Credit Card Firm Security Breach Puts Canadians at Risk

A warning is given by Better Business Bureau that Canadian consumers might be affected by a security breach in United States.

According to Global Payments, a payment card processing company located in United States, its system has been hacked last Friday. As a result, both Visa and MasterCard are examining operations from the month of January to February.

Avivah Litan, a security analyst, said that the hackers could have possibly taken roughly ten million or more worth of cards.

According to Mark Fernandes, spokesperson of Better Business Bureau, B.C. consumers, especially those who shopped in the United States just this year, must check their financial statements during the last two months for any doubtful changes. If there is something you cannot recall doing, then it is highly possible that it is a false transaction.

Moreover, Fernandes said that it is still likely that the Canadians are in danger despite the fact that Global Payments is located in United States. This is because these types of firms are multinational and handle millions of payment transactions.

According to Andrea Woroch from Verizon Business, people must get in touch with their card issuers as soon as possible if they see something doubtful on their statements.

Based on an interview from the previous year, Woroch said that consumers often neglect little charges on their bills. Unfortunately, this is how others repeatedly take advantage of them.

Credit card scams are approximately just as profitable as the drug trade, warns the Canadian Anti-Fraud Centre. To avoid these scams, only give your card numbers through phone or Internet to trusted firms and always watch over your pin. Also, be cautious of emails that require account information.

Additionally, experts warn that the hacking of the Global Payments’ system could followed by another scam. Fernandes said that any emails allegedly from Global Payments concerning the breach might be a phishing attempt. On Monday, it is anticipated that Global Payments will give more information on the level and extent of the security breach.

Lowa City Must Put a Stop to The Proliferation of Payday Lenders

The City Council of Lowa is concerned about the proliferation of payday lenders operating in the city. Through its zoning powers, the city council wants to regulate the number of payday lenders in Iowa City to protect the welfare of the people in the local community and to strengthen the city’s economic development.

The members of Iowa Citizens for Community improvement are strongly supporting the move to:

• Limit payday lenders to only one per 20,000 residents in the city
• Observe one mile distance away from churches, residential areas, schools and parks. The distance between two payday lenders should be two miles.
• Stop new stores to operate in pedestrian commercial districts

Lowa City’s payday loans are limited to $445 and to be paid in full within 14 days. The borrower is required to issue post dated check amounting to $500 or another option is an automatic withdrawal of $500 from his/her bank account. In other words, the APR for this type of loan is more than 400 percent which is higher than the 250 percent the Mafia was charging during its hay day.

Borrowers of payday loans are easily trapped to repeat borrowing money from payday lenders because their paychecks are not sufficient to pay in full a $500 loan in two weeks. In fact, 98% of the funds released by payday lenders go to repeat customers. In Lowa City, 76% of payday loans released every couple of weeks go to new customers.

Payday loans create more financial burden in families instead of helping them. And the companies involved in this business are not paying their income taxes to the city of Iowa. Approximately, Iowa is losing $36 million from taxes every year. The money goes to the bank accounts of the CEOs’ of payday loan companies instead of going to the treasury of Lowa City.

This is the reason why the Iowa CCI members are pushing for the Lowa City Council to use its zoning powers to curb the increasing number of payday lenders in the city. The council should give priority to the interest of the people and not on the corporate interests. People should be put first and not capitalism.

Solve Your Financial Problem Through Payday Loans

One way to get quick cash without so much stress is through payday loans. This medium is becoming popular nowadays. These loans can be obtained online which is highly beneficial for borrowers who urgently need money.

The existence of the internet makes it so easy for you to take a payday loan. What you need to do is to simply fill up the application form and specify some important personal details. Then, you only have to submit your form as well as some needed documents online. After completion of all the requirements needed, your loan will be deposited directly in your account. Some lenders can give a decision about your loan application within 24 hours so you can get your money immediately. The lender does not impose any restriction on how you use your loan.

The answer for your emergency financial needs can be solved through payday loans. When you are faced with unexpected bills like car repair expenses, medical bills and many others, through payday loans you can have access to get cash quickly for these bills.

The usual requirements needed for your payday loan in order for you to be eligible include a record of your regular employment and checking account in your name. Payday loans does not require collateral. This is the main reason why it is easy to obtain it. Bad credit record, insolvency, default payments and other factors that have bad effect on your credit history are not taken into account in applying for payday loan. This is why payday loan can be easily accessed to because it removes all the hassles that causes the lengthy process that other lending firms require.

All you need to do is to go to the internet and do online research for payday loans that will provide the best deal for you.

Understanding Cash Advance Payday Loans

Several lenders can offer you a loan without the need for you to go through a credit check. A cash advance loan is one of these loans. Before taking this kind of loan, you have to understand how it really works.

Cash advance loan is a type of short term loan that can give you quick access to cash. It is best for people who are not financially ready when emergency situations occur and for those who cannot take out a loan from traditional lenders because of poor credit.

Despite of its accessibility and ease in application, this type of loan come with high interest charges. Aside from the interest, it also charges high fees. On the average, cash advance loans charge $15 in fees for every $100 borrowed. As such, you have to find other

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means to obtain money if you think that you will not be able to afford repaying the loan.
Cash advance payday lenders are numerous. You can find it almost anywhere. If you want your application to be convenient, then you can go online and look for a lender there. As a recommendation, opt for an online network.

An online network of payday loans connects with 50 lenders competing in the business. When you apply through them, you can get the best rates because the lenders will try to make sure that you choose them by offering you the best deal. You only need to send your application online and then you will easily get the approval that you need.

To qualify for a cash advance loan, you must be at least 18 years of age. You must also be working during the time of your application. Oftentimes, the lender will only approve you if you earn at least $800 a month. Moreover, you need to have a bank account where the money can be deposited.

Once you get approved of your application, you can get a loan amounting from $300 to $1500 no matter what your credit rating is. The best part is, you can obtain this as quickly as 24 hours after submission of your application.

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Financial Options Aside from Taking a Payday Loan

When you are just beginning with your life as an adult, you have to make the right decisions financially. A lot of people embark in the real world without having the right financial knowledge. Because of this, they end up making the wrong decisions that have a long term effect on their life. Some of these include being trapped in debt caused by taking out certain loans that becomes too difficult to pay. To avoid suffering in the long run because of your poor financial choices, you have to know your financial options that will not put your financial status in danger. Here are some of them.

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1.) Credit Union Loans- this is a small, short term loan offered by your local credit union if you are a member.

2.) Small Bank Loans- this is a small loan offered by traditional bank lenders.

3.) Cash advance from employers- some employers provide this loan. You can ask them to give you your paycheck in advance instead of seeking for a payday loan that will charge you with high fees and interest.

4.) Borrow from friends and family- Do not allow your pride to stop you from borrowing money from close family and friends. But, when you do obtain assistance from them, know your limits and set your expectations straight so that you will not end up destroying your relationships.

5.) Start an emergency fund- You must start building up your savings to reach an amount that can pay up for your six months worth of expenses. This is what you call your emergency fund. If you do not have this now, start it. This will help you avoid taking out any type of loan in the future.

6.) Use your credit card for emergency only- If you have a credit card to turn to, you do not need to obtain a loan just to pay for emergency expenses. Use your card for emergencies or only if you know that you can repay the balance of your card as soon as possible. Doing this will not only help you prevent payday loans, it will also allow you to maintain a good credit rating that is truly beneficial for your financial future.

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