Finance Debt – Biofera http://biofera.org/ Fri, 11 Jun 2021 09:45:37 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://biofera.org/wp-content/uploads/2021/05/biofera-icon-150x150.png Finance Debt – Biofera http://biofera.org/ 32 32 BlueLinx Announces First Quarter 2021 Results https://biofera.org/bluelinx-announces-first-quarter-2021-results/ https://biofera.org/bluelinx-announces-first-quarter-2021-results/#respond Fri, 07 May 2021 16:10:16 +0000 https://biofera.org/?p=207

Net Sales Exceed $1 billion, Highest Q1 Since 2006
Record Net Income of $62 million and Adjusted EBITDA of $107 million
More than $100 million decrease in Total Outstanding Bank Debt year over year

MARIETTA, Ga., May 04, 2021 (GLOBE NEWSWIRE) — BlueLinx Holdings Inc. (NYSE:BXC), a leading U.S. wholesale distributor of building products, today reported financial results for the three months ended April 3, 2021.

First Quarter 2021 Results
(all comparisons versus the prior-year period unless otherwise noted)

  • Net sales increased $363 million, or 55%, to $1.0 billion
  • Gross margin increased 350 basis points to 17.6%   
  • Net income of $62 million, an increase of $63 million
  • Adjusted EBITDA of $107 million, improved by $87 million
  • Excess availability and cash on hand increased to $238 million
  • Term Loan fully repaid

“The BlueLinx team has continued to perform at a high level during a period of continued strength in residential construction and home renovation, leading to significant year-over-year growth in revenue and profitability,” said Mitch Lewis, President and CEO. “We generated more than $1 billion in revenue and $107 million in Adjusted EBITDA during the first quarter, providing the Company a strong platform to drive continued growth and efficiency across our business.”

“The ongoing supply-demand imbalances for many of our products contributed to further price escalations during the first quarter, a trend that is continuing in the second quarter,” stated Lewis. “We are a beneficiary of these price escalations, which are a key near-term driver of improved margin realization and profitability, while remaining focused on preemptive actions to help mitigate the impact of downside commodity price risk.”

“Our business transformation continued during the first quarter, supported by a significant increase in gross profit across both product categories,” stated Kelly Janzen, Chief Financial Officer. “Since the end of the first quarter 2020, we have reduced our total outstanding bank debt by over $100 million. Late in the quarter, we voluntarily repaid the approximately $16 million of remaining outstanding principal under our term loan, an action which further simplifies our capital structure and reduces cash interest expense. We ended the first quarter with excess availability of $238 million under our revolving credit facility, an increase of $141 million versus the prior-year period, and a net leverage ratio of 2.5x, inclusive of finance lease obligations.”

“Given the significant increase in net sales, accounts receivable grew by more than $125 million in the first quarter, when compared to the fourth quarter 2020,” continued Janzen. “As we look to the second half of the current year, we anticipate that the conversion of our accounts receivable will result in significant growth in cash flow.”

Financial Performance

The Company reported net sales of $1.0 billion in the first quarter, compared to $662 million in the prior year period, and gross profit of $180 million, compared to $93 million in the prior year period. First quarter net sales for specialty products, which includes products such as engineered wood, cedar, moulding, siding, metal products and insulation, accounted for $563 million of net sales in the period, up from $421 million in the prior year period. The $142 million improvement year over year was primarily a result of price escalations. The specialty gross margin was 19.3% which increased 290 basis points compared to the first quarter of 2020. Net sales of structural products, which includes products such as lumber, plywood, oriented strand board, rebar, and remesh, continued to benefit from wood-based commodity price inflation and were $462 million, an increase of $222 million compared to last year. The impact of wood-based commodity price inflation is estimated to approximate the full amount of the increase in net sales. Structural product gross margin increased by 540 basis points year over year to 15.5% for the first quarter.

The Company reported net income of $62 million in the first quarter, or $6.28 per diluted share, compared to a net loss of $0.8 million, or $(0.08) per diluted share, in the prior-year period. First quarter 2021 net income was reduced by approximately $5 million from non-recurring items, including a $6 million write-off of debt issuance costs, that was included in interest expense, associated with the term loan payoff, offset by a $1 million gain on sales of property, and first quarter 2020 net income was reduced by approximately $4 million of integration, real estate financing, and restructuring expenses. Excluding the impact of these non-recurring items, net income increased by $64 million, or $6.44 per diluted share, on a year-over-year basis.

Adjusted EBITDA, a non-GAAP measure, was $107 million in the first quarter, compared to $20 million in the prior-year period. Cash used in operating activities for the first quarter was $25 million, an improvement of $35 million when compared to the prior year period and was primarily a result of increased net income offset by an increase in accounts receivable of $125 million in the first quarter, due to increased net sales.

Business Update

The Company remains committed to its strategic priorities that include sales growth, margin expansion, strategic product emphasis and continuous improvements in operational efficiency.

  • Sales growth and margin expansion. BlueLinx is committed to driving sustained sales growth and margin expansion through increased penetration of the national dealer, home center and local markets. The Company has continued to invest in resources and analytical tools to support its disciplined pricing strategies and has expanded sales support for these key customer segments.
  • Value-added product line expansion. BlueLinx is focused on delivering specialized, higher-value products, in which two-step distribution plays a key role. The Company is committed to further building its relationships with marquee brands through its valued supplier partners, while investing in products with low disintermediation risk.
  • Operational efficiencies. BlueLinx emphasizes continuous improvement in its operational processes. Productivity improvements through project initiatives and investments in fleet, facility optimization, and technologies remain a primary focus for the Company. Overall selling, general and administrative expense remained relatively consistent compared to the prior year period, increasing approximately $1 million due to higher variable incentive compensation and sales commissions of approximately $4 million. Offsetting the increase in variable compensation was a reduction in fixed overhead costs, primarily from reduced labor expense. Working capital management improvements continued during the first quarter, with Days Sales of Inventory of 39 days, an improvement of 19 days, when compared to the prior year period.

Market Outlook

While domestic new residential construction and home renovation markets remain robust, higher raw material costs and adverse weather conditions impacted construction activity during the first quarter, as key North American mills continue to have supply constraints.

  • Single-family housing starts (SFHS), a key economic indicator with a high historical correlation to the Company’s business, remain relatively strong, although SFHS on a trailing twelve month basis as of March 2021 are still approximately 40% below the prior cyclical peak achieved in 2005.    
  • Total U.S. monthly supply of homes for sale increased from year-end levels but remain constrained, with housing inventory at the end of the first quarter at approximately 38% below the 20-year average.
  • According to the National Association of Home Builders (NAHB), the April 2021 Builders’ Confidence Index increased slightly to 83 from 82 in March. Increases in materials costs and delivery times have impacted short-term builder sentiment.
  • While existing home sales were down 10% due to limited housing inventory, remodeling expenditures continued to increase on a quarter-over-quarter basis. According to the NAHB, the Remodeling Market Index (RMI) increased 9% to 86 for the first quarter 2021 index as compared to 79 for fourth quarter 2020.

First Quarter 2021 Conference Call Details

BlueLinx will host a conference call on May 5, 2021, at 10:00 a.m. Eastern Time, accompanied by a supporting slide presentation.   Participants can access the live conference call via telephone at (877) 873-5864, using Conference ID # 7956909. Investors will also be able to access an archived audio recording of the conference call for one week following the live call by dialing (404) 537-3406, Conference ID # 7956909.

Investors can also listen to the live audio of the conference call and view the accompanying slide presentation by visiting the BlueLinx website, www.BlueLinxCo.com, and selecting the conference link on the Investor Relations page. After the conference call has concluded, an archived recording will be available on the BlueLinx website.

Use of Non-GAAP Measures

The Company reports its financial results in accordance with GAAP. The Company also believes that presentation of certain non-GAAP measures may be useful to investors and may provide a more complete understanding of the factors and trends affecting the business than using reported GAAP results alone. Any non-GAAP measures used herein are reconciled to their most directly comparable GAAP measures herein or in the financial tables accompanying this news release. The Company cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, the Company’s reported GAAP results.

Adjusted EBITDA
BlueLinx defines Adjusted EBITDA as an amount equal to net income plus interest expense and all interest expense related items, income taxes, depreciation and amortization, and further adjusted for certain non-cash items and other special items, including compensation expense from share-based compensation, one-time charges associated with the legal and professional fees and integration costs related to the Cedar Creek acquisition, and gains on sales of properties including amortization of deferred gains.

The Company presents Adjusted EBITDA because it is a primary measure used by management to evaluate operating performance. Management believes this metric helps to enhance investors’ overall understanding of the financial performance and cash flows of the business. Management also believes Adjusted EBITDA is helpful in highlighting operating trends. Adjusted EBITDA is frequently used by securities analysts, investors, and other interested parties in their evaluation of companies, many of which present an Adjusted EBITDA measure when reporting their results. However, Adjusted EBITDA is not a presentation made in accordance with GAAP and is not intended to present a superior measure of our financial condition from those measures determined under GAAP. Adjusted EBITDA, as used herein, is not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. This non-GAAP measure is reconciled in the “Reconciliation of Non-GAAP Measurements” table later in this release.

Net Debt and Net Leverage Ratio
BlueLinx determines our net debt based on total short- and long-term debt, including our outstanding balances under the Company’s term loan and revolving credit facility and the total amount of obligations under its financing leases, less cash and cash equivalents.

After determining net debt, BlueLinx determines its overall net leverage ratio by dividing net debt by trailing twelve-month Adjusted EBITDA. Management believes that this ratio is useful to investors because it is an indicator of the Company’s ability to meet its future financial obligations. In addition, the ratio is a measure that is frequently used by investors and creditors. Net debt and overall net leverage ratio are not presentations made in accordance with GAAP, and are not intended to present a superior measure of the Company’s financial condition from measures and ratios determined under GAAP. In addition, the Company’s net debt and overall net leverage ratio, as used herein, are not necessarily comparable to other similarly titled captions of other companies due to differences in methods of calculation. This non-GAAP measure is reconciled in the “Reconciliation of Non-GAAP Measurements” table later in this release.

ABOUT BLUELINX HOLDINGS

BlueLinx (NYSE: BXC) is a leading U.S. wholesale distributor of residential and commercial building products with both branded and private-label SKUs across product categories such as lumber, panels, engineered wood, siding, millwork, metal building products, and other construction materials. With a strong market position, broad geographic coverage footprint servicing 40 states, and the strength of a locally focused sales force, we distribute our comprehensive range of products to over 15,000 national, regional, and local dealers, specialty distributors, national home centers, and manufactured housing customers. BlueLinx is able to provide a wide range of value added services and solutions to our customers and suppliers. We are headquartered in Georgia, with executive offices located at 1950 Spectrum Circle, Marietta, Georgia, and we operate our distribution business through a broad network of distribution centers. BlueLinx encourages investors to visit its website, www.BlueLinxCo.com, which is updated regularly with financial and other important information about BlueLinx.

CONTACT

Noel Ryan
(720) 778-2415
BXC@val-adv.com

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. Forward-looking statements include, without limitation, any statement that predicts, forecasts, indicates or implies future results, performance, liquidity levels or achievements, and may contain the words “believe,” “anticipate,” “expect,” “estimate,” “intend,” “project,” “plan,” “will be,” “will likely continue,” “will likely result” or words or phrases of similar meaning. The forward-looking statements in this press release include statements about our strategic imperatives and priorities, and our focus thereon; our ability to capitalize on our geographic footprint to grow our national dealer and home center customer markets; our local entrepreneurial initiatives; our focus on reducing non-essential costs and our ability to, and the potential success of, investing in resources to support strategic sales growth; our market and business outlook, including the outlook for the residential housing construction markets, and trends in wood-based commodity prices; our efforts to manage commodity price volatility and the potential success thereof; and the COVID-19 pandemic and our response thereto, including statements about the potential trajectory of the pandemic and its potential effects.

Forward-looking statements in this press release are based on estimates and assumptions made by our management that, although believed by us to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties that may cause our business, strategy, or actual results to differ materially from the forward-looking statements. These risks and uncertainties include those discussed in greater detail in our filings with the Securities and Exchange Commission. We operate in a changing environment in which new risks can emerge from time to time. It is not possible for management to predict all of these risks, nor can it assess the extent to which any factor, or a combination of factors, may cause our business, strategy, or actual results to differ materially from those contained in forward-looking statements. Factors that may cause these differences include, among other things: pricing and product cost variability; volumes of product sold; changes in the prices, supply, and/or demand for products that we distribute; the cyclical nature of the industry in which we operate; housing market conditions; the COVID-19 pandemic and other contagious illness outbreaks and their potential effects on our industry; effective inventory management relative to our sales volume or the prices of the products we produce; information technology security risks and business interruption risks; increases in petroleum prices; consolidation among competitors, suppliers, and customers; disintermediation risk; loss of products or key suppliers and manufacturers; our dependence on international suppliers and manufacturers for certain products; business disruptions; exposure to product liability and other claims and legal proceedings related to our business and the products we distribute; natural disasters, catastrophes, fire, or other unexpected events; successful implementation of our strategy; wage increases or work stoppages by our union employees; costs imposed by federal, state, local, and other regulations; compliance costs associated with federal, state, and local environmental protection laws; our level of indebtedness and our ability to incur additional debt to fund future needs; the risk that our cash flows and capital resources may be insufficient to service our existing or future indebtedness; the covenants of the instruments governing our indebtedness limiting the discretion of our management in operating our business; the fact that we lease many of our distribution centers, and we would still be obligated under these leases even if we close a leased distribution center; changes in our product mix; shareholder activism; potential acquisitions and the integration and completion of such acquisitions; the possibility that the value of our deferred tax assets could become impaired; changes in our expected annual effective tax rate could be volatile; the costs and liabilities related to our participation in multi-employer pension plans could increase; the possibility that we could be the subject of securities class action litigation due to stock price volatility; and changes in, or interpretation of, accounting principles.

Given these risks and uncertainties, we caution you not to place undue reliance on forward-looking statements. We expressly disclaim any obligation to update or revise any forward-looking statement as a result of new information, future events or otherwise, except as required by law.

 
BLUELINX HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
  Three Months Ended
  April 3, 2021   March 28, 2020
   
  (In thousands, except per share data)
   
Net sales $ 1,025,469     $ 662,070  
Cost of sales 845,077     568,861  
Gross profit 180,392     93,209  
Gross margin 17.6 %   14.1 %
Operating expenses:      
Selling, general, and administrative 75,560     74,588  
Depreciation and amortization 7,465     7,635  
Amortization of deferred gains on real estate (984 )   (984 )
Gains from sales of property (1,287 )   (525 )
Other operating expenses 112     4,165  
Total operating expenses 80,866     84,879  
Operating income 99,526     8,330  
Non-operating expenses (income):      
Interest expense, net 16,234     14,380  
Other income, net (314 )   (237 )
Income (loss) before provision for (benefit from) income taxes 83,606     (5,813 )
Provision for (benefit from) income taxes 21,746     (5,026 )
Net income (loss) $ 61,860     $ (787 )
       
Basic income (loss) per share $ 6.53     $ (0.08 )
Diluted income (loss) per share $ 6.28     $ (0.08 )
 
BLUELINX HOLDINGS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
 
  April 3, 2021   January 2, 2021
   
  (In thousands, except share data)
ASSETS
Current assets:      
Cash $ 179     $ 82  
Receivables, less allowances of $5,573 and $4,123, respectively 418,815     293,643  
Inventories, net 376,423     342,108  
Other current assets 33,029     32,581  
Total current assets 828,446     668,414  
Property and equipment, at cost 310,101     299,935  
Accumulated depreciation (125,769 )   (121,223 )
Property and equipment, net 184,332     178,712  
Operating lease right-of-use assets 48,969     51,142  
Goodwill 47,772     47,772  
Intangible assets, net 17,067     18,889  
Deferred tax assets 66,795     62,899  
Other non-current assets 19,099     20,302  
Total assets $ 1,212,480     $ 1,048,130  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:      
Accounts payable $ 218,975     $ 165,163  
Accrued compensation 10,798     24,751  
Taxes payable 33,646     7,847  
Current maturities of long-term debt, net of debt issuance costs of $0 and $74, respectively     1,171  
Finance lease liabilities – short-term 7,459     5,675  
Operating lease liabilities – short-term 5,123     6,076  
Real estate deferred gains – short-term 4,040     4,040  
Other current liabilities 11,747     14,309  
Total current liabilities 291,788     229,032  
Non-current liabilities:      
Long-term debt, net of debt issuance costs of $2,615 and $8,936, respectively 355,899     321,270  
Finance lease liabilities – long-term 273,815     267,443  
Operating lease liabilities – long-term 44,021     44,965  
Real estate deferred gains – long-term 77,059     78,009  
Pension benefit obligation 21,730     22,684  
Other non-current liabilities 25,655     25,635  
Total liabilities 1,089,967     989,038  
Commitments and contingencies      
STOCKHOLDERS’ EQUITY:
Common Stock, $0.01 par value, 20,000,000 shares authorized,
9,468,042 and 9,462,774 outstanding on April 3, 2021 and January 2, 2021, respectively
95     95  
Additional paid-in capital 268,006     266,695  
Accumulated other comprehensive loss (35,742 )   (35,992 )
Accumulated stockholders’ deficit (109,846 )   (171,706 )
Total stockholders’ equity 122,513     59,092  
Total liabilities and stockholders’ equity $ 1,212,480     $ 1,048,130  
 
BLUELINX HOLDINGS INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 
  Three Months Ended
  April 3, 2021   March 28, 2020
   
  (In thousands)
Cash flows from operating activities:      
Net income (loss) $ 61,860     $ (787 )
Adjustments to reconcile net income (loss) to cash used in operations:      
Provision for (benefit from) income taxes 21,746     (5,026 )
Depreciation and amortization 7,465     7,635  
Amortization of debt issuance costs 603     956  
Adjustments to debt issuance costs associated with term loan 5,791      
Gains from sales of property (1,287 )   (525 )
Amortization of deferred gains from real estate (984 )   (984 )
Share-based compensation 1,410     1,004  
Changes in operating assets and liabilities:      
Accounts receivable (125,172 )   (55,068 )
Inventories (34,315 )   (32,828 )
Accounts payable 53,812     30,050  
Prepaid and other current assets (1,246 )   (3,006 )
Other assets and liabilities (14,291 )   (608 )
Net cash used in operating activities (24,608 )   (59,187 )
       
Cash flows from investing activities:      
Proceeds from sale of assets 1,810     44  
Property and equipment investments (1,122 )   (1,245 )
Net cash provided by (used in) investing activities 688     (1,201 )
       
Cash flows from financing activities:      
Borrowings on revolving credit facilities 262,210     204,196  
Repayments on revolving credit facilities (191,943 )   (149,079 )
Repayments on term loan (43,204 )   (69,238 )
Proceeds from real estate financing transactions     78,329  
Debt financing costs (861 )   (336 )
Repurchase of shares to satisfy employee tax withholdings (56 )   (7 )
Principal payments on finance lease liabilities (2,129 )   (2,562 )
Net cash provided by financing activities 24,017     61,303  
       
Net change in cash 97     915  
Cash at beginning of period 82     11,643  
Cash at end of period $ 179     $ 12,558  
                     
BLUELINX HOLDINGS INC.
RECONCILIATION OF NON-GAAP MEASUREMENTS
(Unaudited)
 
The following schedule reconciles net income (loss) to Adjusted EBITDA:
 
        Three Months Ended
        April 3, 2021   March 28, 2020
         
        (In thousands)
Net income (loss) $ 61,860     $ (787 )
Adjustments:      
Depreciation and amortization 7,465     7,635  
Interest expense, net 10,443     14,380  
Term loan debt issuance costs(1) 5,791      
Provision for (benefit from) income taxes 21,746     (5,026 )
Share-based compensation expense 1,410     1,004  
Amortization of deferred gains on real estate (984 )   (984 )
Gain from sales of property(1) (1,287 )   (525 )
Real estate financing costs(1)     1,793  
Merger and acquisition costs(1)(2)     1,070  
Restructuring and other(1)(3) 113     1,309  
Adjusted EBITDA $ 106,557     $ 19,869  
     
(1)   Reflects non-recurring items of approximately $5 million in non-beneficial items to the current quarter and approximately $4 million in non-beneficial items to the same quarterly period of the prior year.
     
(2)   Reflects primarily legal, professional, technology and other integration costs related to the Cedar Creek acquisition.
     
(3)   Reflects costs related to our restructuring efforts, such as severance, net of other one-time non-operating items.
                   
The following schedule presents Net Debt and the Net Leverage Ratio for the Trailing Twelve Months:
       
      Three Months Ended
      April 3, 2021   March 28, 2020
      (In thousands)
Current maturities of long term debt, gross of debt issuance costs $     $ 2,250  
Finance lease liabilities – short term 7,459     5,924  
Long term debt, gross of debt issuance costs 358,514     456,798  
Finance lease liabilities – long term(1) 273,815     269,192  
Total long-term debt 639,788     734,164  
Less: available cash 179     12,558  
Net Debt 639,609     721,606  
Trailing twelve month Adjusted EBITDA $ 257,088     $ 74,698  
Net Leverage Ratio 2.5x   9.7x
           
(1)   Finance lease liabilities – long term include the combination of finance lease liabilities – long term and real-estate financing obligations in those periods when real estate financing obligations were presented.

Source link

]]>
https://biofera.org/bluelinx-announces-first-quarter-2021-results/feed/ 0
Debt Consolidation vs. Personal Loan: What Is the Difference? https://biofera.org/payday-loan-consolidation-company-consolidate-cash-advance-loans-today/ https://biofera.org/payday-loan-consolidation-company-consolidate-cash-advance-loans-today/#respond Fri, 07 May 2021 16:06:59 +0000 https://biofera.org/?p=236

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

If you have high-interest debt, consolidating that debt might help you save money and even pay off your balances faster. One way to do this is through a debt consolidation loan — https://www.paydaychampion.com/payday-loan-consolidation/ a type of personal loan that lets you combine your debts into one new loan with a single payment.

There are also other options available for debt consolidation.

Here’s what you should know about personal loans vs. debt consolidation loans:

Is a debt consolidation loan the same as a personal loan?

Yes — a debt consolidation loan is simply a type of personal loan. Here’s how these loans work:

Personal loan

A personal loan is a kind of installment loan that can be used for almost any personal expense, such as home renovations, a dream vacation, or debt consolidation.

These loans are available from online lenders, banks, and credit unions and generally range from a few hundred dollars up to $100,000 or more, depending on the lender.

Keep in mind: Most personal loans are unsecured, meaning you don’t have to worry about collateral. Instead, the lender will review your credit, income, debt-to-income ratio, and other factors to determine your creditworthiness.

Learn More: How Do Personal Loans Work?

Debt consolidation loan

A debt consolidation loan is a type of personal loan that lets combine existing debts into one loan. Depending on your credit, you might also qualify for a lower interest rate than you’ve been paying, which could help you save money over the life of your loan.

In some cases, you’ll need to specify a loan purpose when you apply for a personal loan. While many lenders will let you use a personal loan for debt consolidation, others might have restrictions on how you can use your loan.

Tip: Some lenders offer lower interest rates on debt consolidation loans compared to personal loans for other purchases.

It’s a good idea to shop around and compare as many lenders as possible to see what rates you might qualify for.

Check Out: Credit Card Consolidation Loans

16 personal loans to consider for debt consolidation

Here are Credible’s partner lenders that offer personal loans for debt consolidation:

Lender Fixed rates Loan amounts Min. credit score Loan terms (years)
View details 9.95% – 35.99% APR $2,000 to $35,000** 550 2, 3, 4, 5*
  • Rates: 9.95% – 35.99% APR
  • Loan terms (years): 2, 3, 4, 5*
  • Loan amount: $2,000 to $35,000**
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except CO, IA, HI, VT, NV NY, WV
  • Min. income: $1,200 monthly
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 550
  • Time to get funds: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
  • Loan uses: Debt consolidation, emergency expense, life event, home improvement, and other purposes

Avant personal loans review

*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.

**Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

axos

View details

6.49% – 29.99% APR $5,000 to $35,000 740 1, 2, 3, 4, 5
  • Rates: 6.49% – 29.99% APR
  • Loan terms (years): 1, 2, 3, 4, 5
  • Loan amount: $5,000 to $35,000
  • Fees: No prepayment penalty
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Min. income: Does not disclose
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 740
  • Time to get funds: Next business day
  • Loan uses: Debt consolidation, home improvement, and other purposes

Axos Bank personal loans review

best egg

View details

5.99% – 29.99% APR $5,000 to $35,000 600 3, 5
  • Rates: 5.99% – 29.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $5,000 – $50,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except DC, IA, VT, and WV
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 600
  • Time to get funds: As soon as 1 – 3 business days after successful verification
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Best Egg personal loans review

discover

View details

6.99% – 24.99% APR $2,500 to $35,000 660 3, 4, 5, 6, 7
  • Rates: 6.99% – 24.99% APR
  • Loan terms (years): 3, 4, 5, 6, 7
  • Loan amount: $2,500 – $35,000
  • Fees: Late fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 660
  • Time to get funds: As soon as the next business day after acceptance
  • Loan uses: Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Discover personal loans review

freedomplus

View details

7.99% – 29.99% APR $10,000 to $35,000 Not disclosed by lender 2, 3, 4, 5
  • Rates: 7.99% – 29.99% APR
  • Loan terms (years): 2, 3, 4, 5
  • Loan amount: $7,500 – $50,000
  • Fees: Origination fee
  • Discounts: Does not disclose
  • Eligibility: Available in all states except CO, CT, HI, KS, NH, NV, NY, ND, OR, VT, WV, WI, and WY
  • Min. income: None
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: As soon as 2 business days
  • Loan uses: Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

FreedomPlus personal loans review

lendingclub

View details

10.68% – 35.89% APR $1,000 to $40,000 600 3, 5
  • Rates: 10.68% – 35.89% APR
  • Loan terms (years): 3, 5
  • Loan amount: $1,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 600
  • Time to get funds: Usually takes about 3 days
  • Loan uses: Debt consolidation, paying off credit cards

LendingClub personal loans review

Based on a majority of borrowers from LendingClub’s marketing partners who were issued loans between 1/1/19-12/13/19. The time it takes for your loan to be funded may vary.

lendingpoint

View details

15.49% – 35.99% APR $2,000 to $25,000 580 2, 3, 4
  • Rates: 15.49% – 35.99% APR
  • Loan terms (years): 2, 3, 4, 5
  • Loan amount: $2,000 to $25,000
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except NV and WV
  • Min. income: $20,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: As soon as the next business day
  • Loan uses: Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

LendingPoint personal loans review

lightstream

View details

3.99% – 19.99% APR $5,000 to $100,000 660 2, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)
  • Rates: 3.99% – 19.99% APR
  • Loan terms (years): 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans)
  • Loan amount: $5,000 to $100,000
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except RI and VT
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. credit score: 660
  • Time to get funds: As soon as the same business day
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

LightStream personal loans review

LightStream disclosure

marcus

View details

6.99% – 19.99% APR1 $3,500 to $40,0002 660

(TransUnion FICO®️ Score 9)

3, 4, 5, 6, 7
  • Rates: 6.99% – 19.99% APR1
  • Loan terms (years): 3, 4, 5, 6
  • Loan amount: $3,500 to $40,0002
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all 50 states
  • Min. income: Undisclosed
  • Customer service: Phone
  • Soft credit check: Yes
  • Min. credit score: 660

    (TransUnion FICO®️ Score 9)

  • Time to get funds: Many Marcus customers receive funds in as little as five days
  • Loan uses: Credit card refinancing, debt consolidation, home improvement, and other purposes

Marcus personal loans review

1Rate reduction of 0.25% when enrolled in autopay.

2You may be required to have some of your funds sent directly to pay off outstanding unsecured debt.

3After making 12 or more consecutive monthly payments, you can defer one payment as long as you have made all your prior payments in full and on time. Marcus will waive any interest incurred during the deferral and extend your loan by one month (you will pay interest during this extra month). Your payments resume as usual after your deferral. Advance notice is required. See loan agreement for details.

4Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans).Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

onemain financial

View details

18.00% – 35.99% APR $1,500 to $20,000 None 2, 3, 4, 5
  • Rates: 18.00% – 35.99% APR
  • Loan terms (years): 2, 3, 4, 5
  • Loan amount: $1,500 to $20,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Must have photo I.D. issued by U.S. federal, state or local government
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: None
  • Time to get funds: As soon as the same day, but usually requires a visit to a branch office

OneMain Financial personal loans review

payoff

View details

5.99% – 24.99% APR $5,000 to $40,000 640 2, 3, 4, 5
  • Rates: 5.99% – 24.99% APR
  • Loan terms (years): 2, 3, 4, 5
  • Loan amount: $5,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except MA, MS, NE, NV, and OH
  • Min. income: None
  • Customer service: Phone, email, chat
  • Soft credit check: Yes
  • Min. credit score: 640
  • Time to get funds: As soon as 2 – 5 business days after verification
  • Loan uses: Debt consolidation and credit card consolidation only

Payoff personal loans review

penfed

View details

5.99% – 17.99% APR $600 to $35,000
(depending on loan term)
670 1, 2, 3, 4, 5
  • Rates: 5.99% – 17.99% APR
  • Loan terms (years): 1, 2, 3, 4, 5
  • Loan amount: $600 to $35,000 (depending on loan term)
  • Fees: None
  • Discounts: None
  • Eligibility: Does not disclose
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: No
  • Min. credit score: 670
  • Time to get funds: 2 to 4 business days after verification
  • Loan uses: Debt consolidation, home improvement, transportation, medical, dental, life events

PenFed personal loans review

prosper

View details

6.95% – 35.99% APR $2,000 to $40,000 640 3, 5
  • Rates: 6.95% – 35.99% APR
  • Loan terms (years): 3, 5
  • Loan amount: $2,000 to $40,000
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all states except IA, ND, WV
  • Min. income: None
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 640
  • Time to get funds: As soon as one business day
  • Loan uses: Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

Prosper personal loans review

sofi

View details

5.99% – 18.83% APR $5,000 to $100,000 Does not disclose 2, 3, 4, 5, 6, 7
  • Rates: 5.99% – 18.83% APR
  • Loan terms (years): 2, 3, 4, 5, 6, 7
  • Loan amount: $5,000 to $100,000
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available in all states except MS
  • Min. income: Does not disclose
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: Does not disclose
  • Time to get funds: 3 business days
  • Loan uses: Solely for personal, family, or household uses

SoFi personal loans review

upstart

View details

5.94% – 35.97% APR $1,000 to $50,000 580 3, 5
  • Rates: 5.94% – 35.97% APR
  • Loan terms (years): 3, 5
  • Loan amount: $1,000 to $50,000 ($3,005 minimum in GA; $6,005 minimum in MA)
  • Fees: Origination fee
  • Discounts: Autopay
  • Eligibility: Available in all states except IA and WV
  • Min. income: Does not disclose
  • Customer service: Email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: Within a day of clearing necessary verifications
  • Loan uses: Debt consolidation, credit card refinancing, home improvement, and other purposes

Upgrade personal loans review

upstart

View details

8.27% – 35.99% APR4 $1,000 to $50,0005 580 3 to 5 years4
  • Rates: 8.27% – 35.99% APR4
  • Loan terms (years): 3 to 5 years4
  • Loan amount: $1,000 to $50,0005
  • Fees: Origination fee
  • Discounts: None
  • Eligibility: Available in all 50 states
  • Min. income: $12,000
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Min. credit score: 580
  • Time to get funds: As soon as 1 – 3 business days6
  • Loan uses: Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposes

Upstart personal loans review

4The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 25.79% and 36 monthly payments of $37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

5This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers received are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.

Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5100. The minimum loan amount in GA is $3,100.

6​If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

Compare rates from these lenders without affecting your credit score. 100% free!
Compare Now

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | Read more about Rates and Terms

Avant: Best for borrowers with poor credit

Avant offers personal loans from 2,000 to $35,000* with terms from two to five years••. If your credit is less than perfect, you might still qualify with Avant.

Axos Bank: Best for fast loan funding

If you’d like to quickly consolidate your debt, Axos Bank could be a good choice. You can borrow $5,000 to $35,000 and could have your money as soon as the next business day if you’re approved.

Best Egg: Best for borrowers with fair credit

Best Egg could be a good option if you want to borrow between $5,000 and $35,000 and have less-than-stellar credit. If you’re approved, you could have your funds within one to three days after successful verification.

Discover: Best for longer loan terms

With Discover, you could have up to seven years to repay your loan. This could get you a lower monthly payment, easing the strain on your budget. However, keep in mind that a longer interest term also means paying more in interest over time.

FreedomPlus: Best for consolidating high-interest debt

You might qualify for a lower interest rate on a FreedomPlus loan if you use at least 85% of the loan proceeds to pay off existing debt.

Adding a cosigner or showing proof of retirement savings could also get you a lower rate with FreedomPlus.

LendingClub: Best for borrowers who need a cosigner

LendingClub is one of the few lenders that allow cosigners on personal loans. If you have poor credit, applying with a cosigner could help you get approved.

LendingPoint: Best for borrowers with bad credit

LendingPoint specializes in working with borrowers who have near-prime credit — generally meaning a credit score in the upper 500s or 600s.

With LendingPoint, you can borrow $2,000 to $25,000 with a term ranging from two to five years.

Learn More: 3 Steps to Get a Debt Consolidation Loan for Bad Credit

LightStream: Best for large loan amounts

If you need to borrow a large amount, LightStream could be a good choice. You can borrow $5,000 to $100,000 with funding as soon as the same business day if you’re approved.

Marcus: Best for flexible repayment options

Marcus personal loans are available for $$3,500 to $40,0002 with terms from three to six years. Keep in mind that if you make on-time payments for 12 months, you can defer one payment interest-free.

OneMain Financial: Best for below-average credit

Unlike many other lenders, OneMain Financial doesn’t require a minimum credit score, which means you might qualify even if you have less-than-prime credit.

OneMain Financial also uses an in-person “ability to pay” evaluation to help determine your loan options.

Payoff: Best for consolidating credit card debt

Payoff personal loans can only be used to consolidate credit card debt. You can borrow $5,000 to $40,000 with a term ranging from two to five years.

PenFed: Best for small loan amounts

If you only need a small loan amount, PenFed could be a good option. You can borrow as little as $600 up to $35,000 with a term from one to five years.

Prosper: Best for borrowers with good credit

Prosper operates an online, peer-to-peer loan marketplace where you can borrow $2,000 to $40,000.

Note that when you apply for a Prosper loan, investors will need to commit to funding it, which means the loan process might take longer compared to other lenders.

SoFi: Best for borrowers with excellent credit

With SoFi, you can borrow $5,000 to $100,000 with a term from two to seven years. Although SoFi doesn’t disclose its credit requirements, most SoFi borrowers have very good to excellent credit.

As a SoFi borrower, you’ll also enjoy perks like unemployment protection and free financial advising.

Upgrade: Best for fast loan decisions

Upgrade personal loans are available for $1,000 to $50,0000 with terms of three or five years. If you’re approved, you could have your loan funded within a day of clearing necessary verifications.

Upstart: Best for borrowers with thin credit

Upstart will consider your education and job history to determine potential not reflected in your credit score. This means you might qualify even if you have thin credit — meaning you don’t have enough of a credit history to have a credit score.

Learn More: Pay Off Credit Card Debt ASAP With a Personal Loan

How to qualify for a debt consolidation loan

If you’re ready to get a debt consolidation loan, follow these three steps:

  1. Check your credit. Before shopping for a loan, it’s a good idea to make sure your credit is as strong as possible. You can check your credit reports from each of the credit bureaus for free through AnnualCreditReport.com. If there are any errors, dispute them with the appropriate credit bureaus to potentially boost your score.
  2. Compare lenders and pick a loan option. Be sure to compare as many lenders as possible to find the right loan for you. Consider not only rates but also repayment terms, any fees charged by the lender, and eligibility requirements. After comparing lenders, choose the loan that best suits your needs.
  3. Complete the application and get your funds. You’ll need to fill out a full application and submit any required documentation, such as tax returns or pay stubs. If you’re approved, the lender will have you sign for the loan so you can get your money — typically within one week or less, depending on the lender.
Tip: You’ll typically need good to excellent credit to qualify for a personal loan for debt consolidation, though there are some lenders that offer personal loans for bad credit. However, these loans generally come with higher interest rates compared to good credit loans.

If you’re struggling to qualify, you could also consider applying with a cosigner. Not all lenders allow cosigners on personal loans, but some do. Even if you don’t need a cosigner to qualify, having one might get you a lower rate than you’d get on your own.

It’s also important to consider how much a debt consolidation loan will cost you over time. This way, you can prepare for the new monthly payment and adjust your budget accordingly. You can estimate how much you’ll pay for a loan using our personal loan calculator below.

Enter your loan information to calculate how much you could pay

Total Payment
$

Total Interest
$

Monthly Payment
$

With a
$
loan, you will pay
$
monthly and a total of
$
in interest over the life of your loan. You will pay a total of
$
over the life of the
loan.


Need a personal loan?
Compare rates without affecting your credit score. 100% free!

Check Personalized Rates

Checking rates won’t affect your credit score.

Check Out: When to Use a Personal Line of Credit

What are the benefits of a debt consolidation loan?

Debt consolidation loans offer several benefits. For example, a debt consolidation loan could:

  • Streamline your payments: Instead of juggling multiple debt payments, consolidating your debt combines your balances and leaves you with just one payment going forward. This can help you more easily manage your debt.
  • Potentially reduce your interest rate: Depending on your credit, you might qualify for a lower interest rate compared to what you’ve been paying. This could help you save money on interest charges over time and maybe pay off your debt faster.
  • Give you a set payoff date: Debt consolidation loans have fixed repayment terms, so you’ll know exactly when you’ll be out of debt.

Learn More: Average Personal Loan Interest Rates

Can a debt consolidation loan hurt your credit score?

A debt consolidation loan could either help your credit score or hurt it — though keep in mind that the positive effects will likely outweigh any negative impact over time.

Here’s how a debt consolidation loan might negatively impact your credit:

  • Hard credit inquiry: The lender will perform a hard credit inquiry to determine your creditworthiness, which might cause your score to drop by a few points. However, this effect is usually only temporary, and your score will likely bounce back within a few months.
  • Missed payments: If you miss any of your loan payments, your credit could be damaged.

And here’s how a debt consolidation loan could you build your credit:

  • Build positive payment history: Payment history makes up the biggest part of your FICO score — 35%. If you make all of your payments on time, you might see your credit score go up.
  • Reduce credit utilization: Your credit utilization is the total amount of debt you owe divided by the amount of credit you have available, and it makes up 30% of your FICO score. If you reduce your debt with a debt consolidation loan, you could improve this ratio and potentially raise your credit score.

Check Out: Home Equity Loan vs. Personal Loan

Debt consolidation loan alternatives

If a debt consolidation loan doesn’t seem right for you, here are some other options to consider:

  • Credit card: Balance transfer cards allow you to move your balances to one card to help you pay off credit card debt. Some cards also offer a 0% APR introductory period, which means you could avoid paying any interest if you repay your balance by the time this period ends. However, keep in mind that if you can’t pay off your card in time, you could be stuck with hefty interest charges.
  • Home equity line of credit (HELOC): If you’re a homeowner and have equity in your home, a HELOC could be another way to consolidate your debt. Because a HELOC is secured by your home, you might get a lower rate compared to a personal loan — but this also means you risk losing your house if you can’t make your payments.
  • Debt management: If you’re overwhelmed by your debt, a nonprofit credit counseling agency — such as the National Foundation for Credit Counseling — could help you develop a debt management plan. The agency will work with your creditors to distribute your payments so you can become debt free within five years.

If you decide to take out a debt consolidation loan, remember to consider as many lenders as possible to find a loan that works for you. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.

Ready to find your personal loan?
Credible makes it easy to find the right loan for you.

  • Free to use, no hidden fees
  • One simple form, easy to fill out and your info is protected
  • More options, pick the loan option that best fits your personal needs
  • Here for you. Our team is here to help you reach your financial goals

Find My Rate
Checking rates won’t affect your credit

Find Your Loan:

About the author

Kat Tretina

Kat Tretina

Kat Tretina is a contributor to Credible who covers everything from student loans to personal loans to mortgages. Her work has appeared in publications like the Huffington Post, Money Magazine, MarketWatch, Business Insider, and more.

Read More

Source link

]]>
https://biofera.org/payday-loan-consolidation-company-consolidate-cash-advance-loans-today/feed/ 0
Activist investors may find out that Kohl’s Is No Bed Bath & Beyond https://biofera.org/activist-investors-may-find-out-that-kohls-is-no-bed-bath-beyond/ https://biofera.org/activist-investors-may-find-out-that-kohls-is-no-bed-bath-beyond/#respond Tue, 04 May 2021 23:53:55 +0000 https://biofera.org/activist-investors-may-find-out-that-kohls-is-no-bed-bath-beyond/

The same trio of activist investors try to execute a turnaround at Bed bath and beyond (NASDAQ: BBBY) try to do the same with Kohl’s (NYSE: KSS).

Macellum Advisors, Ancora Holdings and Legion Partners Asset Management, along with 4010 Capital, have appointed nine people to the department store chain’s 12-person board of directors, arguing that the retailer needs more people with experience industry to work alongside CEO Michelle Gass.

Image source: Kohl’s.

With a 9.5% stake in the company, they are looking to increase sales and reduce costs, in part through a $ 3 billion sale-leaseback agreement for Kohl’s real estate, although the response qu ‘they get from the retailer to be roughly the same. like the one they received from the Board of Directors and Management Team of Bed Bath & Beyond: we can do it without you.

This was before hedge funds ended up cleaning out the household goods retailer’s house, wiping out the old board and much of the management team. But they are unlikely to have the same level of success at Kohl’s.

The same … but different

The mid-level department store is arguably in a better position than the household goods chain when targeted by the investor group. But activist investors argue that “Kohl’s poor strategy and execution resulted in stagnant sales, declining operating margins, a 44% drop in operating profits between 2011 and 2019, and a price of l ‘chronically underperforming stock’.

These were largely the same type of charges laid at Bed Bath & Beyond with a board of directors led by the founders of the company who served for 48 years as the industry progressed and the retailer failed to keep up. Bed Bath & Beyond, for example, has been slow to adopt a strong e-commerce presence, squandering in favor of rivals like Amazon, Walmart, and Target a dominant presence in the market following the bankruptcy of its rival Linens ‘n’ Things.

During the 15-year tenure of former CEO Steven Temares, activist investors argued that the retailer had lost more than $ 8 billion in market value. At the same time, the CEO and founders received some $ 300 million in compensation, while ignoring the stated wishes of a majority of its shareholders.

Kohl’s, however, is doing better financially, and certainly more so than many of its industry peers like JC Penney and Macy’s.

Go off the beaten track

It was the industry malaise caused by the retail apocalypse that really hurt Kohl’s, although activist investors believe the retailer has not reacted quickly or aggressively enough to combat the situation.

Still, the department store chain has been innovative enough in trying to cope with the changing retail landscape. Among the initiatives taken by Kohl’s, the company has joined forces with:

While there are pros and cons to each of these deals, it is clear that the board and management team are willing to take risks and try new things to sell juice.

And while Bed Bath & Beyond has pushed back the need for change, Kohl’s case is more compelling, as Gass says the retailer is already ahead of what activist hedge funds are looking for.

A proactive response

In an interview with The Wall Street Journal, Gass said the company plans to renovate hundreds of stores over the next two years as part of a $ 550 million investment plan, in addition to paying for its sixth e-commerce distribution center and finance its new partnership with Sephora. Kohl’s lured the cosmetics and personal care specialist away from JC Penney, where Sephora had been one of the few things to keep the department store chain afloat.

Gass also pointed out that there were new clothing lines in the works, supply chain updates, stock reductions and a streamlined sales and promotion policy. Kohl’s will also work to restore shareholder value by relaunching its dividend payout and share buyback program.

Six new independent directors have been appointed to the board since 2016. One is from an eyewear retailer, another from a tableware retailer and one is an executive at the supermarket giant. Kroger.

The risks of changing horses halfway

Given that Kohl’s stock has climbed more than 150% since announcing its own recovery plan last fall, investors might not be inclined to shake the boat too much. Although it wouldn’t be a surprise to see the retailer extend an olive branch and make way for one or two directors chosen by activist investors to join the board and make their contribution.

The situations look markedly different between Kohl’s and Bed Bath & Beyond, and the outcome might not be the same if the department store chain’s board of directors is fundamentally overhauled.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are heterogeneous! Questioning an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.


Source link

]]>
https://biofera.org/activist-investors-may-find-out-that-kohls-is-no-bed-bath-beyond/feed/ 0
Hot topics for your new union – Forbes Advisor https://biofera.org/hot-topics-for-your-new-union-forbes-advisor/ https://biofera.org/hot-topics-for-your-new-union-forbes-advisor/#respond Tue, 04 May 2021 23:53:55 +0000 https://biofera.org/hot-topics-for-your-new-union-forbes-advisor/

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors.

As you begin or continue your life together, you will need a full account of some things that you are now sharing that is beyond the gifts on your wedding list. Your finances should be a top priority as you venture into your life together.

More than two-fifths of LGBTQ + respondents in a 2018 credit reporting agency Experian survey said they found it difficult to maintain adequate savings. And more than a third said they have bad spending habits that they are looking to change. So the first few days of your formal wedding are a great time to discuss big topics. By doing this, you can reduce your collective stress and increase your chances of achieving your financial goals together.

Budgeting: where does our money go?

Your budget is the engine that makes your finances run smoothly and with fewer surprises. With about a third of respondents to the 2019 LGBTQ Money Matters survey saying they don’t follow a monthly budget, this must-have financial tool should top your list of ‘new things honeymooners should discuss’ .

When you take the time to establish a budget, you put all your money cards on the table. From monthly expenses to income, there is nothing to hide.

To get started, each month make a list of all of your individual and shared financial obligations. Then add your wages. When you subtract your expenses from your income, you’ll have a reliable picture of how much you have each month left, not to mention where you can potentially save money. You can even add a budgeting app to the mix and find ways to engage kids in the conversation about budgeting if you mix families.

Bank accounts: to share or not to share?

There is no hard and fast rule that says a married couple must have a joint bank account. You should, however, have a conversation about how you will be doing your banking, so that you can explore the pros and cons of combined and separate banking.

Having joint accounts comes with some benefits for the honeymooners. First of all, you start on a level playing field. “Our money” may seem more attractive than “my money” and “your money”. For couples who wish to share that sense of ownership with household finances, a joint checking account might be the way to go.

You may decide that you prefer to keep your individual bank accounts and pay your expenses at the end of the month. No harm, no fault in this case. You will probably want to nominate someone to be in charge of your family’s bookkeeping and be responsible for the total of who owes what and to whom from the monthly expenses.

There is also an intermediate solution: to have a common bank account and personal accounts as well. In this case, you can consider using a common checking account to pay common household bills. You can configure your direct deposits each payday to put a certain percentage of your salary in your joint account and the rest in your personal account. This can be a useful strategy for couples where one person tends to spend more than the other.

Savings: how much and for what?

You and your spouse have goals that go beyond your first birthday (you can do that). The key to reaching your financial goals is a strong savings plan, and it’s a plan you need to develop together.

As you talk to each other about your finances, think about all the dreams that you share that are priced. From buying a home to starting a family and sharing your vision for your retirement years, the first days of your marriage are a great time to have fun conversations about the life you envision. Who knew conversations about money could be fun, right?

Once you know what your shared vision looks like, you will be able to determine how much bank you will need to bring those dreams to life. Here are some strategies to help you save your way for life goals big and small:

  • Emergency fund. According to the LGBTQ Money Matters survey, 40% of LGBTQ + people do not maintain emergency fund, while 49% do. Many experts recommend saving three to six months of spending, so you may need to build up your stash gradually. Since you might need to access this money quickly, you might want to consider a money market account an online bank that offers debit card access. You will earn interest and not have to adhere to bank hours when you need to draw your funds.
  • Short-term goals. If you have goals coming up in the next 12 months, you don’t want to lock in that money. Put your short-term savings in high yield type accounts savings accounts and CD with short maturities to boost your savings while securing these funds. Different savings vehicles make sense for short term goals vs long term goals. You can expect to get lower returns on short-term savings.
  • Longer-term goals. For goals that are within a year or more, you may want to consider setting up separate savings accounts. By focusing on each of your savings goals, whether it’s a down payment for a home, a big vacation, or saving money to start a business, you’ll be better able to track your progress and keep your motivation high.
  • Save for retirement. Two-fifths of LGBTQ Money Matters survey respondents said they are not currently saving for retirement. While retirement may seem years or even decades away, it’s important to maximize your opportunities for retirement savings, whether it’s a retirement savings plan. 401 (k) sponsored by employer or your individual retirement account (IRA). If you don’t have an IRA yet, this might be a good time to open one.
  • Children’s education. For educational purposes, consider starting a 529 plan to finance your children’s college education. The sooner you start saving for important goals, the longer you’ll enjoy the magic of compound interest.

If you choose to invest some of your savings for longer term goals that involve more risk, always be sure to ask, “How much am I willing to lose?” Before choosing an investment or a financial product.

Credit cards: what are the rules?

Your honeymoon credit card conversation has the potential to be boring, but it doesn’t have to be. Here’s the key to smooth sailing: Accept that wherever you are, it’s where you are.

For couples who start a marriage with a clean slate with no debt, you’re miles ahead of other honeymooners. You’ll just want to have a conversation about what credit cards you own and how those cards relate to your goals.

For example, if you have big travel plans in the future, you might want to consolidate your spending on a single credit card that offers reward miles on your favorite airline. For couples who love the thrill of paying less for their purchases, look for a card that lets you earn cash back that can be used as statement credits. You can also save money by opting for credit cards with no annual fee. Adding your spouse as an authorized user can help you save and earn more.

If you marry with credit card debt and worry about the debt you carry, you are not alone. Among the possible answers in the LGBTQ Money Matters survey, existing debt was the main financial concern. Reducing or paying off personal debt was the second financial priority of respondents, just behind paying all bills on time.

First, you can use the combined power of your credit card to create a debt repayment strategy. Imagine using your credit cards to pay off your credit cards. Sit down with your spouse and explore any balance transfer offers your existing cards might have. If you find a credit card balance transfer or a balance transfer offer with one of your existing cards, you could pay off your credit card debt faster, saving money by paying less interest. The money saved could be used for common goals, such as buying a home.

If your credit status doesn’t make balance transfers an option, fear not. You can use an accelerated debt repayment strategy like the snowball or avalanche of debt contract your debts and regain a solid financial footing.

The conversation about money: when to have it?

While your honeymoon probably isn’t (for the most part) time to discuss personal finances, you don’t want to delay the conversation too long. The sooner you talk about your joint finances, the more comfortable you will both be. Consider getting creative: even a topic like budgeting can be made more interesting by planning a budget meeting night with your spouse.

While money in a relationship rarely flows smoothly in all of your years together, an open-hearted discussion about money can get you through tough times because you know you are both working towards the same goals.

Well done for the years to come and congratulations on finding you again. Here is a lifetime of goals achieved and dreams fulfilled, together.


Source link

]]>
https://biofera.org/hot-topics-for-your-new-union-forbes-advisor/feed/ 0
Burns Funding creates new fundraising program for young women entrepreneurs https://biofera.org/burns-funding-creates-new-fundraising-program-for-young-women-entrepreneurs/ https://biofera.org/burns-funding-creates-new-fundraising-program-for-young-women-entrepreneurs/#respond Tue, 04 May 2021 23:53:54 +0000 https://biofera.org/burns-funding-creates-new-fundraising-program-for-young-women-entrepreneurs/

Peter J. Burns III

Burns turned to Burns Funding’s significant resources of financial expertise to create a winning program.

While the details on how Burns Funding secures capital are proprietary, the major elements of the program are straightforward. “

– Peter J. Burns III

AUSTIN, TEXAS, United States, May 4, 2021 /EINPresswire.com/ – For 45 years, serial entrepreneur Peter J. Burns III was a man on a mission. He has created over 150 of his own new businesses and mentored countless other potential entrepreneurs in their quest for business success.

Along the way, Burns woke up. Some of the best business ideas in the world never saw the light of day. They lacked capital.
So three years ago he started Financing burns. Burns set out to create a toolkit of alternative financing methods that people could use to raise capital for their businesses. Ranging from stacking lines of credit to leveraging the cash that can be generated through cost segregation studies, Burns Funding has facilitated the capital needed for start-up after start-up after start-up.

Then the pandemic struck.

Rather than seeing this as a fatal blow to the small business community, Burns did what it always does. He saw an opportunity. Burns turned to Burns Funding’s significant resources of financial expertise to create a winning program.

Essentially, Burns figured out how to help future entrepreneurs access the glut of business capital that the federal government set aside as a federal stimulus during the pandemic. But that was only half the equation.

Burns, a father of two daughters and four granddaughters, recognized that entrepreneurs who really needed capital were a select segment of the population – millennial women – who were smart AND ambitious. So, from one of the darkest chapters in US history, the Millennial Queenmaker program was born.

While the details on how Burns Funding secures capital are proprietary, the major elements of the program are straightforward.

First, there is an introduction between the candidate and Burns, or a member of his team. Typically, the candidate knows that she already has what it takes to start and run her own business or operate a business in an area where she already has some subject matter expertise. The latter is where Burns Funding can facilitate a match, as Burns already has many approved projects awaiting the intelligence and ambition that a young female entrepreneur can bring.

The next step is either to apply for funds through the federal government (as mentioned above) or to assess the creditworthiness of the applicant for the purpose of obtaining capital from private lenders. Burns Funding has totaled approximately $ 1.5 billion in unsecured debt financing available to qualified borrowers. Some applicants would be eligible for a mixed approach of federal and private funds.

Once the funds are secure and on hold. Burns makes it easy to create a comprehensive business plan, so that the appropriate funds can be set aside for a decent “living wage” for the young female entrepreneur as well as the necessary salespeople – marketing, finance, legal, etc. – which can help ensure the success of the business.

While Burns is still available as a mentor, he has also recruited several accomplished business coaches, who can guide the young entrepreneur on her successful journey.

Specific agreements between all parties are prepared, reviewed and executed. Bank accounts are opened, and funding is organized and provided with full administration and supervision by Burns Funding’s resident experts.

Burns is the majority owner of each company, remaining the final decision-maker until the company has paid Burns Funding its debt financing. Then the entrepreneur receives his agreed capital in the startup. The dream is realized.

About Burns Funding

Burns Funding is an emerging aggregator of non-traditional tools for securing growth capital. Four of these tools stand out.

First, Burns Funding institutionalized the bridge financing process to help clients reduce their credit card debt and achieve a higher credit score. This allows Burns Funding clients to raise more capital at remarkably low interest rates, in some cases as low as zero percent for an introductory period of 12 to 21 months.

Second, Burns Funding was the first to use cost segregation to allow commercial property owners to generate capital (in the form of tax savings) based on a little-known IRS allowance. A cost segregation study identifies aspects of a property that can be placed on accelerated depreciation life cycles, typically resulting in huge tax savings for qualifying homeowners.

Third, Burns Funding provides a market for inactive companies, which are business entities that are no longer in use because their assets have been sold, usually by acquisition. However, these companies are still viable because they have exemplary credit records. While these entities typically cost between $ 5,000 and $ 10,000, their clean records can help clients secure lines of credit for growth.

Fourth, Burns Funding offers a General Loan Program, through which, through its extensive network of lenders, it can help entrepreneurs and investors consolidate many small loans into one general loan, usually at a lower interest rate. , with considerably less maintenance. There are also withdrawal opportunities with these loans, providing access to growth capital.

Holt hackney
bogus communications
+1 5126320854
write us here
Visit us on social networks:
Facebook
Twitter
LinkedIn




Source link

]]>
https://biofera.org/burns-funding-creates-new-fundraising-program-for-young-women-entrepreneurs/feed/ 0
US Bank Visa Platinum Review https://biofera.org/us-bank-visa-platinum-review/ https://biofera.org/us-bank-visa-platinum-review/#respond Tue, 04 May 2021 23:53:54 +0000 https://biofera.org/us-bank-visa-platinum-review/

We want to help you make better informed decisions. Certain product links on this page will direct you to a partner website and may earn us a referral commission. For more information, see How we make money.

American bank Visa® Platinum card

Best Balance Transfer Credit Card

American bank Visa® Platinum card

Editor’s Note: (4.2 / 5)

  • Introductory Balance Transfer Rate: 0% * for 20 billing cycles on balance transfers *
  • Annual subscription : $ 0 *
  • Regular APR: 14.49% – 24.49% * (Variable)
  • Recommended credit score: 670-850 (good to excellent)

US Bank Visa Platinum is NextAdvisor’s first choice for 0% interest on new purchases as well as balance transfers, and it’s easy to see why: its introductory period of 20 billing cycles (variable APR from 13.99 to 23.99% thereafter) is the longest offering widely available in either another category, especially after many issuers canceled their balance transfer offers this year. You won’t earn any ongoing rewards, but for paying off debt or waiving interest on new purchases, this card is hard to beat.

In one look

  • 0% introductory APR for 20 billing cycles on new purchases
  • 0% introductory APR for 20 billing cycles on balance transfers posted to your account within 60 days of account opening
  • Current variable APR of 13.99 -23.99%, based on creditworthiness
  • Balance transfer fee of $ 5 or 3% of the balance, whichever is greater
  • No annual fee
  • No APR penalty
  • Late payment fees up to $ 40

Benefits

  • Long introductory offer at 0% interest for purchases and balance transfers

  • No annual fee

  • No APR penalty

The inconvenients

  • Late or return payment fees

  • 3% balance transfer fee ($ 5 minimum) applies

  • No reward structure

Additional card details

You can get cell phone protection if you use this card to pay your monthly phone bill, which covers damage or theft up to $ 600 for up to two claims per year with a $ 25 deductible.

US Bank lets you choose when your payment is due and offers free access to your TransUnion credit score if you sign up for online banking. US Bank Visa Platinum also comes with fraud protection in the event of unusual activity on your account.

Should you get this card?

This card needs to be in your wallet if you want to secure an extended 0% interest buffer, whether it’s to pay off debt balances or extend payments on a large purchase. Before applying for this card, make sure you are disciplined to pay your bills on time and have a solid plan to repay your balance as much as possible before the end of the introductory period. After your current APR starts, you will earn interest on any remaining balance (transferred or new) from that time until you pay it off in full.

Either way, using this card responsibly can potentially save you from paying thousands of dollars in accrued interest over time.

How to use the US Bank Visa Platinum card

US Bank Visa Platinum is best for paying off debt via balance transfer or pay off a large purchase over time without earning interest. You won’t receive any rewards or additional points for using it, but it can be a game-changer to help you consolidate and pay off your balances.

U.S. Bank Visa Platinum Balance Transfer

After opening your account, you will have 60 days to complete a balance transfer. But the countdown to your introductory 20 billing cycle period begins upon approval, so the sooner you complete your balance transfer, the more time you’ll have to capitalize on the interest-free offer.

Suppose you have a current balance of $ 5,700 on a card with an APR of 16%. This graph shows the difference in value between making minimum monthly payments (calculated at 3% of your total balance) on this card versus transferring your balance to U.S. Bank Visa Platinum and then either continuing to make similar minimum monthly payments. , or pay the balance in full during the introductory period.

Reimbursement of the current card (with minimum monthly payment) US Bank Platinum (with minimum monthly payment) US Bank Platinum (paid in full during the introductory period)
Starting balance $ 5,700 $ 5,700 $ 5,700
Monthly payment $ 171 (adjusted as principal decreases) $ 171 $ 293.55
It’s time to pay 189 months 34 months 20 months
Interest + fees $ 4,325.56 $ 560.08 $ 171
Amount paid in full $ 10,025.56 $ 6,260.08 $ 5,871

US Bank Visa Platinum 0% interest

In addition to balance transfers, Visa Platinum’s introductory 0% interest offer on new purchases, also for 20 billing cycles (13.99-23.99% variable APR thereafter), can be a great way to spread your payments without taking interest. This can be beneficial if you buy new appliances during a home improvement project that you will need more time to pay off, for example. Make sure you pay at least the minimum amount due each month throughout the introductory period and have a plan for your balance to be paid off before the current interest rate goes into effect after 20 cycles of billing.

It is important to separate balance transfer offers and new purchases. If you are paying off debt, avoid accumulating balances on new purchases throughout the repayment period, even with the introductory APR purchase.

And while you don’t incur an APR penalty for late payments, you should always prioritize paying your monthly bill on time to avoid late fees, which can cost you up to $ 40 per month.

US Bank Visa Platinum compared to other cards

American bank Visa® Platinum card

American bank Visa® Platinum card

Editor’s Note: (4.2 / 5)

  • Introductory Balance Transfer Rate:

    0% * for 20 billing cycles on balance transfers *

  • Annual subscription :

    $ 0 *

  • Regular APR:

    14.49% – 24.49% * (Variable)

  • Recommended credit:

    670-850 (good to excellent)

  • Learn more external link icon on the secure site of our partner.
Wells Fargo Platinum Card

Wells Fargo Platinum Card

Editor’s Note: (4.0 / 5)

  • Introductory Balance Transfer Rate:

    0% introductory APR for 18 months on qualifying balance transfers

  • Annual subscription :

    $ 0

  • Regular APR:

    16.49% -24.49% (variable)

  • Recommended credit:

    670-850 (good to excellent)

  • Learn more external link icon on the secure site of our partner.
Citi Simplicity® Card

Citi Simplicity® Card

Editor’s Note: (4.0 / 5)

  • Introductory Balance Transfer Rate:

    0% for 18 months on balance transfers

  • Annual subscription :

    $ 0

  • Regular APR:

    14.74% – 24.74% (variable)

  • Recommended credit:

    740-850 (Excellent)

  • Learn more external link icon on the secure site of our partner.

All information on the US Bank Visa Platinum Card, Wells Fargo Platinum Card, and Citi Simplicity Card has been independently collected by NextAdvisor and has not been reviewed by the issuer.

Final result

Editorial independence

As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.

The US Bank Visa Platinum is a winner on several fronts; it’s our choice for the best credit card with balance transfer and the best 0% interest card. Compared to other introductory 0% interest offers on new purchases and balance transfers, this card’s extended interest-free introductory period of 20 billing cycles (13.99-23.99% Variable APR thereafter) is a powerful tool.

We love the US Bank Visa Platinum because it’s simple. It’s designed to help you pay off lingering credit card debt or spread big purchase payments over time. You won’t get any rewards, but it’s the best introductory deal we’ve found on the market today.

Frequently Asked Questions

Is US Bank Visa Platinum a good card?

If you’re looking to earn long-term rewards, you won’t find cash back or valuable points with this card. But it’s a great choice for paying off high interest debt with a balance transfer or to take advantage of the long introductory period for new purchases.


Source link

]]>
https://biofera.org/us-bank-visa-platinum-review/feed/ 0
Citi Diamond Preferred Credit Card Review https://biofera.org/citi-diamond-preferred-credit-card-review/ https://biofera.org/citi-diamond-preferred-credit-card-review/#respond Tue, 04 May 2021 23:53:54 +0000 https://biofera.org/citi-diamond-preferred-credit-card-review/

We want to help you make better informed decisions. Certain links on this page – clearly marked – may direct you to a partner website and earn us a referral commission. For more information, see How we make money. The conditions apply to American Express benefits and offers. Registration may be required for certain American Express benefits and offers. Visit americanexpress.com to learn more.

  • Introductory Balance Transfer Rate: 0% for 18 months on balance transfers
  • Annual subscription : $ 0
  • Regular APR: 14.74% – 24.74% (variable)
  • Recommended credit score: 670-850 (good to excellent)

The Citi Diamond Preferred Card * can help you save money with 0% introductory APR on purchases and balance transfers for 18 months (14.74% to 24.74% APR variable thereafter). This makes it one of the longest deals available today to pay off a large purchase over time or eliminate debt balances without accumulating more interest.

In one look

  • 0% introductory APR on new purchases for 18 months from the date you open the account
  • 0% introductory APR on balance transfers for 18 months. Balance transfers must be made within 4 months of opening the account.
  • Variable APR in progress from 14.74% to 24.74%
  • No annual fee
  • Qualify for Citi Entertainment Benefits and Citi Identity Theft Solutions
  • Choose your payment due date

Benefits

  • Intro 0% interest on purchases and balance transfers for 18 months

  • No annual fee

  • Choose your own payment due date

The inconvenients

  • 3% balance transfer fee ($ 5 minimum)

  • High variable APR from 14.74% to 24.74% after the end of the introductory period

  • No rewards and few benefits for cardholders

  • Penalty APR up to 29.99% variable

Additional card details

While the Citi Diamond Preferred is great for consolidating debt or paying off a large, interest-free purchase, you won’t get many additional benefits. This card offers few benefits other than Citi Entertainment’s access to pre-sale tickets and events, and Citi identity theft solutions, which can help you resolve issues if your identity is hijacked.

However, you have the option of selecting your own payment due date, which can be useful if you need to schedule your payments around payday or any other time of the month for budgeting purposes.

Should you get this card?

With virtually no benefits for cardholders, Citi Diamond Preferred isn’t the flashiest card offering. But it’s a useful tool if you have a lot of high-interest debt to consolidate, or if you could use a little extra time to pay off an upcoming interest-free purchase.

With an interest-free offer lasting 18 months on both purchases and balance transfers (14.74% to 24.74% APR variable thereafter), this is not the most long market (which goes to American bank Visa® Platinum card with an introductory offer of 20 billing cycles on purchases and balance transfers, from 13.99% to 23.99% variable thereafter). It’s not the cheapest either: debt consolidation will cost a fee equivalent to 3% of your transferred balance (minimum $ 5). While this cost is normal for the industry, there are offers available without a balance transfer fee.

But for a simple, no-frills debt repayment tool, Citi Diamond Preferred is a solid option.

How to use the Citi Diamond Preferred

The Citi Diamond Preferred is a good option for someone who has significant debt to consolidate. In that case, start with a plan in mind to maximize the benefits of this card. Take stock of all the debts you will consolidate with your new Citi Diamond Preferred. Once you’ve made a balance transfer and added the 3% balance transfer fee (minimum $ 5), make sure you pay off your debts as much as possible each month.

While you’re in the process of paying off your debt, you’ll also want to avoid a common mistake: accumulating more balances. While you are working to pay off your balance, avoid using your new card for new purchases. If you charge purchases on other cards during this time, make sure you can pay for them on your statement due date; otherwise, stick to cash or debit to avoid more debt.

You should also make sure to request your balance transfer promptly after approval (you must complete the transfer within 4 months of opening the account to benefit from it). After all, you’ll only get an introductory 0% APR for 18 months, and you want that time to count.

Say, for example, you have a card with a current balance of $ 5,700 and one 16% APR (based on national averages). Here’s how much you can save with a balance transfer using Citi Diamond Preferred rather than continuing to make minimum monthly payments (calculated at 3% of your total balance) on the current card:

Reimbursement of the current card (minimum monthly payment) Citi Diamond Preferred (paid in full during the introductory period)
Starting balance $ 5,700 $ 5,700
Monthly payment $ 171 (adjust according to the decrease in capital) $ 326.17
It’s time to pay 189 months 18 months
Interest + Fees $ 4,325.56 $ 171
Amount paid in full $ 10,025.56 $ 5,871

If you are considering using Citi Diamond Preferred for its introductory 0% interest offer on new purchases, it is still important to have a plan. Whether you’re replacing an HVAC system or purchasing new living room furniture, this map can be a useful tool to spread that cost over 18 months. Make your purchase soon after approval so that you can take full advantage of this introductory period and determine how much you will need to pay each month to pay off the entire purchase before the regular interest (variable APR (14, 74 to 24.74%)) enter into force.

And no matter how you use the introductory offer, always pay at least the minimum payments on time every month. Late payments can trigger a variable APR penalty of up to 29.99% and eliminate your introductory offer.

Citi Diamond Preferred vs. Other Cards

  • Introductory Balance Transfer Rate:

    0% for 18 months on balance transfers

  • Annual subscription :

    $ 0

  • Regular APR:

    14.74% – 24.74% (variable)

  • Recommended credit:

    670-850 (good to excellent)

  • Learn more external link icon on the secure site of our partner.
  • Introductory Balance Transfer Rate:

    0% * for 20 billing cycles on balance transfers *

  • Annual subscription :

    $ 0 *

  • Regular APR:

    14.49% – 24.49% * (Variable)

  • Recommended credit:

    670-850 (good to excellent)

  • Learn more external link icon on the secure site of our partner.
  • Introductory Balance Transfer Rate:

    0% for 18 months on balance transfers

  • Annual subscription :

    $ 0

  • Regular APR:

    14.74% – 24.74% (variable)

  • Recommended credit:

    740-850 (Excellent)

  • Learn more external link icon on the secure site of our partner.

All information on the Citi Diamond Preferred Card, US Bank Visa Platinum Card, and Citi Simplicity Card has been collected independently by NextAdvisor and has not been reviewed by the issuer.

Final result

Editorial independence

As with all of our credit card reviews, our analysis is not influenced by any partnerships or advertising relationships.

The Citi Diamond Preferred is a solid tool for eliminating your credit card debt or paying off large purchases over time. But don’t look for rewards or other ongoing perks because – let’s face it – this card doesn’t really have any. Before applying, explore other balance transfer offers available today, including cards that extend 0% APR for a longer period or waive the balance transfer fee.

Frequently Asked Questions

Is the Citi Diamond Preferred card good?

The Citi Diamond Preferred Credit Card is a solid option for consumers looking to consolidate their debt. However, there are other balance transfer credit cards to consider, including ones with perks and perks that you can continue to use after your debts are paid off.

Is the Citi Diamond Preferred Card difficult to obtain?

The Citi Diamond Preferred Card is for consumers with good to excellent credit. You have the best chance of approval if you have a FICO score of at least 670.

What is the credit limit on a Citi Diamond Preferred card?

Your credit limit will depend on your credit score, income, and other factors. You will not know the credit limit for which you are approved with Citi Diamond Preferred until you apply.

Does the Citi Diamond Preferred Card offer any rewards?

The Citi Diamond Preferred Card does not offer any rewards. However, there are many rewards cards that offer 0% APR on balance transfers or purchases for a limited period of time.


Source link

]]>
https://biofera.org/citi-diamond-preferred-credit-card-review/feed/ 0
Here’s why uninsured drivers are driving up your insurance bill – Forbes Advisor https://biofera.org/heres-why-uninsured-drivers-are-driving-up-your-insurance-bill-forbes-advisor/ https://biofera.org/heres-why-uninsured-drivers-are-driving-up-your-insurance-bill-forbes-advisor/#respond Tue, 04 May 2021 23:53:54 +0000 https://biofera.org/heres-why-uninsured-drivers-are-driving-up-your-insurance-bill-forbes-advisor/

Editorial Note: Forbes Advisor may earn a commission on sales made from partner links on this page, but this does not affect the opinions or ratings of our editors.

One in eight drivers did not have auto insurance in 2019, according to a new report from the Insurance Research Council (IRC), an industry-funded research group.

Nationally, 12.6% of car owners do not have auto insurance, with wide variation between states.

Mississippi saw a 5.7% increase in the number of uninsured drivers from 2015 to 2019 and has the highest uninsured driver rate in the country (29.4%). Conversely, New Jersey saw an 11.8% drop in the number of uninsured drivers and has the lowest rate in the country (3.1%).

Estimated percentage of uninsured drivers

Why everyone pays for uninsured drivers

The problems caused by uninsured drivers extend to anyone who owns a car and has insurance. After all, uninsured drivers don’t stay home. They still drive and cause accidents, accidents they cannot pay for. Responsibility rests with other drivers who must purchase additional insurance in the event of an accident with uninsured drivers.

Specifically, you can pay for coverage of uninsured motorists (UM). This pays your medical bills and expenses such as lost wages if you or your passengers are in a car accident caused by an uninsured (or underinsured) driver. Coverage for uninsured motorists is even required in some states. Remember, coverage for uninsured motorists pays you, not the uninsured driver.

Collision insurance can also pay for repairs to your car after damage caused by an uninsured driver.

“Uninsured drivers increase the cost of insurance for those who comply with their state’s requirements, and that’s not fair,” IRC vice president David Corum said in a statement. “Keeping insurance affordable is more difficult when a significant number of drivers refuse to bear their fair share of the costs. “

The IRC estimates that insured drivers paid an average of $ 78 per car in 2016 (the latest data available from the IRC) for additional insurance costs for protection against uninsured drivers. This represented a total of $ 13 billion spent on coverage for uninsured motorists.

How to Buy Uninsured Motorist Coverage

Coverage for uninsured motorists is required in some states. In other states, you may reject it in writing, or it might not be offered at all.

If you are purchasing UM coverage, you will generally need to match the UM coverage limits to your liability limits. For example, if you have liability limits of 100/300 ($ 100,000 for one person injury in an accident and $ 300,000 for multiple injuries in an accident), you will need to purchase UM 100/300 coverage.

In some states, you can purchase Uninsured Property Damage (UMPD) and Underinsured Property Damage (UIMPD) coverage, which covers damage to your own car if an uninsured person hits you.

It is a good idea to compare quotes from several companies for all the types of coverage you want. Here are Advisor Forbes’ notes on the best car insurance companies.


Source link

]]>
https://biofera.org/heres-why-uninsured-drivers-are-driving-up-your-insurance-bill-forbes-advisor/feed/ 0
Bipartisan bill would allow borrowers to break joint student loans with ex-spouse https://biofera.org/bipartisan-bill-would-allow-borrowers-to-break-joint-student-loans-with-ex-spouse/ https://biofera.org/bipartisan-bill-would-allow-borrowers-to-break-joint-student-loans-with-ex-spouse/#respond Tue, 04 May 2021 23:53:53 +0000 https://biofera.org/bipartisan-bill-would-allow-borrowers-to-break-joint-student-loans-with-ex-spouse/

A bill introduced in the House and Senate would allow borrowers to break consolidated student loans with a spouse or ex-spouse.

The Joint Consolidation Loan Separation Act would allow two borrowers to apply jointly to terminate their joint consolidation loan, or allow a borrower to submit a separate application in the event that they experience domestic or economic abuse, or are unable to reach or access the loan information of the other borrower.

The bicameral legislation is sponsored by Sen. Mark Warner (D-VA), Orrin Hatch (R-UT), Elizabeth Warren (D-MA) and Marco Rubio (R-FL), as well as Representatives David Price (D- NC) and Bradley Byrne (R-AL).

From 1993 to 2006, the US Department of Education provided joint consolidation loans to married couples. Congress eliminated the program in 2006, but failed to provide a way to sever existing loans, even in cases of domestic violence, financial abuse, or an insensitive partner. As a result, there are borrowers all over the country who remain liable for their abusive or non-communicative spouse’s consolidated debt without legal remedies options.

“I first learned of this problem when one of my McLean constituents contacted my office for help with a joint consolidation loan following divorce. His case showed us a reality faced by many Americans who continue to be responsible for these loans despite difficult and sometimes dangerous situations with their partners, ”said Warner. “Congress must not turn a blind eye to this oversight.”

Hatch said people shouldn’t be unduly burdened by an old consolidation program.

“Over the years, I have met many constituents who were unfairly burdened with a joint consolidation loan with no back up,” Hatch said. “I am happy to support this bill which will give those affected a way to relieve themselves from an unfair debt.

The National Network to End Domestic Violence and the Virginia Sexual and Domestic Violence Action Alliance both applauded the bill.

“A federal student loan shouldn’t chain someone to a former spouse, especially in domestic and economic violence cases,” Warren said. “Congress made the right choice when it ended the Joint Consolidation Loan Program in 2006, and I hope Congress passes this bipartisan bill to help struggling student borrowers move forward with their lives and to gain their financial independence.

The National Consumer Law Center has also expressed support.

“For far too long, many student loan borrowers have been stuck in joint consolidation loans, and this bill ensures that troubled borrowers, including survivors of domestic and economic abuse who previously consolidated their debts student loans, have the opportunity to regain their financial footing, ”said National Consumer Law Center attorney Joanna Darcus. “We commend the sponsors of this bill for their efforts. This bill would benefit many vulnerable student borrowers, and we are proud to support it.


Source link

]]>
https://biofera.org/bipartisan-bill-would-allow-borrowers-to-break-joint-student-loans-with-ex-spouse/feed/ 0
Definition of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) https://biofera.org/definition-of-the-bankruptcy-abuse-prevention-and-consumer-protection-act-bapcpa/ https://biofera.org/definition-of-the-bankruptcy-abuse-prevention-and-consumer-protection-act-bapcpa/#respond Tue, 04 May 2021 23:53:53 +0000 https://biofera.org/definition-of-the-bankruptcy-abuse-prevention-and-consumer-protection-act-bapcpa/

What is the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA)?

The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 is legislation that revised the United States Bankruptcy Code for cases filed on or after October 17, 2005. In April 2005, the BAPCPA was adopted by Congress and enacted by President George W. Bush to reform the bankruptcy system.

Key points to remember

  • The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA), passed in 2005, is a law that reformed the personal bankruptcy process in the United States.
  • Under the BAPCPA, filing for Chapter 7 personal bankruptcy became more difficult as more stringent guidelines and eligibility requirements were set.
  • The goal was to prevent the bankruptcy process from being abused and to encourage Chapter 13 filings instead of the more lenient Chapter 7.
  • Certain retirement assets, including traditional and Roth IRAs, received federal bankruptcy protection for the first time under the BAPCPA.

Understanding the Bankruptcy Abuse Prevention and Consumer Protection Act

Under Chapter 7 Bankruptcy, most not guaranteed consumer and business debts are forgiven or paid off. This bankruptcy plan also allows for the liquidation and sale of certain assets by a curator in order to repay creditors.Alternatively, the bankruptcy filed under Chapter 13 obliges debtors to repay part of the debt before debt relief is considered. Chapter 13 bankruptcy requires debtors to restructure their debts and create a three to five year repayment plan, under which the debtor will use future income to repay creditors in part or in full.The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) was introduced to make it more difficult for debtors to file for Chapter 7 bankruptcy and, instead, force them to file a claim at chapter 13.

The law created a bankruptcy means examination that determines whether individuals who file for bankruptcy can file for Chapter 7 bankruptcy, which releases many debts in full – or whether they should opt for Chapter 13 bankruptcy, which requires at least partial debt repayment. In addition, the Act has increased the waiting period between when a person last filed for Chapter 7 bankruptcy and when they can file a new return to eight years.

BAPCPA and chapter 7

Essentially, the purpose of the BAPCPA was to make it harder for high income earners to qualify for Chapter 7 bankruptcy by taking a closer look at the filer’s ability to repay debts. The means test compares the debtor’s monthly income to the median income (which depends on household size) in their state of residence and provides an allowance for deemed monthly expenses, at rates determined by the IRS, as well as a allowance for actual expenses. monthly expenses.

If the individual exceeds the median income and has some money after factoring in living expenses, he will generally not be eligible for Chapter 7 bankruptcy. Indeed, three outcomes are possible from the condition of. resources:

  1. A debtor will pass the means test if his disposable income is less than $ 136. They will therefore be able to file for Chapter 7 bankruptcy without any problem.
  2. A debtor will fail the test if their disposable income each month is more than $ 227. In this case, they must proceed according to chapter 13.
  3. If a debtor’s disposable income is between $ 136 and $ 227 per month, the income should be multiplied by 60 (BAPCPA assumption that the debt will be repaid in about five years, or 60 months). If the resulting value can cover at least 25% of the non-senior unsecured debt, the debtor will fail the test. Otherwise, they can file for Chapter 7 bankruptcy.

Consumers and businesses planning to file for bankruptcy must complete a licensed, nonprofit credit counseling program no more than 180 days before filing.

To meet a means test, a debtor must submit Form 122A – 1 for Chapter 7 or Form 122C for Chapter 13 in Bankruptcy court before the court hears the case.

BAPCPA also set up mandatory credit counseling for consumers and businesses wishing to file for bankruptcy.

To avoid any potential abuse of the bankruptcy system, the BAPCPA exempts certain debts from discharge. Some of these debts are:

Most of the studies that have looked at the effectiveness of BAPCPA to reform bankruptcy have concluded that the profile of consumer bankruptcy debtors has not changed. This suggests that the means test has not led to more high income debtors making more payments to creditors. Instead, those who need it may just delay the search. bankruptcy recovery.

BAPCPA and IRA protections

The enactment of the BAPCPA brought about another change: the federal protection of individual retirement accounts, or IRAs. Although federal bankruptcy laws have long protected 401 (k) plans, pensions and similar qualified employer sponsored pension plans, before the adoption of BAPCPA, ARI protections were set at the state level, or not at all. After the law was passed, people in all states got bankruptcy protection for IRA assets.

Protection under BAPCPA varies depending on the type of ARI. Traditional ARIs and Roth IRA are currently protected at a value of $ 1,362,800, with adjustments for inflation every three years (the next adjustment is in 2022). SEP IRA, SINGLE IRA, and more Rollover IRA are fully protected from creditors in bankruptcy, regardless of dollar value.


Source link

]]>
https://biofera.org/definition-of-the-bankruptcy-abuse-prevention-and-consumer-protection-act-bapcpa/feed/ 0