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How Payday Loan Regulations Differ Between Countries

Elliot
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How Payday Loan Regulations Differ Between Countries

Certain things are universal — popular and widely used not only in the UK, but around the world.

Payday loans are one of them. Since the 2008 financial crisis, payday loan usage has risen both in the UK and in the United States, with US-based lending outlets outnumbering Starbucks and McDonald’s in the wake of the economic downturn.

In the UK, an estimated 40% of young people have used either payday loans or pawn shops as a source of credit, part of a rising trend in borrowing.

Despite the growth in payday loans on both sides of the Atlantic, there are several differences in regulation between payday lenders in the USA and UK. Below, we’ve listed some of the biggest differences in lending culture, regulations and payday loan usage.

In the USA, loan regulations occur primarily at the state level

Not surprisingly, many payday loan-related regulations in the USA occur at a state level, rather than at a federal level. This means that lenders are often subject to local rules — a lender based in Florida, for example, may face different regulations from one based in California.

In many parts of the USA, lenders and borrowers face significant restrictions designed to limit problematic borrowing.

For example, in California, the law states that lenders can provide a maximum of $300 (approx. £225) to borrowers per loan, and that fees are capped at a maximum of 15% of the value of the loan. There are even more restrictive fee rules for loans made to members of the military.

In Florida, the limit for a payday loan is $500, with borrowers able to take out one loan at a time for a period not exceeding 31 days. Loans and borrowers in Florida are tracked via a statewide database, allowing the state government to monitor borrowers’ usage of payday loans.

In some states, payday lending isn’t allowed at all. For example, New York does not allow any form of payday lending, and advises consumers in need of credit to consider alternatives such as credit cards or a salary advance.

In the UK, loan regulations are implemented at a national level

In the UK, payday lending regulation is very different. Instead of state laws regulating payday loans, loans governing payday lending are made at the national level by the government.

This means that payday lending regulations are consistent across the UK, with lenders in all regions held to the same  standards. Payday lending in the UK is regulated by the Financial Conduct Authority (FCA)

Prior to the  FCA  , payday loans in the UK were regulated by the Office of Fair Trading (OFT).

Regulations from the FCA require UK payday loan interest rates to be capped at 0.8% per day, with a maximum default fee of £15. There is also a 100% cap on total costs, meaning a loan of £200 cannot cost more than £400 in total repayments.

If you’re based in the UK, you can view interest rates and apply for payday loans online using a lender such as Mr Lender.

In closing, while payday loans are widely used in both the USA and in the UK, each country has very different regulations. In the UK, payday loans are regulated nationally, while state-specific regulations mean the industry is managed on the state level in the United States.

Beat the January blues this month with these top tips

ABC Staff
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Beat the January blues this month with these top tips

Christmas is over, New Year seemed like a lifetime ago, your bank balance isn’t looking too healthy and nor is your figure and to top it off, you are back at work. And, if you’re anything like us, then getting up and out of bed in these dark January mornings is more difficult than ever with your motivation levels are at an all-time low. So, with Blue Monday (the most depressing day of the year) behind us, our friends at Simply Education the leading education recruitment agency, have put together some top tips to help you start the year on a more positive note and look forward to the rest of 2018.

There’s no question about it, ditching bad habits and adopting good ones can be incredibly challenging. We are all a little stuck in our ways and change can feel difficult to incorporate in our lives without a little bit of guidance and help. The key is setting yourself up for success.

As you read through these top tips, really try and think about how they could be applied to you and your lifestyle. Think about your weaknesses and strengths and how in 2017 you might have handled things differently, what you would have changed and what you wouldn’t.  You then try to apply the following tips and tricks to your life plan in 2018 and make you’re that you are looking forward to the year ahead whether it is your work life, personal life or a life you’re hoping to create for yourself in the next 12 months. There is no time like present!

Seeking Advice for Making Financial Investment

ABC Staff
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Seeking Advice for Making Financial Investment

If you have earned enough money in your life then you are probably thinking about investing in some attractive venture. However, if you do not have any previous knowledge about investing you might get confused by the so many things that need to be considered. In that case you should seek a professional advice from expert financial advisors that will be able to point you out in the right direction. That way your funds will be spent much better and you will increase your chances to earn profits in the future

When you plan to invest, first thing you need to do is to give your financial advisor a clear picture about your finances

Today a lot of people are investing in the financial market, which is very attractive place for investing and generating income. However, they are not doing that all by themselves, but they get help from people who know the sophisticated details of these markets. You need to have a quality financial advisor at your side with which you can work together on creating a good plan for making some investments. No matter whether you are thinking about investing in a new youtube mp3 business or something else, you surely need to surround yourself with good people.

Independent financial advisors and other experts have proper knowledge and know different strategies about how to approach different investment markets. They can offer you a quality advice of which you can benefit a lot. They can guide you throughout the entire process of financial investing and can help you with all your investment projects. They are always on the look for good investment possibilities, so make sure you follow their advice if you want to be successful investor.

When you plan to invest, first thing you need to do is to give your financial advisor a clear picture about your finances. Make sure you tell him your main idea and what you want to achieve. That way they will be able to create the best strategy for your needs and will know what should be done and what should be avoided. Never risk your money by planning everything by yourself, because if you hire experts you will benefit long-term. Together you can set some financial targets to achieve and think about different projects for making investments. Your financial goals will be much more achievable with the insight and help of a financial expert.

Today you have many options and possibilities when it comes to making investments. The rapid development of modern technology has contributed to opening of many new business fields and investment opportunities. You might get overwhelmed with so much information available out there, so do not risk anything and hire a financial professional to guide you. Talk openly about different aspects and details regarding your investment and go step by step. Proper financial planning is crucial when it comes to investing on the market. With a good financial plan, achievable goals in sight and different strategies applied, you will surely reach success in due time. Consider your needs and hire a financial advisor for making valuable and profitable investments.

5 tips to increase your personal finances

Elliot
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0
5 tips to increase your personal finances

With life seeming to get more expensive almost by the minute – the majority of us would enjoy having a little more cash to line our pockets. There are lots of ways to improve your personal finances without having to spend every waking minute at work. Today we’re suggesting five ways to make some extra money in 2018…

1. Have a flutter

Are you constantly beating the boys on poker night? If so, that skill could see you win big, if you know where to play. Websites like the World Series of Poker are a great place to start out in the world of online poker. Always play for free until you feel confident enough to play for money. It’s good to set a budget, so you never over-spend, and treat it like a job – dedicate a certain number of hours to it a week and cash out every win.

2. Special delivery!

All you need is a bike and a smartphone and you can commence a lucrative side-career as a delivery rider or driver. Apps like Deliveroo are always on the hunt for new drivers, as are places like Dominos. You’ll be able to choose hours that work around the rest of your life and can make a decent wage – plus, if you’re cycling, just think how fit you’ll get!

3. Share your wisdom

Do you have a specific set of expertise that you could share online, via articles, an ebook, or perhaps even an online course? Although writing a book or course materials will take a while, once it’s up and out in the world, you’ll be able to earn a steady stream of additional passive income for years to come. On Amazon, you earn 70% of the sales of your ebooks – which is far better than the traditional publishing route!

4. Become an extra

Have you always fancied rubbing shoulders with the stars? If so, being a film or TV extra would be a dream come true. There are lots of agencies out there supplying extras to sets – jobs are flexible and all sorts of people are needed. While it involves a lot of waiting around, you often get to wear fun outfits and the day rate is a welcome addition to the piggy bank.

5. Sell, sell, sell!

They say, ‘clean house, clean mind’, and we tend to agree. If you have lots of music, CDs, DVDs, electronics and even clothes clogging up your drawers and shelves, you should sell them and make some cash. There are lots of great sites online that allow you to flog these items, or you could go the traditional route and hold a garden sale or take a stall at a local market. One person’s trash is another person’s treasure after all!

What could paying too much tax cost a business?

ABC Staff
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What could paying too much tax cost a business?

Paying tax is something that all businesses have to do, ensuring that you pay the right amount is crucial as overpayment can put some businesses into financially precarious situations.

Understanding what to do in order to ensure you pay the right amount of tax, and knowing what steps to take if you think you might have paid too much are key to avoiding potential financial difficulties within your business.

Ensuring you pay the right amount

Businesses pay tax based on their taxable income or profits. There are a number of ways a business can ensure they pay the right amount, including:

  • Tax relief – for smaller businesses it is important to be aware of the different aspects of tax relief which are available. These can vary depending on your businesses size, sector and location.
  • Tax deductibles – much like with tax relief there are a range of tax deductible items which businesses can list in order to lessen their tax bill. For example, the self-employed, particularly those who work from home, being able to claim the energy costs associated with work as tax deductible.

One way to help ensure you don’t over pay on your taxes is to enlist the help of a qualified accountant.

An accountant, while potentially costly, can help you fill out any paperwork, help with tax self-assessment and ensure your tax bill is calculated as accurately as possible.

Ignoring the potential to reduce the amount you pay in tax can leave you paying more than you need to. For smaller businesses, this can lead to a variety of problems, hindering cash flow, slowing growth and preventing you from investing in your own business as much as you’d like.

What if you pay too much in tax?

If you suspect that you might have paid too much in tax, either by reviewing your financial information for the year and discovering something you’ve overlooked, or because your tax bill seems higher than other years for example, it is important that you take steps to at least double check you haven’t left your business out of pocket.

Seeking advice from a tax expert such as Brian Alfred can help you to work out if you might qualify for a tax rebate and help you to make a claim to HMRC.

Working with a tax advisor can help you work out what you may have overlooked when filing your taxes and point you in the right direction to recoup some of what you paid in tax.

While the amount will vary on a case by case basis, smaller businesses and sole traders are likely to benefit from the extra money, especially if it can be reinvested back into their business, helping to offer improved services, promote itself or fund future expansion.

Giving yourself time to focus and ensure that you fill in a tax return correctly and in good time to avoid rushing and potentially overlooking possible deductions or tax relief options open to you, can help your business to save money and avoid overpaying on your tax bills.

 

When Should you Upgrade your Phone?

ABC Staff
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When Should you Upgrade your Phone?

In an age of rolling SIM deals, a growing number of mobile phone users are upgrading their handsets whenever they choose. This is borne out by statistics, which reveal that 51% of consumers upgrade their handset whenever they discover a new phone that they like, while just 30% continue to change their mobile at the end of a traditional, two-year contract.

Apple have also recognised this subtle change in consumer behaviour, by creating deals that enable users to upgrade their handsets after one year if they wish.

In this post, we’ll look at the evolving rules surrounding smartphone upgrades, and ask when you should consider changing your handset.

Smartphone Upgrades and Changing Attitudes from Across the Globe

Not only are customers upgrading more frequently in the UK thanks to the wider diversity of contracts that now exist, but we’re also seeing different trends emerge around the world.

According to finder.com.au, for example, Australians replace their handsets every three years on average, which perhaps reflect the premium nature of smartphones in the modern age.

This also suggests that Aussies make decisions based on the performance of their existing phones, rather than accepting the popular misconception that upgrading offers them access to a free handset (even though the cost of this is built into the contract).

Additionally, it’s also fair to surmise that upgrade trends have been influenced by the recent proliferation of the smartphone market. With Samsung and Apple launching new handsets every spring and autumn respectively (alongside regular updates to Android and iOS platforms); customers are more inclined to upgrade their phones on an annual basis.

Choosing When to Upgrade your Handset

While it’s now possible or tempting to upgrade your handset more frequently, however, you should think carefully before making your final decision.

Firstly, you should look at the quality of your existing handset. Pay particular attention to the phone’s processing speeds and the longevity of its battery, as they tend to offer an excellent indication of the handset’s overall health. If these performance indicators continue to decline over time and begin to impact on your usage, it may be time to consider upgrading.

Then we come to your contractual status, which will determine whether or not upgrading your handset proves to be cost-effective. This is particularly true if you’re tied to a two-year deal, as it’s impossible to terminate this or upgrade without first buying out the value of your remaining contract.

Fortunately, websites such as the fonehouse offer access to extremely competitive and real-time deals, which provide generous tariffs, low monthly repayments and even cashback in some instances. These deals even apply to premium phones such as iPhone X, so it’s possible to achieve a heavily discounted contract without compromising on your choice of handset.

Depending on the value that remains in your existing contract and the savings that you can access through a new deal, it may actually prove cost-effective to trigger a buy-out and upgrade ahead of schedule.

These are the two most important considerations when choosing whether or not to upgrade your handset, and focusing on them can enable you to make an informed decision. Just remember to approach the market with an open mind, and measure the cost of upgrading against your existing circumstances.

Personal loans – What can you use that money for?

ABC Staff
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Personal loans – What can you use that money for?

Sometimes, when you decide to access a loan, you might end up with more money than you initially planned. However, are you allowed to do anything you prefer with that money? Or must it be spent only for that particular purpose? Well, in order to find out, you must make sure to check your loan agreement and see for sure. However, there are some general rules when it comes to how you can spend the loan money.

Personal loans are very flexible

This type of borrowing is ideal for people who are looking for unsecured personal loans with bad credit, or to build up their credit score by paying off the loan on time. When you consider getting a personal loan, you must know that few are your limitations. When receiving this type of loan, you are not asked for a collateral, nor are you asked to use the money for a specific purpose. So, this money can be used for whatever purpose you prefer, as you prefer, you can even let that money be and not spend it at all. Many choose such loans due to their flexibility and the options offered in terms. Also, many choose this type of loan as a backup plan in case they need at some point in time a more consistent amount of money. 

Student loans may be the trickiest option – in theory

Well, of course, student loans won’t be just as flexible as personal loans. While the government subsidizes part of the total loan, so you are theoretically supposed to spend that money only for education. In fact, “educational expenses” is a very vast term. You are allowed to pay with that money tuition fees, but also rental and transportation expenses. However, although this type of loan is also quite flexible, keep in mind that you can’t invest that money in vacations, as they are not part of your educational journey.

Business loans

Business loans are not as flexible, as these may come with some serious restrictions. Quite obviously, you cannot use that money for personal purposes; you can only spend it for operational purposes for your small business. Also, you cannot use them in order to cover other debts or to purchase various items to increase the value of your business. These loans only serve the operational aspect of a business.

Home loans or mortgages

The name of this type of loans is quite self-explanatory. This type of loan can be used to purchase a new home or to refinance an existing one. Since it is nearly impossible o get this type of loan without putting your house as a collateral, you will only be able to use that money for what you get it: your home. Bottom line is you will lose your home if you use that money for other purposes and you are unable to pay the loan back.

These are several types of loans that you can get and the purposes which you can use those for. Keep in mind that generally, the loan agreement clearly states for what the money can be used. However, if you are unsure, check with your bank or loan provider. They will be able to offer you more information.

POS Systems in the UK

Elliot
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0
POS Systems in the UK

Business activity in the United Kingdom enjoys a significant boost in Q4 of every year. Holiday shopping features prominently on the list of to-do items, and this is good news for UK small and medium enterprises. The increasing adoption of technology to manage financial transactions is evident in the uptick in hardware and software POS systems from leading providers. UK stores in Scotland, Wales, Northern Ireland and England are adopting new-age technology at an alarming rate.

For starters, the UK is a hub of FinTech enterprise. Peer to peer money transfers, e-wallets, online payment systems and the like are standard. As retailers enjoy tremendous business activity over December and early January, it becomes all the more important to manage operations effectively.

Land-based stores across Britain typically see high levels of foot traffic over December and January, especially when Christmas sale items go on display. It is imperative that retailers offer excellent customer service and efficient checkouts to ensure customer satisfaction. If the customer experience is the sum of all shopping activity, it makes sense that point-of-sale systems can dramatically enhance the overall experience.

If customer frustrations boil over during any stage of the process, this can lead to a dramatic loss of revenue. Many UK retailers have dual operations running – online operations and land-based business activity. Over the years, the UK is seeing an increasing the bigger adoption of mobile POS systems. These are helping to drive sales by offering convenient e-commerce solutions to customers.

Effective Management of Data

These mobile solutions allow customers to browse in-store products on their mobile phones while they are physically at the premises. Point-of-sale systems are highly effective at managing inventory through powerful hardware and software. One of the most popular POS systems are the Revel Systems. These systems have many functional features including real-time inventory tracking of SKUs, POM (purchase order management), full integration with QuickBooks and cash registers, and they serve as effective customer management mechanisms.

In other words, bricks and mortar businesses can track all customer purchases including specific details of the customer too. These include information related to marketing campaigns, purchase history, preferences etc. Efficient POS systems have yet another purpose – management of employees. Since every employee must use a PIN number to access the POS system, it is easy to see employee performance statistics, sales volumes and productivity.

Other aspects to consider with POS systems in the food and retail industry include things like a kiosk point-of-sale system, flexible ordering for tables in the restaurant, digital menus, kitchen display systems, and intelligent reporting options. Customers can also be rewarded through loyalty programs, and a system such as Revel is capable of being used across multiple stores, or a single store. As always, safety and security are paramount, and the Revel system is geared towards PCI compliance and SAS 70 certification.

Full Integration of Systems for Maximum Efficiency of Operations

The latest hardware and software for these POS systems is fully integrated with third-party applications such as various add-ons, e-commerce mobile ordering and online ordering options etc. The quality of customer support services is paramount, and the best systems currently being deployed across the UK have remote support, online support, telephone support and email support. Many of the POS systems now being deployed across the UK in the restaurant and hotel industry have cloud-based functionality. Scalability is another issue that needs careful consideration with growing businesses and varying employee numbers.

There’s no doubt that POS systems are coming to UK enterprises across the spectrum. Mobile point-of-sale is equally popular. These hardware and software systems are designed for internal management, customer management, and inventory management. They are geared towards getting the job done, and collecting relevant data that can be analysed and utilized efficiently.

How to avoid costly mistakes when redesigning your home

ABC Staff
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How to avoid costly mistakes when redesigning your home

Maybe your lifestyle has recently changed dramatically – for example, because a baby has arrived or you have been given a new job – and so you need to revamp your home to meet your new practical needs. Giving your home a makeover is fine, but can also prove surprisingly costly…

This can, at least, be the case if you don’t go about the task of redesigning your residence sufficiently carefully. Here are some ways of preventing yourself making expensive blunders.

Don’t just plan as you go

For your residential layout to work in all of the hassle-free ways you would like it to, you need to thoroughly plan that layout well before you arrange for any building work.

This bears emphasis because you might have a particular idea for how to use a space, only to later realise that it can’t quite be used in the way you had anticipated. Rushing ahead with your initial plan would also risk you heading over your budget, as HouseBeautiful warns.

Consider all of the existing infrastructure

You might look at a particular space and start imagining all of the exciting features you could place in it. However, those plans could be thrown into disarray once you start taking account of hidden infrastructure; structural walls and drainage pipes would be good examples of such.

So, while shifting a few things around your bathroom might be fine, attempting to relocate that bathroom to your home’s opposite side might not be – especially given the drain’s current location.

Choose your paint colours before picking the furniture

Were you to instead select the furniture first, you could struggle to find paint hues that visually match it. Nonetheless, if there are particular fabrics that you are considering placing in a room, you could bring swatches of those to a shop from which you intend to buy paint.

This is advice from Freshome, which also suggests bringing some paint swatches to your residence, where you can then test them as a way of helping yourself decide which paint colours to choose.

Let there be light – possibly even from the roof

Right now, there might be various curtains and accessories that are preventing a lot of natural light entering your home. This would be a pity, as this is lighting for which you don’t even have to pay. Hence, it can prove not only crucial but also cost-effective to your overall design.

You could clear items needlessly blocking natural light sources or strategically place mirrors to let light bounce around a space. With help from Bi Fold Shop, you could even add a lantern roof to your conservatory and so effectively turn its roof into another window.

Keep your budget suitably restrained

You can do this by – for example – resisting buying everything during a single shopping trip. Also, buy the highest quality that you can currently afford, rather than what you expect to be capable of affording tomorrow. You could also specify a particular budget before sticking to it.

How CBD Vape E-Liquid is Made

Elliot
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0
How CBD Vape E-Liquid is Made

Over the last year, CBD oil has grown from a niche product into a popular treatment option for a wide range of health conditions. Today, an estimated 250,000 people in the UK take CBD oil for the treatment of back pain, epilepsy, drug withdrawals and a variety of other health issues.

CBD oil is also growing massively in popularity, with an estimated 1,000 new users throughout the UK every month. In fact, total usage of CBD oil has more than doubled since the oil became legal in late 2016. Also growing in popularity is mentholed flavor electronic vape juice.

One of the most common questions regarding CBD oil is how the oil itself is made. Today, we’ll take a look at the CBD oil production process, from the ingredients used in CBD oil creation to the cannabis growing and CBD extraction process.

What is CBD oil?

CBD oil is also known as cannabidiol hemp oil. It’s made using parts of the hemp plant and has a variety of medicinal properties. Unlike cannabis, CBD oil doesn’t contain any THC, meaning it offers medical benefits but doesn’t provide a psychoactive “high.” If you prefer the pyschoactive high you get from THC, make sure to check out an online headshop like Everything for 420 to get the best glass bongs on sale.

Since 2016, CBD oil is legal in most of the UK as a medicinal treatment. It’s widely used today, with an estimated 250,000 users in the UK who regularly use CBD oil to treat everything from back pain to epilepsy.

How is CBD oil made?

Producing CBD oil is a multi-step process. The first step in the process is plant selection. Since CBD, or cannabidiol, is the active ingredient in CBD oil responsible for its medicinal effects, the majority of CBD oil producers select plant strains that are rich in CBD content.

Like most plants, hemp can be bred and selected for specific ingredient content. Most CBD oil is made using plant extracts that have a high CBD content, allowing CBD oil producers to achieve a higher yield.

There are two different methods of CBD extraction. Some products use a “whole plant” extract, in which the entire plant — including stems and other parts — is extracted for use as part of the oil. Other types of CBD oil specifically isolate the CBD content of the plant.

There are also several ways to extract CBD and convert the ingredient into oil. Originally, CBD oil was produced using a method known as alcohol extraction, in which the plant was soaked in an alcoholic solution, evaporated and converted into a usable oil.

Today, the most effective method for CBD oil production is CO2 extraction. This method requires a more careful approach, as well as specialised equipment to control important factors such as temperature and pressure.

Using the CO2 extraction method, CO2 is pushed through the plant material, causing the active ingredient (CBD) to separate from the plant matter. The CBD is then suspended in oil, creating a usable solution that can be administered through a dropper or vaporiser.

Most CBD vape oil uses olive oil, which allows for the CBD to remain stable and usable. There are also specific CBD oil blends available for users that prefer a certain oil type of taste, such as coconut CBD oil and CBD extracted into MCT oil.

As one of the UK’s fastest-growing industries and a potential treatment option for a wide variety of health conditions, CBD oil has an exciting future ahead.

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