Spain Rate – FYL UNEX http://fyl-unex.com/ Tue, 21 Jun 2022 12:22:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://fyl-unex.com/wp-content/uploads/2021/06/icon-150x150.png Spain Rate – FYL UNEX http://fyl-unex.com/ 32 32 How Payday Loan Consolidation Works https://fyl-unex.com/how-payday-loan-consolidation-works/ Tue, 21 Jun 2022 12:22:00 +0000 https://fyl-unex.com/how-payday-loan-consolidation-works/ Payday lenders offer small, short-term loans to borrowers who need cash fast. Usually, you won’t have to submit to a credit check to obtain funds, and your payment will be due in two to four weeks. But many borrowers are unable to repay their payday loans in a single two to four week period. This […]]]>

Payday lenders offer small, short-term loans to borrowers who need cash fast. Usually, you won’t have to submit to a credit check to obtain funds, and your payment will be due in two to four weeks.

But many borrowers are unable to repay their payday loans in a single two to four week period. This can make already expensive debt even more expensive, especially if you have multiple payday loans. To get out of the payday loan cycle, consumers can consider a payday loan consolidation.

What is Payday Loan Consolidation?

When you consolidate payday loans, you combine multiple loans so that you can make one payment on your debt, instead of many.

“I would define a payday loan consolidation as any method that allows you to escape the payday loan cycle,” says Omari Hall, learning experience designer at GreenPath Financial Wellness. The payday loan cycle, says Hall, is the experience of being forced to repay the full amount you borrowed in a short period of time with high interest.

You can consolidate payday loans by taking out a consolidation loan or using a debt management or debt settlement program, says Anissa Schultz, director of debt management at the Credit Advisors Foundation.

What is the best way to pursue payday loan consolidation?

The appropriate choice depends on your situation, but you have options.

Debt consolidation loans

“This usually involves a credit check, which limits the availability of people with severely compromised credit, but it’s probably the best option,” says Martin Lynch, director of education at Cambridge Credit Counseling and chairman of the Financial Advisory Association of America. “I know replacing one loan with another loan doesn’t seem appealing at first glance, but if you can get a much better interest rate and only a moderately extended term, then you’re better off.”

Consolidation loans usually show up on your credit report, unlike payday loans. Paying off a consolidation loan on time and in full can improve your credit score in the long run, Lynch says.

However, there can be risks in taking out a new loan. For the rare payday loan borrower with a decent credit score, a consolidation loan is a good way to stop high interest rates, Schultz says. But borrowers who start to default on consolidation loans might find themselves returning to payday loan companies for funds to repay their consolidation loans. “Borrowing is not a good way to get out of debt,” Schultz says.

Debt management plans

Working with a credit counselor as part of a debt management program or getting a bank loan can be a good place to start, depending on your situation, Hall says, though he notes that payday loan borrowers may struggle to qualify for traditional loans.

“In many cases, people who find themselves in these payday loan cycles often don’t have super great credit, so a traditional bank loan would be available to them,” Hall said. At the same time, banks may not offer loans for low balances, such as $1,000.

Instead, consumers can consider debt management. This process involves a financial counselor who will work to reach an agreement with your creditors, according to the National Foundation for Credit Counseling. Your credit report will include a note indicating your participation in a debt management plan, although the NFCC says this won’t hurt your credit score, and completing a DMP should help your credit score in the long run.

A DMP could prevent additional charges from piling up on your debt, among other benefits. You may pay a monthly maintenance fee to participate in the debt management program, but that amount will pay off, especially for consumers accustomed to paying high interest rates, Hall says.

Debt settlement

A debt settlement company may try to come to an agreement with your creditors that you pay less than you owe. But debt settlement is not right for everyone, and you need to be aware of the risks.

Settling a batch of payday loans signals to lenders that they’ll only get some of their money back if they lend to you, Lynch says. “That’s why the settlement is really a credit killer in that it alerts lenders to the thought that we may only get some of our money back. That’s a terrible signal to send.” Other negatives include “extraordinarily high” settlement fees and a chance of being sued, Lynch says.

What are the pros and cons of payday loan consolidation?

This section will focus on debt consolidation loans and DMPs. Keep in mind that the pros and cons may vary depending on your situation and how you go about consolidating your payday loans.

Advantages of consolidation loans:

  • Lower interest rates. Payday loans can have annual percentage rates of 400% or more, while traditional bank loans or online lenders can offer much lower rates.
  • Different loan structure. A consolidation loan is an installment loan, so borrowers don’t get “sucked into this vicious circle of, ‘Oh, I’m only paying part of the interest, and you’re going to apply my principle’, and then it just keeps going roll out of control and it looks like they’ll never be able to get out of it,” Schultz says.
  • Longer terms. A consolidation loan can give you more time to pay off your debt than the two to four weeks you have with a payday loan.

Disadvantages of debt consolidation loans:

  • You may not qualify. Consumers may not meet lenders’ requirements for income, credit score and other factors. You may also not be looking to borrow enough money to qualify, depending on a lender’s minimum loan amount.
  • Usually requires a credit check. When you apply for a consolidation loan, the creditor will usually do a thorough investigation of your credit report, which can lower your score. “Because they’re looking to expand their finances, they’re going to do a thorough investigation, and that’s going to lower their credit score,” Schultz said.

  • Can block accounts from going to collections. Using a debt management program can help borrowers avoid hearing from debt collectors.
  • Can offer borrowers better loan terms. Lenders may agree to reduce borrowers’ monthly payments and stop adding fees to the balance, for example.
  • Can help borrowers with other financial matters. Getting a DMP involves working with a nonprofit credit counselor, who can help you with other aspects of your financial life, not just your payday loans.

  • Lenders are not required to participate. Although most payday lenders participate, “payday loan companies are unfortunately not mandated to work with credit counseling organizations and their joint clients,” Schultz says.
  • Lenders are not required to make concessions. Credit counselors “can’t necessarily get benefits from payday lenders,” Lynch says, although payday lenders almost always receive payments.

What are the other options for getting out of payday loan debt?

Consolidation loans and DMPs aren’t the only ways to get out of payday loan debt. Borrowers might also consider options such as:

  • No Fee Extended Payment Plans. According to the Consumer Financial Protection Bureau, more than half of the states that allow payday loans also require payday lenders to offer extended payment plans at no cost. These plans vary by state, but they allow borrowers to extend the term of their loan without paying additional fees.
  • Credit card. The average APR for credit cards in the US News database is 15.56% to 22.87%, so paying off payday loan debt with a credit card will also provide a rate of lower interest. If you can get one, a 0% APR credit card lets you pay off your balance interest-free for an introductory period.

Consumers struggling with payday loan debt are not alone. “Falling into this cycle of debt is not something you should necessarily be ashamed of,” Hall says, noting that in some communities there aren’t many other options. “A lot of my work is focused on the black and brown community, the inner city inner city community, and it’s a fact that these payday loan companies are much more prevalent in those communities than they would be. in other more established or more supported communities.”

And there are options for getting out of debt. “This is not a situation where there are no options or no (means) to escape,” Hall said.

]]>
More and more students are taking training in personal finance. But is it enough? https://fyl-unex.com/more-and-more-students-are-taking-training-in-personal-finance-but-is-it-enough/ Sun, 19 Jun 2022 10:32:31 +0000 https://fyl-unex.com/more-and-more-students-are-taking-training-in-personal-finance-but-is-it-enough/ Image source: Getty Images According to the S&P Global Financial Literacy Survey, 43% of Americans lack financial literacy — and gaps in financial knowledge can lead to chronic money problems. In 2018, only 16.4% of American high school graduates received training in personal finance. The number has now risen to around one in four high […]]]>

Image source: Getty Images

According to the S&P Global Financial Literacy Survey, 43% of Americans lack financial literacy — and gaps in financial knowledge can lead to chronic money problems. In 2018, only 16.4% of American high school graduates received training in personal finance. The number has now risen to around one in four high school students (22.7%).

As more states make financial education a mandatory part of the high school curriculum, Next Gen Personal Finance estimates that at least one-third (35.1%) of high school students will have taken a course autonomy over personal finances. That still leaves two out of three high school students without the education they need to be financially capable.

More states are implementing personal finance requirements

Currently, only eight states require high school students to take a personal finance course: Alabama, Iowa, Mississippi, Missouri, North Carolina, Tennessee, Utah, and Virginia.

Five more states are beginning to implement personal finance education at the high school level. Personal finance education is defined as a stand-alone personal finance course that lasts at least one semester or 60 consecutive hours of instruction.

Michigan recently passed a bill that would make it the 14th state to guarantee high school students a personal finance course before graduation. Momentum has grown this year, with 26 state legislatures introducing 60 different bills to expand access to personal finance education.

The importance of personal financial education

Personal finance education directly helps people improve their financial well-being. Those with higher financial literacy are less likely to face financial hardship. Those with low financial literacy are:

  • Six times more likely to have difficulty making ends meet.
  • Five times more likely to be unable to cover a month’s living expenses.
  • Four times more likely to spend more than 10 hours a week thinking about or dealing with personal finance issues.
  • Four times more likely to be dissatisfied with their current financial situation.

Studies also show that personal financial education reduces the likelihood that young adults will use payday loans and is positively correlated with asset accumulation and net worth at age 25.

The Next Gen Personal Finance annual report found that access to personal finance education is still divided based on location, race, and socioeconomic status. Across the country, students do not have equal access to personal finance education. Expanding personal finance education to all segments of society can help close the socio-economic gap and help more people build their savings accounts.

The vast majority of millionaires haven’t inherited their money or earned six-figure incomes. Financial success often hinges on using basic personal finance principles, such as regular and consistent investments over a long period of time, staying out of debt, and sticking to a budget. Financial education is the key to financial success and can help develop good habits for the future.

Alert: The highest cash back card we’ve seen now has 0% introductory APR through 2023

If you use the wrong credit or debit card, it could cost you dearly. Our expert loves this top pick, which features an introductory APR of 0% until 2023, an insane cashback rate of up to 5%, and all with no annual fee.

In fact, this map is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

We are firm believers in the Golden Rule, which is why editorial opinions are our own and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all offers on the market. The editorial content of The Ascent is separate from the editorial content of The Motley Fool and is created by a different team of analysts. The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

]]>
MIHS Class of 2022 Seniors Attend Interfaith Baccalaureate https://fyl-unex.com/mihs-class-of-2022-seniors-attend-interfaith-baccalaureate/ Wed, 15 Jun 2022 16:30:00 +0000 https://fyl-unex.com/mihs-class-of-2022-seniors-attend-interfaith-baccalaureate/ MIHS Class of 2022 Seniors Attend Interfaith Baccalaureate Seniors from Mercer Island High School’s class of 2022 gathered at the United Methodist Church on June 7 for an interdenominational bachelor’s degree sponsored by the Mercer Island Clergy Association. The theme for the evening was “Let Peace Prevail”. Several elders spoke of how their faith makes […]]]>

MIHS Class of 2022 Seniors Attend Interfaith Baccalaureate

Seniors from Mercer Island High School’s class of 2022 gathered at the United Methodist Church on June 7 for an interdenominational bachelor’s degree sponsored by the Mercer Island Clergy Association. The theme for the evening was “Let Peace Prevail”. Several elders spoke of how their faith makes a difference in their lives. The keynote address was delivered by Reverend Rhonda Bostrom, new pastor of Holy Trinity Lutheran Church. At the end of the program, Chaplain Greg Asimakoupoulos offered a blessing over the class before one of the elders sounded the shofar invoking God’s peace. Courtesy of Greg Asimakoupoulos

]]>
Neighborhood convenience stores: Fintech hubs for the unbanked and underbanked https://fyl-unex.com/neighborhood-convenience-stores-fintech-hubs-for-the-unbanked-and-underbanked/ Wed, 08 Jun 2022 13:00:00 +0000 https://fyl-unex.com/neighborhood-convenience-stores-fintech-hubs-for-the-unbanked-and-underbanked/ Most Americans take for granted the ability to buy goods and services online and offer financial services, including electronic bill payments and person-to-person money transfers. Yet for the 100 million Americans who are either “underbanked” or “underserved” (by current estimates), they lack the capacity to handle these routine transactions. This population is largely made up […]]]>

Most Americans take for granted the ability to buy goods and services online and offer financial services, including electronic bill payments and person-to-person money transfers. Yet for the 100 million Americans who are either “underbanked” or “underserved” (by current estimates), they lack the capacity to handle these routine transactions.

This population is largely made up of low-income people, immigrants, and people with credit difficulties. These are disproportionately women, people of color and young adults. And those numbers are trending up due to the fallout from COVID-19-related disruptions.

However, being unbanked or underbanked is not simply a matter of income. For many, there are systemic problems with traditional banks that exclude people. The FDIC recently conducted a survey asking unbanked respondents why they didn’t have a checking or savings account. The most common responses included lack of money to maintain an account, lack of trust in banks, privacy issues, high fees, and lack of access to banks in their neighborhood.

Additionally, primarily using cash has actually been referred to as a “second-tier cash economy”, describing individuals unable to pay bills online, or get the best price, or even not be able to find relevant products and services. They face financial exclusion that exacerbates income and wealth gaps and prevents them from fully participating in our country‘s economy.

Fortunately, new fintech solutions are helping to disrupt the established services of financial institutions and providing these marginalized consumers with greater access to relevant financial services through mobile devices and a variety of apps. However, many are still left behind without internet access. Even for people with smartphones, many continue to rely on cash in their daily lives because they are uncomfortable or distrustful of technology.

Mom and Dad to the rescue

A potential “new” champion for the unbanked and underbanked may be the unassuming facilities that have existed in their local communities all along: the “mom and pop” convenience store and bodega. These neighborhood outlets are ideally positioned to provide easy access to tens of millions of consumers.

In fact, a recent New York University study conducted in the Bronx showed that 52% of consumers shop at bodegas because they are close to home, and 68% say they shop at bodegas at least once. times a day. As a result, customer trust and familiarity with these establishments runs deep. This contrasts with large chain stores, such as 7-Eleven and Circle-K, which have a rotating roster of anonymous hourly employees who are less familiar to customers.

Neighborhood stores have always offered a range of services to these communities, such as money transfers, bill payment, check cashing, payday loans and more. Many have provided access to even wider ranges of financial services, including phone top-ups and gift cards. Their potential to evolve into true financial or fintech hubs capable of offering an even broader list of products is tremendous, especially given the long-term trust they have earned in their local communities.

The benefits of this market evolution include greater choice, wider financial possibilities and economic freedom.

The future of digital wallet commerce in the corner store

The increase in the number of financial services offered in convenience stores is already driving the “professionalization” of neighborhood store employees as de facto fintech experts and advisors, able to communicate with customers in their local language. This is driving adoption of the latest payment options from Visa debit cards and Amazon Cash to a growing variety of digital and mobile wallets that consumers can add funds to 24/7.

Today, even the newest financial instruments – like New York City’s “OMNY” transit fare payment cards – can be purchased at neighborhood convenience stores. Other companies allow local merchants to offer Bitcoin for purchase with cash or digital wallets. This paves the way for underbanked people to cost-effectively send money to family members in other parts of the world – a popular practice among immigrants – without the average 15% fee.

The trend is clear – the same trusted convenience store that many consumers depend on for their daily staples and lifestyle purchases is also helping to empower the unbanked and underbanked and give them an ever-growing range of financial services. This democratization of fintech offerings is vital not only for these consumers, but for our economy as a whole. Helping them climb the economic ladder is an important movement that our industry must support.

]]>
OnPoint Community Credit Union Celebrates Largest Branch Expansion Anniversary With Special Member Promotions https://fyl-unex.com/onpoint-community-credit-union-celebrates-largest-branch-expansion-anniversary-with-special-member-promotions/ Thu, 02 Jun 2022 18:30:00 +0000 https://fyl-unex.com/onpoint-community-credit-union-celebrates-largest-branch-expansion-anniversary-with-special-member-promotions/ “Despite all the challenges facing our communities, we are proud to open 20 new locations and provide essential financial services,” said Robert Stuart, President and CEO, OnPoint Community Credit Union. “Access to financial services and in-person education is more important than ever as our communities continue to navigate an increasingly complex economy. Working with a […]]]>

“Despite all the challenges facing our communities, we are proud to open 20 new locations and provide essential financial services,” said Robert Stuart, President and CEO, OnPoint Community Credit Union. “Access to financial services and in-person education is more important than ever as our communities continue to navigate an increasingly complex economy. Working with a community pillar like Fred Meyer allows us to meet members there where they are and to connect with them on a deeper level, so that we can fully understand their challenges and create a roadmap to help them achieve their goals.”

Special promotions and branch details

To celebrate its vast growth and the new member and community connections it has forged over the past year, OnPoint is offering special promotions from today to July 30 in the 20 in-store Fred Meyer branches. Specific promotions include:

  • $100 when you open a membership with a current account1
  • $50 for opening a new credit card2
  • $800 on the closing costs of a first mortgage3
  • Until $175 on a home equity line of credit4
  • 0.25% off standard consumer loan rates5
  • 0.25% APY increase on any published CD fare6

In addition to special promotions, each in-store branch will hold weekly giveaways for $100 OnPoint Visa Gift Cards. Branch staff will also be holding raffles for OnPoint-branded gift baskets and merchandise.

Access to financial services strengthens communities

OnPoint’s historic growth over the past year has helped ensure that communities that were previously underbanked or unbanked now have convenient access to financial services. Over the past three decades, the number of banking institutions has shrunk by 66%, from nearly 18,000 branches in operation in 1984 to less than 5,000 in 2021. As financial institutions continue to close, “deserts branches” have emerged in low-income countries. and minority communities, requiring residents to travel long distances to access financial services in person, according to the National Community Reinvestment Coalition (NCRC).

“Working so closely with our communities, we hear time and time again how important access to in-person financial services is for individuals, families and businesses,” said Cory Freeman, vice president and regional manager, OnPoint Community Credit Union. “When a community loses access to financial services, residents may turn to more expensive and sometimes unscrupulous alternatives, such as check-cashing stores or payday lenders. Branch closures are also creating barriers for small businesses, many of which are located in communities of color. When local entrepreneurs lose access to in-person banking, it can be harder to get the loans they need to grow their business. We are pleased to fill this gap and look forward to supporting more residents and small business owners in our second year of operation within Fred Meyer stores.”

Charitable giving grows alongside branch network

As OnPoint has expanded its geographic footprint, it has also increased its support for the communities it serves, donating $2.2 million in 2021 to 304 non-profit organizations across Oregon and Southwest Washington. A new record for the credit union’s annual giving program, OnPoint’s donations focused on education, climate change, services for vulnerable groups of people, and diversity, equity and inclusion. As part of their giving efforts this year, OnPoint will donate $1,000 to 20 different non-profit organizations that serve OnPoint’s in-store branch communities. Click here to learn more about the many ways OnPoint invests in its communities.

Below is the full list of OnPoint’s 20 new in-store locations. Visit onpointcu.com/locations-atms/ to view a full list of OnPoint’s 55 branches, as well as 60,000 no-charge ATMs nationwide.

  • Sandy, 16625 SE 362nd Drive, Sandy, OR 97055
  • East of Gresham, 2497 SE Burnside Road, Gresham, OR 97080
  • Cornelius, 2200 Baseline Street, Cornelius, OR 97113
  • South Hillsboro, 6495 SE Tualatin Valley Highway, Hillsboro, OR 97123
  • 158th Walker Road, 15995 SW Walker Road, Beaverton, OR 97006
  • Beaverton Town Square, 11425 SW Beaverton Hillsdale Highway, Beaverton, OR 97005
  • Hollywood, 3030 NE Weidler St., Portland, OR 97232
  • 67th & Glisan, 6615 NE Glisan St., Portland, OR 97213
  • Scappoose, 51501 Columbia River Road, Scappoose, OR 97056
  • Burlingame, 7555 SW Barbur Boulevard, Portland, OR 97219
  • Tigard, 11565 SW Pacific Highway, Tigard, OR 97223
  • Tualatin, 19200 SW Martinazzi Avenue, Tualatin, OR 97062
  • Johnson’s Creek, 8955 SE 82nd Avenue, Portland, OR 97266
  • South Salem, 3450 Commercial Street SE, Salem, OR 97302
  • Albany, 2500 Santiam Highway. SE, Albany, OR 97322
  • Santa Clara, 60 Division Avenue, Eugene, OR 97404
  • Springfield, 650 Q Street, Springfield, OR 97477
  • Salmon Stream, 800 NE Tenney Rd., Salmon Creek, WA 98685
  • orchards, 7411 NE 117th Avenue, Vancouver, WA 98662
  • hazel dell, 7700 NE Highway 99, Vancouver, WA 98665

ABOUT ONPOINT COMMUNITY CREDIT UNION

Founded in 1932, OnPoint Community Credit Union is the largest credit union in Oregonserving more than 480,000 members and with assets of $9.4 billion. OnPoint membership is available to anyone who lives or works in one of the 28 Oregon counties (bent over, Clackamas, clatsop, Colombia, Cooing, Crook, Curry, Falls, Douglas, Giliam, Hood River, jackson, Jefferson, Josephine, Klamath, way, lincoln, Linn, marion, tomorrow, Multnomah, Polk, Sherman, tillamook, Wasco, Washington, Wheeler and yam hill) And two Washington counties (Skamania and clark) and their immediate family members. More information is available at www.onpointcu.com or 800-527-3932.

1: Consumer Bonus: To be eligible, individuals must open a new membership with a personal checking account and receive a direct deposit of at least $500 to this account within 60 days of the opening date. A premium of $100 will be credited to their current account approximately 60 days after opening a new account. Accounts must be open and in good standing at the time of payment to receive the bonus. As of 5/1/22, the APY (Annual Percentage Yield) for interest verification is 0.05%. APY is subject to change. $500 minimum balance for interest verification; no minimum balance for OnPoint Checking. When the average monthly interest checking balance falls below $500a $7 monthly service charges apply. Fees can reduce revenue. The bonus will be included on a 1099-INT for tax purposes. Not combinable with other offers for opening a new subscription, such as OnPoint Savers or Refer a Friend. Offer only available at Fred Meyer locations of OnPoint Community Credit Union. Offer valid until 07/30/22 and subject to change. The Fred Meyer Consumer Bonus is not available to existing members. Corporate Bonus: To be eligible, a new membership must be opened with a corporate checking account and receive $500 in deposits into this account within 60 days of the opening date. A premium of $100 will be credited to their current account approximately 60 days after opening the new account. Accounts must be open and in good standing at the time of payment to receive the bonus. The bonus will be included on a 1099-INT for tax purposes. Not combinable with other offers for opening a new subscription, such as OnPoint Savers or Refer a Friend. Offer only available at Fred Meyer locations of OnPoint Community Credit Union. Offer valid until 07/30/22 and subject to change. The Fred Meyer Trade Bonus is not available to existing members.

2. To be eligible, individuals must apply for a credit card by 7/30/22. To win the $50 bonus this must be a new Visa relationship. The bonus does not apply to existing Visa loans that are transferred or converted to a new card. Candidates who are approved by 8/15 will be credited with a bonus of $50 into their savings account on or about 8/30/22. To be eligible for this bonus offer, the credit card account must be open and not in default at the time of execution. The bonus will be included on a 1099-INT for tax purposes. Offer is only available at Fred Meyer OnPoint Community Credit Union stores and is subject to change.

3: OnPoint will waive until $800 on the closing costs of any new purchase or refinancing of a first mortgage. This offer applies to all standard OnPoint Mortgage products and cannot be combined with any other OnPoint Mortgage promotional offer. Offer only available at Fred Meyer locations of OnPoint Community Credit Union. Offer valid until 07/30/22 and subject to change.

4: OnPoint Community Credit Union will waive up to $175 on the closing costs of any new EquityFlex Line of Credit product. This offer applies to EquityFlex standard rate line of credit products and cannot be combined with any other promotional EquityFlex line of credit offer. Offer only available at Fred Meyer locations of OnPoint Community Credit Union. Offer valid until 07/30/22 and subject to change.

5: OnPoint will charge 0.25% on standard fixed APR (annual percentage rate) consumer loans. This offer excludes line of credit products, mortgage products and refinancing of existing OnPoint loans. Automatic payment from an OnPoint checking or savings account is required. This offer applies to standard consumer loan rates and cannot be combined with any other promotional consumer loan offer. Offer only available at Fred Meyer locations of OnPoint Community Credit Union. Offer valid until 07/30/22 and subject to change.

6: APY = annual percentage return. OnPoint Community Credit Union will add 0.25% to Certificate of Deposit (CD) rates. This offer applies to all OnPoint CD products and cannot be used in combination with other CD promotional offers. Offer only available at Fred Meyer locations of OnPoint Community Credit Union. Offer valid until 07/30/22 and subject to change.

Promotion period ends July 30, 2022.

Click here for the official 2022 OnPoint Fred Meyer Branch Anniversary Prize Raffle Terms and Conditions.

SOURCE OnPoint Community Credit Union

]]>
Jim Beam column: Payday loan bill must be vetoed – American Press https://fyl-unex.com/jim-beam-column-payday-loan-bill-must-be-vetoed-american-press/ Sun, 29 May 2022 12:00:26 +0000 https://fyl-unex.com/jim-beam-column-payday-loan-bill-must-be-vetoed-american-press/ Louisiana lawmakers have passed a payday loan bill that will only cause more debt problems for citizens who need the financial boost they can get elsewhere.metrocreativeconnection.com From time to time, Louisiana lawmakers have come to the aid of those who make so-called payday loans. Sen. Rick Ward, R-Port Allen, is this year’s champion with Senate […]]]>

From time to time, Louisiana lawmakers have come to the aid of those who make so-called payday loans. Sen. Rick Ward, R-Port Allen, is this year’s champion with Senate Bill 381.

Legislation that was narrowly passed by both houses would cap finance charges at 100% of the original loan amount. That means lenders could charge up to $1,500 in fees on a $1,500 loan, for a total repayment of $3,000, according to The Advocate.

The senator said his “Louisiana Access to Credit Loans Act” would help state residents living on a paycheck make ends meet when faced with surprisingly large expenses.

Under current law, lenders can offer a loan of up to $350, due on the borrower’s next payday. The maximum the lender can make per loan is $55. Ward’s bill does not change that.

Ward sponsored another payday loan bill in 2018. It stated that the loan term could not be less than three months and could not exceed 12 months. The amount of the loan could not be less than $500 and could not exceed $875. The bill passed the Senate 20-17 but died in the House Commerce Committee.

I wrote in a June 3, 1999 column about a Bossier City woman who got one of these loans. She needed $200 for an emergency out-of-town trip and took out a two-week loan. The maximum they lent at that time was $201 and it had to be paid back in 14 days.

When a customer borrowed that $201, they had to leave a check for $246 to cover the principal and $15 in interest. The other $30 was for documentation and set-up costs. That’s an annual interest rate of over 580 percent.

“It was a little high,” the borrower said, “but when you need it, you need it.”

The Associated Press reported that there were about 30 payday loan companies in the state in 1992. That number grew to 455 in 1998 and 489 by the end of 1999.

Foster Campbell, a current member of the Louisiana Civil Service Commission, was a state senator in 1999. He said, “We’ve had 500 of these companies open since 1992 and none of them have failed. . I have never heard of such statistics. But the reason why they didn’t is because they deceive people by charging outrageous interest rates.

OK, back to Ward’s bill which passed the House 54-35, one vote more than the 53 needed. The Senate vote was 20 to 14, the exact majority he needed.

Republican senses Mark Abraham of Lake Charles and Mike Reese of Leesville voted for Ward’s bill. Sen. Jeremy Stine, R-Lake Charles, voted against. Sen. Heather Cloud, R-Turkey Creek, was recorded as absent.

GOP Representatives Ryan Bourriaque of Grand Lake, Dewith Carrier of Oakdale, Troy Romero of Jennings and Phillip Tarver of Lake Charles voted for the bill. Representatives Wilford Carter, D-Lake Charles; Charles Owen, R-Rosepine, and Rodney Schamerhorn, R-Hornbeck, voted against. Representative Brett Geymann, R-Moss Bluff, was recorded as an absentee.

The bill now awaits action by Governor John Bel Edwards. Lenders would make most of their money through monthly maintenance fees of up to 13% of the original loan amount.

Alex Horowitz, consumer credit researcher at The Pew Charitable Trusts, told The Advocate he had never seen such high fees. He said the bill would expose Louisiana consumers to financial harm, rather than creating an affordable loan market. Horowitz said seven of the nation’s 12 largest banks have launched or announced programs to provide small dollar loans to customers.

Kenneth Pickering twice served as Louisiana’s chief banking regulator. He said he had no idea what the maintenance fee even covers. “Once a loan is on the books, there’s nothing left to maintain,” he said. Pickering calls it more interest.

Stanley Dameron, Commissioner of the Office of Financial Institutions, said: “Some of the people applying for these loans might not qualify from your bank, but they certainly would from a credit union or finance company. “

Pelican State Credit Union’s Jessica Sharon told lawmakers that credit unions were explicitly created to help people of modest means.

Even an official from a state association that represents payday lenders said Ward’s new product was unnecessary. He said the loans are already available in Louisiana at a fraction of the cost. “It’s greed and arrogance at the highest level,” he said.

Ward’s bill is certainly a strong candidate for a gubernatorial veto.

]]>
How to spot predatory lenders https://fyl-unex.com/how-to-spot-predatory-lenders/ Wed, 25 May 2022 08:56:27 +0000 https://fyl-unex.com/how-to-spot-predatory-lenders/ Loan sharks are illegal moneylenders, often part of organized crime, who threaten and use violence to recover their money from borrowers. Although loan sharks are less prevalent with a drop in organized crime, vulnerable people are still victims of predatory lending. If borrowing money from loved ones isn’t an option, you can consider secured credit […]]]>
  • Loan sharks are illegal moneylenders, often part of organized crime, who threaten and use violence to recover their money from borrowers.
  • Although loan sharks are less prevalent with a drop in organized crime, vulnerable people are still victims of predatory lending.
  • If borrowing money from loved ones isn’t an option, you can consider secured credit cards or second-chance banking as an alternative.

As the name suggests, loan sharks prey on vulnerable people who are in need of money with no other options. They are usually associated with organized crime, which has become increasingly common on television than on the streets.

However, these vulnerable borrowers still exist. Over time, loan sharks evolved into a new technically legal form of lending to take advantage of these people: predatory lenders.

What is a loan shark?

A loan shark is a type of predatory moneylender, often part of a larger criminal organization, who lends money to borrowers outside the law. These loans often come with high interest rates, usually beyond the legal limit set by state law. Reimbursement is usually enforced by threats and the use of violence.

Victims of loan sharks are usually vulnerable people who desperately need money immediately. Either they don’t have time to wait for a loan to be approved, or they can’t qualify for any type of loan. Loan sharks operate locally, so a victim is usually “someone in the neighborhood who knows someone with money on the street,” says Jeffrey Cramer, senior managing director of Guidepost Solutions and a former New York City attorney. “The loan sharks don’t advertise. So it’s usually word of mouth.”

How loan sharks work

Most loan sharks offer smaller, short-term loans. “We’re not talking about a mortgage for a house or anything. Usually it’s several hundred, several thousand dollars, money they may owe right now,” Cramer says. This loan comes with high interest rates which are usually insurmountable for people who usually need to look for an alternative financial service.

How to find a loan shark

It is important to know where to find loan sharks, in order to avoid them completely.

Luckily, you’re unlikely to come across a loan shark, mostly because it’s largely collapsed with the decline of organized crime. Cramer also says that most people who borrow from loan sharks know what they’re getting into, but don’t have an alternative, so you won’t accidentally bump into a loan shark.

However, you could quickly find yourself in a similar situation if you take out a loan with a high interest rate. “The loan shark concept has been incorporated into these companies, let’s call them predatory loan companies,” Cramer said. These predatory loans often do not take into account the repayment capacity of the borrower. “They’re not going to break your legs, it’s all done under the guise of the law. They’re going to garnish wages, they’re going to send in a debt collector.”

Alternatives to predatory lending

Loan sharks may be largely a thing of the past, but their potential victims are still very much around. A 2021 Morning Consult survey found that 10% of American adults are unbanked – meaning they don’t have a checking or savings account – and 25% are underbanked – meaning they don’t have a bank account. ‘have a savings account or checking account, but have used an alternative financial service within one year of completing the survey.

These households do not have access to financial institutions for various reasons – they do not trust financial institutions, they are undocumented, they cannot qualify due to past credit errors. A large portion of this group simply cannot afford the associated fees or minimum deposit requirements. “If you can go to a bank or borrow with a credit card, it’s infinitely cheaper,” says Jack Miller, strategic finance advisor at Real Estate Bees and founder of Gelt Financial, LLC. “But there’s a large chunk of the population that’s just underbanked.”

Instead of turning to financial institutions, these borrowers turn to alternative lending companies with high interest rates. Payday loans are a good example. These loans, also known as cash advance loans, give borrowers immediate access to small amounts of money – typically $500 or less – with high interest rates. Repayment is due on the borrower’s next payday.

These loans can be attractive to distressed borrowers because they do not take into account the borrower’s ability to repay the loan. But this interest rate can quickly become a problem if the borrower does not have the funds to repay the lender.

Miller says the best option for the unbanked is to borrow from a loved one, whether it’s a family member or friend. Of course, that might not be an option for everyone because “in a lot of communities, you know, friends and families don’t have that money,” Miller says. If so, here are some alternatives:

Second Chance Bank: Banks often offer a simplified version of a checking account for people with complicated credit histories. The registration process generally skips the credit check, but has some limitations. For example, people with these bank accounts usually do not have access to a debit card to avoid overdraft fees. They also usually come with lower monthly fees and lower minimum balances.

Secured credit cards: Another option for people with verified credit history might be a secured credit card. These are credit cards that are secured by a security deposit that you make when you open the card. These credit cards often overlook credit errors or lack of credit history. The minimum security deposit usually hovers around $200 depending on the credit card, but you can get it back when you close the credit card.

Not only do they offer a line of credit and a chance to rebuild your credit, but they also offer lower APRs than unsecured credit cards because the debt is already covered by that security deposit.

These options do not completely solve the underbanking problem in the United States, but they are a start. “They really need to take every little step they can to push them in the right direction,” Miller said.

]]>
Can you pay rent with a credit card? https://fyl-unex.com/can-you-pay-rent-with-a-credit-card/ Tue, 17 May 2022 16:10:15 +0000 https://fyl-unex.com/can-you-pay-rent-with-a-credit-card/ Paying rent with a credit card is possible, but it has several advantages and disadvantages. Any method you use to pay rent with a credit card will cost you extra money in the form of interest or fees, which are only worth it if you get better rewards. If you’re having trouble with rent, you […]]]>
  • Paying rent with a credit card is possible, but it has several advantages and disadvantages.
  • Any method you use to pay rent with a credit card will cost you extra money in the form of interest or fees, which are only worth it if you get better rewards.
  • If you’re having trouble with rent, you can try working with your landlord on a payment plan.

Every month, your rent takes up a big chunk of your bank account. Putting that money on your credit card can be useful for delaying actual payment or accumulating rewards, but you should be aware of the potential downsides. Here’s what you need to know.

Can you pay the rent with a credit card?

The short answer is yes, you can pay the rent with a credit card. But that will largely depend on your landlord and the payment methods they accept. So you’ll need to call your landlord to see if that’s an option – or you can visit their online portal to see your options there. Either way, you’ll also want to make sure it’s clear what types of charges you might face if you choose this option, which will be covered later.

How do I pay rent with a credit card?

If you are renting from a property management company, you will most likely have access to a web portal that will accept digital payments, including credit cards. These payments are made through the Automated Clearing House (ACH).

Some landlords may restrict which credit cards they accept or can only accept, but “overall, most of them are all accepted if credit card payments are accepted,” says Lily Liu, Founder and CEO of Piñata, a tech startup. which reports rent payments to the three major credit bureaus.

On the other hand, if you are renting from a small landlord like a family landlord or sole proprietor, you are very unlikely to have access to this payment infrastructure. Instead, you’ll have to go through third-party platforms that act as middlemen, accepting your credit card transaction and depositing it directly into your landlord’s bank account or sending them a check.

Regardless of how you pay rent with a credit card, you’ll end up paying an additional processing fee to do so. Most processing fees are just under 3% of your monthly rent. Applied to $1,322, the average monthly apartment rent in the United States in February 2022, you’ll pay an additional $39.66 each month.

If neither of these options suits you, you can also indirectly pay the rent by taking out a cash advance on your credit card. You’re basically borrowing money from your credit card, which you can use to pay your rent. This can be useful if your payday is after your rent is due or in other scenarios where you don’t have cash when your rent is due.

It’s only really pragmatic if you know for sure that you will be able to settle the cash advance in a short period of time since the APR on cash advances can be as high as 25% with no grace period. With no grace period, you start earning interest immediately after taking out the loan.

Advantages and disadvantages of paying rent with a credit card

Having the ability to pay rent with a credit card is a question. Whether you should is another question — the answer to which depends on your reasoning for paying rent with a credit card.

If you’re trying to pay rent with a credit card to get rewards on your card, you need to consider the additional costs and whether they outweigh the potential benefits. This could mean having a cash back bonus credit card with a higher percentage than your processing fee. You also need to factor in accrued interest on your credit card, although this shouldn’t be a problem if you pay off your debt within the grace period.

“Use the card when you know you’ll have the funds at the end of the month to pay for the card,” says Liu. “Otherwise what you just did was use a credit card for a major life expense that you can’t afford to pay properly, and now it’s sitting on your card. You’re earning interest on a very high transaction on this card.”

Other Options for Paying Rent

If you’ve determined that the pros of paying rent with a credit card outweigh the cons, there are other alternatives, though they come with their own caveats.

take out a Personal loan: Personal loans are probably not the best option for paying rent, but it is possible. These can be useful if you find yourself temporarily without income, such as if you are changing jobs. However, consider that the debt on these loans will also come with interest and your credit score will be affected by the serious investigation triggered by your loan application.

Borrowing money from family or friends: If you need the rent money right away, instead of going through a financial institution, you might want to talk to your loved ones. Hopefully, your friends and family won’t charge you interest or processing fees.

When you borrow money from a bank or other financial institution, you are borrowing against your credit. When you borrow money from a loved one, you are borrowing against your relationship with them. You need to make sure that you will be able to repay it.

Talk to your landlord: If you’re having trouble paying your rent, it’s best to be upfront with your landlord about your situation. “We always recommend building a relationship with the person you’re renting from,” Liu says. You can find a payment plan in the event of an emergency where you are temporarily unable to pay the rent. If the issue is timing, your landlord can be flexible about when you pay your rent.

“As long as you can create some clarity and alignment with who you’re hiring with, you can actually build a plan… Maybe there’s a little extra associated with it, but at least it gives you the ability to have that extra time,” Liu said. “At the end of the day, there is someone on the other side of this transaction.”

]]>
Can you get a jobless loan? Here’s what you need to know https://fyl-unex.com/can-you-get-a-jobless-loan-heres-what-you-need-to-know/ Thu, 12 May 2022 17:41:24 +0000 https://fyl-unex.com/can-you-get-a-jobless-loan-heres-what-you-need-to-know/ Getting a loan can help you in many ways when you are in a tough financial situation, however, for some getting a loan is not as easy as it is for others. Many people who need a loan cannot get a good deal because of their credit score or even because they are unemployed. So […]]]>

Getting a loan can help you in many ways when you are in a tough financial situation, however, for some getting a loan is not as easy as it is for others. Many people who need a loan cannot get a good deal because of their credit score or even because they are unemployed.

So what can you do if you are unemployed? Well, the bad news is that you may not be able to get a loan if you are unemployed. The majority of lenders will want you to have a permanent and regular stream of income, as this ensures that you have the funds to pay back.

However, this is not the case for everyone. Instead, you might find yourself able to get a loan from one or two lenders even if you’re unemployed, but the loan won’t be as good as if you were employed.

So how does it all work? Are you stuck vying for no credit check loans or do you have other options?

Can you get a loan while you are unemployed?

You can still qualify for a loan, even if you are unemployed. However, if this is your case, you will need either strong credit or another source of income to support you in this endeavor.

Unemployment can arise unexpectedly or by choice, as would be the case with retirement, lenders will still sometimes consider lending to you, as long as you are able to persuade them that you will be able to make regular payments on time.

This is the main concern of the lender.

A lender will generally want to see three things on an application. These include a good and solid credit history, a good credit rating and regular income.

A strong credit history means you have a good history of paying loans or credit on time with little to no late payments, especially recently.

Your credit rating should be as high as possible, the higher the better. Some lenders will have a minimum score that they accept. The higher your credit score, the lower your APR, the lower your credit score, the higher your APR.

Lenders should also know that you can make repayments every month. Technically, this doesn’t have to come from a paycheck, however, you should at least have a reliable source of income that will be enough to cover expenses on a monthly basis and to cover loan repayments.

What should you think about?

There are many types of loans you can get, but probably the most popular are personal loans. With these loans, you should consider the same things you should consider with any other type of loan.

There will be short and long term financial factors and consequences of taking out a loan that you should be wary of.

Here are some things you should think about.

Can you make payments on time?

First, if you’re unemployed, or even employed, being able to make payments on time is a big deal.

You should always ask yourself if you can make the minimum payment on time every time. Late payments will not only affect your credit score, but they can also lead to late fees. If you can’t repay the loan, your lender may even go further.

This means debt collection agencies and a negative credit report, if your loan is secured they can take your property, or you can even be sued.

Understanding these factors is very important to ensure you get what you need from a loan and that a loan won’t be a bad idea for you.

What are the loan terms and risks?

It is wise to make sure you understand the terms of the loan. Read the fine print and write down the important things. This includes payments, fees, penalties, interest, etc.

However, also be aware of the risks, consider the best-case scenario, then consider the worst-case scenario, and don’t go for it unless you’re happy with both.

Consider if this loan is really the best thing for you, what might happen if you are unable to make the payments, and the interest rate, what this will mean for your actual total payment.

Don’t forget to consider the consequences if you don’t repay the loan, could you end up losing your house or your car?

What are lenders thinking?

Remember that each lender will have different credit policies that they will use to determine if the borrower is most likely to repay the loan. It is a risk assessment.

So even if you don’t have a job, some lenders accept alimony, disability benefits, unemployment benefits, social security payments, pensions, child support, interest or dividends, etc.

What types of personal loan can you get?

If you are employed, you could get a secured or unsecured loan. Secured loans are tied to an asset of yours and you risk losing that asset if you do not repay the loan in full. Unsecured loans do not have this risk but usually have a higher interest rate.

You could also get a payday loan (although risky) as well as cash advance or debt consolidation loans!


]]>
NC debarment: Criminal background checks still show old cases https://fyl-unex.com/nc-debarment-criminal-background-checks-still-show-old-cases/ Mon, 09 May 2022 10:00:00 +0000 https://fyl-unex.com/nc-debarment-criminal-background-checks-still-show-old-cases/ Winning in court took nearly five years for Rafael Smith, 39, after he was arrested for assault and sexual assault – but even a not-guilty verdict wasn’t enough to clear his name. On a recent Saturday, he arrived at the Plaza Road Academy, like more than 100 other people seeking to clear their criminal record. […]]]>

Winning in court took nearly five years for Rafael Smith, 39, after he was arrested for assault and sexual assault – but even a not-guilty verdict wasn’t enough to clear his name.

On a recent Saturday, he arrived at the Plaza Road Academy, like more than 100 other people seeking to clear their criminal record.

Even though charges against Smith from 2017 were dismissed and he was found not guilty, the existence of his arrest record, he says, held him back financially and prevented him from finding a job.

“It just gives me hope that things can be moved from my past and…my character can’t be tainted, like, you know, being a criminal,” Smith said.

Smith, who was a massage therapist at the time he was charged, said the hardest part of having a charge dismissed in his case is that he feels like he’s being punished for something he didn’t do that he was not found guilty.

Employers will see the charge and turn him down for job opportunities he was qualified for, Smith said. He hopes the radiation will give him a clean slate.

Expungement applies to a range of criminal cases in North Carolina where a person is seeking to remove an arrest, court dismissal, or criminal charge from their criminal record.

For thousands of North Carolinians who are eligible for this clean slate under the state’s second chance law, they have yet to take full advantage of it due to a gap in which record types are erased.

Felonies could first be expunged in the state starting in 2011 and the expungement process was expanded last year. Expungement orders apply to government records – like police arrest slips and court documents – but a recent investigation by The Charlotte Observer finds that employers and landlords often still have access to criminal records, which compromises the effect of radiation.

In other words, private providers who provide background check services have access to state-held electronic court records and they are not notified by the courts or required to purge expunged cases from their databases – even arrests like Smith’s, which the state of North Carolina will effectively consider never to have happened once his expungement is approved.

With recent reforms, the state granted more expungements in fiscal year 2021 — a total of 16,390 — than at any time since 2016. And that figure doesn’t include the number of expungements that happen automatically when prosecutors decide to dismiss certain charges.

Karl Burch followed the same process as Smith to remove a load he’s worn for over 45 years.

For Burch, a strike means the freedom to get a good job and his finances in order, he said.

“It’s so hard, you can’t get out. You can’t get housing… you can’t get a car, you really can’t get anything with a criminal record. And I mean, it’s been so long, you know, I thought it would go away,” Burch said.

Now Burch is 60 and hopes to clear her record for her seven grandchildren and six great-grandchildren.

But even if Burch and Smith get the expungements they are legally entitled to, the way data companies keep their records may still ruin their second chance.

It has been that way for at least a decade or more, when heads of state first required background check companies wanting North Carolina court records to log electronically into the Administrative Bureau’s records system. courts. The goal, officials said at the time, was to ensure these companies have up-to-date records — to close the delisting loophole.

But even recent legislative updates haven’t solved the problem, say advocates and experts recently interviewed by the Observer.

Cancellation in NC

Mecklenburg County Assistant District Attorney Robyn Withrow said the North Carolina General Assembly has struggled to address expungements nearly every year for the past five years. And while there is talk of doing so in the future, so far nothing has been done about third-party information providers keeping records that have since been deleted.

Withrow said that because write-offs often happen quickly, third-party and private providers are often not notified of an individual’s change in status. She said it will probably take legislative action to correct that.

Maria Macon, founder and director of the Mecklenburg Council of Elders, said the council is pushing for the General Assembly to fix this loophole and notify private entities when the records have been deleted. The Council of Elders is a nonprofit made up of 15 local organizations that hold quarterly clinics for people who need help expunging past arrests. The clinics are so popular that you have to register beforehand and they are often full.

Macon is particularly concerned about access to radiation for poor people. Because of the root causes of criminal behavior, she said, minors and adults living in poverty are more likely to have criminal histories – which, more often than not, will perpetuate multigenerational poverty as people age. they will lose job opportunities.

She said lawmakers should start looking at write-offs the same way they looked at payday loans when they passed legislation about it. Macon said it took a “groundswell cry” for this effort and he could pick it up with this loophole.

The Administrative Office of Courts, or AOC, a state agency, declined to be questioned by the Observer on the matter. According to the AOC website, only 70 private companies access the state database, compared to hundreds on the market.

Besides connecting to the Courts Administration Office system, any member of the public can obtain otherwise publicly available court records, but accessing a large volume is difficult without a database.

Joseph Laizure, a clinical programs staff attorney at UNC, who is part of the university’s law school, said that while the law currently does not require the state to notify private companies, people affected by an inaccurate background check may have recourse.

Private companies that conduct employment background checks or other background checks using public criminal records are regulated under the Fair Credit Reporting Act, Laizure said.

“Individuals who find themselves victims of inaccurate background checks conducted by private companies might consider speaking to a consumer attorney who can advise them of their rights under the Fair Credit Reporting Act and any other laws that may arise. ‘enforce,’ he said.

A second chance

In 2020, Governor Roy Cooper signed into law the Second Chance Law. According to the North Carolina Justice Center, a statewide advocacy organization, the law was bipartisan legislation that had been making its way through the legislature for nearly two years.

One in four North Carolina has a criminal record, according to the Justice Center. These records can make it difficult to obtain quality housing, employment and higher education.

The main provisions of the law include:

▪ Automatic removal of certain charges from a person’s record, such as a dismissed case.

▪ Raise the age of juvenile convictions, making more people eligible for expungement.

▪ Make expungement possible for all those whose charges have been dismissed and verdicts of not guilty, as well as for some who have been convicted of non-violent crimes.

▪ Allow prosecutors to request disbarments after a dismissal.

Habekah Cannon, managing partner of Habekah B. Cannon’s office, said the most significant expungement reform the state has made in recent years is the ability to remove multiple dismissed charges from a person’s record.

Dismissed charges occur when prosecutors drop a case against someone due to insufficient evidence, which they do not wish to prosecute, or due to mistaken identity. However, these charges are still on a person’s file.

“If your charges were dismissed, there shouldn’t be any record of them, there shouldn’t be this story that follows you,” Cannon said.

“Because if you were found not guilty, or if the state didn’t have enough evidence to prosecute the case, or if it was a case of mistaken identity, or if you earned your dismissal through a deferred program, you should not be penalized for this. And the way North Carolina enforced the law, before December 2021, was that people were punished even for being arrested.

Reform gaps

While recent reforms proposed in the Second Chance Act have helped those seeking expungements, there are still loopholes in the law, in addition to the loophole that allows expunged documents to continue to haunt individuals through expungements. private entities.

Cannon says that with the change in the law, dismissals and not guilty verdicts are supposed to be automatically erased from a person’s record. However, she and her colleagues find that this is not always the case and their clients still have to file motions to strike.

One of the biggest hurdles that still exist in terms of reform is the cost of the process and its complexity, Cannon said.

It costs $175 to file an expungement of record, Cannon said. And, the process can be difficult to navigate.

A person must determine which affidavit to complete, then they must have it signed by the district attorney, who sends it to the clerk, and then it is sent to the state, Cannon said. This process usually takes four to six months, but it can take longer than that.

Under the new law, those who wish to expunge their conviction records must wait five years for a misdemeanor and ten years for a felony, Cannon said. She said that in the future, the state should consider shortening that time limit for misdemeanors even further.

“If you commit non-violent crimes, those are your, what I call petty charges, your larceny, your trespassing. Many of these charges criminalize poverty,” Cannon said.

The Council of Elders of Mecklenburg regularly organize radiation clinics. To sign up for their services, visit their website and fill out a form in English or Spanish.

Charlotte Observer Related Stories

Kallie Cox covers public safety for The Charlotte Observer. They grew up in Springfield, Illinois and attended school at SIU Carbondale. They reported on police accountability and barriers to LGBTQ immigration for the Pulitzer Center on Crisis Reporting. And, they previously worked at the Southern Illinoisan before moving to Charlotte.

]]>