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Ag Health Benefits Alliance celebrates 50 years of service to the Northern California farming community. The company has provided health insurance and other benefits to farm employees since its inception as the California Winegrower Foundation in 1972.

That year, Ren Harris, founder of Harris Vineyards/Paradigm Winery, and a small group of forward-thinking winemakers from Napa and Sonoma shared a common goal of improving working conditions for agricultural employees, including seasonal workers. The founders recognized that offering a comprehensive benefits program helps attract and retain a healthy and productive workforce.

They also believed that the financial security and health of California farmworkers was essential to the economic vitality, cultural richness, health and beauty of the entire community.

“The concept of bringing producers together to collectively provide benefits to their workers was innovative for its time and helped create a culture of caring for farm workers that still exists among members today,” said the executive director. Rebecca Barlow.

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To clarify its purpose and identity, the non-profit organization was renamed the Ag Health Benefits Alliance in January 2019. Today, AHBA’s bilingual team serves nearly 100 local growers, vineyard managers and wineries , overseeing health care coverage for more than 1,600 employees and their families.

“We have a unique group health program through our partnership with an agricultural trust offering flexible plan features and competitive pricing,” says Barlow. “We also offer medical, dental, vision, voluntary benefits, disability and group life insurance products through other California insurance companies. These two channels allow us to compare a wide range of options for employers and develop strategic and comprehensive benefits programs. »

Also in 2019, the AHBA formed the Agricultural Health Benefits Alliance Educational Foundation LLC, a qualified charitable scholarship program available to employees and their families enrolled in the AHBA Group Health Plan. Funded by board member Michael Wolf, the Michael Wolf Trust and a growing list of others, the Education Foundation offers grants for vocational training, trade schools, community colleges and higher degrees. .

“Our guiding philosophy at Ag Health Benefits Alliance has remained the same since our inception. We continually strive to make benefits affordable, manageable and understandable,” says Barlow. “It is our privilege to serve this community of caring employers. and generous people and their employees. We look forward to continuing the tradition for another 50 years.

Board the iconic Napa Valley Wine Train that offers spectacular views of world-class food and friendly service as you cruise through the vineyards and charming towns that make up Napa Valley.

Samie Hartley,

Nicholas Otto

Deschutes County Health Services to Host Flu Vaccination Clinics https://swtorsave.com/deschutes-county-health-services-to-host-flu-vaccination-clinics/ Thu, 29 Sep 2022 07:21:04 +0000 https://swtorsave.com/deschutes-county-health-services-to-host-flu-vaccination-clinics/

BEND, Ore. (KTVZ) — Ahead of flu season, Deschutes County Health Services is encouraging residents to schedule annual flu vaccination appointments with local health care providers or pharmacies.

Deschutes County Health Services has also scheduled flu shot clinics to help residents who live in congregate settings (shelters, long-term care facilities, adult foster homes, college dorms) or who do not have health insurance coverage.

Deschutes County Health Services will be hosting flu shot clinics:

  • Wednesday, Oct. 12 from 4 p.m. to 6 p.m. in the parking lot of the Central Oregon Community College library in Bend. It will be a drive-in clinic.
  • Friday, Oct. 14 from 1 p.m. to 5 p.m. at OSU-Cascades in the Edward J. Ray Hall atrium in Bend.
  • Wednesday October 19 from 4 p.m. to 6 p.m. at Volunteers in Medicine, 2300 NE Neff Road in Bend

“We want community members to know that it is safe to get the flu shot and other vaccines at the same time,” said Rita Bacho, public health program manager. “If you plan to receive a booster or COVID vaccine this fall, feel free to schedule both vaccines for the same appointment.”

New statewide COVID-19 forecasts have raised concerns about this year’s flu trends. A new forecast from OHSU shows that the flu could overtake COVID-19 in hospitalizations over the fall and winter.

“These new data underscore how important it is to get your flu shot this year,” Bacho said. “We encourage everyone to plan now to minimize the impacts of this year’s flu season.”


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MDHEWD Loans Transferred to ECMC Oct. 1 Upon End of Missouri Student Loan ProgramOzark Radio News https://swtorsave.com/mdhewd-loans-transferred-to-ecmc-oct-1-upon-end-of-missouri-student-loan-programozark-radio-news/ Wed, 28 Sep 2022 16:30:14 +0000 https://swtorsave.com/mdhewd-loans-transferred-to-ecmc-oct-1-upon-end-of-missouri-student-loan-programozark-radio-news/

Jefferson City, Missouri. – Earlier this year, the Missouri Department of Higher Education and Workforce Development (MDHEWD) announced it was leaving the Federal Family Education Loans (FFEL) program after 43 years in as a government-designated warranty agency. The United States Department of Education (USDE) has appointed Education Credit Management Corporation (ECMC), a nonprofit guarantor for FFEL loans, as the successor guarantor for MDHEWD. The transfer of the portfolio from MDHEWD to ECMC will be effective on October 1, 2022.

Relevant industry partners were notified of the transition in mid-July. Affected borrowers were notified of the transition on September 1. MDHEWD and ECMC are committed to ensuring a smooth transition for borrowers, schools, lenders and providers.



The department has served as a student loan guarantee agency through the federal Family Education Loan Program since 1979. Although the federal Health Care and Education Reconciliation Act eliminated the ability to government to guarantee new student loans in 2010, the department continued to administer the loans. he guaranteed before that date. The decision to leave the FFEL program was made due to the ongoing pause in federal student loan payments and collections that began in 2020 in response to the COVID-19 pandemic.

For more information about the ECMC and the services it offers, visit www.ecmc.org. Borrowers can also view their student loan details by logging on to https://studentaid.gov/.

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Canada Post quietly dives into banking with national launch of personal loans https://swtorsave.com/canada-post-quietly-dives-into-banking-with-national-launch-of-personal-loans/ Wed, 28 Sep 2022 10:05:43 +0000 https://swtorsave.com/canada-post-quietly-dives-into-banking-with-national-launch-of-personal-loans/

Canadians can now borrow money through the post office.

Canada Post has partnered with TD Bank to offer personal loans between $1,000 and $30,000 at fixed or variable rates. Applications can be completed online.

Launched as a pilot project in Nova Scotia a year ago, the Canada Post loan project was quietly launched nationwide on September 12.

The MyMoney loan offers lower interest rates than other loan products and credit cards through Canada Post offices and is aimed at underserved areas.

“Canadians have told us they face limitations in accessing simple, affordable and transparent financial services,” Canada Post spokesperson Philipe Legault said in an email. “By combining Canada Post’s strength to serve the entire country with the expertise and security of a long-standing financial services provider, we believe we can improve access and options for more of Canadians.

Canada Post is a Crown corporation mandated to operate in rural areas. It has more than 6,000 post offices across Canada.

Now that the Internet has reduced demand for postal mail, Canada Post was considering redefining its services and making better use of its rural post offices, says Ken Wong, professor of marketing at Queen’s University Smith School of Business.

Canada Post lost nearly half a billion dollars last year, posting a pretax loss of $490 million in 2021.

“Over the past decade, as it has become increasingly clear that post offices are being used less and less, there have been many suggestions that Canada Post has, as one of its greatest assets, all that real estate,” Wong said. .

“The question was ‘what else can we do in all these places?’ For a long time, there had been talk of these postal areas being able to serve as bank counters,” he said.

“It’s really Canada Post trying to take advantage of all these locations and the fact that they have access to all these Canadians.”

Offering financial services is not a new concept for the Post. Canada Post already provides a wide range of financial services, including domestic and international money transfers, money orders, and the sale of payment options such as reloadable prepaid cards, gift cards, e-vouchers, and installments.

The Canadian Union of Postal Workers has long advocated that Canada Post provide banking and financial services to reach rural towns and villages that do not have access to banks and as an alternative to high interest payday lenders.

Canada Post has not said whether it plans to launch other banking services. “Right now, we’re focused on making the national launch a success,” Legault said.

Whether or not the new service will succeed remains to be seen, Wong said, especially in light of market uncertainty.

“I don’t think you’ll see much adoption in urban centers, but you’ll probably see it in more rural areas,” Wong said.

During the 2021 market test in select Nova Scotia post offices, Canadians used the loans for unexpected emergencies such as car repairs, vet bills and to help with larger purchases.

As soaring inflation drives up the cost of living, “some people are going to run out of resources,” so they might turn to a product like MyMoney that’s easily accessible, Wong said.

“But at the same time, there’s a lot of uncertainty with interest rates and inflation, so there may not be a lot of demand for loans.”


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Strange bedfellows call on CFPB to enact broader participation rule for personal loans https://swtorsave.com/strange-bedfellows-call-on-cfpb-to-enact-broader-participation-rule-for-personal-loans/ Tue, 27 Sep 2022 19:17:38 +0000 https://swtorsave.com/strange-bedfellows-call-on-cfpb-to-enact-broader-participation-rule-for-personal-loans/

The Center for Responsible Lending (CRL) and the Consumer Bankers Association (CBA) have filed a joint petition with the CFPB that urges the Bureau to engage in developing rules to define the biggest players in the personal loan market. In February 2022, the CFPB established a new procedure for members of the public to submit petitions for rulemaking (including changes to or repeals of existing rules). The petition has been registered by the CFPB. Under the new CFPB procedure, registered requests will receive a final response from the CFPB. (The ABC previously sent a letter in October 2021 to incoming director Chopra in which it urged the CFPB to adopt a broader participation rule for fintech consumer lenders.)

In their petition, CRL and CBA describe the consumer credit market as consisting of five segments: mortgages (including home equity loans and HELOCs), credit cards, auto loans, students and “other personal loans”. They describe the category of “other personal loans” as encompassing three types of loans which may be secured (other than by real estate interest) or unsecured: short-term installment loans (generally lasting from three months to year), longer-term loans and revolving lines of credit. Secured loans in this category include loans intended to finance the purchase of durable goods (such as a household appliance or mobile home) and loans backed by security over an existing asset of the borrower (such as a vehicle).

CRL and CBA note that in 2015, the Bureau announced in its regulatory agenda that it planned to develop a proposed rule to define large non-bank participants in the personal loan market, including installment loans. consumer and vehicle title loans, and reported in its Spring 2017 Regulatory Agenda report that it was working on such a rule. However, as they also note, the Bureau under former acting director Mulvaney reclassified rulemaking as inactive in its spring 2018 regulatory agenda and has not spoken on the matter since.

Reasons set out in the petition why the Bureau should resume rulemaking for larger participants include:

  • A rapidly growing personal installment loan market, particularly as a result of changes in state law that effectively ban payday loans;
  • A significant portion of consumers who use other personal loans, particularly consumers who obtain such loans from non-bank institutions, tend to be economically vulnerable consumers who cannot obtain credit through credit cards or HELOCs. , have exhausted their available credit or have incurred such debt that they need to refinance a credit card or HELOC;
  • Substantial growth in fintech targeting the subprime market and offering loans that consumers are struggling to repay;
  • The current regulatory regime creates an uneven playing field with CFPB-supervised banks and a significant risk that consumer protection issues affecting vulnerable consumers will go undetected; and
  • Risk-based supervision, because of the need for firm-specific findings, is not an adequate substitute for a higher participation rule in a market with a substantial number of significant participants.

In their petition, CRL and CBA recommend that the personal loan market be defined as follows:

Creation or management of closed or open lines of credit payable in installments and provided to consumers for personal, family, or household purposes other than loans secured by real estate, loans for post-secondary education as defined in 12 CFR 1090.106 (a), or automobile purchase or refinance loans as defined in 12 CFR 1090.108(a).

Regarding their recommendation that the Bureau cover both closed installment loans and open lines of credit, CRL and CBA state that “there is an ongoing debate as to whether [buy-now-pay-later (BNPL)] the loans are fixed principal loans or variable principal lines of credit” and state that “[g]Consolidating closed and open loans in the definition of a single market for personal loans will avoid potential inconsistencies with regard to the supervision of the Office and avoid potential uncertainties with regard to the coverage of BNPL loans.

Regarding their recommendation that the market be defined to cover both the origination and servicing of personal loans, CRL and CBA point to bank/fintech partnerships. Calling “questionable” the assertion that the bank in such partnerships is the true lender, they argue that it is clear that the non-bank partner is a covered person providing a consumer financial product or service in its role as loan manager. According to CRL and CBA, market definition to cover services and origination “will ensure that these non-custodial fintechs, if large enough to meet the higher participation threshold, are subject to Bureau oversight at least with respect to its service activities, including its billing activities, collection and provision of data to consumer reporting agencies. »

In August 2022, eight national trade groups filed a petition with the CFPB that urged the Bureau to engage in developing rules to define the largest participants in the data aggregation services market.

Extension of health benefits for precarious workers https://swtorsave.com/extension-of-health-benefits-for-precarious-workers/ Tue, 27 Sep 2022 14:49:59 +0000 https://swtorsave.com/extension-of-health-benefits-for-precarious-workers/

The Ford government has announced it is seeking comment on expanding publicly funded benefits, such as health care, dental care, prescription drugs and vision care, to cover the millions of working Ontarians living without benefits. They are specifically geared towards people who work in retail, the gig economy, and hospitality.

They ask employees and employers to complete a public survey. The survey results will help inform the province on the implementation of an expanded benefits plan.

“How you work or where you work shouldn’t determine whether you have access to benefits like health and dental plans,” said Monte McNaughton, Minister of Labour, Immigration , Training and Skills Development. “Our government is providing workers with the protection and confidence they need to provide for their families and build stronger communities for us all.

Most workers in Ontario who have permanent full-time jobs have medical and dental insurance. However, less than a quarter of people working part-time or in precarious jobs enjoy similar benefits, meaning that these workers and their families often have to make difficult choices between their health and other necessities like food and housing.

Independent contractors, gig workers, low-wage workers, newcomers, younger workers, and racialized people are less likely to have workplace benefits.

Public comments are open until December 16 and will help determine the recommendations of the Portable Benefits Advisory Committee, expected in summer 2023.

]]> Probability of Default Increases for High Yield Bonds and Leveraged Loans https://swtorsave.com/probability-of-default-increases-for-high-yield-bonds-and-leveraged-loans/ Mon, 26 Sep 2022 20:48:11 +0000 https://swtorsave.com/probability-of-default-increases-for-high-yield-bonds-and-leveraged-loans/

In another sign that the US economy is headed for a hard landing, the probability of default and actual defaults of leveraged loans and high-yield bonds continue to rise. Market signals, along with rating analysts and my research point to a default rate of around 2% or more for 2023-2024.

As I’ve written for nearly a decade, corporate America has been gorging itself in the depths of debt. Until recently, banking regulators in the Comptroller’s Office were keen to state that they would not impose any enforcement action against banks that over-lend to leveraged firms. This regulatory tone, coupled with a low interest rate environment, has also allowed companies to reach historic debt levels.

Today, however, the days of low interest rates have changed dramatically. If there was only inflation in the United States, highly indebted American companies might be able to handle the pressure, but inflation is global. Rate hikes by several key central banks around the world have not been able to eliminate the significant inflationary pressures that have arisen, particularly due to Covid-induced supply chain issues. As a result, US companies face rising prices for many inputs around the world. Additionally, a strengthening dollar means that goods and services from US exporters are increasingly expensive consumers and businesses in many foreign countries.

Eric Rosenthal, senior director of leveraged finance at FitchRatings, explained that “there are a handful of companies that could default in 4Q22 and propel the rate to 2%.” For example, “Ligado Networks LLC, the third largest transmitter in our Bonds of most concern in the market listing, is bidding at a very distressed level.

Fitch US High Yield Default Insight September shows the U.S. high yield default rate over the year (YTD) could climb as high as 1.7% from the current 0.8%, depending on Bausch Health Companies final amount
Inc. (Issuer Default Rating C) Distressed Debt Exchange (DDE). The pharmaceutical company announced anticipated exchange offer results totaling $5.6 billion out of a potential $11.8 billion, which would put the year-to-date default rate at 1, 2%.” If the exchange goes through (closing date is tomorrow September 27), “Bausch’s default would represent the largest since Frontier Communications Inc. in April 2020.”

Diebold Nixdorf Inc., Cooper-Standard Automotive Inc., Ahern Rentals Inc. (which canceled its DDE), Lannett Co. Inc. and Mountain Province Diamonds Inc. are other issuers on FitchRatings. Cheaper list which could be missing before the end of 2022. Rosenthal also stated that “Avaya
Inc. and Bed, Bath & Beyond Inc. are other significant issuers that we expect to default in 2023 but could default sooner.

Currently, Retail, Telecom and Broadcast/Media are likely to lead the default rate in 2023-2024. According to Rosenthal, “the default rate in these sectors is increasing due to very large defaults already anticipated rather than sectoral concerns.” FitchRatings analysts estimate that these sectors could “account for more than half of next year’s default volume, with these sectors reaching rates of around 10%.

Rosenthal also wrote to me that “the high yield bond universe continues to shrink (11e consecutive month) due to both lack of shows and rising stars exiting the market. Emissions were lackluster and contributed to the decline, “with five consecutive months of less than $10 billion in volume. Year-to-date mutual fund outflows of $38.9 billion, coupled with average secondary offering levels at 87.0, hampered market activity.

Investors and regulators should also be concerned that the riskiest loans in the B-rated leveraged loan markets now account for almost a third of the entire market. This is a strong market signal that the probability of default for these companies is increasing. This is the first time there has been such a high level of B loans in the 25-year history of the Morningstar LSTA US Leveraged Loan Index.

Risk managers at financial institutions should not be satisfied with the state of the markets for high yield and leveraged loans. Banks are certainly not immune to the deterioration in the leveraged loan market. Bank of America
CreditSuisse and Goldman Sachs lost more than $500 million in leveraged loan they took out to back Citrix Systems takeover
, the largest leveraged buyout in the United States this year. The loan was sold to investors at a discount of 16%.

Rising interest rates in several countries will negatively affect indebted companies that have floating rate loans or bonds outstanding. London interbank offered rates (LIBOR) are at their highest level since 2008 and other floating rates are also on the rise. This means companies with variable liabilities or that need to refinance this year and next year are vulnerable to higher borrowing costs and possibly default. And sadly, corporate American relief is nowhere in sight.

Note: Rodríguez Valladares has published over 40 articles on leveraged financial markets, corporate debt, and secured loan bonds. They can be found here.

Driving growth with digital health services https://swtorsave.com/driving-growth-with-digital-health-services/ Mon, 26 Sep 2022 16:55:59 +0000 https://swtorsave.com/driving-growth-with-digital-health-services/
Digiceuticals: driving growth through digital health services
Subhro Mallik, SVP and Head of Life Sciences at Infosys

There was huge interest in telemedicine before 2020. However, the COVID-19 pandemic made it a reality, triggering unprecedented disruption in the industry. For example, digital-focused healthcare aggregators had been testing telemedicine programs but, since 2020, demand for telehealth services has exploded worldwide. Despite stabilizing forces such as the deployment of vaccines, the use of telehealth remains 38 times higher than it was in the years before the pandemic (1). Health and wellness apps are proliferating in the mobile ecosystem, allowing consumers to consult medical experts from anywhere on any issue. A growing trend is the emergence of digital products as a way to track patient data from wearable devices and make real-time treatment recommendations.

The new normal has created opportunities as well as risks for pharmaceutical companies. Telemedicine certainly offers patients a way to continue to benefit from health services without going to the clinic. Nevertheless, there is a downward trend in the consumption of prescription drugs due to lower expenditure, in addition to increased generic competition and the increase in pharmaceutical fraud and counterfeiting which lead to consumer mistrust (2).

Digital Edge for the Pharmaceutical Industry

To stay on a healthy growth trajectory, pharmaceutical companies need to look for new ways to stay relevant and drive substantial efficiencies in their supply chains, range of services, and patient engagement. The application of digital technologies in pharmaceuticals – digital products – is a promising avenue.

Digiceutics refers to the use of digital technologies to improve patient care through the use of mobile applications, wellness assessments and trackers to monitor the impact of medications on physiology. In today’s era, these services are almost as important as actual medications in improving patient outcomes. The increasing penetration of smartphones, mobile applications and innovative partnerships between the pharmaceutical industry and technologies makes digitalization a key avenue for growth. While the global digital health market is expected to reach US$295.4 billion by 2028, the digital health services segment alone has captured the largest share of revenue in 2020 (3). Adoption of the digiceutical product line will help pharmaceutical companies move beyond being mere providers of disease-curing drugs. It presents a ripe opportunity to reposition themselves as healthcare providers through the combination of digital technologies and digital healthcare services apart from the delivery of pharmaceuticals.

Role of Big Data and Analytics

Implementing a digiteutic approach requires a combination of strong medical expertise with robust data management and advanced analytics, where big data and augmented analytics play a key role.

Most pharmaceutical companies have vast stores of patient data, medical records, insurance claims, prescription data, and more. When combined with data from health devices, wearables, and mobile apps, it gives them access to live streaming data on patient status, medication impact, and treatment progress. This data can be mined for real-time insights that benefit all stakeholders in the healthcare ecosystem through advanced analytics solutions. For example, dashboards that visualize insights from member data will be able to examine patient symptoms, enabling early diagnosis, encouraging preventative treatments and improving quality of life.

Digiceuticals leverages modern technologies such as data analytics, AI, blockchain, and machine learning to help pharmaceutical companies amplify revenue streams, reduce costs, and improve treatment outcomes . For example, it can accelerate the pace of drug development by automating research and enabling informed data discovery (4). Blockchain also finds application in this area by protecting intellectual property and ensuring transparency and authenticity (5). Other use cases include drug personalization by creating targeted medicines at lower cost using genomic data and patient health records. Life science companies that focus on medical devices can use IoT to track device health and provide timely maintenance, thereby reducing risk (4).

Payers will be able to better understand the specialty and popular drug market and develop better pricing and market access approaches. Insurers will be able to tailor premiums based on actual patient behavior and well-being, thereby incentivizing positive health outcomes. Healthcare providers will be able to track adherence, adjust medications, preemptively diagnose conditions, and streamline access to care through digital and mobile channels. Finally, patients will be able to access care on time, get the correct information and information in self-service, make informed decisions about treatment choices, quickly seek second opinions, get test results faster and, in the together, benefit from a better quality of care. life (6).


Pharmaceutical companies are under pressure to demonstrate whether their drugs are effective, which is essential to remain relevant. Thus, the expansion of digital health services will help them monitor patients’ symptoms and progress, which will benefit both healthcare providers and patients. Additionally, with the information freely available today, plan participants can carefully assess who they are engaging with, especially when it comes to their health. Promoting such engagement through smart digital products is the critical next step for pharmaceutical companies to be profitable and successful.

About Subhro Mallik

Subhro Mallik is Senior Vice President and Head of the Life Sciences Business Unit at Infosys, where he leads a team of customer partners and sales executives to grow Infosys’ business with existing and new customers. He brings a wealth of experience growing new businesses, building teams and ensuring profitable growth.

In his previous role, Subhro was Assistant Vice President and Head of Life Sciences, Americas. He also managed client relationships for one of the largest life science clients for Infosys (a top 5 Pharma). This account today offers IT, BPO and consulting services spanning the US, Europe and Asia. Subhro was a founding member and member of the unit leadership team for Infosys’ Infrastructure Services (IMS) business unit. He led the conceptualization of service offerings and go-to-market strategy for IMS.


1. https://www.mckinsey.com/industries/healthcare-systems-and-services/our-insights/telehealth-a-quarter-trillion-dollar-post-covid-19-reality

2. https://www.europeanpharmaceuticalreview.com/article/153871/six-major-risks-facing-pharmaceutical-manufacturers-in-2021/

3. https://www.prnewswire.com/news-releases/digital-health-market-size-worth-295-4-billion-by-2028–cagr-15-1-grand-view-research-inc- 301487217.html

4. https://www.polestarllp.com/analytics-in-pharmaceutical-companies#:~:text=Big%20data%20analytics%20in%20pharma%20can%20help%20pharmaceutical%20businesses%20to,past%20clinical%20trial %20events%20data

5. https://www.biospectrumasia.com/analysis/25/20238/5-transformative-merits-of-blockchain-in-pharma-.html#:~:text=Pharma%20giants%20like%20Pfizer%2C% 20Amgen,and%20reduce%20the%20development%20of%20drugs%20costs.

6. https://www.mckinsey.com/industries/life-sciences/our-insights/moving-digital-health-forward-lessons-on-business-building

Will personal loans become more expensive in 2023? https://swtorsave.com/will-personal-loans-become-more-expensive-in-2023/ Sat, 24 Sep 2022 14:00:21 +0000 https://swtorsave.com/will-personal-loans-become-more-expensive-in-2023/

Image source: Getty Images

There are reasons to think they might.

Key points

  • Personal loans allow you to borrow money for any purpose.
  • Despite this flexibility, 2023 may not be the best time to pull one off.
  • Borrowing in general could become more expensive in 2023, to stem rising inflation.

If you need money, whether to cover home repairs, renovations or medical expenses, you might be inclined to turn to a personal loan. The advantage of personal loans is that you are not obligated to finance a specific asset, whereas with a mortgage, for example, you can only use the proceeds of your loan to finance the purchase of a house.

Personal loans also tend to offer the advantage of relatively affordable interest rates. And that’s important, because the lower the interest rate on your loan, the less money you spend when you borrow.

But while it’s easy to see the appeal of personal loans, they may not be your best borrowing option next year. Indeed, personal loan interest rates could rise, making these loans a less affordable route than usual.

Discover: These personal loans are the best for debt consolidation

More: Prequalify for a personal loan without affecting your credit score

Why Personal Loan Interest Rates Might Rise

There are different factors that determine the rate you get on a personal loan. One factor is your credit score, and it is an important factor.

Since personal loans are unsecured, that is, they are not tied to a specific asset, lenders rely on your creditworthiness as a borrower when disbursing this money. The higher your credit score, the less risk the lender thinks it is taking. And lenders tend to reward low-risk borrowers with lower interest rates.

But another factor that goes into personal loan interest rates is general market conditions. And there are reasons to believe that borrowing will be more expensive across the board next year.

The Federal Reserve has aggressively raised interest rates in an effort to calm inflation and give consumers some much-needed relief. When rates rise, people tend to borrow less money, which could lead to lower spending. And while that might sound like a bad thing, we actually need to slow down spending a bit so that supply chains can catch up with demand and prices can come down.

But while higher borrowing rates can help slow the pace of inflation, they are likely to make life harder for consumers, including by leading to higher monthly loan payments. And so that’s a good reason to potentially avoid a personal loan next year. Signing one could mean paying a lot more interest than usual.

Other borrowing options to consider

Although personal loans can be quite affordable, next year you could pay more. And so, if you’re a homeowner, it pays to compare personal loan rates to home equity loan rates and see which option gives you the most competitive borrowing.

Many people are sitting on large amounts of equity in their homes since property values ​​are rising nationwide. And so if you’re in this boat, it’s worth seeing if a home equity loan will result in lower monthly payments than a personal loan.

On the other hand, if you don’t own a home, a personal loan could really become your most affordable bet in 2023 – even if you’re stuck with a higher rate through no fault of your own.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

Personal loan vs credit card: Know the difference https://swtorsave.com/personal-loan-vs-credit-card-know-the-difference/ Sat, 24 Sep 2022 07:19:28 +0000 https://swtorsave.com/personal-loan-vs-credit-card-know-the-difference/

Several financial tools can help you meet your immediate financial needs. And the two most common are credit cards and personal loans. If you don’t know which financial product to choose between these two, the following article will help you.

What is a personal loan?

Personal loans are unsecured and unsecured loans granted by financial organizations to meet your various financial demands. The funds from this loan can be used for legitimate purposes. The majority of borrowers use this loan to pay for a child’s education, wedding expenses, home design, business expenses, and medical bills.

The personal loan interest rate and loan amount are determined by your credit history. This means that the lender considers your credit report, employment status, experience, income, etc., before approving your application. They do this to determine your repayment capacity. If your profile is approved, the money will be credited to your account within 24-48 business hours.

When to use a personal loan?

There are many situations where applying for a personal loan is a wise decision. A few of them are listed below.

  • If you are short of some money when you admit your child to a graduate program, you can apply for a personal loan to cover the difference.
  • In case of a medical emergency, you can use this loan to pay for ambulance charges, intensive care charges, hospital room rent, diagnostic expenses, etc. Even if you have health insurance, there are certain situations that your insurer will not cover. Personal loans save you in such situations.
  • Personal loans are ideal for start-ups. Financial institutions do not lend business loans to entrepreneurs who are just getting started. The reason is a lack of corporate solvency. However, depending on your current source of income, you may qualify for a personal loan and use the funds for business purposes.
  • Other reasons to use this loan include home renovation, travel, buying a car or a two-wheeler, etc.

What is a credit card?

A credit card is a form of financial product issued by a financial institution with a predetermined credit limit. You can use this card to make cashless purchases at various retailers, malls, and grocery stores. The card issuer sets the card limit based on your creditworthiness or the volume of transactions you do with them.

Once you have the card and have made a purchase with it, you must repay the amount used within the specified time. Paying off debt on time will allow you to enjoy interest-free debt. However, in case of late payment, be prepared to pay a significant interest rate on the unpaid amount as a penalty.

When to use a credit card?

Credit cards, like personal loans, have no restrictions on their use. If you’re wondering when it’s best to use it, we’ve got you covered.

  • A credit card is ideal when you are traveling abroad and want to pay for purchases or other small expenses related to the reservation.
  • In case of a medical emergency, you can use your credit card to pay for small expenses such as pharmacy bills, doctor’s consultation fees, etc.
  • A credit card is suitable for the purchase of electrical gadgets such as smartphones, kitchen appliances and household equipment such as air conditioners.
  • Using a credit card is useful when your card provider offers a big cash back bonus on specific purchases.
  • If you have reward points on your card, it is recommended that you use them on a large purchase to get a big discount.

Credit Card vs Personal Loan: Know the Difference

1. Loan amount:

The loan offered under the personal loan can be up to Rs 5 lakhs. Thus, personal loans are ideal if your needs are greater. On the other hand, the credit card limit is relatively lower compared to personal loans. A person with a good credit score can usually get a card with a limit of Rs 1 lakh. However, there is a downside to using a credit card. Even if your borrowing limit is Rs 1 lakh, your credit score suffers if you consume more than 30% of the total amount. Personal loans are therefore superior in terms of loan amount.

2. Duration of the loan

Personal loans have a maximum repayment term of 60 months. In addition, the lender allows you to choose the term that best suits your budget. However, this is not the case with credit cards. The amount you used on your card was supposed to be refunded within two months, if not sooner.

3. Interest rate

Personal loan interest rates are based on your creditworthiness. If you have a strong repayment capacity, the lender will approve low rate loans. Whereas; credit cards have no interest charges if dues are paid on time. But, in case of default, the interest penalty can be around 36% per annum.

To conclude

Personal loans outperform credit cards in several ways. The former offers a higher loan amount, a longer repayment term and a lower interest rate. Required personal loan documents are also kept to a minimum to make the borrowing process hassle-free. Therefore, if your needs are greater, turn to personal loans for immediate help.

(Devdiscourse journalists were not involved in the production of this article. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse claims no responsibility for them.)