best online payday loan

Dollar Loan Center, the respondent in the suit, didn’t return requests for comment Nevada’s highest court has ruled that payday lenders can’t sue borrowers who take out and default on secondary loans used to pay off the balance on an initial high-interest loan. In a reversal from a state District Court decision, the Nevada Supreme Court ruled in a 6-1 opinion in December that high interest lenders can’t file civil lawsuits against borrowers who take out a second loan to pay off a defaulted initial, high-interest loan. The court’s ruling focused on a specific area of Nevada’s laws around high-interest loans – which under a 2005 state law include any loans made above 40 percent interest and have a bevy of regulations on repayment and renewing loans Advocates said the ruling is a win for low-income individuals and will help prevent them from getting trapped on the “debt treadmill,” where individuals take out additional loans to pay off an initial loan but are then trapped in a cycle of debt, which can often lead to lawsuits and eventually wage garnishment – a court mandated payday loans Livingston Tennessee cut of wages going to interest or principal payments on a loan. “This is a really good outcome for consumers,” said Tennille Pereira, a consumer litigation attorney with the Legal Aid Center of Southern Nevada. “It’s one thing to be on the debt treadmill, it’s another thing to be on the garnishment treadmill.” […]

What’s different about the second-draw PPP loans? The CRRSAA created the opportunity for businesses and nonprofits to apply for a second PPP loan if they meet certain criteria. The second-draw loans are more targeted than first-time PPP loans, and to qualify, businesses must 1) have previously received a PPP loan and used the full amount only for authorized uses; 2) have fewer than 300 employees; and 3) have had a 25% reduction in gross receipts during at least one quarter of 2020 versus the same quarter of 2019. The maximum loan size for a second PPP loan is $2 million versus $10 million for a first-time PPP loan. Additionally, the SBA has created a hub on second-draw PPP loans that may be useful. How do I calculate the maximum amount for my PPP loan? For first-time PPP loans, businesses and nonprofits generally can request a maximum loan amount of 2.5 times the average monthly 2019 payroll. Insurance payments can also be included in payroll costs. The SBA has also created an explainer for first-time PPP loans that outlines calculations for different types of businesses. For second-draw PPP loans, the maximum loan amount is calculated as 2.5 times average monthly 2019 or 2020 payroll costs for a maximum of $2 million. For borrowers in the accommodation and food sectors, they may qualify to use a higher calculation of 3.5 times average monthly 2019 or 2020 payroll costs, but the maximum amount remains at $2 million. Work with an accountant or financial advisor to make sure you calculate the loan amount correctly. Notably, in , the SBA changed the maximum loan size sole proprietors and independent contractors can apply for, basing it on gross income instead of net income. […]

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