In a time of pandemic-induced financial and economic hardship, waiting to get paid once a month can be difficult in the face of emergencies, surprise medical bills, and unforeseen expenses.

The inability to access earned wages during tough times can also increase the chances of employees resorting to payday loans at high interest rates, further compounding their dire financial situation.

In Spain, salary advance startup Payflow sought to solve this problem for workers by allowing them to access their earned wages “when they want, as many times as they want and receive”. [funds] instantly,” co-founder Avinash Sukhwani told PYMNTS.

“Millions of Spaniards live hand to mouth and only get paid once a month. In an increasingly immediate world, this cannot be a reality,” Sukhwani said, adding that allowing workers instant access to their earned wages several times a month eliminates financial stress, leading to greater productivity for business.

Compared to other companies in the on-demand payment industry, Sukhwani said Payflow, which launched in 2020, sells its product to businesses for a monthly fee with no direct employee charges for the service.

“The workers’ statute recognizes access to wages as a right. It would not be good for the workers to be charged for their rights,” he explained. “They [companies] offer Payflow as a benefit to their employees.

Read more: Barcelona-based Payflow closes $9.1m funding round

And in sectors like hospitality, for example, where companies face major challenges in both recruiting and retaining talent, being able to offer such a free service for staff that improves well-being employee finance is extremely valuable.

“We noticed that our customers [have been able to] hire 27% faster, reduce their turnover by 20% and increase the productivity of their employees by 10% since [using] Payment flow. Happy employees make for happy companies, and our product helps increase employee satisfaction,” he said.

Reach millions of employees

So far, the model has gained popularity among blue-collar workers, who are the most adopted by companies using the platforms.

“In just two years, Payflow has become the regional leader in the earning industry with [more than] 100,000 users and [over] 175 customers, including well-known brands such as Webhelp, Covirán, Aristocrazy and Grosso Napoletano,” Sukhwani said.

The company recently closed a $9.1 million Series A funding round that increased its total funding to nearly $14 million, and with 0% churn and never losing a customer. , Payflow’s point of differentiation is operating in what is proving to be an increasingly competitive space, he noted.

Going forward, the Spanish FinTech plans to grow from a payday advance business to a neobank, growing from more than 100,000 current users to millions of employees in Europe and Latin America.

“In order to achieve this goal, we should significantly expand the user base and launch features that allow employees to do more with their money,” he said, aware of the enormous challenges involved in an ambitious plan. like building a digital bank.

“Many have tried and failed because it is a very complex product to build from all points of view, including financial, operational [and] regulations,” he noted.

But after the success Payflow has enjoyed over the past two years, Sukhwani said the company is not slowing down anytime soon and staying focused on its goals and objectives.

“In 2022, we want to double the workforce and launch two additional products. We plan to continue our international expansion through Latin America and Southern Europe, [starting in Italy and Portugal],” he said.

Register here for daily updates on all of PYMNTS’ Europe, Middle East and Africa (EMEA) coverage.

The consumer world we live in today leads some people to deal with bad credit. If you belong to this category of people, you probably need a bad debt consolidation loan. A bad credit consolidation loan can offer you a financial loan to combine all your credit cards with payday loans and high cost or high interest loans.

In short, debt consolidation loans for bad credit can help you consolidate all your loans into one, saving you time while reducing your fees and interest. In other words, this type of loan is completely stress-free. There are, of course, other benefits of debt consolidation, which will be our topic today, and which we will explore in more detail below. Let’s go.

Top Benefits of Debt Consolidation Worth Trying

As mentioned above, debt consolidation is stress-free and time-saving, but there are other benefits to consider, such as:

1. Improve your credit score

When you pay off all of your debts with a debt consolidation loan, they will all be listed as “paid” on your credit card report, which can dramatically improve your credit score in the long run. A bad credit debt consolidation loan gives you the ability to control your high-cost finances by combining your loans into one simple example. Here’s how you can improve your credit score with such a loan:

• Less fees, less interest, less late fees;
• Negotiation with creditors to reduce repayments;
• Refinancing;
• Reduce interest rates by consolidating all debts into one loan.

1. Be in control of your debt

Once you get overwhelmed with debts, you can start missing your monthly payments, resulting in a bad credit score. If your debt gets out of hand, you’ll just need more and more money to pay it off, but with such a bad credit score, you won’t be able to easily access personal finance from your traditional bank. This is precisely where a bad debt consolidation loan comes in, giving you a chance to regain full control of your finances.

1. Lower interest rates

If you find yourself in a situation where you have to pay several debts at once, chances are that at least some of them are from your credit card. Credit cards always have a higher interest rate than other available loans, and those rates tend to get even higher when you fail to make a payment on time. Therefore, a credit card consolidation loan can reduce that high interest on your debt, giving you the option of paying off the loan at a much lower rate.

Image courtesy of Unsplash

In our daily tasks, we rely on our ability to move from one point to another. We humans have to move to survive, without movement we couldn’t get to work, buy groceries and toiletries or even go to important places.

Most of this problem can be solved by getting a car. A car really solves the travel problem, but cars break down and need to be repaired.

So how do you deal with car trouble, when all you can think of is “how to pay for car repairs without money when I need my car repaired but don’t know where to borrow »?

How Auto Loans Work

If you’re struggling with emergency car trouble, guess what, you’re not alone. Auto loans are also called car loans or car loans. These loans are sums of money taken out by borrowers to purchase a new or used personal or utility vehicle.

Auto loans are secured unlike personal loans which are unsecured, the loan is used to purchase serves as collateral in an auto loan.

Today, the total number of Americans has increased dramatically over the past 10 years. On average 1 in 4 people spend 10% of their income on car debt.

Interest rates on car loans

Auto loans are secured loans taken out by people to purchase vehicles. The average interest rate for a car loan is 4.09% for new cars and 8.66% for used cars. Auto loan interest rates are provided as an annual percentage rate or APR.

The interest rate depends on various factors such as debt, income and credit rating. Credit score had a major influence on the interest rate, people with a credit score of 780 and above have a better chance of getting a loan with around 3% interest.

According to Experian Information Services, here are the applicable rates based on credit score

CREDIT RATING	Average APR for a new car	Average APR for a used car
Super Prime 781-850	2.34%	3.66%
First 661 – 780	3.48%	5.49%
not first 601 – 660	6.61%	10.49%
Subprime 501 -600	11.03%	17.11%
deep subprime 300 – 500	14.59%	20.58%

How long do car loans last

Car loans are so important in the process of acquiring a car. The loans can last between a period of about 12 months to about 8 years. Auto loans are for 12 months.

Car loans: effect on credit score

Auto loans, like all types of credit services, have both good and bad effects on our credit score.

• The car loan is important in the acquisition of a car.
• Payment history accounts for 35% of our credit score.
• Paying off our car loan on time and within the repayment window positively affects our credit score.

Car loans do not affect the use of credit, which positively affects our credit score. When not repaid, loans can accumulate, which negatively affects our credit score.

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Battling with emergency car issues can be stressful enough, but knowing the right credit service to use takes a lot of the stress away.

According to American Automobile Associationthe average car upkeep that includes routine maintenance and repair in the event of damage costs about $1,200, and only about a third of American drivers are financially strong to afford unexpected car repair costs.

Some automotive problems are covered by the vehicle’s warranty or insurance, but sometimes our vehicle may develop a fault that neither our warranty nor our insurance covers, so we have to pay cash, and situations may arise where we don’t have no cash on hand, there are few ways to get the funding we need, so let’s review

#1 Personal Loans

Personal loans are unsecured loans characterized by high interest rates. Personal loans can be used for a variety of things like home renovations, car repairs, vacations, etc. Personal loans for car repairs can be obtained at fitmymoney.com

#2 Credit cards

Credit cards are a way to pay for auto repairs that aren’t covered by insurance and warranty. Auto repairs can be placed on a card with an open credit limit.

#3 Payday Loans

Payday loans are also called payday advances. A payday loan is a short-term, unsecured loan, often characterized by a long interest rate. Payday loans are usually repaid when you get your next paycheck, but some lenders may give you more time to repay. Payday loans can be obtained to pay off automobile problems. Payday loans for auto trouble can be obtained at fitmymoney.com.

#4 Car Title Loans

Car title loans are short-term loans in which the lender deposits the title of their car as collateral to obtain a loan. When the borrowed money is repaid, within the repayment window which can last up to 30 days, the title of the car is returned, otherwise the person risks losing their car to the lender.

Conclusion

Car loans are very important in our daily lives, not only because they allow us to buy a car, but also because, if managed well, they can be a major way of increasing our credit score.

The loans available for repairing our cars are so important in filling the gaps in economic situations such that today only one-third of Americans can afford to maintain their vehicles without resorting to loans.

About a quarter say they worry about covering basic household expenses

As Americans struggle to ride out the effects of the pandemic, inflation presents a new wave of setbacks. While consumers are improving their finances through some measures, other signifiers indicate that some are making risky choices that could further jeopardize their financial footing.

in a new Financial Literacy and Readiness Survey from the National Foundation for Credit Counseling (NFCC) and Wells Fargo, one-third of respondents say they are “barely getting by financially.” This survey highlights consumer behavior and knowledge in key financial areas – debt, personal savings and financial concerns – and reveals where they might need help.

Manage financial pressures

In a November survey from Affirm, participants said worrying about finances at least six times a day on average. Meanwhile, about a quarter (26%) of NFCC and Wells Fargo survey respondents said they were more worried about covering basic household expenses than 12 months ago.

Under this pressure, some consumers make choices that could worsen their financial situation. More than half (56%) say they don’t have a budget — and as rising gas and food prices increase the overall cost of living, some say they are turning to interest rate financing. high interest as the first way to access cash.

Here are some trends that emerged in the NFCC/Wells Fargo survey.

High interest loan

Some consumers report using high interest, high risk methods to make ends meet. The most common products or institutions they turn to are check cashing stores and ATMs.

Here is what the respondents report:

The use of these modes of financing is likely to create more pressure on borrowers. For a car title loan, the average APR is around 300%, with borrowers at risk of repossessing the vehicle if they don’t pay. Meanwhile, rates on a short-term payday loan can reach nearly 400% APR.

Credit card debt

In the Affirm study, 40% of millennials identified credit card debt as their biggest financial setback – the NFCC/Wells Fargo study finds a similar trend of credit card addiction in the general population:

Another December survey from CIT Bank, focusing on New Year’s resolutions, showed that 47% of adults say they are committed to reducing their debt in 2022. But without a family budget, major resolutions like reducing debt, saving more money (77%) and spending less (48%) may be unrealistic.

Yet despite consumers’ continued struggles, some say they weren’t likely to turn to a nonprofit credit counseling agency for help, whether because they think they can do better on their own (27%), they don’t know which agency to turn to (13%) or they are afraid of the cost (12%).

Those looking for help can visit the NFCC website to find a not-for-profit certified credit counseling agency in their field. Advisory services typically include budgeting assistance and debt management tools; initial sessions are often free, with additional assistance available at low cost.

Positive assessment of the pandemic

While many consumers are on shaky ground, some are still reporting positive financial milestones. For example, the average amount of self-reported credit card debt is now $1,847, up from $2,906 in 2020.

Consumers also report good results from these measures:

Methodology: On behalf of the National Foundation for Credit Counseling (NFCC) and Wells Fargo, the 2021 Financial Literacy and Preparedness Survey was conducted online by The Harris Poll from November 1 to November 15, 2021. Respondents consisted of 2,000 US adults ages 18 and older. older, as well as 500 U.S. adults ages 18 and older currently active and enlisted in the U.S. military (members of the Reserves and those of the National Guard (i.e., “service members”) were excluded), 250 U.S. adults ages 18 and older whose spouses or partners are military personnel, and 500 U.S. Army veterans.

The TOUGH financial times caused by the pandemic are pushing consumers to the limit. Chargebacks and overdue credit card balances are on the rise again. Faced with layoffs and tough economic times, many people are turning to their credit card to pay for basic expenses such as food and housing. Many people dip into their credit card hoping it’s just a temporary fix “until things get better”. The bad news is that credit cards come with a hefty price tag – sky-high interest rates, not to mention late fees and overlimit fees.

Once the credit cards run out, some people resort to even more desperate measures just to make ends meet. Lately, I’ve seen a lot of people go so far as to get some of these so-called “payday” or “emergency” loans, which are ten to thirty times worse than credit cards! In most cases, interest rates on these loans can range from 390% to 900% APR if you continue to “roll over” the loan (i.e. ask for an extension of the payment term)! !! Can you believe that? I have seen clients have 2, 3 or sometimes more payday loans at the same time. No wonder these people are broke before payday even arrives! Loan sharks often prey on people who have bad credit and are already over-indebted.

If you’re struggling with debt, you may find it harder and harder to catch up each month. If some of your accounts have been turned over to collections, that’s even worse because it means you can be sued by your creditors at any time. Once they have obtained a judgment, creditors can then garnish your wages or debit your bank accounts. Some people are paralyzed with fear and do nothing, hoping that somehow, by ignoring their debt problems, creditors will just give up. Be real. You cannot ignore your debt problems. If you do nothing, you will realize one of these days that your inaction has only made your debt problems worse.

If you’ve done everything you can but nothing has worked so far, should you declare bankruptcy as a last resort? Bankruptcy can often be an option for many people who can no longer afford to pay their debts. In Chapter 7, credit card debt, personal loans, medical bills, and most types of unsecured debt can be erased. This means you can start over and rebuild your credit instead of having all of your outstanding debt reported to the credit bureaus each month. Your fresh start begins the day your bankruptcy case is filed and creditors can no longer collect from you. For the first time perhaps in a very long time, you can finally breathe and feel like a human again.

If you are able to pay a certain amount each month, you may also qualify for Chapter 13 debt consolidation to significantly lower your monthly payments. In most cases, credit card payments can be reduced to half (or even less) of what you are currently paying. You also pay 0% interest on your credit cards and can get out of debt for 3 to 5 years, depending on the length of your Chapter 13 plan. If you’re in foreclosure, Chapter 13 can also help save your home. and update your payments.

If you’re in debt and need to find the best solution for your situation, call toll-free 1-866-477-7772 to schedule a free consultation.

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NOTE: Due to the COVID-19 pandemic, I am offering free consultations OVER THE PHONE to anyone who needs help dealing with their debt issues.

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None of the information contained herein is intended to provide legal advice for any specific situation. Atti. Ray Bulaon has successfully helped over 5,000 clients get out of debt. For a free evaluation of your situation by an attorney, please call RJB Law Firms toll-free at 1-866-477-7772.

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(MENAFN – ValueWalk)

When it comes to things that may pose a risk to your finances, certain activities may immediately come to mind. Investing heavily in high-risk stock options, quitting your job without a back-up plan, or habitually making large, unnecessary purchases are all obvious actions that can certainly affect your finances.

But what about the things you do in your daily life? Surprisingly, common personal habits can also jeopardize your personal wealth. Some of these habits seemingly have nothing to do with money, but can have a major impact in ways you may not have considered.

Contents Pin up

• 1. Recreational alcohol use

• 2. Lack of savings

• 3. Continuous subscriptions that you do not use

  • 3.1. Focus on the day-to-day

Recreational alcohol consumption

When linking alcohol to financial risk, the obvious route is prosecution or criminal charges for misconduct. One danger that may not be as widely known, however, are the long-term consequences stemming from traumatic brain injury. As alcohol is estimated to be a contributing factor in approximately 50% of all traumatic brain injury incidents, the habit of drinking alcohol can have very real consequences.

Letter 2021 from Seth Klarman: Baupost’s “endless” information hunt

Baupost’s investment process involves “endless” gleaning of facts to help support investment ideas, writes Seth Klarman in his year-end letter to investors. In the letter, a copy of which ValueWalk was able to review, the value investor outlines Baupost Group’s process for identifying ideas and answering the most critical questions about its potential Read more

Brain damage can impact your finances far beyond substantial medical bills. If you have a brain injury that causes permanent damage and renders you unable to work, your income could be a fraction of what you are used to. While disability payments may provide meager relief, these payments can take months to initiate and may require multiple rounds of appeals.

Lack of savings

Spending on a monthly basis at the higher end of your monthly income is fine until an unexpected expense arises. The problem with this is the fact that unexpected expenses will arise at some point. Whether it’s a car repair or water damage in your home due to a burst pipe, costs will arise that cannot be delayed.

Americans have become more aware of having funds set aside for emergencies. However, about 51% have less than three months of spending in savings. When unexpected costs arise, it’s all too easy to fall into the trap of high-interest borrowing. This can take the form of credit cards or payday loans. Unless you drastically adjust your monthly expenses, you run the risk of spending long periods of time recouping interest payments.

Continuing subscriptions that you are not using

It can sometimes be comforting to have the option of using something even if you decide not to. Signing up for that gym membership at the start of the year seems like a step in the right direction for overall health, but it does little good other than drain your bank account if you don’t use it. .

Maybe there was a single TV show that you were excited to watch and signed up for a streaming service. After you finished watching, did you find anything else on this streaming service? Does it appear as a recurring monthly charge on your credit card without being used?

Many services start with an introductory free trial that requires you to enter payment information upfront. This is a savvy business strategy as it is very easy to forget that payment is due after 30-60 days. Even if you remember, you still have to take the time and effort to call or log into your account to cancel. If you don’t regularly check your credit cards and bank accounts for automatic payments, you could be wasting huge amounts of money each month.

Whether you put a cap on subscriptions and other memberships as part of your annual family budget or just check that you’re using the ones you pay for, get into the habit of not throwing away money.

Focus on the day-to-day

Financial difficulties don’t always stem from the fallout of failed business deals or a drop in investment. Much of the success of financial stability comes from daily habits. To avoid unforeseen difficulties in terms of personal wealth, it is better to adopt good habits and not take unnecessary risks.

Updated January 21, 2022 at 11:40 a.m.

MENAFN21012022005205011743ID1103575607

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It has been a difficult month for many Americans, with the pandemic sweeping the country. And while it seems that payday loans are no longer an option for those who need quick cash, what about other forms of credit? The Federal Reserve reports that credit card use has increased by more than 5% since the first week of August. This number is expected to continue to rise as more people find themselves in financial difficulty during this time of crisis.

How to apply for your first personal loan?

It is easy to apply for a payday loan when you go through an online lender. All you need is proof of active employment, an open checking account, and no current credit issues. You can then qualify in minutes by providing your bank routing number or your social security number, whichever they ask for!

Upon successful completion of the application process, funds will be deposited into your checking account within 24 hours with full access to cash, whether by ACH transfer or direct deposit, whichever method works best for you!

All in all, if you are looking for quick access to cash in this time of pandemic crisis, applying for a payday loan online could provide you with exactly what you need to get back on track financially without having to to sacrifice too much personal information. According to Usman Konst of Bridgepayday.com actually declined during the pandemic due to government assistance. Now that many programs have ended, the volume is increasing again.

Why should you get a payday loan instead of credit card debt or other types of loans?

Credit cards are limited to specific stores, which means buying generic products becomes difficult. Also, if in doubt about your ability to pay it off immediately, expect large fees and high interest rates on top of the original balance.

Payday loans provide quick, no-questions-asked access to money for those who have been affected by the pandemic in one way or another, but still have a stable income in their household – even if they are. they don’t have a job right now! Best part? You can take out a payday loan and pay it off later, even after the pandemic is over!

What is a pandemic prepared company?

Businesses are susceptible to the pandemic just like individuals, but they are at additional risk of losing money. If your employees cannot come to work due to illness or quarantine, you are not making money! That’s why it’s important for profit-conscious businesses in this time of crisis that they take action now to protect themselves from future losses.

Business owners can prepare for a pandemic by registering with payday loan companies online, giving them access to on-demand cash when credit cards and other forms of financing are difficult or even impossible, due to widespread infection rates.

Another option? Consider adding pandemic preparedness insurance coverage in addition to your traditional insurance policy. This protects your business from financial losses due to the pandemic, such as downtime, missed income, and increased cleanup expenses. And because it’s an endorsement to your existing policy, you won’t need any additional underwriting or approval – meaning this insurance coverage can be added with relative ease!

How to get a personal loan?

To qualify for a payday loan, you need a stable income, an open checking account, and no ongoing credit issues. Additionally, if your bank account has been frozen or closed due to suspected pandemic fraud or theft, you may not be eligible – meaning the only way forward is to use a traditional form of financing such as a business line of credit.

Why Should You Use Payday Loans If You Are Prepared For A Pandemic?

If your employees cannot come to work due to illness or quarantine, you are not making money! That’s why it’s important for profit-conscious businesses in this time of crisis that they take action now to protect themselves from future losses.

Business owners can prepare for a pandemic by registering with payday loan companies online, giving them access to on-demand cash when credit cards and other forms of financing are difficult or even impossible, due to infection rates.

Payday loans provide quick access to cash without having to go through a thorough application or approval process; they’re perfect for borrowers who need quick access to cash to avoid falling behind on other bills.

And while the interest rates associated with online payday loans may be higher than traditional funding sources like commercial lines of credit and bank loans, when you consider the alternative (i.e. no money), that seems like a small price to pay!

Another great advantage of using payday loans is that they do not require you to have collateral or great credit. Instead, these loans are based on your ability to repay the loan instead of your payment history – which means if you’re ready for a pandemic and need quick access to cash now that is definitely an option to consider!