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How to apply for and repay Boodle loans in South Africa


Living life to the fullest is the dream of every South African citizen or resident. Sometimes life is tough and it prevents you from exploring all of your goals or acquiring the things you wish to have. Whatever economic challenges you face, life can get easier with Boodle. Boodle loans are quick temporary loans that can save you from financial hardship.

Image: pixabay.com
Source: UGC

Boodle is a platform that allows every South African to access a quick loan when they need it. Boodle loans are instant cash loans that make life much more comfortable. This loan company is fully registered under the National Credit Act 2005. It is a convenient, reliable and honest way to access fast online loans. Small loans online have proven to be beneficial for those who borrow and repay responsibly.

READ ALSO: 5 best short term loan providers in South Africa 2019

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Am I eligible for Boodle loans?

The following is the eligibility criteria for Boodle online money loans:

  • Be a South African citizen or resident with the appropriate papers
  • Be over 21 years old
  • Have a valid bank account
  • Be an employee or a person with regular income
  • Have a legitimate email address
  • Have an operational mobile number
instant loans
Image: pexels.com
Source: UGC

How to create a Boodle account?

How can I get a loan fast? To get these instant loans, you need to have access to the internet. No loan application form is required. Instead, you should register on Boodle to get an account that you will always have access to. The registration process is done in five simple steps:

  • On your browser, go to the official Boodle website. Click on register and enter the required information, then click on continue.
  • Enter your personal data and continue.
  • Enter your income details and continue.
  • Then you will get information about the quotation. Enter all the required details.
  • Congratulations! You now have an account.

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If the registration process is difficult and you feel stuck there is an online chat team who are always ready to help.

Boodle credit application

Getting your SA loans is quick and easy. To follow these steps to get your loan without lengthy loan application procedures:

  • Log into your account using your Boodle login details (email address and password).
  • Choose the amount you want by sliding the upper part of the SmileDial. Drag the bottom bar to select the number of days you want to use the loan before paying it back.
  • Fill out the quick application details that are required, making sure to give accurate information. You should read the terms and conditions of the loan.
  • Wait a few minutes while the company verifies the request you submitted.
  • Once the information is verified, the company will pay off your loan online within 10 minutes or 2 hours if the request is made manually. All short-term business loans are deposited directly into your bank account. The company will always communicate with you through your cell phone and email address to make sure the borrowing process is flawless.

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online loan
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Source: UGC

What is the interest rate for Boodle Quick Loans?

Interest which is levied on these payday loans is guided by Chapter 5 of the National Credit Act of 2005. When you borrow the fast online payday loans from Boodle in South Africa, you should expect these fees:

  • A service charge of R 60 per month plus 15% value added tax (VAT)
  • Initiation fees of R165 and 10% on the total amount above R 1000 and an additional VAT of 15%. The cost is capped at 15% of the total amount due plus 15% VAT.
  • A daily interest rate of 0.17%
  • An interest rate of 60% per year

When you apply for these payday loans online, the SmileDial always tells you how much you would pay back if you borrow a certain amount. As you slide across the bars, you will notice that the total amounts vary. This is done to ensure transparency.

Repay Boodle Easy Online Loans

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You choose when to pay off these short term loans online. You can repay cash loan every day except Sunday and public holidays. As stated in the terms and conditions loan, your payday loans are deducted from your bank account. The repayment can also be made via debit orders on the alternate day that you selected during your online payday loan application.

For amounts greater than R 5,000 repaid through debit orders, the total amount of the online credit is divided into two.

NB: Paying off all of your Boodle SA loans is essential to avoid tarnishing your credit status. People with good credit score are assured of a successful application for instant approval of loans online in South Africa. They also get a higher credit limit.

SA loans
Image: pexels.com
Source: UGC

What else should I know before taking a Boodle loan?

Other essential details you should know are:

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  • You can only get credit services for yourself. You cannot borrow on on behalf of someone else.
  • The information you provide to the company about you is always kept confidential.
  • You can’t get a loan at a time. Once you’ve paid off the previous one in full, you can move on to another.
  • If you feel that your credit profile has been unfairly tarnished or has incorrect details, you should contact the credit bureau for clarification and correction. You can reach the company via:

Compuscan: (021) 888-6000 | Fax (021) 413-2424

Experience : 0861 10 56 65

TransUnion: 0861 482 482

  • You have the option to select your preferred repayment period as long as it is within the maximum period allowed. Always make sure to pay off the credit before or on the date you choose.
  • If you do not honor your credit repayment, your credit history will have a bad rating, which can make accessing credit in the future extremely difficult. Failure to repay and communicate with the business may force the business to send an outside collection company to sue you.
  • You can always contact the company calling 0861 PLUG (266 353) or by sending an e-mail to [email protected].

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Boodle is one of the best instant online loans in South Africa, no paperwork provider required. The company is reliable, transparent and complies with all laws stipulated in the 2005 National Credit Act. Boodle loans are quick and easy to access, and the repayment process is smooth. Once the credit is obtained, be sure to repay the full amount as promised when setting your repayment date. Enjoy the comfort and convenience of this credit service today!

DISCLAIMER: This article is intended for general information purposes only and does not address individual circumstances. If a reader clicks on links from our advertising partners within our platform, we may receive a referral fee. Our team will never mention an item as the best overall product unless they believe it is the best option. Compensation does not direct our research or editorial content and in most cases does not affect how our SEO articles are written. It is not a substitute for professional advice or help and should not be used to make decisions of any kind.

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Source: Briefly.co.za

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What’s missing from the payday loan debate: facts


Everyone seems to hate payday loans, but millions of people choose them voluntarily every year. So, do we know as much about payday loans as we think?

A recent “Liberty Street Economics” blog post by myself and three other authors summarize three sets of peer-reviewed payday loan research findings, with links to all of the relevant studies. Despite all the opinions on payday loans, commentators are not always armed with the facts. This type of research is therefore crucial.

What does the research tell us? First, while payday loans are indeed expensive, it doesn’t necessarily mean big returns for lenders. The typical payday lender charges $ 15 for every $ 100 borrowed every two weeks, which implies an annual percentage interest rate of 391%. But on the other hand, research shows that payday lenders don’t earn more than competitive profits.

At 391% APR, How Can Payday Lenders Break Even? First, these loans often default, so the stratospheric APRs are only expected rates, not actual rates. And the loan amounts are very small compared to loans made by banks, so in some cases the high APR is just enough to recoup overhead costs.

Payday lenders could theoretically charge even higher rates to improve their returns. But because there are more payday loan stores in the United States than Starbucks coffee shops, competition is intense and drives prices down, resulting in risk-adjusted profits for payday lenders that are comparable. to those of other financial companies.

Second, despite concerns about consumer protection issues with payday loans, the evidence is mixed as to the validity of these concerns.

A handful of peer-reviewed journal articles test whether access to payday loans is helping or hurting consumers. On the downside, studies show that access to payday loans leads to more difficulty paying bills, no more unintentional bank account closures and military preparation reduced by “airmen“who have had payday loan problems. On the aid side, studies show that access to payday loans is associated with less difficulty paying bills, fewer bad checks and reduced foreclosure rates after natural disasters. Two studies find neutral results.

Why might consumers be drawn to payday lenders if the product hurts them? We must consider the alternatives. If multiple checking account overdrafts are more expensive than taking out a single payday loan – and it can easily be – then a payday loan is a rational choice.

The third main area addressed in the body of research is the important question of “renewals” of payday loans, which can be very expensive. Typically, if a $ 100 payday loan was rolled over, the lender would charge an additional $ 15 for each rollover. About half of the initial payday loans are repaid within a month, so most of these borrowers only pay the fees once or twice. But about 20% of new payday loans are renewed six or more times. These consumers end up paying more in fees than the amount originally borrowed. Are these borrowers overly optimistic about their ability to repay a loan quickly? Again, the evidence is mixed.

A study found that advising potential payday loan borrowers on the cost of renewals reduced their demand for the product by 11%. A second to study finds that 61% of payday borrowers were able to predict within two weeks how long it would take them to pay off their loans, with the remainder evenly divided between those who overestimated and those who underestimated. A third finding from an expert reviewing the available evidence concluded that the link between over-optimism and renewals “is tenuous at best.”

Despite mixed evidence, the Consumer Financial Protection Bureau is proposing far-reaching new rules for payday lenders. Lenders would be required to engage in expensive underwriting to assess borrowers’ ability to pay. Borrowers would be limited to no more than two renewals for each payday loan, after which the loan would convert to a term loan at a lower or zero interest rate.

These regulations can simply drive payday lenders out of business, mirroring the experience of states that have capped payday loan APRs at 36%. Borrowers with low renewal rates would be worse off. High turnover borrowers may or may not be better off, depending on whether they can find other forms of credit and how much that credit costs.

My colleagues and I believe that more research should precede wholesale reforms. One area to focus on for future studies is how many loan renewals result in irresponsible use of the proceeds. If a payday loan is overused, converting a borrower to a longer term loan seems prudent and responsible. But how many rollovers are too many?

Existing research suggests that two renewals are probably too few to identify genuinely overly optimistic borrowers. Further studies are warranted, in part because some states cap the number of payday loan rollovers allowed while they are unlimited in other states. Careful analysis of how borrowers behaved in these two sets of states would help educate regulators.

Whenever possible, financial regulation should be based on the results of objective, peer-reviewed research, and not on “analysis” provided by industry or advocacy groups.

Robert DeYoung is Capitol Federal Distinguished Professor of Finance at the University of Kansas. He has no affiliation with the payday loan industry.

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Nimble to reimburse clients $ 1.5 million for irresponsible payday loans after ASIC action


Payday lender Nimble Australia will repay $ 1.5 million to more than 7,000 customers after an ASIC investigation raised concerns that it was failing to meet its responsible lending obligations.

The Australian Securities and Investments Commission investigation found that Nimble failed to consistently recognize where consumers had taken repeat loans from payday lenders.

He also found that Nimble did not conduct a proper investigation into the financial condition and needs of borrowers.

Overall, the company’s watchdog found that Nimble was “not meeting its responsible lending obligations.”

ASIC Vice President Peter Kell said this was an important outcome for financially vulnerable clients.

“This remains a high priority area for ASIC, and we expect the industry to continue to improve its game,” he said in a statement.

Nimble solved the problem with ASIC by agreeing to reimburse more than $ 1.5 million to 7,000 affected clients, as well as by making a contribution of $ 50,000 to Financial Counseling Australia.

The payday lender has also agreed to hire an outside compliance consultant to ensure they are following consumer credit laws and will be required to report to ASIC.

“No adverse finding against Nimble”

In a statement, the online and mobile app-based lender said only “a small number of customers” were affected and that it had cooperated with the regulator.

“Nimble quickly identified and resolved these issues,” company chief executive Sami Malia said in a statement.

“They received around 1.2% of the loans taken out during the period from July 1, 2013 to July 22, 2015.

“There was no adverse finding against Nimble.”

Nimble said he would reimburse the fees paid on the affected loans.

Payday lenders under close scrutiny

The industry has come under pressure from the regulator after Four Corners reported widespread irresponsible lending within the industry.

It was also affected by the withdrawal of funding from the four big Australian banks.

The ASIC defines the payday loan as a loan of up to $ 2,000 that must be repaid within 16 days to a year.


Data compiled by ASIC revealed that the payday lending industry lent $ 831 million in fiscal year 2014-2015, with an average loan of $ 568.

The association representing the industry estimates that it has nearly a million customers.

National Credit Providers Association chief executive Phil Johns has said any unscrupulous gamer will not last long.

“Any lender that focuses on sales and not on compliance will be out of business in five years,” he predicted.

“It is clear that under principled legislation, lenders must adopt the most conservative view of the law, not necessarily the rule of law.”

ASIC said its agreement with Nimble states that repayments must be made within six months.

The regulator said any consumer who feels they have taken an inappropriate loan with Nimble should contact the company first, and then the credit and investment ombudsman if they are unhappy with Nimble’s response.

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Man pays $ 50,000 interest on $ 2,500 payday loan


Early Tuesday, in the basement of a church as the rain fell outside, Elliott Clark, 65, trashed the grocery store of needy families and spoke of people thinking he was stupid.

“Oh, I was called stupid, and they say I should have read the fine print,” Clark said. “But they didn’t walk in my shoes. What choice did I have? I needed the money.

The Kansas City man’s story dates back to 2003, when his wife fell and broke her ankle. She couldn’t work. His job as a security guard couldn’t keep up with the bills. So he did what many did: borrow money from payday loan companies.

Over the next five years, those five short-term loans of $ 500 each would cost him over $ 50,000 in interest.

“I had nowhere to go,” said Clark. “I had a family, a daughter in college, bills to pay. … I am an honest man.

He stopped himself.

“These places shouldn’t be allowed to do that. It’s just glorified loan sharking.

Clark, who dropped out of high school at 17 to join the Marines and fought in Vietnam, will tell his story Thursday at the Moral Economics Summit at Rockhurst University.

The event, sponsored by Communities Creating Opportunities, will discuss predatory lending as well as full employment, fair credit and the growing gap between rich and poor in the United States.

The summit comes just weeks after authorities indicted a Leawood man in a federal crackdown on payday lenders who prey on the poor by charging interest rates sometimes exceeding 700%. Scott Tucker, who is also a racing car driver, has denied the charges.

Eric Liu, writer, professor and former member of the Clinton administration, will deliver the summit’s opening speech. He said Clark’s experience with payday loans is a reminder that the economy is rigged to serve the few.

“Everyday Americans have a rough deal,” Liu said Monday of the University of Washington Law School, where he teaches. “People not only feel rushed by the economy, but also cheated. “

This sense of being disenfranchised has helped garner many followers for Bernie Sanders and Donald Trump, Liu said, as well as movements like the tea party, Occupy Wall Street and Black Lives Matter.

Critics say governments at the federal and state levels are also to blame for allowing the practice of troubleshooting to continue.

Clark shared his story on Tuesday while working as a volunteer in the pantry at St. Therese Little Flower Parish.

The only part he pulled out was Vietnam, where he served as a team leader. There was a time, he said, when he would wake up from a deep sleep shouting in Vietnamese. The counseling helped her post-traumatic stress disorder.

“I would like to gloss over this if we could,” he said.

But of his time in the Marine Corps, he said, he served “eight years, six months and 19 days – and proud of every moment.”

After his wife’s injury and medical bills hit $ 22,000, Clark was unable to get a bank loan with a credit score of 610. The loans he eventually received from payday companies quickly grew. an act of juggling.

With payments due every two weeks, he would pay off a $ 500 note with $ 95 in interest. At the same time, he would often take another $ 500 loan and go to the next place and do the same until all five were paid.

He would lose the $ 475 in interest. And he would also face new loans to come. This scheme lasted for five years until he received disability benefits from Veterans Affairs and Social Security. These sums allowed him to finally repay the entire debt.

“And I certainly did not go back to those places,” he said.

He and Aquila lost their home during this time. Today, married for 32 years, they rent a house.

Things are better these days because the poor have more options when it comes to borrowing small amounts of money, he said. But still, he said, about four in ten people who walk into the pantry can tell a sad story about payday loans.

“… I have no problem with companies making a profit but not taking advantage of someone who is on their last legs,” he said.

“We are our brother’s keeper. We are all a family.

This story originally appeared on kansascity.com.

This story was originally published May 18, 2016 12:47 p.m.

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Joel Tucker, brother of payday loan mogul Scott Tucker, avoids custody in Houston



Joel tucker

Joel Tucker, a Kansas City businessman who was ordered last week to surrender to the U.S. Marshals in Houston, had another chance to provide documents related to an investigation into the sale of loan debts on potentially fraudulent salary.

Tucker has been ordered to comply with orders from a federal bankruptcy judge by Aug. 18 or be taken into custody. These orders involve Tucker demonstrating the origins of payday loan debts he allegedly sold to debt collectors through a broker.

These debt collectors then filed these claims in personal bankruptcy cases in Houston, but were unable to document the origin of these payday loan debts when the bankruptcy trustees demanded proof of the validity of these debts. .

Debt management agencies have since withdrawn more than 1,000 of their claims in bankruptcy courts across the country because they now believe they were sold on false papers.

Tucker is the brother of Leawood businessman Scott Tucker, who is facing a criminal trial next year in New York City for allegedly running a $ 2 billion payday loan business who, according to federal prosecutors, allegedly exploited 4.5 million people with usurious interest rates and debt collection practices.

Joel Tucker was also scheduled to be heard Friday in a federal courtroom in Kansas City, Kansas, where Internal Revenue Service agents are investigating whether he has unpaid tax debts since 2007. A Kansas magistrate judge City, Kan. , postponed that hearing Thursday after learning that Tucker was due to travel to Houston the same day.

A hearing in the IRS case has been postponed to August 17, the day before its deadline to return to Houston to show whether it has made progress in complying with Houston bankruptcy court orders.

This story was originally published July 29, 2016 6:24 pm.

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Cash Converters to Pay Payday Loan Customers Almost $ 11 Million


Cash Converters will repay nearly $ 11 million to payday loan customers after the company’s watchdog caught it failing to verify whether borrowers could actually afford to repay the loans.

The Australian Securities and Investments Commission also fined Cash Converters $ 1.35 million for making inappropriate small loans to around 118,000 customers through its website.

The payday lender is obligated to repay customers $ 10.8 million. Credit:Brendon Thorne

Pawnbroker and Payday Lender have incurred 30 National Credit Act violation notices for failing to make reasonable inquiries into, or take reasonable steps to verify, customers’ income and expenses , ASIC said in a released statement Wednesday morning.

Instead of looking at a customer’s bank statements to establish their spending, Cash Converters guessed at those numbers, using a supposed benchmark “unrelated to the actual spending of the individual consumer,” ASIC said.

ASIC said Cash Converters failed to properly verify whether the loans were appropriate.

ASIC said Cash Converters failed to properly verify whether the loans were appropriate. Credit:Karl Hilzinger

The watchdog said customers who took out two or more payday loans within 90 days of taking another loan online with Cash Converters between July 1, 2013 and June 1, 2016 will be contacted to receive their share of the $ 10.8 million in reimbursement.

“ASIC seeks to protect financially vulnerable consumers, many of whom are on welfare, from falling victim to unsuitable payday loans,” said ASIC Vice President Peter Kell.

“Payday lending is an area of ​​high priority for ASIC, and we will continue to prosecute lenders who fail to meet their responsible lending obligations. “

Refunds will be overseen by an independent expert who will report to ASIC. The expert will also review the activities of Cash Converters and its compliance with consumer credit laws and report to ASIC, as part of a binding commitment that the lender and ASIC have agreed to.

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How to Survive the Payday of Selling Your Business and Getting the Cheapest Loan


Making your money last until payday can be tough in January, but there are a few ways you can help you reach the finish line.

An easy option is to get a cheap loan, but there are also other ways you can save yourself from getting into debt.


Make your money last a little longer in January with our tipsCredit: Getty – Contributor

The average family shell out £ 821.25 on Christmas, so it’s no wonder our wallets feel a bit flat.

Many people are also paid at the beginning of December, which means it is an even longer period until the next payday.

Below, we’ve rounded up the easy ways to see you survive through payday in January, and it includes tips like selling your stuff or suspending your subscriptions.

Calculate how much money you have

The first step in budgeting to payday is figuring out how much money you actually have.

Examine bank and credit card statements to determine where your money is coming from, how much there is, and where it is all going.

Many of us overlook the little extras that can tip a more balanced budget into the red.

There is also lots of budgeting apps, and some banks even have their own online or app-based budgeting features.

Citizens Advice also has a full budget calculator.

Use cash, not your debit card

Once you know how much is in the bank, withdraw a set amount for the week.

Using your debit card can be deceptive because it’s easy to lose track of what you’re spending.

If you have cash in your hands, it is much easier to see when it is running out.

    By using cash, you will not lose sight of how much you are spending


By using cash, you will not lose sight of how much you are spendingCredit: Alamy

And once you’ve withdrawn a set amount of money for the week, really try not to go back to the ATM.

Give up luxury and unnecessary expenses

The first month of the year doesn’t have to be boring, even if you feel the need to, because there is a lot you can do for free.

From museums to light festivals, here are some of your options – and they’re great for the little ones too.

You can also treat yourself to an evening with a good movie and a good bath instead of going to the main street and spending the money you don’t have on sales.

Just because the item is discounted doesn’t mean that it is a good deal – only buy the item if you really need it.

Explore savings opportunities

When you have money, it’s easy to overlook wasting habits, but when money is tight, it’s time to explore ways to cut back on your spending.

Can your mobile phone contract be reduced if you bought a new one?

Is there a cheaper broadband deal you could get?

Another option could be to change your gas and electricity supplier – in fact, the Ofgem regulator estimates that you could save around £ 300 on your annual bills by looking for a better deal and then switching supplier.

If you haven’t changed in a few years, chances are you have a high rate.

Just keep in mind that the savings will take over a month to materialize.

It might sound complicated, but those little savings could make the difference between a desperate month and a doable month.

Sell ​​your stuff

    Sell ​​your stuff on eBay or at garage sales


Sell ​​your stuff on eBay or at garage salesCredit: Getty – Contributor

If you’ve got a bunch of things you don’t need anymore, January is a great time to get rid of them – and eBay is a great platform to use to sell them.

You just got a bunch of new stuff for Christmas, so try dating the old one, the new, and earn some extra cash while you’re at it.

Or if you have any Christmas gifts that you are not happy with, you can earn a lot of money by selling them too.

Make your own lunch

At lunchtime, it can be very tempting to buy a meal and a drink at work, but over a year, that little indulgence could cost you dearly.

It is estimated that the average Briton spends over £ 1,900 a year to buy lunch at work, which works out to almost £ 160 a month.

    By bringing lunch to work, you can save hundreds of pounds per month


By bringing lunch to work, you can save hundreds of pounds per monthCredit: Getty – Contributor

A great tip to help you save money in January is to make your own sandwiches for work instead of buying your lunch to save yourself a nice little sum.

Or as an alternative to sandwiches, make more of your evening meal and take leftovers to work with you instead.

Buy groceries in bulk and freeze them

By making the most of your freezer, you might make budgeting until payday a little easier.

If you buy in bulk, you can store the excess food you have in your freezer and use it later in the month.

You can also prepare larger meals for yourself and freeze any leftover foods.

Using your freezer this way will help the foods you buy last longer, and you shouldn’t have to throw away foods left in the refrigerator.

Rent your driveway

UK owners could do an average of £ 1,090 per year renting their aisles, according to recent research.

Perhaps surprisingly, Sheffield is the city where you can expect to make the most money at £ 1,539 a year.

It is then followed by £ 1,525 in London and £ 1,363 in Leeds.

There are a number of websites that you can use to rent your entry, but be aware that some will charge a fee.

What to watch out for when renting your drive

BEFORE you dive in and start renting your drive, there are a few things you need to do first:

1. If you don’t own your home, check to see if your landlord is okay with you renting the space.

2. Check to see if renting your parking space voids your home insurance – this may increase your insurance risk and therefore your premium or you may need a separate liability policy.

3. Check how payments are made through the rental website. It is best to withdraw money as soon as possible to protect your money should the worst happen and the business goes bankrupt.

Work at home

    By working from home, you will save on travel costs


By working from home, you will save on travel costsCredit: Getty – Contributor

Are there a few days in January when you could work from home?

By staying at home, you will save on travel costs, although there is also a risk that you will spend more on heating.

If you can bear to wear a few more clothes and turn on the heat only at night, then go for it.

Put subscriptions on hold

The New Year is a busy time with a lot to plan for, so will you really have time to flip through this magazine or watch all of those TV channels?

    Do you really need all your TV channels in January?


Do you really need all your TV channels in January?Credit: Getty – Contributor

By putting your subscriptions on hold, you can make January a little easier financially – if you’re in the mood for the latest gossip, you can find it all online.

But not all suppliers allow their customers this option, so we advise you to check your contract and contact the company directly.

Spend Reward Points

If you spent a lot of money this Christmas through loyalty programs, you should have saved up a healthy balance of reward points.

So why not put them to good use and spend them on essentials like food and toiletries this month?

With hundreds of different loyalty cards, these are the ones worth keeping in your wallet.

Get a loan

It can be tempting to look for shortcuts when you’re having trouble, and a loan should be seen as a last resort.

But if you really can’t afford to pay it all in January, you can get personal loans to help you get through a set period.

You should try to avoid payday loans as the interest on these is usually sky-high which means that even if you manage to pay off you will have to pay a huge chunk of your salary to the loan provider once you will be paid.

Fortunately for borrowers, a price war between providers means that you can now get a personal loan for as little as 2.8% per annum, but these are only available with banks such as Santander and Sainsbury Bank if you borrow more than £ 5,000.

Also, keep in mind that all loan rates are “representative” meaning that only 51% of successful applicants need to get the rate, so you can apply successfully but get a more expensive deal.

How do you find the cheapest credit card or personal loan?

IF you want to apply for credit, here’s how to find the best product for you.

  • Review key information before applying. This should include the interest-free period, the interest rate, and other charges.
  • Use a comparison website like MoneySuperMarket.com or GoCompare.com
  • Check that you are eligible. If you do not meet the requirements, you could be rejected and this will have a ripple effect on your credit score.
  • Check your credit score before to apply. You can do this for free by signing up for a 30-day free offer, but you’ll need to cancel before the period ends, or you’ll need to pay a fee.
  • Only those with the best credit scores get the advertised rate, so it’s worth building up your history by never missing a payment.

If you’re looking to start saving, here is how you can save £ 1,500 in one year with the 365 day challenge.

Or if it’s out of reach, the penny challenge allows you to turn your change into £ 670 in one year, starting with 1p per day.

During this time, bloggers also revealed their top ways to make money in January – and you don’t even have to leave your house.

Heating: tips to save money

We pay for your stories! Do you have a story for the Sun Online Money team? Write to us at [email protected] or call 0207 78 24516. Don’t forget to join the Sun Money Facebook group for the latest great deals and money saving tips.

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Elizabeth Warren proposes to replace payday lenders with the mail – ThinkProgress


The Postal Service (USPS) Could Save Most Economically Vulnerable Americans From Dealing With Predatory Financial Companies Under Proposal approved this weekend by Senator Elizabeth Warren (D-MA).

“USPS could partner with banks to make a crucial difference to millions of Americans who lack basic banking services as there are hardly any banks or bank branches in their neighborhoods,” he said. Warren wrote in a Huffington Post op-ed on Saturday. The editorial resumed a report of the USPS inspector general who proposed using the agency’s vast physical infrastructure to expand basics like debit cards and low-dollar loans to the same communities that the banking industry has typically ignored. The report found that 68 million Americans do not have a bank account and spent $ 89 billion in 2012 on interest and fees on the types of basic financial services the USPS may begin to offer. The average unbanked household spent over $ 2,400, or about 10% of their income, just to access their own money through activities like check cashing and payday loan shops. USPS would generate savings for these families and income for itself by replacing these non-bank financial services companies.

These companies are among the most predatory players in the money business. Payday loans with annual interest rates far north of 100 percent are zero billions of dollars poor communities each year, with the average customer pay $ 520 to borrow $ 375. After decades of operation in a regulatory blind spot and dodge state-level reforms, the payday loan industry is now facing a crackdown from the Consumer Financial Protection Bureau. The threat of new rules for short-term cash lending in general has pushed traditional banks to stop offering deposit advance loans with similar characteristics.

But while ending triple-digit interest rates and fine print tips is good for consumers, it doesn’t reduce demand for these financial services. The USPS could slip into that space and meet that need without attacking those communities. “Instead of partnering with predatory lenders, writes David Dayen in The New Republic, banks could partnership with the USPS on a public option, not beholden to shareholder demands, which would treat customers more fairly. US post offices are an ideal physical infrastructure for delivering these services to communities currently neglected by banks. About six in ten post offices nationwide are in what the USPS report calls “bank deserts” – zip codes with one or zero bank branches.

Doing business in these communities more ethically would still be profitable enough to inject around $ 9 billion into the books of the ailing federal postal agency. The USPS is facing a fiscal crisis, a crisis largely fabricated by the choices of Congress. The agency does not receive taxpayer money for its operations but is still under the authority of Congress, and lawmakers have used that authority to impose arbitrary financial requirements and service constraints who have the postal service on the verge of bankruptcy. USPS is legally obligated to hold assets in its pension funds that cover the next 75 years of projected retirement costs, a unique and crippling demand that Congress refuses to lift despite proof that he is almost solely responsible for the agency’s financial problems.

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Wonga Breaking News: Why Payday Loan Company Collapse Won’t Free Customers From Debt | The independent


It has been a long and never-ending week of disappearance for controversial payday lender Wonga.

News that the company was lining up potential directors as it crumbled under the weight of legacy loan applications came last weekend, but it wasn’t until tonight, hours after the lender. stopped offering new loans, that these directors were finally summoned.

Wonga’s failure sparked rapturous tiny violin jokes on Twitter as well as genuine concern that more borrowers could be forced into the clutches of loan sharks if a major legitimate credit provider goes bankrupt.

For those who are paying off debts to the business, there is another question: what will happen to their loans?

With market conditions causing major changes on our streets and within financial services, this is an important question for anyone holding credit or paying off debt to a business.

What happens when a loan company goes bankrupt?

Wonga’s collapse does not mean that its debtors will be able to waive their repayments.

The directors of the company will take over the management of the company, although this does not mean that they will grant new loans. The existing loan “book” – details of who owes the business, how much, and at what interest rate – will be sold to a new creditor and borrowers will have the same responsibility to repay them.

It may sound disturbing: We all know stories of debts being sold to companies that use aggressive tactics and send debt collectors to pressure people to make repayments faster.

However, there is actually a lot of protection for borrowers in these circumstances.

The StepChange charity says borrowers’ rights cannot be changed just because a debt has been sold. The buyer must follow the same rules as the original creditor, so if borrowers continue to make their repayments on time, nothing will change except the name of the company they are repaying.

Wonga customers are therefore unlikely to notice a difference and are protected against any changes to the terms and conditions.

Overdue debts are often sold to companies that specialize in pursuing overdue repayments, which means that the demand for payment increases accordingly. These companies buy a portfolio of overdue debt for less than its face value and then sue the debt – making a profit if they manage to get a full repayment.

However, they cannot increase interest rates or add charges to debt unless agreed to in the original credit agreement. And it is not in their best interests to lead a borrower to insolvency, so it is usually possible to make new arrangements to pay with him.

So the rights don’t change and Wonga’s customers will just start paying off a new creditor.

However, anyone who accumulates arrears, whether on a loan or for services such as household bills, can have their debts sold to debt buyers. And while their rights would not change, the efficiency with which their debt is prosecuted might.

What if i have credit and a business goes bankrupt?

For debtors, the amount they owe a business is one of its assets that can be sold. For creditors, it’s slightly different.

With banks, building societies or credit unions, a good level of protection is in place. If one of them goes bankrupt, the Financial Services Compensation Scheme offers protection up to a maximum of £ 85,000.

For joint accounts, the available protection doubles. For savers with even larger sums, they can split their money across multiple bank groups to get the same protection on each account, although this is only if they split your money across multiple bank groups, not branded. Some groups have multiple brands, so it’s important to check.

But what about those people who are creditors of a business? Maybe they paid for an order that wasn’t delivered, or they keep a balance in their account and make one-time purchases, like from a wine club.

In these situations, it can be much more difficult to collect what is owed and there is no guarantee. The first step is to submit a complaint to the administrator describing the money that is owed and for what, the Which? warns that if creditors do not act, they will not be reimbursed.

Another option may be to make a claim against the card provider used. Customers who made a purchase or even part of the purchase with a credit card may request a refund from their card provider.

Who? explains: ‘For example, if you ordered a new sofa from a furniture store, paid a deposit of £ 500 with your credit card, then paid the balance of £ 1000 by check, you would be covered for the full 1 £ 500 if the business goes bankrupt and you haven’t received your sofa.

If a customer has made full payment using a debit card, they need to act quickly when the business they paid goes bankrupt. If they act within 120 days, they may be able to claim their money back through chargebacks, although this is not written into law and therefore fees may vary.

A very common form of credit balance when a business goes bankrupt is the gift certificate. It is common for these to be refused as soon as a company goes into receivership, even if its stores remain open.

Gift certificate holders may not feel like creditors, but they are, and that means they need to align with other creditors such as the Inland Revenue, homeowners, and loan companies – and they will not be given priority.

What if I am a lender?

It is increasingly common for savers to become lenders themselves using a peer-to-peer lending platform. This can muddy the waters, as it looks like a savings account, but it isn’t, which means bad debt could sink an investment, with no protection plan to appeal to.

Many peer-to-peer platforms offer provident funds that can be paid if a borrower defaults, but there are no hard and fast rules as it varies from website to website. This means that it is essential that potential lenders check what protection is available before committing their money.

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Jackie Bird: Kids Shouldn’t Learn To Love These Payday Loan Arrangers – Jackie Bird


Mr. LENDER, Mr. QuickQuid and Mr. Wonga look like happy children’s party hosts instead of three business leaders accused of being legal loan sharks.

The silly names and funny advertisements they use to ply their trade are part of a campaign to be remedied to make their industry more attractive and accessible.

However, their appearance before MPs last week was no laughing matter.

Being asked how many people you’ve ‘really’ hurt can’t be a comfortable experience, but I guess the discomfort is eased when you make millions of pounds in profit.

Payday lenders aren’t new, but what’s different is that the new generation of businesses is presenting borrowing as a normal lifestyle choice, not something that should only be used after careful consideration. .

As always, it was up to consumer guru Martin Lewis to get to the root of the problem when he accused companies of “grooming” the next generation of borrowers and called for a ban on their eye-catching TV commercials tailored to their needs. children.

There are people who say that you should never borrow money – only if you can’t afford
something, you should do without.

I agree with the principle but I fear that such ideals are difficult to live up to. As a child, I vividly remember my mother and I scanning store windows for a small card with a tick on it.

This meant the store was accepting something called the Provy Check. La Provy – or
Foresight – the loan experience meant that you borrow a certain amount, spend it in stores that stamped your card, and pay it back weekly to a collector who came to your house.

That’s how I got everything from my school uniform to most of my Christmas presents.

I remember my mom’s embarrassment when we walked into a store that didn’t accept Provy. The assistant shook her head and we awkwardly ran away.

There was nothing fun about living with money that wasn’t yours. There weren’t any puppets or quirky ads to make the experience cool but, with kids at home and Christmas around the corner, it took a hard heart not to go the ‘take it now and go’ route. think about the consequences later ”.

I don’t want the Provy experience to look pinkish as a method of lending money.

Interest rates were high and the repayment regime was strict. It was a lucrative business and its use was not considered a bit of fun, nor was it described as “living on the Provy” for anything.

In fact, it was used as an insult by other working class children if they found out this was the source of your new dress or shoes.

If, as we are told, children gleefully nag their parents into taking out loans, then something is seriously wrong.

The current controversy over payday loan companies includes calls to ban them. I don’t know if that wouldn’t send their desperate clients into much murkier waters with bigger, hungrier loan sharks.

But I agree with Martin that banning reckless TV commercials would be a start to removing the idea of ​​a loan for laughs and putting it back in the category of last resort.

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