The first time Desiree Wells took out a payday loan, in 2001, she needed quick cash to cover an unexpected vet bill for her cat.
“That loan is still haunting me,” Wells, 36, said Monday. “It’s just basically a trap. It’s literally a nightmare and it’s a vicious cycle.”
On Tuesday at noon, Wells will attend a rally outside a Money Mart location at Commercial Drive and East 10th Avenue, along with members of B.C. ACORN, a group representing low- and moderate-income families across Canada. A statement from ACORN said the rally aims to pressure the B.C. government to “clamp down on predatory lending in B.C.”
Wells, who has an artificial leg that limits her ability to work, is on disability assistance and earns “a bit of extra money” designing and selling jewelry. She has friends who have used payday loans, she said, and none have had positive experiences.
ACORN wants the B.C. government to change the legislation regulating the payday loan industry, including reducing the maximum rates charged, currently up to $23 per $100 borrowed.
Those rates can work out to the equivalent of paying 500 per cent or more annually, according to a January report from Vancity. British Columbians, the report noted, are using payday loans at an increasingly higher per-capita rate than the rest of the country.
B.C. NDP finance critic Carole James raised the topic last month in the legislature, calling the findings of the Vancity report “shocking,” and adding: “The annualized percentage rates are outrageous and cause families to get further and further and further into debt.”
James pressed the Liberal government on why they had not followed through on “an election platform promise … in 2013 to reduce the maximum interest payable on payday loans.”
In an emailed statement Monday, a spokeswoman for the solicitor-general’s ministry said staff are working on a proposal for a review of B.C.’s payday lending regulations, which is expected to be provided to the minister by the end of the year.
The industry has come under fire recently, including in the U.S., where this month the Consumer Financial Protection Bureau released a proposal to regulate payday loans.
Last month, the Alberta government introduced “An Act to End Predatory Lending,” a bill proposing to “bring substantive changes to the payday lending industry, including the country’s lowest borrowing rates,” the government said.
But Alberta’s changes could have unintended consequences, said Tony Irwin, president of the Canadian Payday Loan Association.
“In Alberta, what they’ve done will be devastating for the industry, but more importantly than that, it will result in a denial of access to certain borrowers who need payday loans,” Irwin said Monday.
“These changes are going to force consumers to the illegal, unlicensed industry,” said Irwin, adding many illegal loan companies operate online and are based “offshore, outside of any Canadian jurisdictions.”
“When the regulations are too restrictive, forcing some of the licensed lenders to close their doors, the need for credit doesn’t go away. So those borrowers are going to go somewhere to find it,” Irwin said.
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— with a file from Rob Shaw
Five things to know about payday loans in B.C.
The problem:
Payday-loan companies offer short-term, small sum loans for high fees, to people who need quick cash. In B.C., payday lenders can charge up to $23 per $100 borrowed.
Those rates can work out to the equivalent of paying 500 per cent or more annually, according to a January report from Vancity. British Columbians, the report noted, are using payday loans at an increasingly higher per-capita rate than the rest of the country.
Between 2012 and 2014, the report said, the number of payday loan borrowers in B.C. grew 58 per cent, the report said, and the size of the industry grew from about $318 million to more than $385 million.
The problem:
The industry has come under sharp criticism recently. In the U.S., federal regulators are trying to crack down on payday lenders.
A proposal to regulate American payroll lenders was unveiled this month by the Consumer Financial Protection Bureau, whose director Richard Cordray told the New York Times that the payday lending industry “is much like getting into a taxi just to ride across town and finding yourself stuck in a ruinously expensive cross-country journey.”
B.C. NDP finance critic Carole James raised the topic last month in the legislature, calling the Vancity report’s findings “shocking,” adding: “The annualized percentage rates are outrageous and cause families to get further and further and further into debt.”
James pressed the Liberal government on why they had not followed through on “an election platform promise by the government in 2013 to reduce the maximum interest payable on payday loans.”
In an emailed statement, a spokeswoman for the solicitor-general’s ministry said Monday “staff are working on a proposal for a review of the province’s payday lending regulations, which is expected to be provided to the minister by the end of 2016.”
The solution:
A statement released Tuesday by ACORN said their members “want the government to make changes to its seven-year-old legislation to include regulations that will tackle online lending, extend payback periods with no penalty, and develop a database that would prevent repeat users from falling into vicious cycles of debt.”
The industry has come under fire recently, including in the U.S., where this month the Consumer Financial Protection Bureau released a proposal to regulate payday loans.
Last month, the Alberta government introduced “An Act to End Predatory Lending,” a bill proposing to change maximum borrowing rates to the lowest in Canada.
The industry’s take:
The head of Canada’s payday-lending industry association says Alberta’s changes could have unintended consequences.
Tony Irwin, president of the Canadian Payday Loan Association, said Alberta’s changes “will be devastating for the industry, but more importantly than that, it will result in a denial of access to certain borrowers who need payday loans.
“These changes are going to force consumers to the illegal, unlicensed industry,” said Irwin.
MW tank
What You Need to Know About Auto Loans to Save Thousands
Getting auto loans or car loans are critical for meeting the transportation needs of people. To get from work to home and from point A to point B, you need a car, if public transportation is not feasible.
Unfortunately, most auto buyers treat car financing as an afterthought during the car buying process.
The following tips are on auto loans, on what to do and what to stay away from.
Be Aware of Your Incentives
There are numerous auto web sites that provide up-to-date information relating to automobiles. You can research available low-interest or even zero-percent auto financing deals you might qualify for.
Even bad credit auto loan financing is possible with different rates. For example, good credit may qualify for zero-percent car financing as an incentive for some auto buyers.
Be Prepared Before Buying
Auto financing should be well prepared ahead of time by going to a bank or credit union. Car financing in advance of a car purchase can give you choice at the financing table of the car dealer. GM, Ford, Toyota, and other car companies offer “captive financing terms” through their credit financing arms. However, if you have been pre-approved for lower interest rate loans you can negotiate with the car dealer from a position of strength.
Car dealers will bump up the finance interest if they don’t make that much money on the car sale. Remember, the car dealership gets a portion of that interest of any loan financed through them. Herein, if you don’t inform the car dealer that you have prior auto financing in place during car price negotiations, when the time comes to discuss the financing, you have the leverage. Then if they try to play games during with their finance offer, you can refuse their offer and implement you own pre-approved car financing.
In this manner, competition between lenders with the best financing options will prevail. Hence, pre-financing gives you negotiation leverage and control.
Stay Within Your Means
Before you start your car buying journey, know how much car you can afford. You can use financial calculators to determine how much car your personal finance will permit you to own.
By knowing the affordability range, you know how much of a down payment to make and how much your monthly payments will be.
How are Mortgage Rates Determined?
What determines mortgage rates? Consumers need to understand what causes mortgage interest rates to rise and fall. The common belief is that banks, the Federal Reserve, mortgage lenders, Fannie Mae and/or Freddie Mac decide the interest rates of mortgage home loans. There are several factors that guide mortgage rates.
Let’s start with the process at a familiar level, acquiring the mortgage loan; when you acquire a mortgage, a mortgage company, bank or other mortgage lender provides you a loan at pre-determined mortgage rate. The loan may be held onto by the company itself.
However, in most cases, the mortgage lender sells the loan to a financial institution that bundles it up with other mortgages into a mortgage-backed security (MBS) and then sells that security to investors. That investor can be a financial institution, a mutual fund or a large institutional investor, who in turn earns a return on investment by collecting the principal and interest payments made by mortgage borrowers whose loan is packaged in the mortgage-backed security.
The packaged mortgage-backed securities are traded in the secondary market where Fannie Mae, Freddie Mac and other investors buy and sell trade for their portfolios. Due to the horse trading in mortgage loans, investors are in the driver’s seat when it comes to setting home mortgage rates.
As the economy starts heating up, mortgage investors demand higher yields from mortgage lenders. This is due to the fact that investors don’t want to purchase low-yield bonds now if Fed rate hikes (meant to cool the economy) will make higher-yield bonds available later. The only way mortgage lenders can then compete is to make their loans more attractive by increasing the yields they offer investors. Herein, this results in higher mortgage rates being charged to consumers.
The reverse happens when the economy is cooling. Investors start chasing bonds because they believe the Fed will cut rates in the future (to jump start the economy) and if they wait, they’ll end up possessing lower-yield bonds. Seeing as that the investor demand is intense, the lenders who control home loan supply can choose to offer lower yields. Thus, this results in lower mortgage interest rates for consumers.
Hence, inflation becomes critical component in determining mortgage rates. So if we examine mortgage rate fluctuations from the inflation prism, if inflation is on the rise, interest rates are on the rise as well.
Inflation affects mortgage rates because inflation dilutes the future value of the fixed interest payments the investors will get. Herein, investors will demand a hedge in the form of higher interest payments, meaning higher rates for home loan borrowers.
On the flip side, if investors believe inflation will head south in the future, they are more flexible in accepting lower rates.
Ultimately, investors are enticed into buying these mortgage securities by receiving interest rates that are competitive with alternative interest-paying investments such as Treasury bonds.
Yet, the mortgage rates don’t correspond to the Treasury rates. For example, a 30 year mortgage doesn’t track a 30-year Treasury bond, as are common assumptions. For it is, 30-year mortgages stay outstanding an average of 10 to 12 years, hence, rates on 30-year mortgages track the yields on 10-year Treasury notes.
Yet, the mortgage rates don’t correspond to the Treasury rates. For example, a 30 year mortgage doesn’t track a 30-year Treasury bond, as are common assumptions. For it is, 30-year mortgages stay outstanding an average of 10 to 12 years, hence, rates on 30-year mortgages track the yields on 10-year Treasury notes.
Since, the credit risk of the government is less than for the consumer; mortgages rates are higher than those on 10-year Treasuries. Usually, 30-year mortgage rates are about two percentage points more than treasuries but the spread can differ depending on the supply and demand for mortgage-backed securities and Treasuries as well as other contributing factors.
Basically, there are several spokes around the mortgage rate pivot that determine what interest rate you get for you home loan.
Know your Consumer Rights – Improve your Credit Rating, Credit Score, or Credit Report - Video Tutorial
TUTORIAL TEXT
Welcome to Garv Financial.
Just a quick reminder, please remember to rate the tutorial five stars at the end.
This is Gaurav Bhola and the tutorial is about “Know your Consumer Rights – Improve your Credit Rating, Credit Score, or Credit Report.”
This tutorial covers important consumer rights information as related to credit and informative tips on improving your credit.
Importance of Knowing your Consumer Rights
It is critical that you know your consumer rights, as it relates to credit rating/credit score, credit history, and credit report. A healthy credit rating or credit score is an important contributing component of your overall financial picture. Your credit history may be used to evaluate your applications for credit, employment, insurance, loans, leases, and more. Additionally, the status of your credit report and associated credit rating may be used to approve or decline you for services. Herein, be aware of protection your consumer rights can afford to you.
Know your Credit Report Rights
The credit report has meticulous information about your credit history and more, such as where you live, whether you’ve been sued or arrested, how you pay your bills, or have ever filed for bankruptcy.
The Fair Credit Reporting Act (FCRA) promotes the privacy and accuracy of information possessed by the nation’s consumer reporting agencies. Under federal Fair Credit Reporting Act guidelines, you have the right to receive the latest and most accurate copy of your credit report.
The consumer reporting agencies – TransUnion, Experian and Equifax by law are obliged to furnish you a free copy of your credit report, upon your request, once every 12 months. The free credit report can also be requested at AnnualCreditReport.com, the only government approved site for credit report requests.
Additional Credit Report Rights
You have the right to know if anyone has requested your report within the recent past, usually between one to two years for previous employment related inquiries.
If your application is declined by a company, under the law the name and address of the consumer reporting agency they contacted must be provided to you, as well as being furnished the information upon which the denial was issued.
You can attempt to remedy any errors or omissions in your credit report by contacting the credit reporting agencies and challenging the accuracy, completeness of information contained within your report. The credit agencies must investigate your request and correct any credit information as needed.
If your request for remedy is unresolved, you have the right to write an addendum explanation to your credit report. The credit reporting agency can include your statement addendum with any request for a copy of your report, as per you instructions. Nevertheless, there is an additional fee for this service.
My name is Gaurav Bhola.
Thank you, very much for watching the tutorial on “Know your Consumer Rights – Improve your Credit Rating, Credit Score, or Credit Report.”
More financial tutorials are available at GarvFinancial.com.
Don’t forget to rate the tutorial five stars
Welcome to Garv Financial.
Just a quick reminder, please remember to rate the tutorial five stars at the end.
This is Gaurav Bhola and the tutorial is about “Know your Consumer Rights – Improve your Credit Rating, Credit Score, or Credit Report.”
This tutorial covers important consumer rights information as related to credit and informative tips on improving your credit.
Importance of Knowing your Consumer Rights
It is critical that you know your consumer rights, as it relates to credit rating/credit score, credit history, and credit report. A healthy credit rating or credit score is an important contributing component of your overall financial picture. Your credit history may be used to evaluate your applications for credit, employment, insurance, loans, leases, and more. Additionally, the status of your credit report and associated credit rating may be used to approve or decline you for services. Herein, be aware of protection your consumer rights can afford to you.
Know your Credit Report Rights
The credit report has meticulous information about your credit history and more, such as where you live, whether you’ve been sued or arrested, how you pay your bills, or have ever filed for bankruptcy.
The Fair Credit Reporting Act (FCRA) promotes the privacy and accuracy of information possessed by the nation’s consumer reporting agencies. Under federal Fair Credit Reporting Act guidelines, you have the right to receive the latest and most accurate copy of your credit report.
The consumer reporting agencies – TransUnion, Experian and Equifax by law are obliged to furnish you a free copy of your credit report, upon your request, once every 12 months. The free credit report can also be requested at AnnualCreditReport.com, the only government approved site for credit report requests.
Additional Credit Report Rights
You have the right to know if anyone has requested your report within the recent past, usually between one to two years for previous employment related inquiries.
If your application is declined by a company, under the law the name and address of the consumer reporting agency they contacted must be provided to you, as well as being furnished the information upon which the denial was issued.
You can attempt to remedy any errors or omissions in your credit report by contacting the credit reporting agencies and challenging the accuracy, completeness of information contained within your report. The credit agencies must investigate your request and correct any credit information as needed.
If your request for remedy is unresolved, you have the right to write an addendum explanation to your credit report. The credit reporting agency can include your statement addendum with any request for a copy of your report, as per you instructions. Nevertheless, there is an additional fee for this service.
My name is Gaurav Bhola.
Thank you, very much for watching the tutorial on “Know your Consumer Rights – Improve your Credit Rating, Credit Score, or Credit Report.”
More financial tutorials are available at GarvFinancial.com.
Don’t forget to rate the tutorial five stars
Financial Services For Residential and Commercial Property in Today’s Competitive World
Present day has almost everyone competing for business, especially concerning the world of real estate/property. Realtors are in competition on a daily basis with each other and will go out of their way to gain business leads and clients that may in turn bring them even more business down the road. Also, financial services usually go hand-in-hand with real estate/property as does a commercial mortgage.
Often, many individuals need to acquire services or professional expertise that provides them with sound financial advice, especially if the person wants to delve into the real estate / property market. You do not want to go head long into purchasing or selling real estate / property if you have less than great credit for example. This may hinder your business deals and cause you to lose money rather than make money with high interest rates if you are seeking loans and such.
Also, mortgages in general are often what many have to take out when playing in the game of real estate / property. Commercial mortgages on properties are even more important as they deal with strictly larger parcels of property and buildings pretty much of the time. Therefore, you will be dealing with even more money than you would normally concerning most mortgages.
Most services that deal with the financial industry, cover a wide array of certain organizations that help others deal with money and its management. These financial services are important to anyone wishing to take on purchasing or selling properties. You may find these services at many companies that are of the credit card variety, banks and financial institutions, consumer finance companies and other places such as stock brokerages and in many outfits that are sponsored by the government. Enlisting the services and professional help of any of these services may turn out to prove the best financial move you could ever make. They can put you on the right road to getting yourself and your finances in order to take on the real estate / property market.
If you are seriously considering trying to tackle much larger real estate moves, commercial properties are definitely the way to do just that. Mortgages of the commercial type will ask for your financial head to be on straight as do other kinds of mortgages of course, however mortgages that are of the commercial type will ask for more dedication, hard work and determination to buy and sell these properties. There is so much more that go into selling and purchasing properties that are considered commercial. This will also ask that you make smart financial moves and decisions, as you stand to either make a lot more money off these properties or perhaps lose a lot more money if the sound decisions are not made at best. The real estate market is a Ferris wheel of those who know how to play the game and those who think they know. Which one will you be?
A detailed Overview Of Uncomplicated Methods In Medical doctors Notes
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An Insightful Examination Of choosing Root Elements In Medical practitioners Notes
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