loans and credit

• In both time periods banks closed, recovery seemed long and painful, and the general country’s mood was negative about the future .
• During both crises the banking system was crippled by bad loans due to stock speculation.
• During both crises banks loaned significantly less money, which slowed the economy even further.

…this is just a teaspoon of hurt compared to the tsunami of financial pain caused by the depression.

• During the Great Depression unemployment in the U.S. rose to 25%, whereas the current unemployment rate is only 10.4%
• Because deposits weren’t insured during the great depression millions of Americans watched their deposits literally dissapear.
• During our meltdown the DOW lost about 42% from it’s Oct 9th in 2007 to Oct 27, 2008. But during the years coming after the Great Depression, the DOW had fallen 89%.
• The word “depression” became so terrifying that economists have ever since stopped using it to describe economic downturns, they’ve been called recessions.
• Perhaps the greatest difference is between the crisis of today and the great depression is how quickly the government and banks have acted to try to stop the me

Is the current economic meltdown comparable to the Great Depression?

Though it kind of seems the same, there are crucial differences between the two economic scenarios. On October 25, 1929, the day after the stock market crashed, newspaper headlines discussed the disaster in calamitous terms. The Daily News announced, “Billions Lost in Wall St. Debacle,” and ran a picture of a newspaper seller swamped with customers desperate to find out accurate stock price levels. The October 24, 1929 edition of the Brooklyn Eagle shouted, “Wall St. In Panic as Stocks Crash: Stocks Crash in Rush to Sell, Billions Lost.” Directly beneath this ominous headline ran another, unrelated story about the attempted assassination of the crown prince of Italy, as if to underscore the sudden, worldwide panic that was sweeping the globe.

In contrast, the newspaper headlines discussing the economic meltdown of 2008 were somber but definitely more subdued. The November 21, 2008 edition of the New York Times announced, “Stocks Drop Sharply and Credit Markets Seize Up,” and a sidebar notified readers that the “Dow Falls 5.6% Amid Worries Over Banks.” The Financial Times headline was more portentous, and focused on the global impact of the financial crisis, shouting “Market Crash Shakes World.” Under that headline, four different pictures of people (presumably traders) showed their faces frozen in disbelief, while a statistic ran above each picture: “Tokyo Down 24%, Frankfurt Down 21.6%, London Down 21.1%, New York Down 18%.” Underneath these photos, another sub-headline announced, “US Stocks Suffer Worst Week Since Depression,” but are the two economic crises really that similar?

There are a few striking similarities between the two financial crises:

• In both 1929 and 2008 banks closed, recovery seemed long and painful, and the country’s general  mood was negative about the future;
• During both 1929 and 2008 the banking system was crippled by bad loans due to stock speculation; and
• During both 1929 and 2008 banks loaned significantly less money, which slowed the economy even further.

However, the financial crisis of 2008 is just a teaspoon of hurt compared to the tsunami of pain caused by the Great Depression. Following are a few key differences that show how much more severely the Depression impacted the economy:

• During the Great Depression unemployment in the U.S. rose to 25%, whereas the current unemployment rate is only 10.4%;
• Because deposits weren’t insured during the Great Depression millions of Americans watched their deposits literally disappear;
• During our meltdown the Dow Jones lost about 42% from October 9, 2007 to October 27, 2008. But during the years coming after the Great Depression, the Dow Jones had fallen 89%;
• The word “depression” became so terrifying that economists have ever since stopped using it to describe economic downturns, they’ve been called recessions; and
• Perhaps the greatest difference is between the crisis of today and the Great Depression is how quickly the government and banks have acted to try to stop the meltdown.

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All Infographics – There are a ton of tax loopholes (both business and non-business alike) to take advantage of. If you aren’t already, you’ll definitely want to look into these and apply them.

All Infographics – There’s a lot of buzz around this new law being passed, but just what does it all mean, exactly?

All Infographics – The state of Nevada is most well known for one thing: Las Vegas. Here’s a look at some astounding numbers surrounding both.

All Infographics – If you’re in debt, you may be unsure about what steps to take to get out of it. This graphic will help you, whether you take the debt consolidation route or bankruptcy.

All Infographics – Not just in Soviet Russia, fraud scammers are everywhere. Here’s a look at just how, and how to avoid getting scammed yourself.

All Infographics – If you know how manage your credit score, the yielded crop will be plentiful.

All Infographics – There are 576 million credit cards in circulation in the U.S. today. What’s in your wallet?

All Infographics – Ever wonder how debit cards and credit cards stack up against each other? Here’s a bit of insight to both.

All Infographics – The US isn’t the only country in significant debt. While it may be in the most debt, there are a handful of countries around the world who have their books off balance too.

All Infographics – Inflation + Unemployment = Misery.

When money is tight and unexpected expenses arise, going to a traditional bank in pursuit of personal loans is not always an option. If a consumer only needs a small loan (less than $2,500), most banks and other lenders will not accommodate you.  Borrowers are then forced to resort to finance companies, micro lenders, and similar small-dollar personal loan providers. While these lenders have their place in the consumer loan market, it is easy to get caught up in seemingly easy personal loans that ultimately set consumers up for future financial instability.

For a consumer who only needs a few hundred dollars, or has less than stellar credit, a small-dollar loan provider is a viable option. That is, of course, provided the consumer understands the nature of small personal loans. These loans typically have a higher interest rate, due largely to their short term nature. Lenders do not have several thousands of dollars owed to them, with years to accumulate interest income. Instead, they must rely on higher interest rates to bring in revenues on smaller amounts in less time. For consumers, this means small personal loans cost considerably more than more traditional loans.

While the consumer loan industry, including those lenders that offer small dollar personal loans, is heavily regulated (with more regulation coming every day), much is still left to interpretation in terms of fees, interest rates, and loan terms. For example, some finance companies are now charging fees for initiating the loan. Penalties can be steep when it comes to late payments. The demarcation line between a delinquent loan and a defaulted loan is more narrow than in other loans, thus putting a borrower’s collateral at risk far sooner with small personal loans than a traditional bank loan for more money.

When seeking small personal loans, it may be tempting to focus only on qualifying and getting affordable payments. However, these points are equally as important.

What will the loan ultimately cost you? Include loan initiation fees, interest, and other costs in your total.

If collateral is required, what constitutes default of the loan and forfeiture of the collateral?

What are the loan terms? Are there penalties for late payments? If so, when is the payment considered late?

On Wednesday, July 21, 2010, President Obama signed the Wall Street Reform and Consumer Protection Act. He and the Democratic Party have been both applauded and demonized for it.

What does the new law actually do, and why do people love/hate it? It’s a little confusing, so we decided to break it down:

What’s the problem?

The financial crisis cost millions of jobs, wiped out billions in retirement savings, and caused the foreclosure of countless homes. It was brought on by problems in our financial system, including shady ways of investing.

Lawmakers decided that if we don’t put measures in place to monitor and regulate the financial system better, the same type of crisis could happen again.

Both Republicans and Democrats agreed that measures needed to be taken to prevent similar catastrophes.

What are the goals of the act?

Hold Wall Street accountable for everything it does Protect American families from unfair financial practices Close regulatory gaps in the financial system

Instill confidence in the US market and promote growth

What does the the new law claim to do?

Create stronger protections for consumers against unfair credit card practices like raising rates for no reason

Prohibit mortgage brokers from making extra money by selling mortgages they know consumers can’t afford

Give people free access to their credit score so they can stay on top of their finances (if they get denied a loan)

Create a rule that there can be no more taxpayer-funded bailouts; if a company can’t make it, it will have to liquidate

Give shareholders of a company more say on how much their CEO gets paid

Establish a rule that investment brokers must give advice that’s in the best interest of their customers rather than what makes the broker the most money

Prevent financial firms from growing so large that if one fails it will affect the whole financial system

Create a government agency in charge of making sure consumers are protected and lenders are held accountable for their practices

Create a rule so businesses can’t be charged extra fees for debit card processing (above the cost of processing itself). These are called “swipe fees.”

Prohibit banks from owning, investing, or sponsoring their own trading operations for their own profit (unrelated to serving their customers)

How’s it going to happen?

Starting now, the FDIC gets to keep its current insurance coverage for deposits at $250,000. It would have gone back to the old limit of $100,000 in 2013 if not for this new law. That means if your bank fails, you’re insured up to $250,000 for the assets you have in it.

A new Federal Insurance Office will be formed and given authority to seize big, failing companies. A new council called the Financial Services Oversight Council (FSOC) will be formed from existing officials such as the Secretary of the Treasury, Chairman of the Federal Reserve, US Comptroller of the Currency, and others, including one independent member with insurance expertise. They will be able to issue cease and desist orders to big firms they think are “a grave threat to the stability of the United States,” and break them up as a last resort.

The first meeting by the new FInancial Services Oversight Council will be held in 3 months. By 6 months, new rules providing shareholders more of a say on executive pay take effect.

Within a year, consumer protection bureau must be up and running, and the Office of Thrift Supervision will be abolished. In 18 months, new rules restricting proprietary trading will come out. In 2 years, regulators must propose simpler mortgage disclosure forms.

Obama: The bill will “protect consumers and lay the foundation for a stronger and safer financial system, one that is innovative, creative, competitive, and far less prone to panic and collapse.”

What are the arguments against it?

Unsurprisingly, congressional voting on the bill seemed to have more to do with political posturing than working together. 57 Democrats and 3 Republicans voted for it. 38 Republicans and 1 Democrat voted against it. (The Democrat, Russell Feingold, said the bill wasn’t strong enough.).

Those opposed to the act say:

Taxes will go up It will be “devastating” to the derivatives market (types of investment trading that take place outside public scrutiny). Banks will lose profits (and therefore jobs) if they have to reduce their debit card fees

The financial industry in general will be unable to make as much money, and those effects will trickle down

Sources: Washington Post, WhiteHouse.gov, FinancialStability.gov, CNBC, Christian Science Monitor, CNN, Bloomberg

Articles – Your credit score is like an enigma. You know you’ve got three different scores – or you should, anyway. The . . .

Articles – Personal loans for bad credit are available for seeking to obtain financial assistance for short term help or purchases. The . . .

Articles – Unsecured personal loans help people who have debt consolidate that debt into a manageable amount of money that they can . . .

Articles – Personal loans for bad credit can be difficult to acquire for some but very easy for others to acquire depending . . .

Articles – When money is tight and unexpected expenses arise, going to a traditional bank in pursuit of personal loans is not . . .

Articles – Personal loan rates can be used for just about anything and their interest rates tend to be higher than those . . .

Unsecured personal loans help people who have debt consolidate that debt into a manageable amount of money that they can pay-off over a defined period of time. The month of March has seen personal loan rates trend lower than previous months in the United States, which means those who were awarded loans acquired them at affordable rates, lowering any interest payments they might have to make on the loan in the future. The United States Federal Reserve reported in mid-March 2011 that the amount of outstanding personal loans in the United States increased by 2.5 percent in the month of January, which is a figure that reflects an annual rate across the country.

The Federal Reserve also released a revised estimate of the fourth quarter for 2010, changing it to 2.1 percent, an incline for the fourth quarter after the amount declined in the first three quarters of the year. These numbers reflect the fact that banks across the country are issuing more unsecured personal loans to those applying for them. Three of the major lenders in the country; Mutual of Omaha, Kaiser Federal Bank, and Union Bank, all made the news regarding these loans in 2010 and early 2011.

Mutual of Omaha did not change their rates for personal loans, whether they are secured or unsecured, which means their rate still stands at 5.79 percent. Kaiser Federal Bank offers normal personal loans at 3.99 percent while they also offer a Savings Secured Loan at 3 percent. Union Bank offers unsecured personal loans beginning at the rate of 9 percent and going as high as 18.885 percent. Another major lender in the United States, CitiBank, lowered their unsecured personal loan rates to 10.49 percent. Bank of America has personal loans with rates of 2.99 percent while Chase lowered their personal loan rates to 4.04 percent from 4.29 percent. If you are in need of an unsecured personal loan, perform plenty of research prior to applying for the loan because you might be able to find lower rates when you browse around with different lending companies.

Your credit score is like an enigma. You know you’ve got three different scores – or you should, anyway. The problem is that very few of us know how those scores work together, why our scores go up and down, and what our scores mean in the grand scheme of life. While everyone would prefer you to believe your credit score is of the utmost importance, a poor score may not be as detrimental as the banks would like you to believe. Here are 5 things you probably don’t know about your credit score (because no one wanted you to know).

30 Days of Magic

Your creditors report to the credit bureaus when you make late payments – true. The reality of the situation, however, is that most won’t waste their time reporting you unless you are over 30 days past due. Go ahead, breathe a sigh of relief. Approximately 35% of the total score is impacted by debts that are late. Keep yourself within that margin of error and you’ll see less of an impact.

Know Your Debt to Income Ratio

Your credit rating is impacted not only by late payments but by your overall debt to income ratio. Let’s say, for example, you make $50,000 per year. If you owed $25,000 in credit card debt you’d have a 50% ratio – and your ratio is actually higher once you weigh in on other payments you owe – like mortgages and car payments. Keep your debt to income ratio as low as possible and your lenders will love you.

Your Score Can Change Drastically in Very Little Time

A senior lender once told a story about a business owner with a low credit score. Two weeks later that business owner had increased his score by more than 150 points. Baffled, the lender ran the report again and came up with the same number she had received previously, despite the paper the business owner had showing the higher score. She had several different departments run the scores and ended up with three very different numbers. They were all run by different people but they all came from the same place. Why the difference? Because your lender has the ability to customize the criteria he uses to determine your credit score. Combine that with the fact that three different credit agencies can interpret the same information differently and you’ve got a real recipe for disaster.

Cash Only Isn’t a Good Idea

Many will tell you to simply ditch your credit cards and loans and live a cash only lifestyle. This sounds great in theory, but there are areas in your life where you simply can’t live without credit. Besides, no one is perfect and planning for emergencies can be harsh. If you don’t have enough cash on hand, how will you pay for a quick tire repair or for something that goes wrong in your home? Besides, creditors find that no credit equals bad credit, so if you need credit in the future and don’t have any to start with, you’ll have a very difficult time getting a loan.

Teens Should Learn about Credit

Woah! Never thought you’d hear this one, right? Teenagers aren’t necessarily prepared for the world of money, but the sooner you teach them about using credit responsibly the greater your odds of preventing a credit disaster in college or later in life. Consider letting your teen have a low-limit card from a department store. They’ll begin to build their credit scores early and will be less likely to destroy them later.

It doesn’t matter if you’re looking to obtain a bad credit loan, a home mortgage, or a credit card. Your credit score will play a huge role in your bank’s decision. Keep these things in mind as you apply for financial aid and be prepared to fight for your rights as a credit holder. You’ll find the outcome to be worth your time.

Celina Tern is a writer and works in recruitment business, staffing and she highly recommends Modis IT Staffing agency for businesses looking to hire new IT staff.

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Move over McDonald’s; 7-Eleven and Subway are the new leaders of the franchise world. A look into the top franchises, separated by industry.

Move over, McDonald’s; 7-Eleven and Subway are the new leaders of the franchise world. A look into the top franchises, separated by industry, shows that the largest percentage of franchises in America come from the food industry, followed by business services, health & beauty, auto repair & tools, and then hospitality.

The top 3 franchises within the food industry are 7-Eleven, at 32,701 locations in America, startup costs and franchise fees vary; Subway at 29,612 locations, $78K-$238K startup costs and $15K franchise fees; and McDonald’s at 24,799 locations, $950K-$1.8M startup costs and $45K franchise fees. The other most popular food industry franchises are as follows:

• KFC, at 12,980 locations in America, $1.2M-$1.8M startup costs and $45K franchise fees;
• Pizza Hut at 10,239 locations in America, $63K-$3M startup costs and $25K franchise fees;
• Dunkin’ Donuts at 8,092 locations in America, startup costs vary and $40K-$80K franchise fees;
• Dominos Pizza at 8,053 locations in America, $119K-$461K startup costs and up to $25K franchise fees;
• Baskin-Robbins at 5,889 locations in America, $121K-$419K startup costs and $15K-$35K franchise fees;
• Dairy Queen at 5,619 locations in America, $700K-$1.3M startup costs and $25K-$35K franchise fees;
• Quiznos at 5,111 locations in America, $24K-$341K startup costs and $5K-$25K franchise fees;
• Taco Bell at 4,516 locations in America, $1.3M-$2.5M startup costs and $45K franchise fees;
• Circle K at 4,085 locations in America, $161K-$1.4M startup costs and $15K franchise fees;
• Sonic Drive-In at 2,768 locations in America, $1.2M-$3.2M startup costs and $45K franchise fees;
• Arby’s at 2,558 locations in America, $336K-$2.4M startup costs and $25K-$37K franchise fees;
• AM/PM at 2,768 locations in America, $2.4M-$7M startup costs and $30K-$70K franchise fees;
• Papa John’s at 2,615 locations in America, $135K-$491K startup costs and $25K franchise fees;
• Cold Stone Creamery at 1,508 locations in America, $292K-$438K startup costs and $42K franchise fees; and
• Hardee’s at 1,397 locations in America, $1.3M-$1.9M startup costs and $35K franchise fees.

The top 3 franchises within the business services industry are as follows: Jani-King, at 12,980 locations in America, $11K-$34K startup costs and $8K-$16K+ franchise fees; Jan-Pro at 8,875 locations in America, $3K-$54K startup costs and $2K-$44K franchise fees; and the UPS Store at 5,982 locations in America, $171K-$280K in startup costs and $29K in franchise fees. The other most popular business services franchises are as follows:

• Service Master Clean at 4,597 locations in America, $21K-$126K startup costs and $2K-$44K franchise fees;
• Chem-Dry at 4,131 locations in America, $25K-$120K startup costs and $12K-$34K franchise fees;
• Clean Net USA at 3,582 locations in America, $5K-$91K startup costs and $2K-$83K franchise fees;
• Liberty Tax Service at 2,615 locations in America, $135K-$491K startup costs and $25K franchise fees;
• Bonus Building Care at 2,119 locations in America, $8K-$14K startup costs and $7K franchise fees;
• Cartridge World at 1,696 locations in America, $130K-$204K startup costs and $30K franchise fees;
• WSI Internet at 1,681 locations in America, $60K-$166K startup costs and $49K-147K franchise fees;
• Serv Pro at 1,420 locations in America, $100K-$159K startup costs and $39K franchise fees;
• Stratus Building Solutions at 1,339 locations in America, $3K-$57K startup costs and $3K-$47K franchise fees; and
• Anago Cleaning Systems at 1,233 locations in America, $8K-$1.2M startup costs and $4K-$1M franchise fees.

Within the health and beauty industry, the following franchises are at the top:

• Curves at 9,468 locations in America, $38K-$44K startup costs and $29K franchise fees;
• Jazzercise at 7,578 locations in America, $2K-$38K startup costs and $500-$1K franchise fees;
• Great Clips at 2,688 locations in America, $109K-$202K startup costs and $20K franchise fees;
• GNC at 2,115 locations in America, $130K-$232K startup costs and $30K-$40K franchise fees;
• M. Norman Cosmetics at 1,779 locations in America, $33K-$168K startup costs and $0 franchise fees; and
• Fantastic Sam’s at 1,335 locations in America, $118K-$230K startup costs and $30K franchise fees.

For the auto repair and tools industry, the following franchises rank as the most popular:

• Ace Hardware at 4,693 locations in America, $243K-$1M startup costs and $5K franchise fees;
• Snap-On Tools at 4,318 locations in America, $16K-$278K startup costs and $5K-$25K franchise fees;
• Midas at 2,449 locations in America, $265K-$365K startup costs and $30K franchise fees;
• Novus Auto Glass at 2,025 locations in America, $14K-$200K startup costs and $7K franchise fees;
• Jiffy Lube at 2,001 locations in America, $214K-$273K startup costs and $35K franchise fees; and
• Matco Tools at 1,480 locations in America, $81K-$183K startup costs and $0 franchise fees.

The hospitality industry names the following franchises as ranking at the top:

• Choice-Hotels at 5,709 locations in America, $2.5M-$5.3M startup costs and $35K franchise fees;
• Intercontinental Hotels at 3,498 locations in America, startup costs vary and franchise fees vary;
• Super 8 Motels at 2,095 locations in America, $274K-$3.1M startup costs and franchise fees vary;
• Days Inn at 1,876 locations in America, $392K-$6.4M startup costs and franchise fees vary; and
• Hampton Inn at 1,534 locations in America, $3.6M-$10.9M startup costs and $50K+ franchise fees.

Within the Etc. category, there are two franchises that rank at the top:

• Kuman Learning Centers at 25,191 locations in America, $30K-$129K startup costs and $1K franchise fees; and
• Re/Max at 6,988 locations in America, $35K-$200K startup costs and $12K-$25K franchise fees.

Posted by: shane     Tags:

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In 1971, Starbucks opened its first store in Seattle’s Pikes Place Market. For about twenty years, it remained a small-scale operation until 1991 when it became the first privately-owned US company to extend stock option programs to its part-time employees. Just a year later, Starbucks IPO’d at $17 per share and closed trading on its first day at $21.50 per share.

In 1996, Starbucks opened its first stores in Japan – the first outside of North America. Just two years later, as part of the dot com revolution, Starbucks.com was launched. In 2001, Starbucks launched its own innovative stored-value credit cards for customers to use in store and reload. The next two years saw Starbucks gain valuable acquisitions: Seattle Coffee Company in 2003 and Ethos Water in 2005. In 2008, Starbucks acquired Coffee Equipment Company and its Clover Brewing System.

During these formative 12 years, Starbucks saw many stock splits, raking in massive profits for the company and its shareholders. Yet, Starbucks also remained committed to its policy of responsible environmental practices and coffee innovation. In 2005, when it acquired Ethos Water, Starbucks set a goal of donating $10 million to clean water projects over the following decade. In 2006, they introduced the first paper cup containing post-consumer recycled fiber, which saves more than 75,000 trees each year. And in 2009, when they introduced VIA ready-brew coffee, Starbucks also became the world’s largest buyer of fair trade certified coffee.

So while the expansion of Starbucks as a chain and as a global economic power is intriguing, just how profitable are they per year? Let’s put their profits in terms of cold, hard cash. In 2010, Starbucks generated $10,707,400.00 of revenue, with gross profits of 6.2 billion dollars from just 16,858 stores. In 2011, they plan to open 500 new stores – 400 abroad and 100 in the United States.

Trickle Down Economics

So how are these profits shared? What’s a barista earn compared to the CEO? The average yearly salaries of Starbucks employees are as follows:

Barista $17,260

Shift Supervisor $21,480

Assistant Store Manager $32,274

Store Manager $42,941

District Manager $73,785

CEO Howard Schultz $12,109,792

$643,954 salary with $643,954 bonus

$9,530,162 in option rewards

$953,676 in “other” income

So where do all these employees work? There are 11,131 Starbucks stores in the United States, 60% of which are company operated, compared to 40% which are licensed. Starbucks also has 5,727 international stores, of which only 37% are company operated, while the remaining 63% are licensed.

How does Starbucks do it? With nearly 75% of their retail sales coming from beverages alone, the profits must be made with every grande you order. Only 19% of their sales come from other foods, 4% from whole bean and soluble coffees, and 2% from coffee-making equipment and other merchandise. In other words, the profits are in the cup, not in the inventory they keep.

Personal loans for bad credit can be difficult to acquire for some but very easy for others to acquire depending on where they apply for the loan. As of the end of 2010 there was $2.410 trillion in consumer credit still outstanding in the United States in the final quarter of the year. This is compared to $2.404 trillion in the previous quarter.  Debt doesn’t go away quickly, and even if you have already changed your spending ways, you know bad credit takes a long time to fix.

The first thing a person searching for a personal loan with bad credit should do is find any type of collateral they have available to offer for the loan. For the most part, people offer up their car or their house as collateral, which will be taken from them should they not be able to make payments on the loan. Others, who know they might not be able to make loan payments, offer up electronics or jewelry as collateral for the loan.

Financial advisors across the country recommend that those searching for personal loans for bad credit should be sure of three things prior to acquiring a loan. Those three things include comparing interest rates, fee schedules, and limiting the amount of the loan as much as possible. Interest rates vary greatly on loans for those with bad credit as well as the companies that provide the loans. Be sure you shop around prior to acquiring a loan in order to acquire the lowest interest rate possible for your bad credit loan.

Anyone looking for personal loans for bad credit should also research the fees associated with the loan. Payment fees and the schedule of when payments must be made differ from lending institution to lending institution based on their company policies. You will want to limit the amount of the loan as much as possible in order to acquire a loan for bad credit. It will be easier to acquire a loan with bad credit if you ask for a limited amount of money instead of thousands of dollars at once. The larger the amount of the loan, the higher the chance is that your application for the loan will be denied.

Most fees from lending companies on loans for bad credit range anywhere from $15 to $35 per every $100 borrowed. These fees do not seem like too much but the fees can add up when you owe hundreds or thousands of dollars on the loan.