April 7, 2020
AFSPA Partner

CFSA Encouraging Members to Extend Flexibility in Small-Dollar Loan Repayment During COVID-19

3 Ways Payday Advances Can Help You Get Through the Coronavirus Outbreak

The COVID-19 coronavirus has spread to almost every country in the world - and it's causing massive layoffs and economic damage to countries that have issued lockdown and shelter-in-place orders for their residents.
Wondering how you may be able to cover unexpected expenses during the coronavirus outbreak? Payday loans or cash advances may be a helpful tool if you do not have a "rainy day fund" to cover unexpected costs. Here are just a few ways that payday advances can help you get through this pandemic.

1) Help Cover Expenses After Job Loss or Layoffs Until You Get Unemployment
In some countries like America, the rate of unemployment is expected to reach up to 30%. Total job losses could be as high as 47 million - and in other countries around the world like Italy, Spain, and France, the rate of job loss is just as dire.
Read more at TechBullion

AFSPA Partner

Having the ability to take payments immediately and deliver quality customer service is crucial in this industry.

Coronavirus will likely hit these states hardest financially, according to Moody's

Nevada is likely to be hit the hardest financially by the coronavirus outbreak, according to research compiled by Moody's Analytics.

"If you're getting hit hard now and businesses are failing, and there's bankruptcy and people are taking on debt or starting to default on debt, it's going to be harder for those economies to recover," Moody's Analytics Chief Economist Mark Zandi told Yahoo Finance. "So the No. 1 criteria for determining who recovers more gracefully will be who gets hit least hard during this period."

Moody's looked at six metrics: exposure to the COVID-19 (20%), demographics of the city and state (20%), trade and travel disruptions (20%), tourism (20%), finance (10%) and commodities (10%). The data, compiled on March 30, comes with a caveat: The virus is constantly evolving and spreading, making it difficult to pin down concrete numbers.

Nevada and Hawaii were likely to face more pain because of the massive hit to their tourism industries as most states have discouraged travel and put in place orders for people to stay at home. Read more at YAHOO FINANCE




WASHINGTON, D.C. - The Consumer Financial Protection Bureau (Bureau) today released a policy statement outlining the responsibility of credit reporting companies and furnishers during the COVID-19 pandemic. In response to the pandemic, many lenders are being flexible when it comes to consumers' making payments. The Bureau's statement underscores that consumers benefit if lenders report accurate information about these arrangements to credit bureaus so that the credit reports of consumers are accurate.

"During this time of uncertainty, we are providing clarity to ensure the consumer reporting industry can continue to function," said Director Kraninger. "Consumers rely on their credit report to purchase a new car, their new home, or to finance their college education. An effective consumer reporting system is critical in promoting fair and efficient access to credit in the consumer financial services market."

The Consumer Financial Protection Bureau


Pandemic closures complicate life for the unbanked

The coronavirus pandemic has undeniably hit low-income workers hard: 10 million Americans applied for unemployment insurance in just the last two weeks, many of them laid off from restaurants, retail outlets, and bars. And for a segment of these workers - people without a traditional bank account - everyday life has become particularly difficult as seemingly everything from government services to traditional retail moves online. This is the situation a full quarter of U.S. households with incomes under $15,000 find themselves in, according to data from the FDIC

Most U.S. households without a bank account say they don't have enough money to open one, according to the FDIC. Many banks require a minimum deposit, or require account holders to keep a minimum amount in an account to avoid high fees. For workers who don't make enough money paycheck to paycheck to set any aside, that can be nearly impossible.
Read more at FACING SOUTH


National Debt Holdings

Compliance and Integrity are the Keystones of Success at National Debt Holdings

We are dedicated to delivering the highest-quality service with honesty and accuracy to maximize performance for our clients while assisting consumers in their return to financial wellness.

National Debt Holdings is an official Certified Receivables Company (CRB) through Receivables Management Association International (RMAI). We have pledged to uphold the code of ethics which governs the professional conduct and behavior that is expected of members. Before certification, RMAI requires companies to pass a background check and demonstrate compliance with uniform and rigorous industry standards of best practice. The RMAI standards address principles that include account documentation, chain of title, consumer complaint & dispute resolution, statute of limitation compliance, vendor management, credit bureau reporting, and many other relevant operational procedures. Our RMAI Certification proves our dedication to professional growth and building compliant partnerships within the industry.

National Debt Holdings


Guidance on Preparing Workplaces for COVID-19

The Occupational Safety and Health Administration (OSHA) developed this COVID-19 planning guidance based on traditional infection prevention and industrial hygiene practices. It focuses on the need for employers to implement engineering, administrative, and work practice controls and personal protective equipment (PPE), as well as considerations for doing so.

This guidance is intended for planning purposes. Employers and workers should use this planning guidance to help identify risk levels in workplace settings and to determine any appropriate control measures to implement. Additional guidance may be needed as COVID-19 outbreak conditions change, including as new information about the virus, its transmission, and impacts, becomes available.
Read more at OSHA

Dreher Tomkies LLP

Online Payment Gateway: How to Manage Electronic Payments

An online payment gateway is an easy-to-implement solution that businesses can use to accept payments using a customer's preferred payment method.
There are numerous methods of electronic payment available - credit card, debit card, ACH, eCheck - and each has different authorization requirements. Compounded with all of the different ways to initiate transactions - in person, mobile, by phone, online - a payment gateway can be necessary for merchants to keep their businesses running smoothly.

This is where an online payment gateway can help. With an online payment gateway, a business can:
  • Automate Payments: An online payment gateway automates and streamlines billing and payments, allowing a business to instantly accept payment online, through a website or on a mobile device, over the phone, or in a retail environment.
  • Record Customer Data: An online payment gateway can preserve a record of all customer interactions, either becoming a customer relationship management system (CRM) or integrating new data with an existing CRM as it is generated.
  • Integrate with Financial Systems: Transactions occur in a number of different ways; an online payment gateway gathers all of the necessary information from electronic transactions, which can then be integrated with accounting and finance systems to provide a comprehensive view of a company's financial affairs.



Pawn shops see increase in customers searching for loans due to coronavirus uncertainty

WICHITA, Kan. (KSNW) - "People are out of work and don't know when they're going to get paid again," said Billy Haywood, Managing Partner at A-OK Pawn and Jewelry.

As other business are closing their doors, pawn shops like A-OK Pawn and Jewelry are seeing a spike in customers, not necessarily for whats in stock. "What we're seeing is an influx of people who need a small to medium sized cash loans to buy groceries with. Make sure they can get their phone bill paid," said Haywood.

People like Charles Dittrick are flocking there searching for some extra cash. "They've helped me a bunch sometimes I have to pawn my merchandise but I buy it back," he said.
Read more at KSN.COM


Coronavirus could disrupt how you handle your credit card debt

59% of credit card holders, or 110 million adults, entered the downturn with credit card debt.
Many of those borrowers have been carrying those balances for more than a year.
While conventional wisdom calls for knocking down those debts fast, you may want to shift your priorities to building a cash cushion instead.

The coronavirus has put the brakes on the economy. However, many individuals still face due dates for payments on lingering credit card balances.

A new survey from finds that 59% of credit card holders - or 110 million adults - entered the coronavirus pandemic and subsequent slowdown with credit card debt.
Read more at CNBC


Crush of demand, hurried timeline plague SBA program launch

Lenders continued to scramble Friday to digest a 31-page interim final rule the Small Business Administration (SBA) issued Thursday night, laying out the ground rules of the $350 billion Paycheck Protection Program, for which small businesses could apply the following day.

The program, part of the $2 trillion coronavirus stimulus package, offers loans of as much as $10 million with payments deferred for six months. The loans don't require collateral and will be forgiven if businesses keep their workforces largely intact and use the funds for payroll costs, mortgage interest, rent and utility payments for two months and if businesses retain and rehire employees.
Read more at BANKING DIVE


4 Major Cybersecurity Risks of Working From Home

And how your company should prevent and manage them.

Unprecedented numbers of people are working from home for the forseeable future, and we're dealing with everything from childcare to simply trying to find a quiet space for a call or to get work done. Our homes have become our offices, and in the rush to keep things going, we're using new systems and adhering to security policies in a way that's spotty at best.

At the same time, the boundaries between work and private life are breaking down: Business is being done over home ISPs, with unmanaged routers and printers, home automation systems in the background and even partners and children listening in on conversations or sharing machines while working for different organizations.



Alternative Financial Service Providers Association

315 Tuscarora St., Lewiston, NY 14092