Cash advance – Vivenavalmoral http://vivenavalmoral.com/ Fri, 11 Nov 2022 23:13:17 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://vivenavalmoral.com/wp-content/uploads/2021/10/icon-12-120x120.png Cash advance – Vivenavalmoral http://vivenavalmoral.com/ 32 32 Amazon offers sellers a cash advance on marketplace sales https://vivenavalmoral.com/2022/11/01/amazon-offers-sellers-a-cash-advance-on-marketplace-sales/ Tue, 01 Nov 2022 14:35:00 +0000 https://vivenavalmoral.com/2022/11/01/amazon-offers-sellers-a-cash-advance-on-marketplace-sales/ Amazon offers its merchants a new funding option that allows marketplace sellers to access funds in the form of a cash advance on future sales. The new solution gives eligible Amazon sellers – the majority of which are small and medium-sized businesses – access to capital, from $500 to $10 millionto grow their business, protect […]]]>

Amazon offers its merchants a new funding option that allows marketplace sellers to access funds in the form of a cash advance on future sales.

The new solution gives eligible Amazon sellers – the majority of which are small and medium-sized businesses – access to capital, from $500 to $10 millionto grow their business, protect their margins, develop new products, increase their inventory or manage their cash flow.

Powered by Parafin, Amazon Merchant Cash Advance offers a flexible payment schedule that is determined by a fixed percentage of the seller’s Gross Merchandise Sales (GMS) until the funding is paid off. Unlike a traditional loan, the funds come with no minimum payment requirements, no interest (instead, borrowers pay a fixed capital charge), no collateral requirements, no verification credit and no late fees. Perhaps most importantly, payments are only required during periods when a seller has made sales.

The new financing option joins Amazon’s other financing solutions for sellers, which include term loans, interest-only loans, and lines of credit provided by both Amazon and third-party financing partners. Merchant Cash Advance is now available to select US-based businesses that have been selling on Amazon for at least Three months, and will extend to hundreds of thousands eligible sellers by early 2023.

“Amazon is committed to providing convenient and flexible access to capital for our sellers, regardless of size,” said Tai Koottap, director and general manager of Amazon Worldwide B2B Payments and Lending in a statement. “Today’s launch is another step in strengthening Amazon’s commitment to sellers and builds on the strong portfolio of financial solutions we already offer. This latest offering dramatically expands sellers’ reach and capabilities and expands their access to capital in a flexible way, helping them control their cash flow and, by extension, their entire business.

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Cash-lending companies flood courts with small business non-payment claims https://vivenavalmoral.com/2022/09/22/cash-lending-companies-flood-courts-with-small-business-non-payment-claims/ Thu, 22 Sep 2022 22:23:18 +0000 https://vivenavalmoral.com/2022/09/22/cash-lending-companies-flood-courts-with-small-business-non-payment-claims/ A merchant cash advance is, at its core, a simple financial product, similar to some types of accounts receivable financing, such as factoring. A small business sells a set amount of its future revenue to the cash advance business at a large premium. For example, a construction company needing cash to pay its suppliers before […]]]>

A merchant cash advance is, at its core, a simple financial product, similar to some types of accounts receivable financing, such as factoring. A small business sells a set amount of its future revenue to the cash advance business at a large premium. For example, a construction company needing cash to pay its suppliers before its customers pay their bills could repay over $100,000 in daily or weekly direct debits for a $70,000 advance. It is definitely not a loan. But if you do the math as if it were a loan, interest rates can be in the triple digits.

This is where companies often run into trouble, as MCA companies usually start receiving receipts almost immediately.

If something goes wrong, cash advance companies turn to the courts with sophisticated formulas to go after corporate bank accounts. Because of New York’s ban on admission to judgment clauses, small businesses are no longer waiving their right to a trial. But lawsuits are still frequently served without sufficient notice or under extremely tight deadlines, said Leslie Tayne, a lawyer in Melville, Long Island. Tayne said she represents so many small business clients in MCA cases that she’s dropped her other practice areas over the past year to focus solely on the matter.

“It’s exploded,” she said. “For a year, that’s all I do every day.”

While it’s difficult to quantify the total number of cases or the rate of growth, cases have flooded every Supreme Court district in the state. While MCA companies are usually in town, the smaller companies that contract with them come from all over the United States.

Difficult moments

For a time in 2020 and 2021, around $1 trillion in government relief programs kept small businesses relatively afloat. As recently as April this year, the share of small businesses with at least three months of cash was near its pandemic peak, according to information gathered by the Census Bureau’s Small Business Pulse Survey, which has since ceased. .

But with the return to normal, access to traditional financing has become more difficult for companies with fewer than 500 employees. The share of businesses seeking traditional financing fell from 43% in 2019 to 36% in 2021, and they were more often looking for cash for operating expenses than for expansion, according to the 2022 report. the Federal Reserve on small business credit on employing businesses. Additionally, the share of applicants who received all the traditional funding they sought fell from 51% in 2019 to 30% in 2021, according to the survey.

“It’s a perfect storm,” Tayne said.

Tayne said his customers represent a wide range of industries: trucking, construction and landscapers, as well as farmers, retailers, restaurants, housekeepers, dentists and technology services. While some businesses – and their cash advances – are quite small, others have multi-million dollar revenues.

The owner of a construction company in the New York metro area said he turned to cash advances around the time the business took off. Rapid growth in new home construction and renovations from a boiling housing market led to cash flow problems for the owner, who wished to remain anonymous for fear that information about his finances would affect his ability to sign clients or make things worse with his MCA relationship. He said he had around 20 employees and an annual income of around $5 million.

Several larger clients were spreading their bills over a longer period as he took on five new construction projects that required a substantial upfront capital outlay.

Because he needed money fast, a traditional line of credit wasn’t enough, and government loan products like the Small Business Administration’s 7a were too slow to ask for. As a relatively new business owner, he didn’t feel confident being approved for a conventional bank loan, he said.

Supply chain issues have made companies particularly cash-hungry, said Heskin, White and Williams’ partner. For example, a builder could find itself in a bind because lumber prices soar after signing fixed contracts with a customer. Or a trucker may be waiting for payment because a delivery does not arrive from abroad for months after it was scheduled.

Considerable efforts

Once refunds aren’t made, things go awry.

In the case of the builder, the company which had granted him the advance constituted a lien against him and against the company. Since the MCA company has access to a company’s current account, it can view its current account and contact its business customers and owners for payments. His debts and online accounts such as PayPal and Venmo have been frozen, he said. Then came threatening letters to his home.

The process of selling — and upselling — advances is also plagued with bad intentions, Tayne said.

Brokers offer funds to desperate businesses, and their commissions only add to the pile of fees to be reimbursed. Their sales lines sometimes contain untruths, such as the idea that MCAs will help a business build credit and lead to future successful loan applications, which it does not.

After a successful lead, companies will frequently hold another exchange, she said.

The local builder, for example, said it had managed to make all payments on the first two advances. “But once you have a good track record,” he said, “they give you more. It’s a revolving door of money. He added that once it’s been paid back about 60% on an advance, the companies approached him again to ask if he wanted access to more money.

One business in the city, a jeweler on West 47th Street, was sold three successive advances totaling nearly $1 million in two months, according to a complaint from Fox Capital Group, which sold the advance.

Common MCA companies in the state court system include Liberty Funding Solutions, Reliance Financial, Quicksilver Capital, and Last Chance Funding Group. Companies sometimes dissolve and reform, lawyers say,

“It’s very profitable,” Tayne said.

It is when a small business empties its checking account or cuts before full reimbursement that MCA companies begin to add fees. Then the MCA firms head to the courts.

They file lawsuits quickly and quickly — “like a machine,” Tayne said. “They’re ready to file on the exact day, and we often file responses the day they’re due.” Often the defendants are not even notified or do not have time to find a lawyer. MCA firms get the judgments they need to freeze bank accounts or put liens on a defendant’s assets.

Even with the ban on judgment confessions, New York has a fairly supportive law that makes it easier to go to court, said Julia Heald, an attorney with the Federal Trade Commission’s Financial Practices Division, Consumer Protection Bureau. .

“The original intent is that this is a quick and easy way to resolve the payment of an undisputed amount,” Heald explained.

Legal jumps

In addition to a handful of private attorneys, the New York Attorney General and the Federal Trade Commission have filed and won several lawsuits against MCA companies this year. Generally, the government goes after the worst actors, Heald said.

Although it may not win a mole, a solid legal strategy seems to have emerged: if lawyers can prove that MCA works like a loan, then the company selling the money becomes subject to a lot more regulation. federal and state. , said Heskin.

Three recent decisions by a federal court in the Southern District of New York concluded exactly that, with judges ruling that several nefarious corporations, such as Financial District-based Richmond Capital Group, were deceiving and threatening small businesses. These follow an April 2021 ruling by the same court in favor of the FTC against Yellowstone Capital, based in Jersey City, New Jersey, which had to pay nearly $10 million in total to more than 7 700 small businesses. So far, 587 New York-based companies have received $778,512 in refunds from the case, according to the FTC tracker.

The bottom line in legal terms, Heald said, is that MCAs’ place in the financial system is to provide funds in return for taking the risk that a business may fail rather than obtaining the security that it may. help stabilize future payments regardless of the health of the business.

“If the MCA supplier was really buying a share of future revenue, which would go up and down as the business did, there’s something for the business as well,” she said.

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DC attorney general sues Liberty Tax for ‘misleading’ promotion of cash advances https://vivenavalmoral.com/2022/09/22/dc-attorney-general-sues-liberty-tax-for-misleading-promotion-of-cash-advances/ Thu, 22 Sep 2022 20:18:00 +0000 https://vivenavalmoral.com/2022/09/22/dc-attorney-general-sues-liberty-tax-for-misleading-promotion-of-cash-advances/ The Washington, DC attorney general filed a consumer protection lawsuit against Liberty Tax accusing the tax-prep chain of misleading consumers with misleading ads and promotions and predatory pricing. DC Attorney General Karl Racine’s office filed a lawsuit Wednesday against Liberty, which is the nation’s third-largest tax-prep chain. The lawsuit alleged that Liberty aggressively marketed its […]]]>

The Washington, DC attorney general filed a consumer protection lawsuit against Liberty Tax accusing the tax-prep chain of misleading consumers with misleading ads and promotions and predatory pricing.

DC Attorney General Karl Racine’s office filed a lawsuit Wednesday against Liberty, which is the nation’s third-largest tax-prep chain. The lawsuit alleged that Liberty aggressively marketed its services to low-income DC residents by offering them $50 cash “just for the deposit,” but then increased tax preparation fees for customers who accepted the cash payments. He accused the tax preparation channel of violating DC’s consumer protection laws and is seeking a court order requiring Liberty to provide accurate and truthful information and provide financial relief to thousands of consumers, as well than civil penalties.

“We filed this lawsuit to stop Liberty Tax from unlawfully preying on DC’s most vulnerable low-income residents,” Racine said in a statement. “Now is the time for Liberty Tax to be held accountable for persistently and fraudulently inducing DC residents to overpay for tax preparation. Misleading consumers is illegal, and we will not allow businesses to profit by deceiving the residents of the district.” (Full disclosure: Racine was a classmate of this writer.)

A Liberty Tax location in Louisville, Kentucky

Luke Sharrett/Bloomberg

Liberty has had a checkered history in recent years. Its founder, John Hewitt, who previously co-founded the tax-prep chain Jackson Hewitt after working as an executive at H&R Block, was ousted from the company in 2019 after a sex scandal involving company employees, which had to solve a sexual problem. lawsuit for harassment (see the story). The company’s then-parent company, Franchise Group Inc., also settled a lawsuit with the IRS and the Department of Justice alleging that Liberty failed to maintain adequate controls over returns prepared by franchisees and failed to prevent the filing of potentially false or fraudulent statements by franchisees (see the story). Last year, Liberty Tax was acquired by NextPoint, a special purpose acquisition company, for $182 million in cash and $67 million in stock (see the story). A spokesperson for NextPoint Financial did not immediately respond to a request for comment on the DC attorney general’s lawsuit.

To entice consumers, according to the lawsuit, Liberty Tax aggressively promoted immediate distributions of $50 “just for filing with Liberty Tax” at the start of tax season before the end of February. Liberty Tax called it “cash in a flash” and described it as a “benefit” with no downside. The company has widely featured “fast cash” on its own website, in online videos, and by placing signs with signs such as “GET $50 NOW” outside of its stores, which are mostly located in low-income neighborhoods. However, the company did not disclose that consumers who accepted cash would be charged more than those who did not. On average (depending on the forms they filed), consumers who accepted the $50 offered by Liberty were then charged between $67 and $200 more for tax preparation services than consumers who did not. not participated in the promotion.

Liberty operates four locations in DC where it provided more than 12,000 cash payments to consumers as part of its “cash in a flash” promotion from 2015 to 2021, according to the AG’s office, raising prices than thousands many DC consumers have paid for tax preparation without their knowledge, especially low-income taxpayers. On average, according to the AG office, Liberty charged people who file simple returns with just a 1040 and a W-2 an average of $75 more if they accepted the $50 in cash. However, it charged people who received the earned income tax credit an average of $93 to more than $200 more than EITC recipients who did not take up the 50 cash promotion. $.

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Cash Advance Apps vs Payday Loans: Which is Better? https://vivenavalmoral.com/2022/09/18/cash-advance-apps-vs-payday-loans-which-is-better/ Sun, 18 Sep 2022 07:00:00 +0000 https://vivenavalmoral.com/2022/09/18/cash-advance-apps-vs-payday-loans-which-is-better/ (NerdWallet) – If you’re asked to imagine a payday lender, you might think of a storefront in a strip mall with green dollar signs and neon slogans like “everyday payday.” You probably wouldn’t imagine a mobile app that advertises on TikTok and sports a colorful logo. But cash advance apps like Earnin and Dave provide […]]]>

(NerdWallet) – If you’re asked to imagine a payday lender, you might think of a storefront in a strip mall with green dollar signs and neon slogans like “everyday payday.” You probably wouldn’t imagine a mobile app that advertises on TikTok and sports a colorful logo.

But cash advance apps like Earnin and Dave provide advances with the same borrowing and repayment structure as payday lenders, and consumer advocates say they carry similar risks. Both are quick, no-credit-check options for closing an income gap or easing the pressure of inflation.

Neither is an ideal first choice for borrowing money quickly, but knowing their differences can help you save money and avoid hurting your finances.

Cash advance apps work like payday loans

Like most payday loans, a cash advance or paycheck app lets you borrow money without a credit check. You are also required to repay the advance, plus any fees you have agreed, on your next payday.

A single payment cycle is usually not enough for borrowers to repay payday loanso many people fall into the habit of getting another loan to pay off the previous one, says Alex Horowitz, senior director of The Pew Charitable Trusts.

App users may find themselves in a similar cycle. A 2021 study by the Financial Health Network found that more than 70% of app users get back-to-back advances. The study doesn’t say why users re-borrow, but Horowitz says the behavior is particularly similar to payday loans.

“Direct-to-consumer payday advances share DNA with payday loans,” he says. “They’re structured the same, they have repeat borrowings, and they’re scheduled based on the borrower’s payday, which gives the lender strong collectability.”

Apps can offer more flexibility

Payday lenders and payday advance apps collect repayment directly from your bank account. If your account balance is too low when funds are withdrawn, you could incur overdraft fees, says Yasmin Farahi, senior policy adviser at the Center for Responsible Lending.

An application may try to avoid overcharging your account. Mia Alexander, Vice President of Customer Success at Dave, says the app reviews users’ bank accounts before withdrawing the refund. If the refund puts the balance close to zero or negative, the app may not withdraw the funds, she says.

However, apps typically include language in their user agreements that while they try not to overcharge your account, they aren’t liable if they do.

In states where payday loans are allowed, a payday lender is unlikely to offer a free, unsolicited payment extension, as some apps claim. Some states require payday lenders to offer extended payment plans at no cost to troubled borrowers, but a 2021 report from the Consumer Financial Protection Bureau says some lenders are misrepresenting plans or not disclosing them.

Unlike payday lenders, the apps don’t make collection calls. If a user revokes access to their bank account to avoid a refund, the app will not attempt to collect the funds. The user simply cannot get another advance until they repay the previous one.

Payday loans cost more

Payday loans tend to have high mandatory fees, unlike apps. Instead, they charge a small fee that users can accept throughout the borrowing process. These fees can add up, but they are usually lower than those charged by payday lenders.

For example, an app might charge a monthly subscription fee or a fee for instant access to funds. Most cash advance apps also ask for a tip for service.

The charges on a $375 payday loan are most often about $55 over a two-week period, Horowitz says. Since the cash advance application fee is mostly optional, you can easily keep the cost below $10.

Earnin user Sharay Jefferson says she’s used payday loans in the past, but switched to a cash advance app because it’s a cheaper way to cover bills and unexpected expenses.

“If you get a $200 payday loan, you might be paying something back three times over,” she says. “With Earnin, I’m going to have to pay that $200 back, plus whatever I decide to give them. It’s much cheaper. »

Technically, apps are not lenders

Regulators like the CFPB have not classified payday advance apps as lenders, despite their similarities to payday loans.

Earnin CEO and Founder Ram Palaniappan says the app is more like a payroll service or an ATM because it makes it easier to access your own funds. Earnin asks users to upload a timesheet showing they worked enough hours to earn the cash advance amount. Other apps scan a user’s bank account for income and expenses to determine if they qualify for an advance.

Farahi says applications should be treated like creditors, meaning they would follow the Truth in Lending Act, which requires creditors to disclose an annual percentage rate. An APR allows consumers to compare costs between financing options. For example, users can compare the APR of a cash advance app to that of a credit card and choose the most affordable.

“People still need to know what the real cost of credit is and to be able to assess it and really compare that cost with other options,” she says.

Applications should also comply with applicable state lending laws. Currently, 18 states and Washington, DC, have maximum interest rate caps that could limit application fees, she says.

Cash Advance App vs Payday Loan: Which is Better?

If you need cash urgently, you can have better alternatives than payday loans and advanced apps, says Farahi.

Local charities and nonprofits can meet basic food and clothing needs. A family or friend could lend you money at no additional cost. If you have a few hours to spare, a side gig could generate as much money as a typical payday loan or cash advance application.

If you have the choice between an app and a payday loan, the app is probably the best option because:

  • It is less expensive.
  • It may not trigger overdraft charges.
  • If you don’t pay it back, the app won’t send you to collections.

A cash advance from an app is unlikely to leave you in a better financial position, Farahi says. But it may be a little less likely than a payday loan to make things worse for you.

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Get a cash advance with bad credit https://vivenavalmoral.com/2022/09/11/get-a-cash-advance-with-bad-credit/ Sun, 11 Sep 2022 07:00:00 +0000 https://vivenavalmoral.com/2022/09/11/get-a-cash-advance-with-bad-credit/ Disclaimer: This is sponsored content. All views and opinions are those of the advertiser and do not reflect the same of WFTS. With the current state of the economy, it’s proving difficult for many Americans to stay afloat financially — let alone maintain a healthy emergency fund. So, when most people have a financial problem, […]]]>

Disclaimer: This is sponsored content. All views and opinions are those of the advertiser and do not reflect the same of WFTS.


With the current state of the economy, it’s proving difficult for many Americans to stay afloat financially — let alone maintain a healthy emergency fund. So, when most people have a financial problem, they turn to loans to save the day. But it’s not always easy when you have bad credit.

In most cases, not-so-stellar credit will keep you from getting a quick loan from conventional financial sources. Fortunately, many lenders offer same-day payday loans with guaranteed approval to help these people access credit.

Here are our top 10 picks for same-day payday loans:

  1. WeLoans – Best set for fastest payday loans
  2. iPaydayLoans – Ideal for small payday loans without a credit check
  3. CocoLoan – Ideal for online payday loans with instant approval
  4. Problematic loans in the United States – Ideal for same day payday loans with no credit check
  5. American Installment Loans – Ideal for reliable installment loans with fast approval
  6. Loans for bad credit in UK – Ideal for bad credit payday loans in the UK
  7. Quick Payday Loans – Ideal for payday loans with quick approval
  8. Payday Loans UK – Ideal for UK payday loans no credit check
  9. Get a payday loan – Ideal for multiple payday lenders with same day approval
  10. Easy payday loan – Ideal for easy payday loans with quick approval

WeLoans – Best Bundle for Fastest Payday Loans

PAID CONTENT

WeLoans is an online platform that connects you with direct lenders who offer bad credit payday loans with same day approval. The website makes it easy for customers looking for fast payday loans to identify reputable lenders who would quickly approve loan applications.

The platform has a simplified three-step process to ensure that you get money to your bank account as quickly as possible. First, you must complete and submit a brief online form containing information about yourself and your financial situation. Lenders will then review and provide you with an offer in just minutes. After signing the contract, you will receive your funds the same day or the next day.

WeLoans also uses next-generation encryption technologies to protect all your personal and financial data and prevent data breaches. They also adhere to privacy standards and will not disclose information to unauthorized third parties.

Advantages

  • Doesn’t check your credit score
  • Available 24/7
  • Easy and fast approval, no waiting time
  • Highly approved by previous customers (97% rating)

The inconvenients

  • Must provide proof of income

Apply Here For Payday Loans No Credit Check With WeLoans Now >>

iPaydayLoans – Best for small online payday loans with no credit check

Best loans for bad credit

Paid content

Paid content

iPaydayLoans is a popular same-day cash advance option that many Americans turn to when looking for quick loans. This site has an excellent reputation for partnering with a long list of direct lenders that offer fast approval for payday loans with no credit check.

iPaydayLoans is the place to go if you are looking for a secure and reliable platform to find lenders who will provide you with payday loans even if you have bad credit. After four simple steps, your funds will be transferred directly to your account and you will have cash ready to meet your emergency.

The whole process is done online and all the steps are fully automated to ensure you get your money without much fuss. Once you find a lender and accept the offer, the money will be in your bank account in just a few hours.

Advantages

  • Great customer service
  • May qualify even with bad credit
  • Transparency and no hidden fees
  • Different types of loans are available

The inconvenients

  • Rates can be high for borrowers with extremely low credit scores.

Get instant payday loans with iPaydayLoans here>>

CocoLoan – Best for Online Payday Loans with Instant Approval

Best loans for bad credit

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CocoLoan is another reputable website that connects borrowers with lenders who offer bad credit payday loans. In addition to payday loans, the platform also offers short-term loans, online fast loans, and bad credit loans.

CocoLoans understands that an emergency requires you to find money very quickly. Therefore, it partners with a long list of highly reliable lenders who will ensure that there are no delays in the loan process and that the money reaches you as quickly as possible. The platform has measures in place to ensure that you as a customer are always protected and can easily find a lender without much hassle.

When you apply for a loan through Cocoaloans, you guarantee that your loan will be processed quickly and securely. Your personal data is protected by bank-grade encryption technology which ensures that no data is leaked to hackers or other third parties.

Advantages

  • Your data and privacy are protected
  • Simple application process
  • Easy to use and intuitive user interface
  • Low credit is also considered

The inconvenients

  • Proof of employment is essential.

Access CocoLoan’s fast payday loans here >>

What are payday loans without online credit checks and how do they work?

Payday Loans No Credit Check are short-term online cash advances that are not based on a credit score. However, it’s not as simple as it sounds, as US lending regulations require all loans to undergo a credit check. When you apply for a payday loan without a credit check, the lender will still need to do a due diligence, but will rely more on your ability to pay.

How We Picked the Best Alternatives to Payday Loans No Credit Check Online

We considered many factors when putting together this list. These are some of the key things we considered;

  • Number of direct lenders on the platform
  • 100% online loan application process
  • Loan conditions
  • Approval rate
  • Process efficiency and effectiveness

Don’t same day payday loans with no credit check really exist?

Due to US lending regulations, same day payday loans without credit check do not exist. The law requires that all loans be subject to a credit check. Also, checking your credit is the only way for lenders to know how much to lend you and what interest rates to charge for the loan. But lenders will rely more on your ability to pay.

Can I apply for a loan even if I am unemployed?

Yes. You can apply for and qualify for a loan even if you are unemployed. However, you must provide a reliable source of income, such as retirement benefits. Whether you are employed or not, lenders need to know that you can afford to repay the loan on time and in full.

Last words

Online payday loans are a great source of quick cash when you’re stuck between a rock and a hard place. They are fast, reliable and available when you need the money most. The above platforms will connect you with various lenders who will consider you for a loan, even with bad credit.

However, keep in mind that the best solution to your financial difficulties is to find ways to better manage the finances you already have so that you have money set aside for rainy days.

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Jewelry store owner jailed for cash advance fraud | USAO-SDTX https://vivenavalmoral.com/2022/09/09/jewelry-store-owner-jailed-for-cash-advance-fraud-usao-sdtx/ Fri, 09 Sep 2022 15:34:45 +0000 https://vivenavalmoral.com/2022/09/09/jewelry-store-owner-jailed-for-cash-advance-fraud-usao-sdtx/ HOUSTON — A 40-year-old man, Katy, has been sent to federal prison following his wire fraud conviction, U.S. Attorney Jennifer B. Lowery has announced. Santiago Mora pleaded guilty on March 3. Today, US District Judge Andrew Hanen imposed a sentence of 27 months in prison which will be immediately followed by three years of supervised […]]]>

HOUSTON — A 40-year-old man, Katy, has been sent to federal prison following his wire fraud conviction, U.S. Attorney Jennifer B. Lowery has announced.

Santiago Mora pleaded guilty on March 3.

Today, US District Judge Andrew Hanen imposed a sentence of 27 months in prison which will be immediately followed by three years of supervised release.

Mora was co-owner with his business partner of Alku Modern Jewelers located in Katy.

During sentencing, the judge heard that Mora failed to deliver prepaid Rolex watches worth approximately $3.9 million to a customer. In an effort to pay the client and others, Mora executed a scheme whereby he obtained a total of $500,000 in merchant cash advances via wire transfer by impersonating and using the correct credit. of its business partner.

Mora eventually admitted to his fraudulent dealings with his business partner and using his partner’s identity to request and receive several cash advances from the merchant.

Mora was taken into custody in Miami, Florida in June 2021 after failing to appear in court for further proceedings.

Mora will remain in custody pending transfer to a US Bureau of Prisons facility to be determined in the near future.

The FBI investigated. Assistant U.S. Attorneys Tina Ansari and Grace Murphy prosecuted the case.

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What is a cash advance on your credit card and how much does it cost? https://vivenavalmoral.com/2022/09/01/what-is-a-cash-advance-on-your-credit-card-and-how-much-does-it-cost/ Thu, 01 Sep 2022 10:26:14 +0000 https://vivenavalmoral.com/2022/09/01/what-is-a-cash-advance-on-your-credit-card-and-how-much-does-it-cost/ Although a cash advance can be a convenient way to cover a temporary lack of cash, you should be aware of the additional costs you will incur. The cash advance interest rate is often higher than if you used your credit card to make a purchase. The interest rates offered by financial institutions on cash […]]]>

Although a cash advance can be a convenient way to cover a temporary lack of cash, you should be aware of the additional costs you will incur. The cash advance interest rate is often higher than if you used your credit card to make a purchase. The interest rates offered by financial institutions on cash advance transactions can exceed 20%. This is much more than the average purchase rate which is between 15 and 17% on a credit card.

In addition to this, there is generally no interest-free period for cash advances. This means that interest is calculated from the day you make the transaction, unlike purchases which may have interest-free days where you can pay them back without paying interest. If you find a credit card offering an interest-free period on cash advances, you should check the return rate, which is the rate charged on transactions after the interest-free period; these can reach 27%.

Apart from interest charges on cash advances, you may also be charged fees for cash advances which could cost you between $2 and $10. Some card issuers may not charge you a fixed fee, but rather charge you a percentage of the total transaction amount, which can vary from 1-10%.

Sometimes, if you withdraw money from an ATM that is not part of your card network, you may also incur additional ATM fees due to the ATM being owned by another financial institution.

If you travel abroad and use your card for a cash advance, this will incur even higher cash advance fees from your bank. Additionally, the country’s ATM fees will also apply to international cash advance transactions.

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Bryan Adams back in South Africa: Get Up World Tour https://vivenavalmoral.com/2022/08/30/bryan-adams-back-in-south-africa-get-up-world-tour/ Tue, 30 Aug 2022 14:06:54 +0000 https://vivenavalmoral.com/2022/08/30/bryan-adams-back-in-south-africa-get-up-world-tour/ Big Concerts has confirmed that Bryan Adams will return to South Africa to perform in four cities as part of his Get Up World Tour. Don’t miss the chance to see Bryan Adams perform all his hits live from Johannesburg on Saturday 9th December at Ticketpro Dome, Sunday 10th December at Sun Arena, Time Square, […]]]>

Big Concerts has confirmed that Bryan Adams will return to South Africa to perform in four cities as part of his Get Up World Tour. Don’t miss the chance to see Bryan Adams perform all his hits live from Johannesburg on Saturday 9th December at Ticketpro Dome, Sunday 10th December at Sun Arena, Time Square, Pretoria, Tuesday 12th December at Durban ICC and Thursday December 14 at the Grand Arena, GrandWest, Cape Town. The tour is presented in partnership with South Africa’s leading entertainment provider DStv and media sponsors 947, KFM, CapeTalk, East Coast Radio and Channel 24.

“Our partnership with Big Concerts provides a fantastic opportunity for DStv to showcase the power of great entertainment by bringing our customers’ favorite musical content to life in a multi-sensory experience. We are also driven by our need to thank our customers for their loyal support through such events,” commented Nomsa Chabeli Mazibuko, Group Marketing Manager for MultiChoice.

Bryan Adams is hitting the road for a world tour following the release of his thirteenth studio album “Get Up!”. “We had a blast making this record,” Bryan Adams said of his latest record. Reunited with his original collaborator, Jim Vallance and newly connected to producer Jeff Lynne. Vallance was Bryan’s co-writer on some of the most important songs of his career: Cut like a knife; Someone; Summer 69; heaven and run towards you among half a hundred others.

Bryan Adams has spent the past three decades writing music history. He has sold over 65 million records, traveled six continents and reached No. 1 status in over 40 countries around the world. With successes like, Cut like a knife, Summer 69, The kids want rock, I can’t stop this thing that we started, (Everything I do) I do it for you, open road and I thought I had seen it all, Adams’ status as one of the great songwriters of our time has been cemented with a Grammy Award, 18 Juno Awards and an American Music Award. He was also nominated for three Oscars and five Golden Globes.

Adams’ outstanding live gigs have established him as one of the greatest rock singers in the world, performing over 120 concerts a year. Commenting on his latest album ‘Get Up!’, Adams replied, “I always wanted to make records that were completely true to me.”

Concert information

Johannesburg
Saturday, December 9, 2017
Ticketpro Dome
R515 – R1080 banknotes

Pretoria
Sunday, December 10, 2017
Sun Arena, Times Square
R515 – R1080 banknotes

Durban
Tuesday, December 12, 2017
Durban ICC
R460 – R915 banknotes

The cap
Thursday, December 14, 2017
Grand Arena, Grand West
R575 – R1020 banknotes

www.bryanadams.com

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Changing cash advance could put $5,000 in your pocket https://vivenavalmoral.com/2022/07/08/changing-cash-advance-could-put-5000-in-your-pocket/ Fri, 08 Jul 2022 07:00:00 +0000 https://vivenavalmoral.com/2022/07/08/changing-cash-advance-could-put-5000-in-your-pocket/ Canadian farmers with cash advances will save $61 million in interest costs over the next two years after Ottawa increased the interest-free portion of the Advance Payments Program. Producers can borrow up to $1 million against the expected value of their commodities in a program year, with the first $100,000 interest free and the remainder […]]]>

Canadian farmers with cash advances will save $61 million in interest costs over the next two years after Ottawa increased the interest-free portion of the Advance Payments Program.

Producers can borrow up to $1 million against the expected value of their commodities in a program year, with the first $100,000 interest free and the remainder at or below prime, depending on the commodity and the administrator.

But as of June 20, the interest-free portion is $250,000 for this year and next.

“As a result, participating producers will save an average of $5,500 in interest costs over the next two years,” Agriculture and Agri-Food Canada said in a statement. “This change will represent total savings of up to $61 million over two years for approximately 11,000 growers.”

The move was welcomed by farm groups, including Alberta Wheat, which administers cash advances through its FarmCash division.

“Producer cash flow has been hit hard over the past year by widespread drought and now by rising fuel, seed and crop management costs,” said Alberta Wheat President, Greg Sears, in a statement.

Greg Sear. Photo: Supplied

“Canadian producers are proud to step up and sustain the domestic and global food supply. But we need enterprise risk management tools to be able to do what we do best. The cost savings brought about by this change will ensure that we are set for success. »

Farmers with cash advances should expect to hear from their account managers “in the coming days,” the June 23 statement said.

The program, which is offered by 30 industry associations, distributed $2.4 billion in advances last year to 17,430 producers across the country.

Advances are repaid as farmers sell their produce, with periods of up to 18 months to repay the advance in full for most commodities, and up to 24 months for cattle and bison. Cash advances are calculated on the basis of a maximum of 50% of the expected market value of eligible agricultural products that will be produced or stored.

“With the increased interest-free portion, eligible growers will have access to additional cash flow over the next two growing seasons,” the government said.

“With higher input costs, rising interest rates and continued pressure from weather impacts and supply chain challenges, many farmers will be keen to access the increased benefit soon,” said Dave Gallant, director of finance and operations for the Canadian Canola Growers Association, one of the program’s key administrators.

A list of cash advance administrators, along with their administration fees and rates on the interest-bearing portion of loans, can be found on the Government of Canada website.

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Litigation Funding, Lawsuit Loans, Settlement Cash Advance, How Does Lawsuit Funding Work? https://vivenavalmoral.com/2022/06/30/litigation-funding-lawsuit-loans-settlement-cash-advance-how-does-lawsuit-funding-work/ Thu, 30 Jun 2022 07:00:00 +0000 https://vivenavalmoral.com/2022/06/30/litigation-funding-lawsuit-loans-settlement-cash-advance-how-does-lawsuit-funding-work/ Pre-settlement funding can serve as an essential lifeline for a plaintiff embroiled in lengthy litigation. Lawsuit loans come with interest, and in the event of a lengthy lawsuit, a plaintiff could lose much or all of their settlement. So there are many factors to consider if pre-settlement financing is right for you. The National Law […]]]>

Pre-settlement funding can serve as an essential lifeline for a plaintiff embroiled in lengthy litigation. Lawsuit loans come with interest, and in the event of a lengthy lawsuit, a plaintiff could lose much or all of their settlement. So there are many factors to consider if pre-settlement financing is right for you.

The National Law Review (NLR), interviewed Mark Berookim (MB), director and co-founder of High Rise Financial LLC, a multi-state legal finance company, about the issues to consider if you are considering taking out a loan in court and what it could mean for your institution and your finances. The NLR thanks Mark for his insights and opinions.

NLR: Can you explain the difference between pre-settlement funding, trial loans, settlement loans and cash advances?

MB: The terms “lawsuit loans”, “settlement loans” and “cash advances” are often used synonymously with “pre-settlement funding” in the industry to refer to money provided to plaintiffs during litigation.. Dans le financement pré-règlement[siledemandeurperdsonprocèsiln’apasàrembourserlasociétédefinancementLetermepréférépournotreindustrieestlefinancementpré-règlementpourdiversesraisonsmaisbeaucoupdegensl’appellentun«prêt»etlestermessontsouventutilisésdemanièreinterchangeable[iftheplaintifflosestheircasetheydon’thavetopaythefinancingcompanybackThepreferredtermforourindustryispre-settlementfundingforavarietyofreasonsbutalotofpeoplecallita“Loan”andthetermsareoftenusedinterchangeably[siledemandeurperdsonprocèsiln’apasàrembourserlasociétédefinancementLetermepréférépournotreindustrieestlefinancementpré-règlementpourdiversesraisonsmaisbeaucoupdegensl’appellentun« prêt »etlestermessontsouventutilisésdemanièreinterchangeable[ iftheplaintifflosestheircasetheydon’thavetopaythefinancingcompanybackThepreferredtermforourindustryispre-settlementfundingforavarietyofreasonsbutalotofpeoplecallita“Loan”andthetermsareoftenusedinterchangeably

Pre-settlement funding is essentially a cash advance against your expected settlement or court decision. Reimbursement for the lawsuit loan comes directly from your compensation program rather than your bank account, and you owe nothing if you end up losing your lawsuit. It’s a way to get some of any potential compensation here and now while your attorney works out a proper settlement. Court loans or pre-settlement funding do not need to be repaid if you lose your case, but court loans must be repaid with interest if you win.

For court loans, you must have a lawyer representing your case and if you need the money, especially in court, make sure you have exhausted other options before taking on additional debt.

LNR: What is the advantage of choosing pre-establishment funding over others lawsuit funding choice ?

MB: Pre-settlement funding can be a good choice for people in the middle of litigation, mainly because it is non-recourse. This means that the lawsuit finance company cannot pursue repayment of the loan from your bank account. Instead, you repay the lawsuit loan from your settlement or compensation. If you don’t win your case, you don’t have to repay the pre-settlement financing. And while court loans don’t have to be repaid if you lose your case, court loans do have to be repaid if you win your case and they do bear interest. A plaintiff could lose much or all of their settlement or compensation, so this is an important decision that should involve your attorney.

More than $100 million in lawsuit funding is issued each year, but the legal funding industry is not uniformly regulated. All legal finance companies face strict limits on the amount of capital they can put at risk in a single case.

Typically, legal finance companies will advance you about 10% of the value of your potential settlement. For example, if you were expecting a settlement of $100,000, your maximum potential lawsuit loan amount in this situation would be $10,000. The typical range of financial institutions will offer you a loan of 5% to 15% of your early settlement value ratio as a lawsuit loan.

LNR: What does it mean for a loan to be “non-recourse”?

MB: “Recourse” is a term that refers to the ability of a finance company to pursue repayment of a loan. Since pre-settlement funding is non-recourse in nature, as it is an advance of funds based on an estimate of the future settlement of a lawsuit. Reimbursement is tied to your projected compensation or settlement package, so the finance company will get an agreed-upon portion of your settlement or jury award while you keep the rest. In cases where the lump sum is greater than the agreed amount to be paid to the finance company, your lawyer will repay the lawsuit loan on your behalf before paying you the remainder of any settlement.

A recourse loan is a loan where the lender can continue to demand payment even after taking the security associated with the loan if the security does not match the full value of the loan. If you lose your case and receive no compensation, you do not have to repay the finance company. If your lawsuit compensation is less than the agreed-upon loan repayment amount, the finance company will receive your compensation or settlement and you will keep the pre-settlement funding you have already received.

Lawsuit loans are interest-bearing, and while they don’t need to be repaid if you lose your case, they are if you win, so these are important decisions involving your lawyer.

LNR: How do loans before settlement work?

NB: The pre-settlement loan begins with the application process. A plaintiff in an ongoing lawsuit may request funding prior to settlement, providing details of their claim and contact information for their attorney. The pre-settlement finance company’s underwriters then review the details of the lawsuit and decide on the amount of financing the company can provide.

Lawsuit finance companies can often estimate your settlement amount based on the defendant’s insurance policy and your claim. If the size of an applicable insurance policy is unknown, your state’s minimum coverage laws for the incident in question can frequently be used as a point of reference.

While you may want to borrow as much as possible with a legal loan, legitimate legal finance companies discourage plaintiffs from borrowing too much.

Once you sign the financing agreement, the money belongs to you according to your needs, unlike medical liens. There are no restrictions on how to spend the funding before settlement (although investing it makes it subject to tax).

If you received compensation, and after your lawsuit is over, your attorney sends a check to the pre-settlement finance company for the agreed-upon reimbursement amount on your compensation, settlement, or court decision. If you lose your case, the risk is on the finance company rather than you, and you don’t have to repay the loan if you lose your case. Although you must repay the loan if you win, it is an interest bearing loan.

LNR: You mentioned medical privileges, what are medical privileges and how do they work?

MB: Essentially, medical liens are very similar to pre-settlement financing agreements with one crucial difference: the financing company only pays your medical expenses. With pre-settlement funding, you can use the money however you see fit. When you opt for a medical lien, the finance company pays for your medical care and is reimbursed on your compensation.

It’s a bit like how health insurance works. Your health insurance could now pay for your covered medical expenses. However, if you are later compensated for medical expenses, having a lien means that the money will go directly to the health insurance company rather than to you (since they are the ones who paid for your medical expenses) .

NLR: What types of lawsuits are eligible for legal funding?

Mo: The short answer to this question is that, to be eligible for pre-establishment legal funding, you must:

Live in a state served by your legal finance provider,

  • Have a lawsuit in progress,
  • AND be represented by a lawyer.

Most types of personal injury claims will be eligible for lawsuit funding, including car accidents, slip and fall injuries, medical malpractice, nursing home negligence, tort claims, dog bites and unsafe product claims. Before applying for a lawsuit loan, please note that not all states allow this type of financing. Some states have laws prohibiting court lending, so a pre-settlement finance company may not be able to help you.

NLR: What are some of the benefits of pre-establishment funding? for lawyers?

MB: Although attorneys in most states are not legally allowed to lend clients’ money directly with interest, pre-settlement financing can also benefit attorneys. In some cases, there may be pressure to come to a quick settlement even if the amount offered is less than what may be owed, because cash is needed immediately for expenses that cannot wait.

Also, many defendants will try stall tactics to force you to settle for low bids. If you’re able to fight for your settlement longer, you might give your attorney more time to build a stronger case. Pre-settlement funding can ease your current financial headaches and reduce the burden of going to court and having a lengthy trial. Although the amount advanced is deducted from your compensation, settlement, or court decision, pre-settlement funding is a tool your lawyer can use to your advantage.

NLR: What are some of the things to look for in a pre-settlement finance company?

MB: Look for a pre-settlement loan company that pays above average attention to quality, customer service and customer satisfaction, one place to look is Google Reviews, where there should be a large number of reviews and a large number of five-star reviews. Also look at the Better Business Bureau rating of the loan company.

Additionally, attorneys might want to seek out a pre-settlement loan company that offers litigation funding for a wide variety of cases. Some loan companies only provide financing for a certain number of types of legal cases, and they are not always non-recourse.

Make sure the interest rate is right for you when deciding on a court loan. A high interest rate can leave you with little or nothing to take home from your establishment. A reputable legal finance company will clearly identify the interest rate on your court loan and discourage plaintiffs from borrowing too much.

NLR: Thank you Mark for sharing your thoughts on pre-settlement loans.


This column does not necessarily reflect the opinion of the National Law Review or the National Law Forum. LLC.

Copyright © 2022 National Law Forum, LLCNational Law Review, Volume XII, Number 181

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