Financial Wellness – Servers Under The Sun http://serversunderthesun.com/ Wed, 05 Jan 2022 23:37:56 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://serversunderthesun.com/wp-content/uploads/2021/06/icon-5.png Financial Wellness – Servers Under The Sun http://serversunderthesun.com/ 32 32 Alamo Town Installment Loans. Installment loans in San Antonio, Texas https://serversunderthesun.com/alamo-town-installment-loans-installment-loans-in-san-antonio-texas/ Wed, 05 Jan 2022 23:37:56 +0000 https://serversunderthesun.com/alamo-town-installment-loans-installment-loans-in-san-antonio-texas/ Alamo Town <a class="wpil_keyword_link " href="https://serversunderthesun.com/emergency-cash-services-are-available-online/" title="Installment Loans" data-wpil-keyword-link="linked">Installment Loans</a>. Installment loans in San Antonio, Texas

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Group use your product range explanations for installment financing in San Antonio, TX. But debt consolidation is generally close to the surface of the record. Reaching charge cards to handle minor emergencies is likely a training course that will certainly be a common occurrence.

Unfortunately, personal credit card debt can turn into a nightmare that is monetary very quickly. You you ?one? ??? N ????? N ??? Not spending a lot of time recording monitors and paying big bucks if you want to understand.

Thank goodness Alamo Area Installment Loans can help. We could offer signature loans in San Antonio, should you choose? ?one? ??? N ????? N ??? No willing to pay off high-interest economic responsibility to get your money back on track. Our own San Antonio debt, which is private, can be used for almost any job the debtor may desire.

It really is an easy job to pay off the debt when you get a newer branded loan that comes at a competitive rate of interest with a convenient monthly fee. The worry about spending quickly becomes 30 days old. It seems to instill great monetary sentiment, reorganize the debt and streamline the position.

You could expect people with easy application handling and quick qualifications. You? ?one? ??? N ????? N ?? N will also transfer the loan funds directly to your lender’s checking account without any delays.

Sign up for installment loans in San Antonio. Have you ever qualified for the Funding Factor?

Before getting the San Antonio Installment Loans https://getbadcreditloan.com/payday-loans-nd/finley/ we recommend that you find out the cause of the mortgage and just find out the way in which you need to help repay the home loan. How you can find these documents is usually a careful review of your total monthly income and current financial obligations. This is a great way to come up with a satisfactory repayment plan that will fit well with your investment plan.

How Exactly How To Submit A San Antonio Installment Loan Application Type Online?

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Installment loan applications in San Antonio, TX were approved and quickly prepared. You might expect a phone tag to share the credit history as soon as the duty is performed. You will receive funding during these hours. This is surely preliminary to give a few tips that encompass all of the volume you ended up setting up.

Choose the financial terms that are perfect for the uses

  • Are you enjoying a short or just a long term mortgage?

Aside from just distinguishing how much money you decide, you need to quickly determine how you are going to repay the home finance. Longer financial loans allow you more hours to simply help to pay the installments and to keep the repayments usually modest. If it is possible to take care of it, you can quickly exit the loan entirely to create a short term loan.

The interest rates are based on a reasonable range that is certainly broad, such as B. Creditworthiness, Analysis and Income. But secured and fast loans that are unsecured fit life to the run you get. In general, secured financing offers downright lots of quick interest rates that, in your case, equate to modest repayments. Additionally, a secured mortgage offers consumers higher credit yields.

Plus, you most likely have the chances of passing the time or putting rates which are actually variable. The floating rate will change when the primary terms of usa debt customer service change, meaning that re-money could enrich or directly decrease. A collection rate means that your repayment remains constant over the entire term of the loan.

Mastery of the home mortgage system in Tx. Enjoy the right features of installment debt in San Antonio, TX

San Antonio installment debt definitely involves great comfort for those going straight through a financial emergency. Income is only important, this is the practice that suits your daily needs. Nonetheless, these responsibilities are often reviewed and will also be very difficult to manage.

Your expenses are likely to be overdue, or perhaps you have equipment malfunctions, roof leaks, or other conditions that are often difficult to meet.

San Antonio Installment Loans are there for San Antonio citizens who have the opportunity to challenge basic brilliant urgent problems but still need to borrow money very easily. Many of these financial loans are ideal for reducing unexpected stresses that are certainly monetary.

We will take care of your own needs quickly and ensure a pleasant experience as soon as you apply for a San Antonio installment loan. We didn’t want a perfect loan history or a big job record. The business really helps with no hassle for folks in San Antonio in getting an installment or loan that is individual to meet their unique monetary requirements.


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Experts Recommend Students To Consider Future Federal Loan Payment Options | ABC Fox Missoula https://serversunderthesun.com/experts-recommend-students-to-consider-future-federal-loan-payment-options-abc-fox-missoula/ Sun, 02 Jan 2022 22:03:00 +0000 https://serversunderthesun.com/experts-recommend-students-to-consider-future-federal-loan-payment-options-abc-fox-missoula/

MISSOULA, Mont. – When speaking to student loan experts, borrowers remain concerned as they still anticipate when payments will eventually resume.

This time, President Biden announced that the lockdown will now last until May 1st.

However, allowing borrowers to freeze their balances without requiring payments on most federal student loans doesn’t mean the challenge of paying them back is gone.

“Student loan borrowers are absolutely frustrated, they feel like they paid for that degree and borrowed money for that degree, and it’s not necessarily the annual income they expected. Fortunately, federal student loans come with a lot of repayment guarantees regardless of these pandemic protections, ”said a student loan expert.

Many students wonder what to do if you just can’t afford the early COVID-19 installment payments?

  1. Talk to a certified student loan advisor who works across the country, including Montana
  2. Keep in mind that each policy will differ from the credit company you borrowed from. Consultants recommend planning ahead and making any necessary adjustments sooner rather than later.
  3. Work directly with your federal loan company and find a plan that works for you before these repayments resume.

“Once you have that answer, maybe with a little more confidence, you can go back to your federal loan officer and say, yes, that’s what I want, either a forbearance deferral or an income-based repayment plan, and that makes you feel really good. ” the decision you make to manage your debt, “said the student loan expert.

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Experts Recommend Students To Consider Future Federal Loan Payment Options | Missoula https://serversunderthesun.com/experts-recommend-students-to-consider-future-federal-loan-payment-options-missoula/ Sun, 02 Jan 2022 22:03:00 +0000 https://serversunderthesun.com/experts-recommend-students-to-consider-future-federal-loan-payment-options-missoula/

MISSOULA, Mont. – When speaking to student loan experts, borrowers remain concerned as they still anticipate when payments will eventually resume.

This time, President Biden announced that the lockdown will now last until May 1st.

However, allowing borrowers to freeze their balances without requiring payments on most federal student loans doesn’t mean the challenge of paying them back is gone.

“Student loan borrowers are absolutely frustrated, they feel like they paid for that degree and borrowed money for that degree, and it’s not necessarily the annual income they expected. Fortunately, federal student loans come with a lot of repayment guarantees. “Regardless of these protections in the pandemic period,” said a student loan expert.

Many students wonder what to do if you just can’t afford the spring installment payments before COVID-19?

  1. Talk to a certified student loan advisor who works across the country, including Montana
  2. Keep in mind that each policy will differ from the credit company you borrowed from. Consultants recommend planning ahead and making any necessary adjustments sooner rather than later.
  3. Work directly with your federal loan company and find a plan that works for you before these repayments resume.

“Once you have that answer, maybe with a little more confidence, you can go back to your federal loan officer and say, yes, that’s what I want, either a forbearance deferral or an income-based repayment plan, and that makes you feel really good. ” the decision you make is to manage your debt, “said the student loan expert.

Post-Holiday COVID-19 Safety Guide from the Missoula City-County Department of Health

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“Buy now, pay later” loans could soon play a bigger role in creditworthiness https://serversunderthesun.com/buy-now-pay-later-loans-could-soon-play-a-bigger-role-in-creditworthiness/ Fri, 31 Dec 2021 14:00:09 +0000 https://serversunderthesun.com/buy-now-pay-later-loans-could-soon-play-a-bigger-role-in-creditworthiness/

Francis Creighton, president and chief executive of the Consumer Data Industry Association, a trading group for the credit bureaus, said it is important to include late-payment loans in credit reports so that lenders can get an accurate picture of a loan applicant’s overall credit profile. Since the loans are structured differently than conventional loans, the credit bureaus would first have to clarify “technical” questions in order to add them. “We have to make sure we get it right,” he said.

At the same time, the Federal Consumer Financial Protection Bureau has tightened scrutiny over companies that pay later. In mid-December, the Office opened an investigation and asked five companies to provide details of their business practices by March 1. Citing the “explosive growth” in pay later during the pandemic and during the Christmas shopping season, the office wanted to better understand the potential benefits and risks for consumers. The agency said it was also concerned about how companies use the data they collect from customers.

The agency noted that consumers may have difficulty keeping track of payments when the credits are used for multiple purchases. “Because it’s easy to get these loans,” said the agency, “consumers may end up spending more than expected.”

Installment payments are usually automatically deducted from debit cards, so buyers may be charged overdraft fees if they don’t have enough funds in their accounts to cover the payments. When shoppers pay the installments with a credit card, they may incur additional debt and interest on their card if they fail to pay their installment balance in full.

In addition, according to the consumer agency, late payment loans offer less protection than traditional credit cards, such as the right to challenge a charge if a product is faulty.

Congressmen, as well as consumer groups, have called for greater oversight of businesses, noting that it is not clear whether borrowers can repay multiple loans because the installment loans do not use traditional credit checks.

Here are some “Buy Now, Pay Later” questions and answers:

Ms Saunders said consumers should have confidence that they can make the required installments in the allotted time. With traditional credit cards, customers have a single payment schedule and a summary of all fees, but someone with multiple credits with late payments may have to juggle multiple due dates. “You definitely want to make sure you keep an eye on your payments,” she said.

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Payday Advance Financial Loans in Independence, MO The lowest accepted credit history in your area https://serversunderthesun.com/payday-advance-financial-loans-in-independence-mo-the-lowest-accepted-credit-history-in-your-area/ Thu, 30 Dec 2021 18:39:17 +0000 https://serversunderthesun.com/payday-advance-financial-loans-in-independence-mo-the-lowest-accepted-credit-history-in-your-area/ Payday Advance <a class="wpil_keyword_link " href="https://serversunderthesun.com/category/financial-wellness/" title="Financial" data-wpil-keyword-link="linked">Financial</a> Loans in Independence, MO The lowest accepted credit history in your area

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APR disclosure. Some claims require legislation that limits the annual percentage (APR) a lender can charge. The APR for cash advances is 200 percent and 1,386 percent, the APR for installment financing is between 6.63 percent and 225 percent, and the APR for personal debt is 4.99 percent to 450 percent and varies depending on the lender. Borrowing products from a state that has no restrictive laws or debts from a bank that is most certainly not controlled by the county rules has a directly increased APR. The APR could be the rates at which the actual costs of the financing are incurred, and in particular takes into account the number, the expenses and the type of financing, the fee volume and the secondary resources. Financial institutions have been legitimately required to give you APR and various other relationships on your loan when you enter into a finance agreement. The APR includes depending on the change.

Compound Disclosure. The broker with this website is not a finance provider, finance dealer, or broker in relation to any financial institution or finance agent. We have been a promotional guide for licensed participating banking institutions capable of borrowing between $ 100 and $ 1,000 for quick profit debts, up to $ 5,000 for installments, or higher to $ 35,000 for personal loan options. Not all loan providers can offer this amount and there is no guarantee that you will be approved by an impartial, participating loan provider. These unique services do not constitute an agreement or solicitation to fund any product that is blocked by government guidelines. This isn’t always a solicitation and it may not really be a lending arrangement. In fact, we try not to recommend or disapprove you for almost any product or service. Any installment received is definitely paid by the participating lenders who are designated to promote the therapy offered. These types of providers and offers are actually void where they are prohibited. We don’t worry later that they may not be responsible for the actions of each lender. We don’t have the entire relationship with your loan, especially the annual percentage rate. For information, inquiries, or matters related to your credit, make sure to seek the right of the lender. The loan provider can easily provide you with information about your specific financial obligation, your current expenses and costs, restoration, exchange and also the effects of non-payment or skipped transfers. The registration files provided by this fabulous website are delivered to several participating banking institutions. You may not be required to use our own services to obtain exposure to a lender, write debt or loan products, or accept a mortgage from a participating financial institution. The profit term and repayment terms vary between financial institutions. Payment terminology could be addressed through status and hometown recommendations. Some fax documents are required. See our FAQs for additional information on issues with instance accounts and late cost effects. These disclosures are available for informational use only and cannot be viewed as legal counsel. The use of this particular solution is delivered in terms of the use and data protection of this website.

Exclusions. Attendees to some shows may not be knowledgeable to apply for some or all of the small-dollar short-term receipts. People who own Arkansas, New York, Vermont, and West Virginia may not use this website or device. Claims served through this website vary daily without notice.


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Secured vs. Unsecured Installment Loans https://serversunderthesun.com/secured-vs-unsecured-installment-loans/ Tue, 28 Dec 2021 20:00:36 +0000 https://serversunderthesun.com/secured-vs-unsecured-installment-loans/

LOS ANGELES – December 28, 2021 – (Newswire.com)

iQuanti: With installment loans, you quickly get the funds you need to cover your expenses. With these loans, you can borrow a lump sum and repay it in fixed monthly installments. Many lenders have mild credit requirements, so you may qualify for an installment loan with poor or fair credit. Let’s dig deeper into the differences between secured and unsecured installment loans so you can figure out which option is right for your needs.

What is a secured installment loan?

A secured installment loan is a loan in which the borrower must deposit collateral as a guarantee for repayment. Since the provision of collateral makes the loan less risky for the lender, these loans can sometimes be easier to qualify.

A car loan is an example of a secured installment loan. When you buy a car on credit, the car itself is the security. If you fail to make your payments, the lender can repossess your car. A mortgage loan is another type of secured installment loan that uses your home as collateral.

What is an unsecured installment loan?

Unsecured installment loans are loans that do not require collateral. These loans are considered to be less risky for the borrower as they do not risk losing an asset if they cannot repay the loan. However, that means they can be riskier for the lender, so these loans may come with higher interest rates.

There are many lenders who offer unsecured loans to borrowers with poor or fair creditworthiness. Some of them take into account factors such as your income and career history in addition to your creditworthiness when deciding whether you will be admitted.

Unlike secured loans, if you default on an unsecured loan, you will not lose any valuable asset that you own. Keep in mind, however, that missed or late payments will be reported to the credit bureaus, which can lower your credit score and affect your chances of getting a future loan approval. Whichever loan option you choose, consistent on-time payments can have a positive impact on your credit score.

Which loan is right for you?

When deciding whether to get an unsecured or secured installment loan, consider your options and individual needs. For example, if you own a car and are willing to put it on deposit as collateral, a secured loan might be better suited. Borrowers without this type of collateral or those unwilling to risk it should consider applying for an unsecured loan. Compare loan options and factors like interest rates and fees to help you decide which type of installment loan is right for you.

Note: The information in this article is provided for informational purposes only. Check with your financial advisor about your financial situation.

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Secured vs. Unsecured Installment Loans

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Before you apply, know how the sanctioning and home loan disbursement is different https://serversunderthesun.com/before-you-apply-know-how-the-sanctioning-and-home-loan-disbursement-is-different/ Mon, 27 Dec 2021 07:42:31 +0000 https://serversunderthesun.com/before-you-apply-know-how-the-sanctioning-and-home-loan-disbursement-is-different/

If you are looking to take out a home loan to purchase a residential property, banks and other lending institutions need to go through a simple process before handing you the loan amount.

By V Swaminathan

Finding a house that you can finally call your own takes time. And if you want to take out a home loan to buy the residential property, once completed, banks and other lending institutions need to go through a simple process before handing you the loan amount. The process starts with applying for a home loan, followed by the approval of the loan, and finally the payout. Here is an overview of the process that leads to home loan approval and disbursement.

Loan application process

First of all, the loan applicant must first submit the application to the bank and then the lender decides whether to approve the loan or not. After the background check and the detailed examination of the documents, the bank then sends a notification of approval to the loan applicant. Also, the bank will review the borrower’s income and CIBIL score before approving the loans.

Sanction proceedings

Loan sanctioning is the process by which the bank approves the applicant’s loan. The bank issues loans based on the borrower’s income. In this case, if the loans are sanctioned, then the borrower can get a certain amount of the loan, which is sanctioned by the bank.

The bank grants borrowers loans up to 80% of the property value. The borrower can avail an even smaller loan amount compared to the higher eligibility. The loans can be repaid over the years that the tenure is approved.

The sanction process is the approval process in which the bank approves the loans and later disburses the loan amount. The sanction confirms the approval of the loan and thus the borrower can proceed with the purchase of the property.

In this case, once the bank approves the loan, the bank will provide the sanction letter, which must be presented to the real estate developer to confirm the booking of the apartment, and the applicant can proceed with the deposit.

In the sanction procedure, the borrower receives the financing in installments and in the case of resale, the lender pays the entire loan amount at once.

Withdrawal process

Loan disbursement takes place after the loan is approved. Thus, the withdrawal helps the buyer to pay the money to the buyer and, accordingly, the buyer can complete the payment process for the property.

When paying out the resale property, the bank credits the entire amount to the borrower’s bank account, while the lender pays the installment to the builder as agreed, as is the case with new buildings, and also depending on the construction work.

The disbursement of the loan requires the property documents for the planned property as well as the estimated cost of the property. If the price indicated by the applicant is found to be reasonable by the bank, in this case the bank sanctions the borrower’s loan after completing the formalities, the bank pays the loan amount to the borrower’s account.

The bank begins collecting the EMI immediately after the loan has been paid out. The due installments are paid on time by the borrowers. Thus, the loan must be paid out on time after the approval when buying a house. The buyer can only take possession of the property after the property has been paid for in full.

Loans can be taken out from all lenders for both new build and resale properties. The loans can be taken out by any of the lenders among the private banks, credit unions, or public sector banks or NBFCs. The loans can be approved for a maximum term of 30 years. The interest rates on the loans are in the range of 6.40-12% per year. The borrower should repay the borrowed loans in a timely manner in order to avoid penalties. Thus, the interest rates on the loans are available to the borrower at competitive interest rates.

(The author is CEO, Andromeda Loans and Apnapaisa.com)

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Because of the creditworthiness of personal loans this is certainly a bad background. We encourage you to improve your credit score https://serversunderthesun.com/because-of-the-creditworthiness-of-personal-loans-this-is-certainly-a-bad-background-we-encourage-you-to-improve-your-credit-score/ Fri, 24 Dec 2021 14:41:54 +0000 https://serversunderthesun.com/because-of-the-creditworthiness-of-personal-loans-this-is-certainly-a-bad-background-we-encourage-you-to-improve-your-credit-score/ Because of the creditworthiness of personal loans this is certainly a bad background. We encourage you to improve your credit score

When it comes to finding personal loans on the internet, you can take care of applying them all by yourself

You will find helpful information. Surely this is completely what to predict when applying for a mortgage and how to approach qualifications. While there is no way to be sure that you will end up being approved for a loan, there are certain things to keep in mind.

You can easily apply for an amount between your financing amounts that the lenders offer as they differ in a number of ways when you sign up for this loan through The Funds Store. If you focus on an effective way to get that car bill settled, or if you need some cash before any future income, we will no doubt help.

Obtaining a loan from Money Shop is as simple as that which may be required a few minutes. Our own funding is certainly a net board for people looking to find debt quickly without having to endure it. You will find out immediately whether you can ask a lender whether you are authorized to carry out the transaction and you will be paid the full amount.

Which highlights of behavior I would like to bring with me when applying

All you need to do is have permission to take out funding before a lender pays us the amount we want. Education degrees have never applied for funding from the fund store before, you really need to know what to assume and what facts each of us consults. Like many banking institutions and agents, each of us needs information about your investment returns on ae in order to see your credit history.

That’s how long the loan application simply takes

If you have an effective credit yourself even though you haven’t paid back that loan earlier, then the approval is grim than. Consequently, where you should, evaluate their creditworthiness using your own records. When you submit a home loan application and have a bad credit rating, the home finance software will usually stick to your credit rating and do more damage in the long run.

Anyone who has a stable income to pay back the money they normally use with a decent credit score has a better chance of qualifying. Check carefully whether you only want to use one financing. It’s important to take a look at the better details, including funding, as they list significant things, such as:

Neither of us will ever charge you again once you get funding on cash drawer, but creditors will cost you interest. According to research, interest rates can already be changed by the desired amount, we have provided an example for a basic understanding of what to expect

Depending on the amount you want to use in the short, the rate of interest and the APR may differ. For this reason, before getting a mortgage approved, you should test these two balancing tips to make sure it is cheap. Many people will go into further debt if they cannot reach funding agreements.

If you decide to take out home equity financing, you should still use the income that you find healthy. Very often, individuals are given short term installment loans to secure important expenses or unexpected expenses. Nonetheless, very often someone just needs the money to get them all through a difficult time.

The timing of the loan application changes from the financial institution to the lender. With the help of the Money Shop, most of us help try to get financing easily and quickly. For this reason we offer an immediate choice from the range of creditors. This means that even when we find that you want the money abruptly and / or your finances are running out, you usually never feel reluctant. You will be kept informed of any action related to applying for the loan.

Very often everyone is turned down for personal loans because of poor creditworthiness. I recommend that you improve your credit score before applying for a financial loan if you have previously had difficulty applying for financial loans. There are currently many funding designer items that can help us build a healthy rating.


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State must cap high-interest loans – now | My point of view https://serversunderthesun.com/state-must-cap-high-interest-loans-now-my-point-of-view/ Sun, 19 Dec 2021 04:00:00 +0000 https://serversunderthesun.com/state-must-cap-high-interest-loans-now-my-point-of-view/

Every day the people of New Mexico are caught in the cycle of high-yield consumer credit – in New Mexico that means annual interest rates of up to 175 percent – and cannot escape.

These installment loans and auto title loans are sometimes referred to as payday loans because the payments are tied to when the borrower is paid.

There have been many attempts to cut exorbitant interest rates in New Mexico over the years, but these lenders have been allowed to continue operating at interest rates that are banned in many other states. It is time to put an end to such predatory lending practices. We encourage Governor Michelle Lujan Grisham and the New Mexico legislature to end these high-interest loans.

Here’s the scenario: a family doesn’t have enough income to cover their essentials, or the family has unexpected expenses like a car repair and borrows a few hundred dollars from an expensive lender at 175 percent annual interest. It’s an option that has been heavily promoted that doesn’t offer credit checks and quick cash.

When it comes time to pay off the loan, the family may not have the extra money to make the payment or may be forced to move money needed to pay other expenses to pay off the loan. Over time, the family may be encouraged to refinance the loan to reduce repayment difficulties – which leads to more debt and, ultimately, a debt trap if they are unable to repay the loan.

In New Mexico, we’re letting this cycle continue unabated with an interest rate cap of 175 percent. There are options for this predation. Credit unions across the state offer small loans to borrowers at a reasonable interest rate – well below 36 percent – often without credit checks. Almost a million New Mexicans are already members of credit unions, which makes this option easy and accessible.

Local and county governments, schools, colleges, and businesses across the state are signing an alternative program – TrueConnect – that allows employees to take out small loans that are repaid over time as salary deductions at an interest rate of between 20 percent and 25 percent. Lowering interest rates does not mean that people are running out of options, but that the options on offer enable borrowers to repay the loans they took out.

Make no mistake: high-yielding lenders, 89 percent of whom are foreign corporations, pull money out of the pockets of hard-working New Mexicans who are just trying to make ends meet. Nobody wants to need a short term loan, and those who do shouldn’t be fresh meat for loan sharks hungry to kill someone else’s misfortune.

Limiting interest rates from unreasonable highs has had widespread bipartisan support for decades. President George W. Bush signed the Military Lending Act in 2006, which capped interest rates for active service members and their spouses at 36 percent.

States across the country, from New York to Nebraska, from Maryland to Montana, limit their lending rates to 36 percent or less. Over 80 percent of New Mexicans surveyed support an upper limit of 36 percent or less. This is the course we have proposed again, and it should be adopted.

We urge the governor and legislature to pass laws that protect low-income New Mexicans from predatory, high-yielding lenders without apology or delay.

Ona Porter, MA, is the CEO of Prosperity Works.

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Morehead City Approves Refinancing Package for Expected Savings of $ 4.8M over 3 Loans | Messages https://serversunderthesun.com/morehead-city-approves-refinancing-package-for-expected-savings-of-4-8m-over-3-loans-messages/ Sat, 18 Dec 2021 15:10:00 +0000 https://serversunderthesun.com/morehead-city-approves-refinancing-package-for-expected-savings-of-4-8m-over-3-loans-messages/

MOREHEAD CITY – The city council on Thursday approved a refinancing agreement that will save Morehead City nearly $ 4.8 million over the term of three loans.

To take advantage of the relatively low current interest rates, the city recently asked several financial institutions for offers for a package to consolidate and refinance three of the city’s existing installment loans. The council held a special session Thursday morning to review the offers and hold a public hearing on the proposed refinancing agreement, during which no one spoke from the public.

The three loans with current principal balances, interest rates and remaining payment years are as follows:

· Land acquisitions and improvements for Katherine Davis Park, balance of $ 2,092,395.99 at 3.05% interest with 15 years payment.

· Construction of a police station and an emergency call center, $ 4,184,706.61 residual capital at an interest rate of 4.125% with 30 years balance.

· Land purchase and construction of Fire Station No. 2, remaining principal of $ 1,820,472.60 at 3.75% interest with 31 years of balance.

The city plans to use it US $ 1.2 million in proceeds from the sale of the former National Guard armory on Bridges Street as a down payment on the police station loan, which reduces the principal balance to approximately $ 3,094,500. When this down payment is factored into the equation, the total principal balance that needs to be refinanced through three loans is $ 7,049,600.

On the recommendation of staff working on the refinancing package, the council on Thursday approved an agreement with Sterling National Bank which, according to Finance Director Jewel Lasater, offered the lowest interest rate on the best terms. Once consolidated, the 15 year loans will have an interest rate of 1.91%, which will cut the payback time in half and result in significant savings for Morehead City.

To pay off the full amount in 15 years – about half the current terms – Morehead City will increase its annual payments by about $ 16,000 per year, making annual debt payments of about $ 544,000. City officials thought this was a fair price to pay for the final savings of $ 4,785,626.36 over the life of the three loans.

“The savings are incredible,” said Councilor David Horton. “Even if (payments) are a little more in the short term, the savings in the long run are enormous.”

If there is a unanimous vote to approve the refinancing, the contract must be signed by the state’s municipal commission before it is closed. The LGC will meet in early January.

Contact Elise Clouser at elise@thenewstimes.com; by phone at 252-726-7081 ext. 229; or follow on Twitter @eliseccnt.

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