5 Benefits of Acquiring Payday Loans Online

It is well-known that online payday loans are an excellent option to cope with unannounced financial problems. If you have found yourself in a challenging situation like medical emergency, late utility bills, and mortgage repayments, you can acquire a payday loan. It can be advantageous for you in more than one way.

Fast Processing

If you are looking for bad credit loans monthly payments, you should definitely consider obtaining payday loans because they process very fast. Unlike traditional loans, you don’t have to go through lengthy processes. If you apply for a payday loan with a good online lending company, your loan application will be approved within minutes. And you will be able to acquire cash on the same day. You wouldn’t have to wait for days or even weeks to meet your financial emergencies. You can feasibly apply for payday loans online under any unexpected financial situation.

Easily Qualification

You can conveniently qualify for payday loans online. You don’t have to face substantial documentation and lengthy processing periods like traditional loans. And there are low chances that your loan application will be rejected. Online lending companies have straightforward requirements if you happen to meet those, you are in a favorable position to acquire payday loans same day. You need to have a valid proof of monthly income, a bank account, and your driver’s license to qualify for loans easily. However, you should know that the amount of payday loans are totally dependent on your monthly income.

No Credit Check Process

Since payday loans are convenient, there is no such thing as a credit check process. You are only required to meet a few basic terms & conditions, and then you are good to qualify for a loan amount. You can surely apply for payday loans with no credit check. Individuals with even bad credit history or score can easily be eligible for payday loans as long as they are capable enough to give valid proof of their monthly incomes. When it comes to payday loans, you don’t have to worry about credit checks. It is noticed that only a few online lenders ask for a credit check when it comes to negotiating for a significant amount.

No Usage Limitations

You can use payday loans for anything. Generally, these loans have no limitations; it doesn’t matter what payday loans can be used for. When it comes to traditional bank loans, you are bound to use the amount for one or two things. For instance, if you are applying for a bridge loan, you will be able to use this just for purchasing or selling your property. However, with payday loans, you are not bound at all. You can acquire payday loans to meet your financial needs under any emergency. Your lender will have no issues as you can use the loan amount for whatever reasons.

Automatic Lending System

When it comes to payday loans online, you can expect an automatic lending and transferring system. After an online lending company has approved your loan application, it will directly transfer the amount to your bank account. And once your payday has arrived, the borrowed amount will be transferred back to your lender automatically with added interest. You wouldn’t need to do anything else on your end.

No-deal Brexit fears trigger investors to seek international options

Growing fears of a no-deal Brexit will prompt an increasing number of British and international investors to move their financial assets overseas out of the UK, believes the CEO of one of the world’s largest independent financial advisory and fintech organisations.
 
The observation from Nigel Green, founder and chief executive of deVere Group, which has $12bn under advisement, comes as the UK formally rejects an extension to the Brexit transition period – raising the risk of a no-deal departure at the end of the year.
 
Mr Green notes: “Due to the Covid-19 pandemic, the UK is suffering its deepest recession in 300 years. Nevertheless, the government is sticking with its hard Brexit plans.

“Concerns over the fallout from a no-deal Brexit will prompt an increasing number of British and international investors to move their financial assets overseas out of the UK.”

He continues: “Should the UK leave with no-deal, the already weak pound – which is one of the world’s worst-performing currencies this year – is likely to remain weak for several years to come until Britain and the EU readjust. It has already shed about 20% of its value since the EU referendum in 2016.

“A low pound can help to reduce people’s purchasing power and lead to a drop in UK living standards. Weaker sterling means imports are more expensive, with rising costs being passed on to consumers.”

The drop in sterling is good for UK exports some insist, however around half of the country’s exports rely on imported components. “These will become more expensive as the pound falls in value,” noted Mr Green.

“In addition, a weaker pound is, of course, bad news for British expats, amongst others, who receive income or pensions in sterling and as Brits looking to travel overseas,” he added.
 
The deVere CEO goes on to say: “Britain appears to be sleepwalking towards an economic blackhole.
 
“People are already becoming increasingly nervous about this situation.  Many will, inevitably and quite sensibly be looking to build and protect their wealth by moving assets overseas through various established international financial solutions.
 
“The pace of this trend is likely to increase over the next few months as the issues look set to ramp-up.”

6 Tips for Preventing Fraud

In the first 6 months of 2019 alone, £616m was stolen from banks in the UK due to fraud. In the Philippines, there were over half a billion pesos lost due to credit card fraud. Each year, banks, ATM systems, and credit card scanners come up with new ways to protect you against identity theft and fraud. These upgrades don’t seem to last, however. As quickly as the safety upgrades are made, it seems criminals are coming up with new ways to get around them. You can never be too safe and that’s why you need to learn about preventing fraud yourself.

The more knowledge you have about it, the better chances you have at avoiding it altogether. Don’t be a victim to identity theft, fraud, or any other type of financial scam. Continue reading below for six of the best tips to know about preventing fraud in your life. 

1. Take Advantage of All Online Security Features

If you bank online, then you need to set up an account with as many security features as possible. Your banking app has these features set in place for you to ensure your information stays secure. If you’re not taking advantage of all the security features, then you could be placing yourself in a better position to get hacked.

Most banks will offer a multi-step authentication process when logging in accounts online or on the app. Make use of these. For example, to access your account, it might require you to give your fingerprint, log in using your credentials, send a security code to your phone, and make you answer security questions. 

Use as many of these features as you can. 

2. Check Your Bank Statements Frequently

Some criminals will gain access to your bank account and spend a large amount of money all at one time. Others will use your information to make purchases overseas. When either of these situations happen, it signals a red flag to your bank. 

Other fraud criminals, however, are a bit smarter with their crimes. They’ll start out by only taking small amounts out here and there. This makes it less recognisable by you and your bank. 

To catch them in the act, you’ll need to keep an eye on your bank statements on a regular basis. Log into your accounts and go through each withdrawal. 

3. Avoid Accepting a Check and Wiring Money

One of the most common ways criminals scam innocent people is by sending them a check and asking them to wire money back in exchange. This mostly happens when someone makes a private purchase. A person will contact you saying they want to purchase something you have for sale. 

They’ll explain to you that they only have a check for a certain amount, which is greater than the price of the item. They’ll send you the check and ask you to then wire them the difference. After you wire them the difference, you’ll soon learn that their check was bad. 

If anyone approaches you with this scenario, decline. Avoid accepting checks with the intent to then wire money. Once you wire your money, it’s gone, and usually can’t be traced. 

4. Never Use a Public Computer or Connection

When you do need to log into your bank account online, never use a public computer or a public connection. You only want to use your private phone network or a secure network at your house or someone’s house who you trust. 

When you log into your bank accounts using a computer that isn’t yours or from a public internet connection, you take the risk of a scammer hacking your information

5. Report a Card Lost or Stolen Immediately 

Haven’t seen your bank card in a few days? Don’t wait to report your card lost or stolen. Even if you believe it fell in that hard-to-reach place in your car, don’t take the chance of not reporting it. 

Replacing your credit and debit cards with your bank is quite simple. They’ll even give you a temporary card to use while waiting for your new one to come in the mail. Even if you have to go a few hours or days without access to your account, it’s better than allowing an unauthorised user to have access to it. 

6. Contact Your Bank About Added Safety Features

Following these tips is a great way to reduce your risk of bank fraud. There is more you can do, though. If you feel you need an extra layer of protection on your account, then contact your bank directly.

Ask about what security features they offer. They might be able to put a high alert on your account. This sometimes means that you’ll have to go inside the bank to make any type of transaction and the slightest detail in your account statement could warrant a phone call to you from your bank. 

Some of these features might seem like they’d become pestering, but it’s the best way to ensure no fraud is allowed on your account. 

Preventing Fraud Is Simple When You Know These Tips!

Finding out your bank account has fraudulent transactions is a big hit to the gut. If not caught right away, it can sometimes take years for people to gain their identity back or get their life back together after a scam. Don’t be one of these people. 

Preventing fraud is easy when you follow the tips listed in this post. 

For more topics as helpful as the one here, visit our blog on a daily basis!

Union Bank of the Philippines among ‘Most Helpful Banks in Asia-Pacific’ during COVID-19

The only Phl bank in the Top 20

Union Bank of the Philippines (UnionBank) has been ranked as the second most helpful bank in Asia-Pacific during the coronavirus crisis – the only Philippine bank in the top 20 list.

UnionBank was next only to KakaoBank, South Korea’s largest digital-only bank, according to the BankQuality Consumer Survey on Retail Banks – an online survey conducted last April 1-30, 2020 and covering total 11,000  respondents, with 1,000 each coming from China, Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Taiwan, Thailand and Vietnam.

The respondents, aged between 18 to 65 and who have at least one bank account each, chose the banks most beneficial to them amid the ongoing pandemic because of their contactless nature and digital services.

UnionBank was ranked higher than international banks such as HSBC, Citibank, DBS, CIMB, United Overseas Bank and OCBC, among others.

UnionBank president and CEO Edwin Bautista expressed gratitude for the public’s recognition of the bank’s quick, sincere and relentless efforts to help alleviate their plight in this difficult time.

“It warms our hearts to know that our customers recognize and value our heroic efforts during this crisis. The coronavirus pandemic has brought the world an unprecedented disruption, but with each of us doing our share, we will weather this challenge – no matter how massive it can be,” Bautista said.

Since the start of the quarantine period, UnionBank boosted its mobile and web banking platforms for retail and corporate customers namely UnionBank Online and The Portal, respectively, to enable clients to safely do their banking transactions from home.

UnionBank was also among the first banks to waive its online fund transfer fees, and deployed its Bank On Wheels to bring its bank branches at the doorstep of its customers.

“I would like to also thank our very hardworking and selfless UnionBankers – frontliners all – who have been doing their utmost during this pandemic to deliver safe, consistent and full service digital banking to our customers, for this accolade,” Bautista added.

The bank’s fintech arm UBX, has facilitated the release of cash subsidies through the deployment of mobile automated teller machines (ATMs) to its rural bank partners and financial cooperatives where beneficiaries of the government’s Social Amelioration Program can withdraw their money quickly.

UBX has also begun linking its rural bank members to its new network that includes Cebuana Lhuillier, LBC, Palawan Express and PeraHub.  This enables customers of these rural banks to send funds and payments to over 11,000 branches of the four remittance centers nationwide.

How Do Mutual Funds Work? The Complete Guide to Mutual Funds

Are you a long-view investor with an interest in seeing your wealth grow over 10, 20, or 30 years? If the answer is yes, then you need a diverse portfolio of assets to help you achieve your goals.

One of these assets is a mutual fund. Mutual funds are a collection of assets grouped together according to an investment strategy and run by a fund manager. Compared to individual securities, mutual funds provide a certain level of protection against the volatility of the stock market and still deliver steady returns for investors.

How do mutual funds work? Keep reading for a quick primer.

What Are Mutual Funds?

Mutual funds are called investment baskets. Rather than being one form of security or investment on their own, mutual funds are a container for a group of different types of investments, usually stocks, bonds, or a combination of the two. However, they can contain other types of investments. The primary types of mutual funds include:

  • Equity funds
  • Bond funds
  • Balanced funds (equities and bonds)
  • Money market funds
  • Fixed-income funds

When you invest in a mutual fund, you invest in the basket of investments rather than a single stock or share. You also pool your money with all the other fund investors, which grants you access to investments that aren’t available to the average solo investor.

How Do Mutual Funds Work?

A mutual fund has a fund manager, who oversees the fund and chooses the investments found within it. The manager may choose to actively or passively manage the fund according to a set strategy or according to the manager’s whims.

Many mutual funds are increasingly passively managed because research shows that passive investments earn better returns compared to actively managed investments. It’s rare for active investment strategies to outperform the market.

How does the mutual fund make money? It depends on the type of fund you choose. When your investment earns you returns, it comes in the following forms:

  • Income earned via dividends
  • Growth in price of securities or capital gains
  • Fund share price (net asset value) grows

You’ll also pay fees for your mutual fund. These include the cost of the fund (e.g., administration and operating costs) and sales commissions. Keep in mind that these fees are typical percentages of the fund, and you’ll pay them annually. A fraction of a percent can be the equivalent of thousands of dollars.

The fees you pay depend on the structure of your fund. It pays to research the type of fund that best suits your financial goals and to compare fees between funds and fund providers.

Why Choose a Mutual Fund?

Mutual funds are increasingly popular because they offer even the novice investor something that the pros could only covet a few years ago: a diversified portfolio. Because you invest in a basket of investments, your profits and losses aren’t solely tied to one company’s performance. Diversity means you have a lower risk of losing everything if a stock performs badly.

Another reason investors of all types choose mutual funds is that they come with a fund manager. You don’t have to actively trade them or even worry about all the investments inside the basket. You pay the investor a fraction of a percent of the value of your account to worry about that for you.

By working this way, mutual funds use a high volume of transactions to reduce the cost for you as an individual investor. Rather than paying as much as $5 a transaction, you split the bill with other investors.

Are There Disadvantages of a Mutual Fund?

Mutual funds do come with disadvantages compared to other types of funds like exchange-traded funds (ETFs).

The biggest issue that investors find with mutual funds is that they can be expensive. Typically, mutual funds become very expensive with a small investment and then again at the top of the scale. Many providers offer the best rates to those with mid-size accounts.

Another issue with mutual funds is that they can be inefficient compared to ETFs. Efficiency applies both to tax efficiency and the cost of maintaining the fund vs. the returns it offers. ETFs generate fewer capital gains distributions, and they have their own way of buying and selling that triggers less taxable income. However, you may find that some passively managed mutual funds are also tax efficient if only because they generate fewer transactions.

How to Find the Right Mutual Fund

Although there’s a shortlist of widely popular mutual funds, a fund’s popularity doesn’t necessarily mean it’s right for you.

Finding the right mutual fund requires you to find a fund that meets both your financial goals and your risk tolerance as well as a philosophy that reflects your own investment philosophy.

From there, you can start to consider the costs of the fund and the management style to whittle down your list of contenders and begin investing.

Use our guide to choosing the best performing mutual funds to get started.

Are Mutual Funds Right for You?

How do mutual funds work? They pool investors’ money together in a basket of securities to provide long-term growth with some protection from market volatility.

Mutual funds are a diverse group of investment tools, but almost every investor can see some benefit in adding top-performing funds to their portfolios. The trick is to find the fund that best matches your personal goals and your investment philosophy and strategy.

Looking for more investment content? Visit our Finance archive for the latest news.

Union Bank of the Philippines appoints world-leading Data Scientist to further advance digital capabilities

Consistent with its commitment to make banking simpler and more inclusive via best-in-class digital and mobile capabilities, Union Bank of the Philippines (UnionBank) recently appointed global data science expert Dr. David Hardoon Ph. D., as the Bank’s Senior Advisor for Data and Artificial Intelligence (D & AI), reporting to President and CEO Edwin R. Bautista.

Senior Advisor for Data and Artificial Intelligence (D & AI): Dr. David Hardoon Ph. D.

The announcement was made as the Bank continues to see a surge in digital transactions among customers as a result of evolving consumer behavior amplified by the current enhanced community quarantine.  These transactions mean an increased volume of data running through the Bank’s systems which data science and AI can unlock to allow the Bank to serve its customers better.

“Leveraging Data and AI is a key driver to our next-level of digital transformation as we continue to put the customer – both individuals and businesses – at the heart of our business,” said UnionBank President and CEO Edwin Bautista in a statement.

Dr. Hardoon replaces John Januszczak, who is now focused in his role as president and CEO of UBX, UnionBank’s fintech subsidiary.

Dr. Hardoon is a graduate of Royal Halloway, the University of London with First-Class Honors B.Sc. in Computer Science and AI, and a holder of a PhD in Machine Learning from the University of Southampton School of Electronics and Computer Science United Kingdom.

Prior to his appointment at UnionBank, Dr. Hardoon was the Monetary Authority of Singapore’s (MAS, Singapore’s counterpart of the Bangko Sentral ng Pilipinas) first appointed Chief Data Officer and Head of the Data Analytics Group, and subsequently MAS’ Special Advisor on Artificial Intelligence. In these roles, he led the development of the AI strategy both for MAS and Singapore’s financial sector as well as efforts in promoting open cross-border data flow.

In addition, he led and established the ASEAN Advanced Analytics of Ernst & Young Advisory Singapore as Director of EY Data, IT Advisory Services, and co-founded Azendian Solutions Pte. Ltd., an information management and data science consultancy between 2013 and 2017. He was also Head of Analytics at SAS Institute Ltd. Singapore from 2010 to 2013.

As Senior Advisor for Data and AI, Dr. Hardoon will be working with various centers, groups, and units to reinforce data infrastructure and governance, behavior modelling, machine learning, and AI capabilities as well as applications in the Bank and its parent company Aboitiz Equity Ventures.

Aside from his role with the Bank, Dr. Hardoon is concurrently Senior Advisor for AI to Singapore’s Corrupt Investigation Practices Bureau, and Senior Advisor for Data Science to Singapore’s Central Provident Fund (CPF) Board.

Puppets on a String

Some 2,980 puppets have gathered in Beijing to applaud President Xi Jinping in an annual choreographed ritual that goes by the name of National People’s Congress (NPC) – a misnomer on at least two counts. Over the course of ten days, President Jinping and his close associates pull the strings and have their initiatives duly rubberstamped by adoring acolytes. It is, arguably, the world’s greatest non-event and showcases, if anything, China’s continued subjugation to a tiny clique of potentates.

Although it is all about people’s this or that in China, no actual people other than the aforementioned 2,980 puppets are allowed to partake in the NPC’s farcical proceedings. The scene at the Great Hall of the People is straight out of a Orwellian book or movie: hordes of identically dressed automatons, bursting into applause at just the right moment whilst the powers that be torture them mercilessly with vacuous speeches about their past, present, and future accomplishments – fictitious or otherwise.

If this is how the country that wishes to lead the world is ruled, the global outlook is grim indeed. This year, the puppets showed excitement at President Jinping’s ruthless suppression of civil liberties in Hong Kong, the last vestiges of which have now been swept aside. The ‘one nation, two systems’ myth has been exposed for what it always was: a farce.

Earlier this week, Canadian Prime Minister Justin Trudeau expressed his frustration with China’s inability to understand the meaning of both democracy and the rule of law – concepts alien to the Middle Kingdom. China has amped up the pressure on Mr Trudeau to release Meng Wanzhou, the chief financial officer of telecom giant Huawei arrested at Vancouver International Airport in December 2018 on suspicion defrauding multiple banks to hide her company’s busting of US sanctions against Iran.

To solve this potentially embarrassing issue, the Chinese government promptly arrested two Canadians and proposed a swap. To his credit, Prime Minister Trudeau has refused to reward this thuggish behaviour and insists that the courts deal with Ms Wanzhou. He has tried to explain the principle of separation of power between the legislative, judicial, and executive branches of democratic government to the Chinese – without any discernible effect. His words, repeated ad nauseam, simply do not register in Beijing where only the executive counts and all else is subordinated to it.

China attempts at convincing the world that it is right, and everybody else got it wrong, are becoming tiresome. The country bungled its response to the novel corona virus and covered up its mistakes with lies and a clampdown on what really transpired during the lockdown.

China may be a large and increasingly powerful country; it also sorely lacks the self-confidence that is required for any form of government other than an authoritarian one. China is scared of booksellers, artists, students, and thinkers in general. Its government doesn’t want people to use their brain: they should merely consume, be grateful, and shut up. That, by the way, also goes for those 2,980 string puppets assembled in Beijing.

Pluck

In one sense, the economic impact of the corona pandemic is helpful to UK Prime Minister Boris Johnson: the depth and scope of the flash recession are such that any fallout from the country’s imminent departure from the European Union will seem trivial by comparison. Nobody could have foretold that Brexit’s doom component would be overshadowed by an even darker cloud.

The negotiations over a post-departure trade deal between the European Union and its wayward neighbour have also been eclipsed by the pandemic. Those talks are not progressing smoothly. A stalemate beckons with the UK possibly dropping deeper into the abyss.

There are a great many stumbling blocks but the most formidable one remains the status of Northern Ireland which is supposed to remain in the union for all practical intents and purposes with a new trade barrier emerging between the six counties and the British mainland. This is to become the EU’s external border. The 1998 Good Friday Agreement that re-established the peace in Northern Ireland precludes any checks along the border with Ireland proper.

Whilst the pandemic rages, talks between Brussels and London have been conducted by video conference with both parties now and again publicly expressing their frustration. EU Chief Negotiator Michel Barnier complained that his counterpart asks for a ‘Canada-style’ trade deal only to add a shopping list of demands to their initial request.

For their part, the British team says that the EU fails to display a measure of pragmatism, tabling demands that cross the great many red lines laid down by Prime Minister Johnson. One of those British no-no’s involves the European Court of Justice (ECJ). London does not wish to be subjected to its rulings. That seems fair enough at first glance. However, the addenda to an off-the-self barebones trade deal, such as the one requested by the UK, pries open access to the EU’s common market – the union’s most prized asset. That, the EU insists, requires ECJ oversight and adjudication of the inevitable disputes that will arise.

Whilst almost nobody was looking, the talks bogged down and a trade deal seems unlikely to emerge before the end of the transition period on 31 December. In Brussels, few seem to care. Officials are busy putting the finishing touches on a major initiative to help member states deal with the Corona Recession. Brexit is yesterday’s news. The EU has moved on. The UK may wish to do so too: it is time for that buccaneering spirit and British pluck we heard so much about to put in an appearance.

Expert comment from Warwick Business School

Warwick Business School

Commenting as Easyjet announced it would resume flights next month,

Professor Loizos Heracleous, an aviation industry expert at Warwick Business School, said:

“Airlines will face a number of challenges as they resume flights. For example, if governments require them to observe social distancing rules on planes, that would mean middle seats are left empty.

“This would reduce capacity and lead to an increase in ticket prices. According to the International Air Transport Association (IATA), prices would have to rise by 40-50 per cent, just for airlines to break even.

“The good news for airlines is that they will benefit from lower oil prices and research is already under way that may enable equipment to sniff out coronavirus before passengers board.

“Airlines have been forced to conserve cash to survive, cutting flights, reducing their workforce, and postponing capital investment. However, social habits including the urge to travel have not changed. Provided we find ways to control the virus, through testing, treatment or a vaccine, the industry should be back to pre-pandemic levels within two to three years.

“Aviation is too essential to wither. It is here to stay and the market system is resilient enough to ensure the industry thrives after this temporary setback.”

Stark Warning

Slowly and ominously, as the chronicle of a death foretold, the epicentre of the corona pandemic is moving south of the border. Today, the World Health Organisation (WHO), down but far from out, issued a stark warning that after developed countries have managed to flatten the curve and start emerging from lockdown, the virus is now spreading in poorer countries, cutting a swath through societies along class divisions.

Earlier this week, Brazil passed the United Kingdom and progressed to third place on the global corona infection ranking. Only the United States and Russia are ahead of the South American country with its underwhelmed president and overwhelmed public health services. One day after this news broke, Brazil registered the highest number of corona deaths and infections so far.

In a few weeks’ time, President Jair Bolsonaro sacked one health minister and had another one resign in disgust. The latter one, Nelson Teich, likened the federal health ministry to a ship cast adrift in a perfect storm and feared the pandemic may claim well over 150,000 lives over the next months.

Mr Teich’s predecessor, Luiz Henrique Mandetta, was summarily fired after questioning the president’s refusal to obey social distancing rules. Whilst the pandemic rages and mass graves are being dug, Brazil’s politicians – not usually standard bearers for propriety in public policy – hurl accusations at each other, losing sight of a suffering nation.

According to the country’s statistics agency, the Brazilian economy may shrink by as much as a tenth this year. The Corona Recession could herald the arrival of yet another ‘lost decade’. However, neither the health emergency nor the economic meltdown is being discussed in Brasília.

Sometimes described as a Trump on steroids, President Bolsonaro still doesn’t seem to comprehend the gravity of the situation: he declines to use a face mask, keep his distance, and refrain from ordering a national lockdown which, he says, would cripple the country’s already rickety economy.

Meanwhile, the government of Mexico admitted that it had probably underestimated the number of corona deaths by an order of magnitude. There too, the president kept hugging his adoring fans until quite recently whilst he dismissed warnings of public health officials as ‘alarmist’ scare mongering.

Absent a public information campaign, popular knowledge about the disease and its transmission is limited, leading to all sorts of wild theories. Mexican health workers report being shunned, threatened, and abused on their way to work by passers-by. Almost 50 attacks against health workers have been recorded by police.

With the sole exceptions of Chile and Uruguay, no Latin American country is equipped to handle a major public health crisis. Both political determination and proper healthcare funding are found lacking. The cost is calculated in human lives.