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JPMorgan Chase, Wells Fargo fined $35 million after officers took bribes

NEW YORK Federal and state authorities have ordered Wells Fargo and JPMorgan Chase to pay a combined $35.7 million for taking part in a mortgage kickback scheme.

The Consumer Financial Protection Bureau and the Maryland Attorney General said Thursday that loan officers at both banks took cash payments from a now-defunct title company in exchange for business referrals.

Regulators said more than 100 loan officers at Wells Fargo locations in Maryland and Virginia steered thousands of loans to Genuine Title, which went out of business last year, in exchange for cash.

Todd Cohen, a former Wells Fargo banker, allegedly had Genuine Title make “substantial cash payments” to his girlfriend at the time in order to avoid detection. The bureau has ordered Cohen and his now-wife, Elaine Cohen, to pay a $30,000 penalty.

Regulators said Wells Fargo failed to halt the scheme even though it was facing a federal lawsuit over the illegal activity.

“We have fully cooperated with the CFPB in this matter and have taken strong corrective action, including terminating team members,” Wells Fargo said in a statement.

The wrongdoing was less extensive at JPMorgan Chase. The bureau said at least six loan officers at Chase locations in Maryland, Virginia and New York helped steer 200 loans to Genuine Title. The bank has agreed to pay a total of $900,000 in penalties and compensation.

“We are fully committed to ensuring that our mortgage bankers comply with all legal and regulatory requirements,” Chase said in a statement. “These former employees clearly violated our policies, procedures and training.”

The CFPB said a third bank also took kickbacks from Genuine Title. But the bureau said it did not bring an enforcement action against that bank because it “self-identified” and took steps to correct the illegal action.

“These banks allowed their loan officers to focus on their own illegal financial gain rather than on treating consumers fairly,” said CFPB Director Richard Cordray.

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The Ins And Outs Of Payday Loans | Shipping Wesley Chapel

The Ins And Outs Of Payday Loans

There are times when we need help in life. If you have found yourself in a financial bind and need emergency funds, a payday loan may be the solution you need. A payday loan is one option when you need extra money. Continue reading this article for more information.

Do everything you can to pay the loan by the due date. If you have to extend the terms of the loan you will incur more costs and be charged more interest.

If you’re needing to get a payday loan, you have to shop around first. You are probably in an emergency situation and feel pressed for both money and time. Shop around and research all of the companies and the advantages of each. That will save you time later in the hours you don’t waste earning money to cover interest you could have avoided.

Find out all of the guarantees from the companies that you research. Some of these companies will prey on you and try to lure you in. They earn large sums by lending money to people who can’t pay, and then burying them in late fees. Many times, you’ll find out that every time a company makes a promise it’s followed by an asterisk or something that allows them to get away with not following through.

What do you need to give a lender for a payday loan? You’ll need to bring proof of identity items. This includes proof of employment, identification, and checking account information. Each lender will have their own requirements. The best idea is to call the company before your visit to find out which documents you should bring.

Now that you know how payday loans work, you can determine if this financing option is right for you. Many people think payday loans are scary and want to avoid them at all costs. When you understand more about payday loans you can use them to your advantage, rather than being hurt by them.

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The Ins And Outs Of Taking A Payday Loan | Shipping Wesley Chapel

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The Ins And Outs Of Taking A Payday Loan

Are you in need of cash? Do you have more bills than you have money? You may want to consider a payday advance loan to get past the bad spot. You will need all of the facts in order to make a choice regarding this option. This article has some suggestions to help you understand the intricacies of payday loans.

When you are thinking about getting a quick loan you should be very careful to adhere to the terms and if you can give the money before they ask for it. A loan extension will result in additional interest and make it more difficult to pay by the following due date.

Don’t just get a payday loan from the company that is geographically closest to you. Check around a bit so you know if other have rates that might be lower. Taking the time to do research can help save you a lot of money in the long run.

Not all payday loans are on par with each other. Compare different lenders and look for the best interest rates. A little bit of research in the beginning can save a lot of time and money in the end.

Review every available alternative. If you are careful to find the right company and make sure you look at all of your options, you might find a place that has a good interest rate. The rate you get is dependent upon the amount you need and your credit history. Doing a bit of research can result in big savings.

Although payday loan companies do not do a credit check, you must have an active checking account. Lenders require this because they use a direct transfer to obtain their money when your loan comes due. The repayment amount will be withdrawn the same day your paycheck is expected to be deposited.

If your bills are past due, the feeling can be overwhelming. You should now be able to use payday loans responsibly to get out of any financial crisis.

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The Best Advice On Payday Loans For Your Needs | Shipping …

The Best Advice On Payday Loans For Your Needs

At times, accidents or injuries can increase your bills unexpectedly. Your weekly paycheck may not suffice at a time like this. A payday loan during these times can be your most favorable option. Continue reading for more information about these loans.

When you are thinking about getting a quick loan you should be very careful to adhere to the terms and if you can give the money before they ask for it. Rolling over a loan will cause the balance to increase, which will make it even harder to repay on your next payday, which means you’ll have to roll the loan over again.

Only commit to one payday loan at a time for the best results. Don’t take out payday loans with multiple lenders. You’ll end up not being able to pay back all of the money, regardless of what your salary might be.

Two weeks is the standard time to repay a quick payday loan. Sometimes unexpected events can come into play, causing you to be unable to pay back the loan on time, but you don’t want to have to be afraid about defaulting on the loan. Most payday lenders will allow you to refinance the loan for another two weeks, but you will have to pay an extra fee each time you do this.

Make sure to ask if there are any hidden fees. You should always be crystal clear on everything that the lender charges you, so make sure you inquire about all the fees before agreeing to the loan. You may feel like you owe more than you should if you are not aware of these fees. Avoid this situation by looking over all the paperwork and asking lots of questions before agreeing to the loan.

You should avoid getting payday loans all the time, but they can help you out when you don’t have another option. If you use these types of loans wisely, then you won’t have any problem. Payday loans can sometimes be the right choice, and using the information in this article should help you make that determination.

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Payday Loan Advice For The Everyday Person | Shipping Wesley …

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Payday Loan Advice For The Everyday Person

Everyone seems to have financial pitfalls before them today. You may be considering the option of taking out what is know as a payday loan. Continue reading to learn some helpful information on payday loans so that you can determine if this option is right for you.

A variety of firms provide payday loans. If you are considering a payday loan, do some research first, and look for a company with a good reputation. Check to see if there are reports available about customer satisfaction. This will give you a better idea of the company you are dealing with.

Some payday loan outfits will find creative ways of working around different consumer protection laws. They’ll charge fees that amount to the loan’s interest. This could add up to over ten times the amount of a typical loan that you would receive.

It is extremely important that you fill out your payday loan application truthfully. It is a crime to supply false information on a document of this type.

Get a loan straight from the lender if you want the best deal. Indirect loans may have extra fees assessed to the them.

Sometimes, an extension can be provided if you cannot pay back in time. Many companies will let you have an extra day or two to pay if you need it. However, understand that you’ll probably pay more money for an extension.

Prior to committing to a payday loan lender, compare companies. A lot of payday loan companies have lower rates than other ones and some might not charge fees for getting the loan. Certain companies may give you the money right away, while others may have you waiting. The more you’re willing to explore, the better your odds are of finding a better loan.

It is hoped that this article has given you some pros and cons about payday loans, so you can now make an educated decision. As stated earlier, being strapped for cash is not uncommon. By figuring out what your options are, a loan can be a great way to get yourself out of hot water.

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Smart Tips For Anyone Who Wants A Payday Loan | Shipping …

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Smart Tips For Anyone Who Wants A Payday Loan

At times, you might need some extra money. In this case, the solution may be a payday loan. Read on to find out important information regarding payday loans.

There are a large number of companies that give out payday loans. Make sure you do your research for any business that you are thinking about working with. Be sure that there have been satisfied customers in the past. Take a look online and read reviews left by customers.

At times people can find themselves in a bind, this is why payday loans are an option for them. If you can help from doing this, do so. Payday loans are a resource you might want to consider when you’re in a financial bind.

Before you settle on a payday loan company, research all of them beforehand. Do not just pick the company that has commercials that seems honest. Take your time to figure out all you can about a company on the Internet. See if they offer customer reviews and look over these prior to giving anyone personal information. Using a good, honest company will ensure the process is smooth and easy for you.

Always conduct thorough research on payday loan companies before you use their services. You will be able to get information about their business and if they have had any complaints against them.

Don’t assume you won’t need to bring anything in order to receive a payday loan. You need to give them several different peices of information to get the loan. Some items are pay-stubs, ID and your checkbook. The things you need might not be the same depending on the company. Call before you go so you know what to bring.

Information is power in any walk of life, and having information on payday loans will help you to make informed decisions about your finances. Don’t be concerned, payday loan can be an asset to your financial situation if you are aware of how you will spend the money and how it will be repaid.

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Portfolio: The risks of floating rate funds

Any yield-focused investor would be pleased with a portfolio that had no volatility, generated an annual return of about 4 percent and promised rising income in the years ahead. But all of the new money flowing into bank-loan funds should be a matter of concern.

Bank-loan funds have been around since the 1980s, when they were created by fund families such as Eaton Vance, Franklin Templeton Investments, and Oppenheimer. They are aimed at investors who wanted better than cash-equivalent returns. Those funds, often called floating-rate funds, hold short-term loans extended by banks to companies. The bank sells the loans to mutual funds and other institutional investors. In turn, the funds will buy and sell the bank loans on the open market.

Until 2009 bank-loan funds were a niche product among mutual funds. But recently, investors have been piling into them. Frustrated with paltry yields from savings accounts, certificates of deposit, and Treasury bonds, bank-loan funds yield twice as much as the Standard & Poor’s 500 Index.

Find other mutual fund advice in our investing center.

Investors, attracted by their floating rates, poured $60 billion into those funds in 2013, compared with $10 billion in domestic large-cap stock funds. Interest rates, which are based on the London Interbank Offered Rate, or LIBOR, are locked for short periods of time—about 30 to 90 days. Then, when rates rise—something that is likely to happen sooner rather than later—companies pay higher interest on their loans and the fund’s yield rises. For that reason, bank-loan funds do well in periods of rising interest rates, unlike most conventional bond funds.

It’s not that different from variable-rate credit cards. Usually, if the prime rate goes up, so does the annual percentage rate (APR) of a variable-rate credit card. Similarly, if interest rates go up, the creditor (the bank-loan fund) receives more in interest payments.

Investors, though, would be smart to cast a wary eye on bank-loan funds despite their superior yields (about 3.8 percent right now) and the promise that they will only go up. There are potential pitfalls.

Just as banks write off a percentage of the bad credit-card loans in their portfolio, there’s always the chance that the borrower may be unable to make payments on the bank loan, leaving the creditor—the mutual fund investor—out of luck. That’s particularly true in bank-loan funds that increasingly make loans to companies that may not have the greatest credit. With all of the new money in bank-loan funds chasing a limited number of bank loans, portfolio managers are sometimes less particular about which bank loans to buy.

Another worry is that although most funds own hundreds of bank loans at one time, historically loans tend to go bad simultaneously, concurrent with economic conditions. Although bank-loan funds have returned more than 9 percent annually over the past five years, the potholes, like 2008, can be as deep as they were for stocks. Bank-loan funds lost 29.7 percent in that year—more akin to the 37 percent loss of stock funds than the 4 to 5 percent loss in corporate bond funds.

Then there are the fees. Bank-loan funds are relatively expensive propositions, costing investors 1.14 percent annually, according to Morningstar. Part of that expense can be attributed to brisk buying and selling of bank loans: The average turnover of a bank-loan fund was about 70 percent last year. That means that in any 12-month period a bank-loan fund with $10 billion in assets bought and sold $7 billion worth of loans.

If you still decide to invest in bank-loan funds, consider the caveats above, and treat them as an alternative investment—not as a high-yielding substitute for the bond portion of a portfolio. It would also be a good idea to find a manager with expertise in those kinds of investments. Below, we screened for some of the better-performing funds in the category over the past decade: funds with low costs, better returns, and lower turnover than their peers.

Bank shots

The two no-load bank-loan funds below have outperformed the benchmark, and their expenses are lower than the category average.

Fund Ticker 1-yr. return 5-yr. return* Yield (%) Expense ratio (%) Minimum investment Hartford Floating Rate HFLIX 3.4 9.7 4.13 0.70 $2,000 Highland Floating Rate Opportunities HFRZX 10.8 13.5 4.43 1.04 $2,500 Bank Loan Funds index 3.4 9.3 3.77 1.14

Data: Morningstar. Returns as of April 30, 2014.

This article also appeared in the July 2014 issue of Consumer Reports Money Adviser.

More from Consumer Reports:
Dependable washing machines for $600 or less
Best and worst cars by brand
Get the best cell phone plan for your family and save up to $1000 a year

Consumer Reports has no relationship with any advertisers or sponsors on this website. Copyright © 2006-2014 Consumers Union of U.S.

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Great Ways To Go About Getting A Payday Loan | Shipping Wesley …

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Great Ways To Go About Getting A Payday Loan

Payday loans should not be scary. Being informed now can keep you from worrying later on. Continue reading for more information on payday loans.

Be sure about when you can repay a loan before you bother to apply. Interest on payday loans is ridiculously expensive and if you are not able to pay it back you will pay even more!

Make sure you do your homework. Don’t just accept the first lender to offer you money. Compare different lenders to get the best rate. Making the effort to do your research can really pay off financially when all is said and done. It might be possible to find a website that helps you make quick comparisons.

Before you use any type of cash advance system, look up the company on the BBB (Better Business Bureau). The Better Business Bureau can give you information about customer complaints and how the payday loan company handled those complaints.

Look at all of your options before taking out a payday loan. Almost any source of credit (family loan, credit card, bank loan) is better than a payday loan. All of these options expose your to far fewer fees and less financial risk than a payday loan does.

A lot of payday loan services will require the borrower to sign a contract that basically protects the lender in a disagreement. If the borrower files for bankruptcy, the lenders debt will not be discharged. They may also require a borrower to sign an agreement to not sue their lender if they have a dispute.

Now that you have been reading a lot of different tips on payday loans, hopefully you have a little different mindset about the topic. There is not need to avoid them because payday loans have a legitimate purpose. You now have the information needed to make a correct decision when it comes to payday loans.

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Wolf releases details of loan to his campaign

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Bill to help payday loan borrowers passes Senate | Idaho Business …

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Bill to help payday loan borrowers passes Senate

by The Associated Press

Published: March 10,2014

2:56 pm Mon, March 10, 2014

A plan to give people who use payday loans more leeway in settling their debt passed the Idaho Senate.

The bill, which passed 21-13 March 10, would let borrowers set up a payment plan to return the money if they get behind.

It also blocks lenders from piling fees and interest onto the remaining balance if borrowers opt for the payment plan.

The bill’s sponsor, Twin Falls Republican Sen. Lee Heider, says it can provide an out for someone “caught in a lending cycle.”

But Nampa Republican Sen. Todd Lakey said he didn’t think the government should be tasked with protecting people from their own decisions.

Other opponents argued it could unfairly target small lenders with less ability to stretch their loans.

The bill now heads to the House.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. <</span> >


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