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Three start-ups get Iowa Economic Development loans

Three start-ups get Iowa Economic Development loans


Total funds $175,000


Wayland-based ChopLocal, which helps meat processors, butchers and farmers build an online storefront, manage orders and organize information, was among start-ups receiving IEDA loans Friday. (Milwaukee Journal Sentinel/MCT)

Three Eastern Iowa start-ups received innovation funding through the Iowa Economic Development Authority on Friday.

Those businesses were:

FBB Biomed in Coralville received $125,000 in a Demonstration Fund loan — The biomed company aims to demonstrate the performance of its prototype of reimbursable diagnostics for brain diseases in a laboratory setting on patients with multiple sclerosis, Parkinson’s disease and Alzheimer’s disease.

Harvest Increase Agriculture in Riverside got $25,000 in a Proof of Commercial Relevance loan for product refinement — It wants to continue investigating the chemical and physical properties of a series of fertilizer additives called SUPRGrow, the application rates to achieve the most effective results, and the application itself, according to the IEDA.

ChopLocal in Wayland obtained $25,000 in a Proof of Commercial Relevance loan for intellectual property development and evaluation and market analysis — It helps meat processors, butchers and farmers build an online storefront, manage orders and organize information.





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Sara Baxter loans campaign $15K, Michelle Oyola McGovern raises $26K in Palm Beach Commission race

Money jar with donations label.

The distant No. 3 in fundraising in a four-way race to represent District 6 on the Palm Beach County Commission last month added her biggest monthly total during this election cycle.

But real estate agent and Republican Sara Baxter’s addition to her campaign was almost entirely due to a $15,000 loan to her campaign. After refunding two $1,000 checks and bringing in small amounts from other donors, Baxter ended the month raising around $14,300.

Still, Baxter has just $18,369 on hand, well behind Rep. Matt Willhite and Michelle Oyola McGovern. Both of those Democratic candidates have millions of thousands in cash on hand as they seek to fill the seat held by Commissioner Melissa McKinlay. McKinlay is vacating her seat because of term limits.

Willhite and McGovern have been running neck and neck in the money race to represent District 6. The district accounts for the largest swath of land among the county districts, encompassing the western agricultural part of the county. The district covers Belle Glade, Loxahatchee Groves, Pahokee, Royal Palm Beach, South Bay, Westlake and Wellington.

Right now, McGovern has a bigger campaign coffer.

Rules prohibited Willhite from raising money while the Legislative Session was in progress. And McGovern, an administrator for a health care company, raised $10,963 for her personal account last month, and her political committee, Team McGovern, shows $15,000 raised in February.

She shares the account with her husband, JOhn McGovern, who is running for the Wellington Village Council. That means the committee funds could be used for his campaign as well.

Team McGovern received a total of $14,000 from the insurance industry, with the biggest donation, a $6,000 check, coming from Onetech Benefits LLC, a Palm Beach Gardens insurance agency. The political committee also collected $4,000 from both Beecher Carlson Holdings, an Atlanta insurance agency, and Public Risk Insurance Advisors, another insurance agency in Daytona Beach. A consultant, Michael Wood of Boca Raton, gave her committee $1,000.

Her personal campaign account also received support from insurance agencies. Records show her campaign collected $1,000 checks from Brown & Brown Inc., a Daytona Beach insurance agency; Peachtree Special Risk Brokers, an Atlanta insurance agency; Beecher Carlson Holdings Inc., an Atlanta insurance agency; and Public Risk Insurance Advisers, a Daytona Beach insurance agency. The agriculture industry also showed their support for her campaign; Star Farms Corp. and Wedgeworth Farms Inc., both of Belle Glade, both sent her campaign $1,000. Individuals feel her the maximum $1,000 donation as well: Homer Handa retired Belle Glade resident, and Pamela Goodman of Ocean Ridge, a senior advisor to a law firm.

Neither of McGovern’s accounts showed any spending in February, leaving her with a total of $252,725 cash on hand for her campaign.

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Willhite, who has a total of $222,072 available between his personal campaign and his political committee, Floridians for Public Safetyspent $6,000 in February.

Willhite spent $2,500 for putting MDW Communications in Plantation on retainer, another $2,500 to that company for consulting and $1,000 to Silver Productions in Tallahassee for video production.

Baxter spent $993 in February and refunded a $2,000 donation from the Deborah Adeimy for Congress campaign. Adeimy is a Republican, running for the right to face Democratic Rep. Lois Frankel in the General Election for Florida’s 21st Congressional District this fall.

A third Democrat in the race, Sylvia Sharps, raised $675 in February and spent $235. She has a total of $7,887 on hand.

The campaigns were facing a deadline March 10 for reporting all February financial activity.

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Best Payday loans: Fast, quick payday loan services

Unexpected emergencies and expenses pop up all the time, like large medical bills, home repairs, major car fixes, unemployment, etc. If you need the money right away, but payday isn’t for another couple of days (or weeks), what should you do?

There are plenty of ways to get your hands on cash quickly. For example, a payday loan can create a financial buffer and help you stay afloat during difficult times. These are small, short-term personal loans usually processed and funded within a few business days. Some are even approved on the same day that you applied.

It can be tricky to decide with multiple lenders and online payday loan platforms. That’s why we created a list of the best online payday lender sites available today.

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In this article, we compare and review several factors – including the application process, maximum loan amount, interest rates, and the speed of loan approval. As a result, we found nearly instant payday loan services that are reliable, secure, and very fast!

Best Online Payday Loans

Here are the top online payday loan providers for 2022.

Site Best For
BadCreditLoans Best for bad credit loans
CashUSA Most effortless loan approval process
PersonalLoans.com Best for higher loan amounts
MoneyMutual Best for fast funding
Upstart Best for those with no credit history

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BadCreditLoans is one of the best lending platforms for payday loans, especially for those with a bad credit score. This online marketplace provides payday loans that range from $500 up to $10,000. The interest rate will largely depend on your credit score and credit history. However, most have APRs between 5.99% to 35.99%.

You need to meet a few qualifications to qualify for a payday loan application. You must:

  • Be 18 years or older
  • Provide proof of citizenship or legal residency
  • Have a steady monthly income
  • Have an active checking account
  • Provide a valid phone number and email address

The process of applying and getting approved is straightforward. It should only take around 5 minutes. You will be required to provide some basic information, so the site can connect you with payday loan lenders that will cater to your needs. If you get an offer and accept the loan, they will deposit the money in your bank account in as little as 24 hours.

Overview

  • Estimated interest rates: 5.99% – 35.99% (varies by lender)
  • Loan terms: 3 to 36 months
  • Min. creditscore: none

Pros

  • Payday loans ranging from $500-$5,000
  • Easy sign-up process
  • No credit score required
  • An extensive network of payday loan lenders
  • Quick money transfers to your bank account

Cons

  • Longer application process
  • Reduced loan amounts for bad credit borrowers

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If you need a cash advance and don’t have the time to wait weeks for approval, check out CashUSA. With an extensive network of online lenders, it’s fast and easy to get a payday loan on CashUSA.com.

This online lending platform connects you with payday loan lenders who offer fast personal loans and other short-term loan options.

CashUSA uses one simple online form to qualify borrowers, and there are only a few eligibility requirements. You must be at least 18 years old, a US citizen, have a checking account, and make at least $1,000 per month (after taxes).

You could get a loan offer ranging from $500 to $10,000. Once the details are finalized, you should receive the money in your bank account within a few business days.

CashUSA also offers debt relief and credit repair services for those not approved for a payday loan.

Overview

  • Estimated interest rates: 5.99% – 35.99% (varies by lender)
  • Loan terms: 3 to 72 months
  • Minimum credit score: Not specified

Pros

  • Quick funding for payday loans
  • Easy application process
  • No minimum credit score required
  • Personal and financial information is encrypted

Cons

  • No loan offers less than $500
  • No mobile app is available

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Personal Loans is another lender network that functions as a middle-man and connects borrowers and payday loan lenders.

This site offers loans ranging from $1,000 to $35,000. However, the amount will vary by lender and loan type. Payday loans, for example, might be limited to lesser amounts. Personal Loans also offers installment loans, peer-to-peer, and bank loans.

Personal Loans makes an effort to deposit the funds into your bank account as quickly as possible, which is unique compared to other online loan sites that offer high loan amounts. Transfers are usually initiated right away, and the funds can hit your bank account within one business day.

Overview

  • Estimated interest rates: 5.99% to 35.99% (varies by lender)
  • Loan terms: 90 days to 72 months
  • Min. credit score: 580-600 depending on the loan type

Pros

  • Personal loans up to $35,000
  • Simple online app
  • Flexible repayment terms and conditions for payday loans

Cons

  • Payday loans for bad credit borrowers may incur higher interest rates
  • Loan amounts vary by state

MoneyMutual

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MoneyMutual provides various loan options by connecting you with their network of online lenders. You can use this online lending marketplace to find all different personal loans – including installment loans, payday loans, same day loans, and more.

Even if you have a poor credit score, you may qualify for payday loans up to $5,000. You will need to fill out a quick online form on the website to apply. Multiple lenders will review it and decide whether to make a loan offer.

It’s still important to check the interest rate and review the terms before accepting a loan offer. If you choose to accept, you will then work directly with the online payday loan lender (not MoneyMutual) from now on.

Overview

  • Estimated interest rates: varies by lender
  • Loan terms: varies
  • Min. creditscore: none

Pros

  • No added fees
  • Some funds are sent within one business day
  • Safe and secure platform
  • User-friendly site

Cons

  • Payday loans are only available for US-based residents
  • Not a direct lender

Upstart

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Upstart offers fast funding for all personal loans, lower interest rates (compared to its competitors), and the site has thousands of positive customer reviews.

It is one of the first online companies to use artificial intelligence and alternative data points when evaluating borrowers’ creditworthiness and approving personal loans.

Even with no established credit history, you can still get approved for a payday loan or another type of personal loan. For example, if there isn’t enough information to generate a FICO score with one of the three major credit bureaus, Upstart will consider other requirements when evaluating your application. You will need a steady source of income, a bank account, and a valid email address.

Upstart is a good option for those with limited credit histories and bright financial futures.

Overview

  • Estimated interest rates: 3.22-35.99% (varies by lender)
  • Loan terms: 3 to 5 years
  • Min. creditscore: none

Pros

  • No credit history required
  • No prepayment penalties
  • Rate check available without a hard credit inquiry
  • Funds available in 1-2 business days for payday loans
  • Flexible payments

Cons

  • Origination fee: 0% – 8%.
  • Charges late fees: 5% of the past due amount or $15, whichever is greater.
  • No loan co-signers allowed
  • Only two repayment term options

FAQs for payday loans online

What are payday loans?

A payday loan is a short-term, unsecured loan that provides emergency cash until you get your next paycheck. These small-dollar loans typically have high-interest rates, and payments are usually due within two to four weeks after initially taking out the loan.

Many payday lenders do not require a credit check, making this a viable option for bad credit borrowers. For instance, if you need to borrow money quickly but don’t qualify for a traditional personal loan, you might want to consider taking out a payday loan.

How do payday loans work?

Most people can get a payday loan either online or in person.

Payday lenders will require you to complete an application and provide some basic information about yourself and your financial health to take out the loan. Most will also ask you to write a postdated check for the amount you borrow (including fees and interest), which guarantees that the lender will get the money back by your next payday.

If you cannot afford to fulfill the repayment terms by the agreed-upon due date, some lenders will give you the option to renew or extend. However, this will result in additional fees and interest owed.

What are the interest rates on payday loans?

It will largely depend on your payday loan lender and your state. Several states regulate payday loans – including the repayment terms, loan amount, and interest rates.

Even with regulations, payday loan interest rates can be very high. Some even approaches 400%.

It’s crucial to follow the repayment terms as closely as possible. Payday loans often require you to repay the loan amount within 14 to 31 days after taking it out. Ensure that you can pay it back within this time frame.

Who should take out a payday loan?

A traditional personal loan from a bank or credit union may not be an option for borrowers with bad credit scores or limited credit histories.

While payday loans come with higher interest rates and stricter loan terms, this may be your only option if you need emergency cash quickly. A payday loan is an excellent way to get the money in your hands as fast as possible.

What are some payday loan alternatives?

You can also look toward some payday alternative loan options – such as personal loans, credit cards, or possibly borrowing the money from friends or family.

personal loans

Some personal loan lenders will approve borrowers with fair to bad credit scores.

Furthermore, some credit unions even offer payday loan alternatives, allowing bad credit borrowers to take out loans up to $1,000 (depending on the lending institution).

Credit cards

If you have a credit card, you could consider using that payment method instead. Annual percentage rates (APRs) on credit cards are usually lower than payday loans.

If you don’t have a credit card, it is advisable to apply for one that has a 0% APR intro offer, as it could give you 12-18 months to pay it off before the charge starts increasing interest.

Some cards even offer cash advance loans, allowing you to withdraw cash from an ATM. However, these cash advance transactions often come with high-interest rates and fees.

Borrow money

Rather than opting for a payday loan, you could consider asking friends or family to cover the expense until you can afford to pay them back. This option will give you more flexibility to repay the loan and often doesn’t come with any interest.

If you go this route, it’s still vital to agree on specific terms and conditions, including how and when you intend to repay them.

Conclusion

Payday loans can provide quick cash when you need it most. If you have emergency expenses – such as medical bills or home repairs – an online payday loan is one of the fastest ways to get your hands on the money.

It can be challenging to find a loan provider that will offer you same-day loan approval and funding. Many online lenders, banks, and credit unions can take several days – or even months – before the personal loan is finally approved. On the other hand, most payday loans are processed within 24 hours, and the online applications are typically approved within minutes.

The online payday loan sites listed above are great options if you need instant access to money. Good luck! We hope this article helps!

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The Day – Massachusetts man charged with $400K pandemic loan fraud

The Day - Massachusetts man charged with $400K pandemic loan fraud


BOSTON (AP) — A Massachusetts man who fraudulently obtained more than $400,000 in federal loans meant for businesses struggling through the coronavirus pandemic used the money on mortgage payments and to pay people close to him, including his partner, alleged federal authorities.

Adley Bernadin, 44, of Stoughton, was charged Thursday with wire fraud, according to a statement from the US attorney’s office in Boston. He was released after an initial short appearance. An email seeking comment was left with his attorney.

According to authorities, Bernadin in May 2020 submitted a fraudulent application on behalf of a purported home health care company for a Paycheck Protection Program loan of about $400,000. In that application, he misrepresented information about the company’s employees and payroll expenses and falsified a tax form in an effort to qualify, prosecutors said.

He received the funds and used them to make home mortgage payments and to write checks to people he knew, including $135,000 to a person authorities described as his wife or partner.

The program, enacted as part of the CARES Act in March 2020 to provide emergency financial assistance to Americans suffering economically from the effects COVID-19 pandemic, provides forgivable loans to small businesses for job retention and certain approved expenses.

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Fixed-Vs. Adjustable-Rate Mortgage | Quicken Loans


Fixed-Rate Mortgage And Adjustable-Rate Mortgage: A Brief Overview

As with all loan products, a fixed-rate mortgage and an adjustable-rate mortgage both offer an opportunity to make your dream of homeownership a reality. But the right mortgage is different for everyone.

Here’s what to know about a fixed vs adjustable-rate mortgage.

Fixed-Rate Mortgage

A fixed-rate mortgage is exactly as it sounds – the interest rate on your home loan is fixed for a certain period of time. Maybe it’s 10, 15 or 30 years – but for the entire length of that mortgage, that interest rate won’t change.

With this fixed-rate period, your monthly payment of principal and interest won’t change. However, your overall mortgage payment could change due to the fluctuations in your homeowner’s insurance bill and property tax costs.

This appeals to a lot of people because it gives them certainty. Even though your mortgage payment can vary a bit, a fixed-rate loan keeps the payment relatively steady.

Adjustable-Rate Mortgage

An adjustable-rate mortgage, otherwise known as an ARM or variable-rate mortgage, has two components. The first is the fixed component, meaning that the interest rate stays level for a fixed-rate period. This can be as short as 6 months or as long as 10 years. However, they all begin to adjust after that fixed period. They adjust up and down with the market.

At Quicken Loans®, whether you choose the 5-, 7- or 10-year ARM, you’ll get the lowest rate we offer and save thousands over a traditional fixed-rate mortgage during the initial fixed-rate period. But after that initial interest rate period, the rate may change according to the terms and your documentation. This may be in intervals of 6 months or a year, depending on the loan.



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James Garner FA Cup run showcases loans success

James Garner FA Cup run showcases loans success


“Some boys join Academies at the age of nine, so they might not have played grassroots football and they might be in the program for 10 or 12 years. So to leave Carrington, to maybe have to work out your own transport to a different training ground, to go and meet new people, to walk into a dressing room for the first time – it’s quite a nerve-wracking thing to do and it’s something that you have to practice – all those things that come with a loan are really, really important.

“Yes, getting minutes on the pitch is quite important, but it’s not the only measure of success of a loan period. An opportunity for young boys to go and experience senior football and to train every day with senior players is important, but the skill is to make sure we pick a loan experience to go and get the right returns.

“So we may put a boy out on loan just for the experience or the life skills, but at some point, we’ve got to put them out for a football development reason as well and make sure we get the right type of games or the right type of development whilst they’re not with us.

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Buy Now, Pay Later Loans Will Soon Appear on Credit Reports

Buy Now, Pay Later Loans Will Soon Appear on Credit Reports


Image source: Getty Images

If you use buy now, pay later loans, account activity could soon appear on your credit report.


Keypoints

  • All three credit bureaus plan to include buy now, pay later loan data on consumer credit reports.
  • This change could help consumers who use BNPL services improve their credit.
  • With this news, consumers should consider how their BNPL account activity could positively and negatively impact their credit.

Buy now, pay later (BNPL) loans are increasing in popularity because they offer a convenient way to pay for larger expenses over time. These loans haven’t previously been reported on consumer credit reports. But that’s about to change.

Buy now, pay later loans are attractive. Some of these loans offer a limited-time 0% interest, while others offer low interest rates. Consumers can pay off the debt in regular installments and spread out the cost of expensive purchases.

Since many BNPL services don’t perform a hard credit pull for approval, this is an excellent lending option for people with minimal credit history. It can be more difficult for these consumers to get approved for other financial products, like credit cards.

We conducted a survey to examine the popularity of BNPL services. We found that over half of Americans have used BNPL loans and these services continue to increase in popularity.

Typically, these loans haven’t shown up on credit reports. However, all three credit bureaus have recently announced plans to include buy now, pay later payment and account data and activity on consumer credit reports. But this won’t be an overnight change.

Here’s why BNPL loan data hasn’t been reported sooner

BNPL service activity typically hasn’t been reported on credit reports because this type of data doesn’t fit in well with the current system, which analyzes revolving credit and long-term loans like mortgages and car loans.

Since BNPL services are installment loans, some consumers take out multiple BNPL loans per year. With most current credit models, taking out multiple BNPL loans could be viewed as risky. Because of this, including such activity on credit reports could penalize consumers.

But industry experts believe that consumers should be able to benefit from using BNPL services and have the chance to improve their credit by making responsible choices with these loans. This includes making regular, on-time payments and paying off BNPL loan balances.

While the credit bureaus will soon report this data, they want to take steps to protect consumers from the potential immediate negative credit impact of including such data without first adjusting the current system.

It will take time for the industry to adjust and make room for BNPL loans — so consumers shouldn’t expect instant changes.

What to expect from all three credit bureaus

Eventually, all three credit bureaus will report some BNPL data, but how they handle that data will vary. Here’s what we know so far:

experian

Experian plans to debut its own product, The Buy Now Pay Later Bureau™, in spring 2022. This product will include essential BNPL account data. At first, BNPL data will be stored separately from Experian’s core credit bureau data and it can be requested by lenders.

Equifax

During the first quarter of 2022, Equifax will formulate a standard process for including BNPL data in traditional consumer credit reports. This includes implementing a new business industry code used to classify the industry. The long-term plan is to include this data in regular consumer credit reports.

Trans Union

TransUnion recently introduced its own new BNPL credit reporting service, called Point-of-Sale Suite Solutions. The credit bureau will include BNPL data in its reports. This data will appear on a separate portion of credit reports and will be made available to lenders.

What this means for consumers

If you use BNPL services, you can expect relevant data to appear on your credit report sometime soon. While it may not happen right away, it will eventually be a reality.

For consumers who are new to building credit, including BNPL in their credit report could offer a way to establish credit and improve their credit score. But to benefit, consumers will need to make responsible choices like making on-time payments.

No matter what personal finance tools you use, it’s important to make smart choices and be cautious. Do your best not to ignore debt, make late payments, or miss payments.

BNPL loans can be beneficial, but they can cause you financial stress if you’re not careful. Only take out BNPL loans if you can afford to make regular payments without ignoring your other financial obligations. Always consider how your actions will impact your financial wellbeing.

If you’re looking for tips and guidance on how to improve your finances, check out our personal finance resources.

The Ascent’s Best Personal Loans for 2022

The Ascent team vetted the market to bring you a shortlist of the best personal loan providers. Whether you’re looking to pay off debt faster by slashing your interest rate or needing some extra money to tackle a big purchase, these best-in-class picks can help you reach your financial goals. Click here to get the full rundown on The Ascent’s top picks.



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Here’s Who Won’t Qualify For $6.2 Billion Of Student Loan Cancellation

Here's Who Won't Qualify For $6.2 Billion Of Student Loan Cancellation


Here’s who will not qualify for $6.2 billion of student loan cancellation.

Here’s what you need to know — and what it means for your student loans.

Student Loans

There’s good news for student loan borrowers: President Joe Biden will cancel $6.2 billion of student loans. However, you may be wondering if you will qualify for this student loan forgiveness. While 100,000 student loan borrowers are expected to qualify for this student loan cancellation, it’s important to understand who won’t qualify for $6.2 billion of student forgiveness.

(New proposal would extend student loan payment pause and cancel student loans)

Here are 3 types of student loan borrowers who won’t get student loan forgiveness:

1. You’re not pursuing student loan forgiveness

The $6.2 billion of student loan forgiveness is not automatic. You’ll need to pursue student loan forgiveness. Specifically, this student loan cancellation only applies to the Public Service Loan Forgiveness program. (Biden could deliver student loan cancellation and student loan payment pause). This program is available to student loan borrowers who work full-time for a qualified public service or non-profit employer. You’ll need to meet several requirements, including enrolling in an income-driven repayment plan and making at least 120 monthly student loan payments. If you’re not already enrolled, it’s not too late to start. While you won’t qualify for this $6.2 billion of student loan forgiveness, you can still qualify for total student loan forgiveness for your federal student loans. Contact your student loan servicer for details. Make sure to send an Employer Certification form to the US Department of Education every year and whenever you change jobs.

(Biden could extend the student loan payment pause forever)


2. You don’t complete a limited waiver for student loan forgiveness

If you’re currently pursuing student loan forgiveness, the easiest way to not qualify for student loan forgiveness is to forget to do this one thing. You must complete a limited waiver for student loan forgiveness. In October, Biden announced major changes to student loan forgiveness that will enable more student loan borrowers to get student loan cancellation. If any of your previous federal student loan payments weren’t counted, this is your opportunity to get retroactive credit. For example, if you made a late student loan payment or partial student loan payment, this is your opportunity to get credit toward your 120 required monthly student loan payments. Similarly, if you made student loan payments while enrolled in the wrong student loan repayment plan, you can now count these student loan payments. However, you only have until October 31, 2022 to complete the limited waiver.

(Student loan cancellation doesn’t mean what you think it means)


3. You have private student loans

You won’t qualify for any student loan forgiveness with private student loans. Unfortunately, private student loans are excluded from this $6.2 billion of student loan forgiveness. Similarly, this is true with most student loan forgiveness programs, which focus on federal student loans. If you have both private and federal student loans, however, your federal student loans still can qualify for student loan forgiveness.

(Bombshell report claims this student loan servicer misled student loan borrowers)


Student loans: next steps

It’s important to understand who will and won’t benefit from this student loan cancellation. The good news: Biden has canceled more than $15 billion of student loans, which is more student loan cancellation than any president in history. Your next step is to plan for the restart of federal student loan payments, which will begin after May 1, 2022. This means you should evaluate all your options for student loan repayment based on your unique financial situation.

Here are some popular strategies to save money on your student loans:


Student Loans: Related Reading

Biden will cancel $6.2 billion of student loans

New proposal would extend student loan payment pause and cancel student loans

Biden could extend the student loan payment pause forever

Student loan refinancing rates just got ridiculously cheap

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BRANCHVILLE TOWN COUNCIL: Town working on paying off USDA loans | Government & Politics

 BRANCHVILLE TOWN COUNCIL: Town working on paying off USDA loans |  Government & Politics


COREY BRECHLIN T&D Correspondent

BRANCHVILLE — Mayor Frank Dickson told those in attendance that the town is working on getting the five USDA loans paid off with assistance from the state and through other avenues to ease the water bills on town citizens and those outside of town limits who purchase water from Branchville .

Councilman Brett Banks announced that Branchville will be hosting a softball jamboree from March 30 to April 1, and a baseball jamboree on April 2.

Councilwoman Rhonda Peeples is looking to host an Easter Egg Hunt April 16 at Horton Field or at Branch Junction. A time has not been set, but inquiries can be made through town hall for more information.

Mayor Dickson ended the meeting by thanking Faye Connelly, who is stepping down as town clerk at the end of March, for her time with Town Hall. He stated that it was due to her diligence that the town was brought back on track for various issues they were facing and would not be where they are today without her. Connelly served the town of Branchville for five and a half years, starting in November of 2016.

People are also reading…

TheTandD.com: $1 for the first 26 weeks

Branchville’s next council meeting will be held at 7 pm April 11 at Branchville Town Hall, 7644 Freedom Road.

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Flushing Financial Stock: Low LTV Ratio Makes It Attractive (NASDAQ:FFIC)

Manhattan Midtown Skyline includes the Empire State Building, Hudson Yards, and other iconic skyscrapers. View over the residential district of Bushwick, Brooklyn, at sunset. Extra-large, high-resolution stitched panorama.


Alex Potemkin/E+ via Getty Images

Introduction

Flushing Financial (NASDAQ:FFIC) is a full-service commercial bank in the state of New York where it operates 24 branches (as well as one online bank).

Flushing Financial location of US branches map

FFIC Investor Relations

The bank’s balance sheet now exceeds $8B making it one of the larger regional banks and I wanted to have a closer look at this bank’s earnings profile and loan book. I was pleasantly surprised as the average LTV ratio of the real estate portfolio is exceptionally low and this adds a layer of safety to the stock as an investable asset.

A decent earnings profile in 2021, helped by the reversal of older provisions

In 2021, Flushing Financial saw its net interest income increase by in excess of 25% thanks to improving margins and an expanded balance sheet as FFIC acquired a small bank in 2020. With a net interest income of almost $248M, the bank’s NII is more than 50% higher than in 2019.

Income statement

FFIC Investor Relations

Flushing Financial reported a non-interest income of $3.7M and a non-interest expense of $147.3M, which is mainly related to staff expenses. The non-interest income tends to be held back by a loss from fair value adjustments which fluctuates on an annual basis as these are related to hedges.

The pre-tax and pre-loan loss provision income was just under $105M which compares very favorably to the sub-$70M result in 2020 and the $56M in FY 2020 as the much higher net interest income is really boosting the results.

Whereas the bank had to record some loan loss provisions in both 2019 and 2020, it was able to reverse some of those provisions in 2021 and this boosted the pre-tax income by $4.9M to $109.3M. On an after-tax basis, FFIC reported a net income of just under $82M which works out to be $2.59 per share. At the current share price, Flushing Financial is trading at just nine times its earnings for FY 2021 but keep in mind the reversal of loan loss provisions obviously is a non-recurring item. That being said, the low-risk profile of the loan portfolio will likely keep future provisions and loan losses limited and even on a ‘normalized’ basis the EPS would clearly exceed $2/share.

The loan book is heavily weighted toward real estate, but the loan quality seems to be high

The earnings profile looks good, but I obviously also want to make sure Flushing Financial is underwriting loans with a decent risk profile so I needed to dive a bit deeper into the balance sheet. As mentioned in the introduction, the total balance sheet size of Flushing Financial exceeds $8B and as you can see in the image below, roughly $910M is invested in either cash or securities that are supposed to be relatively liquid.

Scale Sheet

FFIC Investor Relations

I’m mainly interested in the $6.6B loan book and the apparent low loan loss provision of just $37M which represents just over half the loan book.

Breakdown loan book

FFIC Investor Relations

A substantial portion of the loan book (almost 40%) consists of residential real estate and with an additional $1.8B in commercial real estate and mixed use properties, it’s clear the balance sheet if very weighted toward real estate assets. We also see $93.8M in SBA loans and these should be risk free and roll off during the year.

An important metric to determine the quality of the loan book is to look at how many loans are actually classified as “past due” as that provides a good look under the hood. Much to my surprise the total amount of loans not due exceeded $30M. That’s not very high given the $6.6B+ loan book size, but it appears to be low compared to the $37M in loan loss allowances.

loan quality

FFIC Investor Relations

The main reason for the loan loss allowance is the exceptionally low LTV ratio in the real estate portfolio. The average LTV ratio of the residential portfolio is just around 33% with only a fraction of the loans having an LTV ratio exceeding 75%. We see a similar ratio in the commercial real estate portfolio with an LTV ratio of 44% and zero loans with an LTV exceeding 75%.

LTV Ratio

FFIC Investor Relations

To explain this in simple terms: The $2.5B residential portfolio is backed by $7.5B in properties. So even if there are defaults in that loan portfolio, the foreclosed assets would have to be sold at a 70% loss to fair value before seeing any noticeable impact on Flushing’s financial results. So with $10.5M in residential loans past due, on average there would be $30M in real estate as collateral. This greatly reduces the risk of the bank being on the hook for losses and this explains why both the loan loss provisions have traditionally been low, and why the total amount of allowances on the balance sheet is relatively low compared to the total amount of loans past due.

And as you can see below, Flushing Financial has a long-standing tradition of lower net charge-offs than the sector.

Net loan losses

FFIC Investor Relations

Investment thesis

Flushing Financial hadn’t popped up on my radar before but I’m getting increasingly interested in the player in the New York banking landscape. Both the dividend yield (almost 4%) and the earnings ratio are attractive while the bank is trading at just 1.1 times its tangible book value. All these metrics make sense for a “normal” bank, but I think Flushing Financial is safer than most of its peers due to the very low LTV ratios in its loan book and a premium valuation appears to be warranted here.

I have no position in Flushing Financial, but the bank has been added to my watch list as the asset quality stands out.



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