A payday loan lets you borrow money for a short-term period and is usually payable on your next payday. However, these are often not for large sums of money and have hefty interest rates. The typical borrowing limit is $500, though restrictions might be higher or lower. Interest rates can be costly. The usual loan annual percentage rate (APR) is 664 percent which is more than 40 times higher than the average credit card interest rate. Paying a payday loan is usually done in one lump sum on the borrower’s…
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How Do You Qualify for USAA Insurance?
USAA is one of the best-rated and most affordable car insurance companies in the United States. However, membership is restricted. You qualify for USAA insurance if you are an active duty or retired member of the United States military. You may also qualify if an immediate family member – like a spouse or parent – is an active USAA member. How do you qualify for USAA insurance? Do you meet USAA’s eligibility requirements? Keep reading to discover everything you need to know about USAA insurance requirements. Who Qualifies for USAA?…
Read MoreDigital Integration Hubs: Bringing customer service up to speed in the insurance sector
When consumers request information, submit a query or make a claim with an insurer… there are a number of processes which take place behind the scenes before a conclusion is reached. However, with retailers and other services providing ever faster responses, whether online or on the phone, there is increasing pressure on insurance businesses to speed up these processes and meet the expectations of the modern customer. Now accustomed to finding what they need in a few clicks of a button, customers may simply switch to a competitor if they…
Read MoreAmerican Insurance Association enters coalition between US and UK despite Brexit
The trade association for P/C insurance leaders will use the coalition to make notable improvements. As Brexit Day in March 2019 moves ever closer, the American Insurance Association was undaunted and joined a coalition between the United States and the United Kingdom. The goal is to boost discussion from both countries regarding investment and trade in the industry. The American Insurance Association is the property and casualty insurance industry trade association. It recently announced it would join the American side of the Financial and Related Professional Services Coalition with the…
Read MoreInsurance and Credit
Credit is sometimes a controversial subject that few people really understand. For those familiar with the financial service industry, credit is a simple matter, but not everyone is familiar. For most, credit means nothing more than credit score, a seemingly arbitrary rating of a person’s financial value. Credit is somewhat more complex than that, however, especially when it comes to the insurance industry and a company’s willingness to take on financial risks. A credit score is a gauge of a person’s overall financial risk. A low credit score means that…
Read MoreTransaction Account Guarantee program up for extension
Senate debates extending Transaction Account Guarantee program The U.S. Senate has taken up legislation regarding the Transaction Account Guarantee program, a federal initiative designed to protect certain non-interest bank accounts with insurance coverage. The program was developed in the height of the economic recession as a way to protect small banks while larger institutes either failed or were bailed out by the federal government. The program has been considered a boon for small, community-based banks that would have collapsed without adequate insurance protection. Program could continue to protect small banks…
Read MoreSurvey says that car dealerships profit big time from selling insurance products
Finaccord, a financial market research group, conducted a study across 26 countries regarding the financial impact of up-selling consumers on “extras” when they purchase a new car. The numbers are staggering on how it’s affecting car dealers and manufacturers profit margins. When dealerships partake in selling insurance products like gap insurance, extended warranties, auto insurance, roadside assistant programs and creditor insurance they benefit wildly. According to Finnacord, their study shows the importance of the said factors to the automotive industry in the whole of Europe. In the countries that were…
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