Financial Wellness

Where can you buy now and pay later?

Select’s editorial team works independently to review financial products and write articles that we believe will be useful to our readers. We can receive a commission when you click on links for products from our affiliate partners. Imagine this situation: you want to visit an expensive new restaurant but know …

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Hawaii has regulations on installment loans

Earlier this year, the Governor of Hawaii signed HB 1192, which changes certain provisions regarding small dollar lending requirements. Specifically, the draft law provides for a new authorization requirement for “installment lenders” and specifies various consumer protection requirements. The bill generally defines installment loans as “any person who offers or …

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Crypto loans unlock cash, but they come with risks

L.z. For example, a home, car, or other investment, your cryptocurrency can serve as collateral for crypto loans, which are low-interest loans, same-day financing, and no credit checks. The disadvantage? If the value of your crypto goes down, you may need to mortgage more crypto. “That will be the main …

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Installment loans add to India’s festive recovery

Indian consumers are ramping up their installment plans to buy everything from washing machines to vacation travel online as the country’s longest Christmas season begins. These small loans, typically valued at less than 5,000 rupees ($ 67), are growing in popularity as the job market recovers from the COVID-19 pandemic …

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Recent IRS snapshot regarding assumed distributions for affiliate loans reminds employers of the risk of failure with plan loans

The IRS recently released an issue snapshot (the “snapshot“), Which focus on retirement benefit participant loans and when certain compliance errors could trigger an assumed payout in respect of such loans. Specifically, the snapshot lists the following requirements, the failure of which will result in a participant loan being treated …

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IRS updates issue snapshot on affiliate loans

The IRS updated the Issue Snapshot on September 28th, which discusses the laws and regulations governing planned loans. Many retirement plans allow participants to borrow against their retirement accounts, although it is not required, the IRS reminds. Qualified plans that meet the requirements of Code Section 401 (a), retirement plans …

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Upgrade adds short term loans through BNPL

FinTech digital banking startup Upgrade is jumping into the Buy Now, Pay Later (BNPL) space with a product that enables users to pay off their outstanding debts in four months without interest, according to a CNBC report on Friday (Oct.1) . Upgrade creates installment plans that allow users to pay …

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