united states – Payday Advance USCA http://paydayadvanceusca.com/ Sat, 05 Mar 2022 03:27:47 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://paydayadvanceusca.com/wp-content/uploads/2021/07/icon-4.png united states – Payday Advance USCA http://paydayadvanceusca.com/ 32 32 Best Cash & Cash Management Providers 2022: Middle East https://paydayadvanceusca.com/best-cash-cash-management-providers-2022-middle-east/ Sat, 05 Mar 2022 02:13:50 +0000 https://paydayadvanceusca.com/best-cash-cash-management-providers-2022-middle-east/ Fragmented payment systems and a lack of standardization have hampered the cash management efforts of businesses in the Middle East, but that should change. Although Covid-19 has boosted the adoption of digital payments in the region, new government initiatives and regulatory measures in the Middle East are also fostering a cross-border payments […]]]>

Fragmented payment systems and a lack of standardization have hampered the cash management efforts of businesses in the Middle East, but that should change.



Although Covid-19 has boosted the adoption of digital payments in the region, new government initiatives and regulatory measures in the Middle East are also fostering a cross-border payments ecosystem that will bring greater visibility and control to Treasury departments. .


Ahmad Alyousef, senior vice president and head of cash management product solutions at the Saudi National Bank (SNB), which won the award for best bank for payments and collections, says several initiatives have already resulted in faster and more efficient payment transactions. while reducing transaction costs and ushering in real-time payments.


One such initiative, developed by the six member states of the Gulf Cooperation Council (GCC), is GCCNet, which connects all GCC national switches in real time to establish a single network.


“This enabled the use of debit cards issued in one GCC country in another, thereby reducing the cost of cross-border transactions,” says Alyousef. “In addition, some GCC countries have also created real-time payment systems for low-value local and cross-border transfers. In Saudi Arabia, for example, the instant payment system facilitates day-to-day payments with instant credit. Fintechs have played an important role in increasing the demand for cross-border payment using digital wallets.


Following the completion in April 2021 of the merger of two Saudi banks – National Commercial Bank and Samba, to form SNB – the new bank took nine months to provide a seamless service migration to its customers. SNB also became the first bank in Saudi Arabia to establish a sustainable financing framework and is well placed to help businesses recover from the pandemic.


With a network deeply rooted in the Middle East and North Africa region and extensive local expertise, winner of Best Bank for Cash Management, Arab Bank, is well placed to price transactions based on local market requirements, credit risk and historical data.


Arab Bank’s enterprise digital platform, ArabiConnect, offers a range of global transaction banking services; while its ArabiSync host-to-host offering provides a superior customer experience. To stay ahead of the treasury management innovation curve, Arab Bank launched a fintech-focused business accelerator program, AB Accelerator, in Egypt in August 2021, following the success of a similar program it had previously set up in Jordan.


The National Bank of Egypt (NBE), which won the Best Bank for Cash Management award, has branches and affiliated banking units in the United Arab Emirates, Ethiopia, South Africa, Saudi Arabia, in Sudan, the United States, the United Kingdom and China; and it has a correspondent banking network that includes over 39 accounts in North America, Eurozone, UK, Middle East, Asia, Canada and Australia. NBE arranged and managed more syndicated loan deals than any financial institution in the Middle East and Africa last year, managing 51 financing deals worth more than 235 billion Egyptian pounds (about $15 billion) in 2021.


Banque Misr won the Best Short-Term Investment/Money Market Fund Provider award for its Banque Misr Money Market Fund, Youm B Youm, which provides low-barrier access to the Egyptian debt capital markets without require a significant minimum investment. In addition to the absence of subscription and redemption fees, investors can increase their investments or redeem their profits daily, providing liquidity when needed.


Liquidity and easy access to cash remain essential for businesses and banks to play a crucial role in providing real-time visibility tools and instant payments. Aided by new payment rails and national and regional regulations and standards set by organizations such as Swift, banks in the Middle East have a real opportunity to benefit Treasury Departments and promote growth for all.



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Ready Capital (NYSE:RC) upgraded to Strong-Buy by Zacks Investment Research https://paydayadvanceusca.com/ready-capital-nyserc-upgraded-to-strong-buy-by-zacks-investment-research/ Thu, 03 Mar 2022 09:27:36 +0000 https://paydayadvanceusca.com/ready-capital-nyserc-upgraded-to-strong-buy-by-zacks-investment-research/ Ready Capital (NYSE:RC – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released Thursday, Zacks.com reports. The company currently has a target price of $17.00 on shares of the real estate investment trust. Zacks Investment Research’s target price indicates an upside potential of 11.48% […]]]>

Ready Capital (NYSE:RC – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a report released Thursday, Zacks.com reports. The company currently has a target price of $17.00 on shares of the real estate investment trust. Zacks Investment Research’s target price indicates an upside potential of 11.48% from the company’s current price.

According to Zacks, “Ready Capital Corporation is a publicly traded mortgage REIT and is externally managed by Waterfall Asset Management LLC. The company provides non-bank and small business real estate. It lends primarily to multi-family and commercial real estate, offering value-add bridge loans and fixed rate financing for stabilized assets. The company approved lender Freddie Mac Small Balance Loan and provides residential mortgages through its wholly owned subsidiary GMFS Inc. Ready Capital Corporation, formerly known as Sutherland Asset Management Corporation, is based in New York, United States.

A number of other research analysts have also recently published reports on the company. B. Riley raised his price target on Ready Capital from $17.00 to $18.00 and gave the company a “buy” rating in a Friday, Dec. 3 report. Raymond James raised his price target on Ready Capital from $16.50 to $18.00 and gave the stock an “outperform” rating in a Tuesday, Nov. 9 research note. One analyst gave the stock a hold rating, five gave the stock a buy rating and one gave the stock a strong buy rating. According to MarketBeat, the stock currently has an average buy rating and a consensus target price of $17.14.

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NYSE:RC shares opened at $15.25 on Thursday. Ready Capital has a 12 month minimum of $12.80 and a 12 month maximum of $16.78. The company has a market capitalization of $1.16 billion, a PE ratio of 7.78 and a beta of 1.11. The company has a 50-day moving average of $14.93 and a two-hundred-day moving average of $15.24. The company has a current ratio of 1.55, a quick ratio of 1.55 and a debt ratio of 0.56.

Ready Capital (NYSE:RC – Get Rating) last announced its quarterly results on Thursday, February 24. The real estate investment trust reported earnings per share (EPS) of $0.67 for the quarter, beating the Zacks consensus estimate of $0.50 by $0.17. Ready Capital had a return on equity of 14.81% and a net margin of 39.09%. In the same period a year earlier, the company earned earnings per share of $0.51. Equity research analysts expect Ready Capital to post 1.86 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently changed their stock holdings. Barclays PLC increased its position in shares of Ready Capital by 70.0% during the fourth quarter. Barclays PLC now owns 77,979 shares of the real estate investment trust worth $1,219,000 after buying a further 32,105 shares last quarter. BlackRock Inc. increased its position in shares of Ready Capital by 2.7% during the fourth quarter. BlackRock Inc. now owns 10,807,722 shares of the real estate investment trust worth $168,924,000 after purchasing an additional 279,594 shares last quarter. Goldman Sachs Group Inc. increased its position in shares of Ready Capital by 238.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 397,313 shares of the real estate investment trust worth $6,210,000 after buying an additional 279,906 shares last quarter. California State Teachers Retirement System increased its position in shares of Ready Capital by 2.2% during the fourth quarter. California State Teachers Retirement System now owns 80,732 shares of the real estate investment trust worth $1,262,000 after buying 1,735 additional shares in the last quarter. Finally, Parametric Portfolio Associates LLC increased its position in shares of Ready Capital by 11.1% during the fourth quarter. Parametric Portfolio Associates LLC now owns 189,910 shares of the real estate investment trust worth $2,968,000 after purchasing an additional 18,956 shares in the last quarter. Hedge funds and other institutional investors own 42.94% of the company’s shares.

Ready Capital Company Profile (Get a rating)

Ready Capital Corp. is a real estate finance company engaged in the acquisition, servicing and financing of low balance commercial loans. The Company operates in four segments: Acquisitions, SBC Originations, SBA Originations, Acquisitions & Servicing, and Residential Mortgage Banking. The Acquisitions segment acquires performing and non-performing SBC loans and intends to continue to acquire these loans as part of the company’s business strategy.

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Analyst Recommendations for Ready Capital (NYSE: RC)

This instant 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 [email protected]

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North Carolina Approves Over $1 Billion in Local Loans | State / Region https://paydayadvanceusca.com/north-carolina-approves-over-1-billion-in-local-loans-state-region/ Wed, 02 Mar 2022 19:37:00 +0000 https://paydayadvanceusca.com/north-carolina-approves-over-1-billion-in-local-loans-state-region/ The country united states of americaUS Virgin IslandsU.S. Minor Outlying IslandsCanadaMexico, United Mexican StatesBahamas, Commonwealth ofCuba, Republic ofDominican RepublicHaiti, Republic ofJamaicaAfghanistanAlbania, People’s Socialist Republic ofAlgeria, People’s Democratic Republic ofAmerican SamoaAndorra, Principality ofAngola, Republic ofAnguillaAntarctica (the territory south of 60 degrees S)Antigua and BarbudaArgentina, Argentine RepublicArmeniaArubaAustralia, Commonwealth ofAustria, Republic ofAzerbaijan, Republic ofBahrain, Kingdom ofBangladesh, People’s Republic […]]]>

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Consumers want advanced identity verification https://paydayadvanceusca.com/consumers-want-advanced-identity-verification/ Tue, 01 Mar 2022 23:34:13 +0000 https://paydayadvanceusca.com/consumers-want-advanced-identity-verification/ As digital contact methods grow in popularity, the phone remains a staple of contacting customer service, according to the “Consumer Authentication Experiences” report, a collaboration between PYMNTS and Pindrop based on a survey of 3,797 consumers in United States. Get the report: How to Get Frictionless Customer Service 70% of consumers access customer service with […]]]>

As digital contact methods grow in popularity, the phone remains a staple of contacting customer service, according to the “Consumer Authentication Experiences” report, a collaboration between PYMNTS and Pindrop based on a survey of 3,797 consumers in United States.

Get the report: How to Get Frictionless Customer Service

70% of consumers access customer service with the traditional phone, while 76% use digital channels. However, contacting customer service is not one way or the other, as 55% of consumers use both online channels and the phone to conduct business.

More consumers are more satisfied with the identification process required to access accounts when using online or digital means than when using the phone, as 52% of consumers who access accounts digitally say they are satisfied, while only 43% contact customer service by phone. share this feeling.

This data highlights the significant opportunity to improve customer satisfaction.

The most cited negative aspect of logging into online accounts when interacting with customer service is tracking different login credentials. Thirty-one percent of consumers cite this as a difficulty.

Twenty-five percent of consumers say that remembering a combination of username and password is a negative aspect of logging into accounts. Three other difficulties are each cited by approximately 21% of consumers: the security of identifiers stored in the browser; security of money/payment method stored in the browser; and remember passwords when using different devices.

Several potential solutions to problems caused by legacy username and password-based processes fall under the umbrella term “advanced identity verification.” These solutions include technologies that use voice recognition, keylogging, liveness detection with selfies, and fingerprint scans.

Consumers want to use advanced identity verification. Twenty-nine percent of consumers are “very” or “extremely” interested in using such tools. In addition, 57% of consumers who have already used these technologies want to use them again.

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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These 3 Housing Markets at Highest Risk of COVID-Related Downturn, Says ATTOM Report https://paydayadvanceusca.com/these-3-housing-markets-at-highest-risk-of-covid-related-downturn-says-attom-report/ Tue, 01 Mar 2022 18:50:36 +0000 https://paydayadvanceusca.com/these-3-housing-markets-at-highest-risk-of-covid-related-downturn-says-attom-report/ Some housing markets are at higher risk of a downturn than others in the United States, as homeowners owe more on their homes than they are worth, and incomes are used to pay a higher percentage of housing costs. (iStock) Three states have housing markets at highest risk of downturn due to COVID-19 pandemic, according […]]]>

Some housing markets are at higher risk of a downturn than others in the United States, as homeowners owe more on their homes than they are worth, and incomes are used to pay a higher percentage of housing costs. (iStock)

Three states have housing markets at highest risk of downturn due to COVID-19 pandemic, according to a new report from ATTOM Data Solutions.

New Jersey, Illinois and California had the highest concentrations of risky markets in the fourth quarter of 2021, according to the report. The largest clusters of risk areas also remain in the New York and Chicago areas. Outside of California, no other western county was in the top 50 considered most at risk.

“The U.S. housing market continues to turn despite the coronavirus pandemic still raging across the country. Indeed, home prices continue to rise in part due to the crisis,” said Todd Teta, chief product officer. at ATTOM. “Nevertheless, the virus remains a potent threat to the broader economy and housing market, with some of the same counties we’ve seen in the past continuing to look vulnerable to potential downturns. There are no immediate warning signs hanging over part of the country, but the pockets are more vulnerable to market deterioration.”

Refinancing your mortgage could help lower your monthly payments and make them more manageable. Use Credible’s free online tool to research different mortgage refinance lenders and see what your loan options are.

NEARLY HALF OF AMERICANS CONSIDERING EARLY RETIREMENT DUE TO COVID-19 PANDEMIC, SURVEY SAYS

Homes are at risk of foreclosure on risky markets

ATTOM’s report says its risk measure was based on the percentage of homes facing a possible foreclosure process. In the most at-risk areas, there were more homes in which mortgage balances exceeded estimated property values. The company said it also considered the percentage of local salaries required to pay for major property expenses.

At least 10% of residential mortgages in the third quarter of 2021 were underwater, meaning homeowners owed more on the home than it was worth. This creates a higher risk because if a homeowner falls into financial difficulty, they will likely be unable to sell their home. About one in 1,500 homes faced foreclosure action in the fourth quarter of 2021 in 36 of the highest-risk counties, according to the report. This is compared to an average of one in 2,446 households nationwide.

“Foreclosure actions have increased in recent months since the end of a federal moratorium on lenders repossessing properties from homeowners who fell behind on their mortgages during the virus pandemic,” the report said. “The moratorium ended on July 31 and foreclosures are expected to increase over the coming year.”

If you’re at risk of foreclosure, refinancing your home loan can help reduce your monthly expenses and get your finances back on track. You can explore your mortgage refinance options in minutes by visiting Credible to compare rates and lenders. Check out Credible and get prequalified today.

CASH-OUT REFINANCES SEE YEARLY RISE DESPITE RISE MORTGAGE RATES, DATA SHOWS

What you can do if you face a foreclosure

Several options are available to landlords that could help them avoid foreclosure proceedings, including government-sponsored programs in place for those struggling due to the COVID-19 pandemic:

Enter mortgage forbearance

Homeowners who have mortgages backed by Fannie Mae and Freddie Mac have the option of obtaining COVID-19 mortgage relief to avoid eviction or mortgage foreclosure. If they have been financially impacted by the virus, they can contact their mortgage agent to opt out. Once the forbearance period is over, borrowers will have several options for repaying the money, including paying it off in one lump sum, loan modifications to repay it in installments, or adding it to the end of the loan.

Refinance your mortgage

Mortgage rates are currently hovering in the upper 3% range, according to the latest data by Freddie Mac. Homeowners who want to reduce their mortgage payment can refinance at a lower mortgage rate. Visit Credible to request a refinance in minutes and see how much you could save.

Sell ​​your house

House prices are rising at record rates – growing 15% annually, according to financial services firm CoreLogic. While this can put a strain on buyers looking to enter the market, it can be beneficial for homeowners. Homeowners can tap into the equity in their home through a cash refinance.

If you’re facing foreclosure and want to learn more about options for refinancing your home loan, visit Credible to speak with a home loan expert and get all your questions answered. Credible can help you compare mortgage lenders and discover the best refinance rates available today so you can lower your monthly payments and reach your financial goals.

Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

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Zip to buy BNPL Rival Sezzle in $352m deal https://paydayadvanceusca.com/zip-to-buy-bnpl-rival-sezzle-in-352m-deal/ Mon, 28 Feb 2022 01:25:51 +0000 https://paydayadvanceusca.com/zip-to-buy-bnpl-rival-sezzle-in-352m-deal/ Buy Now, Pay Later (BNPL) Zip and Sezzle have announced a definitive agreement under which Australia-based Zip will acquire Sezzle, according to a press release. The release notes that Zip’s deal sets the implied price for Minneapolis-based Sezzle at A$491 million ($352 million). The combination of the two companies will have a total of 8.8 […]]]>

Buy Now, Pay Later (BNPL) Zip and Sezzle have announced a definitive agreement under which Australia-based Zip will acquire Sezzle, according to a press release.

The release notes that Zip’s deal sets the implied price for Minneapolis-based Sezzle at A$491 million ($352 million).

The combination of the two companies will have a total of 8.8 million customers and more than 60,000 merchants in the United States.

And the release says the merger will advance the companies’ goal of being a global leader in the BNPL industry and help fund the next generation of consumers.

“We are excited to bring Zip and Sezzle together in a transformational transaction that is expected to deliver immediate scale and increased growth, which will support our path to profitability. The association with Sezzle positions us as one of BNPL’s leading global suppliers and prioritizes our ability to win in the important US market,” said Larry Diamond, co-founder and global CEO of Zip.

Meanwhile, Charlie Youakim, executive chairman, co-founder and CEO of Sezzle, said the company is looking forward to the merger.

“We are extremely excited to create a leader in the financial services industry by partnering with Zip and its management team,” he said.

He said he believed the transaction would “position us to win in the United States and around the world.”

Read more: 55% of local businesses offer BNPL online, but only 5% offer it in-store

PYMNTS previously wrote that customers are more likely to use BNPL when shopping online, rather than in a physical store.

This was true in four retail segments, including big box stores, department stores, luxury and specialty stores, and local businesses.

According to a recent PYMNTS study, it could simply come down to availability – BNPL is offered for around half of consumers’ recent online purchases, while it is available for less than a fifth of in-store purchases.

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NEW PYMNTS DATA: ACCOUNT OPENING AND LOAN SERVICE IN THE DIGITAL ENVIRONMENT

On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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Daily News Digest: IREDA’s revenue target of £27.49bn from renewables lending https://paydayadvanceusca.com/daily-news-digest-iredas-revenue-target-of-27-49bn-from-renewables-lending/ Thu, 17 Feb 2022 04:32:45 +0000 https://paydayadvanceusca.com/daily-news-digest-iredas-revenue-target-of-27-49bn-from-renewables-lending/ Here are some of the day’s notable cleantech announcements from around the world: Indian Renewable Energy Development Agency (IREDA) sign a Memorandum of Understanding (MoU) with the Ministry of New and Renewable Energy and set an annual performance target for 2021-2022. The central government has set a target of ₹27.49 billion (~$365.99 million) for operating […]]]>

Here are some of the day’s notable cleantech announcements from around the world:

Indian Renewable Energy Development Agency (IREDA) sign a Memorandum of Understanding (MoU) with the Ministry of New and Renewable Energy and set an annual performance target for 2021-2022. The central government has set a target of ₹27.49 billion (~$365.99 million) for operating income along with various key performance related metrics such as net worth yield, rate of asset turnover and earnings per share. IREDA said it is poised for exponential growth in the coming years in the renewable energy sector with an additional central government equity injection of ₹15 billion (~$199.73 million). dollars). The company would provide an additional loan facility of around ₹120 billion (~$1.59 billion) and further contribute to the Indian government’s renewable energy target.

Solar Energy Corporation of India (SECI) sign a memorandum of understanding with the Jammu and Kashmir State Power Development Corporation for the provision of project implementation services for a 10 MW saffron-based agro-photovoltaic (PV) power plant in Pulwama, Kashmir.

The Government of India and Australia sign a letter of intent on new and renewable energy technologies. The letter of intent would pave the way for reducing the cost of new and renewable energy technologies and scaling up deployment to improve global emissions reductions. It would also focus on increasing production and deploying ultra-low-cost clean, solar-powered hydrogen. Countries also established a forward-looking action plan for energy efficiency technologies, grid management, research and development collaboration, flue gas desulphurization, biomass or hydrogen co-combustion , optimization of the water cycle, integration of renewable energies, batteries and electric mobility.

The Timken Company, an American manufacturer of bearings and power transmission products, has has received An order to provide high-precision drives for the world’s largest single-site solar power project. Its solar tracking technology would be used to precisely position solar panels in line with the sun for the Al Dhafra PV2 site in Abu Dhabi, United Arab Emirates. The project is expected to become fully operational in 2022. The project would meet the electricity needs of 160,000 homes across the UAE while reducing approximately 2.4 million metric tons of carbon dioxide emissions.

Aurora Solar, a software platform for selling and designing solar energy, and Mosaic, a financing platform for improving residential and energy-efficient solar energy in the United States, announcement a new partnership to accelerate large-scale solar adoption. The partnership would allow solar installers to seamlessly access their Mosaic account at Aurora to provide homeowners with competitive financing options and near-instant loan pre-approval for their solar and storage projects.

Saint-Gobain India and IIT Madras have sign a MoU to develop a 100% renewable energy research park. The company would support the IIT Madras Research Park with funding of ₹10 million (~$133,211) over the next three years. IIT Madras Research Park intends to create a robust energy storage mechanism within the campus that would allow it to operate primarily with energy generated from renewable sources.


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Palisades Park, NJ, women charged after baby dies from magnesium https://paydayadvanceusca.com/palisades-park-nj-women-charged-after-baby-dies-from-magnesium/ Tue, 15 Feb 2022 21:15:16 +0000 https://paydayadvanceusca.com/palisades-park-nj-women-charged-after-baby-dies-from-magnesium/ TRENTON — Two Palisades Park women were arrested Monday in connection with the December death of an 11-month-old girl, including the child’s mother and a 73-year-old man accused of giving her a lethal dose of magnesium. According to the police complaint and probable cause affidavit, Enma Medina, 38, brought her infant daughter, Genesis Catalan-Medina, to […]]]>

TRENTON — Two Palisades Park women were arrested Monday in connection with the December death of an 11-month-old girl, including the child’s mother and a 73-year-old man accused of giving her a lethal dose of magnesium.

According to the police complaint and probable cause affidavit, Enma Medina, 38, brought her infant daughter, Genesis Catalan-Medina, to the apartment of Elida Ofelia Medina-Ramos, 73, around 8 a.m. morning on December 7 because the daughter was sick. .

Medina-Ramos told investigators she massaged the baby’s stomach and treated it with a liquid substance made up of magnesium, olive oil and water, given by oral syringe, to relieve constipation. , according to the affidavit.

Around 8:30 a.m., Palisades Park police responded to a 911 call that reported a child had a medical episode, prosecutors said. She was found unconscious and not breathing and was taken by ambulance to Hackensack University Medical Center, where she was pronounced dead.

A toxicology report revealed that the child, who was five days away from his first birthday, had high levels of magnesium in his system – 22 mg/dL. A report on the National Institutes of Health website states that anything over 15 mg/dL can cause coma and cardiac arrest.

According to the affidavit, Medina-Ramos, a Guatemalan citizen, admitted that she was not licensed to practice medicine in the United States, but had treated children for many years, including Medina’s son. , now 15, when he was a child. .

The Bergen County District Attorney’s Office said Medina-Ramos, who works as a waitress, was charged with manslaughter, unauthorized practice of medicine and child endangerment. The manslaughter charge is a first-degree charge, while the other two allege third-degree felonies.

Medina, who is unemployed, was charged with child endangerment, a second-degree felony.

Michael Symons is the State House Bureau Chief for New Jersey 101.5. Contact him at michael.symons@townsquaremedia.com.

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Estimate of 816 jobs saved – La Tribune https://paydayadvanceusca.com/estimate-of-816-jobs-saved-la-tribune/ Sun, 13 Feb 2022 05:02:25 +0000 https://paydayadvanceusca.com/estimate-of-816-jobs-saved-la-tribune/ South Point Company Receives $25 Million WASHINGTON, DC – United States Senator Sherrod Brown, D-Ohio, announced that the United States Department of Rural Development has awarded $28,250,011 to four organizations in southeast Ohio. One of them is McNational, Inc., in South Point, which provides barge towing, floating, harbor, repair and new construction services for the […]]]>

South Point Company Receives $25 Million

WASHINGTON, DC – United States Senator Sherrod Brown, D-Ohio, announced that the United States Department of Rural Development has awarded $28,250,011 to four organizations in southeast Ohio.

One of them is McNational, Inc., in South Point, which provides barge towing, floating, harbor, repair and new construction services for the marine industry on the Ohio and Mississippi rivers.

McNational receives a $25 million business and industry loan guarantee. Funding is needed due to the decrease in river traffic which has led to a drop in demand for sales and repair services. These funds will be used at their South Point location and other rural locations along the Ohio and Mississippi rivers.

Dani Carlson, Brown’s press secretary, said the move is expected to save 816 jobs.

“The USDA is doing its research to try to make sure loan recipients have the resources and tools they need to not default on their loans,” Carlson said. “These business and industry loans are guaranteed by the federal government, which means that in the event of default, the government agrees to pay the lending institution 80% of the loan.”

Brown said the awards will benefit rural Ohio.

“Small businesses face unique challenges, and this federal funding will make the investments local businesses need and strengthen economic growth in their communities,” Brown said in a press release about the executive’s passage. “I’m happy to see the Biden administration continue to deliver on its promise of putting Ohioans first and investing in rural communities.”

USDA’s Rural Development Program provides grants and loan guarantees to help create jobs, support economic development, and provide essential services.

The Value-Added Producer Grant Program helps agricultural producers create new products, create and expand marketing opportunities, and increase incomes. The Business and Industry Secured Loan Program is designed to help rural businesses obtain credit for legal business purposes in an effort to save and create jobs in rural America.

The Rural Microentrepreneurs Assistance Program provides loans and grants to help microenterprise development organizations cover start-up costs, grow, and provide training and technical assistance to microcredit borrowers and microentrepreneurs.

Lawrence County’s price made up the bulk of those in southeastern Ohio. Others on the list included:

• $63,250 grant to value-added growers to Mushroom Harvest Provisions, LLC in Meigs County to provide working capital, marketing and distribution of pickled shiitake mushrooms.

• $3,180,000 business and industry loan guarantee to Eriksten Holdings, LLC in Hocking County for the purchase of real estate that the company leases for The Carlin House, an assisted living facility.

• $6,761 grant from the Rural Microentrepreneurs Assistance Program to the Pike Community Action Committee in Pike County to provide technical assistance to the recipient’s revolving loan fund.

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What is Buy Now Pay Later https://paydayadvanceusca.com/what-is-buy-now-pay-later/ Wed, 09 Feb 2022 06:58:18 +0000 https://paydayadvanceusca.com/what-is-buy-now-pay-later/ What is Buy Now, Pay Later? Buy Now Pay Later or BNPL as it is commonly known is a financing option that allows you to purchase a product or benefit from a service without having to worry about paying for it immediately. It is simply a short-term loan product where the BNPL lender pays the […]]]>

What is Buy Now, Pay Later?

Buy Now Pay Later or BNPL as it is commonly known is a financing option that allows you to purchase a product or benefit from a service without having to worry about paying for it immediately. It is simply a short-term loan product where the BNPL lender pays the merchant or service provider at the point of sale and allows you to repay the loan at a later date with little or no interest charges. . Reimbursement can be either lump sum or in the form of assimilated monthly payments (EMI).

How is it different from paying by credit card?

Credit cards and BNPL are similar in that they both offer deferred repayment options to the borrower. However, there are some key differences between these two credit products. First and foremost, ease of access. Although using a credit card requires a good credit history and involves a rigorous verification process, BNPL offers hassle-free access to credit. You can simply purchase a product from an e-commerce portal or pay your utility bills by choosing the BNPL option at the point of payment.

Not only access and convenience, credit cards and BNPL also differ in other aspects. For example, credit cards usually offer interest-free credit periods of up to 45 days, while BNPL often offers interest-free loans with a shorter credit period, say 15 days to a month. Credit cards come with fees such as membership fees, recurring annual fees, etc., which may be higher for premium cards. On the other hand, BNPL has no such fees.

What is the prevalence of BNPL as a payment method in India?

The BNPL market is booming in India. Thanks to the rise of e-commerce and digital payments, the low penetration of credit cards and the rapid increase in the number of fintechs that are disrupting traditional methods of accessing credit. Ease of access to credit has made BNPL the preferred product for GenZ consumers, young millennials, new credit borrowers, who were often underserved or overlooked by traditional banks.

According to RazorPay’s The Covid Era of Rising Fintech report, the Indian BNPL market grew by more than 637% in 2021, which is higher than the 569% growth recorded in 2020. Indian consultancy Redseer estimates that the BNPL market is expected to grow from $3-3.5 billion currently to $45-50 billion by 2026.

There are dozen of BNPL players in India including ZestMoney, LazyPay, MobiKwik, Paytm Postpaid, Amazon Pay Later, Flipkart Pay Later, Capital Float among others. Even traditional banks are jumping on the BNPL bandwagon. This includes FlexiPay from HDFC Bank and ICICI PayLater from ICICI Bank. Axis Bank also bought Freecharge from e-commerce company Snapdeal.

Why do purists worry?

Because they fear that such easy access to credit, which is mostly for discretionary purchases, will lead borrowers into a debt trap. Although small in size, obtaining multiple loans from different lenders at the same time will impact the repayment capacity of the borrower and it affects the credit culture. Since these are primarily focused on new borrowers with no credit history, lenders also run the risk of having higher non-performing assets (NPAs) if borrowers default. Even the credit bureaus say the BNPL is still in its infancy and the reporting mechanism is not as structured and foolproof as it is with credit cards.

What are the regulatory issues with it?

Regulators around the world are cracking down on the buy-it-now-pay-later industry amid concerns over excessive and unregulated lending, lack of credit history, customer data privacy and the boom illegal loans, among other problems. Australia, Canada, Denmark, Ireland, the Netherlands, South Africa, the United Kingdom and the United States have adopted a codified definition of specific categories of short-term consumer credit and high cost provided by BNPL lenders.

Also in India, the Reserve Bank of India is keeping a close eye on digital lenders. Last November, a task force set up by the RBI found that 600 out of 1,100 loan apps on Indian app stores were illegal. The report focused on improving customer protection and securing the digital lending ecosystem. Some of the key suggestions in the task force report include subjecting digital lending applications to a verification process by a nodal agency and setting up a self-regulatory body (SRO). The task force also recommended treating buy-it-now, pay-later (BNPL) agreements as on-balance sheet loans. This in turn may require knowing your customer (KYC) and verifying your credit score before extending BNPL options to borrowers.

EOM

Published on

February 07, 2022

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