Submarine budget – US Submarine http://us-submarine.com/ Wed, 10 Aug 2022 20:37:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://us-submarine.com/wp-content/uploads/2021/07/icon-2021-07-28T233436.077-150x150.png Submarine budget – US Submarine http://us-submarine.com/ 32 32 It’s a social problem, not a rating problem https://us-submarine.com/its-a-social-problem-not-a-rating-problem/ Wed, 10 Aug 2022 20:37:36 +0000 https://us-submarine.com/its-a-social-problem-not-a-rating-problem/ Any lender worth its salt doesn’t care about race, religion, national origin, sexual orientation or marital status. Credit is a business based on managing credit risk, and bias in credit is not only bad business, but also illegal and subject to panoply of regulations. Where do credit scores come from? Credit card loan equity The […]]]>

Any lender worth its salt doesn’t care about race, religion, national origin, sexual orientation or marital status. Credit is a business based on managing credit risk, and bias in credit is not only bad business, but also illegal and subject to panoply of regulations. Where do credit scores come from?

Credit card loan equity

The Equal Credit Opportunity Act, which first passed Congress in 1974, when revolving credit card debt was $11 billion in the United States, now oversees over $1 trillion. Special thanks to Gerald Ford for this standard.

Some unfair lending practices date back to segregation when certain neighborhoods were “marked” to help Federal Housing Administration contain the risk. The course was a dark side of American history, and efforts were at least partially successful in banning the practice, although problems continue to exist.

It is rare to see bias in credit card underwriting due to the clinical nature of credit scoring. The dominant credit score, known as the FICO score, bases its calculation on factual data provided by lenders, such as account opening, amount, line usage, and credit age. No personal life information is part of the equation.

US News and World Reports published an article today on How Race Affects Your Credit Score, and one conclusion was not that there is an inherent bias in credit scoring, but that they are different social issues that cause a big divide between groups. The story cites data from the Urban Institute, illustrating the credit scoring disparities found in the Vantage Score. While all Americans average just over seven hundred, Caucasians top the pattern, Hispanics trail, African Americans have a deep gap, and Native Americans are at the bottom of the list.

The article quotes a former executive of FICO, the major credit reporting company: “‘Race is never on the report and is not factored into a score,'” he says. Nor is it your address or a zip code where racial diversity is different.”

Is the credit rating gap or company issues?

US News mentions:

  • The difference between “the average wealth of a white family and that of a colored family is huge,” Ortega says. “That alone has an impact on credit scores. If you have a higher income, you are more likely to pay your bills on time and you are offered credit limits.”
  • The median income in 2020 for black households was $45,870, compared to $55,321 for Hispanics, $74,912 for whites and $94,903 for Asian families, according to the United States Census Bureau.
  • Regardless of post-graduation income, black households have more student debt, which can hurt their creditworthiness, reports the Brookings Institution. Student loans can be problematic for credit scores, Ortega says.
  • According to a 2022 report from the Education Data Initiative.
  • Credit misinformation can also harm communities of color, Ortega says. The meaning is that “all credit is bad,” she says, leading to avoidance of traditional credit products.
  • Certain types of credit favored by (African American) borrowers, such as payday loans, are not taken into account in credit ratings. According to a Brookings Institution Analysis.

Does a new “inclusion” score make sense? Not if the goal is to assess risk among a wide range of people. Stick to the facts, we say. And the facts are the ability and intention to repay the credit. There are broader social issues to fix, but not to replace safe and sound lending responsibilities. The issue here is not credit scoring, but creating opportunities for inclusion and balancing long-standing issues around income distribution and opportunity for all.

Preview by Brian RileyDirector, Credit Advisory Services at Groupe Conseil Mercator

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Will a loan on my 401(k) affect my mortgage? https://us-submarine.com/will-a-loan-on-my-401k-affect-my-mortgage/ Tue, 09 Aug 2022 04:14:55 +0000 https://us-submarine.com/will-a-loan-on-my-401k-affect-my-mortgage/ If you want to put some of the money you’ve accumulated in your 401(okay), you need to use a short-term mortgage that you’ll pay cash from your paychecks. Borrowing from your 401 (okay) can usually be a better way to get money than using higher interest loans like title loans, payday loans, and even private […]]]>

If you want to put some of the money you’ve accumulated in your 401(okay), you need to use a short-term mortgage that you’ll pay cash from your paychecks. Borrowing from your 401 (okay) can usually be a better way to get money than using higher interest loans like title loans, payday loans, and even private loans. .

If you’re considering a 401(ok) mortgage, you might be wondering how it will affect your other money owed like your mortgage. The short answer is that it was not received. Whether or not you are able to qualify for a mortgage, or are already paying off one, a 401 (okay) will not affect other amounts owed.

In this article, we will clarify how 401(ok) loans work and the pros and cons to think about.

  • A 401 (ok) mortgage can present a way to bring funds into your account for short-term cash.
  • 401(k) loans also have no effect on your mortgage, whether it’s your current mortgage or the one you’re using.
  • You should use a 401 (ok) mortgage for many uses, such as a down payment on a house.
  • Try to pay off your 401 (ok) mortgage shortly. The longer you take to pay off the mortgage, the more you will miss the compound interest facility.

401 (ok) Loans and Mortgages

A 401(ok) mortgage has pros and cons to consider. If used responsibly, it can be an easy way to enter cash to pay short-term bills. However, withdrawing funds from your retirement account can have long-term effects on the value of your portfolio. The longer your money doesn’t have to be invested, the longer you miss the convenience of compound interest.

A 401 (ok) mortgage has interest paid on your account, but it does not contain a lender or an assessment of your credit history. By settlement, you can borrow up to the lesser of: 1) $50,000 or; 2) the greater of $10,000 or 50% of your account value.

Receiving a mortgage on your 401(ok) should not be a taxable occasion until mortgage limits and indemnification guidelines are violated. It has no impact on your creditworthiness and no impact on your mortgage. It will not affect the rates and terms of your current mortgage or play a role in your software for a new mortgage.

In fact, you can take out a 401(ok) mortgage to use as a down payment for a house.

401(k) loans will have no effect on your mortgage. They will allow you to access some of your retirement savings for short-term needs. You may be solely responsible for repaying the mortgage if you wish to maintain your tax advantages and avoid penalties.

401(ok) Loans and Real Estate

You must use a 401 (ok) mortgage to finance the acquisition of real estate. In reality, the basics of 401(ok) loans are totally different if you are using the mortgage to purchase a home.

Standard laws require 401(ok) loans to be repaid on an amortized basis, or with a fixed payout schedule in common installments, over less than 5 years. However, if the mortgage is used to purchase a principal residence, the indemnity interval in this case could be longer. Your plan administrator defines the phrases for a long time.

However, it rarely makes sense to use a 401(ok) mortgage to fully finance a home purchase because in most cases a daily mortgage will provide additional monetary benefits. For one thing, you can’t deduct your interest funds on 401(ok) loans like you can with mortgage interest funds. Also, borrowing money from your 401(okay) for long enough to pay off a house might significantly reduce the value of your long-term portfolio.

Another approach that a 401(ok) mortgage can play a part in buying real estate is in case you use the money to pay down payment fees or closing prices. Since the 401 (okay) mortgage isn’t technically a debt – you’re taking out your personal money regardless – it has no impact on your debt to income ratio or your credit score. credit, each of them being main elements considered by lenders.

Will a mortgage on my 401(ok) affect my mortgage?

A 401 (ok) mortgage will not affect your mortgage or your mortgage software. A 401 (ok) mortgage has no impact on your debt-to-equity ratio or your credit rating, two important things that affect mortgage lenders. In fact, some consumers use 401(ok) mortgage funds as a down payment on a home.

Are 401(ok) loans a good concept?

A 401(ok) mortgage has pros and cons to consider. Whether or not this is a good suggestion for you depends on many things about your personal financial situation. These loans can be an excellent source of low cost money for short term needs. However, they can reduce the value of your retirement portfolio in case you don’t make timely repayments.

Can I use a 401 (ok) mortgage for an upfront cost?

You must use a 401 (ok) mortgage for a down payment and it will not affect your debt to income ratio. Just make sure you can pay off your 401 (ok) account soon. The longer you take to pay off your mortgage, the more you will miss the compound interest facility.

The back line

In some cases, a 401 (ok) mortgage is usually a good way to access short-term cash. 401(ok) loans also have no impact on your mortgage. In fact, taking out a 401(ok) mortgage is usually a great way to increase down payment costs for a home. Remember that the downside of these loans is that they take funds out of your financing, so you may miss out on the ability to compound until you pay off the mortgage.

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Dave Ramsey says that taking on this type of debt is “like trying to save yourself from a sinking boat with a bucket full of holes”. Is he right ? https://us-submarine.com/dave-ramsey-says-that-taking-on-this-type-of-debt-is-like-trying-to-save-yourself-from-a-sinking-boat-with-a-bucket-full-of-holes-is-he-right/ Sun, 07 Aug 2022 13:32:43 +0000 https://us-submarine.com/dave-ramsey-says-that-taking-on-this-type-of-debt-is-like-trying-to-save-yourself-from-a-sinking-boat-with-a-bucket-full-of-holes-is-he-right/ Image source: Getty Images Is the finance guru irrelevant on this issue? Key points Dave Ramsey is not a fan of most types of debt. He doesn’t believe you should take out a personal loan. The reality is that borrowing through a personal loan can sometimes be a smart move for several reasons, such as […]]]>

Image source: Getty Images

Is the finance guru irrelevant on this issue?


Key points

  • Dave Ramsey is not a fan of most types of debt.
  • He doesn’t believe you should take out a personal loan.
  • The reality is that borrowing through a personal loan can sometimes be a smart move for several reasons, such as consolidating credit card debt.

If you know financial expert Dave Ramsey, you probably already know that he doesn’t like to borrow. In fact, he suggests avoiding most types of financing. And, there’s a particular kind of debt he said not to take on because it’s “like trying to get out of a sinking boat with a bucket full of holes.”

What debt is he talking about — and is he right to recommend avoiding it?

Dave Ramsey is against personal loans

On his blog, Ramsey explained common reasons people get personal loans: debt consolidation at a lower interest rate; building credit; and buy things you can’t afford to pay for outright. And he said none of those reasons are valid for borrowing.

“We know it can seem like taking out a loan will help you get ahead or even just relieve you in the middle of a crisis,” Ramsey said. “But trust us, the loans only leave you a few steps back from where you started.”

Ramsey warned that taking out a personal loan can be “a lot of work”, to “achieve absolutely nothing”. And he warned that “the burden of personal loans (plus the interest that is automatically added) prevents you from making real progress with your money”. He also suggested that if you take out a personal loan, you could find yourself stuck in debt for life, so you should just say no.

Is Ramsey right?

Ramsey is on the verge that certain types of debt, like store credit cards and installment loans, are bad news. But when it comes to personal loans, it falls far short of the basics.

First, personal loans won’t lock you into debt because unlike credit cards, which let you keep charging them as you pay down your balance, personal loans don’t work that way. You borrow a fixed amount of money and you have a limited time to repay it. This is a huge advantage of using a personal loan to pay off credit card debt because you can stick to a set schedule and know exactly when you are going to be debt free.

Second, personal loans can have much lower interest rates than most other types of debt, such as credit cards and payday loans. Therefore, using them to consolidate and pay off debts can make paying off what you owe much easier and more affordable. If you can pay off several other debts with a personal loan at a lower rate, there is absolutely no reason not to as long as you can count on yourself not to charge your credit cards once you refinanced them into the personal loan. .

There are also circumstances where you really have no choice but to borrow. While Ramsey says you can avoid doing this by saving for what you want and sticking to your budget, it does take time. If you don’t yet have an emergency fund saved up and an essential purchase you can’t afford, a personal loan might be one of the cheapest ways to borrow to pay for it.

Ultimately, taking out a personal loan is not about using a faulty bucket to try to save yourself. It is a very good tool to use in certain circumstances and not at all to hesitate.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

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Earnings Access Provider ZayZoon Raises $25.5M to Bring Financial Flexibility and… | Your money https://us-submarine.com/earnings-access-provider-zayzoon-raises-25-5m-to-bring-financial-flexibility-and-your-money/ Wed, 03 Aug 2022 12:45:00 +0000 https://us-submarine.com/earnings-access-provider-zayzoon-raises-25-5m-to-bring-financial-flexibility-and-your-money/ CALGARY, Alta., Aug. 03, 2022 (GLOBE NEWSWIRE) — ZayZoona voluntary benefits provider that provides employees across the United States with instant access to their earned pay on demand, is pleased to announce a round of funding totaling $25.5 million in total, including 12.5 million in equity and $13 million in a new credit facility with […]]]>

CALGARY, Alta., Aug. 03, 2022 (GLOBE NEWSWIRE) — ZayZoona voluntary benefits provider that provides employees across the United States with instant access to their earned pay on demand, is pleased to announce a round of funding totaling $25.5 million in total, including 12.5 million in equity and $13 million in a new credit facility with ATB Financial.

This current fundraising, led by Carpae Investments and Alpenglow Capital, brings the total equity raised by the company to $25 million. This round also saw participation from existing shareholders including InterGen Capital, Prairie Merchant Corporation and angel investors Sanders Lee (Hopewell) and Rob Ohlson (Maillot Homes), among others. Although almost all of the company’s funding comes from Canadian investors, the more than 3,000 companies that use ZayZoon to provide their employees with faster access to compensation are located in the United States.

The majority of working Americans are experiencing cash shortages which may force them to seek out undesirable solutions to bridge the gap until the next payday. ZayZoon’s flagship product, Wages On-Demand, gives employees access to wages they’ve already earned, but would otherwise have to wait until their next payday to receive them. When the alternatives are expensive options like late bill payments, overdraft fees, and payday loans, financial options like Wages On-Demand are increasingly becoming an essential service for millions of Americans.

In less than three minutes, an employee can sign up and instantly access their earned salary in their existing bank account or other available wallet options for little or no cost.

Businesses partner with ZayZoon to improve employee recruitment, retention, and overall productivity. With over 100 payroll integrations, including being a Platinum Partner in the ADP Marketplace, over 60% of businesses in the US can activate ZayZoon for their employees in less than 60 minutes, at no cost and no administration required. Partnerships like these have enabled ZayZoon to provide its services to thousands of employees at franchises such as McDonald’s, Burger King, Senior Helpers, and Choice Hotels.

Jamie Ha, Co-Founder and CFO of ZayZoon, said, “We are extremely pleased to see the tremendous level of interest and support for this important offering for both employers and employees. With this funding, we are able to bring ZayZoon’s Wages On-Demand services to millions of people across America, especially during a phase when hard-working employees need it most.”

This round of funding opens the door to the opportunity to expand ZayZoon’s product offering beyond Wages On-Demand and into additional products and services that financially improve employee bottom line and financial well-being. Additionally, it allows ZayZoon to continue recruiting for key positions in growth, operations, and engineering.

Marcos Lopez, Director of Alpenglow, says, “ZayZoon has proven the value it can bring to millions of employees and their employers through a single distribution channel. We are excited to see the team continue to grow. impressive and the use of its product by more employees and employers, helping them access their earned wages more efficiently.”

About ZayZoon

ZayZoon’s mission is to significantly improve employee financial outcomes through effective and engaging financial products that also create a business advantage for employers. By leveraging the extensive and robust technology built into ZayZoon’s payroll, companies can give their staff access to a program that includes on-demand salaries, financial education, and a prepaid expense card. Workers around the world rely on predatory products like payday loans and overdraft fees to bridge the gap between paychecks created by predetermined pay cycles. ZayZoon aims to break this cycle. ZayZoon’s on-demand access to salaries helps reduce financial stress for employees and significantly improves retention, resourcing and productivity in the workplace.

Are you looking for a role with a high-growth HR and fintech company? Check https://www.zayzoon.com/careers.

Contact: Chaz Somers media@zayzoon.com

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Beware of unregulated “quick fix” salary advances https://us-submarine.com/beware-of-unregulated-quick-fix-salary-advances/ Sat, 30 Jul 2022 19:01:00 +0000 https://us-submarine.com/beware-of-unregulated-quick-fix-salary-advances/ Australians have been warned about using increasingly popular ‘payday advance’ services because they fear exposing themselves to excessive debt and unregulated products. Payday advance services give workers access to their payday in advance, with users able to withdraw between $50 and $2,000, which they then repay – with a flat rate or percentage – to […]]]>

Australians have been warned about using increasingly popular ‘payday advance’ services because they fear exposing themselves to excessive debt and unregulated products.

Payday advance services give workers access to their payday in advance, with users able to withdraw between $50 and $2,000, which they then repay – with a flat rate or percentage – to the lender on the day. of pay. The services work similarly to payday loans, but with lower fees and shorter repayment times.

Deputy Treasurer Stephen Jones said Labor would seek to regulate buy now, pay for services later and pay industry up front.Credit:Alex Ellinghausen

A number of large payday advance companies have sprung up recently, including Commonwealth Bank’s Beforepay, MyPayNow and AdvancePay, listed on the Australian Securities Exchange. Their number of customers has increased, spurred by the soaring cost of living and rising interest rates.

However, despite their growing popularity, cash-strapped workers have been warned to avoid these services.

A spokesperson for the Australian Securities and Investments Commission’s financial regulator MoneySmart The financial advice division said that while they might seem like a “quick fix”, users should look for other options.

“If you need cash fast, a payday advance service might come in handy,” the spokesperson said. “[However]Using a payday advance service means you’ll have less money on your next payday, and if overused, it can be difficult to keep track of repayments when managing other financial commitments.

“Keep in mind that each time you use the service, you are charged a fee. Although payday advance providers have limits on what they can charge you, your bank may charge a fee if you do not have enough money in your account to cover your refund.

Borrowing money through a payday advance service can also affect your ability to borrow money, such as a home loan, in the future, as lenders often have a low opinion of it. payday advance and buy now, pay later services when assessing a borrower’s spending habits.

Another major ASIC concern is that payday advance services are unregulated, operating under a loophole in credit laws, which allows providers to circumvent the need for credit checks or verification processes. difficulties.

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5 types of college loans to avoid – Forbes Advisor UK https://us-submarine.com/5-types-of-college-loans-to-avoid-forbes-advisor-uk/ Fri, 29 Jul 2022 16:28:35 +0000 https://us-submarine.com/5-types-of-college-loans-to-avoid-forbes-advisor-uk/ Student life can be an expensive business. If you’re heading off to college in September, you’ll probably be budgeting for your rent, bills, and spending money for the first time. Many undergraduates find that their bursary doesn’t cover all of their costs – so they look to other ways to borrow money. But certain types […]]]>

Student life can be an expensive business. If you’re heading off to college in September, you’ll probably be budgeting for your rent, bills, and spending money for the first time.

Many undergraduates find that their bursary doesn’t cover all of their costs – so they look to other ways to borrow money.

But certain types of debt should be avoided. Making the wrong choices at 18 or 19 can have serious repercussions on your financial future. It is therefore important to understand your options and make the right choices.

Here are five types of borrowing students should avoid:

1. Buy now, pay later (BNPL)

BNPL companies such as Klarna, Clearpay and Laybuy often market their payment options as “interest free”. Technically, it’s true – you can usually either pay for your purchases in installments or delay payment for 30 days and pay no interest.

However, these options, combined with clever marketing, make it easy to forget that BNPL is a type of credit.

Students may experience issues if they have to juggle payments for multiple BNPL purchases or multiple accounts with different BNPL lenders. If you miss a payment, the BNPL lender may ultimately transfer the debt to a debt collection agency – this will incur additional charges.

Missed or late payments can also impact your credit score. As of June 1, 2022, Klarna reports paid and unpaid accounts to credit reference agencies Experian and TransUnion. A black mark on your credit report will affect your chances of getting other credit, such as a mortgage, in the future.

2. Payday Loans

Payday loans are relatively small loans designed to be paid off on your next payday. But despite the fact that most students don’t have paid jobs and won’t have a “salary”, there are still a disturbing number of payday lenders targeting students.

Although the cost of payday loans is now capped under rules set by the Financial Conduct Authority (FCA), these loans are still an expensive way to borrow. Someone who takes out a loan for 30 days can pay up to £24 in fees and charges per £100 borrowed. If you don’t repay on time, you could be slapped with a £15 default charge.

These sums may not seem like a lot, but when calculated as an APR, they can reach four figures. Payments are often made through a Continuous Payment Authority (CPA) to your bank card – this could cause problems if you prefer to prioritize other bills or debts.

3. Credit cards

Credit cards are a convenient way to borrow money because they offer flexibility. You can borrow up to your credit limit and, provided you make the minimum monthly payment, repay the debt when it suits you.

But the credit cards available to students tend to be expensive, and they won’t include the 0% interest promotions available to other borrowers.

HSBC and TSB are the only banks to offer student credit cards and in both cases you will need to have a student bank account with the same bank to be accepted.

The HSBC student credit card has an APR (annual percentage rate) of 18.9% (variable) and a credit limit of up to £500, while the TSB card has an APR of 21.95% ( variable) and a credit limit of up to £1,000. .

Interest charges can add up quickly if you don’t pay off your credit card. For example, if you borrowed £1,000 on the TSB card and repaid £20 a month, it would take you nine years and one month to pay off the debt and cost you £1,162 in interest.

Some subprime lenders also offer student credit cards – and these have crippling interest rates. Ocean Finance and Vanquis have APRs of 39.9% and 59.9% respectively. These cards are very expensive, so students should avoid them.

4. Online credit accounts

In the past, retailers gave out store cards to their customers in an attempt to build loyalty. Store cards were a type of credit card that could usually only be used at one retailer. Most offered a discount on your initial purchase, but had higher interest rates than regular credit cards.

But, as consumers shift to online shopping, most store cards have disappeared. Instead, shoppers are encouraged to open online “credit accounts” that work the same way – just minus a physical card.

For example, Very.co.uk offers Very Pay which tempts customers with 20% off their first purchase. It offers various payment options, including the “monthly payment” which has a typical APR of 39.9% (variable).

Both JD Williams and Fashion World offer credit accounts with a typical APR of 39.9%, while Next Pay has a typical APR of 23.9% – both variable.

Students should avoid store credit accounts whenever possible – save for what you want to buy instead.

5. Unauthorized overdrafts

An overdraft occurs when the bank allows you to spend more money than you actually have in your account, up to a previously agreed amount. Student bank accounts all offer a certain overdraft amount at 0% interest. Interest-free overdrafts are the cheapest way to borrow money – remember you’ll have to pay it back at some point.

In the past, many students ran into trouble when they went over their overdraft limit, as interest rates on “unauthorized” or unarranged overdrafts were typically around 40%.

But that’s not really a big deal now. New rules introduced by the Financial Conduct Authority (FCA) in April 2020 mean that banks can no longer charge higher fees for unauthorized overdrafts. Instead, interest on all overdrafts is charged at a single interest rate.

Therefore, most banks simply do not allow students to have an unauthorized overdraft – if you try to exceed your overdraft limit, your payment will be rejected.

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Bridgepayday has been rebranded as Kashpilot https://us-submarine.com/bridgepayday-has-been-rebranded-as-kashpilot/ Mon, 25 Jul 2022 23:35:16 +0000 https://us-submarine.com/bridgepayday-has-been-rebranded-as-kashpilot/ To better serve its customers, BridgePayday.com has rebranded itself KashPilot.com. KashPilot is committed to providing consumers with a fast, easy, and convenient way to get online loans fast. With over seven years of experience in the payday loan industry, KashPilot is well positioned to provide borrowers with competitive rates and excellent customer service. Borrowers can […]]]>

To better serve its customers, BridgePayday.com has rebranded itself KashPilot.com. KashPilot is committed to providing consumers with a fast, easy, and convenient way to get online loans fast. With over seven years of experience in the payday loan industry, KashPilot is well positioned to provide borrowers with competitive rates and excellent customer service.

Borrowers can continue to apply for loans online in minutes and receive funds directly into their bank accounts within one business day. There is no need to fax any documents or submit to a credit check. The company offers payday loans and installment loans, among others. KashPilot contains clear and concise loan terms so borrowers know exactly what they are agreeing to.

To make KashPilot the ideal loan connection service of the future, the company is shifting into high gear. Its co-founders, Usman Konst and Holly Wayne Jackson came up with the name, aiming to continue dominating the lending industry. Usman is the CEO of KashPilot, formerly BridgePayday, and an experienced lending industry expert. With the sole purpose of helping borrowers find reputable lenders, Usman has brought together the best professionals in the industry to ensure borrowers get the best loan services. The website has also been redesigned with a new look and easy to use navigation.

Kashpilot’s editorial team is dedicated to providing accurate, comprehensive and useful content that motivates and helps all readers. Their current editorial standards and policies serve as a framework for how they obtain information, report it, write about it, and edit their stories. The company follows a thorough fact-checking process and corrects any inaccuracies immediately. A key feature is editorial impartiality. Business partners, internal or external, have no influence on Kashpilot’s editorial advice, suggestions, or product reviews.

Kashpilot will continue to welcome experiences and insights that will help them connect with their readers, respond to their inquiries, and earn their trust.

They are able to lend in all states that allow payday loans. This job is made a little easier by the fact that the company operates online and its program has many lenders in every state.

Kashpilot also consolidates payday loans. When you owe too much money or have taken too many loans, you should use this service. By repaying your obligations over a longer period with fewer installments, this program aims to reduce your interest costs.

Media Contact
Company Name: KashPilot Loans
Contact person: Usman Konst
E-mail: Send an email
Call: 800-522-9222
Address:111 West 10th Street
Town: Kansas City
State: MO 64105
Country: United States
Website: kashpilot.com

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Millennial Money: 5 Credit Card Mistakes to Avoid Right Now https://us-submarine.com/millennial-money-5-credit-card-mistakes-to-avoid-right-now/ Sat, 23 Jul 2022 18:25:38 +0000 https://us-submarine.com/millennial-money-5-credit-card-mistakes-to-avoid-right-now/ When times are tough, credit card debt can be unavoidable if you learn how to manage credit or are forced to make risky financial decisions due to hardship. For Lydia Senn and her husband, who are residents of Alabama, this was their reality during the Great Recession in 2008 after she lost her job and […]]]>

When times are tough, credit card debt can be unavoidable if you learn how to manage credit or are forced to make risky financial decisions due to hardship.

For Lydia Senn and her husband, who are residents of Alabama, this was their reality during the Great Recession in 2008 after she lost her job and he took a pay cut. They relied on credit cards to get by and racked up about $14,000 in debt.

“We paid off our debt in 2014 and decided to live without a credit card until 2019,” says Senn, who documents his financial journey on his YouTube channel. “We don’t want to rack up high-interest debt, so we’re very strategic and intentional in how we use our credit card.”

Having a plan can help you avoid debt or manage it when money is tight. If your situation allows it, consider alternatives before you make credit card mistakes that make it hard to bounce back.

1. DON’T KEEP EXPENSES AS USUAL

Modify your budget if inflation or other circumstances compromise it. With today’s inflation, Senn has adjusted his budget to include rising gas, internet and cellphone charges on his credit card.

“Look at the budget and carefully consider those needs versus wants,” says Katie Bossler, quality assurance specialist at GreenPath, a nonprofit credit counseling agency.

Senn’s grocery bill has gone from $125 a week for a family of six to $225. Lowering that bill is not an option since her husband has lupus and requires an autoimmune protocol diet. “It’s the difference between him thriving and being in pain everyday,” Senn says.

To balance rising costs, it cut spending in other areas and opted for alternatives. Weekly family get-togethers at the local cafe have moved to its terrace. The family now dines out and travels less, and the kids attend a less expensive arts camp.

When reviewing your credit card statement, consider deleting unnecessary purchases or unused subscriptions. Prioritize essentials like rent, utilities, food, and expenses that help generate income. If you’re still financially strained after making changes, consider other options like full-time or part-time work, or finding roommates, Bossler says.

2. AVOID RELYING ON YOUR CREDIT LIMIT

Shrinking your budget can provide savings opportunities that keep you from relying on credit cards. Save what you can, even just $5 a week. An emergency fund is foolproof, but a credit limit may eventually reach its maximum or be reduced at the issuer’s discretion.

Before that happens, request a higher credit limit from issuers when accounts are in good standing. This way, you have credit available as a last resort that supplements an emergency fund. Note that an issuer may perform a “thorough investigation” of your credit after making this request, an action that can temporarily lower credit scores.

3. DON’T CARRY A BALANCE ON A HIGH INTEREST CREDIT CARD

Having a large balance on a high-interest credit card makes purchases more expensive. For credit card accounts rated for interest in 2021, the average rate was 16.45%, according to Federal Reserve data. Some credit card interest rates are even higher at 29.99%.

While a card’s interest rate depends on economic factors and your credit, some cards or institutions offer lower rates that can save you money on outstanding balances. For example, the national average rate on credit cards at credit unions was 11.21% in March 2022, according to data from the National Credit Union Administration.

If you need a debt repayment strategy, a good credit score (a FICO score of 690 or higher) may qualify you for a balance transfer credit card that lets you transfer a high-interest balance on a new card at a lower rate. Weigh the cost of balance transfer fees and ongoing interest charges to identify the best option. The ideal balance transfer card has no annual fee, a low balance transfer fee of 3% or less, and a long enough introductory APR period of 0% to progress on debt.

4. STOP EARNING LATE FEES

If you anticipate a late payment, promptly contact your credit card issuer. Late fees can cost up to $30 the first time and up to $41 after, according to a 2022 press release from the Consumer Financial Protection Bureau.

Some issuers may be able to change your due date, offer financial hardship programs, or refer you to a nonprofit credit counseling agency that provides a debt management plan, depending Bossler. These programs may waive fees or reduce interest rates for a certain period of time.

5. THINK TWICE ABOUT CASH ADVANCES

A credit card cash advance conveniently provides a short-term cash loan at a bank or ATM, but it’s expensive. Interest on the amount of money borrowed begins to accrue immediately and fees may apply.

Instead, consider a personal loan or targeted offers from issuers that turn available credit on a credit card into a less expensive installment loan that puts money in your bank account. For this last option, no loan application or credit check is required.

Credit cards are certainly useful for emergency purchases or to maintain a good credit score. Nerdwallet has some tips on smart ways to use credit cards for yourself.

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PaydayChampion explains the ins and outs of lending to direct lenders https://us-submarine.com/paydaychampion-explains-the-ins-and-outs-of-lending-to-direct-lenders/ Thu, 21 Jul 2022 21:29:58 +0000 https://us-submarine.com/paydaychampion-explains-the-ins-and-outs-of-lending-to-direct-lenders/ Reading time: 3 minutes One of the best places to get a loan is from a direct lender. It is likely that using a direct internet lender to apply for a loan would seem strange, but eligible people can benefit from this method. Is it better to go to a traditional bank or a direct […]]]>
Reading time: 3 minutes

One of the best places to get a loan is from a direct lender. It is likely that using a direct internet lender to apply for a loan would seem strange, but eligible people can benefit from this method.

Is it better to go to a traditional bank or a direct lender?

In the financial sector, a “direct lender” is a company or institution that directly lends money to customers. The absence of application fees means that a direct lender can provide loans at no additional cost.

Medical bills, buying a new car, home renovations, etc. can all be paid for using payday loans from a direct lender.

An organization’s funds are transferred directly to a consumer who applies for a loan through a direct lender. As an alternative, brokers serve as a link between potential borrowers and lenders who are willing to provide loans to people in need. If your loan application is approved, lenders interested in working with you will receive your contact information.

All relevant information must be collected by the lender before an offer can be made. As soon as you accept our offer and agree to the terms, your bank account will be debited.

Do direct lending institutions have advantages over traditional lenders?

If you are authorized to obtain a loan through a direct lender, you will interact directly with that lender. The rest is up to him.

A direct lender may offer better interest rates and terms than a bank or credit card company.

There may be reduced interest rates and terms offered by direct lenders because they understand that their consumers want fast loans and don’t want to face lengthy application processes. Financiers who are directly involved in the process Within minutes or hours in most situations, the customer’s bank account will receive funds from a direct lender.

Your credit score is not taken into account when applying for a loan from a direct lender, which simply requires the minimum amount of information. As a result, direct lenders better understand your situation as a borrower. If the process is made more onerous for you, it will be counterproductive to their goal of providing emergency loans to people in need.

Direct lenders offer a wide range of loan options and a high degree of customization. Direct lenders.

It is possible for direct lenders to provide loans with a high degree of customization and adjustment. They are also able to customize a loan to meet your individual needs and make recommendations on how to better manage your money. It is possible to find lenders willing to work with borrowers whose credit is not perfect, for example. There are a number of unforeseen expenses that lenders could help you with, including medical bills and home repairs.

Faster loan processing is provided by direct lenders.

You can get the cash you need fast with a payday loan through PaydayChampion. In times of financial emergency, a payday loan may be more convenient than a traditional bank loan. You may be able to get your money within 24 hours under certain circumstances.

There is no middleman in the lending process for direct lenders.

In direct loans, there are no intermediaries involved. In other words, you won’t have to pay a broker or middleman to use their services. If you have bad credit, you may not be able to get a loan from a bank or other traditional lender. A direct lender loan could be a lifesaver in these situations.

If you’re looking to get a loan from a direct lender, this article should help you understand your options.

Aubrey Saffa Bender

Content Editor and Writer at Payday Champion

Aubrey Saffa Bender has been a freelance journalist and journalist since 2013. She writes on topics ranging from personal finance and education to technology and business. In her work for PaydayChampion, Aubrey draws primarily from her experiences writing about mortgages, home buying and real estate. She earned a BA with a major in English from the University of Colorado at Boulder.

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5 Credit Card Mistakes to Avoid Right Now https://us-submarine.com/5-credit-card-mistakes-to-avoid-right-now/ Tue, 19 Jul 2022 11:04:01 +0000 https://us-submarine.com/5-credit-card-mistakes-to-avoid-right-now/ When times are tough, credit card debt can be unavoidable if you learn how to manage credit or are forced to make risky financial decisions due to hardship. For Lydia Senn and her husband, who are residents of Alabama, this was their reality during the Great Recession in 2008 after she lost her job and […]]]>

When times are tough, credit card debt can be unavoidable if you learn how to manage credit or are forced to make risky financial decisions due to hardship.

For Lydia Senn and her husband, who are residents of Alabama, this was their reality during the Great Recession in 2008 after she lost her job and he took a pay cut. They relied on credit cards to get by and racked up about $14,000 in debt.

“We paid off our debt in 2014 and decided to live without a credit card until 2019,” says Senn, who documents his financial journey on his YouTube channel. “We don’t want to rack up high-interest debt, so we’re very strategic and intentional in how we use our credit card.”


Having a plan can help you avoid debt or manage it when money is tight. If your situation allows it, consider alternatives before you make credit card mistakes that make it hard to bounce back.

1. DON’T KEEP EXPENSES AS USUAL

Modify your budget if inflation or other circumstances compromise it. With today’s inflation, Senn has adjusted his budget to include rising gas, internet and cellphone charges on his credit card.

“Look at the budget and carefully consider those needs versus wants,” says Katie Bossler, quality assurance specialist at GreenPath, a nonprofit credit counseling agency.

Senn’s grocery bill has gone from $125 a week for a family of six to $225. Lowering that bill is not an option since her husband has lupus and requires an autoimmune protocol diet. “It’s the difference between him thriving and being in pain everyday,” Senn says.

To balance rising costs, it cut spending in other areas and opted for alternatives. Weekly family get-togethers at the local cafe have moved to its terrace. The family now dines out and travels less, and the kids attend a less expensive arts camp.

When reviewing your credit card statement, consider deleting unnecessary purchases or unused subscriptions. Prioritize essentials like rent, utilities, food, and expenses that help generate income. If you’re still financially strained after making changes, consider other options like full-time or part-time work, or finding roommates, Bossler says.

2. AVOID RELYING ON YOUR CREDIT LIMIT

Shrinking your budget can provide savings opportunities that keep you from relying on credit cards. Save what you can, even just $5 a week. An emergency fund is foolproof, but a credit limit may eventually reach its maximum or be reduced at the issuer’s discretion.

Before that happens, request a higher credit limit from issuers when accounts are in good standing. This way, you have credit available as a last resort that supplements an emergency fund. Note that an issuer may perform a “thorough investigation” of your credit after making this request, an action that can temporarily lower credit scores.

3. DON’T CARRY A BALANCE ON A HIGH INTEREST CREDIT CARD

Having a large balance on a high-interest credit card makes purchases more expensive. For credit card accounts rated for interest in 2021, the average rate was 16.45%, according to Federal Reserve data. Some credit card interest rates are even higher at 29.99%.

While a card’s interest rate depends on economic factors and your credit, some cards or institutions offer lower rates that can save you money on outstanding balances. For example, the national average rate on credit cards at credit unions was 11.21% in March 2022, according to data from the National Credit Union Administration.

If you need a debt repayment strategy, a good credit score (a FICO score of 690 or higher) may qualify you for a balance transfer credit card that lets you transfer a high-interest balance on a new card at a lower rate. Weigh the cost of balance transfer fees and ongoing interest charges to identify the best option. The ideal balance transfer card has no annual fee, a low balance transfer fee of 3% or less, and a long enough introductory APR period of 0% to progress on debt.

4. STOP EARNING LATE FEES

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