A Utah credit union has stopped selling payday loans after being featured prominently in news reports. Mountain America Credit Union had been offering its members a MyInstaCash loanthat topped out at an 876 percent annual interest rate for a $100, five-day loan.

The unsavory practice was revealed in an investigation by the nonprofit online investigative reporting siteiWatch News.

Payday loans are basically short-term, unsecured loans which are usually due when the borrower receives his or her next paycheck. Consumer groups call them predatory and say lenders charge exorbitant interest, often trapping borrowers in a cycle of debt that they cant escape.

Education ally

The Norfolk Federation of Teachers and the VEA Fund for Children and Public Education have endorsed State Sen. Ralph Northam for re-election.

It is clear that he understands and supports students and educators and recognizes that education should be our biggest concern in Virginia.

It is no secret that if we dont set aside enough funding for schools, then children and their education will suffer.

Public schools, especially in Norfolk, need improvements and technology upgrades. Teachers are already being laid off and asked to take early retirement. At what point will the best teachers start to overlook Virginia in their career search? Northam believes in restoring and increasing funding for K-12 education. Thankfully, he also understands that teachers salaries cannot be left out of the equation. If Virginians want to ensure our kids receive a world-class education, we need to elect politicians who are willing to fight for our kids.

For the last four years, Northam has fought for our kids, and I am confident that he will continue to do so.

Posted at 03:19 PM ET, 10/21/2011
Credit cards in D.C. cabs: Really not that difficult
By Mike DeBonis

Shuttlesworth shows off his system.
(Mike DeBonis – The Washington Post)
There is one thing D.C.’s cab riders want more than anything else: to pay for their rides with credit cards.

Yet D.C.’s cab drivers, with a few exceptions, have been slow to adopt technology that is now widespread across the country. Drivers and company owners have pushed back on suggestions that they offer cashless payment options, calling them too expensive for an industry made up largely of independent driver-owned cabs.

But there’s a least one outfit that’s peddling a low-cost solution that goes some way toward undercutting the expense concerns. I met up Thursday with Pierre Shuttlesworth, a Chicago-based rep for EVO Merchant Services, which offers a taxi credit-card system whose upfront cost is at most a few hundred dollars.

The heart of the system is a mobile app that runs on tablet computers or cell phones and interfaces via Bluetooth with meters manufactured by the leading brands Centrodyne and Pulsar. With the investment of a mobile device — Shuttlesworth was using a 7-inch Samsung Galaxy tablet, which retails for $300 or less — a driver or company can offer credit card swipes almost immediately. EVO makes its money on fees — 24 cents per transaction, plus 1.59 percent of the total.

Shuttlesworth, who said he’s sold similar systems in Miami, San Francisco and Chicago, said he’s negotiating deals with several cab companies here as well as independent drivers.

One driver, Ema Ghezahegn who drives for Federal Cab, said she’s been pleased with the system and that she’s gotten more business and higher tips, more than offsetting the fees and initial investment.

Ron Linton, acting chairman of the D.C. Taxicab Commission, said drivers and companies are free to offer credit card systems without needing the commission’s blessing.

But Linton said Friday he is proceeding with a citywide plan that could put standardized terminals in every city cab — terminals that would offer GPS tracking, maps and advertising along with card readers. A request for proposals, he said, should go out no later than January, and he is contemplating finding the terminals through a new surcharge.

”If we do it right, we’ll be at the head of the class,” he said.

That said, pursuing a fleetwide system will require a fair amount of time to evaluate proposals, enter into contracts and get all cabs equipped with a system that will require a great deal more work than opening up a mobile app.

As the EVO system shows, there’s nothing stopping city cabbies from accepting cards right now. I don’t want to suggest that Shuttlesworth is the only guy out there with a cab-ready credit-card system. But it illustrates getting card acceptance into every city cab is not the difficult or costly task some have made it out to be.

”I’ve never been in a city where 80 percent of the cabs don’t take credit cards,” Shuttlesworth said. “We’ve never been to a place like this, where there’s so much opportunity.”

By Mike DeBonis
 | 
03:19 PM ET, 10/21/2011

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ATLANTA, Oct. 12, 2011 — /PRNewswire-USNewswire/ — The US Small Business Administration announces today that federal economic injury disaster loans are available to small businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private non-profit organizations of all sizes located in Bennington and Windham counties in Vermont as a result of #xA0;excessive rain and high winds associated with Tropical Storm Irene that occurred on Aug 28 #x2013; 31, 2011.

(Logo: http://photos.prnewswire.com/prnh/20110909/DC65875LOGO)

These counties are eligible because they are contiguous to one or more primary counties in Massachusetts. #xA0;The Small Business Administration recognizes that disasters do not usually stop at county or state lines. For that reason, counties adjacent to primary counties named in the declaration are included, said Frank Skaggs, director of SBAs Field Operations Center East in Atlanta.

When the Secretary of Agriculture issues a disaster declaration to help farmers recover from damages and losses to crops, the Small Business Administration issues a declaration to assist eligible entities affected by the same disaster, said Skaggs.

Under this declaration, the SBAs Economic Injury Disaster Loan program is available to eligible farm-related and nonfarm-related entities that suffered financial losses as a direct result of this disaster. With the exception of aquacultural enterprises, agricultural producers, farmers and ranchers are not eligible to apply to SBA.

Loan amounts can be up to $2 million, with interest rates of 3 percent for non-profit organizations and 4 percent for small businesses. #xA0;Terms can be up to 30 years. #xA0;The SBA determines eligibility based on the size of the applicant, type of activity and its financial resources. #xA0;The agency sets loan amounts and terms based on each applicants financial condition. #xA0;These working capital loans may be used to pay fixed debts, payroll, accounts payable, and other bills that could have been paid had the disaster not occurred. #xA0;The loans are not intended to replace lost sales or profits.

Disaster loan information and application forms may be obtained by calling the SBAs Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or by sending an email to disastercustomerservice@sba.gov. #xA0;Loan applications can be downloaded from the SBAs website at www.sba.gov. #xA0;Completed applications should be mailed to: US Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Those affected by the disaster may also apply for disaster loans electronically from SBAs website at https://disasterloan.sba.gov/ela/.

Completed loan applications must be returned to SBA no later than May 22, 2012.

For more information about the SBAs Disaster Loan Program, visit our website at www.sba.gov.

Contact: Michael LamptonPhone: #xA0;404-331-0333

SOURCE US Small Business Administration

Reports have indicated that lenders are offering more access to borrowers with a bad credit score as a result of certain factors that are currently in place that have led to some creditors seeing lower levels of credit card use by certain consumers. Bad credit borrowers are usually in the position where they are either relying on credit to stay afloat for a short time or are seeking out a line of credit as a way to begin the bad credit repair process when bad credit is a problem in their lives. What this means is that consumers may have more access to certain lines of bad credit credit cards or loans, as a result of some financial institutions attempting to overcome the hesitation on the part of some consumers to use their credit.

This comes from information that the Federal Reserve recently reported stating that some consumers are either focusing on paying off debt or are simply in a position where they are afraid to acquire debt through either personal loans or credit card use, but as some creditors are seeing drop-offs in these areas, it has allowed for some bad credit borrowers to potentially slip in when a lender may have otherwise been hesitant to allow a line of credit to a particular individual. Yet, this does not mean that consumers who are  in a bad credit position should necessarily borrow, particularly if it is as a way that a consumer may stay afloat with certain necessary purchases.

Bad credit consumers have made mistakes in the past when it comes to getting lines of credit that may be available despite being a poor credit position, and using either credit cards or loans to make purchases, pay off certain debts, or consolidate debts. Yet, it’s no secret that consumers who are in a better position will be unlikely to get an affordable rate on either a loan or credit card, and this can make overall costs more expensive in the long run, despite the fact that some borrowers are in a position where minimum monthly payments are affordable.

However, unemployment has remained at a high level, with most recent reports indicating that we are still at a national rate of 9.1%, so this could factor into why creditors are seeing a reduction in consumer credit card use, as there are some users who may be attempting to avoid debt because they simply cannot pay what they owe or are focusing on paying down debt rather than acquiring more debt on a credit card or through a loan, which may be more costly due to interest.

However, consumers who are looking for access to bad credit credit card or loan opportunities may be able to use them to their advantage if proper planning and forethought factor into these types of credit and their use. Bad credit repair is usually one of the few reasons that financial advisers will urge consumers to seek out a line of credit despite being in a position where their score is quite low, but if consumers are seeking an affordable line of credit specifically for individuals with a low credit score, many officials often urge these consumers to look at alternatives, like credit counseling or even debt management, if their purpose for using these credit sources centers around paying off debts, consolidating, or even using these lines of credit to pay for everyday purchases.

There can be more that has to be done to repair your credit than just a bad credit auto loan

Taking the first step

Once you’ve started financing a bad credit car there are additional steps you should often take to improve your credit scores and clean up your credit reports.

We’ve seen this situation because for nearly twenty years we’ve been a part of bad credit auto sales here at Auto Credit Express.

Our web site was created for people with bad credit and spells out the bad credit car loan process along with the issues that sometimes lead to repossession while showing them why, unlike a buy and pay here dealer, the loans our dealers make can lead to better FICO scores.

Additional credit repair

But besides terrible credit auto loans there is something else that usually can be done to improve your credit scores. If you haven’t already done so, now is the time to check that the information in your credit reports is accurate.

To help you do this, we’ve created a new web site at FutureCreditScore.com and partnered with Michigan-based UCES to offer you another credit repair opportunity.

UCES

United Credit Education Services (UCES) is affiliated with a federal credit union. Its also a financial services company that specializes in credit education and restoration and is top-rated by the Better Business Bureau.

If you decide this is the way to go, you’ll find yourself using a web-based application and working with a team of experienced professionals that will guide you through the process of disputing inaccurate, erroneous and obsolete information in your credit files.

This will give you the chance to raise your FICO scores both quickly and legally. In addition, if a low credit score has prevented you from getting approved for an auto loan or if you’re unhappy with either the interest rate or terms of your current loan, you can, with the help of the professionals at UCES, take the necessary steps to repair your credit and improve your credit scores at all three credit bureaus.

The Bottom Line

For more information on the steps you can take to correct information contained in your credit reports as well as improve your credit scores, go to www.futurecreditscore.com.

When it comes time to establish your auto credit, you should know that Auto Credit Express specializes in placing customers with bad credit with dealers that can help them get approved for a bad credit auto loan.

So if you’re serious about getting your car credit back on track, you can begin by filling out our online auto loans application now.

Tags: Bad Credit, poor credit car loans

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Fixed rate mortgages at record low

Fixed two-year mortgage deals have reached a record low of 3.82pc on average, according to Moneysupermarket.

Securing a car loan is getting easier regardless of your financial situation. This even includes car buyers with credit scores in the 500- to 600-point range, according to Experians second-quarter Automotive Credit Trends Report.

New car loans for car buyers with credit scores below prime jumped 22.4% compared to the same period last year, while car buyers with the worst credit, so-called deep subprime scores, saw the largest increase of 44.1% over the same period. Overall, the average credit score for new car loans dropped by 10 points, while the average credit score for used car loans dropped by eight points.

Since almost half of all consumers have credit scores that are below prime (putting them in the so-called nonprime, subprime and deep subprime categories), thats good news for many car shoppers. Car loan rates are still quite high for this group, ranging from 6.7% to 13.5% on average. In fact, new car shoppers who are deep-subprime consumers — those with the worst credit and who are now more likely to find financing — actually have slightly higher interest rates than last year.

Buyers with deep-subprime credit scores have a 13.5% interest rate on average compared to 13.1% for the same time period last year, according to Experians report. As a result, the average monthly payment for new-car buyers in this credit category is $468, the highest average among all buyers with varying credit, even though they are financing the lowest average amount, just $22,742.

No matter what your credit situation, it still behooves you to wait until your credit score is higher before getting a car loan. Moving up one credit category, which could be just a few points depending on your score, can make a huge difference in your monthly payment. Using Bankrates auto loan calculator, financing $25,000 (the average amount financed on a new car) over a five-year term (the typical length of a new car loan) would result in monthly payments of $575 for deep-subprime buyers, $533 for subprime buyers and $491 for nonprime buyers, using the current average interest rates from the study.

For used-car buyers in these credit categories, the difference in payments is also dramatic. Financing $17,000 (the average amount financed on a used car) over a five-year term would result in monthly payments of $429 for deep-subprime buyers, $399 for subprime buyers and $359 for nonprime buyers, using the current average interest rates from the study.

With these differences in interest rates, its smart to work on improving your credit score before you need a car loan. When its time to buy a new car, be sure to check the latest car loan rates to ensure you are getting the best interest rate possible for your situation.

Ask the adviser

If you have a car question, email it to us at Driving for Dollars. Read more Driving for Dollars columns and Bankrate auto stories. Follow her on Facebook here or on Twitter @SheDrives.

Bankrates content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this website is governed by Bankrates Terms of Use.

New Tools for Migrating Databases to Windows Phone

With Windows Phone 7.5 Mango starting to reach end users phones, Microsoft is releasing tools and sample code to help developers port their iPhone and Android mobile apps to the updated Microsoft platform.

On Monday, Jean-Christophe Cimetiere of Microsoft, blogged about a new mobile database conversion tool called SQLite2CE. Available on CodePlex, it converts your mobile app database to SQL Server Compact and creates the default classes necessary for running it on Windows Phone, according to Cimetiere. Microsoft is also offering a free utility, SQLiteQuery2LINQ on CodePlex to convert SQL queries into Microsofts Language Integrated Query (LINQ).

With Steve Jobss death, interest in Apple products is higher than ever. I was at the Apple store in Boston over the weekend and a sizable crowd was outside the store photographing the memorial of heartfelt notes, bouquets, apples with bites out of them and the like.

Apple didnt create the app store concept but Steve Jobs and company definitely created the consumer market for mobile apps. I covered the launch of the Apple App Store in a Mobile Revolution cover story in Redmond Developer News in the summer of 2008 and asked, Will a paradigm shift rock the mobile application industry if the iTunes App Store strikes a chord with users? At the time, many of the Windows Mobile developers I talked to thought that it would, despite comments about the strength of Microsofts developer tools, including SQL Server Compact versus SQL Lite.

Back then, Apple had about 1,100 apps versus 18,000 Windows Mobile apps but people didnt realize it, said Ellen Craw, the general manager of longtime Windows Mobile app development company Ilium Software. There were MP3 players way before the iPod, but nobody made it big until Apple, she told me in 2008. Research in Motion was looking at the PDA market and thinking, Yes, this is what it should be, and then Apple showed people how huge it can be. We always believed it could be huge.

Nobody made it big until Apple is an apt description of the companys phenomenal success in the MP3 and music industries, App Store and smartphones, and now tablets. It will be interesting to see what happens with iCloud.

At the end of a commencement speech at Stanford University in 2005, Steve Jobs noted a motto of his that came from the back page of the final issue of The Whole Earth Catalog: Stay Hungry. Stay Foolish. Thanks for following your dreams Steve.

Express your thoughts below or drop me a line at krichards@1105media.com.

Posted by Kathleen Richards on 10/11/2011 at 5:16 PM

People with bad credit looking for an affordable new car this October should check out this list of the ten least expensive new cars for a problem credit auto loan

Buying new with bad credit

Applicants needing horrible credit auto loans often ask if it’s possible to finance a new car.

We’re aware of this fact because for the past nineteen years we’ve been involved with bad credit car sales both online and through our retail new car dealerships here at Auto Credit Express.

The website we created also explains the bad credit auto loans process so applicants can avoid a tote the note dealer as well as the issues that can lead to repossession.

One issue

One of those issues deals with financing a compact or midsize car to save on interest, gas and car insurance costs. Financing for the shortest term possible also means you’ll be in a position to re-finance or take out another loan at a lower interest rate sooner.

Most people with bad credit, therefore, will pick a used car. But there is often another choice an affordable new car.

New cars are reliable, covered by a warranty and rebates and new car incentives can lower the selling price and can sometimes contribute to the down payment requirements of bad credit lenders.

With nearly three weeks left in October, there is still time to check out one of the following affordable new cars:

The top 10 least expensive new cars for October 2011

We’ve taken the time to combine the most affordable new vehicles in the US (nine of them 2011 models and one of them a 2012) with any available new car rebates to come up with the ten least expensive vehicles for the month of October, 2011. All vehicle prices include destination charges, but not the taxes or fees that vary by state.

#10 2011 Ford Fiesta S sedan manual
Base price $13,995
October rebate $250
Price before taxes $13,445

#9 2011 Hyundai Accent GS manual
Base price $13,415
October rebate $0
Price before taxes $13,415

#8 – 2011 Suzuki SX4
Base price $14,264
October rebate $1,000
Price before taxes $13,264

#7 2011 Nissan Versa 4dr 1.6 automatic
Base price $13,180
October rebate $0
Price before taxes $13,180

#6 – 2011 smart fortwo Hatchback
Base price $13,135
October rebate $0
Price before taxes $13,135

#5 2011 Nissan Versa 4dr 1.6 manual
Base price $12,180
October rebate $0
Price before taxes $12,180

#4 2011 Kia Rio 4dr base manual
Base price $12,990
October rebate $1000
Price before taxes $11,990

#3 – 2012 Nissan Versa 1.6 S manual
Base price $11,750
October rebate $0
Price before taxes $11,750

#2 2011 Chevrolet Aveo5 LS manual
Base price $12,875
October rebate $1500
Price before taxes $11,375

#1 2011 Chevrolet Aveo LS manual
Base price $12,725
October rebate $1500
Price before taxes $11,225

Our number one car this month, the 2011 Chevrolet Aveo, is just over $11,000 before taxes and has one of the largest dealer networks in the business! Since this Aveo is a base model and a 2011 as well, you may have to do some searching to find one. But if you can, you’ll find it’s a great deal for the month of October.

As we see it

Affordable new cars, half on this list with October new car incentives, are a great way to be sure the car you’re driving is reliable. Some lenders even allow a portion of those new car rebates to contribute towards the down payments of no credit auto loans.

At Auto Credit Express we help people with bad car credit find a dealer for their best chance at approved auto loans.

So if you’re serious about getting your auto credit back on track, you can begin the process now by filling out our online car loans bad credit application.

Tags: Bad Credit, no credit auto loans

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