Posted by Richard Edwards on Feb 29, 2016 in Finance Review, Loans & Credit | Comments Off on How Short Term Payday Loan Can Benefit You
Payday loans can really come in handy for all those people who are looking for quick access to money to pay off certain emergency expenses and have no other alternative. When you compare these to other forms of loans, then you will definitely find them to be more advantageous, and here are a few reasons why:
1. They are quick
This is perhaps one of the biggest advantages of these types of loans. They can be received in your bank account within the same day that you send in an application for approval. However, other types of loans are different in that you might have to wait weeks before you finally get an approval.
2. They can be qualified for easily
This is perhaps another big advantage of payday loans. An individual does not require a great credit history to qualify for these loans and all that is needed is proof that you have a stable job with a monthly income. This will make them carry out some quick background checks with respect to your employer and salary, and once they are done, you can have access to the money.
3. You can get the cash you need
With payday loans, you instantly receive the cash from payday loan lenders that you require which you can then spend on anything that you want. This differs from a credit card where you have access to credit but not necessarily that cash that you might require.
4. They are flexible
This is another advantage that you get from payday loans. With the flexibility, you will be able to receive money and then spend it as you please without facing any kind of restrictions. However, this might not necessarily be the case with the other types of loans. For instance, a car loan will only provide you with the finances required to purchase a car.
5. They are convenient
The stores offering payday loans can be dealt with quite easily. With convenient hours they can be more flexible than a bank. For instance, you will find them to be easily accessible at night even and you can have all of their support that you may need via a telephone call or email.
Since there are so many benefits of these short term payday loans. You should definitely consider them if you are stuck with certain immediate expenses that you do not have money to pay for. You can them pay back the loan with your next salary. All you have to do is be sure that you thoroughly understand all of the terms and conditions that have been stated by them.
Posted by Richard Edwards on Jan 16, 2016 in Finance Review, Loans & Credit, Saving Money | Comments Off on HOW TO MAXIMIZE YOUR SAVINGS
Most people are constantly thinking about the future, and they are planning their lives twenty-thirty years ahead, and even though this habit is risky and uncertain, it gives them the sense of security and pleasure, and for some it even serves as a main motivational element to do any work and to put any kind of effort at all. Others may not take things so seriously, but almost all of us are interested in the idea of having extra money for emergencies or for some more demanding projects, such as buying a car or a house, or sending kids to college. Different reasons may motivate someone to start saving and to open up a savings account, but the common trait of all people who participate in this is the desire to save more and to maximize the amounts that they actually may save in the future.
Savings accounts are not created to mimic a sprint race, as they have more attributes that connect them with marathons. Time is the main element which increases your savings, and with the passage of time your decision to start the saving process will look better and better. However, there are several tips and tricks which can make saving even easier and they can teach you how to get the best out of your savings account.
For instance, most experts say that the selection of the bank in which the customer will open his or her savings account is the most important step in the whole process, and this activity will determine all other elements, and, in the end, it will affect the outcome directly. Therefore, customers are advised to take great care when choosing a suitable bank, and they should inform themselves as much as possible about conditions and services which the bank in question will provide. Savings accounts can be divided into three groups when it comes to the duration of time for which they are intended, and the clients should decide which type of savings goals they have: short, medium or long term goals.
Once the clients are aware of what they actually need, the banks can offer them their services and the range of their products. This is the point where clients can learn about the features that they will get if they start a savings account, and they should always look for a bank which is reliable and trustworthy but who has the highest interest rates in the same time. Interest rates are a very important element in the whole story, and they can significantly increase the amount of the savings in the long run. Also, customers are always advised to pay attention to transfer fees and service fees which the bank will charge, because those amounts should be as minimal as possible.
Making a savings habit and depositing amounts on a regular interval is the next step which will ultimately lead every customer to the desired destination – a bank account large enough to cover any unpredicted expenses and to satisfy their needs and desires.
Posted by Richard Edwards on Jan 15, 2016 in Finance Review, Loans & Credit, Mortgages Loans | Comments Off on Issues Involving Predatory Lending
There have been and there are still many debates concerning predatory lending. Majority of people are accusing lenders of their illegal additions to payday loans, the fact which is true. But there is a minority which transfers that blame to other parties both in the deal and out of it. From those debated few underlying issues have surfaced, issues that are main topic of this article I am writing:
- Minority mentioned above transfers part of the blame of predatory lending to the courts. They are saying, and I have to agree with them that courts favour lenders in all disputes between lenders and borrowers. This fact gives courage to lenders, and they are willing to include some more illegal components in their loans, knowing that many borrowers will avoid going to the court which in normal cases has strong favour towards those lenders. This minority argues that lenders should secure money transfer, and they should have documents which confirm the debt towards them. But, right now it is up to borrower to make certain that his money is going into the right hands.
- The idea of high risk borrowers having to pay back higher interest rates than borrowers who have lesser risk of not paying back their loan is also argued. Large portion of people in loan business agrees with the notion of higher interest rated to borrowers with higher risk. Risk set interest rate principle is unfair at its core. Payday loans were created for people who couldn’t take bank loans, and in the case of risk based interest rates it means that discrimination is made against those people who are in fact main target customer group of payday lenders. This notion of risk interest rates was transferred into predatory lending as well. It gives a right to lender to raise the interest rate far above normal rates to certain customers.
- Competition in a world of predatory lending is non-existent. And that truth makes over the top interest rates possible. In truth, there is small competition in this world, but many predatory lenders avoid borrowers that are served by other predatory lenders, because that would decrease interest rates of both of those sides, reducing overall profit of all lenders operating in that certain area.
- Lack of education concerning loans, their terms and conditions, borrower rights is considered as major reason for existence of predatory lending. Borrowers with such knowledge will have insight in all deals they make with borrowers, and they will avoid unfair conditions places in those deals. Blame for this is placed on government and educational structure equally. Their failure lies in non-incorporation of these fields into educational process.
- Many people that are fighting against predatory lending and general laws that are protecting those lenders argue against freedom of pricing that is given to lenders. In their arguments they state that lenders should not have a right to decide interest rates and other conditions of loans by themselves. Standardization of loan contracts should be done, and all lenders that fail to utilize these standardized contracts should be punished by law.
Posted by Richard Edwards on Jan 13, 2016 in Finance Review, Loans & Credit, Mortgages Loans | Comments Off on What to Pay Attention to When Considering a Payday Loan
If you are in search of any kind of loan, you will need to reconsider various conditions and terms. Payday loan may be different in some aspects, but in other it’s a classical loan, where the costumers have to be extremely careful when choosing what is best for them. We will try to help you discover some of the basic essential and on what to pay attention regarding a payday loan.
Suitability. Are you able to apply over the internet? If you are, how long will this entire process take? Since the internet is enormously popular, almost every lender allows this possibility, mainly because it’s easier and the approval rate is much faster. Payday loans put their focus on current financial status of the costume and his ability to pay off the loan rather than credit history. This will allow costumers quicker response, especially if the company can verify their financial information they provided during the application process.
Time for response. This service varies from lender to lender, but many refer it as “cash advance”, because it the time between your loan and your next salary. In this way you are getting your salary in advance and your actual salary is used as a collateral damage.
Loan fees. Every lender will use different conditions and fees, but one thing is common regarding a payday loans. Large amount of lenders will force on you fees that are based on the amount of money you took. The fee must be paid before the loan is pay off. It is really important to know big are these fees are before you attempt to apply for this kind of loan.
Amount of the loan. Most usual amount of the money that you will be able to get through payday loan is 1500 dollars, but some lenders will lend you 500 dollars. All options regarding a payday loan and the biggest loan amount may be different from lender to lender. Before you even consider to take this loan, it would be wise to review your budget and decide how much money do you need and then seek for an appropriate lender, otherwise you will come into situation much worse, then you were before the loan.
Reputation. This is one of the most crucial things one company must have, but since the internet has spread so fast in all areas of the live, it wouldn’t be too hard for you to find the company that has the best reputation. Based on costumer’s reviews, you can research almost every company completely. This can greatly help you decide which lender is best for you and which one will offer you the best conditions. Maybe it would be wise to check every lender through Better Business Bureau, there you will find good reviews provider by the independent party.
These loans offer great advantages, but also great responsibilities. One of the best things about these loans is that they are available in most cases instantly. They can be great help for those who are short for cash, or have some unexpected expenses, or they just heed help until the next salary arrives, but they also bring a great risk in a question: will you be able to repay the loan in arranged time?
Posted by Richard Edwards on Jan 12, 2016 in Finance Review, Loans & Credit, Saving Money | Comments Off on The Importance of Savings Accounts
Savings accounts are the perfect weapon for those people who decide to stand up to uncertainty and destiny, and who are willing to actively participate in the creation of their future and the future of their children. Some people see savings as a tool which will make them ready for battles and problems that await them, and they hope to be able to act when the unpredictable things happen. Savings accounts are very popular all over the world, and they are one of the main products which banks from all across the globe use to attract customers and to make profits.
Savings accounts are designed to stand the test of time, i.e. they are not created with short term goals, usually. Most people open savings accounts with the idea of depositing money on a safe place and increasing it with interest rates over time, and then use it eventually for some bigger “project”. Predominantly, savings accounts are intended to store money for buying a car or a house, or to serve as a college fund or even as an additional retirement fund. People have complete freedom when it comes to usage of their accounts, so we can say that there are as many ideas as there as humans with opened accounts.
When it comes to savings goals, they can be different, in terms of purpose and in terms of time frames, but savings accounts have several important advantages over other types of accounts, and these advantages are the real reason behind the popularity of this method. Savings accounts are generally built in the way that the personal funds of the client are liquid, which means that they can be used whenever the client wants it to. Also, accounts should be free of investment risk and they should be designed “against inflation”, which means that interest rates should always bring returns to the customers.
With the rise of mobile devices and the overall improvements in technology, savings accounts can be easily accessible via smartphones and other gadgets, which makes the process even more efficient and convenient. Deposits can be done in a few clicks, and mobile transfers are also possible in most banks. People nowadays usually subscribe to the service which is known as “autopilot”, and this method takes the money automatically out of checking accounts and places them in savings accounts even without participation of the customer. This possibility has allowed people to make savings habit faster and to deposit larger amounts in the long run, and these factors all contributed to make savings accounts so popular all over the world.
Savings accounts depend on interest rates as they are basically the primary function of saving in this way, which means that customers should take great care when choosing a suitable bank and when setting up an account. The larger the money in the end, the happier the client, and this fact is not something which should be taken lightly. The banks are offering easy money in this way, and the opportunity should be exploited as much as possible.
Posted by Richard Edwards on Jan 11, 2016 in Finance Review, Loans & Credit, Saving Money | Comments Off on Should you Apply for a Guarantor Loan
Every once and a while, people find themselves in a situation which demands spending larger amounts of money, and in some of those moments they simply have to ask for help since there is not enough funds on their bank accounts at that particular moment. Unexpected problems, health issues, unplanned purchases and many other factors can be the reason and the motivation behind such a situation, and this is something which happens to almost all people, no matter where they live and work. In those moments, people need a helping hand, i.e. someone who will be willing to loan them the money, and most people use banks as a safe option for their request.
Banks are dealing with loan requests constantly and it is basically a part of their job description, which means that people who file a request for a loan should be granted one without any problems. However, this is not always the case, and some people are rejected, even though they filed all of the required paperwork and provided all necessary information. Several reasons can cause this problem, but the most common one is the fact that the applicant, i.e. the person who is filing a request for the loan, has poor credit rating and certain issues in their credit history.
Problems with credit history can occur when a person who obtained the loan is unable to pay its regular monthly installments, or he or she fails to payout the amount within the agreed deadline. This incident is immediately recorded in the files which are dedicated to person’s banking activity, and this dossier is called credit history. Banks share these records through a unified database system and they check the credit history of every person who applies for a loan in their facilities.
However, there is a way around this problem, and even if your history is not so great there are still options for you to acquire a sizable loan. The type of loan that you need in this case is called a guarantor loan, and this method is particularly useful for people with these problems. When it comes to guarantor loans, they are flexible because the applicant provides additional guarantees in the form of a guarantor, i.e. a person who co-signs the agreement and who serves as a protection and a “safety net” for the bank in case of any problems. In case the applicant fails to honor the agreement and becomes unable to pay installments in a timely manner, the guarantor has to take over the loan and pay the remaining amount himself.
Guarantor loans are a good option for those people who are in need of a financial boost but who are unable to land other types of credit agreement due to their poor credit history, and this type of loans can certainly fulfill their requirements in this respect. Also, guarantor loans usually have lower interest rates, which makes them affordable, and people are attracted to this method more and more.