Financial services – Killer Kash http://killerkash.com/ Fri, 18 Nov 2022 06:15:33 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://killerkash.com/wp-content/uploads/2021/07/killer-150x150.png Financial services – Killer Kash http://killerkash.com/ 32 32 Police identify potential criminal offenses linked to cooperative loans https://killerkash.com/police-identify-potential-criminal-offenses-linked-to-cooperative-loans/ Fri, 18 Nov 2022 02:28:24 +0000 https://killerkash.com/police-identify-potential-criminal-offenses-linked-to-cooperative-loans/ What are cookies As is common practice with almost all professional websites, https://cyprus-mail.com (our “To place”) uses cookies, which are tiny files downloaded to your device, to improve your experience. This document describes what information they collect, how we use it and why we sometimes need to store these cookies. We will also share how […]]]>

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Heavy loan and financial asset loss provisions overshadow NDB 3Q – Business News https://killerkash.com/heavy-loan-and-financial-asset-loss-provisions-overshadow-ndb-3q-business-news/ Mon, 14 Nov 2022 18:42:00 +0000 https://killerkash.com/heavy-loan-and-financial-asset-loss-provisions-overshadow-ndb-3q-business-news/ Massive provisions made against possible loan defaults and investments in government dollar bonds resulted in a loss for the National Development Bank PLC (NDB) in the three months to September 2022 ( 3Q22) as the bank prepares to further calibrate its near-term growth targets to reflect evolving macroeconomic […]]]>






Massive provisions made against possible loan defaults and investments in government dollar bonds resulted in a loss for the National Development Bank PLC (NDB) in the three months to September 2022 ( 3Q22) as the bank prepares to further calibrate its near-term growth targets to reflect evolving macroeconomic challenges.

The development lender turned commercial bank in its own right reported net interest income of 7.32 billion rupees for the July-September period, up 31% from the same period last year, the bank having wisely managed its assets and liabilities to improve returns amid soaring interest rates.

The bank saw its net interest margin increase to 3.78% from 3.25% at the start of the year, despite the increase in interest expense, outpacing the increase in interest income by 60 %.

The bank provided 8.29 billion rupees against possible bad loans and other financial assets denominated in foreign currencies for the quarter, compared to 2.50 billion rupees in the same period in 2021, as the economy collapsed in March, driving up interest rates. adding stress to the borrower while inducing the government to default on its foreign currency debt.

This was large enough to wipe out the profit and tip the bank into a loss of 1,083.46 million rupees or a loss per share of 2.85 rupees for the three months to September, compared to profits of 1 .87 billion rupees or 6.78 rupees per annum. share in the corresponding period of last year.

This was large enough to wipe out the profit and tip the bank into a loss of 1,083.46 million rupees or a loss per share of 2.85 rupees for the three months to September, compared to profits of 1 .87 billion rupees or 6.78 rupees per annum. share in the corresponding period of last year.

Fee and commission income also fell 9% to Rs 1.64 billion in the quarter from a year ago, reflecting subdued lending activity in the quarter as banks tightened credit standards, effectively turning off their lending taps to minimize the fallout from defaults that result from any new loans made in an economy that remains unbalanced.

Despite rampant inflation, the bank managed to contain operating expense growth to 8%, reflecting stringent cost containment measures.

Meanwhile, the bank reported a net trading gain of 438.76 million rupees for the quarter, down 51% from a year ago, while other operating income was recorded at 225 .1 million rupees, up 233%, mainly attributed to revaluation gains on the bank’s foreign currency denominated reserves, due to the sharp depreciation of the rupee against the US dollar. Commenting on the performance, the bank’s director and CEO, Dimantha Seneviratne, identified the conditions facing the country and the bank as unique and unprecedented. The bank increased its total loan portfolio by 74.1 billion rupees or 14% in the nine months, which includes the impact of converting foreign currency loans after the collapse of the rupee earlier this year.

Loans in rupees increased by 26.9 billion rupees or 6%. The bank’s impaired or non-performing loan ratio stood at 5.75%, up slightly from 4.55% at the start of the year. Meanwhile, deposits increased by 18% or 97.3 billion rupees, although rupee deposits only increased by 5% or 20.8 billion rupees. Norfund, the Norwegian investment fund for developing countries, holds a 9.99% stake in the bank while the Employees Provident Fund held a 9.50% stake, being its second largest shareholder.


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BoI agrees to sell portfolios of non-performing loans https://killerkash.com/boi-agrees-to-sell-portfolios-of-non-performing-loans/ Tue, 08 Nov 2022 17:21:47 +0000 https://killerkash.com/boi-agrees-to-sell-portfolios-of-non-performing-loans/ Bank of Ireland has agreed to sell portfolios of Irish and UK non-performing loans in two separate transactions. The Irish lending mix is ​​made up mainly of private residential mortgages and buy-to-let, together with a small portfolio of other non-mortgage bad debts. The loans, worth 800 million euros, are purchased by funds managed by the […]]]>

Bank of Ireland has agreed to sell portfolios of Irish and UK non-performing loans in two separate transactions.

The Irish lending mix is ​​made up mainly of private residential mortgages and buy-to-let, together with a small portfolio of other non-mortgage bad debts.

The loans, worth 800 million euros, are purchased by funds managed by the investment management company CarVal Investors.

After an interim period during which legal title is transferred, the loans will be managed by Mars Capital.

The deal is expected to close later this year.

Under Central Bank rules, borrowers will continue to enjoy the same legal and regulatory protections after the sale is complete, the Bank of Ireland said.

The bank said it will contact customers whose loans are included in the sale before the transfer to inform them.

Separately, Bank of Ireland has also reached an agreement to see a tranche of non-performing mortgages in the UK.

For a total amount of €600 million, these are mainly loans for own occupation and rental purchases of investment properties.

The sale will take place through a securitization and once the transaction is completed this day next week, the mortgages will continue to be serviced by the bank, although they are not present on its balance sheet.

The two sales will lead to a reduction in Bank of Ireland’s non-performing exposures from 5.4% to around 3.7%, well below the 5% threshold sought by regulators.

In total, the portfolios had generated annual gross interest income of approximately EUR 30 million.

The move will likely be seen by analysts as another important step by the Bank of Ireland in cleaning up its balance sheet after the final crisis more than a decade ago.

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Differentiate between personal loans and car loans https://killerkash.com/differentiate-between-personal-loans-and-car-loans/ Fri, 04 Nov 2022 18:04:20 +0000 https://killerkash.com/differentiate-between-personal-loans-and-car-loans/ Personal Loan Vs. Auto Loan: The Difference Explained Many people dream of having a car. If you are also considering buying a car and need direct deposit loans in minutes, you may want professional advice on which loan option will best suit your needs. Should I apply for a personal loan or a car loan? […]]]>

Personal Loan Vs. Auto Loan: The Difference Explained

Many people dream of having a car. If you are also considering buying a car and need direct deposit loans in minutes, you may want professional advice on which loan option will best suit your needs. Should I apply for a personal loan or a car loan? What is the difference between these two credit products?

Here’s how each of these options works and special considerations to help you make the best choice. Professional advice and a comparison of their pros and cons will help you make an informed decision.

Personal Loan Vs. Auto Loan

Data from the Federal Reserve Bank of New York shows that more than 100 million Americans have car loans. The amount of car loan debt keeps increasing. Most consumers prefer to take out car title loans from local banks. These financial institutions reported $368 billion in open auto loans. About 44% of Americans depend on a car loan to finance their car purchase.

Do you want to own a car? Which loan product is right for you? If you plan to buy a car, you must take out a loan for this purpose. Two of the most common options for financing this purchase are car loans and personal loans. It can be quite easy to apply for both credit options provided you meet the requirements. What is the difference between these credit variants?

A personal loan can be obtained for a large number of purposes including a car purchase. You may want to fund a vacation, a wedding ceremony, or cover medical expenses using this loan. Personal loan rates differ between lenders. At the same time, an auto loan can only be requested to purchase an automobile. Each of these loan options has advantages and disadvantages. You should weigh them and compare the terms before signing the contract.

Personal loan:

• It can be used for various needs such as home improvement or vacation

• It can be unsecured or secured by a valuable asset

• Borrowers with good credit are more likely to be approved for a personal loan. Bad credit holders face higher interest

Car loans:

• Only for the purchase of a vehicle

• It is secured while the car itself serves as collateral

• It is not necessary to have only good credit. Car loans for bad credit are available

• The price of the automobile determines the amount borrowed and the interest rate

Personal Loan: Considerations

This loan option gives the consumer the opportunity to obtain a desired lump sum of money from a local bank or other financial service provider. This sum can be used for many purposes including, but not limited to, home improvement, buying a car, vacations, medical bills, weddings, etc. In other words, the customer has the right to choose how he wants to use this money. This loan can be unsecured or secured.

An unsecured loan often requires a higher credit score. Only good credit holders can avail the best terms of unsecured personal loans. People with poor credit can opt for a secure solution that will be backed by collateral. It can be a car, a house or any other valuable asset. If the borrower fails to repay the debt within the stated repayment period, the lender may seize this collateral.

Advantages:

• Repayment flexibility (short or long term loans)

• No limitations on how the money is spent

The inconvenients:

• Higher interest rates

• Low credit holders may have problems with approval

• Strict eligibility criteria

Car loan: points to consider

A car loan is usually secured by the car itself. This means that the vehicle you plan to buy will serve as collateral for this debt. If you fail to repay the loan, the car may be seized by creditors.

It is important to make regular payments and avoid payment defaults. This type of debt must be repaid in equal installments or in monthly installments. Keep in mind that the creditor company retains ownership of your collateral until you pay the last part to repay the entire debt.

Before visiting lenders and comparing rates, you can use an auto loan calculator to work out the term and loan rate that works best for you. Typically, borrowers are offered lower interest rates than personal loans because this form of debt is secured. In other words, lenders run less risk than consumers. More than that, interest rates are fixed. You shouldn’t worry about the rate increase in this case.


Advantages:

• Lower interest rates

• Bad credit car loans are available

• An adapted “on-site” loan solution

The inconvenients:

• An initial deposit to guarantee the debt

• A customer does not have title to the car until the loan is fully paid off

The essential

Car credit and personal loans are the two most widespread financial solutions today. Consumers can compare the terms and interest of each loan product. Whichever option you select, offers and rates differ between credit companies. It is important to shop around and use special online calculators to work out the total cost of borrowing before going to the dealership or local bank.

Credit unions, traditional banks, and alternative lenders offer both lending options these days. It is beneficial to take the time to explore the offers of several financial institutions to make the best decision.

Start by asking yourself:

• Is my credit rating excellent or good?

• Do I have guarantees?

• How much interest can I afford to pay?

Answering these questions and using our comparison will help you make an informed decision based on your particular situation and financial needs.

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Seattle banks have thrived during the pandemic by cutting single-family loans https://killerkash.com/seattle-banks-have-thrived-during-the-pandemic-by-cutting-single-family-loans/ Wed, 02 Nov 2022 21:40:36 +0000 https://killerkash.com/seattle-banks-have-thrived-during-the-pandemic-by-cutting-single-family-loans/ These are strangely good days for local bankers. Of course, home sales in Seattle and elsewhere have plummeted under high interest rates, and prices are finally coming down. The once lucrative refinancing business is in a coma. Even the “crypto millionaires” who had “bought nice homes along Lake Washington” have largely disappeared, says Brent Beardall, […]]]>

These are strangely good days for local bankers.

Of course, home sales in Seattle and elsewhere have plummeted under high interest rates, and prices are finally coming down. The once lucrative refinancing business is in a coma.

Even the “crypto millionaires” who had “bought nice homes along Lake Washington” have largely disappeared, says Brent Beardall, CEO of Seattle-based WaFd (formerly Washington Federal) and a seasoned observer of the Seattle real estate market.

Yet despite the downturn, some of the local banks that serve the Seattle area have fared well.

WaFd, which operates in Washington and seven other Western states, just posted the best annual results in its 105-year history, breaking records in everything from earnings to loan volumes. Several local competitors — including Seattle-based HomeStreet and Tacoma-based Columbia Bank — also performed well.

This partly reflects individual banks’ strategies through several years of pandemic-related turmoil. But it also illustrates how much the housing sector has changed since the Great Recession, when many banks were wiped out by bad debt – and how those changes are likely to continue to happen even after the pandemic subsides and the economy resumes. housing market in the Seattle area.

Part of the banks’ contrarian performance is due to the recent rise in interest rates, which has allowed banks to charge more for loans. Although the banks themselves are also paying higher rates on the funds they lend, those rates “have not gone up as fast, and so we’re getting that expanding margin,” Beardall says.

Many banks have also benefited from the administration of pandemic-related relief programs. Some community and regional banks, for example, have actually expanded their lending business, despite the economic uncertainty, by offering Paycheck Protection Program loans to small businesses. Half of the WaFd’s 10,000 PPP loans went to non-clients, some of whom have since become WaFd clients.

In total, gross business income in Washington’s banking sector actually grew nearly 2% in the first two years of the pandemic, according to data from the state Department of Revenue. Overall business income rose 5.4% to $266 billion over the same period.

But bankers are also benefiting from deeper changes in the way housing is financed.

For example, even though housing in the Seattle area has boomed for much of the past decade, many local banks have moved away from consumer mortgages, for several reasons.

First, the mortgage industry is painfully volatile. When interest rates are low, “you make a lot of money because there’s a lot of refinancing and home sales are generally good,” says Mark Mason, CEO of HomeStreet, a Seattle-based regional bank with branches in Washington, Oregon, California and Hawaii. But when interest rates rise, Mason says, the volume of mortgages and refinances is reduced by more than 50%.

Lower loan volumes can mean lower profits and disgruntled shareholders. WaFd, Columbia, and HomeStreet are all publicly traded companies and have recently experienced wild swings in stock prices.

Second, profits on home loans are shrinking. One reason is that post-2008 banking regulations have increased the cost of loans. Smaller banks also face increasing competition from low-cost nonbank lenders, which now handle more than half of mortgages and home refinancing, according to federal data.

As a result, banks often earn less on a 30-year fixed-rate residential mortgage than they can on other types of loans, including the short-term, variable-rate commercial loans that many businesses prefer and that many local businesses and regional banks are now giving priority.

At WaFd, residential mortgages now represent less than 35% of the bank’s total loan portfolio, down from nearly 50% in 2019.

At HomeStreet, mortgage-related business represents just 7% of revenue, down from about 35% in 2018, Mason says. He expects the bank to pursue even more commercial business lending in the near future – or at least until “mortgage rates normalize and house prices moderate,” he adds. .

These changes are part of broader changes in the banking sector.

Small community banks and regional banks are particularly facing increasing pressure from large banks, which have the resources to, for example, reduce compliance costs by automating loan processing.

That pressure has pushed some smaller banks to focus on niche lending like building apartments or banking services for high-net-worth customers, says Glen Simecek, president and CEO of the Washington Bankers Association.

Other community and regional banks have sought to increase their size and resources through mergers, as in the case of the recently approved agreement between Columbia Bank and Umpqua Bank.

Meanwhile, the pressure to control costs, combined with an ongoing pandemic labor shortage and the popularity of online banking, has accelerated the trend of branch closures. (About 45% of customers prefer mobile banking, according to a new industry survey.)

Seattle alone has lost at least 87 sites, or nearly 10%, since 2017, according to the National Community Reinvestment Coalition.

These changes don’t mean Seattle-area banks are abandoning the housing market. But many are increasingly focusing on the business side of housing. Since 2019, WaFd and HomeStreet have both roughly doubled lending on apartment projects, which can be more profitable than single-family homes, especially in markets like Seattle where rents are rising.

Multi-family loans “have always been one of the safest loans to make,” says HomeStreet’s Mason.

The apartment loan is not without risk. During the pandemic, some investors were skeptical of apartment projects in downtown Seattle due to uncertainty around remote working and concerns about safety. “Is anyone going to want to live there?” Beardall recalls investors asking about the downtown projects.

But Beardall expects the downtown Seattle housing market to eventually recover, and he and other bankers say they are also optimistic about a regional housing recovery.

But these forecasts come with many caveats.

Recovery may take some time. The searing Seattle-area housing market has been fueled by years of unusually strong local hiring, particularly by tech companies. This suggests that a recovery will be prolonged if the recent slowdowns in hiring announced by some technology companies worsen.

Indeed, if hiring slows too much, according to several bankers, the local economy will likely slide into a mild recession, perhaps as early as the end of 2023. Beardall, for his part, puts the chances of a recession at 90%.

Prospective home buyers also shouldn’t expect to see these ultra-low interest rates since the start of the pandemic. Mason thinks it’s too early to tell “where mortgage rates will stabilize,” but Beardall thinks the “new normal” interest rate will likely be around 4%.

And whenever it happens, Seattle’s housing recovery will likely be weaker in market segments that were lagging before the interest rate hike.

The sale and construction of single-family homes, for example, had already faced constraints that had limited the supply of housing. These include zoning laws, soaring land costs, and stricter lending requirements enacted after the Great Recession.

Some bankers expect these constraints to worsen even after interest rates fall. That likely means a housing recovery with even fewer single-family homes for Seattle-area buyers — and even more incentives for buyers, developers and bankers to consider other types of housing.

Put it all together, and going forward, new housing in the Seattle area will be “disproportionately weighted toward multifamily,” Beardall said. Given the high cost of land and permits, developers know they’ll get “more doors, more density” and better profits on multi-unit apartments than on multi-unit single-family homes.

There will always be a demand for single family homes in and around Seattle. But absent a dramatic collapse in home prices — the median single-family home in King County sold for $875,000 in September — demand will likely come from the same kind of high-end buyers who dominated the market. before the slowdown.

Before the recent downturn in tech stocks, tech workers routinely used stock options to make down payments — and bankers expect that to pick up again once tech stock prices rebound.

Other big spenders may not be back.

Beardall doesn’t expect crypto millionaires to return to the Seattle-area housing market, in part because he doesn’t expect crypto prices to hit their recent highs.

“I knew it was at its peak when Matt Damon started doing the Super Bowl commercials,” Beardall said.

Coverage for the economic impacts of the pandemic is partially underwritten by Microsoft Philanthropies. The Seattle Times maintains editorial control over this and all of its coverage.

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Should you use a financial advisor for your student loans? https://killerkash.com/should-you-use-a-financial-advisor-for-your-student-loans/ Sun, 30 Oct 2022 13:00:12 +0000 https://killerkash.com/should-you-use-a-financial-advisor-for-your-student-loans/ SmartAsset: financial advisor for student loans When you’re struggling with debt, a financial advisor can often help. Debt often seems much more overwhelming than it should be. For example, you may have options you don’t realize or be too overwhelmed to make a good financial plan. It’s normal and very human. This is just as […]]]>

SmartAsset: financial advisor for student loans

When you’re struggling with debt, a financial advisor can often help. Debt often seems much more overwhelming than it should be. For example, you may have options you don’t realize or be too overwhelmed to make a good financial plan. It’s normal and very human. This is just as true when it comes to student loans as it is for anything else. If you have a mountain of student debt, it’s completely normal to worry, stress, and struggle to control the payments.

However, you may still need help getting your finances under control and that’s where a financial advisor can help.

Why Seek Financial Aid With Student Debt?

Student debt can eat up a huge chunk of a young person’s budget. Student loans have become a constant crisis in the United States, mainly due to the skyrocketing cost of college education. Since the early 1980s, a cycle of tax and budget cuts at the state and federal level has resulted in higher tuition fees at American universities.

Attending a four-year school in 1982, for example, cost an average of $3,951 per year, including tuition, tuition, room, and board. By the end of 2021, that number had grown to over $29,000, almost three times what inflation would be.

Professional degrees, such as medicine and law, grew even faster. In the early 1980s, professional tuition alone cost about $7,500 a year. Today, that same tuition will cost you $50,000 a year or more.

For Millennials and Generation Z, the reality is stark. Modern students need loans the size of a small mortgage to get the same degree their parents got with part-time jobs, with interest rates to match. The average borrower has monthly payments between $450 and $1,600 and income has not kept up with this type of debt. Managing these payments is increasingly difficult for cash-strapped graduates.

How can a financial advisor help you?

Think of a financial advisor like a doctor. You go to the doctor if you are sick, yes, but regular checkups can ensure you stay that way. A financial advisor works the same way. If you are having difficulty, they can help you. Hopefully, they can keep your finances on track. When it comes to student loans, a financial advisor can help you in three main ways, which we highlight below.

1. Manage your loans during your studies

For most students, especially undergraduates, financial advice is the last thing on your mind. It shouldn’t be. The best time to seek financial advice may be when you are in debt to begin with. At this point, a financial advisor can help you make the best possible decisions. Their advice may include:

  • Find good interest rates;

  • Set better loan terms;

  • Understanding good debt versus bad debt;

  • Start a prepayment plan.

For example, many students use loans as a source of expenses. It’s not totally irrational. For someone who has already had to borrow tens of thousands of dollars, borrowing a few extra thousand dollars just to be able to go out to eat or buy something nice seems insignificant. A financial advisor can help you put that borrowing into context and balance short-term financial stress with long-term debt.

Other students may not fully realize their options for interest rates and loan terms. This is especially true for graduate students, who often struggle with rates of 7% or more. A good financial advisor can help you find the best loans available so you can minimize your payments now and in the future.

2. Manage your loans after graduation

SmartAsset: financial advisor for student loans

SmartAsset: financial advisor for student loans

Once you graduate, a financial advisor can help you manage these loans. For many graduates, this can help make debt manageable. Their advice may include:

  • Find the right repayment plan

  • Find Federal Programs to Manage Loans

  • Find state programs to manage loans

  • Identify loan forgiveness options

  • Tax planning

  • Create a financial plan, including prepayment options

  • Discussion on refinancing and interest rate management

These are just some of the options a financial advisor can discuss with borrowers.

Ultimately, student loans can get incredibly complicated. Over the years, this turned into a byzantine series of programs as the government layered on different forgiveness options and programs to help manage the growing crisis. Whether it’s income-based payments, utility rebates, or even occasional tax deductions, there are many more options than you might think.

Even managing your interest rate can get complicated. Refinancing your student loans is often a great way to get a better rate, which can save you a lot of money in the long run. But student loans also come with a range of protections such as hardship deferrals and forbearance. Perversely, refinancing might be a good idea for graduates who can afford to lower their payments, while borrowers who aren’t in a strong financial position might want to keep those protections in exchange for higher interest rates.

3. Struggling with your outstanding loans

Finally, struggling graduates should definitely seek financial advice. A financial advisor isn’t just someone who helps you manage your money. They can also help you manage your debts and get out of trouble. They are exactly the ones you want in your corner when things go wrong.

For graduates who are struggling to make their payments or have defaulted on their loans, advice may include:

  • Comprehensive debt management

  • Understand the defect and how to get out of it

  • Negotiate default with private lenders

  • Make a payment plan

  • Find state and federal programs to help you

  • Find loan forgiveness programs

The first thing is to remember the difference between a financial advisor and the many companies that advertise debt relief. A financial advisor helps you manage your money and build a plan around it. Debt relief companies, however, are usually a form of scam. They usually charge you a lot of money for giving basic advice that doesn’t help anyone.

Hire a financial advisor, not a debt relief company. While student loans are complicated when you’re over them, they become positively overwhelming when you can’t pay. A financial advisor can help you with this, starting with the emotional toll of this debt. They can look at the numbers and make it feel manageable.

Beyond that, a financial adviser can help you develop a plan for the future. If you have defaulted on your loan, getting out of that default is a process. Your advisor can explain this process to you and help you find options to speed it up. If you have private lenders, a good financial advisor can even negotiate with those lenders on your behalf.

As with managing your loans, a financial advisor can explain the many programs and options available to you as a borrower. They can help you find programs that will help you, and can even help you research alternatives such as temporarily changing careers or moving to take advantage of these programs. You won’t know what’s out there until you ask, and your financial advisor can help answer those questions.

The essential

SmartAsset: financial advisor for student loans

SmartAsset: financial advisor for student loans

Student loans are a complicated system, but it is important to understand them well. A good financial advisor can help you manage this debt, during and after school. More than that, they can help prepare your finances for success now and over the long term to help you achieve your larger financial goals. They can also help you plan ahead so you can start saving for your kids’ college in tax-efficient accounts so they don’t have to take out loans in the future.

Tips for borrowing

  • If you’re considering using a financial advisor, you should find one that specializes in your particular needs, such as managing debt or investing in college savings. Finding the right one for you doesn’t have to be difficult. SmartAsset’s free tool connects you with up to three financial advisors who serve your area, and you can interview your matching advisors for free to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, start now.

  • When we say it’s a big part of personal finance, we really mean it and aim to help you through the process where we can. In fact, we’ve put together a comprehensive guide to the subject of student loans, from calculators to explanations, to help you navigate this difficult subject.

Photo credit: ©iStock.com/tommaso79, ©iStock.com/Kameleon007, ©iStock.com/Pekic

The post Can a Financial Advisor Help You With Your Student Loans? appeared first on SmartAsset Blog.

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What are timeshares and are they worth it? https://killerkash.com/what-are-timeshares-and-are-they-worth-it/ Tue, 25 Oct 2022 18:18:20 +0000 https://killerkash.com/what-are-timeshares-and-are-they-worth-it/ Types of timeshare ownership Before signing up for a timeshare agreement, it is essential that you know that there are two types: timeshares with shared deed and timeshares rented. Depending on whether you or a property management company hold the deed, you may face certain limitations in your timeshare contract. Timeshare When you get timeshare […]]]>

Types of timeshare ownership

Before signing up for a timeshare agreement, it is essential that you know that there are two types: timeshares with shared deed and timeshares rented. Depending on whether you or a property management company hold the deed, you may face certain limitations in your timeshare contract.

Timeshare

When you get timeshare ownership, you own a portion or percentage of the timeshare ownership, which means there is no contractual expiration date. This means that if the developer goes bankrupt, you will still own your part of the station.

In addition, you will have the right to vote on important matters such as maintenance costs. However, timeshare owners are responsible for maintaining the shared space. This may include housekeeping, landscaping, repairs and improvements to the property.

Another advantage of rated timeshares is that they are transferable, so you can sell them, include them in your will or give them away.

Shared rented timeshare

A leased timeshare, also known as a right-to-use timeshare, indicates that you do not own the property, but have the right to physically remain in the property for a period of time.

Unlike notarized timeshare, the person who sells you the right-of-use contract owns the property. Leased timeshare contracts define how long you can use the timeshare – these are usually long-term contracts. Leased timeshare agreements can expire over 20 years.

Since you don’t own a property in this property type, you won’t have a say in the annual timeshare fees and if the owner decides to raise them. The rules of the property and the maintenance and operations are all factors entirely at the developer’s expense. Also, if the developer ever goes bankrupt, you would lose your ability to stay in the property.

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Bad debts decline even as credit card use increases: BSP https://killerkash.com/bad-debts-decline-even-as-credit-card-use-increases-bsp/ Mon, 17 Oct 2022 06:05:00 +0000 https://killerkash.com/bad-debts-decline-even-as-credit-card-use-increases-bsp/ MANILA — Banks in the Philippines have reported fewer bad debts despite an increase in credit card usage over the past year, the Bangko Sentral ng Pilipinas said Monday. BSP Governor Felipe Medalla noted that “from a peak of 10% non-performing loans (NPLs) in November 2020, the latest data showed that banks’ NPLs had declined […]]]>

MANILA — Banks in the Philippines have reported fewer bad debts despite an increase in credit card usage over the past year, the Bangko Sentral ng Pilipinas said Monday.

BSP Governor Felipe Medalla noted that “from a peak of 10% non-performing loans (NPLs) in November 2020, the latest data showed that banks’ NPLs had declined to 5.7% at the end of July”.

Medalla said this was a rate close to pre-pandemic levels.

BSP Deputy Governor Chuchi Fonacier noted that NPLs or bad debts have decreased despite an increase in credit card usage.

“Credit card billings increased 41.4% year over year in June 2022, compared to growth of 29.5% in the same period last year,” Fonacier said.

Credit card receivables also rose 23.7% annually, higher than the 2.2% year-on-year contraction recorded a year ago, she added.

Fonacier also praised the way credit card companies are helping borrowers affected by difficult economic circumstances.

“At the end of July 2022, the majority of restructured consumer loans were credit card receivables of 6 billion pesos, representing 56.3% of the shares,” she said.

Credit Card Association of the Philippines executive director Alex Ilagan said credit card companies are doing their part to help struggling borrowers.

“As the effects of the pandemic linger, CCAP and its members will continue to work together to offer more liberal debt restructuring/forbearance programs to allow financially distressed cardholders [to] repay their obligations and regain a good credit rating,” Ilagan said.

Information campaigns to combat online/cyber fraud have also been launched by the organization, he added.

VISA data covering Filipinos and their payment transactions in 2021 showed that the trend towards cashless transactions has been accelerated by the COVID-19 pandemic.

The majority of Filipino respondents actually expect the Philippines to be cashless within the next 7-10 years, with payments being made through credit cards, debit cards, payment apps and QR codes.

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Microloans jump 89% in first quarter: report https://killerkash.com/microloans-jump-89-in-first-quarter-report/ Tue, 11 Oct 2022 20:30:00 +0000 https://killerkash.com/microloans-jump-89-in-first-quarter-report/ The microfinance sector has disbursed loans of up to 49,788 crore in the first quarter of the current fiscal year, an 89% jump year-on-year. Thanks to this, the gross loan portfolio (GLP) of the microfinance sector improved by 18% to reach $286 trillion as of June 30. Bad debts or overdue repayments of more than […]]]>

The microfinance sector has disbursed loans of up to 49,788 crore in the first quarter of the current fiscal year, an 89% jump year-on-year. Thanks to this, the gross loan portfolio (GLP) of the microfinance sector improved by 18% to reach $286 trillion as of June 30.

Bad debts or overdue repayments of more than 90 days affect 2.2% of the total portfolio, which fell 50 basis points (bps) sequentially and 110 bps year-on-year, according to a report from the bureau. CRIF High Mark Credit Information Services . However, write-offs by microfinance lenders increased to 5.7% as of June 30 from 4.8% as of March 31.

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Lenders’ collection efficiency improved with a decrease in monthly forward debits in June for all delinquency bands except 31 to 90 days. This is mainly due to the increase in forward flow rates for banks and NBFC-MFIs. Monthly rollback rates for the default 31-90 day tranche have been declining since March.

In terms of number of loans, lenders issued 125 lakh of loans in Q1FY23, up 67% year-on-year. Tamil Nadu leads in terms of BPL growth among the top 10 states on a sequential basis. The main states contribute 84% of the total portfolio covered by the office.

The volume of requests increased to 19.8% in July 22, requests for new credits representing about 30% of the total.

In terms of lender share, banks continued to dominate the market with a wallet share of 35.6% amounting to a book size of `1.01 trillion, followed by microfinance institutions (MFIs) NBFC with a share of 34.1% and small financial banks with 17.6%. Smaller financial banks, most of which were previously microfinance lenders, are seeking to diversify into other segments to reduce their exposure to unsecured lending.

Read also | MSME Minister Rane calls for increased MSME production and exports

Loans between 30,000 and 50,000, which is the largest segment, improved by 16% year-on-year, while a decline was seen in lower-sized loans. Of the total loan portfolio, 45% of the banks’ portfolio consisted of loans of less than Rs 50,000, compared to 27.2% for NBFC MFIs and 31.3% for small financial banks.

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Bandhan Bank loans and advances increase by 22% to ₹99,374cr in FY23 September quarter https://killerkash.com/bandhan-bank-loans-and-advances-increase-by-22-to-%e2%82%b999374cr-in-fy23-september-quarter/ Sat, 08 Oct 2022 09:01:05 +0000 https://killerkash.com/bandhan-bank-loans-and-advances-increase-by-22-to-%e2%82%b999374cr-in-fy23-september-quarter/ Kolkata-based private sector lender Bandhan Bank on Saturday announced a 22% increase in loans and advances to ₹99,374 crores at the end of the September quarter this year. Loans and advances from the lender have been ₹81,661 crores in the same period a year ago. The bank’s total deposits increased by 21% to reach ₹99,365 […]]]>

Kolkata-based private sector lender Bandhan Bank on Saturday announced a 22% increase in loans and advances to 99,374 crores at the end of the September quarter this year. Loans and advances from the lender have been 81,661 crores in the same period a year ago.

The bank’s total deposits increased by 21% to reach 99,365 crore at the end of the September 2022 quarter, compared to 81,898 crores a year ago.

Of this amount, retail deposits represented 73,660 crores, 7% more than a year ago 68,787 crores.

The retail deposit includes the current account and the savings account (CASA) of 40,509 crores, up 11% from the previous year.

The private sector lender’s CASA ratio was 40.8% as of September 30, 2022.

The bank’s retail deposits accounted for 74% of total deposits.

The Kolkata-based bank said its collection efficiency across India, excluding non-performing assets and including restructured customers, was 97%, down from 96% at the end of the June 2022 quarter.

The lender said the figures mentioned as of September 30, 2022 are provisional unaudited figures and are subject to review/examination by the audit committee and the board of directors.

Meanwhile, Bandhan Bank’s June quarter net profit more than doubled to 886.5 crore in April-June 2022-23 helped by lower bad debts. The lender had recorded a net profit of 373.1 crore in the period a year ago.

Total revenue increased to 2,844.1 crore 2,731 crores. The lender’s interest income rose to 2,514.4 crores of 2,114.1 crores, the bank had said.

Bandhan Bank Managing Director and CEO Chandra Sekhar Ghosh said the bank will open 551 more branches in the 2022-23 financial year, as part of the lender’s aim to boost distribution in other parts of India outside the eastern region.

With the latest addition, the number of branches of the bank headquartered in Kolkata will surpass 6,000.

With the contributions of the agency

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