Payday loan has been into existence for years now, but still the excessive interest rate has not gone down till date. This has a reason to it as it provides immediate help to people within 24hrs who are in financial emergency, because payday loan is nothing but a short term loan available with very high interest rate. As I have always given necessary financial tips and important suggestions to my readers before taking any kind of financial decisions, the same way I request you people to read this article and ask two most important questions before taking a payday loan.
When to apply a payday loan:
1) Purpose of your loan is not accepted by Other lending Organization- justifications and explanations for taking payday loan is not required as it is not demanded by the lenders for such a short time period as it kills time. 2) Money is needed extreme quickly- it takes very less time to get processed and money is offered in hand within short time span. 3) When your Credit Card fails to help you- people who face trouble in borrowing money requires it the most, and hence it might not always be possible that you have credit card ready with you to fulfill that urgent need.
Why apply a payday loan: 1) Cash advance facilities for US people to get hassle free loan within 24hrs up to an amount of $500. 2) Payday loan is extremely easy to apply and get as it demands much less verification and application form to fill up unlike normal bank procedures. 3) This loan gets processed within very short time frame and even gets approved on spot within few hours sometimes. 4) Borrower gets facility to make part payment with some additional fees or can pay back the entire loan on the agreed date. 5) Payday loan is offered to all kinds of people even if there is a bad credit score report or no property is owned to apply for the same. It does not demand any collateral. 6) Payday loan is also beneficial in occasions that arrive suddenly during month end or in situations which cannot be avoided neither can be attended for less cash.
Some conditions should also be verified from a borrower's point of view before taking a payday loan to avoid any kind of financial disaster or get scammed.
Check these before applying a payday loan:
1) Applicant age should be of 18yrs and above. 2) Should have a minimum income which could be weekly or monthly basis. 3) It is necessary to have minimum one (savings) bank account. 4) Certain information is required from borrower's end to provide the lenders to prove his trustworthiness. 5) Be sure to check out that the loan company is legit by checking it with BBB and State Attorney General's office. 6) Always better to understand clearly the terms and conditions of loan mentioned in the application form and then sign the same as well the penalty charged in case of loan pay back failure.
Many people often run out of money before the month ends, so you are not certainly the only one living in an isolated place. Hence taking payday loan can be definitely a good financial decision, but before taking it check out all possibilities and conditions from this post so that you can work out the best deal and do not repent at the end of the day.
According to Federal Trade Commission (FTC), around 50,000 Americans get robbed every year by the Identity thieves. It recorded 380103 total fraud complaints in the year 2002, amongst which 161819 cases were of identity theft, which accounts to almost 43% of the total complaint. Last year gave a figure of 70,000 people getting robbed for taking internet help and Law Enforcement anticipates a growth of 25%-35% this year. The above figures and percentages prove that Identity Theft has become a rapidly growing crime in US nowadays.
All a criminal would need to perform this crime is your name, address, Social Security Number (SSN), driver’s license number and even mother’s maiden name sometimes. All these information reach out to the criminals without you even knowing what is happening. I definitely do not want my readers to fall into such trap in life. Hence before it is too late follow my article on this serious matter and save yourself from becoming a victim.
1) The prime target of the criminals is to get the social security number which gives access to credit reporting and bank accounts. Hence protect it with strong hands. 2) Avoid carrying necessary documents with you unless it is actually required. 3) Add name to the “Do not disturb” list so that market surveys fail to trace your name and other details. 4) Never print the Social Security Number on the cheque. 5) To check for fraud, order social security earnings and benefits statement at least once a year. 6) Verify all the credit card statement charges manually by yourself before paying them. 7) Providing personal information over phone should always be avoided. 8) Avoid saving credit card shopping profile on the net. 9) Password must be made unique and never use SSN as your password for anything. 10) Log out the bank account properly before closing the window.
11) Pin number should never be written down on the ATM card. 12) Try using a credit card for online purchase instead of a debit card. 13) Be sure not to use your Social security number as your Employee identification number. 14) Never share your driver’s license number with anyone or anywhere online. 15) Your cell phone number should be kept secret as much as possible and never ever use it as a password always. 16) Mother’s maiden name also shouldn’t be used as a password. 17) Always get your cell phone’s bluetooth security checked from a reliable priority dealer. 18) Shred out important papers which are no more required before throwing them out. 19) Always use password protected system and documents. 20) Computer should be checked properly and necessary documents and details should be cleaned before discarding it forever.
This article will help my reader to get rid of online spying and also useful steps are there to keep all the personal information safe and secure. My main motto behind all the hard work was to minimize and eliminate the risk for my readers of getting their sensitive information stolen.
Being a finance adviser and a professional whose aim is to help financially challenged people, I have done lot of research and studies on whether it is actually possible to apply for home loan with a bad credit score and get approval for it. The answer I found is "Yes, It is certainly possible". Having a bad credit score does not mean one cannot obtain Mobile Home Loan. There are several options open to solve our purpose as bad credit score is not the end of life we all should remember. Yes, it is true that getting loan with bad credit would not be a cake walk but on other hand it should also not stop you from getting approval. Several mortgage lenders are there who tries out every possible way for you to get your credit score in shape. Plans are finalized according to affordability of the borrower even if there is a bankruptcy or foreclosure report in past.
Several bad credit mobile loan options are there, like:
i) Sub-Prime Mortgage Home Loans
ii) Stated Income Mortgages
iii) No Money down Home Loans
iv) Jumbo Loans
v) Adjustable Rate Mortgages
Once this is done we have to take certain crucial and important step without making any mistakes as this will decide our eligibility for the loan approval.
1) Know Your True Credit Score- this is always necessary as all the credit score reports are not 100% correct. Hence follow these steps to correct and rectify the same if any mistake is noticed.
* Get a copy of your credit report today.
* Verify the items listed on your credit report manually.
* Make effort to repair any errors on your credit report and remove them urgently.
* Monitor your credit regularly with strong hand.
2) Check Your Options- here few considerations are required to shape up the bad credit score. * Pay off as much debt as you possible. * Pay your bills on time every month. * Do not apply for too much credit at a time.
3) Prepare yourself with the Facts- before you finally apply for the decided loan * Get comparative market home loan quotes from as many lenders as possible. * Low mortgage rates should be compared from top lenders.
Always remember to give written information about any adverse reason of your bad credit score for situations like, illness, temporary job suspension, marital problems or other temporary setbacks. This might help you in getting some considerations.
The year 2009 came up with much awaited and anticipated plan of President Barrack Obama on Reverse Mortgage, to fight the housing crisis. President can sense that a total amount of $300 billion is required to give protection from severe onset trouble of foreclosure. A bill got introduced in the House of Representatives to raise the Home Equity Conversion Mortgage (HECM) limit in the current year from $417,000 to $625,500 as reported by the National Reverse Mortgage Lenders Association (NRMLA). I think this would definitely give access to millions of people to take part in the program of reverse mortgage in this current crisis market. This will also give great relief to consumers who are already in process of court date with an added anxiety that the lenders might not allow him to stay in his house at all. Many financial strategies are there which if worked out with proper planning can give desired outcome. So, to know further check out what President Plan speaks
i) Lenders have to agree to cut interest rate so that monthly payments of borrowers are not more than 38% of their total income. This again would be checked to bring down to 31%.
ii) Borrowers having 55% and more debt obligations of their total income has to enter a consumer debt counseling regarding their car, credit card and other debt to get mortgage modification facilities.
iii) This program targets mainly those borrowers who are occupied with high mortgage debt in comparison with their income. However they do not have to miss payments for that to get qualified.
iv) Any kind of modification of plans will not be encouraged for coming 5 years.
The president plan is certainly going to help many homeowners to keep foreclosure away from them. The challenge is for the senior homeowners with mortgages. Well its time to see how flexible the plan is going to be for people. However the forthcoming standards might have something like these items in stock which are yet to be published.
This country has faced many fraud problems and is still unable to come out of it, but Auto Insurance Fraud is today's biggest fraud problem reported. Staged auto accidents has become the most popular and sophisticated scam for the criminals. Caught into such a scam can make you and your families pay with their lives as they involve many participants at a time in it. So in this post I am going to discuss some most happening auto insurance fraud scams and also report prevention from them.
i) Swoop and Squat: This scam normally involves three vehicles. Two of them are driven by the criminals while the third is driven by the victim. The first criminal car is known as 'squat' which is driven by placing the car in front of the second criminal car known as the 'swoop' vehicle. The swoop vehicle then intentionally increases speed and cuts off the squat vehicle causing the driver to apply break and come to a sudden stop. Before the victim can realize and react on the situation, his vehicle crashes on the back of the squat vehicle. Meantime the swoop vehicle runs away and never gets traced again. Now the victim is caught responsible for this accident, and even if he informs police that the actual accident is done by swoop driver, that individual is never caught, hence the victim lands up paying for all the damages.
ii) Side Swipe: This always happens in busy intersections of roads and places with dual left hand turning lanes. The criminal intentionally keeps his vehicle on the outer left turn of the lane and when the targeted victim tries to turn, the criminal immediately swipes by the other vehicle. The busy traffic gets the victim into trap and unnecessary debate. At last he is held responsible for the accident and damage.
iii) Panic Stop: In this type of scam the criminal driver drives a vehicle loaded with passengers and placing the car right in front of the target vehicle. A passenger is instructed beforehand to keep a constant notice on the victim driver whether he takes his eyes off from the road to either receive a call or for changing car fm station. Noticing any such signal the criminal driver suddenly applies car break forcing the victim to cause a sure accident and hence land up compensating for the damages and injuries incurred by the passengers.
Like these, many auto scams are ruling the road, targeting innocent people and making money out of them. Do we actually have any prevention from these? Yes we have, and the only prevention is to be extremely observant and careful while driving and keeping a safe distance from the vehicle ahead. Obeying traffic rule and driving safe and smart can only prevent us from becoming the next auto insurance fraud target victim. So, keep the above points in mind and save yourself from getting trapped into it.
Are you a student of university or doing any other crash course? If yes then all the best for your future. Now by future i am not meaning a good career only, i am also hoping you are taking care of your money as well. If this answer is no then stop here and take a deep breath because now you need to learn to take care of your financial condition as well. this is a very crucial time when we need to understand our responsibilities and this is the reason why universities also teaches us about money management. Read the points given below which i have written after lot of study and research specially for students and i am sure you will find out your suitable way of saving money.
i) Do not make any decisions based on incentives - never do this mistake of living based on your incentive and freebies. It make things difficult and harder and not a smart money saving tip at all, instead research out some best overdraft deals to survive.
ii) Budget and stick to it - make plans and budget today according to your income and total expenditure obviously keeping some as savings and promise yourself to stick to it no matter what happens.
iii) Use your student loan wisely - use your instalment of loan wisely and dont blow up cash quickly in excitement of being at university. Trust me it is never a fun having no money. So take time as much as you need to think and then spend.
iv) Protect yourself - learn to take your own responsibility. Do not ask your friend to use your ATM card and PIN number to withdraw cash for you, dispose all your financial documents in proper place, invest in a shredder for better security. Living in shared accommodation leaves a high chance for identity theft, hence give your correspondence address as your parent's address.
v) Buy insurance - not many students would like to follow but trust me theft do happen on campus, so do it for your own benefit. Companies are there who provide great student insurance rates as a university welcome pack. So take full advantage of it.
I know you have already made your choice of saving money as per your suitability from the above given points. So what are you waiting for? start doing it from now
Thinking to start with money management? Hold on for a while and gather useful information from this post which you will need at every step you take and which will also guide you to move ahead in life with successful money-management. Starting from retirement to investing, tax to credit cards or financial freedom to money management, one common thing is to have"control over our money".
The best time to start money management is when we are young professionals. This period gives you money, options to spend the same and options to save as well. Young working demographic people need guidance the most. So, let me give you some tips on it.
i) Eat out less - eating outside is more expensive than cooking.
ii) Set a budget - fix a budget, plug as many leaks as possible and boost your emergency fund today.
iii) Assess your fire ability - recession time so anybody can be fired at any time, hence if you are expert in anything and that expertise is valued, then let those people know specially about this who make the firing decision.
iv) Polish up your resume - always keep an updated resume irrespective of good or bad time and whether you are looking for a job or not. It is also a good idea to accomplish your achievement.
v) Keep good network with people in your industry - reference from coworkers does half the battle. So keep a good network with useful and helpful people.
vi) Avoid signing contracts - do not sign any contracts for expensive products in this kind of uncertain future.
vii) Avoid loans - try to control your wishes so that you do not have that urgency to take loan and fulfil ypur wish.
Explaining some more money saving tips usefull for all readers of any age:
i) Income and expenditure - start thinking big and wide. Untill you have the appetite you cannot think of having more food. So dream big and want more, there is nothing harm in it. Everyone wants to get rich, so explore all possible ways where you live to earn some extra money. Start something small today and you will grow big tomorrow. And on the other hand understand and prioritise your necessities and avoid unnecessary expenditures. Expensive products are not always good, do some bargaining which can save little amount for you. Afterall its your hard earned money.
ii) Investment and Tax Saving - invest your money wisely after checking out all possible opportunities keeping in mind where ever you invest, it should have maximum possibility for growth so that it hepls you in long run. At the same time do some study and research related to your living style and go for some tax saving plan as well. Insurance for example is a very good idea to save tax.
iii) Save money in two bank accounts atlest - keep all your savings in bank no.2 and do not touch it at all and rest amount for expenditure in bank no.1. Now once you make a good amount of savings try out all possible ways to invest them taking calculated risk to increase your profit.
So, I would like to dedicate this post to all my readers and followers as i have done a lot of study and research work in writing this post. I also consulted every possible ways so that people get full assistance from here and can also put their head in understanding their income and expense, make plans to invest and save good amount of money by making it sure they get full tax benefit also. It is always said that "Spending money is easy but earning is difficult, and its even more difficult to save it".
Bible says,"The borrowers are the servant of the lenders", this is what we all know and believe and hence this is what our approach has become when we play role either as a borrower or as a lender. I am writing this post for my readers to help them get out of their bad debts, with readers I mean here my borrower friends.
Bible also says,"Owe no man anything except love", love is all that we are supposed to owe as we have debt of love. As we can understand that we should not be in debt as it is nothing but a bondage. But bible has given a very good reason as well as for having debt except love. It says, "we have debt because we want everything "now" which is our"lust". Our intense desire for achieving anything is pushing us deep and deep inside debt. So it is a trap where we are getting indulged day by day by wanting too much at a time. And on the other hand it also says "Ignorance is never bliss". So never ignore your burden of debt even if you have to face the uncomfortable truth.
We all have heard this, "No problem exists on earth without a solution". So, do not worry and be assure that if debt is a problem you are facing, you have a solution or rather ways to come out of it. You must be Thinking how it can be achieved? Read these points carefully and I am sure at the end you will get all your querries answered.
i) Jesus said "Know what you have and use it" so here he has actually asked us to use law of compound interest combined with the law of use, which means use what you have properly or else that can also be taken back from you.
ii) "Give and it will be given back to you" this principle GOD has put through his words. Share whatever is there with you and you will surely get good return out of it.
iii) Spend money in places where you can keep constant check so that at the end you know where all your money went.
iv) Do whatever is possible "loyally" to increase your income.
v) "Pray", because with God anything is possible.
So, i suggest all my readers to try these out and let people ask you after couple of years "How did you get to manage so much money?" and the answer will be "Well, it was easy because I followed the laws of God."
Refinance consideration needs a specific and clear plan in mind. Until we clearly know about our goals, things become difficult to judge. So first job is to identify and judge them properly and then evaluate the best way to achieve it. While taking final decision be sure that there isn't any other option open for you.
So, once it is decided some possibilities should be considered. Below are are some of them:-
i) Home equity loan is a very good alternative, so here we need to understand whether this can take care of the purpose.
ii) Talk to your current lenders and find out whether they agree to renegotiate on the previous terms of your loan to keep the business, if so then you save time and save yourself from getting harassed from finding a better deal as well save closing cost money.
iii) If you wish to decrease the length of your loan, then think and check out whether you can make extra payment each year or not.
As a professional finance executive, I hereby want to give my readers some advantages and disadvantages of my explanation:
Advantages:
i) Rate of interest gets reduced than the current one which in turn reduces the amount of monthly payment.
ii) You can avail full opportunity to either extend or reduce the length of loan.
iii) Gives permission to switch over to a different type of mortgage, for example form adjustable rate mortgage to a fixed rate mortgage.
Disadvantages:
i) Closing cost might need to be paid which sometimes can be substantial.
ii) Extension of a loan can also result in ending up paying more in interest than usual.
iii) Sometimes the new mortgage become larger than the one it replaces.
I hope my readers will follow all the above points and think twice before refinancing.
Do we know what Credit scoreactually means? It is basically a numerical and statistical analysis done on a person’s credit report to value the creditworthiness of that person.
Fair Isaac Corporation (FICO) was the first company to develop software from which the most credit bureau scores are used in US today. These scores are provided to the lenders by the credit reporting agencies as data which gets used to provide the best guide for future risk. It normally says that the higher the credit score, the lower the risk, but at the end the lenders take the total decision as they use their own strategies and consider different levels of risk and factors to determine the actual rate of interest for a particular product.
Below is a diagrammatic explanation given on FICO break outs and ratings for Credit Score. This is a famous model used to decide creditworthiness of a person.
Coming up next some depending factors for Credit Score Rating:-
1) Payment history – about 35% of a FICO score – Avoid late payment and bankruptcies as its most important factor to keep a good record.
2) Outstanding debt– about 30% of a FICO score – It depends on how much you owe on all your accounts. The more you owe compared to your credit limit, the lower your score will be.
3) Length of your credit history – about 15% of a FICO score – It is the period of time one continue with credit. The longer had established credit, the better it is for your overall credit score.
4) New credit – about 10% of a FICO score – Opening new credit accounts will definitely rate negative score for short time.
5) Other factors – about 10% of a FICO score – Having a mix of credit types on your score report can add on positive points slightly.
So by now I am sure you have had enough idea on what credit score is, how it works and its depending factors. Not necessarily that the score which is given to you depending upon all above factors are always correct. So if you see errors in your credit score report, immediately use these helpline numbers to report it to the credit bureau.
The three major bureaus in U.S. Equifax (1-800-685-1111), Trans Union (1-800-916-8800) and Experian (1-888-397-3742) . All have procedures for correcting information promptly.
People know very little or nothing about where their financial condition is taking them to the extent of recovering from huge debt. That is the reason I am writing this post to give very necessary advise to my readers which I am sure will help everybody to calm down their nerves. Investing strategies, proper planning, saving money is becoming really tough job for people, hence at this condition a proper financial advisor is very much in need and I guarantee that this post would be worth reading. Christopher Mizzi (a Certified Financial Manager) said “be greedy when everybody is panicking, and panic when everybody's greedy” so till the time i continue extending my help giving financial advises, “you can be at peace”.
So, here I present my words of “Wisdom” and “Comments” to all of you:
1) Identify the difference between your needs and wants– We often fail to understand the difference between them which always create confusion in deciding our own priorities. So take time and select the most required and necessary one and be a smart chooser.
2) Try to earn more if you need more – This is a fact which we all try to skip from, but trust me the earlier you believe it, the earlier it does good to you and before you realize, your bank has enough balance and you have a smart wallet.
3) Always save little no matter how much you earn – Saving money seems to be a hard job, without understanding that it is the most important part of finance and once you get the taste of it, you will definitely manage it somehow and start living on what is left over after saving.
4) Put your money to work – Saving money is not enough; saving it in place where it can provide proper interest as well security is what we should look for. Thus making our money work hard as we are doing to earn it.
5) Plan a good future after retirement– Always remember whatever we do today has an after effect on our future. So work hard and save hard for a relaxing and happy retirement life giving a good thought to your future.
6) Be prepared for that rainy day – we should all be prepared to face the most outrageous day of our life. Here I mean to say that we all should make our finance position strong enough to support and reimburse in our hard days.
7) Reduce being Frugal and Stingy – Be very selective in purchasing products to reduce the chances of waste as it also saves a huge amount of your pocket money. At the end of the day money is there to do good things, hence take the advantage of smooth consumption.
8) Avoid Borrowing – Borrowing gives a feeling of instant relief, the reason why we get attracted towards it but trust me it is like wetting your bed in middle of night which initially gives you a sure relief but then starts stinking and horrible cold feeling last of all do not allow you to sleep at all, so discomfort is something not wanted by anybody.
9) Be slow but steady – Saving is something that is necessary to do but don’t be in a haste to do it. Be slow in saving but be steady in doing it, do not skip days in between once you decide and start saving.
10) Always diversify your investment – It is always important to keep in mind that everything has potential downside and upside. So keeping this in mind diversifies your investment and don’t put all the eggs into one bucket.
Listed above are some of the financial advises which I am sure going to do wonders in your life and make a big differences. So what are you waiting for, hurry up and give it a try today. Good luck!!!!!!
One of the reasons why I thought it might be a good idea to start something like this was that upon speaking with my friends in different profession and my colleagues, I found that these people had very little knowledge in finance. By finance, I mean knowing how to save money as well where money can be saved, moreover some or the other way protecting your personal finances in the way you don't face any problem in future. Before I got seriously interested in learning more about money and finance I realized how much money I've actually wasted in my entire life.
This has personally motivated me to come up with my own financial blog. After i joined the finance company in Texas, I made sure that i will learn more about saving the finances and i will definitely share my knowledge with the people who are in need of some help regarding their finances. So, here i am presenting everybody my financial advices to all of them who are in seek of it.
