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Mobile banking is booming. Online payment services are all the rage. These are two of the findings of the Federal Deposit Insurance Corp’s 2021 National Survey. on unbanked and underbanked households, a biennial survey investigation which measures the means and degrees to which Americans access safe and affordable banking services. The agency partnered with the …

Neobanks will represent a market size of over $2 trillion globally by 2030 and grow at a compound annual rate of 53.4% ​​as digitally savvy users increasingly demand easy financial services access, said the Boston Consulting Group. Regulatory changes combined with the massive internet adoption and smart technology will drive the growth of the sector, …

People should also be aware of the risks of “old-school predatory lending,” Williamson added, including payday loans, auto-title lenders and rent-to-own businesses. Payday lenders in particular tend to settle in communities of color, Williamson said, and are marketed as easy ways to get money. Often these loans come with high rates. “They have an established …

KANSAS CITY, Mo. — A project that was first discussed in 2007 came to fruition on Saturday. A ribbon-cutting ceremony was held at WeDevelopment Federal Credit Union, located at 31st and Prospect in Kansas City, Missouri. Dozens of community members and local leaders celebrated the new credit union which aims to help KC’s most financially …

On October 20, the Federal Trade Commission (FTC) Posted an advance notice of proposed rulemaking, seeking public comment on the harms resulting from what it describes as “undesirable fees”, that’s to say, allegedly unnecessary, unavoidable or unexpected charges that inflate costs while adding little value. The term also encompasses “hidden charges”, which are charges for …

Phil Ensler is the Democratic candidate to represent District 74, which includes East Montgomery, Alabama Statehouse. Courtesy of Phil Ensler By Mark I. Pinsky October 18, 2022 MONTGOMERY, Ala. — Democrats better luck returning a seat to Alabama’s ruby-red legislature in November would also give the Statehouse its only Jewish legislator. Phil Ensler doesn’t make …

A new study by credit management firm Lowell has found that more than three-quarters of college students (77%) develop personal debt problems while in college. But are students informed of the potential consequences of short-term borrowing? In the UK, the average annual percentage rate (APR) on a payday loan (a short-term loan) can reach 1,500%, …

Mayank Gupta Are you planning to buy a new car? You must have thought about color, engine, features and price. But have you thought about the car insurance you need to buy with your new car? If not, let us help you. It is a common assumption that one can or should purchase auto insurance …

By: Mayank Gupta, Vice President – ​​Motor Insurance, ACKO Are you planning to buy a new car? You must have thought about color, engine, features and price. But have you thought about the car insurance you need to buy with your new car? If not, let us help you. It is a common assumption that …

On July 28, the Center for Responsible Lender (CRL) published a new report regarding the “persistent damages of high-cost installment loans,” claiming that such loans come with an “operating cost” in fees and interest that far exceeds the amount borrowed, often causing irreparable harm to borrowers. CRL notes that the high-cost low-cost loan market has …

Kevin Stent / Stuff Young drivers are more likely to have an accident, according to statistics. According to a study by the insurance company AMI, drivers under 25 are 26% more likely to be involved in an accident than older drivers. But that means they also pay more for their car insurance. So, are they …

AARP provides the main types of auto insurance you need for sufficient protection. Motor vehicle liability insurance Liability insurance pays for injuries to others and property damage if you cause an accident. If you are sued, it also pays for your legal defense and all settlements and judgments, up to the limit of your policy. …

Picture: Contributed Debt management with ever-increasing interest rates can seem like a daunting task. Monthly debt payments can take up a lot of your income, and it may feel like it will take you forever to pay off the amount you owe. For example, if you have a balance on your credit cards, you could …

Common Types of Financial Hardship Loans Although hardship loans come in a variety of forms, each can be used to cover unavoidable expenses. But remember that not all options will suit your situation. Consider the pros and cons of each to choose the best one for you. Unsecured Personal Hardship Loans An unsecured hardship loan …