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Millions can’t pay their car loans. Here’s what to do if you’re one of them

1:11 If you’re a married couple filing jointly without children and your AGI is below $150,000, you’ll get a $2,400 payment. That amount will decrease until you hit $198,000, at which point you’re not eligible for a check.  How to find your AGI if you filed taxes in 2019 If you filed your 2019 federal […]
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September 22, 2020

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If you’re a married couple filing jointly without children and your AGI is below $150,000, you’ll get a $2,400 payment. That amount will decrease until you hit $198,000, at which point you’re not eligible for a check. 

How to find your AGI if you filed taxes in 2019 If you filed your 2019 federal tax return, pull out your printed records. If you used tax-filing software like TurboTax or H&R Block, you should be able to log into those accounts to find a copy of your return. 

With a traditional loan, you receive a lump sum and then start to make payments back over a set amount of time — from a few months to a few years — with a “reasonable” rate of interest added on. With a payday loan, the full amount comes due all at once, including the interest and fees. With most, you’re required to write a postdated check for the full amount due — the loan, plus interest and fees — or give your lender permission to debit the money from your bank account on that date. 

If another stimulus check is approved (here are the proposals so far), it’s likely to follow the basics set in the first stimulus check authorized in March’s CARES Act. That is, up to $1,200 for single filers with an AGI of under $75,000 a year, or $2,400 for joint filers under $125,000 a year. The Senate plans to introduce a “skinny” coronavirus relief bill this week, and though it doesn’t include another stimulus payment, it could trigger movement on another direct payment either through Congress or even an executive action.

Many credit unions also offer payday loan alternatives — offering small-dollar loans and short repayment terms ranging from one to six months. Many credit unions require you to join before borrowing, but are willing to work with you if you don’t have great credit. 

If you don’t have enough cash to repay your loan by its due date, the lender can automatically trigger a withdrawal from your bank account. And if you don’t have enough money in your bank account to cover the charge, you could face an additional hit from an “insufficient funds” penalty. You may also be subject to penalties from the lender if they don’t get your money on time. 

Single taxpayers with a social security number and an AGI under $75,000 will receive the full amount of $1,200. As your AGI goes up, the amount you’re eligible to get decreases. If your AGI is $99,000 or above, you won’t be eligible for the stimulus check. 

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The HEALS Act and the Heroes Act differ when it comes to child dependents. If the HEALS Act passes, you can expect to get $500 per dependent. If the Heroes Act passes, you can expect to get $1,200 per dependent, with a maximum of three. 

It’s also worth noting that payday loan lenders tend to target people who live in areas where poverty rates are high and descansoaratos.blogspot.com official blog income levels are low — as well as minorities and economically disadvantaged groups, who may have traditionally had greater difficulty qualifying for conventional loans, according to a study by the St. Louis Fed.

The most exhaustive list we came across of banks and other financial institutions — big and small — who have publicly announced coronavirus relief programs is from the American Bankers Association, a banking trade group. Its updated directory is available here.

Liverpool ‘agree £1.8m deal for Marcelo Pitaluga’

The Anfield club’s scouts have reportedly been monitoring the 17-year-old Fluminense stopper for several months and have made a breakthrough in negotiations.

Mail Online

Chelsea agree £25m deal for Rennes goalkeeper Edouard Mendy

The 28-year-old Senegal international will become Chelsea’s eighth signing of the summer once details are finalised and will provide competition for Kepa Arrizabalaga and Willy Caballero.

Mail Online

If your state allows payday loan lenders, you might see them in some parts of your city and not others. For instance, there might be more of them where poverty rates are high and income levels are low. These types of lenders tend to target minority groups as well as those who have very low credit scores who don’t otherwise qualify for traditional loans.

What is your AGI and why do you need it? Your AGI is your adjusted gross income — a measure of income calculated from your total income to determine how much the government can tax. Your gross income is the sum of all the money you earn in a year, including wages, dividends, alimony, capital gains, interest income, royalties, rental income and retirement distributions. AGI factors in allowable deductions from your gross income (like student loan interest, alimony payments or retirement contributions) to figure out how your income tax will be calculated. Your AGI is reported on IRS tax form 1040. 

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