interest rates – Island Crisis http://islandcrisis.net/ Wed, 16 Mar 2022 19:09:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://islandcrisis.net/wp-content/uploads/2021/04/default1-150x150.png interest rates – Island Crisis http://islandcrisis.net/ 32 32 10-Year Fixed Mortgage Rates | fox business https://islandcrisis.net/10-year-fixed-mortgage-rates-fox-business/ Wed, 16 Mar 2022 19:09:00 +0000 https://islandcrisis.net/10-year-fixed-mortgage-rates-fox-business/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. Although 10-year mortgage rates are generally lower […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

Although 10-year mortgage rates are generally lower than longer-term mortgages, you should weigh the pros and cons before choosing one. (Shutterstock)

Nearly 90% of buyers choose a 30-year mortgage when buying a home, according to Freddie Mac. Although 10-year mortgages are less popular, they may also be worth exploring. Compared to 30-year mortgage rates, 10-year mortgage rates are generally lower.

But 10-year mortgages also have drawbacks, such as higher monthly payments than longer-term loans. Here’s what you need to know about 10-year mortgage rates, the pros and cons of 10-year mortgages, and how to find a mortgage that best suits your needs and budget.

If you’re considering a 10-year mortgage, Credible lets you compare pre-qualified mortgage rates in minutes.

Current Trends in 10-Year Mortgage Rates

Here’s how mortgage rates have moved over the past 12 months.

Historical mortgage rates

Here’s what the average annual mortgage interest rate looked like over the past three decades.

How Credible Mortgage Rates Are Calculated

Changing economic conditions, central bank policy decisions, investor sentiment and other factors influence the movement of mortgage rates. Credible’s average mortgage rates and mortgage refinance rates are calculated based on information provided by partner lenders who pay compensation to Credible.

The rates assume a borrower has a 740 credit score and is borrowing a conventional loan for a single-family home that will be their primary residence. Rates also assume no (or very low) discount points and a 15% deposit.

Credible mortgage rates will only give you an idea of ​​current average rates. The rate you receive may vary depending on a number of factors.

Credible, it’s easy to compare mortgage rateswithout affecting your credit score.

Advantages of a 10 year mortgage

A 10-year mortgage has several advantages, including:

  • Lower interest rates — A 10-year mortgage usually has a lower rate than a longer-term loan. If you get one, you could save a lot of money on interest.
  • Lower Total Refund Amount — The amount of money you pay over the term of the loan will likely be less than what you would pay with a longer term loan. For example, if you took out a $200,000 15-year mortgage at 3% interest, you would pay $248,609 over the life of the loan. In contrast, taking out a 10-year mortgage with the same term, rate, and amount would cost a total of $231,745, a difference of $16,864.
  • Build equity faster — Since your loan term is shorter, more of your payments will go towards the principal. This allows you to build up equity in your home faster.

Disadvantages of a 10 year mortgage

But 10-year mortgages also have some drawbacks that you’ll want to consider:

  • Higher monthly payments — Since your payments are only spread over 10 years, your monthly mortgage payments will be higher than a longer-term mortgage.
  • Less flexibility in your budget — Due to higher payments, you may have less cash to devote to other important financial goals, such as retirement.
  • Potentially smaller loan — With a higher monthly payment, you may have a harder time meeting a lender’s minimum debt-to-equity ratio and borrowing the amount of money you want to spend on a home.

Find the mortgage that’s right for you

Follow these steps to find the right one mortgage lender and the mortgage that best suits your unique financial needs and goals:

  1. Check your credit. Before you start shopping for your mortgage, check your credit report to see how your score is and to check for any errors. This will give you an idea of ​​the mortgage products you may be eligible for.
  2. Review your budget. Before taking out a mortgage, review your monthly expenses and income to see how much you can afford. If you need help, consider using a mortgage calculator to estimate your mortgage costs.
  3. Research and compare lenders. To find the best mortgage lender, you have to shop around. You can visit several lender websites to review and compare key features, such as rates, terms, assembly costsand closing costs.
  4. Get pre-approved. Once you’ve chosen the best lender for your situation, submit a pre-approval request to get an estimate of rates and terms. This usually requires a soft credit check, which won’t affect your credit. Once you have officially applied for a loan, the lender will perform a thorough credit check, which may cause your credit score to drop temporarily.

How to get a good 10-year fixed rate

When you apply for a 10-year mortgage, lenders will consider these factors, among others, to determine the interest rate to offer you:

What credit rating do you need to get a good 10-year mortgage rate?

While the credit score you need to get a good 10-year mortgage rate varies by lender, here’s a breakdown of your FICO score, which most lenders use when reviewing your credit:

  • 350 to 580 — Poor
  • 580 to 669 — Fair
  • 670 to 739 — Good
  • 740 to 799 — very well
  • 800 to 850 — Exceptional

Most conventional mortgage lenders want to see a credit score of at least 620 to approve you for a home loan. Certain types of mortgages, such as VA loans and USDA loans, do not have a minimum credit score requirement. Although it is possible to get a home loan with bad credityou may not receive the best interest rates.

Is a 10-year fixed mortgage a good deal?

Whether a 10-year fixed mortgage is a good deal depends on your budget. If you can afford higher monthly payments, this option could save you thousands of dollars in interest and help you pay off your home faster. But if choosing this option would stretch your budget too much, it’s probably best to choose a longer-term mortgage.

If you’re ready to buy a home, use Credible to compare mortgage rates from multiple lenders, all in one place.

Should you get a fixed rate mortgage or an adjustable rate mortgage?

A fixed rate mortgage has an interest rate that remains fixed for the life of the loan. In contrast, an adjustable rate mortgage has a rate that is fixed for a certain period of time (and often lower at the beginning) and then fluctuates depending on the current market. This type of mortgage is also called an adjustable rate mortgage or ARM.

If you prefer predictable monthly payments and plan to live in your home for a long time, a fixed rate mortgage is probably the best option. But if you don’t plan to stay in the house for long and want a lower rate initially, it might be a good idea to get an adjustable rate mortgage.

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Google Takes Advantage Of ‘Predatory’ Lending Ads Promising Instant Cash | google https://islandcrisis.net/google-takes-advantage-of-predatory-lending-ads-promising-instant-cash-google/ Sun, 13 Mar 2022 09:41:00 +0000 https://islandcrisis.net/google-takes-advantage-of-predatory-lending-ads-promising-instant-cash-google/ Google profits from ads promoting ‘instant’ money and loans delivered ‘faster than pizza’ despite pledging to protect users from ‘deceptive and harmful’ financial products. The adverts were shown to people in the UK who searched for terms such as “quick money now” and “need financial help” and directed users to companies offering high interest loans. […]]]>

Google profits from ads promoting ‘instant’ money and loans delivered ‘faster than pizza’ despite pledging to protect users from ‘deceptive and harmful’ financial products.

The adverts were shown to people in the UK who searched for terms such as “quick money now” and “need financial help” and directed users to companies offering high interest loans.

One, listed in Google search results above links to the government website and debt charities, promised “guaranteed money in ten minutes” for people with “very bad credit”.

The Advertising Standards Authority said last night it was assessing 24 adverts identified by the Observerpaid for by 12 advertisers, including loan companies and credit brokers as well as suspected scammers.

The regulator said many of the promotions were likely to breach rules on socially responsible advertising which state that advertisements must not “trivialize” loan underwriting. “A disproportionate emphasis on speed and ease of access to interest rates is likely to be considered problematic,” according to its guidelines.

Google said the ads flagged with it violated its policies and had been removed. He previously pledged to fight “predatory” loan promotions, banning ads for payday and high-interest loans in 2016.

The promotions appeared to clearly violate its policy, explicitly referring to “payday loans” and linking to websites offering ultra-high interest rates of up to 1,721%. Many ads removed by Google on Friday had been replaced with similar promotions within hours, some from the same advertisers reported by the Observer.

Loan ads on Google. Photography: Google

It comes amid a growing cost of living crisis, described by the Institute for Fiscal Studies as the worst financial crisis in 60 years.

Households are battling rising prices on multiple fronts, including rising energy bills, grocery costs, and gasoline and diesel prices, compounded by supply chain disruptions and issues caused by the pandemic, Brexit and the war in Ukraine.

Charities and debt campaigners have said such loans could trap people in financial difficulty, who may impulsively apply and find themselves “trapped in a spiral”.

Adam Butler, head of policy at debt charity StepChange, said financially vulnerable people were most likely to be drawn in “due to a complete lack of borrowing alternatives”. “Repeated use of these types of products to make ends meet – often the reason people turn to this type of borrowing – can trap people in a spiral that is very hard to get out of,” a- he declared. “With the cost of living crisis set to get even worse in the coming months, there is every chance that we will see an increase in the number of people forced to turn to this type of loan just to s ‘get out.”

Many promotions appeared to be deliberately aimed at people in financial difficulty, with messages such as “bad credit, welcome”. They suggested there would be little review with messages such as “no credit check” and “no call”.

An ad read: “Instant payday loans paid in 10 minutes. Bad credit OK, irrelevant credit history. Another company described the loans available as suitable for “small emergencies”.

Another website, Tendo Loan – one of the most prolific advertisers – claimed to offer: “Cash in 10 minutes guaranteed. 3-36 months. No credit checks! It added: “A loan delivered faster than pizza! 2 minutes to apply and 10 minutes to deposit to your account. Apply 24/7. Tendo Loan did not respond to requests for comment.

The Financial Conduct Authority said adverts suggesting the loans were ‘secured’ or involved ‘no credit checks’ were misleading. He said companies should not make ‘false’ claims, such as suggesting that credit is available regardless of a customer’s financial situation or status, and could be subject to action of execution.

In some cases, the advertisements appeared to be linked to fraudulent websites, redirecting users to websites where they entered their personal information, including banking information, phone number, date of birth and address.

Yvonne Fovargue, chair of the all-party caucus on debt and personal finance, described the ads as “online harm” and called on Google and the government to tackle them.

“It’s an obvious targeting ploy for people on the edge who, instead of taking out a loan, should seek debt advice,” she said.

The ASA has previously ruled against payday lenders and said it is evaluating evidence of potential violations.

He added that while “responsibility ultimately rests with the advertiser”, media platforms such as Google “also have some responsibility to ensure that content complies with the rules”. “Platforms should and are taking steps to ensure misleading and irresponsible ads are not posted,” a spokesperson said.

Google said, “We have strict advertising policies in place for financial services products and prohibit ads for payday loans. We have a dedicated team working to protect users from malicious actors trying to evade detection. In 2020, we blocked or removed over 123 million ads for violating our financial services policies. »

Stella Creasy, anti-payday lending campaigner and Labor MP for Walthamstow, described companies offering super-high-interest short-term loans as ‘legal loan sharks’ who seek to ‘exploit’ people’s financial difficulties. “We need the government and regulators to remain constantly vigilant and act to stop these companies before they make a bad situation worse for so many people,” she said.

]]> MoneyMutual Review: The Leading Payday Loan Company to Use? https://islandcrisis.net/moneymutual-review-the-leading-payday-loan-company-to-use/ Wed, 09 Mar 2022 20:07:36 +0000 https://islandcrisis.net/moneymutual-review-the-leading-payday-loan-company-to-use/ And if you had an emergency today – your car broke down, you ended up in the hospital, an unexpected house repair, anything could happen. Do you have an emergency fund to help cover unexpected expenses, or will you have to rely on family, friends or, even worse, a credit card? MoneyMutual is a free […]]]>

And if you had an emergency today – your car broke down, you ended up in the hospital, an unexpected house repair, anything could happen. Do you have an emergency fund to help cover unexpected expenses, or will you have to rely on family, friends or, even worse, a credit card? MoneyMutual is a free resource that connects lenders with borrowers who can grant short-term loans to people ranging from $200 to $5,000, often within 24 hours. Customers can access the company online and fill out a simple form that gives access to over 90 lenders. One can choose the lender based on who has the best offer.

However, most people wonder if MoneyMutual is a lender and how the process works. This review provides comprehensive information to help you learn how MoneyMutual works.

What is MoneyMutual?

MoneyMutual is an online resource whose website at MoneyMutual.com gives you access to several lenders available in your area. MoneyMutual was founded in 2010 and has a proven track record of providing customer-focused services to Americans who might need help covering an unexpected expense. They are a member of the Alliance of online lenders and provide useful information on their website to help consumers recognize websites that may be trying to take advantage of people or obtain their information to use for identity theft or fraud. Montel Williams served as the company’s spokesperson for nearly a decade.

How does the short-term loan company work?

MoneyMutual offers its customers easy access to lenders who offer short-term loans. It provides access to lenders who offer loans to people with bad credit and people who need access to money faster than traditional loans could provide. A recent survey found that nearly 60% of Americans cannot cover an unexpected $1,000 bill with savings.

People over 18 with a verifiable income of at least $800 per month and an official bank account can find a lender through MoneyMutual. Fill out the form on the website and check out the different lenders recommended by the company. The company partners with over 90 lending companies, ensuring customers choose when reviewing loans on offer.

Once you have chosen the best deal through MoneyMutual, you are directed to the lender’s website and provide more details for loan processing to begin. Here is a detailed breakdown of how the system works:

  • Provide personal information: MoneyMutual gives you access to an online form where you will submit your information
  • Review by lenders: Lenders review the information to determine the appropriate amount to offer.
  • Receive the money: Once the lenders approve the application, they deposit the money directly into your account within 24 hours.
  • The amount one can borrow through MoneyMutual ranges from $200 to $5,000.

Are there any fees associated with MoneyMutual?

Filling out the form on the website is free. You will not pay MoneyMutual at any time. You will repay your loan to the lender you sign up with. It is essential to review the terms and conditions before choosing a lender to understand how much it may cost to borrow.

How long will it take you to use MoneyMutual?

The online form is easy to fill out. This may take you a maximum of ten to fifteen minutes if this is your first time using the site. Frequent customers may take less time since the site has the information. Once you complete the online form, the lender reviews it and makes you an offer – if you accept, the money can be available within 24 hours.

How do Money Mutual lenders work?

MoneyMutual offers its clients access to more than 90 lenders. Each lender reviews the personal information provided and goes through the financial history before approval. You choose the best lender based on your needs.

Lenders review information using the following process:

  • Once you submit the information, the lending company reviews all the details provided
  • Lenders follow the requirements before making a final decision
  • If the lenders approve the application, you will be directed to the lender’s official website to accept the terms and conditions of the loan.
  • In some cases, the customer service team may contact you to confirm details, such as your bank account, before finalizing the process.

The process is simple and only takes a maximum of 24 hours once approved. All payday lenders at MoneyMutual are open with all required fees and charges. They also charge the recommended interest rates required by law. It is essential to check all charges to avoid any inconvenience.

What is MoneyMutual’s interest in the whole process?

MoneyMutual is a resource for your loan application process. They give you access to different payday lenders in your area where you can borrow money quickly. All clients are requested to read the terms and conditions carefully before entering into any contract with the lenders.

You do not pay any fees for the loan application MoneyMutual, you enter into a contract with the lending company, and they each have their terms and conditions. MoneyMutual collects fees from the lender, not the borrower, so it has no financial interest in your loan until you register with the provider of your choice.

What do most customers say about MoneyMutual?

The lending industry, particularly the area of ​​payday loans, has a shady reputation. However, MoneyMutual is one of the oldest companies that connects customers with the most trusted loan companies. They have served over two million customers over the past ten years.

Most customers agree that MoneyMutual operates as it advertises itself. It gives them access to several payday loan companies, thus creating a link between the lending company and the customers.

Most customer reviews indicate that the loan companies on MoneyMutual have a transparent lending system with favorable interest rates. Many users also decided to try MoneyMutual after seeing the advertisements on TV.

Some of the negative MoneyMutual reviews come from customers who did not read the terms and conditions of the lending company before accepting the offer.

What are the requirements for applying for a loan via Money Mutual?

The following conditions must be met before applying for a short term loan through MoneyMutual.

  • Be at least 18 years old
  • Have a verifiable income of $800 per monthwhether it’s a job or other income
  • Have a bank account
  • Different lenders may require additional requirements such as a social security number.

Money Mutual contact details

MoneyMutual is an online company headquartered in Las Vegas, Nevada. The company does not offer loans but provides access to over 90 lending companies. Montel Williams was the longest serving spokesperson representing the company for eight years.

Their website has an excellent section for frequently asked questions and walks you through the process carefully, as well as things to look out for if you choose to use other resources to research a loan. For example, they explain some of the typical “red flags” when dealing with sites that want your personal information. However, if your question is not answered on their website, you can contact them in one of the following ways;

  • Mailing address: MoneyMutual, LLC 2510 E. Sunset Rd. Ste 6, #85 Las Vegas NV, 89120
  • Email: customerservice@moneymutual.com
  • Phone number: 844-276-2063

Final verdict on the MoneyMutual company

A recent study established that 40% of Americans cannot raise $400 in an emergency. MoneyMutual exists to help Americans access money in an emergency. The online company provides you with a list of loan companies in your area.

These companies offer short-term loans ranging from $200 to $5,000. The loan system is fast and it only takes 24 hours for the money to be paid into your bank account. Visit the official site and learn more about MoneyMutual.

RELATED:Best Bad Credit Loans (2022) Top High Risk Personal Loan Companies

Sources

  • https://www.consumerfinance.gov/ask-cfpb/what-is-a-payday-loan-en-1567/
  • https://www.federalreserve.gov/publications/files/2017-report-economic-well-being-us-households-201805.pdf

Affiliate Disclosure:

The links contained in this product review may result in a small commission if you choose to purchase the recommended product at no additional cost to you. This serves to support our research and writing team. Know that we only recommend high quality products.

Warning:

Please understand that any advice or guidance revealed herein does not even remotely replace sound medical or financial advice from a licensed health care provider or licensed financial advisor. Be sure to consult a professional doctor or financial advisor before making any purchasing decisions if you are using any medications or have any concerns from the review details shared above. Individual results may vary as statements regarding these products have not been evaluated by the Food and Drug Administration or Health Canada. The effectiveness of these products has not been confirmed by the FDA or Health Canada approved research. These products are not intended to diagnose, treat, cure or prevent any disease or to provide any get-rich-money scheme.

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Federal student loan repayments restart in 2 months: How borrowers can prepare https://islandcrisis.net/federal-student-loan-repayments-restart-in-2-months-how-borrowers-can-prepare/ Tue, 01 Mar 2022 20:23:10 +0000 https://islandcrisis.net/federal-student-loan-repayments-restart-in-2-months-how-borrowers-can-prepare/ article Student borrowers are expected to resume payments in May after two years of federal forbearance. Here’s what you need to know. (Stock) Federal student loan repayments will resume in May for the first time since the COVID-19 pandemic began in March 2020. That gives borrowers just two months to start preparing your finances after […]]]>

Student borrowers are expected to resume payments in May after two years of federal forbearance. Here’s what you need to know. (Stock)

Federal student loan repayments will resume in May for the first time since the COVID-19 pandemic began in March 2020. That gives borrowers just two months to start preparing your finances after two years of federal abstention.

Democrats have warned President Joe Biden that resuming payments without student loan cancellation would be “disastrous” before the 2022 midterm elections. polling data suggest While most Americans want the student loan payment suspension extended through the end of the year, the Biden administration has not announced plans to extend the forbearance again.

Keep reading to learn how to prepare for federal student loan repayment, including income-contingent repayment, additional federal deferment, and student loan refinancing. You can compare student loan refinance rates on Credible for free without affecting your credit score.

STUDENT LOAN PAYMENT BREAK COST GOVERNMENT $100B

How to Prepare for the End of Student Loan Forbearance

Federal borrowers are expected to start paying off student loan debt again in just two months. Missed payments can be reported to major credit bureaus, which can affect your credit score. Long periods of delinquency render you ineligible for federal benefits such as deferment or forbearance, and may potentially result in wage garnishment.

If you’re not ready to resume federal student loan payments, here’s how you can start preparing now:

  • Check the repayment terms of your loan. To visit the Federal Student Aid (FSA) website to see your loan balance, monthly payment amount, and payment due date.
  • Sign up for automatic payments again. Borrowers whose student debt was transferred to a new loan servicer will need to re-enroll in Autopay to avoid missing a payment in May.
  • Set up an income-contingent reimbursement (IDR) plan. Federal student loan borrowers may be able to limit their monthly payments to 10-20% of their disposable income via an IDR plan.
  • Apply for additional federal deferment. Economic hardship and unemployment deferment give eligible borrowers an additional 36 months of federal forbearance, during which interest accrues.
  • Refinance your student loans at a lower rate. According to recent credible analysis.

It is important to note that refinancing your federal student debt into a private student loan will make you ineligible for certain protections, such as IDR plans, administrative forbearance, and federal student loan forgiveness programs. You can learn more about refinancing student loans on Credible to determine if this debt repayment strategy is right for your financial situation.

POLL: AMERICANS DOUBT PRESIDENT BIDEN WILL CANCEL STUDENT LOANS IN 2022

Private lenders can offer more competitive student loan rates

Among all existing student borrowers, the average interest rate is 5.8%, according to Education Data Initiative. The interest rate you pay depends on the type of student loan you have, such as Program Direct Loans or Parent PLUS Loans. These are the average federal interest rates by loan type between 2006 and 2022, by credible data:

  • Undergraduate direct loans: 4.60%
  • Direct loans to graduates: 6.16%
  • Direct PLUS Loans: 7.20%

In comparison, qualified borrowers who refinanced their student loans on Credible during the week of February 14 experienced average rates of 3.75% for 10-year fixed rate loans and 3.10% for 5-year variable rate loans.

While federal student loan rates are based on when you took out the loan, private student loan rates tend to vary based on credit score and debt-to-income ratio (DTI). Borrowers with fair or poor credit may consider use a creditworthy co-signer to increase their chances of getting a low rate.

average-student-loan-refi-rate-by-credit-rating.jpg

Student loan refinancing has the potential to saving borrowers thousands of dollars over time, but it may not be the right decision for everyone. If you are considering applying for student loan forgiveness programs like Civil Service Loan Waiver (PSLF)refinancing a private student loan would make you ineligible.

Borrowers who do not plan to use federal student loan benefits may consider refinancing their student loan while rates are low. Refinancing your student loan at a lower interest rate can help lower your monthly payments, pay off debt years faster and save money over the life of the loan.

As an added benefit, private student lenders are prohibited from charging refinancing fees. The interest rate you pay represents the total cost of borrowing for the loan. A student loan refinance calculator can help you decide if this financial strategy is right for you.

You can browse current student loan refinance rates from several online lenders in the table below. Then you can visit Credible for see your estimated rate with a soft credit check, which won’t hurt your credit score.

BIDEN ADMINISTRATION CANCEL ANOTHER $415M STUDENT LOAN DEBT: ARE YOU QUALIFIED?

Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

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The owners are sitting on $9.9 trillion in equity. Here’s how to get the most out of yours https://islandcrisis.net/the-owners-are-sitting-on-9-9-trillion-in-equity-heres-how-to-get-the-most-out-of-yours/ Sat, 19 Feb 2022 12:32:40 +0000 https://islandcrisis.net/the-owners-are-sitting-on-9-9-trillion-in-equity-heres-how-to-get-the-most-out-of-yours/ Image source: Getty Images There are different ways to leverage the equity in your home. Key points Home prices soared in 2021 as low mortgage rates fueled buyer demand. American owners are now sitting on $9.9 trillion in equity that they can use to their advantage. It’s no secret that home prices have skyrocketed over […]]]>

Image source: Getty Images

There are different ways to leverage the equity in your home.


Key points

  • Home prices soared in 2021 as low mortgage rates fueled buyer demand.
  • American owners are now sitting on $9.9 trillion in equity that they can use to their advantage.

It’s no secret that home prices have skyrocketed over the past year. Just ask any homebuyer who has tried to bid on a property to be shocked at how many other offers there are.

But while high home values ​​are bad for buyers, they are good for sellers and owners. Currently, the latter group is sitting on an all-time high of equity.

A dazzling increase in equity

Home equity refers to the part of your home that you fully own. You can calculate the amount of equity in your home by taking its market value – that is, the price it can sell for – and subtracting your mortgage balance. If you own a home worth $500,000 and owe $200,000 on your mortgage, that leaves you with $300,000 of equity that you can leverage.

At the end of 2021, home equity rose to $9.9 trillion nationally, according to data firm Black Knight. This is a 35% increase over the previous year. It also leaves the average homeowner with $185,000 of workable equity.

What to do with the equity in your home

Having a lot of home equity gives you a number of options, not least because you can borrow against that equity or even withdraw some of it.

Let’s say you have some home renovations you were hoping to do. If you’re borrowing against your home’s equity, those renovations could become a reality. You can also use the equity in your home to pay off unhealthy debt, like a credit card balance. And while it’s a good idea to use the equity in your home to achieve important financial goals, you can technically leverage that equity for any purpose, which means you can borrow against your home to take a vacation if you wish (even if it is not recommended) .

How to access the equity in your home

There are a few options you can use to leverage the equity in your home. First, you can borrow against your home through a home equity loan or a line of credit (HELOC). Neither option requires you to take out a new mortgage. Instead, you take out a separate loan or line of credit and continue to pay off your existing home loan.

With a home equity loan, you borrow a lump sum of money that you pay back in equal installments. The interest rate on this loan will be fixed, which is a good thing right now. Interest rates have risen and may continue to rise this year.

With a HELOC, you have access to a line of credit that you can draw on within a set time frame, usually five to ten years. You will only accrue interest on the portion of your HELOC that you operate, so if you get a $10,000 HELOC but borrow $8,000, the remaining $2,000 will not create a financial liability for you. However, HELOC interest is generally variable, so you run the risk of your interest rate increasing over time.

Finally, you can tap into the equity in your home with a cash refinance. This requires you to get a brand new mortgage – one where you borrow more than your remaining balance and get the rest in cash.

While today’s refinance rates are still competitive, they have steadily increased. If you’re going to lock yourself into a long-term loan, it might be worth moving before rates continue to rise.

The equity in your home gives you more options. It also puts you in a position where you can make a good profit from the sale of your home. In fact, last year the average seller walked away with a profit of around $94,000, so if you’ve been thinking about putting your home up for sale, now might be the time to do so.

A Historic Opportunity to Save Potentially Thousands of Dollars on Your Mortgage

Chances are interest rates won’t stay at multi-decade lows much longer. That’s why it’s crucial to act today, whether you want to refinance and lower your mortgage payments or are ready to pull the trigger on buying a new home.

Ascent’s in-house mortgage expert recommends this company find a low rate – and in fact, he’s used them himself to refi (twice!). Click here to learn more and see your rate. While this does not influence our product opinions, we do receive compensation from partners whose offers appear here. We are by your side, always. See The Ascent’s full announcer disclosure here.

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How does an installment loan process work at Heart Paydays? https://islandcrisis.net/how-does-an-installment-loan-process-work-at-heart-paydays/ Thu, 17 Feb 2022 18:38:35 +0000 https://islandcrisis.net/how-does-an-installment-loan-process-work-at-heart-paydays/ An installment loan allows the borrower to withdraw a certain amount of money over time. The loan is then repaid in installments. Typically, installment loans come with fixed payment amounts – they don’t vary throughout the loan. However, loan interest rates may vary depending on the lender and the terms of the loan. Examples of […]]]>


An installment loan allows the borrower to withdraw a certain amount of money over time. The loan is then repaid in installments. Typically, installment loans come with fixed payment amounts – they don’t vary throughout the loan. However, loan interest rates may vary depending on the lender and the terms of the loan.

Examples of Tribal Installment Loans

Tribal installment loans for bad credit

Bad credit loans are great short-term cash solutions for people facing emergency expenses, but who have a very bad credit history. Lending platforms that offer these services are often not concerned with the borrower’s credit history. Instead, they only focus on whether or not they can repay their loans on time.

Tribal installment loans for bad credit

Credit score plays an important role in determining whether one is qualified for a loan. Borrowers with good credit ratings are often eligible for more loans than those with poor credit ratings, i.e. riskier applicants.

Alternatively, if you have a bad credit score, you can turn to Heart Paydays for a quick tribal installment loan for bad credit. The loan broker will connect you with a perfect loan company to solve your financial emergency needs here.

Tribal installment loans with a co-signer

A co-signer is someone who signs a loan agreement with another person. The co-signer agrees to take on the legal obligation to repay the loan if the applicant does not repay the loan on time. Additionally, the co-signer can help the applicant obtain loans on reasonable terms to reduce the lender’s risk.

Tribal Installment Loans No Teletrack

Teletrack was incorporated into the lending industry in 1989, making it a relative newcomer to the world of business-to-business financial systems. Its main function is to follow the personal credit files of creditors in search of quick information on potential customers.

Teletrack is a modern approach used to check borrower’s credit history. It gives lenders details of all credit records, such as credit card applications or mortgages that an applicant has ever incurred.

A no-teletrack tribal loan, on the other hand, ensures your credit privacy while improving your chances of qualifying for a tribal loan.

Eligibility for Tribal Installment Loans

There are many requirements to be eligible for instant payday loans. Although these requirements are designed to be used as a guide only, they may vary from one payday lender to another. Therefore, borrowers should review each lender’s policies when applying for a payday loan. While some creditors may assess your source of income, most are only concerned with the reliability of your income.

Clients must meet the following requirements to apply with online brokers such as Heartpaydays:

  • Must be at least 18 years old
  • Have an active email
  • Must have a current bank account

Tribal Installment Loan Costs

  • APR: Depending on your state’s lending legislatures and the amount you want to borrow, the APR can vary between 10% and 30% of your loan principal. Typically, they charge $15 per $100.

This equates to an annual percentage rate of almost 400% for a two-week loan. Tribal installment loans are often applied as alternatives to payday loans, where APRs range from 200% to 400%. Heart Paydays Loans offer installment loans with APRs between 5.99% and 35.99%.

  • Late fee: Creditors charge different penalty rates on late repayments depending on state lending laws.

If you are considering applying for a tribal installment loanknow that you will face challenges, especially if you cannot repay the loan immediately. If you find yourself in such a state, you can try various loan options such as loan refinancing or loan discharge in bankruptcy.

Although no law protects defaulting borrowers from prosecution, it is unusual to see borrowers unable to repay their loans end up in jail. Most of the jail sentences are due to these borrowers refusing to appear before the judges or failing to comply with court directives and not due to non-repayment of the loan.

How to apply for an installment loan at Heart Paydays

Step 1: Decide how much you need

Whatever loan you are looking for, estimating the amount you need is perhaps the key concern when deciding on a loan. Applicants are qualified to apply for loans of up to $5,000 from Heart Paydays. Installment loans vary depending on the direct lenders you are matched with from their database.

Step 2: Complete the application

Applicants enjoy a smooth application process when applying for loans online. As an applicant, you need to complete a brief online form and select the loan provider that offers you the best terms. This will instantly initiate the approval process by your potential lender.

Step 3: Wait for feedback

After completing the application, the lender will send you a response confirming whether your application has been accepted or not. This process typically takes less than ten minutes for Heart Paydays loan applicants.

Step 4: Receive your loan

If the direct lenders confirm that you qualify for their loan, they will deposit the money into your bank account. However, if your application is rejected, you will be referred to other lenders who can help you.

Get your installment loan today

The main challenge of opting for a tribal installment loan is that you will have to approach the lenders separately. Another big concern is that direct lenders have the privilege of setting loan terms and application procedures.

Fortunately, your fees can be significantly reduced with loan brokerage sites such as Heart Paydays. Also, they will save you the lengthy application process of direct lenders.

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Unemployment financial services money trumpet provides assistance to people with bad credit https://islandcrisis.net/unemployment-financial-services-money-trumpet-provides-assistance-to-people-with-bad-credit/ Tue, 15 Feb 2022 19:14:00 +0000 https://islandcrisis.net/unemployment-financial-services-money-trumpet-provides-assistance-to-people-with-bad-credit/ /EIN News/ — London, Feb. 15 2022 (GLOBE NEWSWIRE) — London, England – Financial services company Money Trumpet has published an article which details some of the ways people with bad credit in the UK can become eligible for financial assistance to cover unavoidable emergency expenses. The blog post states that getting financial help when […]]]>

/EIN News/ — London, Feb. 15 2022 (GLOBE NEWSWIRE) — London, England –

Financial services company Money Trumpet has published an article which details some of the ways people with bad credit in the UK can become eligible for financial assistance to cover unavoidable emergency expenses.

The blog post states that getting financial help when one has bad credit is a difficult, frustrating, and time-consuming process. The blog post also highlights the irony that those with bad credit are generally the ones most in need of money when they are also the least likely to get the help they need.

When seeking help from a financial services provider, the first step recommended by the article is to check your credit rating with one of the major UK credit bureaus. If the rating is less than “Good”, the person is likely to face a difficult struggle to get the help they need. One way to improve credit score is to monitor it periodically and take steps to improve it preemptively.

Money Trumpet can help UK residents over the age of 18, who have a bank account with a debit card and have a regular income to apply for three types of financial assistance: personal, guaranteed or surety.

Personal financial assistance does not need any collateral in the form of assets or personal property such as a home or vehicle. Since there is no form of security, these products come with strict limits, high interest rates and shorter terms. For an applicant with bad credit, this is the hardest option to secure.

Secured financial aid can be used if a person places an asset of equal or greater value as collateral or collateral. This gives the service provider a layer of protection and enables the applicant to avail a significantly higher sum of money at lower interest rates. If the applicant fails to meet their monthly payments, the service provider can seize the asset that was used as collateral.

Financial assistance guaranteed by a guarantor requires a second person to sign the agreement stating that they will repay the amount on behalf of the applicant if they do not repay. It provides applicants with more resources over a longer repayment term than unsecured personal assistance. Guarantors must be at least 21 years old, have a full-time job and have a solid credit rating.

A Money Trumpet spokesperson commented on the information in the article, saying, “We know how difficult it can be to get out of a financial bind when all the doors seem closed to you. Building good credit is a long-term process and when you’re stuck in a tough financial situation, you don’t have enough time to fix your credit score before seeking help. You can still find help from some sources, but due to your particular situation, it will come with a higher interest rate and other stipulations. When you’re stuck between a rock and a hard place, you have to choose the best option out of those available to you. Choose the type of assistance that best suits your needs, take the opportunity to put the difficult situation behind you and focus on building a solid credit score for when you might need help. help later. We are confident that you will be able to build a secure financial future for yourself with just a little budget and discipline. »

Money Trumpet offers its customers access to financial assistance providers who offer between £100 and £2,000 at fair rates to those with bad credit histories. Customers can quickly apply with a short form at Money Trumpet and receive quotes from multiple service providers within a short period of time. Once a provider approves the request, the client can receive their funds the same day or anytime within a few days.

Readers can also check out another article from the company, which has information for unemployed workers trying to get financial help, by heading to the link: moneytrumpet.co.uk/bad-credit-loans/loans-for-unemployed-people.

###

For more information about Money Trumpet, contact the company here:

silver trumpet
Sarah Minter
020 3974 1119
info@moneytrumpet.co.uk
1st floor
5 Mile End Road
London
E1 4TP


Sarah Minter

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Suze Orman’s 3 steps to getting the right mortgage https://islandcrisis.net/suze-ormans-3-steps-to-getting-the-right-mortgage/ Mon, 14 Feb 2022 14:22:44 +0000 https://islandcrisis.net/suze-ormans-3-steps-to-getting-the-right-mortgage/ Image source: Getty Images Getting a mortgage that’s right for you takes some effort. Key points Mortgages are usually repaid over 15 to 30 years, so borrowers have to pay off their loans over a long period of time. Finance expert Suze Orman has some tips for getting the right mortgage. She advises knowing your […]]]>

Image source: Getty Images

Getting a mortgage that’s right for you takes some effort.


Key points

  • Mortgages are usually repaid over 15 to 30 years, so borrowers have to pay off their loans over a long period of time.
  • Finance expert Suze Orman has some tips for getting the right mortgage.
  • She advises knowing your budget, shopping around for lenders, and choosing a lender who can work quickly.

It is important to research the best loan rates and terms before borrowing. But it’s especially important that you try to find a loan on the best terms when you take out a home loan. That’s because chances are you’ll borrow a lot of money and pay it back over decades.

Unfortunately, finding the perfect mortgage can be easier said than done, as there are so many lenders and loan types to choose from. The good news is that identifying the right loan is easier if you follow finance expert Suze Orman’s three-step process.

Here are the steps Orman says you should follow when looking for a home loan.

1. Don’t let the lender set your budget

The first step Orman suggests taking is to decide for yourself how much of a mortgage loan fits your budget.

She warns you that you should make your own decisions about how much to borrow rather than being fooled by mortgage lenders who may offer you a bigger loan than you want.

Mortgage lenders generally want to give you the highest loan they think you can afford, as this maximizes their profit. While it’s tempting to take the extra cash and buy a more expensive home, the fact is that a large mortgage payment could interfere with other financial goals you have.

If you take the time to decide what fits into your budget – while doing other tasks, such as saving for retirement – ​​you are much less likely to have to borrow a large sum of money that you leave poor.

2. Shop around for different financial institutions

Orman cautions against assuming that your current bank will always provide the best deal on a mortgage.

Instead of sticking with the status quo and simply applying for your home loan with the financial institution you already do business with, Orman suggests applying with at least three different lenders. She also advises you to look to community banks and credit unions.

This is one of his most important tips, as rates and terms can vary widely from mortgage lender to mortgage lender. Even a small increase in your mortgage rate could mean tens of thousands in additional interest over the life of the loan. You don’t want to settle for a bad deal on a mortgage just because you don’t realize you could do better.

3. Work with a lender who can close the deal

Finally, Orman suggests looking at the effectiveness of different lenders at closing loans when deciding which mortgage to apply for.

As she explains, many lenders can be slow to get a loan through to closing. This can sometimes end up costing you a home if the seller is looking for a quick sale or if you miss the time frame for obtaining financing based on your purchase agreement.

Orman suggests asking real estate agents which lenders tend to be efficient — and trouble-free — during the closing process.

By following these three tips, you can hopefully find an affordable loan at a low rate that closes quickly so you’re happy with your home purchase.

A Historic Opportunity to Save Potentially Thousands of Dollars on Your Mortgage

Chances are interest rates won’t stay at multi-decade lows much longer. That’s why it’s crucial to act today, whether you want to refinance and lower your mortgage payments or are ready to pull the trigger on buying a new home.

Ascent’s in-house mortgage expert recommends this company find a low rate – and in fact, he’s used them himself to refi (twice!). Click here to learn more and see your rate. While this does not influence our product opinions, we do receive compensation from partners whose offers appear here. We are by your side, always. See The Ascent’s full announcer disclosure here.

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Best credit cards for bad credit: February 2022 https://islandcrisis.net/best-credit-cards-for-bad-credit-february-2022/ Fri, 11 Feb 2022 22:00:00 +0000 https://islandcrisis.net/best-credit-cards-for-bad-credit-february-2022/ CNN Underscored reviews financial products such as credit cards and bank accounts based on their overall value. We may receive a commission through the LendingTree Affiliate Network if you apply and are approved for a card, but our reporting is always independent and objective. If you have a low credit score, you might be surprised […]]]>

CNN Underscored reviews financial products such as credit cards and bank accounts based on their overall value. We may receive a commission through the LendingTree Affiliate Network if you apply and are approved for a card, but our reporting is always independent and objective.

If you have a low credit score, you might be surprised to learn that getting a new credit card could actually help. If you can get a new card approved despite having bad credit, you’ll have the opportunity to develop better credit habits and better creditworthiness through responsible use. Plus, adding a new card can improve your credit utilization rate and your credit score if you’re already in debt.

Unfortunately, credit card options for people with bad credit tend to have few benefits. For example, you usually won’t get a welcome bonus with these types of cards, and they usually charge fees, such as annual fees and foreign transaction fees. Credit cards for bad credit can also come with high interest rates, which can make maintaining a balance expensive.

But with all that said, it’s important to understand that some credit cards for bad credit are considerably better than others. So let’s take a look at the types of credit cards you might qualify for with poor credit, and how you can use them to your advantage.

Click here to see the latest list of the best credit cards for people with bad credit.

If you have bad credit, you are probably already aware of it. After all, a bad credit score usually means that you’ve been denied a credit card or other loan in the past because a lender felt you posed too much of a financial risk. You probably also know the reason why you have bad credit to begin with, whether it’s because you let a loan or credit card go into default, you have an account in collection, or you go bankrupt. case.

But even if that’s the case, it never hurts to check your credit score so you know exactly where you stand. Fortunately, there are several ways to check your credit score for free.

You can start by signing up for a credit monitoring service that provides a free credit score or a program that offers free credit monitoring tools. For example, Experian Boost gives consumers a free snapshot of their FICO credit score, and it can even help you improve your score quickly.

When working on your credit score, you’ll probably want to pay the most attention to your FICO credit score because it’s the most commonly used scoring model. FICO credit scores range from 300 to 850 and are broken down into the following levels:

  • Excellent: 800 and above
  • Very good: 740 to 799
  • Good: 670 to 739
  • Fair: 580 to 669
  • Poor: 579 and below

While truly “bad” credit is a FICO score of 580 or lower, “fair” credit between 580 and 669 is still below average compared to other US consumers. If your credit score falls into one of these categories, you need to take steps to improve it as soon as possible.

See if you qualify for one of these credit cards for people with fair credit.

If you have poor credit, you can qualify for two types of credit cards: secured credit cards and unsecured credit cards.

Secured credit cards are usually the easiest to get if you have bad credit. However, secured credit cards require a cash deposit to get started. This means that you may need to deposit $200, $500 or more as collateral, and you will usually get a low credit limit at or near your deposit.

The biggest advantage of secured credit cards is that they are usually reported to major credit bureaus. This means that all of your one-time payments are added to your credit report, which can help you increase your credit over time. And even though you need to put down a cash deposit to open a secured card, if you later close the account or upgrade in good standing and with a $0 balance, your deposit will be refunded.

Save money with these best credit card offers for people with bad credit.

In addition to secured credit cards, you may also qualify for an unsecured credit card with bad credit. These cards tend to come with fees, low credit limits, and few benefits, but they can still help you build credit.

Store credit cards are also a type of unsecured credit card that may be easier for people with bad credit to approve because they can usually only be used at the store or chain that issues the card.

Besides being easier to get, the biggest advantage of store credit cards is that if you find yourself shopping at a particular retailer often, you may be able to save money, whether on your initial purchase or later on a future shopping spree. Typically, using a store credit card saves you 5% on your purchase, and store credit cards can also have other benefits that you might not have thought of. .

Before you get a new credit card, you need to make sure you have a clear understanding of what you hope to accomplish. Although obtaining a credit card gives you the opportunity to improve your credit, you could worsen your credit if you are not prepared to take on this responsibility. So before you apply, ask yourself these questions:

  • Do I plan to carry over a balance? If you want a credit card so you can carry over a balance, be aware that credit cards for bad credit come with high interest rates. Not only that, but secured credit cards require you to deposit money as collateral, so they’re not a good option if you need a loan.
  • Am I interested in the rewards? Some credit cards for people with bad credit offer the opportunity to earn rewards on your spending. Although rewards can be lucrative, keep in mind that they often entice people to spend more than they intended.
  • Do I want to pay an annual fee? Not all credit cards for people with bad credit charge an annual fee, but some do. If you decide to pay an annual fee, you need to make sure that any benefits you get in exchange are worth it.
  • Am I ready to take my credit seriously? A new credit card gives you the opportunity to improve your credit, but it won’t happen automatically. In most cases, getting a new credit card will only help your situation if you keep your balance low and always pay your bill on time.

The best credit cards for bad credit may not sound very appealing, but the point is to use them to boost your credit score so you can qualify for better deals later. But there are a few “gotchas” to be aware of and watch out for, including:

  • Costs: While you should try to avoid annual fees if you can, you should also be aware that some credit cards, especially those for people with bad credit, try to charge an account set-up fee or program fees. Avoid these offers as much as possible.
  • High APRs: Beware of high interest rates which can make debt incredibly expensive. In fact, if you’re considering using a credit card to improve your credit, you should try to avoid carrying a balance on the new card entirely.
  • Credit errors: Finally, watch out for mistakes that hurt your credit in the first place. The worst thing you can do is pay your credit card bill late, as this will have a major negative effect on your credit score, so avoid it at all costs.

Compare credit card offers available to people with fair credit.

If your goal is to get a new credit card to help rebuild your credit, you need to know and understand how your credit score is determined in the first place. Let’s take a closer look at the five factors that make up your FICO credit score:

  • Payment history: 35%
  • Amounts due: 30%
  • Length of credit history: 15%
  • New credit: 10%
  • Credit mix: 10%

By looking at these factors, it’s easy to see what your next steps should be. More importantly, you should strive to pay your credit card bill — and all your other bills — on time each month. Also, you need to keep your debt to a minimum, because the amount you owe against your credit limits is 30% of your FICO score, also known as your “credit utilization rate.”

Since any credit card you get with bad credit will likely have a low credit limit to start with, you’ll need to be extra careful not to go over your credit limit and pay off your balance as much as possible each month to keep your credit utilization rate is low.

The length of your credit history can also be increased if you keep old credit accounts open and in good standing, and you can keep your score high in the “new credit” category by refraining from opening too many new accounts.

Your credit mix is ​​a final category to keep in mind, but you might not have too many different types of credit — such as installment loans like a mortgage or car loan — when your credit score credit is fair or bad. Once you’ve improved your credit score, you can worry more about diversifying your credit with installment loans, revolving accounts, and other types of credit.

Ultimately, if you’re going to get a new credit card in an effort to improve your bad credit, you need to make sure that you don’t make the same mistakes that got you into trouble in the first place. So if you decide to apply for a new credit card, be smart about how you use it. Don’t overspend, don’t pay bills late, and avoid cards that charge high fees so you can get back on the path to good credit.

Learn more and apply now for the best credit cards you can get with bad credit.

Is your credit rating good or excellent? Or maybe you have no credit? CNN underlined has you covered with our other stories in this series:

Check out CNN Underscored’s list of best credit cards available now.

Get all the latest personal finance deals, news and advice from CNN Underscored Money.

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MOTORCAR PARTS AMERICA INC Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q) https://islandcrisis.net/motorcar-parts-america-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Wed, 09 Feb 2022 21:04:06 +0000 https://islandcrisis.net/motorcar-parts-america-inc-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ The following discussion and analysis presents factors that Motorcar Parts of America, Inc. and its subsidiaries ("our," "we" or "us") believe are relevant to an assessment and understanding of our consolidated financial position and results of operations. This financial and business analysis should be read in conjunction with our March 31, 2021 audited consolidated financial […]]]>
The following discussion and analysis presents factors that Motorcar Parts of
America, Inc. and its subsidiaries ("our," "we" or "us") believe are relevant to
an assessment and understanding of our consolidated financial position and
results of operations. This financial and business analysis should be read in
conjunction with our March 31, 2021 audited consolidated financial statements
included in our Annual Report on Form 10-K filed with the SEC on June 14, 2021.

Disclosure Regarding the Private Securities Litigation Reform Act of 1995


This report may contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 with respect to our future
performance that involve risks and uncertainties. Various factors could cause
actual results to differ materially from those expressed or implied by such
statements. These factors include, but are not limited to: the current and
future impacts of the COVID-19 public health crisis; concentration of sales to a
small number of customers; changes in the financial condition of or our
relationship with any of our major customers; increases in the average accounts
receivable collection period; the loss of sales to customers; delays in payments
by customers; the increasing customer pressure for lower prices and more
favorable payment and other terms; lower revenues than anticipated from new and
existing contracts; the increasing demands on our working capital; the
significant strain on working capital associated with large inventory purchases
from customers; lower efficiency or production due to stay at home orders or
other restrictions issued by governments due to COVID-19 concerns; any
meaningful difference between expected production needs and ultimate sales to
our customers; investments in operational changes or acquisitions; our ability
to obtain any additional financing we may seek or require; our ability to
maintain positive cash flows from operations; our failure to meet the financial
covenants or the other obligations set forth in our credit agreement and the
lenders' refusal to waive any such defaults; increases in interest rates; the
impact of high gasoline prices; consumer preferences and general economic
conditions; increased competition in the automotive parts industry including
increased competition from Chinese and other offshore manufacturers; difficulty
in obtaining Used Cores and component parts or increases in the costs of those
parts; supply chain delays or stoppages due to shipping delays; political,
criminal or economic instability in any of the foreign countries where we
conduct operations; currency exchange fluctuations; potential tariffs,
unforeseen increases in operating costs; risks associated with cyber-attacks;
risks associated with conflict minerals; the impact of new tax laws and
interpretations thereof; uncertainties affecting our ability to estimate our tax
rate and other factors discussed herein and in our other filings with the
Securities and Exchange Commission (the "SEC"). These and other risks and
uncertainties may cause our actual results to differ materially and adversely
from those expected in any forward-looking statements. Readers are directed to
risks and uncertainties identified below under "Risk Factors" and elsewhere in
this report for additional detail regarding factors that may cause actual
results to be different than those expressed in our forward-looking statements.
Except as required by law, we undertake no obligation to revise or update
publicly any forward-looking statements for any reason.

Management Overview


We have a multi-pronged platform for growth within the automotive aftermarket
for non-discretionary replacement hard parts and test solutions. In addition, we
offer diagnostic equipment applications focused on the fast evolving electric
mobility markets. Our investments in infrastructure and human resources during
the past few years reflects the significant expansion of manufacturing capacity
to support multiple product lines and continues to be transformative and
scalable. These investments included (i) the opening of a 410,000 square foot
distribution center, (ii) two buildings totaling 372,000 square feet for
remanufacturing and core sorting of brake calipers, and (iii) the realignment of
production at our initial 312,000 square foot facility in Mexico.

Our products include (i) rotating electrical products such as alternators and
starters, (ii) wheel hub assemblies and bearings, (iii) brake-related products,
which include brake calipers, brake boosters, brake rotors, brake pads, and
brake master cylinders, and (iv) other products, which include turbochargers and
test solutions and diagnostic equipment used for electric vehicle powertrain
development and manufacturing including electric motor test systems, e-axle test
systems, advanced power emulators, charging unit test systems, test systems for
alternators, starters, belt starter generators and bench-top testers used by the
automotive retail segment.

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  Table of Contents
Pursuant to the guidance provided under the Financial Accounting Standards Board
("FASB") Accounting Standards Codification ("ASC") for segment reporting, we
have identified our chief operating decision maker ("CODM"), reviewed the
documents used by the CODM, and understand how such documents are used by the
CODM to make financial and operating decisions. We have determined through this
review process that our business comprises three separate operating segments.
Two of the operating segments meet all the aggregation criteria and are
aggregated. The remaining operating segment does not meet the quantitative
thresholds for individual disclosure and we have combined our operating segments
into a single reportable segment.

Impact of the Novel Coronavirus (“COVID-19”)


The COVID-19 pandemic has spread globally and created significant volatility,
uncertainty and economic disruption in many countries, including the countries
in which we operate. National, state and local governments in these countries
continue to implement a variety of measures in response that have the effect of
restricting or limiting, among other activities, the operations of certain
businesses.

We continue to experience disruptions with worldwide supply chain and logistics
services. We are unable to predict accurately the ultimate long-term impact that
COVID-19 will have on our business and financial condition. While the near-term
outlook appears positive, any additional government shutdowns or the emergence
and spread of new variants of the virus, including the Delta or Omicron variant,
the likelihood of a resurgence of positive cases, the development, availability
and public acceptance of effective treatments and vaccines, the speed at which
such vaccines are administered, the efficacy of current vaccines against
evolving strains or variants of the virus, could negatively impact our business
and financial condition.

There have been no serious outbreaks in any of our production facilities;
however, a serious outbreak could affect our production capabilities. We
experienced inefficiencies in operations due to the implementation of additional
personnel safety measures throughout our facilities. These personnel safety
measures include adding an additional shift in conjunction with reducing the
number of hours in the existing shift, greater spacing (less personnel) in
production areas and sanitizing procedures between shifts. High-risk employees
at all of our facilities have been required to remain at home; however, they
continue to receive their compensation. We also implemented safe work practices
across all of our facilities, including work from home rules, staggered shifts,
Plexiglas barriers, and many other safety precautions. Our employees have
embraced the challenges of working remotely, continuing to operate through
constant communication with team members.

Improved levels of communication at all levels of the organization are key to dealing with the ever-changing landscape brought about by COVID-19, especially with most of our office staff continuing to work from home. These efforts have included additional check-in meetings of the Board of Directors and Executive Committee meetings, as required, and regular town hall-type communications with all employees.


We continue to incur costs as a result of COVID-19, including employee costs,
such as expanded benefits and frontline incentives, and other operating costs
associated with the provision of personal protective equipment, which have
negatively impacted our profitability. These expanded benefits, supply costs and
other COVID-19 related costs resulted in total expense, included in cost of
goods sold and operating expenses in the condensed consolidated statements of
income, of $764,000 and $1,610,000 during the three months ended December 31,
2021 and 2020, respectively, and $2,573,000 and $5,953,000 during the nine
months ended December 31, 2021 and 2020, respectively. Our Asian subsidiaries
received $0 and $24,000 from their local assistance programs during the three
months ended December 31, 2021 and 2020, respectively, and $71,000 and $161,000
during the nine months ended December 31, 2021 and 2020, respectively. We
received payments from the Canadian Government under the Canadian Emergency Wage
Subsidy program of $281,000 and $1,130,000 during the three and nine months
ended December 31, 2020, respectively. These payments are recorded as a
reduction of cost of goods sold and operating expenses in the condensed
consolidated statements of income.

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  Table of Contents
Results of Operations for the Three Months Ended December 31, 2021 and 2020

The following discussion and analysis should be read in conjunction with the financial statements and accompanying notes contained elsewhere in this document.

Here is a summary of some key operational data:


                                                Three Months Ended
                                                   December 31,
                                              2021             2020
Cash flow provided by operations           $ 2,165,000     $ 33,154,000
Finished goods turnover (annualized) (1)           4.0              4.0



————————————————– ——————————

(1) Annualized finished product sales for the fiscal quarter are calculated by

multiply the cost of goods sold for the quarter by 4 and divide the result

by the average between the beginning and the end of the inventories of non-essential finished products

     values for the fiscal quarter. Annualized finished goods turnover for the
     three months ended December 31, 2020 has been updated to conform to the

presentation of the current year for the turnover of non-essential finished products. We believe

this provides a useful measure of our ability to turn our inventory into

     revenues.



Net Sales and Gross Profit

Here is a summary of net sales and gross margin:

                                Three Months Ended
                                   December 31,
                              2021              2020
Net sales                 $ 161,810,000     $ 122,568,000
Cost of goods sold          129,235,000        98,327,000
Gross profit                 32,575,000        24,241,000
Gross profit percentage            20.1 %            19.8 %



Net Sales. Our net sales for the three months ended December 31, 2021 were
$161,810,000, which represents an increase of $39,242,000, or 32.0%, from the
three months ended December 31, 2020 of $122,568,000. While our net sales for
the quarter increased across all product lines due to strong demand for our
products, we experienced a number of challenges related to the global COVID-19
pandemic, including disruptions with worldwide supply chain and logistics
services during both periods.

Gross Profit. Our gross profit was $32,575,000, or 20.1% of net sales, for the
three months ended December 31, 2021 compared with $24,241,000, or 19.8% of net
sales, for the three months ended December 31, 2020. The increase in our gross
profit was primarily due to: (i) growth initiatives in connection with the
expansion of our new product lines, in addition to the transition costs incurred
in the prior year as discussed below and (ii) inflationary costs related to the
global pandemic, including disruptions with worldwide supply chain, logistics
services, and related higher freight costs. During the three months ended
December 31, 2021 and 2020, higher freight costs, net of certain price increases
that went into effect during the current year quarter, impacted gross profit by
approximately $1,338,000 and $323,000, respectively.  During the three months
ended December 31, 2021, we also incurred additional expenses of $3,006,000 due
to COVID-19 related costs for disruptions in the supply chain, increased
salaries associated with COVID-19 vulnerable employee pay, and personal
protective equipment. During the three months ended December 31, 2020, we
incurred additional expenses of $1,052,000 due to increased salaries associated
with COVID-19 bonuses, vulnerable employee pay, and personal protective
equipment in connection with the COVID-19 pandemic.

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Our gross profit for the three months ended December 31, 2021 and 2020 was also
impacted by amortization of core and finished good premiums paid to customers
related to new business of $3,146,000 and $1,528,000, respectively.  During the
three months ended December 31, 2020, gross profit was impacted by $4,217,000
associated with transition and ramp-up expenses in connection with the expansion
of our brake-related operations in Mexico.

In addition, gross profit was impacted by (i) non-cash quarterly revaluation of
cores that are part of the finished goods on the customers' shelves (which are
included in contract assets) to the lower of cost or net realizable value, which
resulted in a write-down of $846,000 for the three months ended December 31,
2021 compared with  $1,304,000 for the three months ended December 31, 2020, and
(ii) a $688,000 benefit for revised tariff costs recorded during the three
months ended December 31, 2020.

Functionnary costs

Here is a summary of operating expenses:

                                                                           Three Months Ended
                                                                              December 31,
                                                                         2021             2020
General and administrative                                           $ 14,605,000     $  14,005,000
Sales and marketing                                                     6,274,000         4,698,000
Research and development                                                2,635,000         2,100,000
Foreign exchange impact of lease liabilities and forward contracts        385,000       (12,455,000 )

Percent of net sales

General and administrative                                                    9.0 %            11.4 %
Sales and marketing                                                           3.9 %             3.8 %
Research and development                                                      1.6 %             1.7 %

Currency impact of lease liabilities and forward contracts

   0.2 %           (10.2 )%



General and Administrative. Our general and administrative expenses for the
three months ended December 31, 2021 were $14,605,000, which represents an
increase of $600,000, or 4.3%, from the three months ended December 31, 2020 of
$14,005,000. The increase in general and administrative expense was primarily
due to (i) $532,000 of increased share-based compensation due to equity grants
made to employees in fiscal 2022, (ii) $486,000 of decreased gain resulting from
foreign currency transactions, and (iii) $303,000 of increased professional
services. These increases were partially offset by $933,000 of decreased costs
at our offshore locations resulting from our expansion in Mexico and other
COVID-19 related costs, such as supply costs and expanded benefits to employees
in the prior year.

Sales and Marketing. Our sales and marketing expenses for the three months ended
December 31, 2021 were $6,274,000, which represents an increase of $1,576,000,
or 33.5%, from the three months ended December 31, 2020 of $4,698,000. These
increases in sales and marketing expense during the three months ended December
31, 2021 were primarily due to (i) $501,000 of increased commissions due to
higher sales, (ii) $399,000 of increased marketing in connection with new
business and advertising expense, (iii) $223,000 of increased employee-related
expenses, primarily due to increased headcount, (iv) $192,000 of increased trade
shows expense as normal business operations resume, and (v) $160,000 of
increased travel as normal business operations resume.

Research and Development. Our research and development expenses for the three
months ended December 31, 2021 were $2,635,000, which represents an increase of
$535,000, or 25.5%, from the three months ended December 31, 2020 of $2,100,000.
These increases in research and development expenses during the three months
ended December 31, 2021 were primarily due to (i) $323,000 of increased
employee-related expenses, primarily due to increased headcount for our
diagnostic business and (ii) $115,000 of increased samples for our core library
and other research and development supplies.

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Foreign Exchange Impact of Lease Liabilities and Forward Contracts. Our foreign
exchange impact of lease liabilities and forward contracts for the three months
ended December 31, 2021 was a non-cash loss of $385,000, which represents an
increase in expense of $12,840,000, or 103.1%, from the non-cash gain for three
months ended December 31, 2020 of $12,455,000. This increase was primarily due
to (i) the remeasurement of our foreign currency-denominated lease liabilities,
which resulted in a non-cash loss of $985,000 compared with a non-cash gain of
$8,638,000 for the three months ended December 31, 2021 and 2020, respectively,
due to fluctuations in the foreign exchange rates and (ii) the forward foreign
currency exchange contracts, which resulted in non-cash gains of $600,000 and
$3,817,000 for the three months ended December 31, 2021 and 2020, respectively,
due to the changes in their fair values.

Interest charges


Interest Expense, net. Our interest expense for the three months ended December
31, 2021 was $3,949,000, which represents a decrease of $102,000, or 2.5%, from
interest expense for the three months ended December 31, 2020 of $4,051,000.
This decrease was primarily due to lower interest rates on our accounts
receivable discount programs.

Provision for income taxes


Income Tax. We recorded income tax expense of $1,588,000, or an effective tax
rate of 33.6%, and $3,373,000, or an effective tax rate of 28.5%, for the three
months ended December 31, 2021 and 2020, respectively. Effective tax rates are
based on current projections and any changes in future periods could result in
an effective tax rate that is materially different from the current estimate.
The effective tax rate for the three months ended December 31, 2021 was
primarily impacted by (i) non-deductible executive compensation under Internal
Revenue Code Section 162(m) and (ii) foreign income taxed at rates that are
different from the federal statutory rate.

Results of operations for the nine months ended December 31, 2021 and 2020

The following discussion and analysis should be read in conjunction with the financial statements and accompanying notes contained elsewhere in this document.

Here is a summary of some key operational data:


                                                   Nine Months Ended
                                                      December 31,
                                                 2021              2020

Cash flow (used in) provided by operations ($22,174,000) $72,484,000
Sales of finished products (annualised) (1)

               4.2              3.8



————————————————– ——————————

(1) Annualized finished product sales for the year are calculated by

multiply the cost of goods sold for the period by 1.33 and divide the result

by the average between the beginning and the end of the inventories of non-essential finished products

values ​​for the fiscal period. Annualized finished product sales for the nine

months ended December 31, 2020 has been updated to conform to the current version

presentation of the year for the turnover of non-essential finished products. We believe that

provides a useful measure of our ability to turn inventory into revenue.




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Net Sales and Gross Profit

Here is a summary of net sales and gross margin:

                                 Nine Months Ended
                                   December 31,
                              2021              2020
Net sales                 $ 486,392,000     $ 372,654,000
Cost of goods sold          394,295,000       295,300,000
Gross profit                 92,097,000        77,354,000
Gross profit percentage            18.9 %            20.8 %



Net Sales. Our net sales for the nine months ended December 31, 2021 were
$486,392,000, which represents an increase of $113,738,000, or 30.5%, from the
nine months ended December 31, 2020 of $372,654,000. While our net sales
increased across all product lines due to strong demand for our products, we
continued to experience a number of challenges related to the global COVID-19
pandemic, including disruptions with worldwide supply chain and logistics
services during both periods. Net sales for the nine months ended December 31,
2021 and 2020 include $13,327,000 and $12,779,000, respectively, in core revenue
due to a realignment of inventory at certain customer distribution centers. We
expect this realignment will benefit our future sales as product mix changes.

Gross Profit. Our gross profit was $92,097,000, or 18.9% of net sales, for the
nine months ended December 31, 2021 compared with $77,354,000, or 20.8% of net
sales, for the nine months ended December 31, 2020. The decrease in our gross
profit was primarily due to: (i) growth initiatives in connection with the
expansion of our new product lines, in addition to the transition costs
discussed below and (ii) inflationary costs related to the global pandemic,
including disruptions with worldwide supply chain, logistics services, and
related higher freight costs. During the nine months ended December 31, 2021 and
2020, higher freight costs, net of certain price increases that went into effect
during the current year period, impacted gross profit by approximately
$7,413,000, and $323,000, respectively.  During the nine months ended December
31, 2021, we also incurred additional expenses of $7,144,000 due to COVID-19
related costs for disruptions in the supply chain, increased salaries associated
with COVID-19 vulnerable employee pay, and personal protective equipment. During
the nine months ended December 31, 2020, we incurred additional expenses of
$4,425,000 due to increased salaries associated with COVID-19 bonuses,
vulnerable employee pay, and personal protective equipment in connection with
the COVID-19 pandemic.

Our gross profit for the nine months ended December 31, 2021 and 2020 was also
impacted by (i) transition expenses in connection with the expansion of our
brake-related operations in Mexico of $2,744,000 and $11,572,000, respectively,
and (ii) amortization of core and finished goods premiums paid to customers
related to new business of $9,013,000 and $4,269,000, respectively.

In addition, gross profit was impacted by (i) non-cash quarterly revaluation of
cores that are part of the finished goods on the customers' shelves (which are
included in contract assets) to the lower of cost or net realizable value and
gain due to realignment of inventory at customer distribution centers, which
resulted in a net gains of $1,229,000 and $811,000 for the nine months ended
December 31, 2021 and 2020, respectively, (ii) customer allowances and return
accruals related to new business of $307,000 recorded during the nine months
ended December 31, 2020, and (iii) a $3,535,000 benefit for revised tariff costs
recorded during the nine months ended December 31, 2020.

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Operating Expenses

Here is a summary of operating expenses:

                                                                           Nine Months Ended
                                                                              December 31,
                                                                         2021             2020

General and administrative                                           $ 41,556,000     $  38,210,000
Sales and marketing                                                    17,162,000        13,224,000
Research and development                                                7,631,000         6,014,000
Foreign exchange impact of lease liabilities and forward contracts      1,769,000       (21,257,000 )

Percent of net sales

General and administrative                                                    8.5 %            10.3 %
Sales and marketing                                                           3.5 %             3.5 %
Research and development                                                      1.6 %             1.6 %

Currency impact of lease liabilities and forward contracts

   0.4 %            (5.7 )%



General and Administrative. Our general and administrative expenses for the nine
months ended December 31, 2021 were $41,556,000, which represents an increase of
$3,346,000, or 8.8%, from the nine months ended December 31, 2020 of
$38,210,000, however, general and administrative expenses as a percentage of net
sales decreased to 8.5% for the nine months ended December 31, 2021 from 10.3%
for the prior year. The increase in general and administrative expense was
primarily due to (i) $1,698,000 of increased share-based compensation due to
equity grants made to employees in fiscal 2022, (ii) $1,323,000 of increased
employee-related expenses, primarily due to the reinstatement of salary
reductions in the prior year in response to the COVID-19 pandemic, (iii)
$878,000 of decreased gain resulting from foreign currency transactions, and
(iv) $454,000 of increased costs at our offshore locations. These increases in
general and administrative expenses were partially offset by $1,662,000 of
decreased professional services.

Sales and Marketing. Our sales and marketing expenses for the nine months ended
December 31, 2021 were $17,162,000, which represents an increase of $3,938,000,
or 29.8%, from the nine months ended December 31, 2020 of $13,224,000. This
increase in sales and marketing expense during the nine months ended December
31, 2021 was primarily due to (i) $1,132,000 of increased commissions due to
higher sales, (ii) $1,063,000 of increased marketing in connection with new
business and advertising expense, (iii)  $971,000 of increased employee-related
expenses, primarily due to the reinstatement of salary reductions in the prior
year in response to the COVID-19 pandemic and increased headcount in the current
year, (iv) $382,000 of increased travel as normal business operations resume,
and (v) $193,000 of increased trade shows expense as normal business operations
resume.

Research and Development. Our research and development expenses for the nine
months ended December 31, 2021 were $7,631,000, which represents an increase of
$1,617,000, or 26.9%, from the nine months ended December 31, 2020 of
$6,014,000. This increase in research and development expenses during the nine
months ended December 31, 2021 was primarily due to (i) $1,104,000 of increased
employee-related expenses, primarily due to the reinstatement of salary
reductions in the prior year in response to the COVID-19 pandemic and increased
headcount during the current year, (ii) $300,000 of increased samples for our
core library and other research and development supplies, and (iii) $159,000 of
increased outside services.

Foreign Exchange Impact of Lease Liabilities and Forward Contracts. Our foreign
exchange impact of lease liabilities and forward contracts for the nine months
ended December 31, 2021 was a non-cash loss of $1,769,000, which represents an
increase in expense of $23,026,000, or 108.3%, from the non-cash gain for nine
months ended December 31, 2020 of $21,257,000. This increase was primarily due
to (i) the remeasurement of our foreign currency-denominated lease liabilities
which resulted in non-cash gains of $64,000 compared with $12,241,000 for the
nine months ended December 31, 2021 and 2020, respectively, due to movements in
foreign exchange rates and (ii) the forward foreign currency exchange contracts
which resulted in a non-cash loss of $1,833,000 compared with a non-cash gain of
$9,016,000 for the nine months ended December 31, 2021 and 2020, respectively,
due to the changes in their fair values.

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Interest Expense

Interest Expense, net. Our interest expense, net, for the nine months ended
December 31, 2021 was $11,510,000, which represents a decrease of $564,000, or
4.7%, from the nine months ended December 31, 2020 of $12,074,000. The decrease
in interest expense was primarily due to lower interest rates on both our
accounts receivable discount programs and credit facility.

Provision for income taxes


Income Tax. We recorded income tax expense of $4,786,000, or an effective tax
rate of 38.4%, and $8,448,000, or an effective tax rate of 29.0%, for the nine
months ended December 31, 2021 and 2020, respectively. Effective tax rates are
based on current projections and any changes in future periods could result in
an effective tax rate that is materially different from the current estimate.
The effective tax rate for the nine months ended December 31, 2021 was primarily
impacted by (i) non-deductible executive compensation under Internal Revenue
Code Section 162(m), (ii) foreign income taxed at rates that are different from
the federal statutory rate, and (iii) specific jurisdictions that we do not
expect to recognize the benefit of losses.

Cash and capital resources

Overview


We had working capital (current assets minus current liabilities) of
$108,103,000 compared with $96,725,000, a ratio of current assets to current
liabilities of 1.3:1.0, at December 31, 2021 and March 31, 2021, respectively.
The increase in working capital was due primarily to the buildup of our
inventory to meet anticipated future demand.

We generated cash during the nine months ended December 31, 2021 from the use of
our receivable discount programs and credit facility. As we manage through the
impacts of the COVID-19 pandemic, we have access to our existing cash, as well
as our available credit facilities to meet short-term liquidity needs. We
believe our cash and cash equivalents, short-term investments, use of receivable
discount programs, amounts available under our credit facility, and other
sources are sufficient to satisfy our expected future working capital needs,
repayment of the current portion of our term loans, and lease and capital
expenditure obligations over the next 12 months.

Share buyback program


In August 2018, our board of directors approved an increase in our share
repurchase program from $20,000,000 to $37,000,000 of our common stock. As of
December 31, 2021, $18,745,000 was utilized and $18,255,000 remains available to
repurchase shares under the authorized share repurchase program, subject to the
limit in our credit facility. We retired the 837,007 shares repurchased under
this program through December 31, 2021. Our share repurchase program does not
obligate us to acquire any specific number of shares and shares may be
repurchased in privately negotiated and/or open market transactions.

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