Texas Payday Loans – Uncharted 3 Blog http://uncharted3blog.com/ Tue, 22 Nov 2022 15:36:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://uncharted3blog.com/wp-content/uploads/2021/05/default.png Texas Payday Loans – Uncharted 3 Blog http://uncharted3blog.com/ 32 32 The 4 Best Online Payday Loan Companies With Bad Credit Options Too https://uncharted3blog.com/the-4-best-online-payday-loan-companies-with-bad-credit-options-too/ Tue, 22 Nov 2022 15:36:00 +0000 https://uncharted3blog.com/the-4-best-online-payday-loan-companies-with-bad-credit-options-too/ Payday loans can provide a fast and efficient way to borrow money quickly in an emergency. Whether it’s $300 or $500, the idea is that you can get a cash advance on your next paycheck and use that money to pay any urgent bills and then pay off the loan in full when your next […]]]>

Payday loans can provide a fast and efficient way to borrow money quickly in an emergency. Whether it’s $300 or $500, the idea is that you can get a cash advance on your next paycheck and use that money to pay any urgent bills and then pay off the loan in full when your next payday or spread the reimbursement over several instalments.

Payday loans are legalized in 37 US states and there are currently over 20,000 stores where you can physically request and receive same-day funds, primarily in states such as Nevada, Texas and California.

Applying for a payday loan online is often more convenient, with an application taking less than 5 minutes followed by an instant decision and funds being transferred within hours or even minutes.

This article provides information on payday loans, while highlighting 4 companies that offer the best payday loans for anyone who wants to apply online and get a decision today.

Top 4 Online Payday Loans

1. DollarMain

2. Phaabs

3. Dime Alley

4.FingerFinance

Why did we select these 4 companies as the best payday loan companies?

We have selected the 4 best payday lenders based on the following:

Clear eligibility criteria – Our proposed lenders have very clear criteria, including being over 18 and having a social security number.

Fee Transparency – Lenders clearly state the cost of the loan. This is a representative example and the rate you are charged may be higher or lower depending on factors such as your credit score, income and other debts you may have.

No application fee – The companies do not charge any fees to apply and completing an application will have no impact on your credit score.

Same day loans – Subject to further verification, if your loan application is approved, you can receive funds in your bank account the same day of application or within 24 hours.

Data protection – Your data is protected when you apply through a secure server and your information will not be sent to other lenders or third parties without your permission.

Follows the guidelines – The payday loan industry in the United States is highly regulated and listed companies maintain the highest standards by adhering to these regulations.

What is a personal loan?

A payday loan is a type of short-term financing that involves borrowing a few hundred dollars, often used to make someone wait until the end of the month when they get their paycheck from work. These products are offered by private companies, lenders, startups and apps, and regularly help those looking for bad loans.

The average payday loan is around $300, which is transferred from a lender to the customer’s bank account in a lump sum. Payday loans typically last between 14 and 30 days, with the entire loan and interest often paid in full on the borrower’s next payment date.

What are the eligibility criteria for an online personal loan?

Customers must:

• Being older than 18

• Have a social security number

• Be employed with a minimum income of $500 to $1,000 per month

• Have a bank account, an email address and a mobile phone

• Be able to pay reimbursements

How much does a payday loan cost?

Based on an example of borrowing $500, this will cost you $46.23 in interest for 2 weeks, or $92.27 in interest for 4 weeks, or $273.95 in interest on top of that for 12 weeks.

This is based on a representative 500% APR rate (Source: Pheabs.com) and the longer you keep your loan open, the more interest accrues.

The interest rate and APR you are charged depends on several factors, including your age, credit score, income, residency status, and other outstanding debts. While the 300% to 500% APR rate is offered to around 51% of payday loan customers, this may vary depending on your situation.

How do refunds work?

A payday loan is usually repaid in full on the client’s next pay date, which is usually the last business day or Friday of the month.

Refunds are collected from the lender via an ACH authorization which automatically collects payment from the customer’s bank account (not directly from the employer).

Some payday loans are repaid in monthly installments, with customers having the option to repay over 3, 6, 9, or 12 months, or more depending on the lender and loan amount.

You always have the option of repaying your loan early and there is usually no charge. The amount is calculated on a daily interest rate, so if you have the loan open for 14 days, you will pay 14 days of interest.

What are payday loans used for?

• Emergency room

• Car repairs

• Credit card bills

• Medical bills

• Household repairs

• Lease

• Funeral expenses

• Child expenses

Can I get a payday loan for bad credit?

Yes, it is possible to apply for a payday loan with bad credit, with the majority of lenders being open to all sorts of stories. Typically, if a customer had a perfect credit score, they might consider a personal loan or a credit card, so payday lenders realize that their customers are more likely to have fair or poor credit histories. .

To qualify, you need a stable income and a commitment to repay your loan on time. Although you may have missed payments in the past, you could improve your financial situation and start paying things on time – and the lender will recognize this and help you get the funds you need.

Are payday loans guaranteed for approval?

Secured payday loans are unlikely as there is usually a series of credit checks and financial capability checks to ensure a customer is suitable and can afford to repay their loan without falling into financial hardship.

However, suppose your loan is not approved. In this case, alternative products can be recommended to suit your needs, whether it’s a title loan secured by your car, a home loan or working with a credit union.

Is it possible to get payday loans without a credit check?

Suppose you are looking for payday loans no credit check. In this case, it is also unlikely, as running credit checks is one of the first things lenders do to determine customer eligibility.

One way to get a loan without a credit check is to use an alternative product where credit scoring is not taken into account. For example, title loans, pawnbrokers, or loans secured against your home that take the value of your property or collateral against traditional credit checks.

But even for these products it is still common for the lender to check your credit score and if there is a long history of missed repayments or bankruptcy this could make it difficult to get a loan and you may have to be contacting a professional to help you get your finances back on track.

What happens if I can’t repay my payday loan?

Not repaying your loan on time can lead to late fees, additional interest, and negatively impact your credit score.

Additional charges will be added if you do not speak to the lender and explain your situation. You should therefore contact the loan company as soon as you have problems, as they may be able to freeze interest, delay repayment, or put in place an arrangement to spread repayment over a longer period.

Some payday lenders in the US will offer extensions or rollovers to people who are struggling to repay and this can be helpful but it can also lead to increased interest and for many it becomes a loan that builds up and they can’t afford it. stopped.

It is very rare to be sued for an unpaid payday loan, unless you have accumulated a huge amount of overdue debt for some time. Likewise, you will not go to jail for an unpaid loan.

Is a payday loan right for me?

If you have a one-off emergency and your payday is a bit too far away, getting a payday loan can be a quick way to borrow money – often much faster than a traditional bank or credit union. .

When you use a payday loan you want to have a clear repayment strategy in mind and know that you can afford to pay it back and that you are not just using the loan to pay off other debts as this could cause a spiral of debt.

Although effective, this type of financing is more expensive than options such as credit cards or borrowing from family and friends.

But if you’ve thought about your repayment and have a regular income, you can use a payday loan to pay a bill, make a major purchase, and find yourself in more financial control once everything is paid off and sorted!


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CFPB Files Motion for Writ of Certiorari Seeking Expedited Review of Fifth Circuit Ruling Finding Funding Structure Unconstitutional | Coie Perkins https://uncharted3blog.com/cfpb-files-motion-for-writ-of-certiorari-seeking-expedited-review-of-fifth-circuit-ruling-finding-funding-structure-unconstitutional-coie-perkins/ Fri, 18 Nov 2022 00:04:54 +0000 https://uncharted3blog.com/cfpb-files-motion-for-writ-of-certiorari-seeking-expedited-review-of-fifth-circuit-ruling-finding-funding-structure-unconstitutional-coie-perkins/ The Consumer Financial Protection Bureau has survived numerous constitutional challenges since its creation by the Consumer Financial Protection Act, 12 USC §§ 5481, and following. (the “Act”), in 2011.[1] But on October 19, 2022, the CFPB suffered a setback following the Fifth Circuit’s decision in Community Financial Services Association of America, Ltd. vs. CFPBno. 21-50826, […]]]>

The Consumer Financial Protection Bureau has survived numerous constitutional challenges since its creation by the Consumer Financial Protection Act, 12 USC §§ 5481, and following. (the “Act”), in 2011.[1] But on October 19, 2022, the CFPB suffered a setback following the Fifth Circuit’s decision in Community Financial Services Association of America, Ltd. vs. CFPBno. 21-50826, (5th Cir. 2022).

In a unanimous decision, the Fifth Circuit held that “Congress’s decision to abdicate its appropriations power under the Constitution, that is, to cede its purse power to the Bureau, violates the structural separation of powers of the Constitution”.

In this lawsuit, plaintiffs Community Financial Services Association of America and Consumer Service Alliance of Texas challenged the validity of the CFPB’s 2017 payday loan rule.[2] on several fields. Plaintiffs first argue that in enacting the rule, the Bureau acted arbitrarily and capriciously and exceeded its statutory authority. The plaintiffs also argue that the Office is unconstitutionally structured, challenging the Office’s director’s isolation from removal, Congress’s broad delegation of power to the Office, and the Office’s unique double-insulated funding mechanism. While the district court rejected plaintiff’s arguments, the Fifth Circuit struck down the payday loan rule on the grounds that the CFPB funding scheme violates the Constitution’s Appropriations Clause and separation of powers principles.

The Office’s funding regime is unique in that it is not funded by periodic parliamentary appropriations. The Fifth Circuit examined in detail the two methods of financing the CFPB. The first method of funding is the CFPB Director’s annual request to the Federal Reserve for an amount “reasonably necessary to carry out” the functions of the Bureau. By law, the Federal Reserve, an independent agency and not under the control of Congress, must grant the request as long as it does not exceed 12% of the Federal Reserve’s total operating expenditures. The lack of congressional involvement in the appropriations process was ruled unconstitutional.

The CFPB’s second source of funding comes from monies it obtains in the form of restitution, restitution, and civil penalties through investigations and civil suits under consumer protection laws. The law expressly removes these funds from congressional oversight and places them exclusively under the control of the director of the CFPB. Because the CFPB is an executive agency with “broad design, execution, and judgment power over a significant portion of the U.S. economy”, the Fifth Circuit concluded that the lack of review by Congress of the “CFPB funding apparatus cannot be reconciled with the appropriations clause”. and the basis of the clause, the constitutional separation of powers.

The Community financial services The decision is not only important for the viability of the CFPB as an agency in the future, but it also opens the door to new and renewed challenges for the existing rules of the CFPB.[3]. In rescinding the 2017 payday loan rule, the Fifth Circuit found that the rule was “entirely traced through the [CFPB’s] unconstitutional funding scheme. Lawmakers have already made this point, as illustrated by the statement released by U.S. Senate Banking Committee member Pat Toomey (R-Pa.): “The Fifth Circuit’s decision to strike down the CFPB payday loan rule Because it is the product of an unconstitutional funding scheme ruling, it calls into question the validity of all of the agency’s actions to date.

The defendants in the CFPB’s enforcement actions also took over the Fifth Circuit’s decision and sought remand in those cases. In a pending enforcement action in Illinois, the Bureau filed a response to a supplemental notice of authority, stating that the “[Fifth Circuit] decision is neither determinative nor correct.[4] The CFPB raises three main points in its response. First, he claims that the “Fifth Circuit’s decision is without legal merit” because the court cites no case law that Congress violated the appropriations clause when it authorizes spending by statute. Second, the CFPB argues that its source of funding from the Federal Reserve does not result in the absence of congressional oversight because Congress still has the “ability to oversee how the Bureau spends that money to fulfill its his duties”. And third, the CFPB argues that the Fifth Circuit’s decision “finds no support in a statutory provision stating that funds transferred to the Bureau ‘shall not be construed as government funds or restricted monies’,” 12 U.S.C. § 5497 (c ) (2) .” The CFPB will no doubt raise these arguments on appeal.

On November 14, 2022, the CFPB filed a motion in brief of certiorari with the Supreme Court, asking it to “promptly” review the Fifth Circuit’s decision. The CFPB argues that further examination is necessary “because the [Fifth Circuit’s] decision declared an act of Congress unconstitutional, because it completely contradicts a decision of the DC circuit, and because it threatens to inflict immense legal and practical damage on the CFPB, consumers and the financial sector of the nation. The CFPB is considering waiving its right to file a reply brief after the expiration of the time limit to oppose the motion for certiorari on December 14, 2022, so that the Supreme Court can consider the motion at its conference on January 6, 2023 and hear the case at its April session. 2023 session. The CFPB will likely ask the Fifth Circuit to suspend his term and, if denied, will seek a stay from the Supreme Court. We will continue to monitor and report any developments.


[1] More recently, in 2020, the Supreme Court left the CFPB intact after ruling that the president’s power to remove the CFPB director “for cause” only was unconstitutional. Seila Law LLC v. Consumer Financial Protection Bureau, 140 S.Ct. 2183 (2020). The CFPB continued to operate after the “for cause” removal provision was severed from the rest of the law, allowing the president to now remove the director “at will”.

[2] The CFPB Payday Loan Rule 2017 governs the underwriting of certain personal loans with short-term or lump-sum payment structures, as well as lenders’ payment withdrawal practices for these loans and certain additional installment loan products (on salary, vehicle title and certain high-interest loans). Rule or Installment Loans Rule). In this case, it is the “payment provisions” of the payday loan rule that limit a lender’s ability to obtain loan repayments through pre-authorized account access. See 12 CFR § 1041.8. The Bureau has determined that in the absence of specific new authorization, it is ‘unfair and abusive’ for lenders to attempt to withdraw payments for covered loans from consumer accounts after two consecutive withdrawal attempts have failed due to a lack of sufficient funds. Identifier. § 1041.7; 82 Fed. Reg. at 54472.

[3] These rules would include the rules for administering mortgage loans under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z).

[4] CFPB v. Trans Union, et al.ND Ill. Case No. 22-cv-01880 (Doc. 47).

[View source.]

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Van Hollen, Merkley, Bonamici and Jayapal Team Up to Introduce Legislation to Protect Consumers From Predatory Payday Lending Practices https://uncharted3blog.com/van-hollen-merkley-bonamici-and-jayapal-team-up-to-introduce-legislation-to-protect-consumers-from-predatory-payday-lending-practices/ Wed, 16 Nov 2022 08:00:00 +0000 https://uncharted3blog.com/van-hollen-merkley-bonamici-and-jayapal-team-up-to-introduce-legislation-to-protect-consumers-from-predatory-payday-lending-practices/ November 16, 2022 U.S. Sen. Chris Van Hollen (D-Md.) joins Sen. Jeff Merkley (D-Ore.) and Reps. Suzanne Bonamici (D-Ore.-01) and Pramila Jayapal (D-Wash.-07) to introduce the Stopping Abuse and Fraud in Electronic Lending (SAFE) Act. The SAFE Loans Act will protect consumers from deceptive and predatory practices that rob working families of wealth by cracking […]]]>

November 16, 2022

U.S. Sen. Chris Van Hollen (D-Md.) joins Sen. Jeff Merkley (D-Ore.) and Reps. Suzanne Bonamici (D-Ore.-01) and Pramila Jayapal (D-Wash.-07) to introduce the Stopping Abuse and Fraud in Electronic Lending (SAFE) Act. The SAFE Loans Act will protect consumers from deceptive and predatory practices that rob working families of wealth by cracking down on some of the worst abuses stemming from the payday loan industry, particularly in online payday loans.

Under the leadership of the Trump administration, the Consumer Financial Protection Bureau (CFPB) has backtracked on nationwide rules protecting consumers from predatory payday lenders. Without strong CFPB protections at the national level, state laws protecting consumers will be all the more important.

Many states enacted tough laws to end predatory lending, but payday predators continued to use online lending to prey on consumers by hiding behind layers of anonymously registered websites and “money generators”. prospects” to evade law enforcement. Payday lenders with access to consumers’ bank accounts also issue money from loans on prepaid cards, linked to those accounts, which can include high overdraft fees. When these cards are overdrawn, the payday lender can then access the consumer’s bank account and charge the overdraft fee, accumulating new debt. Even when the loan violates the law, predatory payday lenders can drain consumers’ bank accounts before they have a chance to enforce their rights.

The SAFE Loans Act of 2022 would enshrine in law three major principles to make the consumer credit market safer and more secure:

1. Make sure consumers have control of their own bank accounts

  • Ensure that a third party cannot take control of a consumer’s account through remotely created checks (RCC) – checks from a consumer’s bank account created by third parties. To avoid unauthorized RCCs, consumers could pre-authorize exactly who can create an RCC on their behalf, for example when traveling.
  • Allow consumers to cancel a direct debit on a small loan amount. This would prevent an Internet payday lender from stripping a checking account without a consumer being able to stop it.

2. Empower consumers to take back control of their money and increase transparency

  • Require all lenders, including banks, to follow state rules for small payday loans they can offer customers in a state. Many states currently have much stricter laws than the federal government. There is currently no federal cap on interest or any limit on the number of times a loan can be rolled over.
  • Increase transparency and create a better understanding of the small loan industry by requiring payday lenders to register with the Consumer Financial Protection Bureau.
  • Ban overdraft fees on prepaid cards issued by payday lenders who use them to access consumer funds and add to the already exorbitant costs of payday loans.
  • Require the CFPB to monitor all other charges associated with payday prepaid cards and enact a rule prohibiting any other abusive charges on prepaid cards.

3. Ban lead generators and anonymous payday loans

  • Some websites describe themselves as payday lenders, but are actually “lead generators” that collect applications and auction them off to payday lenders and others. This practice is prone to abuse and has led to fraudulent debt collections.
  • The SAFE Lending Act prohibits lead generators and anonymous websites in payday loans.

Joining Senators Van Hollen and Merkley, the SAFE Loans Act is co-sponsored by Senators Edward J. Markey (D-Mass.), Tina Smith (D-Minn.), Cory Booker (DN.J.), Bernie Sanders (I-Vt.), Dick Durbin (D-Ill. ), Tammy Duckworth (D-Ill.), Dianne Feinstein (D-Calif.), Ron Wyden (D-Ore.), Richard Blumenthal (D-Conn.), Kirsten Gillibrand (DN.Y.) and Martin Heinrich ( DN.M.).

Joining Representatives Bonamici and Jayapal in the House, the SAFE Loans Act is co-sponsored by Reps. Earl Blumenauer (D-Ore.-03), Jesús G. “Chuy” García (D-Ill.-04), Sylvia Garcia (D-Texas-29), Sheila Jackson Lee (D-Texas – 18), Eleanor Holmes Norton (DD.C.-At Large) and Katie Porter (D-Calif.-45).

The SAFE Loans Act of 2022 is endorsed by Americans for Financial Reform, Center for Responsible Lending, Consumer Action, Consumer Federation of America, National Association of Consumer Advocates, National Consumer League, National Consumer Law Center, Public Citizen and UnidosUS.

The final text of the invoice can be found here.



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Achieve predicts moderate spending on gifts and travel for the 2022 holiday season https://uncharted3blog.com/achieve-predicts-moderate-spending-on-gifts-and-travel-for-the-2022-holiday-season/ Mon, 14 Nov 2022 20:00:00 +0000 https://uncharted3blog.com/achieve-predicts-moderate-spending-on-gifts-and-travel-for-the-2022-holiday-season/ Only 14% of US consumers say they set aside savings for holiday shopping. SAN MATEO, Calif., November 14, 2022 /PRNewswire/ — Americans plan to take a restrained approach to gifts, travel and other spending this holiday season, a sentiment boosted by economic concerns over inflation, rising interest rates interest, layoffs and the threat of a […]]]>

Only 14% of US consumers say they set aside savings for holiday shopping.

SAN MATEO, Calif., November 14, 2022 /PRNewswire/ — Americans plan to take a restrained approach to gifts, travel and other spending this holiday season, a sentiment boosted by economic concerns over inflation, rising interest rates interest, layoffs and the threat of a looming recession, according to a new report by Reachthe leader in digital personal finance.

The 2022 Season Expenditure Reportpublished by the Achieve Center for Consumer Insights, found that 69% of American adults plan to cap their gift spending at $500 this year, while 14% said they had no intention of buying gifts. The report also found that only 14% of Americans say they have separate savings for vacation-related expenses, while one in five consumers wish they had created a dedicated vacation savings plan.

“While most Americans are planning limited travel this year, many still wish they had done a better job preparing financially for the holiday season,” said the co-founder and co-CEO of Achieve. Brad Stroh. “The large gap between consumers making holiday savings plans is particularly concerning, given that household debt is at peak levels and growing.”

The data and conclusions of the 2022 Season Expenditure Report are based on an online survey of 1,000 U.S. consumers ages 18-65, including a statistically significant sample of Gen Z adults. Data is representative of Census Bureau benchmarks of the U.S. population for the age, sex, race and ethnicity.

Stay home for the holidays

Nearly half of respondents plan to celebrate the holidays at home this year, while 28% say they have no plans at all. Of those who will travel, most plan to stay in the United States, usually to visit family. Respondents whose annual household income is greater than $100,000 are nearly three times more likely to take national holidays this holiday season than those with incomes below $100,000. The report also found that feelings about gifts vary by age, gender and relationship status.

  • Women were about twice as likely as men to say they put a lot of effort into choosing gifts.
  • Men were almost three times more likely than women to say they like giving away tech gadgets.
  • Baby boomers were the most likely to say they dislike giving gifts, while millennials and Gen Z were the most likely to say they were generous and caring.
  • Married respondents were more likely to consider themselves last-minute shoppers than single, engaged/living with a partner, or divorced/widowed consumers.

“Finances are a significant contributor to holiday stress,” Stroh said. “But consumers who stick to their budget and focus on their priorities this season will get through the holidays with less stress and potentially more money in their bank accounts.”

Holiday Payment Trends

Consumers plan to use a combination of methods to pay for holiday spending on gifts, new outfits, food and entertainment. Most will rely on available funds accessed from their bank accounts, supplemented by credit card spending. Although the overall use of paper checks is minimal, a surprising 9% of Millennials expect to use them, compared to only 4% in each of Gen Xers and Baby Boomers. Other payment methods, such as payday loans and money orders, play a much smaller role in most consumers’ holiday shopping.

  • While freebies can be moderate, 20% of respondents said they expect their credit card debt to increase by $1,000 or more during the holidays.
  • Gen X (5%) and Gen Y (6%) expect they will need the most help managing their vacation debt. Separately, 65% of baby boomers — the highest proportion of any generation — believe they will keep their spending under control.
  • Among those who expect to accumulate more than $5,000 In the case of holiday credit card debt, 17% think they will need outside help to settle their debt. Conversely, only 2% of consumers who plan to add less $500 credit card balance believe they will need the same kind of help.

Tips from Achieve: 5 Steps to Building a Holiday Budget

Many people resist making a budget because they think it only serves to limit spending. Instead, think of your budget as a tool that helps direct spending to the things that are most important to you. Any good budget is based on setting priorities and setting realistic goals.

  1. Figure out how much you can spend this year without incurring unnecessary debt.
  2. Carefully consider and list everything and everyone you plan to spend money on during the holiday season. Include gifts, greeting cards, decorations, holiday meals and year-end gratuities for service providers. Finally, don’t forget about future travel expenses, even if you’re only traveling across town to visit loved ones.
  3. Then start listing gift ideas and include prices. You may need to modify the gifts you want to buy to avoid going over your budget constraints.
  4. If the budget seems tight, but you don’t want to take someone off your gift list, the gift of time can mean so much more than a wrapped gift.
  5. Remember what your vision of vacations is and that vacations were never meant to create financial stress.

About the Achieve Consumer Information Center

The Achieve Center for Consumer Insights is an ongoing initiative that leverages Achieve’s team of digital personal finance experts to provide a view into the state of consumer finances. In addition to sharing insights drawn from Achieve’s proprietary data and analysis, Achieve’s Consumer Insights Hub publishes in-depth research, tailored data and thoughtful commentary in support of Achieve’s mission. Achieve to help everyday people borrow and stay on the path to a better financial future.

About Reach

Reach is the leader in digital personal finance. Our solutions help everyday people engage and stay on the path to a better financial future, through innovative technology and personalized coaching. Leveraging proprietary data and analytics, our solutions are tailored to every stage of a consumer’s financial journey and include personal loans, home loans, debt relief, and financial tools and education. . Based at San Mateo, CaliforniaAchieve has more than 2,700 dedicated employees across the country with centers in California, Arizona and Texas and has consistently been recognized as a better place to work.

Achieve and its affiliates are subsidiaries of Freedom Financial Network Funding, LLC, including Bills.com, LLC d/b/a Achieve.com (NMLS ID #138464) Equal Housing Lender; Freedom Financial Asset Management, LLC (NMLS ID #227977); Freedom Resolution (NMLS ID #1248929); and Lendage, LLC d/b/a Achieve Loans (NMLS ID #1810501), Equal Housing Lender.

SOURCE Go

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Meet the startups from the Alabama Launchpad social impact competition: Reboot Reforestation and OMNIS https://uncharted3blog.com/meet-the-startups-from-the-alabama-launchpad-social-impact-competition-reboot-reforestation-and-omnis/ Wed, 09 Nov 2022 18:23:30 +0000 https://uncharted3blog.com/meet-the-startups-from-the-alabama-launchpad-social-impact-competition-reboot-reforestation-and-omnis/ On December 8, the Alabama Economic Development Partnership and the Alabama Energy Foundation will host the final of the last Alabama Launch Pad contest for startups. This round of the Launchpad is focused on the intention of companies to have a positive impact on the community. Ten finalists are competing for a combined funding of […]]]>

On December 8, the Alabama Economic Development Partnership and the Alabama Energy Foundation will host the final of the last Alabama Launch Pad contest for startups. This round of the Launchpad is focused on the intention of companies to have a positive impact on the community. Ten finalists are competing for a combined funding of $75,000.

Today’s article highlights two of the Alabama-based finalists: Restart reforestation and OMNIS.

Restart reforestation

Dalton Morris, CEO of Reboot Reforestation (contribution)

Reboot Reforestation wants to plant a seed, or more accurately, thousands of acres of seeds, across Alabama and the Southeast.

The Tuscaloosa-based startup seeks to help restore longleaf pine forests in the southeastern United States.

Longleaf pine, Alabama’s state tree, once spanned about 90 million acres from Virginia to Texas, but less than 5% of its original area remains, according to the National Fish and Wildlife Foundation.

The restoration of longleaf pine forests has become a top conservation priority in recent years. More than 30 endangered and threatened species, including the red-faced woodpecker and the gopher tortoise, depend on pine trees for their habitat.

Enter Reboot Reforestation, which said it can “solve the degradation of longleaf pine forests in the southeastern United States and…do it in the most environmentally friendly way possible.”

Reboot Reforestation uses drones to plant trees, deliver herbicides and fertilizers. “By using drones, Reboot estimates it is able to reduce reforestation costs by up to 30%, eliminate soil compaction and erosion, and use up to 50% less herbicides. pesticides and fertilizers than helicopter spraying,” said CEO and co-founder Dalton Morris. said.

This reduces environmental impacts, as do the trees themselves, which Morris says sequester 2.5 tonnes of carbon each year for every acre of new forest.

Drones plant innovative seed balls that protect seeds “from predators, lock in moisture, and provide nutrients that increase germination and survival.” Drones are highly efficient, allowing large-scale planting at a lower cost than planting by machine or by hand, according to the company.

Learn more about rebootreforestation.com.

OMNIS

Zakariya Veasy, CEO of OMNIS. (contributed)

OMNIS seeks to bridge the gap between banks that don’t lend money to individuals and payday lenders and loan sharks that will but at astronomical interest rates.

“Underserved and unbanked people have never had an alternative to get the funds they need outside of operating services with an average interest of 400% per loan,” said Zakariya Veasy, CEO and Founder of OMNIS.

OMNIS is a financial services app that helps people access capital and build credit, Veasy said. He describes OMNIS as “a participatory social platform that allows individuals to earn money through their community with short-term peer-to-peer micro-loans and where others can borrow money to meet to their immediate needs”.

Lenders receive loan requests on their feeds, and if they choose to honor the loan in part or in full, they select the interest rate for repayment. Borrowers post a loan request to their community and can accept or decline the terms of loans offered to them.

Veasy plans to increase OMNIS’ financial literacy and help people with limited or no credit histories “build strong reputations with major bureaus.”

OMNIS has partnered with several banks, including First Independence Bank, Greenwood, Regions, Wells Fargo, and Bank of America, so people turned down by banks have a chance to get what they need from OMNIS. The company will also partner with non-profit organizations and hospitals.

“The real impact of our solution, OMNIS, is a reality where immigrants, students, and other marginalized groups of people are empowered to realize their American Dream,” Veasy said.

Learn more about omnisapp.org.

OMNIS leaders are, from left, COO Amaan Haque, CEO Zakariya Veasy and CTO Evan Henley. (contributed)

The finals of the Alabama Launchpad Social Impact Competition will take place at 5 p.m. on Dec. 8 at Alabama Power Headquarters, 600 N. 18th St. in downtown Birmingham. The event is open to the public but the number of participants is limited. To reserve a place, please register here.

To learn more about Alabama Launchpad, click here. To learn more about the Alabama Power Foundation, visit powerofgood.com.

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District Court Stays CFPB Payday Action Following 5th Circuit Ruling https://uncharted3blog.com/district-court-stays-cfpb-payday-action-following-5th-circuit-ruling/ Fri, 04 Nov 2022 07:17:54 +0000 https://uncharted3blog.com/district-court-stays-cfpb-payday-action-following-5th-circuit-ruling/ On October 31, the U.S. District Court for the Northern District of Texas stayed an enforcement action filed by the CFPB against a Texas-based defendant payday lender until the United States Court of Appeals for the Fifth Circuit issues its warrant in CFSA v. CFPB. As previously covered by a Buckley Special alerta panel of […]]]>

On October 31, the U.S. District Court for the Northern District of Texas stayed an enforcement action filed by the CFPB against a Texas-based defendant payday lender until the United States Court of Appeals for the Fifth Circuit issues its warrant in CFSA v. CFPB. As previously covered by a Buckley Special alerta panel of three judges held unanimously CASA that the CFPB’s funding structure created by Congress violated the Appropriations Clause of the Constitution. The parties filed a joint movement saying that there was a “good reason” to suspend further proceedings in the dispute, explaining that the “agreed suspension pending the issuance of the warrant in CASA will support an efficient resolution of the case, as the CFSA’s final decision will control the resolution of the key issues presented in [defendant’s] pending motion to dismiss. One of the arguments raised in the Respondent’s Motion to Dismiss centers on the assertion that the Bureau’s complaint should be dismissed because the agency’s funding structure violates the Constitution’s separation of powers.

In July, the Bureau sued the defendant for allegedly engaging in illegal debt collection practices and allegedly generating $240 million in reborrowing fees from borrowers eligible for free repayment plans, in violation of the CFPA (covered by InfoBytes here). According to the Bureau, the defendant “engaged in unfair, deceptive and abusive acts or practices by concealing the option of a free repayment plan from consumers who indicated that they could not repay their short-term loans and at high cost contracted by the defendant”. .” The defendant also allegedly attempted to collect payments by unfairly making unauthorized electronic withdrawals from more than 3,000 consumer bank accounts.

Buckley LLP provides top-notch enforcement, litigation, compliance, regulatory and transactional services to early-stage and early-stage financial services institutions and fintech and technology companies, as well as to venture capital and private equity funds, investment companies and companies and individuals around the world.

Learn more about loopyfirm.com and subscribe to our InfoBytes newsletter to get the latest news, events and developments affecting the financial services industry delivered to your inbox each week.

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Lefsetz Letter » Blog Archive » Takeoff https://uncharted3blog.com/lefsetz-letter-blog-archive-takeoff/ Wed, 02 Nov 2022 20:56:18 +0000 https://uncharted3blog.com/lefsetz-letter-blog-archive-takeoff/ If this guy was white… Most people have no idea what’s going on behind the discs. Despite the bluster, the silver flash, the real life of these rappers is not depicted. They are in danger. In an underground economy. It’s the rock and roll of old. A cash business, but much more dangerous. Not that […]]]>

If this guy was white…

Most people have no idea what’s going on behind the discs. Despite the bluster, the silver flash, the real life of these rappers is not depicted.

They are in danger.

In an underground economy.

It’s the rock and roll of old. A cash business, but much more dangerous.

Not that I knew that much until I read Joe Coscarelli’s book, “Rap Capital: An Atlanta Story”: https://amzn.to/3Ns7PMl and spoke to him for the podcast: https ://bit.ly/3haAadK

First, we have a huge incarceration problem in America, which disproportionately targets black men. It’s amazing how many of these eventually famous rappers go in and out of prison. And if you think racism is outdated, you need to be on the Supreme Court. There are places in Georgia where rappers are on their toes due to notorious white police crackdowns on petty crimes.

As for the pay…

Everything looks simple from the outside. There are record company royalties and concerts. But it’s much more complicated than that. There’s tons of cash gigs the IRS not only misses rich CEOs but also rappers, who themselves are sometimes incredibly rich because of this economy, where you show up at a club to rap for follow and… you can do several concerts per night. That’s another amazing thing about Coscarelli’s book, how rich some of these rappers are.

Not that a career is guaranteed. It’s one thing to have a hit, it’s another to maintain it.

And it’s not just the underground economy that’s involved, but also the Fortune 500. They know that rappers have the most credibility, not to mention popularity, with the target audience, so they go into business with them. . It used to be that you had to have a certain number of visits before companies called you, but now they’re involved from the start.

And so many acts are disposable. And find themselves where they come from. Never mind the fact that many do not.

And while rockers and old swaggers are still trying to figure out the internet, it was embraced by the hip-hop community right from the start. Rappers knew that you had to give to receive, like a drug dealer. They knew it was about getting the big money, not the little one. Ergonomic Mixtapes. These recordings endeared them to an audience that bonded with them. There was a lot of money on the road, if you had fans.

And cultural.

And, culture involves a lot of posturing and violence.

And white people and the mainstream media might report it, but they don’t denounce it.

It’s taken for granted that rappers get shot. Why?

Well, we could go to the source and ask why black people don’t have more opportunities. Coscarelli writes about college graduates who end up doing manual labor. But affirmative action is taboo, because someone might gain an advantage that has been incorporated into a majority group. I mean you have to attack the problem at some point.

And let’s be clear, it’s not what you learn at Harvard or Yale, it’s the people you meet, who are part of your network. JD Vance was a hick until he went to Yale Law School, built relationships, worked with Peter Thiel, and ended up writing a twisted book he used as a platform to run for Senate from Ohio. Where is the concomitant advantage for blacks?

Believe me, the upper middle class knows all the tricks. But even the middle class has no idea, that the best educational institutions are blind to need, and if you can get in and you’re broke, you don’t have to pay a dime.

America’s information deficit, right there.

So think of all the people who profit from rapping. White-run labels, TV and streaming companies, the aforementioned Fortune 500, but none of them lift a finger to counter the violence in the culture, they don’t even bother to speak out against it.

This is racism incarnate.

As for George Floyd… All the companies that have supported black people… that was then and this is now, the end result is far from major, it’s the same as ever.

So if a white rapper had been shot, there would have been front-page stories about his family, their devastation. And there would be investigative articles in the media asking how this could happen. How this honest citizen of good family got suffocated. Yeah, they were coating the background of the deceased, were they reading an obituary where they said the person was an arrogant punk?

And all the government leaders would come together and talk about action.

Meanwhile, where are the stories about Takeoff’s family? Where is the deep dive into his past life?

AND WHERE IS THE OUTRAGE!

We can start with gun control… But it seems to go the other way. I would think twice before moving to Texas, where anyone can carry a gun without a license. Rave me about the supposed economic benefits all day long, they don’t mean much when you’re dead.

The truth is that white people and the mainstream community don’t care if another black person dies. Just one less mouth to feed. Yeah, that’s how they see it, that black people are taking it, always wanting more, the government has to stop supporting them.

While they’re at it, why don’t they take out all that money the government disproportionately gives to red states, huh?

And an advanced society watches over those at the bottom of the economic ladder. In most western countries. But welfare was stifled under the Clinton administration and the idea that black women just have babies and are supported by the government is wrong. You think someone should take your money, that you should pay less tax, but when there’s a natural disaster, you want federal help right away.

Yes, there must be a scapegoat. And blacks are number one.

Even if their schools are not up to standard. The right says that you have to choose the school, close the bad schools, only there is not enough room in the good schools for all the disadvantaged! And in truth, it is only a ruse to advance the cause of religious schools, which are not free, and if you are not a believer…

And don’t equate every rapper with Kanye. They’re not that rich and they’re not that crazy. They are just trying to survive.

So we have to take the guns off the streets. Enough of throwing our hands in the air. When your kid gets shot, you go crazy, and someone else’s kid?

And how about a denigration of violence. Why are gangs and violence portrayed as cool? A lot of kids join gangs not because they’re cool, but just to survive. And since the police are ineffective, the gangs and others take the law into their own hands. And since opportunities are scarce, kids sell drugs, for that quick cash, I mean how long are they going to live anyway?

That’s what amazed me in “Hoop Dreams”. They threw a big birthday party for the player because living to be eighteen is such a feat. Do we feel the same as white people? That just staying alive is something to celebrate?

And often they find the perpetrators and lock them up, but that’s not really a deterrent, because they don’t think they have much of a future to begin with. And honor and image are everything, as if we were living in the feudal past.

All those talent agencies and apparel companies can drop Kanye like he’s hot, but how about dropping those involved in violence. Believe me, if you take away the few opportunities, it will change the culture.

As for clubs and strippers and making it rain…

Everyone can choose how they want to live their life but we flood these great athletes with money that they have no education on how to spend and then they blow it up and end up broke and eventually dead with CTE. But gamers are disposable, just like rappers. Hell, most NFL players don’t even have guaranteed contracts! Get hurt and you’re out. We don’t care about you. Life is hard. Meanwhile, the bad actor billionaire owner continues to rape and plunder not only in business, but also in his personal life.

It’s a way to demonstrate your status, by earning money and spending it.

Now, in truth, on TikTok there are all these videos that talk about money, about the economics of buying a new car, about investing. Maybe newcomers will see them, but we don’t even teach economic skills in school, because if we did, salespeople couldn’t laugh at these customers. Dollar stores, payday loans… They’re obnoxious, but if you’re broke, sometimes you don’t have a choice.

Somehow, America has flipped, and it’s white people who are at a disadvantage. What’s a poor boy to do? Don’t play in a rock and roll band, BUT BECOME A RAPPER! It is one of the few potentially well-paying jobs for an underprivileged youth, other than drug dealing.

But we demonize these people, because we take advantage of their backs.

Come on, black people are way above their weight when it comes to culture. And, unfortunately, this culture of gun violence impacts not only them, but also white people, BECAUSE IT’S SEEN TO BE COOL!

Let me tell you, when you’re dead, nothing is cool. Finito. It’s finish. The challenge is to stay alive. Shit, the government should give a million dollars to every rapper who hits 40. Better yet, a guaranteed income for all, including blacks.

But no one wants to PAY FOR IT! I don’t understand, you want to live in Venezuela? I’ve been there, the wealthy people live in the hills in houses surrounded by concrete walls topped with barbed wire.

You think you are immune, but you are not. We live in a big society. And you are part of it, and you are vulnerable. If you don’t take care of your siblings, raise them, it will impact you negatively.

But then you have all those executives who say they’ve made their billions and don’t recognize that without customers they’d have NOTHING!

Consumers are kings. But that’s not how our society sees it. We worship the rich and criticize the poor, ignoring what goes on in their brains.

And when it comes to hip-hop, it’s all about creativity. You don’t get to the top by accident. So why can’t we recognize it, except in award shows that nobody watches anyway?

Certainly, everything fades almost instantly these days. But in the aftermath of Takeoff’s death, I haven’t seen any official elected commentary on it. I didn’t see any outcry. At best, there was a shrug.

And that’s not right.

Something has to give. And if you don’t fix the underlying problem, it will affect you.

Come on, is anyone outraged that this guy was shot?

I suppose not.

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Court ruling on payday loans could impact mortgage markets https://uncharted3blog.com/court-ruling-on-payday-loans-could-impact-mortgage-markets/ Fri, 28 Oct 2022 11:00:01 +0000 https://uncharted3blog.com/court-ruling-on-payday-loans-could-impact-mortgage-markets/ Signage at the Consumer Financial Protection Bureau (CFPB) Headquarters in Washington, DC andrew kelly | Reuters A court last week threw out a regulation drafted by the Consumer Financial Protection Bureau for payday lenders, saying the agency’s funding was unconstitutional and therefore lacked the ability to curb the industry. The United States Court of Appeals […]]]>

Signage at the Consumer Financial Protection Bureau (CFPB) Headquarters in Washington, DC

andrew kelly | Reuters

A court last week threw out a regulation drafted by the Consumer Financial Protection Bureau for payday lenders, saying the agency’s funding was unconstitutional and therefore lacked the ability to curb the industry.

The United States Court of Appeals for the Fifth Circuit struck down a CFPB rule that prohibited payday lenders from debiting the accounts of customers who miss a payment without first obtaining their consent. While the ruling only applies to that regulation, financial services lawyers say it blurs the agency’s authority and has the potential to upend all of its rules.

“The Fifth Circuit’s ruling potentially calls into question all rules, guidelines, and orders issued by the CFPB — as they all have their origins in the CFPB’s unconstitutional self-funding structure,” wrote regulatory attorneys Anthony DiResta and Luis Garcia of Holland & Knight. in a note to customers on Tuesday.

Subprime Mortgage Rules

If the agency’s legal authority is undermined, it could have a profound effect on home loan markets – an industry that is prone to disruption when the laws are murky, particularly when interest rates rise.

“Anything that disrupts the mortgage market is going to potentially make it even harder for homebuyers to qualify for a loan,” said Boston College law professor Patricia McCoy.

McCoy points to Georgia after the state passed a law in 2002 to protect consumers from predatory lending by allowing them to seek punitive damages from the loan originator and whoever purchased the loan. This extended the potential damage to Wall Street banks as well as mortgage investors Fannie Mae and Freddie Mac.

Major rating agencies declined to rate residential mortgage-backed securities pools containing Georgia-originated loans, which had a chilling effect on the MBS market. Fannie and Freddie, who buy mortgages and present them as securities for sale to investors, have stopped buying mortgages in the state. The following year, the Georgian legislature amended the law, removing the liability provisions.

“The Fifth Circuit’s decision threatens to cripple mortgage lending in Mississippi, Louisiana and Texas because lenders will lose certainty of the law that applies to future mortgages they take out,” McCoy said, referring to the Fifth Circuit States. She was part of the original CFPB leadership team during the Obama administration.

Established after the 2008 financial crisis, the CFPB created a series of rules for the mortgage industry, including standards for a “qualified mortgage” based on a borrower’s ability to repay a loan. These two rules offer mortgage investors and lenders legal protection against borrowers who claim they have been tricked into taking out a loan they could not afford as long as it meets this standard.

Likely call

If the Fifth Circuit’s ruling is upheld, it could challenge those longstanding mortgage rules.

Many legal observers expect the decision to eventually be appealed to the Supreme Court. Although the High Court is not required to hear a case, it raises important constitutional issues. It could be a years-long process, which could see further challenges to the authority of the CFPB halted or delayed until the case is resolved.

A call would take time to play out. The Mortgage Bankers Association has informed its members that the ruling is currently limited to the CFPB payday loan rule.

“We like to set rules that give us safe havens for the way we grant mortgages and we don’t want all of that to go away,” Mortgage Bankers Association President and CEO Robert Broeksmit said Monday during an interview. of the annual convention of the professional association. Still, he vowed to continue to fight what he called the office’s regulatory overreach. “Now is not the time for you to hire more lawyers trying to figure out what the office is doing.”

While industry groups have filed lawsuits against several CFPB rules, losing the repayment capacity and qualified mortgage rules would be “devastating”, said Richard Andreano, an attorney who leads the firm’s mortgage practice group. Ballard Spahr lawyers.

“The loss of CFPB mortgage regulation and the effect on the market would be catastrophic,” Andreano said. He thinks the potential consequences would mean the court or Congress would deal with the situation before it had an impact. “But that adds uncertainty, obviously, if you’re in the mortgage business now,” he said.

Impact on securitizations

The protections provided by the repayment capacity and qualified mortgage rules also apply to the mortgage bond market, where home loans are bundled into securities and sold to investors. With no established guidelines, the decision raises questions about how credit assessors and mortgage bond investors would treat loans.

“They don’t want loans in their loan pools that have an increased risk of damage exposure, because that exposure would extend to investors buying the securitized bonds,” McCoy said.

S&P Global Ratings and Moody’s Investors Service had no comment, but Fitch Ratings said it would monitor any changes that have an immediate effect on the mortgage market.

“Mortgage market originators and managers are subject to the rules and regulations of a myriad of governing bodies at the state and federal levels,” said Roelof Slump, who manages operational risk for structured finance at Fitch. “Potential changes to how the CFPB is funded are not likely to have an immediate effect on the mortgage market.”

How the CFPB is funded, by the Federal Reserve instead of Congress, is the root of the problem. The design was intentional – to keep the agency free from political pressures. The court, however, said the funding was unconstitutional because the agency was answerable neither to the people nor to Congress.

“I think the court’s ruling on the illegality of the CFPB’s funding mechanism is correct, as is its governance structure,” said Bill Isaac, a former head of the Federal Deposit Insurance Corp., who headed the bank regulator during the savings and loan crisis of the 1980s. “What this means in terms of the legality of the CFPB’s past actions is difficult to predict.”

No quick fix

Andreano expects the courts to find an interim solution, but that Congress will eventually have to change the funding structure of the CFPB, “I see there is a solution, but I think the lobbyists are going to be very busy for some time.”

Jaret Seiberg, chief executive of the Cowen Washington Research Group, told investors earlier this week that if Republicans gain control of one or both houses of Congress in the Nov. 8 election, it could complicate efforts to fix the agency funding.

In fact, he said the GOP might try to fully fund him.

“We appreciate the industry’s frustrations with the CFPB, but an agency without funding could be worse as the laws would still apply, but the advice and safe havens that financial firms rely on to defend themselves from litigation can becoming disabled,” he wrote.

The CFPB, meanwhile, said the ruling would not prevent it from policing consumer lenders.

“The CFPB will continue to fulfill its statutory mission of enforcing federal law and protecting Americans from predatory financial institutions. Illegal practices are still illegal, and the CFPB will hold companies accountable when they break the law,” the agency said in a statement. .

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A Court of Appeals has just struck down the Constitution on the Consumer Financial Protection Bureau. And after? https://uncharted3blog.com/a-court-of-appeals-has-just-struck-down-the-constitution-on-the-consumer-financial-protection-bureau-and-after/ Thu, 20 Oct 2022 19:15:04 +0000 https://uncharted3blog.com/a-court-of-appeals-has-just-struck-down-the-constitution-on-the-consumer-financial-protection-bureau-and-after/ When the Founding Fathers™ structured our form of government, they ordered it around one of the most influential obstacles to efficiency known to man besides Netflix: the separation of powers. The whole point of our constitutional scheme – breaking up and delegating authority between the legislature, judiciary, executive and people – was to create just […]]]>

When the Founding Fathers™ structured our form of government, they ordered it around one of the most influential obstacles to efficiency known to man besides Netflix: the separation of powers. The whole point of our constitutional scheme – breaking up and delegating authority between the legislature, judiciary, executive and people – was to create just enough redundancy and internal conflict so that not too much was done in a little of time. This grand objective sometimes comes at the expense of the governing bodies themselves.

A federal appeals court has ruled that the funding structure of the nation’s most powerful financial watchdog agency, the Consumer Financial Protection Bureau, is unconstitutional…how the bureau is funded “violates the structural separation of powers of the Constitution”.

The reason for the judgment? It’s all about the power of the stock market – a power traditionally understood to belong to Congress.

[T]he [B]ureau receives its funding from the Federal Reserve, not Congress. It is this part of its structure which, according to the court, violates the Constitution.

“While the vast majority of executive agencies depend on annual appropriations for funding, the Bureau does not,” said the the judges wrote. “Where ever the line is between a constitutionally funded agency and an unconstitutional agency, this unprecedented arrangement crosses it.”

This result is one of those weird times when you actually have to pay attention to things that… go easier if you don’t. For example, the Constitution delegates to Congress the exclusive power to declare acts of war. But war tends to be one of those things that gives strategic advantages to those who launch the first strike or operate under cover of darkness – formal statements like this rob you of the advantage. This is why it would be difficult not to assume that, despite the clear constitutional delegation, the executive Most likely did a few things regarding foreign object conflict that Congress has not – at least publicly – explicitly endorsed or declared. I imagine that borderline schemes which may or may not constitute acts of aggression, say espionage or using social media to undermine democratic processeswould have almost as much force if brazenly heralded by Nancy Pelosi.

You get my point; crossing the lines of constitutionality have far more precedent than meets the eye. For example, if the CFPB’s funding crosses the line, what about the Federal Reserve and the Federal Deposit Insurance Corporation, as argued by the lawyers in court? Decisions like that really get into the inner baseball or sausage making of our governance in such a way that if we really stick to the rules in the book, we might end up damaging the game itself.

In the meantime, he says it raises doubts about all sorts of other rules the bureau has put in place, because at least in the 5th Circuit region — Texas, Louisiana and Mississippi — other CFPB rules could be challenged. by similar lawsuits.

“There’s going to be a lot of confusion about whether the rules associated with mortgages, debt collection, credit cards are still viable rules in the Fifth Circuit.”

]]> What is a personal finance app? https://uncharted3blog.com/what-is-a-personal-finance-app/ Sun, 16 Oct 2022 01:58:15 +0000 https://uncharted3blog.com/what-is-a-personal-finance-app/ Managing your finances is a tedious task that only a few people do. It takes a lot of time and effort to maintain, on your own, with all the things you need to pay attention to. Balancing a checkbook, tracking expenses, and keeping track of your bank balance, on your own, can be a daunting […]]]>


Managing your finances is a tedious task that only a few people do.

It takes a lot of time and effort to maintain, on your own, with all the things you need to pay attention to. Balancing a checkbook, tracking expenses, and keeping track of your bank balance, on your own, can be a daunting task. Fortunately, there are personal finance apps that can help you manage your finances and do all the work for you!

Nick Wilson, CEO of AdvanceSOS and experienced loan officer, shares his thoughts on personal finance apps and how they can help you. A few words about the loan service AdvanceSOS. Its quick and easy app helps people in an emergency to reach the huge network of approved lenders to get same day deposit payday loans at AdvanceSOS without credit check in Texas, California, Ohio and Florida .

Nick Wilson also shares some of the best personal finance apps that you can use depending on your needs. These apps were chosen based on their features, functionality, and purpose.

What is a personal finance app?

A personal finance app is an app that you can download to your smartphone or tablet. It offers convenient real-time tracking of your expenses, savings, and investments. It can track your credit payments and notify you of recent changes in your credit score. You can also connect it to your bank so you know where your money is being spent.

Personal finance apps provide convenience and an easy way to track your finances. Personal finance apps have different features, but generally they have a shared wallet, bill reminders, automatic bill payment, and subscription management.

How much does a personal finance app cost?

Personal finance apps usually have a free version and a paid version. A free version would have fewer features compared to the paid version and might also contain advertisements. The paid version differs in price but is relatively inexpensive, costing only $25 per year or less. Other apps only have a free version!

So if you need help managing your finances, but don’t want to spend a lot of money, personal finance apps can help you without breaking your budget.

What types of personal finance apps are offered?

For debt repayment

You need a budget, also known as YNAP, is one of the best personal finance apps for debt repayment. The app works according to YNAB’s four rules: give every dollar a job, accept true spending, roll with the punches, and age your money. The app is committed to helping you budget better and control your spending. It allows you to import transactions from checking accounts and apply them to each budget category. This will help you get an accurate picture of your spending and maintain a balanced budget by adjusting budget categories if you over or under budget.

Each month, you’ll receive a detailed report of your spending and help you identify areas where you can improve your spending. According to YNAB, an average new user saves $600 in the first two months and moves $6,000 in one year. The app offers a free version for the first 34 days of use.

For wealth management

Personal capital allows you to manage your assets and investments in addition to your expense accounts. Along with tracking your expenses, the app also tracks and improves your investments. The app allows you to track your investment by account, asset class and individual security. The mobile and tablet version of the app has an intelligence system that uncovers opportunities for diversification, risk management and uncovers hidden fees.

Personal capital also allows you to compare your portfolio to major market benchmarks to determine if you are meeting your investment goals. It also provides financial advisors who can help you achieve your goals.

For bill payment

Prism works with over 11,000 billers, including banks and small utility companies, making it the best personal finance app for managing your bills. It also allows you to list all your invoices and financial accounts in one place.

Add your invoices to the app and Prism will automatically track them for you and send you due dates and reminders to help you avoid late payments. You can also use the app itself to pay your bills. You can schedule same-day payments or schedule them in advance for your convenience.

For shared expenses

Spent is a personal finance app that you can also use for shared payments and expenses. It allows you to create a shared wallet with your friends or family to manage a shared expense or budget.

Just import your bank transactions into the app, and Spendee will categorize them for you, or you can also add cash expenses manually to be more specific. Creating a budgeted amount for expenses in each category will prevent you from going over budget. The app will also track your progress towards your budgeted amount. The app also has a bill tracker that sends reminders to pay your bills to avoid penalties and additional charges. If you are going on a trip or to an event, you can create a category for that event and Spendee will track your expenses to stay within your budget.

For budgeting

Every personal finance app can be used for budgeting, but the best is the Every dollar application. The app uses a zero-based budgeting method recommended by personal finance expert Dave Ramsey. Zero-based budgeting gives every dollar a purpose, hence its name.

The app has a built-in monthly expense tracker that you’ll connect to your bank to import transactions and track your expenses. The tracker shows what you’ve spent so far and how much you have left to spend. The app gives you access to financial management experts to help you with your financial planning. Accessing your budget can be done using your mobile app or desktop. All users get a free trial of the premium version of the app which you can upgrade at any time through the app menu.

About the Author

Amanda Girard is a lead writer for AdvanceSOS. His expertise and input are valuable assets to our website and other channels. She has been a tremendous help since our founding in 2019, producing pieces that are not only engaging but also informative and entertaining. She remains an influential figure in the company and among its customers.

Nick Wilson, CEO of AdvanceSOS and experienced loan officer, shares his thoughts on personal finance apps and how they can help you. It also shares some of the best personal finance apps that you can use depending on your needs. These apps were chosen based on their features, functionality, and purpose.

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“We re-imagine, recreate and redeem cultural omissions and misrepresentations of blackness, for culture….” This post is made in Partnership with British pathe.

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