Loans – Lions 103 CS Mon, 27 Jun 2022 15:24:38 +0000 en-US hourly 1 Loans – Lions 103 CS 32 32 Payday Loan Service: Market Growth Expected to Increase Significantly from 2022 to 2028 Mon, 27 Jun 2022 15:24:38 +0000

Payday Loan Services Market 2022 this report is included with the Impact of latest market disruptions such as Russian-Ukrainian war and COVID19 outbreak impact analysis key points influencing market growth. Also, Payday Loan Services Market (By Major Key Players, By Types, By Applications and Major Regions) Segments Outlook, Business Assessment, Competition Scenario, Trends and Forecast through the coming year. The study of the Payday Loans Service report is done on the basis of important research methodology which provides an analytical inspection of the global market based on various segments in which the industry is also alienated in the summary and advanced size of the market owing to the various outlook possibilities. The report also gives 360 degree overview of the competitive landscape of industries. SWOT analysis was used to understand the strengths, weaknesses, opportunities and threats in front of the shops. Thus, helping businesses understand the threats and challenges facing businesses. The market for payday loan services is showing steady growth and CAGR is expected to improve over the forecast period.

This free sample report includes:
  1. A Brief Introduction to Payday Loan Services Market Research Report.
  2. Graphical introduction of the regional analysis.
  3. The top payday loan services market players with their revenue analysis.
  4. Selected illustrations of payday loan services market information and trends.
  5. Sample pages of the Payday Loan Services Market report.

Key players in the payday loan services market.

Credit J.D.
Credit 36​​5
Amaze Credit
Able ready
Quick credit
Cash advance credit
Maximum credit
Credit A1
Raffles Credit
Cashmax Payday Loans

Key Business Segmentation of the Payday Loan Services Market

On the basis of types, the payday loan services market from 2015 to 2025 is majorly split into:
Financial support from the platform
Off-platform financial support

based on records, the Personal Loan Service market from 2015 to 2025 covers:

Some of the key factors contributing to the growth of the payday loan services market include:

  • Increase in per capita disposable income
  • Youth friendly Demographics
  • Technological advancement

In terms of the impact of COVID 19, the Payday Loan Service Market report also includes the following data points:

  • Impact on Payday Loan Services Market Size
  • End-User Trend, Preferences, and Budget Impact of Payday Loan Services Market
  • Regulatory Framework/Government Policies
  • Key Players Strategy to Combat the Negative Impact of Payday Loan Services Market
  • New Payday Loan Services Market Opportunity Window

Payday Loan Services Market Regional Analysis:

It could be divided into two different sections: one for regional production analysis and the other for regional consumption analysis. Here, analysts share gross margin, price, revenue, production, CAGR, and other factors that indicate growth for all regional markets studied in the report. covering North America, Europe, Asia-Pacific, South America, Middle East and Africa.

Key Question Answered in Payday Loan Services Market Report.

  • What are the strengths and weaknesses of the payday loan services market?
  • What are the different marketing and distribution channels?
  • What is the current CAGR of the Payday Loan Services Market?
  • What are the Payday Loan Services market opportunities ahead of the market?
  • Who are the major competitors in the payday loan services market?
  • What are the main results of SWOT and Porter’s Five Techniques?
  • What is the payday loan services market size and growth rate over the forecast period?

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Main points of the table of contents:

There are 13 Chapters to detail the Payday Loan Services market. This report included the analysis of market overview, market characteristics, industry chain, competition landscape, historical and future data by types, applications and regions.

  • Chapter 1: Payday Loan Services Market overview, product overview, market segmentation, regions market overview, market dynamics, limitations, opportunities, and industry news and policies.
  • Chapter 2: Payday Loan Services industry chain analysis, upstream raw material suppliers, major players, production process analysis, cost analysis, market channels and major downstream buyers.
  • Chapter 3: Analysis of value, production, growth rate and price analysis by type of payday loans service.
  • Chapter 4: Downstream characteristics, consumption and market share by application of personal loan service.
  • Chapter 5: Production volume, price, gross margin and revenue ($) of Payday Loan Service by regions.
  • Chapter 6: Production, consumption, export and import of payday loan services by regions.
  • Chapter 7: Payday Loan Services Market Status and SWOT Analysis by Regions.
  • Chapter 8: Competitive landscape, product overview, company profiles, Payday Loan Service players market distribution status.
  • Chapter 9: Payday Loan Services Market Analysis and Forecast by Type and Application.
  • Chapter 10: Payday Loan Services Market Analysis and Forecast by Regions.
  • Chapter 11: Characteristics of the payday loan services industry, key factors, new entrants SWOT analysis, investment feasibility analysis.
  • Chapter 12: Payday Loan Services Market Conclusion of the entire report.
  • Chapter 13: Appendix such as Payday Loan Services Market Research Methodology and Data Resources.

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Best Small Business Loans for Gigsters Sat, 25 Jun 2022 23:54:29 +0000

As a gigster, you probably come across many situations where you need money that you don’t have on hand. You want to start a new business, but you need an expensive machine or equipment. Or maybe you want to expand a current business but don’t have the necessary capital.

Whether you want to launch a new business idea, invest in real estate for an ongoing business, or need funds for another reason, a small business loan can help you achieve your professional goals.

This article discusses some common types of small business loans and the best lender options for finding financing today.

Key points to remember

  • With the wide variety of small business loans, you’re sure to find one that meets your needs.
  • Kabbage offers the most flexible loan options for small businesses.
  • Fundera offers low-risk SBA loans to help businesses build credit.
  • BlueVine provides small business loans to those with low credit scores.
  • FundingCircle offers the best term loans for small businesses.
  • Kiva provides the best microloans to unbanked borrowers.
  • OnDeck offers term loans with the possibility of disbursement on the same day.

Types of Small Business Loans

Many financing options exist for small business loans. What’s best for you depends on your credit, collateral, and situation. Review the types of loans below to learn more about some of the more common types.

Term loans

When they hear the word loan, most people think of a term loan. The lender gives the borrower a lump sum, which the borrower repays in fixed monthly installments with interest. Most auto loans, home loans, and personal loans fall into the term loan category.

Unlike some types of loans that limit where the money goes, term loans offer flexible financing for anything you might need. You can use a term loan to finance large equipment purchases, pay new employees, or cover day-to-day expenses.

Commercial mortgages

Business owners purchase commercial real estate using commercial mortgages. These loans work the same way as other term loans with the lending of a lump sum and the repayment via fixed monthly installments. You can use a commercial mortgage to purchase commercial property, renovate an existing property, or even refinance another commercial real estate loan.

SBA Loans

Backed by the government, Small Business Administration (SBA) loans provide capital at lower interest rates and less risk to the borrower. These loans are very useful, but the application process is often long. Approval for an SBA loan can take months, so reconsider this option if you need cash fast.

Commercial lines of credit

Many business owners are opting for lines of credit over traditional loans to borrow only what they need. Lines of credit offer revolving credit limits and only charge interest on what you withdraw. If you need variable amounts of money over a long period of time, a business line of credit can help you maintain your cash flow.


Business owners who need a small amount of money take out microloans of up to $50,000. Some microloan lenders charge ridiculously high interest rates, but you can find affordable microloan with the right lender.

The type of small business loan you need depends on your business and your circumstances. For example, an SBA loan may be the perfect financing option if you need a low-risk loan with low interest rates and fees.

Small Business Loans for Gigsters

Below you will find a list of the best small business loans offered by private lenders. These options include term loans, lines of credit, SBA loans, microloans, and loans with low credit score requirements.

Kabbage: the most flexible loans

If you need capital but aren’t sure how much, Kabbage offers a great solution. Kabbage customers are approved for a certain amount of financing, provided through a line of credit.

Since you don’t have to take out the entire loan amount all at once, you only pay interest on what you’ve spent. Kabbage provides maximum flexibility by allowing business owners to borrow what they need when they need it rather than taking out an over-term loan.

Fundera: Best SBA Loans

If getting into debt makes you nervous, try an SBA loan for government support, lower interest rates and reduced fees. Fundera offers SBA loans to help small business owners with limited credit histories and lower credit scores.

BlueVine: Best loans for bad credit

BlueVine is another small business loan option if your credit score needs improvement. This private lender offers financing for small businesses with FICO scores as low as 530. If you need capital but don’t qualify for many loans, BlueVine can provide the financing you need.

FundingCircle: Best Term Loans

FundingCircle offers small business loans up to $250,000. They only require a minimum credit score of 600 and can offer same-day disbursement depending on where you live and your loan amount. However, business owners in Nevada, North Dakota, and South Dakota are not eligible for loans from FundingCircle.

FundingCircle doesn’t charge prepayment fees, so you won’t be penalized for making prepayments on your loan.

Kiva: the best microloans

If you’re an unbanked business owner, you’re probably struggling to qualify for business loans. Kiva offers interest-free microloans between $1,000 and $15,000 to help these business owners get the financing they need. Kiva does not require a minimum credit score, but they do need investors in the form of friends and family members.

OnDeck: the best loans on the same day

If you need same-day financing, consider OnDeck. This private lender offers business owner loans with same-day disbursement (up to $100,000 in some states). OnDeck only requires a minimum credit score of 600 and offers loans up to $250,000.

Find a small business loan from these top lenders to jump-start your efforts to achieve your goals, whether you’re starting a new business or need capital for a current small business. If you’re looking for more tips for running a small business, click this link to find out some of them. essential business finance advice Nearside small business banking experts.

Predatory lenders make money from rising gas and food prices Thu, 23 Jun 2022 18:36:15 +0000

By Nicole Goodkind, CNN Business

Over the past few months, Yumekia Jones, a legal assistant in the Indianola office of the Mississippi Center for Justice, has received an unusually high number of calls — a peak of around 400% — from people in dire need of financial assistance. immediate.

Most want to avoid payday loans, which offer quick cash against future paychecks without a credit check and come with an interest rate of over 500%. But rapidly rising prices for food, fuel and rent leave them with few options.

Inflation rates are at their highest in 40 years and unemployment is close to one low half century. For most economists, these of them realities spell out significant economic hardship.

To predatory payday lenders, Nevertheless, they announce happy days and good times to come.

“Low unemployment and inflation generally mean that consumers may need loans for additional capital to manage unexpected spikes and expenses while earning money to repay those loans,” said David Fisher, CEO of short-term subprime lender Enova. call for results in May. The company beat quarterly earnings estimates by 7.7%.

Given the economic dynamics at play, Fisher said his company “significantly leaned into demand through our marketing efforts” and spent more to attract new customers. It paid off. About 44% of all loans went to new customers in the last quarter, he said.

This surge in new borrowers came as U.S. consumer inflation hit its highest level in more than four decades and Americans struggled to get food on their tables and gasoline in their tanks.

Work to get to work

The national average for a gallon of gasoline is just under $5, a 61% increase since last year. The jump comes as many employers require workers to return to work in person. The federal minimum wage, meanwhile, still sits at $7.25 an hour, where it has been since 2009. Low-wage workers must work for about 14 hours to fill their reservoir.

About two-thirds of Americans now live paycheck to paycheck, a June LendingClub survey found. This figure jumps to 82% among workers earning less than $50,000.

The average credit score of low-income people in the United States is also falling, according to LendingClub data. About 40% of Americans earning less than $50,000 and living paycheck to paycheck have a subprime credit score below 650, which prevents them from getting a loan from a traditional lending institution. or qualify for additional credits. credit. The average credit score in the United States is 714, according to Experian.

For these Americans, high interest payday loans are still readily available. These small loans, usually between $100 and $1,000, are available in more than half of lightly regulated US states. Proof of income and a bank account are all most borrowers need to walk out with cash in hand.

Current data that tracks the number of payday loans has yet to be released, but based on past trends, there’s likely an increase in borrowing, said Alex Horowitz, senior consumer finance project manager. from Pew. “Our survey data shows that approximately 70% of payday loan borrowers use the loan primarily for day-to-day expenses and to meet increased or volatile expenses.”

The debt trap

These loans are often incredibly expensive, but borrowers either don’t have the financial knowledge to research alternatives or don’t think they have any other option. There is currently no federal cap on maximum interest rates for small loans. Not all states allow them, and it is up to those states to decide whether they will implement their own caps.

In the 32 US states that allow payday loansaverage annual interest rates range from 200% in Minnesota to 664% in Texas.

Borrowers often cannot repay the full loan amount when due, usually in two to four weeks, leading them to take out a second loan with additional fees. This creates a cycle of indebtedness that is difficult to break. Nearly 1 in 4 payday loan recipients take out additional loans nine times or more, found the Consumer Financial Protection Bureau.

Studies show that black and Latino communities are disproportionately targeted by high-cost loan providers. In Michigan, where the average payday loan interest rate is 370%, there are 7.6 payday stores per 100,000 people in areas with more than a quarter of the population black and of Latinos. This is about 50% more than in other fields, according to data provided by the Center for Responsible Lending.

Companies that offer high-cost loans say they are providing a needed service to low-income communities by providing loans to Americans that traditional banks refuse to serve. They claim that high interest rates are necessary because of the high risk of default. But consumer advocates say it’s a false narrative.

Seven major U.S. banks, including Bank of America, Wells Fargo and Truist, have created programs that offer small-dollar borrowing options with low annual interest rates, Horowitz said. They plan to look at bank history — not credit scores — to determine who qualifies for loans.

“There are 18 states and the District of Columbia that have banned payday loans and have survived very well without these predatory loan products,” said Nadine Chabrier, senior policy adviser at the Center for Responsible Lending. “There are fair and responsible loan products that have low interest rates and fees that are available for people to use.”

Shortly after the Covid-19 pandemic hit the United States, the Consumer Financial Protection Bureau repealed significant parts of a 2017 rule that required lenders to assess consumers’ ability to repay their loans. The rule, they said, would have wiped out much of the money they make from borrowers who default on their loans. By repealing parts of the rule, the CFPB said it would ensure “the continued availability of low-cost loan products for consumers who demand them.”

In a blog post, Former CFPB director Dave Ueijo expressed concern about the rule changes, saying he had issues with “any lender’s business model that depends on consumers being unable to repay their loans”.

Buy now pay later

Proponents are also concerned about new forms of lending that have emerged in recent years that are generally far less regulated than even payday loans.

According to the Center for Responsible Lending, Buy Now, Pay Later (BNPL) companies have seen their total market share increase by 200-350% over the past two years. Now, companies like Klarna and Zip are teaming up with Chevron and Texaco to let Americans fill their tanks now and pay in installments over six weeks.

BNPL’s clients tend to be Millennials and Gen Z and two-thirds of applicants are subprime borrowers, According to research by Marshall Lux, researcher at the Harvard Kennedy School.

These companies do not present themselves as lenders. BNPL is not credit but debit, with refunds taken automatically from customers’ bank accounts and without interest or charges.

In California, 91% of consumer loans issued in 2020 were BNPL loans, and 24% of financially vulnerable BNPL recipients report difficulty making payments.

BNPL’s lenders are not required by law to determine a borrower’s ability to repay their loans. There are no regulations regarding the disclosure of late payment fees, account reactivation or rejected payments.

“If people are using a credit product like this for their basic needs, I’m worried,” Chabrier said. She is concerned that BNPL clients may open several loans at once, they might lose track or have trouble repaying them all.

“A lot of people use buy now and pay later to stack their purchases from multiple vendors,” Chabrier said. “Because of the lack of subscription and whether or not they can afford these items, it becomes really unaffordable for them.”

Klarna caps late fees at 25% of the purchase amount, a far cry from the 400% interest rates charged by payday lenders, but Chabrier sees this as a lesser symptom of a larger problem.

“They continue this process of extracting money from low-income people,” she said. “If people have less purchasing power with their salary, it will only get worse.”

Back in Mississippi, which has the highest poverty rate in the nation, Jones struggled to keep distressed callers out of the hands of loan sharks and into financial education programs sponsored by local banks. But it’s hard to work against so many payday lenders with huge advertising budgets, she said. The state has the highest concentration of payday lenders per capita in the nation, mostly in low-income areas or in communities of color.

Payday lenders are so prevalent in Mississippi, Jones said, that they outnumber McDonald’s restaurants by more than 5 times.

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]]> Consumer and Corporate Debt Consolidation Market – Designer Women Tue, 21 Jun 2022 07:24:21 +0000

A recent report on the world Consolidation of consumer and business debt market published by Market Reports provides a comprehensive overview and assessment of opportunities at the moment. The study provides an in-depth review of key market trends. To most accurately forecast growth in the Consumer and Commercial Debt Consolidation, analysts consider both historical and current growth parameters.

The kConsumer and Corporate Debt Consolidation Business Intelligence report estimates the market size in terms of value (Mn/Bn USD) and volume (Mn/Bn USD) (x units). The research analysis has been geographically divided into critical regions which are growing faster than the global market in order to understand the development prospects of Consumer and Business Debt Consolidation. Each Consumer and Business Debt Consolidation section has been carefully reviewed in terms of price, delivery and market potential.

For the forecast period, the study includes a review of the year-on-year growth pattern along with current and potential market volume forecasts (units). The study assesses the effect of the novel COVID-19 pandemic on consumer and corporate debt consolidation, as well as insightful insights into how industry players are responding to the new situation.

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The Consumer and Business Debt Consolidation analysis assesses each market leader based on market share, manufacturing presence, new releases, partnerships, existing R&D projects, and strategies. company. In addition, the keyword research examines the SWOT report (strengths, gaps, opportunities and threats).

Major key players included in consumer and corporate debt consolidation markets are: Goldman Sachs, OneMain Financial, Discover Personal Loans, Lending Club, Payoff, Freedom Debt Relief, National Debt Relief, Rescue One Financial, ClearOne Advantage , New Era Debt Solutions, Pacific Debt , Accredited Debt Relief, CuraDebt Systems, Guardian Debt Relief, Debt Negotiation Services, Premier Debt Help, Oak View Law Group

Segment by Type– Credit Card Debt– Student Loan Debt– Medical Bill– Apartment Leases– OthersSegment by Application– Company– Consumer

What are the key takeaways from the Consumer and Business Debt Consolidation Study for readers?

• Study any Consolidation of consumer and business debt the player’s existing business models, including product launches, expansions, alliances and acquisitions.

• Recognize key drivers, constraints, opportunities and patterns (DROT analysis).

• Key factors such as carbon footprint, R&D progress, prototype inventions and globalization.

• To examine and research the growth of the global Consumer and Business Debt Consolidation landscape, including sales, supply, and usage, historical and forecast data.

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The Consumer and Business Debt Consolidation report answers the following questions:

  • Which players have a significant share in consumer and business debt consolidation, and why?
  • Why do you think global consumer and corporate debt consolidation would be region-led?
  • What are the variables that negatively impact the growth of consumer and business debt consolidation?
  • How do personal and corporate debt consolidation players develop plans to gain strategic advantage?
  • What would global consumer and corporate debt consolidation be worth?

Regional outlook:

Regionally, the global consumer and corporate debt consolidation market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In addition, market data classification and region to country analysis are covered in the market research report. Additionally, regions are separated into country and region groups:

– North America (United States and Canada)

– Europe (Germany, UK, France, Italy, Spain, Russia and rest of Europe)

– Asia-Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand and rest of Asia-Pacific)

– Latin America (Brazil, Mexico and rest of Latin America)

– Middle East and Africa (GCC (Saudi Arabia, United Arab Emirates, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa and Rest of Middle East and Africa)

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Our dedicated in-house team ensures that reports meet client requirements. We aim to provide valuable service to our customers. Our reports are based on extensive industry coverage and ensure that we focus on the specific needs of our clients. The main idea is to enable our customers to make an informed decision, keeping them and ourselves informed of the latest market trends.

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Small ticket, big business: Fintech companies see an increase in instant loans Sun, 19 Jun 2022 12:43:00 +0000

Home loans and other personal loans made up 64 percent of additional credits over the past two fiscal years.

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First published: Sunday, June 19, 2022. 6:13 PM IST

West Bengal man detained for harassing borrowers with altered photos Fri, 17 Jun 2022 14:22:27 +0000

Shoaib was part of a loan collection team for loan application companies. He had gathered the borrowers’ details and saved them on his laptop. Although he lost his job, he continued to harass borrowers, asking them to repay the loans. He sent transformed photos of the victim’s friends and family members to the victim’s contacts.

Via the Newsmeter network Published on Jun 17, 2022 2:22 p.m. GMT

Loan app racket: West Bengal man detained for harassing borrowers with altered photos

Hyderabad: On June 17, Rachakonda Cybercrime Police arrested a 24-year-old man for harassing people who took loans from lending app companies.

A case under various sections of IPC and IT Act has been registered against Shoaib Aktar from Uttar Dinajpur district in West Bengal. The police seized various items from him, including three mobile phones, a laptop, two checkbooks, debit cards, 12 Sim cards, a fingerprint scanner and Rs in cash. 5,200.

Shoaib was part of a loan collection team for loan application companies. He had gathered the borrowers’ details and saved them on his laptop. Although he lost his job, he continued to harass borrowers, asking them to repay the loans. He sent transformed photos of the victim’s friends and family members to the victim’s contacts.

A person who took a loan from the KreditBee Instant Loan app filed a complaint against Shoaib. Although the complainant repaid the loan, he continued to receive harassing calls and altered photos from friends and family. The caller also threatened to send the photos to the complainant’s contacts via WhatsApp.

During the investigation, the police discovered that Shoaib was involved in similar crimes at various police stations in Telangana.

Rachakonda Cyber ​​Crime Team traveled to West Bengal and arrested Shoaib and brought him to Hyderabad for remand custody and sent him into custody.

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Salisbury Bancorp stock set to split on Friday July 1 (NASDAQ:SAL) Wed, 15 Jun 2022 05:16:12 +0000

Shares of Salisbury Bancorp, Inc. (NASDAQ: SAL – Get a rating) are expected to split before the market opens on Friday, July 1. The 2-1 split was announced on Friday July 1. The newly created shares will be delivered to shareholders after market close on Friday, July 1.

NASDAQ:SAL opened at $51.68 on Wednesday. The company has a market capitalization of $149.15 million, a PE ratio of 9.61 and a beta of 0.76. The company has a 50-day simple moving average of $32.10 and a two-hundred-day simple moving average of $28.86. The company has a debt ratio of 0.23, a quick ratio of 0.90 and a current ratio of 0.90. Salisbury Bancorp has a fifty-two week low of $46.13 and a fifty-two week high of $59.90.

Salisbury Bancorp (NASDAQ:SAL – Get a rating) last released its quarterly results on Wednesday, April 20. The bank reported earnings per share (EPS) of $0.62 for the quarter, missing analyst consensus estimates of $0.73 per ($0.11). The company posted revenue of $13.40 million for the quarter, versus a consensus estimate of $13.80 million. Salisbury Bancorp had a return on equity of 11.40% and a net margin of 27.34%. Research analysts predict that Salisbury Bancorp will post EPS of 5.61 for the current year.

(A d)

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The company also recently declared a quarterly dividend, which was paid on Friday, May 27. Shareholders of record on Friday, May 13 received a dividend of $0.16 per share. This represents a dividend of $0.64 on an annualized basis and a dividend yield of 1.24%. The ex-dividend date was Thursday, May 12. Salisbury Bancorp’s payout ratio is 23.79%.

Separately, launched a hedge on Salisbury Bancorp in a report on Tuesday. They have set a “holding” rating on the stock.

In related news, EVP Steven M. Essex sold 700 shares in a trade on Wednesday, June 8. The stock was sold at an average price of $52.12, for a total value of $36,484.00. Following the transaction, the executive vice president now directly owns 500 shares of the company, valued at approximately $26,060. The sale was disclosed in an SEC filing, which is available via the SEC website. 8.79% of the shares are currently held by company insiders.

Several institutional investors and hedge funds have recently changed their SAL holdings. Morgan Stanley increased its stake in Salisbury Bancorp shares by 2.3% in the second quarter. Morgan Stanley now owns 18,335 shares of the bank worth $932,000 after buying 414 more shares last quarter. Millennium Management LLC bought a new position in Salisbury Bancorp during Q2 worth $438,000. Geode Capital Management LLC increased its stake in Salisbury Bancorp by 6.9% in the third quarter. Geode Capital Management LLC now owns 23,149 shares of the bank valued at $1,215,000 after acquiring 1,491 additional shares last quarter. Royal Bank of Canada increased its stake in Salisbury Bancorp by 1,007.3% during the third quarter. Royal Bank of Canada now owns 1,517 shares of the bank valued at $77,000 after acquiring 1,380 more shares last quarter. Finally, Maltese Capital Management LLC bought a new position in Salisbury Bancorp during Q3 worth $254,000. Institutional investors hold 23.11% of the company’s shares.

Salisbury Bancorp Company Profile (Get a rating)

Salisbury Bancorp, Inc operates as a bank holding company for Salisbury Bank and Trust Company which provides commercial banking, consumer finance, retail banking, and trust and wealth advisory services. It offers various deposit products to individuals and businesses. The company also provides loans, such as residential and commercial real estate loans; building loans; working capital loans; equipment loans; and consumer loans, including home equity loans and lines of credit, secured loans, and auto and personal installment loans.

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This instant alert was powered by MarketBeat’s narrative science technology and financial data to provide readers with the fastest and most accurate reports. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send questions or comments about this story to [email protected]

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]]> Banks move to Checkmate mobile networks with payment systems Mon, 13 Jun 2022 04:39:44 +0000


A kind of chess game has started between the 25 depository banks (DMB) and financial technology companies (Fintech) operating in the country for control of the country’s payment services system.

Traditional banks, it will be recalled, dominated the Nigerian banking space for more than a century with the provision of banking services such as loans, cash withdrawals and deposits, among other customer services.

However, bank customers still share their bitter experiences while banking, such as long time spent in queues to get money, lack of access to proper products and services, poor customer support , as well as the exorbitant fees imposed on them by their banks.

Among the payment innovations adopted by banks are Vulte from Polaris, First Wallet from FBN, PayGate from Fidelity bank and AccessGate from Access Bank.

“Banks have been slow to respond to customer complaints and aspirations, despite their deep pockets and massive branch presence across the country.

“So it was no surprise to some of us when they got duped by the fintech rampages. With fintech, you don’t have to worry about banking issues. From the comfort of your home, your office or from your store, you can access mobile payments, flexible savings, investments, quick/instant loans and affordable payment channels,” said Demola Turner, IT Manager at a fintech firm in Lagos.

Taking advantage of the gaps and poor services rendered by banks, fintechs have stepped in to fill the gaps, first with the entry of Interswitch into the Nigerian banking sector in 2002.

Interswitch has largely solved the problem of delay in getting money from banking halls with the introduction of automatic teller machines (ATMs) inside and outside bank branches.

About 20 years later, fintechs had totally disrupted traditional banking methods with the creation of smooth and easy financial services and solutions for technology-enabled customers.

Available records indicate that the financial services sector is totally saturated with more than 400 fintechs in fierce competition with traditional banks for control of the loans and payments market.

The entry of mobile network providers has made it more difficult for depository banks still struggling to stave off the onslaught of fintechs that have cornered much of their retail market.

Recently, the Central Bank of Nigeria (CBN) granted final approval for a Payment Service Bank (PSB) license to MTN Nigeria’s fintech subsidiary, MoMo Payment Service Bank (MoMo PSB) Limited and Airtel Nigeria’s SmartCash PSB.

This brings the total to four mobile network providers with PSB licenses, as the CBN had in 2020 granted approval to Globacom’s Money Master and 9Mobile’s 9PSB, as well as a non-GSM company, Unified Payment (Hope PSB) to start payment service banks.

The five PSBs are outside the legions of fintechs that have given traditional banks sleepless nights. The arrival of these 5 PSBs, according to some financial experts, would also pose huge threats to the profitability of DMBs.
However, Business Hallmark’s findings revealed that banks are not just rolling, but reacting to the disruptive threat posed by fintechs.

According to BH’s findings, most banks have adopted innovative technologies and are now offering their customers more customer-centric and digital experiences.

A staff member of one of the largest banks in the country informed our correspondent that his bank had identified some opportunities, especially with the CBN’s inclusive finance program, and seized them.

“A recent report by a media and research data analytics organization, Dataphyte, said a total of N26.17 trillion in transactions took place outside of traditional banking systems in 2021.
“This means there is a huge goldmine to be tapped outside. Already, we had fully embraced the CBN’s plan to target 38 million Nigerian adults (36% of the population) who are financially excluded.

“As you may have noticed, we now have our kiosks and payment points in every nook and corner of major cities and towns across the country. We also have them in rural areas, but not as many as in cities.
“No one can be an island on their own, so we are cooperating with mobile network providers to reach unbanked Nigerians.

“They too need us because most Nigerians do not yet know how to open wallets with businesses to send or withdraw money. Fintechs have the technology and we have the market. What we have now resembles the national grid system where the gencos generate electricity but depend on the transmission company to supply electricity to nightclubs and end users. It will take time, but we will get there,” the bank employee said.

The CBN, BH recalled, had set a target of achieving 95% financial inclusion by 2024 (in 2 years) to boost financial inclusion, especially in rural areas.

Banks also provide enhanced services to their customers through relevant product recommendations and information to help make informed business decisions.

For example, some banks, through cookies and other IT tools that monitor customer activities online, are now able to recognize customers’ urgent wants and needs.

“I once went online to check which solar power system to buy as the power supply in my area is very poor. I saw one of N465,000 (1 kva) which matched my current needs.

“As I have no money at hand, I planned to save for this. However, I was surprised when my bank offered me a consumer loan of N500,000 to buy a solar power system.

“I was shocked and wondered how they had learned that I desperately needed a solar generator. It was about a week later at church when a fellow computer expert told me that all activities are monitored online, even the physical activities of human beings.

“I was baffled by this revelation, especially the claim that customers’ physical activities could be monitored online.

“But he quietly explained that most Nigerians unwittingly put their GPRS (location) online which allows them to be tracked digitally.

“He said that if a customer walked into a phone shop, those watching him would likely conclude that he was looking for phone products. And before he knew it, offers for phone products would begin to flood his phones and computer system/

“Furthermore, a regular customer identified as a business owner via ‘digital bread combs’ will notice that business loan offers, insurance policies, direct vendor payment tools and other relevant products flood their phones and email address,” the IT engineer said.

BH has reliably discovered that most banks currently lack the technology to monitor customers online.

However, the banks, it was learned, had used the services of reliable data and IT companies that collect a lot of first-party data on their customers’ activities outside the bank’s environment.

Some banks, we also learned, benefit from data enrichment. For example, a corps member who recently completed his youth service in Enugu state, told our correspondent that he got a good job in April and was surprised when he received a massage from his bank to upgrade his account to a salary account in another to start enjoying a lot of benefits.

“I was stunned when I received the message, but a colleague of mine who studied computer science in school said that I had to fill in forms when accepting the job offer. Information , he assured me, must have fallen into the hands of my bank,” the new corpsman said.

All commercial banks, the findings revealed, also have digital channels that do not depend on the Internet. These innovative channels include branch banking (POS), SMS and USSD banking.
On the other hand, MarTech platforms based on Terragon’s data deployed by banks have been able to target unbanked consumers, based on their device type, location, interest, power of purchase and others.

Using this device, banks can now engage with their customers via SMS to recommend mobile banking channels, the nearest ATMs or banking agents, and relevant products.
“I think banks have become aware of the challenge posed by fintechs. I rarely enter banking halls these days to do business.
“I recently opened a bank account through the USSD option. The beauty of the option is that it meets the needs of offline customers. You don’t need to have data to do banking business” said Peju Adeyemo, a Lagos State government official.

According to a professional services firm, KPMG, to ward off the threat of fintechs, banks must offer a more customer-oriented and digital experience.

“As organizations respond, we are starting to see patterns that differentiate digital leaders from others; models that are rooted in the experience consumers have through the digital touchpoints they interact with.

“We are seeing accelerated growth, increased engagement and buy-in with players who have intentionally invested in user experience.

“With this in mind, we conducted a series of assessments focusing on the user journey, culminating in the Digital Channels Scorecard for leading retail banks in Africa.

“We have observed that digital leaders are intentional about personalized services, reliability and 24/7 availability of digital channels, and real-time customer service.

“They are relentlessly focused on simplifying user journeys, can onboard customers end-to-end across most channels, and empower customers with strong self-service programs.

“Laggards are still struggling with convoluted and disjointed user journeys, the inability to digitally onboard customers end-to-end, unstable channels and unresponsive contact centers,” says Ademola.

“To achieve these levels of experience maturity, retail banks will need to be more intentional in product design, journey optimization, data analytics and building resilient digital channels,” Boye Ademola said. , partner and head of digital transformation at KPMG.

Columbia Banking System, Inc. (NASDAQ:COLB) Receives Average Analyst Rating of “Hold” Sat, 11 Jun 2022 10:10:23 +0000

Stocks of Columbia Banking System, Inc. (NASDAQ: COLB – Get a rating) received a consensus recommendation of “Hold” from the seven research firms that currently cover the company, reports MarketBeat Ratings. Four investment analysts gave the stock a hold rating and two issued a buy rating for the company. The 12-month average target price among brokers who updated their coverage on the stock in the past year is $35.60.

COLB has been the subject of several research reports. launched a coverage on Columbia Banking System in a research note on Thursday, March 31. They set a “hold” rating on the stock. Keefe, Bruyette & Woods launched coverage on Columbia Banking System in a research note on Friday, February 11. They set a “market performance” rating on the stock. Piper Sandler reduced her target price on Columbia Banking System from $35.00 to $31.00 in a Monday, May 2 research note. Royal Bank of Canada raised its target price on Columbia Banking System from $35.00 to $36.00 and gave the stock an “industry performance” rating in a Friday, April 22 research note. Finally, Raymond James lowered his price target on Columbia Banking System from $40.00 to $38.00 and set an “outperform” rating for the stock in a Friday, April 22 research note.

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The NASDAQ COLB opened at $28.39 on Friday. The stock has a market capitalization of $2.23 billion, a PE ratio of 10.14 and a beta of 0.68. Columbia Banking System has a 12-month low of $27.61 and a 12-month high of $42.39. The stock has a fifty-day simple moving average of $29.77 and a 200-day simple moving average of $32.79.

Colombia Banking System (NASDAQ:COLB – Get a rating) last released its quarterly results on Thursday, April 21. The financial services provider reported earnings per share of $0.81 for the quarter, beating analysts’ consensus estimate of $0.66 by $0.15. Columbia Banking System had a return on equity of 9.30% and a net margin of 31.91%. The company posted revenue of $170.38 million in the quarter, compared to $166.09 million expected by analysts. During the same period a year earlier, the company posted EPS of $0.73. The company’s revenue increased by 15.8% compared to the same quarter last year. Analysts expect Columbia Banking System to post EPS of 2.61 for the current fiscal year.

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 18. Shareholders of record on Wednesday, May 4 received a dividend of $0.30. This represents a dividend of $1.20 on an annualized basis and a yield of 4.23%. The ex-dividend date was Tuesday, May 3. Columbia Banking System’s dividend payout ratio is currently 42.86%.

In related news, CFO Aaron James Cerf bought 3,000 shares of Columbia Banking System in a trade on Monday, May 2. The shares were purchased at an average price of $28.00 per share, with a total value of $84,000.00. Following the transaction, the CFO now directly owns 15,427 shares of the company, valued at $431,956. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available via the SEC website. 0.62% of the shares are held by insiders of the company.

Hedge funds and other institutional investors have recently changed their holdings in the company. Earnest Partners LLC acquired a new stake in shares of Columbia Banking System during Q4 worth approximately $27,000. Covestor Ltd acquired a new stake in shares of Columbia Banking System during Q4 worth approximately $28,000. Meeder Asset Management Inc. acquired a new stake in shares of Columbia Banking System during Q1 worth approximately $41,000. Neo Ivy Capital Management acquired a new stake in shares of Columbia Banking System during Q4 for a value of approximately $56,000. Finally, Pinebridge Investments LP acquired a new stake in shares of Columbia Banking System during Q4 worth approximately $69,000. 94.44% of the shares are currently held by institutional investors and hedge funds.

About the Columbia Banking System (Get a rating)

Columbia Banking System, Inc operates as a banking holding company for Columbia State Bank which provides a range of banking services to small and medium-sized businesses, professionals and individuals in the United States. It offers personal banking products and services, including interest-free and interest-bearing checks, savings accounts, money market and certificates of deposit; home mortgages for purchases and refinances, home equity loans and lines of credit and other personal loans; debit and credit cards; and digital banking.

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]]> How to Increase Your Chances of Getting Approved for a Personal Loan Thu, 09 Jun 2022 14:04:23 +0000

Personal loans are unsecured loans and are expensive. So, avoid these high interest rate loans unless absolutely necessary.

However, without any collateral securing a personal loan is a difficult task as many eligibility conditions must be met to obtain a sanctioned loan.

“An instant loan helps individuals meet their financial needs. Such a loan is useful if you have unexpected expenses to settle, especially in the short or medium term,” says Rohit Garg, CEO and co-founder of SmartCoin.

Garg lists the following 5 tips to improve your chances of getting that loan application approved:

1, Lower your debt to income ratio

Be sure to pay off your existing debts and credit card bills to reduce your debt-to-equity ratio before applying for a personal loan. Preferably, the total amount of EMIs you are required to pay each month should not exceed 30-40% of your monthly income.

2. Improve your CIBIL score

You must also have a commendable CIBIL score for any instant loan application to be sanctioned. A credit score is a 3-digit number that reflects your creditworthiness with the lender and helps assess your risk of default. It highlights how you have managed your finances and bills in the past. The lower the score, the more chances you have of earning a lot on your loan application and vice versa. Most lenders in the country depend on the CIBIL score, which ranges between 300 and 900. A credit score above 725 is considered a desirable score.

3. Include all sources of income

Lenders like to see an applicant’s total income to gauge their ability to repay. Therefore, when filling the online loan application form, it is recommended to include not only your regular salary but also additional sources of income such as rental income, part-time income, etc.

4. Don’t apply for multiple loans at once

If you apply for many loans at once, all lenders are likely to launch several serious inquiries into your credit file. This will automatically reduce your credit score. Since you may appear to be an insatiable borrower, your loan application may also be rejected. Therefore, it is best to apply for the one that best suits your needs and personal loan eligibility after comparing all available options.

5. Select a lender with eligibility criteria you can meet

Check the different eligibility requirements of different lenders and choose the one whose eligibility criteria you can meet, instead of applying to multiple lenders simultaneously only to learn that you are not eligible for all of them.