Credit Score Requirement to Buy a Car

October 14, 2021

The pandemic has been significantly influencing people’s finances and spending habits. In 2021, the average credit card spend is lower compared to previous years. One of the reasons is that people struggle with their financial situation.

If you want to get a car but don’t have enough money, borrowing is a viable solution. Here your credit score comes into play. In this article, we will explain what credit score you need to buy a car and how to improve it.

What Credit Scores Do Auto Lenders Use?

Your credit score is a major deciding factor whether you’ll get a car loan or not, especially if you’re trying to get car finance with no down payment option. However, there are various types of credit scores, which are specific scoring models that auto lenders use. While they are different from the actual score, these models use the same credit reports but assess the factors in a different way.

There are two main scoring models:

1. Fair Isaac Corporation (FICO)

FICO is one of the most used scores. It’s a three-digit numbered score that was introduced to determine whether you can repay a loan. FICO scores vary from 300 to 850, the latter being the perfect rating.

2. VantageScore

This is a new competitor of FICO. VantageScore was developed in 2006 by three credit bureaus: Equifax, TransUnion, and Experian. This is calculated based on five factors:

Total credit balance, available, and usage
Payments history
Age of credit history
Credit experience
Newly opened accounts

Moreover, it boasts advanced algorithms and machine learning techniques to calculate more accurate ratings. But like FICO, VantageScore also ranges from 300 to 850.

Credit Score Requirement and Interest Rates

Minimum credit score requirements vary from lender to lender. However, there are generally accepted or standard score ranges. Lenders assess both your income and credit score, which can belong to any of the following categories:

Super prime: 781 to 850
Prime: 661 to 780
Non-prime: 601 to 660
Subprime: 500 to 600
Deep subprime: 300 to 499

Interest rates vary from category to category. Here’s a table showing the summary of scores and interest rates based on Experian:

Credit Score	Average Loan Rate (New Car)	Average Loan Rate (Used Car)
Super Prime (781-850)	2.34%	3.66%
Prime (661-780)	3.48%	5.49%
Non-prime (601-660)	6.61%	10.49%
Subprime (500-600)	11.03%	17.11%
Deep subprime (300-499)	14.59%	20.58%

Based on this table, it’s clear that loan rates for getting used cars are higher compared to the rates for new vehicles. Moreover, it’s also clear that used and new cars rates go higher as the credit score gets lower. This means lower costs if you have a good credit score.

In this sense, it’s best if you have a credit score of at least at prime level. Lenders prefer borrowers with credit scores of 661 and higher. For example, if you have a 785 credit score and your acquaintance – 665, and both of you want to get a loan for a new car, you’d get different rates. And technically, if you apply for a similar loan amount, you’d still pay less monthly than your friend.

Tips on How to Get Car Finance With a Low Credit Score

If you have a lower credit score, below super prime or prime, and you want to appeal more to the finance committee you’re applying to; there are some things you can still do to improve your chances.

You can try the following:

Offer a more significant down payment. This will lower your monthly payment and can help offset a bad credit score. There’s also a chance of getting a lower interest rate. A big down payment can improve your creditworthiness in the lender’s eyes.
Bring documents. These can prove to lenders that you’re financially stable. These can include pay stubs and proof of your address that shows how long you’ve been living at a particular location and been occupied.
Apply with a cosigner. Applying for a loan with someone who has an excellent credit score can get your loan accepted. The cosigner will share the loan responsibilities, reducing the risks for lenders.

How to Improve Your Credit Score?

The best way to qualify for a car loan is to have a high credit score. If you have a poor rating, here are some ways you should do to improve it:

Make consistent on-time payments and pay up any past-due debts.
Regularly monitor your credit report.
Keep low credit card balances by lowering your credit utilization.
Avoid applying for other loans.
Keep your credit card accounts open.
Request for an increase of credit limit.
Don’t unnecessarily use extra credit unless needed.

Conclusion

There’s no minimum required credit score to get a car. However, your rating will greatly affect the chances of you getting a loan and the amount of monthly installments.

You will easily get qualified with a high credit score and receive lower rates compared to the terms for those with a low credit score. But, there are still ways you can get a car with a poor rating. Most importantly, there’s always a way to improve your score overall.

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Binary Options and their Legal Status

October 14, 2021

Thanks to digitization, the trading with exchange market assets as well as with derivatives has become a lot less complicated and time-consuming. This may be one of the reasons why trading has become so popular among investors worldwide. Also, the great impact of cryptocurrencies on the exchange market has led to a shift in investor behavior and appetite for risk.

While many investors choose to invest their funds directly in market assets, others prefer indirect investments. ETFs and derivatives are possibly the most popular instruments for those, who are not willing to purchase any exchange market values but still want to benefit from their fluctuation. In this article, we want to talk about one of the most controversial types of derivatives, the exotic options called binary options.

What Are Binary Options?

Options are contracts agreed on by at least two parties. They entitle the buyer to buy or sell a specific underlying asset for a stated price within a certain time span. The owner is usually not obligated to buy or sell, though. When signing up for an option, the investor makes a prediction on how the underlying asset will perform. Options can be leveraged. By paying a proportional margin, the buyer can inflate the available funds and therefore step into the option with a higher amount of money. In consequence, the potential profits are subject to a leverage effect and turn out proportionally higher than the originally available investment. That makes options trading very popular, of course.

Binary options are an exotic type of both options and derivatives. They are also called digital options and all-or-nothing options. All their designations give us a basic idea of how binary options work:

Instead of making a clear prediction on the asset value, investors basically only answer an easy yes-or-no question. Will the market value be above a certain price on the expiration date of the option or not? If investors assume that it will be, they buy. If they assume that the asset will move downward and fall below the stated price, they sell. Due to this simple yes-or-no question, binary options are comprehensible yet risky types of investment. The buyer can either close the option with a plus or the option turns valueless.

Are Binary Options Legal?

As mentioned before, binary options are a very controversial financial instrument, which is due to their high attractiveness for venturesome investors. As many options go valueless, the market is very liquid and scammers sense their chance to bamboozle inexperienced investors.

That’s why investors have been subject to fraudulent activity on many occasions. Some countries have therefore decided to prohibit binary options trading. Within the United States it is legal to trade them, but investors should make sure to only work with a regulated U.S. exchange. A regulated market creates a safe haven for investors, but it is crucial to trade using legit brokers like this one: https://www.binaryoptions.com/broker/binomo. In a recent test, Binomo was ruled as “not scam”, which means that the binary options broker is safe to invest with.

Binary Options and Their Legal Status Around the World

Some nations have decided that the fraud risk going out from binary options is so high that regulatory instruments do not suffice to prevent scam. Canada is probably the most well-known example of a nation, where binary options are banned completely.

Mexico, Russia, Belarus, Moldova and Ukraine don´t have specific regulations, but allow trading for regulated firms. In the European Union and within the United States, it is possible to trade on regulated markets with or without restrictions.

Why Is the Binary Option Market Regulated?

The main reason for the strict rules that many jurisdictions have elaborated for trading with binary options is the high risk of fraud. Some nations even deem all-or-nothing options gambling. Hence, the market needs to be strictly regulated or even banned in countries, where gambling is a legal grey zone or even illegal.

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Factors That Affect Your Auto Refinancing Decision

October 13, 2021

Auto refinancing is one of the best personal finance decisions you can make. If you do it smartly, you can save a fortune on interest amounts. You can even reset your budgets with lower monthly payments. At the same time, you may secure the benefits of easy loan terms. It is a win-win choice, provided that you pick the right option and timing. Deciding on both can get tricky if you are a first-timer or even a seasoned car owner. It makes sense to follow some factors that drive the best decision. Here are the ones you can rely on.

Your motivation for refinancing

Before anything else, you need to consider the motivation behind the decision. Your primary objective for refinancing is the motivating factor. You may want to cut down your monthly payment if your current financial position is not good. You get a breathing room in your budget, which may be much-needed due to a pay cut or job loss. Conversely, refinancing to a shorter loan with bigger payments is a better option if you can afford it. It will enable you to get rid of the debt and save up on the total interest on the loan. In either case, your motivation will determine the right refinancing option for you.

Vehicle value

The current value of your vehicle is another factor you need to bear in mind while refinancing it. Finding a lender for auto refinance will be a challenge if you owe more on the vehicle than the current worth. Underwater cars are risky prospects for lenders because they cannot recover the loan amount by selling it in the event of a default. If you are serious about refinancing your car, make sure it does not go underwater. You can do it by making an extra payment on the existing loan so that the car’s worth is more than the loan value.

Changes in your credit profile

Your credit score is perhaps the most critical factor when you apply for an auto loan. It determines your repayment capacity and drives the lender’s decision to provide the funds. When you get auto refinance rate estimates, check your credit score first. A better score since you took the initial loan is a good sign. It means you can expect the fresh loan at a lower interest rate and better terms. Likewise, you may anticipate a lower rate if the overall interest rates in the market are down.

Early repayment penalties

Vehicle owners often overlook this factor while refinancing their auto loans, but it can have a dire impact. A hefty early repayment penalty is detrimental, so make sure you go through the initial loan contract before signing it. If you still want to go ahead with refinancing, compare the savings you make after moving to a new loan with the penalty you have to pay for early repayment. A comparison between the two will help you make a better decision.

You cannot make an auto refinancing decision on the spur of the moment. Bear these facts in mind, and ensure that everything is in place before sealing the deal.

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Are You Trying to Be More Sustainable? Here’s How!

October 13, 2021

Being more sustainable doesn’t mean you have to make radical changes that drastically change your lifestyle. Instead, you can be more eco-friendly by making small changes that will eventually turn into habits.

Did you know? Many employers offer a sustainable workplace as part of their unique employee benefits packages. So whether you’re a business owner trying to attract talent or a homeowner trying to save money while reducing your carbon footprint, you can become more sustainable.

Many people don’t make these changes because they think they will be too difficult to maintain. Luckily, the more you do something, the easier it will become. Eventually, you won’t even have to think about your actions, and all of the habits you build will become part of your daily routine.

Here’s how you can be more sustainable.

Use Less Electricity

Becoming more sustainable simply means using fewer resources, such as electricity. Check out these tips to use less electricity, helping you save the environment and reduce your monthly bills.

Change Your Lightbulbs

Changing your light bulbs takes only a few minutes of your time, and each lightbulb you change uses almost 75% less energy than traditional bulbs. LED lightbulbs last longer than incandescents, so you’ll save money in the long run.

Get an Audit

An energy audit can help you save money and reduce your carbon footprint by telling you how much energy your home or business is losing. It will also provide you with sustainable solutions. To get an audit, contact your local electricity provider or an energy consulting agency.

Check Weatherproofing

You might be losing energy due to bad weatherproofing. If you’ve ever noticed that a room doesn’t stay warm in the winter, then you might have gaps between doors and windows. Bad weatherproofing means your air conditioner or heating system will work more than it has to in order to cool or heat your home.

Reduce Water Usage

Using less water doesn’t mean you have to cut your showers in half, although it helps. Try these tips instead:

Install a Low-flow Showerhead

It’s no secret showers use tons of water, especially if you have a large household and everyone showers daily. Most showers have a flow rate of at least 2 gallons per minute, according to the Alliance for Water Efficiency. However, many of us enjoy our alone time and need a little bit longer in the shower every morning. If you love a long shower, try a low-flow showerhead that uses less water.

Use Appliances Wisely

When you run the dishwasher or use the laundry machine, make sure you are washing full loads. If you’re not washing full loads of laundry or dishes, then you’re wasting water. While most washing machines have a setting that will release enough water for your load size, many dishwashers do not. Instead of running your dishwasher when it’s half-full, try waiting until it’s full.

For those seeking eco-friendly alternatives in their quest for sustainability, exploring innovations like laundry detergent sheets can offer promising solutions. If you’re curious about their effectiveness, you might wonder, “do laundry detergent sheets work?

Eliminate Waste

There’s no reason to contribute to the growth of landfills when you don’t have to. Instead of tossing anything you don’t need anymore, try:

Recycling

Just because you’re done with something doesn’t mean it’s trash. Instead, follow the basic rules for recycling:

Plastic can usually be recycled in mixed recyclables
Cardboard can be recycled in the paper section
Wax paper, plastic bags, and styrofoam cannot be recycled

To start recycling at home, purchase a recycling bin for your kitchen so you feel compelled to stop throwing everything right into the trash can. Talk to your landlord if you live in an apartment that doesn’t have a recycling bin outside. Sustainable solutions are among the top amenities renters want, so your property manager might be willing to work with you. One that can help you to achieve a sustainable life is Biome ceramic water purifier which they believe daily choices you make have the power to transform our world.

Stop Using Plastic Bags

Plastic bags are convenient when you’re at the grocery store, but they aren’t your only option. Instead of using your local shop’s bag options, bring your reusable grocery bags. You can keep them in your car so you never forget them at home again. While most of us get our plastic bags from the grocery store or shopping at the mall, pet owners also have a use for plastic bags.

Luckily, you don’t have to use plastic bags for waste when walking your dog. Instead, you can use biodegradable pet waste bags.

Be Thrifty

Instead of always buying the newest clothes, try secondhand shopping. The fashion industry is one of the biggest offenders when it comes to waste production. Instead of contributing, you can find clothes that match any style at your local thrift store.

Try Reusable Rags

Paper towels are known for being convenient for picking up spills and cleaning your kitchen. However, they’re not sustainable. Instead of grabbing a new paper towel every time you spill something on the floor or countertop, try a reusable rag. When you’re done with your rag, you can throw it into the washing machine instead of in the trash.

Stop Purchasing Water Bottles

Check out your office the next time you have spare time. The odds are everyone is drinking water from a plastic water bottle, and many of your coworkers probably have old half-used water bottles on their desks. You may even have water bottles at home if you don’t like tap water.

As you know, disposable water bottles are plastic, which means they’ll only end up adding to landfills when you’re done with them. Instead of grabbing a new plastic water bottle every time you’re thirsty, try using the same water bottle, a reusable cup, or a reusable water bottle. If your workplace doesn’t have access to an area to fill up your water, try bringing your water filter from home to share with the office.

Similarly, instead of drinking out of plastic water bottles when you’re at home, get a water pitcher with a filter so you can have the same great taste without adding to your carbon footprint.

Learn the Labels

Everything you purchase has a label. It’s time you learn how to read those labels. Sustainable brands are easy to spot since they promote their sustainability efforts on their labels. For example, Fair Trade certified goods are dedicated to sustainability and corporate responsibility.

Drive Less

While driving is a necessary evil for getting to work, you might not need to drive as often as you do. The next time it’s nice out, consider all of the errands you have to run and how far away the shops are located. If you live in a city, walking is going to be your best option to avoid traffic anyway. However, if you live in the suburbs, you might not have access to shops that are within walking distance. Instead, contact a friend to see if they have any errands they need to run. Instead of two cars on the road, you can ride together.

The same concept can apply to your daily commute to work. If you know a coworker that lives near you, ask if they’d like to start carpooling to work to reduce your carbon footprint.

Becoming Sustainable

You can’t change your behavior overnight, but you can choose to become more conscious of how your actions impact your planet. Choose anything on this list and try it for a week to see if you can get it to become part of your routine. Once you’ve accomplished one sustainable task, the rest will become easier.

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About the Author

Matt Casadona has a Bachelor of Science in Business Administration, with a concentration in Marketing and a minor in Psychology. Matt is passionate about marketing and business strategy and enjoys San Diego life, traveling, and music.

The Jihadi Gold Rush Fuels Violence in the Sahel Region

October 13, 2021

By Katarzyna Rybarczyk

Africa’s Sahel, a region separating the Sahara Desert to the north and savannas to the south, is notorious for widespread poverty and persistent conflict. In fact, Western Sahel, especially Mali, Burkina Faso, and Niger, is the most unstable area on the continent.

For years, terrorist attacks have been a frequent occurrence but recently the region has been facing a new threat – a wave of extremist violence targeting gold mines. Groups linked to al-Qaeda and Islamic State have been taking over gold mines and becoming increasingly involved in the informal gold trade. At first, they were focusing primarily on Mali but from 2016 they expanded their operations to Burkina Faso, which is Africa’s fourth largest gold producer.

In the process of taking over gold mines, the Islamist groups have been attacking civilians with extreme cruelty. As a result of that, hundreds of innocent people have lost their lives, with more than 130 being killed during just one event in northern Burkina Faso in June this year.

With extremists assuming control of these resources and states being too weak to protect the mines, the trend also has serious implications for their economies and is threatening to destabilise the already fragile region even more.

The gold mining industry in the Sahel is vulnerable to exploitation

The two most affected countries are Burkina Faso and Mali, countries known to be hotbeds of terrorism. In Burkina Faso, insurgents have already attacked 24 mines responsible for producing $35 million worth of gold each year.

In the Sahel region, the gold mining industry is, for the most part, not formalised. A big proportion of gold mining happens illegally and without supervision. There are no rules imposed on logistical services so extremist groups can easily access mining sites.

‘More than 2m people are involved in small-scale mining in Burkina Faso, Mali and Niger’, reported the International Crisis Group. As the NGO explained, ‘in total they dig up 40-95 tonnes of gold a year, worth some $1.9bn-4.5bn.’

The lack of adequate regulations makes the industry vulnerable to exploitation by radical groups. Even though extremist groups do not exercise full control over most mines, they have influence over many.

Illegal gold mining is primarily an opportunity for jihadists to get funding to buy arms and expand their operations. Thanks to taking over mines they can seize not only gold but also explosives used to manufacture bombs and ammunition that can then be trafficked to affiliates of al-Qaeda and ISIS spread around the region.

In addition to that, however, taking over gold mines allows them to recruit new members. Many miners are young, strong men who have a good understanding of how to use explosives. As these men often live in poverty, they are easily manipulated by extremist groups who feed them and pledge to protect them if they obey their orders and dig for them instead of the governments.

The situation in the Sahel is already dire

States failing to effectively address the jihadi gold rush has been contributing to the worsening of the severe humanitarian crisis in the Sahel.

According to the UN, around eighty per cent of people in the region live in extreme poverty with less than $2 a day to spend. Armed insurgencies and terrorism are the major, but not the only threat they face. Climate change has been forcing displacement of entire communities and intensifying clashes over access to water and land.

With the Sahel facing so many challenges, regional governments cannot effectively focus on dealing with the new problem of the jihadi gold rush. Their security forces do not have the capacity to confront the jihadists and governance in regions vulnerable to terrorist attacks is poor.

As jihadist groups use gold mines as a pool for potential recruits, not tackling the problem can lead to terrorist organisations getting more and more manpower. Consequently, there is a risk of them becoming strong enough to gain control over vast territories of the Sahel.

Ending the jihadi gold rush requires serious reforms

In Burkina Faso, the government closed numerous mines to prevent them being taken over by terrorists. Nevertheless, this solution has caused a backlash of people for whom mining gold constitutes a primary source of income.

Jihadists enter and take over areas that have been abandoned by the governments. Hence, instead of introducing mine closures, states should enhance the security measures at the mining sites and make sure that they are supervised by security forces. For the time being, there is no protection of the mines so they are an easy target for jihadists.

The living situation of those working at the mines also has to be improved. Islamist groups tell miners that if they work for them, they will guarantee the safety of them and their families. That is why, to prevent their radicalisation, miners should be given better pay and better protection.

Finally, the governments of states in the Sahel should harmonise their policies and regulations regarding the gold mining industry. Thanks to that, formal gold trade would become more efficient and the vulnerabilities of the industry could be eliminated.

If these changes are not implemented, the jihadi gold rush will continue and more lives will be lost.

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About the author

Katarzyna Rybarczyk is a Political Correspondent for Immigration Advice Service, an immigration law firm based in the UK but operating globally. Through her articles, she aims to raise awareness about security threats worldwide and the challenges facing communities living in low and middle-income countries.

Borrowing Options Without a Bank Account

October 12, 2021

Why is it so hard to get a loan without a bank account?

When you apply for a loan, lenders may ask for your bank history, as it helps them to verify your income and will give them an idea of whether you have the income to keep up with repayments.

Without a bank history to verify this, lenders can find it difficult to assess the risk of lending to you. Lenders need assurance that you will repay the loan, without any statements to prove that you can manage payments it can be harder for them to determine if you are eligible for a loan.

Those who offer personal loans may also need you to have a bank account, as this is where funds are deposited and where your repayments will come from. However, for those without a bank account there are still options, although it is simply better to open a bank account. CreditNinja shows how to get a loan without a bank account, and while it is difficult it is still doable.

Does every lender require you to have a bank account?

Having a bank account is not always a requirement to get a loan, however, lenders typically require this, and if they do not, they may offer subprime loans. This means that loans will carry a high-interest rate and fees that are marketed to borrowers may have a hard time repaying debt, i.e. they may have a low-income or bad credit.

Certain types of loans and credit cards can be useful for these borrowers, but any other type of subprime loan is best avoided.

What loans can you get without a bank account?

There are a select few options out there for those who do not have a bank account. While these options are still viable, we urge they be avoided if at all possible. Opening a bank account is simply the best route you can take, as it will be the easiest way to start saving, budgeting, and it can help you to secure better options for loans in the future.

Yet, it is not always immediately possible for everyone and if you need a loan in the short-term, and you do not have a bank account there are three types of loans you can seek out; pawn shop loans, payday loans, and title loans.

Payday loans and title loans.

These are options for those in dire need of financial assistance with no time to open up a bank account. If you cannot borrow from a friend or family member, your last resort can be to take out a car title loan or a payday loan.

These types of loans are far from recommended as the costs and financial risks they come with are high. However, if you do need to take these types of loans out, you need to know what you are getting into, so you have the best chance to protect yourself, thus understanding the costs and what it takes to repay them.

Title loans come with some red flags including High APR’s, and Equity matters meaning that the amount you apply for depends on how much equity you have on your vehicle, it can range from $100 to $5,500 typically. And also the potential for repossession if you do not pay your loan back as agreed.

Payday loans also have red flags, these include that they are small, meaning generally $500 or less, they come with high fees meaning that a two-week payday loan can equal an APR of almost 400%, as well as becoming potentially threatening to spiral you into debt. If you can’t pay it back quickly, the fees can add up quickly and make your existing problems continue.

One other option is for a payday alternative loan. These are a short-term small-amount loan that is offered up by a federal credit union, they have an interest rate capped at 28% typically, and the application cannot be more than necessary. You can apply to borrow up to $2,000 and repayment terms may range.

Pawn Shop Loans.

Alternatively there are pawn shop loans which are secured loans requiring you to offer up a valuable item as collateral. These can be found at pawn shops throughout the country, and the amount you may be eligible for will depend on your collateral, the lender and your location.

These loans can be fairly high risk, and the lender can keep the item if you cannot repay the loan.

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Pros and Cons of Using Cryptocurrency in Business

October 12, 2021

By Sherri Carrier

Technology constantly alters every aspect of our society, and it didn’t spare our mode of payment for goods and services. Currently, in the financial transactions sphere, we have PayPal, Amazon Pay, Apple Pay, cryptocurrency, and other various online payment methods. Cryptocurrency is a relatively new payment system, with many people trying to figure out how it works.

However, there are currently more than 2,000 distinct types of cryptocurrency. In this article, we discuss the far-reaching influence of cryptocurrency and the pros and cons of using this digital financial currency.

Influence of Cryptocurrency in the Business Sector

Researchers at essay writing service UK claim that the importance of cryptocurrency cannot be ignored anymore. Cryptocurrency involves using virtual tokens or coins, which are used by private individuals and companies alike for operational and transactional purposes, and undoubtedly investments.

According to some estimates from late 2020, it was established that about 2,300 US businesses accept bitcoin as a form of payment for transactions, excluding Bitcoin ATMs. Cryptocurrency is a form of digital payment system that doesn’t rely on banks to verify transactions., thereby making running financial processes easier and faster.

Cryptocurrency may take the form of coins, and as there are two sides of a coin, we have the good and bad of using cryptocurrency in business. You may have been feeling left out or reluctant to adopt this as a payment method for your business, and some of your fears are justified. So, we will be providing you with information to put on a scale and weigh if it’ll do more harm than good or vice versa to your business.

Pros of Using Cryptocurrency in Business

Technology enthusiasts at Aussieessay writers suggest that the benefits of using cryptocurrency are significant, especially in virtual businesses. Here are some of the benefits.

It is secure and fast: Cryptocurrency uses encryption to verify transactions. Hence, the name “cryptocurrency.” Advanced coding is involved in the transmission of data and transactions processes; there is blockchain tracking of each coin and wallet. The end goal is to enhance safety and security. Also, in comparison to fiat money, transactions involving cryptocurrency are concluded much faster. Speed is imperative in the aspect of receiving and processing payments in businesses.

Growth of the company: Growth is characterized by change, and times are changing. Many people have opened their minds to digital currencies, and customers are demanding faster, easier means of payment. Adopting cryptocurrency into your business places it in this important emerging space for currency evolvement.

Creates an avenue for gaining high profits: Having the capability to provide your clients with as many payment options as possible is a win for your company. The ultimate goal of a company, or most companies, is to make profits. The more cryptocurrencies you feature as possible payment options, the better your user engagement and conversion rates will become.
It reduces “friendly fraud”: Friendly fraud, commonly known as chargeback fraud, is a situation whereby a cardholder contacts the issuing bank to reverse payment or obtain a refund while still keeping the items gotten from such transaction. This is not an issue with cryptocurrency, thanks to its rigid tracking system around blockchain technology. Essentially, it is almost impossible to carry out a chargeback fraud.
Low transaction fees: A lot of payment services places extra charges on transactions. PayPal, for instance, charges up to 4% per transaction (or sometimes more). Meanwhile, cryptocurrency transactions fees are close to nothing, or sometimes, even nothing. For instance, Binance, which is one of the world’s best-known crypto-trading companies, charges about 0.04 – 0.10 percent fees on transactions, which is determined by trading volume.
Removes Intermediaries: Cryptocurrencies were created to oust middlemen; banks, and online marketplaces. Blockchain set to achieve this by replacing the central system with a decentralized ledger of chained records where everything is interconnected.

Cons of Using Cryptocurrency in Business

Despite the various benefits of cryptocurrency, it still has its negative aspects. These disadvantageous aspects are:

It is highly volatile: Cryptocurrencies are extremely volatile; their values can vary significantly. In a single day in May 2021, the price of Bitcoin dropped by about 30% before recovering down to 12%. Its volatility might be influenced by security breaches, the uncertainty of its future value, bad news, among other factors.
It is not widely accepted: Cryptocurrency is still not generally accepted. Digital currencies are still foreign to some people. So, you have to consider if your clients prefer to use digital currencies or not. Some people who even possess wallets and coins prefer not to trade using them but to go for fiat money or other traditional means of payment.
Complex set-up process: In comparison to other transactions channels, setting up your cryptocurrency payment options may require additional efforts and time. You could create your business’ wallet or opt for third-party exchange services, which will act as an intermediary between you and your clients. In the long run, you may consider these as minor setbacks, but it may be a huge turn-off initially.
The responsibility of protecting your digital assets rests solely on you: In circumstances where you lose your virtual wallet as a victim of a hack or delete your currency, you have to bear the consequences yourself. It is similar to an instance where someone takes your debit card and withdraws all your money, but in the case where your virtual wallet is hacked, no bank is going to replace it for you.
Migration: As established earlier, there are over 2,000 different types of cryptocurrencies. Consequently, if other companies and even your clients migrate from one digital currency to another, what happens? The value significantly dips.
There are no established bodies like the Financial Conduct Authority to regulate financial activities: When it comes to cryptocurrencies, your business may be vulnerable to scams and the likes, as there are no rules to protect it. It is also risky in contrast to investing in the stock market.
Highly vulnerable to scams: The foundation of cryptocurrency rests mainly on the new and developing technology areas such as Blockchain. The effect of the newness of this technological aspect is that internet fraudsters and hackers can take advantage of this critical factor to defraud cryptocurrency owners through social media platforms such as Facebook, Twitter and Instagram. Fake investments schemes related to cryptocurrency have been used to scam crypto-users, resulting in profit loss.

Final Thoughts

Having considered the benefits and the not-so-alluring aspect of adopting cryptocurrency as a means of payment in your business, I hope you’re able to make a decision or reach a conclusion that is beneficial to your company. Sometimes, one needs to take that bold step while considering its worth.

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About the Author

Sherri Carrier is a professional writer that engages in dissertation writing services and dissertation help. Sherri writes at assignment help UK and is a member of several writing clubs in New York. She has been writing her own poems since she was a child. The young author gets inspiration from her favorite writers and people whom she loves.

Controversies Trails Amnesty for “Repentant” Boko Haram Members

October 12, 2021

In the past few weeks, news about the massive surrendering of Boko Haram terrorist fighters has dominated the headlines across the Nigerian media. Their repentance is also being followed up with a rehabilitation program under an initiative called Operation Safe Corridor. However, the purported surrendering has raised controversies across sectors, with many questions begging for answers.

Since its emergence in 2009, the Boko Haram terrorist group, whose ideologies and struggle are against western education and democracy, has terrorised northern Nigeria and other countries in the Lake Chad Basin region. It has been 12 years of horror, with tens of thousands of lives lost and millions of people forcibly displaced. The group’s activities have crippled the economy in many parts of the region and rendered many school-age children academically disadvantaged due to its incessant attacks on schools in that region. Given the human and economic loss they have caused and are still causing, never would one have thought the government will one day consider giving amnesty to the ruthless killers. However, that option is now a reality, especially as the rebels are said to be giving up arms in their thousands.

While campaigning for office in 2015, one of President Muhammadu Buhari’s campaign promises was never to give amnesty to Boko Haram because doing so would be “unfair to the system.” The reason behind the dramatic change of mind by the same government is one of the questions on many Nigerians’ lips. Not only are they being pardoned, but taxpayers’ money is also spent on rehabilitating and reintegrating the “surrendered insurgents,” whose repentance is widely doubted among Nigerians. Much like most jihadist fights across the world, the Boko Haram war is more of a battle of ideologies than physical. And given the indoctrination involved, it is hard to see terrorists repent, especially those who have wined and dined with suicide bombers and participated in cold-blood slaughtering of victims. So, it is a question of how soon they will return to their rebellion.

The federal government also seems to have discountenanced the feelings of the affected community members in all of these. The question of whether people really want the terrorists back in their midst seems to have been neglected. Boko Haram has brought untold hardship to many communities across the region. Many families have lost breadwinners and loved ones, some have been rendered disabled, many properties and livelihoods are also lost to the war. Millions were forced to flee their ancestral lands and their community taken over by the terrorists. Sadly, the affected people are yet to recover from the effects, as most promises made by the government to rehabilitate and resettle them haven’t really come to fruition. It is therefore not surprising to see opposing voices from community members who find it hard to imagine having their one-time ‘nemesis’ back in their fold.

Immigration Advice Service gathered that Boko Haram has displaced nearly 2.4 million people in the Lake Chad Basin region, most of whom ended as internally displaced persons (IDPs) in Nigeria. In those IDP camps, there have been reported cases of grave human rights violations, starvation, widespread sexual assaults against women and girls, several other atrocities committed by security forces assigned to protect these terror victims. The camps are also badly managed and porous, and some of them have recorded terrorist attacks.

These internally displaced persons bear some of the greatest burdens of over a decade of violence by Boko Haram and are living witnesses of the horrifying realities that the Jihadists represent. They, therefore, deserve the utmost attention from the government. Many of them have spent years in the camps as the number of residents keeps growing with more terrorist attacks. Efforts to return to their communities have also suffered setbacks as the insurgents relaunch attacks on many resettled areas. Given the severe abuse and deprivation these terror victims have experienced, it is surprising to most Nigerians that the jihadists who inflicted the agony seem to be getting more attention than the victims. So, this most important question, “when are the IDPs going home?” remains unanswered for the umpteenth time.

It is also important to look at the immediate and long-term downsides of this olive branch being extended to the rebels. Amnesty is not a new trend in Nigeria. In 2009, the government of President Umar Musa Yar’Adua granted amnesty to the Niger Delta militants following years of attacks on oil facilities in the region that greatly impacted the country’s economy. The amnesty came with juicy benefits, including loans to start businesses, formal education in Nigeria and abroad, and a monthly allowance of US$400 for every fighter who handed over their weapons. The monthly allowance was far higher than the minimum wage, which was about US$60 at the time. Their leaders were also offered highly profitable and massive contracts in the oil industry, and many of them gained political power in their communities. But the amnesty and its accompanying juicy packages only benefitted only the fighters who were just a fraction of the population, as the government failed to tackle the wider socio-economic grievances in the region. Years after, new militant groups emerged and resumed attacks on oil facilities, which reduced oil production by half in 2016.

Drawing from this past experience, the ongoing amnesty to Boko Haram fighters may end up creating more problems, especially as the yearnings of the affected victims remain largely unanswered. It could also set a precedent that will attract the emergence of new armed groups in the future. Already, some groups in northern Nigeria are advocating amnesty for the so-called bandits who are as deadly as Boko Haram and have terrorised the country for the past few years. This leaves many people wondering where the government’s priority lies: rewarding crime with financial benefits and pardon or ensuring criminals face justice for their crimes?

In the past few weeks, about 6000 Boko Haram members have reportedly surrendered. In a shocking twist, however, the Islamic States of West African Province (ISWAP), a splinter of Boko Haram, is massively recruiting to replace those repentant members. This shows that the terrorists will remain a big threat to the country’s security as long as they have the resources needed to continue the war.

Many analysts believe the lasting solution is to identify their sponsors and bring them to book. Judging from the rapid growth of the Boko Haram group in the past decade, it is becoming more apparent that the fighters are being bankrolled and aided by powerful individuals who benefit from their activities. On September 13, the UAE federal cabinet named some Nigerians among global financiers of terrorism. An official in the Nigerian government was also said to be involved.

There have also been reported cases of top Nigerian military officers aiding and abetting the terrorists in their heinous activities. While the masses call for naming and prosecuting Boko Haram sponsors, the government, on the other hand, believes the time is not ripe for that as investigations are still underway. The continuous attacks by the Boko Haram group, the ongoing amnesty for the surrendered members, and the refusal to mention those terror sponsors make many Nigerians doubt the government’s seriousness in bringing this decade-long war to an end.

Olusegun Akinfenwa is a correspondent for Immigration Advice Service. A law firm based in the United Kingdom and offering immigration and citizenship services globally.

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Everything You Need to Know About Bankruptcy

October 12, 2021

A million and one plates are being spun at any time in a business. You have to keep everyone happy, keep payments flowing, and keep business growing. Sometimes, it’s impossible to keep up with everything, leading to financial or personal problems.

One of the main financial challenges a company can face is the decision on whether to file bankruptcy. It can be a scary and confusing title to want to take on. Should you declare bankruptcy? What does it even mean to be bankrupt? In this article, you’ll learn everything you need to know about bankruptcy and your business.

Why Does Bankruptcy Happen?

As mentioned, business owners have a lot of things to keep afloat at the same time. Sometimes, factors outside of their control lead to filing for Customer Bankruptcy. This could be down to the current economic climate, poor sales, overpowering debts, or myriad other reasons.

If you are a business owner, you will know that you often make purchases through debt and credit. Often, it’s hard to keep on top of all the financial outgoings, meaning they can stack up and become too expensive to manage. In this situation, when debt leads to dangerously low or no cash flow, you’ll need to file for one of the two below bankruptcy options.

Chapter 11 Bankruptcy

The most common form of bankruptcy a business files for is called Chapter 11 bankruptcy. In this form of bankruptcy, a company is given time to develop a plan of debt restructuring and reorganization, with the aim of exiting bankruptcy as a more profitable, successful company. In many cases, certain debts will be discharged or partially cleared, to give the company a second chance.

Chapter 7 Bankruptcy

Chapter 7 of the Bankruptcy Code is a little different. A Chapter 7 bankruptcy is often referred to as “liquidation.” This is because, in a Chapter 7 bankruptcy, a court-appointed trustee takes charge of the companies assets, liabilities, and property, often selling them to help repay the debt they owe to their company. Unlike a Chapter 11 bankruptcy, a Chapter 7 results in the cessation of all business activity, leading to the full closure of the business.

Petition Date

There is an important factor involved in either form of bankruptcy and that is the petition date. This is the date where a company facing a Chapter 11 bankruptcy first declares its bankrupt position. It is this date that marks the start of their bankruptcy process, meaning debts incurred before this date are the ones likely to be reduced and restructured.

After the petition date, companies must complete a few important tasks. Firstly, they must submit a plan to use current assets to pay immediate debts, staff wages, pensions, and more. Then, your company will have 120 days to submit a plan of reorganization.

Restructuring or Reorganizing

Most commonly, companies will be well aware that they are heading for bankruptcy, so plans for restructuring and reorganizing their debt will have been made in advance. They’ll work with various creditors and shareholders to work on this plan before entering bankruptcy, meaning the plan for exiting bankruptcy is already in place on their petition day.

Alternatively, if no plan and no communication is occurring between the debtor and creditors, owners may choose to sell their business. In many cases, another company within the same sector will strategically purchase the business and absorb it into its own company. In other cases, an investor may purchase the company in the hope of selling assets at a profit.

What About Staff?

In general, companies entering Chapter 11 bankruptcies will keep their staff on board and continue to pay them post-petition. Unfortunately, wages may be lost for staff of companies entering a Chapter 7 bankruptcy. Pension plans should be kept for those of Chapter 11 bankruptcies, but again may not be the same for those in Chapter 7. If your pension is lost due to the bankruptcy of a company, you can file a claim with the Pension Benefit Guaranty Corporation.

Intellectual Rights Post-Bankruptcy

Unfortunately, if your company holds patents, these may well be lost in a bankruptcy process. That is the case if you sell your company or parts of it to a bankruptcy estate. Intellectual rights are considered the property of whoever buys the company. However, if you restructure debt and keep your company alive, you will retain the rights.

These are the basics you need to understand when looking at bankruptcy for your business. It is never easy having to face these kinds of issues but, if tackled properly, you can come out the other side financially secure and stronger than ever.

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Which Crypto is Best for Beginners?

October 12, 2021

By Thomas Jackson

Cryptocurrencies are digital currencies that are not managed by the government or any central system but are built on blockchain technology. In the last decade, cryptocurrencies have gained traction, have become more popular, and are becoming more of an option for individuals and organizations to invest in.

As a beginner in crypto, you’re unlikely to know which cryptocurrency is the best and which one to invest in. There are more than 6000 cryptocurrencies, so picking out the best one with high growth potential by yourself may be an arduous task. Bitcoin is an obvious crypto investment given its popularity and constant growth – even with the frequent market volatility. However, there are many other cryptocurrencies that you can invest in with high growth potential as well.

In this article, we’ll be discussing some of these cryptocurrencies that are the best investment for beginners.

1. Bitcoin (BTC)

BTC remains the most valuable and profitable of all cryptocurrencies, which will be the case for a long time. The price, market volume, and market cap of bitcoin are far higher than other cryptocurrencies. Even though there are thousands of other coins in the market, bitcoin still accounts for more than 40% of the crypto market cap, making it an ideal investment option for beginners and experts in cryptocurrency.

Also, several businesses now receive bitcoin as payment for goods and services – another reason why it is a wise investment. For instance, Visa transacts with BTC, and in February, Tesla announced that the company has invested $1.5 billion in BTC and will also be accepting it as means of payment for its cars. Additionally, the large banks are already incorporating BTC transactions in their offers too.

2. Ethereum (ETH)

ETH is a far different cryptocurrency from BTC because it isn’t a cryptocurrency only; network developers can also use it to create their cryptocurrency. Although it has a far inferior value to bitcoin in the market, it is far ahead of other digital currencies. As a result, it represents a profitable investment for beginners and expert crypto traders.

According to the essayontime.co.uk platform, ethereum came out many years after hundreds of cryptocurrencies hit the crypto market but has surpassed them by far due to its unique technology.

3. XRP

Digital payment company, Ripple, created XRP to work as a crypto payment platform and allow exchange between fiat and cryptocurrencies. It also enables other cryptocurrencies to be exchanged on its network. As a result, XRP has grown massively in recent years, and several banks now use the network to execute modern banking functions. If you want to invest in XRP visit this guide to learn more.

Ripple also put heavy investments into non-fungible token projects using the XRP ledger – a public blockchain. Many experts claim that this investment puts Ripple in the position to be an “Ethereum killer.”

4. Cardano (ADA)

This cryptocurrency network has a relatively smaller footprint, and there are several reasons why it is more appealing as an investment option. First, it requires relatively lesser energy to complete transactions using the Cardano network, unlike the much larger bitcoin network. This means the transactions are not only faster, but they’re cheaper as well. The platform also claims to be more secure and adaptable, and they are consistently improving the network’s development to remain ahead of hackers.

5. Binance Coin (BNB)

This is one of the very few cryptocurrencies that reached their peak after 2017 – a year in which there was a big bull market and many cryptocurrency prices rose to their peak, then plateaued before the prices started to fall again. However, unlike many other coins, Binance Coin continued to experience a slow and consistent upward trend after 2017. As stated in an assignment writing service, this coin’s consistent and stable performance is one of the reasons it is regarded as a stable investment option because it poses fewer risks.

6. Polkadot (DOT)

The Polkadot currency was created by some of the breakaway leaders at Ethereum to form a new cryptocurrency with a better network. So, rather than having a single lane for carrying out and completing transactions, Polkadot has several lanes.

Polkadot was designed to reward genuine investors and sorts out those that are only trading to make fast money from crypto. Investors that are well-engaged on this platform also help with decisions such as network fees, removing or establishing parachains, and network upgrades.

7. Chainlink (LINK)

There are several reasons why investors find this cryptocurrency appealing, and the chief of that is its affordable price. However, this coin has also shown that its value can rise well enough over the years, and it still has plenty of room for growth.

This cryptocurrency is also available and is traded on Coinbase – one of the world’s largest crypto exchange platforms. This accessibility is another reason why it’s an appealing investment option.

8. Dogecoin

Although the hype around this coin isn’t as much as it was at some point, it is still a strong digital coin that’s attracting several investors. While cryptocurrencies such as Bitcoin have limited coin supply, Dogecoin doesn’t have limits. As a result, something that started is now a cryptocurrency with several supporters and investors, including celebrities and billionaires, notably Elon Musk.

9. Tether

This is a stable coin, so it is pretty unique among other cryptocurrencies. Stable coins have the backing of fiat currencies such as the Euro or US dollar. This means that if an investor buys 1 Tether coin, they will have the same value of 1 fiat currency (backing the coin). Theoretically, what this means is that Tether will have a more stable value than other cryptocurrencies that suffer market volatility.

Conclusion

Cryptocurrencies are not going anywhere, they are here to stay, and if you’re reading this article, it means you know that fact and are ready to be a part of the present and the future. Welcome to the crypto world! One of the biggest concerns as a beginner is which crypto to buy. That’s why we made this article to help you solve this issue.

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About the Author

Thomas Jackson is a professional freelance content writer and cv writer. He also works as an essay reviewer at rushessay.com, and is an active member of several writing clubs in New York. He has written several songs since he was a child. He gets inspiration from the live concerts he does in front of close friends and family members.

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