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Are Village Officials in Summit misusing taxpayer dollars?

CHICAGO (FOX 32 News & Better Government Assoc.) –

If you find yourself needing a loan, you’d probably go to a bank.

However, Village Officials in Southwest Suburban Summit found another way to get some fast cash — from taxpayers.

FOX 32 News and the Better Government Association found the top Village Administrator in Summit gave himself a cash advance on his salary, then abruptly resigned after we started asking questions about it.

FOX 32’s Dane Placko asked Summit Mayor Joseph Strzelczyk, “What did you know about these loans?”

He responded, “Talk to our attorney, and he makes a heck of a lot more money probably than you or I do.”

Strzelczyk has been Mayor of Summit for nearly two decades. His brother was Mayor before him and his brother’s son, Chet Strzelczyk, served as Summit’s Village Administrator making about $85,000 a year — until he suddenly resigned last week.

So, why did the Mayor’s nephew quit?

It started with a phone call from the Better Government Association asking whether Strzelczyk and others had received cash advances on their salary.

“He denied that he had gotten anything, or that any staff members had gotten anything,” said Bob Herguth of the BGA.

So, Herguth filed a Freedom of Information request with the village.

“And lo and behold, the Village Administrator, Chet, had indeed received a loan, as it was termed, on village documents,” Herguth said.

In 2013, Strzelczyk wrote up an informal loan document giving himself a cash advance of $2,800 on his salary — to be paid back at $200 a week through the remainder of the year.

Strzelczyk signed as the borrower and had his assistant sign as the lender.

“Apparently it was interest free. Apparently the village board did not know about it. And apparently the village board should have known about it and approved it. You can’t just unilaterally give yourself a loan with taxpayer money. And that’s what it appears occurred here,” Herguth added.

But Strzelczyk wasn’t the only Village Official getting a payday loan at the taxpayer’s expense.

“I hope it was okay because it wasn’t anything I thought I was doing wrong,” said Summit Village Trustee Tyrone Modiest.

Modiest received two separate salary advances of $3,000 each. Again, Strzelczyk signed the loan forms, but this time as the lender.

“Well I did this because I was trying to get a refinance and get a home modification for my house and stuff like that,” said Modiest.

Placko responded, “So you asked the Village Administrator?”

“I needed somebody to get out of debt, you know,” Modiest added.

Last week, the Village Board held a special meeting and accepted Strzelczyk’s resignation, with his Uncle — the Mayor — reading the letter.

“Well as I said, talk to the attorney,” Strzelczyk reiterated.

Placko responded, “Did you know? Did you approve it? You’re the mayor.”

“For the third time you asked me and the third time I told you talk to our attorney,” Strzelczyk added.

Later, a spokesman for the Mayor released the following statement:

“I have ordered an audit to accurately identify the extent of this practice under the former village manager… I don’t believe the intent was to harm the public’s interests but rather to help people… Clearly the practice is wrong.”

“Times are tough. We don’t begrudge people that. I understand that. But taxpayers are not a bank. You work for the taxpayers. Their money is not your money,” Herguth said.

It appears both Strzelczyk and Modiest paid back their loans. FOX 32 also learned the Village of Summit gave another type of loan to Trustee Steve Memishi — allowing him to use the village’s health insurance if he paid for it.

Memishi fell behind on the payments, and now owes summit taxpayers more than $17,000.

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Payday Loans Can Fix Your Money Issues Real Fast | The American …

For many people big troubles are usually not a concern for worry because they can be tackled with a life plan that helps when such big troubles emerge out of somewhere. But the smaller ones surface out of nowhere and these are the real troubles that are totally unexpected. It can be a need for a small amount like 300 $. In those cases, a $300 payday loan lender is obviously the finest option available for these people.

Of course, you get this money from so many lenders across the country. The rate of interest can be higher than any other loan but you do not have to wait for days to get such a smaller amount. The time you spend is more valuable than the finance charges you pay for this kind of money.

So, just to keep the loan cheaper and solve your problems once for all, you better spend some time minutes in internet and go through all the lender sites to decide which is relatively cheaper and legitimate and direct.

Apply online and get the money instantly in your checking bank account.

It has become a custom for anyone who lends a loan or cash advance to check if the borrower has a credit history that is faultless and perfect. A faulty credit status drives away anyone who is willing to lend the loan. But this is surely not the case with the payday loan as they do not even want to hear about your credit history. A no credit check payday loan is the specialty of this payday loan.

The lender lends you a loan purely on the basis of your payday check. It is also a short time loan and it is expected to be paid back within a month or in most cases two weeks.

So, your credit history has got nothing to with the payday loan that you are applying for now. Of course, a good credit standing can help you get a quicker payday cash loan with some rewards.

Otherwise, payday cash loans are always given against your employment status only.

A document is always such a terrible thing if it cannot be produced in time for any purpose. But if something happens without a document, then there is nothing like that. Sure enough, payday loans do not require any document. No need for faxing it too. The no faxing payday loans are the most wanted loans at the present economical condition now.

With this helpful payday loans you are at your control. You have the total freedom to get the loan just by giving your employment details and the salary particulars. Your checking bank account is surely needed by the cash loan lender.

The lender only checks for your employment details and then verifies them. Once verified, the lender informs you of the payday cash loan approval.

Finally, the loan amount is directly deposited into the checking account that you have provided them. All these processes happen within a day!

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Loans exclusively for UAE Nationals

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Financial institutions in the UAE have fashioned loan products to suit the needs of local citizens. These loans mainly include mortgages and personal loans. UAE nationals can use the additional financing for various purposes such as home construction and renovations, buying shares, purchasing land and much more.

UAE Nationals can access different type of loans vs expatriates. One of the examples is the home loan for UAE Nationals. The loan would finance of the land and any construction costs of the house on the land, an option that is not available to expatriates.

We have put together a list of banking products that are available exclusively for UAE Nationals including their benefits and what you need to watch out for before signing up. Carefully weigh all the pros and cons before making the final decision.

ADIB Al Kahir Settlement

Great for: To apply for this personal loan, customers have to meet a low minimum salary requirement of AED 5000. There is a 0% upfront fee and no early settlement fee. Loan amount can go up to AED 3 million and customers have the option of not paying the first 3 month installments.

Be aware: In order to avail of lower profit rates, you will have to transfer your salary.

ADIB Shares Finance

Great for: If you are looking to invest in shares, ADIB offers financing solutions to buy shares from listed companies. You will have the freedom to sell these shares whenever you please. There is a low minimum salary requirement of AED 5000 with an option to postpone two payments per year. If you decide to pay off the loan earlier than expected, you won’t have to pay an early settlement fee.

Be aware: Customers have to pay 1% arrangement fee to take out this loan.

ENBD UAE National Personal Loan with Additional Income

Great for: Customers can enjoy high loan amounts as any of their extra income is taken into account during loan approval. This means that besides your salary, rental income or sponsorship fee will be considered, therefore allowing you to get a higher loan. There also a 7 day return policy if you feel like you aren’t happy with the terms and conditions or have a change of mind.

Be aware: You will need to prove rental income and sponsorship fee by providing tenancy contract, trade license and a bank statements. Other additional paperwork may be requested.

ENBD Home Improvement Cash Loan

Great for: If you’re lacking funds to redecorate your home, this loan can provide you with the extra cash. You can borrow up to AED 3 million and pay it back over the next 12 years. Once all the paperwork is approved, the borrowed amount will be automatically credited into your personal bank account.

Be aware: A salary transfer to ENBD is mandatory and your company should be listed with the bank.

Al Hilal Bank Land and Construction

Great for: Customers who need financing to purchase land and construction of their new home can apply for this mortgage. Its sharia compliant product and loan amounts can go as high as AED 10 million.

Be aware: There is a minimum salary and down payment requirement. There also an upfront fee of 1% of the finance amount.

Emirates Islamic Binaa Home Finance Home Lease

Great for: People looking to buy a completed property can benefit from this mortgage as it provides you financing up to 80% value of the chosen property. Loan amounts can as high as AED 10million with a repayment period of 25 years.

Be aware: There is a 3% early settlement fee and 1% processing fee.

Whenever you looking to borrow, always keep an out for hidden charges and compare all rates. Compare all your options at Souqalmal.com with the updated rates and charges for home loans and personal loans for UAE nationals.

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Payday Loan Online: An Excellent Financial Management Resource …


Payday Loan Online: An Excellent Financial Management Resource To Help With Your Emergencies

January 1, 2014 11:36 am

A payday loan online can help you to tide over your immediate pressing finance needs when no other help seems improbable. Payday loans are the short-term loans that can be borrowed by any salaried person with a due date as his or her next payday. These loans are also referred to as a paycheck loans, no-fax payday loans, online advance, cash advance, payday cash loan etc. In fact, different banks use a different term for payday loans. If you fulfill all the conditions, you can easily acquire such a loan, but you must note that as soon as you receive your next paycheck, you will have to repay the amount borrowed. The interest rate on an online payday loan is higher than other loans but if you fulfill the criteria of eligibility and have a good repayment history, you can even get a low interest payday loan.Eligibility CriteriaPayday loans are more easily available from various banks and financial organizations than any other kind of loans, but still there are certain minimum eligibility criteria that the borrower has to meet in order to acquire a payday loan online. For example, the first and foremost criteria is that you must be having a Checking A/c in a bank where every month your salary is credited. Obviously, you must have a stable job. Your employment status must show at least three months of consistent job in a particular company or organization. Furthermore, you must be at least 18 years old to be eligible for payday cash loan.What is more, banks and financial organizations also fix a lower level for your monthly income for offering a payday loan online. In some banks, your minimum monthly income should be at least five hundred dollars while in some other banks it is one thousand dollars.Instant ApprovalIt is not without reasons why a payday loan online is also referred to as instant payday loans. In fact, these loans do not require you to go through a complicated process where you have to deal with lots of financial documents. You do not even need faxing your financial documents to the banks to get the approval for a payday loan online.If you meet the minimum eligibility criteria, you can get instant approval for the same without faxing any documents. Most banks and financial organizations have made everything available online. You just have to fill out an online application for the cash advance, providing specific details regarding your requirements, your employment details and the information regarding your checking account where your salary is credited each month. These details are reviewed the same day, and in usual circumstances, you are approved for the payday cash loan within twenty-four hours.In case you default on the due date of the payday loan online, or there is not enough balance on your account, you will be charged a penalty for that, and the due date for the low interest payday loan will be extended to your next payday – the day when you will receive your next paycheck. On the next due date, you will have to pay the borrowed amount along with a specific amount of interest.Overall, payday loan online is an excellent financial tool that you can use to help with your financial emergencies.

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SECU's Salary Advance Program — Empowering Members to Save!

RALEIGH, N.C., Nov. 5, 2013 (GLOBE NEWSWIRE) — For years, North Carolina-based State Employees’ Credit Union (SECU) has been steadfast in its efforts to provide a payday lending alternative to members — a low-cost loan with a savings element that empowers members to break the payday lending cycle. Introduced in 2001, SECU’s Salary Advance Loan (SALO), with its unique SALO cash account feature, has saved program users over $400 million in interest compared to typical payday loans with interest rates of 300%+, and currently has close to 144,000 participants with cumulative member savings deposits exceeding $30 million! Over the last decade, SECU has made over 5 million salary loan advances with total lending of more than $1 billion.

SECU’s SALO features a $500 maximum credit ceiling for a loan term of 30 days, with a consumer-friendly Annual Percentage Rate (APR) of 12%. Borrowers are required to place a small percentage of the loan proceeds in their SALO deposit account, which also earns dividends for the member. When the SALO deposit account reaches $500, the loan rate drops to a share secured loan rate — currently 5.50% APR. As savings accrue, members can use their accumulated savings in lieu of additional loan advances to end the payday borrowing cycle. SECU complements the SALO program with financial counseling and education to assist members with long-term financial stability.

Jerry Harmon, SECU’s Chief Lending Officer notes, “The SALO program benefits are significant, providing an affordable loan alternative when emergency funds are needed, while at the same time, helping members save for their financial future. In order to ‘Do the Right Thing’ for members, we must offer programs and services that give them a chance to succeed, not sacrifice their financial well-being.”

About SECU

A not-for-profit financial cooperative owned by its members, SECU has been providing employees of the State of North Carolina and their families with consumer financial services for over 76 years. With more than 1.8 million members, SECU provides services through 252 branch offices, 1,100 ATMs, 24/7 Contact Centers and a website, www.ncsecu.org.

Contact:

Leigh Brady, EVP - Organizational Development
Office: 919-807-8347 | Mobile: 919-327-8869 |
leigh.brady@ncsecu.org

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Payday Loans – Do High Fees Imply High Profits? | Easy Payday …

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Whether a company earns too much or too little cannot be analyzed only by multiplying the fees they charge with the amount of products they sell. The costs of the production, distribution, etc. need also to be taken into account. The same happens when it comes to analyzing payday loan lenders’ profits…

Every company wants to obtain a profit and no one that is acting commercially will lend money out of the goodness of his heart. Yet, lenders dealing with low risk clients and offering regular personal loans with the proper credit verification processes for approval charge lower interests or fees. Thus, there must be a justifiable reason for the high fees charged by payday loan lenders.

What Kind Of Customer Requires Payday Loans?

This is an important question because the niche that lenders address with payday loans is a very particular gap of the financial market which is not filled by other financial products. Payday loans are meant to help those who run into an emergency situation and need the funds to cope with it. They are short term loans, carry small amounts and high fees as explained.

The problem is that those who need financial assistance for such emergencies obviously do not have the savings that they would need to face it. And though it is possible that some unexpected situation may cause that lack of savings, chances are that the one seeking a payday loan for such purposes has a null savings capacity and consequently either a low income or high expenses (or most commonly both).

The Risks Involved In The Transaction

So, what is to be expected of such customers? Truth is that the market analyses show a very high default ratio. Thus, simple math rules that high fees are needed to ensure any kind of profit. If I charge $1 every $100 (12% APR) I would get $1000 in profits every 100 customers borrowing $1000. But if 10% of the borrowers default on the loan, I would be losing $9000.

Instead, payday loan lenders may charge $10 every $100. With the above example and a 10% default rate, they would still make no profit at all. Yet, payday loan lenders have more customers, charge additional fees and make use of different methods to reduce the default ratio to a minimum. They do what every company does: minimize loses and maximize revenues.

Payday Loan Lenders Are Not The Devil

Now that we have de-demonized payday loan lenders, we should explain how payday loans are correctly used because if there is a devil and it is not the lender, it surely is the misuse of payday loans.

Prior to applying for a Badcreditloanservices.com payday loan you need to be absolutely sure that your income will make repayment feasible. If you have doubts about your upcoming income (whether it is your salary or other source) you should refrain from requesting a payday loan.

But most importantly, payday loans should never be used as a regular supply of funds. They are meant for emergencies and thus, they should be used exceptionally and only as a last resort. If due to your credit, you can not apply for other kind of loans, make sure to obtain assistance to repair your credit and cut on your expenses so you will not need to use payday loans as a usual source of financing.

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Debt Consolidation Can Help Get Out Of Payday Loans | Payday …

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It is possible to avoid the problems that may arise due to too many payday cash loans. Consolidating all your debts can provide a way to get out of payday loans.

Payday loan Debt

Getting a payday loan is easy. All you need to have is an internet facility. There are scores of online sites that offer you cash advance with no strings attached. You will only need to fill out an online form and provide proof that you have a steady employment. The money will simply be credited into your account within a matter of two to three hours. This will be against the salary payment you receive at the end of the month and for which you cannot wait.

The only hitch is that this instantly accessible cash advance comes at a high payday loan interest rate. It does not matter as you are getting this cash without any strings attached; so what if you have to pay a slightly elevated amount as interest. But this amount may look big when you find that you have to take another loan to fulfill it. And the cycle goes on till you realize that you have too many loans and not enough means to pay them. The only place this will lead to is bankruptcy.

Solution

When you are in too deep and need to get out of payday loans, you should make sure that all your debts are paid without taking the support of a bankruptcy paper.

Debt consolidation can provide an answer to all your problems. These agencies can support you by consolidating all your debts into a single amount. They will pay off all debts you have accumulated and make sure that the high interest rates are not your problem anymore. The debt consolidation agencies will not only help get out of cash loans but will also assign a credit counselor to you. The counselor will help you analyze the situation and make sure you understand that taking loans cannot solve problems and that when done on a long term will disrupt all your future plans.

Once you get out of payday loans and all your debts are paid off, you will owe only to this single agency. These legitimate organizations will provide you with a secured debt consolidation which is provided against some collateral like your house. In this case, the interest rate comes down drastically as collateral can help decrease the risk.

The other is an unsecured debt consolidation which does not take into account any collateral therefore the interest rate is comparatively on a higher side. But it still is less than the one you would have owed on a payday advance. You have a longer period of time within which you need to repay this amount. This can solve many of your problems considerably.

Conclusion

It is very easy to get into the habit of taking payday cash loans because they are so easily available. But when it becomes too much to repay, you need a way to get out of payday loans. A consolidation of all your debts into single amount can help a lot to get out of these circumstances.

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Quick Tips on Applying For a Payday Loan Online | Advance payday …

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We have all been there before. We budget our salary ever so carefully. We write down which bills must be paid this week. We make a list of what items to buy so that we’d have something to eat until the next payday. But somehow, despite our careful calculations, we still come up short. It’s either we forget an unpaid bill or we run out of money paying for everything that we need to pay for. We are faced with the possibility of financial charges from our creditors or having no extra cash to get you to work the next day. It’s not an entirely hopeless situation but it’s still a situation that you’d rather not be in, right?

In these kinds of situations, there are loans that you can avail of but no other loan is quicker than a payday loan. This is a loan that will let you have the money that you need in 24 hours or less. Availing of one is also very easy because there are only few requirements. Another great thing about this loan is that you can apply for one online. If you are planning to try this method, the following are some tips to keep in mind: Do Your Research: There are probably many lending companies in your area that offer a payday loan online. These lending companies will have different fees and terms. If you do a thorough research, you will be able to find a lending company with payday loan fees and terms that you agree with. There are some websites that actually offer comparisons on rates and policies of lending agencies. These websites will help you in your research. Of course you can also ask someone who’s had some experience on borrowing from certain creditors. Go for Convenience: Different agencies will have different policies when it comes to loan requirements. Some will want you to fax some documents before they process your application. There are institutions, however, that have “fax-less” payday loan online transactions. It would be better if you choose these institutions as they afford you more convenience. Go for Quick: There are some lending companies that will process your payday loan online application on the day they receive the form but you’ll have your money the next day. This is fast, as far as other loans are concerned, but there are some agencies that will send you the money that you need before the day ends. Since you are borrowing money for an emergency, you might want to choose a lending company that is fast when it comes to releasing the money. Look for a Customer Service Hotline: If you have questions about applying for a payday loan online

, it is best to have an employee of the lending company to give you answers. Some websites may have FAQ pages but the answers here may not be enough for you. Thankfully, there are institutions that offer telephone help 24 hours a day, 7 days a week. These companies are concerned about customer service and you will be assured that they care about their borrowers.

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Got a home loan? 5 steps to plan EMIs better

Buying a home and moving into it is a dream of many individuals and home loan is a viable option to make this dream come true. However, buying a house by means of home loans means payment of a hefty amount as down payment, as well as monthly outflow in the form of Equated Monthly Installments or EMIs.

Even if you can actually manage to pay the down payment by collecting from various sources, the monthly EMI is a new strain on your finances.

The fact which should be kept in mind is that the amount you pay as an EMI every month depends on the loan amount you borrow, which again depends on the down payment you made for your house.

Nowadays, most of the borrowers are families where both the spouses are working. As a result, loan eligibility is more, and people think they can afford to borrow more simply because they are eligible to do so.

However, remember that banks grant you loan based on the net take home pay, and not based on what you save. Hence you must borrow only to the extent you can comfortably repay. This means, to buy the house of the same value, you should increase the amount you pay as the down payment. Wait till you can save to pay a considerable amount as down payment, so that your borrowing is reduced. If you still feel that this is a stretch, settle for a house with a lower budget.

Assuming you went ahead and bought a house by shelling out the minimum amount as down payment, by opting for a large loan, but now you face with the predicament of high EMIs. How can you meet your EMIs in a way such that your financial position is comfortable? Here are a few ways to plan your cash flows such that your EMIs are managed:

1. Remember your money is bringing in an asset:

First and foremost, instead of blaming yourself for having bought the house without doing the math correctly, be thankful that your monthly income is going towards servicing a loan for an asset.

2. Streamline a process:

Next, look at how you can streamline a process, which you can follow while you service your home loan. You can start off by analysing where you spend your salary other than on the EMI. Look at areas where you can cut back expenses, especially on the discretionary areas.

For instance, if you find out that expenses on eating out comes to Rs.5,000 per month, look at how you can reduce this – either by reducing the number of outings or cooking attractive options at home which will consume much less money.

3. Create separate accounts for loan and savings:

Have separate accounts for servicing the loan and for savings. When you route all expenses through one savings bank account, it becomes difficult to keep track of the various debits in the account. Furthermore, if both you and your spouse are working, then there will be income credits in both your salary accounts. Discuss and take a joint decision before-hand on the expense heads which will be debited from your account and your spouse’s account.

For example: you can decide to pay for all utility bills and household expenses from your account, while your spouse’s income can be used for meeting lifestyle expenses. When you have different accounts for tracking different expenses, it becomes more disciplined and easier to control expenses. This will also allow you to track patterns of your expenses on the same head in different months. Spending less means saving more, and this automatically makes your cash flow position comfortable.

4. Maintain a contingency fund:

You should always maintain a contingency fund which will help you pay your EMIs in case of emergencies. Remember that when you take a home loan, it is your duty to service the loan under any circumstances. A failure to service your EMIs promptly will mark you as a defaulter, and as a result cause a dip in your credit score. Your contingency fund should be able to service at least 3 EMIs comfortably, if there is an emergency. Start building this corpus gradually in small installments when you begin your home loan.

5. Use extra money to prepay your loan:

If you have any excess savings during the month, invest in good quality mutual funds, which will give you good returns over the long term. If you build a healthy corpus at the end of 2 or 3 years, you can partly prepay your home loan to bring down the EMI amount or tenure.

Whenever, you receive any windfalls or sudden gains, use it wisely by partly prepaying your loan, instead of spending it on purchasing unnecessary luxuries. When you partly prepay your loan, you can either choose to reduce the overall tenure of the loan, or bring down the EMI amount. If monthly cash flow position is really tight, then you can choose to cut down the EMI till your cash flows improve. However, this strategy might not be as useful as bringing down the overall tenure of the loan. This will reduce the total interest outflow.

Some banks offer you a step-down EMI option, wherein you can bring down your EMI amount temporarily, till your income and cash flows stabilise, and then increase it back to the usual level using a step-up EMI option.

BankBazaar.com is an online loan marketplace.

Disclaimer: All information in this article has been provided by BankBazaar.com and NDTV Profit is not responsible for the accuracy and completeness of the same.

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