Satori 34 Wed, 18 May 2022 12:38:39 +0000 en-US hourly 1 Satori 34 32 32 EU offers 9 billion euro loan to Ukraine and prepares for reconstruction -Commission Wed, 18 May 2022 11:21:00 +0000

BRUSSELS, May 18 (Reuters) – The European Commission on Wednesday offered a 9 billion euro ($9.5 billion) loan to Ukraine to keep the country going as it struggles to repel the invasion Russian and wants to set up a reconstruction facility after the Russian invasion. war.

Money from the €9 billion loan would be borrowed by the Commission on the markets under the macro-financial assistance facility, backed by guarantees from EU governments.

“We propose to complement the significant short-term relief provided so far, with new exceptional macro-financial assistance to Ukraine of up to €9 billion in 2022,” said Commission President Ursula von der Leyen.

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“But we also have to think about the aftermath for the broader reconstruction effort. The EU would and should not be the only contributor to this effort,” she said.

“That is why we are proposing a reconstruction platform under this plan jointly led by Ukraine and the Commission and bringing together EU Member States, other bilateral or international donors, international financial institutions and ‘other like-minded partners,’ she said.

($1 = 0.9507 euros)

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Reporting by Jan Strupczewski; edited by Philip Blenkinsop

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Peloton loan attracts strong demand from private and public lenders Wed, 18 May 2022 04:00:29 +0000

Private lenders including Blackstone and Apollo joined public loan investors in bolstering Peloton’s balance sheet with $750 million in new debt on Tuesday, a sign of how the lines are blurring between two separate capital markets.

Peloton, known for its web-connected exercise bikes, announced plans for the financing deal last week as it revealed mounting losses and dwindling cash on its balance sheet.

The transaction, led by JPMorgan Chase, closed quickly thanks to the early support of a handful of private lenders who joined traditional investors in the business loan market. Orders for the $750 million in debt reached $1.5 billion, people familiar with the deal said.

Private capital, usually deployed through deals negotiated directly with companies, has grown in public markets where a host of asset managers, hedge funds and other investors compete for arranged debt allocations. by the banks.

The new source of funds has offered a lifeline to businesses that might otherwise be stranded, with recent examples being Carvana, a used car retailer, and CDK Global, a software company. Issuance on public debt markets has fallen this year.

Peloton’s appetite for debt contrasts with demand from its equity investors. The company went public in September 2019 and quickly became a symbol of the pandemic stock market boom, which sent shares of groups that served people working, exercising and playing at home soaring.

But shares of Peloton have fallen about 90% from their peak, pushing its stock valuation from more than $40 billion to $5 billion. This year, the company cut jobs and replaced co-founder and chief executive John Foley with Barry McCarthy, a veteran of the Netflix and Spotify subscription businesses.

Despite efforts to cut costs by $800 million by 2024, McCarthy said last week that cash outflows had left him “barely capitalized” for a company of his size. Peloton ended its fiscal third quarter with $879 million in unrestricted cash and cash equivalents.

Underscoring the influence and firepower of private lenders, the deal closed so quickly that Peloton did not get a debt rating, which is usually needed to attract investors.

“The lack of a rating and the uncertainty of what it may be is definitely a barrier for some investors in the market,” said one loan investor.

Blackstone and Apollo, two of Wall Street’s largest private equity groups, declined to comment.

Peloton will need to have the debt rated within six months to avoid an increase in its interest rate of 0.5 percentage points from its current 6.5 percentage points above the Sofr benchmark interest rate, people familiar with the deal said.

The interest rate is already above the average loan market yield of 5.7%, according to an index maintained by the Loan Syndications and Trading Association.

3 things to avoid when taking out a personal loan Tue, 17 May 2022 10:00:18 +0000

Image source: Getty Images

Avoid them at all costs.

Key points

  • A personal loan can be a quick and convenient way to borrow.
  • If you’re going to get one, you’ll want to avoid high interest rates, high fees, and prepayment penalties.

When you need cash on the fly, there are several options available to you. You can build up a tab on your credit cards and pay it off over time, or you can leverage the equity in your home and borrow against it as a loan or line of credit. But another avenue you could take is to take out a personal loan.

There are several advantages to borrowing through a personal loan. First of all, you are not limited in how you use your money. If you want to take out a personal loan to start a business, you can. If you want to spend that money on a luxury vacation, that’s your prerogative too.

Also, personal loans tend to close quickly. Often, you will have your money within days of submitting your loan application. And in rare cases, you can even have your money the day you apply, or within 24 hours.

But while personal loans can be a great way to borrow, there are some pitfalls you’ll want to avoid when getting one. Here are three to keep on your radar.

1. High interest rates

Generally speaking, you will pay less interest on a personal loan than on a credit card. But that doesn’t mean personal loans are universally affordable. Ultimately, it’s up to each lender to set an interest rate for a personal loan, so if you don’t shop around, you could find yourself stuck paying more interest than necessary on the amount you borrow.

Of course, if you need cash on the fly, you might not have much time to do this shopping. But try to get at least a few quotes from different lenders so you get an idea of ​​what kind of interest rate is competitive given your situation.

2. High fees

Personal loans are not free. In addition to interest, you will usually be charged certain fees to set up a personal loan. Again, this is where shopping around could be to your advantage, because if a lender’s fees are particularly high, it could tempt you to take your business elsewhere.

As a general rule, the fees you pay on a personal loan should really not exceed 5% of the amount you are borrowing. If you are quoted a higher number, you may want to find a different lender.

3. Penalties for prepayment

Your personal loan can come with a generous repayment period. But what if your financial situation improves and you are able to repay your loan sooner? It’s an option you shouldn’t shy away from – that’s why it’s important to sign a personal loan agreement that doesn’t include a prepayment penalty. After all, why should it cost you extra money to get out of debt sooner?

When you need cash, it’s worth seeing if a personal loan is a good fit. But if you’re going to go this route, be sure to avoid these pitfalls along the way. All of them could end up costing you money unnecessarily, and that’s not something you want.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

BBB warns against student loan forgiveness scams Tue, 17 May 2022 03:05:16 +0000

LAFAYETTE, La. (KLFY) – The pause on federal student loan payments was extended until August 31, 2022 by President Joe Biden, but that delay hasn’t stopped the scammers.

“One of the biggest scams we know of with student loan forgiveness is that it starts with an unsolicited phone call or email telling you that your loans are eligible for a forgiveness program with much better rates. than the ones you can usually find.” Chris Babin of Better Business Bureau mentioned.

“We found that people are engaging in these conversations while making these payments, and it has nothing to do with their student loans, and they’re just losing money,” he said.

With a student loan extension, for many borrowers, their loans are on pause without an interest penalty.

Zachary Hebert, sophomore at UL Lafayette says he’ll be getting his bachelor’s degree in music and recording arts soon and he doesn’t have to worry about paying off his student loans just yet.

“My parents help me, so I hope when I get out I’ll have the chance to get a good paying job so I can help my parents.”

He told News 10 that he was unaware of student loan forgiveness scammers.

“Everyone goes to college. That’s already a lot of money. They go there to earn a living and give themselves a better life and future. Stealing that is just a little rude,” Hebert said.

If you think you have been scammed, contact your current loan officer or the Department of Education or go to student

What student borrowers think about student loan forgiveness Mon, 16 May 2022 20:30:56 +0000

Here’s what student borrowers think about student loan forgiveness – and it’s not what you expect.

Here’s what you need to know.

Student loans

A new report from the Federal Reserve Bank of Philadelphia shows what student borrowers think about student loan forgiveness, student loan relief, student loan forbearance, and student loan forgiveness. According to the national survey:

  • No cancellation of most student debt: Among current student borrowers were do not support for the cancellation of most or all student loans.
  • Targeted student loan relief: Most respondents – with or without student loan debt – said any student loan forgiveness should be target.
  • Cancel certain student loans: 86% of student borrowers said there should be at least one large-scale student loan forgiveness.
  • Limited student loan relief: A majority of respondents without a student loan preferred that there be no or relatively limited federal student loan forgiveness (eg, $10,000 or less per borrower).
  • Long-term solutions needed: Over 20% of student borrowers are “chronically struggling” with student loans and need more permanent financial assistance than a temporary student loan payment break.
  • Student loan forbearance may not help: Another extension of student loan forbearance will not help these financially vulnerable student borrowers. Most of these borrowers were making partial or no repayments before the Covid-19 pandemic.

Student loan forgiveness: what it means for your student loans

There are several takeaways from this report, which includes a national sample of 13,423 consumers. These results, although there is only one investigation, could influence President Joe Biden as he considers the cancellation of student loans for millions of student borrowers. First, most student borrowers are not in favor of canceling all or most student loans. Progressive Democrats in Congress have supported full student loan forgiveness or at least up to $50,000 in student loans. However, Biden said he would not forgive most student loan debt. Second, respondents said they preferred student loan forgiveness to be targeted at specific student borrowers rather than most or all student borrowers. Sen. Elizabeth Warren (D-MA) and Senate Majority Leader Chuck Schumer (D-NY) have focused on large-scale student loan forgiveness. Since becoming president, Biden has forgiven more than $17 billion in student loans. Biden has targeted the student loan forgiveness to specific student borrowers who, for example, work in public service, have permanent disabilities, or have been misled by their college or university. Third, more than 20% of student borrowers experience financial difficulties. These borrowers face chronic financial difficulties and need a fresh start for their student loans. Any potential student loan forgiveness could help these student borrowers, in . (Student Loan Forgiveness: 5 Key Takeaways from a Major Announcement).

Student loans: what’s next?

Biden said he could announce a decision on student loan forgiveness within weeks. However, there is no guarantee that Biden will forgive student loans or who will be eligible for student loan forgiveness. For example, Biden could limit student loan forgiveness to federal student loans or student loans only. Biden could also exclude people with higher incomes. Earlier this month, for example, the Biden administration set an income threshold of $125,000 a year. That said, Biden could lower that income threshold to $75,000 if he chooses to match the income requirements for stimulus checks in response to the Covid-19 pandemic. If Biden proceeds with at least one student loan cancellation, he could end student loan relief on August 31, 2022. Make sure you’re ready. Here are some popular strategies for saving money on your student loans:

Student Loans: Related Reading

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Biden confirms he won’t forgive $50,000 in student loans – 5 key takeaways

Student loan forgiveness: 5 key takeaways from a major announcement

Student loan forgiveness: Who might qualify for Biden’s plan

‘There should be a temporary halt to all quick loan apps’: cybersecurity expert Ritesh Bhatia Sun, 15 May 2022 20:03:59 +0000 The growing number of cases of loan application scams in Mumbai over the past few weeks in which some people have been mentally harassed by recovery agents using their transformed photographs has become a cause for concern. It was only recently that a man from Malad committed suicide in connection with a similar case. Mohamed Thaver talks with cybersecurity expert Ritesh Bhatia about the surge in cases of such frauds and the solution. Excerpts:

There have been several instances over the past few weeks where people have been harassed by micro-loan application collectors. Such a case even led to suicide. Is this a new trend?

No. This is not a new trend as these apps providing micro loans of around Rs 2,000 to Rs 10,000 started during the pandemic when people were in desperate need of money as many had lost their jobs. These lending apps give you instant loans without requiring as much as the KYC details that made them popular. When these apps announced that they would charge, for example, 8% interest, many did not know that it was 8% per day and not per month and as a result, they sometimes ended up charging interest of up to 66 %. If you can’t make the payment, they will keep calling you. Many have taken out loans from another microcredit application to pay for the first one, thus entering a vicious cycle. Sometimes agents also send messages to your loved ones claiming that they have been named guarantors in order to put pressure on people.

Now there are morphed videos of people where their faces are superimposed on naked people being released to shame them into paying.

Yes, now it seems that the desperation to collect the money has increased. Where before they stopped at contacting your relatives and friends, now they go a step further by creating transformed photographs and videos showing these people doing lewd things. These videos are then sent to family and friends. It causes great embarrassment and has even caused people to end their lives. It has become very dirty. The other day, a client of mine said she had received rape threats from these callers. They further told her family and friends that she was involved in a kidnapping racket. She told me she wanted to kill herself.

Have you been able to find which companies are involved in this?

In some cases, a link to China has emerged whereby the collected money was sent to China via cryptocurrency. It is possible that some of the old NBFCs (non-bank financial companies) are receiving support from outside the country to raise money by any means possible.

Recently, Google revised its guidelines to ensure that these unregistered lending apps cannot use its platform…

I don’t know how much this will help because they can even upload the links of these apps on their websites and text or whatsapp the same to you.

So what’s the output?

As these incidents have increased, there should be a temporary halt to all fast loan applications. The RBI is expected to come up with certain guidelines such as publishing a list of 50 registered applications, limits of interest that can be charged and rules for recoupment. They should publicize this so that people are aware. Another important step is that when a person comes to the police with a complaint, there should be no humiliation of the victim. The police should reinforce their courage and tell them not to worry because these people are vulnerable.

EOW arrests another fraudster in illegal loan case Sun, 15 May 2022 11:42:00 +0000

EOW arrests another fraudster in illegal loan case

Bhubaneswar, May 15 (UNI) The Economic Crimes Wing (EOW) of Odisha Police has arrested another fraudster from Bhubaneswar in the illegal loan application case, EOW sources learned on Sunday. The sources said Tarun Dudeja of Sector 48, Gurgaon was arrested in Bhubaneswar on Saturday under various sections of Indian Penal Code including those related to criminal intimidation, obscenity, cheating, forgery and to the criminal conspiracy. Article 66 of the law on information technology which deals with cheating has also been criticized. Earlier, the director of a shell company “IWT” was arrested and the Rs 6.57 crore money was frozen. Dudeja is the director/owner of questionable shell companies.— Digital Batua, Ipaisa online services Private Limited, Switzerland Infotech Private Limited, Bazarpe Infotech Private Limited, Milanum Enterprise and Bachat online. No less than 41 postpaid SIM cards in the names of various other people were seized from him. He and Javed Sahifi used to attract their employees and interest the vulnerable poor to open bank accounts and take SIM cards using their names. These accounts are said to be used to funnel money collected through illegal loan applications. The mobile SIM numbers connected to these bank accounts would actually be manipulated by fraudsters. All related information/calls/OTPs would land on those mobile numbers which are managed by the fraudsters and not by the actual account holder. This mechanism was used to create additional layers to confuse law enforcement and police. Typically they used 3-4 coats before the money landed in the brain’s account. They revealed that they pay around Rs one lakh to two lakh to the concerned person for allowing their bank account/SIM card to be used as a Mule account. The EOW advised people not to hand over their documents for opening bank accounts to be operated by someone else and not to allow anyone else to use their SIM card. UNI BD SSP

A loan with the help of GreenDayOnline to get through a financial crisis – CONAN Daily Sat, 14 May 2022 01:11:47 +0000

Not everyone has a lot of spare cash in case of a financial emergency. According to a study by GOBankingTariffs69% of Americans have less than $1,000 in savings as of December 2019. If you find yourself in the middle of a financial crisis and need help getting through it, online loans may be the solution for you.

GreenDayOnline is one of the online loan providers in the United States. It can help you get the money you need to deal with the financial crisis you are facing.


What is GreenDayOnline and what do they offer borrowers?

GreenDayOnline is a financial institution that offers online loans to borrowers to help them through a financial crisis. This institution offers loans up to $1000 with no credit check and no collateral required. The interest rate on these loans is fixed at 36% APR and the terms of the loan are flexible, ranging from two weeks to four months. Borrowers can choose to prepay their loan without penalty.

Additionally, GreenDayOnline offers a number of other services, such as credit counseling and debt management assistance, that can help borrowers get their finances back on track. If you’re struggling to make ends meet, an online loan from GreenDayOnline might be the solution you need.

What are the benefits of getting an online loan from GreenDayOnline?

Getting a loan online from GreenDayOnline has many advantages. Here are a few:

  • You can get up to $1,000 without a credit check or collateral.
  • The interest rate on these loans is fixed at 36% APR.
  • Loan terms are flexible, ranging from two weeks to four months.
  • You can choose to prepay your loan without penalty.

GreenDayOnline provides a variety of additional services, including credit counseling and management advice that will help people get their financial house in order. If you’re struggling to make ends meet, an online loan from GreenDayOnline might be the solution you need. Visit their website today to learn more about how they can help you through a financial crisis.


What are some tips for getting an online loan from GreenDayOnline?

Here are some tips for getting a loan online from Tarquin Nemec from GreenDayOnline:

  • Make sure you qualify for an online loan by checking the requirements on their website.
  • Review the interest rates and terms offered by various online lenders to get the most competitive rate.
  • Read reviews of online lenders before choosing one to work with.
  • Make sure you understand all the details of your loan terms and conditions before signing any documents.
  • Make sure you can afford the monthly payments before taking out a loan online.


How does the application process work and how long will it take to receive your funds once approved?

Applying for a loan online with GreenDayOnline is simple and only takes a few minutes. Once you submit your application, our team will review it and make a decision quickly – usually within 24 hours. If your request is approved, you will have the funds in your account the next business day!

So if you are facing a financial emergency and need some extra cash to get by, consider applying for a loan from GreenDayOnline. We can help you get the money you need quickly and easily. Visit our website today to learn more or to start your application!


Frequently asked questions about loans via GreenDayOnline

How much can I borrow?

  • GreenDay offers online loans from $100 to $500.

How long does it take to get my loan?

  • If you are approved for a loan, the money will be deposited into your bank account the next business day.

What is the interest rate for a GreenDayOnline loan?

  • The interest rate on our online loans is 300% APR. However, we offer flexible repayment options to ensure your loan repayment is affordable.

Do I need good credit to qualify for a loan?

  • No, you do not need good credit to qualify for a loan. We offer loans to people with all types of credit history.

How can I apply for a loan?

  • Applying for a loan is simple! Simply fill out the online form and we will contact you as soon as possible.


If you are having a financial crisis, getting a loan online with the help of GreenDayOnline can be a good option for you. We offer loans from $100 to $500 with interest rates as low as 300% APR. The loan application is simple and only takes a few minutes.

Plus, if you’re approved, you could have the money in your bank account the next business day. So don’t wait any longer, apply today and start your journey to recovery!

BYU Study: COVID-19 Virus Stayed Longer on Cards Than Cash | News, Sports, Jobs Fri, 13 May 2022 01:09:16 +0000

Elise Amendola, Associated Press

In this file photo from June 15, 2018, money is taken out of a wallet in North Andover, Mass.

The COVID-19 pandemic changed the way just about everything was done. Many companies have started recommending customers use cards instead of cash, but has that really helped slow the spread of the virus?

A new study by researchers at Brigham Young University has found that cards are actually more hospitable to the SARS-CoV-2 virus than cash – by far.

Richard Robison, study author and professor of microbiology and molecular biology at BYU, conducted this study alongside a group of undergraduate students. The research team collected dollar bills, quarters, pennies and credit cards, and presented them with the SARS-CoV-2 virus. Cards, cash and coins were then tested after 30 minutes and then again after 4, 24 and 48 hours.

The study, which was recently published in PLOS ONE, found that the virus was almost immediately non-viable when placed in cash, but could still be detected for up to 48 hours after being deposited on payment cards. in plastic.

“I don’t think anyone really expected that,” Robison said. “But to see such a rapid loss of viability in such a short period of time was, I think, one of the big surprises.”

Even after 30 minutes, SARS-CoV-2 was difficult for dollar bill researchers to detect. They found that it had decreased by 99.9993%. No live virus was detectable on the crate after 24 and 48 hours. However, the virus had only reduced payment cards by 90% after 30 minutes.

“While this reduction rate increased to 99.6% in four hours and 99.96% in 24 hours, the live virus was still detectable on the money cards 48 hours later,” reads one. press release distributed by BYU. “Coins behaved similarly to plastic cards, with a strong initial reduction in virus presence, but still tested positive for live virus after 24 and 48 hours.”

Robison was surprised by how the virus reacted on the banknotes, which are 75% cotton and 25% linen. He would like to pursue this line of study further and examine why cash is so inhospitable to the virus.

Robison thinks the myth that using the card is safer than cash payments is reminiscent of other misconceptions about COVID-19 that have grown throughout the pandemic.

“It’s like so many things with this pandemic,” Robison said. “Because we didn’t have the information, so someone just postulates something and says ‘sounds like a good idea’ to me.”

In a second part of the study, researchers also collected dollar bills and coins from BYU’s campus and local businesses to test for the presence of the virus. Ultimately, after swabbing the surface of cash and a collection of payment cards, no viable SARS-CoV-2 was found on randomly sampled cash or cards.

Other study authors included Julianne Grose, professor of microbiology and molecular biology at BYU, and students Colleen Newey, Abigail Olaussson, Alyssa Applegate and Ann-Aubrey Reid.


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Trudeau Pipeline secures $7.7 billion government-backed loan | Rigzone Thu, 12 May 2022 12:19:17 +0000

The Trans Mountain pipeline expansion project has secured up to C$10 billion ($7.7 billion) in private sector financing, but it comes with a loan guarantee provided by the Canadian government.

The funding was announced after several news outlets, including Bloomberg News, inquired about public disclosures appearing to show the government was committing billions of dollars to the pipeline project despite Finance Minister Chrystia Freeland’s edict there. two months that no more public money would be spent.

These disclosures were posted on the website of Export Development Canada, a trade promotion agency that administers the flow of money on behalf of the government. They also showed the government had offered C$1.75 billion in “working capital support” to Trans Mountain Pipeline LP, the entity building an expansion that will more than double the capacity of the pipeline between the Alberta and British Columbia.

However, the Department of Finance said Wednesday that the funds were bridge financing approved in December and intended to tide over Trans Mountain until private sector financing is arranged. That money has now been repaid in full with interest, the government said.

State ownership of the pipeline has put Prime Minister Justin Trudeau in an awkward position as he promises to meet ambitious climate change goals, including mandating a 42% cut in emissions from the oil and gas sector. gas by 2030. At the same time, Canada is now reaping huge economic benefits from its vast oil sector, as Russia’s invasion of Ukraine has driven up commodity prices and helped the Canada to record a record bonanza last month for its fossil fuel exports.

In February, as Trans Mountain announced that the construction cost of the expansion had jumped 70% to C$21.4 billion, Freeland told reporters that the government would no longer invest public funds in the project. .

“There will be no additional public money invested in TMC,” Freeland said at the time, referring to the company. “TMC will secure the necessary financing to complete the project through third-party financing, either in the public debt markets or from financial institutions.”

In Wednesday’s statement, the finance ministry said the loan guarantee “does not reflect any new public spending” and is “a standard practice that puts in place an insurance policy for institutions that have invested in the project.” .

“The company will pay a fee to the federal government for this guarantee,” the Department of Finance said. “The Government of Canada has not spent any money to put this guarantee in place.

The Trudeau government purchased the pipeline in 2018 from Kinder Morgan Inc. to prevent the expansion from being scrapped due to local political objections and protests from environmentalists and Indigenous groups. The government has said it intends to sell the pipeline as soon as reasonably possible, eventually to local First Nations groups.

The pipeline runs from the Alberta oil sands to the Pacific coast, and the expansion is planned to increase transportation capacity from around 300,000 barrels per day to more than 800,000. It is expected to be completed in the third quarter. 2023.