#Payday loan claims

[mostlysignssomeportents]

Intuit: “Our fraud fights racism”

Tonight (September 27), I'll be at Chevalier's Books in Los Angeles with Brian Merchant for a joint launch for my new book The Internet Con and his new book, Blood in the Machine. On October 2, I'll be in Boise to host an event with VE Schwab.

Today's key concept is "predatory inclusion": "a process wherein lenders and financial actors offer needed services to Black households but on exploitative terms that limit or eliminate their long-term benefits":

https://journals.sagepub.com/doi/10.1177/2329496516686620

Perhaps you recall predatory inclusion from the Great Financial Crisis, when predatory subprime mortgages with deceptive teaser rates were foisted on Black homeowners (who were eligible for better mortgages), resulting in a wave of Black home theft in the foreclosure crisis:

https://prospect.org/justice/staggering-loss-black-wealth-due-subprime-scandal-continues-unabated/

Before these loans blew up, they were styled as a means of creating Black intergenerational wealth through housing speculation. They turned out to be a way to suck up Black families' savings before rendering them homeless and forcing them into houses owned by the Wall Street slumlords who bought all the housing stock the Great Financial Crisis put on the market:

https://pluralistic.net/2022/02/08/wall-street-landlords/#the-new-slumlords

That was just an update on an old con: the "home sale contract," invented by loan-sharks who capitalized on redlining to rip off Black families. Back when banks and the US government colluded to deny mortgages to Black households, sleazy lenders created the "contract loan," which worked like a mortgage, but if you were late on a single payment, the lender could seize and sell your home and not pay you a dime – even if the house was 99% paid for:

https://socialequity.duke.edu/wp-content/uploads/2019/10/Plunder-of-Black-Wealth-in-Chicago.pdf

Usurers and con-artists love to style themselves as anti-racists, seeking to "close the racial wealth gap." The payday lending industry – whose triple-digit interest rates trap poor people in revolving debt that they can never pay off – styles itself as a force for racial justice:

https://pluralistic.net/2022/01/29/planned-obsolescence/#academic-fraud

Payday lenders prey on poor people, and in America, "poor" is often a euphemism for "Black." Payday lenders disproportionately harm Black families:

https://ung.edu/student-money-management-center/money-minute/racial-wealth-gap-payday-loans.php

Payday lenders are just unlicensed banks, who deploy a layer of bullshit to claim that they don't have to play by the rules that bind the rest of the finance sector. This scam is so juicy that it spawned the fintech industry, in which a bunch of unregulated banks sprung up to claim that they were too "innovative" to be regulated:

https://pluralistic.net/2023/05/01/usury/#tech-exceptionalism

When you hear "Fintech," think "unlicensed bank." Fintech turned predatory inclusion into a booming business, recruiting Black spokespeople to claim that being the sucker at the table in the cryptocurrency casino was actually a form of racial justice:

https://www.nytimes.com/2021/07/07/business/media/cryptocurrency-seeks-the-spotlight-with-spike-lees-help.html

But not all predatory inclusion is financial. Take Facebook Basics, Meta's "poor internet for poor people" program. Facebook partnered with telcos in the Global South to rig their internet access. These "zero rating" programs charged subscribers by the byte to reach any service except Facebook and its partners. Facebook claimed that this would "bridge the digital divide," by corralling "the next billion internet users" into using its services.

The fact that this would make "Facebook" synonymous with "the internet" was just an accidental, regrettable side-effect. Naturally, this was bullshit from top to bottom, and the countries where zero-rating was permitted ended up having more expensive wireless broadband than the countries that banned it:

https://www.eff.org/deeplinks/2019/02/countries-zero-rating-have-more-expensive-wireless-broadband-countries-without-it

The predatory inclusion gambit is insultingly transparent, but that doesn't stop desperate scammers from trying it. The latest chancer is Intuit, who claim that the end of its decade-long, wildly profitable "free tax prep" scam is bad for Black people:

https://www.propublica.org/article/turbotax-intuit-black-taxpayers-irs-free-file-marketing

Some background. In nearly every rich country on Earth, the tax authorities send every taxpayer a pre-filled tax return, based on the information submitted by employers, banks, financial planners, etc. If that looks good to you, you just sign it and send it back. Otherwise, you can amend it, or just toss it in the trash and pay a tax-prep specialist to produce your own return.

But in America, taxpayers spend billions every year to send forms to the IRS that tell it things it already knows. To make this ripoff seem fair, the hyper-concentrated tax-prep industry, led by the Intuit, creators of Turbotax, pretended to create a program to provide free tax-prep to working people.

This program was called Free File, and it was a scam. The tax-prep cartel each took a different segment of Americans who were eligible for Freefile and then created an online house of mirrors that would trick those people into spending hours working on their tax-returns until they were hit with an error message falsely claiming they were ineligible for the free service and demanding hundreds of dollars to file their returns.

Intuit were world champions at this scam. They blocked their Freefile offering from search-engine crawlers and then bought ads that showed up when searchers typed "freefile" into the query box that led them to deceptively named programs that had "free" in their names but cost a fortune to use – more than you'd pay for a local CPA to file on your behalf.

The Attorneys General of nearly every US state and territory eventually sued Intuit over this, settling for $141m:

https://www.agturbotaxsettlement.com/Home/portalid/0

The FTC is still suing them over it:

https://www.ftc.gov/legal-library/browse/cases-proceedings/192-3119-intuit-inc-matter-turbotax

We have to rely on state AGs and the FTC to bring Intuit to justice because every Intuit user clicks through an agreement in which we permanently surrender our right to sue the company, no matter how many laws it breaks. For corporate criminals, binding arbitration waivers are the gift that keeps on giving:

https://pluralistic.net/2022/02/24/uber-for-arbitration/#nibbled-to-death-by-ducks

Even as the scam was running out, Intuit spent millions lobby-blitzing Congress, desperate for action that would let it continue to privately tax the nation for filling in forms that – once again – told the IRS things it already knew. They really love the idea of paying taxes on paying your taxes:

https://pluralistic.net/2023/02/20/turbotaxed/#counter-intuit

But they failed. The IRS has taken Freefile in-house, will send you a pre-completed tax return if you want it. This should be the end of the line for Intuit and other tax-prep profiteers:

https://pluralistic.net/2023/05/17/free-as-in-freefile/#tell-me-something-i-dont-know

Now we're at the end of the line for the scam, Intuit is playing the predatory inclusion card. They're conning Black newspapers like the Chicago Defender into running headlines like "IRS Free Tax Service Could Further Harm Blacks,"

https://defendernetwork.com/news/opinion/irs-free-tax-service-could-further-harm-blacks/

The only named source in that article? Intuit spokesperson Derrick Plummer. The article went out on the country's Black newswire Trice Edney, whose editor-in-chief did not respond to Propublica's Paul Kiel's questions.

Then Black Enterprise got in on the game, publishing "Critics Claim The IRS Free Tax Prep Service Could Hurt Black Americans." Once again, the only named source for the article was Plummer, who was "quoted at length." Black Enterprise declined to tell Kiel where that article came from:

https://www.blackenterprise.com/critics-claim-the-irs-free-tax-prep-service-could-hurt-black-americans/

For Intuit, placing op-eds is a tried-and-true tactic for laundering its ripoffs into respectability. Leaked internal Intuit memos detail the company's strategy of "pushing back through op-eds" to neutralize critics:

https://www.documentcloud.org/documents/6483061-Intuit-TurboTax-2014-15-Encroachment-Strategy.html

Intuit spox Derrick Plummer did respond to Kiel's queries, denying that Intuit was paying for these op-eds, saying "with an idea as bad as the Direct File scheme we don’t have to pay anyone to talk about how terrible it is."

Meanwhile, ex-NAACP director (and No Labels co-chair) Benjamin Chavis has used his position atop the National Newspaper Publishers Association to publish op-eds against the IRS Direct File program, citing the Progressive Policy Institute, a pro-business thinktank that Intuit's internal documents describe as part of its "coalition":

https://www.documentcloud.org/documents/6483061-Intuit-TurboTax-2014-15-Encroachment-Strategy.html

Chavis's Chicago Tribune editorial claimed that Direct File could cause Black filers to miss out on tax-credits they are entitled to. This is a particularly ironic claim given Intuit's prominent role in sabotaging the Child Tax Credit, a program that lifted more Americans out of poverty than any other in history:

https://pluralistic.net/2021/06/29/three-times-is-enemy-action/#ctc

It's also an argument that can be found in Intuit's own anti-Direct File blog posts:

https://www.intuit.com/blog/innovative-thinking/taxpayer-empowerment/intuit-reinforces-its-commitment-to-fighting-for-taxpayers-rights/

The claim is that because the IRS disproportionately audits Black filers (this is true), they will screw them over in other ways. But Evelyn Smith, co-author of the study that documented the bias in auditing says this is bullshit:

https://siepr.stanford.edu/publications/working-paper/measuring-and-mitigating-racial-disparities-tax-audits

That's because these audits of Black households are triggered by the IRS's focus on Earned Income Tax Credits, a needlessly complicated program available to low-income (and hence disproportionately Black) workers. The paperwork burden that the IRS heaps on EITC recipients means that their returns contain errors that trigger audits.

As Smith told Propublica, "With free, assisted filing, we might expect EITC claimants to make fewer mistakes and face less intense audit scrutiny, which could help reduce disparities in audit rates between Black and non-Black taxpayers."

Meanwhile, the predatory inclusion talking points continue to proliferate. Nevada accountants and the state's former controller somehow coincidentally managed to publish op-eds with nearly identical wording. Phillip Austin, vice-chair of Arizon's East Valley Hispanic Chamber of Commerce, claims that free IRS tax prep "would disproportionately hurt the Hispanic community." Austin declined to tell Propublica how he came to that conclusion.

Right-wing think-tanks are pumping out a torrent of anti-Direct File disinfo. This surely has nothing to do with the fact that, for example, Center Forward has HR Block's chief lobbyist on its board:

https://thehill.com/opinion/finance/4125481-direct-e-file-wont-make-filing-taxes-any-easier-but-it-could-make-things-worse/

The whole thing reeks of bullshit and desperation. That doesn't mean that it won't succeed in killing Direct File. If there's one thing America loves, it's letting businesses charge us a tax just for dealing with our own government, from paying our taxes to camping in our national parks:

https://pluralistic.net/2022/11/30/military-industrial-park-service/#booz-allen

Interestingly, there's a MAGA version of predatory inclusion, in which corporations convince low-information right-wingers that efforts to protect them from ripoffs are "woke." These campaigns are, incredibly, even stupider than the predatory inclusion tale.

For example, there's a well-coordianted campaign to block the junk fees that the credit card cartel extracts from merchants, who then pass those charges onto us. This campaign claims that killing junk fees is woke:

https://pluralistic.net/2023/08/04/owning-the-libs/#swiper-no-swiping

How does that work? Here's the logic: Target sells Pride merch. That makes them woke. Target processes a lot of credit-card transactions, so anything that reduces card-processing fees will help Target. Therefore, paying junk fees is a way to own the libs.

No, seriously.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/09/27/predatory-inclusion/#equal-opportunity-scammers

[omegaphilosophia]

The Social Consequences of Marketing

Marketing, while essential for businesses and economies, has also been criticized for causing harm to society in various ways. Here are some significant ways in which marketing has negatively impacted society:

1. Promotion of Consumerism

Excessive consumption: Marketing often encourages the idea that happiness and success are linked to material goods, promoting a culture of consumerism. This has led to excessive consumption, debt, and environmental damage, as people are driven to buy more than they need.

Planned obsolescence: Companies sometimes design products with limited lifespans, encouraging consumers to buy new versions frequently. This practice contributes to waste, depletion of resources, and increased consumer spending.

2. Exploitation of Insecurities

Body image and self-esteem: Advertising in industries like fashion, beauty, and fitness often exploits people's insecurities by promoting unrealistic beauty standards. This can lead to mental health issues such as low self-esteem, anxiety, body dysmorphia, and even eating disorders.

Fear-based marketing: Some marketing strategies use fear to sell products, such as insurance, security systems, or health products, by making consumers feel unsafe or inadequate without them.

3. Targeting Vulnerable Populations

Children: Marketing often targets children, who are particularly susceptible to persuasive messages. This leads to the commercialization of childhood, with kids exposed to unhealthy food, consumerist values, and a materialistic mindset from an early age.

Low-income groups: Companies sometimes market harmful products, such as payday loans or unhealthy foods, more aggressively to low-income populations, exacerbating financial hardship or health problems.

4. Perpetuation of Stereotypes and Social Divides

Gender roles: Marketing often reinforces gender stereotypes, portraying women as caregivers or men as breadwinners, thereby perpetuating outdated norms that limit gender equality and diversity.

Cultural appropriation and tokenism: Some brands use cultural symbols or minority groups in marketing campaigns without understanding their significance, which can lead to cultural appropriation and tokenism, alienating and misrepresenting marginalized communities.

5. Environmental Damage

Overemphasis on fast fashion and disposable goods: Marketing has contributed to the rise of fast fashion and a throwaway culture, promoting short-term use of cheap, disposable products. This has serious environmental consequences, including pollution, resource depletion, and the generation of vast amounts of waste.

Greenwashing: Some companies falsely market products as "environmentally friendly" or "sustainable" in an attempt to capitalize on consumers' eco-consciousness, misleading the public and delaying genuine action on environmental issues.

6. Manipulation and Misinformation

False advertising: Companies sometimes make exaggerated or false claims about their products, misleading consumers and creating false expectations. This can be particularly harmful when it comes to health products, pharmaceuticals, or weight-loss treatments.

Addictive design: Marketing techniques are increasingly used to promote addictive behaviors, particularly in the context of social media, video games, or gambling. Companies manipulate users through behavioral nudges and psychological triggers that keep them hooked.

7. Invasion of Privacy

Data mining and surveillance: With the rise of digital marketing, companies have gained unprecedented access to consumers’ personal data. Many firms engage in data mining and targeted advertising based on individuals' online behavior, often without full transparency or consent, leading to concerns about privacy and data security.

Personalization and manipulation: Highly personalized marketing can lead to manipulation, as companies can target individuals with ads tailored to their specific vulnerabilities, making it harder for consumers to make objective decisions.

8. Promotion of Unhealthy Lifestyles

Junk food advertising: Aggressive marketing of unhealthy foods, particularly to children, has been linked to rising rates of obesity, diabetes, and other diet-related diseases.

Alcohol and tobacco marketing: Despite restrictions in some countries, marketing of alcohol, tobacco, and vaping products continues to glamorize these potentially harmful substances, leading to addiction and public health crises.

9. Contributing to Financial Instability

Credit and debt marketing: Marketing of credit cards, loans, and other financial products often promotes spending beyond one's means, contributing to personal debt and financial instability. Predatory lending practices, such as payday loans, are frequently marketed to those already in financial difficulty.

10. Reduction of Authenticity and Creativity

Commercialization of art and culture: Marketing can sometimes reduce art, culture, and creativity to mere products to be sold, stripping them of their authenticity. This can lead to the commodification of creative expression and a focus on profit over substance.

Trend exploitation: By constantly pushing new trends, marketing fosters a culture of superficiality and short-term thinking, where value is placed on what is fashionable or trending rather than what is meaningful or lasting.

While marketing plays a critical role in the economy by connecting consumers with products, it also has significant social, psychological, and environmental consequences. From promoting overconsumption and exploiting insecurities to targeting vulnerable groups and contributing to environmental degradation, marketing practices have often prioritized profit over societal well-being. Reforming marketing to be more ethical and socially responsible is essential for creating a healthier, more sustainable society.

[xxgremlinleexx]

More info on our situation.

This will be posted to the GoFundMe as well.

I feel that it is incredibly important to express just how last resort this is. It has come to my understanding that if people are to come across this, they are likely to believe I haven't exhausted all of my options.

This, unfortunately, isn't the case.

Mississippi has never been safe for us as black, queer people. And having neighbors turned against us for something orchestrated by pur landlord has made it even less so for us to continue being here.

There is absolutely nothing left for us here.

Lemme explain. As of now, both my partner and I are employed. However, our pay and hours are nowhere near enough to cover the cost of rent without outside assistance from friends and family who are all also struggling at this time. This includes our other partner who has their own shit to deal with. I work at Dominos and am paid a flat $9.00/hr as a CSR. I'm only granted NINE (9) hours a week. Yes. You read that correctly. Only 9 hours a week. 18 every two. 36 a month. Which is why I started doing commissions. To make ends meet.

Because Void (our cat) would genuinely have nowhere to go if we didn't make things work somehow. We've had him since he was a kitten, and he would be even more devastated than us.

Friends can't take him. Not anyone nearby. And with the lack of proper shelters, surrendering him would likely spell death.

Just know, while things weren't perfect, they were not always like this. We started falling behind after a technological error on the Apartment's end (More on that later) where two months' worth of rent was never posted. And once we made the error known, it came with fees stacked from both months and then some. In the middle of March. After I'd been dropped from my internship at a super Christian-run food bank. Where I was the only openly queer one there. 🙃

And it's truly only been downhill from there.

My nesting partner is paid slightly more than me at 9.75/hr, but they haven't been given a full 40 hour week since September of last year. This is after asking for all that can be given at their job despite dealing with chronic pain and being immunocompromised. They've been working without any sort of proper accommodation aside from being offered brief breaks in the store's beer cooler.

We've taken out payday loans out of sheer desperation not to lose our home, two of which almost crippled us.

We do not have a car. Mississippi's public transportation system is absolutely abysmal. I used the bus to go to work during my internship. I was left stranded twice and was s3xually harrassed during my rides on several occasions. The system is horrendously underfunded, so the drivers just don't care.

We have tried various programs including section 8. The wait lists are endless.

The property manager has explicitly expressed that they do not accept vouchers from any of the most prevelant housing assistance programs in our area. Which was one of the reasons why we almost weren't allowed to move here (Making a video on that soon.) during a time where we were, in fact, homeless and running out of time at the hotel we were staying at. The only assistance we have is for electric. And that's only because that bill is not processed directly through the complex itself.

I've been permanently flagged by the unemployed office. Why? Because one of my employers (the most transphobic experience I've ever had. More on that later.) claimed that nobody under my legal name, SS, or anything had ever worked there before. Every other experience listed was verified, but due to that one instance, even when I provided my old work badge and my W2, I was (and still am) no longer able to apply for unemployment without being stuck in a neverending wait list for an investigation that will never come. It will remain stuck in pending for months and then the case number will magically close without notice.

We have Food Stamps, but due to the sudden dip in income and hours, MDHS has pretty much flagged that I'm able-bodied but just choosing not to work. Which has resulted in the amount we're given monthly to harshly decrease.

What I'm trying to say is that the truly needy and unfortunate are treated like rats and scammers. Pests. These programs put in place to help us aren't funded enough to make the people tasked with running them truly care. So they turn us away.

This has been a problem in Mississippi for years. The state government is given money to help and distribute as needed, but those funds are withheld. Millions of dollars every year are kept away from the families who need it most, and nobody here can answer why.

And if you're queer or a person of color? Good luck.

I explain all of this to say that we genuinely need help wherever we can get it.

We need to get out of Mississippi.

Please help in any way you can. Spread this and my GoFundMe wherever you can. It is us the link above. Share it wherever, whether you can donate or not.

My commissions are open. All three slots are available. I will gladly work for the money.

Thank you for your reading.

[tlaquetzqui]

Mages having a guild system is always better than magic schools. First because it demonstrates you have, in fact, Read Another Book; but also because what you think of as a school is only possible in a particular kind of very modern society.

Modern schooling dates to the aftermath of the Napoleonic Wars, when Johann Gottlieb Fichte said “Napoleon beat Germany like we were late on a payday loan, we better brainwash our entire populace to be fit conscripts.” (I’m actually understating it. He actually said education should “aim at destroying free will, so that a student will forever after be unable to act other than as their schoolmaster would wish”. Also that they would believe snow is black if their teacher said so.)

Unless your story is set somewhere like Cheliax or Menzoberranzan, that’s obviously not a likely institution to arise. But a guild is. Guilds are not unions; unions are for collective bargaining by employees, but the members of a guild are their own masters. They not only serve to facilitate apprenticeships, they act as a guarantor of professional competence (think “disbarred” or “lost my medical license”) and also, traditionally, as insurance co-ops.

It’s funny how many people claim to be anti-capitalist, while demonstrating they can’t conceive of labor in any terms but corporate employment.

[nuevacashloans]

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[classicquid]

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[kimmy-burgess-posts]

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[paydayquid]

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[basicfinanceloan]

Exploring First Mortgage Loans and Short Term Finance Options

When it comes to financing your home or managing short-term financial needs, understanding the right loan options is crucial. Two prominent types of financial solutions that many individuals turn to are First Mortgage Loans and Short Term Finance. These options can be a lifeline for homeowners and borrowers looking to make strategic financial decisions.

What Are First Mortgage Loans?

A First Mortgage Loan is a type of loan secured against the property you purchase or own. It is the primary loan taken out to finance a home, and it typically has the first claim on the property in case of default. As the primary mortgage, it offers borrowers favorable interest rates and repayment terms compared to secondary loans.

In Australia, First Mortgage Loans are a popular option for individuals looking to buy their first home or refinance an existing property. With competitive rates and flexible repayment terms, these loans help borrowers secure their property without significant upfront costs. Whether you're a first-time homebuyer or seeking to consolidate existing debt, a first mortgage can provide stability and financial confidence.

Benefits of Short Term Finance

On the other hand, Short Term Finance is often used by individuals or businesses that need a quick financial solution for a short period, typically ranging from a few months to a year. This kind of loan is ideal for unexpected expenses or bridging financial gaps.

Short term loans are available in various forms, including personal loans, payday loans, or business cash advances. While they often come with higher interest rates compared to long-term financing options, the benefits include faster approval, less stringent credit checks, and the flexibility to use the funds for almost any purpose.

When to Choose First Mortgage Loans or Short Term Finance

When deciding between First Mortgage Loans and Short Term Finance, the key is understanding your financial goals. If you’re looking to invest in property with a long-term commitment and lower interest rates, a First Mortgage Loan is likely the best option. However, if you need quick access to cash for short-term projects or unexpected expenses, Short Term Finance can be a convenient and accessible solution.

Conclusion

Choosing between a First Mortgage Loan and Short Term Finance depends on your unique financial situation. For larger, long-term investments like purchasing a home, a first mortgage is an excellent choice. On the other hand, short-term loans provide flexibility for those in need of immediate funds. By understanding both options, you can make an informed decision that aligns with your financial goals and needs.

[mostlysignssomeportents]

When you hear "fintech," think "unlicensed bank"

Tomorrow (May 2) I’ll be in Portland at the Cedar Hills Powell’s with Andy Baio for my new novel, Red Team Blues.

In theory, patents are for novel, useful inventions that aren’t obvious “to a skilled practitioner of the art.” But as computers ate our society, grifters began to receive patents for “doing something we’ve done for centuries…with a computer.” “With a computer”: those three words had the power to cloud patent examiners’ minds.

If you’d like an essay-formatted version of this post to read or share, here’s a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2023/05/01/usury/#tech-exceptionalism

Patent trolls — who secure “with a computer” patents and then extract ransoms from people doing normal things on threat of a lawsuit — are an underappreciated form of “tech exceptionalism.” Normally, “tech exceptionalism” refers to bros who wave away things like privacy invasions by arguing that “with a computer” makes it all different.

These tech exceptionalists are the legit face of tech exceptionalism, the Forbes 30 Under 30 set. They’re grifters, but they’re celebrated grifters. There’s a whole bottom-feeding sludge of tech exceptionalists that don’t get the same kind of attention, like patent trolls.

Oh, and the fintech industry.

As Riley Quinn says, “when you hear ‘fintech,’ think: ‘unlicensed bank.’” The majority of fintech “innovation” consists of adding “with a computer” to highly regulated activities and declaring them to be unregulated (and, in the case of crypto, unregulatable).

There are a lot of heavily regulated financial activities, like dealing in securities (something the crypto industry is definitely doing and claims it isn’t). Most people don’t buy or sell securities regularly — indeed, most Americans own little or no stocks.

But you know what regulated financial activity a lot of Americans participate in?

Going into debt.

As wages stagnate and the price of housing, medical care, childcare, transportation and education soar, Americans fund their consumption with debt. Trillions of dollars’ worth of debt. Many of us are privileged to borrow money by walking into a bank and asking for a loan, but millions of Americans are denied that genteel experience.

Instead, working Americans increasingly rely on payday lenders and other usurers who charge sky-high interest rates, on top of penalties and fees, trapping borrowers in an endless cycle of indebtedness. This is an historical sign of a civilization in decline: productive workers require loans to engage in useful activities. Normally, the activity pans out — the crop comes in, say — and the debt is repaid.

But eventually, you’ll get a bad beat. The crop fails, the workshop burns down, a pandemic shuts down production. Instead of paying off your debt, you have to roll it over. Now, you’re in an even worse situation, and the next time you catch a bad break, you go further into debt. Over time, all production comes under the control of creditors.

The historical answer to this is jubilee: a regular wiping-away of all debt. While this was often dressed up in moral language, there was an absolutely practical rationale for it. Without jubilee, eventually, all the farmers stop growing food so that they can grow ornamental flowers for their creditors’ tables. Then, as starvation sets in, civilization collapses:

https://pluralistic.net/2022/07/08/jubilant/#construire-des-passerelles

As the debt historian Michael Hudson says, “Debts that can’t be paid, won’t be paid.” Without jubilee, indebtedness becomes a chronic and inescapable condition. As more and more creditors attach their claims to debtors’ assets, they have to compete with one another to terrorize the debtor into paying them off, first. One creditor might threaten to garnish your paycheck. Another, to repossess your car. Another, to evict you from your home. Another, to break your arm. Debts that can’t be paid, won’t be paid — but when you have a choice between a broken arm and stealing from your kid’s college fund or the cash-register, maybe the debt can be paid…a little. Of course, digital tools offer all kinds of exciting new tools for arm-breakers — immobilizing your car, say, or deleting the apps on your phone, starting with the ones you use most often:

https://pluralistic.net/2021/04/02/innovation-unlocks-markets/#digital-arm-breakers

Under Trump, payday lenders romped through America. A lobbyist for the payday lenders became a top Trump lawyer:

https://theintercept.com/2017/11/27/white-house-memo-justifying-cfpb-takeover-was-written-by-payday-lender-attorney/

This lobbyist then oversaw Trump’s appointment of a Consumer Finance Protection Bureau boss who deregulated payday lenders, opening the door to triple digit interest rates:

https://www.latimes.com/business/lazarus/la-fi-lazarus-cfpb-payday-lenders-20180119-story.html

To justify this, the payday loan industry found corruptible academics and paid them to write papers defending payday loans as “inclusive.” These papers were secretly co-authored by payday loan industry lobbyists:

https://www.washingtonpost.com/business/2019/02/25/how-payday-lending-industry-insider-tilted-academic-research-its-favor/

Of course, Trump doesn’t read academic papers, so the payday lenders also moved their annual conference to a Trump resort, writing the President a check for $1m:

https://www.propublica.org/article/trump-inc-podcast-payday-lenders-spent-1-million-at-a-trump-resort-and-cashed-in

Biden plugged many of the cracks that Trump created in the firewalls that guard against predatory lenders. Most significantly, he moved Rohit Chopra from the FTC to the CFPB, where, as director, he has overseen a determined effort to rein in the sector. As the CFPB re-establishes regulation, the fintech industry has moved in to add “with a computer” to many regulated activities and so declare them beyond regulation.

One fintech “innovation” is the creation of a “direct to consumer Earned Wage Access” product. Earned Wage Access is just a fancy term for a program some employers offer whereby workers can get paid ahead of payday for the hours they’ve already worked. The direct-to-consumer EWA offers loans without verifying that the borrower has money coming in. Companies like Earnin claim that their faux EWA services are free, but in practice, everyone who uses the service pays for the “Lightning Speed” upsell.

Of course they do. Earnin charges sky-high interest rates and twists borrowers’ arms into leaving a “tip” for the service (yes, they expect you to tip your loan-shark!). Anyone desperate enough to pay triple-digit interest rates and tip the service for originating their loan is desperate and needs to the money now:

https://prospect.org/power/05-01-2023-fintech-ewa-payday-loan-scam/

EWA annual interest rates sit around 300%. The average EWA borrower uses the service two or three times every month. EWA CEOs and lobbyists claim that they’re banking the unbanked — but the reality is that they’re acting as sticky-fingered brokers between banks and young, poor workers, marking up traditional bank services.

This fact is rarely mentioned when EWA companies lobby state legislatures seeking to be exempted from usury rules that are supposed to curb predatory lenders. In Vermont, Earnin wants an exemption from the state’s 18% interest rate cap — remember, the true APR for EWA loans is about 300%.

In Texas, payday lenders are classed as loan brokers, not loan originators and are thus able to avoid the state’s usury caps. EWAs are lobbying the Texas legislature for further exemptions from state money-transmitter and usury limit laws, principally on the strength of the “it’s different: we do it with a computer” logic.

But as Jarod Facundo writes for The American Prospect, quoting Monica Burks from the Center for Responsible Lending, a loan is a loan even if it’s with a computer: “The industry is trying to create a new definition for what a loan is in order to exempt themselves from existing consumer protection laws… When you offer someone a portion of money on the promise that they will repay it, and often that repayment will be accompanied with fees or charges or interest, that’s what a loan is.”

Catch me on tour with Red Team Blues in Mountain View, Berkeley, Portland, Vancouver, Calgary, Toronto, DC, Gaithersburg, Oxford, Hay, Manchester, Nottingham, London, and Berlin!

[Image ID: A stately, columnated bank building, bedecked in garish payday lender signs.]

Image: Andre Carrotflower (modified) https://commons.wikimedia.org/wiki/File:30_North_%28former_Pontiac_Commercial_%26_Savings_Bank_Building%29,_Pontiac,_Michigan_-_entrance_and_Chief_Pontiac_relief_sculpture_-_20201213.jpg

CC BY-SA 4.0 https://creativecommons.org/licenses/by-sa/4.0/deed.en

[nikbrown30]

Quick Cash Solutions at Payday Loans EloanWarehouse

Introduction

Understanding Financial Emergencies

Financial emergencies can occur unexpectedly and often require immediate attention. These situations can include a variety of urgent expenses, such as:

Medical Expenses: Sudden health issues or accidents may lead to unexpected medical bills that need to be paid promptly, often before insurance claims are processed.

2. Car Repairs: A vehicle breakdown can disrupt daily life, making necessary repairs urgent to maintain transportation for work or other obligations.

3. Unexpected Bills: From home repairs to utility bills, unforeseen costs can arise at any time, creating financial strain.

4. Job Loss or Reduced Income: Sudden unemployment or a decrease in hours can leave individuals struggling to cover essential expenses until they secure new employment.

The Role of Payday Loans

Payday loans play a significant role in providing immediate financial relief for individuals facing unexpected expenses. Designed as short-term, high-interest loans, they are intended to help borrowers manage cash flow issues until their next paycheck arrives. Here are some key aspects of their role:

Immediate Access to Cash: Payday loans offer a quick solution for urgent financial needs, allowing borrowers to access funds often within hours or even minutes of applying. This speed is crucial during emergencies when time is of the essence.

Minimal Requirements: Unlike traditional loans that may require extensive documentation, payday loans typically have simpler application processes and fewer eligibility criteria. This accessibility makes them an option for individuals who may not qualify for conventional loans due to credit history or other factors.

Short-Term Solution: Payday loans are designed for short-term borrowing, enabling individuals to address immediate financial challenges without long-term debt commitments. Borrowers can use these funds for necessities like medical bills, car repairs, or urgent household expenses.

Convenient Repayment: Repayment is generally aligned with the borrower’s pay schedule, which means they can repay the loan when they receive their next paycheck. This feature can make it easier for borrowers to manage their finances without falling behind.

Building Financial Literacy: For some borrowers, taking out a payday loan can be a learning experience that highlights the importance of budgeting and financial planning. It can serve as a catalyst for developing better financial habits.

Definition of Payday Loans

What Are Payday Loans?

Payday loans are short-term, high-interest loans designed to provide quick financial assistance to individuals facing immediate cash needs.

Key Characteristics of Payday Loans:

Short-Term Nature: Payday loans are generally due within a few weeks, aligning with the borrower’s next paycheck. This makes them suitable for covering urgent expenses that cannot wait for longer-term financing solutions.

High-Interest Rates: These loans often come with high-interest rates compared to traditional loans. Borrowers should be aware of the total cost of borrowing, as interest can accumulate quickly if the loan is not repaid on time.

Simple Application Process: The application process for payday loans is typically straightforward and can often be completed online. Borrowers usually need to provide basic personal information, proof of income, and bank account details.

Minimal Credit Requirements: Unlike traditional loans that often require a good credit score, payday loans usually have fewer eligibility criteria. This accessibility can benefit individuals with poor credit histories who might struggle to secure financing through conventional means.

Quick Approval and Funding: One of the main advantages of payday loans is the speed at which funds can be accessed. Many lenders provide instant approval, and funds can be deposited into the borrower’s bank account within a day or even hours.

Key Features of Payday Loans

Payday loans come with several distinctive features that set them apart from traditional lending options. Understanding these characteristics is essential for borrowers considering this type of financial solution. Here are the key features of payday loans:

Short-Term Borrowing: Payday loans are designed for short-term use, typically ranging from a few days to a few weeks. Borrowers are expected to repay the loan by their next payday, making it a quick fix for immediate financial needs.

High-Interest Rates: These loans often carry significantly higher interest rates compared to other forms of credit. While the upfront cash may seem appealing, the cost of borrowing can escalate quickly if the loan is not repaid on time.

Simple Application Process: The application process for payday loans is usually straightforward and can often be completed online. Borrowers are typically required to provide basic information, such as identification, proof of income, and bank account details.

Minimal Credit Checks: Unlike traditional loans that may require extensive credit evaluations, payday loans usually involve minimal credit checks. This makes them accessible to individuals with poor or no credit histories, allowing those in urgent need of funds to apply.

Quick Approval and Funding: One of the main attractions of payday loans is the speed at which funds can be accessed. Many lenders offer instant approval, and once approved, the money can be deposited into the borrower’s bank account within hours or the same business day.

Flexible Loan Amounts: Payday loans typically range from $100 to $1,000, allowing borrowers to request amounts that suit their specific financial needs. This flexibility can be particularly beneficial in emergencies.

Repayment Timing: Repayment is usually aligned with the borrower’s pay schedule, making it easier for them to manage repayments when they receive their next paycheck.

Purpose of Payday Loans

Immediate Financial Relief

One of the primary reasons individuals turn to payday loans is the need for immediate financial relief. When unexpected expenses arise, having quick access to cash can be essential for maintaining stability. Here’s how payday loans provide this urgent support:

Quick Access to Funds: Payday loans are designed to offer fast financial assistance. Borrowers can complete the application process online, often receiving approval within minutes. Once approved, funds are typically deposited into their bank accounts within hours or by the next business day, allowing them to address urgent needs without delay.

Emergency Expense Coverage: Whether it’s a medical bill, car repair, or unexpected household expense, payday loans can help cover these costs when other resources are unavailable. This immediate funding allows individuals to manage their obligations without further financial stress.

No Lengthy Approval Process: Unlike traditional loans that may require extensive documentation and take days or weeks for approval, payday loans have a streamlined application process. This efficiency is crucial for borrowers who need cash quickly and cannot afford to wait for lengthy procedures.

Flexible Use of Funds: Borrowers can use payday loans for any purpose, providing them with the flexibility to allocate funds where they are most needed. This can help prevent more significant financial issues from arising and allows individuals to focus on stabilizing their situation.

Short-Term Commitment: Since payday loans are intended for short-term use, borrowers can obtain the cash they need without long-term debt obligations. This feature is particularly beneficial for those looking to resolve immediate financial challenges without committing to a prolonged repayment plan.

Conclusion

In today’s fast-paced world, financial emergencies can strike unexpectedly, leaving individuals in urgent need of cash. Payday loans offer a convenient solution, providing quick access to funds for immediate expenses like medical bills or car repairs. Platforms like EloanWarehouse enhance this experience by simplifying the application process and connecting borrowers with a network of lenders, allowing for swift approval and funding.

[aviyer2009]

Should early cash access, with voluntary tips as the cost, be treated as a loan?

An article published by the Associated Press (July 28, 2024) titled “US agency says apps that let workers access paychecks before payday are providing loans”, states that the Consumer Finance Protection Bureau wants the Truth in Lending act to apply to early access to money, and that voluntary tips become a compelled payment due to claims of charity towards the less fortunate. But since the…

[shorttermsloansuk]

Apply Online for a Short Term Loans and receive up to $1000 in funding

Loans for online short term cash, usually referred to as payday loans or paycheck advances, and are designed to act as a "bridge" to help you until your next payday. After all, each of the linked lenders experiences months when they are short on finances or when unexpected bills arise that need to be paid before the next paycheck. Short term loans online issued on the same day are fully utilized for any of the following: • Unpaid insurance claims;

• Emergency medical or dental expenditures;

• Auto or property repair bills;

• Appliance replacement for broken kitchen cabinets covering the cost of Christmas or birthday presents

To make the next payment on a holiday payment plan or a holiday deposit Banks never provide short term loans online, as everyone knows, since they lose money on tiny loans that are just for 60 days. When possible, the lenders who handle these loans will accept applications in a matter of hours. They do, in fact, offer these loans. While most lenders on our panel require repayment of these financial products to be made on your next payday, others will extend the periods of repayment.

Applying for a short term loan requires meeting certain requirements, which include having a valid bank account in your name, a proof of permanent residence, a working job that you have held for at least three months, a contact phone number, and an email address. These loans are essentially short-term installment loans with the expediency and speedy approval associated with applying online. They're also known as online short term loans or emergency loans at times. Customers with poor credit may even be able to apply for online same-day loans. As with standard same day loans online, quick loans same day provide you the funds right away and require regular monthly payments according to a predetermined plan. We work with you to arrange a customized repayment schedule. The maximum amount you can borrow is $1,000.

These loans are the simplest to obtain because they are secured by no collateral and are unsecured. Lenders will instead underwrite you. To assess how big of a risk they are accepting if they approve your loan application, they will examine your income, assets, and debts in greater detail. Your credit score is irrelevant; they can still grant you the loan. Loans with a set repayment plan that are returned in less than a year are referred to as short-term loans. A lot of same day loans online are short-term, small-amount loans that you can apply for right away and repay right away. When you don't have enough cash on hand to cover your expenses, you can borrow small or big amounts of money from banks, internet lenders, or credit unions to provide instant financial assistance. Most loans are repayable over time and are unsecured, meaning no security is required. Although the circumstances of these two loans differ, they are both designed to be returned within a few weeks or months. Additionally, even though no collateral or up-front payment is required, short-term loans always have costs associated with them that must be covered in addition to loan repayment.

https://fastpaydayu.com/

[seo-top-up]

Understanding the Dynamics of Finance: A Comprehensive Guide to Loans and Insurance

In today’s fast-paced world, the concepts of finance, loans, insurance, and payday loan have become an integral part of our daily lives. Whether it's managing personal finances, seeking financial assistance, or safeguarding against unforeseen circumstances, understanding these concepts is crucial for making informed decisions. This comprehensive guide aims to demystify these terms, shedding light on their significance and impact on our lives.

Finance: Navigating the World of Money Management

Finance is the cornerstone of our economic system, encompassing the management, creation, and study of money, investments, and other financial instruments. It plays a pivotal role in both personal and business realms, influencing decisions related to budgeting, investing, and saving for the future. Understanding finance is essential for individuals and businesses alike, as it empowers them to make sound monetary decisions.

Personal Finance: Managing personal finances involves budgeting, saving, and investing to achieve financial stability and meet long-term goals. It encompasses activities such as creating a budget, saving for retirement, and investing in assets like stocks or real estate.

Business Finance: In the corporate world, finance revolves around managing the company's monetary resources, making investment decisions, and analyzing financial risks to ensure sustainable growth and profitability.

Loans: Accessing Financial Assistance

Loans serve as a lifeline for individuals and businesses, offering the necessary funds to fulfill various needs and aspirations. From purchasing a home to starting a business, loans provide the financial flexibility to achieve these goals.

Types of Loans: There are various types of loans tailored to specific needs, such as mortgage loans for buying homes, auto loans for purchasing vehicles, and student loans for funding education. Additionally, personal loans cater to diverse financial requirements, offering flexibility in their usage.

Importance of Credit Score: When applying for a loan, one's credit score plays a pivotal role in determining the loan amount, interest rate, and repayment terms. Maintaining a healthy credit score is crucial for accessing favorable loan terms.

Insurance: Safeguarding Against Uncertainties

Insurance acts as a safety net, providing financial protection against unforeseen events, be it health-related expenses, property damage, or liability claims. It offers peace of mind by mitigating the financial impact of unexpected situations.

Types of Insurance: The insurance landscape encompasses various categories, including health insurance, life insurance, auto insurance, and property insurance. Each type serves a specific purpose, offering coverage tailored to the insured risk.

Risk Management: Insurance is an essential tool for managing risks, helping individuals and businesses mitigate potential financial losses due to accidents, illnesses, or natural disasters.

Payday Loans: Understanding Short-Term Financial Solutions

Payday loans, also known as cash advances, are short-term loans typically repaid on the borrower's next payday. While they can provide quick access to funds, it's important to carefully consider their terms and implications.

Usage and Considerations: Payday loans are often sought to cover unexpected expenses or bridge financial gaps between paychecks. However, due to their high interest rates and fees, they should be approached with caution and used judiciously.

Regulatory Framework: Many jurisdictions have regulations in place to govern payday lending, aiming to protect consumers from predatory lending practices and exorbitant interest rates.

In conclusion, finance, loans, insurance, and payday loans are intricately woven into the fabric of modern-day financial systems. Understanding these concepts equips individuals and businesses with the knowledge to navigate the complexities of managing money, accessing financial assistance, mitigating risks, and making informed decisions to secure their financial well-being. By comprehending the nuances of these concepts and their interplay, individuals can empower themselves to make sound financial choices and build a stable and secure financial future.

[epacer]

Local

What's in and how much is out for education in the revised California state budget?

Governor Gavin Newsom’s revised budget proposal for the new fiscal year closes the remaining $27.6 billion projected shortfall.

It included cuts in the state's education budget while protecting major programs for TK-12 and some for community colleges.

“He’s trying to keep education from having huge cuts," said Troy Flint, Communications Director of the California School Boards Association (CSBA).

The CSBA represents almost a thousand districts and county offices of education across the state. While Flint said he appreciated the Governor's efforts to save money, the association considered suing if some of the cutbacks for essential programs are approved.

Flint claimed the governor is manipulating the budget shortfall making it appear less by not claiming Proposition 98 money as educational funds. Prop 98 guarantees a minimum level of funding for education.

“The state is basically loaning money to itself to cover a debt that was incurred in previous years. Some people have compared it to basically a payday loan," Flint said.

Although California has prioritized expanding transitional kindergarten, the Governor’s latest revised budget still has cutbacks for early education.

It eliminates $550 million in funding for more buildings to house preschools, TK classrooms and full-day kindergarten programs. The proposal also cuts $60 million from the Golden State grant program that helps teachers pay for their credentialing classes if they commit to teaching on underserved campuses.

The May revision budget keeps $60 million for community college nursing programs to help relieve the state’s nursing shortage.

San Diego City College has a prestigious record in its associate's degree nursing program; an average of 99.5% of graduates pass the state-required licensing exam.

“We are needed, we are essential to provide care for the patients who deserve it," said Dometrives Armstrong, San Diego City College Associate Dean of Nursing.

At the moment, the San Diego Community College District is campaigning for a bill in the state legislature to allow the school to provide a four-year bachelor's degree in nursing.

In the San Diego Unified School District, the news came Thursday that jobs have been spared for most teachers and administrative personnel scheduled to be laid off next year.

This agreement between the San Diego Education Association and the School Board will maintain stability on campuses at least through the end of the next school year.

“Our board is steadfast in its commitment to ensuring all students can reach their full potential. Despite a significant deficit, I am proud that through data-driven planning that prioritized children’s needs, we have developed a fiscally sound budget with limited impacts on our tremendous educators,” Board of Education President Shana Hazan said. *Reposted article from KPBS by M.G. Perez on May 17, 2024

[captain-kit-adventuress]

Look, maybe some of you know this, but I’m willing to bet a majority of people don’t, so let me give you an accounting tip from a former accountant:

Any time you pay in more than one payment, you will pay more than the original amount. Every time. Whether from “fees,” interest (which one of my professors rightly called “rent on money”), or some other form of hidden payment, you will pay more than whatever the original was. Otherwise, the company cannot make money on you and that’s the whole point, to make lots and lots of money on vulnerable people.

Not only that, but you leave yourself in more precarious financial standing. Every time. Because now, you don’t just have one big payment you can’t handle, you have many smaller payments you maybe can’t handle, and they add up. Especially if you’re one tiny inconvenience away from your financial life falling apart, which many of us in America and elsewhere are.

Extending payments is a scam to trap people who already don’t have enough money, and companies do it on purpose, fully knowing what they’re doing. The exceptions to this are rare and practically nonexistent. Don’t sign up for Flex, and don’t sign up for anything like it. Paying rent in a big chunk is hard, but having to pay lots of little payments that suddenly ballooned to way more than the original rent you owed? So much worse. And there’s lots of legal things they can do to force you to pay it, like suing you in small claims court. If you lose–and you will–you’re then liable for that debt for twenty years. It will stay on your credit report for twenty years, too. The company can often then legally take money out of your paycheck if you have a job, and you can’t tell them no because a judge said it was ok, until every penny is paid back.

Please don’t sign up for things like this. It seems like it will make things easier, but it’s the same kind of predatory lending as payday loans. It’s not worth it at all.

So let’s talk about Flex.

I’ve been getting email from them and my apartment complex. Flex is a new payment options where they take your rent and divide it over two to four payments. But of course flex has it own fee.

So essentially Flex pays your rent with a fee and you pay flex back. Sounds good right.

But I did some digging because they are pushing this so hard.

Come to find out, Flex is horrible. It doesn’t tell you how much the fee is until you sign up. Once you sign up it’s damm near impossible to get out of it.

So let’s say you need to split September rent, but in October you are fine. You still have to go thru flex and pay the fee.

Then I found this article. Not only could the lady not get out of flex, she ended up oweing them about 1k in fees.

That article also states that Flex as a business has 1 out of 5 stars on BBB. Their customer service is damm never nonexistent.

But I think we are missing a bigger issue. Apartments are pushing flex because they know people can not afford the rent. And because people can’t afford the rent there are more evictions and loss of payment. So instead of lowering the rent they push flex. They want it to seem like they are helping when they are not.

Most people get evicted and the apartment never get their money. 7 years later it falls off your credit report.

So to keep people in these buildings and to keep a steady income they offer some shit like flex.

It’s predatory and will most likely leave a tenant in worst standing than before.

Please don’t use it.