real-estate-investors/ Mon, 09 May 2022 16:14:24 +0000 https://artdeko-bg.com/global-loans-for-real-estate-investors/ If you want to take your successful property investment business to the next level by buying multiple properties at once to develop them, a block loan (or block mortgage) may be your best option. A block loan combines separate mortgages for different properties into one loan. This type of loan simplifies the process and monthly […]]]>

If you want to take your successful property investment business to the next level by buying multiple properties at once to develop them, a block loan (or block mortgage) may be your best option. A block loan combines separate mortgages for different properties into one loan. This type of loan simplifies the process and monthly payment system for real estate investors looking to grow their portfolio.

In this article, we’ll explain what general loans are, how they work, and the pros and cons of using them to build your real estate portfolio.

What is a global loan?

A global loan consists of two or more mortgages combined into one mortgage. It streamlines the lending process for property developers buying multiple properties at once or consolidating multiple loans into one. Blanket mortgages often don’t hinder your ability to sell your properties individually either. So you may be able to sell one property on the block loan and keep the others on the same mortgage. This may vary depending on the terms of the loan, so make sure you understand the terms before signing.

Another unique aspect of general lending is how collateral risk works. Each property on the loan acts as collateral for the others. So if you stop making payments on one of the properties, the rest are at risk of being seized.

What are lump sum loans used for?

General mortgages are most often used to purchase commercial or residential properties as a whole, or to purchase separate plots of land for development. For example, you can buy multiple properties from different sellers on a block loan and then sell the individual lots to new owners. House swimmers also use these mortgages to secure multiple properties at once.

However, you cannot use a block loan to purchase primary residences, vacation homes, or your first investment properties. To be eligible, you will need to have a large real estate portfolio to your credit.

How does a global loan work?

As with any commercial real estate loan, getting a block loan works much like the process of buying a house with just one property. Before you receive a home loan, you must go through the underwriting process. This process examines your business finances (i.e. cash flow), in addition to performing a title search and appraisal of each property.

Once approved, you will receive a loan with a single interest rate that covers each property. Keep in mind that this interest rate is usually higher than a standard mortgage rate and you will pay interest on the full loan amount.

If your global loan includes a partial release clause, you can sell individual properties without having to refinance (note: refinancing a global loan should always be an option if necessary). Also, you must cover any lost collateral when you sell any of the properties. Instead of depositing all proceeds from a sale into your checking account, you will need to repay the portion of the collateral covered by the property you sold.

Pro tip: When comparing general loans, look at interest rates, mortgage payment terms and fees, including whether or not it will cost extra to prepay the loan.

What does a global loan cover?

A comprehensive loan covers two or more mortgage properties at once. The most common use for general loans is for commercial properties, like office buildings, but you can also use them for residential real estate, like apartment complexes, multi-family units, or rental properties.

These loans can also cover purchases of land, whether developed or not. If you plan to develop the land and need financing in addition to your mortgage, a business construction loan could help cover the costs.

Advantages and disadvantages of a global mortgage

Here we highlight the main advantages of general loans, as well as some things to consider before using a general loan to buy real estate.

Advantages

  • Can save time. Instead of going through the long process of getting a mortgage for each property you buy, you only need to sign on the dotted line(s) for just one loan. This can save you time when getting the mortgage and monthly payments.
  • Can save on closing costs. Instead of paying on each individual mortgage, you’ll pay many closing costs on a single loan. Borrowers looking to fund multiple mortgages at once can save money by using a block loan.
  • Possible lump sum payment structure. With lump sum payments, you pay less at the start of the loan and more later. This structure can make upfront costs more manageable for some use cases, like house flipping. But it is only available to less risky borrowers, or those with the best credit scores and a large amount of assets.

The inconvenients

  • Higher down payment and interest rate. With a block loan, you may have to offer up to 25% to 50% down payment. This amount of financing can be an obstacle for some real estate developers. You might also encounter a higher interest rate of between 4% and 11%, depending on your risk as a borrower.
  • Biggest risk. Like all mortgages, the property you buy becomes collateral to secure the loan. With a block loan, however, there are several at stake. So if you can’t make payments on just one, they can all be seized by the mortgage lender.
  • May be limited by geography. Depending on the lender, you might be expected to buy properties in the same region of the country. This limitation may not work for your business if you want to open multiple office buildings in different regions.

How to qualify and apply for a global loan

To qualify for a block loan, you must already have a substantial real estate portfolio, as well as plenty of cash up front. A block loan is not the best option for a new real estate investor, as they usually won’t be able to afford the higher down payment and fees.

General mortgage lenders can be harder to find than others. Some major banks and online lenders offer them, but you’ll likely have the most success with commercial lenders offering business loans. If a global loan isn’t right for you, there are plenty of alternatives that can help meet your business needs. Use Nav to instantly compare your best options.

This article was originally written on May 9, 2022.

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Applied Data Finance exceeds $1 billion in loans issued https://artdeko-bg.com/applied-data-finance-exceeds-1-billion-in-loans-issued/ Wed, 04 May 2022 13:00:00 +0000 https://artdeko-bg.com/applied-data-finance-exceeds-1-billion-in-loans-issued/ SAN DIEGO–(BUSINESS WIRE)–Applied Data Finance, LLC (ADF), a leading technology lender and asset manager, today announced that it has originated* more than $1 billion in loans, including nearly $280 million in 2021 alone. Since its inception, ADF’s footprint has grown significantly with over 200,000 customers served. Founded in 2014, ADF has built an industry-leading AI-based […]]]>

SAN DIEGO–(BUSINESS WIRE)–Applied Data Finance, LLC (ADF), a leading technology lender and asset manager, today announced that it has originated* more than $1 billion in loans, including nearly $280 million in 2021 alone. Since its inception, ADF’s footprint has grown significantly with over 200,000 customers served.

Founded in 2014, ADF has built an industry-leading AI-based analytics platform to open access to credit to underappreciated American consumers – the tens of millions of Americans who have traditionally completely prevented from borrowing or unable to borrow at the rates they could afford. ADF’s next-generation lending platform analyzes data from over 30,000 predictor variables to match customers with loans they can afford to repay at risk-appropriate rates.

“We’ve been able to disrupt traditional lending through our ability to generate clear snapshots of customers’ true credit status, our amazing team, and a business model based on the simple idea that we only succeed when our customers do,” said ADF co-founder and CEO Krishna Gopinathan. “We are proud to serve underappreciated Americans with responsible financial products and look forward to leveraging our strengths to grow our market share across the credit spectrum.”

Through its consumer-facing Personify Financial brand, ADF has created a streamlined lending process backed by industry-leading customer service and an unwavering commitment to compliance and continuous improvement. ADF’s credit models have been refined to the point where they now have 2.5 times the predictive power of the standard FICO score.

“Unlike traditional lenders, ADF offers a unique approach to analyzing credit data using next-generation underwriting,” Gopinathan said. “Our innovative platform provides a superior alternative to many other types of non-preferential loans available to underappreciated consumers.”

ADF was named to the Inc. 5000 list of America’s fastest-growing private companies in 2020 and 2021, and ranked eighth on the Financial Times’ 2020 list of America’s fastest-growing companies.

*References to granting, granting or granting loans or credits describe loans facilitated by the Personify online platform. The actual lender can be Personify, an affiliate, or a partner.

About Applied Data Funding

ADF, through its Personify Financial brand, is the trusted financial partner of tens of thousands of underappreciated and underbanked Americans. Combining state-of-the-art technology and a world-class application of advanced data science and machine learning, ADF sets a new standard for assessing the credit and fraud risk of near-prime and non-prime borrowers. For more information, visit www.applieddatafinance.com and www.personifyfinancial.com.

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SBA Economic Disaster Loans Available to Small Businesses https://artdeko-bg.com/sba-economic-disaster-loans-available-to-small-businesses/ Tue, 03 May 2022 01:52:12 +0000 https://artdeko-bg.com/sba-economic-disaster-loans-available-to-small-businesses/ Sacramento, CA – Small non-farm businesses in 76 counties in Oklahoma and neighboring counties in Arkansas, Colorado, Kansas, New Mexico and Texas are now eligible to apply for federal disaster loans interest rate with the US Small Business Administration, said Director Tanya N. Garfield of SBA-West’s Disaster Field Operations Center. These loans compensate for economic […]]]>

Sacramento, CA – Small non-farm businesses in 76 counties in Oklahoma and neighboring counties in Arkansas, Colorado, Kansas, New Mexico and Texas are now eligible to apply for federal disaster loans interest rate with the US Small Business Administration, said Director Tanya N. Garfield of SBA-West’s Disaster Field Operations Center. These loans compensate for economic losses due to reduced income caused by the drought in the following major counties which began on November 1, 2021.

Main Oklahoma counties: Alfalfa, Atoka, Beaver, Beckham, Blaine, Bryan, Caddo, Canadian, Carter, Choctaw, Cimarron, Cleveland, Coal, Comanche, Cotton, Craig, Creek, Custer, Dewey, Ellis, Garfield, Garvin , Grady, Grant, Greer, Harmon, Harper, Hughes, Jackson, Jefferson, Johnston, Kay, Kingfisher, Kiowa, Le Flore, Lincoln, Logan, Love, Major, Marshall, Mayes, McClain, McCurtain, Murray, Noble, Nowata, Oklahoma, Osage, Pawnee, Payne, Pittsburg, Pontotoc, Pottawatomie, Pushmataha, Roger Mills, Rogers, Seminole, Stephens, Texas, Tillman, Tulsa, Wagoner, Washington, Washita, Woods, and Woodward;

Neighboring Oklahoma counties: Cherokee, Delaware, Haskell, Latimer, McIntosh, Muskogee, Okfuskee, Okmulgee, Ottawa, and Sequoyah;

Neighboring Arkansas counties: Little River, Polk, Scott, Sebastian, and Sevier;

Neighboring Colorado county: Baca;

Neighboring Kansas counties: Barber, Chautauqua, Cherokee, Clark, Comanche, Cowley, Harper, Labette, Meade, Montgomery, Morton, Seward, Stevens, and Sumner;

Neighboring New Mexico County: Union;

Neighboring counties in Texas: Bowie, Childress, Clay, Collingsworth, cookingDallam, Fannin, GraysonHansford, Hardeman, Hemphill, lamarLipscomb, Montague, Ochiltree, red riverSherman, Wheeler, Wichita and Wilbarger.

“SBA eligibility covers both economic impacts on businesses dependent on farmers and ranchers who suffered agricultural production losses caused by the disaster and businesses directly affected by the disaster,” Garfield said.

Small non-agricultural businesses, small agricultural cooperatives, small businesses engaged in aquaculture, and most private non-profit organizations of any size may be eligible for economic disaster loans of up to $2 million for help meet financial obligations and operating expenses that could have been met had the disaster not occurred.

“Eligibility for these loans is based solely on the financial impact of the disaster and not on the actual property damage. These loans have an interest rate of 2.83% for businesses and 1.875% for private organizations not-for-profit, a maximum term of 30 years and are available to small businesses and most private non-profit organizations without the financial capacity to offset the negative impact without hardship,” Garfield said.

By law, the SBA makes economic disaster loans available when the United States Secretary of Agriculture designates an agricultural disaster. The Secretary declared this disaster on April 8, 2022.

Businesses whose primary business is agriculture or ranching are not eligible for SBA disaster relief. Agricultural businesses should contact the Farm Services Agency about the United States Department of Agriculture assistance made available by the Secretary’s Statement. However, nurseries are eligible for SBA disaster assistance in the event of a drought.

Applicants can apply online, receive additional information about disaster assistance, and upload applications at https://disasterloanassistance.sba.gov/.

Applicants may also call the SBA Customer Service Center at (800) 659-2955 or email disasterserviceclient@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing or have a speech impediment, please dial 7-1-1 to access telecommunications relay services. Completed applications should be mailed to US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

The deadline to file an economic injury claim is December 8, 2022.

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Abu Dhabi orders disbursement of $642 million in housing loans https://artdeko-bg.com/abu-dhabi-orders-disbursement-of-642-million-in-housing-loans/ Sun, 01 May 2022 11:24:17 +0000 https://artdeko-bg.com/abu-dhabi-orders-disbursement-of-642-million-in-housing-loans/ Abu Dhabi has ordered the disbursement of housing loans to 1,347 Emirati citizens in the UAE capital for a total of AED2.36 billion ($642 million). This follows the directives of President H.H. Sheikh Khalifa bin Zayed Al Nahyan, H.H. Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of […]]]>

Abu Dhabi has ordered the disbursement of housing loans to 1,347 Emirati citizens in the UAE capital for a total of AED2.36 billion ($642 million).

This follows the directives of President H.H. Sheikh Khalifa bin Zayed Al Nahyan, H.H. Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates Armed Forces, and Chairman of the Abu Dhabi Executive Council .

The first housing package in 2022, which coincides with Eid Al Fitr celebrations, reflects the leaders’ commitment to providing social stability and enabling the citizens of the United Arab Emirates to raise strong and stable families that will benefit in the future of the United Arab Emirates, reported Wow.

The package is part of the UAE leadership’s continued commitment to further strengthen the contribution of citizens to the advancement of society by maintaining a high standard of living within tightly knit and connected communities, he said. he declares.

Falah Mohammad Al Ahbabi, Chairman of the Department of Municipalities and Transport and Chairman of the Board of the Abu Dhabi Housing Authority, said: “This housing package reflects our leaders’ commitment to ensuring the good -being of our citizens and to prioritize the strength and stability of families. .”

The Authority is continuously working towards a modern and sustainable housing ecosystem that enhances social stability and cohesion and also meets the needs of Emirati families in line with the leaders’ vision, he said.

Dr Mohammad Rashid Ahmad Al Hameli, chief executive of the Abu Dhabi Housing Authority, said the first housing package of the year aims to amplify the joy of citizens, reflecting the leaders’ commitment to ensuring a safe and secure environment for families.

“Immediately after the leaders issue the guidelines, we are contacting beneficiaries to expedite the process so they can claim their housing benefits. This is part of the Abu Dhabi Housing Authority’s strategy to provide efficient and high-quality services to the citizens of the UAE and to make their travel smooth and effortless,” he added.

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How they work, cost, alternatives https://artdeko-bg.com/how-they-work-cost-alternatives/ Fri, 29 Apr 2022 19:57:14 +0000 https://artdeko-bg.com/how-they-work-cost-alternatives/ Title loans use your car as collateral, which means the lender can repossess your car if you don’t pay. Title loans often have to be repaid within 15 to 30 days and charge interest rates of around 300%. Alternatives to title loans include credit cards, personal loans, side gigs, and local charities. Loading Something is […]]]>
  • Title loans use your car as collateral, which means the lender can repossess your car if you don’t pay.
  • Title loans often have to be repaid within 15 to 30 days and charge interest rates of around 300%.
  • Alternatives to title loans include credit cards, personal loans, side gigs, and local charities.

A title loan is a short-term, high-interest loan that uses your car title as collateral when you borrow money. This means the lender can repossess your car if you don’t repay your loan on time. Many title lenders don’t consider your credit history at all when making lending decisions.

If you’re in a bind, have poor credit, and need cash fast, a title loan might seem like an attractive option to get your money. But title loans have significant drawbacks. Title loans are risky because they charge high fees and you risk losing your car if you are late paying.

Title lenders typically target borrowers with low credit scores or minimal credit histories who cannot qualify for lower-cost loans elsewhere.

“In an ideal world, no one would take out a title loan,” says Evan Gorenflo, senior financial advisor at personal finance app Albert. “It’s not something you typically associate with progress or a financial goal. Rather, it’s designed to help you through a desperate time.”

What is the cost of a title loan?

Title loans generally have interest rates equivalent to 200% to 300% APR. A title loan generally has a better interest rate than a payday loan, which can carry an APR of 400% or more. However, its rate is significantly higher than personal loans or credit cards, which typically have maximum APRs around 36%.

“Home loans are tricky because a lot of people rely on their car to make money,” says Gorenflo. “In that situation, you’re giving up your title as collateral. Sometimes you give them a second set of keys to your car, they put the GPS in your car in some cases, so you’re really making it easier for them to confiscate your car if you are unable to repay this amount.”

How much can you borrow with a title loan?

The range you will be able to borrow depends on your personal circumstances, but generally lenders will allow you to borrow between $100 and $10,000. The usual loan term is two weeks to one month, similar to how a payday loan works.

“There’s a limit to how much you can borrow,” says Gorenflo. “If your car is worth $10,000, they won’t let you borrow all that. Sometimes it’s 25% of your capital limit. Some lenders will actually ask you to own your car before giving you a title loan. Each lender will operate a little differently.

Advantages and disadvantages of title loans

What are the alternatives to title loans?

If you need money to pay for expenses such as utility bills, credit card payments, or rent, try contacting your creditors to set up repayment plans that don’t require you to take out a loan. You never know what options might be available to you unless you reach out and ask.

Other alternatives to title lending include asking friends for money, joining side gigs from ridesharing apps, or contacting local charities or religious organizations. If you qualify, you may want to take out a credit card or personal loan with a lower APR than a title loan. You will still borrow money, but it will cost you less in terms of interest.

“If you need money fast, if you need to make $200, you can do it in a weekend with Uber,” says Gorenflo. “Even if it’s a little more wear and tear on your car, if it saves you from taking out a loan at 300% interest, it could definitely be worth it.”

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Banks are pushing business lending. Companies are not so sure. https://artdeko-bg.com/banks-are-pushing-business-lending-companies-are-not-so-sure/ Wed, 27 Apr 2022 21:26:19 +0000 https://artdeko-bg.com/banks-are-pushing-business-lending-companies-are-not-so-sure/ When the country’s biggest banks announced their quarterly results earlier this month, many of them said they lent more money to businesses than they did in the first two years of the crisis. pandemic, when many small businesses were on the brink of government assistance. Even as commercial lending begins to pick up, some small […]]]>

When the country’s biggest banks announced their quarterly results earlier this month, many of them said they lent more money to businesses than they did in the first two years of the crisis. pandemic, when many small businesses were on the brink of government assistance.

Even as commercial lending begins to pick up, some small businesses are thinking twice about taking on more debt.

Banks have many incentives to lend money right now. For one thing, banks have a lot of deposits on their balance sheets, both from consumers who have accumulated savings and from businesses who have paid off their Paycheck Protection Program loans.

“It’s wonderful, but it’s waiting and the banks have to put that money to work,” said Chris Duncan, head of loans at La Salle State Bank in Illinois.

Another incentive to lend money is rising interest rates, which finally makes lending more profitable.

“We’d like to take advantage of rising interest rates to make loans that have a bit healthier margin for the bank,” Duncan said.

Duncan said the bank plans to get a bit more aggressive in marketing its loans. “We’ll try to get our products to people who need them, people who we think will benefit, and hopefully we’ll be lucky in terms of increasing loan volumes.”

So far, he hasn’t had much luck. This is because many businesses don’t see the need to borrow money. Take Randy George, co-owner of Red Hen Baking Company in Vermont, which has some money from government relief programs.

“Most of it is gone, but we felt it was safe to keep a little cushion,” George said.

Instead of doing big projects that would require borrowing more money, George said he used the money to make small improvements. For example, he just bought a waffle maker to help him sell ice cream. He also recently purchased a tilting pan, equipment that allows him to cook larger quantities of soup.

“It’s thousands [of dollars], not hundreds of thousands,” George said. “It’s actually a powerful and very profitable investment.”

Above all, George is trying to make his business more efficient. His bakery and cafe still face supply chain issues, higher costs and labor shortages.

“We haven’t even returned to our pre-COVID hours of operation,” George said. “And that has a lot to do with the staff. You know, so we have to get back to using the facility that we have to its full potential.

While some business owners don’t need to borrow, others don’t.

“I wouldn’t even consider it,” said James Beck, owner of iBurn, a hot sauce store in Houston, Texas. Beck said he would consider taking out a loan if he wanted to expand the business. Right now, he thinks it’s just not the time.

“Why would I want to go into any kind of expansion, whatever it is, just to have who knows what kind of distraction, or health crisis, or international crisis?” says Beck.

Beck said he was focused on keeping his business alive. This month he moved the shop to a much smaller location in Houston. It also keeps fewer products on hand.

“Normally we would have larger stocks which would also allow us to wholesale,” Beck said. “But even the companies that were buying from us, wholesale, stopped.”

Beck said he hoped the downsizing would help him reduce his costs enough to make the company profitable again. He is also focused on expanding online sales before thinking about going into debt.

“When we can get to a point where we can see that OK next month or next year is either consistent or back to increasing revenue, then I’ll reconsider,” Beck said.

At this point, he says, there is no chance.

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