Sailing fund – Sail Theory http://sailtheory.com/ Thu, 29 Sep 2022 13:24:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://sailtheory.com/wp-content/uploads/2021/06/icon-2021-06-25T011712.182-150x150.png Sailing fund – Sail Theory http://sailtheory.com/ 32 32 10 Best Online Loans for Bad Credit with Guaranteed Approval https://sailtheory.com/10-best-online-loans-for-bad-credit-with-guaranteed-approval/ Thu, 29 Sep 2022 13:24:00 +0000 https://sailtheory.com/10-best-online-loans-for-bad-credit-with-guaranteed-approval/ This is sponsored content. All views and opinions are those of the advertiser and do not reflect the same as WXYZ Channel 7. Are you unable to get a loan due to bad credit ratings and your background? We have what you need ! Loans are useful when you need to make a high-value purchase […]]]>

This is sponsored content. All views and opinions are those of the advertiser and do not reflect the same as WXYZ Channel 7.

Are you unable to get a loan due to bad credit ratings and your background? We have what you need !

Loans are useful when you need to make a high-value purchase or in an emergency. However, most institutions require a perfect credit history for loan approval, which is not always possible. Additionally, many have strict policies that are not feasible for ordinary people.

In times of financial need, you need lenders willing to give you loans without a month’s review period. Luckily, we’ve combined a list of services to connect you with reputable lenders who offer loans without credit check.

If you can’t get a loan due to bad credit and history, here are the top ten no credit check loans or bad credit loan services of 2022.

1: Problematic loans in the United States – No credit check loans for people with bad credit scores and background.

2. CocoLoan – The perfect personal loan near me for an emergency.

3: WeLoans – One of the best online payday loans.

4. American Installment Loans – Good value loans with same day financing.

5. iPaydayLoans – No background checks, same day financing loans.

6. US securities lending – Good for consolidating debt.

seven. Quick Payday Loans – Minimum documents required.

8. Loans for bad credit in UK – Good for getting loans with bad credit.

9. Payday Loans UK – 24 hour payday loans

ten. Easy payday loan – Ideal loan for the unemployed.

Bad Credit Loans in USA – No Credit Check Loans for People

Are you having trouble getting a loan because of your bad credit history and credit ratings? Problematic loans in the United States is here to help! Without a credit check, you can get a loan immediately and get approval from their reliable lenders.

They offer the easiest borrowing route for those with bad credit history by connecting them with a panel of reputable lenders.

You can visit their website and follow these steps to get your loan.

Enter your information

To complete your online loan application, complete their form and answer a few short questions. You can submit anytime, from anywhere using a computer, smartphone or tablet.

Get approval from their lenders

Our panel of lenders will receive your application and review it to determine your eligibility based on the data you provided. Fortunately, our lenders will approve you as soon as possible.

Receive your loan amount

You can receive money immediately in your checking account on the same day or the next business day after agreeing to the lender’s policies and conditions.

Advantages

  • Short term loan;
  • Don’t demand a perfect credit history;
  • Quick and easy process;

The inconvenients

  • It is difficult for borrowers to resolve their queries due to complex homepage design.

Apply for a USBadCredit loan today!

CocoLoan – The Perfect Payday Loan Near Me For An Emergency

Quick Loans are small, temporary loans that can be used to meet unexpected expenses. These loans, which generally range in value from $50 to $5,000, can be beneficial in times of need when people do not have access to other resources.

Finding the right lender is crucial if you want a quick loan. As a trusted broker, Coco Ready allows you to get in touch with respectable fast lenders in the United States. They simplify the process and guarantee a favorable outcome so that you can receive the money without delay or inconvenience.

The types of loans that CocoLaon grants are:

When looking for loans on CocoLoan, a bad credit score is not a problem. Even if your credit rating is low, they will have lenders who will give you a loan. They will carefully review the data you have provided to them and your credit history before deciding how much to give you. However, don’t worry about credit history either, as there is no rigorous credit check.

Advantages

  • No prepayment fees;
  • Minimum credit report;
  • No setup fees;

The inconvenients

  • APR may seem like a lot compared to other options.

Get in Touch with Reputable Lender CocoLoan Now > >

WeLoans – One of the Best Online Payday Loans

Apply online with WeLoans for a safe and fast personal loan. Get payday loans quickly and effortlessly, even if your credit isn’t the best.

Payday loans, commonly called cash advances, are short-term loans that you must repay with your next paycheck. It offers cash-strapped people a safe and convenient way to cover cash shortages and urgent, unforeseen obligations, like medical bills.

Their lenders won’t take long to accept a payday loan because they do a soft credit check. In just 24 hours the money should be in your account.

Advantages

  • Flexible credit checks;
  • High approval rate;
  • Funding can take as little as a day;

The inconvenients

  • It is currently not available in all jurisdictions.

Get a fast payday loan with a bad credit history with WeLoans > >

FAQs

Q1: How can I get fast money without credit check?

You can get fast loans without a credit check with Bad loans in the United States. You just have to follow these steps:

  1. Enter your information in their form;
  2. Wait for approval from a lender;
  3. See the terms and conditions given by the lender;
  4. Approve the agreement;
  5. Easily receive your loan amount even with bad credit ratings and background;

Q2: Is it possible to get a $5,000 loan with bad credit?

Yes, it is possible to obtain loans of up to $5,000 with Bad loans in the United States, CocoLoan, and WeLoans with a bad credit history. These services will connect you with lenders who will review your information with a soft credit check. Lenders will offer you offers. If you accept the terms and conditions, you can accept an offer and get financing the same day or the next business day.

One last word

A bad credit history or bad credit rating can kill your dream of getting a loan. However, don’t let that stop you from applying for the services mentioned here.

These services will connect you with excellent lenders who will approve your loan application despite poor credit scores and your background.

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Andrew Barnes: 14 years after the GFC, have we learned anything? https://sailtheory.com/andrew-barnes-14-years-after-the-gfc-have-we-learned-anything/ Sun, 25 Sep 2022 02:00:34 +0000 https://sailtheory.com/andrew-barnes-14-years-after-the-gfc-have-we-learned-anything/ In The Big Short, Christian Bale portrayed investor and doctor Michael Burry, one of the first to discover the US housing market bubble. Paramount Photo/Pictures OPINION: One of my favorite films is The Big Short, which chronicles the events leading up to the global financial crisis of 2008. The film shows how the big financial […]]]>

In The Big Short, Christian Bale portrayed investor and doctor Michael Burry, one of the first to discover the US housing market bubble. Paramount Photo/Pictures

OPINION:

One of my favorite films is The Big Short, which chronicles the events leading up to the global financial crisis of 2008.

The film shows how the big financial institutions played with the system and took

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10 Best Payday Loans No Credit Check With Guaranteed Approval https://sailtheory.com/10-best-payday-loans-no-credit-check-with-guaranteed-approval/ Fri, 23 Sep 2022 00:07:00 +0000 https://sailtheory.com/10-best-payday-loans-no-credit-check-with-guaranteed-approval/ This is sponsored content. All views and opinions are those of the advertiser and do not reflect the same as WXYZ Channel 7. We all find ourselves struggling from paycheck to paycheck sometimes, especially if an unexpected bill is due and we have no way to pay it. Do not worry. We will help you […]]]>

This is sponsored content. All views and opinions are those of the advertiser and do not reflect the same as WXYZ Channel 7.

We all find ourselves struggling from paycheck to paycheck sometimes, especially if an unexpected bill is due and we have no way to pay it. Do not worry. We will help you solve your financial problems by introducing you to the best bad credit loan companies.

These lending companies will connect you with legitimate US-based lenders within minutes. You will get a quick response and receive your funds within a day while applying with them. Here’s a look at what the top 10 have to offer before diving into the details of the top 3 bad credit loan companies.

iPaydayLoans – Best bad loans overall

CocoLoan – Ideal for protecting borrower information

WeLoans – Best bad credit loans for fast approvals

Problematic loans in the United States – Best bad credit loans for low credit people

American Installment Loans – Best loans for bad credit for fast financing

US securities lending – Best loans for bad credit to deal with financial emergencies

Quick Securities Lending – Best bad credit loans for quick decisions

Easy payday loan – Best bad credit loans for fast application process

UnityLoan – Best bad credit loans for all credit scores

honest loans – Best loans for bad credit without credit check

iPaydayLoans – Best Bad Credit Loans Overall

iPaydayLoans is one of the best online bad credit loan companies for a good reason. With a beautifully easy-to-navigate platform, borrowers don’t have to wade through tons of paperwork to apply for a bad credit loan. Once you enter your information on the iPaydayLoans website, you will instantly get different offers specially created for your particular financial situation.

All you would have to do is compare the interest rates and other details to choose the one that seems most affordable and convenient to you.

Advantages

  • 100% free service.
  • Simple online application process.
  • Has one of the highest approval ratings among the competition.
  • Funds are deposited within 24 hours into borrowers’ accounts.

The inconvenients

  • The service is not available in all states of the United States.

Get a bad credit loan tomorrow by applying through iPaydayLoans now.

CocoLoan – Ideal for protecting your information

CocoLoan proudly stands at the top of the best loans for bad credit because it connects borrowers to several reputable lenders who can always customize offers for people with bad credit. There is only a soft credit check that will be done, leaving no footprints on your credit profile.

Putting personal information, especially financial data, online can be a bit daunting for most people. However, CocoLoan can give you peace of mind by using next-generation encryption technology to keep your information 100% private.

Advantages

  • Offers are sent instantly after application.
  • People with all credit ratings can apply for loans for bad credit.
  • Great customer service.
  • Ensures fast approvals within minutes.
  • You can get loans within 24 hours.

The inconvenients

  • The APR for bad loans is slightly higher.

Get fast cash with bad credit loans to cover your expenses with CocoLoan today!

WeLoans – Best Bad Credit Loans for Fast Approvals

WeLoans is a great choice for borrowers looking for an online bad credit loan. It has a user-friendly website where you can complete the application within minutes. Once you have finished filling out the form, you will receive instant feedback on your request.

The company has one of the highest approval rates in the market and provides opportunities for many borrowers who have been rejected elsewhere. Instead of placing greater importance on your credit score, lenders on the website will consider other factors, such as your income, making WeLoans a perfect choice for people with low credit scores.

Advantages

  • Borrowers can apply for a bad credit loan 24/7.
  • Interest rates are extremely affordable compared to the competition.
  • No assembly fees are required.
  • Works with a wide range of direct lenders.

The inconvenients

  • A loan for bad credit must be repaid within a short period of time.

Apply now through WeLoans if you need fast approval for a bad loan.

FAQs

1. Will paying off bad loans improve my credit rating?

Paying off a bad loan on time will not improve your credit score because your loan will not be reported to the credit bureau by the lender. However, if you don’t repay the loan, your credit score could suffer.

2. What is the downside of a bad loan?

A bad credit loan is a short-term loan with an extremely high interest rate that must be repaid on the next payday. Some borrowers could end up with more debt if they cannot repay the bad credit loan on time. So take that into consideration and make sure you can pay it back.

3. What other options can I consider?

Borrow money from family or friends – If you are in a difficult situation, first contact your relatives to see if someone can lend you the money you need to help you out.

Apply for a personal loan – A personal loan generally has a lower interest rate and a longer repayment period than a loan for bad credit. Therefore, it is worth considering requesting one instead.

Discover a nearby pawnshop – You can pawn something of value in exchange for money. Once you have repaid the loan, you can collect your item from the pawnshop.

Conclusion

Online loans for bad credit give borrowers a chance to receive money and help them deal with their financial problems. Regardless of your credit score, you can apply for a bad credit loan from any of the best online bad credit loan companies mentioned in this article, as each company offers borrowers a quick fix for bad credit problems. ‘silver.

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GamCare calls for action against unaffordable loans https://sailtheory.com/gamcare-calls-for-action-against-unaffordable-loans/ Wed, 21 Sep 2022 09:52:01 +0000 https://sailtheory.com/gamcare-calls-for-action-against-unaffordable-loans/ GamCare, the nation’s leading provider of free information, support and advice for people affected by problem gambling, requested new changes to reduce gambling with credits, loans or overdrafts. Additional measures needed against gambling with loans, credits On Tuesday, the charity responsible for gambling released a new report highlighting that currently there is little to prevent […]]]>

GamCare, the nation’s leading provider of free information, support and advice for people affected by problem gambling, requested new changes to reduce gambling with credits, loans or overdrafts.

Additional measures needed against gambling with loans, credits

On Tuesday, the charity responsible for gambling released a new report highlighting that currently there is little to prevent players from using loans or overdrafts to gamble. This comes despite the ban on the use of credit cards for gambling that was put in place in 2020. Citing data from a recent survey by YouGov, GamCare pointed out that 46% of participants admitted to being very worried about their financial situation. At the same time, GamCare acknowledged that inflation is expected to average 9% this year, according to data from the Bank of England. Combine rising inflation with easy access to loans or overdrafts to use for gambling puts many people at risk, warns charity.

Currently, few barriers remain to prevent consumers from using other forms of borrowing such as overdrafts, loans, cash withdrawals or riskier types of borrowing such as payday loans and credit card transfers to play,

reads a statement released by GamCare

Changes in the lending industry are needed

According to GamCare, certain actions may be taken by lenders who will eventually reduce unaffordable loans. The charity recently completed a special brainstorming workshop which included representatives from the lending industry, including gambling support services, debt support, regulators and policy makers among other institutions.

Ultimately, the workshop called for action in three main categories. This urged for changes in the lending industry which include employee awareness and training. These employees need to better understand the harms of gambling and its impact on their customers, the workshop found. The second major change would be to “apply a gambling risk lens”, particularly when credit products are involved. Although GamCare recognizes that financial institutions are not gambling experts, they can still spot an increase in gambling spending and establish methods to intervene and identify these customers. This, according to the charity, can be accomplished by working with other charities or people with harmful gambling experiences.

This signals an opportune time for lenders to review the recommendations from our event and consider other innovative ways to prevent unaffordable credit and gambling-related debt,

explains GamCare

Last but not least, GamCare noted that those affected by problem gambling or at-risk gamblers may benefit from more friction. GamCare pointed out that reducing automated credit increases or overdrafts can benefit problem gamblers. Presentation time delays between credit card application approval and access to cash can also help consumers affected by gambling harms.

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Debt troubles as UK public sector workers turn to buy now, pay later | Buy now, pay later https://sailtheory.com/debt-troubles-as-uk-public-sector-workers-turn-to-buy-now-pay-later-buy-now-pay-later/ Mon, 19 Sep 2022 16:02:00 +0000 https://sailtheory.com/debt-troubles-as-uk-public-sector-workers-turn-to-buy-now-pay-later-buy-now-pay-later/ Experts have raised concerns that cash-strapped public sector workers are turning to controversial purchases now, repaying loans later after being turned down by traditional lenders. An analysis by the University of Edinburgh found that one in 10 public sector and NHS staff, initially turned down for a more conventional loan on the grounds that they […]]]>

Experts have raised concerns that cash-strapped public sector workers are turning to controversial purchases now, repaying loans later after being turned down by traditional lenders.

An analysis by the University of Edinburgh found that one in 10 public sector and NHS staff, initially turned down for a more conventional loan on the grounds that they could not afford to repay it, went on to got a buy now, pay later (BPL) credit last year.

The researchers also found that the overall use of BNPL products among public sector employees had “significantly increased” compared to other credits and loans, and was beginning to supplant other non-traditional lenders such as those offering high interest payday loans.

Professor Tina Harrison, from the University of Edinburgh’s business school, warned that the growing use of BNPL – which is still unregulated in the UK – increases the risk that workers in the sector public are in arrears.

“The increase in the use of BNPL, particularly among those with very low financial resilience, is extremely concerning,” she said. “If left unchecked, BNPL has the potential to lead to an unmanageable debt burden very quickly.”

BNPL companies such as Klarna, Clearpay and Laybuy have grown rapidly during the pandemic as online shopping has exploded. Although buyers generally do not pay interest on their purchases, they are still at risk of becoming over-indebted and are not entitled to forbearance or compensation if things go wrong, as these companies are not yet regulated in the Kingdom. -United.

A study published by Barclays Bank and the charity Stepchange in June found that almost a third of BNPL borrowers said their loans had become unmanageable and had pushed them into debt. Shoppers who used these services refunded an average of 4.8 purchases, nearly double February’s 2.6 purchases.

The Edinburgh research analyzed the transactions of 104,661 NHS and public sector workers who applied for a loan from non-profit lender Salad Money but were rejected on the grounds that they were unable to repay .

Salad Money, which commissioned the survey, provides loans exclusively to public sector workers. Analysis of 174 million anonymized bank transactions by public sector workers found that 54% had experienced the return of direct debits – a key indicator of financial hardship.

The head of Responsible Finance – an industry body that oversees the UK’s not-for-profit lenders, known as Community Development Finance Institutions (CDFIs) – said it was “shocking” to see the BNPL approval rate among previous rejected loan applicants.

“How can it make sense that if a responsible lender says ‘no, this loan is not affordable,’ an under-regulated, well-funded tech darling can say yes?” said Theodora Hadjimichael.

The findings were released as part of a report showing many key workers would struggle to pay an unexpected £100 mid-month bill as staff whose transactions were analyzed had, on average, no only £79 in their account at that time. midpoint.

It also found that BNPL users spent more relative to their income and tended to have higher overdrafts, while a significant minority were heavily in debt. Although it is not possible to blame BNPL for these trends, the analysis revealed that its use tended to increase over time.

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Retail sales are doing very well, thank you buyers. But sales at gas stations slump as petrol prices plummet https://sailtheory.com/retail-sales-are-doing-very-well-thank-you-buyers-but-sales-at-gas-stations-slump-as-petrol-prices-plummet/ Thu, 15 Sep 2022 21:36:23 +0000 https://sailtheory.com/retail-sales-are-doing-very-well-thank-you-buyers-but-sales-at-gas-stations-slump-as-petrol-prices-plummet/ Retail sales without gas stations jumped 0.8% in August from July. Inflation shifted from goods (retail) to services. By Wolf Richter for WOLF STREET. There was a sharp drop in sales at gas stations, driven by falling gasoline prices and lower demand for gasoline (which I wrote about yesterday). But retail sales without gas station […]]]>

Retail sales without gas stations jumped 0.8% in August from July. Inflation shifted from goods (retail) to services.

By Wolf Richter for WOLF STREET.

There was a sharp drop in sales at gas stations, driven by falling gasoline prices and lower demand for gasoline (which I wrote about yesterday).

But retail sales without gas station sales jumped 0.8% in August from July and have been on a solid upward trend for months, even as inflation moved from goods, sold by retailers, to services, which are not sold by retailers.

Retail sales follow sales of goods, not services. And inflation has shifted from goods to services, and services inflation is now driving headline inflation (which I talked about a few days ago), even though the prices of some goods go down.

The retail sales data provided today by the Census Bureau is based on surveys of approximately 5,500 retail businesses, by retailer category, from a retailer’s perspective, not from a consumer’s perspective.

Overall retail sales rose 0.3% from July, despite lower gas stations, and 9.1% year-over-year to $683 billion (seasonally adjusted) . Compared to August 2019, the last normal year, total retail sales increased by 31.1%.

Inflation at retailers = rising prices. But where?

Retail sales are grouped by retailer categories, such as car dealerships and online sales, not by product category. But CPI inflation is measured by product category. CPI inflation therefore cannot be easily applied to retail sales because the categories do not match.

Headline CPI inflation in August rose 0.1% from July and 8.3% year-on-year. The CPI for services is soaring steadily but does not show up in retail sales because retailers are selling goods.

Gasoline CPI: -10.6% in August from July. But retail sales at gas stations include the other products they sell. Many gas stations are actually convenience stores, selling food, drink and other things, and the drop in gas prices has been moderated by price increases for the other things they sell.

“Food at home” CPI: +0.7% in August from July – which falls under the retailer category of “food and beverage stores”. But Walmart is also a huge grocery retailer, and it’s a “general merchandise retailer,” not a food and beverage store.

CPI for durable goods: +0.5% in August from July. Durable goods are sold by several categories of retailers, including new and used vehicle dealerships, e-commerce retailers, appliance stores, electronics stores, furniture stores, merchandise stores general, etc Their different products face different pricing environments, with some falling prices (ie electronics) and other rising prices (ie new vehicles).

Sales at dealerships of new and used vehicles and parts, the largest category, jumped 2.8% in August from July and 6.8% from a year ago to $128 billion, seasonally adjusted. Compared to August 2019, sales increased by 21%.

It comes from a mix of much higher prices and much lower unit sales as new vehicle dealers still face large-scale inventory shortages, although they have changed, and some brands now have a lot of inventory, while other brands are essentially out of fuel. performance vehicles.

E-commerce sales and other “non-store retailers” fell 0.7% from July’s record, to the second-highest ever, $108 billion, seasonally adjusted, up 11% year-over-year and up 70% compared to August 2019.

Included here are sales from pure e-commerce retailers, physical retail e-commerce operations, and stalls and markets:

Food and Beverage Stores: Sales increased 0.5% for the month and 7.2% year over year to $79.5 billion, up 23% from August 2019:

Food services and drinking places: Sales jumped 1.1% in August from July and 10.9% year-on-year to a record $86 billion. This increased by 32% compared to August 2019. Included here are bars, restaurants, cafes, cafeterias, delicatessens, fast food outlets, etc.

General Merchandise Stores: Sales rose 0.4% for the month and 4.2% year-over-year to $58 billion, up 20% from August 2019. Walmart and Target are among of this category, but not the department stores:

Service stations: Sales fell 4.2% for the month to $64 billion, the second straight month of declines, as gasoline prices fell. Sales were up another 29% from a year ago and 51% from August 2019. Sales at gas stations include the other products they sell: many gas stations are actually convenience stores, selling all kinds of food, beverages, and other things, and the drop in the price of gasoline is moderated by the price increases of their other things.

Stores of building materials, supplies and garden equipment: Sales jumped 1.1% for the month and 10.5% year-over-year to $43 billion, seasonally adjusted, up 36% from August 2019:

Clothing and accessories stores: Sales increased 0.4% for the month and 3.5% year over year to $26 billion, up 16% from August 2019:

Miscellaneous in-store retailers (including cannabis stores): Sales jumped 1.6% for the month, 15% year-over-year and 47% since August 2019, to $16.2 billion:

Furniture and home furnishings stores: Sales fell 1.3% for the month and 1.6% year-over-year to $11.8 billion. This was still up 16% from August 2019:

Department stores: Sales rose 0.9% for the month and just 0.7% year over year, and were essentially flat from August 2019 at $11.4 billion. Compared to the department store peak of 2000, sales are down 43%. Many department stores, from Sears to Descendants, filed for bankruptcy and mostly disappeared. Anything you can buy in a physical department store, you can buy online, including on that chain’s website, and that’s where these sales went:

Sporting goods, hobby, book and music stores: Sales increased 0.5% for the month and 5.5% year over year to $9.3 billion, up 38% from August 2019:

Electronics and appliance stores: Sales fell 0.1% for the month and 5.7% year-over-year to $7.6 billion, which was flat from August 2019.

In this category are only electronics and appliance stores, such as the physical stores of Best Buy or the physical stores of Apple. It does not cover other retailers that sell electronics and appliances, or online sales of electronics and appliances. This category of bricks and mortar is also on its way out, with sales now down 15% from 15 years ago:

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Can undocumented immigrants apply for a credit card? https://sailtheory.com/can-undocumented-immigrants-apply-for-a-credit-card/ Wed, 14 Sep 2022 11:00:31 +0000 https://sailtheory.com/can-undocumented-immigrants-apply-for-a-credit-card/ After arriving in the United States, an undocumented immigrant has to deal with so many things that are foreign to him. Among them: the US financial system, which can be difficult to navigate even for those born in the US. Getting a credit card can be one item on an undocumented immigrant’s financial to-do list. […]]]>

After arriving in the United States, an undocumented immigrant has to deal with so many things that are foreign to him. Among them: the US financial system, which can be difficult to navigate even for those born in the US.

Getting a credit card can be one item on an undocumented immigrant’s financial to-do list. Undocumented immigrants can apply for a credit card in the United States, but they may have to jump through some hurdles to do so. These could include obtaining a federal tax identification number or obtaining a secured credit card.

“Many people we talk to in the immigrant community struggle to access credit because they haven’t had access to financial education about their rights in the financial system,” says immigration attorney Adina Appelbaum. , Certified Financial Advisor and Co-Founder of Immigrant Finance.

Immigrants tend to rely on expensive alternative financial services, such as check cashing companies, payday lenders and pawnbrokers, at great expense. Meanwhile, the services of traditional banks tend to be much more affordable. An undocumented immigrant’s financial education should focus on high-cost alternative financial services, says Magnus Larsson, co-founder and CEO of Majority (a digital bank for migrants).

Do you need a social security number to get a credit card?

No federal law prohibits an undocumented immigrant from getting a credit card in the United States, Applebaum says.

Based on their business practices, some credit card issuers require an applicant to provide a social security number. However, many credit card issuers accept an individual tax identification number as an alternative to a social security number. The nine-digit ITIN, while similar to the nine-digit SSN, is issued for tax purposes and does not entitle you to work in the United States or receive the benefits of the SSN.

Even with an ITIN, an applicant may not be approved for a credit card if they have no credit history. Not having a credit history is not inherently bad, it only means that you have never used credit-building financial products, such as a credit card or loan, in the United States.

If a Social Security number or ITIN is not an option, some credit card issuers may accept the applicant’s foreign passport or US driver’s license. Another alternative is Nova Credit’s Credit Passport, which an issuer can use to view an applicant’s overseas credit history.

Credit card issuers that do not require an SSN

Credit card issuers that do not require an SSN include:

  • American Express
  • Bank of America
  • Capital one
  • Hunt
  • Town

How an undocumented immigrant can apply for a credit card

Contrary to popular belief, there are many other ways for an undocumented immigrant with no recorded credit history in the United States to obtain a credit card.

Get a secure credit card

Unlike an unsecured credit card, a secured credit card usually requires a cash deposit which acts as collateral. The guarantee protects the card issuer by guaranteeing repayment of any debt you may accumulate on the card. The credit limit for one of these cards is usually 50% or 100% of the deposit amount.

The purpose of a secured credit card is to help someone establish their credit history and then transition to a traditional unsecured credit card. Most, but not all, secured credit cards report a cardholder’s payment history to the credit bureaus, which slowly helps your credit score go up. If this information is not reported, your credit score will not increase, so be sure to apply for a secure card that regularly reports your payment activity.

Ask someone to be a co-signer

Another way to get a credit card is to find a co-signer. As part of this arrangement, someone else (often a relative) agrees to cover card payments or the entire balance if the primary cardholder is unable to do so. Keep in mind, however, that many major credit card issuers don’t allow co-signers.

Become an authorized user

You can also request to be added as an authorized user on someone else’s credit card. As an authorized user, you get your own card connected to the primary cardholder’s line of credit. This allows you to use the card to spend and enjoy all the benefits of the card.

The account holder is financially responsible for the monthly card payments and the entire card balance, although you can of course make arrangements with the primary card holder to pay them your balance each month. The person whose card account you join is usually a spouse or relative, but a friend is also possible, provided they are trustworthy and financially responsible.

If you or the primary account holder make payments on time each month, it will positively reflect on both of your credit reports, as payment history is regularly reported to the credit bureaus. This could be very advantageous for both parties. Some credit issuers do not report authorized user activity, so make sure your issuer does before you become a user.

Request a joint account

Another option is to apply for a joint credit card account with someone else, such as a spouse or family member, which makes you both the primary cardholder and responsible for covering the balance. The main attraction – maybe with your two incomes, the issuer will feel more confident to extend credit to you.

As with an Authorized User, each joint account holder’s payment activity is generally reported to the credit bureaus. So, if payments are made on time and regularly, you could see your credit history get stronger. However, note that many card issuers no longer offer joint credit accounts.

Get a credit card with no credit history

Some card issuers might be willing to approve an undocumented immigrant for a traditional unsecured credit card even if they have no credit history. It should be noted, however, that cards with no credit history may have drawbacks such as a higher than normal interest rate or a lower than normal credit limit. Still, if you’re careful not to overcharge your card and pay your bills on time each month, these cards work just as well for building up your credit.

Applebaum says that in many other countries credit is less commonly used than in places like the United States. Therefore, an undocumented immigrant may arrive in the United States with no credit history.

“For immigrants who have a credit history in their home country, many are unable to transfer their credit history once they arrive in the United States, so they have to start from scratch,” she says. “In addition, people who have no immigration status or who have uncertain and temporary types of status or who are in between statuses may have difficulty opening credit cards and not knowing if they are eligible to have them in the first place.”

How to Build Credit as an Undocumented Immigrant

“Learning to manage a credit card responsibly and pay it off in full each month over time is one of the best ways to build a solid credit score through payment history and length of credit. credit history,” says Applebaum.

Payment history makes up 35% of your FICO credit score, the most widely used scoring model, while length of credit history makes up 15%. Here are some other tips you could try to build your credit:

  • Open a bank account in the United States Some credit card issuers may require an applicant to have a US bank account.
  • Pay all your bills, such as rent and utility bills, on time each month. Not only will you get used to paying your bills regularly, but you can also include these payments in your credit report through Experian Boost.
  • Maintain a low overall amount of debt. The amount of debt you carry relative to your total credit limit, also known as the credit utilization rate, is 30% of your FICO credit score. “Don’t get caught in the spiral of expensive credit,” advises Larsson.
  • Consider transferring your credit history from your home country to the United States Larsson says credit card issuers “need to go beyond the existing credit score system” to account for disadvantaged consumers like undocumented immigrants.
  • Avoid applying for too many credit cards at once. Those with credit ratings would experience several tough demands, which would lower your rating by a few points. When it comes to people with no credit, you still shouldn’t apply for too many cards at once – lenders will think you have financial problems and pose greater credit risk.
  • Avoid payday loans. The APR for a payday loan can be 400% or more, which is much higher than the typical APR for a credit card or personal loan. Larsson calls payday loans an “evil” form of credit that preys on undocumented immigrants.

The bottom line

Navigating the US financial system as an immigrant, including the process of obtaining a credit card, can be daunting. “The system is not designed for people who weren’t born and raised here financially,” Larsson says.

Fortunately, credit cards are available to undocumented immigrants, although they can be difficult to obtain. And, there “are no shortcuts,” says Larsson.

You don’t necessarily need a social security number to qualify for a credit card. In addition, several credit options are available for undocumented migrants who wish to obtain a credit card. These include a secured credit card, which requires a cash deposit, or a credit card designed for someone with no credit history. By working through the application process and being responsible for credit, an undocumented immigrant can reach over 80% of adults in the United States who have credit cards.

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These loans should be avoided..? Do you know why? https://sailtheory.com/these-loans-should-be-avoided-do-you-know-why/ Sat, 10 Sep 2022 12:03:01 +0000 https://sailtheory.com/these-loans-should-be-avoided-do-you-know-why/ These loans should be avoided..!? Do you know why? Many people think they shouldn’t take out loans. But at the end of the month, we will be forced to take out loans. This will be unavoidable in middle-class families earning a monthly salary. However, experts say they can avoid taking out some loans. Why do […]]]>
These loans should be avoided..!? Do you know why?

Many people think they shouldn’t take out loans. But at the end of the month, we will be forced to take out loans. This will be unavoidable in middle-class families earning a monthly salary. However, experts say they can avoid taking out some loans. Why do we say to avoid only certain loans? What is the reason for this? Let’s see.
Payday loan:
It is impossible to avoid borrowing during the current period, but it is very important to avoid payday loans. In particular, these loans are taken by small entrepreneurs, small traders and those who have shops in the daily market as individuals. You have to buy it in the morning and pay in the evening. Interest on these types of loans can be very high. It should therefore be avoided.
Car title loan:
A car title loan is usually a high interest loan. You can donate your vehicle and get it back within a month with interest first. Usually the interest on these loans is high. The vehicle may be sold if payment is not made within the time limit.
Advance on credit card:
In order not to use credit cards unnecessarily, some people take credit card advances. After that, interest may continue to accrue as interest. The interest rate is very high. If you don’t pay it on time, the penalty is very high.Casino loan:
Such loans are very rare in India. However, these loans are loans that should be avoided. These loans are used to promote sports in foreign countries.
Pawnbroker:
Many people can have this experience. Usually we get such loans by pawning our jewelry. Failure to pay this debt on time may result in your property being auctioned off. This includes restricted loans of a lower amount for more expensive real estate in rural areas.

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Payday Loan Scams Consumers Should Be Aware Of: Fake Loans, Stolen Information, Fraud https://sailtheory.com/payday-loan-scams-consumers-should-be-aware-of-fake-loans-stolen-information-fraud/ Sun, 04 Sep 2022 20:49:06 +0000 https://sailtheory.com/payday-loan-scams-consumers-should-be-aware-of-fake-loans-stolen-information-fraud/ Payday loans in the US are a hugely predatory industry, and now the landscape is getting worse as scammers pose as popular lenders try to scam people. A new Better Business Bureau report on these scammers has shed light on the story of Shirleywho “received a call from a woman who said her name was”Lawrence […]]]>

Payday loans in the US are a hugely predatory industry, and now the landscape is getting worse as scammers pose as popular lenders try to scam people.

A new Better Business Bureau report on these scammers has shed light on the story of Shirleywho “received a call from a woman who said her name was”Lawrence Green.Lauren told Shirley that she “qualified for a $5,000 loan from the West Point lenders” but that shehad to do was pay $535 as a feebefore the money is deposited into their account. Then Green again said that “another $535 was needed because his credit wasn’t good enough.” However, once Shirley handed over the $1,070, Lauren disappeared with Shirley’s money, and when she went to search, she discovered that the company was fake and that her information had been stolen.

To be fowarding something…

Many scammers use names close to major payday lenders to work on the notoriety of some of these companies. The BBB has warned that fraudsters posing as debt collectors can also use the same tactics to “make their threats more serious”.

How many payday lender scams have been reported this year?

While the total number of scam attempts reported to the BBB has gone down, the amount that has been taken from those defrauded has increased over the years:

  • 2019 – Reports: 1,151 | Losses: $856
  • 2020 – Reports: 741 | Losses: $900
  • 2021 – Reports: 760 | Losses: $765
  • 2022 – Reports: 403 | Losses: $1,000.

These figures should be taken with caution since the BBB estimates that only about ten percent of fraud cases of this nature are reported to the organization – meaning that the extent of the problem is much bigger than these numbers represent.

The feds should take notice of people’s willingness to engage in the scam, as many have reported falling for the trap because “they were already in debt due to payday loans.” After being scammed, some victims also reported: “months behind on rents and other bills, due to the financial consequences of these scams.”

A general warning for those interested in a payday loan

Payday lenders are one of the least regulated aspects of financial services. The BBB reported that their scam trackers show “that despite efforts across the country to limit the power of payday loan companies, many Americans are still trappedin debt cycles after taking out any of these loans. These agencies use complicated formulas to hide high interest rates applied to loans of up to more than four hundred percent. BBB researchers shared the story of Wanda, a senior in Georgia who took out a $1,000 payday loan to build her credit.

Buried behind all the fees and paperwork, his real interest rate was almost 450%. She quickly regretted the decisionreads the report, noting that these companies often take advantage of older people. “They bill you every two weeks, and that’s about $400.00 to $600.00 per month to repay such a small amountt,” Wanda said, addressing the report’s authors.

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Predatory payday loans scams could cost double https://sailtheory.com/predatory-payday-loans-scams-could-cost-double/ Thu, 01 Sep 2022 16:38:00 +0000 https://sailtheory.com/predatory-payday-loans-scams-could-cost-double/ TOPEKA, Kan. (WIBW) – Predatory payday loans and scams could end up costing double the amount of the loan, according to a new study from the Better Business Bureau. As Americans have lost their jobs and struggled to make ends meet during the COVID-19 pandemic, the Better Business Bureau says many have turned to payday […]]]>

TOPEKA, Kan. (WIBW) – Predatory payday loans and scams could end up costing double the amount of the loan, according to a new study from the Better Business Bureau.

As Americans have lost their jobs and struggled to make ends meet during the COVID-19 pandemic, the Better Business Bureau says many have turned to payday loans and short-term solutions that can increasingly being found online.

The BBB noted that this not only allowed predatory lenders to thrive, as many borrowers faced exorbitant interest rates and fees, but also created an environment conducive to scammers.

The BBB said its new investigative study found that payday loan laws are managed from state to state and among the 32 states in which they are available, a complex web of regulations makes the hard-to-follow industry. A common thread, however, in triple-digit interest and significant rollover fees.

From 2019 to July 2022, the BBB said it received nearly 3,000 complaints about payday loan companies with the disputed amount approaching $3 million. In addition, over 117,000 complaints were received against debt collection companies.

According to the BBB, complaints often noted that borrowers felt ill-informed about loan terms. He said many customers have fallen into a “debt trap” with piled up interest and fees that leave a bill nearly double the amount of the original request.

A St. Louis woman recently told the BBB that over the course of her $300 loan, she paid over $1,200 and still owed $1,500.

The BBB noted that scammers haven’t missed an opportunity to take advantage either, with its Scam Tracker sending over 7,000 reports of loan and debt collection scams amounting to around 4.1 million dollars in losses.

Posing as payday loan companies and debt collectors, the BBB said the scammers are arming themselves with stolen information to convince residents to hand over their bank account information and money. In one case, he found hackers had stolen and released detailed personal information and financial data for more than 200,000 residents – and it was not an isolated incident.

A Wisconsin woman reported to the BBB that she received a phone call from a debt collector who allegedly said legal action was pending over an overdue payday loan debt. Fearing legal trouble, she eventually sent the scammer $500 and her credit card information. Over the next few months, her card was charged again and again until she canceled it.

The BBB reported that regulators at the federal level have called for tougher laws to curb predatory lending, however, those regulations were rolled back, leaving states to set their own rules on interest rate caps and credit limits. other aspects of the loan. More than a dozen states have introduced legislation to regulate payday loans, but the landscape of legally operating payday lenders remains inconsistent from state to state.

Currently, the Bureau said payday loans are banned in 18 states. He also said the Military Loans Act sets a rate of 36% on certain payday loans.

Regarding fraudulent behavior, the Bureau said law enforcement agencies are limited in what they can do to prosecute payday loan scams. He said some legal lenders have tried to prevent scams by educating customers about how they will contact borrowers and the ways that are not allowed.

The study advised residents to thoroughly research all borrowing options as well as the terms of a payday loan before signing any paperwork to take out a short-term loan. The study also made the following regulatory recommendations:

  • Cap consumer loans at 36%
  • Educate more people about no-cost extended repayment plans
  • Require lenders to test whether customers can repay loans
  • Require Zelle, Venmo, and other payment services to offer refunds for fraud

To report a personal loan scam or file a complaint, click HERE.

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