Helper Foundation – Flexible Couplings Sun, 20 Nov 2022 22:58:00 +0000 en-US hourly 1 Helper Foundation – Flexible Couplings 32 32 NAB warns against payday loans before Christmas Sun, 20 Nov 2022 22:58:00 +0000

The NAB warns of the dangers of payday loans as more Aussies turn to ‘quick-take’ loans to meet the rising cost of living.

A new NAB study released today finds that one in 10 Australians facing financial hardship have accessed a payday loan in the past three months.

Payday loans were the third most common type of debt used to manage financial difficulties in the third quarter, behind credit cards and borrowing from friends and family (used by one in three people).

As Christmas approaches, NAB Customer Vulnerability Manager Mike Chambers has warned against using payday loans to manage the extra expenses people may face.

“Christmas can be a financially stressful time for many people and in the face of financial stress it can be tempting to try and find a quick fix to manage costs,” Chambers said.

“Payday loans can seem like an attractive option, as they are often instant and have low credit checks in place, making them more accessible to people in dire straits.

“What people don’t realize is that there are often many hidden costs associated with loans, in addition to higher interest and late payment fees.”

According to information from NAB Q3, payday loans are the most stressful of all debts for Australians (with a score of 64.2 pts), ahead of loans from family and friends (57.3 pts), personal loans (51.9 pts) and home loans (51.7 pts) . On average, Australians owed $6,200 in payday loans over the past three months.

Mr Chambers said an interest-free loan, through organizations like Good Shepherd, was a more sustainable option for people who need to finance things like basic necessities, cars or commodities whites.

NAB provides the capital for Good Shepherd’s interest-free loans and has supported over 68,000 low-income Australians with $47 million in loans over the past 12 months.

Mr Chambers recommended customers struggling with payday loans contact their bank.

“A call to your bank is the best first step to discuss the possibility of a loan payment break, a reduced payment plan, or access to an independent financial adviser,” Chambers said.

“Our NAB Assist team recently spoke with a client who had nine different payday loans and was struggling to keep up with debt repayments. We were able to tailor a solution and are confident we can help them pass to the other side.

“No matter how bad a situation may seem, there is help available that will put you in a stronger financial position in the long run.

“About 97% of clients who contact us early when facing financial hardship recover within 90 days.”

Further information:

  • Ask for help in case of financial difficulties by NAB-Assist.
  • To access independent financial advisers, contact Debt Helpline on 1800 007 007 or
Booming segments of the payday loan market; Investors looking for stunning growth: Speedy Cash, OppLoans, Ace Cash Express, Money Mart Fri, 18 Nov 2022 06:44:14 +0000

This press release was originally issued by SBWire

NJ New Jersey, United States — (SBWIRE) – 11/17/2022 – The latest published Payday Loans Market Research has assessed the future growth potential of the Payday Loans market and provides useful insights and statistics on the structure and size of the market. The report aims to provide market insights and strategic insights to help decision makers make sound investment decisions and identify potential gaps and growth opportunities. Furthermore, the report also identifies and analyzes changing dynamics, emerging trends along with essential drivers, challenges, opportunities and restraints in the Payday Loans market. The study includes analysis of market shares and profiles of players such as CashNetUSA (USA), Speedy Cash (USA), Approved Cash Advance (USA), Check n’ Go (USA ), Ace Cash Express (US), Money Mart (US), LoanPig (UK), Street UK (UK), Peachy (UK), Satsuma Loans (UK), OppLoans (United States).

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Definition: Payday loans are small, short-term, unsecured loans that borrowers promise to repay on their next paycheck or regular income. Loans are typically $500 or less than $1,000 and mature within two to four weeks of receiving the loan and are usually priced at a flat rate, which means finance charges for the borrower. These unsecured loans have a short repayment period and are called payday loans because the term of a loan generally matches the payday period of the borrower. According to the Federal Reserve Bank of St. Louis, in 2017 there were 14,348 payday loan storefronts in the United States. About. 80% of payday loan seekers borrow again to pay off a previous payday loan. Payday loan regulations are the strictest in the Netherlands.

Market opportunities:
Growing adoption of payday lending in developing countries

Market trends:
~43% use 6 or more installment loans per year and 16% use more than 12 small loan products per year
Payday loans are an attractive alternative to popular credit cards

Market factors:
A growing number of payday loan users in North America and payday loans are only legal in 36 US states
Growing use of Quick Cash for emergencies

The global payday loans market segments and market data breakdown are illustrated below:
by type (one hour, instant online, cash advance), request (mortgage or rent, food and groceries, regular expenses (utilities, car payment, credit card bill or prescription drugs), unexpected expenses (expenses emergency medical services), others), Reimbursement period (up to 14 days, 1-2 months, 3-4 months, more than 4 months), end user (men, women)

The Global Payday Loans Market report highlights insights regarding current and future industry trends, growth patterns, as well as offers business strategies to help stakeholders make sound decisions that can help ensure the trajectory of earnings over the forecast years.

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Netherlands: Payday lenders must now acquire the appropriate license to operate and must comply with the maximum interest rate of the bank prime rate plus 12%. In 2013 and 2014, the Dutch government enforced this legislation in two landmark court cases in which it fined two companies found to be operating outside these regulations – this included a $2.2 million fine ( 2 million euros) to for failing to comply with tariff restrictions. and Canada: British Columbia has the strictest set of regulations: lenders cannot legally charge more than $15 per $100 for a two-week payday loan, and penalties for returned checks or debits pre-authorized are capped at $20.

Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions:
The Middle East and Africa (South Africa, Saudi Arabia, United Arab Emirates, Israel, Egypt, etc.)
North America (United States, Mexico and Canada)
South America (Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, etc.)
Europe (Turkey, Spain, Turkey, Netherlands Denmark, Belgium, Switzerland, Germany, Russia UK, Italy, France, etc.)
Asia-Pacific (Taiwan, Hong Kong, Singapore, Vietnam, China, Malaysia, Japan, Philippines, Korea, Thailand, India, Indonesia and Australia).

Report objectives
-To carefully analyze and forecast the Payday Loans market size by value and volume.
-Estimate the market shares of the main payday loan segments
– To present the Payday Loans market development in different parts of the world.
To analyze and study the micro markets in terms of their contributions to the Payday Loans market, their prospects, and individual growth trends.
-Offer accurate and useful details on factors affecting Payday Loans growth
-To provide a meticulous assessment of crucial business strategies employed by leading companies operating in the Payday Loans market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments and product launches.

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Main highlights of the table of contents:

Payday Loans Market Research Coverage:
It includes major manufacturers, emerging player’s growth story and major business segments of Payday Loans market, years considered and research objectives. Further, segmentation based on product type, application, and technology.
Executive Summary of Payday Loans Market: It gives a summary of overall studies, growth rate, available market, competitive landscape, market drivers, trends, and issues, along with macroscopic pointers.
Payday Loans Market Production by Region Payday Loans Market profile of manufacturers-players is studied based on SWOT, their products, production, value, financials and other vital factors .
Key points covered in the Payday Loans market report:
Overview, Definition and Classification of Payday Loans Market Drivers and Obstacles
Payday Loans Market Competition by Manufacturers
Analysis of the impact of COVID-19 on the payday loan market
Payday Loans Capacity, Production, Revenue (Value) by Region (2021-2027)
Payday Loan Supply (Production), Consumption, Export, Import by Region (2021-2027)
Payday Loan Production, Revenue (Value), Price Trend by Type {One Hour, Instant Online, Cash Advance}
Payday Loans Market Analysis by Application {Mortgage or Rent, Food and Groceries, Regular Expenses [Utilities, Car Payment, Credit Card Bill, or Prescription Drugs]Unforeseen expense [Emergency Medical Expense]Others}
Payday Loans Manufacturers Profiles/Analysis Payday Loans Manufacturing Cost Analysis, Industry/Supply Chain Analysis, Sourcing Strategy and Downstream Buyers, Marketing
Strategy by major manufacturers/players, standardization of connected distributors/traders, regulatory and collaborative initiatives, industry roadmap and analysis of value chain market effect factors.

Browse Full Abstract & Table of Contents @

Answers to key questions
How feasible is the payday loan market for a long-term investment?
What are the factors influencing the demand for payday loans in the near future?
What is the impact analysis of various factors on the growth of the Global Payday Loans Market?
What are the recent regional market trends and how successful are they?

Thank you for reading this article; you can also get individual chapter wise section or region wise report version like North America, Middle East, Africa, Europe or LATAM, Southeast Asia.

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Payday Loans vs. Bank Loans Tue, 15 Nov 2022 04:19:44 +0000 Payday Loans vs. Bank Loans You may think that payday loans and bank loans are the same thing, but they are very different. Both are viable options if you need financing for the purchase, but you should consider all of your options before making a decision. Payday loans and …]]>
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Payday Loans vs. Bank Loans

You may think that payday loans and bank loans are the same thing, but they are very different. Both are viable options if you need financing for the purchase, but you should consider all of your options before making a decision.

Payday loans and personal loans differ mainly in three ways: how much you can borrow, how much interest they charge, and how long you have to pay them back. Compared to bank loans, payday loans offer smaller loan amounts, higher interest rates, and shorter repayment terms.


This is a high interest rate unsecured loan which is especially useful in times of need. Borrowers repay the loan amount when they receive their next salary or other source of income after loan approval. Because payday loans are designed specifically for working professionals, they are very beneficial. You can use your loan for anything you want by purchasing moped and moped insurance.

Personal loans can be used by salaried professionals even if they have exhausted their salary at the beginning of the month. Despite their high interest rates, payday loans are an attractive option. Paying rent, EMIs, and living expenses are common uses for these loans.


The purpose of a personal loan is to cover expenses such as weddings, renovations and vacations. The loan amount can be spent as the borrower wishes. Based on the borrower’s credit rating and ability to repay the loan, the loan is approved. A fixed monthly payment plan is generally used to repay the loan. A bank’s interest rate on a personal loan varies.


Here are the main differences between the two types of loans:

Time based rates. Variable rate personal loans reduce interest over time because you can only pay interest on the outstanding loan amount, while payday loans increase interest over time. The interest rate on a fixed rate personal loan remains the same for the entire term of the loan.

Fees and interest. Interest rates on personal loans range from 6% to 23% per annum. For loans over £2,000, payday loans have an interest rate of 48% but can charge up to 20%. The actual cost of the loan can therefore be extremely high.

The cost. A payday lender may charge you several things, whereas a personal loan is usually fixed and secured by your assets.


Personal loans and payday loans mainly differ in their terms. The duration of a personal loan is generally less than one month, while that of a personal loan is at least two years.

As a debt consolidation loan or to pay for an emergency, personal loans have a lower interest rate than payday loans. The maximum amount for payday loans is usually less than £500. Depending on the company, you can borrow up to £100,000.

A personal loan is much easier to obtain than a personal loan. A payday loan store can provide you with a loan within 30 minutes if you stop. Processing a personal loan can take a few days.

Only personal loans appear on your credit report, a lesser-known difference between payday loans and personal loans. Your credit score will increase if you take out a personal loan and make payments on time. You can qualify for better loans and interest rates in the future if you do.

As with payday loans, personal loans are often unsecured, so no property or assets back them. You cannot be seized by the lender if you default on a payday loan or personal loan.

Personal loans are always more expensive than personal loans if you have the choice between the two. Consider other options if you don’t qualify for a personal loan.

Does your boss allow you to ask for overtime or sign up for a side job? Is it possible to borrow money from family or friends? Such alternatives are better – and cheaper – than payday loans.

In Depth: Payday Loans and Offline Scams | Local News Fri, 11 Nov 2022 21:50:40 +0000

As we move online, so do scammers.

But that doesn’t mean other types of scams are going away.

While the Better Business Bureau reports that phone scams have dropped 42% since 2015, the same data shows that text scams have grown from 11% to 30% in just 7 years.

SMS scams are also the method with the highest financial loss, costing consumers an average of $800.

“Many businesses use text messages to inform their customers, but so do scammers,” said Rebecca Barr, BBB’s communications manager. “They know we might get a text, we get a lot of it, so they’re making fewer phone calls and more texting. And probably because they can just put a link right in there, hoping you click on it. and it’s a phishing link that will take you to a fake website, hoping to capture your information, might also download malware, so while text messages are great for business, they’re also great for scammers.

According to a investigative study by the BBB, the latest culprit to join the network of scammers is payday loans.

From 2019 to July 2022, the study finds that 3,000 payday loan scams were reported, resulting in a loss of $3 million.

The Federal Bureau of Consumer Financial Protection describes payday loans as small, short-term loans, typically $500 or less, that are repaid quickly on the borrower’s next income.

When it comes to payday loan scams, it could be scammers pretending to be a lending company to get your information, or it could be a legitimate business taking advantage of it.

“During the pandemic and now with inflation, people turning to payday loans, it kind of created this perfect storm of predatory behavior to thrive on consumers,” Barr said. “So that means they could bury the fees in the fine print, they have triple digit interest rates. But it’s hard to know that because the interest rates aren’t APR – they’re only not on an annual basis due to the nature of payday loans – it’s short term.”

So all of a sudden, consumers are falling into a debt trap – seeing interest rates in the double or triple digits – more than the original amount they borrowed.

Barr said what makes payday loans even more confusing are the regulations and restrictions that vary from state to state.

“We have Idahoans contacting us concerned about the interest rates charged by these types of lenders,” said Rachelle Littau, consumer specialist with the Idaho Attorney General’s Consumer Protection Division. . “And unfortunately, there’s not much our office can do about that because there’s no law in Idaho that caps the amount of interest that can be charged on a payday loan.”

“We have people telling us the interest rate is 30, 40% on some of these loans.”

Littau said what Idahoans can do is contact the Idaho Department of Finance, which regulates these types of loans. And Littau said Idahoans should contact their lawmakers and let them know something needs to be done legally to regulate these loans.

The BBB and AG office said it’s important to ask questions, always read the fine print, and make sure you’re dealing with a reputable company.

“You want to deal with a reputable, licensed company when looking for a payday loan company,” says Barr. “Especially when looking online it can be even more confusing, so local will be better.”

Littau said when it comes to scam trends, they don’t necessarily see a consistent pattern. They go in waves and cycles.

“The scammers follow the news,” she said. “When COVID first hit there were a lot of scammers pushing fake cures and treatments. There were scammers pretending to be contract tracers so they follow these news cycles. Right now , I would definitely encourage people to be on the lookout for scammers related to student loan forgiveness because it’s a big topic in the news and scammers are watching it.”

While everyone is at risk, data shows that more and more young people are being scammed.

“Young people actually report losing money to scammers more often than older people,” Littau said. “However, when older people report losing money, the dollar amount is much higher than younger people.”

The AG’s office said its best advice for any scam is to watch out for the four Ps:

1. To pretend – scammers will always pretend to be a person or organization you know or know well

2. Problem or price – there will always be a problem they will try to get you help with or they will claim there is a prize at stake

3. Pressure – scammers want you to act fast

4. Pay – scammers will ask you to pay in very specific ways, such as gift cards or bank transfers

“We’ll often say if it sounds too good to be true, it probably is, but for scams, we’ll reverse that as well,” Littau said. “If it sounds too bad to be true, it probably is too. They’ll tell you your social security number has been tied to a crime and if you don’t pay right away, we’ll send someone to your house for you. stop. It sounds scary and like it’s too bad to be true – it probably is.”

More information on scams and BBB rated companies can be found at

You can also find information or report online scams at Idaho Division of Consumer Protection.

Payday Loans Market to Reach $48.68 Billion by 2030 and Key Drivers Wed, 09 Nov 2022 12:34:47 +0000

Rising awareness of payday loans among young people and fast approval of loans with no usage restrictions are driving the growth of the global payday loans market. The North American market held the lion’s share in 2020, accounting for more than two-fifths of the market. The Covid-19 pandemic has affected millions of people due to rising unemployment and financial hardship.

The global payday loan market The size was valued at $32.48 billion in 2020 and is expected to reach $48.68 billion by 2030, growing at a CAGR of 4.2% from 2021 to 2030. A payday loan is a loan short-term unsecured, often characterized by high interest rates. This allows the borrower to write a post-dated check to the lender for the payday payday, but receives a portion of that sum in immediate cash from the lender.

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Regionally, the payday loan market was dominated by North America in 2020 and is expected to maintain its position during the forecast period. This is attributed to a number of factors such as the penetration of new payday loans among young people and the improving economy. Also, the presence of a large number of payday loan providers in the United States and Canada is expected to provide lucrative opportunities for the market. However, Asia-Pacific is expected to experience significant growth over the forecast period, due to the presence of a large number of payday loan companies, which are turning to digital solutions to manage their processes efficiently. trade, particularly in developing countries such as China, India, and Singapore.

Sector review

The global payday loan market is segmented on the basis of type, marital status, customer age and region. By type, the market is split into in-store payday loans and online payday loans. According to the marital status, it is classified as married, single and others. According to the age of the customers, the market is divided into under 21, 21-30, 31-40, 41-50 and over 50. At the regional level, it is analyzed in North America, Europe, Asia-Pacific and LAMEA.

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Main benefits for stakeholders

  • The study provides an in-depth analysis of the global payday loans market forecast along with current trends and future estimates to explain the impending pockets of investment.
  • Information on major drivers, restraints and opportunities and their impact analysis on global payday loans market trends are provided in the report.
  • Porter’s five forces analysis illustrates the power of buyers and suppliers operating in the industry.
  • Quantitative market analysis from 2021 to 2030 is provided to determine the market potential.

Payday Loans Market Report Highlights

Aspects Details
BY REGION NORTH AMERICA (US, Canada)EUROPE (UK, Germany, France, Italy, Spain, Netherlands, Rest of Europe)ASIA PACIFIC (China, India, Japan, South Korea, Australia, Rest of Asia Pacific)LAMEA (Latin America, Middle East, Africa)

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Related reports:

Payday loan market:

Open banking market:

Online banking market:

Florida Digital Lending Market:

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What is a payday loan and other types of predatory loans? Thu, 03 Nov 2022 09:01:17 +0000

Financial watchdog groups have raised concerns about predatory lenders taking advantage of low-income Americans who need cash fast as soaring inflation squeezes consumers.

So what is predatory lending?

Predatory lending imposes unfair or abusive loan terms on borrowers, including triple-digit interest rates and tight repayment terms. In the meantime, a “fair” loan guarantees the the same lending opportunities for all consumers, including low-cost loans for those with good credit ratings, in accordance with federal guidelines.

A predatory lender may also persuade a borrower to accept abusive terms through deceptive, coercive, exploitative or unscrupulous actions, according to Orlando-based, an online site that provides expert financial advice. An example is lenders targeting borrowers with credit problems or who have recently lost their jobs.

Predatory lending practices may also include fraudulent, deceptive and unfair tactics lenders use to ‘trick’ consumers into loans they cannot afford, according to the U.S. Attorney’s Office for Eastern Pennsylvania, citing mortgage costs high as contributing to borrowers who cannot keep their homes in good condition.

A person rides a scooter past a check cashing and payday loan store on March 11, 2022, in downtown Los Angeles.
PATRICK T. FALLON/AFP via Getty Images

Responsible Credit Centera North Carolina-based nonprofit research organization working to end predatory lending, released a study in late September that examined the “persistent damage of high-cost installment loans”, a form of predatory lending that includes “rent-a-bank” loans. The group says it found that predatory lending had a greater impact on people of color and low-income people.