Monetary loan – Satori 34 http://satori34.com/ Thu, 02 Dec 2021 14:37:49 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://satori34.com/wp-content/uploads/2021/07/icon-10-150x150.png Monetary loan – Satori 34 http://satori34.com/ 32 32 Cyberabad police raided fake Dhani Loan Bazar call center in Noida, arrested 14 https://satori34.com/cyberabad-police-raided-fake-dhani-loan-bazar-call-center-in-noida-arrested-14/ Thu, 02 Dec 2021 13:04:34 +0000 https://satori34.com/cyberabad-police-raided-fake-dhani-loan-bazar-call-center-in-noida-arrested-14/ Hyderabad: Cyberabad cybercrime police raided a bogus call center operating out of Sector 63, Noida, and arrested 14 people, including seven women, on Thursday. The call center operated on behalf of Dhani Loan Bazaar (www. Dhanibazaarloan.in and www.theloanindia.in). They pretended to be a loan platform and deceived people to the tune of hundreds of thousands of rupees.

The gang has been implicated in nine cases in Cyberabad police station, five cases in other districts of Telangana and 13 cases in other states. The gang also made calls on behalf of The Loan India, Paisa Loan Hub and Mudra Loan Finance.

In October, the gang cheated on a man to the tune of over Rs. 2 crore. The victim had visited Dhani Loan Bazaar (DLB) website and entered their contact details such as name, cell phone number, email address, loan amount required and loan type in the form of demand. On October 17, he received a call from Deepak Sharma, an executive at DLB, asking him to share his PAN, Aadhaar and payslips via WhatsApp.

The fraudster informed the complainant that he was eligible for a personal loan of Rs. 5 lakh. He then claimed money for various fees such as processing fees, insurance fees, GST, loan application fees, grants, and electronic customs clearance fees. The victim transferred Rs. 2,17,366 in nine different transactions.

Those arrested have been identified as Rajendra Kumar, Brijesh Kumar Thakur, Akash Bhati, Nitin Kumar, Hemalata, Ritik Singh, Hemant Rawat, Radhika Yadav, Sadhana Kumari, Sarswati Halder, Kajal Singh, Nisha Varun, Kanchan Singh and Puthan. Two others, Abishek Mishra and Abishek Mishra, flee. Police seized three laptops, 37 cell phones, SIM cards and ATM cards from the gang.

Abishek Mishra, Rajendra Kumar and Brijesh Kumar Thakur had opened a call center in Sector 63, Noida. They had bought used cell phones and laptops. Akash Bhati collected data on loan seekers from Dileep Kumar, who in turn developed fake websites on behalf of popular loan websites like DLB. During this time, Nitin Kumar opened bank accounts and withdrew money, and Hemalata conducted interviews, recruited telephone operators and trained them on how to speak with victims. Ritik Singh and Hemant Rawat sent loan approval and follow-up letters to victims for confirmation.

Cyberabad police have advised people not to answer calls from credit companies asking for money under the guise of granting loans. Don’t share your PAN, Aadhar card, and other details with anyone on WhatsApp, they said.

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Brian Kelly’s 10-year deal with LSU football includes $ 1.2 million residency loan and mind-blowing bonuses https://satori34.com/brian-kellys-10-year-deal-with-lsu-football-includes-1-2-million-residency-loan-and-mind-blowing-bonuses/ Wed, 01 Dec 2021 05:23:00 +0000 https://satori34.com/brian-kellys-10-year-deal-with-lsu-football-includes-1-2-million-residency-loan-and-mind-blowing-bonuses/

New LSU football coach Brian Kelly is expected to receive just over $ 100 million in base pay over 10 years, according to a terms sheet USA TODAY Sports received from the school on Tuesday night.

The deal – which goes through a satisfactory background check and LSU board approval – makes Kelly the first public school coach on a nine-figure contract.

His salary is categorized as a base salary of $ 400,000 per year, additional pay that starts at an annual rate of $ 8.6 million, and a “longevity” payment of $ 500,000 which he will receive if he does. is at work every July 1st. The start date is “no later than” November 28, and the first year ends December 31, 2023.

His baseline total of $ 9.5 million for 2022 will tie him to Mel Tucker of State of Michigan as the second-highest-paid public school coach behind Nick Saban of Alabama, who is expected to earn 9.9 millions of dollars. The state of Michigan on Monday unveiled the terms of Tucker’s $ 95 million 10-year deal.

Lincoln Riley left Oklahoma for the University of Southern California on Monday. The terms of this agreement have not been made public.

FOLLOWING: Crazy numbers of four new college football coaching contracts

A LOT OF MONEY: Here are four reasons why college football coaching salaries have gone crazy

Brian Kelly spent 12 seasons coaching Notre Dame.

Kelly’s additional salary has a series of planned increases – to $ 8.8 million in 2023, $ 9 million in 2025, $ 9.2 million in 2027, $ 9.4 million in 2029 and 9, $ 6 million in 2031. But the agreement contains provisions that will allow it to increase these payments. It also offers the possibility of $ 1.325 million in annual bonuses, including $ 500,000 each time LSU is “eligible for the bowl.” This is probably the biggest bonus to becoming eligible for a boules game that does not involve a contract extension.

The first time LSU wins the Southeastern Conference Championship game under Kelly, his additional salary will increase by $ 250,000 for each remaining year of tenure. If this happened in Kelly’s first season, it would increase the value of the deal by $ 2.25 million. In addition, the first time LSU wins the National Championship, his additional salary will increase by $ 500,000 for each remaining year of the term. So if that happened in Kelly’s first season as well, the deal would increase in value by a total of $ 6.75 million.

Kelly’s base and extra pay – a total that starts at $ 95 million – are 90 percent guaranteed if Kelly is fired without cause. If LSU wins a National Championship, the remaining base salary and additional salary will be 100% guaranteed.

As long as LSU’s athletic director is Scott Woodward, Kelly will owe the school money if he ends the deal without cause. If Kelly leaves LSU without cause by December 31, 2022, he will owe the school $ 4 million. If Kelly leaves in 2023, he will owe $ 3 million. After that he owed $ 2 million. If Woodward is no longer LSU’s DA, then Kelly will not be subject to any payment to the school for his departure.

Kelly will have ample opportunity to increase her compensation through incentive payments available annually. In addition to the $ 500,000 Bowl Eligibility Bonus, if LSU played in any of the six college football playoff-related games, it would get the best of:

► $ 100,000 if the team is not in the semi-finals.

► $ 200,000 if the team is in the semi-finals.

► $ 300,000 if the team qualifies for the final.

► $ 500,000 if the team wins the championship.

If LSU plays in the SEC title game, Kelly will get a bonus of $ 75,000, plus an additional $ 75,000 if the Tigers win.

Kelly can get an additional $ 125,000 in bonuses for Coach of the Year awards and $ 50,000 depending on the academics on the team.

Kelly’s condition sheet also states that he will receive an interest-free loan, not to exceed $ 1.2 million, designed to cover 20% of the purchase price of Kelly’s primary residence, which is to be located at less than 30 miles from LSU’s Baton Rouge campus. Kelly will eventually have to repay the loan, plus 20% of any increase in the value of the home.

LSU will cover the amount of any buyback amount Kelly owes Notre Dame for terminating her contract there, although the list of conditions does not provide the actual dollar amount.

Additionally, Kelly will receive 50 hours of private plane time each year for personal use.

Follow college reporter Steve Berkowitz on Twitter @Berkowitz.

This article originally appeared on USA TODAY: College Football: Brian Kelly’s LSU Deal Has Staggering Bonuses


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Experts Give Advice on Preparing Student Loan Repayment – WDVM25 & DCW50 https://satori34.com/experts-give-advice-on-preparing-student-loan-repayment-wdvm25-dcw50/ Mon, 29 Nov 2021 22:02:26 +0000 https://satori34.com/experts-give-advice-on-preparing-student-loan-repayment-wdvm25-dcw50/

Could see a snow / rain mix for the weekend

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Windy conditions for Friday

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First showers of the season?

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Scott’s WDVM 25 Evening Forecast for Thursday, November 25

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Scott’s WDVM 25 Evening Forecast for Thursday, November 25

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A few drops on Thursday night

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Cold and windy after Thanksgiving

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Scott’s WDVM 25 evening forecast for Wednesday, November 24

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Scott’s WDVM 25 evening forecast for Wednesday, November 24

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A sunny sky warms us up a bit before Thanksgiving

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A cold morning before a sunny and calm day

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Scott’s WDVM 25 evening forecast for Tuesday, November 23

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How the launch of Sputnik inspired the creation of the US student loan industry https://satori34.com/how-the-launch-of-sputnik-inspired-the-creation-of-the-us-student-loan-industry/ Sun, 28 Nov 2021 10:30:04 +0000 https://satori34.com/how-the-launch-of-sputnik-inspired-the-creation-of-the-us-student-loan-industry/
  • When the USSR launched Sputnik, the first satellite into orbit, the United States feared it was falling behind.
  • Eisenhower responded by creating a program to help more people afford higher education – and to boost the United States.
  • Although it was created to promote equity in education, the student loan program now promotes debt.

Sputnik was a wake-up call for the United States: Americans had to be smarter.

On October 4, 1957, the Soviet Union launched the first satellite into Earth orbit, Sputnik. It was a clear sign to President Dwight Eisenhower that the United States needed to produce more scientists and engineers to compete with other nations. But there was a problem: the education system at the time was exclusive and excluded low- and middle-income people from participating.

America was not going to catch up with the Soviets in the “space race” as long as it did.

Congress stepped in and created the National Defense Education Act (NDEA) at Eisenhower’s behest, which allowed the government to provide loans to students in science and math. It was then amended to remove restrictions on fields of study.

In other words, Sputnik spurred the creation of the federal student loan program, as detailed in “The Debt Trap,” a new book by Wall Street Journal reporter Josh Mitchell.

“It is no exaggeration to say that America’s progress in many fields of endeavor in the years to come – indeed, the very survival of our free country – may depend in large part on the education that we are now dispensing to our young people, ”said House said the report recommending passage of the bill.

President Lyndon B. Johnson said in 1964 that more than 600,000 additional students had gained access to education through the NDEA student loan program. But there was still a long way to go to tackle affordability, Johnson said, noting Americans spend $ 4,000 to $ 5,000 on every child’s college.

“Now ladies and gentlemen, this just doesn’t have to continue,” Johnson added. “The challenge is obvious and we must meet it. Higher costs should not put higher education out of reach.

Today, the average annual tuition fee for an out-of-state public university is $ 15,000, with fewer people enrolling in university as the nation’s student debt grows. stands at $ 1.7 trillion and growing day by day. What started as a selfless educational pursuit has now grown into a crisis in its own right.

Government involvement in education in the United States harms the people it intended to help

Johnson, well known for his war on poverty, expanded the education system in a bid to give everyone a fair chance at college – a central pillar of the American Dream. To achieve his goal of universal access to education, he signed the Higher Education Act of 1965, which guaranteed loans for the middle class.

But after the law was passed, banks started raising interest rates on student loans, and the system benefited lenders as borrowers racked up more debt. Colleges continued to increase tuition fees as federal aid became available. This created a trap for students across the country, as Mitchell explains: The more colleges raised tuition fees, the more Americans had to borrow, and the more Americans had to borrow, the more colleges raised tuition fees.

Alice Rivlin, the Congressional Budget Office’s first director responsible for designing Johnson’s student loan program, told Mitchell in 2019 that the idea behind federal loans was that “higher education adds to your future income and the So loan financing made sense. You could pay it off with your future income. “

But looking back, when asked what she thought of the evolution of the lending industry, Rivlin told Mitchell, “We’ve unleashed a monster.”

The average American has about $ 32,000 in student debt after graduation. Due to the high interest rates, if the borrower does not earn enough income, it might be very difficult, if not impossible, for the borrower to repay even the original loan amount.

For example, David Wise, 59, initially borrowed $ 79,000 in student debt, paid off $ 175,000, and still owes $ 236,485.

“I feel like I have been responsible and have paid a considerable amount on my student loans,” Wise told Insider. “But it really is a debtors prison.”

It is even worse for parents who want to give their children a chance to study in higher education. Parent PLUS loans are federal loans that parents can take out to finance their children’s education, and the loan can cover tuition and is not income-based.

He created an uncontrolled borrowing system, and with PLUS loans having the highest interest rates of 6.28%, parents are often forced to pay off their debts for the rest of their lives simply because they wanted to provide the best future for their children.

President Joe Biden has taken action to tackle the student debt crisis. He began reforming student loan forgiveness programs that have failed borrowers in recent years, such as the one for government officials, and he vowed to pass a free community college during his tenure, which will dramatically reduce problems with debt. affordability of colleges.

But even with these reforms, 45 million Americans continue to take on significant debts, ruling out many of the American dream envisioned by Eisenhower and Johnson.

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]]> 8 things approved lenders consider before approving your loan ► FINCHANNEL https://satori34.com/8-things-approved-lenders-consider-before-approving-your-loan-%e2%96%ba-finchannel/ Thu, 25 Nov 2021 19:14:03 +0000 https://satori34.com/8-things-approved-lenders-consider-before-approving-your-loan-%e2%96%ba-finchannel/

The cost of living in Singapore is higher than in neighboring countries, which is why you may feel the need to take out a loan to pay for your daily living expenses. But depending on the complexity of your financial situation, getting a loan can be a tedious or quick process.

When you are considering getting a loan for the first time, you may not be aware of all the aspects that a loan provider researches about your situation before approving it. Hence, be sure to find the ideal lender for your needs who offers affordable interest rates.

Although Singapore strictly regulates pawn shops in the country, you could still end up borrowing from an illegal lender if you don’t do your due diligence. So check the business registration on the Department of Justice website before signing any documents for a loan.

Suppose you need a loan to get you out of a tough situation. It would be best if you prepared in advance to make sure it gets approved as quickly as possible. Once you have covered the following aspects, head to a Singapore authorized money lender.

Documentation availability

Before considering anything else, you should make sure that you have the full documentation required by most, if not all, licensed pawn shops in Singapore.

The documents you should have with you when looking to apply for a loan are:

  • Identity card / NRIC

  • Proof of residency (can be a utility bill, rental agreement, etc.)

  • Proof of employment (payslip, letter of appointment, etc.)

Whether you are a local or a foreigner applying for a loan, you might also need additional documents like a work permit or visa, passport, proof of income, etc.

Your income and your job

Loan providers want to make sure that they are receiving their money with interest. To make sure this will happen, they need to confirm your employment status. No one would want to give money to an individual who cannot pay it back. So, you need to make sure that the details of your income and employment history are ready to be presented to the lender.

Depending on your income and years of employment, a lender may offer you different amounts for loan purposes. They may also be willing to negotiate a flexible payment plan that gives you more freedom while sticking to a specific schedule.

Credit score

Every approved Singapore pawnbroker is sure to watch your credit score when considering your loan application. Having a good credit rating means that you have paid off EMIs or loans taken out in the past.

If this is your first time taking out a loan and you’ve never had a credit card in your name before, your clean slate can also prompt a lender to give you a loan. Make sure you are aware of your credit score, and if it is too low you should be prepared to explain why it is so.

Financial history

While not all pawn shops in Singapore take a close look at your past finances, some will, especially if you’ve applied for a large loan. Past finances would also include financial details of any dependent families you have.

If you have an impeccable financial history, there is nothing to worry about. However, if you have declared bankruptcybefore or something similar, it’s best to be upfront about this with your lender during the early stages of your loan approval.

Deposit details

While your loan is in the process of being approved, your lender might want to sit down with you and determine the appropriate down payment you should make on your loan.

The down payments may differ depending on your financial situation and other aspects, and you can negotiate this with your lender depending on the urgency of your need for the loan. Make sure the down payment is mentioned on the final loan document which you will also sign.

Any guarantee you have

You don’t necessarily need to have collateral for your loan. In Singapore, depending on the type of loan you are applying for, collateral requirements may vary. However, if you are asking for a large amount or for a mortgage, you may need collateral to secure your loan.

In order for collateral to be included in your loan approval documents, you must have full documentation that shows you own it.

Assets

Whether you have liquidated assets or other types of assets, they can be essential in helping you get your loan approved. If your lender seems reluctant to give you a loan, it’s ideal to be upfront about your asset details.

The assets can also be used as collateral, depending on the type of loan you are applying for. Not all assets can be considered collateral, and you will need to research in your area to find out.

term of the loan

The Singapore approved money lender will have a contract that mentions when he expects the full loan amount including interest repayment. They may offer several options for paying off your loan, including regular payments or periodic payments (quarterly, annually, etc.).

You can also check the Credit Association of Singapore website if you have any questions about how pawn shops operate in the country. Be aware that you will only be eligible for a limited loan based on your income and other factors.

When you know what to prepare before you go to get a loan from a lender in Singapore, your loan can be approved within days.

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Life case where you urgently need a loan https://satori34.com/life-case-where-you-urgently-need-a-loan/ Wed, 24 Nov 2021 09:48:26 +0000 https://satori34.com/life-case-where-you-urgently-need-a-loan/

A personal loan is a type of loan that is popular among many people in the Philippines today. Many people are interested in this type of loan because it is easy for them to apply for this loan. You don’t need to spend a lot of time to access this loan. In most cases, the request can be approved within a few days. There is no collateral required to get this loan application approved.

There are several conditions to consider taking out this type of loan online with monthly payments in the Philippines from your favorite financial institutions or banks. You might want to take a look at some of these signs. Some of these signs will tell you when you need to get a personal loan for any of your needs.

a. Switch from one job to another

It is an important event that you can have in your life. Congratulations when you get a new job. You may be able to find a better opportunity in the midst of this pandemic. However, in some cases, you probably won’t get a proper salary for the first month. When you are in this situation, you may want to consider borrowing money from other people or applying for a personal loan.

This loan can help you meet some of your needs even if you are not receiving sufficient salary in the first month. If you don’t have emergency funds to cover your basic needs, taking out a personal loan may be the perfect choice for you. Once you receive the first paycheck, you can prioritize your debt over other unnecessary expenses.

Sometimes your new employer asks you to provide certain documents before you can start working. Examples are an NBI license and a medical examination. You may need an emergency cash loan to pay it off.

b. You think you need to upgrade your WFH configuration

During this pandemic, you will be spending much of your time at home. Therefore, you need to fully prepare for Work from Home Setup (WFH) so that you can affect the overall productivity of your daily life. You may want to consider upgrading the system, technology, and other home accessories.

Mikka Montero from Allthebestloans says home office renovations will cost you money. If you don’t have enough money to renovate your home, you may want to consider taking out a personal loan for more convenience in your life. You can choose the best loan with the most affordable interest rate.

vs. Start your own business

Many people are gaining their entrepreneurial spirit during this COVID-19 pandemic situation. Now is the best time for you to start your dream business. If you still want to know how to start your business without having a lot of money in your bank, you may want to consider taking out a personal loan as your business capital.

When you start your business, you need to have an emergency fund to cover all important events in your business. When your business goes bankrupt, you still have enough money to cover some of your needs. Taking out a personal loan will help you survive in today’s economy. A personal loan can be used to increase the performance of your business.

D. Renovate your home

This is another great reason why you might want to take out a personal loan. Living in the Philippines can cause unnecessary risks to your home, such as typhoons and other natural disasters. These events can cause negative impacts on your building. You may want to consider making improvements to your home to get everything back to normal. If you don’t have enough money in your bank account, you may want to consider taking out a personal loan.

Making home improvements doesn’t have to be disaster related. You can also take out a personal loan to buy certain household or essential appliances, such as an air conditioner, microwave oven, refrigerator, etc. You don’t have to worry about the progress of your home improvement. When you don’t have enough money to cover your renovation costs, you can consider taking out a personal loan to renovate your home.

This will be the best time for you to find the most popular lenders, such as banks or financial institutions. Different institutions will require different documents. Before you start applying to these companies, you can prepare all the required documents and files. This will help you submit the request quickly.

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This year’s model for loan losses proves tricky for banks https://satori34.com/this-years-model-for-loan-losses-proves-tricky-for-banks/ Tue, 23 Nov 2021 05:01:18 +0000 https://satori34.com/this-years-model-for-loan-losses-proves-tricky-for-banks/

As the end of the year approaches, banks around the world are scrambling to update estimates of likely bad debt losses, a crucial number for bank investors and savings watchers.

Calculating these losses still requires some judgment on the part of the banks, but this is meant to be largely a scientific exercise. This year it will rely more on guesswork. Models for estimating loan losses have collapsed during the pandemic, and there is no silver bullet to answer regulators’ calls for banks to do better.

Bank risk management departments knew they were in trouble as soon as the pandemic hit.

Estimates of loan losses rely heavily on models drawn from past experience, and the environment for Covid-19 was completely new. We had never ordered plastic surgeons to close their doors before, risk managers said at the time. Likewise, they said they never had dentists whose cash flow was gone because people were too afraid to visit them.

As the crisis progressed, new complexities in assessing loan losses arose. The stop-start nature of the lockdowns was a problem, but the biggest challenge came from the unprecedented government support being deployed to cushion the global economic fallout.

The result was immediate loan losses well below the tens of billions originally forecast. This has allowed banks to revoke some of the original loan loss charges recorded, but the backing has masked the true financial health of many of their borrowers.

Now the crisis is looming to provide more clarity as the end of the year approaches, as the number of coronavirus cases increases across much of the world.

“We all feel a little more optimistic about Covid but we haven’t seen the end of it yet… We haven’t seen the long-term economic scars,” says the chief accountant of a major bank Britain, adding that some government support is still ongoing and the outlook for the pandemic is uncertain.

European banks have attempted to correct the uncertainty with “post-model adjustments” (PMAs), which add an additional layer of expected credit losses to the number spat out by their regular analysis. The United States uses different terminology – Q factors – to do essentially the same thing.

At the onset of the pandemic, those adjustments and provisions reduced expected loan losses, as banks offset the likely impact of government support against their models’ darker predictions.

Later, as this state aid flattered corporate and household balance sheets, models spat unrealistic loan losses and LDCs were increasingly called upon to add a layer of reality. At the end of June 2021, those adjustments resulted in a 20% increase in banks ‘total provisions, according to a letter from the Bank of England to banks’ CFOs.

At the end of September, that proportion was even higher, reaching its highest level since the UK introduced new loan loss accounting in 2018, a person familiar with the situation said. They added that across Britain’s big seven banks, LDCs stood at £ 7.3bn, or 24% of their total expected loan losses.

Having such a level of PMA is problematic. Bank models must be approved by regulators, who want consistency across the market. However, LDCs are more ad hoc. “It’s under intense regulatory scrutiny, but it’s really the company’s decision at the end of the day,” says the chief accountant. A PwC memo described the European version of the adjustments as “among management’s most difficult subjective judgments.”

The BoE warned in its late September letter that LDCs were only a temporary solution. He wants UK banks to do a lot of work on revamping the model, so that LDCs are not as needed in the future, by recognizing ‘changes in credit risk in a timely manner’ and sharing more data . The European Central Bank has not disclosed the LDC level of its banks, but it is monitoring the adequacy of the loan loss modeling.

The banks themselves say they would like to operate with better models, but it is not an easy task. “When you take a step back and try to reshape it, there are two very weird recessions in your data pool,” adds the chief accounting officer, referring to the financial crisis and the pandemic. In between, there weren’t many defaults.

Then there are the practical difficulties of reworking their models while the pandemic is still ongoing. “The real problem is trying to figure out what the new normal is,” the chief accountant said.

laura.noonan@ft.com

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FG to disburse naira 655 billion bridge loan to states – :::… The Tide News Online :::… https://satori34.com/fg-to-disburse-naira-655-billion-bridge-loan-to-states-the-tide-news-online/ Sun, 21 Nov 2021 23:13:51 +0000 https://satori34.com/fg-to-disburse-naira-655-billion-bridge-loan-to-states-the-tide-news-online/

The federal government has started the process of disbursing the N 655.11 billion bridging loan to the states.
Minister of Finance, Budget and National Planning, Zainab Ahmed, informed the National Economic Council last Thursday that the bridging loan is now being processed by the Central Bank of Nigeria (CBN).
According to her, the loan will be disbursed in six installments over six months to the States.
Each of the 36 states, the minister said, is expected to receive a total loan of N18.2 billion, with a 30-year term and a 2-year moratorium at an interest rate of nine percent.
A statement issued by the Senior Special Assistant to the Vice President for Media and Publicity Laolu Akande also said the 36 states were to share new federal government support of 656 billion naira to N18b each.
According to the statement, the facility is to help states pay repayment of previous rescue facilities guaranteed to them by the federal government.
On July 15, the Federal Executive Council received updates on the State Budget Support Facility, where the Minister of Finance informed the Council that state government deductions would soon begin as reimbursement from the previous CBN bailout.
Subsequently, states sought additional support leading to the idea of ​​bridging funding.
Also speaking at the FEC meeting, the Executive Director of the National Agency for the Development of Primary Health Care, Dr Faisal Shuaib, briefed the Council on the status of the deployment of the Covid-19 vaccine in the country.
Shuaib revealed that Nigeria has received more than 100 million doses of Covid-19 vaccines from COVAX, the African Union and other countries, which he said were enough to scale up vaccination by around 50% of the target population.
“The total eligible population of Nigerians for the vaccine is over 111 million.
“Given the availability of vaccines, we have started rolling out a plan to immunize 50% of Nigerians aged 18 and over, but on January 31, 2022, there would be an expansion of over 3,000 health facilities across the country. nationwide, ”he said.

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3 risks of a cash refinancing loan https://satori34.com/3-risks-of-a-cash-refinancing-loan/ Sat, 20 Nov 2021 14:00:26 +0000 https://satori34.com/3-risks-of-a-cash-refinancing-loan/

Image source: Getty Images

A cash refinance loan is a way to tap into the equity in your home while changing the terms of your current mortgage. It just works. You are applying for a new mortgage for more than you currently owe. If you qualify based on your financial information and the value of your home, the lender offering the withdrawal refi will pay off your current home loan and reimburse you.

Cash refinance loans can give you the cash you need to pay off debt, renovate your home, or finance big purchases. But taking on this type of debt comes with risks. Here are three.

1. You could end up increasing the total cost of your mortgage repayment

A cash refinance loan changes the terms of your current mortgage. This could include both the interest rate and the repayment schedule.

If you increase the interest rate on your current loan, your mortgage would increase over time because you would pay a higher cost of borrowing. But you could also end up paying higher borrowing costs even if you lower the rate, if you lengthen the repayment period much.

For example, if you had 10 years to pay off your current loan but took out a cash refinance loan into a new 30-year mortgage, adding 20 years of interest charges would inevitably increase borrowing costs. even if you lower your rate.

2. You can increase the risk of foreclosure

When you take out a cash refinance loan, you are increasing your loan balance because you are borrowing more than you previously owed. In many cases, this means that your monthly payment will become more expensive even if you lower your interest rate and keep a similar repayment term.

If your loan costs more to pay each month, it might be more difficult to pay it off during times of financial hardship, so foreclosure may be more likely to occur as a result. Losing your home to foreclosure can be financially devastating.

3. You could end up owing more than the value of your home

Taking out a cash refinance loan reduces the equity in your home since your loan balance will now be higher relative to the home’s value due to the borrowing of additional money. This increases the chances that the value of your home will fall below what you owe it.

If this happens, you are said to be underwater on your mortgage.

Being underwater means that selling your home becomes more difficult. The proceeds from the sale would not be enough to pay off your loan in full if you received payment for the market value of the property. You will need to find the difference to repay your lender or try to arrange a short sale where the lender accepts less than full payment. You also couldn’t refinance again or take out a home equity loan if you needed it if you were underwater, so lenders won’t lend you more than your home’s value.

These are serious risks to consider, so before choosing a refinance loan with withdrawal, make sure you are comfortable with the potential drawbacks. When you put your home at risk, you need to be 100% sure that you are making the right financial choice.

A historic opportunity to potentially save thousands on your mortgage

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Piraeus Bank loss narrows as loan provisions decline | Invest News https://satori34.com/piraeus-bank-loss-narrows-as-loan-provisions-decline-invest-news/ Fri, 19 Nov 2021 08:11:00 +0000 https://satori34.com/piraeus-bank-loss-narrows-as-loan-provisions-decline-invest-news/

ATHENS (Reuters) – Bank of Piraeus, one of Greece’s four largest lenders, reported a smaller loss in the third quarter than in the previous three months, as expected as provisions for bad debts fell.

The bank reported a net loss from continuing operations of 635 million euros ($ 721 million), from 2.045 billion euros in the second quarter, as provisions for loan impairment fell to 811 million euros from 2, 28 billion.

Analysts’ forecasts ranged from a loss of 630 million euros to 800 million euros.

“Our plan to reduce NPEs (non-performing exposures) is on track with more than 90% of actions already executed. The reduction in NPEs over the first nine months of the year amounts to 16 billion euros, bringing our NPE ratio down to 16%, “said Managing Director Christos Megalou.

He said the bank is getting closer to a return on tangible equity above 5%, as well as a single-digit NPE ratio “in the coming period.”

Bank of Piraeus’ stock of NPE exposures stood at € 5.9 billion at the end of September, compared to € 22.5 billion at the end of 2020, and its NPE ratio improved to 16% from 23% end of June and 46% six months ago. .

The impairments in the third quarter were associated with losses incurred as a result of the securitization of bad debts from the “Sunrise 2” portfolio and the NPE leasing portfolio, which were classified as held for sale in the third quarter, said the bank.

Net interest income fell 22% from the second quarter to 319 million euros as the bank got rid of more bad debts, but net fee and commission income rose 1% to 102 million through its asset management, investment banking, funds transfer, bancassurance and card activities. companies.

The bank said deposit costs remained favorable as increased performing loan balances, also expected with the launch of the Recovery and Resiliency Facility (RRF) funds from next year, would generate interest income. additional on loans.

(Reporting by George Georgiopoulos; editing by David Clarke)

Copyright 2021 Thomson Reuters.

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