Another Successful Car Show

Proceeds Benefit Licking County Humane Society 

Hopewell Federal Credit Union recently held its seventh annual Car Show in Newark, Ohio on Saturday, July 15th, 2017.  Proceeds from the event totalled $2250.00 and will be presented to Lori Carlson, Executive Director of the Licking County Humane Society (LCHS).

The event was sponsored by Courtesy Ambulance, Webb Financial Group, Grayson Graphics, Kool 101.7, AT&T, Alphalink, National Safe & Security Systems, Inc., Cummins-Allison, Crif Lending Solutions, Sedona Grace Foundation, Cooperative Business Services, Home Instead Senior Care, Poppy’s Roadside Diner and Bob Romine Roofing.  Jim Matheny of Kar Shoz coordinated the show which brought in fifty-two cars featuring a variety of years, makes and models.

Attendees of the event enjoyed free admission, DJ music, food from Poppy’s Roadside Diner, 50/50 raffle, and door prize drawings.  The Licking County Humane Society was on hand with some of their adoptable pets.

 

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Need Extra Income? Use Your Phone to Score Side Gigs

Are you looking for extra money this summer? Technology has made it easier than ever to bring in extra income when it’s convenient for you—often doing something you love, or at least don’t mind.

The obvious
First, consider the assets you have on hand. For instance, have a car? Uber and Lyft are two of the most recognized ‘be-your-own-boss’ brands today. Many people use their cars to become for-hire taxi drivers on the weekends, while others do it full-time. Check out their apps—becoming a driver is surprisingly easy.

Similarly, if you have an unused room or finished basement, you can rent it out via apps like Airbnb.

The less obvious
There are many other ways out there to turn what you love doing into something that adds money to your saving account. Sites like Fiverr and Skillshare allow you to put your skills and passions to use and earn extra cash, either by freelancing your talents or giving you the opportunity to teach those skills to others.

The app Gigwalk gives you tasks that can be as simple as going into a store and taking a picture of a brand’s product on the shelf or reporting whether someone greeted you when you walked into the store. You choose from a list of available gigs in your area and are paid promptly via Paypal.

For animal lovers, sites like rover.com and dogvacay.com connect you with pet-parents who need a sitter.

Knit or craft? Open an Etsy store and sell your wares.

Web 1.0
One of the first Internet companies, eBay, is still a great place to sell nearly anything you own. You only need to sign up and link your seller account to a Paypal account.

You can also sell things locally using the popular classifieds site Craigslist. Simply find the version of the site that corresponds to where you live and post ads for what you’re selling. You can also post ads for your particular skillset in the “services” section, such as house painting, dog walking, or fixing old cars.

Copyright 2017 Credit Union National Association Inc. Information subject to change without notice. For use with members of a single credit union. All other rights reserved

The Payday Lending Trap

You’re in a financial bind and need some quick cash. You’ve seen payday loan stores all over town and think “Maybe I should try that…”

Don’t fall into that trap! Getting a loan with a payday lender could send you down a deep hole that may take years to get out of.

Here’s how payday lenders catch and hold consumers:

To receive cash, you write a check to them for the amount plus the finance charge, which the lender will cash the next time you get a paycheck. They’ll tell you finance charges range from $15 to $50 per $100, but won’t tell you exactly what the interest rate (or APR) will be. Interest rates can run from 390 to 780%, and if your state does not cap the maximum cost, the rates can be even higher!

Here’s the math to figure out what you’d end up paying by borrowing $400 from a payday lending store. There’s a finance charge of $50 and a 14-day term:
• Divide the finance charge by the amount you’re borrowing. $50/$400 = .125.
• Multiply the answer by the number of days in a year. .125 x 365 = 45.625.
• Divide the answer by the number of days in the term. 45.625/ 14 = 3.2589.
• Move the decimal point to the right two places. This is your APR. 325.89%

At the end of your 14-day term, you have to pay them $450. But if you can’t pay it off entirely, you’ll have to roll the balance over, pay another $50 fee, as well as interest charges. At the end of your second term, your balance is almost $600, and if you can’t pay that off entirely, you roll it over again. See how quickly your $400 loan can cost you thousands of dollars?

So what are some alternatives?

* Ask your employer for an advance on your next paycheck.

* Consider asking family members or friends for a short-term loan.

* If you were a military servicemember, you may be eligible for short-term lending or emergency relief assistance. Contact Military OneSource at 800-342-9647, or visit http://www.militaryonesource.mil for information.

* A personal loan through Hopewell Federal Credit Union. We offer loans with low, fixed interest rates.

* Open a low-cost, low-interest credit card through Hopewell Federal Credit Union and use it only for emergencies.

No one wants to find themselves in a financial emergency, but there are much better options than turning to a payday lender. To find out more about payday lending and learn about safer ways to get quick cash, visit the Consumer Federation of America webpage http://www.paydayloaninfo.org/consumer-help.

If you’d like help getting control of your spending, see us at Hopewell Federal Credit Union. We’re committed to helping our members gain financial well-being and offer one-on-one financial counseling as well as additional resources to help you get control of your finances.