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Automatic Premium Loan

DEFINITION of ‘Automatic Premium Loan’

An insurance policy provision that allows the insurer to deduct the amount of the outstanding premium from the value of the policy when the premium is due. Automatic premium loan provisions are most commonly associated with life insurance policies, and allows the policy to continue to be in force rather than lapsing.

INVESTOPEDIA EXPLAINS ‘Automatic Premium Loan’

Automatic premium loan provisions help the insurer continue to automatically collect periodic premiums rather than sending reminders to the policyholder, and help the policyholder maintain coverage in the case that he or she forgets to send in a check to cover the policy premium. The policyholder may still choose to pay the premium by the regular schedule due date, but if the premium is not paid within a certain number of days after the grace period, such as 60 days, the outstanding premium amount is deducted from the policy cash value. This prevents the policy from lapsing. If the automatic premium loan provision is used the insurer will inform the policyholder of the transaction.

Depending on the policy language, life insurance policyholders may be able to take out a loan against the policy. The loan is taken out by borrowing against the cash value of the policy, with the loan balance deducted from the policy’s cash value if the loan is not repaid. The policyholder will owe interest on the loan, just as with a standard loan. The policy contract’s language may indicate that no loans may be taken out unless the premium has been paid in full.

The automatic premium loan is a loan taken out against the policy, and does carry with it a specific interest rate. If the policyholder continues to use this method of paying the premium it is possible that the cash value of the insurance policy will reach zero. At this point the policy will lapse because there is nothing left to take out a loan against.


Government Loans: Risky Business for Taxpayers

Obtaining a loan from the government now seems perfectly normal to most Americans, be the loans for education, business, healthcare, or whatever else.

Examples include Small Business Administration loans, where a potential business owner goes to the government to get startup cash, and student loans, where a college student borrows money for tuition or even living expenses. These loans can often be paid back with interest over the course of what is often several decades.

Other examples might include Federal Housing Administration (FHA), Veterans Administration (VA), or Rural Housing Services (RHS) loans, which differ from the former in the sense that they are government insured loans, yet the fundamental principle behind them remains the same: government is taking upon itself (via taxpayers) the risk behind making the loan.

Of course, private loans are also available, though those that do not employ government insurance or other subsidies usually come with higher interest rates. The higher interest rates in the purely-private sector come from the fact that the private entity making the loan must take on all the risk, instead of externalizing it to the taxpayers.

So, the reality of lower interest rates in government and government-subsidized loans means they are vitally necessary, right?

First of all, the government doesn’t “make money,” in the way that private entities do. There is only one way in which states initially accumulate revenue, and that is through taxation. This extorted wealth is originally made in the private sector. So, in order for a government to make a loan back to the private sector, that money must first be removed from the private sector via taxation.

Government Knows How To Best Spend Your Money

For private entities, however, when they make a loan and determine who qualifies for it, and at what interest rate, the private firm making the loan is basically determining at what price (i.e, interest rate) the firm feels adequately compensated for the risk of lending out this money, and for giving up direct control over that money for the duration.

To claim, therefore, that the government should be in the business of making loans because private loans are generally too costly or too inaccessible for buyers, is no different than saying that government must take individual’s money and use it in a way that the original owners (i.e., the taxpayers) themselves would determine to be reckless and irresponsible. While it is true that occasionally a government loan may be paid back with interest at the appropriate time, it would be absurd to suggest that politicians would be more knowledgeable about how a person’s money should be used than the person who originally created and owned the wealth in the first place.

But Government Should At Least Prevent Usury, Right?

Moreover, there are those who will say that private firms making loans should be restricted from charging “excessive” interest on their loans (i.e., usury). This is an example of a very well-meaning, but utterly damaging regulation. It is crucial to note the differences in time preference displayed by both the lender and the borrower. The lender’s time preference (in this case) is lower than that of the borrower’s, meaning that the lender prefers a larger sum of money in the future, and the borrower prefers a smaller sum now. To get money now, however, the borrower must pay for it in the form of interest.

This represents a healthy balance between lenders and borrowers. It is why loans are made. Laws passed that prohibit certain interest rates on loans are far more likely to hurt those who need the loans, than anyone else. As was previously stated, a firm or person making a loan must feel compensated for the risk of making the loan, and that compensation manifests itself in the interest rate. To restrict a firm from charging a certain percentage of interest on their loans will only reduce the amount of loans it gives out.

Taking Away Your Choices

If a potential borrower who is determined to be a rather high risk asks for a private loan, then their interest on that loan will be quite high, but at least in that situation, the borrower has the choice of taking the loan, or to not take the loan. In the end, the borrower will choose what he or she believes will most benefit him or her. Yes, the borrower might miscalculate and the loan might turn out to have been a bad idea, but at least the borrower had a choice.

On the other hand, if the amount of interest that could be charged on the loan were to be forced down via government regulation, then the firm or person making the loan would simply not offer the loan at all, as he or she would not feel their risk is justified by the legally-allowable interest rate.

Faced with a lack of loans, risky borrowers may then look to government and government-subsidized loans as an option, but we find here just another case of government offering itself as the (taxpayer-funded) solution to a problem it caused in the first place.

Image source: iStockphoto.

Note: The views expressed on are not necessarily those of the Mises Institute.


Tighter payday loan rules intended to shield debtors | TribLIVE

WASHINGTON — Troubled by consumer complaints and loopholes in state laws, federal regulators are putting together the first rules on payday loans aimed at helping cash-strapped borrowers avoid falling into a cycle of high-rate debt.

The Consumer Financial Protection Bureau said state laws governing the $46 billion payday lending industry often fall short and that fuller disclosures of the interest and fees — often an annual percentage rate of 300 percent or more — may be needed.

Details of the proposed rules, expected early this year, would mark the first time the agency has used the authority it was given under the 2010 Dodd-Frank law to regulate payday loans. In recent months, it has tried to step up enforcement, including a $10 million settlement with ACE Cash Express, accusing the payday lender of harassing borrowers to collect debts and take out multiple loans.

A payday loan, or a cash advance, is generally $500 or less. Borrowers provide a personal check dated on their next payday for the full balance or give the lender permission to debit their bank accounts. The total includes charges often ranging from $15 to $30 per $100 borrowed. Interest-only payments, sometimes referred to as “rollovers,” are common.

Legislators in Ohio, Louisiana and South Dakota unsuccessfully tried to broadly restrict the high-cost loans in recent months. According to the Consumer Federation of America, 32 states now permit payday loans at triple-digit interest rates, or with no rate cap.

“Our research has found that what is supposed to be a short-term emergency loan can turn into a long-term and expensive debt trap,” said David Silberman, the bureau’s associate director for research, markets and regulation.

The agency is considering options that include establishing tighter rules to ensure a consumer has the ability to repay. That could mean requiring credit checks, placing caps on the number of times a borrower can draw credit or finding ways to encourage states or lenders to lower rates.

Payday lenders say they fill a vital need for people who hit a rough financial patch. They want a more equal playing field of rules for both nonbanks and banks, including the way the annual percentage rate is figured.

“We offer a service that, if managed correctly, can be very helpful to a diminished middle class,” said Dennis Shaul, chief executive of the Community Financial Services Association of America, which represents payday lenders.

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A Path to Building a Better Payday Loan

What do payday, account-advance, bill-pay and auto-title loans have in common?

Three things, it seems: They’re underwritten to value collateral over cash flow; they’re designed to encourage repetitive borrowing; and their cost is so high, it’s as if the lenders want their borrowers — a demographic that includes recent college grads, working class and working poor — to default.

Collateral vs. Cash-Flow

Credit underwriting for traditional lending is governed by the 5 Cs of credit: capital, capacity, collateral, conditions and character. In a nutshell, capital represents financial worth — what you own versus what you may owe against that; capacity measures the extent to which you have enough cash running through your household to support the additional borrowing; collateral is the asset you agree to pledge in return for the financing you need to buy it (or, in the case of auto-title loans, the cash to pay your bills); conditions refer to the health of the economic environment in general and your ability to withstand changes to that; and character means credit history — in particular, how well you’ve handled however much of that you may have been granted in the past.

The question is, how should these Cs be ordered when a person’s credit is being evaluated for a loan? In particular, which should take precedence in the credit-underwriting process: excess cash-flow or collateral that’s anticipated to always be worth more than the loan balance?

Here’s a hint: Because these loan products are designed to appeal to borrowers who are short on cash, lenders that are interested in booking many high-priced transactions as fast as possible may be inclined to sacrifice capacity in favor of a bulletproof collateral position.

Repeat Customers vs. Repetitive Borrowing

If you had the chance, what kind of business would you prefer to run: One where your customers choose to work with you over and over again, or one where they have no choice but to do so? OK, let me ask that in a slightly different way: Which is more likely to stand the test of time?

Loan products that help borrowers to overcome financial difficulties or to take advantage of an opportunity are constructive. The companies that offer these are probably in it for the long run, too. The opposite, of course, is obvious — and unfortunate, especially for customers who are ensnared.

The culprit is an innovative group of specialty-finance products that are, in effect, “cash-flow accelerants.” Payday, bill-pay and account-advance loans are designed to make available today what would normally arrive tomorrow — less a healthy helping of interest and fees that are deducted from the loan’s proceeds. Consequently, consumers and small businesses that sign up for these may think they’re doing a one-time deal to get out of a tough spot, when in fact they’re setting themselves up for costly encores.

That’s because the full amount of next week’s payroll or next month’s accounts receivable now belongs to the lender, and the borrower is left with a cash-flow hole that’ll need to be filled with — you guessed it — another loan. That the APRs for these transactions often exceed triple-digits means that debtors will, over time, pay more in interest and fees than the value of the average loan they’ve taken out.

The High Price of High Risk

A fundamental truth of finance is this: The higher the risk, the higher the reward will need to be. But how high is too high, especially when the combination of rate and structure can mean the difference between successful repayment and default?

I ask because I worry about the destabilizing impact that costly loans can have on financially-tenuous households and small businesses — particularly those that resort to trading big equity positions for a modicum of cash, relatively speaking. Auto-title loans are a good example, not least because borrowers stand to lose that and more (when the car is repossessed) if they were to default.

Yet the lure of big profits is precisely why so much venture capital and private-equity money is flowing into this sector of finance. It’s also why investors clamor for shares of stock when these entities reach IPO size.

What Needs to Be Done

There’s been much talk about the plight of borrowers who’ve been victimized by certain of these products and the companies that offer them. Whether that leads to new legislation or added regulation to limit their more harmful aspects, such as that which the Consumer Financial Protection Bureau may be contemplating — a national usury limit that’s APR-based would be a great place to start — it’s important to understand and address the reasons why there is persistently high demand for these products: too little access to more fairly priced financing, inadequate financial-literacy education and growing wage disparity, for example.

In the meantime, it would help if the disclosures for these potentially hazardous specialty-financing products were as blunt as a surgeon general’s warning on a pack of cigarettes.

This story is an Op/Ed contribution to and does not necessarily represent the views of the company or its affiliates.

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Some Respected Firms Are Backing America's Shadiest Payday …

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It would be illegal to open a shady lending company charging poor people 700% interest on loans—unless you lived on certain Indian reservations. In that case, respectable investors would be knocking down your door.

The payday loan industry is perhaps the most execrable example of financial services serving as bloodsuckers of the poor. Today, many payday loans can be found online—easily accessed by anyone, but only subject to the laws where they are physically based. A neat trick for avoiding regulation. In Bloomberg today, Zeke Faux has a story about the proliferation of lending operations based on Indian reservations, which are sovereign and therefore able to get around the usury laws that would normally prevent you from charging someone “$30 every two weeks per $100 borrowed, equivalent to about 700 percent a year.”

There is no excuse for these businesses. They are immoral and exploitative. But at least if they were being run by impoverished American Indian tribes that were using the profits to mitigate the terrible needs on their reservations, there would be a sort of excuse. In fact, though, Faux profiles companies based on Indian land that give the tribe only tiny percentage of profits. The big money goes to—and this is the most sickening part—a variety of extremely “respectable” Wall Street firms and venture capitalists, who invest in these awful, bloodsucking businesses. (Some of the money invested in these things originates in pension funds, meaning regular working people, city employees, are indirectly subsidizing businesses that directly prey on other working people.) One of the investors mentioned is Sequoia Capital, one of the most prominent venture capital firms in Silicon Valley.

Sequoia Capital, a venture-capital firm that backs Think Finance, declined to comment. Jennifer Burner, a spokeswoman for Think Finance, said the companies cited in the complaint are legal, licensed and follow tribal law.

“We’re proud to be a service provider to Native American e-commerce lending businesses,” she said in an e-mail.

“Tribal law,” in this case, means “we are so desperate for money that we will legally sanction any fucking outrageous form of usury.”

Anyhow, entrepreneurs are the heroes of America.

[Photo: Flickr]


0 Percent Car Financing Could Save You Thousands


It’s car-buying season and if you read this column often, you know that when it comes to vehicles, I’m a fan of buying used and paying cash. But I’m also a realist. I know many of you are fans of buying new and taking out a loan. Here’s how you can save even if you disagree with my approach: 0 percent financing.

Shoppers Have a New Way to Save Money at WalmartHow to Get Half a Million More From Uncle Sam for Your Retirement

As a consumer reporter, I was skeptical of free auto financing, at first. After all in other businesses “0 Percent Interest!” is a come-on with potentially dangerous consequences. Take the furniture industry. Typically, if you sign up for zero percent interest on furniture, you have a year to pay off the loan in full. If you don’t, then not only are you charged interest, the interest is retroactive to the date of your purchase. Ugh. I’m happy to say that is not the case in the auto industry.

Zero percent loans are a good deal for car dealers, because cars are such a huge purchase that it’s a way to get people to buy. And they’re a good deal for customers because they can save you money, according to auto website

“I think people don’t realize how much you save by getting a lower interest rate,” said Edmunds Senior Consumer Advice Editor Philip Reed. “If people took the time to calculate it they would be stunned by how much they’re paying in interest and that’s money that’s lost forever.”

Actually, you don’t have to calculate it yourself. A new analysis by Edmunds says a zero percent loan can save you as much as $3,554 compared with a typical auto financing deal! To give you an idea, the website did the math using a $28,000 loan at 4.31 percent for 67 months.

Understanding the potential savings means you should actually factor zero percent financing into your car shopping. If you’re trying to choose between two different makes and models, perhaps you can break the tie by going with the one that has a free financing deal. Edmunds lists these deals on the Incentives and Rebates page of its site.

A few things to know:

•Free financing is only offered to people with tip-top credit.

•Most zero loans are shorter, like three years long.

•Incentives such as zero percent financing are often regional. Be sure to plug your zip code into Edmunds to find the offers for your area.

•Zero percent financing is most common for vans, followed by non-luxury cars and non-luxury SUVs.

And one final warning from your humble columnist who’d rather see you buy used and pay cash: don’t let a zero percent financing deal lure you into buying a more expensive car than you can really afford. And keep that car as long as you can stand it to save the most money of all.

Opinions expressed in this column are solely those of the author.

Elisabeth Leamy is a 20-year consumer advocate for programs such as “Good Morning America” and “The Dr. Oz Show.” She is the author of Save BIG and The Savvy Consumer. Elisabeth is also a professional speaker, delivering talks nationwide on saving money, media relations, and career success. Elisabeth receives her best story tips from readers, so please connect with her via Facebook, Twitter or her website, to share your ideas.


Avoid Online Payday Loan Scams |

MEMPHIS, Tenn. — It’s hard to miss all the signs for the payday loan stores on what seems to be nearly every corner in some Memphis neighborhoods.

Banned in Arkansas, but still available in Tennessee, consumer advocates have long warned against the high-interest loans.

WREG spoke with a customer, who didn’t reveal his identity on camera, who was highly aware of the risks.

“So you’re talking about you’re repaying a loan that you know is high interest, but it’s hard to get out of it once you get in it,” the customer admitted.

That cycle of debt is one thing, but experts say there is a greater risk that consumers need to know about.

Better Business Bureau President Randy Hutchinson talked about the dangers of online payday loans with the On Your Side Investigators.

Instead of walking into a brick and mortar store to get a loan, consumers now have more and more options to get payday loans online. Some of the traditional stores have simply added the option to their websites while others are online only.

Experts say while online payday loans may seem more discreet and convenient; there are some serious risks to consider.

“You add the security risk, the risk of identity theft that you’re providing information to somebody that’s online,” explained Hutchinson.

Hutchinson says part of the problem is that customers have no idea who they’re exchanging information with, or if the company is even legitimate!

He also says the company may not even be licensed to do business in your particular state.

The Federal Trade Commission recently helped shut down a Florida based company that was supposed to be offering payday loans to customers, but instead, just stole their money.

In another case, Hutchinson says some of the people never even applied for a loan.

“One of the companies just bought information from somebody else and starting setting up phony loans,” Hutchinson explained.

Whether you’re applying for a payday loan at a store or online, understand the fees and risks, check the company out and pay close attention to your bank account.

The gentleman WREG spoke with says the combination of a tight budget and a family emergency led him to the payday loan store, but he has some advice for others.

“If you can stay away, do so.”

Contrary to popular belief, lots of payday loan customers are working and middle-class families.

Experts say cheaper loan options include getting one from the bank, credit union or even a finance company.

There’s also a cash advance from a credit card, or simply borrowing from a relative.


The Best Advice Around For Payday Loans | Shipping Wesley Chapel

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The Best Advice Around For Payday Loans

If you have a payday loan now, you may be looking for ways to pay it quickly. It is also true that you probably don’t want to take another loan out unless absolutely necessary. Or, perhaps payday loans are new to you and you want to learn more about them. What your case may be, the following article will provide you with information to assist you when getting a payday loan.

Carefully research the background of any company you are considering for a loan. Don’t just go with a company that has the best advertising. Look for online reviews form satisfied customers and find out about the company by looking at their online website. Going through the payday loan process will be a lot easier whenever you’re dealing with a honest and dependable company.

Ask about any hidden fees. There are often numbers in the small print that can make a tremendous impact on the overall repayment numbers. Some people find themselves owing more than they intended after they have already signed for the loan. Find out all you can upfront.

Keep in mind that when you take out a payday loan, you are going to have to pay that back quickly. You must be sure that you are going to have the money to repay the loan in as little as two weeks. If you secure the loan very close to your next pay day, this will not be the case. If this is the case, you will probably have to pay it back with the paycheck that comes after that one.

Don’t sign up with payday loan companies that do not have their interest rates in writing. Be sure to know when the loan must be paid as well. Any lender that does not disclose their loan terms, fees and penalty charges could be a scam, and you might wind up paying for things you did not know you agreed to.

Hopefully now you have a better understanding of how payday loans work. After reading these tips you should have a working knowledge of payday loans. Use these tips as you need to in your own life.

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Wonga dithers over writing off improperly granted loans | Business …

Wonga customers are anxiously waiting to find out whether they are among the 330,000 borrowers having their payday loans written off.

The UK’s best-known payday lender has been forced to refund borrowers after the City regulator discovered it had lent money without making sure borrowers were able to make repayments.

Those who should never have been given loans and have fallen more than 30 days behind with repayments will have their debts wiped entirely, while a further 45,000 who are up to 30 days in arrears will have their interest and charges waived.

Wonga has been the subject of growing controversy for making loans of up to £1,000 in a matter of seconds, often to borrowers who ended up taking out further loans to pay off their debts.

Although it claimed that an algorithm checked between 6,000 to 8,000 “data points” for each online application and was a better indication of borrowers’ ability to repay a loan than traditional credit scoring checks, information it supplied to the Financial Conduct Authority (FCA) confirmed claims by debt charities and campaigners that Wonga was not properly ensuring that customers could afford to meet their commitments.

The FCA gave the firm, which quotes an annual interest rate of 5,853%, until the end of Friday to contact those affected by the inadequate affordability checks and Wonga said it would do so by email.

Although all week Wonga’s website told customers it would be in touch “by 10 October”, it was late Friday afternoon before the message was updated to say that emails had finally been sent out.

Borrowers who have used the company since its launch in 2007 had been in limbo since the news of the write-offs broke last week. One Wonga customer said he did not know whether he should pay an instalment of a repayment plan he had entered with the firm or risk accruing more charges if he was judged not to qualify for a write-off.

Wonga said on Friday it had contacted the 375,000 affected customers to let them know what they needed to do next. It urged customers it had contacted not to involve a third party with their case.

The email from Wonga to the customers affected explained that the company “will automatically clear any outstanding debt you have with us” by the end of October. “You do not need to do anything.”

It added: “We recognise that we may not have always made the right lending decisions and for this we apologise. We intend to be sure in the future that we only lend to customers who can reasonably afford to repay their loans.”

As well as writing off loans at a cost of £220m, Wonga has been forced to scrap its affordability checks and is working on new lending criteria scrutinised by the FCA.

Customers caught up in the action have been assured that details of their loans will be removed from their credit files. The fact that they applied to borrow will still show up.

Wonga has also agreed to contact the remainder of its 1 million customers, informing those who are not affected that this is the case. The regulator said there was no timeframe for this, but it expected notices to be given as quickly as possible.

Discussions between the firm and FCA are continuing, and many borrowers are hoping that redress will be extended to those who were able to keep up with repayments, even though they should not have been offered a loan.


Payday Loans Get Wage Day For Same Day Urgent Use

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