Mechanical work – Morris Young Motors http://morrisyoungmotors.com/ Tue, 02 Nov 2021 04:58:11 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://morrisyoungmotors.com/wp-content/uploads/2021/10/icon-1.png Mechanical work – Morris Young Motors http://morrisyoungmotors.com/ 32 32 Small dollar loans are up to 24 times cheaper in Oportun, new study finds … | Your money https://morrisyoungmotors.com/small-dollar-loans-are-up-to-24-times-cheaper-in-oportun-new-study-finds-your-money/ https://morrisyoungmotors.com/small-dollar-loans-are-up-to-24-times-cheaper-in-oportun-new-study-finds-your-money/#respond Mon, 01 Nov 2021 12:05:00 +0000 https://morrisyoungmotors.com/small-dollar-loans-are-up-to-24-times-cheaper-in-oportun-new-study-finds-your-money/ SAN CARLOS, Calif., Nov. 01, 2021 (GLOBE NEWSWIRE) – Today, Oportun (Nasdaq: OPRT), an AI-powered fintech that gives hard workers access to responsible and affordable loans, released the findings of Analysis of the real cost of a loan, conducted by the Financial Health Network. This new report shows that there is a need for low […]]]>

SAN CARLOS, Calif., Nov. 01, 2021 (GLOBE NEWSWIRE) – Today, Oportun (Nasdaq: OPRT), an AI-powered fintech that gives hard workers access to responsible and affordable loans, released the findings of Analysis of the real cost of a loan, conducted by the Financial Health Network. This new report shows that there is a need for low cost, low value loans. One solution is the type of AI-powered underwriting offered by Oportun that could dramatically reduce the cost of small dollar loans for hard-working people.

Among its findings, the study found that a $ 500 online-only installment loan can cost someone with a poor credit history or no credit history more than $ 2,400 in interest and fees over the life of the loan. ‘a loan. By comparison, a responsibly structured loan taken out using artificial intelligence (AI) and machine learning would cost just $ 102 in interest and fees, a savings of over 24 times.

The analysis, conducted by the Financial Health Network and commissioned by Oportun, provides independent insight into the lifetime cost of the various dollar loan options most readily available to people with bad credit or no credit history. It is important to note that these comparisons are generally not available to consumers looking for loan options and affordability.

“The reality is that the people who need affordable credit the most often pay the highest amount in interest and fees,” said Matt Jenkins, COO and general manager of personal loans for Oportun. “This rigorous examination of realistic credit options for these households shows that the loan structure and the use of advanced technology in underwriting are important. We hope these results inspire other vendors to adopt best practices in product design and AI to help maximize affordability and impact for the hardworking people.

In a separate study, the 2021 Health Expenditure Report found that low- and moderate-income families were spending $ 127 billion in interest and fees on alternatives that include the four products used in the analysis of the true cost of living. ‘a loan: credit cards, installment loans, payday. , and hire purchase. The True Cost of a Loan study used a proprietary model developed by the Financial Health Network to analyze pricing data and household income across states to find out how much a typical Opportunity customer would pay for loans of $ 500, $ 1,500 and $ 3,500.

The main additional findings include:

Online-only installment and payday loans as well as traditional payday loans have all incurred interest and fees totaling over $ 3,000 on a $ 1,500 loan, while credit cards and opportunity loans cost both less than $ 500. A typical payday loan of $ 3,500 is the most expensive with $ 10,775 in interest and fees, while an opportunistic loan is the least expensive at $ 1,645. On average, Opportunity loans were 6 times more affordable than available alternative loans of equal amounts.

“It can be difficult for consumers to assess loan costs because credit products vary widely in their structures and fees,” said Marisa Walster, vice president of financial services solutions, Financial Health Network. “This rigorous analysis shows that responsible loan construction coupled with competitive interest rates can contribute to substantial savings for consumers. “

Oportun uses advanced data analytics, proprietary risk scoring, AI, and over 15 years of consumer insight to sustainably serve low and moderate income consumers responsibly, affordably, and at scale. Uniquely, this technology allows Oportun to score 100% of loan applicants with a high degree of accuracy.

Opportunity’s core product is a simple to understand, affordable, unsecured, fully amortizing personal installment loan with fixed payments and fixed interest rates throughout the life of the loan. Opportunity loans have no prepayment penalties or lump sum payments, are priced below 36% of APR, and range from $ 300 to $ 10,000 with terms of 12 to 48 months.

Since its founding, Oportun has successfully provided over 4.3 million loans and $ 10.5 billion in credit, mostly in the form of small dollar loans, saving clients over $ 1.9 billion in interest. and fees compared to other options generally available to people with little or no credit. the story. By reporting repayment performance to major credit bureaus, the company has also helped over 925,000 people begin to build credit histories.

Click here to download the report.

About Oportun Oportun (Nasdaq: OPRT) is a financial services company that leverages its digital platform to deliver responsible consumer credit to hardworking people. Using AI-powered models that are built on 15 years of proprietary customer information and billions of unique data points, Oportun has made over 4 million loans and over $ 10 billion in affordable credit, providing its customers alternatives to payday loans and auto titles. In recognition of its responsibly designed products that help consumers build their credit history, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

Media Contact George Gonzalez 650-769-0441 george.gonzalez@oportun.com

Copyright 2021 GlobeNewswire, Inc.

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Police dismantle car pawn shop in northern Thailand https://morrisyoungmotors.com/police-dismantle-car-pawn-shop-in-northern-thailand/ https://morrisyoungmotors.com/police-dismantle-car-pawn-shop-in-northern-thailand/#respond Sun, 31 Oct 2021 22:09:54 +0000 https://morrisyoungmotors.com/police-dismantle-car-pawn-shop-in-northern-thailand/ Police from the Central Bureau of Investigation dismantled a car pawn shop and arrested four men for allegedly overcharging interest on car title loans, impoundment of 163 vehicles. On Friday morning, the Central Bureau of Investigation raided an unregistered warehouse where 163 vehicles were kept on Mittraphap Road in Phitsanulok. One of the pledged cars […]]]>

Police from the Central Bureau of Investigation dismantled a car pawn shop and arrested four men for allegedly overcharging interest on car title loans, impoundment of 163 vehicles.

On Friday morning, the Central Bureau of Investigation raided an unregistered warehouse where 163 vehicles were kept on Mittraphap Road in Phitsanulok. One of the pledged cars was reportedly stolen in Malaysia.

During the police raid, they arrested the owner of the car pawn, Mr. Natthachai Khuthanthong, 29, its manager, Mr. Kanpong Panwaree, 31, and 2 storekeepers, Mr. Patradanai Pongjinda, 21, and Mr. Kulthawat Im-ong, 38 years old.

CVB police said the owner of the car’s pledge charges 10% monthly interest and keeps borrowers’ vehicles as collateral.

Mr. Kanpong, the manager, was reportedly responsible for transferring the car title loans and collecting the refunds. The other two men were paying 15,000 baht each per month for the delivery and seizure of borrowers’ vehicles.

The borrowers of the title loans also had to pay 300 to 500 baht per motorcycle and 2,000 baht per car for warehouse storage costs.

The usurer also forced the borrowers to sign a transfer of ownership agreement to sell the vehicles of the non-payers. He also sold the vehicles that could not be transferred to the gray markets. The group had been running the auto securities lending business since last year and had sales of nearly 50 million baht, police said.

CVB police impound 163 vehicles, including a car allegedly stolen in Malaysia. Two of the vehicles had fake license plates and two had fake ownership documents.

The four suspects were also charged with loan sharking and overcharging interest on car title loans.

Related News: Woman Hangs Herself After Lender Pressures Her On Debt

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NETSOL Achieves Premier Five Star Business Partnership Level https://morrisyoungmotors.com/netsol-achieves-premier-five-star-business-partnership-level/ https://morrisyoungmotors.com/netsol-achieves-premier-five-star-business-partnership-level/#respond Thu, 28 Oct 2021 12:00:00 +0000 https://morrisyoungmotors.com/netsol-achieves-premier-five-star-business-partnership-level/ CALABASAS, Calif., October 28, 2021 (GLOBE NEWSWIRE) – NETSOL Technologies, Inc. (Nasdaq: NTWK), a global provider of business services and enterprise application solutions, today announced it has signed an agreement to become a “Five Star Premier Business Partner” of the American Financial Services Association (AFSA). A member of AFSA since 2019, NETSOL will now have […]]]>

CALABASAS, Calif., October 28, 2021 (GLOBE NEWSWIRE) – NETSOL Technologies, Inc. (Nasdaq: NTWK), a global provider of business services and enterprise application solutions, today announced it has signed an agreement to become a “Five Star Premier Business Partner” of the American Financial Services Association (AFSA).

A member of AFSA since 2019, NETSOL will now have the opportunity to participate more fully in certain marketing programs and to maximize the value of its participation in a range of association opportunities, including industry events and presentations. auto financing, podcasts and webinars. Being a premier five-star business partner will also support the company’s efforts to achieve deeper and more cohesive engagement with both the AFSA team and its member organizations as an industry thought leader.

“We appreciate the opportunity to expand and enhance our membership status with AFSA by now becoming a five-star premier business partner with the association,” said Peter Minshall, Executive Vice President of NETSOL Technologies Americas. “By signing this agreement with AFSA, the national trade association for the consumer credit industry in the United States, we look forward to further maximizing our reach in the area of ​​consumer credit. We are confident that AFSA members will benefit greatly from our four decades of collective knowledge in the US and global auto finance and leasing industry.

“We are delighted to announce that NETSOL Technologies, one of the most experienced companies in providing innovative technology solutions to the automotive finance and leasing industry in the United States, is now a five-star business partner of the United States. ‘AFSA,’ said Jenny Bengtson, director. , American Financial Services Association Membership and Marketing. “NETSOL customers benefit from more than forty years of experience in the industry. With the company’s extensive knowledge base and proven technology solutions, they have a definite advantage in the auto finance and leasing industry, which will greatly benefit our members. Their automotive finance and leasing clients include automotive captives and leading financial institutions. We look forward to NETSOL working closely with our association and continuing our mission in the consumer credit sector. “

About NETSOL Technologies
NETSOL Technologies, Inc. (Nasdaq: NTWK) is a global provider of computer and enterprise software solutions serving primarily the global leasing and finance industry. The company’s suite of applications builds on 40 years of domain expertise and is supported by a dedicated team of more than 1,300 professionals in eight support and delivery centers strategically located around the world. NFS, LeasePak, LeaseSoft or NFS Ascent® – help businesses transform their finance and lease operations, providing a fully automated asset-based finance solution spanning the full finance and lease lifecycle.

About the American Financial Services Association
Founded in 1916, the American Financial Services Association (AFSA) is the leading trade association in the consumer credit industry, protecting access to credit and consumer choice. AFSA provides the consumer and consumer credit industry it serves with a voice in Washington, DC, where the association’s headquarters are located, and access to the media and the investment community. He also provides advice on policy and problem management at the federal and state levels.

AFSA members offer consumers many types of credit, including traditional installment loans, direct and indirect vehicle finance, mortgages, charge cards and credit for non-vehicle retail customers. They do not provide payday or vehicle title loans. AFSA members shape industry direction and positions on a wide range of public policy issues that affect the consumer credit industry. No other business group in America has more depth and influence on consumer credit matters.

Forward-looking statements
This press release may contain forward-looking statements relating to the development of the Company’s products and services and to future operating results, including statements relating to the Company which are subject to certain risks and uncertainties which could cause the results actuals differ significantly from those projected. The words “expects”, “anticipates”, variations of these words and similar expressions identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, but their absence does not mean that the statement does not is not forward looking. . These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Factors that could affect the Company’s actual results include the progress and costs of developing products and services and the timing of market acceptance. The companies concerned expressly disclaim any obligation or commitment to update or revise any forward-looking statement contained in this document to reflect any change in the company’s expectations in this regard or any change in the events, conditions or circumstances on which every statement is based.

Investor Relations Contact:

Matt Glover and Tom Colton
Investor Relations Gateway
1-949-574-3860
investors@netsoltech.com

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4 types of emergency loans https://morrisyoungmotors.com/4-types-of-emergency-loans/ https://morrisyoungmotors.com/4-types-of-emergency-loans/#respond Tue, 26 Oct 2021 07:00:00 +0000 https://morrisyoungmotors.com/4-types-of-emergency-loans/ If you don’t have enough cash on hand or in your rainy day fund to cover an emergency expense, using an emergency loan can be a good option. Most types of emergency loans can provide you with quick access to cash. Plus, some have flexible repayment terms that allow you to make lower monthly payments. […]]]>

If you don’t have enough cash on hand or in your rainy day fund to cover an emergency expense, using an emergency loan can be a good option. Most types of emergency loans can provide you with quick access to cash. Plus, some have flexible repayment terms that allow you to make lower monthly payments.

However, not all emergency loans are created equal. For example, while some offer lower interest rates for qualified applicants, others offer interest rates as high as 400%. Before you decide, find out how these four common emergency loans work and consider alternatives.

4 types of emergency loans

1. Personal loans

Personal loans are offered by lenders such as banks, credit unions, and online financial institutions. With a personal loan, you receive funds as a lump sum that you pay back in monthly installments. In addition to paying off the principal you borrowed, you pay interest and fees.

One of the advantages of a personal loan is that it allows you to repay a large amount over a longer period. Repayment terms vary by lender, but can generally be as short as one year or as long as seven years for qualified borrowers.

Another key benefit is that you can receive financing quickly – some lenders can issue your loan funds as early as one business day.

However, a major downside is that if you have a less than stellar credit score, you may have to pay a high annual percentage rate (interest plus fees). Some lenders have maximum APRs above 30%.

Who is it best for: Borrowers who are looking for lower interest rates than credit cards and high borrowing limits that don’t require collateral.

Advantages The inconvenients
  • Usually does not require a warranty
  • Some lenders have flexible repayment terms
  • You may have difficulty qualifying for a personal loan if you have bad credit

2. Cash advances by credit card

Credit cards, when used responsibly, can be useful tools in an emergency. Many credit cards offer a cash advance feature that allows you to easily access cash from an ATM or bank branch. The amount of money you can borrow is limited either by a percentage of your card limit or by a set maximum amount.

Credit card cash advances have higher interest rates than your card’s variable APR. Since the cash advance is tied to your existing card’s credit limit, it does not require an additional credit check.

Who is it best for: Cardholders who already have active credit cards in good standing and need to borrow small amounts. It could also be an option for existing cardholders whose credit score might not qualify them for a new line of credit.

Advantages The inconvenients

3. Payday loans

Payday loans are a type of instant loan that allows you to borrow a small amount (usually a few hundred dollars). The repayment tenure for these types of emergency loans is extremely short, often within two weeks or before your next pay period.

This type of emergency loan is generally considered predatory because it charges exorbitant interest rates. According to the Consumer Financial Protection Bureau, payday loans typically charge interest of up to 400%.

Who is it best for: Borrowers who need small amounts of money and can repay the loan in full within a short period of time. Whenever possible, payday loans should be avoided; consider emergency loan alternatives instead.

Advantages The inconvenients
  • Easy to qualify since most lenders do not require a credit check

4. Securities lending

Another type of emergency loan is the title loan. These are secured loans that use the title of your vehicle as collateral (hence the name). If you are unable to repay the loan before the end of the loan term (usually 30 days), the lender can repossess your car to settle the outstanding debt.

In addition to using your car to secure the short term loan, title loans have high interest rates similar to payday loan rates. According to the Federal Trade Commission, title loans charge rates as high as 300%.

Who is it best for: Consumers who want to borrow small amounts and can pay off their loans in a month. A title loan can be an option for borrowers who do not have access to other types of emergency loans, but it should be viewed as a last resort.

Advantages The inconvenients
  • Some lenders don’t require a credit check
  • A lender can repossess your vehicle if you don’t pay off the loan

What emergency loan should you get?

Of the four types of emergency loans described above, personal loans offer the lowest cost of borrowing.

Although the interest rate you are approved for depends on your credit history, the interest rates for personal loans are still incredibly lower than for payday or title loans. Personal loan rate currently vary from three percent to 36 percent; the average rate is 10.46% as of September 8, 2021.

If an unsecured personal loan is not a viable option, consider turning to emergency loan alternatives.

Alternatives to emergency loans

1. Home Equity Loan or Home Equity Line of Credit (HELOC)

If you’ve built up enough equity in your home, you may be eligible for a Home Equity Loan or Home Equity Line of Credit (HELOC). Depending on the appraised value of your home and how much you have left on your first mortgage, you may be able to borrow thousands of dollars.

A home equity loan is an installment loan that offers lump sum financing, a fixed interest rate, and repayment terms of up to 30 years. A HELOC is a revolving line of credit on which you can withdraw funds for a fixed term, say 10 years, with a repayment period of up to 20 years thereafter.

Both types of loans use your home as collateral, which puts it at risk of foreclosure if you cannot repay the loan.

Who is it best for: Homeowners who need large loans for necessary expenses such as home renovations or repairs or school fees.

Advantages The inconvenients
  • Average rates for home equity loans are generally lower than average rates for personal loans and credit cards
  • Requires some equity in your home
  • The lender can repossess your house if you don’t pay off the loan

2. Payment plans

If your urgent need for a loan is the result of an unexpected bill, a payment plan is an alternative to an emergency loan. For example, let’s say you have a big medical bill that you can’t pay directly. You may be able to negotiate a manageable payment plan with your vendor’s billing or accounting department.

Who is it best for: People who can pay large expenses with lower monthly payments over longer repayment terms. This alternative is ideal because it prevents you from getting into more debt.

Advantages The inconvenients
  • Some payment plans have interest-free periods
  • You may be charged interest or fees

3. Payday advance

Some employers offer payday advances, also known as payday advances, through the company’s human resources department. A payday advance provides you with initial funds from your future income. Depending on your employer’s payday advance agreement and the laws of your state, the loan may be automatically deducted from your paychecks in installments.

If your employer offers this benefit, they may have limits on how much and how often payday advances are allowed.

Who is it best for: People who need small, short-term loans who work for employers who offer this loan option.

Advantages The inconvenients
  • Some employers offer interest-free salary advances
  • Not offered by all employers

4. Friend or family member

Borrowing money from a friend or family member can be a difficult decision. However, it is an option that can be useful for settling unforeseen bills. If you have a family member or friend willing to give you an emergency loan, sit down with them to be on the same page about repayment expectations.

Discuss whether they want to be paid in a lump sum or whether installment payments are acceptable. If the latter, how long are they willing to give you to repay the full loan and how much are they waiting for each payment? It is also wise to ask them if they expect interest in addition to the principal.

Who is it best for: Those who have strong relationships with trusted family members or friends who are willing to help.

Advantages The inconvenients
  • A family member may charge you little or no interest
  • Defaulting on loan can ruin your relationship with the lender

Next steps

Going into more debt to pay for a sudden expense can be a tricky situation to deal with if you are unable to repay the emergency loan. Before determining what types of emergency loans are right for you, consider whether there is a way to save for the expense as a first option.

If it’s not possible to save, look for an emergency loan with the lowest interest rate and borrow only what you need.

Learn more:

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Oportun Expands Loan-As-A-Service Business With Addition Of Barri Financial Group As New … | Nation / World https://morrisyoungmotors.com/oportun-expands-loan-as-a-service-business-with-addition-of-barri-financial-group-as-new-nation-world/ https://morrisyoungmotors.com/oportun-expands-loan-as-a-service-business-with-addition-of-barri-financial-group-as-new-nation-world/#respond Mon, 25 Oct 2021 20:05:58 +0000 https://morrisyoungmotors.com/oportun-expands-loan-as-a-service-business-with-addition-of-barri-financial-group-as-new-nation-world/ SAN CARLOS, Calif., October 25, 2021 (GLOBE NEWSWIRE) – Oportun (Nasdaq: OPRT), an AI-driven fintech that provides hard workers with responsible, affordable and credit-generating alternatives to payday loans and auto titles , today announced the expansion of its Loan as a Service (LaaS) business with the addition of its new strategic partner, Barri Financial Group […]]]>

SAN CARLOS, Calif., October 25, 2021 (GLOBE NEWSWIRE) – Oportun (Nasdaq: OPRT), an AI-driven fintech that provides hard workers with responsible, affordable and credit-generating alternatives to payday loans and auto titles , today announced the expansion of its Loan as a Service (LaaS) business with the addition of its new strategic partner, Barri Financial Group (Barri).

Already available in a handful of Barri locations, Barri clients can now apply for loans created, funded and managed by Oportun. The partnership allows Oportun loans to gradually become available at over 200 Barri stores across Texas and, over time, expand to Barri’s locations in other states.

For more information, please visit https://oportun.com

About Opportunity

Oportun (Nasdaq: OPRT) is a financial services company that leverages its digital platform to deliver responsible consumer credit to hardworking people. Using AI-powered models that leverage 15 years of proprietary customer information and billions of unique data points, Oportun has made over 4.3 million loans and over $ 10.5 billion affordable credit, offering its customers alternatives to payday loans and auto titles. In recognition of its responsibly designed products that help consumers build their credit history, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

About Barri

Barri is a licensed Texas-based money transfer company with over 35 years of experience and a presence in over 40 states. Barri services are available to customers at more than 250 company-operated stores, 2,000 branches and online at its website or by downloading the Barri Money Transfer app from Google Play or Android’s iOS App Store.

For more information, please visit www.barri.com.

Media contact

Georges gonzalez

650-769-0441

george.gonzalez@oportun.com

Copyright 2021 GlobeNewswire, Inc.

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Oportun Expands Loan-As-A-Service Business With Addition Of Barri Financial Group As New … | New https://morrisyoungmotors.com/oportun-expands-loan-as-a-service-business-with-addition-of-barri-financial-group-as-new-new/ https://morrisyoungmotors.com/oportun-expands-loan-as-a-service-business-with-addition-of-barri-financial-group-as-new-new/#respond Mon, 25 Oct 2021 20:05:00 +0000 https://morrisyoungmotors.com/oportun-expands-loan-as-a-service-business-with-addition-of-barri-financial-group-as-new-new/ SAN CARLOS, Calif., October 25, 2021 (GLOBE NEWSWIRE) – Oportun (Nasdaq: OPRT), an AI-driven fintech that provides hard workers with responsible, affordable and credit-generating alternatives to payday loans and auto titles , today announced the expansion of its Loan as a Service (LaaS) business with the addition of its new strategic partner, Barri Financial Group […]]]>

SAN CARLOS, Calif., October 25, 2021 (GLOBE NEWSWIRE) – Oportun (Nasdaq: OPRT), an AI-driven fintech that provides hard workers with responsible, affordable and credit-generating alternatives to payday loans and auto titles , today announced the expansion of its Loan as a Service (LaaS) business with the addition of its new strategic partner, Barri Financial Group (Barri).

Already available in a handful of Barri locations, Barri clients can now apply for loans created, funded and managed by Oportun. The partnership allows Oportun loans to gradually become available at over 200 Barri stores across Texas and, over time, expand to Barri’s locations in other states.

For more information, please visit https://oportun.com

About Oportun Oportun (Nasdaq: OPRT) is a financial services company that leverages its digital platform to deliver responsible consumer credit to hardworking people. Using AI-powered models that leverage 15 years of proprietary customer information and billions of unique data points, Oportun has made over 4.3 million loans and over $ 10.5 billion affordable credit, offering its customers alternatives to payday loans and auto titles. In recognition of its responsibly designed products that help consumers build their credit history, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

About Barri Barri is a Texas-based licensed money transfer company with over 35 years of experience and a presence in over 40 states. Barri services are available to customers at more than 250 company-operated stores, 2,000 branches and online at its website or by downloading the Barri Money Transfer app from Google Play or Android’s iOS App Store.

For more information, please visit www.barri.com.

Media Contact George Gonzalez 650-769-0441 george.gonzalez@oportun.com

Copyright 2021 GlobeNewswire, Inc.

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Oportun expands loan-as-a-service business with an addition https://morrisyoungmotors.com/oportun-expands-loan-as-a-service-business-with-an-addition/ https://morrisyoungmotors.com/oportun-expands-loan-as-a-service-business-with-an-addition/#respond Mon, 25 Oct 2021 20:05:00 +0000 https://morrisyoungmotors.com/oportun-expands-loan-as-a-service-business-with-an-addition/ SAN CARLOS, Calif., October 25, 2021 (GLOBE NEWSWIRE) – Oportun (Nasdaq: OPRT), an AI-driven fintech that provides hard workers with responsible, affordable and credit-generating alternatives to payday loans and auto titles , today announced the expansion of its Loan as a Service (LaaS) business with the addition of its new strategic partner, Barri Financial Group […]]]>

SAN CARLOS, Calif., October 25, 2021 (GLOBE NEWSWIRE) – Oportun (Nasdaq: OPRT), an AI-driven fintech that provides hard workers with responsible, affordable and credit-generating alternatives to payday loans and auto titles , today announced the expansion of its Loan as a Service (LaaS) business with the addition of its new strategic partner, Barri Financial Group (Barri).

Already available in a handful of Barri locations, Barri clients can now apply for loans created, funded and managed by Oportun. The partnership allows Oportun loans to gradually become available at over 200 Barri stores across Texas and, over time, expand to Barri’s locations in other states.

For more information, please visit https://oportun.com

About Opportunity
Oportun (Nasdaq: OPRT) is a financial services company that leverages its digital platform to deliver responsible consumer credit to hardworking people. Using AI-powered models that leverage 15 years of proprietary customer information and billions of unique data points, Oportun has made over 4.3 million loans and over $ 10.5 billion affordable credit, offering its customers alternatives to payday loans and auto titles. In recognition of its responsibly designed products that help consumers build their credit history, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

About Barri
Barri is a licensed Texas-based money transfer company with over 35 years of experience and a presence in over 40 states. Barri services are available to customers at more than 250 company-operated stores, 2,000 branches and online at its website or by downloading the Barri Money Transfer app from Google Play or Android’s iOS App Store.

For more information, please visit www.barri.com.

Media contact
Georges gonzalez
650-769-0441
george.gonzalez@oportun.com

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Is it worth the cost of title loans? https://morrisyoungmotors.com/is-it-worth-the-cost-of-title-loans/ https://morrisyoungmotors.com/is-it-worth-the-cost-of-title-loans/#respond Sat, 23 Oct 2021 00:27:27 +0000 https://morrisyoungmotors.com/elevate-a-game-of-rare-value/ Title loans can be a quick and easy way to get the money you need, especially if you have bad credit or none at all. The title to the vehicle serves as collateral for these loans. Short-term and emergency expenses can be covered with these loans. This is fantastic, isn’t it? Before making a decision, […]]]>

Title loans can be a quick and easy way to get the money you need, especially if you have bad credit or none at all. The title to the vehicle serves as collateral for these loans. Short-term and emergency expenses can be covered with these loans.

This is fantastic, isn’t it? Before making a decision, make sure you’ve thoroughly investigated all of your options. Check out Citrus North for more information or use car title for loan to get an application started.

What exactly is a title loan and how does it work?

Like a payday loan, a title loan operates in the same way. There are no credit checks or requirements for this quick loan. The majority of title loan companies do not even check your credit history.

An unsecured payday loan is different from a title loan because it’s not secured by your car or motorcycle title. You may be able to borrow anything from $100 to $10,000, depending on your location, your vehicle’s value, and other factors.

Until the loan is fully paid off, the lender typically keeps the title to your car in their possession. There is collateral backing title loans, but the cost is significantly higher than many other options.

Title loans are actually illegal in a large number of states. State of Alabama, State of Arizona California and the District of Columbia Florida, Georgia, and Idaho are examples of states with similar climates. There are a few states that do not prohibit title lenders from operating, including Louisiana, Mississippi, Missouri, and Nevada.

Do title loans work in the same way as other types of loans?

You can usually apply for a Title Loan online or in person. Most car loans range from 25% to 50% of the total value. The title is required if you want to get rid of your car for good. As a result, it can’t be financed through a different institution.

To complete the application, you’ll need your car or motorcycle, as well as a clear title, photo ID, and proof of insurance. There’s a chance that you’ll need more than one key.

Title lenders are required to run a credit check in some states, but they are not required to do so in others. Title lenders don’t always have to look at your income to see if you can afford to pay back the loan. A contract is signed and interest and loan fees are agreed upon before the money is released. Once the loan is defaulted, the lender will keep the title as collateral until it is paid back in full.

On the other hand, you are under no obligation to part with your automobile. For the next 15 to 30 business days, you can continue to use your car as normal while you wait to be reimbursed. Loan payments can be made in a variety of ways, including online, in person, or through an automated bank withdrawal authorized by you.

If you miss a payment, the lender has the right to repossess your car and resell it to recoup its losses. If your vehicle is seized by the title lender and put up for sale, the lender may be required to pay you the difference between the loan balance and the sale price in some states. There are some states where the lender is allowed to keep the entire sale proceeds.

How Much Does It Cost To Get A Car Title Loan?

To borrow money quickly, use a title loan. Be careful because they can worsen your financial situation.

When it comes to title loans, you can expect to pay as much as 25% in interest per month. When compared to personal loans for people with bad credit, it’s not exorbitant. The annual percentage rate (APR) is around 300 percent.

Let’s say you take out a $500 loan. The following fees and charges will be associated with your loan:

  • a ten percent rate of interest
  • there will be a $150 late fee
  • certification fee of 33 dollars for a title.

If you repay the loan in 30 days, you will owe $687.11 in total interest and fees. As a result, your annual percentage rate is 455.3 percent.

If you’re already strapped for cash, fees and interest can add insult to injury. If you can’t pay back the loan on time and don’t want your car repossessed, you can refinance it. A debt cycle could result from paying this on top of the interest and fees you’re already paying.

My credit score has been affected by a title loan?

In most cases, getting a title loan won’t hurt your credit. It has the potential to be both good and bad. To begin with, when you apply for a title loan, most title lenders will not perform a credit check on you. One point is typically deducted from your credit score for each hard inquiry.

Credit bureaus do not receive information about your payments from title lenders. As a result, using a title lender will have no positive impact on your credit score. Before applying for a Title Loan, you may have had difficulty obtaining credit from more traditional sources. So if this is the case, any credit or loans you receive should be added to your credit score, which will help you get more traditional credit in the future (and often less expensive).

If you default on your title loan, lenders are required to follow the Fair Debt Collection Practices Act. Usually, the lender will seize and sell the vehicle.

Military Personnel and Title Loans: Rules and Regulations

The Military Lending Act provides special protections for military personnel and their families. Lenders are restricted to charging borrowers a 36 percent annual percentage rate (APR) for title loans with terms less than 181 days. In addition, title lenders provide the following services:

  • It’s not necessary to have a bank account or a checkbook handy.
  • Arbitration is not mandatory because of this.
  • There’s no need to send out obnoxious legal notifications.
  • You’re required by law to give the borrower information on the costs of the loan and his or her rights as well.

Any title loan agreement that violates the rules for military service members will be null and void. These added safeguards may sound useful, but they are also pricey. In reality, you’ll end up paying more interest on the loan.

Title Loan Alternatives

Title loans may appear to be an easy way to get the money you require at first glance. This is not a good choice, however, when there are less expensive alternatives. Here are a few different options:

Loans for Individuals

Many personal loan providers specialize in lending to people with bad credit. Even if your credit history is less than perfect, you may still be eligible.

Payments are made using credit cards.

Some credit cards, but not all, demand a monetary security deposit. There are credit cards that can help people with poor to no credit build their credit histories, such as the Indigo(r), Platinum Mastercard(r).

Furthermore, even with bad credit, you can get approved for most retail store credit cards. Nevertheless, their credit limits and APRs can be very high, and they can only be used in the retailer’s establishments.

Credit Card with Cash Advance Permission

Existing credit card holders who require cash may be able to use their card’s cash advance feature at an ATM.

Payday loans are very expensive, especially when taken out on a regular basis. You’ll have to fork over cash up front, and your monthly interest rate will be higher. When made on time, they’re less expensive than a title loan.

Those You Love and Those You Know

The ability to get the help you need without having to pay high fees or interest rates can be facilitated by having good relationships with loved ones.

Asking a close friend or relative for money can be awkward. However, as long as the contract is signed and the money is returned on time, your relationship will not be harmed in any way.

Assistance from the Military

Dependents of veterans may be eligible for financial assistance. A few instances are as follows:

  • Assistance from the U.S. Army
  • United States Naval and Marine Corps Relief Organization
  • military aid organization coast guard mutual assistance program

What is the best way to improve one’s credit?

Looking for a car loan? Your credit might not be in the best shape. While establishing credit may not provide you with the immediate cash you require, it may provide you with more options in the future. Here are the most effective methods for accomplishing that.

Make use of a charge card

Get a credit card if you don’t have one already to help you build credit.

Make timely repayments on all other debt obligations.

If you’re falling behind on your payments, make them up as soon as possible. Paying your monthly bills on time should be a top priority for you right now.

Add yourself to the list of Authorized Users.

Consider asking your loved one to add you as an authorized user on their credit card if they have excellent credit.

Your credit history must be reported once you’ve been approved by the card issuer. You can see if they are by running the appropriate checks. Your credit score can be improved by having a solid credit history on your side.

Resolve Potential Errors on Credit Reports

Mistakes do happen from time to time. It’s possible for your credit report to contain inaccurate data. If this happens, your credit score may suffer.

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Court delays CFPB payday rule as industry challenge continues (1) https://morrisyoungmotors.com/court-delays-cfpb-payday-rule-as-industry-challenge-continues-1/ https://morrisyoungmotors.com/court-delays-cfpb-payday-rule-as-industry-challenge-continues-1/#respond Fri, 15 Oct 2021 07:00:00 +0000 https://morrisyoungmotors.com/court-delays-cfpb-payday-rule-as-industry-challenge-continues-1/ Payday lenders have won an offer to delay a Consumer Financial Protection Bureau rule limiting their access to customers’ bank accounts to collect payments. Payday lenders and auto title lenders do not have to comply with the CFPB rule while the Community Financial Services Association of America and a Texas-based trade group appeal a district […]]]>

Payday lenders have won an offer to delay a Consumer Financial Protection Bureau rule limiting their access to customers’ bank accounts to collect payments.

Payday lenders and auto title lenders do not have to comply with the CFPB rule while the Community Financial Services Association of America and a Texas-based trade group appeal a district court ruling in favor of the office, the United States Court of Appeals for the Fifth Circuit. stated in an October 14 decision.

The CFPB rule requires payday and vehicle title lenders to be granted permission to access a consumer’s bank account after two failed attempts to collect short-term, high-cost loans, among other provisions.

Judge Lee Yeakel of the U.S. District Court for the Western District of Texas began a 286-day transition period in August for the rule to take effect after dismissing the industry group’s challenge. The Fifth Circuit said in its unanimous order that the transition period would not begin until the appeal process was completed.

Justices Jerry E. Smith, Stephen A. Higginson and Don R. Willett signed the order.

The court order will allow payday lenders to continue doing business as the litigation progresses, the CFSA said in a statement on Friday.

“Without the extended stay of the Fifth Circuit, our members would have been forced to devote considerable time and resources to getting into compliance before the Fifth Circuit had a chance to resolve our appeal,” the industry group said. .

The CFPB declined to comment.

The CFPB had set an effective date of June 13, 2022 for the rule following Yeakel’s decision. The district court judge rejected the industry’s request to suspend regulation while trade groups appealed his ruling to the Fifth Circuit.

The rule under appeal is a stripped-down version of the rule first published in October 2017 by former Obama-appointed director Richard Cordray.

The original rules included strict requirements for lenders to determine a borrower’s ability to repay a payday loan or vehicle title, which can have interest rates of up to 400%. The CFPB also imposed cooling off periods after a borrower took out three loans in a short period of time.

The Trump administration repealed these provisions, but maintained restrictions on payday lenders’ access to consumer bank accounts.

Consumer advocates are hoping President Biden’s CFPB director Rohit Chopra will reinstate the repayment capacity provisions and reflective requirements.

Chopra was sworn in to his post on October 12.

The case is Cmty. Fin. Serves. Ass’n. of Am., Ltd. vs. CFPB, 5th Cir., N ° 21-50826, stay granted 10/14/21.

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3 borrowing rules the rich follow https://morrisyoungmotors.com/3-borrowing-rules-the-rich-follow/ https://morrisyoungmotors.com/3-borrowing-rules-the-rich-follow/#respond Fri, 15 Oct 2021 07:00:00 +0000 https://morrisyoungmotors.com/3-borrowing-rules-the-rich-follow/ If you have a lot of money, you probably don’t need credit for anything since you could pay cash for houses, cars and other purchases. But the rich borrow frequently, take out loans like mortgages, and use credit cards. The difference is that most rich people follow a few simple rules when borrowing to help […]]]>

If you have a lot of money, you probably don’t need credit for anything since you could pay cash for houses, cars and other purchases. But the rich borrow frequently, take out loans like mortgages, and use credit cards.

The difference is that most rich people follow a few simple rules when borrowing to help them make sure their loans improve their financial situation – rather than leaving them worse while making their creditors richer.

The good news is that anyone can follow these rules, even if they are not rich. Here are three guidelines you should consider adopting like your own.

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1. Use debt as leverage to grow wealth

When the rich borrow, they do it because they want to improve their overall financial situation, and they can do so by leveraging the money provided by lenders. You can do the same.

For example, a wealthy person may take out a loan to buy investment property that produces constant income and increases in price. This can increase their net worth as the value of their assets increases. Or they can use a margin loan to invest more money in the stock market so that they can try to earn a higher return.

Rich people may also decide to borrow because it allows them to make better use of their resources. For example, it is common for the rich to take out mortgages. This is because the interest rates are low and the interest is tax deductible. Rather than locking their money in a house, they can get a low-interest loan and invest their own money in assets that produce a better return.

2. Avoid borrowing for consumption

In general, the rich do not borrow to buy consumer goods they cannot afford. For example, they wouldn’t charge their credit cards for groceries or pay the balance, or take out loans to fund expensive vacations or to buy costume jewelry or clothing.

Rich people to do often use credit cards, so they can earn rewards – but they pay off the balance in full so they don’t pay interest. By living on a budget and avoiding going into debt on assets that don’t increase in value, you can also borrow like a rich man.

3. Avoid predatory lenders

Finally, the rich avoid high interest loans with unfair terms such as extreme fees and very short repayment terms. This includes auto title loans and payday loans.

That said, it’s easier to avoid this type of loan when you’re rich and have good credit – and when lenders are competing for your business. But it’s a good idea to try to minimize this type of debt even if you are having financial difficulties. If you don’t have perfect credit, for example, consider a government guaranteed mortgage instead of a subprime home loan and look for a payday loan alternative from a credit union rather than a loan. payday or a car title.

These rules are definitely harder for the average person to follow, but if you can do it, you might increase your chances of making some more money. Then you can make lenders work for your business – and feel confident that you won’t have to borrow unless you do it for a strategic reason to improve your financial situation.

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