Jakarta, Indonesia and DHAKA, Bangladesh, March 16, 2022 /PRNewswire/ — salary, from Asia the fastest growing financial wellness platform has raised $8.3 million in oversubscribed pre-Series A funding as company expands platform to help workers access their on-demand earned wages in Indonesia and Bangladesh. The funding comes just seven months after securing its seed funding.

The oversubscribed funding round was led by East Ventures (Growth Fund) with participation from existing backers including Integra Partners, Asian Development Bank, Global Founders Capital, Trihill Capital, Blauwpark Partners and 1982 Ventures, bringing total funding raised to $14 million in less than two years.

Wagely also revealed that he had secured backing from Central Capital Ventura, the VC arm of indonesia largest private bank, Bank Central Asia (“BCA”). Investment in Wagely Supports Commitment to Expand Digital Financial Ecosystem and Deliver Financial Wellness Solutions Across Indonesia.

With stagnant incomes, the rising cost of living and lack of savings, workers are under daily pressure to stay financially afloat. The options for this segment are very limited in the face of an urgent need for cash. The result is a vicious cycle of repeated reliance on payday loans and other expensive financial products, leading to pervasive financial stress among the workforce. Launched in 2020, Wagely is building a holistic financial wellness platform with Earned Wage Access (“EWA”) at its core that allows workers at partner employers to access their earned wages in real time. The concept, which has been proven in several markets around the world, has been adopted by some of the most renowned organizations, including Walmart, Pizza Hut and Visa, to reduce turnover, improve productivity and increase savings. companies.

Founded by former executives from Grab and Tokopedia, Wagely has seen strong growth in its markets, with its user base growing 10 times a year in 2021, while partnering with some of them. indonesia largest employers, including British American Tobacco, Ranch Market, Adaro Energy and Medco Energi. The pandemic has exacerbated the financial hardship faced by low- and middle-income workers, increasing the need for employers to reduce financial stress on their workers.

Commenting on the investment, Roderick Purwana, Managing Partner of East Ventures, said: “With Wagely’s rapid growth over the past few quarters, we believe they will be the go-to partner for large companies aiming to challenge the status quo of the financial well-being of workers in Indonesia and beyond. We are thrilled to support Tobias, Didi, Kevin and the payroll team as they change the lives of millions of workers across Asiawhere more than 75% of the population lives on a wage to wage basis.”

Pre-Series A funding comes only months after the company expands to Bangladesh, home to the 7th largest working population in the world. “We are proud to operate successfully in two of the largest markets in Asia, employing more than 150 million workers. Instant access to wages plays a central role in reducing costs for employers and increasing worker productivity and well-being. We are honored to offer Wagely’s financial wellness platform to leading apparel manufacturers from Bangladeshincluding SQ Group, Classic Composite and Vision Garments“, noted Tobias FisherCEO and co-founder of Wagely.

The new capital will allow the company to accelerate its leading position in the market Indonesia and Bangladesh and spur development of its holistic financial wellness platform, which the company plans to begin rolling out later this year.

SOURCE salary

A payment processor that allegedly helped a bogus discount club system debit tens of millions of dollars from consumers without authorization will have to pay $2.3 million and face a permanent ban from working with high-end customers. risk following a Federal Trade Commission lawsuit.

According to the FTC’s complaint in the case, which was first filed in 2017, iStream Financial Services and its senior executives, Kris Axberg and Richard Joachim, allegedly debited money from consumers seeking loans on salary or cash advances, but were signed up for a bogus coupon service and charged an upfront fee of up to nearly $100 plus up to $19.95 per month. Consumers were enrolled in the discount club program online and through outbound telemarketing.

The complaint alleged that 99.5% of consumers illegally charged for “discount clubs” never accessed any coupons, and that tens of thousands of them called the defendants to try to reverse the charges, while that thousands more disputed the fees directly with their banks.

“The order announced today prohibits iStream from processing high-risk payments and orders it to pay $2.3 million that can be used to reimburse defrauded consumers,” said Samuel Levine, director of the Bureau of FTC Consumer Protection. “Unfortunately, this amount represents a small fraction of the approximately $40 million in total losses suffered by consumers as a direct result of the Supreme Court’s decision in AMG. Without a legal solution to restore the FTC’s strongest authority to obtain refunds, these consumers, and millions more like them, cannot be cured.

Payment processors, like iStream, offer merchants the ability to obtain customer payments for products and services through electronic banking. According to the complaint, iStream, in conjunction with merchants, used a type of payment called a remotely created check (RCC) to withdraw money from consumer accounts, causing significant harm to hundreds of thousands of consumers, often those who could least afford to have funds unexpectedly taken from their accounts without authorization.

iStream, which processed all payments for the discount club from November 2010 to April 2016, consistently ignored the high return rates generated by discount club transactions, a red flag indicating illegal debit. According to the FTC’s complaint, iStream also ignored other indications of fraudulent activity, including that the primary merchant client involved in the scheme from 2010 through September 2013 was EDebitPay, LLC, a company that had previously subject of previous enforcement actions by the FTC for engaging in very similar misconduct.

Under the proposed settlement order, defendants will be permanently prohibited from using any form of remotely created payment orders, including RCCs, as well as from processing payments on behalf of any customer whose activity involves outbound telemarketing, discount clubs or offers to help consumers. with payday loans. The order will also prohibit the defendants from providing payment services to any customer that the defendants know or should know violates the FTC Act or the Telemarketing Sales Rule (TSR).

The order will require the defendants to conduct a thorough screening of all of their existing customers as well as all future customers to ensure that the customers do not violate FTC or TSR law.

The FTC’s case against the other defendants in the case, including the merchants operating the discount club system, is ongoing.

The Commission’s vote approving the stipulated final order was 4-0. The FTC filed the draft order in the United States District Court for the Northern District of Georgia.

REMARK: The stipulated final orders have the force of law when approved and signed by the judge of the district court.

The government is making changes to its controversial loan laws, following complaints that it was preventing some people in a decent financial position from getting mortgages and other loans.

By Kathryn Armstrong

The rules were changed in December in a bid to protect people against loans they could not afford.

However, this meant that banks and other lenders had to take a closer look at people’s spending when assessing the financial situation, especially when it came to their spending.

“Someone would bungee jump and then the bank would say, ‘How often do you bungee jump? ‘” Economist Tony Alexander said.

He thinks part of the problem was that as banks feared huge fines if they failed to apply the new rules correctly, they became incredibly cautious.

Trade Minister David Clark said the problem was how the rules were interpreted.

He said the rules have now been clarified to make them simpler.

This includes clarifying that where borrowers provide a detailed breakdown of future living expenses, there is no need to learn current living expenses from recent banking transactions.

Nor do lenders need to treat a loan applicant’s regular savings as an expense.

“In very simple terms, that means banks don’t have to dig into your bank statements for the past few months,” Alexander said.

They can take your word for your future spending.”

Meanwhile, a broader investigation into the rapid implementation of the December CCCFA changes continues.

David Clark said that so far there was no reason to believe that the new laws were the main driver of the loan reduction.

ACT chief David Seymour welcomed the clarification of “excessive lending rules that allowed people to choose between Netflix and a mortgage”.

Seymour said the ACT has been calling for changes to the law since January after the effects of “were crippling for those seeking a loan”.

“The occasional flat white should never have been a reason to keep a first-time home buyer off the market.”

Tony Alexander said that although it is too early to see a huge change in the amount of money loaned, there have been other noticeable effects.

“Applications going to banks, to mortgage brokers, really started to drop quite dramatically since probably just before December 1, partly because of loan-to-value ratios.”

Financial mentoring group FinCap said it has noticed positive changes since the December Lending Act was amended.

North Harbor Budgeting Service financial mentor David Verry said the reforms have led to the demise of mobile or payday lenders, like truck shops.

“The number of people we had before – I had clients who had five or six payday loans – I don’t see payday loans now, or anything like a payday loan,” he said.

U.S. Senator Sherrod Brown (D-OH) has introduced a bill in the Senate that would prohibit banks and other financial institutions from using forced arbitration clauses against consumers seeking restitution.

Financial companies often use arbitration clauses to avoid a jury trial or prevent consumers from joining a class action lawsuit. With arbitration clauses, consumers in dispute participate in a private arbitration procedure. Brown said the procedures are inconvenient and expensive, and consumers rarely win out. Brown said clauses are usually buried in long, dense agreements and are usually non-negotiable.

The Fairness in Arbitration for Consumers Act would prohibit this practice by amending the Consumer Financial Protection Act 2010 to prohibit pre-dispute arbitration agreements and class action waivers in contracts. consumer financial products or services. Under the bill, such agreements would not be valid or enforceable.

“Forced arbitration clauses allow big business to shirk responsibility and silence victims, giving Wall Street more power over workers and their families,” said Brown, chairman of the U.S. Senate Banking Committee. , housing and urban affairs. “Too many consumers miss them and are driven to cede companies their right to sue. This bill will remove these clauses to finally end this abusive practice of financial products and services and give Americans a fighting chance against powerful vested interests.

The bill is co-sponsored by US Sens. Brian Schatz (D-HI), Raphael Warnock (D-GA), Elizabeth Warren (D-MA), Robert Menendez (D-NJ), Chris Van Hollen (D-MD), Dianne Feinstein (D-CA), Bernie Sanders (I-VT), Edward Markey (D-MA), Jack Reed (D-RI), Richard Blumenthal (D-CT), Alex Padilla (D-CA), Ron Wyden (D-OR), Sheldon Whitehouse ( D-RI), Mazie Hirono (D-HI), Amy Klobuchar (D-MN), Catherine Cortez Masto (D-NV), Dick Durbin (D-IL), Cory Booker (D-NJ), Bob Casey (D -PA), Kirsten Gillibrand (D-NY) and Ben Ray Luján (D-NM).

“When Americans who use payday loans, private student loans, credit monitoring and credit cards are defrauded by big banks and financial institutions, they are forced into a one-sided, informal system where they have no no meaningful chance of seeking justice or obtaining accounts. This bill will restore the right of Americans to hold big banks accountable for fraud and other wrongdoing. We thank Senator Brown for his leadership on this issue,” said Linda Lipsen, CEO of the American Association for Justice.

The bill has been endorsed by the American Association for Justice, Public Citizen, UnidosUS, US PIRG, Center for Responsible Lending, Consumer Federation of America, Americans for Financial Reform, National Association of Consumer Advocates, and the National Consumer Law Center.

NEW YORK (WKBW) – New York Attorney General Letitia James has released a list of the top 10 consumer complaints received by the Office of the Attorney General (OAG) in 2021.

Most of the complaints received were about internet-related issues and landlord-tenant disputes ranked second on the list.

You can find the full list below:

1.Internet	Internet-related (Internet services and service providers, data privacy and security, digital media, data breaches, Internet manipulation fraud).	8346
2. Owner / Tenant	Landlord/tenant conflicts (release of security deposit, harassment of tenants).	3144
3. Retail sales	Retail related (price gouging, faulty merchandise, poor customer service, pet stores and pet breeders).	2678
4. Benefits	Consumer-related services (COVID-19 testing facilities, alarm companies, dry cleaners, restaurants, movers, personal household services).	2610
5. Automotive	Automotive (sales, service, financing, repair)	2283
6. Credit	Credit (debt collection, credit card billing, debt settlement and relief, payday loans, credit repair, credit reporting agencies, identity theft)	1539
7. Utilities	Utilities (cordless and home phones, energy services and providers, cable and satellite)	1145
8. Home Repair/Improvement	Home repair/improvement (repair issues, deceptive contractors)	1034
9. Health clubs	Health clubs (inability to cancel memberships, inability to access facilities, refunds not provided, no response from clubs)	778
10. Furniture/appliances	Furniture/appliances (defective merchandise, delivery issues, and service and repair issues).	611

AG James offered the following advice to protect you from future scams:

the Internet

• Do not use the same password for multiple accounts. Cybercriminals use passwords stolen from one company for other online accounts. Earlier this year, Attorney General James announced that a thorough investigation by his office identified more than 1.1 million online accounts compromised in cyber-credential stuffing attacks on just 17 well-known companies. [lnks.gd]. New Yorkers can protect themselves with the following safeguards:
• Never reuse passwords. While reusing login credentials can be convenient, it also puts consumers at risk. A password manager on a phone or computer can keep track of passwords, automatically filling them in when they log in to a website or app.
• Enable two-factor authentication (2FA): 2FA can provide an additional layer of security by requiring anyone logging into an account to provide another identifier, such as a one-time code sent via text or email .
• Regularly check your online accounts for unauthorized transactions and immediately contact your online service (or credit card company, if applicable) if you see anything suspicious.
• Register with a breach notification service, such as Have I been pwned [lnks.gd]which will send a notification if an account associated with your email address or phone number has been hacked.

Owner/tenant

• Your landlord must return your security deposit within 14 days of your departure. If your landlord takes money from the damage deposit, they must provide an itemized receipt outlining the damage and its cost. If your landlord doesn’t give you this receipt within 14 days of moving out, they must return your entire security deposit to you, whether or not there is damage. If your landlord fails to comply, you may be entitled to up to twice the amount of the security deposit.
• If you are having difficulty paying your rent, please contact your local Department of Social Services. To find offices statewide, see https://otda.ny.gov/workingfamilies/dss.asp [lnks.gd]. New York residents can call 311 and inquire about rental assistance programs. More resources are available here: https://ag.ny.gov/coronavirus/tenants-rights#pay-rent [lnks.gd]

Retail sales

• If you see unreasonably excessive prices for COVID-19 home testing kits or other vital and necessary health, safety and well-being goods, we encourage you to report it to my office immediately.
• Free COVID-19 test kits are available from the US government at www.covidtests.gov [lnks.gd].

Consumer related services

Car

• Beware of deceptive sales tactics when buying or leasing a car. Prices for new and used automobiles continue to climb, driven by factors such as strong demand and global shortages of semiconductors, which are an essential component of new automobiles. Do not sign any documents and never leave the dealership with a car until you have carefully reviewed all of your documents. Don’t sign a blank document that doesn’t have any numbers or words filled in.
• Make sure what you sign is what the seller told you and that you are not being charged for accessories or additional products you did not request, such as warranties, tire protection and wheels and wine engraving. Ask the seller or finance manager what fees or charges you don’t understand and if they’re required by law.

Credit

• If you have a collection debt, debt collectors are required to provide you with key information about the origin and history of your debt within five days of their first contact with you. You also have the right to dispute the debt, and once you have done so, the collector must stop all attempts to collect from you until they provide information to support their claim to the debt.
• Collection agents cannot harass you and must respect limits on how and how often they contact you. For example, they cannot call you more than seven times in a seven-day period and cannot call you between 8 p.m. and 9 a.m. You have the right to tell debt collectors not to contact you by email, text or any other means of communication, and you can tell them not to contact you at all.
• As of April 7, 2022, creditors can no longer sue you or threaten to sue you for debts older than three years. Before April 7, creditors cannot sue you or threaten to sue you for debts that are more than six years old, or even less, depending on where the company or person you owed the debt is located.

Utilities

Home repair/improvement

• Many of our homes have suffered wear and tear from the pandemic. Before entering into a contract, shop around for estimates, check with the Better Business Bureau, vendors and neighbors for references.
• Know your rights: You have three days after signing a renovation contract to terminate it.

health clubs

Furniture/Appliances

• Always ask about a furniture or appliance retailer’s return policy before making a purchase. Some online retailers require customers to pay for return shipping, which can make it cost prohibitive for people to return bulky furniture or appliances.

The city council voted 15-1 to pass legislation that will launch the creation of the Philadelphia Public Financial Authority on Thursday.

The entity is supposed to provide loans and improve access to credit and other financial services to disadvantaged communities. It is also seen as a first step towards the city creating its own municipal bankwho would be the first in the country.

Although the PPFA does not initially provide checking or savings accounts, it could potentially do so in the future, which some supporters of the bill hope.

The authority “will have the ability to provide letters of credit as well as guarantees to businesses, especially black and brown businesses…that have not traditionally had this type of financial product,” council member Derek Green said. , who introduced the bill.

these financial tools are essentially a promise from the authority to traditional lenders that it will repay whatever an entrepreneur borrows.

Green, who was himself a banker, said he started working on the bill when he took office six years ago. He knows many residents who could have benefited from the program, including a friend who has a small tech business.

The business owner entered into a contract with the city in October 2021 and provided the agreed services, but was not paid due to issues on the city side. The owner then needed to borrow money to pay the payroll.

“They went to their traditional lender, who they had a 17-year relationship with, and that lender wouldn’t increase their line of credit that they needed for their cash flow,” Green said. “They were actually thinking of going to an alternative lender and paying a much higher interest rate just to generate cash flow for their employees.”

The authority’s focus on entrepreneurs of color stems from the country’s long history of redlining and loan discrimination. Green says these factors have left African Americans and Latinos own only 10% of businesses have employees in Philadelphia, even though they represent 44% and 15% of the city’s population, respectively.

Green said the PPFA was formed under the aegis of Pennsylvania Economic Development Financing Actwhich allows municipalities to form an agency that can borrow money to provide residents with loans and letters of credit.

Municipalities in Pennsylvania are prohibited from creating their own municipal banks, so this is a way around this rule, Green Recount Billy Penn.

But some of the bill’s supporters would like to see Philly enter the realm of personal banking, given that 10% of households in the city do not have a checking or savings account and 22% are underbanked. This leaves them with limited access to credit and financial services such as payday loans or check cashing services not offered by the banks where they have accounts.

The PPFA will be led by a nine-person board of directors appointed by the mayor, the Philadelphia Business Journal reports. Whenever a position becomes available, the city council will have the opportunity to recommend candidates. These trustees will appoint a nine-person policy council that will guide the day-to-day operations of the authority.

At least five board members would need five years of experience working on issues such as neighborhood small business development, public transportation, and environmental and racial justice.

Additionally, a board member must be an officer of the Pennsylvania Community Development Financial Institutions Network – a coalition financial institutions focused on community development. Another must be a member of the board of directors of a minority-owned bank and another must have worked for two years to defend the economic interests of consumers and the community.

But not everyone thinks creating a public bank is a good idea. The city government is far from free from its own financial problems.

“Do you really trust that a city that hasn’t reconciled its bank statements for seven years can reliably take taxpayers’ money and play banker with it?” Larry Platt, co-founder of the Philadelphia Citizen, wrote in a editorial on the site last month.

In the article, he points out that the city would need large public subsidies to launch the project and notes that a study of starting a public bank in San Francisco found that it would take 56 years for the project reaches the break-even point.

Platt also points out that there are other ways to increase access to credit in underserved communities of color, some of which are already being implemented in Philadelphia.

Several organizations focused on improving the flow of capital in communities like the ones Green focuses on have been created in recent years.

This includes the Philadelphia Growth, Resiliency, Independence, Tenacity Fund – a $100 million fund collaboration between 30 financial institutions to provide credit to black and brown communities through CDFI of Pennsylvania.

Platt added that there is currently a movement create more black-owned banks in the country. Currently, only 21 of the country’s more than 4,000 banks are owned by African Americans, but many believe they would do a better job providing credit to communities of color.

The Securities and Exchange Commission (SEC) has issued a circular that caps interest rates and other fees charged by lending and finance companies, and their online lending platforms (OLPs).

SEC Memorandum Circular No. 3, Series of 2022 (SEC MC 3), which will become effective March 3, provides guidelines on the implementation of Bangko Sentral ng Pilipinas Circular No. 1133, Series of 2021 on the interest cap(s) Fees and other fees charged by loan companies, finance companies and their online lending platforms.

The BSP Circular prescribes the maximum interest rates and other fees charged by loan and finance companies, and their PLOs.

The central bank has set the maximum nominal interest rate at 6% per month, or about 0.2% per day, and the effective interest rate (EIR) at 15% per month, or about 0.5% per day. day.

This applies to Covered Loans which are general purpose unsecured loans that do not exceed the amount of P10,000 and have a loan term of up to four months.

The EIR is expressed as the rate that exactly discounts the estimated future cash flows through the term of the loan to the net amount of the loan proceeds.

It includes the nominal interest rate as well as other applicable fees and charges, such as processing fees, service fees, notary fees, processing fees and verification fees, among others. It excludes fees and penalties for late payment and non-payment.

Meanwhile, loan and finance companies can only charge penalties of up to 5% per month for late payment or non-payment of overdue amounts owed.

A total cost cap of 100% of the total amount borrowed, applying to all interest, other fees and charges and penalties, regardless of the term of the loan, will also be imposed.

The cap on interest rates and other fees will apply to covered loans that lending and finance companies offer once the rules come into force on March 3.

All lending and finance companies must submit an impact assessment report by January 15 of each year from 2023.

The Commission will also require all loan and finance companies, whether or not they offer loans covered by the cap, to submit a business plan setting out the company’s loan products and services, as well as the Applicable pricing, SEC MC 3 compliant.

The Monetary Board, which exercises the powers and functions of the BSP, imposed the maximum interest rate and charges on covered loans offered by loan and finance companies, and their PLOs, on the initiative of the DRY.

In October 2019, the SEC formally asked the BSP to consider capping the interest rates and other fees that finance and lending companies can charge on consumer and payday loans, amid the proliferation of predatory and abusive lending practices.

Several lending and finance companies imposed exorbitant interest rates, fees and charges on their unsecured, short-term, low-value and high-cost consumer loans, causing Filipinos to fall into the debt trap.

Predatory lending has consequently propagated abusive, unethical and unfair means of collecting debts, with borrowers struggling to pay exorbitant fees on loans.

SUBSCRIBE TO THE DAILY NEWSLETTER

CLICK HERE TO JOIN

Here’s the not-so-new news: Florida law leans heavily in favor of landlords and property rights. So there’s no cavalry coming to the rescue of tenants facing jaw-dropping rent increases in South Florida.

Governments can do little under state law to protect renters from price gouging. But they can protect tenants in other ways, such as through the order the Miami Beach City Commission unanimously approved this month requiring landlords to give 60 days notice before moving in. increase the rent by more than 5%. This rule could be extended to the rest of Miami-Dade County under legislation proposed by Commissioner Eileen Higgins.

Sixty days gives renters time to look for cheaper living options if they don’t plan to pay. But a rent increase is a rent increase, and many tenants won’t find greener pastures elsewhere.

So what else is available, or in the works, to help tenants? The Herald editorial board has compiled important information tenants need to know.

Rent control

State law prevents cities and towns from imposing caps on rent increases in most cases and Democratic Bills in the Legislative Assembly to change who are doomed.

There is an exception if a local government can declare a “housing emergency which is so serious that it poses a serious threat to the general public”. If we’re not here in Miami-Dade yet, we’re very close. The city or county would then ask voters to approve the control measures for one year, after which the same process would have to repeat for renewal, including voter approval.

In December, two dozen Democratic state lawmakers signed a letter asking Governor Ron DeSantis to declare a state of emergency due to the “ongoing affordable housing crisis” and directing the state’s Attorney General to “recognize any rental price increases greater than 10% as a price increase”. DeSantis ignored the request. No surprise there.

Meanwhile, the St. Petersburg City Council voted in December to explore the idea of ​​capping rent prices for a year. A similar move is unlikely to happen in Miami-Dade County or the City of Miami, given the conservative lean of some commissioners and the backlash it would face from builders and owners, who have also seen their costs increase thanks to inflation.

Rent control is not the only option available to local governments. Other creative solutions include granting tax exemptions to landlords who don’t raise rent above a certain threshold, state Rep. Anna Eskamani, D-Orlando, told the editorial board. . It is time for local governments to start thinking about it seriously.

A fix that won’t help

One of the Legislature’s solutions to the state’s housing affordability crisis was Senate Bill 884 / House Bill 537that would allow landlords to charge tenants a non-refundable monthly fee instead of an upfront security deposit.

At first glance, this would relieve tenants who cannot afford high moving costs. But here’s the catch: Landlords wouldn’t be required to pay back fees at the end of the lease like they do with security deposits, nor would payments apply to damage beyond normal wear and tear. . This means that this alleged fix could cause more problems and expense for tenants who have no other option. Of course, it’s driven by LeaseLock, a finance company that offers the fee option in 129 Florida communities.

The legislature should offer more protections to tenants, not make them more vulnerable to potentially predatory practices that opponents liken to payday loans that trap workers in an endless cycle of debt.

Can I withhold my rent?

Many tenants are unaware that they can withhold rent payments if a landlord has failed or refused to provide important maintenance that renders “rented premises totally unlettable”, according to State Law. The tenant must provide seven days written notice and give the landlord at least 20 days to make the repairs. The Florida Bar has a model of this notice on its website and instructions on how and when to withhold rent.

However, what is in the law often differs from reality. Horror stories of bug infestations, toxic mold in apartments and hostile landlords are common in Miami-Dade, as Zaina Alsous of the Miami Workers Center told the Herald editorial board. Her advice is for tenants living in uninhabitable conditions to talk to neighbors facing similar issues and organize – “There is power in the union,” she said.

Where can I ask for help?

The Miami Workers Center is one of the organizations that connect tenants risk of deportation to legal and community defence. The Miami-Dade County Commission is creating a housing advocacy office, and commissioners Raquel Regalado and Jean Monestime are working on an ordinance called the Tenant’s Bill of Rights to define what that office will do.

A draft order shows the office would, among other things, create a tenant hotline and a webpage with resources and downloadable forms – i.e. eviction and withholding rent – approved by the Florida Bar and translated into Spanish and Creole.

Declaration of tenant rights

Here are some of the things the bill would do:

Landlords could not require potential tenants to disclose a prior eviction until their application is approved. That information is public record, but Regalado said the rule would give applicants a face-to-face chance to be approved without prior expulsion looming against them.

If a rental unit is sold, the seller or buyer must give tenants 60 days notice with a monthly agreement if the sale results in the termination of tenancies.

Require landlords to provide tenants with notice of their rights no later than 10 days after signing or renewing a lease.

Require landlords to notify tenants within 14 days of receiving notice that a residential building may be unsafe.

The Tenant Bill of Rights is “a first step,” Regalado told the drafting committee. It won’t solve the #1 problem tenants face: skyrocketing rents. And there are other issues that need to be addressed, like the fact that only 10% of tenants have legal representation when facing eviction, according to the Workers Center.

But in a state where tenants are often on their own, they will take whatever help they can get.

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.

An installment loan allows the borrower to withdraw a certain amount of money over time. The loan is then repaid in installments. Typically, installment loans come with fixed payment amounts – they don’t vary throughout the loan. However, loan interest rates may vary depending on the lender and the terms of the loan.

Examples of Tribal Installment Loans

Tribal installment loans for bad credit

Bad credit loans are great short-term cash solutions for people facing emergency expenses, but who have a very bad credit history. Lending platforms that offer these services are often not concerned with the borrower’s credit history. Instead, they only focus on whether or not they can repay their loans on time.

Tribal installment loans for bad credit

Credit score plays an important role in determining whether one is qualified for a loan. Borrowers with good credit ratings are often eligible for more loans than those with poor credit ratings, i.e. riskier applicants.

Alternatively, if you have a bad credit score, you can turn to Heart Paydays for a quick tribal installment loan for bad credit. The loan broker will connect you with a perfect loan company to solve your financial emergency needs here.

Tribal installment loans with a co-signer

A co-signer is someone who signs a loan agreement with another person. The co-signer agrees to take on the legal obligation to repay the loan if the applicant does not repay the loan on time. Additionally, the co-signer can help the applicant obtain loans on reasonable terms to reduce the lender’s risk.

Tribal Installment Loans No Teletrack

Teletrack was incorporated into the lending industry in 1989, making it a relative newcomer to the world of business-to-business financial systems. Its main function is to follow the personal credit files of creditors in search of quick information on potential customers.

Teletrack is a modern approach used to check borrower’s credit history. It gives lenders details of all credit records, such as credit card applications or mortgages that an applicant has ever incurred.

A no-teletrack tribal loan, on the other hand, ensures your credit privacy while improving your chances of qualifying for a tribal loan.

Eligibility for Tribal Installment Loans

There are many requirements to be eligible for instant payday loans. Although these requirements are designed to be used as a guide only, they may vary from one payday lender to another. Therefore, borrowers should review each lender’s policies when applying for a payday loan. While some creditors may assess your source of income, most are only concerned with the reliability of your income.

Clients must meet the following requirements to apply with online brokers such as Heartpaydays:

• Must be at least 18 years old
• Have an active email
• Must have a current bank account

Tribal Installment Loan Costs

• APR: Depending on your state’s lending legislatures and the amount you want to borrow, the APR can vary between 10% and 30% of your loan principal. Typically, they charge $15 per $100.

This equates to an annual percentage rate of almost 400% for a two-week loan. Tribal installment loans are often applied as alternatives to payday loans, where APRs range from 200% to 400%. Heart Paydays Loans offer installment loans with APRs between 5.99% and 35.99%.

• Late fee: Creditors charge different penalty rates on late repayments depending on state lending laws.

If you are considering applying for a tribal installment loanknow that you will face challenges, especially if you cannot repay the loan immediately. If you find yourself in such a state, you can try various loan options such as loan refinancing or loan discharge in bankruptcy.

Although no law protects defaulting borrowers from prosecution, it is unusual to see borrowers unable to repay their loans end up in jail. Most of the jail sentences are due to these borrowers refusing to appear before the judges or failing to comply with court directives and not due to non-repayment of the loan.

How to apply for an installment loan at Heart Paydays

Step 1: Decide how much you need

Whatever loan you are looking for, estimating the amount you need is perhaps the key concern when deciding on a loan. Applicants are qualified to apply for loans of up to $5,000 from Heart Paydays. Installment loans vary depending on the direct lenders you are matched with from their database.

Step 2: Complete the application

Applicants enjoy a smooth application process when applying for loans online. As an applicant, you need to complete a brief online form and select the loan provider that offers you the best terms. This will instantly initiate the approval process by your potential lender.

Step 3: Wait for feedback

After completing the application, the lender will send you a response confirming whether your application has been accepted or not. This process typically takes less than ten minutes for Heart Paydays loan applicants.

Step 4: Receive your loan

If the direct lenders confirm that you qualify for their loan, they will deposit the money into your bank account. However, if your application is rejected, you will be referred to other lenders who can help you.

Get your installment loan today

The main challenge of opting for a tribal installment loan is that you will have to approach the lenders separately. Another big concern is that direct lenders have the privilege of setting loan terms and application procedures.

Fortunately, your fees can be significantly reduced with loan brokerage sites such as Heart Paydays. Also, they will save you the lengthy application process of direct lenders.