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New survey: payday lending customers are typically hungry, cold …

Read More: New survey: payday lending customers are typically hungry, cold …

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Payday loans being used to cover food costs – Credit Today

A debt charity has claimed the majority of payday lending customers use the loans to pay for food and utility bills.

The survey by Christians Against Poverty (CAP) of 1,577 of its clients found that 78% took out a payday loan to cover food costs, while 52% used payday loans to pay for electricity and gas bills.

According to the charity, 68% of those surveyed were not asked about their outgoings when applying for a short-term loan, while 19% were not questioned about their work status.

More than half, or 51%, of CAP’s 1,577 clients had taken out between two and five payday loans before they called the charity for advice, while 16% admitted they had “lost count” of the number of payday loans they had used.

Matt Barlow, chief executive of CAP, insisted that most people who take out payday loans are not doing the “cosy house repairs” as payday lenders have claimed.

Some 36% of those asked by the CAP used this type of loan to pay their rent or mortgage.

Barlow said: “People who take out this expensive sort of credit are hungry, worried about keeping warm and becoming homeless.

“Some elements of the industry have worked hard to improve their practices – and we warmly welcome that – but these findings show irresponsible lending still looms large and those companies give the better firms a very bad name.”

Barlow, who said he will be taking the findings to individual companies and trade body the Consumer Finance Association (CFA), has called for regulation which insists on appropriate affordability checks.

Russell Hamblin-Boone, chief executive of the CFA, said he was “disappointed” by continued irresponsible lending in the industry.

He added: “We stand shoulder-to-shoulder with CAP in its call to protect vulnerable customers from rogue lenders.

“With the Financial Conduct Authority about to unveil the new rulebook for consumer credit providers, the CFA remains committed to driving out irresponsible lending practices by delivering the promises in our code of practice and working with the government, regulator, debt charities and consumer groups to continually drive up standards.”

[…]

Solid Energy gets $100m govt loan


Solid Energy gets $100m govt loan

Tuesday 01 Oct 2013 11:34a.m.

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[…]

Fitch Rates Nelnet Student Loan Trust 2013-5

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has assigned ratings to the Nelnet Student Loan Trust 2013-5, student loan asset-backed notes as follows:

–$399,000,000 class A notes ‘AAAsf’; Outlook Negative;
–$9,000,000 class B notes ‘Asf’; Outlook Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral comprises 100% rehabilitated (rehab) Federal Family Education Loan Program (FFELP) loans. The credit quality of the trust collateral is high, in Fitch’s opinion, based on the guarantees provided by the transaction’s eligible guarantors and at least 97% reinsurance of principal and accrued interest provided by the U.S. Department of Education (ED).

Negative Rating Outlooks Assigned: Fitch’s Rating Outlook for all existing and new issuances of ‘AAA’ rated tranches of FFELP securitizations remains Negative, which reflects Fitch’s Negative Rating Outlook on the long-term foreign and local currency Issuer Default Ratings (IDRs) of the U.S.

Sufficient Credit Enhancement: Cash flow scenarios for the class A and B notes were satisfactory under Fitch’s stresses. At closing, total and senior parity are 101.34% and 103.63%, respectively. Total credit enhancement is provided by overcollateralization (OC) and excess spread, and for the class A notes, 2.21% subordination is provided by the class B notes.

Adequate Liquidity Support: Liquidity support for the NSLT 2013-5 notes is provided by an $8 million capitalized interest account and a $1.02 million (0.25% of outstanding notes) reserve account, both of which are funded at closing with note proceeds.

Targeted OC Level: A target OC amount equal to the greater of 1.50% of the adjusted pool balance and $2 million must be met before excess cash can be released from the trust.

Acceptable Servicing Capabilities: Nelnet Inc. will service 38.2% of the 2013-5 portfolio, while Xerox Education Services, Inc. (Xerox-ES) will service 32.3%, and Pennsylvania Higher Education Assistance Agency (PHEAA) will service 29.5%. Fitch considers all servicers to be acceptable servicers of FFELP loans.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades. For further discussion of Fitch’s sensitivity analysis, please see the presale titled ‘NSLT 2013-5’, dated Sept. 24, 2013, available at www.fitchratings.com.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:
–‘Global Structured Finance Rating Criteria’ (May 24, 2013);
–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (May 17, 2013);
–‘Representations, Warranties and Enforcement Mechanism in Global Structure Finance Transactions’ (April 17, 2012)

Applicable Criteria and Related Research:
Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions — Amended
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496
Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria — Amended
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708795
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=803655
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contact:

Fitch Ratings

Primary Analyst

Nicole Edwards, +1-212-908-9114

Director

Fitch Ratings, Inc.

One State Street Plaza

New York, NY 10004

or

Secondary Analyst

Victoria Ohorodnyk, +1-212-908-0866

Analyst

or

Committee Chairperson

Kevin Corrigan, +1-212-908-0156

Senior Director

or

Media Relations:

Sandro Scenga, +1 212-908-0278

New York

sandro.scenga@fitchratings.com […]

N.Y. attorney general gets payback on payday loans | The Journal …

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Check Payday Loan Lenders

: First meeting charges:

As we told before, different lenders charge different rates. It is also noticed that some of them offer zero fee charges for the first time you meet them. Well, it is a beneficial point of view and you can save money from this as well. However, again you have to be very careful and must ensure that you are not going to meet a scam who will rush away after getting money from you! Prefer a service provider who takes fewer interest rates: Interest rates are important to think about. Some lenders take fewer interest rates whereas a few prefer costly charges. So, when you meet a service provider ask him about his interest rates. If he asks too much you can leave him. On the other hand, if you feel you can pay the demanded interest rates, you can carry on working with him. However, cheap interest rates don’t guarantee the quality of services. It is possible that a lender who takes fewer rates does not offer best services. Or it is also possible that he is just a scam who wants to get some cash from you and will do nothing for you at all! So, all these things are imperative and you have to think about them. Otherwise you can waste huge cash as well as your precious time! Repayment of your loan: When loans are acquired they should be paid back on time. It is very important for you to pay back your funds on time. You know why it is important? It is simple; when you ask a lender for quick loan he manages it for you and you assure him to repay your loan within scheduled time period. So, if you repay money on time it brings good impact on your credit record. On the other hand, if you don’t repay punctually, you may face many problems. First of all, it will make your credit check wrong. In addition, that person will not work for you again. Finally, you may also have to repay with extra charges. So, all these things certainly spoil your financial condition and you receive nothing except shame. No Check Payday Loan Lenders: All Fees and Charges: Money is dear and you should spend it with care. While selecting a loan provider, you should ask him about all costs and charges which are expected to be used. This cost estimation is necessary for both of you so you would not have conflicts later. Duration of Repayment: Each lender comes up with distinct duration of repayment. Some provide 7 days for repayment, some offer 14 days and other suggest 30 days to repay you loans. If you can manage repayment in 7 days you should carry on with 7 days. If you can’t repay within scheduled time you should let your lender know this. So, he can extend the duration for you. Keep in mind that extension in the last date comes up with extra charges which you have to pay with the original repayment. Check out our website to get to know more about no check payday loan lenders.
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Getting to Online Payday Loan Lenders | Canada payday loans …

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Money plays a significant role in our life. Each work demands cash. Even small requirements can create huge tension and stress. With the help of money, you can solve your problems very easily. Shortage of money is itself a big problem. What will you do if you don’t have cash in your pocket? Where will you go if nobody is ready to pay for you? Well, your lender is still there to help you! A payday loan lender is a person who provides quick cash for you. He is the person who takes you away from a sudden financial crisis. Let us talk about payday loan lenders in more depth!

How

Online Payday Loan Lenders work

?

With the increase in popularity of payday loans, now you can find several lenders everywhere. Some may be working in your locality or some may offer their services online. In majority of cases, you can find similarity among their terms of services. Though few things are different but they work on the similar rules and conditions. However, while selecting a loan service provider for you, you have to be very considerate and careful. There may be scams as well so you have to pay extra attention towards this matter. How to find information about an Online Payday Loan Lenders? Before you hire a lender, you should know him very well. You can ask about him from your friends and colleagues. They can guide you if they have acquired services from him. On the other hand, you can contact with his customers as they know better as well as they may tell you about their experience. You can ask them for his quality of services, the way he puts forward his responsibilities, his fees and charges, interest rates and lots of other things… in addition, you can find out his social status as well. Technology improvements ease your task and now you can know a lender through online resources as well. Most of these personnel are offering their services online. With the online approach, you can know him through his official websites. You may know anything about him with the help of your mouse click. It is just too simple and easy and you can even get quick cash without any problem while sitting in your home! It is really tremendous and surprising and you should use this way to know a lender you want to hire! Find estimation of expense: When you meet with your lender, ask him about all expected expenses which will be used. Ask for amount of money you need: It is very important that you ask for the amount of money you actually need. For instance, if you need $1000 you should apply for the same amount. This is very critical issue and if you ask for more cash you can have to repay your loan with additional interest rates. It is because payday loans are only for urgent cash requirements and you should apply for the quantity of cash you actually need. In this way, you can take benefit from your funds in a better way! Online payday loan lenders are a quick solution to your short-term financial problems. Learn more about them by visiting our website.
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Payday Loans: Learn Before You Borrow | global record

In this economy, it comes as no surprise that even the most careful person can experience cash flow problems and consider borrowing with payday loans to be a good idea. Whether you are in between jobs, live paycheck to paycheck or simply have too much month and not enough money, a payday loan could be the right choice for you at that particular time in your life.

There are a number of different steps that must be followed in order to ensure that your application for fast payday loans is more likely to get approved quickly. There are few things in life that are as frustrating as not having all the necessary items that are needed in order to apply for a payday loan such as an online payday loan. While all payday loan lenders are different, there are some items that tend to be required by most.

The first item is something that you should have access at all times anyway. Your state issued ID is something that you need to always carry with you. By using that item, as well as a utility bill that is in your name, the payday loan provider will be able to positively establish your identity. This step is necessary in order for you to get the payday loan you want.

You will also need some other important documents pertaining to your finances. These are your paycheck stub and a bank statement that is recent. The bank statement should be one from within the last 45 days. Each of these pieces of information is used for a different reason but both are highly important.

Using your pay stub will be the basis of whether or not your payday loan application is approved. You will need to have a high enough income so that the payday loan lender feels confident that you can pay it back fully. In most instances, you will be expected to pay it back using your next pay check.

This method of repayment is where your bank statement comes in. Using the information contained within it, the provider of your payday loan will automatically transfer the money that was loaned to you on an agreed upon date. This is usually the next time you are paid. Many payday loan providers, however, allow you to have several extensions on repaying the loan amount in order to help meet the finacial needs of their clients.

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Approved Money Center offers fast payday loans when you need quick cash. Visit http://www.approvedmoneycenter.com for more information on how to obtain a short-term online payday loan.

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Credit Card Consolidation Loan Warns Consumers About the Dangers of Credit Card Cash Advances

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Credit Card Consolidation Loan

People who are getting cash advance from their credit card is not really solving the problem.

Miami, FL (PRWEB) September 30, 2013

In an article published on September 2013 entitled “The Dangers Of A Credit Card Cash Advance”, Credit Card Consolidation Loan gives out a serious warning to consumers about credit card cash advances. The article discusses how credit cards in itself is already dangerous because it can easily lead consumers to debt. According to the publication, paying for purchases in cash is still the best way to spend.

Credit Card Consolidation Loan encourages people not to use their credit cards to withdraw cash for emergencies. This is not the smart way to prepare for any unexpected expenses. Before the debt relief company went on to elaborate why emergency credit cards are not a good idea, the article discussed first what a credit card cash advance is.

A credit card cash advance is when a consumer withdraws money against the credit of their card account. It can be done through the ATM, over the counter or through a convenience check that will be requested from the credit card company. While there is no application needed, the consumer can only withdraw a limited amount. The article mentions that people with bad credit can use a credit card cash advance instead of a loan.

After defining it, the article listed various reasons why it is dangerous to get a credit card cash advance.

1. There is a cash advance fee that averages 2% to 4% of the borrowed amount.
2. Cash advances taken from an ATM will also be charged with a fee that averages $2-$4.
3. A cash advance interest rate is usually higher than the traditional credit card purchases.
4. The credit card cash advance does not have a grace period. That means the borrowed money is accruing interest the moment it is withdrawn.

Credit Card Consolidation Loan is concerned that people who are getting cash advance from their credit card is not really solving the problem. They encourage consumers to find a better solution to solve whatever is the cause of the lack of funds. If that means increasing their income or reducing debt, that is what the consumer must do.

In case the consumer really needs to get money, the article suggests that the consumer calculate how much the cash advance will really cost them. Not only that, they are advised to be ready with a payment plan that will help them pay off the cash advance as soon as possible. The article also advises consumers to refrain from using their cards until the borrowed money is already paid.

To read more advice about credit card cash advance, click on this link: http://creditcardconsolidationloan.org/the-dangers-of-a-credit-card-cash-advance/. The Credit Card Consolidation Loan website also has articles that can help consumers learn more about credit cards, credit card debt and debt relief.


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N.Y. Attorney General Settles With Some Payday Loan Companies

New York Attorney General Eric Schneiderman has agreed to a settlement with five payday loan companies accused of violating state usury and licensed lender laws by charging more than the maximum 16 percent interest rate allowed for most lenders not licensed by the state.

Schneiderman says $279,606 in restitution and $29,606 in penalties will be paid by V&R Recovery DBA Alexander & Stefano, RJA Capital Inc., Westwood Asset Management LLC, Erie Mitigation Group LLC, and Northern Resolution Group LLC, and none of the firms is allowed to collect on payday loans given to New York borrowers. Additionally, one of the companies was ordered to reverse 8,550 negative credit reports and banned from collecting on $3.2 million in payday loans.

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