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Cash Advance

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About Cashadvance.comCashAdvance.com has been America’s most trusted resource for cash advances since 1997, connecting millions of consumers to reliable lenders each year. While you have many other channels through which to obtain emergency cash quickly, what makes working with CashAdvance.com so much better?Free and Unlimited UseOur service is always free to the customer whether or not your request is matched with a lender. Additionally, new and returning customers are welcome to utilize our service as much as they need. We dont believe in restriction or practicing bad business tactics.In many cases, customers come to CashAdvance.com after having a bad experience with another online matching service. One of the most common complaints we hear is that another organization either tried or succeeded in making the customer pay just to use a matching service. We would never imagine charging our customers, especially in their time of need.More Lenders. More Choices.In a loan request matching service, you want as many qualified lenders as possible reviewing your information, in the shortest amount of time. CashAdvance.com has the largest network of qualified lenders, so that we can assist in helping to find you the best opportunity and rates for your Cash Advance.Unlike the time and effort made in traveling to different storefront Cash Advance locations, our customers find our online experience to be both easy and quick with more lender choices. Plus, we choose lenders that are consistent with the kind of experience we want our customers to have.Data ProtectionCashAdvance.com is certified by two entirely separate services to ensure that your personal information is secure at all times. In order to protect your information from hackers, we are tested every day, both by McAfee and Norton.We are a proud member of the Online Lenders Alliance (OLA), a national organization dedicated to promoting best practices in the online lending industry. Moreover, we abide by the Federal Trade Commission Act, the Financial Services Modernization Act, the Fair Credit Reporting Act and all other applicable federal laws, including all laws relating to privacy and data protection.Positioned for TrustThe online lending industry has many businesses seeking to take advantage of your urgent need to obtain funds quickly, charging borrowers excessive fees with unreasonably stringent terms attached. Back in the beginning, our organization made a commitment to be upfront, honest and ethical in dealing with customers. We knew that long-term relationships, even if they didnt always result in a match, were far better than pushing customers to something they didnt want.Customers refer their friends and family to CashAdvance.com because in times of need, people want to be treated with respect and work through matters quickly. Plus, we have great agents to help you with questions throughout the process.About this appThis app provides a convenient and easy way to utilize cashadvance.com’s services.It is easy to navigate and provides additional information from cashadvance.com.*This app is provided by a third party affiliate of cashadvance.com. All trademarks and copyrights belong to cashadvance.comContent rating: Everyone

Price0LicenseFreeFile Size1.32 MBVersion1.0Operating System Android System RequirementsCompatible with 2.3.3 and above. […]

Sunesis Announces Amendment to Loan Agreement

SOUTH SAN FRANCISCO, Calif., March 2, 2015 (GLOBE NEWSWIRE) — Sunesis Pharmaceuticals, Inc. (SNSS) today announced the signing of an amendment to its loan and security agreement (the “Loan Agreement”) with Oxford Finance LLC, Silicon Valley Bank, and Horizon Technology Finance Corporation (collectively, “the Lenders”).

The amendment, effective February 27, 2015, creates an interest-only period from March 1, 2015 through February 1, 2016 on the remainder of Sunesis’ loan balance. Principal payments will resume March 1, 2016. In consideration for the amendment, Sunesis will issue the Lenders warrants to purchase an aggregate of 61,467 shares of Sunesis common stock at an exercise price of $2.22 per share. Additionally, the final payment will be deferred by 12 months to the fourth quarter of 2016, and will be increased from 3.75% to 4.65% of the total loan amount, a difference of $225,000. Sunesis entered into the $25 million Loan Agreement with the Lenders in October 2011.

“This amendment to our loan facility provides us with additional financial flexibility to execute our corporate strategy, including the potential submission in 2015 of U.S. and European filings for regulatory approval of vosaroxin in relapsed or refractory acute myeloid leukemia,” said Eric Bjerkholt, Executive Vice President of Corporate Development and Finance and Chief Financial Officer of Sunesis. “We believe that this loan amendment, together with our current cash position, provide us with the resources to fund operations through the first quarter of 2016.”

About Sunesis Pharmaceuticals

Sunesis is a biopharmaceutical company focused on the development and commercialization of new oncology therapeutics for the potential treatment of solid and hematologic cancers. Sunesis has built a highly experienced cancer drug development organization committed to advancing its lead product candidate, vosaroxin, in multiple indications to improve the lives of people with cancer.

For additional information on Sunesis, please visit http://www.sunesis.com.

SUNESIS and the logos are trademarks of Sunesis Pharmaceuticals, Inc.

This press release contains forward-looking statements, including statements related to Sunesis’ overall strategy, the preliminary analysis, assessment and conclusions of the results of the VALOR trial and Sunesis’ other clinical trials, the efficacy and commercial potential of vosaroxin, and the sufficiency of Sunesis’ cash resources and the use of the proceeds under the loan facility with Oxford Finance LLC, Horizon Technology Finance Corporation and Silicon Valley Bank. Words such as “believe,” “expect,” “potential,” “provide,” “through,” and similar expressions are intended to identify forward-looking statements. These forward-looking statements are based upon Sunesis’ current expectations. Forward-looking statements involve risks and uncertainties. Sunesis’ actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks related to Sunesis’ need for substantial additional funding to complete the development and commercialization of QINPREZO, risks related to Sunesis’ ability to raise the capital that it believes to be accessible and is required to fully finance the development and commercialization of QINPREZO, the risk that Sunesis’ development activities for QINPREZO could be otherwise halted or significantly delayed for various reasons, the risk that Sunesis’ clinical studies for QINPREZO may not demonstrate safety or efficacy or lead to regulatory approval, the risk that data to date and trends may not be predictive of future data or results, risks related to the conduct of Sunesis’ clinical trials, and the risk that Sunesis’ clinical studies for vosaroxin may not lead to regulatory approval. These and other risk factors are discussed under “Risk Factors” and elsewhere in Sunesis’ Annual Report on Form 10-K for the year ended December 31, 2013, and Sunesis’ other filings with the Securities and Exchange Commission, including Sunesis’ Quarterly Report on Form 10-Q for the quarter ended September 30, 2014. Sunesis expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Sunesis’ expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

View photo.FinanceBusinessSunesis Pharmaceuticals Contact: Investor and Media Inquiries:
David Pitts
Argot Partners
212-600-1902
Eric Bjerkholt
Sunesis Pharmaceuticals Inc.
650-266-3717
[…]

Lenders play it safe amid China property woes

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Lenders are expected to stay cautious towards China’s cash-strapped property sector as Shenzhen-based developer Kaisa’s debt woes continue to rattle the market. But they will continue to lend to larger mainland companies.

“Companies from China will remain a major source of business for loan markets this year,” said Sonia Li, head of syndicated loans for Asia at JP Morgan. “But you will see a flight to quality for Chinese borrowers, particularly in light of what is happening in the real estate sector. Lenders will be very cautious to the real estate sector,” she added.

China has become a bigger part of Asia’s loan markets. According to Thomson Reuters data, China was the largest driver for loan growth in the Asia-Pacific region last year, accounting for $141.3 billion in loan volume or about 27% of the total in the region. Infrastructure, project and real estate deals accounted for slightly more than two-thirds of that volume.

Given the increasing exposure banks have to Chinese property, a protracted downturn could have a knock-on effect on the banks. “A lot of mid-sized and big Chinese banks as well as foreign banks have exposure to the China property sector. A big downturn in China real estate market would affect everyone but the mainland banks have the most exposure to the property market,” said Christine Kuo, senior credit officer at Moody’s.

For now, however, the rating agency views Kaisa’s problems as being unique to the company and, at a briefing in Hong Kong on Tuesday, Simon Wong, Moody’s senior credit officer, told reporters that he didn’t think the Shenzhen’s developer’s problems would pose a systemic risk to the sector.

“If the Kaisa case is resolved satisfactorily, such as another developer coming in and potentially buying Kaisa’s assets at fair market value, I think that would also help to ease investors’ concerns,” Wong told reporters.

related

Kaisa given respite but is still in the doghouse Kaisa default triggers broader loan worries Agile woe compounds China’s property problems Cofco Land plans up to $500m placement Loan Week, February 13-18

For now though, investors and lenders are giving the sector a wide berth.

Kaisa had been subject to unexplained bans imposed by the Shenzhen government on the sale of its property projects in Shenzhen. Reports had been circulating that other developers including Fantasia and China Overseas Land & Investment have faced similar bans but the companies have since clarified that the blocked sales are due to administrative procedures by the authorities, and not violations by the companies.

Lenders could also turn wary towards small-cap companies. “China is an important market but we expect more large-cap and higher grade companies this year compared to last year given the concerns over the mid-cap sector,” said Amit Khattar, head of syndicated loans for Asia at Deutsche Bank.

Subordination risk

Kaisa’s problems expose the risks that offshore lenders face. It had initially defaulted on a $51 million loan with HSBC. While it subsequently got a waiver from the British lender, other creditors have frozen some of its onshore bank accounts, and if it came down to a default, onshore lenders would get first dibs on the assets.

Offshore lenders are often subordinated to mainland lenders as the loans are typically issued through offshore holding companies, using the so-called red chip structure.

China’s State Administration of Foreign Exchange (Safe) has made moves to take away some of that subordination risk and, in July last year, relaxed the rules to allow mainland companies to use onshore assets as collateral when raising funds offshore. However, there are restrictions, and Safe has made it clear that the proceeds have to be kept offshore.

“The change in Safe rules means that offshore lenders can get senior secured access to Chinese companies rather than just a red chip structure,” said Khattar. “It is a meaningful development but the number of companies using this has been limited by restrictions over the use of proceeds,” he added.

Lenders have been comfortable lending to offshore holding companies, provided they are perceived to be a strong credit. For example, smartphone company Xiaomi last year tested the market with a debut $1 billion loan, which attracted 29 lenders. Xiaomi is cash rich, with no onshore borrowings.

However, weaker companies are expected to come under more scrutiny now. “Lenders have become more comfortable with loans using offshore holding company structures,” said Deutsche Bank’s Khattar. “But they will be more wary about certain credits,” he added.

This year could be a more challenging one for mainland companies as Taiwanese lenders are keen to keep their exposure to mainland companies down, and could look to diversify to Indian or Southeast Asian companies. “Taiwanese banks were big investors for China loans in the past but they have pretty tight China limits at the moment,” said JP Morgan’s Li.

But amid ongoing market volatility, more companies could start tapping the loan markets as bond yields have risen. “Bond market volatility specially in the high yield market could see more high yield issuers trying to access the loan markets in 2015,” said Khattar.

¬ Haymarket Media Limited. All rights reserved.

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Flight to safety for lenders amid China property woes

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Lenders are expected to stay cautious towards China’s cash-strapped property sector as Shenzhen-based developer Kaisa’s debt woes continue to rattle the market. But they will continue to lend to larger mainland companies.

“Companies from China will remain a major source of business for loan markets this year,” said Sonia Li, head of syndicated loans for Asia at JP Morgan. “But you will see a flight to quality for Chinese borrowers, particularly in light of what is happening in the real estate sector. Lenders will be very cautious to the real estate sector,” she added.

China has become a bigger part of Asia’s loan markets. According to Thomson Reuters data, China was the largest driver for loan growth in the Asia-Pacific region last year, accounting for $141.3 billion in loan volume or about 27% of the total in the region. Infrastructure, project and real estate deals accounted for slightly more than two-thirds of that volume.

Given the increasing exposure banks have to Chinese property, a protracted downturn could have a knock-on effect on the banks. “A lot of mid-sized and big Chinese banks as well as foreign banks have exposure to the China property sector. A big downturn in China real estate market would affect everyone but the mainland banks have the most exposure to the property market,” said Christine Kuo, senior credit officer at Moody’s.

For now, however, the rating agency views Kaisa’s problems as being unique to the company and, at a briefing in Hong Kong on Tuesday, Simon Wong, Moody’s senior credit officer, told reporters that he didn’t think the Shenzhen’s developer’s problems would pose a systemic risk to the sector.

“If the Kaisa case is resolved satisfactorily, such as another developer coming in and potentially buying Kaisa’s assets at fair market value, I think that would also help to ease investors’ concerns,” Wong told reporters.

related

Kaisa given respite but is still in the doghouse Kaisa default triggers broader loan worries Agile woe compounds China’s property problems Cofco Land plans up to $500m placement Loan Week, February 6-12

For now though, investors and lenders are giving the sector a wide berth.

Kaisa had been subject to unexplained bans imposed by the Shenzhen government on the sale of its property projects in Shenzhen. Reports had been circulating that other developers including Fantasia and China Overseas Land & Investment have faced similar bans but the companies have since clarified that the blocked sales are due to administrative procedures by the authorities, and not violations by the companies.

Lenders could also turn wary towards small-cap companies. “China is an important market but we expect more large-cap and higher grade companies this year compared to last year given the concerns over the mid-cap sector,” said Amit Khattar, head of syndicated loans for Asia at Deutsche Bank.

Subordination risk

Kaisa’s problems expose the risks that offshore lenders face. It had initially defaulted on a $51 million loan with HSBC. While it subsequently got a waiver from the British lender, other creditors have frozen some of its onshore bank accounts, and if it came down to a default, onshore lenders would get first dibs on the assets.

Offshore lenders are often subordinated to mainland lenders as the loans are typically issued through offshore holding companies, using the so-called red chip structure.

China’s State Administration of Foreign Exchange (Safe) has made moves to take away some of that subordination risk and, in July last year, relaxed the rules to allow mainland companies to use onshore assets as collateral when raising funds offshore. However, there are restrictions, and Safe has made it clear that the proceeds have to be kept offshore.

“The change in Safe rules means that offshore lenders can get senior secured access to Chinese companies rather than just a red chip structure,” said Khattar. “It is a meaningful development but the number of companies using this has been limited by restrictions over the use of proceeds,” he added.

Lenders have been comfortable lending to offshore holding companies, provided they are perceived to be a strong credit. For example, smartphone company Xiaomi last year tested the market with a debut $1 billion loan, which attracted 29 lenders. Xiaomi is cash rich, with no onshore borrowings.

However, weaker companies are expected to come under more scrutiny now. “Lenders have become more comfortable with loans using offshore holding company structures,” said Deutsche Bank’s Khattar. “But they will be more wary about certain credits,” he added.

This year could be a more challenging one for mainland companies as Taiwanese lenders are keen to keep their exposure to mainland companies down, and could look to diversify to Indian or Southeast Asian companies. “Taiwanese banks were big investors for China loans in the past but they have pretty tight China limits at the moment,” said JP Morgan’s Li.

But amid ongoing market volatility, more companies could start tapping the loan markets as bond yields have risen. “Bond market volatility specially in the high yield market could see more high yield issuers trying to access the loan markets in 2015,” said Khattar.

¬ Haymarket Media Limited. All rights reserved.

Email this Print this Tweet this Send us your tips […]

Keeping money in one place a key to getting a mortgage

By Scott Sheldon January 30, 2015 12:00 am

Keeping your money in one place is vital to a mortgage transaction.

Cash to close and savings post closing escrow become critically important to sealing the deal. I’ll detail what you need to know if you’ve been moving money around and are applying for a mortgage.

It’s an issue for banks

Moving money around in different accounts may raise concerns for suspicious activity with home mortgage banks. Lenders these days must be able to document the paper of funds on each and every loan made. While 99.9 percent of mortgage borrowers are simply moving money from one bank account to another for various convenience reasons, they are at the same time creating a red flag when the origin of the funds cannot be substantiated.

When you move money around, the lender has to document each account the money passes through.

Picture yourself having a standard checking account that does not contain significant assets but is used for your monthly accounting of bills and expenses, and you took the money for your down payment to purchase a home from another account and moved this money into your checking account while continuing to pay bills.

It could appear to the mortgage lender, like you, are spending part of your down payment creating a cash to close roadblock. A better solution? Keep the money in the same place. Transfer the money when needed, sending directly to escrow on your loan transaction, simplifying the details.

Create a paper trail

To best avoid lending conditions surrounding money movement, be prepared to show the full statements of the monies leaving each account. It is customary within mortgage lending to provide two months of statements for each account needed for cash to close escrow and/or for savings required after the fact as a safety cushion. This paper trail must appear to the naked eye that the money begins in one account, goes to another and ends up at close of escrow.

As long as the paper trail is clear and conspicuous, the lender should have no concerns with these monies as long as the funds can be supported. The same goes for gift funds; gift monies will also need a clear paper trail. The same requirements that come into play maybe needed for that safety cushion incumbent of your loan program.

For example:

• Conventional loans: Two months mortgage payments needed in the bank in most cases financing a primary home, six months of mortgage payments for investment homes for all properties owned.

• FHA loans: No reserve requirement.

• VA loans: no reserve requirement.

• Jumbo loan: Varies by lender; generally at least six months mortgage payments in assets needed post closing escrow.

*If you plan to use a bank statement in conjunction for obtaining a mortgage that shows a history of money movement, including money transfers and other various accounts and/or additional monies being deposited independent of your income, you’re going to have some homework to do.

Other considerations include:

• Joint bank accounts: If you’ve been moving money out of an account with another party whose name is on the account but is not a party to the mortgage transaction, the lender is going to request a letter from this other individual stating you have 100 percent access to those funds.

• Cash deposits: Placing cash deposits in your bank account independent of your normal income, i.e., your normal job, can be problematic for getting a mortgage because these monies cannot be identified as to the origin of where they come from raising possible suspicious activity concerns even though they can be legitimate deposits-like freelancing or side jobs. Lenders want to see at least two months of mortgage statements without cash deposits and without large movements of money otherwise, expect these transfer and deposits to be identified, questioned and documented.

While these requirements can be somewhat of a nuisance making the prospect of getting a mortgage somewhat unpleasant, it is also a byproduct of the quality of loans being made in the market today, fully documenting improving everything leaving no stone unturned further substantiating a mortgage borrower’s ability to qualify.

As such, these credit requirements help ensure there is little risk to buying a home or taking on a mortgage you cannot afford.

Scott Sheldon is a local mortgage lender, with a decade of experience helping consumers purchase and refinance primary homes second homes and investment properties. Learn more at www.sonomacountymortgages.com.

[…]

What are the differences between payday loans and cash advances?

A:

Payday loans and cash advances are perhaps the two most popular short-term lending options available to consumers. These are used by people who need to get cash in a pinch, as well as people who want to borrow money but have less than perfect credit. As unsecured, short-term loans, both payday loans and cash advances carry very high interest rates. Consider them only after more attractive alternatives have been exhausted. If you are considering either of these financial options, make sure you understand the differences and risks associated with each.

Sometimes, the term “cash advance” is used as a synonym for “payday loans.” In this article, the term “cash advance” only applies to a cash advance received through a credit card service or a line of credit from a financial institution.

Payday Loans

Payday loans are so-named because of a tendency for the funds to be borrowed on a post-dated check cashed on the borrower’s upcoming payday. These loans are designed to be quick and easy, and they generally have very limited qualification loan requirements. These are usually options if you do not have credit cards or if you need to borrow more than your credit card balance or limit allows.

Typical payday lending amounts are between $100 to $1,000, though the limit is sometimes kept in check by state law. Lenders usually ask that you provide personal identification, proof of income (or some other ability to repay the loan), and a post-dated check for the balance of the loan plus lender fees. Most applications take 15-30 minutes, and many can even be completed online.

The total costs of payday loans can be the equivalent of paying up to several hundred percent in annual percentage rate interest, even though the funds tend to only be borrowed for a few weeks.

Cash Advances

Cash advances are most commonly offered through credit card issuers. You need to have a credit card or another open line of credit to qualify for a cash advance. A cash advance acts like any other purchase being made through your credit, but instead of buying a good or service, you are buying cash. Repayment terms tend to be very similar to the terms on your card, although the interest rate on the cash advance loan may be higher.

Your cash advance repayment is almost always considered to be separate from the rest of your credit balance. Sometimes, the terms of the loan stipulate that your cash advance balance does not start being paid down until the rest of the charges on the account are repaid. Your high-interest cash advance loan could stick around for a very long time if you do not manage it appropriately.

The APR for payday loans often exceeds 300%, but the interest is either represented in a flat rate or only accumulates for a few weeks. Cash advances might only have an APR between 15-30%, but the interest can build for a while.

[…]

Home loan rates will rise – so be prepared

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Home loan rates will rise – so be prepared

BorrowingDate October 15, 2014 – 5:12PM (1) Read later

Mark Bouris

Going up: Ignoring rising interest rates is a big mistake.

As economists talk about rising interest rates for mortgages – probably around mid-2015 – it’s worth having a plan for repaying a home loan at a higher interest rate than the rate at which you borrowed. The risk here is pretty basic: you may have budgeted for monthly repayments of around $1700, but two years later the repayments are $2000. Now what?

The risk of defaulting on a mortgage, or going into arrears, is more evident when you consider that first-home buyers who bought a property in the past few years have never experienced rising interest rates. The last time the cash rate went up was in November 2010.

Finder.com.au research says that every 0.25 per cent rise on a $300,000 home loan costs an extra $50 a month in repayments; and in the current finder.com.au Reserve Bank survey, their expert panel predicts interest rates will increase 1.5 per cent in the next two to three years.

Whether you’ve recently bought your first home, or you plan to buy property this spring, here are some tips on avoiding the rising interest rate trap:

Understand that if interest rates rise by 1.5 per cent, it will add around $300 a month on a $300,000, 25-year loan, or around $600 per month for a $600,000 loan. Be honest about your budget before you borrow. Lenders build a margin into your serviceability, allowing for rising interest rates. But those buffers are not credible if you have understated your monthly outgoings. The “stress test” on a mortgage comes down to your household cash flow: if you’re looking for a loan, don’t “shop” to see what the mortgage providers will lend you – start with what you can afford. If you already have a variable rate loan, do your own stress test: write an honest household budget, and then – if you’ve borrowed at 5 per cent – run a scenario with rates at 7 per cent. Find where you are vulnerable. Start an emergency fund and have a contingency plan in the event of you or your partner losing their job. Prepare a plan by knowing the costs of closing-out an unaffordable loan and selling early if you have to. Explore renting options. You can preserve your asset by renting-out the property and living in a cheaper rental, but will it work in your favour? Know your refinancing options. Remember, once variable rates are rising, fixed rates are unlikely to be cheaper than variable; and if you refinance to a fixed rate now, you’ll still need a plan for when it reverts to a variable rate loan (at a higher rate). Investigate a 100 per cent offset account – it could allow you to build an equity buffer before the rates rise.

Advertisement

[…]

UK watchdog bares teeth at payday lenders | Business | DW.DE …

Britain’s competition watchdog said Thursday it wanted to launch price comparison websites for short-term lenders to help consumers shop around for better credit deals online.

The new rules are meant to stimulate competition among so-called “payday lenders,” creditors that provide quick, unsecured loans with high interest rates. They would also prevent a price cap on interest rates imposed by another consumer protection agency, the Financial Conduct Authority, from becoming the going rate charged by all lenders.

The proposal by the Competition and Markets Authority (CMA) would aim to make such lending schemes more transparent by offering debtors the opportunity to compare information between lenders, such as late fees and interest rates.

Andrea Leadsom, the financial services minister, said the government was “determined to tackle the problems in the payday lending market and protect consumers.”

Predatory lending?

Short-term lending is booming in Britain. With some 2 million borrowers, payday loans have grown into a nearly 3 billion-pound (3.8 billion euros, $4.8 billion) industry. The government in London has repeatedly criticized payday lenders for failing to carry out required credit checks meant to prevent borrowers from racking up too much debt.

“Too many people are given loans they cannot afford, and when they can’t repay are encouraged to extend them, exacerbating their financial difficulties,” a 2013 report by Britain’s Office of Fair Trading found. “This is causing real misery and hardship for a significant number of payday users.”

Last week, Britain’s biggest payday lender, Wonga, announced it would write off 330,000 customers’ debt worth some 220 million pounds after regulators forced it to overhaul its questionable lending practices. Wonga charges an annual interest rate of 5,853 percent, according to its website.

Lenders have until the end of the year to respond to the CMA’s proposal.

pad/cjc (Reuters, Competition and Markets Authority)

[…]

Beware online payday loans | Money – WISN Home

Payday loans of any kind have never had a good reputation, but a new report finds that loans obtained online are even worse than their storefront counterparts.

Lenders found on the Internet often charge much higher fees, put consumers deeper in debt and are more likely to use threatening and harassing tactics, according to a survey from Pew Charitable Trusts. The nonprofit called nearly 50,000 people, identifying 252 online borrowers and 451 in-store borrowers for its survey.

Payday loans are small loans with high fees that are advertised as a way for people to make it until their next paycheck arrives. They’re available from physical payday loan stores, but they are also becoming increasingly prevalent on the Internet. And while online payday loans account for only a third of the market, nine out of 10 complaints made to the Better Business Bureau are about online lenders, according to Pew’s analysis.

Many complaints concern the abusive tactics these companies use to get their money. About 30% of online payday borrowers said they have received at least one threat. Nineteen percent of respondents who took out a loan online said they were threatened with arrest, versus only 7% of consumers who borrowed in-store. And 20% were told that the lender would contact their employer about the debt — compared to 7% of storefront borrowers.

Online lenders are also more likely to make unauthorized withdrawals from consumer’s bank accounts, with 32% of respondents saying this has happened to them. Another 46% reported that their account has been overdrawn by a payday loan withdrawal, and 22% say they have had a bank account closed as a result.

Meanwhile, 39% of consumers believe that their information — like personal details and bank account information — was sold to a third party.

On top of all that, online payday loans come with APRs ranging as high as 700%, while in-store lenders generally have rates around 300%.

Online lenders get away with these practices because, as online entities, they often claim immunity from individual state laws, says Pew. That’s why Pew and other consumer advocates are calling on federal regulators like the Consumer Financial Protection Bureau to introduce rules that apply to all payday lenders — storefront and online alike.

“Abusive practices in the online payday loan market not only exist but are widespread,” said Nick Bourke, a project director at Pew. “State and federal regulators have taken steps to rein in fraud and abuse, but they need to do considerably more to keep borrowers from being harmed or further entrenched in unaffordable debt.”

The Online Lenders Alliance defended the industry, saying that while there may be some “bad actors,” there are also many ethical companies that are trying to help consumers. The industry group said it encourages federal laws, but points out that there is a growing demand for credit that still needs to be met.

“Consumer advocates and industry should work together to encourage federal laws and rules that preserve access to short-term credit, encourage innovation, and protect consumers from the bad actors who would defraud them,” it said in a statement.

[…]

3 Helpful Tips to Pay Off Payday Loans Fast | Payday Loans Turbo …

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To Avoid Late Fees

At some point in life, you will need to borrow money for unexpected expenses, and maybe you will need more money than what you can raise from borrowing from friends or family member. When you obtain a payday loan to pay for an emergency such as paying mortgage loan and utilities you will need to repay your loan on the due date with your next paycheck. However, when your next paycheck is no longer an option, it is important that you know how to pay off payday loans to avoid late fees, wage garnishment or lawsuit.

Pay off Payday Loans

Here are some helpful tips to pay off payday loans:

1. Talk to the Lenders

When you cannot repay your loan back on the due date, it is best that you talk to the lenders to discuss available repayment options and reach an agreement that benefit both parties.

Take note, lenders often times will provide you with repayment options like rollover plan and installment plan. They do not discuss these options to clients when they apply for a loan, so you need to ask the lenders about repayment options available to you.

Rollover is when you are allowed to extend the original due date to another date for an additional fee of course. Installment plan, on the other hand, allows you to repay your loan on an installment basis. Usually lenders stop charging loan interest for installment plan, as the purpose of the plan is to pay off payday loans completely. However, the number of installment payment depends on the lender.

2. Pick The Right Repayment Plan

When choosing the repayment option, make sure you pick a payment plan that you can follow and achievable.

3. Stop Buying Nonessential Stuff

You can pay off payday loans when you stop buying unimportant items before your due date. When you stop buying nonessential stuff and just start saving money for a payday loan payment then you can pay off all your debts fast.

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