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South Korean mobile finance app operator Toss valued at $ 7.4 billion in latest funding


By Joyce Lee

SEOUL (Reuters) – South Korean mobile finance app operator Toss has raised $ 410 million in new funding, valuing the company at $ 7.4 billion, operator Viva Republica said on Wednesday. .

With new funding, Toss is looking to expand its presence in Southeast Asia beyond Vietnam. He plans to enter another country in the second half of this year and several more from next year, CEO SG Lee told Reuters.

The $ 7.4 billion valuation stems from the rapid growth of Toss, which has 20 million users, or more than a third of the 51.8 million Koreans. This is an increase from just 370,000 when the service launched in 2015.

Having started as a money transfer service, it offers online payment processing for traders and securities investments. It also plans to launch in-app banking in September, adopting an all-in-one “super app” for financial needs.

Lee said such a dedicated approach differentiates Toss from its competitors with massive platforms, like Kakao, operator of the dominant chat app in South Korea, and Naver, the dominant web portal, which also offers services. financial.

“Instead of randomly collecting users, users recognize this as a financial app, solving financial problems… It ends up making a huge difference in revenue per user,” he said.

Its investment service, called Toss Securities, has attracted 3.5 million users in the three months since its launch in March – said Viva Republica, buoyed by the interest of individuals in equity investments.

Its app for the Vietnamese market, Toss Vietnam, has garnered 3 million monthly active users this month, up from 1 million in March, after starting as a reward app in 2020. It offers services such as money transfer and debit cards.

Viva Republica expects to have a concrete plan to launch an IPO process within three years and is open to various listing venues, including the United States or South Korea, Lee said.

(Reporting by Joyce Lee; Editing by Dan Grebler)

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North Dallas Bank & Trust leads the way for a major upgrade to its 12-story tower


North Dallas Bank & Trust Co. is currently undergoing a 31,000 square foot renovation project to its 12 story tower on Preston Road.

The bank, which has five full-service branches in North Texas, kicked off the overhaul in May and plans to finish in December. The renovation is estimated at $ 9.2 million, according to state records.

The building houses the bank’s head office and around 75 different companies on its 12 floors. Its Dallas banking center is on the first floor and is connected to the tower. During the project, the banking center will remain open by appointment only while its drive-in service will remain fully open.

“Our redevelopment of our Dallas banking center will result in a complete upgrade of our existing facilities, providing a beautiful new environment for our employees, customers and guests,” said Larry Miller, CEO and President of the bank.

A render shows cashiers at work in the updated North Dallas Bank tower.

The international architectural firm Gensler and Pacific Builders, based in Plano, are in charge of the project.

The overhaul of the banking center includes a new main entrance, seats with ergonomic furniture, floor-to-ceiling windows, a reception bar with free drinks and snacks, new flooring, raised ceilings, technological improvements, free Wi-Fi. -Public fi, works of art commissioned by local artists and new electrical, plumbing and HVAC systems.

Counter lines will be replaced by service desks for routine transactions.

The bank is also moving its drive-in service from the rear of the main tower to the northern part of its property to make it easier to access.

A render shows the new drive-in banking facilities, which will be relocated to the northern part of the property for easier access.
A render shows the new drive-in banking facilities, which will be relocated to the northern part of the property for easier access.

For the head office, new offices will be built for specialist departments, including loans, cash management, call center, credit, loan operations and deposit services. The executive offices are also benefiting from an upgrade.

North Dallas Bank & Trust first opened the tower in 1971 when it had $ 2 million in assets. At the time, it was the tallest building in Dallas outside of downtown.

After 60 years, the bank’s assets now exceed $ 1.5 billion, with banking centers in Dallas, Addison, Frisco, Las Colinas and Plano. The company has 157 employees.

Miller took over as head of the bank in April. He has spent his entire career with the company, starting as a Courier Services Representative in 1982. He replaced former CEO Michael Shipman, who retired after 25 years in independent banking.

First National Corporation and the Bank of


STRASBURG, Virginia and FINCASTLE, Virginia, June 22, 2021 (GLOBE NEWSWIRE) – At separate shareholder meetings held on June 16, 2021, First National (NASDAQ: FXNC) (the “Company” or “First National”), the parent company of First Bank, and The Bank of Fincastle (OTC: BFTL) (“Fincastle”), have received the required approval from the shareholders of each company to proceed with the previously announced merger of Fincastle with and into First Bank (the “Merger”). The parties anticipate that the Merger will be effective in the third quarter of 2021.

Based on financial information as of December 31, 2020, the combined company is said to have approximately $ 1.2 billion in assets, $ 1.1 billion in deposits and $ 868 million in loans.


First National Corporation (NASDAQ: FXNC) is the parent company and banking holding company of First Bank, a community bank that opened in 1907 in Strasbourg, Virginia. First Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, a loan production office, a customer service center in a retirement community and 14 bank branches located throughout the Shenandoah Valley, central areas of Virginia, and the city of Richmond. In addition to providing traditional banking services, First Bank operates a wealth management division under the name First Bank Wealth Management. First Bank also owns First Bank Financial Services, Inc., which invests in entities that provide investment services and title insurance.


The Bank of Fincastle has been a leading provider of financial services in the Roanoke area since 1875 and offers a full range of banking, lending and investing products. Based in Fincastle, Va., The Bank of Fincastle has 6 full-service branches, 13 ATMs, 7 a.m. to 7 p.m. service, and offers online deposit account opening, home loan applications and home banking. online consumption, online banking, mobile banking and 24/7 telephone banking The Bank of Fincastle is a member of the FDIC, Equal Housing Lender and Equal Opportunity Employer.


Certain information in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to our plans, objectives, expectations and intentions, are not historical facts and are identified by words such as “believes”, “expects”, “anticipates”, “believes”, “a intention ”,“ plans ”,“ targets ”and“ projects ”, as well as a similar expression. Although the Company believes that its expectations with respect to forward-looking statements are based on reliable assumptions within the limits of its knowledge of its business and operations, there can be no assurance that the actual results, performance or achievements of the Company will not will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements involve a number of risks and uncertainties, including the rapidly evolving uncertainties associated with the COVID-19 pandemic and its potential negative effects on the economy, our employees and customers, and our financial performance. . For more details on other factors that could affect expectations, see the risk factors and other caveats included in the company’s annual report on Form 10-K for the fiscal year ended December 31, 2020, and d ‘other documents filed with the SEC.

In addition to factors previously disclosed in reports filed by the Company with the SEC, additional risks and uncertainties may include, but are not limited to: (1) the risk that cost savings and revenue synergies resulting from the proposed merger are not completed or take longer than expected to be completed, (2) the disruption of the proposed merger of customer, supplier, employee or other business partner relationships, (3) the occurrence of any event, change or other circumstance that could result in termination of the merger agreement, (4) the possibility that the costs, fees, expenses and charges relating to the proposed merger may be higher than expected, (5) the ability of the Company to obtain approvals government requirements of the proposed merger, (6) the reputational risk and the reaction of customers, suppliers, employees or other business partners of each party to the proposed merger, (7) failure of the closing conditions of the merger agreement to be met, or any unexpected delay in closing the proposed merger, (8) risks associated with the integration of Fincastle’s operations into the operations of the Company, including the risk that such integration will be materially delayed or be more costly or difficult than expected, (9) the outcome of any legal proceedings that may be or have been brought against the Company, First Bank or Fincastle, (10) the risk of ” expansion into new geographic or product markets, (11) dilution caused by the issuance by the Company of additional shares of its ordinary shares as part of the proposed merger, and (12) competitive terms and conditions, economic, political and market. Additional factors which could cause results to differ materially from those described in forward-looking statements may be found in the Company’s reports (such as the annual report on Form 10-K, quarterly reports on Form 10- Q and current reports on Form 8 -K) filed with the SEC and available on the SEC’s website (http://www.sec.gov). All subsequent written and oral forward-looking statements regarding the Company, Fincastle or any person acting on their behalf are expressly qualified in their entirety by the above cautionary statements. Neither the Company nor Fincastle undertakes to update any forward-looking statements to reflect circumstances or events that occur after the date on which the forward-looking statements are made.

Additional information about the merger and where to find it

First National has filed the relevant merger documents with the SEC, including a registration statement on Form S-4 which includes a joint proxy circular from First National and Fincastle and a prospectus from First National. Fincastle shareholders can obtain a free copy of the Joint Proxy Circular of First National and Fincastle and the Prospectus of First National, as well as other documents filed by First National, on the SEC website (http : //www.sec.gov). . Copies of the Joint Proxy Circular of First National and Fincastle and the Prospectus of First National and documents filed with the SEC which are incorporated by reference into the Joint Proxy Circular of First National and Fincastle and The First National prospectus can also be obtained, free of charge, by directing a request to Scott C. Harvard, First National Corporation, 112 West King Street, Strasbourg, Virginia 22657, or by telephone at (540) 465-9121.


This communication does not constitute an offer to sell or the solicitation of an offer to buy, and there will be no sale of securities in any jurisdiction in which such an offer, solicitation or sale would be illegal under the laws of the securities of such a jurisdiction.


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What are the mortgage teaser rates?


What is a mortgage teaser rate?

A teaser rate is a marketing tool used by lenders to attract borrowers. You get a low introductory interest rate which then climbs to or above the market rate.

Most homeowners choose a fixed rate mortgage. With these, you don’t have to worry about teaser rates as your interest rate is fixed for the life of the loan.

But if you want a variable rate home loan, like an adjustable rate mortgage or HELOC, you’ll want to understand how mortgage rates work.

Check your mortgage interest rates. Start here (June 22, 2021)

In this article (Skip to …)

Mortgage teaser rates explained

If you’ve ever seen 0% APR credit card offers, you’re already familiar with the concept of teaser rates. You pay no interest on the plastic for a set period of time. And then a much higher rate kicks in.

But what does this have to do with mortgages?

Mortgages with teaser rates

Mortgage interest rates can arise with an adjustable rate mortgage (ARM) or home equity line of credit (HELOC) – a form of second mortgage.

These types of loans have “variable rates” which means that lenders are able to offer a lower introductory rate (tempting) which can eventually adjust upwards.

However, you are much less likely to experience mortgage mortgage rates today than in the past. They were part of the irresponsible lending that led to the 2007-08 credit crunch. Consumers, lenders and mortgage regulators are therefore keen to avoid the worst types of offers seen at the time.

ARM loans usually still advertise lower initial rates than fixed home loans. But the introductory or “teaser” rate may not be as artificially low as you might have seen in the past.

Fixed rate mortgages

If you want a Standard Fixed Rate Mortgage (FRM), you don’t have to worry about these hooks at all.

Yes, some lenders advertise low rates on FRMs that you can only get if you buy discount points at close. And some ultra-low rates you’ll see advertised are only available to those with clean credit and 20% off.

But these are not teaser rates in the usual sense of the word; If you do benefit from this ultra-low fixed rate, you keep it for a long time.

Check your mortgage interest rates. Start here (June 22, 2021)

What happens when the teaser rate expires?

When the teaser rate on an ARM or HELOC expires, your mortgage interest rate may change. If interest rates have gone up since you took out the loan, your mortgage rate – and your monthly payment – could go up.

The exact level of your new rate will depend on the broader interest rate market.

This is because the ARM and HELOC rates are generally linked to external rate indices, often the one published daily in the Wall Street Journal. This is called the WSJ Current Prime Rate Index. But there are many more. And your mortgage contract will specify which index yours relates to.

Of course, your rate will be considerably higher than this prime rate. Because your loan is much riskier than those given to the big banks and the big multinationals which can really borrow for next to nothing.

To compensate for this additional risk, a “margin” will be added to the prime rate and this margin plus the prime rate is what you will pay. But your ARM or HELOC rate will increase or decrease depending on the index chosen.

How ARM Loans Work

Mortgage borrowers are the most likely to encounter hook rates when purchasing variable rate mortgages. It is therefore important to understand how these ARM rates work.

ARMs are available in several versions, including 1/1, 2/1, 3/1, 5/1, 7/1 and 10/1.

The first number indicates the number of years that the fixed introductory rate lasts. After that, your rate will float according to the wider interest rates.

It should be noted that the shorter the duration of your rate fixation, the lower the initial rate will be. (For example, an ARM 5/1 should have a lower intro rate than an ARM 10/1.)

The second number (the “1”) tells you how often your rate can be reset after the end of the introductory fixed rate. A “1” means it can float up or down once a year.

Of course, if you are sure you are moving before the low fixed rate expires, you can safely get an ARM and never face a rate hike. You will have a new mortgage at the end of the introductory period. However, be aware that average mortgage rates can be much higher when you take out your next loan.

Adjustable rate caps

These days, ARMs and HELOCs often come with rate caps. And you need to go through your home loan offer (“Loan Estimate”) to make sure:

  1. It contains rate caps – not all
  2. These caps provide an adequate level of protection against sudden and sudden rate hikes

These caps often apply in three ways. They specify the maximum amount that your rate can increase:

  1. The first time your rate adjusts (at the end of the initial fixed rate period)
  2. Whenever a tariff revision is authorized (usually once a year)
  3. Overall: Your rate can never exceed X%

You need to model the worst-case scenario to tell yourself by how much your rate and loan payments could increase if interest rates soar.

This exercise seemed theoretical. But the aftermath of the COVID-19 pandemic has made significantly higher rates a real possibility.

So check page 2 of the loan estimates you get from lenders. Each has an Adjustable Interest Rate (AIR) table, which shows your limits and other information.

Learn as much as you can

Make sure you are 100% sure of your exposure to higher rates. And, by all means, consult a freelance professional and read more.

The financial regulator, the Consumer Financial Protection Bureau, publishes an excellent brochure called the A Consumer’s Guide to Variable Rate Mortgages.

Perhaps the most important advice in this booklet is:

“Some lenders offer a ‘teaser’, ‘starting’ or ‘reduced’ rate lower than their fully indexed rate. When the teaser rate ends, your loan takes the fully indexed rate.

“Don’t assume that a loan with an interest rate is right for you. Not everyone’s budget can accept a higher payment.

Can a teaser price save you money?

You bet! Those who have taken MRAs in the past decade have generally saved money. In some cases, their mortgage rates have actually gone up fallen in line with other interest rates. And they have been spared the cost of refinancing in order to access the lowest mortgage rates.

Teasers aside, ARM rates are generally significantly lower than fixed rate loans. So many would-be homeowners see MRAs as a quick and inexpensive way to access the homeownership ladder.

This is because the borrower assumes part of the risk of rising rates. With fixed rate products, the lender bears all of this risk, usually up to 30 years.

But are the beautiful days over? Many expect the end of the pandemic to lead to an economic boom. And these almost always lead to significantly higher interest rates.

Where will those rates be after five or seven years of a 5/1 or 7/1 MRA? What impact will a higher monthly payment have on your household budget?

As we said, consider all the pros and cons of an ARM loan before signing.

What are the mortgage rates today?

It is almost certain that ARMs will continue to have lower rates than FRMs. So homebuyers who use them strategically (and move or refinance before the fixed-rate introductory period ends) should still save money on their mortgage payments.

However, it is debatable whether the calculations still work so favorably when you add in closing costs for refinances and those plus moving costs to change homes.

Keep in mind that low interest rates are the norm for all types of loans at this time.

Borrowers with a strong credit score and a down payment can usually get a lot in today’s mortgage market without taking the risks of an adjustable rate loan.

Check with a few mortgage lenders to see what type of deal you are in online. You may find that you can get a low interest rate and a monthly payment without choosing a hook rate.

Check your new rate (June 22, 2021)

Request for personal banking information to obtain reimbursement of F1 race ticket raises privacy concerns


Formula 1 fans who have waited over a year for their canceled tickets to the 2020 Canadian Grand Prix to be refunded are now asked to provide their personal banking information to get their money back.

Michelle Savoy bought race tickets for her son as a Christmas present in 2019.

When the Montreal race was canceled last year due to COVID-19, it requested a refund from Gootickets.com, which markets itself as an official supplier of tickets to sporting events across the world, including the Formula 1. The company is based in Monaco.

In early June, Savoy received an email confirming that the refunds would finally be processed, but there was a problem: The company said too much time had passed to refund the amount to its credit card.

Savoy was asked to complete a form asking for personal banking information, such as its branch and account number. Once done, the money would be transferred to his account within 45 days.

Michelle Savoy, pictured with her son, Eric Pitfield, and husband, Chip Pitfield. Savoy bought tickets to the Canadian Grand Prix for his son as a Christmas present in 2019. (Submitted by Michelle Savoy)

“Number one, a wire transfer from an international source incurs a fee,” said Savoy, who was previously expected to pay a 10% service charge for the refund. “Number two, I thought it was a cyberattack. Who asks you to fill in all your banking information online? “

When Savoy realized that the Gootickets.com email was legitimate and that it was the only way she could get her money back, she decided to give up on the idea of ​​a refund.

“It was out of the question for me to provide my online banking information to an international entity residing in Monaco.”

“They have my email, they have my name, they have my credit card information. Why can’t they send me a refund through my credit card?” said Savoy, who lives in Toronto.

Several ticket holders told CBC they also felt uncomfortable sharing their banking information. One racing fan described the amount of information Gootickets.com requested as “well below my DNA sample”.

But some decided it was a necessary chore.

David Briand of Mississauga is waiting for Gootickets.com to reimburse him approximately $ 1,000 for his canceled race tickets. He had to open a new bank account that supports wire transfers. As soon as the money is in his account, he plans to close it.

“This whole experience has been a complete mess,” said Briand, who doubts he would buy tickets from them again.

Reimbursement of tickets delayed by several months

When the Canadian Grand Prix was canceled last year, customers were first told it could take until fall 2020 to be refunded, due to the volume of requests.

But for many ticket holders, this timeline has kept getting pushed back.

CBC first reported on the long repayment term in December after receiving emails from people who purchased tickets through the race promoter, Octane Racing Group, or various ticket resellers.

At the time, Octane refused to explain the cause of the delay or why resellers told customers they couldn’t be refunded until Octane refunded them first.

Many customers are reluctant to share any information that Gootickets.com has requested in order to obtain refunds.

Then, at the end of April, Bell has confirmed to have acquired the Octane racing group.

After the change of ownership, all unpaid refunds were supposed to follow.

Bell spokesperson Vanessa Damha said racing group Octane has processed all refund requests from ticket holders for the 2020 Canadian Grand Prix.

Resellers, who have also been refunded, are responsible for making refunds to their ticket holders. If ticket holders have any questions, they should be directed to their ticket reseller, she said in an email to CBC.

Buyer beware

Professor Moshe Lander, a sports economist at Concordia University, said the overly complicated way Gootickets.com deals with refunds is not normal and could end up damaging its reputation.

“They basically profit from their own customers, which of course is never good for a long-term business strategy,” Lander said.

The next time there is a race, people might remember how they were treated and get their tickets elsewhere, he said.

It can teach people to be more careful when buying products from companies outside of Canada, said Sylvie De Bellefeuille, lawyer for Option consommateurs, a consumer advocacy group.

Although Quebec has a consumer protection law, international businesses may not recognize these laws.

“It might be more difficult to get our money back,” said De Bellefeuille.

Savoy believed he had purchased his tickets from a credible source. She is annoyed and frustrated with the complicated refund process.

“I feel cheated,” she said.

Neither Formula One nor Gootickets.com responded to CBC emails.

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Governor Murphy and top New Jersey CEOs launch New Jersey Pay It Forward to support post-pandemic job seekers

New Jersey leads nation in committing public funds to innovative new skills training fund

TRENTON – Governor Phil Murphy and the New Jersey CEO Council, a coalition of CEOs from some of the state’s largest and most recognized companies, today announced the launch of New Jersey’s Pay It Forward program. This innovative program will provide interest-free, no-charge loans from a revolving fund to support low-income New Jersey job seekers participating in approved training programs. New Jersey is the first state in the country to devote public resources to a fund of this nature.

“As we emerge from the COVID-19 pandemic, it is crucial that we remain focused on building a stronger and fairer New Jersey economy. New Jersey’s Pay It Forward program will play a key role in achieving this goal by opening up new opportunities for New Jersey residents who have been excluded from good jobs to support their families in the past, ” Governor Murphy said. “I am delighted to partner with members of the New Jersey Board of CEOs to launch this first nationwide program that will strengthen New Jersey’s recovery from COVID-19 and pave the way for equitable long-term economic growth.”

The Pay It Forward program will provide zero-interest loans and scholarships to students enrolled in non-degree certification and accreditation programs with accredited training providers. The program will focus on helping students enrolled in short-term training programs that offer high-quality, industry-recognized credentials and certificates in high-demand areas, and participants will not be required to repay until they successfully complete the training program and their income exceeds a certain level.

The NJ CEO Council grew out of the meetings of the Governor’s Restart and Takeover Commission, appointed by the Governor in April 2020 to advise the administration on the safe reopening of the state economy. The Board is comprised of the CEOs of BD, Campbell Soup Company, Johnson & Johnson, Merck & Co., Prudential Financial, PSEG, RWJBarnabas Health, Verizon and Zoetis.

The program is a direct result of the October 2020 Council commitment to hire or train more than 30,000 New Jersey residents from underrepresented communities of color and other underserved communities by 2030, and their challenge to the rest of the New Jersey business community to train or hire an additional 40,000 workers. In keeping with this commitment, members of the CEO Council have pledged grants to the Pay It Forward program, and the state plans to add to this commitment with a grant of approximately $ 5.5 million over the course of exercise 22.

“The pandemic has seriously undermined the financial well-being of New Jersey residents, especially in vulnerable communities,” said Charles Lowrey, chairman and CEO of Prudential Financial and co-chair of the NJ CEO Council. “We have seen with our own eyes how vocational training can open up financial opportunities for families and greater economic mobility for the next generation. Through the commitment of the governor and members of the CEO Council, the Pay It Forward program will help low-income New Jersey residents access training programs that were previously out of reach.

“It is incredibly encouraging to see so many respected New Jersey businesses stepping up to support the recovery of our hardest hit communities as we emerge from this long-lasting and devastating crisis,” mentionned Kenneth C. Frazier, Chairman and CEO of Merck and Co-Chairman of the NJ CEO Council. “New Jersey’s Pay It Forward program sets the bar high for states and their business communities as the entire country takes stock and mobilizes to recover from the pandemic. “

To keep costs low for loan recipients, funds provided under the Pay It Forward program will serve as a ‘last dollar’ option, offering zero-interest loans only for the gap that remains after students have exhausted all the free resources to which they are entitled.

To bolster Governor Murphy’s priority of ensuring fair consumer protection while providing affordable pathways to education and training, the New Jersey Higher Education Student Assistance Authority (HESAA) will require all entrepreneurs engaged in the Pay It forward that they follow strong student-centered program design criteria. . Interest-free, no-fee Pay It Forward loans will feature an income-based repayment model that calculates affordable monthly payments as a percentage of participants ‘discretionary income and requires no payment when participants’ post-training income falls below. a certain threshold, allowing interns to provide for their families without getting into unmanageable debt. If the refund is not complete five years after the participant has completed the training program, the remaining balance will be forfeited. Participants will also receive additional services such as assistance with childcare and transportation needs as well as allowances to cover their living expenses, and they will not be required to reimburse such expenses other than the costs of schooling.

All of this is possible because the Pay It Forward program is not designed to generate profit. Unlike similar private funding mechanisms, expenses reimbursed by interns receiving Pay It Forward loans will be recycled to support the next round of training for their fellow New Jersey residents. Hence the name “Pay It Forward”.

“NJ Pay It Forward will enable New Jersey workers whose careers have been derailed by the pandemic and economic turmoil to receive valuable training that will facilitate their entry into more lucrative and sustainable jobs,” mentionned Executive Director of HESAA, David J. Socolow. “We are excited to be working with Governor Murphy, many prominent New Jersey business leaders and our partner state agencies to help New Jersey people recover and prosper.

Eligible recipients of Pay It Forward loans will include residents of New Jersey who receive government assistance, people who have been long-term unemployed, people who were previously incarcerated, workers who were temporarily or permanently laid off in due to the COVID-19 pandemic, and self-employed workers who have become unemployed or underemployed as a result of the COVID-19 pandemic.

Pay It Forward loans will only be used for state-approved training programs that undergo a rigorous selection process and demonstrate a solid track record in successfully preparing students for in-demand career opportunities. The review and selection of high-quality training providers will build on the state’s participation as the inaugural beneficiary of the Data for the American Dream initiative, led by the NJ Department of Labor and Workforce Development, which is developing an interactive website with smart disclosure tools. designed to help job seekers make informed training decisions.

Earlier this month, HESAA issued a request for proposals (RFP) for a program manager to establish and administer the Pay It Forward Fund, which will be funded by state and donor grants. exterior. Proposals are due Thursday, July 1, 2021. The RFP can be downloaded at https://www.hesaa.org/Pages/Procurements.aspx

The Pay It Forward program builds on Governor Murphy’s commitment to a stronger, fairer economy and his administration’s innovative investments to make post-secondary education and training more affordable and accessible. These efforts include the Community College Opportunity Grant (CCOG) program, which allows qualified students to attend any community college in New Jersey without tuition or tuition fees, as well as the $ 50 million budget allowance. proposed by the governor for the Garden State Guarantee (GSG) initiative to offer up to two years of free tuition at public colleges and universities in New Jersey.

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How to refinance a personal loan in 3 steps


If you’ve taken out a personal loan to accomplish goals like consolidating debt or renovating your home, you’ve likely locked in an interest rate and term. This doesn’t mean that your original terms should stay the same until you pay off the loan in full. You can refinance your personal loan and get better terms.

Maybe you’ve improved your credit score since getting your original loan. Or you may have found another lender who charges a lower rate or lower fees.

Refinancing can also be a good idea if you want to extend your tenure and make lower monthly payments, or shorten your tenure and pay less total interest.

Whatever your reasoning, there are three important steps to refinancing a personal loan.

1. Review the terms of your personal loan to compare lenders

Before refinancing your personal loan, you should review your current tenure, your APR, and any associated fees. Write down your monthly payment amount and your total remaining balance. Whether you stay with your current lender or go with another option, a full understanding of your situation will help you determine what is the best deal for you.

Additionally, check the company’s Better Business Bureau score to make sure it hasn’t changed since you first took out the loan, and reflect on your experience with the lender. The BBB assesses a company’s reliability by measuring a company’s responses to customer complaints, honesty in advertising, and openness about business practices.

If you can lower your interest rate without paying any additional fees, it may be in your best interest to take out this offer. However, some lenders charge a origination fee when you refinance and take it out of your loan proceeds. In this case, you will need to do some additional calculations.

“You have to factor in the cost of these fees when determining whether or not it makes sense to refinance,” Todd Nelson, senior vice president of strategic partnerships at Lightstream, told Insider. “You have to think about how much money you’re going to save over time with that lower interest rate, and if it offsets you for any fees you have to pay up front.”

Once you have all the information you need about your current loan, shop around and see what rates and terms you might be entitled to from other lenders.

If you want to find a comprehensive list that compares many lenders, check out our guides to the best personal loans online, the best small personal loans, and the best personal loans for bad credit.

2. Prepare for the application process

The process of applying for a loan refinance will be quite similar to your experience the first time around.

The lender will ask you for some basic information and you will have to go through the same selection process as when you got your original loan. Minimum credit scores vary by lender, but most companies take your credit rating into account when making an approval decision. Most lenders will do a flexible credit check to provide you with personalized rates.

Some common information you may need to provide includes:

  • Last name
  • Reason for requesting a personal loan
  • Contact details, including your address, phone number and email
  • Date of Birth
  • Social Security number
  • Reason for taking out the loan
  • Employment status
  • Whether you are a tenant or owner of your home
  • How much you pay for housing each month
  • Individual income
  • Household income

3. Apply for refinancing from your new lender

Once you’ve done your homework and compared the rates, term lengths, and fees, it’s time to make a decision. You can refinance with your current lender or buy one with better terms.

The lender you choose will likely ask you to provide documents like pay stubs, bank statements, W-2s, and employer details to verify your identity and finances.

“One of the benefits of a personal loan is that it’s one of the simplest financial products,” Ibo Dusi, COO of Payoff by Happy Money, told Insider. “There is an interest rate that determines the cost of financing and there is usually a set-up fee, but some lenders don’t. Other than that, no other fees are common, either for the first time or for refinancing. “

The refinancing process is similar to how you get your original loan. Just make sure you compare rates and understand the terms you are agreeing to before making a decision.

Ryan Wangman is a review officer at Personal Finance Insider and reports on mortgages, refinancing, bank accounts, bank reviews, and loans. During his past personal finance writing experience, he wrote on credit scores, financial literacy, and homeownership.

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Money Transfer Agency Strategic Assessment and SWOT Analysis 2021-2028 | OFX Group Limited – The Courier


The Global Money transfer agency market Analysis To 2028 ″ is a specialized and in-depth study of the industry with particular emphasis on the analysis of global market trends. The Money Transfer Agencies Market report aims to provide an overview of the Money Transfer Agencies market with detailed market segmentation by type, application, and geography. The global money transfer agency market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the major players in the Money Transfer Agency market and presents key trends and opportunities in the market.

Main key players:

OFX Group Limited

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Market Snapshot: The global money transfer agency market can be segmented on the basis of design, end use, application, and region. Most applications of evaporative condensing units are refrigeration and air conditioning; of the two, the refrigeration applications segment is expected to dominate the global evaporative condensing unit market.

The Money Transfer Agencies Market report covers size, share, and forecast (value & volume) by regions, major players, product varieties, and applications, with historical knowledge in conjunction with forecast. from 2021 to 2028.

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The Money Transfer Agencies Market report offers the following points:

  • Money transfer agencies Market share assessments for regional and national segments.
  • Analysis of the market shares of the main players in the industry.
  • Strategic recommendations of the money transfer agency market for new entrants.
  • Money Transfer Agencies Market forecasts for the coming years of all mentioned segments, sub-segments and regional markets.
  • Money transfer agency market trends (drivers, restraints, opportunities, threats, challenges, investment opportunities and recommendations).
  • The competitive outlook maps key common trends in the money transfer agency industry.
  • Company profiling with detailed strategies, financial data and recent developments.
  • The report provides supply chain trends mapping the latest technological advancements in the Money Transfer Agency industry.
  • Strategic recommendations in key business segments have supported the Money Transfer Agency market estimates.

The report covers the detailed description of Associate in Nursing, competitive situation, large product portfolio of major vendors and business strategy adopted by competitors in conjunction with their SWOT analysis, revenue, sales and 5 forces analysis. by Porter.

The market factors defined during this report are:

Key strategic developments: The analysis includes key strategic market developments, comprising R&D;, mergers and acquisitions, agreements, new product launches, collaborations, partnerships, joint ventures and regional growth of the major competitors operating in the market in China. global and regional scale.

Main characteristics of the market: The report assessed the main market options, as well as revenue, capacity, price, capacity utilization rate, production rate, crude, production, consumption, import / export, supply / demand, cost, market share, CAGR and profit margin. Further, the study provides a comprehensive analysis of key market factors and their latest trends, in conjunction with relevant market segments and sub-segments.

Analysis tools: Global Phase Change Capacitors Market report provides the strictly studied and assessed knowledge of major business players and their scope in the market by suggesting that of numerous analytical tools. Analytical tools such as Porter’s 5 forces analysis, feasibility study, SWOT analysis and ROI analysis are used to examine the expansion of the key player operator on the market. market.

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Main points from the table of contents:

Global Money Transfer Agency Market Analyzing 15 Chapters in Detail:

Chapter 1, to describe Money Transfer Agencies Introduction, Product Scope, Market Overview, Market Opportunities, Market Risk, Market Driving Force.

Chapter 2, to analyze the major manufacturers of Money Transfer Agencies, with Money Transfer Agency sales, revenue and prices, from 2015 to 2021;

Chapter 3, to view the competitive situation among the major manufacturers, with sales, revenue and market share from 2015 to 2021;

Chapter 4, to show the global market by regions, with the sales, revenue and market share of Money Transfer Agencies, for each region, from 2015 to 2021;

Chapter 5, 6, 7, 8 and 9, to analyze the key regions, with sales, revenue and market share by key countries in these regions;

Chapter 10 and 11, to show the market by type and application, with sales market share and growth rate by type, application, from 2021 to 2028;

Chapter 12, Money Transfer Agencies Market Forecast, by Regions, Type and Application, with Sales and Revenue, from 2021 to 2028;

Chapter 13,14 and 15, to describe Money Transfer Agencies sales channel, distributors, traders, dealers, research findings and conclusion, appendix and data source.

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At QYReports, a leading market research report publisher, we cater to over 4,000 prestigious clients worldwide, meeting their personalized research needs in terms of market data size and application. . Our client list includes renowned Chinese multinational corporations, SMEs and private equity firms. Our business study covers a market size of over 30 industries, providing you with accurate, in-depth and reliable market information, analysis and structure of the industry. QYReports specializes in the forecasting necessary to invest in and execute a new project globally and in Chinese markets.

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Online Lender EstateGuru reports that Estonia and Germany were its most active markets in May 2021


The team at domain guru, an online lending platform that offers retail investors the option to back mortgage-backed loans, reveals that it funded $ 16.8 million in loans last month.

As mentioned in EstateGuru’s loan portfolio overview report, the most active markets were Estonia and Germany – with reported loan volumes of € 6.8m and € 5.0m. ‘euros, respectively.

As stated in the EstateGuru update:

“Despite the start of the holiday season, we still expect monthly funding levels to remain above € 15.0 million as healthy demand in the property market supports the need for debt capital.”

The borrowers of the EstateGuru platform repaid a total of € 8.9m in loans (total of 98 loans with an average yield of 10.8%) during the month of May.

The company also noted that in the past few months, their monthly repayment amount was almost 2 times less than the loan amount funded. According to the firm, the main reason is “the growth of the German market, where the portfolio is young and the deadlines have not yet been reached”. As noted in the report, a positive aspect related to this is that their “overdue and defaulted loan portfolio has not increased (meaning there is no negative effect on repayments)” .

The EstateGuru team pointed out that the default rate has jumped to 8.2% and that they now have “the first case of default in Sweden”.

A defaulting Finnish loan “will be recovered in June as we have accepted an offer from an investor who will buy our assets from the bankrupt estate,” the company confirmed while adding that the Latvian market has now stabilized – “the Overdue loan amount is less than 4% and there have been no new overdue loans in the past two months.

As mentioned in the EstateGuru report:

“One of the defaulting Estonian loans, which we were awaiting repayment (successful auction), has now been recovered (€ 0.2m). In addition, two other recoveries (total EUR 0.2 million) took place in Estonia during the last month. “

As stated in the report:

  • Total loans financed since 2014 – € 375.4 million
  • Total loans repaid since 2014 – € 217.7 million
  • Total portfolio outstanding – € 157.7 million
  • Total outstanding loans – € 12.9 million

They also confirmed:

  • Total number of overdue loans in arrears – 94
  • Default rate (loans outstanding) – 8.2%
  • Default rate (total loans financed) – 3.4%
  • Total amount of loans recovered – € 10.6 million
  • Total number of loans recovered – 62
  • Average return rate of recovered loans – 9.9%
  • Average time between default and recovery – 8 months

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Carrying a balance on a credit card for the first time


For some people, having a credit card balance isn’t always a choice, it’s the only way to handle a financial emergency or cover expenses during a period of unemployment. Other people choose to occasionally hold their credit card balance in order to fund a large purchase, take advantage of a 0% annual interest rate offer, or temporarily cover an expense they plan to pay off more. late.

If this is the first time you’ve had a credit card balance, you might feel embarrassed or anxious, but having a credit card balance doesn’t mean you’re doing something wrong financially. As long as you can prevent your outstanding credit card balance from turning into unmanageable credit card debt, you’re good to go. Even if you end up with credit card debt, there are many credit card debt resources that can help you manage your outstanding balances and get you on the path to a debt-free life.

Let’s take a look at what happens when you keep a balance on your credit card, and how to pay off your credit card balance as quickly as possible.

What happens when you carry a balance on your credit card?

When you have a balance on your credit card, you are essentially borrowing money from your credit card issuer. You must make at least the minimum payment on your balance each month in order to stay in good standing with your creditors. You will also need to pay off your balance in full at some point, otherwise you run the risk of turning a short-term balance into long-term credit card debt.

How Does Credit Card Interest Work When You Carry a Balance? In most cases, your credit card issuer offers a grace period during which you can pay off your balance before it starts earning interest. This grace period is usually the same length as your credit card bill cycle, which means that if you pay off your balance in full each bill cycle, you can borrow money without having to pay any. interests. If you don’t pay off your balance in full before your grace period has expired, your credit card issuer will start charging interest not only on your current balance, but also on any new purchases you make on the credit card. menu.

If this is your first time carrying a credit card balance, expect to lose your grace period and start earning interest on both your current balance and new purchases. You should also keep an eye on your credit score, as it could drop a few points. However, you can recover your credit score and start recovering your grace period by paying off your balance in full.

Are there good reasons to keep a balance on your credit card?

Is having a balance on a credit card always a good thing? It depends. While long-term credit card debt is usually a bad idea, carrying the occasional balance on your credit card shouldn’t hurt your finances too much.

Yes, having a balance often means losing your credit card grace period and paying interest charges, and your credit score can drop a few points until your credit card balance is paid off. That said, choosing to temporarily keep a balance on a credit card can help you deal with some of life’s most common financial situations, whether you’re paying an emergency medical bill or covering the cost of your next few months. vacation.

If you plan ahead and choose the right credit card, you may not even have to pay interest on your credit card balance. Many credit cards come with 0% annual interest rate offers on new purchases, and the best 0% annual interest rate credit cards give you a year or more to pay off your purchases beforehand. that the usual interest rates come into effect. If you pay off your balance in full before the introductory 0% APR expires, you’ve essentially given yourself a zero-interest loan.

How much interest will you pay on your credit card balance?

If this is the first time you have a credit card balance, you probably want to know how much it will cost you in interest charges. It all depends on what kind of interest rate your credit card issuer offers you and how that interest is calculated.

When you carry a balance beyond your credit card grace period, your credit card issuer begins charging interest under the terms of your credit card agreement. If your credit card offers 0% APR on purchases for the first year, for example, you get 12 months of zero interest on balances associated with new purchases.

If you are not below an introductory 0% APR offer, it is likely that your credit card interest will be calculated to compound daily. Let’s say your credit card issuer charges you the average credit card interest rate. At the time of this writing, it is around 16% of the APR. Your daily interest rate can be calculated by dividing your annual percentage rate by 365. With an APR of 16%, this equates to about 0.04% interest per day.

So if you carry a $ 1,000 balance on your credit card, you will be charged 0.04% interest on the first day your balance exceeds your credit card grace period, which is $ 40. cents. Since the interest is compounding, the next day’s interest will be 0.04% of $ 1,000.40, and so on.

However, don’t expect your credit card balance to increase by a few cents every day. Even though credit card interest is calculated daily, you won’t see the final statement until you receive your credit card statement. That’s why some people are surprised at how much interest can accumulate in a single billing cycle, and why it’s important to pay off your credit card balances as quickly as possible.

Does having a balance on your credit card affect your credit score?

Having a balance on a credit card can have a negative effect on your credit score. Why? Because 30% of your FICO credit score is based on how much you owe your creditors. This is often referred to as a credit utilization ratio, and it’s based on the amount of credit you are currently using versus the amount of credit you currently have.

This means that even a small balance on a credit card could temporarily lower your credit score. If you notice that your credit score has dropped a few points after posting a balance on a credit card, don’t worry, once you have paid off your credit card balance, your credit score should increase to new.

What’s the best way to pay off a credit card balance?

The best way to pay off a credit card balance is to make a credit card payment that completely wipes your balance. If you can’t pay off your balance all at once, consider making several small payments until your balance is cleared. If you have the kind of credit card balance that can’t be paid off in a few small payments, consider applying for a balance transfer credit card that offers an introductory 0% APR on transferred balances.

When it comes to credit card payments, faster is almost always better. You don’t have to wait until the due date of your next credit card payment to pay off your credit card balance. You can make a payment whenever you want, and you can even make multiple credit card payments in a single bill cycle. Since credit card interest accumulates daily, paying off your credit card balance a few days earlier could save you money in interest charges.

Many people who pay off or transfer an unpaid credit card balance don’t realize that they may still owe interest on that balance and that those unpaid interest charges will only show up on their next credit card statement. . So don’t assume that you can ignore your future credit card statements just because your current credit card balance is $ 0. Your next bill may include interest charges on the balance you just paid, so you’ll want to make sure you pay all of the interest on your credit card as well.

The bottom line

If this is the first time you have a credit card balance, you don’t need to be embarrassed or anxious – after all, many people have a credit card balance at some point in their lives. Just do your best to pay off your balance as quickly as possible. Remember, you don’t have to wait until your next credit card payment is due; you can make a payment at any time, and you can make multiple small payments in a single billing cycle. The faster you pay off your credit card balance, the less interest you will pay on your balance and the sooner you can reap the benefits of living without credit card debt.