Hotel Rates – Gillan's Inn http://gillansinn.com/ Mon, 19 Sep 2022 18:09:57 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://gillansinn.com/wp-content/uploads/2021/06/cropped-favicon-2-32x32.png Hotel Rates – Gillan's Inn http://gillansinn.com/ 32 32 Savers, now is the time to choose an online bank https://gillansinn.com/savers-now-is-the-time-to-choose-an-online-bank/ Mon, 19 Sep 2022 16:40:49 +0000 https://gillansinn.com/savers-now-is-the-time-to-choose-an-online-bank/ You should reconsider the bank you use, at least for some of your savings. If you’re a customer of one of the major retail banks, chances are you’re leaving real money on the table. High-yield online savings accounts are finally starting to look like they’re actually high-yielding — or at least higher-yielding than they’ve been […]]]>

You should reconsider the bank you use, at least for some of your savings. If you’re a customer of one of the major retail banks, chances are you’re leaving real money on the table.

High-yield online savings accounts are finally starting to look like they’re actually high-yielding — or at least higher-yielding than they’ve been in recent years.

After keeping rates depressingly low during the pandemic and through the first half of this year, companies like Synchrony and Marcus, the consumer bank of Goldman Sachs Group Inc., have started offering more. For example, Marcus recently increased his payment for a savings account to 1.9%, or 2.9% (for three months) for customers who refer a friend.

Overall, the average return of online savings accounts saw the largest monthly gain in at least five years between August and September, according to Ken Tumin, founder of DepositAccounts.com. As the Fed prepares to raise rates again this week, Tumin says he expects many high-yield savings accounts, many currently paying more than 2%, to rise above 3%.

But don’t think that means the biggest traditional banks will follow. Since savings account interest rates aren’t really regulated, there is a wide variety and it ultimately depends on how a bank wants your money. Currently, the average for all banks, many of which are brick and mortar, is 0.13%.

Household names have record levels of deposits following consumers receiving stimulus payments and spending less during the pandemic. Although there were a few outflows in the last quarter, deposits are still well above pre-pandemic levels and the big banks don’t really need to attract new customers. Jamie Dimon of JPMorgan Chase & Co. said this last year – unsurprisingly, Chase’s savings account rate is currently 0.01%.

Which means if you haven’t transferred money to an online savings account, what are you waiting for?

I know we’re not talking big bucks. But it will accumulate over time. Let’s say you have $25,000 in a high-yield online savings account; at a rate of 3%, you will earn more than $760 per year. Keep this account for a decade without investing any extra money and it will grow over $8,700 to $33,746.

Unfortunately, consumers tend to be quite attached to their current banks. A January survey by Bankrate shows that the average US consumer has kept the same savings account for nearly 17 years. Even among young people, or those in their late 20s and early 30s, savings accounts are typically held for more than seven years.

In addition to the higher payout, it can be helpful to keep money in an online savings account, separate from your daily checking account, as this creates a barrier. You can set up an online savings account as a place for emergency savings, a down payment, or a vacation, to earn more — and be less tempted to tap into it.

Just be sure to review the terms and make sure you understand what is required in terms of minimum balances to avoid maintenance fees, or if there is a cap on how much interest you can earn at course of the year. Often the online banks that offer the highest rates will do so in exchange for you paying out a set amount of money or maintaining a certain balance. Take UFB Direct – you’ll earn up to 2.6%, but you’ll be hit with a $10 monthly fee if your balance is below $5,000. Also, beware of fintech companies that tempt you with returns above 4%, but aren’t. necessarily the banks. You should only give your money to an institution backed by the Federal Deposit Insurance Corp., which means that if it goes bankrupt, you’ll be covered for up to $250,000.

Finally, if you’re looking for something more profitable in online banking, rates on certificates of deposit, where you lock in money for a set period of time, have also jumped. The catch with these is that the rate is fixed – you’ll be locked in for the duration of the CD – and if online savings account rates continue to climb, you could miss out.

When it comes to savings accounts, it doesn’t have to be all or nothing. At the very least, keep your old bank, but add an online savings account. The few minutes it takes to fill out some personal information is well worth $8,700.

More writers at Bloomberg Opinion:

• Plastic could make you obese: Mark Buchanan

• Inflation? Labor is the biggest problem: Tyler Cowen

• Resist the siren song of 40-year mortgages: Alexis Leondis

This column does not necessarily reflect the opinion of the Editorial Board or of Bloomberg LP and its owners.

Alexis Leondis is a Bloomberg Opinion columnist covering personal finance. Previously, she oversaw tax coverage for Bloomberg News.

More stories like this are available at bloomberg.com/opinion

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10 Best Loans No Credit Check & Bad Credit Loans With Guaranteed Approval https://gillansinn.com/10-best-loans-no-credit-check-bad-credit-loans-with-guaranteed-approval/ Thu, 15 Sep 2022 14:10:00 +0000 https://gillansinn.com/10-best-loans-no-credit-check-bad-credit-loans-with-guaranteed-approval/ Disclaimer: This is sponsored content. All views and opinions are those of the advertiser and do not reflect the same of WFTS. Not everyone is happy to show off their credit score because they might not have an impressive score. However, presenting a credit score is an obligation if you wish to benefit from a […]]]>


Disclaimer: This is sponsored content. All views and opinions are those of the advertiser and do not reflect the same of WFTS.


Not everyone is happy to show off their credit score because they might not have an impressive score. However, presenting a credit score is an obligation if you wish to benefit from a loan from a bank. Banks will not accept your loan application unless you have a credit score. Presenting a credit score is not enough. You must have an impressive score to get approval.

Banks consider a credit score as a mark of financial stability, and when it is not up to par, they are reluctant to grant a loan to the applicant. Does this mean that bad credit scorers have nowhere to go? Well, that’s not true. You can still qualify for a loan with bad credit.

All you have to do is look around and select a reliable online bad credit loan provider. The main platforms that use direct lenders without a credit check with guaranteed approval are:

1. WeLoans Try it for extremely bad loans without any credit checks

2. CocoLoan Bad Credit Personal Loans Guaranteed Approval and Flexible Repayments with CocoLoan

3. BadCredit loans in the United States Loans for bad credit without a credit check without any collateral

4. iPaydayLoans Take advantage of a quick loan without a credit check with no-obligation quotes

5.American Installment Loans No credit checks, no guarantees, fast approvals and flexible refunds

6. BadCreditLoans Looking for loans near me without a credit check? Try BadCreditLoans today

seven. BadCredit loans in the UK Best loans without a credit check at an affordable cost

8. Payday Loans UK Bad credit payday, installment and personal loan for everyone

9. Quick Securities Lending Need a title or personal loan without a credit check? Try fast title loans

ten. Easy payday loanBorrow money without a credit check at an affordable cost

And of these 10, our most favorite no credit check personal loan services are:

WeLoans

Paid content

Try WeLoans when you need extremely bad credit at an affordable cost. The platform has a large network of soft credit check and no credit check direct lenders who are native and have a trustworthy image.

These lenders will ask no questions before approving a loan for bad credit. They will check if you have a stable job or a source of income. If you have them, you have nothing to worry about.

In no time, your application for a personal loan without a credit check will be approved and the funds can be transferred the same day if the amount is not too high.

Are you too afraid to share sensitive information? Let that fear go because the platform is completely secure. It has an SSL certificate and is backed by military-grade encryption. With these two tools, the platform protects the information you share with dignity.

Advantages

  • Very intuitive interface
  • Less distraction when applying for a loan
  • Real-time quote comparison for a personal loan without a credit check

The inconvenients

WeLoans – For Better Loans no credit inquiry at an affordable interest rate >>

CocoLoan

3 CocoLoan.png

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When you need to find reliable loans near me with no credit check, nothing can beat what CocoLoan offers. The platform has a very advanced AI and lots of bad credit lenders.

As soon as you enter your requirement on the platform, the AI ​​will start digging into the database and deliver the relevant results soon. The search results are so suitable that you will hardly face any problem in connecting with the provided lenders.

Cash loans no credit check platform has managed to gain huge name and fame across the world due to its institutional interface. It is so easy to use that even beginners will have no problem using it.

You don’t have to worry about blundering as the platform will not confuse newbies in any way. If you have no prior experience qualifying for a bad credit no check loan, there is also nothing to worry about. The quotes you will receive with CocoLoans are so detailed that you will have little trouble deciding which quote is the best.

Advantages

  • It will help you find lending places near me without credit check
  • Quick approval without credit check
  • Several quotes at once for personal loans without a credit check

The inconvenients

  • Too many quotes can make things confusing for some.

Find rLoans without credit check without riskyou affordable interest rates CocoLoan>>

BadCredit loans in the United States

4 USBadCreditLoans.png

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If you need to avail small loans no credit check, you must try BadCredit loans in the United States today. The platform allows availing loans from $50 to $5000 without any hassle.

You don’t have to get involved in so much paper work or documentation. As long as you have a stable job or a source of income, you are ready to opt for no credit check loans.

The best part of using bad credit loans from this platform is that you have flexible repayment methods.

We cannot escape refunds. But, when flexibility is granted, you have it easy. You can decide on a monthly installment and a repayment term, which is great.

If you manage to collect funds sooner, you can repay the lump sum and remain tension-free. There are no fees imposed for early repayment, which is also a great feature.

We like that the platform offers multiple quotes. When you have many quotes, it is easy for you to make decisions.

Advantages

  • Secure and simple site
  • Flexible repayment terms
  • Affordable interest rate for bad credit

The inconvenients

Get Small Payday Loans Online No Credit Check With Fast Approval – BadCredit loans in the United States >>

Conclusion: don’t lose hope

We agree that having a bad credit rating can make things dark and disappointing. But, you have to understand that it’s not the end of the world. You must keep hope and refer to the best online loans platforms without credit check which we have just discussed in this article.

Although all three platforms deserve your consideration, we still recommend the top three picks, WeLoans, USBadCreditLoan, and CocoLoan. They all have a very impressive lender network that goes through extensive background checks. Therefore, things are simple, straight and secure with them.

The best part is that they can provide various types of bad credit loans through direct lenders with no credit check. Whether you need a small installment loan or a payday loan, you’ll get it instantly. So don’t let bad credit define you. Try these online marketplaces and avail loans without credit check.

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$500 Payday Loans Online: Guaranteed Approval for Bad Credit at Gad Capital https://gillansinn.com/500-payday-loans-online-guaranteed-approval-for-bad-credit-at-gad-capital/ Mon, 12 Sep 2022 12:30:37 +0000 https://gillansinn.com/500-payday-loans-online-guaranteed-approval-for-bad-credit-at-gad-capital/ Customers can obtain payday loans from direct lenders in the form of short-term personal loans. Depending on when this happens, the period will end on your next payment or 31 days after the loan agreement. It rarely exceeds 31 days, depending on the contracts. The borrower must make the check payable to the lender. When […]]]>

Customers can obtain payday loans from direct lenders in the form of short-term personal loans. Depending on when this happens, the period will end on your next payment or 31 days after the loan agreement. It rarely exceeds 31 days, depending on the contracts. The borrower must make the check payable to the lender. When signing the contract, this check must be presented. The amount of the check indicates the total amount of the sanctioned pay day. The amount credited to your account is the same as the approved amount, less interest and applicable fees.

This means that the lender receives the interest on the loan amount up front, but you have to repay the principal at the end of the time. Some debtors can quickly withdraw money from their bank account via the Internet.

These loans have attractive terms for potential borrowers. There is no need for a credit check or teletrack for these cash advances. This means that the loan will be granted even if the borrower has a history of default.

You should expect to pay between 15% and 30% of the loan principal in interest on a payday loan. These cash advances are expensive compared to traditional personal loans. Conventional loans, on the other hand, may not be your best option in an emergency.

People usually look for payday loans when they have an immediate financial need. Because no credit check or paperwork is required, they are much faster than traditional personal loans. If you need a $500 payday loan right now and are looking for direct lenders that offer $500 payday loans, keep reading.

What is a $500 payday loan?

Payday loans are small, short-term loans you can get if you need money quickly. When a loan is obtained, it is common for the borrower to repay it in a month or less. Ask the direct lender how your loan works.

The fact that internet lenders have a high acceptance rate for loans up to $500 is a significant advantage. Even if your credit score is as low as 500, you can still get a payday loan and the money you need right now. Payday loans offer everyone a fair opportunity to manage unexpected financial needs because they do not require faxing, can be approved quickly, and do not undertake extensive credit checks.

What should I do with my $500 online loan?

There are no restrictions on how the money can be spent for internet loans. Most people use payday loans to cover unexpected expenses such as medical bills, car repairs, utility bills, rent, and other necessities. You should only take out a loan like this if you need money for an emergency.

What is a $500 loan without credit check?

A payday loan, often called a cash advance, is a quick way to get funds from a lending institution ranging from $100 to $500. The amount you can borrow is often proportional to your monthly salary. Your credit score isn’t that important, and if you need $500 but have bad credit, lenders will review your personal information and decide within seconds, based on what they find.

Which is worse, having no credit, bad credit, or no credit? Welcome! You cannot receive a wide range of financial assets without bad credit. This question will be approached differently by different payday loan companies. Even if you have a low credit score, this won’t be a problem, as many creditors just check it quickly. All you need if you need a $500 loan right away is proof that you are making enough money each month.

Are there credit checks for a $500 loan?

Direct lenders like GadCapital generally perform light credit checks rather than in-depth checks. This means that they only consider general information about your income and other vital details. They do not perform the thorough checks required by the credit bureaus, but instead rely on other data companies. Do not worry ! These queries will not affect your credit history.

Why should I get a $500 loan with bad credit?

When people need money to meet unexpected expenses like medical bills, car repairs, and utility bills, they usually turn to payday loans. It is not uncommon to want financial assistance due to sudden expenses. This is the main reason people with bad credit can get a $500 payday loan.

What are the criteria for a $500 loan?

Most borrowers will be able to meet the exact requirements for online payday loans and be considered. To qualify for a $500 loan, you must first meet the conditions below.

  • Have a stable income
  • be 18 or older
  • be a US citizen or permanent resident
  • and have a cell phone, email address and checking account.

Some credit institution standards may differ slightly from those of others. Certain state laws may impose additional restrictions. Before applying, you should research the prerequisites for your specific field. The majority of them are quite simple for the average person to do.

How does a $500 loan work?

You must submit a loan application form to qualify for a $500 loan. Our network distributes your loan application to over a hundred direct lenders. This process is completed entirely with digital equipment in less than 90 seconds. The credit institution will contact you if your application is approved.

Read the terms and conditions of the loan carefully, especially the sections that deal with fees, charges, etc. If you have no further questions, you must sign the contract. Funds will be deposited into your account no later than the next business day, depending on the lender’s cut-off times.

You will be able to support yourself as soon as you receive the funds. When payment is due, the lender withdraws the funds from your account. Determine if the budget has sufficient funds to avoid late payment penalties.

What types of $500 loans can I apply for?

Traditional lenders, like banks, prefer larger loans; therefore, a loan of $500 is unlikely to be considered. They also won’t lend you money if you have bad credit. The good news is that resourceful lenders are now ready to give you a $500 loan.

Car title loans

With these loans, you can borrow a few hundred or a few thousand dollars for a few months. You could lose your car if you don’t pay. Only 15 states allow this type of financing.

Payday loans

Payday loans are the best way to get $500 without going through a credit check. They are short-term, so you should expect to pay the money back within a few weeks.

A personal loan of $500

This is a short-term loan where you repay the money in monthly installments rather than all at once. Most of the time, you will need to borrow at least $1,000 to qualify for one of these loans.

Can I qualify for a $500 payday loan despite my bad credit score?

The field of finance is subject to continuous change. Traditional lenders will primarily consider your credit score when deciding whether or not to give you a loan. Payday lenders never check a borrower’s credit history. They place more emphasis on your current income as a predictor of your ability to repay the loan, as they believe this is the most important aspect.

A borrower’s credit history is rarely reviewed throughout the loan application process. Your new application will likely be denied if you have already defaulted on a payday loan.

The good news is that it will only take a few minutes to complete the application, and once it is approved, you will receive the funds the next business day.

How can I increase my chances of getting a $500 loan?

  • 100 payday lenders will assess your application through our referral service. Fear nothing. They get called and don’t get your details until you pay.
  • Show your income. Most lenders won’t lend you without a stable income.
  • Prepare to spend 5 minutes filling out the loan application form and 15-20 minutes reviewing the terms and conditions.

$500 loan – how much does it cost?

Most of the overall cost of a loan is made up of principal, interest, and sometimes other fees. The APR is used to calculate interest. This varies from lender to lender and state to state. To help you understand the numbers, we’ll use an example of a $500 payday loan with a 30-day term and an average APR of 300%.

Charlotte Robel Content Manager at Gad Capital

As Content Manager for Gad Capital, Charlotta Robel wants to help you learn the specifics of financial matters and help you find the best solution for your needs, whether it’s borrowing money or to earn money in other ways, or to improve the quality of your credit score.

She holds a doctorate in medicine with a specialization in philology is one of the most renowned universities. Certified member of the New York State Business and Digital Asset Assessment Board. Charlotta holds an undergraduate education from a major European school. She is fluent in English, German, Italian and Russian. For over 10 years, Charlotta has been involved in blogging and content writing, reviewing feature or article writing, editing and many more.



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Experts offer solutions to loan shark data breach – The Eagle Online https://gillansinn.com/experts-offer-solutions-to-loan-shark-data-breach-the-eagle-online/ Sun, 11 Sep 2022 17:10:35 +0000 https://gillansinn.com/experts-offer-solutions-to-loan-shark-data-breach-the-eagle-online/ Participants at the first Consumertrics workshop, held in Lagos, advocated for proper regulation of digital loan sharks. Experts, speaking on Responsible Borrowing and Lending: Balancing Access to Credit and Consumer Protection, lamented the unethical practices of many loan sharks and the habitual breach of consumer data privacy financial. Muyiwa Ayojimi, CEO of Consumertrics, called for […]]]>

Participants at the first Consumertrics workshop, held in Lagos, advocated for proper regulation of digital loan sharks.

Experts, speaking on Responsible Borrowing and Lending: Balancing Access to Credit and Consumer Protection, lamented the unethical practices of many loan sharks and the habitual breach of consumer data privacy financial.

Muyiwa Ayojimi, CEO of Consumertrics, called for stricter enforcement of consumer protection laws.

He said the banks’ rigorous lending processes have erected barriers within the country’s huge credit market, giving rise to the proliferation of illegal loan sharks.

Babatunde Irukera, CEO of the Federal Competition and Consumer Protection (FCCPC), said the practices of many digital lenders violate Section 17 of the FCCPC Act.

Irukera spoke through his representative Marvin Nadah, the deputy director of law enforcement at the commission.

Some of the violations, he said, include “high interest rate on loans; default charges and unethical loan collection methods. He added that the agency, the Central Bank of Nigeria (CBN) and other institutions are collaborating to ensure compliance with regulatory guidelines.

Clem Omife, deputy director of consumer affairs representing the executive vice-chairman of the Nigerian Communications Commission (NCC), Prof. Umar Dambatta, said the CBN should learn from its Kenyan counterpart on how it effectively regulates digital lenders.

Ridwan Oloyede, a data privacy professional, said some digital loan sharks use specific software development kits that allow them to monitor borrowers’ real-time activities, including their intimate moments. He said consumers should be careful when granting loan sharks access to their mobile data, as it leaves them vulnerable to privacy invasion. He urged digital lenders to allow states to exercise strict oversight, like their federal counterparts.

Olawale Eleto, Head of Credit Analytics for Corporate Banking, Union Bank of Nigeria Plc, agreed that digital lenders require strict oversight. He said, however, that some borrowers are only looking to defraud lenders. He therefore urged lenders and borrowers to act responsibly.

Other panelists who spoke at the workshop included Dr. Jamelaah Sharieff-Ayedun, Managing Director of CreditRegistry; Femi Daniel, Senior Regional Privacy Advisor, Mastercard (for Eastern Europe, Middle East and Africa); Clem Baiye, former NCC National Commissioner and Independent Director of Transmission Company of Nigeria; Afolabi Solebo, Chief Executive Officer of the Lagos State Consumer Protection Agency (LASCOPA); Olawale Eleto, Head of Credit Analysis (for Corporate Banking), Union Bank of Nigeria Plc.

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Former Louisiana woman charged with preparing more than 110 fraudulent PPP loans totaling more than $1.1 million | USAO-EDLA https://gillansinn.com/former-louisiana-woman-charged-with-preparing-more-than-110-fraudulent-ppp-loans-totaling-more-than-1-1-million-usao-edla/ Fri, 09 Sep 2022 21:13:49 +0000 https://gillansinn.com/former-louisiana-woman-charged-with-preparing-more-than-110-fraudulent-ppp-loans-totaling-more-than-1-1-million-usao-edla/ NEW ORLEANS, LOUISIANA – U.S. Attorney Duane A. Evans today announced the indictment of SHARNAE EACH (“ALL”), 27, of Houston, Texas, who has been charged with one (1) count of conspiracy to commit mail fraud contrary to Title 18, United States Code, Section 1349 and two (2) counts of mail fraud in violation of Title […]]]>

NEW ORLEANS, LOUISIANA U.S. Attorney Duane A. Evans today announced the indictment of SHARNAE EACH (“ALL”), 27, of Houston, Texas, who has been charged with one (1) count of conspiracy to commit mail fraud contrary to Title 18, United States Code, Section 1349 and two (2) counts of mail fraud in violation of Title 18, United States Code, Section 1341.

The case against ALL began following a referral to the COVID-19 Pandemic Response Accountability Committee (“PRAC”) regarding possible fraudulent Paycheck Protection Program (“PPP”) loans. Investigators determined that there were at least 110 PPP sole proprietor loan applications in and around the Thibodeaux, Louisiana area, and that they all had the same federal tax bills and forms (“Appendix C”). with the same trade name and the same amounts.

According to today’s indictment, ALL created a fictitious business called “Natural Hair Afro, LLC, Houma, LA 70360” and used this fictitious business name on almost all fraudulent PPP loan applications. ALL advertised under various pseudonyms on Facebook to recruit individuals for money from the PPP program. ALL prepared and submitted false and fraudulent PPP sole proprietor loan applications through various online portals, including but not limited to Blueacorn. ALL created all false and fraudulent invoices, bank statements and annexes. ALL falsely certified that the applications and information provided in the supporting documents were true and accurate when she electronically submitted the fraudulent PPP loan applications.

ALL charged $45.00 to $120.00 to the people she recruited to prepare and submit the fraudulent PPP application. ALL mainly used Cash App to receive initial payments. ALL then charged around $3,500.00 once the loans were funded. ALL received these funds in her checking account, her Cash App account or in her boyfriend’s checking account.

If he is convicted, ALL faces a maximum sentence of twenty (20) years, followed by a period of supervised release of up to three (3) years, a fine of up to $250,000.00, or twice the gross gain to the defendant, or twice the gross loss for any victim, and a mandatory special assessment fee of $100.00, per count.

US Attorney Evans reiterated that the indictment is only an indictment and that the defendant’s guilt must be proven beyond a reasonable doubt.

On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to mobilize Department of Justice resources in partnership with government agencies to scale up enforcement and prevention efforts. pandemic-related fraud. The task force strengthens efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies administering relief programs to prevent fraud, among other methods, by increasing and integrating coordination mechanisms existing ones, identifying resources and techniques to uncover fraudulent actors and their agendas, and sharing and leveraging information and knowledge gained from previous enforcement efforts. For more information on the Department’s response to the pandemic, please visit https://www.justice.gov/coronavirus. The Veterans Administration, Office of the Inspector General is an active member of the PRAC Fraud Task Force.

For more information on the Department of Justice’s response to the pandemic, please visit https://www.justice.gov/coronavirus. Anyone with information about alleged attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF’s online complaint form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

The United States Attorney’s Office also wishes to thank the Veterans Administration, Office of the Inspector General for their assistance; United States Department of Labor, Office of the Inspector General; United States Department of Homeland Security, Homeland Security Investigations; and the United States Secret Service Cyber ​​Fraud Task Force, consisting of the Jefferson Parish Sheriff’s Office, the Lafourche Parish Sheriff’s Office, the Thibodeaux Police Department, and the Louisiana on this case. The prosecution of this case is being led by Assistant United States Attorney Brian M. Klebba, Chief of the Financial Crimes Unit, and Assistant United States Attorney Edward Rivera, COVID-19 Fraud Coordinator.

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Over £8bn in overdue bounce loans, new figures show https://gillansinn.com/over-8bn-in-overdue-bounce-loans-new-figures-show/ Mon, 05 Sep 2022 17:07:32 +0000 https://gillansinn.com/over-8bn-in-overdue-bounce-loans-new-figures-show/ Businesses are either behind or in default on £8.4billion of government-backed Covid loans, according to new figures released on Monday. New figures from the Department for Business, Energy and Industrial Strategy show a sharp rise in claims on the government guarantee of dozens of UK banks. In July, the government had paid out £1.2bn to […]]]>

Businesses are either behind or in default on £8.4billion of government-backed Covid loans, according to new figures released on Monday.

New figures from the Department for Business, Energy and Industrial Strategy show a sharp rise in claims on the government guarantee of dozens of UK banks.

In July, the government had paid out £1.2bn to banks for defaulted loans by small businesses.

It has more than tripled from the £350m the Treasury was forced to cover under the Bounce Back loan scheme in March.

The banks are also asking the government to repay them an additional £2.6bn in loans, up 63% since March.

He said a further £1.4bn of loan takers defaulted on their repayments, down 26%. Many of those who defaulted in March were likely among those for whom banks are now demanding payment.

Meanwhile, businesses that borrowed a total of £3.2billion had fallen into arrears, the department revealed, the same amount as three months earlier.

The news comes nearly two and a half years since the Bounce Back Loan Scheme was launched at the start of the pandemic.

It was launched to funnel money to small businesses up and down the UK that had been forced out of business due to lockdowns.

Billions of dollars flew in the early days of the scheme and by the end £46.6bn had been loaned out. Businesses could borrow up to £50,000, or 25% of their turnover.

But the scheme has also raised concerns about fraud. Checks on companies that took out a rebound loan were minimal out of necessity – the money had to get to the companies as soon as possible.

The banks were told that if they could not recover the companies’ money, the government would step in to cover the lost money.

But fraud was also commonplace in the scheme. Lenders say they prevented £2.2bn of loans to fraudsters, but they suspect £1.1bn of loans still went to fraudsters.

“It is regrettable that some have made the decision to take advantage of this lifesaving intervention by defrauding the scheme for their own financial gain,” the ministry said.

“The government has always been clear that anyone who seeks to do so faces prosecution.”

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Listen Now: True crime, money-saving tips, the disappearance of the Great Salt Lake, and lenient college loans | National https://gillansinn.com/listen-now-true-crime-money-saving-tips-the-disappearance-of-the-great-salt-lake-and-lenient-college-loans-national/ Sat, 03 Sep 2022 15:15:00 +0000 https://gillansinn.com/listen-now-true-crime-money-saving-tips-the-disappearance-of-the-great-salt-lake-and-lenient-college-loans-national/ If you’re heading out of town for the holiday weekend or just need something to listen to while working from home, we’ve got you covered with a variety of podcasts. Our latest episodes cover topics such as true crime, finance, weather and sports: The disappearance of Sydney Loofe A new season of Late Edition: Crime […]]]>

If you’re heading out of town for the holiday weekend or just need something to listen to while working from home, we’ve got you covered with a variety of podcasts.

Our latest episodes cover topics such as true crime, finance, weather and sports:

The disappearance of Sydney Loofe

A new season of Late Edition: Crime Beat Chronicles is available and we are traveling to Wilber, Nebraska. In 2017, 24-year-old Sydney Loofe quit her job to go on a second date with someone she met on a dating app, and she never came home. The events that followed focused on Aubrey Trail and Bailey Boswell, who were ultimately convicted in the case, and were bizarre in the way they played out on social media and in the courtroom.

The first two episodes are available now and two more are on the way.

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The technologies that thrill online personal lenders https://gillansinn.com/the-technologies-that-thrill-online-personal-lenders/ Thu, 01 Sep 2022 17:32:00 +0000 https://gillansinn.com/the-technologies-that-thrill-online-personal-lenders/ Although customer satisfaction is generally highest among people who apply for loans in person rather than online or over the phone, two online lenders challenge this norm. One, Goldman Sachs’ Marcus, topped JD Power’s recent personal lender rankings. Another, Upstart, came in seventh out of 22 (the ranking only reflects borrowers who recognize Upstart as […]]]>

Although customer satisfaction is generally highest among people who apply for loans in person rather than online or over the phone, two online lenders challenge this norm. One, Goldman Sachs’ Marcus, topped JD Power’s recent personal lender rankings. Another, Upstart, came in seventh out of 22 (the ranking only reflects borrowers who recognize Upstart as a lender). American Express, which ranked third, also appears to be enjoying a boost in satisfaction from advances in technology.

“This in-person ability to ask questions, probe, understand need and make recommendations resonates with clients,” said Craig Martin, Managing Director and Global Head of Wealth and Lending Intelligence at JD Power, explaining the general preference for human loan officers. .

JD Power’s 2022 Consumer Loan Satisfaction in the United States Study found that personal loans were “filling the void left by pandemic-era relief efforts,” with customers being attracted by the competitive rates, easy access and variety of options; a July study by the company found they were most often used to pay off debt and supplement income due to lost wages. Experian found that the number of personal loan accounts grew 16% over the past year, while TransUnion reported in August that the number of consumers with credit cards and personal loans had reached record highs in the past year. second quarter of 2022. In credit unions, unsecured lending grew 13% in the first six months of 2022, compared to 0% annual growth in the first six months of 2021, according CUNA Mutual Group.

An overview of how top performing digital lenders work can be instructive for both bank and non-bank lenders. For example, lenders with the most satisfied customers often use artificial intelligence and machine learning to speed up processes. They provide online application forms that prioritize what matters most to customers, such as loan amount and monthly payment, rather than asking for customer information upfront.

Mark is an example of the latter.

Martin says a colleague at JD Power tried to get a personal loan from his local bank and was discouraged when told to go online or make an appointment.

“He went to see Marcus and it was easy, quick and simple,” Martin said. “Even after he completed the process, they came back with follow-up communication on when his payment was due.”

Ilya Gaysinskiy, global head of engineering for Goldman Sachs’ consumer business and head of the consumer and wealth management platform, attributes customer satisfaction to a few things, one being the design of the application.

“We did a lot of research to figure out what resonates the most,” Gaysinskiy said. For example, the bank has found that customers want to know how much they will pay per month. Registration begins by asking applicants to select the loan size they are looking for and the approximate monthly payment they are aiming for. Then he enters personal information such as name and annual income.

“We look at it from a client-centric perspective, or what they’re trying to achieve, versus what information we need to get the loan approved,” Gaysinskiy said.

Another is the call center, which is staffed around the clock. Agents aim to respond to all customers within 30 seconds.

“It continues to build confidence,” Gaysinskiy said. “On the one hand, there’s a modern digital experience. On the other, there’s the peace of mind that a human is a phone call away.”

Assets received emphasizes speed. The company relies heavily on artificial intelligence and machine learning to approve and underwrite loans.

“Upstart executes the application approval process well, including how quickly people are approved,” Martin said. Customers with lower credit can expect rigorous application review with more documentation required, but Martin finds Upstart provides a more seamless experience that exceeds customer expectations.

Michael Lock, senior vice president of lending partnerships at Upstart, says the application takes an average of five minutes to complete and each applicant gets an instant credit decision. It also says that 73% of loans are instantly approved and fully automated without applicants having to send in any documentation.

“They’re a good example where technology plays a key role,” Martin said.

Lock credits the machine learning models that Upstart has been honing for about eight years. About three-quarters of the decision is made using traditional credit data, but Lock says Upstart digs deep into credit data, “not just the loans I have and payment history,” a- he declared. “Traditional models look at a very small subset of data in credit files.” Another quarter of Upstart’s credit decision relies on alternative data, including the candidate’s education level and occupation, to make predictions about employability.

“There was some controversy that we used the education factor – ‘you just want to lend to people who went to Harvard and Duke’ – but the model looks at the average income levels of an outgoing student” , or a recent graduate, Lock said.

The company has also used artificial intelligence and machine learning over the past four years to verify certain details to ease the burden on customers to back up their claims with documents such as W-2s. Typically, Upstart relies on third-party databases to verify that, for example, the annual income an Oklahoma nurse enters in her application matches what third-party sources record for the same job and same place.

“By connecting to the databases, we can perform this verification in real time in 73% of cases,” Lock said. For the 27% of loans that cannot be verified digitally, Upstart favors digital methods of uploading documents, such as asking the applicant to take a photo of a document with their phone instead of emailing a PDF .

“Email is the new snail mail,” Lock said.

American Express, which makes its personal loans available to consumer cardholders only, allows customers to verify pre-approval by logging into their accounts. Most cardholders know if they’re approved within minutes, said Kristen McGinnis, vice president of U.S. personal loans at American Express. The company also pre-fills the applications.

“American Express is ahead of the curve because it knows the customer, knows their needs, and can position an offer appropriately based on that customer’s behaviors and habits,” Martin said.

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How advisors can protect their clients and their data online | Financial advisors https://gillansinn.com/how-advisors-can-protect-their-clients-and-their-data-online-financial-advisors/ Tue, 30 Aug 2022 19:57:00 +0000 https://gillansinn.com/how-advisors-can-protect-their-clients-and-their-data-online-financial-advisors/ With the anonymous and remote nature of the crime, cyberattacks are a growing problem for financial advisors. In 2021, there were more than 300 million victims of cyberattacks, according to a study by Harris Poll. Not surprisingly, the study also showed that nearly 80% of internet users are concerned about their online safety. Data from […]]]>

With the anonymous and remote nature of the crime, cyberattacks are a growing problem for financial advisors. In 2021, there were more than 300 million victims of cyberattacks, according to a study by Harris Poll. Not surprisingly, the study also showed that nearly 80% of internet users are concerned about their online safety.

Data from RiskSecurity also showed that 22 billion records were exposed to cyberattacks in 2021. And most breaches are motivated by financial reasons.

Financial advisors who handle client data and money must include cybersecurity as a top priority. Essentially, cybersecurity has become an essential part of providing objective financial planning advice. Helping clients plan to achieve their financial goals without worrying about how to protect their money is now inadequate.

Here are three categories of tools financial advisors can offer their clients to help keep them safe online so their hard-earned money is safe from cybercriminals:

  • General purpose data protection tools.
  • Finance-specific data protection tools.
  • Bank-specific data protection tools.

General purpose data protection tools

They are cybersecurity tools that protect users’ data, privacy and identity on the Internet. They do this by monitoring users’ activities on the Internet and alerting them to any possible data, privacy and identity breaches.

Examples

This software provided by Norton has three key components: identity, security and privacy. LifeLock detects and alerts users to potential identity theft, security threats and privacy breaches.

LifeLock’s system includes privacy and dark web monitoring, credit monitoring, data breach notifications, credit file locking, payday loan checks, and identity and phone number alerts. social Security.

In addition to notification, LifeLock also helps resolve any cyberattack and reimburses users up to $1 million for amounts lost due to the attack and any external costs incurred in its resolution, such as hiring lawyers and experts.

Identity Guard is integrated with IBM’s Watson, allowing it to predict which activities will expose a user to cyberattacks and provide real-time threat alerts. Like LifeLock, it crawls the internet and notifies users of any cyber threats. This includes social security number and credit monitoring, dark web monitoring, and account takeover detection.

Like LifeLock, it provides up to $1 million in reimbursement for cyberattacks. However, this reimbursement is limited to the money actually lost and not to the money paid for the services of lawyers and other experts.

Owned by Equifax, ID Watchdog also provides a wide range of cybersecurity services that include alerts for risky loans, social media account takeover, tampering with public records and addresses, and cyberbullying. It also has features specifically designed for child protection.

There is up to $1 million in insurance for identity theft, including 401(k) losses.

How Financial Advisors Can Use Them

Although financial advisors are primarily responsible for wealth management, they can also help clients understand the need for internet security and how data breaches can expose them to financial fraud.

Based on this, they can recommend any of these general purpose data protection software tools to their customers, especially those who are financial caregivers. Managing another person’s finances is a big trust, and financial caregivers need to make sure their loved ones’ data, privacy, and identity are safe.

Financial advisors themselves need to be protected on the Internet, and any of these tools can protect them from unscrupulous elements.

Finance-specific data protection tools

These programs are specifically designed to protect users from cyberattacks when performing various financial transactions. Simply put, these software tools allow users to perform their financial transactions with confidence.

Examples

In addition to financial management tools, Carefull provides identity protection; password and document management; and intelligent account monitoring to detect fraud, scams and errors. It also provides credit monitoring, credit freeze, spam opt-out and lost wallet support.

Additionally, Carefull supports live recovery assistance as well as identity theft insurance, as well as general purpose data protection tools.

More importantly, Carefull has a plan designed specifically for financial advisors. Through this platform, advisors can protect the data and finances of elderly clients and their financial caregivers.

Although Carefull has a bill payment feature that notifies users of upcoming bills, Silver Bills provides the most comprehensive bill payment service. Silver Bills is a janitorial bill management application that manages bills on behalf of users and sends them regular reports.

Its cybersecurity features include storing user data in IBM’s cloud, using a firewall network and encryption algorithm; provide 2-factor authentication; and ensure that every bill payment is reviewed by an AI-supported algorithm, human auditor and dedicated account manager.

How Financial Advisors Can Use Them

Financial advisors may recommend software like Carefull to financial caregivers of their elderly clients or to their clients who are financial caregivers. Alternatively, financial advisors can open their own Carefull account and directly onboard their older clients by collaborating with their caregivers.

Additionally, advisors can recommend a platform like Silver Bills to clients to pay their bills efficiently and securely. The range of data protection services on this platform can provide the confidence customers need when paying their bills online.

Bank-specific data protection tools

Bank accounts are popular targets for many hackers. Therefore, banks are also realizing the need to secure their own systems to protect customer data. They now use various data protection tools to achieve this goal.

Examples

Banks are using artificial intelligence, multi-factor authentication, biometrics, and encryption, among other strategies, in an effort to improve the security of data and money.

Additionally, they use comprehensive data protection services provided by companies such as IBM, NetGuardians, and Checkpoint.

How Financial Advisors Can Use Them

Although we live in a fintech revolution, banks are still a key part of the financial industry. Financial advisors should advise their clients on the type of banks they should choose based on the security architecture employed by the bank. This will help ensure that their money and data with these banks is safe.

In summary, as the need for cybersecurity grows, financial advisors will be required to do more to keep their clients’ data and money secure. This will include suggesting good cybersecurity services that will protect them online and ensuring that the banks and financial applications they use have sufficient internal security to protect them against security breaches, the identity theft and cyberattacks.

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CBN cuts lending rates on all intervention loans to 9% on September 1 https://gillansinn.com/cbn-cuts-lending-rates-on-all-intervention-loans-to-9-on-september-1/ Mon, 29 Aug 2022 06:00:07 +0000 https://gillansinn.com/cbn-cuts-lending-rates-on-all-intervention-loans-to-9-on-september-1/ Effective September 1, 2022, lending rates on all Central Bank of Nigeria (CBN) intervention loans would increase from 5% to 9%. This is in line with a recent circular from the apex bank asking Nigerian banks to raise lending rates. Intervention loans are long-term loans lent by the CBN to banks (at a subsidized rate […]]]>

Effective September 1, 2022, lending rates on all Central Bank of Nigeria (CBN) intervention loans would increase from 5% to 9%.

This is in line with a recent circular from the apex bank asking Nigerian banks to raise lending rates.

Intervention loans are long-term loans lent by the CBN to banks (at a subsidized rate of 2%) to lend to various priority sectors of the economy (such as agriculture, energy, etc.).

As a result of the COVID-19 outbreak, the CBN has requested banks to reduce the lending rate of these facilities from 9% to 5%.

The subsidized rate was initially introduced for 12 months. However, this was extended for a year in March 2021 and March 2022.

Given the recent 12-month extension in March, analysts at an Africa-focused financial and investment advisory firm, Hermes Advisory, said they found the CBN’s sudden reversal surprising as the economy remains in a precarious position.

According to them, based on revelations from Nigerian banks, “We believe the biggest beneficiaries of higher lending rates could be Access and Zenith, while the impact on FBNH and UBA will be negligible.”

Analysts found the timing of these two reversals surprising, given the precarious economic conditions and still-low real interest rates in the economy.

For example, the 364-day Treasury bill was issued at a yield of 7.45% at the primary market auction on August 10, compared to annual inflation of 19.6% in July.

“While we find this surprising, we believe that these developments, coupled with two consecutive rate hikes in the past two monetary policy meetings, could be further evidence that the CBN is gradually normalizing the policy environment.

“We believe that a further normalization of monetary policy resulting in higher lending rates and potential repayment of banks’ excess CRR deposits could be an important positive for banks and a catalyst for revaluation,” the statement said. analysts in an emailed note.

In a separate circular, the CBN also mandated banks to raise the minimum savings deposit rate from 10% to 30% of the monetary policy rate (currently 14%), raising it from 1.4% to 4.2 %.

The savings rate was reduced from 30% of the MPR to 10% in September 2020 in response to the downward trends in market interest rates.

According to the aforementioned article, the CBN cites a “full return to normal” in economic activity as the main reason for readjusting the savings rate to 30%.

“Based on statements from our banks, the banks most affected by the deposit rate hike are Zenith, FBNH and GTCO, while Stanbic IBTC is likely to be the least affected,” Hermes Advisory said.

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