Finance Debt – Biofera http://biofera.org/ Wed, 23 Nov 2022 14:19:31 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://biofera.org/wp-content/uploads/2021/05/biofera-icon-150x150.png Finance Debt – Biofera http://biofera.org/ 32 32 Economic measures for Black Friday to do now https://biofera.org/economic-measures-for-black-friday-to-do-now/ Wed, 23 Nov 2022 14:19:31 +0000 https://biofera.org/economic-measures-for-black-friday-to-do-now/
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There are other ways to save money on Black Friday – and they don’t involve waking up at dawn or buying discounted items at the big box stores.

Getty Images/iStockphoto


Black Friday is a popular shopping day for bargain hunters. In fact, the National Retail Federation predicts that 115 million people will shop on Black Friday 2022, with an additional 64 million the following Monday.

If battling those kinds of crowds isn’t your cup of tea, there are other ways to save money on Black Friday – and they don’t involve waking up at dawn or buying discounted items at big box stores.

Economic measures for Black Friday to do now

Want to create extra cash without riding the Black Friday storm? Here are five money-saving strategies that can help.

  1. Consolidate debt
  2. Review your insurance coverage
  3. Improve your credit score
  4. Refinance your mortgage
  5. Refinance your student loans

1. Consolidate debt

If you have multiple debts in your name, such as a credit card, car loan, or Personal loanfor example — then you might consider combining them using a debt consolidation loan.

With a debt consolidation loan, you’re essentially consolidating all of your debt into one loan balance. You apply for the loan and, once approved, use those funds to pay off your other debts and credit cards. In the end, you only have one loan and one monthly payment left.

Often, debt consolidation loans come with lower interest rates than credit cards and other types of products. If this is the case with yours, you could also benefit from smaller monthly payments and fewer long-term interest charges.

You can start saving money with a debt consolidation loan now by answering a few simple questions online.

2. Review your insurance coverage

If it’s been a while since you changed insurance companies, it’s probably time to do a little comparison. This applies to car insurance, life insurance, animal insurance and any other type of insurance policy you may have.

To get started, review your existing policies to make sure the coverage you have is still adequate. Then, get quotes from a few other insurers, making sure to set the same coverages, deductibles, and other details (so you can compare apples to apples).

Finally, check this discounts offers each insurer. Sometimes you can reduce your premium Not bad by having multiple policies with one insurer, settling your bills on autopay, or simply working in a certain field or industry. Once you have all of these details in place, you can compare quotes and choose the most affordable coverage.

You can get a new life insurance quote online now. Or use the table below to shop suppliers to find your best deal.

3. Improve your credit score

When you have a high credit rating, lenders are more likely to lend you money at an affordable interest rate. So if you plan to open new accounts or take on new short-term debt, try increase your credit score first. The higher your credit score, the lower your interest rate and the more you can save.

You can get a free credit report now by clicking here.

Start paying off your debts as much as possible. You should also dispute any errors you find on your credit report, as this can also help boost your score. Generally speaking, the best interest rates go to borrowers with scores between 700 and above.

4. Refinance your mortgage

If you are the owner, a mortgage refinance could help you in three ways. First, if you are currently paying for Private Mortgage Insurance (PMI), refinancing could help you get rid of it. This would lower your monthly payment and increase your cash flow.

Also, if your current interest rate is higher than current rates, you may be able to lower your interest rate (and your monthly payment).

Finally, you can also opt for a cash refinance, which allows you to turn some of the equity in your home into cash. Essentially, you replace your mortgage with a larger loan and get the difference back as a cash payment. You can use these funds to repair your house, buy Christmas gifts or anything else you might need.

You can start the online mortgage refinance process today by answering a few simple questions.

5. Refinance your student loans

Student Loan Refinance are similar. By refinancing your private student loans, you may be able to get a lower interest rate than you’re currently paying (especially if you have a higher credit score than when you applied). This would lower your monthly payments and interest charges over the life of the loan.

Keep in mind that you can also consolidate student loans. This can be a good idea if you have several student loans, all with high interest rates. Consolidation would facilitate payments and may even reduce overall costs.

And remember: any potential student loan forgiveness will only apply to federal student loans. If you have private student loans you are not going to qualify.

So think about refinancing now and start saving money!

Another advice

Using reward credit cards can also help you save money while on vacation. These cards often help you accumulate points based on where and how much you spend. You can then use these points for gifts or even convert them into cash to pay off your card balance.

If you choose to use this strategy, be sure to shop around for your card. Credit card benefits vary greatly and some may also incur fees.

]]> SoFi Technologies, Inc. (NASDAQ:SOFI) Receives Consensus “Buy Moderate” Recommendation From Brokerages https://biofera.org/sofi-technologies-inc-nasdaqsofi-receives-consensus-buy-moderate-recommendation-from-brokerages/ Mon, 21 Nov 2022 06:39:50 +0000 https://biofera.org/sofi-technologies-inc-nasdaqsofi-receives-consensus-buy-moderate-recommendation-from-brokerages/

Shares of SoFi Technologies, Inc. (NASDAQ: SOFIGet a rating) received a consensus “moderate buy” recommendation from the fourteen brokerages that currently cover the business, Market Beat Ratings reports. Five equity research analysts gave the stock a hold rating and seven gave the company a buy rating. The 12-month average target price among brokerages that have covered the stock over the past year is $11.69.

Several brokerages have recently commented on SOFI. Seaport Res Ptn reiterated a “neutral” rating on SoFi Technologies shares in a Friday, September 9 research report. Bank of America upgraded SoFi Technologies from a “neutral” rating to a “buy” rating and raised its price target for the stock from $8.00 to $9.00 in a Wednesday, September 14 research note . Bank Of America (Bofa) upgraded SoFi Technologies from a “neutral” rating to a “buy” rating and raised its target price for the company from $8.00 to $9.00 in a Wednesday 14 research note. september. Goldman Sachs Group cut its price target on SoFi Technologies from $8.50 to $7.50 and set a “neutral” rating on the stock in a Wednesday, November 2 research note. Finally, Credit Suisse Group raised its price target on SoFi Technologies from $8.00 to $8.50 and gave the company a “neutral” rating in a Wednesday, August 3 research note.

SoFi Technologies shares down 3.7%

Shares of NASDAQ: SOFI opened at $5.18 on Monday. The stock has a market capitalization of $4.81 billion, a price-earnings ratio of -10.36 and a beta of 1.57. The stock has a fifty-day simple moving average of $5.38 and a two-hundred-day simple moving average of $6.09. SoFi Technologies has a 12-month low of $4.77 and a 12-month high of $21.10. The company has a current ratio of 2.23, a quick ratio of 2.23 and a debt ratio of 0.88.

Institutional investors weigh in on SoFi Technologies

Institutional investors have recently changed their stake in the company. Riverwood Capital Management Ltd. acquired a new stock position in SoFi Technologies during the first quarter worth approximately $207,873,000. State Street Corp increased its stake in SoFi Technologies shares by 76.6% during the second quarter. State Street Corp now owns 11,686,894 shares of the company valued at $61,590,000 after purchasing an additional 5,068,034 shares during the period. Vanguard Group Inc. increased its stake in SoFi Technologies shares by 7.8% during the third quarter. Vanguard Group Inc. now owns 66,808,733 shares of the company valued at $326,027,000 after purchasing an additional 4,846,633 shares during the period. Point72 Asset Management LP increased its stake in SoFi Technologies shares by 35,197.2% during the third quarter. Point72 Asset Management LP now owns 3,509,722 shares of the company valued at $17,127,000 after purchasing an additional 3,519,722 shares during the period. Finally, Banco BTG Pactual SA acquired a new position in SoFi Technologies during the first quarter worth approximately $18,467,000. 38.19% of the shares are held by hedge funds and other institutional investors.

SoFi Technologies Company Profile

(Get a rating)

SoFi Technologies, Inc provides digital financial services. It operates through three segments: lending, technology platform and financial services. The society’s lending and financial services and products allow its members to borrow, save, spend, invest and protect their money. It offers student loans; personal loans for debt consolidation and home improvement projects; and home loans.

Featured articles

Analyst Recommendations for SoFi Technologies (NASDAQ: SOFI)

This instant news alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to contact@marketbeat.com.

Before you consider SoFi Technologies, you’ll want to hear this.

MarketBeat tracks daily the highest rated and most successful research analysts on Wall Street and the stocks they recommend to their clients. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the market spreads…and SoFi Technologies wasn’t on the list.

While SoFi Technologies currently has a “Moderate Buy” rating among analysts, top-rated analysts believe these five stocks are better buys.

See the five actions here

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Personal loan applications for rising debt consolidation, report finds https://biofera.org/personal-loan-applications-for-rising-debt-consolidation-report-finds/ Thu, 17 Nov 2022 21:20:15 +0000 https://biofera.org/personal-loan-applications-for-rising-debt-consolidation-report-finds/

In these unpredictable times, flexibility is key, especially when it comes to borrowing money for the things we need most. In a pinch, personal loans can be used to cover a number of things, from wedding expenses, surprise medical bills, to major home repairs or funeral expenses.

Debt Consolidation can also be a particularly strategic way to use them, as the process allows borrowers to better organize their debts and typically involves a lender sending funds to creditors on your behalf. Consolidating debt through a personal loan also allows borrowers to benefit from a lower interest rate while they repay the loan, which saves a lot of money over the life of the loan. .

A recent study by LendingTree reported that between the third quarter of 2021 and the third quarter of 2022, applications for personal loans in general increased by 12.3%, while applications for personal loans to use for debt consolidation increased by 29.1% during this period.

The report highlighted the increase in annual percentage rates, or APRs, coinciding with interest rate hike by the Federal Reserve as the main reason for the recent spikes.

Below, Select details what you can do if you want to take out a personal loan for debt consolidation purposes.

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How to apply for a personal loan

Before applying for a personal loan, you will want to check your credit score. Although there are several lenders, such as Reached and OneMain Financialwho will always consider borrowers with low credit ratings or one poor credit historyyou may have to pay a higher interest rate. However, those with higher credit scores will generally have to pay a lower interest rate.

Beginner personal loans

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt consolidation, credit card refinancing, marriage, moving or medical

  • Loan amounts

  • Terms

  • Credit needed

    FICO or Vantage score of 600 (but will accept applicants whose credit history is so poor that they have no credit score)

  • Assembly costs

    0% to 8% of target amount

  • Prepayment penalty

  • Late charge

    Greater of 5% of monthly amount past due or $15

OneMain Financial Personal Loans

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt consolidation, big expenses, emergency expenses

  • Loan amounts

  • Terms

  • Credit needed

  • Assembly costs

    Flat fee from $25 to $1,000 or percentage ranging from 1% to 10% (depending on your state)

  • Prepayment penalty

  • Late charge

    Up to $30 per late payment or up to 15% (depending on your state)

Click here to see if you are prequalified for a personal loan offer. Conditions apply.

Next, you’ll want to determine how much money you actually need to borrow. If you are consolidating debt, simply add up all of your balances to get a total.

While the smallest personal loan amounts — with a lender such as PenFed Credit Union, for example – tend to start around $600, minimum amounts closer to the $1000 mark are often more common. Be careful not to ask for more than you need, as you will eventually have to pay back all the money.

PenFed Personal Loans

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt consolidation, home improvement, medical bills, car financing and more

  • Loan amounts

  • Terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

Next, you’ll want to do your homework by researching and compare rates, fees and conditions from different personal loan providers. Some lenders will let you check your rate without hurting your credit score before you even apply.

Ideally, you’ll want to go with a lender that offers a low interest rate with no fees (or the least amount of fees) and a term that best fits your budget. LightStream and Marcus of Goldman Sachs are each known to offer personal loans with no origination fees, late fees or prepayment fees.

LightStream Personal Loans

  • Annual Percentage Rate (APR)

    5.99% to 21.49%* when you sign up for autopay

  • Purpose of the loan

    Debt consolidation, renovation, car financing, medical expenses, marriage and more

  • Loan amounts

  • Terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

Marcus by Goldman Sachs Personal Loans

  • Annual Percentage Rate (APR)

    6.99% to 24.99% APR when you sign up for autopay

  • Purpose of the loan

    Debt consolidation, home improvement, wedding, moving and moving or vacation

  • Loan amounts

  • Terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

When you decide which lender you want to go with, submit your application and wait for approval, which can take anywhere from one to a few days. After that, just wait for the funds to be paid out.

With debt consolidation, lenders will usually disburse money directly to up to 10 of your chosen creditors – you only need to provide their information and how much money each needs to be sent. This way, you will simply be responsible for reimbursing your personal lender.

Get matched with personal loan offers.

At the end of the line

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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How to choose the best debt consolidation lender? https://biofera.org/how-to-choose-the-best-debt-consolidation-lender/ Tue, 15 Nov 2022 06:30:53 +0000 https://biofera.org/how-to-choose-the-best-debt-consolidation-lender/

The Good Brigade/Getty Images

Debt consolidation is combining multiple debts into one loan to reduce the number of bills you pay each month. Ideally, when consolidating debt, you also reduce the interest rate you pay and you can ultimately pay off the debt faster.

If you are considering debt consolidationYou should start by deciding which method is best and evaluating your financial and credit health to determine if you are a good candidate for debt consolidation. Once you’ve taken these steps, you can move on to researching and evaluating lenders to find the best solution to help you pay off those crippling debt balances sooner.

Identify the type of debt consolidation that suits you best

The first step is to evaluate debt consolidation options and select the method that is best for you. Common methods include:

  • Personal loan: Many lenders offer debt consolidation loans or personal loans designed to help you pay off your debts faster and save a lot of interest. Debt consolidation loans usually come with a fixed interest rate and a loan term of 1 to 10 years. You are free to use the funds as you see fit, but the idea is to pay off your debt balance with the loan proceeds.
  • Zero APR credit card: Also known as balance transfer credit cards, these debt products can help you save a significant amount in interest and eliminate high-interest debt balances faster. They are generally reserved for consumers with a good or excellent credit rating. You should only consider this option if you can repay the balances you transfer to the card during the introductory period. Otherwise, you could end up paying a fortune in interest.
  • Home Equity Loan: You can convert up to 85% of your home equity into cash and use it to consolidate your debt with a home equity loan. It acts like a second mortgage and comes with a repayment period of between five and 30 years. The interest rate is also fixed and lower than most credit cards, but the main drawback is that your home guarantees these loan products. Therefore, you could lose your property to foreclosure if you fall behind on loan repayments.
  • Home Equity Line of Credit (HELOC): A HELOC is a home equity loan, but you will not receive the loan proceeds in a lump sum. Instead, you’ll have access to a pool of money that you can draw on as needed during the 10-year draw period. Interest-only payments are also required during the drawdown period on most HELOCs. Once completed, you will repay in monthly installments over a term of up to 20 years. The amount of the monthly payment can fluctuate since the interest rate on HELOCs is generally variable.

It’s important to select the best option for your needs, as this will help determine the type of lender you choose. Not all lenders offer the same borrowing options. Once you’ve decided on a consolidation option, you can analyze each lender’s interest rates, loan terms, and fees to determine which offers make the most financial sense for your goals.

Determine your qualifications

Lenders want to know that you are creditworthy and have the means to make timely payments on the loan or credit card you are using to consolidate your debt. This means you can expect the lender to assess your credit score and credit history to determine if you have a history of responsible bill paying.

Lenders will also look at your debt-to-equity ratio to determine if you can afford monthly repayments and if you’re not taking on more than you can handle. Lenders also want to see verifiable proof of income and will be looking for long-term financial stability.

Also, be aware that the most competitive interest rates are generally reserved for borrowers with a good or excellent credit rating. A lower credit score doesn’t always mean you’ll automatically be denied a loan or credit card. Still, you will usually get a high interest rate if approved to offset the risk of default posed to the lender or creditor.

Ultimately, you may find that it doesn’t make sense to consolidate your debt if you have bad credit if you only qualify for a higher rate than you’re currently paying.

Shop around for lenders

Look for lenders that offer the type of debt consolidation you are looking for. Most offer online prequalification with a flexible credit application. If you’re considering a debt consolidation loan, you’ll also get an overview of potential loan costs to compare your options with.

In addition to checking online lenders when shopping, it may be a good idea to check the options available from banks or credit unions. You may qualify for more favorable loan terms if you have a pre-existing relationship with a bank or lender.

Regardless of the type of lenders you include on your shortlist, prequalification takes the guesswork out of finding lenders willing to work with you. Plus, you’ll avoid going to lenders who might deny you a loan or credit card and get an unnecessary credit check.

Assess the lender

Once you have a shortlist of at least three lenders, it is a good idea to compare them side by side and compare the factors below, which will impact the overall cost of your loan, your ability manage it and the customer service you receive:

  • Annual Percentage Rates (APR): This figure represents the actual annual cost of borrowing. It includes interest and fees determined by your credit score and debt-to-equity ratio. Knowing this information for each loan option can help you assess which one will cost the least.
  • Lender fees: Some lenders charge origination fees ranging from 1-10% of the loan amount. Even if the APR is on the lower end, high origination fees might make a different loan product the more practical choice. Similar to APR rates, knowing each lender’s fees can help you determine which loan is more expensive or best suited for you.
  • Characteristics of the lender: Top lenders also have an online dashboard where you can monitor your account, schedule payments, and chat with customer service representatives. It’s also great if free educational resources can help you manage your credit and overall financial health more effectively. Understanding the features and customer service offerings of each lender gives you a better idea of ​​which loan will be easier to manage.
  • Customer reviews: You want to select a reputable lender with a proven track record of providing quality service. Checking online reviews from past clients can be a good way to gain peace of mind before signing on the dotted line with a lender. Seeking accreditation from the Better Business Bureau (BBB) ​​may also be a good idea.

At the end of the line

Before applying for a loan or credit card to consolidate your debt, weigh your options to decide which type of debt consolidation makes the most sense. Plus, get prequalified with at least three lenders to see potential loan quotes and compare your options. This will allow you to make an informed decision, reach your debt repayment goals faster, and save money.

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Is a payday advance from a bank better than a personal loan? https://biofera.org/is-a-payday-advance-from-a-bank-better-than-a-personal-loan/ Sat, 12 Nov 2022 12:32:34 +0000 https://biofera.org/is-a-payday-advance-from-a-bank-better-than-a-personal-loan/

Image source: Getty Images

We’ve all come across an unexpected expense from time to time.


Key points

  • 60% of Americans couldn’t cover a $400 emergency expense without going into debt.
  • If you need cash fast and your bank offers payday advances, it might be worth looking into.
  • A personal loan has other advantages, however, such as a higher borrowing limit and a lower interest rate.

Many of us have been there. You had a car accident, and now you have to pay the mechanic to fix it. This unexpected expense will cost you a few hundred dollars, and like 60% of Americans, you are not able to cover it with your savings. Moreover, you only have money left for the bare necessities in your current account, and your next payday is several days away. What should you do?

You have a few options in this situation. Read on to learn more about bank payday advances versus personal loans, and how to decide which is right for you.

What is a salary advance?

A payday advance loan from a bank or box is called a small loan. These are loans of an amount generally between $100 and $1,000, granted by a bank to account holders. The intention is to give consumers an alternative to predatory payday loans (see below) when they are in a financial bind. If your bank offers them, you’ll get the money you need quickly and pay it back from your next paycheck via direct deposit, or over a period of weeks or months. You will have to pay a fee (either a fixed dollar amount or a small percentage of what you borrow) and interest for the service.

You may soon hear more about payday advances; a Bloomberg Law report in early October 2022 noted that federal regulators want banks to be able to offer them, but banks need more guidance from regulatory agencies moving forward. Personal loans, on the other hand, are already reliably available for your emergency borrowing needs.

What is a personal loan?

A Personal loan is a fairly easy way to borrow a lump sum of money. They usually come with lower interest rates than many other quick cash solutions, like credit cards or payday loans (and certainly lower than payday loans). However, if your credit is not in top shape, you may not be eligible for the best personal loan rates available.

Personal loans are generally in the amount of $1,000 to $100,000, and can often be funded fairly quickly after your application is approved. In some cases you can get the money the same day or the next day. Is there another way to borrow money fast? Yes, but you probably want to stay away.

Try to avoid payday loans

Although it may seem counterintuitive (after all, there’s “payday” in the name), it’s a good idea to avoid payday loans. And depending on where you live, they may be illegal in your area; they have been banned in 13 states and the District of Columbia. Payday loans are small, short-term loans of $500 or less, usually with a very high interest rate.

As of 2022, typical payday loan rates range from 28% to 1,950%. These loans often trick consumers in a cycle of debt from which they cannot easily escape. Can’t repay your loan on your next payday? That’s fine, the lender will turn it into a new payday loan for you! How nice of them. Your best choice is probably a payday loan or a personal loan.

How do you choose?

There are a few things to consider when choosing between a payday advance and a personal loan.

How much money do you need?

A payday advance loan, if you can get one from your bank or credit union, is probably best for borrowing smaller amounts. If your auto repair bill is $350, but the smallest personal loan amount you can take out is $1,000, that’s not ideal. If your surprise expense is larger, you’ll likely get a better interest rate with a personal loan (plus payday advances from your bank may be capped at $500).

How fast do you need it?

If you can wait a few days and have good credit, you may be better off with a personal loan – again, because of interest rates. That said, if your bank offers payday advance loans, they might approve you fairly quickly if you’re an existing customer in good standing. It has already registered you and can access your finances in the form of your bank account(s). Plus, your bank can easily send the money you borrow directly to your account.

How long do you need to pay it back?

This is where a personal loan probably has the advantage. You will have more time to repay a personal loan (months to years) than a payday loan (weeks to months). But again, a lot depends on the amount of money you need to borrow.

Payday advance loans and personal loans have their place, and if you ever get into trouble and need to borrow a relatively small amount of money, both are worth considering. However, it is definitely in your best interest to avoid payday loans.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

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Purely Commentary: Free loan in Hebrew: Ready to help as recession looms https://biofera.org/purely-commentary-free-loan-in-hebrew-ready-to-help-as-recession-looms/ Wed, 09 Nov 2022 21:00:48 +0000 https://biofera.org/purely-commentary-free-loan-in-hebrew-ready-to-help-as-recession-looms/
David Contorer

Hebrew Free Loan Detroit (HFL) is here to help: HFL has been on our same mission since 1895: to provide interest free loans to improve the lives of Jews across Michigan.

Let’s Talk Turkey: Inflation continues as we pay more at the gas pump, in stores, for higher education and for just about everything. We are entering a global recession that could last for some time, as political divisions and war disrupt supply chains and impact each of us and our personal economy. While most goods and services cost more, our assets continue to lose value. Debt is growing as credit cards and high interest lenders charge sinking rates for many people in our community.

Hebrew Free Loan Detroit (HFL) is here to help: HFL has been on our same mission since 1895: to provide interest free loans to improve the lives of Jews across Michigan. HFL is here to partner with borrowers to provide the following resources:

-$10,000/year (undergraduate) and $15,000/year (graduate) to cover the cost of full-time attendance at colleges and universities in Michigan.

-$15,000 debt consolidation loans for eligible applicants who first go to Gesher (formerly JVS + Kadima) for a free consultation and thorough review of their credit report and financial situation. These loans are used to pay off high interest debt and improve credit patterns.

– Loans of $20,000 for in vitro fertilization (IVF), fertility, genetic testing and adoption.

-$100,000 to start or grow a small business.

Every Jewish candidate who comes to HFL is treated with dignity, respect and confidentiality. HFL has a caring staff and a board of helpful community leaders who understand and know our Michigan area with its resources, so we partner with our borrowers to try to find solutions. History has taught us that inflation and recessions happen in cycles, and that’s why HFL is ready now (and throughout this recession) to help members of Michigan’s Jewish community with our loans. without interest.

If you know of a Jewish Michigan resident who is willing to partner with us and who could benefit from an interest-free loan, please have that person contact HFL at (248) 723-8184 or visit our website: www.hfldetroit.org. You can also scan this QR code with your smartphone camera.

David Contorer is Executive Director of Hebrew Free Loan.

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More doctors unionize amid burnout and industry consolidation https://biofera.org/more-doctors-unionize-amid-burnout-and-industry-consolidation/ Mon, 07 Nov 2022 11:00:07 +0000 https://biofera.org/more-doctors-unionize-amid-burnout-and-industry-consolidation/

Illustration: Shoshana Gordon/Axios

Burnout and consolidation in the healthcare industry are pushing more doctors and doctors-in-training to unionize to demand better wages, benefits and working conditions.

Driving the news: More than 1,200 residents and trainees at Montefiore Medical Center last week asked the hospital in Bronx, New York, to recognize their bargaining unit after an organizing vote.

  • It was another sign that 80-plus-hour workweeks, combined with inflation and other stressors, are causing more doctors to demand a seat at the table.
  • The Interns and Residents Committee, part of the Service Employees International Union, said it had a banner year organizing unions in five hospitals across the country and now has more than 22,000 members.
  • Doctors also joined other major labor organizations, including the American Federation of State, County, and Municipal Employees and the American Federation of Teachers.

By the numbers: According to American Medical Association. The numbers have likely increased since then, in response to hospital consolidation and more doctors working as employees of a health system or other provider.

  • The average salary for a resident physician in the United States in 2021 was $64,000, according to Medscape. Young doctors who unionize say that’s not enough to keep up with general inflation and the cost of living, especially in markets like New York and Los Angeles. Workload and indebted residents are also factors, for Fierce Health.
  • The Accreditation Council for Graduate Medical Education has set a maximum number hours a resident can work each week at 80 hours.
  • Residents are demanding not just higher salaries, but better working conditions, from longer breaks and meal options to moving allowances and salaries that make living near their hospitals affordable.

Yes, but: There are concerns that physicians who take collective action could undermine public trust and compromise patient safety. And the prospect of doctors leaving work almost came true over the summer in a labor dispute involving 1,300 residents and fellows at three major hospitals in Los Angeles County.

  • Hospitals face complex financial calculations that go beyond paying for hours worked, especially when it comes to their interns, said Janis Orlowski, health care manager for the Association of American Medical Colleges, in a article. Posted by AAMC.
  • “On the one hand, residents work long hours and contribute significantly to patient care. For this, they receive a stipend,” Orlowski said. “On the other hand, they are apprentices who receive very valuable training that is expensive to provide to institutions.”

The plot: So far, Montefiore Medical Center has not recognized the residents’ union and has opted out of voluntarily recognizing it beginning Friday.

  • “The National Labor Relations Act guarantees our residents the right to determine whether or not they should be represented by a union. We respect their right to make that decision through a secret ballot, free from influence. exterior,” the hospital said in a statement. released on Friday.

What they say : “For me, as a supplier, to provide solutions to some of these gaps that I see, I need a voice and a seat at the table and to be able to express what I see to people who have the power to make those decisions,” Sejal Shah, a second-year primary care and social medicine resident at Montefiore Medical Center, told Axios.

  • Physician inquiries to the trainee and resident committee increased to double or triple the rate before the pandemic, Sunyata Altenor, director of communications for the committee, told Axios.
  • Residents like Isuree Katugampala, a third-year pediatric resident at Montefiore Medical Center, have had to help with the COVID response during the pandemic due to the influx of patients and understaffing.
  • Difficulties obtaining protective equipment and vaccines during the pandemic have underscored the need for more formal organization, Bronx residents said.

Zoom out: Doctors who are not in supervisory positions have the right to bargain collectively – and experts say the pandemic experience and business terms will encourage more activity.

  • “I think doctors will find a way to unionize,” John August, director of healthcare labor relations at the Cornell School of Labor and Industrial Relations, told Axios.
  • Antitrust laws prevent most clinicians from unionizing if they are independent practitioners, but August thinks that, like medical residents, providers will likely begin to organize in the coming years.
  • Medical resident unions are unique in that members will only circulate for the duration of their residency.
  • “I probably won’t see the benefits of this union, and I’m totally okay with that, knowing that I’ve contributed and tried to play a role, along with my colleagues, that will be better for us and our patients in long term,” Katugampala said. .

The bottom line: As healthcare systems move beyond COVID-19 and rely less on traveling and temporary staff, relationships with physicians will become a critical business barometer.

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Need a car? Follow these 4 steps before setting foot in a dealership https://biofera.org/need-a-car-follow-these-4-steps-before-setting-foot-in-a-dealership/ Thu, 03 Nov 2022 12:00:31 +0000 https://biofera.org/need-a-car-follow-these-4-steps-before-setting-foot-in-a-dealership/

Image source: Getty Images

It is definitely worth being prepared.


Key points

  • Car payments can be a huge strain on your budget.
  • It’s important to figure out what you can afford and research borrowing options before looking at cars in person.

Many of us need a car to function. But owning a vehicle can be an expensive prospect. You have to feed it, to assure and process monthly payments if you end up funding it.

And many car owners do end up financing vehicles because they don’t have a lot of cash lying around. If this is the boat you expect, don’t worry. But also, don’t just walk into a dealership unprepared. In fact, it pays to take these essential steps, as suggested by Your rich best friendbefore going to see the cars in person.

1. Check your credit score

Your credit score indicates how trustworthy or risky you are as a borrower. From now on, there is no longer a minimum credit score required to finance the purchase of an automobile. But the higher your credit score, the more the terms of your auto loan are likely to be. And a higher credit score can make you pay significantly less interest on your car loan, allowing you to better manage your monthly payments.

As such, it’s important to check your credit score before looking at cars. If you see that your score needs work, you can take a few steps to improve it before you apply for an auto loan – and end up with an unfavorable borrowing rate that drives up your costs.

2. Determine how much you can afford to borrow

It’s easy to get tempted by a car with great features. But if buying that car means signing a car loan with monthly payments of $750 and the maximum amount you can afford is $450 a month, then you’re taking a really big risk.

Before heading to a dealership, sit down and check your budget (or make one) to see how much car payment you can swing. Remember, you don’t want to mess with a car loan because then you might fall behind on other bills, like your mortgage or utility charges.

3. Shop around for financing

If you know you’ll need a car loan to finance a car purchase, don’t rely solely on the financing figures given to you by the dealership. Instead, shop around to see what options you might have. You can research different lenders online to see what their loan rates look like.

4. Ask for pre-approvals

Just like you can get pre-approved for a mortgage loan, you can also do it for a car loan. This will give you an idea of ​​how much you can afford to borrow.

Now, if you’re planning on shopping around for pre-approvals, be sure to do so within the same 14-day window. Each time a lender digs into your credit history, it counts as a thorough investigation of your credit report.

One serious inquiry can drop your credit score a few points, which is usually not that bad. But you don’t want multiple difficult requests in a short time. However, if you shop for the same type of loan within the same two-week period, these various difficult requests will only count as one.

The more you prepare before entering a car dealership, the more likely you are to land a good deal – and the less likely you are to make an auto purchase you will end up regretting.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

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How to Get a $50,000 Personal Loan – Forbes Advisor https://biofera.org/how-to-get-a-50000-personal-loan-forbes-advisor/ Tue, 01 Nov 2022 00:06:16 +0000 https://biofera.org/how-to-get-a-50000-personal-loan-forbes-advisor/ Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

A personal loan is a financing option that you can use to cover a variety of different expenses. Whether you need a loan for debt consolidation, home improvement projects, or something else entirely, a personal loan can make your goals more manageable.

Larger personal loans of $50,000 can be offered to qualified individuals through various financial institutions and online lenders. Follow these five steps to get a $50,000 loan.

1. Consider qualification requirements

The first step is to review the qualification requirements of different lenders. Here are some commonalities personal loan terms you might encounter.

  • Minimum credit score: You should check your credit score to get an idea of ​​how your credit measures up to lenders’ standards. We recommend a minimum score of 670.
  • Revenue: Some lenders may want confirmation that you earn a minimum wage before giving you a personal loan, but not all lenders will disclose the minimum income they require.
  • Debt-to-income ratio (DTI). If you have too much debt relative to your income, you may struggle to qualify for financing, especially a $50,000 personal loan. A DTI of less than 36% is ideal, although some lenders will approve a highly qualified applicant with a ratio of up to 50%.

As you review lender requirements, make a list of personal loans you think you might be eligible for. You should also keep a separate list of lenders who are unlikely to approve your application so you know which ones to avoid.

2. Prequalify with multiple lenders

Once you have a list of lenders you think could work with you, check to see if any of them offer prequalification. Many lenders allow interested borrowers to prequalify for a loan, allowing you to see what terms you may qualify for when you apply, although they are unsecured. Prequalification usually only requires a flexible credit applicationwhich has no impact on your credit score.

3. Compare your offers

Then it’s time to compare your pre-qualified loan offers and choose the best personal loan for you. Of course, you will want to pay close attention to the interest rates offered by different lenders. A lower interest rate has the potential to save you a lot of money on your loan.

However, there are other details that could influence your decision, including:

  • Fees (opening fees, application fees, prepayment penalty, etc.)
  • Loan amount (can you borrow up to $50,000?)
  • Repayment period
  • Monthly payment
  • Uses of the loan
  • Funding speed

4. Complete and submit your application

After making your final choice, complete and submit your official loan application. You should expect to provide more information on your full application than on your initial prequalification form.

Here are some of the details and documents your potential lender may request when you apply for a personal loan:

  • Personal information (name, address, social security number, date of birth, etc.)
  • Employer and job title
  • Income and proof of income (e.g. pay stubs, tax returns, etc.)
  • Chequing and savings account balances
  • Copies of bank statements
  • Monthly rent or mortgage payment

5. Manage and repay your loan

If approved, you should receive final loan documents that confirm the details of your loan agreement, such as your interest rate, repayment term, monthly payment, and loan amount.

Lenders ask you to sign your loan agreement to confirm that you accept the terms and conditions of the financing. After your signature, the lender can begin the process of sending you the loan proceeds. You can expect a direct deposit to your bank account the same day or within a few days.

Once you have received your loan proceeds, your loan repayment period begins. The lender will expect you to start repaying your loan according to the terms set out in your loan agreement. Some lenders may offer you a rate reduction if you sign up for autopay.

How to get a $50,000 loan with bad credit

Qualifying for a $50,000 personal loan with bad credit can be a challenge. Many lenders are unwilling to approve a borrower for a personal loan unless they have at least one fair credit score or better.

However, you may be able to find lenders willing to work with you if you have bad credit. Of course, your income, DTI ratio, and other factors will also need to meet the lender’s borrowing criteria. Your credit alone does not guarantee loan approval.

If you are able to qualify for a personal loan with bad credit, you must be prepared to pay higher interest rates and fees in exchange for the credit risk you pose as a borrower with bad credit. credit. Additionally, bad credit can limit the amount of loan you are eligible for.

Where to get a $50,000 loan

Long term costs of a $50,000 loan

It is always wise to calculate the cost of a loan before making your final decision on whether or not to accept an offer. You can use tools like Forbes Advisor personal loan calculator to estimate the monthly payments and overall interest you would pay over the life of a loan.

If you take out a low-interest loan for consolidate debt, a new personal loan could help you save money in the long run. But even in this scenario, you must commit to not accumulating additional debt after consolidation. Otherwise, you could end up with bigger debt problems down the road.

Conclusion

Exit $50,000 Personal loan could be useful in many different financial scenarios. However, it is important to make an honest assessment of your situation before committing to such debt.

If you think a $50,000 loan is right for you, be sure to shop around for the best deal available. It’s important to get the lowest interest rate and fees possible, especially when borrowing larger sums of money.

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9 signs your retirement is on the right track https://biofera.org/9-signs-your-retirement-is-on-the-right-track/ Sat, 29 Oct 2022 11:19:32 +0000 https://biofera.org/9-signs-your-retirement-is-on-the-right-track/
goodluz / Shutterstock.com

Nearly three-quarters – 73% – of American workers surveyed say they are “fairly confident” that they will have enough money to live comfortably in retirement. This includes 28% who are “very confident” that they are on track for retirement, according to the 2022 Retirement Confidence Survey conducted by the Employee Benefits Research Institute (EBRI) and Greenwald Research.

Meanwhile, a third of workers and 24% of retirees surveyed are less confident they are on the right track due to the COVID-19 pandemic, according to the same survey. More than 2,600 adults, aged 25 and over, were surveyed to arrive at the results.

No matter which group you land in, staying on top of your retirement planning and progress is essential to ensure you have enough money for a comfortable retirement.

Wondering if your retirement planning is going as it should? Here are signs that your retirement is on the right track.

1. You save enough for retirement

man calculating his savings
Prostock-studio / Shutterstock.com

If you plan to work until age 65, you’ll need to produce 20 to 30 years of income throughout retirement, says Tom Martina Certified Wealth Management Professional with Vaylark Financial Services, a financial planning firm in Hartford, Connecticut.

“If you need $75,000 a year to survive today, you’ll probably need $1.5 million to survive to age 85 or $2.25 million to survive to age 95. says Martin. He tells Money Talks News that if someone’s Social Security has to pay $24,000 a year, that could be $500,000 of the $1.5 million needed to cover costs until age 85.

If you have a funding shortfall, Martin suggests increasing retirement account contributions, cutting expenses, and/or scrambling to earn more.

“If you’re behind on your retirement goals in your 50s, you might want to give serious thought to not claiming Social Security until age 70,” says Martin. “By not claiming social security [until age 70]you can work into your 60s without worrying about reduced Social Security benefits and increased Social Security payments. »

2. You have automated retirement savings

An elderly couple take advantage of their retirement savings
Ruslan Gouzov / Shutterstock.com

If you’ve automated your retirement savings and set them to grow each year, you’re probably well on your way to preparing for retirement, says Andrew Rosen, Certified Financial Planner and President of diversified LLCa financial planning firm with offices in Delaware, Pennsylvania and Alabama.

“By automating your savings, you are prioritizing saving for your retirement,” Rosen told Money Talks News. “Adding an automatic increase ensures that you’ll adjust this savings amount each year for inflation. It’s still important to check how you’re saving, but automation takes the guesswork out of saving for retirement and makes it a habit.

To stay on track for retirement, Rosen suggests increasing automated contributions to your retirement accounts by 1-2% each year or 25% of any annual increase received.

3. Most or all of your debt will be paid off

Woman with cut out credit card
pathdoc / Shutterstock.com

Will you no longer have a mortgage, credit card debt, car loan or student loan when you retire? If so, that’s a positive sign that this important part of your retirement is on the right track.

On the other hand, retiring with debt means you’ll have monthly payments that eat into your income. You may even need to work part-time or withdraw additional funds from your retirement account.

“To go into debt in retirement, you need income to pay for it,” says Martin. “That extra income can erode your Social Security benefits, whether through taxes or reduced benefits.”

4. You plan for anticipated retirement costs

Senior couple with financial advisor
Sirtravelalot / Shutterstock.com

The amount your retirement will cost you will vary greatly depending on your retirement lifestyle.

“Find out how much it will cost you annually for food, lodging, transportation and entertainment,” says Martin. “Also be sure to price any retirement activities such as travel, golf or boating and factor in inflation.”

“Normally, inflation is not really a concern. However, when it gets out of control like it is today, everything can cost a lot more and that hurts retirees,” adds Martin. “Although we cannot predict periods of excessive inflation, it is important to consider minimum inflation each year.”

To follow inflationary trends, Martin recommends visiting the US Bureau of Labor Statistics or by consulting the economic data and forecasts site Trade economy.

5. You have financial skills

Woman with financial advisor
Odua Images / Shutterstock.com

If you have a budget and track how much you’re spending, saving and earning and are ready to look at your debt and come up with a plan to reduce that number, you’re already financially savvy to some degree, according to Rosen.

“Financial literacy is a key part of retirement planning, and the sooner you start to feel comfortable with your finances, the better prepared you’ll be for retirement,” says Rosen.

“By frequently checking and monitoring your progress with your budget, savings, retirement account, debt, and financial plan, you’ll notice if something is wrong,” he adds. Rosen suggests reassessing both short-term and long-term financial goals after major life changes, such as moving, having a child, or getting divorced.

Rosen says these frequent check-ins are important to keeping your retirement on track. They give you the opportunity to catch and correct current problems and ensure that your finances don’t go in the wrong direction.

Want to boost your financial literacy skills? Visit MyMoney.gov and the FDIC smart money to learn about saving, earning, investing, budgeting, spending, borrowing and more.

And, of course, by subscribing to Money Talks News Newsletter will bring the latest retirement news and advice to your inbox.

6. You have a sufficient emergency fund

Emergency fund
Ariya J / Shutterstock.com

Having a fully funded emergency account is another sign that you’re on the right path to retirement. This money is essential to enable you to weather any financial storm, such as job loss or medical crisis, without going into debt or dipping into your retirement accounts.

“Not only will you need an emergency fund, but also a cash fund where you will have access to your money,” says Rosen. “If you make it a habit of having access to cash that is available but not intended for everyday use, you will be better prepared to manage your financial situation in retirement.”

If you don’t have an emergency fund yet, see: “9 tips for starting an emergency fund today.”

7. You review retirement account statements

Man working on taxes
Syda Productions / Shutterstock.com

Never looking at your retirement account statements is a ‘recipe for disaster,’ says Chris McMahon, president and CEO of Aquinas Wealth Advisors, a financial planning company located in Pittsburgh, Pennsylvania. Still, some people go years, even decades, without checking their retirement account statements, he told Money Talks News.

“Often these statements will provide additional guidance such as performance relative to the market or level of risk relative to most people your age,” he explains. “In short, these quarterly reminders can have a huge positive impact on where you might end up in retirement. In the quest for a safe and comfortable retirement, your plan statement is worth gold.

“If your account contains a lot more stocks than average, you may be taking on more risk than you think,” McMahon adds. “Be sure to check the performance breakdown of the individual holdings in your account shown on your statement. If one of your holdings is performing significantly worse than the others, this could be a red flag to consider replacing that holding.

8. You plan your future taxes

Woman doing taxes on laptop
Antonio Guillem / Shutterstock.com

To stay on track for your retirement, be sure to anticipate future tax increases.

“Federal income taxes are expected to rise at the end of 2026,” Martin says. “If you are in the 24% tax bracket today, you will be in the 28% tax bracket in 2026.”

Roth Conversions can be a way to avoid future tax increases. By transferring money from a Traditional IRA to a Roth IRA, you will pay taxes on the money at today’s rates. Then the money in a Roth account grows tax-free and can be withdrawn tax-free in retirement.

“The more taxes you have to pay, the more aggressive retirees will have to be with withdrawals from retirement accounts,” Martin notes. “That, in turn, will cause more Social Security to be taxed, which will increase the likelihood of running out of money.”

9. Retirement worries don’t disturb your sleep.

Happy sleeping woman
Andrey_Popov / Shutterstock.com

If you’re confident enough in your retirement plans to fall asleep when your head hits the pillow, that’s a sign your retirement is probably on the right track, according to McMahon. Listening to your inner voice gives you insight into the steps you may still need to take to plan for retirement.

If you’re wondering if you’re okay, have enough money, or have to rely on your kids after you retire, it’s your inner self that’s pushing you to address the issue, McMahon says.

“Often people who realize they can run out just ignore the problem,” he adds. “They rationalize, hijack and divert conversations away from any real conversation about preparing for retirement.”

However, those on the right track tend to review and refine their plans regularly. They are happy to discuss the subject and are open to suggestions on methods to improve their chances of having a fulfilling retirement.

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