If you have been in a situation where you need to pay for something expensive in cash, you may have thought about the question “Can You Get A Cash Advance Using a Debit Card?”. The simple answer to this question is “yes, you can”. To pay for something expensive, you will probably need to take out a cash advance using your debit card. Here is a summary of how it works.
What is a Cash Advance?
A traditional cash advance primarily works as a small loan, which comes directly from your credit card company. Basically, you can borrow cash against your credit limit. An ATM or bank processes the cash advance and gives you money. Some lenders may even allow you to apply for a cash advance online.
The amount of money you borrow will get added to your credit card balance. Your credit card company may charge a fee for the services. Also, they will charge a special cash advance APR.
Can You Get A Cash Advance Using a Debit Card?
Yes, it is possible to do this. When you hear “cash advance”, the first thing that comes to your mind may be a credit card cash advance. With a credit cash advance, you withdraw money using your credit card, and the amount of money you take out is added to your balance.
However, a debit card cash advance is quite different. Instead of adding money to a revolving balance, this type takes out that money from your checking account. Basically, this kind f cash advance is precisely the same as withdrawing money from the ATM.
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How can I get a Cash Advance using a Debit Card?
If you want to withdraw, follow the steps below:
1. Visit either a local bank or a credit union branch and speak to a teller.
2. Next, a request for a cash advance.
3. Receive the funds.
You will need to pay a small fee for requesting the advance. This fee is usually a small percentage of the total money you withdraw.
What are the benefits of using a debit card to take out cash advances?
Now you may wonder about the benefits of getting this type of cash advance since it is the same thing as withdrawing money from the ATM. Basically, there are good reasons why getting funds using its method is helpful. These reasons include:
1. They don’t attract interest
When you take a cash advance using your credit card, you get charged a fee plus interest. The worst part is that the interest rate it attracts will be higher than the rate for your average transactions.
Also, it will bypass the one-month grace period. This means that your interest will start accruing instantly. On the other hand, using a debit card cash advance does not attract any interest, just the initial fee. This makes it a cheaper option for obtaining fast cash.
2. They come with higher withdrawal limits
If you have tried to withdraw a lot of money from your ATM, you may have encountered a problem. There is a limit on the amount of money you can withdraw every day. This limit is considerably smaller than the limit for debit card advances.
3. You can use other banks
You are free to go to any local bank and take out this type of cash advance, even if the local bank is not affiliated with your bank. If you bank with a credit union, you can do this using other credit unions too. Basically, you are not restricted to only your bank and this is a huge advantage. However, you should note that not all banks accept requests for a cash advance. Just check with your bank for more details.
What is the downside to a debit card cash advance?
The downside to this is that you cannot withdraw more money than you have in your bank account. Usually, when people need emergency cash, it may be because they do not have the money period to take care of an unforeseen bill. In this situation, this type of cash advance is not so helpful.
Bottom line
It is possible to get a cash advance using a debit card as long you have money in your bank account. Basically, if you have the money in your account and only need to access it, a debit cash advance will work for you. However, if you need extra cash, this type of cash advance is not so helpful.
It is no longer news that the Federal Government of Nigeria recently shut down some online loan companies. The government took this action due to the complaints they received about some malpractice perpetrated by these companies. Ever since these companies popularly called “Loan Sharks” have stopped their operations. Here’s the full detail of why the federal government shutdown online loan companies.
What are online loan companies?
These are companies that allow you to borrow loans online. Basically, online loan companies enable you to complete the whole borrowing process without setting foot inside a bank. They are exclusively operated digitally. Hence, they are a very convenient way to borrow money, unlike conventional banks.
Additionally, online loan companies have less stringent borrowing requirements, unlike bank loans. This is one of the major advantages they have over conventional banks.
Are online loan companies illegal?
No, online loan companies are not illegal in Nigeria. However, some companies operate their online lending platform illegally in Nigeria. These illegally operated online loan companies have not registered their business with the Corporate Affairs Commission (CAC). Hence, they do not have the license to operate their businesses. In Nigeria, every business owner needs to register their businesss with CAC for it to be legal.
Generally, online loan companies are legal in Nigeria as long as the government has duly authorised them. Several other online loan companies operate their platform legally in Nigeria.
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Why did the federal government raid and shutdown 8 online loan companies?
The Federal Government shut down 8 online loan companies due to malpractice perpetrated by the financial institutions. Customers of these online loan companies complained about this malpractice, prompting the government to start investigating.
The first thing that prompted this move was the invasion of customers’ privacy by naming and shaming them online. These financial institutions used this means to recover their loans from debtors.
Also, the interest rate these online financial institutions charge violates the principles of how lending is done. This prompted FG to start investigating the location of these financial institutions to shut them down.
What online loan companies were affected?
Here is a list of the online loan companies that the federal government raided and shut down:
1. OKash
2. EasyCredit
3. Kashkash
4. Easy Moni
5. Speedy Choice
6. Soko Loan
7. GoCash
Basically, Blue Ridge owns most of these loan companies. They all operate on the third floor of a certain four-storey building in Ikeja, Lagos.
Can I still obtain loans from online loan companies?
Yes, you can still obtain loans from online loan companies. As stated earlier, there are some legally recognised online loan companies in Nigeria. Basically, these companies are guaranteed to provide you with instant online loans within a few minutes of your application. Also, since these companies are legal, you do not have to worry about malpractice.
Bottom line
Although the Federal Government has shut down the operations of illegal loan companies, it does not affect the operations of the legal ones. It is still very possible for you to obtain a loan from the registered loan companies in Nigeria. Borrowing from online companies is still a more convenient alternative to borrowing from banks.
The agricultural sector of Nigeria is largely under-tapped, and one industry with huge potential. Therefore, it has been a major focus on the government for the past decade. Currently, there areseveral loansfor farmers in Nigeria, to support their farming, and grow the economy at large. In this article, we are going to look at the loans for farmers in Nigeria that you can enjoy.
What are the available loan programs for farmers in Nigeria?
Some available loans for farmers in Nigeria are:
Farm operating loans (direct and guaranteed):
This loan is handled by the farm service agency (FSA). It offers several operating loans for family plant and animal farmers to promote and sustain their farms. In doing so, they grow the agricultural economy of the country.
Farm storage facility loans:
The government brought about this loan to encourage the storage and handling facilities for certain farming commodities. In reality, some of these commodities include grain sorghum, corn, oats, wheat, barley, soybeans, peanuts, lentils, chickpeas and many more.
Fisheries finance program:
This loan is a direct government program that supplies long time financing to fish farmers. Also, such financing includes the cost of fishing vessels, fisheries facilities, and other equipment that are needed for successful fishing.
Farm ownership loans:
This loan helps you purchase your own farmland as a farmer. More accurately, it covers the expense of purchase, construction or renovation of a ranch. Also, farm ownership loans also cater for the payment of soil and water conservation, and also protection too.
Loans for farmers in Nigeria
Asides the listed loan programs above, you can also benefit from the following loans for farmers in Nigeria:
Agricultural credit guarantee scheme fund (ACGSF):
This loan is handled directly by the apex bank (CBN). Also, it was established by the Decree of 20 of 1997 and has been in operation since 1978. Therefore, this makes it one of the oldest agricultural schemes in the country.
Agricultural Credit Support System (ACSS):
This is an initiative of the government programs for agric loans. Therefore, the funds are managed by the central bank of Nigeria, with a total prescribed value of N50 billion. In addition, they designed this program to reduce inflation, generate foods to be exported, and increase foreign and revenue. Also, this programme is only accessible to practising farmers and agro-allied entrepreneurs.
Commercial Agriculture Credit Scheme (CACS):
This scheme is as a result of the collaboration between the Federal Ministry of Water Resources and CBN. Furthermore, they established it in 2009 to finance the agricultural value chain of the country. This was in a bid to combat the rising inflation through increased production in the country. Also, this loan is financed by the Debt Management Office, who raised a N200billion Bond.
Farmers’ loan from private institutions:
Asides governmental programs and grants, there are also private institutions that offer loans for farmers in Nigeria. These institutions allow you to take loans and pay later with a pre-agreed interest rate. However, you should note that many of them offer a far lesser amount than government loan programs and a higher interest rate.
How do I apply for loans for farmers in Nigeria?
The different types of loans have varying application procedures. Therefore, depending on your preferred loan, you should visit the official release of the institution handling the loan, to know how you can apply. There is no one single procedure for applying to loans for farmers in Nigeria.
Conclusion
As a farmer, you should look to benefit from the available loans for farmers in Nigeria. These loans are especially useful for small-scale farmers looking to expand their business. In all, you should study the available loans, and ensure that it suits your need perfectly before committing.
The internet is a great place to look for a variety of international scholarships. Many of these international students’ scholarships allow you to apply immediately online, which means you may potentially apply for dozens of scholarships including but not limited to adopted children, fellowships, and grants as an international student in only a few hours. However, a larger application pool reduces your chances of receiving financial help, but to win, you must take part.
1. Scholarship for Emerging Global Leaders from American University (AU EGLS)
In general, the AU EGL scholarship covers all billable AU costs (full tuition, housing, and board) for one international student who will need a visa to study in the United States (ideally, an F-1 or J-1 student visa). Costs other than tuition and fees (such as required health insurance, books, plane tickets, and other expenses, which total about US$4,000 per year) will not be covered by the scholarship.
2. Masters Scholarships for African Students at Georgetown University
About the Scholarship: The Master of Science in Foreign Service (MSFS) is a two-year, full-time graduate degree program in international affairs. Among the topics covered by the courses are international relations, global commerce and finance, statistics and analytical tools, and historical perspectives on the world. Aside from that, students choose a specialization, such as International Relations and Security, International Development, or International Business, to further their education.
3. AAUW International Fellowship in 2022/2023. (Masters & Doctoral program in USA)
Regarding the Award: Women who are neither citizens nor permanent residents of the United States are eligible to apply for AAUW International Fellowships, which are granted for full-time study or research in the United States. Graduate and postgraduate study at recognized universities in the United States are encouraged.
Awards are worth a certain amount of money.
4. Scholarships award by Clark University
Undergraduate students can apply for Clark University Presidential Scholarships as part of the University’s ground-breaking Liberal Education and Effective Practice (LEEP) education model, which combines a rigorous liberal arts education with authentic engagement in the world and the workplace for undergraduate students.
If you are an overseas student applying to Clark University for your first year of undergraduate study, you may be eligible for one of the University’s merit-based scholarships.
How to Submit an Application
If you are interested in the Presidential Scholarship, you may indicate your interest by checking the appropriate box on the Common Application (available after Aug. 1).
You will then get full instructions on applying for the scholarship, including the subjects for the two short essays. Candidates who applied for Early Action, Early Decision, or Regular Decision must submit their essays by the first of February to be considered.
5. Obama Foundation’s Emerging Leaders Program to study at the University of Columbia.
The award has a monetary value of:
monthly stipend to help with living costs in the city of New York
A fully furnished studio apartment in the heart of Columbia University’s campus.
Tuition and expenses for up to four courses at Columbia University are covered by this offer.
Comprehensive medical, dental, and life insurance coverage for the length of the program.
Air transportation to and from the home country, as well as any program-related activities
Leadership development programs, coordinated by the Obama Foundation, that will assist scholars in gaining real-world skills, techniques, and experiences that will allow them to extend the impact of their work when they return to their home countries.
Moving to the UK comes with a lot of appeal; from exploring the country’s rich history to enjoying pub culture or exploring Europe on your 28 days of paid vacation, there’s no wonder so many permanent residents hope to make their ties with the country more official.
Regardless of whether you’re moving to the UK for a job, if you’re hoping to start a UK business, looking into a future with a UK citizen or if you’re just hoping for a change of pace, it’s important to understand the nuances of becoming a UK citizen.
This guide outlines all of the most important points and steps to keep in mind as you undertake the process of obtaining your UK citizenship.
Why become a UK citizen?
Being a UK citizen comes with a ton of excellent benefits. For one, it means free access to the National Health Service (NHS). This cost-free health care system means you and your family are well protected in case of sickness or injury.
UK citizens also have full rights to voting in parliamentary and local elections, meaning they have some sway in the country’s general direction.
Most importantly, and unlike UK residents, UK citizens are allowed to hold UK passports, which means unrestricted travel between England, Scotland, Wales and Northern Ireland.
The Effect of Brexit
With just over 4.5 million Brits living abroad, and a reported 1.3 million of them residing in Europe, many UK citizens will be affected by the upcoming Brexit changes for British expats.
As the separation is made official, those citizens will no longer have the unhindered right to live in EU countries. Equally importantly, it means that when you become a UK citizen your passport won't serve as automatic access to Europe - you’ll be forced to undergo the same tourism procedures as other non-UK passport holders.
Ways to obtain UK citizenship
There are numerous ways to become a British citizen if you’re not born as one. The most common way is called naturalization.
You’re eligible to apply for naturalization if you’re 18 years of age or older, you’re of good character, have no serious criminal record and you’ll continue to live in the UK for a requisite period of time. You must also have met the knowledge requirements of the English language during the application process, including the ‘Life in the UK’ test requirements. Language learning apps like busuu can help you improve your skills in English.
In most cases, you must also have lived in the UK for at least five years prior to your date of application, and have spent no more than 450 days outside of the UK during these five years. It’s also required that you’ll not have spent more than 90 days outside of the UK in the 12 months prior to your application.
If you’re a citizen of an EEA country, you must hold permanent residence status for the last 12 months and be able to provide a permanent residence documentalongside your citizenship application.
Finally, you must never have broken any immigration laws within the UK.
Children under 18
If you’re planning to move your family to the UK with you, you may apply on behalf of a child under 18, assuming they meet the other eligibility criteria. Children who are under 18 aren’t required to pass the Life in the UK exam.
Become a citizen by marriage
Marrying a UK citizen does not automatically make you a citizen yourself. You’ll need to apply as the spouse of a British citizen, a process that does require some time and documentation to push through.
In order to meet the requirements, you must be 18 years of age or older, and be of “sound mind and good character.” You must also have met the residency requirement and met the English knowledge requirements, and you’re still required to take (and pass) the life in the UK exam.
Unless your spouse or civil partner works abroad for the UK government or an organization closely aligned to government, typically you must also have lived in the UK for at least three years prior to the date your application is received. During that time, you must have spent no more than 270 days outside of the UK in those three years and spent no more than 90 days outside of the UK in the past 12 months.
You must also not have broken any immigration laws while in the United Kingdom to be eligible.
What’s the application process?
There are three ways to apply for British citizenship by naturalization.
Note: you must also provide your fingerprints and a photo as part of your application. This is known as biometric information and has a cost of £19.20.
As mentioned above, application for citizenship in the UK does require you to take and pass an exam, known as the “Life in the UK” test. The approval of your citizenship is contingent on completing the exam successfully.
Exams can be booked online, and must be scheduled at least three days in advance of the date you wish to take the test. Taking the test comes with a fee of £50.
All you need to make your exam booking is an email address, debit or credit card and an accepted form of ID (such as a passport or UK driver’s license).
If you need help with your booking, contact the Life in the UK Test Helpline at 0800 015 4245 between Monday to Friday, 8am to 4pm.
Note: the name you give on your test booking must be an exact match with the name on the ID you use to book the test. You must also include any middle names on the booking form or your test will be rejected and you won't be issued a refund.
Citizenship Test Exceptions
You don’t need to take the test if you’re under the age of 18 or over the age of 65. If you’ve passed the test before when completing your settlement application, there’s no need to take the test again. Finally, if you have a long-term physical or mental condition, you're exempt from needing to take the test, however, you must provide either a form or letter from a doctor confirming your physical or mental condition.
The UK permits dual citizenship (or dual nationality). This means that if you're applying for citizenship in the UK, you don't necessarily have to give up your home country's citizenship, or the citizenship of another country.
Although the UK may allow this, many other countries don't allow their citizens to have more than one citizenship. So in order to make sure what the situation is with other countries, you can check with their consulate or embassy in the UKbefore you apply for citizenship in the UK.
Where can I apply for citizenship?
You can apply for a UK citizenship at your local UK consulate, or alternatively, you may send the application form, fees and necessary supporting documents to the following address:
UKVI Department 1 The Capital Liverpool L3 9PP
What’s the process of applying for citizenship?
After you’ve applied for citizenship, you’ll get a letter confirming your application. The letter can take up to four weeks to arrive. A decision about your application will typically take six months, but can take longer.
Should you need to provide additional information to support your application, you’ll be notified and told where to send the necessary documents. In some cases, you may be asked to attend an interview. It’s possible to speak with an interpreter if necessary, however, inability to speak fluent English may affect your eligibility.
Citizenship ceremony
Upon receiving approval for citizenship, if you’re over the age of 18, you’ll be invited to book a place at a citizenship ceremony. Typically you’re allowed to invite two guests to attend the ceremony with you, and there’s a ceremony fee of £80. Your local council organizes citizenship ceremonies, and you can ask for a private ceremony if you wish. You can book your citizenship ceremony with your council close to where you live. During the ceremony itself, you’ll make an oath of allegiance and pledge promising to respect the rights, freedoms and laws of the United Kingdom.
At the end of the ceremony, you’ll be presented with your certificate of British citizenship and a welcome package. You may also have the opportunity to purchase photographs or videos of the event, which are sold at certain local councils. If you’re not living in the UK, you can ask to have your ceremony at the embassy or consulate of the country you're currently living in. However, if you’ll be returning to the UK within a few months, you may be asked to postpone your ceremony until your return.
Next Steps
After you’ve received your certificate of British citizenship, you must send your biometric residence permit back to the Home Office within five working days of attending your citizenship ceremony or physically receiving your certificate.
Proper procedure involves cutting your biometric residence permit (BRP) into four pieces and sealing it in a windowless envelope. Include a note indicating that you’re returning your permit because you’ve become a citizen. The note needs to include your name, date of birth and the document number (located on the front of the card).
Note: you’ll be fined up to £1,000 if you don’t return your permit within five working days.
Application Fees
The application fees vary greatly depending on the application type. For standard naturalization applications, the cost is £1282. For a complete list of types of applications with associated fees, consult the gov.uk website. In most cases, you can pay the fee for your visa application online.
How can I apply for a UK passport?
You can apply for a British passport if you have British nationality. However, there are some extenuating circumstances where your application can be refused or your existing passport can be retained.
Note:****** Having British nationality doesn’t guarantee you a passport.
Your eligibility and entitlement to a British passport will be considered when you apply. Passports belong to the government and can be cancelled or withdrawn at any time.
Other relevant information
If you’re not already familiar with money and banks in the UK you’ll want to do a bit of research or, if you haven’t already, make sure to open a bank account to help cut down on costs.
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