The Bottom Line
Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
Payday Loans Aren’t Worth It
When money is tight and you don’t know if you’ll be able to make your rent or keep the lights on, you start looking for ways to find quick cash. You can sell some personal items or ask family members for a loan, but whatever you do, don’t go to a payday lender. It’s a trap that will hold you captive far too long and cost you many times more than you borrow. Payday loans aren’t worth it.
350% Interest?
These loans are popular because they are extremely easy to get – they don’t require a credit check or collateral. A typical loan is for 14 days and you’re expected to pay it back in full when you receive your next paycheck. However, payday lenders charge a fee of 15% to 20% for every $100 borrowed. For a two-week loan, that works out to an annual interest rate well over 350%. Most payday borrowers can’t pay the loan in full when it becomes due, so they roll it over into another loan and a new finance charge is added to it.
Stuck in Rollovers
For example, say you borrowed $300 with a 15% finance charge for a two-week period. On your next payday, you would have to pay $345 ($300 x .15) to the payday lender. If you can’t pay it when it’s due and roll it over, you get hit with another finance charge, this time on $345. Now you owe $396.75. If you can’t pay that amount and roll it over again for another two weeks—which happens to many people using payday lenders— you will owe $456.26 on a $300.00 loan in just six weeks.
Alternatives?
So, what are your alternatives? Start by asking your family and friends for help. Some may be able to lend you money until you get back on your feet financially. Make it clear to them that you will pay it, perhaps by drawing up terms stating a date you will pay it back in full, or whether you will pay a percentage back on each payday. If they don’t have money to lend, they may be able to help by driving you to work or even letting you move in with them temporarily.
Talk to Us
If you are in good standing with Mid Oregon Credit Union and have good to excellent credit, you may qualify for an unsecured personal loan. The interest rate will be far better than a payday lender. Even if you don’t have an excellent credit score, talk to one of our loan officers. Visit www.midoregon.com, email us, or stop by one of our seven Central Oregon branches. We may be able to find a workable solution for you.
Know that when you are hit with a financial emergency, there are better options for you than a payday loan. Mid Oregon is committed to helping its members throughout their lives, through the good times and the bad. If you need a loan, talk to us to discuss how we can help you get through a rough patch safely.
Are You Spending Too Much on Groceries?
How many times have you checked out at the grocery and were surprised by the total? It’s easy to let our grocery bill get too big if we’re not careful. We are probably spending too much on groceries. Yes, food prices have gone up for certain items lately, and we’re making more meals at home now than eating at restaurants, but there are ways to keep that expense under control.
How Much Should You Spend?
• Figure out how much you can reasonably spend on food. Financial advisors suggest spending no more than 10% of your income after taxes on food. That includes the supermarket as well as restaurants. If you want actual figures worked out for you, check out the USDA’s website for food plans based on averages for four levels: thrifty, low-cost, moderate, and liberal plans.
• Make a shopping list. There are many grocery shopping apps available. Find one that fits your needs. These help you create digital shopping lists, including some that offer digital coupons. If you prefer going old school, make your list with a pen and paper and post the list on a board in your kitchen. As you run low on items, put them on your list. Then, when it’s time to shop, stick to that list and try to avoid impulse buying.
Rewards Programs
• Use reward programs. If you use a major retailer, the store will likely have a store reward program. Make sure you sign up for it to get store discounts and coupons. The store may even have its own shopping app.
• Consider ordering online. Not only does it save you a trip inside a store during the pandemic, it also keeps a running total of your expenses before you check out. If you go over your shopping limit, you simply take certain items off your list to bring down your total. Ordering online can also lessen impulse buying.
Minimize Waste
• Buy only what you need. Avoid buying anything simply because you have a coupon or because the store offers a bulk discount. If you can’t eat 2 bags of salad greens in a week, a “buy one get one 50% off” offer will simply fill your garbage can with wasted food.
Keeping your food expenses under control is easy with a little planning. The digital tools available makes it even easier not to spend too much on groceries. The hardest part will be controlling your impulse to reach for a sweet treat before checking out, and for that, you’re on your own.
Mid Oregon Announces Funds Match
Responding to increasing needs for students and families with added cash contribution, Mid Oregon Credit Union announces funds match of $1,000 for annual school supply drive.
School may not look the same this fall, but one thing is certain: The needs of students and families will be greater than ever. That’s why we are announcing a change to our annual August Supplies 4 Schools branch supply drive to benefit local schools.
Matching Cash Donations For School Supplies
This year, we continue the tradition of collecting donated school supplies in all seven branch locations, but will add to its support by matching the first $1,000 in cash donations received from members and the community.
“We understand that members are spending less time shopping right now, but they still want to help where they can,” says Kyle Frick, VP of Marketing for Mid Oregon Credit Union. “And we know that many local families are going to need a boost to help them get their kids ready for the school year. We’re hoping our members and the community will rise to the challenge and max out our matching donation so we can help as many families as possible.”
Students Not Able To Share Tools
With many schools employing remote learning, and minimizing contact between students in the classroom, important tools like scientific calculators and may be in short supply. More students will need to have supplies at home that are frequently shared between multiple users in a classroom setting.
“Despite the uncertainty parents are facing about the upcoming school year, they can be assured that their children will have the school supplies they require to be successful at home or in the classroom, says Julie Lyche, Executive Director of Family Access Network (FAN). “Since the needs of our students may be different this year, financial donations will allow FAN to purchase supplies as soon as those needs arise.”
Contributions Stay in Community Where Donated
The Supplies 4 Schools fundraiser and supply drive is underway during the month of August at all seven locations within Mid Oregon Credit Union’s service area. All donations of cash and supplies stay in the community where they are collected. Mid Oregon partners with Family Access Network and other local agencies to distribute the supplies to students in Deschutes, Crook, and Jefferson Counties who may lack the basic necessities to be successful at school. To find a list of most-needed supplies, visit Mid Oregon’s Community Involvement page.
Family Access Network offers assistance, possibility and hope to Central Oregon families in need by connecting them with crucial resources that will help children flourish in school and in life. FAN is unique to Central Oregon, located in all public schools in Deschutes County and in Prineville. Working through a dedicated FAN advocate, a child or parent is connected to essential services such as food, shelter, heating, health care, clothing and more. To donate or learn more, visit http://familyaccessnetwork.org/.