First Mid dubs Trimble loan officer in Sullivan

MATTOON -- First Mid-Illinois Bank and Trust recently announced the appointment of Travis Trimble as ag and commercial loan officer, according to a press release.

Trimble will provide a full range of commercial lending services to Sullivan and the surrounding area. In his position as ag/commercial lender, he will assist business and agricultural customers in achieving their financial goals, from short-term financing for annual operations to long-term real estate loans. He will be based out of the First Mid banking center at 200 South Hamilton in Sullivan.

Larry Stenger, regional community president, said, “We are excited to have Travis join our First Mid lending team. His addition is a reflection of our commitment in mentoring talented professionals to serve the needs of our local communities."

He received his bachelor of science degree in finance from Eastern Illinois University in May 2013. After graduation, he joined First Mid, where he was responsible for ensuring compliance with regulation, internal policies and procedures, as well as loan processing and the input of consumer and commercial loans.

Trimble has been active in the community, volunteering for various projects on campus and in his hometown of Windsor.

Scranton approves seeking short-term loan to cover early 2015

Two Scranton city councilmen Thursday expressed alarm and shock at revelations about the city’s distressed pension system reported by The Times-Tribune this week, and called for immediate review of pension ordinances and revisions where applicable.

Councilman Wayne Evans found the newspaper articles “both enlightening and disturbing.” He restated various pension reforms that he has been calling for since Nov. 20, including: that new hires go into a hybrid pension plan similar to a 401(k); transfer of all nonunion employees into a hybrid plan; and that future payments of the landmark arbitration court award overdue to police and fire unions go into their pension funds.

The newspaper’s finding included that: around 50 percent of the city’s police and fire retirees are on disability pensions, as compared with a fraction of that percentage for comparable cities; the city pension ordinance does not preclude disabled retirees from taking other jobs, even ones similar to the position from which they were deemed to be permanently disabled; the ordinance does not allow the city to re-examine disabled retirees to ensure they remain disabled; and the city does not enforce an ordinance that allows it to reduce pensions of certain disabled retirees who become re-employed.

“We have a systemic problem that must be fixed immediately through ordinance,” Mr. Evans said. “After thoroughly reading the information presented (in The Times-Tribune series), if anything it is my goal that we can finally agree the goose that laid the golden egg, like Elvis, has left the building. Only drastic, radical change in the way we do business will change our future.”

Mr. Evans continued: “We are paying $5.2 million (a year) toward the disability pensions and comparable cities are paying approximately 10 percent or less of that amount is absolutely shocking. I would hope to see an ordinance from the administration that addresses and corrects the deficiencies in the current system, and must include among other things a re-examination clause.”

Councilman Bill Gaughan said council and its solicitor should immediately review all policies, protocols and ordinances to identify any revisions that can be implemented. Council then should present its revisions to the mayor to get them enacted.

“I am extremely alarmed and concerned over decisions and abuses in the past that have greatly contributed to our pension distress. It is very clear that we must act immediately to reform our pension ordinances,” Mr. Gaughan said. “Stringent safeguards must be put in place to avoid cases of fraud and abuse.”

In other matters:

• Council unanimously adopted, on an emergency basis, an ordinance authorizing the city’s borrowing of a $13 million tax-anticipation note for 2015. Because the loan proceeds are needed to fund payrolls in January, and Thursday was council’s final regular meeting of 2014, council introduced, advanced and adopted the TAN ordinance all at Thursday’s meeting, instead of handling the ordinance the usual way through three separate meetings. Council President Bob McGoff and members Joe Wechsler, Pat Rogan, Mr. Evans, and Mr. Gaughan all voted in favor of the TAN ordinance during each step of the process. In a caucus before council’s regular meeting, city Business Administrator David Bulzoni explained that the TAN from Amalgamated Bank of New York has better terms than last year’s TAN from capital markets firm IFS Securities of Atlanta. The total cost of the 2015 TAN to the city will be $471,685, as compared to the total costs of the 2014 TAN of $787,149, he said. That means the city will be paying $315,464 less in costs for the 2015 TAN, a sign of improvement, said Mr. Bulzoni and council members. Council members noted that city solictor Jason Shrive and council solicitor Amil Minora also will not receive fees from TAN proceeds. Former city and council solicitors received fees from two prior recent TANs.

• Mr. Gaughan also asked council to go on record with the state Department of Environmental Protection opposing the proposed 47-year expansion of Keystone Sanitary Landfill straddling Dunmore and Throop. Council members agreed to send a letter from council stating its opposition to the landfill’s proposed expansion.

• Council voted 4-1 to adopt an ordinance rezoning the former Audubon school to benefit Geisinger Community Medical Center that’s buying the property from Scranton School District. Mr. Evans cast the lone dissent, because he believes the rezoning is akin to spot zoning. Residents Ozzie Quinn and Bob Bolus agreed. Mr. Rogan said the property is better off developed than vacant, and Mr. McGoff noted the school had never been residential. Council initially approved the rezoning in May, but GCMC sought a do-over to correct a city deficiency of public notices posted too late for that prior rezoning. Before council’s regular meeting Thursday, council held a public hearing on the rezoning, and this time had posted notices on the property in a timely manner. Resident Edmund Scacchitti who lives near the school and opposed the rezoning in May restated his opposition, calling the rezoning a city “giveaway” expansion of hospital’s footprint. Downton resident Paul Narcoonis also opposed the rezoning and expressed concern about nonprofits expanding in city.

• Council voted 4-0-1, with Mr. Gaughan abstaining, to adopt an ordinance to sell for $2,500 a tax-delinquent, vacant, nonbuildable property at 94 Crane St. in Minooka to Mr. Gaughan’s parents, John and Marie Gaughan of 99 Crane St. The lot is assessed at $1,800 and was appraised at a fair market value of $2,500. The tax-delinquent property was involved in a city treasurer’s tax sale in 2012, and its sale to the nearby residents comes under a mechanism known as the Pittsburgh Plan for getting such lots back on the tax rolls.

In other matters, council voted 5-0 on each of the following:

• To adopt a “quality of life” ticketing ordinance regarding property maintenance nuisances, such as littering, unmowed lawns, using indoor furniture outdoors and junk and abandoned vehicles, to name a few. Residents Marie Schumacher, Dave Dobrzyn and Tom Ungvarsky expressed various concerns about this ordinance and urged council to table it for further review. Council members noted that the violations covered in the ordinance already exist and it only streamlines enforcement. The ordinance will allow for the equivalent of a parking ticket for nuisances, instead of the lengthier citation process.

• To adopt an ordinance dedicating the greenway along Leggett’s Creek in North Scranton to be known as “Donald and Edith McLane Leggett’s Creek Greenway.”

• To adopt an ordinance amending a prior ordinance on dog licenses, to increase the dog license fee from $20 to $35, and keeping the fee at $20 for senior citizens age 65 and older.

• To adopt an ordinance amending a prior ordinance on contractor permits and fees, increasing permit fees under a new fee schedule.

• To advance on second reading and then adopt an ordinance to increase annual license and test fees.

• To adopt a resolution authorizing the city to contract with Valero Fleet Services for the purchase of gasoline and diesel fuel for city vehicles during 2015.

• To adopt a resolution authorizing the city to contract with Santarelli and Sons Oil Co. Inc. for the purchase of low-sulfur diesel fuel for the Department of Public Works on Poplar Street during 2015.

4 Reasons to Consider a Bad Credit Credit Card

People get sick. Jobs come and go. The roof leaks. Life happens, and sometimes that means you end up with a low credit score.

Credit cards for people with bad credit can make a big difference when you’re getting your finances back in shape. Here are some reasons you might want to consider applying for a bad credit credit card.

1. Applying for lots of credit cards hurts your score.

Every time you apply for a credit card, your score slips about five points. If your score is high, five points is just a blip. But if your score is low — anything below 630 is considered bad credit — you can’t afford to do anything that causes it to go down even further. So if you’ve been applying for the best credit cards out there without success, stop now. Get realistic and apply for a card that’s geared toward people in your situation. The card issuers will be more sympathetic to your plight, and you won’t keep bringing your score down even further by applying for cards without getting approved. And don’t worry — when your score improves, you’ll be able to apply for any card you want.

2. You’re responsible, but you need a chance to prove it.

The best credit cards for people with poor credit are often secured cards. With secured cards, you pay the card issuer a refundable deposit so they feel more confident you’ll pay back what you borrow. Getting a secured credit card gives you a chance to build up a positive credit history. To take advantage of the opportunity, make sure you pay on time, every time, and keep your overall balances as low as possible, and definitely below 30% of your available credit at all times during the month.

3. They’re not necessarily a bad deal.

It’s true — many financial products for people with few options have high, exploitative fees, like payday loans and some prepaid debit cards. But many of have annual fees comparable to other credit cards, and the Credit CARD Act of 2009 prevents credit card companies from jacking up the fees higher than 25% of your credit limit in the first year you have the card.

4. Bad credit credit cards build your score — debit cards don’t.

It’s pretty hard to get through life without plastic these days, so many people with poor credit (or even no credit history at all) get a prepaid debit card. While these are useful, they don’t report to the credit bureaus, so they don’t build your score and you’re never able to move up to a better card. Choose an option that will bring your score up if at all possible.

A good credit score makes it easier to find a place to live, get a job and get insurance — all things that will improve your sense of security and your quality of life. Make this the last credit card for poor credit you ever apply for. Use it as a tool for rebuilding your credit, and put good financial habits in place to ensure you’re never in this position again.

One Month Left To Apply For SBA Disaster Loans

SACRAMENTO, Calif. – Michael Ricks, Director of the U. S. Small Business Administration’s (SBA) Louisiana District Office, today reminded residents and business owners of the January 20, 2015, deadline to apply for an SBA federal disaster loan for property damage caused by the severe weather and tornadoes that occurred on October 13, 2014.

According to Ricks, homeowners, renters, businesses of all sizes and private nonprofit organizations may apply for SBA federal disaster loans to repair or replace disaster-damaged property.  SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.  

These low-interest federal disaster loans are available in Ouachita Parish and the neighboring parishes of Caldwell, Jackson, Lincoln, Morehouse, Richland and Union.

Disaster loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate.  Homeowners and renters are eligible for up to $40,000 to repair or replace damaged or destroyed personal property.

Businesses of any size and private nonprofit organizations may borrow up to $2 million to repair or replace damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.  SBA can also lend additional funds to help with the cost of making improvements that protect, prevent or minimize the same type of disaster damage from occurring in the future.

In addition, SBA offers Economic Injury Disaster Loans (EIDLs) to small businesses, small agricultural cooperatives, and small businesses engaged in aquaculture and most private nonprofit organizations of any size to help meet working capital needs caused by the disaster.  EIDL assistance is available regardless of whether the business suffered any property damage.  The deadline to apply for an SBA economic injury disaster loan is August 18, 2015.

Interest rates can be as low as 2.063 percent for homeowners and renters, 2.625 percent for private nonprofit organizations and 4 percent for businesses, with terms up to 30 years.  Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

Applicants may apply online using the Electronic Loan Application (ELA) via SBA’s secure Web site athttps://disasterloan.sba.gov/ela.

Disaster loan information and application forms are also available from SBA’s Customer Service Center by calling (800) 659-2955 or e-mailing disastercustomerservice@sba.gov.  Individuals who are deaf or hard‑of‑hearing may call (800) 877-8339.  For more information about SBA’s disaster assistance programs, visit http://www.sba.gov/disaster.

The Truth About Fair Credit and Balance Transfer Credit Cards

If you have fair credit and need a balance transfer credit card, you’re probably having a tough time finding one. The fact is, there just aren’t many 0% credit card offers for fair credit on the market these days.

So why is this, and what should you do if you have average credit and want to refinance your debt? The Nerds will help you sort through these questions in the details below.

Balance transfer credit cards for fair credit: It’s slim pickings

The truth hurts, but in this case it needs to be told: Unless you have good or excellent credit, it’s going to be very tough to find a 0% balance transfer offer.

Here’s why: Credit card issuers use 0% promotions to bring in new business, and they’re only interested in targeting people with high FICO scores. Remember, credit cards are a somewhat risky product for banks. Because they’re unsecured, issuers like to see a good or very good credit profile before doling out the plastic. This increases their confidence that they’ll get repaid.

With fair credit, you’re perceived as a chancy borrower. Until your FICO score improves, there’s no big incentive on the issuer’s end to bring you on board. As a result, primo balance transfer offers simply don’t exist for folks with sub-optimal credit.

Other ideas for refinancing your debt

If you’re trying to refinance high-interest credit card debt with fair credit, all is not lost. You might not be able to qualify for a 0% balance transfer offer, but there are other options. These include:

Applying for a personal loan at a local bank or credit union. Personal loans are a great option for reducing the cost of credit card debt, but with fair credit you likely won’t qualify for one on good terms with a major bank or online P2P (peer-to-peer) lender. But a smaller institution might be more sensitive to your financial situation – do some shopping around to find out.

Borrowing from a loved one. If you’re really in a bind, asking a friend or family member for a loan is a route to consider. This can be tricky, though; if you find someone who’s willing to oblige, be sure to communicate clearly about repayment expectations.

Finding a cosigner. If no one you know is willing or able to lend you money directly, asking a loved one to cosign on a personal loan or balance transfer card might be just the ticket. You’ll want to pick someone with good or excellent credit to increase your chances of getting approved. And if you do, make paying on time and in full a top financial priority. Otherwise, your cosigner’s credit could suffer.

Tips for improving your credit

Fair credit is standing in between you and a 0% balance transfer offer, so it’s time to focus on improving your FICO score. Here are the Nerds’ top tips:

• Pay your bills on time, every time. No excuses!
• Keep the balances on all of your credit cards below 30% of your available credit at all times during the month.
• Use your credit card consistently, and don’t charge more than you can afford to pay off in one month.
• Only apply for credit you actually need, and limit credit card applications to once or twice per year.
• Check your credit reports every year at AnnualCreditReport.com. If you find an error, take steps to have it corrected.

With all this information in hand, you should be on your way to better credit – and better credit card offers – in no time flat!

How to Get an Installment Loan With No Credit

Nowadays, loans and credit are so interdependent that it seems you simply can’t get one without the other. But there’s still hope for those who have no credit and are in need of an installment loan. You just have to know where to look.

What is an installment loan?

In an installment loan agreement, borrowers receive a loan from a lender for a specific amount of money and pay back this figure over a predetermined period of time, typically ranging from months to years. The loan is repaid in fixed payments, plus interest. These types of loans are commonly used to pay for substantial purchases, such as homes (mortgages) and cars (auto loans), but they can also be taken out for smaller amounts. Unfortunately, as with many other types of credit, installment loans can be difficult to secure for those with no credit.

What are your options?

The news isn’t all bad though. There are still ways to work toward attaining an installment loan, even if you don’t have credit. Here’s how:

1. Consider a cosigner. Lenders may not be willing to take a chance on you by yourself, but if you can find a cosigner who has good credit, they might. Cosigners agree to be responsible for the loan’s payments in the event that you can’t make them.
2. Look local. You may have a better shot at an installment loan if you apply at a local bank or credit union, particularly if you already have a relationship with the institution. In general, local banks and credit unions are more willing to work with people who don’t necessarily have stellar credit.
3. Shop around. Don’t let the fact that you don’t have credit keep you from at least trying. Look online to see what installment loans you may be able to qualify for, as lenders may be more willing to give loans to those with no credit than those with bad credit. Also, remember to do your rate shopping within a 30-day window. Concentrated inquiries will be viewed on your credit report as a request for a single loan, rather than several new types of credit. This will help protect your credit score from dropping as much as it would otherwise.
4. Start after college. Try to find a loan that fits you. If you’re a recent college graduate, you may be able to secure a personal loan through Upstart’s peer-to-peer lending. This particular platform links investors with borrowers and is ideal for those who are still in the beginning stages of creating their credit history.
5. Build credit. Finally, if you have some time before you need your installment loan, work on establishing your credit history before you apply. Start building your score by opening up a credit card for those with no credit, making your payments on time and keeping your debt low.

AvantCredit, an Online Lender, Raises New Financing

AvantCredit, an online lending start-up that has raised a large amount of financing from investors this year, has come back for more.

The lender, which was founded in late 2012, announced early Thursday that it had raised $225 million in financing led by Tiger Global Management, an existing investor. New investors in the financing round included Peter Thiel, the PayPal co-founder turned venture capitalist, and the private equity giant Kohlberg Kravis Roberts.

In addition, AvantCredit announced that it recently secured a $300 million credit facility from Victory Park Capital, an investment firm that had previously provided debt financing. Together, the new deals bring AvantCredit’s total equity and debt raised to over $1 billion.

Investors are betting on the success of AvantCredit’s lending model, which is seemingly old-fashioned compared with some other lending start-ups. Unlike peer-to-peer lenders, which help borrowers connect with lenders online, AvantCredit makes personal loans from its own capital. It says its competitive advantage stems in part from its technology for analyzing borrowers.

Interest rates on the company’s loans can be quite high. AvantCredit says that the average annual rate is 36 percent, and that loans can have a duration of several years. But the company says the loans have no hidden fees.

The start-up appears to be catching on among consumers. The total value of the loans it has made reached $500 million recently, and its number of customers has surpassed 100,000, according to the company.

This year, AvantCredit raised a $75 million round of equity financing and two credit facilities totaling $400 million.

AvantCredit is benefiting from shifts in the banking landscape since the financial crisis, said Randy Glein, a managing director at DFJ Growth, which participated in the latest financing round. Banks are moving away from personal loans, especially to borrowers with tarnished credit scores, he said.

Referring to AvantCredit, Mr. Glein said, “We saw them emerging as one of the clear leaders in this market.”

Cars2Charities Partners with BCS Foundation to Support Breast Cancer Patients

Many patients face difficult choices given the cost of treatment and the increases in expenses related to a breast cancer diagnosis. Breast Cancer Solutions Foundation raises funds for its sister organization Breast Cancer Solutions, to provide patients in Orange, Riverside, San Bernardino and San Diego Counties with financial assistance and community-based patient navigation during treatment. According to Jennifer Anderson, Executive Director of Breast Cancer Solutions, “The programs offered by Breast Cancer Solutions address factors that can hinder lifesaving treatment for breast cancer, including loss of health insurance, reduced work capacity due to treatment or side effects, and the compounding impact of potentially lifetime increases in medical expenses that can be the tipping point to financial ruin. No one should ever have to choose between life-saving treatment and keeping herself and her family sheltered, fed and clothed.”

Breast Cancer Solutions Foundation has been partnering with Cars2Charities since early 2014 to make it easy for those who want to donate a vehicle to do so. As seen at www.cars2charities.org/breast-cancer-solutions, Breast Cancer Solutions Foundation can be designated as the recipient of the proceeds of any donated vehicle. Cars2Charities offers the simplest and smartest way to donate a vehicle, as seen at www.cars2charities.org/. Even if the car is not running, they will pick it up free, improve it, and complete all necessary paperwork. Those who are interested in donating a car to charity can use the Cars2Charities method of donating – which adds value to each tax-deductible charitable donation.

Donating a car to Breast Cancer Solutions Foundation can be a great way to help breast cancer patients survive and thrive during treatment. You can also support Breast Cancer Solutions Foundation through Breast Cancer Solutions’ inaugural Shady Canyon Soiree on Thursday, October 23, 2014 in Irvine, California. Broadway by Amar Santana will be providing great food and libations. The event will also feature local guitarist Doug Schmude, and a silent auction. Tickets are $75 per person and sponsorship opportunities are still available. For more information, contact Heather Rocha at heather.rocha@breastcancersolutions.org or call 866-960-9222.

Land on investment loans

Lenders consider investment land riskier loans than loans because the property is not being used. This makes poor collateral because the owner can more easily walk from the loan and let the lender stuck with the land. This is the reason why interest rates and down payments tend to be higher for land loans investment. The type of loans for investments that are made much depends on the property, which is the buyer's intention toward using that land and how long it will take the buyer to have the work completed any project there.

Raw or unimproved land that is being sold without any improvement plans tend to be the most difficult for which to get investment loans. Lenders tend to view these parcels as speculative investments. Unimproved land does not have any added improvements such as structures, streets, utilities or sewers. An investment loan on raw land will generally have a substantially higher and higher interest rate than a piece of land that has all the above facilities prepayment. Some lenders will require as much as a 50 percent down payment before they will make loans to investments. The smart shopper will shop around until he or she can find a lender who will go down to as low as 20%. This tends to be local lender who knows the area and property, rather than a lender to a different area.

Those seeking loans for investment land with the intention of improving the land must immediately make sure that the services they need are actually available. A staked survey of the property should be made, because access to the property and easements tend to influence the value of the property. Access may actually be on the way to get investment loans completely. Under certain circumstances refinancing your home mortgage and cashing them will buy land in ways more advantageous than investment loans land. Your current property can secure the loan equity, and this creates less risk for the lender. Taking this route often means a lower interest rate.

Land loans generally have maturities of between ten and fifteen, the same as home equity loans. The interest on your home equity loan can result in a tax deduction on your income tax. Interest expense on investment loans may be tax deductible, but only if the land is held as an investment. It is a good idea for anyone considering land loans have a sit down with a tax advisor if he or she is truly interested in taking this kind of deductible interest. A counselor might suggest approaching a credit union on land loans. Interviewing mortgage brokers is another viable option for land loans investment. In certain circumstances, these interviews end up being the best choice over all others.

All about Payday Loan, reasons and suggestions

Payday loan is one of the newest types of lending money, meant for emergency or urgent sudden needs. However, this is usually for short term loans only that usually last about two weeks. It's called that way simply because your payment will be paid on your payday, which means that the loan company will receive money directly from your bank with your permission.

However, in cases that can not repay the loan you have on your payment, they will charge interest that you will have to pay along with your loan at any given time.

When considering getting a payday loan, make sure you really need it because this is a type of loan that people generally get only because of some unsafe unexpected circumstances. This is like a personal loan for those who are in tight finances needs of the moment. Also, if you are wondering who is eligible to apply for it, all are welcome to try it. With payday loans, a bad credit is not a problem, because companies do not be checking your bank statements and credit history for them to approve your application. All you need to have is a regular job that assure you that you can pay them back and a checking account. If you have these two and then you have a better chance of getting a loan.

Also, if you are going to apply, it is not necessary to spend much time waiting in long lines to be on or even interviews. All you need is to open the computer and get on the internet because online payday loans are also available and affordable for those who want to apply. However, of course, there are numerous websites that offer this type of loan system, to better look around first and see which site has the best offers and also good backs feeds patrons. Generally, loan sites like these only get information like your full name, home address and details of your employer or company. However, on some occasions, some sites ask for bank statements just to check.

In terms of how you can have this type of loan, it ranges from 100-1000 dollars, depending on your ability to pay for it. The ideal length of payment terms is 1-2 weeks, but it can extend up to a month. And besides online sites, there are also creditors of payday loan stores payday loan are accessible on your site. Just make sure that before you make a deal that you know all the necessary details and information about the loan, such as interest rate, your rights, how you will pay for it and others. With this, you will prevent situations like being deceived and getting into trouble.

Furthermore, in comparison with other types of loans, payment would be less time for processing. Once a request, you will receive a phone call immediately and will be asked some questions that are all relevant information to your loan application. Some information asked are also the ones you have written or typed on your application form. This is just to confirm that you are really the one who is applying for the loan. Moreover, once all things are explained and done, you will normally receive an email containing the details of your loan as the interest rate, computations, date of payment and also their rights. If you thought of all the elements of good and they have a great offer, you will be asked to sign a contract and email or fax it to them.

the amount of money in the contract or transaction between you and the company payday manifest in the banking next day. It is simply much faster than a loan in banks credit that takes years of filing. Also, if you find a great company, they might not even give your loan interest when will you pay them back within a week.

Payday loan is really a lifesaver, especially for those who are facing sudden situations that need some instant money, an instance can be hospitalization. However, keep in mind that this type of loan is only recommended for those who really need it and not those who are only going to use it only to sustain their desires or whims.