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End of loan definition

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What is a final loan?

A final loan is a specific type of long-term loan that an individual takes out to pay off a short-term loan. ready to build or any other bridge financing structure. These short-term loans are used by builders as seed funding to start construction of homes or other real estate.

Key points to remember

  • Term loans are long-term loans used to repay a short-term construction loan or other form of bridge financing.
  • Short-term loans, which are often taken out by individuals looking to build their own custom homes, tend to carry high interest rates.
  • Once construction products are finished and builders refinance their short-term loans with end-of-life loans, interest rates usually drop quickly.
  • Construction loans and closing loans are often bundled together under a single source of credit, which can simplify the credit application process.

How a final loan works

Although final loans may have interest-only characteristics that delay the repayment of principal, at some point they begin to amortize. This differs from construction loans or other forms of bridge financing, which are typically interest-only vehicles that require full repayment of principal and accrued interest, only when funds are disbursed from completion. to lend.

A final loan can be part of a combination of construction loan or final loan, which allows a borrower to deal with only one lender. This can simplify the paperwork as a borrower only needs to file one credit application.

In addition, the borrower usually only has to pay one set of loan settlement fees. But there are also downsides to dealing with just one lender. The biggest downside to this form of one-stop-shop is that borrowers cannot search for the best deal after interim construction finance is complete. While this package may have favorable terms for one of the loans, it rarely features low rates for both.

Lenders consider construction loans to be riskier than traditional mortgages because borrowers are more likely to default, due to high interest rates.

How borrowers use end-of-life loans

Year-end loans help construction loan borrowers pay off their entire initial balance after the project is completed. This is a welcome relief as the construction loan often carries interest rate.

Construction loans also tend to have their own thorny clauses. For example, they can require the borrower to repay the entire balance before the completion date of a given project, or they can require the borrower to designate a certain percentage of their payments for interest.

Construction loans are often taken out by builders or home buyers looking to build their own custom home. Once construction is complete, the borrower can then refinance the loan. Borrowers are generally attracted to this financing model because the refinanced loan relieves them of the consistently high interest rates associated with construction loans. By using an end loan to pay off the construction loan, the borrower saves money, based on the interest rate difference.


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Definition of second chance loan

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What is a second chance loan?

A second chance loan is a type of loan intended for borrowers with a bad credit history, who would most likely be unable to qualify for traditional financing. As such, it is considered a form of subprime loan. A second chance loan usually charges a much higher interest rate than that which would be offered to borrowers who are considered to be of lower credit risk.

How a second chance loan works

Second chance loans are often offered by lenders specializing in the subprime market. Like many others risky loans, a second chance loan can have a typical term to maturity (like a 30-year mortgage), but it is generally intended for use as a short-term financing vehicle. Borrowers can get cash now and – by making regular and on-time payments – start repairing their money. credit history. At this point, they may be able to get a new loan on better terms, which will allow them to pay off the second chance loan. The high interest rate on a second chance loan prompts borrowers to refinance as soon as they can.

Another type of second chance loan has a very short term, sometimes as little as a week or two. Rather than being repaid over time, this loan variant must be repaid in full at the end of that term. These loans tend to be for smaller amounts, like $ 500, and are often offered by payday lenders, who specialize in high-interest, short-term loans, scheduled to coincide with the next paycheck. ‘borrower.

Second Chance Loans can help borrowers with poor credit, but due to their high interest rates, they should be paid back as quickly as possible.

Pros and Cons of Second Chance Loans

While second chance loans can help borrowers with bad credit history rebuild their credit – and may be the only option if they need to borrow money – these loans come with substantial risk. .

One is that the borrower will be unable to repay the loan or obtain other financing to replace it. For example, lenders frequently offer second chance loans in the form of a adjustable rate mortgage (ARM) known as 3/27 ARMS. In theory, these mortgages, which have a fixed interest rate for the first three years, give borrowers enough time to repair their credit and then refinance. The fixed rate also gives the borrower the convenience of predictable monthly payments for the first three years.

However, at the end of this period, the interest rate begins to float based on an index plus a margin (called the fully indexed interest rate), and payments can become unaffordable. Additionally, if the borrower has lost their job or suffered other financial setbacks in the meantime, refinancing to a better loan at cheaper rates may not be possible.

Short term second chance loans from payday lenders have their own drawbacks. One is their often exorbitant interest rates. As the Federal Bureau of Consumer Financial Protection points out on its website, “A typical two week payday loan with fees of $ 15 per $ 100 equates to an annual percentage rate (APR) of nearly 400%. . ”

Before borrowers even consider a second chance loan, they need to make sure that they are not eligible for traditional financing from a bank or other lender, which is usually cheaper and less risky.


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BNZ links dairy loan to water quality and reduced carbon emissions

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BNZ took the initiative to grant a loan to an agricultural enterprise on the basis of environmental standards.

Photo: RNZ / Rebekah Parsons-King

The bank lends $ 50 million to dairy investment firm Southern Pastures, but the price and terms of the loan are tied to meeting high standards for water quality, biodiversity and carbon reduction.

BNZ chief natural capitalist Dana Muir said it was the first of its kind, but if it worked, the bank would consider similar type deals.

Southern Pastures is a leader in New Zealand’s primary sector with ambitious environmental goals. It made sense to partner with them to show that capital incentives can deliver financial and environmental benefits. “

Southern Pastures owns 20 dairy farms in Waikato and Canterbury, including the largest organic farm in the country, and also owns the famous Lewis Road Creamery business.

Its milk is produced under an independently certified 10-star certified value program that places strict demands on the environment, climate, animal and human welfare.

“This agreement recognizes that agriculture to mitigate climate change and environmental impacts is in our common interest,” said Southern Pastures Executive Chairman Prem Maan.

Achievement of targets is directly related to lower loan costs, although no details on savings have been provided, and an independent appraiser, AsureQuality, will report on Southern Pastures’ compliance with the loan terms.

Muir said BNZ aims to lend up to $ 10 billion to sustainable business and farming businesses over the next few years.


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STAG Industrial Expands Unsecured Credit Facility Capacity and Refinances Term Loan

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BOSTON, February 8, 2021 / PRNewswire / – STAG Industrial, Inc. (the “Company”) (NYSE: STAG) today announced that it has increased the capacity of the Company’s unsecured credit facility to $ 750 million and refinanced $ 300 million term loan debt.

The Company exercised the accordion option of its unsecured credit facility capacity and increased its borrowing capacity from $ 500 million at $ 750 million without modification of prices, term and conditions. The transaction included a reduction of the LIBOR floor from 25 basis points to zero basis points.

In addition, the Company refinanced the $ 300 million unsecured term loan G, which was previously scheduled to mature in April 2021, before the extension options. The refinanced term loan bears a current interest rate of LIBOR plus a spread of 1.00%, a reduction of the spread of 50 basis points from the previous term loan, and matures on February 5, 2026.

“This transaction resulted in additional liquidity and improved pricing while lengthening the weighted average maturities of our debt,” said Bill crooker, chief financial officer of the company. “We appreciate the support of our debt capital partners and look forward to working closely with them as we continue to execute our growth plans.”

Wells Fargo Securities, LLC acted as Left Principal Arranger and Bookrunner, with BofA Securities, Inc., TD Securities LLC, Regions Capital Markets, PNC Capital Markets, LLC and Capital One NA as Joint Principal Arrangers . Other lenders include Citibank, NA, US Bank, NA, BMO Harris Bank NA, Raymond James Bank, NA, Truist Bank, Royal Bank of Canada, The Bank of East Asia, Limited, Associated Bank and American Savings Bank, FSB.

About STAG Industrial, Inc.

STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership and operation of single-tenant industrial properties through United States. From September 30, 2020, the Company’s portfolio consists of 462 buildings in 38 states with approximately 92.3 million rentable square feet.

For more information, please visit the Company’s website at www.stagindustrial.com.

Forward-looking statements

This press release, along with other statements and information made publicly available by the Company, contains certain 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. The Company intends that such forward-looking statements be covered by the safe harbor for forward-looking statements provisions contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for the purpose of complying with these provisions of the safe harbor. Forward-looking statements, which are based on certain assumptions and describe the future plans, strategies and expectations of the Company, are generally identifiable by the use of the words “believe”, “will”, “expect”, “have the”. intention to “,” anticipate “,” estimate “,” should “,” plan “or similar expressions. You should not rely on forward-looking statements as they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond the control of the Company and which could materially affect the results, performance or achievements. real. Factors that could cause actual results to differ materially from current expectations include, but are not limited to, the failure of the Company to negotiate definitive buy and sell agreements or to meet closing conditions for such agreements. ‘buying and selling; the effects of the COVID-19 pandemic and the measures taken to contain its spread; and the risk factors discussed in the Company’s annual report on Form 10-K for the year ended December 31, 2019 as updated by the Company’s quarterly reports on Form 10-Q. Therefore, there can be no assurance that the Company’s expectations will be realized. Except as otherwise provided by federal securities laws, the Company disclaims any obligation or commitment to publicly release any update or revision to any forward-looking statement contained in this document (or elsewhere) to reflect any change in the Company’s expectations. in this regard or any change in events, conditions or circumstances on which such statement is based.

SOURCE STAG Industrial, Inc.

Related links

http://www.stagindustrial.com


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Biden calls for writing off some student loan debt, but faces gradual pressure to do more

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President elect Joe biden approved the writing off of some student loan debts “immediately” upon entering the White House, but faces increasing pressure from progressive lawmakers to pursue the matter further.

When asked on Monday whether the cancellation of student loan debt was factored into his plans for the economy and would he consider issuing an executive order on the matter, Biden reiterated his support for a provision in the HEROES law, which the Democratic-controlled House passed earlier this year.

Under this legislation, in economic difficulty borrowers would immediately have $ 10,000 in canceled student debt. The government would also cover monthly loan payments for people with private student loans until September 2021 and write off $ 10,000 of their debt.

“An immediate $ 10,000 student loan forgiveness, helping struggling people out there,” Biden said. “They have to make choices between paying their student loan and paying the rent. Those kinds of decisions.

A Biden official later told Fox News that the former vice president does not want to issue an executive order and instead wants Congress to legislate on the matter.

But some Democrats and progressives in the Senate are pushing for more debt relief: Senators Chuck Schumer of New York and Elizabeth Warren of Massachusetts both called on Biden to unilaterally cancel up to $ 50,000 in outstanding federal student loans per borrower.

BIDEN COMMITS TO CANCEL TRUMP TAX REDUCTIONS: “MANY OF YOU MAY NOT LIKE THIS”

“Biden-Harris can write off billions of dollars in student loan debt, giving tens of millions of Americans an immediate financial boost and helping close the racial wealth gap,” Warren tweeted last week, referring to both the new Managing Director and the Vice President. elect Kamala Harris. “It is the most effective executive action available for massive economic stimulus.”

Warren said Biden could use existing executive power under the Higher Education Act to order the Department of Education to write off student loan debt. Previous estimates show that the proposal would offer a full discount to over 75% of borrowers and a partial discount to over 95%.

“The student loan cancellation is good, actually,” Representative Alexandria Ocasio-Cortez tweeted on Monday. “We should also be pushing for tuition-free public colleges to prevent this huge debt bubble from financially decimating people in every generation. It is one of the easiest progressive policies to ‘pay for’, with several avenues ranging from a Wall St transaction tax to an ultra-wealth tax to cover it. “

Ocasio-Cortez, the progressive and Democratic spearhead of New York City, was not the only one pressuring Biden to eliminate all student loan debt.

TRUMP CLAIM BIDEN’S VICTORY WILL CAUSE DEPRESSION, “THE BIGGEST FACING” TO THE ECONOMY

“With the stroke of a pen, the new administration can do more to close the racial wealth gap than any other in modern history,” Nina Turner, former Ohio senator and co-chair of Senator Bernie’s 2020 campaign Sanders, tweeted. “How? By canceling student debt. EVERYTHING (REMINDER, black women are disproportionately overburdened by the student debt crisis).”

This sentiment was echoed by Robert Reich, who served as Secretary of Labor under former President Bill Clinton.

Such drastic executive action would almost certainly face a legal challenge, and it is not known whether it could survive. Critics have argued that the use of such power goes beyond the president’s authority granted by Congress. Canceling student loan debt would also increase the country’s already booming national deficit, which totaled a record $ 3.1 trillion in fiscal 2020.

BIDEN COMMITS TO INCREASE TAXES ON AMERICANS EARN MORE THAN $ 400,000

Student debt outstanding has doubled over the past decade, reaching nearly $ 1.7 trillion. About one in six American adults owe money on federal student loan debt, which is the largest amount of non-mortgage debt in the United States. It has been cited as a major obstacle to the “economic life” of the people by Federal Reserve Chairman Jerome Powell.

Biden’s ability to follow through on his agenda, including student debt relief, could be severely curtailed if the GOP retains control of the Senate, a battle that hinges on two second-round races in January in Georgia.

Democrats would have to win both races to get a 50-50 tie; in this scenario, Harris as vice president could vote to advance the Democratic agenda.


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Northampton sighs of relief as he signs Alex Seville on emergency loan from Gloucester

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Northampton breathe a sigh of relief as they sign Alex Sevilla on emergency loan from Gloucester after the injury crisis decimated the squad and raised fears for the safety of the scrum ahead of the Exeter clash

  • Northampton was plunged into an accessory injury crisis before the Exeter clash
  • Saints were desperate for emergency help for Sunday tie
  • 19-year-old Manny Iyogun was the only freehead option available and fit for the Saints
  • The EPCR gave in and allowed Northampton to sign emergency cover

Alex Seville comes to the rescue of Northampton amid prop injury crisis ahead of Exeter game

Northampton signed Gloucester mainstay Alex Seville as an emergency cover for Sunday’s Heineken European Champions Cup quarter-final in Exeter after receiving late approval from EPCR tournament organizers.

The Saints are preparing to reluctantly launch teenage rookie Emmanuel Iyogun into their starting XV for the dreaded game at Sandy Park, due to the injury crisis that has left them without four prominent loose heads.

Safety fears had been compounded by the European authorities’ initial refusal to change their registration rules to allow the East Midlands club to bring in another recognized accessory on short notice.

However, the EPCR has now relented and accepted Northampton’s calls for a common sense solution. A statement released this morning read: “The EPCR Board of Directors unanimously agreed to a change in the tournament rules that allows for the registration of frontline players after the September 1 deadline.

Manny Iyogun, 19, was the only free head option available and fit for the Saints for Sunday

Manny Iyogun, 19, was the only free head option available and fit for the Saints for Sunday

“The Northampton Saints have registered Alex Sevilla for the remainder of the Heineken Champions Cup season and the Dragons have registered Conor Maguire for the Challenge Cup campaign. Both are eligible to play in this weekend’s quarter-finals.

Responding to the favorable verdict, Saints Managing Director Mark Darbon said: “We are delighted that the EPCR has taken a sensible approach in today’s decision.

“Considering the time it took for this decision to be made and the challenge of bringing in new players at this point in the season, especially with all the COVID-19 measures in place, we would like to thank Gloucester who agreed to lend us Alex Seville on a short term basis until the end of September.

“Alex will join the team on Friday and will be available for our European Champions Cup quarter-final match on Sunday. We are also grateful to Exeter for the pragmatism they have shown in supporting today’s decision. .

The relaxation of the registration system for front row players is a permanent and welcome measure that reduces fears for safety and the threat of unchallenged scrums undermining marquee matches.

Northampton rugby manager Chris Boyd has embarked on a frenzied recruiting exercise that has been hampered by bureaucracy and the COVID pandemic. Speaking on Wednesday, before the EPCR approved a signature, he said: “Yesterday we tried to see if we could convert one of our four tight heads to a loose head, and that was a spectacular failure.

“We had a scrum session at seven in the morning to see if anyone felt comfortable doing it. Ben Franks likened it to playing golf and trying to switch from right hand to left hand, so that was ruled out.

“We rang Scottish clubs, Irish clubs, Welsh clubs and all Championship clubs. We’ve had all kinds of people throwing their CVs at us; a Brazilian and a Portuguese. Everyone has either COVID restrictions or visa restrictions. We even looked at people who retired in the past three years who might be floating around doing nothing.

Northampton rugby manager Chris Boyd pleaded for the EPCR to allow them an emergency signing

Northampton rugby manager Chris Boyd pleaded for the EPCR to allow them an emergency signing

Sevilla (bottom center, with ball) will now stay with the Saints until the end of the season

Sevilla (bottom center, with ball) will now stay with the Saints until the end of the season

“We’ve had a few clubs come up with their fourth pick – a youngster who hasn’t played any rugby – and maybe we’ll have to take someone like that. But we have to get approval. We are faced with a situation where we have a young person with no experience, so we went back to the EPCR to make our case. The wheels moved extremely slowly.

“We are not looking to gain a significant advantage. We don’t take the p ***. I’m not trying to find the best loose prop in the world or get the Beast (Tendai Mtawarira). We’re just looking to find someone who can play it safe and we hope common sense will prevail.

Asked which rookie he will need to select to wear the No.1 jersey, Boyd added: “Manny is a 19-year-old boy who has played all of his rugby at No.8 and has never really played in a men’s scrum. before.. He played a few games for Loughborough University. He’s going to be a good boy, but he’s very, very inexperienced. The fact that he has to start against Exeter in the European quarterfinals after being in a scrum (senior) for only 60 minutes is a huge demand for the kid.

SBA Extends Economic Disaster Relief Loan Application Deadline to December 31

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Posted:

Update:

the U.S. Small Business Administration announced that the deadline to apply for Economic disaster loan (EIDL) program for the declaration of pandemic COVID-19 disaster is extended to the 31st of December. The extension of the deadline follows the recent bipartisan COVID-19 relief bill passed by Congress and enacted by President Trump on December 27.

To date, the SBA has approved $ 197 billion in low-interest loans that provide working capital to small businesses, nonprofits, and farm businesses going through these difficult times.

“Following the President’s statement on the COVID-19 pandemic, the SBA has approved more than 3.6 million loans under our nationwide economic disaster loan program,” he said. said administrator Jovita Carranza. “The EIDL program has helped millions of small businesses, including nonprofits, sole proprietors and independent entrepreneurs, from a wide range of industries and industries, to survive in this environment. very difficult economic.

EIDL loan applications will continue to be accepted until December 2021, pending availability of funds. The loans are offered on very affordable terms, with an interest rate of 3.75% for small businesses and 2.75% for nonprofits, a term of 30 years and an automatic deferral of one year before the start of monthly payments. All eligible small businesses and nonprofits are encouraged to apply to get the resources they need.

9 Reasons Why You Should Never Lend Money To Your Loved One, According To Experts

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While money issues are a natural topic in romantic relationships – who pays what, how you’ll divide the rent or mortgage, etc. – they can also be a point of contention. For example, maybe you and your partner have found an apartment together and shared the rent… but then your partner is fired and asks you to lend him money “for a month or two”. You might think that’s okay, but several financial experts think you shouldn’t lend money to your significant other anything.

“Lending money, especially to a loved one, can jeopardize your relationship,” Chelsea Hudson, personal finance expert at TopCashback.com, says Bustle. “Even if you love and trust your partner, lending money can lead to other problems, like resentment, tension, and extra debt.

It can start innocently, by only lending them a few dollars. If so, ask yourself if you want to get that money back, says Hudson, like when you cover them for lunch when they forgot their wallet. “Relationships are a give and take, but at what threshold do you decide that your partner should be more financially responsible, ”she says. And, if you then see your partner buying something, like a new pair of shoes, you might be wondering where he got the money to do it. points, emotionally or financially, “says Hudson.” But to avoid pressure, it’s easier to crush the idea of ​​lending money early on. “

Below, Hudson and other silver experts explain why lending money to your partner is not a good idea.

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It can put a strain on your relationship

Andrew Zaeh for the commotion

If you’ve ever loaned someone money, you know it’s not easy to ask in return. Well, when that person is someone you’re in a romantic relationship with, it can be even more difficult. And if you live with them, it will probably get even more complicated.

“Often times when money is loaned to your partner, he will assume that because you are in a relationship, he may take his time to return the money to you. ” Karen ford, financial coach and author of Money matters, says Bustle. “Or, they may even take liberties and not reimburse you at all.”

Nate Masterson, CEO of Holistic maple, Okay. “It’s never good for a relationship when one partner has to pressure the other to pay off a loan,” he told Bustle. “Avoiding loaning money to your partner avoids an uncomfortable situation where one partner needs the money but the other partner cannot pay it back – a situation that can cause bad feelings in a relationship.”

2

It can cause feelings of resentment

Andrew Zaeh for the commotion

As much as you want to help your partner, if you lend him money, you can start to blame them, especially if you see them start spending money on other things before paying you back. “You may resent the idea of ​​lending money,” Lauren Anastasio, Wealth Advisor at SoFi, says Bustle. “Receiving this loan may delay some of your personal financial goals. She says to ask yourself: Is lending money a sign that your partner’s financial goals are more important than yours?

Masterson also thinks that lending your partner money can create resentment. “This is especially true if a partner lent money because he felt he couldn’t say no,” he says. “The lender may feel that the borrower owes them a favor, and the borrower may feel that their partner has lent them money to ‘buy’ gratitude.

3

It can cause an imbalance in the relationship

Ashley Batz / Agitation

When you owe someone something – anything – it’s not a fun feeling, whether it’s money, time, to review their draft novel, you name it.

“Your significant other may have feelings of shame or inferiority, however free you can lend them money,” says Anastasio. “[A partner who is] depending on you financially could cause an imbalance in your relationship, potentially compromising your ability to feel like equals.

4

It can cause anxiety

Andrew Zaeh for the commotion

You probably have enough to think about without having to worry about when your significant other reimburse you.

You may have anxiety on being reimbursed, ”says Anastasio. “If your partner can’t pay you back, it could put your own finances at risk. She also says that lending them money could lead to anxiety about your relationship. She says to ask yourself: Does your partner use you as a bank? Will they start to dodge your calls when the time comes to recuperate?

5

It could lead to bad spending habits

Ashley Batz / Agitation

If you lend money to someone, i.e. your partner, especially more than once or if they tend to borrow a lot of money from people, you can bad spending habits without even realizing it.

“It may mean that you are in a relationship with someone where they think they can buy what they want,” David Bakke, personal finance expert at Money crashes, says Bustle. And that could set a bad precedent for the future. “They might assume that you will be there for them financially whenever they need help, ”says Bakke. “No one really wants to have this responsibility.

6

It can lower – or ruin – your credit score

Hannah Burton / Agitation

If you lend your partner more than a small amount of money and co-sign a purchase with them, it could negatively affect you down the line.

“If you co-sign a loan for them, like a student loan – the loan also shows up on your credit history, ”says Kantrowitz. “A co-signer is a co-borrower, also required to repay the debt, so their bad behavior can ruin your credit. “

7

It may not be in your budget and may cause additional financial stress

Andrew Zaeh for the commotion

Maybe at the moment you can afford to lend money to your loved one, but then next month you might have an unexpected debt to pay and suddenly yourself in financial trouble. “Never put yourself a strained financial situation to help someone else, ”says Hudson. “Don’t feel like you have to lend money to someone you love and care about – remember, it’s okay to say no.”

Instead, she suggests that you can volunteer your monetary knowledge to help them. implement a budget, a plan to pay off any debt and / or to accumulate more savings.

8

It could ruin your relationship

Andrew Zaeh for the commotion

The stress and tension of your partner owing you money can become so severe, this may cause you to break up. “Love can cloud your judgment in what should be strictly a business transaction,” Mark Kantrowitz, editor and vice president of research at Savingforcollege.com, says Bustle. “If your significant other is in default on the loan, it can ruin your relationship – you risk losing both your partner and your money.

Peter Yang, co-founder and CEO of Resume writing services, Okay. “You should never lend money to a loved one because there is an additional risk associated with this exchange compared to your average loan, ”he told Bustle. “Banks are constantly lending because they can afford to run the risk of never getting their money back. But when it comes to lending money yourself, you not only run the risk of never getting paid, but you also run the risk of damaging your relationship which is even more valuable than the silver.

Yang adds that it’s important to weigh the risk versus the reward in any financial decision you make. “In that case, it’s never worth lend money to your partner,” he says.

9

It can extend an already ended relationship

Ashley Batz / Agitation

You and your significant other can be about to break up, but it’s true, they still owe you an “x” amount of dollars. “Sometimes a significant other turns out not that important at all,” says Anastasio. “An outstanding loan can add restrictions to an otherwise amicable breakup or keep you connected to an ex you’d rather take out of your life. “

If you’re on the fence, Anastasio says to ask yourself: if you see your significant other as your partner, is it really a loan? “Whether you’ve been married for a decade or met only a few months ago, the strength of your relationship will determine how well you can resist the pressures and emotions associated with lending money, ”she says. “Partners are there to support you, and if they need financial help, you should view the loan as a gift, not expecting it to be paid back to you.”

All in all, there are plenty of reasons why you should think twice before lending your money.

EX-MEN: Toney a certificate for Golden Boots back to back, chic big favor from Steve Evans, Maddison evil, penalty incidents, loan player on target, new deal for Newell, last Gavin Strachan

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Toney scored the game-winning goal for Brentford in a 2-1 league victory over Stoke City to make it 25 goals for the season for the Bees, six more than the next top scorer. Toney won the League One Golden Boot as a Posh player last season.

Former Posh Loane player Ryan Tunnicliffe was on target as Luton pulled off a formidable comeback to beat Sheffield 3-2 on Wednesday. Wednesday led 2-0 at the break.

In League One, Steve Evans’ Gillingham has done his former club Posh a favor by holding Portsmouth, pursuing promotion, to a 1-1 draw at Fratton Park, although the boss felt his side should have won.

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Other posh former League One players included Jon Taylor who scored Doncaster’s consolation goal in a 2-1 loss at Ipswich Town and goalkeeper Joe Day who was pulled out with a head injury in the last one. minute of the Bristol Rovers 2-1 victory. on Shrewsbury.

Alex Woodyard conceded a penalty as Hull City won 3-0 at AFC Wimbledon.

Former Posh defender Rhys Bennett also conceded a shot on goal as his Carlisle side lost 3-1 at home to Oldham in League Two. Carl Piergianni scored Oldham’s last goal.

Marcus Maddison missed Bolton’s 1-0 win over Barrow with a virus.

Posh sent teenager Brad Rolt on loan to Irish League side Boehmians and he scored in a friendly 2-0 victory at UCD.

In Scottish football, former Posh Academy graduate Joe Newell signed a new contract at Hibernian but couldn’t help but stop a shock 2-0 home loss to Motherwell in the Premiership Scottish yesterday.

Former Posh coach Gavin Strachan remains at Celtic despite manager Neil Lennon’s resignation last week.

Blue Ash car dealership denies using PPP loan as an excuse to cut wages

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BLUE ASH, Ohio – A luxury car dealership in Blue Ash is accused of using his Paycheck Protection Program loan as an excuse to cut employee compensation in federal lawsuit filed by former seller.

In the September 21 complaint, Jeffrey Mattox alleges he was fired for objecting to “potentially fraudulent activity” at Jaguar and Land Rover of Cincinnati. The lawsuit alleges the termination violates Ohio law and federal False Claims Law, which protects whistleblowers from retaliation.

Concession owner Ed Neyra told WCPO I-Team that Mattox’s August layoff “had nothing to do with PPP,” and said his handling of the small business bailout loan was appropriate. .

“The problem is, they don’t understand it,” Neyra said. “I can assure you that we played by the rules. I am proud of what we do and the way we do it.

The dealership is one of four Neyra companies to receive Paycheck Protections loans worth up to $ 3.35 million in April, according to US Small Business Administration records. Records show that Neyra Construction Inc. was approved for a loan on April 3, followed by Neyra Industries Inc. on April 9, Neyra Motor Cars LLC on April 10 and Neyra Interstate Inc. on April 27.

Neyra Motor Cars is the named defendant in Mattox’s lawsuit against dealer Blue Ash.

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According to the lawsuit, the dealership changed its sales commission policies in April, when it obtained a PPP loan through the Small Business Administration for an amount between $ 350,000 and $ 1 million. Mattox says he and others “began to see” settlement “statements that reflected” Paycheck Protection “funds deducted from their commissions. He says the company refused to explain the practice when employees objected. So he hired a lawyer to force the issue.

Lawyer James Papakirk sent a letter on behalf of Mattox, identifying him only as a sales employee. The August 18 letter requested responses to determine whether the practice complied with federal and state laws.

“Without further explanation, one can only assume for some reason that these deductions are made illegally,” Papakirk wrote to Ginny McAfee, a dealership official, in a letter included as an exhibit in the lawsuit. “First, we are not aware of any signed writing from the employee authorizing this deduction. Second, and equally concerning, it appears that the company is improperly clawing back employee funds that it likely received through PPP. “

Two days later, Mattox was fired for “several pretext reasons,” according to his complaint, which claims more than $ 75,000 in “lost wages and benefits” as well as punitive damages.

Papakirk said he and Mattox couldn’t comment on the case. Neyra declined to comment in detail on her use of paycheck protection products.

“We had consultants. We had lawyers who showed us how to do it because we didn’t want to get into this mess, ”he said.

A paycheck protection loan expert told the I-Team he “can’t think of a reason” for a company to do what is alleged in the complaint.

“There is nothing in the Paycheck Protection Program that says you should deduct funds from your employees’ pay checks,” said LJ Suzuki, who works as a part-time CFO for several small businesses. through his Denver-based startup, CFO Share. “The program is designed to ensure that you continue to pay your employees the same amount or more, not less. So if an employer pays you less and says it’s because of the paycheck protection program, there’s something implicitly wrong.

The complaint also comes at a time of increased whistleblower activity caused by COVID-19, said Jennifer Pacella, assistant professor of business law at the Kelley School of Business at Indiana University.

“Many entities are going through very difficult times financially and this is perhaps leading to more rationalization than usual, to a desperation of funding,” she said. “And this is an area that is really ripe for illegal behavior.”

The Securities and Exchange Commission revealed in May that it received more than 4,000 whistleblower complaints in the first three months of the coronavirus outbreak in the United States, a 35% increase from the same period Last year. The agency’s co-enforcement director Steve Peiken told an SEC enforcement conference that the agency had “opened hundreds of new investigations, many related to COVID-19, but many in other traditional fields “.

Pacella said the trend could be fueled by an increase in the number of employees working remotely.

“The typical disincentives to whistleblowing don’t really exist now because people are sort of away from their desks,” she said. “They might feel a little more comfortable (reporting bad behavior from home) instead of facing a supervisor face to face.”

While Mattox’s lawsuit is not a whistleblower complaint, it relies on federal whistleblower law as the basis for its employment claim that Mattox was wrongly fired. Pacella said the claim appears to have merit, in part because it will not be necessary for Mattox to prove that the dealer used the check protection funds improperly in order to collect his application for employment.

“We don’t know if there has been any fraudulent activity with the COVID retaliatory loan,” Pacella said. “As long as this particular employee can be proven to have a reasonable belief that this was fraudulent behavior, they will still be protected from retaliation.”

Land Rover Trial.pdf through WCPO Web Team