finance (14)

Why Latino students avoid college loans

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San Antonio’s Black and Latino college students are significantly more likely to avoid taking out student loans because they’re afraid they won’t be able to pay them back.

In a survey Texas Public Radio sent to students currently or recently enrolled in one of San Antonio’s public institutions of higher education, Hispanic students were just as likely as white students to take out loans. But the reasons they didn’t take out loans varied depending on their race and ethnicity. READ MORE AT TEXAS PUBLIC RADIO

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The numbers speak for themselves. Latinas have to work for nearly two years to make what white men make in a year, earning only $0.55 to every dollar a white man earns. Black women make $0.62 per $1 made by a white man, and Native American women make $0.57.

The pay disparity that Latinas face has barely improved over the last 30 years. But these Latina money experts are done waiting. READ MORE AT NEXT ADVISOR

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The proliferation of financial fraud in the form of scams is undeniable. Federal data show the highest ever year-over-year rise in fraud reports between 2019 and 2020, and we know that scams are severely under-reported. We also know that when consumers are aware of specific scams, they are far less likely to engage with them, and far less likely still to lose money or sensitive information. READ MORE AT AARP

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Hispanics upbeat about finances

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Consumer confidence among U.S. Hispanics fell in the second quarter, though optimism about their overall finances is building as the nation continues its recovery from the COVID-19 pandemic.

The Hispanic Consumer Sentiment Index decreased to 90.8 from 92 in the first quarter, but it remains high above the 82.8 during the second quarter of last year, according to the Florida Atlantic University Business and Economics Polling Initiative (FAU BEPI) in FAU’s College of Business. READ MORE AT FLORIDA ATLANTIC UNIVERSITY

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With more than half of all Hispanic and Latino Americans unable to set up a basic checking account or send and receive money, the pandemic has highlighted the deep divide between those who are able to access digital banking, and those who are not.

Cuentas (Nasdaq: CUEN), a Miami-based fintech company focused on serving the Hispanic and Latino communities, is looking to narrow that divide, if not eliminate it outright - one card and one app at a time. READ MORE AT THE STREET

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Despite being the fastest-growing segment of the U.S. small business ecosystem, Latinos continue to struggle to secure capital from national banks.

That’s according to the State of Latino Entrepreneurship 2020 research study from the Stanford Latino Entrepreneurship Initiative.

Stanford’s report found that only 20 percent of Latino-owned businesses that applied for national bank loans over $100,000 obtained funding, compared to 50 percent of white-owned businesses. When looking at loans of all sizes, the percentages change, but not the gap: among Latinos, 51 percent received loans versus 77 percent for whites. READ MORE AT CBS NEWS

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No two consumer groups are identical in behavior or belief. Whether the differences are due to gender or politics, education or ethnicity, brands know that what might appeal to one crowd of potential shoppers won’t appeal to another.

With an estimated 55 million Hispanic people living in the United States, new data from YouGov Plan & Track uncovers 10 ways Hispanic consumers aged 18+ living in America differ from the general public. READ MORE AT FORBES

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The worst states for Hispanics and Latinos

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The United States is the most popular destination for immigrants in the world. As such, the nation’s demographic composition is anything but static. Comprising over 17% of the total U.S. population, Hispanics and Latinos are one of the largest and fastest growing groups in the United States.

As recently as 1980, the United States was home to some 14.8 million people of Hispanic or Latino descent. Today, more than 55.9 million Americans identify as Hispanic and Latino. READ MORE AT USA TODAY

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Financial literacy for Latinas is a must

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As a child, I don’t remember having a conversation with either of my parents about finances. The handful of lessons came from watching my parents. I was seven when they bought our first home for $80,000. It was a very modest two-bedroom on a small acreage. I know my father wanted something he could pay off in a few years. He wasn’t a fan of owing money for a long period of time. I also remember him putting a huge down payment on a Custom Craft van for our annual road trips and paying it off quickly. I got the message loud and clear; mortgages are not good. I don’t know if his motivations were financial independence or lack of trust in any institution that had his money. READ MORE

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Hispanic Millennials And Financial Services

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Historically, financial service companies have been slow to focus on the burgeoning U.S. Hispanic market. While certain sub-categories, namely money transfer services, check cashing and mortgage providers have aggressively pursued Hispanics, most efforts have been focused on the “unbanked” — an unsophisticated and relatively small segment of unacculturated Hispanic consumers that were generally outside the mainstream financial world. 

However, with continued growth of the Hispanic population and the well-documented increases in socio-economic status of Hispanics — e.g., college enrollment by Hispanics has surpassed Whites and Hispanics were the only major ethnic group to see a decline in its poverty rate in 2014 – the financial services industry is paying a lot more attention.

 READ MORE AT MEDIAPOST

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Progreso Financiero, a financial institution dedicated to the economic advancement of lower-income Hispanic families, today announced that since its founding in 2005 it has loaned more than $140 million through more than 150,000 microloans to Hispanic customers.

More than 23 million Hispanics in the United States are unbanked or underbanked. Unlike mainstream institutions, Progreso provides loans without collateral to clients who lack credit history using its sophisticated risk scoring system that emphasizes a client’s moral collateral and true capacity to afford a loan. Demand for Progreso loans has rapidly increased with more than 70,000 loans fulfilled in 2010 alone.

“We define our success by the social impact of our lending within the Hispanic community. Every one of our 150,000 loans helps create opportunity and empower someone that might have been turned away by another lender or has been underserved by a more mainstream financial institution. We are proud to have a meaningful impact in the larger Hispanic market,” said James Gutierrez, founder and CEO of Progreso Financiero. “It is increasingly difficult for Hispanics in the United States to attain financial security and achieve their dreams. We are providing them with the capital, credit tools, and financial education they need, and doing it at a scale that matters.”

With limited-to-no credit history, underbanked Hispanics have virtually no opportunity to access mainstream credit products from larger banks. Progreso Financiero fills this gap in today’s financial system by helping individuals with thin or no credit files establish credit and fulfill their banking needs.

Progreso Financiero educates their borrowers about the responsible use of credit and offers small dollar loans -- typically $1000 -- that can be paid back in fixed installments at rates far below costly alternatives. As customers pay back their loan, they establish a credit history and after three successful small loans can achieve a credit score of 660, opening the doors to mainstream financial services and a brighter financial future. READ MORE
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