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Monthly Archives: October 2018

Financial Myths Debunked by the Myth-Buster

  1. Education is Too Costly

It is true there has been a lot of noise in the media about the rising costs of education, but in spite of this, the fact remains that getting your education through a college is still one of the most easily affordable forms of education you can obtain.

Statistics have shown that students who graduate through a college are more likely to earn over $1 million more (in their careers) than their counterparts from high-school.

  1. There is not enough Financial Aid Available

The fact is that, these days, there are more students that are receiving financial aid that ever before. There are more low-interest loans available from government and private companies alike. In fact, the climate it so competitive that is only too easy to obtain financial assistance.

  1. I won’t qualify for a loan because of my parent’s high income.

This is one of the biggest myths of all time, I think it even rivals that of ‘Jimmy Hoffa is Buried in a Gravel pit somewhere in Michigan’

Financial aid is given to families that have all types of high income levels. Education has been made affordable even for those who think they can’t afford it. The only thing that may change is that the rate of interest may change with different situations.

  1. My Parents Have Too Much Savings, So We Will Never Qualify

Although having a savings plan for a college fund is a great idea, the eligibility criteria to receive a student loan is more based on current income levels than those of saving levels.

  1. Once I Apply for a Loan, I Have to Take It

No one is obliged to take a low interest loan if they are offered it. It may apply you to re-think about it though because you may not have another opportunity like this one for a long time to come.

PayDay Loan or Cash Advance Loan

To avoid falling behind in your commitments, and to maintain your credit score and credit rating, a Payday Loan or Payday Cash Advance may provide the perfect solution. If you are in need of extra cash until your next pay day, you may want to consider applying for a payday loan or cash advance online.

A Payday Loan can be obtained online with no credit check. If you have a bad credit record, this will not disqualify you from obtaining one. The loan proceeds can often be deposited into your checking account the same day as you apply. All you need to qualify is a checking account and a regular source of income, and you can qualify for up to $1000 or more to be deposited directly into your checking account.

Although you can use a payday loan for any purpose, it is mainly designed to help with your short-term financial needs, and because of the cost of borrowing with these loans, they should not be used as a source of regular lending. The finance costs of Payday Loans are usually higher than a traditional bank loan and should therefore only be used to cover short term financial commitments.

If you do not use the money you get from carefully, then you could end up in an even worse financial mess. If you are applying for a payday cash advance to help you pay bills, and you don’t pay them, then you will not only be in debt to the Loan company, but you will also still have the original bill you needed to pay.

Payday Loan interest rates vary from company to company. Some lenders will even offer discounted rates for new or returning customers. So it can pay to shop around for the best rates, and comparing pay day cash advance loans online can provide an easy solution to this.

If used correctly, the costs of obtaining a Payday Loan can be worth it to provide you with the cash to keep your existing commitments up to date, and prevent damage to your credit record. The pay day cash advance loan costs may prove to be less than the alternative costs of bad credit repair.

After supplying the Loan company with the required information – usually just your name, address, banking and employment details – you can be approved for a pay day cash advance in as little as one hour and have the money deposited into your checking account the same day. Occasionally you may be required to fax the company your last pay check stub and bank statement prior to approval, but you can still have the funds deposited straight into your checking account the same day. Many online Payday Loan companies no longer require you to fax documents for approval, and you can apply and be approved quickly 24/7. Applying and getting approved is quick and convenient.

A bad credit record should not prevent you from applying for a payday cash advance loan, as there is no credit check performed, and only verification of the information you supply to the Loan Company. Payday loan companies do not check your credit report and in fact the ability to maintain your commitments using the proceeds of a pay day cash advance may actually help to improve or repair your credit report rating, and will certainly prevent any further damage to your credit report.

Consolidate or Refinance

Refinancing Your Loan

Essentially, refinancing means that you will take out a new loan to pay off the existing loan(s). One you’ve refinanced the two loans will be combined into one loan with a lower monthly payment. Typically, refinancing allows you to choose better interest rates and repayment terms, but in most cases you do need to have very good credit (and a good track record when it comes to making monthly payments) in order to refinance.

You can refinance both federal and private loans, but refinancing a federal loan means that you will give up certain rights that you probably don’t want to forfeit.

Consolidation

When you consolidate a loan, you don’t take out a new loan. Instead, you combine various loans into a single loan. The benefit of consolidation is that it’s easier to make one single payment instead of making multiple payments for multiple loans. However, there are drawbacks to consolidation. While a payment might be lowered if you consolidate a loan, there’s a good chance that the interest rate will be much higher — this is something that you’ll want to be very careful about.

It doesn’t make any sense to consolidate a loan for sheer ease and pay higher interest rates. If you are tempted by consolidation, look at various other options before making this choice. Refinancing might be a better route to go if you can refinance your loans.

The Difficulty

The problem with lowering most monthly student loan payments is that you really need to have excellent credit in order to get a great rate. This can be problematic (and usually is), since most graduates with hefty student loans a) may not have a steady job yet b) might have missed a payment or defaulted already.

Qualify for a Loan

  1. Become pre-qualified for a loan: All you need to do is speak to a lender, who—based on asking you some questions about your finances—offers an opinion of the loan amount you are eligible to borrow. The lender doesn’t ask for any supporting paperwork to confirm what you say, and can change his or her mind when you come back to apply for a loan. There’s no charge for pre-qualification.
  2. Become pre-approved for a loan: This process is more complex and sometimes involves a fee. The lender will want information about your employment, income and debts to prove that you are a good risk.

Obviously, a lender’s pre-approval letter carries more weight with a seller than a pre-qualification letter because it is proof of your buying power on paper. Being pre-approved gives you an advantage when you’re among several buyers pursuing a property.

Pay off other loans.

If at all possible, consider paying off any high-interest loans before applying for a mortgage. The more debts—like car loans or credit card balances—that appear on your mortgage application, the smaller the loan amount the lender will be willing to offer.

Don’t pull a Pinocchio!

Never inflate your income or lie about employment dates. Not only is it illegal to falsify documents, it’s also a federal offense! And lenders can usually catch people who lie or greatly exaggerate information on their applications. If you lie, you will most likely get what you were trying to avoid all along, a denial for your loan.

Info of Non Profit Debt Management Groups

In the USA, from what I have seen and read, the Consolidated Credit Counseling Service seems to be a useful organisation. The CCCS aims to help families end financial crisis by offering guidance and money management education.

Not being an American or having debts in the US, I have no firsthand experience of their work. However, they do claim that their size offers bargaining power with lenders which they use to have fees and penalties waived on your behalf. On it;s own, that could be a big reason to speak to them.

As I said, I’m no expert, but they look like a worthwhile group. I’m sure you could do much worse than to speak to them.

In the UK, the main debt management non profit organisation isn’t actually a specialist debt consultancy. Instead they offer free legal guidance and a number of other services.

The Citizens Advice Bureau is manned by volunteers across the UK. These volunteers are sometimes qualified specialists and sometimes not.

Several years ago, before I left the UK, I helped a friend for a few evenings. Like me, he worked in the financial advice / mortgage industry. He volunteered one evening per fortnight (as I recall) and I joined him to help out on a few occasions.

I can’t lie, I found it difficult. Not the advice, I did that sort of thing all day anyway. No, I mean meeting people that were in a desperate situation and didn’t know where to turn for help.

It’s tough being objective when people are in such mental turmoil. So it wasn’t much experience, but a little. And I’m afraid that I doubt I changed anyone’s life. But one does one’s best.

What I know for sure is that the few people I met that volunteered for the Citizens Advice Bureau were genuine, caring people that wanted to help others. It was quite humbling to meet them. I’m sure that they can offer assistance to you should you choose to ask them.

Choose Your Credit Card Application

Excellent Credit Reports Qualify For:

If you are among the elite few who have managed your credit cards and other loans responsibly the bank will reward you with added perks such as airline points cards or low interest credit cards. There are many card offers that will reward your good financial habits with low or no annual fees, some great reward points as well as introductory rates of 0% APR with ongoing low interest rates. Typically the interest free period is 6 months but in some cases will be awarded to you for a full year. Since your credit is in excellent standing the interest free period might not be of concern to you as you are probably the type that pays your credit card balance in full every month. If this is the case you should make your credit card comparisons based upon the rewards and extra perks offered by the bank – if you are paying your balance in full a 0% APR is really of no value to you.

Good Credit Reports Qualify For:

The good credit range is where the majority of people are with their personal finances. You will still qualify for a card offer that provides some great perks such as airline or gas rewards. You may also qualify for credit applications that have an attractive introductory rate, with some credit cards you may get a 0% APR for a few months however the ongoing rate will be a bit higher than what you could get with an excellent credit rating.

Before you select which credit card applications to review for yourself you, need to be honest with your spending and bill payment habits in order to make the best choice. If you know that you are likely to carry a rotating credit card balance, you should select your card based upon the ongoing APR. Having a low interest credit card is much more important than seeking a rewards program as the interest charges will likely offset the rewards. Another cost you need to take into account is the annual fee. Several banks will try to lure you into applying for a card that offers rewards and lower rates but they will charge a hefty annual fee.

About No Teletrack Payday Loans

A Payday Loan is a helpful little tool that will provide you with a bit of extra cash when you need it. A Payday Loan is a fiscal sum intended to help the average working adult make ends meet. Payday Loans or paycheck advancements, as they are sometimes referred to, are often repaid when the borrower receives his or her next paycheck. These loans are cashed in amounts ranging from $100 to $1,500.

If you’re interested in a Payday Loan all you have to do is visit a provider online and fill out an application. A detailed background check, credit check and employment check will be conducted. You will be contacted within a six to eight business days with your results. There is a different way to go about doing this though.

Are you worried about your credit score? Concerned your credit check won’t go over well? Maybe a No Teletrack Payday Loan is for you!

Teletrack is an organization that provides fiscal information to financial companies in regards to individuals wishing to take out a loan. This information may include bad credit, credit history, outstanding checks and bankruptcy. If you’re worried you may be denied because of bad credit or no credit, a Payday Loan that does not utilize teletrack is for you.

A Payday Loan in which does not require you to pass the Teletrack screening process are extremely easy to obtain and very affordable. Although the interest rates might be slightly higher than those of a Teletracked Payday Loan, a No Teletrack Payday Loan remains a very reasonable option for those wanting no personal information checks done on them.

Companies who utilize teletrack to review customers will not check a customers credit score.

If you have recognized identification material, chances are you will qualify with no teletrack overnight! The organizations that have brought you this consumer-friendly option aren’t interested in your credit score or lack there of. They are interested in providing you with the money you need, when you need it.

Simply bring your identification material to your local provider and ask for an application. To save time and resources, you may want to consider searching for providers online – reduce the hassle! Now you’re ready to submit the application and wait for your approval letter to arrive in the mail.

Within hours you could be opening your wallet only to see hundreds of well-earned dollars. Payday Loan providers wire the money you deserve directly to your bank account – it’s really that easy! You can choose from many different payment options. Do you want the money to be drawn directly from your paycheck? Would you like to pay in office? It’s up to you!

Pay For College Without Loans

Plan A: A high school senior found her right-fit school, that is, it was the right size, the right lattes, the right ambiance, the right major, the right geography, the right mascot, and even a right financial aid package that left her struggling parents with an out-of-pocket expense of $14,500 at a $45,000-a-year school.

I say “struggling” parents because $14,500 was still hard to materialize, but they said they’d find a way, whatever that meant. But out of nowhere, a wrong-fit college sent the student a free application, and on a whim the student submitted it. The college came back with a student financial aid package that left the parents with a total out-of-pocket cost of $2,900.

A no-brainer, right? It’s now an easy decision to attend this college.

After the first semester, the student announces that she really doesn’t like her college and wants to be a student transfer. The parents are in a panic: the remaining three years of grants for college, worth a total of $75,000, are down the tubes. Ouch!

Almost spasmodically, the student applies to six private colleges in California, which are in the same league as the school she wants to leave, naively assuming that she would receive the same financial student aid package that she was forfeiting. Only one on her list of private colleges offers her a $5,000 grant, but the parents have to come up with another $42,000. Even when parents are relying more on grants to help pay for college, reality strikes. The dollar amount is simply too much.

Plan B: She can stay where she is and “gut it out,” meaning, she can stay in a liberal arts curriculum with the intent of developing her thinking, writing, and communication skills for any profession. This is not unrealistic, despite how idealistic it may look; it can be argued that college is for developing, nurturing, and maximizing communication skills. Any employer would agree with the previous statement, which parents wrongfully ignore.

Plan C: She can come home, lose her remaining three years of college grants and scholarships worth $75,000 (ouch!), and find a no-skills-necessary job in this downward economy. Good luck.

Plan D: She can transfer to a near-home community college and use a Stafford loan to pay for her second year of college, get her core courses out of the way, and do it all with no financial obligation from the parents in the second year of college. Then, with a degree from a community college, she can transfer to an in-state state college for a lot less money than what she would pay at any of the private colleges to which she applied.

Plan E: She can bypass local community colleges and transfer to an in-state state college where the parents’ out-of-pocket costs stay under $10,000.

Personal Loans for Everybody

Many people don’t know but ‘personal loans’ is the generic term for all loan types. All loans fall under either one or the other personal loans category. Personal loans fundamentally are of two types – secured and unsecured loans.

Secured personal loans will like a security to be attached to them. The security usually is in the form of home but alternative collateral are also accepted. The loan amount with secured personal loans is usually more. You can borrow more at lower interest rates. The obvious drawback that everybody encounters is the loss of property if they fail to make repayments.

Unsecured loans do not require attaching any collateral. They are meant for everybody who cannot provide collateral, either by choice or compulsion. They take lesser time in being approved but are much favourable for lesser loan amounts. Everybody applying for unsecured personal loans will get comparatively higher interest rates. This is because no security is supplied for them.

Loan amount for personal loans:

Personal loans amount that can be approved extend from £5,000-£75,000. Everybody will be approved for have different amount. As secured personal loans, borrowers can get up to 125% of property value.

Loan term for personal loans:

Loan term will move from 3-25 years. Loan term for personal loans will depend on loan amount. For a lesser time span like six months, you should be looking for credit card as an alternative. Don’t stretch your personal loans. This is so because you may be paying more in form of interest rates.

Interest rates for personal loans:

Interest rates for personal loans will not be same for everybody. Interest rates are subjective and will depend on your financial circumstances. Everybody should be looking for APR when shopping for interest rates for personal loans. APR is the annual percentage rate is the interest rate which takes account any additional fee. But with rising competition few lenders charge additional fee.