Repay Credit – Glw Drk http://glwdrk.com/ Thu, 24 Nov 2022 06:20:07 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://glwdrk.com/wp-content/uploads/2021/07/icon-1-150x150.png Repay Credit – Glw Drk http://glwdrk.com/ 32 32 Know your rights as a personal loan borrower; Check here https://glwdrk.com/know-your-rights-as-a-personal-loan-borrower-check-here/ Thu, 24 Nov 2022 06:09:24 +0000 https://glwdrk.com/know-your-rights-as-a-personal-loan-borrower-check-here/ When you opt for a personal loan, it may happen that you cannot repay it. In such circumstances, you should be aware of certain rights, as a borrower, which you can use in your favour. In addition, you need to know some tricks with the help of which you can avoid a defect. There are […]]]>

When you opt for a personal loan, it may happen that you cannot repay it. In such circumstances, you should be aware of certain rights, as a borrower, which you can use in your favour.

In addition, you need to know some tricks with the help of which you can avoid a defect. There are also several loan application, appraisal and disbursement laws that you should be aware of when you apply for a personal loan.

Borrower’s rights in case of loan default

Below are the rights you should be aware of if you fail to repay the loan on time:

If you are unable to repay the loan within the allotted time, the financial institution will give you a grace period of 90 days. Once completed, they will consider you a non-performing asset (NPA) and issue a notice. If you are still unable to repay the loan within that time, the financial institutions will take strict action against you and notify the credit bureaus.

  • Humane treatment of lenders

In case the lenders appoint a third party to collect the loan, they can only approach you between 7:00 a.m. and 7:00 p.m. In addition, these recovery agents should behave decently during their visits and be careful not to insult or intimidate you or your family. In addition, your lender will have to inform you of this before visiting your residence. In case of misconduct, you can appeal to court about it.

  • Ask for public assistance

There are public assistance facilities for borrowers in many regions. These facilities help borrowers repay their loans in case they face obstacles. They can guide you through loan management and take the necessary steps to repay them on time.

You can seek help from professionals who will guide you in budgeting and loan repayment to avoid defaults. They will draw up a foolproof debt management plan so that you can repay the loan without delay. Sometimes they can also negotiate with creditors on your behalf to lower interest rates on the remaining sum.

However, there are a few tips you can follow to avoid a default that would otherwise drastically lower your credit score.

Tips to avoid payment defaults

Here are some tips you need to know to avoid a default:

  • Choose an optimal repayment term

You must select an optimal term to repay your loan so that you do not have to pay large sums as an EMI. Therefore, it will not result in additional pressure on your monthly budget.

  • Select a lender offering lower interest rates

You can select a lender charging a lower price personal loan interest rate to reduce your monthly expenses. This way, you can easily keep aside the required amount for your monthly payment and avoid late repayment.

  • Set an EMI payment reminder

You can set a reminder for monthly installments so you know when the date is approaching. This way you can refrain from missing it and thus avoid any delays.

You can also start saving for an emergency fund to help you if you run out of funds to pay monthly payments. This will give you extra money to pay your installments on time and avoid payment defaults.

  • Apply for one loan at a time

You should apply for only one loan at a time so that you do not face extreme budget constraints when repaying. Also, you can avoid getting lost as different credits may have different payment dates.

  • Estimate the EMI beforehand

You can estimate the EMI before applying for credit. This will help you choose the right loan amount and term, which will make IMEs affordable and help you pay them on time.

There are some crucial laws related to the credit application process that you as borrowers need to be aware of.

Laws for the loan application process

Here are some laws related to the loan application process:

  • Communication language: Lenders must send all notices in the local language.
  • Issuance of an acknowledgment of receipt: Once you submit a loan application, the lender should give you a receipt for the same.
  • Detailed application form: The loan application form should contain all the necessary details that the lenders need to know.

Additionally, there are several laws related to the loan appraisal process that you should be aware of.

Loan Appraisal Process Laws

Here are some laws related to loan appraisal:

  • Intimidating Sanctioned Loan Amount: Creditors must notify borrowers in writing of the loan amount they have approved.
  • Mentioning interest and charges: Lenders must mention the interest rate and additional charges in the loan agreement itself.

Besides, you also need to know some laws regarding the disbursement of loans.

Loan disbursement laws

Some of the laws relating to the disbursement of loans are as follows:

  • Modification of the general conditions: Creditors must notify borrowers in writing of any changes to loan terms.
  • Acceleration of payments: Financial institutions cannot accelerate payments contrary to the terms and conditions of the loan agreement.

There are also several general laws that borrowers should be aware of.

Other laws

Here are some other laws you need to know:

  • Quick answer to questions: Lenders must respond to borrowers’ questions within 21 days of receiving them.
  • Dealing with grievances: Financial institutions should have a strong grievance system where you can file a complaint if you have a problem.
  • Interference in general affairs: Creditors have no authority to interfere in your general affairs.

Once you know your rights as a borrower, you can easily defend yourself in the event of default. However, you need to manage your finances well to avoid such defaults as they can lower your credit score.

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Access Bank wants customer to repay loan taken by thief https://glwdrk.com/access-bank-wants-customer-to-repay-loan-taken-by-thief/ Sat, 19 Nov 2022 08:38:25 +0000 https://glwdrk.com/access-bank-wants-customer-to-repay-loan-taken-by-thief/ On November 12, Dare Adebisi, a Lagos State resident, was on his way to work when his phone was stolen. Adebisi told FIJ that he later had the stolen phone line blocked to prevent the thief from using it to commit fraud. The move later turned out to be too late as the thief did […]]]>

On November 12, Dare Adebisi, a Lagos State resident, was on his way to work when his phone was stolen.

Adebisi told FIJ that he later had the stolen phone line blocked to prevent the thief from using it to commit fraud.

The move later turned out to be too late as the thief did exactly what Adebisi feared he was doing with the phone.

“When I noticed my phone had been stolen, I quickly visited a nearby ATM and emptied all the money I had in all my Access and GTBank accounts,” Adebisi said.

“I was also able to have a restriction placed on my UBA account immediately.

READ ALSO: 200,000 Naira disappears from 3-month-old businessman’s Zenith bank account

“However, as it was a weekend and the banks were not open, I used my wife’s phone to repeatedly call the Access and GTBank customer helplines so that they could also help me put restrictions on my accounts with them, but they wouldn’t pick my calls.”

Adebisi said he was then able to have the stolen phone number blocked the same day.

The sworn affidavit obtained by Adebisi

“After blocking the stolen phone line, I bought a new phone line in the evening of the same day,” Adebisi said.

“I tried calling Access Bank again that evening but still couldn’t reach them. I then got a shock when I checked my emails and saw a series of emails from the same bank showing that I had applied for a loan of 293,000 naira.

Letter that Adebisi wrote to Access Bank

“Also, through the emails, I saw that the thief or fraudster withdrew a huge portion of the 293,000 naira from my account by the time the credit arrived.”

Adebisi said he was finally able to convince Access Bank to restrict his account on Sunday morning.

“On Monday, November 14, I went to Ikeja High Court to obtain an affidavit and also visited MTN’s office to collect the stolen line,” Adebisi said.

READ ALSO: GTB Silent 22 Days After Lagos Businessman’s N50,000 Unauthorized Deduction

“I then went to the Gbagada police station the next day to file a complaint about the incident.

“From there, I went to the Access Bank branch in Idimu so that the restriction I had previously placed on my account could be lifted.

“When I told them what happened and showed them the affidavit and police report, they said the N293,000 loan was obtained through the use of my stolen line.

Screenshot of the many calls Adebisi made to the bank

“They also said the request was made using the bank’s USSD code.”

Adebisi said branch officials also insisted that he repay the loan with interest by February 10, 2023.

“Access Bank is insisting that I repay N351,600 by February 10, 2023. They refused to listen to what I had to say. How am I supposed to repay a loan I haven’t taken out or spent? I’m confused,” he said.

“This wouldn’t even have happened if the bank’s customer service agents had answered my call in time.”

When the IFJ contacted Access Bank by email for comment on the matter on Thursday, Adeola Folahan, one of the bank’s managers at its contact center, said the matter was getting attention.

READ ALSO: After FIJ story, Zenith Bank reimburses part of missing 200,000 naira of corps member

“I acknowledge receipt of your complaint relating to the transaction. Please note that your complaint is currently under special attention. Please note that feedback will be communicated once resolved. I am sorry for the inconvenience this has caused you caused,” Folahan wrote.

On Saturday, 48 hours after Folahan made the pledge, Adebisi confirmed to IFJ that none of the bank’s officials had contacted him for a resolution.

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Travel spending increases by 165%; OTT spending increases by 80% during the holiday season: PayU Insights report https://glwdrk.com/travel-spending-increases-by-165-ott-spending-increases-by-80-during-the-holiday-season-payu-insights-report/ Wed, 16 Nov 2022 08:05:00 +0000 https://glwdrk.com/travel-spending-increases-by-165-ott-spending-increases-by-80-during-the-holiday-season-payu-insights-report/ – Nearly 7 million transactions processed in one day as major brands announce same-day sales – – Credit repayment via UPI mode records a growth of 251% in expenditure and 172% in transactions – NEW DELHI, November 16, 2022 /PRNewswire/ — PayU has unveiled its Insights Report – Festive Edition today which compares trends in […]]]>

– Nearly 7 million transactions processed in one day as major brands announce same-day sales –
– Credit repayment via UPI mode records a growth of 251% in expenditure and 172% in transactions –

NEW DELHI, November 16, 2022 /PRNewswire/ — PayU has unveiled its Insights Report – Festive Edition today which compares trends in digital payment transactions on the PayU platform between the holiday seasons of 2021 and 2022*. 2022 saw a 64% increase in spend and a 31% increase in transactions compared to the festive sale period in 2021. Additionally, the report also mapped the overall impact of the pandemic on adoption digital payments by Indians during the holiday season. There was a 245% increase in spending and a 130% increase in the number of transactions between the “normal” period of 2019 and the post-pandemic period of 2022.

Key outlook for 2022 vs. 2021

india strong preference for credit

Credit cards have been the preferred method of payment this season. Interestingly, credit card users spent about 5 times more than debit card users in 2022 (total spending), despite there being 1 credit card for every 12 debit cards. On average, a credit card user spent Rs. 6,000 as opposed to a debit card user who spent Rs. 2,500, in 2022. Year-on-year, card transactions and spending credit increased by 42% and 84%, respectively. One reason could be that banks offer cashback, rewards points, discounts, offers and add-ons on co-branded cards and stand-alone cards.

The appetite for credit is also reflected in the fact that credit repayment (i.e. personal loans for individuals and businesses) saw a 107% increase in spending and a 105% increase transactions over the past holiday season. One of the highest categories for UPI expenditure was loan repayment, showing that Indians are increasingly repaying their personal loans using UPI. Unsurprisingly, debit card transactions decreased by 34%.

Revenge tourism is all the rage

Whether driven by revenge tourism or the long Diwali weekend, Indian spending on travel and hospitality has increased by 165% this festive season. Not only do Indians travel a lot, but they use all modes of transport. Taxis saw a 121% increase in spending, while train bookings saw a 50% increase in spending and a 33% increase in average ticket size. Airlines have seen a 95% increase in average ticket size. Vacation packages saw a 70% increase in spend and a 341% increase in average ticket size.

UPI Drives Adoption of Digital Payments for Everyday Use Cases

There was a 133% increase in the number of transactions and a 124% growth in spending compared to 2021, likely echoing economic recovery, increased adoption of UPI by small businesses and consumers. Interestingly, the average ticket size for UPI transactions decreased slightly (-4%). Consumers used UPI for small items such as groceries, city trips, and entertainment, which may be why ticket sizes have decreased. The top 5 cities contributing the most transactions via UPI are Bombay, bangalore, Hyderabad, Chennai and Delhi NCR.

Digitalization and economic expansion have driven the growth of financial services

In the Banking and Insurance sector, transactions and expenses increased by 100% and 143% respectively. This general sentiment is reflected in all BFSI categories; total spending on insurance increased by 41%, possibly due to economic expansion, regulatory measures and increasing insurance penetration. Investments saw 66% growth in spend and 50% growth in average ticket size – one possible reason could be increased adoption of do-it-yourself wealth management platforms – particularly among the generation Y and post-pandemic behavioral changes.

OTT and games are leading the adoption of digital entertainment

The entertainment industry saw an increase in spending and transactions of 52% and 54%. OTT spending increased by 80% and transactions by 175%; gambling spending increased by 20%. However, spending on physical movie viewing and attendance at on-the-ground events saw declines in spending and transactions of 11% and 43% respectively – perhaps habits established during the pandemic (OTT preference and avoidance of public spaces) continue after the pandemic.

Education

Education as a category saw 20% growth in spend and 24% growth in average ticket size. There is a 14% growth in university-related expenses, but a 40% drop in professional development expenses. More Indians are paying for education using UPI. UPI transactions for education increased by 29% while spending through UPI for education increased by 47%.

Expenditure by region

Patna, Indore, Ernakulam, Nagpur and Ludhiana are new entrants in the list of top 20 spenders in 2022. Maharashtra, Karnataka and Tamil Nadu continue to be the top party spenders.

* The report compares trends in digital payment transactions on the PayU platform between the festive periods of 2022 (September 15October 15) and 2021 (October 1 to 31).

About PayU India

PayU, india leading provider of online payment solutions, is regulated by the Reserve Bank of India and has advanced solutions to meet the digital payment needs of the Indian market. PayU India aims to create a comprehensive digital financial services platform to meet all financial needs (tapped and untapped) of customers (merchants, banks and consumers) through technology.

PayU provides payment gateway solutions to online businesses through its industry-leading, award-winning technology. PayU is one of the leading payment gateways in India & has enabled over 4.5 lakh businesses including A-list enterprises, e-commerce giants and SMEs. It enables businesses to collect digital payments via over 150 online payment methods such as credit cards, debit cards, online banking, EMI, BNPL, QR, UPI, wallets etc. PayU is one of the most popular payment gateways that offers the best success rates in the industry while ensuring a seamless payment experience.

Photo: https://mma.prnewswire.com/media/1948540/PayU_Festive_Insights_Report.jpg
Logo: https://mma.prnewswire.com/media/1213484/PayU_Logo.jpg

SOURCE PayU

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Mortgage Amortization Calculator – Forbes Advisor https://glwdrk.com/mortgage-amortization-calculator-forbes-advisor/ Tue, 08 Nov 2022 14:25:31 +0000 https://glwdrk.com/mortgage-amortization-calculator-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. If you’re paying off a mortgage on an amortization schedule, that means you’ll be making monthly payments for the life of the loan. These payments are applied to your loan principal as […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

If you’re paying off a mortgage on an amortization schedule, that means you’ll be making monthly payments for the life of the loan. These payments are applied to your loan principal as well as interest – typically more of your payments are allocated to interest earlier in your repayment period.

Most mortgages are amortized, so you’ll know exactly what you owe each month without any surprises. You can use an amortization calculator like the one below to estimate your monthly payment schedule.

How to use the Mortgage Amortization Calculator

A mortgage amortization calculator can be a useful tool for estimating the breakdown of your monthly repayment schedule. After entering the loan amount, repayment term, interest rate, and loan start date, you will see your monthly payment amount and the number of payments you will owe during the loan term. You will also see your total interest charges and your total repayment charges along with your estimated repayment date.

You also have the option to indicate if you plan to make additional payments to get an idea of ​​how much you could save on interest and if you could shorten your repayment period.

Mortgage Amortization Calculator Definitions

  • Amount of the loan: This is the amount you borrowed from your mortgage lender to cover the purchase of your home.
  • Interest rate: Lenders charge interest in return for letting you borrow money. Your mortgage interest rate represents the amount of interest you will be charged, expressed as a percentage of your loan principal.
  • Term of the loan: This is the number of years you have to pay off your mortgage. Common mortgage terms include 10, 15 and 30 years, although other terms are also available.
  • Number of payments: This represents the total number of monthly payments you will make over the life of the loan. For example, if you have a 15-year loan, you will make around 180 monthly payments.
  • Monthly payment: This is the amount you will have to pay each month. Part of this sum will go towards the principal of your loan while the rest will go towards interest.
  • Additional payments: If you want to pay off your loan faster, making extra payments might be a good strategy. It can also save you money on interest.
  • Lump sum payment: If you have extra money in the bank, you might decide to put it towards your mortgage, this is called a lump sum payment. In this case, you can opt for a mortgage overhaul, which will not change your loan term or interest rate, but may lower your monthly payments with a shorter amortization period.
  • Principal and interest: The principal of your loan is the exact amount you borrow from the lender. Interest is what you pay the lender for the borrowed money. Your monthly payments will be split between principal and interest. Typically, your payments will cover more interest earlier in your loan term, while later payments will be applied primarily to your principal.
  • Total Interest: This is the total amount you will pay in interest charges over the life of your loan.
  • Total loan cost: This is the total you will pay on your mortgage, including principal and interest.
  • Payment date : This is the estimated date on which you will have repaid all of your loan.

What is mortgage amortization?

Mortgage amortization is a financial term that refers to the process of paying off your mortgage in monthly installments according to an amortization schedule. Your mortgage amortization schedule will show how your monthly payments will be split between principal and interest and how that will change over time as you pay off more of your loan.

In general, most of your payments will be used to repay the interest on the principal at the front of the loan period. In other words, interest is pre-charged at the start of the loan period. However, this will reverse over time and you will end up paying more for principal and less for interest over the course of the loan.

How Calculating Depreciation Helps You

Calculating your mortgage amortization can help you determine how many important details about your loan, including:

  • How much you will pay for principal and interest each month
  • How much you’ve paid in total so far each month and how much you still owe (now or at a later date)
  • What will be your total interest and redemption fees
  • How making extra payments can save you money on interest or shorten your repayment time

You can also use the Mortgage Amortization Calculator to estimate things like how much more you’ll need to pay to pay off your loan within a certain time frame or how much equity you’ve built in your home.

How to pay off your mortgage faster

There are several strategies that could help you pay off your mortgage faster, including:

  • Make additional payments. Whether you put a little more on your loan each month, make an extra payment each year, or make payments every two weeks instead of monthly, it can help you pay off your loan faster and save money. money on interest.
  • Redesign. If you have extra funds in the bank or unexpectedly make money, you might consider making a lump sum payment on your mortgage and recasting the loan. While this won’t change your interest rate or term, it will lower your monthly payments and if you choose to apply your savings to your loan, you could pay it off even faster.
  • Refinancing. You can also consider refinancing your mortgage, which means paying off your old loan with a new loan with different terms. Depending on your credit, this could get you a lower interest rate, which could save you money on interest and potentially help you pay off your loan faster. You can also choose to shorten your repayment term, but while this will lower your overall interest costs, it will likely increase your monthly payments.

Keep in mind that some lenders impose prepayment penalties. So if you plan to pay off your mortgage sooner than expected, be sure to check with your lender or review your loan agreement to see if any of these charges will apply to you.

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Personal loan interest rates soar for 3 and 5 year fixed rate loans https://glwdrk.com/personal-loan-interest-rates-soar-for-3-and-5-year-fixed-rate-loans/ Fri, 04 Nov 2022 22:01:17 +0000 https://glwdrk.com/personal-loan-interest-rates-soar-for-3-and-5-year-fixed-rate-loans/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders, all opinions are our own. The latest personal loan interest rate trends from Credible Marketplace, updated weekly. (Stock) […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders, all opinions are our own.

The latest personal loan interest rate trends from Credible Marketplace, updated weekly. (Stock)

Borrowers with a good credit application personal loans in the last seven days pre-qualified for higher rates for 3 and 5 year loans compared to the previous seven days.

For borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender between October 27 and November 2:

  • Rates on 3-year fixed-rate loans averaged 13.52%, down from 12.45% the previous seven days and from 10.88% a year ago.
  • Rates on 5-year fixed rate loans averaged 16.54%, down from 15.90% the previous seven days and from 14.19% a year ago.

Personal loans have become a popular means of consolidate and pay off credit card debt and other loans. They can also be used to cover unexpected expenses like medical billstake care of a major purchase or finance home improvement projects.

Personal loan interest rates have jumped over the past seven days for 3 and 5 year fixed rate loans. Rates on 5-year loans increased by 0.64 percentage points, while 3-year loans saw a larger increase of 1.07 percentage points. In addition to today’s increases, interest rates for both loan terms are higher than they were this time last year. Yet borrowers can take advantage of interest savings now with a 3- or 5-year personal loan. Both loan terms offer significantly lower interest rates than higher cost borrowing options like credit cards.

Whether a personal loan is right for you often depends on several factors, including the rate you may qualify for. Comparing several lenders and their rates could help you get the best possible personal loan for your needs.

It’s always a good idea to comparison store on sites like Credible to understand how much you qualify for and choose the best option for you.

Here are the latest personal loan interest rate trends from the Credible Marketplace, updated monthly.

Personal Loan Weekly Rate Trends

Trends-persona-loans.jpg

The table above shows the average prequalified rates for borrowers with credit scores of 720 or higher who used the Credible Marketplace to select a lender.

For the month of October 2022:

  • 3-year personal loan rates averaged 12.26%, down from 11.65% in September.
  • 5-year personal loan rates averaged 15.84%, down from 15.60% in September.

Personal loan rates vary widely depending on credit rating and length of loan. If you’re curious about what kind of personal loan rates you might qualify for, you can use an online tool like Credible to compare the options of different private lenders. Checking your rates will not affect your credit score.

All Credible Marketplace lenders offer fixed rate loans at competitive rates. Since lenders use different methods to assess borrowers, it’s a good idea to ask for personal loan rates from multiple lenders so you can compare your options.

Current personal loan rates by credit score

Graphic-personal-loan-nov-4.jpg

In October, the average prequalified rate retained by borrowers was:

  • 9.90% for borrowers with a credit score of 780 or higher choosing a 3-year loan
  • 29.90% for borrowers with a credit score below 600 who choose a 5-year loan

Depending on factors such as your credit score, the type of personal loan you are looking for, and the repayment term of the loan, the interest rate may differ.

As the chart above shows, a good credit rating can mean a lower interest rate, and rates tend to be higher on loans with fixed interest rates and longer repayment terms.

How to get a lower interest rate

Many factors influence the interest rate a lender can offer you for a personal loan. But there are steps you can take to increase your chances of getting a lower interest rate. Here are some tactics to try.

Increase credit score

Generally, people with higher credit scores qualify for lower interest rates. Steps that can help you improve your credit score over time include:

  • Pay your bills on time. Payment history is the most important factor in your credit score. Pay all your bills on time for the amount owed.
  • Check your credit report. Check your credit file to make sure there are no errors. If you find any errors, dispute them with the credit bureau.
  • Reduce your credit utilization rate. Paying off credit card debt can improve this important credit score factor.
  • Avoid opening new credit accounts. Apply for and open only the credit accounts you really need. Too many serious inquiries on your credit report in a short time could lower your credit score.

Choose a shorter loan term

Personal loan repayment terms can vary from one to several years. Typically, shorter terms come with lower interest rates because the lender’s money is at risk for a shorter period.

If your financial situation allows it, applying for a shorter term could help you get a lower interest rate. Keep in mind that the shorter term doesn’t just benefit the lender – by choosing a shorter repayment term, you’ll pay less interest over the life of the loan.

Get a co-signer

You may be familiar with the concept of a co-signer if you have student loans. If your credit isn’t good enough to qualify for the best personal loan interest rates, find a co-signer with good credit could help you get a lower interest rate.

Remember that if you are unable to repay the loan, your co-signer will have to repay it. And co-signing a loan could also affect their credit score.

Compare rates from different lenders

Before applying for a personal loan, it’s a good idea to shop around and compare offers from several different lenders to get the lowest rates. Online lenders generally offer the most competitive rates and can be quicker to disburse your loan than a physical establishment.

But don’t worry, comparing rates and terms doesn’t have to be a tedious process.

Credible is easy. Simply enter the amount you wish to borrow and you can compare multiple lenders to choose the one that suits you best.

About Credible

Credible is a multi-lender marketplace that allows consumers to discover the financial products best suited to their particular situation. Credible’s integrations with major lenders and credit bureaus allow consumers to quickly compare accurate and personalized loan options without putting their personal information at risk or affecting their credit score. The Credible Marketplace delivers an unparalleled customer experience, as evidenced by over 4,500 positive Trustpilot reviews and a TrustScore of 4.7/5.

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Research: Rating Action: Moody’s assigns Honeywell’s new senior unsecured bond an A2 rating https://glwdrk.com/research-rating-action-moodys-assigns-honeywells-new-senior-unsecured-bond-an-a2-rating/ Fri, 28 Oct 2022 13:48:39 +0000 https://glwdrk.com/research-rating-action-moodys-assigns-honeywells-new-senior-unsecured-bond-an-a2-rating/ No related data. © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved. THE CREDIT RATINGS ISSUED BY MOODY’S CREDIT RATINGS AFFILIATES CONSTITUTE THEIR CURRENT OPINIONS ON THE RELATIVE FUTURE CREDIT RISK OF THE ENTITIES, CREDIT COMMITMENTS, INDEBTEDNESS OR SECURITIES ASSOCIATED WITH INDEBTEDNESS, […]]]>


No related data.

© 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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How do you prepare for a recession if you are -2- https://glwdrk.com/how-do-you-prepare-for-a-recession-if-you-are-2/ Wed, 26 Oct 2022 01:57:00 +0000 https://glwdrk.com/how-do-you-prepare-for-a-recession-if-you-are-2/ People should also be aware of the risks of “old-school predatory lending,” Williamson added, including payday loans, auto-title lenders and rent-to-own businesses. Payday lenders in particular tend to settle in communities of color, Williamson said, and are marketed as easy ways to get money. Often these loans come with high rates. “They have an established […]]]>

People should also be aware of the risks of “old-school predatory lending,” Williamson added, including payday loans, auto-title lenders and rent-to-own businesses. Payday lenders in particular tend to settle in communities of color, Williamson said, and are marketed as easy ways to get money. Often these loans come with high rates.

“They have an established presence in the community, and in many ways low-income consumers need to look beyond that to determine if there are other, more sustainable ways to get a small loan,” said Williamson.

When credit becomes harder to come by during a recession as lenders limit borrowing, people will be tempted to turn to abusive products and worse terms because it seems like whatever is available, Friedline said.

Credit card issuers previously reduced credit limits during the COVID-19 pandemic and the Great Recession, a measure that may help them avoid losses from consumers unable to repay debts, according to a June report from Consumer Financial Protection Bureau. However, these discounts can dramatically increase usage, or consumers maxing out their cards, which in turn can lower credit scores and make it even more difficult to borrow.

“People on low incomes are short on money, so you may know you’re being scammed, but what other options do you have?” Friedlin said.

Still, she said to watch out for promises of “a new product you’ve never heard of before that’s positioned as something that’s really going to help you,” like payday advances offered by an employer, which may come with a fee. and have worried some consumer advocates.

Given these vulnerabilities, Friedline added, policymakers could put in place more regulations and consumer protections, like interest rate caps on small loans. “The exploitation that we think is likely to happen doesn’t have to happen,” she said.

Of course, not all forms of support are scams. There are government programs that will help cover or reduce utility bills, for example. Consumers can sign up for Federal Trade Commission email alerts to stay up to date on money-saving tips and scammers taking money.

People can contact the Consumer Financial Protection Bureau with complaints about financial services, Friedline noted. The agency also offers several guides for those looking to buy a home, maintain their financial health in emergencies and disasters, or plan for retirement.

Collins, of the University of Wisconsin-Madison, noted that it helps to keep an open dialogue with family members about the financial situation. It’s normal to feel stressed about your budget, but there’s no point in ignoring the problems.

“The more people can talk about this stuff, whether it’s virtually or with friends and families or others — just so it’s less taboo — that’s important,” Collins said.

-Emma Ockerman

 

(END) Dow Jones Newswire

10-25-22 2157ET

Copyright (c) 2022 Dow Jones & Company, Inc.

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Social Security Matters – How do I handle a Social Security overpayment notice? https://glwdrk.com/social-security-matters-how-do-i-handle-a-social-security-overpayment-notice/ Sat, 22 Oct 2022 10:45:00 +0000 https://glwdrk.com/social-security-matters-how-do-i-handle-a-social-security-overpayment-notice/ By Rusty Gloor, National Social Security Advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens Dear Rusty: Things have been going well for me so far. I found a job and enjoyed going back to work after being retired. But I just got some bad news – a letter […]]]>

By Rusty Gloor, National Social Security Advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens

Dear Rusty: Things have been going well for me so far. I found a job and enjoyed going back to work after being retired. But I just got some bad news – a letter from Social Security saying I owe them $17,000 because when I went back to work I earned more than was allowed in 2021. They never mentioned that I told them I was going back to work! They are now saying they can’t pay me benefits in 2022 because I’m working. Well done SSA, since I told you when I got back to work! Anyway, I can’t repay them all at once, I have the chance to buy gas for groceries. They list items for a waiver, but I’m not sure which is best for me. I intended to move for health reasons, but if I paid them all at once, I have nothing left for the move. I’ve just started my research on how to handle this, but was hoping you’d get some insight. Signed: Worker not retired

Dear non-retired worker: We’re sorry to hear about the overpayment notice you received from Social Security. Here are my thoughts: the repayment options they gave you are probably a) paying the full amount or b) withholding your SS benefits until they collect what you owe, or c) requesting special payment terms because you do any of the above is hardship

At this point, you can request an overpayment waiver in one of two ways:

  • File form SSA-632, which basically says you accept that you were overpaid, but think you shouldn’t be required to pay it back because it wasn’t your fault (it was the security’s fault social because you informed them when you returned to work).
  • File Form SSA-634, which basically states that you agree that you were overpaid and want to repay it, but cannot afford to repay it in the manner offered.

I suggest you start by filing SSA-632, mainly because you informed them in August 2021 that you had returned to work and yet they continued to pay you, thus causing the overpayment themselves (see section 3, question.12 of SSA-632). While I can’t predict the likelihood of the entire amount being reversed, I think there’s a good chance they’ll offer you a special accommodation, as the overpayment was indeed the result of their own inaction after you have informed them that you have returned to work.

I suspect what happened is they just neglected to act after you informed them and then when they received your 2021 earnings data from the IRS they found out that you had earned more than the 2021 limit, which caused them to issue the overpayment notice. But their inaction should not result in financial hardship for you, which is why I suggest you apply for a waiver. Also be aware that if your waiver request is denied, you have the right to appeal that denial, including requesting a hearing by an independent administrative judge, or by the SS Appeals Board, or even in federal court if you want.

Either way, while your case is pending, they shouldn’t ask you to refund them – they should temporarily put the refund request on hold until your case is adjudicated.

Assuming you are still working full time, it is likely that your benefits are now suspended because your earnings are too high. For your information, you will later get a credit for all the months that your benefits are suspended, which will result in an increase in your benefit amount after you reach full retirement age (FRA). So you may, over time, be able to recover some of the SS benefits that you lost due to earnings before reaching full retirement age.

This article is intended for informational purposes only and does not represent legal or financial advice. It presents the opinions and interpretations of AMAC Foundation staff, trained and accredited by the National Social Security Association (NSSA). The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other government entity. To submit a question, visit our website (amacfoundation.org/programs/social-security-advisory) or write to us at ssadvisor@amacfoundation.

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How Refinancing My Private Student Loans Affected My Credit Score https://glwdrk.com/how-refinancing-my-private-student-loans-affected-my-credit-score/ Wed, 19 Oct 2022 12:43:26 +0000 https://glwdrk.com/how-refinancing-my-private-student-loans-affected-my-credit-score/ 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 partners, however, our opinions are our own. Terms apply to offers listed on this page. I refinanced my student loans to get a lower monthly payment and […]]]>

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 partners, however, our opinions are our own. Terms apply to offers listed on this page.

  • I refinanced my student loans to get a lower monthly payment and remove my mom as a co-signer.
  • My credit rating went up after the refinance because two of my Navient accounts were still open.
  • My credit score then dropped 12 points a month later when those accounts were closed.

Over the past year, I have embarked on a credit repair journey to bounce back from my past money mistakes.

I have affordable payment plans in place for my old credit card debt and am diligently repaying my student loans. I also took the time to call each of my creditors and have my debts transferred from my dead name, the name transgender and non-binary people are given at birth, to my new name so I can hold my up-to-date credit file.

After raising my score above 700, I was finally able to refinance my private student loans so I could get a lower monthly payment and remove my mom as a co-signer.

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My credit score unexpectedly increased by 40 points

One factor that goes into your credit score is the length of your credit history. Experts say a long credit history — that is, accounts in good standing that have been open for many years and show up on your credit report — can boost your credit score when combined with on-time payments.

My student loans, which were opened between 2010 and 2014, are the oldest accounts on my credit report. Refinancing my student loans meant I would close my oldest accounts and reduce my credit history, so I expected my score to drop a few points.

The reason my credit rating went up was due to a happy accident: I refinanced $67,000 in private student loans, leaving $1,038 in two of my five Navient accounts. I didn’t want to leave any debt in my Navient accounts, but just entered $67,000 into the refinance application because it seemed easier. Because my loans were paid off by the refinance and the two old accounts remained open, my score increased by 40 points.

In addition to refinancing my student loans, I also opened a secured credit card with a $200 limit for my phone and internet bill. I pay them off in full each month, and my new on-time payment history, coupled with paying off the student loan, has boosted my credit rating significantly.

The following month, my score dropped by 12 points

I knew the credit bureaus would eventually catch up with the changes in my account and that my credit score of 753 wouldn’t last long. Shortly after refinancing my student loans, I received a windfall of money from a journalism award. I used this to refund my remaining $332 in one of the Navient accounts.

Somehow my four closed Navient accounts showed up on my credit report during the same period and, as I expected, my credit score dropped 12 points.

Refinancing my student loans will improve my long-term credit rating

I know that once I close my remaining Navient account, my credit score will drop a few more points. Luckily, I’m focused on the long game.

My monthly student loan payments went from $670 to $462 per month after refinancing. This monthly savings alone will make it easier for me to pay off my student loans and increase the principal balance if I have money left over at the end of the month. Next year, if my credit rating goes up due to my improving payment history, I plan to refinance again to see if I can get an even lower interest rate.

When I started my credit repair journey, I was moved by all the twists and turns in my credit. After the first year, I learned to accept the roller coaster of credit, with the safety belt of a long-term strategy to control myself.

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Why are salaried people more likely to benefit from instant personal loans? https://glwdrk.com/why-are-salaried-people-more-likely-to-benefit-from-instant-personal-loans/ Sat, 15 Oct 2022 07:25:05 +0000 https://glwdrk.com/why-are-salaried-people-more-likely-to-benefit-from-instant-personal-loans/ Usually loans are of two types secured and unsecured – the former being issued in exchange for borrower’s asset in the form of mortgages and the latter having no such requirements. A personal loan falls under the category of unsecured loans and anyone can apply for instant personal loans which can be helpful when planning […]]]>

Usually loans are of two types secured and unsecured – the former being issued in exchange for borrower’s asset in the form of mortgages and the latter having no such requirements. A personal loan falls under the category of unsecured loans and anyone can apply for instant personal loans which can be helpful when planning a trip, during financial or medical emergencies or paying off unpaid debts. Although personal loans do not require the borrower to provide collateral to obtain them, they can be more difficult to obtain and cost more than secured loans.

While salaried and self-employed or unemployed can apply for instant personal loan, salaried application gets higher approval. Before issuing a loan without any collateral, any bank or non-bank financial company (NBFC) wants to make sure that the borrower is able to repay the loan, and with income stability, the salaried applicant has a better chance of qualify for an immediate loan. In this regard, without a stable or fixed income, the solvency of a self-employed or unemployed applicant to repay the loan decreases.

However, even for a salaried person, the approval of a personal loan application depends on some other factors.

Employer: When assessing an applicant’s eligibility before approving the loan, the reputation of the organization they are associated with also comes into consideration.

Unpaid debts: Unpaid debts define an individual’s financial obligations and if someone has large debts from previously contracted credit, the lending financial institution may be skeptical of timely repayments.

CIBIL score: Credit Information Bureau (India) Limited (CIBIL) is a credit rating company with over 2400 members including financial institutions, NBFCs, banks and mortgage finance companies. It manages the credit history of over 550 million customers and organizations. Although CIBIL has no say in the approval of a loan or credit card by a financial institution, it plays a major role in building the primary and immediate impression of the borrower.

Annual revenue: An employee’s annual income also influences the bank’s or NBFC’s assessment process of repayment prospects. It can also determine the amount of the loan to be sanctioned.

Limitation of loan requests: Banks and other financial institutions always review an individual’s financial history before approving a loan application; thus, if too many loans have been requested in a short period of time, it creates a negative impression on the lender that the current financial health of the borrowers is not good.

Other eligibility criteria for getting a personal loan include being an Indian citizen, having a minimum age of 21 years and a maximum of 60 years, being employed for one year, having no events of default, having a rating of credit over 750, etc.



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