Film festival budgets – Monte Carlo Film Festival http://montecarlofilmfestival.com/ Sun, 26 Jun 2022 19:43:46 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://montecarlofilmfestival.com/wp-content/uploads/2021/06/cropped-icon-32x32.png Film festival budgets – Monte Carlo Film Festival http://montecarlofilmfestival.com/ 32 32 Amigo: this fintech is ready https://montecarlofilmfestival.com/amigo-this-fintech-is-ready/ Sun, 26 Jun 2022 19:43:46 +0000 https://montecarlofilmfestival.com/amigo-this-fintech-is-ready/

Founded in 2005, Amigo Holdings PLC (LSE: AMGO, Financial) is a fintech specializing in guarantor loans. These are the types of loans given to someone with bad credit who can call on a trusted friend or family member to back it up.

Amigo has secured 80% of the UK collateral loan market. The company went public in 2018 on the London Stock Exchange at a valuation of 1.3 billion pounds ($1.6 billion). However, in November 2020 the business model was halted by regulators over a number of concerns and the company faced bankruptcy.

As a result, the share price has fallen more than 98% since 2019. However, a high court approved its new business model in May, so it should be able to continue operations very soon (subject to the regulatory approval). The stock jumped 15% in the past 48 hours on the news.

Let’s dive into the story so far, looking at financials and valuation to see if this damn stock is about to rebound.

The bad – discontinued business model

Amigo is the UK’s largest guarantor loan company. The idea is to offer loans of up to 10,000 pounds ($12,300) to people who are excluded from the financial system and cannot borrow due to a bad credit history. They can do this by asking a friend or family member to guarantee the loan. Their loans are classified as “mid-cost” loans with an annual percentage rate of 49.9% and no additional fees. That’s significantly higher than traditional banks, but cheaper than payday loans. However, in July 2020, Amigo received a series of complaints about the lack of accessibility controls and had to pay around £35m to fix them. Its activity was interrupted in November 2020 and the company was on the verge of bankruptcy.

The voucher – approval

In May, a high court approved the company’s new business model. As such, Amigo should be able to continue operations very soon if the Financial Conduct Authority also approves it.

Under the new scheme, Amigo’s total net new loans cannot exceed £35m and it must have at least £112m in the scheme. The idea is to make the new loans more user-friendly with interest-free annual payment holidays offered and methods for customers to lower monthly payments.

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Source: Amigo presentation.

The villain – shareholder dilution

If the FCA approves the program, then the company will have to raise more money from investors. Amgo will need £15m raised from investors and £97m from its strong internal cash balance of £110m in unrestricted cash. By raising capital, the company will issue 19 new shares for every existing share, which will result in great dilution for existing shareholders. As a fallback, the company will end the business in bankruptcy.

Fragile finances

At the end of December 2021, the company announced a strong unrestricted cash position of over £110 million excluding debt. Amigo has a net loan book of £180.7m, down 56.2% year-on-year. The number of its customers in arrears (struggling to repay their loans) increased its impairment coverage ratio to 22.4% from 18% in the third quarter of 2021. It has a large provision for claims of 347.5 million pounds. Amigo’s pre-tax profit was £1.6 million, compared to a huge loss of £81.3 million in the third quarter. Positive profitability is a good sign because the company is ruthlessly cutting costs.

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Evaluation

In terms of valuation, the stock has a market cap of just £25m, making it truly a small cap stock. However, the £110m of unrestricted net cash means it is in a strong cash position. If we exclude the £97m for the new regime, we are left with £13m, which means the company is currently trading at around twice its future cash position. But remember that this doesn’t take into account future dilution, which could skew the numbers even further.

The company is trading at a price-to-sales ratio of 0.21, which is well below historical levels of 6.

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The GF value line indicates that the stock is slightly undervalued relative to historical multiples, past financial performance and future earnings projections.

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Final Thoughts

Amigo is a battered and bloody fintech, which recently received a silver lining after the positive ruling. Its brand and in-house office team seem to have a fun, friendly “borrow from your Amigo” style, but the current situation is still shaky.

The company’s new regimen awaits regulatory approval, after which it should be ready to bounce back. The future shareholder dilution adds another element of danger to the investment and makes it difficult to value. So, I think the stock is likely to bounce back, but an investment today would definitely be a speculative bet and it would be one of those trades where I assume any investment has the ability to go zero. Thus, an assessment of the risk-reward ratio must be made.

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PleaseLoan eliminates endless loan lines with its online platform that makes the borrowing process easier https://montecarlofilmfestival.com/pleaseloan-eliminates-endless-loan-lines-with-its-online-platform-that-makes-the-borrowing-process-easier/ Fri, 24 Jun 2022 20:57:30 +0000 https://montecarlofilmfestival.com/pleaseloan-eliminates-endless-loan-lines-with-its-online-platform-that-makes-the-borrowing-process-easier/

The loan company provides loan services to government and private employees to help them with additional resources that can help their financial difficulties

Award Loans are unsecured, fixed, low-interest loans specifically designed for federal employees. These loans are easily accessible even for employees who have bad credit because the loans are paid by deduction from the employee’s monthly salary. Award loans are essential to the well-being of federal employees to float them through uncertain financial tides, as well as to act as a lifeline in an emergency. It is important that the task of accessing such a loan is handled by a reputable lending company and PleaseLoan is the ideal company for this service.

PleaseLoan is an online platform designed to connect consumers with handpicked lenders across the country, based on an exclusive team of professionals who are focused on the customer’s needs and are positioned to improve their financial situation in the best way. possible. The process for allotment loans with PleaseLoan is seamless as the customer simply has to submit their application, wait for a response, and electronically sign the loan agreement, all within a single business day.

Additionally, PleaseLoan is a safe and confidential platform as the customer’s credit is not checked and the customer does not need to disclose their intentions for the loan. Borrowers have access to more of the company’s loan services, including providing installment loans for people with bad credit, emergency loans and payday loans. Loans for federal employees through PleaseLoan are up to $5,000, which is approved regardless of credit score and deposited directly into the customer’s account.

For more information, please visit https://www.Pleaseloans.com/

About loans please

Please Loans is owned by financial expert and finance enthusiast, Alex Ostapovich.

Media Contact
Company Name: Please lend
Contact person: Alex Ostapovich
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Call: (866) 336-3850
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Website: https://www.Pleaseloans.com/

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Same Day Payday Loans Online – Fast Loans For 1 Hours https://montecarlofilmfestival.com/same-day-payday-loans-online-fast-loans-for-1-hours/ Wed, 22 Jun 2022 00:09:12 +0000 https://montecarlofilmfestival.com/same-day-payday-loans-online-fast-loans-for-1-hours/

Same Day Payday Loans Online

Get 100% cash advance online even with bad credit. The best service for fast loans!

Eligibility criteria

The easiest way to find out if a payday loan is right for you is to talk to the person running it. If the person proposing it accepts. While these types of online same day payday loans can be useful in an emergency, they are also often used for other purposes that can see you paying thousands of dollars in interest in a short period of time. They involve a minimum payment of $300 or $500 to qualify.

This type of loan may have a fee or an interest rate and should be carefully considered before applying for a payday loan. However, payday loans are usually harder to repay because they don’t allow you to pay the loan directly by credit or debit card. This type of loan is a good choice for people who may be facing difficult economic circumstances or who are under a lot of stress.

Quick Payday Loans

Most payday lenders are structured as instant loans; therefore, you have less than a day to repay your loan. In most cases, you will need to pay an additional $100 or $200 as a deposit with your loan. Payday lenders are usually geared towards young people to get people off the hook and help them through unexpected hardships or economic situations. These same day online payday loans can be used for anything, including paying off a car loan, rent, utility bills, and even health insurance or student loan bills.

These types of loans require you to pay a fee to help repay your loan, but these can be prompt payments in addition to other base payments. If you prefer to have an instant cash advance, it is better to look for a quick cash advance, which is better than instant credit in addition to your other payments. Cash back credit and cash advances don’t require a deposit and will be easier to repay if you’ve made poor lending decisions.

Repay cash loans quickly

The lender will take charge of your personal credit report and immediately start applying for a loan based on your credit report. You will have to pay the lender within twenty days of receiving the request. The borrower must repay the loan within the same time frame as your existing credit card or loan. To ensure that the borrower will repay the loan, borrowers must show at least two weeks of income and a payment record that shows the consumer has used their funds as intended.

Quick Cash Loans are available to people interested in lending money at a pace that may be difficult or impossible in a real situation. The lender usually pays interest at a low rate (usually 3% or less per month) and is able to offer repayment in 10 monthly installments. The lender will make a deposit in your accounts and then pay off the balance over the next six months.

Eligibility for Fast Cash Loans Online

The ability to get instant payment is appealing, especially for those looking to use the funds to meet a personal emergency or help an elderly parent pay a monthly bill. But the reality is that people can use fast cash loans to get cash to make their payments from home. Some people don’t have access to credit and are unable to pay a mortgage at this time. With Quick Cash Loans Online, you can receive an approved quick cash loan online instantly. You won’t have to visit your local bank to get approved. The fast cash loan application is the same for individuals who have and have a credit history. And now it is possible to get money for almost everyone on the same day online payday loans on the most favorable terms, now you can’t search where to borrow money for their needs.

Cash advance companies may also ask you to provide proof of your income and use it to verify your income and verify your income. This type of payment means you don’t have to worry about how much you owe to get approved in the first place.

Flexible and affordable online loan

With the proliferation of alternative payment methods available online, you may be wondering how to get the most out of your current method of keeping your hands on cash. The solution, especially in recent years, is to create your own online bank account for your checking account. If you are serious about saving and investing for the long term, this may be the best decision you can make. You must remember that you can get money very quickly, literally, which allows you to benefit from it and solve your financial problems quickly.

Accept payments from your checking account through the same fast cash. Loans are one such product. Products have a minimum down payment of $500, no upfront fees, and no minimum monthly payment. The monthly payments are fixed at 2.9% in the case of a mobile cash advance, 3% for a cash advance and a cash advance on a bank card. You can also get same day payday loans online and as you can see it can be done on very favorable terms as the interest rate on the loan is lower than the banks.

Quick cash advances are best suited to small and medium businesses with a low percentage of customers who can afford cash advances. Many consumers prefer to use cash over a credit card, and online cash advance and online fast cash advances are good options for the business owner. These are great options for getting a quick cash advance without any of the upfront loan costs or interest rates that can be too high.

Money from loans or debts

There are a variety of lenders, but they generally charge high interest rates, just like payday loans. But now there is a way to get same day payday loans online at a very low interest rate which will help you solve all your financial difficulties and do it very quickly. If you make a monthly payment on a debt such as a rental deposit, car loan, or mortgage, you won’t use those funds for anything other than paying off your debt.

If your loans are repaid to some degree, you may want to consider borrowing money from a credit union. Unlike your payday loans, these types of loans are structured and guaranteed by a bank or thrift institution, giving you the protection of a bank.

Online loans cash in hand

One of the best ways to get easy cash is to borrow same day payday loans online and from online lenders. For example, if you are interested in buying a car, your car payment may not be made in a month. You need to pay off your loan in a short period of time, so it’s better to borrow a used vehicle than to make a new purchase. Borrowing on an online cash advance can be quick, convenient, and usually guaranteed.

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New survey reveals lessons for selling services — and succeeding — to an increasingly multicultural America https://montecarlofilmfestival.com/new-survey-reveals-lessons-for-selling-services-and-succeeding-to-an-increasingly-multicultural-america/ Thu, 16 Jun 2022 14:48:00 +0000 https://montecarlofilmfestival.com/new-survey-reveals-lessons-for-selling-services-and-succeeding-to-an-increasingly-multicultural-america/

Access the latest research in The Conference Board Multicultural Consumer Survey series. To understand How ethnic identity is reflected in service purchases, the project surveyed 2,000 multicultural U.S. households to uncover their consumer attitudes, preferences and behaviors, including identity expression and sustainability considerations in travel decisions. This is the second in a series of multicultural consumer surveys, following the full 2021 Goods Report.

“The data we collected provides insight into how every business should think about engaging their customers in a demographically diverse America,” Tadpole added. “In the realm of services, these diverse attitudes impact everything from travel plans and leisure activities to restaurants, healthcare, financial services, education, childcare, pet care, fitness, etc., including online and physical shopping channels.”

The results of this latest research are presented in a summary report, Multicultural Consumer Survey: Servicesand the accompanying deep dive on Closing the Gaps in U.S. Financial Services. Among the key information:

  • The rise of commerce as an expression of identity. Growing cohorts of Americans are likely to use services to express their ethnic identity, especially high-income Black and Latino consumers and people under 35 in all minority groups (with money to spend ). This leaves companies from a wide range of service industries – including not only digital media, restaurants, travel, personal care and out-of-home entertainment, but also education and fitness, among others – well positioned to consider refining their customer experiences. to respond to the desire for ethnic expression of their multicultural audience.

    “In this era of self-expression, brands with a holistic and committed diversity strategy can tap into consumers’ desire to express their ethnic heritage through their purchases,” said Denise Dahloffsenior researcher at the Conference Board. “It can help brands reach young consumers in particular, including those from traditionally less expressive cultures who are acculturated to the United States and even young white people who, surrounded by diverse peers, seem inspired to express their own cultural identity. .”
  • Spending on symbols of success is universal, but the definition of success varies. Spending on services, including education and financial investments, can be partly determined by what consumers view as success in life. Yet, no definition of success is universal. For example, for Latino consumers, owning a home and business and sending their kids to college means more success than it looks for other consumer segments. For Asian consumers, who generally favor higher income groups, the financial achievements are relatively greater. This is reflected in their increased use of banking, investment, insurance and financial advisory services compared to other groups.
  • Lack of financial services. As explored in our in-depth financial services report, low- and middle-income Black and Hispanic respondents are generally more likely to use various forms of non-traditional financial services compared to their Asian and white peers at similar income levels. These non-traditional services, from payday loans to cryptocurrencies, often carry substantial risk.

    “Financial service providers have significant leeway to increase their engagement with Black and Latino consumers, even among high-income consumers in these groups,” said Conference Board Chief Economist Dana Peterson“For financial institutions, closing these gaps can mean reaching a lucrative market currently untapped by banking services.”
  • Non-white Americans, especially those in higher income groups, express the most interest in environmentally friendly transportation for travel, as well as accommodation—providing tour operators with a clear focus of sustainable options. Typically, higher-paying consumers within a given racial and ethnic group are more open to sustainability calls than their lower-paying counterparts.
  • What consumers value most about offline and online shopping differs by age, income, and ethnicity. This information can help retailers refine their channel design, targeting, and messaging. For example, for younger shoppers, brick-and-mortar stores provide a forum for socializing, while older shoppers primarily enjoy the traditional conveniences of stores to inspect products in person and instantly acquire items.

    The ability to save time by buying online is particularly appealing to Latino and Asian shoppers. The entertainment aspects of a brick-and-mortar store are more likely to appeal to the Latino segment as well as younger white shoppers, and the opportunity to socialize with family/friends appeals to general black shoppers as well as generally younger consumers. especially non-white consumers. These preferences may also be related to other factors such as place of residence and marital status.

About The Conference Board
The Conference Board is the member-driven think tank that provides reliable information about what lies ahead. Founded in 1916, we are a nonpartisan, nonprofit entity with 501(c)(3) tax-exempt status in the United States. www.conference-board.org.

SOURCE The Conference Board

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Personal Loan Debt Hits an All-Time High – Support to Help Black Americans Fight the Problem https://montecarlofilmfestival.com/personal-loan-debt-hits-an-all-time-high-support-to-help-black-americans-fight-the-problem/ Tue, 14 Jun 2022 15:30:47 +0000 https://montecarlofilmfestival.com/personal-loan-debt-hits-an-all-time-high-support-to-help-black-americans-fight-the-problem/

Here’s a jaw-dropping statistic: American consumers reached a record $177.9 billion in unsecured personal loans.

The findings stem from Personal loan statistics for 2022, a new report from The Ascent. That same analysis, according to data from credit bureau giant TransUnion, found that the average unsecured personal loan balance is $9,896, higher than the average $6,656 for borrowers getting new loans.

The latter figure was reported to be the highest average balance in some time, which is likely due to increased borrowing in 2021 and early 2022. The Ascent assumed the new loan balances were rose to $7,126 in the second quarter of 2021, up 36%. of $5,213 in the first quarter of last year.

David Chang, personal finance expert at The Ascent, explained why personal loans are at all-time highs for black Americans. He says there is a big racial wealth gap between black and white Americans. Citing data from the Federal Reserve, Chang noted that the median net worth of a typical white household in 2019 was $188,200. He says that’s nearly eight times more than a typical black household at $24,100. He says the poverty rate for black Americans (21.2%) is more than 2.3 times that of white Americans (9%) and that blacks have much higher unemployment rates than any other ethnic group.

“The huge disparity in net worth, income, and employment is one of the main reasons black Americans struggle with debt. It is also a major factor in black Americans being hit harder during the pandemic.

And because of the credit gap, Chang explained, many black Americans are resorting to payday loans to make ends meet. He says the average interest rate on a payday loan is 391%.

Yet help is at hand. Chang says there are many financial resources, advocacy organizations and community support groups to help secure funding or manage existing loans. He says here are a few for black Americans. He says they include the Black Cooperative Investment Fund (BCIF), which he says provides microloans to the black community through pooled funds.

He noted that another is Operation HOPE. Chang says this nonprofit organization has programs to help Black Americans successfully manage their money, own a home, start a business, or recover from a disaster, including a hurricane, tornado, a fire and the COVID-19 pandemic.

He suggested Modest Needs, a nonprofit that “provides short-term financial assistance to individuals and families in temporary crisis who, because they work and live just above the poverty line, are not eligible for most conventional social assistance”.

There were some bright spots in The Ascent report. He reported that interest rates on personal loans are low, creating a chance for those in need of a loan to get a good deal. Although crime rates may not be at their lowest point, they are better than before the COVID-19 crisis.

]]> 3 things to watch in the stock market this week https://montecarlofilmfestival.com/3-things-to-watch-in-the-stock-market-this-week/ Sun, 12 Jun 2022 11:00:00 +0000 https://montecarlofilmfestival.com/3-things-to-watch-in-the-stock-market-this-week/

It was another tough time for investors last week as both the Dow Jones Industrial Average (DJINDICES: ^DJI) and the S&P500 (SNP INDEX: ^GSPC) lose 5%. Most of the decline came after news broke that inflation was still near a 40-year high, suggesting further aggressive interest rate hikes from the Federal Reserve.

However, many individual stocks performed better, especially in the case of positive earnings announcements. With that in mind, let’s preview reports on the way this week from Kroger (NYSE:KR), Jabil (NYSE:JBL)and Adobe (NASDAQ: ADBE).

1. Kroger Profit Outlook

Kroger’s stock took a hit after rival walmart (NYSE: WMT) lowered its 2022 earnings outlook last month, and we’ll find out on Thursday whether the supermarket chain has avoided those earnings challenges.

There are good reasons to believe that Kroger can outperform its biggest rival. The chain closed the growth gap in the last quarter, thanks in part to the enthusiasm generated by its fresh produce and prepared food niches. Track comparable store sales to see if Kroger is gaining market share. This metric increased by 3% in Walmart’s latest report.

Kroger weathered soaring costs in early 2022, and investors hope to extend that positive momentum into this report with the help of its vertically integrated supply chain.

When costs rise, owning your own dairy farm, trucking company, and retail network comes in handy. Watch Kroger’s earnings outlook, which currently calls for a sharp increase in annual earnings, for evidence of continued pricing power.

2. Jabil’s operating margin

Electronics manufacturing specialist Jabil will announce its latest results on Thursday, and investors have big questions ahead of the report. The company exceeded expectations on its latest release, which showed an 11% increase in sales. Jabil’s 23% increase in earnings per share is even more impressive.

Track Jabil’s operating profit margin to see if the company is still benefiting from growing demand in the smartphone, cloud services and automotive niches. This metric was less than 5% of sales last quarter, but has the potential to increase as prices rise.

Jabil raised its outlook for 2022 in March, and management now sees revenue landing at $32.6 billion, about 11% more than in 2021. The big question is how its partnership with Apple could set it up for even faster wins down the line.

3. Adobe’s growth rate

Despite setting new sales and cash flow records last quarter, Adobe stock has fallen since that report in late March. Investors’ main concern is that growth will slow after two years of strong demand for its digital media products during the early stages of the pandemic.

This slowdown should not threaten the long-term prospects of Adobe, which announced Thursday the results of the second fiscal quarter. Executives in March forecast sales would rise about 15% for the period, compared with a 17% increase in the first quarter.

In addition to hitting those numbers, investors are hoping Adobe could project better earnings prospects over time as more businesses and consumers move their creative work to its cloud services platform.

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

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Credit Canada to Provide ‘Free, Confidential, Non-Judgment’ Debt Help in Sault Area https://montecarlofilmfestival.com/credit-canada-to-provide-free-confidential-non-judgment-debt-help-in-sault-area/ Thu, 09 Jun 2022 18:13:42 +0000 https://montecarlofilmfestival.com/credit-canada-to-provide-free-confidential-non-judgment-debt-help-in-sault-area/

Content of the article

Interested in giving up debt?

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Sault Ste. Marie (CCSSSM) joins the National Agency Credit Canada, the oldest not-for-profit credit counseling agency in the country.

“We are thrilled to join the team,” CCSSSM executive director Greg Elsby said in a statement. “We have had a long and positive partnership with Credit Canada and have chosen to work with them in the future.”

Credit Canada is “committed to providing exceptional service” to those with “too much” debt, said Bruce Sellery, CEO of Credit Canada.

“We are honored that the CCSSSM has chosen us to continue the work they have been doing since 1969,” he said.

“As a larger agency, we will be able to bring more educational resources and creditor relations to serve clients in the region, while working to ensure that the care, compassion and confidentiality for which the CCSSSM was known are maintained. .”

Consumers who carry a balance on their credit cards from month to month face higher interest charges and ultimately more debt.

“If they start to miss bill payments, they may receive collection calls, which lowers their credit score and makes it harder to get low-interest credit,” a statement read. of Credit Canada. “Those with low credit scores can rely on payday loans and other high-interest products to make ends meet, which only makes things worse.”

Credit Canada offers free credit counseling services through one-on-one telephone consultations with certified non-profit credit counsellors. During an initial appointment, a credit counselor reviews a client’s debt situation in order to offer various relief options.

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This may include negotiating with creditors, using different payment methods, signing up for a debt consolidation program, or exploring alternative solutions, such as debt consolidation loans or insolvency.

“All credit counseling services are free, confidential and non-judgmental,” the statement said.

Tammy Drover leads Credit Canada’s client services staff in Sault Ste. Marie and the surrounding area.

“She knows the people and the real issues people are facing in the community,” Credit Canada said. “With rising gas, food and housing prices, more and more Canadians are having difficulty paying their bills, forcing some to rely more on credit.”

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Two in Five Buy Now, Pay Later Borrow Money to Pay Off Debt | Buy now, pay later https://montecarlofilmfestival.com/two-in-five-buy-now-pay-later-borrow-money-to-pay-off-debt-buy-now-pay-later/ Wed, 08 Jun 2022 05:01:00 +0000 https://montecarlofilmfestival.com/two-in-five-buy-now-pay-later-borrow-money-to-pay-off-debt-buy-now-pay-later/

More than two in five recent buyers who buy now, pay later (BNPL) have used credit cards or other forms of borrowing to pay off what they owed, the charity Citizens Advice says .

He said the figures showed buyers were “piling borrowing on borrowing” and stressed the urgent need to regulate BNPL.

On Monday, Apple unveiled a BNPL feature for iPhones, which will initially launch in the US around September and could come to the UK a few months later.

BNPL allows buyers to stagger payments for goods without interest or charges – unless they fail to repay on time, in which case some companies charge late fees. Generally, the cost is divided into weekly, bi-weekly or monthly installments.

Two of the biggest BNPL companies operating in the UK are Klarna and Clearpay, and other big players include Laybuy and Zilch.

This form of credit has seen explosive growth during the coronavirus pandemic, especially among those under 30 and those with tight finances. However, the rate of growth is thought to have slowed in recent months as the cost of living crisis prompted people to cut back on non-essential spending.

A survey was conducted for Citizens Advice in March of 2,288 people in the UK who had used BNPL in the previous 12 months.

More than two in five respondents (42%) said they use some type of loan to fund their repayments, with credit cards being by far the most popular option. Others included overdrafts, borrowing from friends and family, personal loans and payday loans.

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Young buyers were the most likely to borrow to repay their BNPL purchases. The charity found that 51% of 18-34 year olds had borrowed money to pay off BNPL debts.

The government has said the BNPL is to be regulated by the Financial Conduct Authority, although this is unlikely to happen before the end of this year or in 2023. Citizens Advice wants this regulation to include affordability checks by all participating companies and clearer information when making online payments.

Millie Harris, debt counselor at Citizens Advice East Devon, said using credit cards and other types of borrowing for repayments “just relies on one debt to pay off another”.

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Initiative to cap interest rates on payday loans submits signatures for Michigan ballot – Ballotpedia News https://montecarlofilmfestival.com/initiative-to-cap-interest-rates-on-payday-loans-submits-signatures-for-michigan-ballot-ballotpedia-news/ Mon, 06 Jun 2022 16:02:05 +0000 https://montecarlofilmfestival.com/initiative-to-cap-interest-rates-on-payday-loans-submits-signatures-for-michigan-ballot-ballotpedia-news/

On June 1, the Michiganders for Fair Lending campaign submitted signatures for a ballot initiative that would appear on the November ballot.

The initiative would introduce a 36% annual interest cap on payday loans. Michiganders for Fair Lending argues that the typical payday loan carries an annual rate of 370% and that high interest rates can be financially detrimental to Michiganders. According to the Center of Responsible Lending, 18 states, plus the District of Columbia, cap annual interest at 36%.

“Payday lenders have used the lure of quick money for too long to prey on vulnerable Michiganders,” said campaign spokesman Josh Hovey, “These extreme interest rate loans are designed to trap people in an endless cycle of debt, and we’re giving voters a chance this fall to fix that.

Of the 10 initiative campaigns in Michigan, the Michiganders for Fair Lending campaign was the only one to meet the June 1 signature submission deadline.

The campaign said that of the 575,000 signatures collected during the petition process, they submitted 405,265 signatures. In Michigan, 340,047 signatures are required in 2022 to qualify an indirectly initiated state law for the ballot. This number is determined by calculating 8% of the votes cast for Governor in the last gubernatorial election.

The measure is a State law of indirect initiative. Of the 21 states that allow state-initiated statuses, nine states, including Michigan, use an indirect process for citizen-initiated statuses. In Michigan, citizen-initiated laws that receive enough valid signatures are sent to the Legislative Assembly, which then has 40 days to enact the initiative into law. The governor cannot veto indirect initiatives approved by lawmakers. If the legislature does not approve the initiative, then it appears on the next general election ballot.

The other nine initiative campaigns that did not submit signatures on time could appear on the ballot in the next election cycle.

Currently, there is another measure on the Michigan ballot — a constitutional amendment returned by the legislature, which would change the term limits of state lawmakers.

Since 1996, 26 citizen-initiated measures have been submitted to Michigan voters for approval. Of the 26, 8 (31%) were approved and 18 (69%) were rejected.

Further reading:

]]> Midlothian MP backs reporting ethnicity pay gap https://montecarlofilmfestival.com/midlothian-mp-backs-reporting-ethnicity-pay-gap/ Wed, 01 Jun 2022 05:05:55 +0000 https://montecarlofilmfestival.com/midlothian-mp-backs-reporting-ethnicity-pay-gap/

The Midlothian MP was speaking after attending a Unison campaign event on Ethnicity Pay Gap Reporting which took place in the UK Parliament.

A Unison survey of NHS staff found that there were key differences between staff in Groups 1 and 2 who identified as black and those who identified as belonging to white groups, with a fifth of black respondents having used payday loans vs. 9% of white respondents. . Additionally, research from the Resolution Foundation estimates that the ethnic pay gap cost 1.9million black workers £3.2billion in lost wages in 2018.

He said: “We still have a long way to go for fair pay, but an important step is to tackle the ethnic pay gap. No one should struggle with poverty wages and we know that BAME workers are more at risk, with a wage gap between BAME workers and other groups. To combat this inequality, it must be better measured and understood.

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Owen Thompson MP at the Unison event.

“Like the gender pay gap, we need to get the facts on the ethnic pay gap together to raise awareness and begin to address the issue. With the mechanisms already in place, measuring this pay gap should be a step relatively straightforward, so the UK Government’s lack of progress is baffling.The Women and Equality Committee has already done much of its homework – it published a report in February which provided evidence of the need to point out ethnic pay gaps and how any challenges could be addressed.

Mr Thompson called for more progress from the UK government in introducing the legislation needed to measure progress in tackling the gap, similar to that which is already in place for the gender pay gap. He is also writing to Midlothian Council asking them to consider adopting ethnic pay gap reporting locally.

He added: “I support the campaign led by Unison and call on the UK government to move forward, but I urge Midlothian Council not to wait. They may consider adopting the gap report local ethnic pay now.I will write to the new SNP led council to see if they will consider this option.

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