May 28
adminUncategorized cash loans, credit cards, credit history, personal loan
Cash Loans vs. Credit Cards
Cash loans versus credit cards. Which is better?
A cash loan is based on proof of employment and income. In most cases, lenders will not run a credit check or use a credit score to qualify applicants. These are ideal loans for bad credit. However, it’s important to understand that a payday advance is one of the most costly loan products available. Interest fees usually range within 300% to 600% or even close to 900%.
A credit card is issued based on your credit history, amount of debt, and ability to make the monthly payments. Like cash loans, credit cards typically have pretty high interest fees. However, if you can qualify to get a credit card- that’s a probably the way to go. Before applying for either product, be sure to shop around and compare rates.
Read more on the Fed’s website for credit cards
May 26
adminUncategorized debt collection, debt consolidation, payday advance, personal credit
Can creditors come after family members of a deceased spouse or parent?
Generally speaking, creditors cannot come after the family members of a deceased spouse or parent. However, if you have joint accounts or co-signed on something, you could be held responsible. This has unfortunate effects on your personal credit score; sometimes though, creditors are willing to work with you depending on your individual situation.
If, however, the deceased is your spouse and you live in a community property state (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin), debts acquired during the marriage are considered community property and you are likely responsible for them.
If you feel like you’re being held accountable to pay money for a debt that you’re not responsible for, you should get in touch with a consumer law attorney. Or, if you’re struggling to repay legitimate debt of a deceased relative, it may be a good idea to consult a debt consolidation company.
May 24
adminUncategorized need credit, payday advance, personal credit, The CARD Act
The CARD Act
If you need credit, there’s good news! As of May 2009, President Obama signed The Credit Card Accountability Responsibility and Disclosure (CARD) Act into effect. The new laws were scheduled to roll out in three phases over a 15-month time span. The first phase went into effect on August 20, 2009, and included the new 45-day advance notice to cardholders regarding significant account changes or interest rate increases. It also required that issuers mail out statements 21 days (rather than 14 days) before the due date.
The second phase of the roll out, and the most extensive, went into effect on February 22, 2010.
But what exactly does the CARD Act mean for consumers? How does is effect your personal credit? Read more about the major provisions of The CARD Act.
May 20
adminUncategorized cash advance, credit, credit card statement, need money, payday advance
Need Money to Pay Credit Card Bills
Are your credit card bills piling up on your counter top? Feeling overwhelmed and need money now?
The best way to take on a mountain of bills is to sit down and map out a plan of attack. With a plan in place, you’ll be able to rest easier and avoid any additional stress. First, decide how much you can afford to put towards your credit card payments. Your first priority is to pay your basic living expenses; things like rent, utilities, food, etc. Then, take each credit card statement and lay it out according to highest interest rate. Take half of the amount you’ve set aside for credit card bills and put it towards your highest interest rate card.
For example, let’s say you can afford to pay $250 per month towards all of your credit cards. The first $125 should be put towards the highest rate credit card. Next, take the remaining $125 and divide it among the other cards. Repeat this process each month until you pay off every card. You’ll be glad you did, when you no longer need money to pay credit card bills. Instead, you can focus your energy on things you enjoy.
May 18
adminUncategorized annual percentage rate, apr, cash advance, payday advance
What does APR stand for?
APR is an acronym for: annual percentage rate. When you apply for a loan, you’re required to repay the loan amount plus an interest fee, which is usually expressed as an annual percentage rate. The interest rate is computed in terms of one year. Depending on the loan term in the contract, the interest is calculated accordingly. In other words, you only have to pay interest for as long as you owe the loan.
The interest fees on payday advances are calculated differently according to your state regulations. Typically, most cash advance interest fees are calculated based on a percentage of the loan amount. This fee, if calculated in terms of an annual (meaning one-year term) is 300%-800%. However, it’s important to understand the difference in a one-year loan and a payday advance. Because a payday advance usually has a 14-day term, the interest applied appears to be much higher than it actually is. For example, the average interest fee is $15 for every $100 borrowed. So, it may appear much more when calculated with a one-year term.
May 14
adminUncategorized cash advance, personal loan, student loans
Simple Saving Tips For Your Teen
Now, more than ever, it’s important to teach your teen about the importance of financial smarts! There are a few simple things they can start doing now to really help them out in the future.
1. If they don’t already have a savings and checking account, it’s a good idea to set them up with one. Teach them the importance of putting money in their savings account each month. That way, when an unexpected bill pops up- they won’t have to turn to a cash advance.
2. Encourage them to get a part-time job while they’re still in school. Having a job will teach them responsibility as well as how to handle money.
3. Encourage them to focus on their studies and explain the importance of scholarships and grants. This way, they’ll avoid having to take out huge student loans for college. They’ll thank you later, when they don’t have student loan payments that cost as much as their rent.
For more information on reforms on student loans, checkout the Whitehouse Blog- student loans.
May 12
adminUncategorized cash advance, payday loan lenders, personal loans, top payday loan lenders
Top Payday Loan Lenders
Finding the top online payday loan lenders can be tricky. With so many websites out there these days, it’s tough to know which ones are good.
Following extensive research, we’ve compiled a list of the Top Payday Loan Lenders:
1. www.MoneyNowUSA.com
2. www.SuperSonicPayday.com
3. www.1HourPersonalLoan.com
We came up with this list after reviewing hundreds of personal loan websites. We chose MoneyNowUSA as our #1 online lender for several reasons. First, they’re BBB accredited, meaning that they’ve undergone review by the Better Business Bureau. Second, they work with over 150 different lenders. And, because they work with so many lenders, your chance of being approved are much higher than your typical payday loan store. And third, your application is processed within minutes. In most cases, you’re money is wired directly into your bank account within 1 hour!
May 10
adminUncategorized avoid personal loan, energy saving tips, payday advance, tips to save energy
Easy Ways to Save Energy
These days everyone’s looking for ways to save money and avoid costly personal loans. Here are a few easy things you can do:
Install a programmable thermostat. Rather than cranking the temperature up or down, it’s much more efficient to keep it within a comfortable range.
Trade out your old light bulbs for compact fluorescent bulbs.
Air dry dishes and laundry instead of using your appliances.
Turn off your computer and monitor when not in use.
Plug home electronics, such as TVs and DVD players, into power strips; turn the power strips off when the equipment is not in use (TVs and DVDs in standby mode still use several watts of power).
Lower the thermostat on your hot water heater to 120°F.
Take short showers instead of baths.
Wash only full loads of dishes and clothes.
Drive like an old lady. Aggressive driving (speeding and slamming on the brakes) wastes gasoline.
For more ways to save money, check out these tips to avoid Payday Advances.
U.S. Department of Energy
May 07
adminUncategorized cash advance, payday loan, personal loan, unemployed, unemployment check
Millions of Americans have been laid off and depend on government unemployment benefits to pay their bills. With so many new people applying every day, the system is overloaded and understaffed. The benefit checks are not getting sent out fast enough, leaving families desperate for help- posing the question:
Can you apply for a payday loan if you’re unemployed?
Well, the short answer is: It depends. CitiFinacial and PLS Loan Stores offer cash advances on unemployment benefit checks.
Another option to look into is getting a cash advance on a credit card. Credit cards may be able to bridge the time gap between benefit checks.
And, as always, stay in touch with The Department of Labor. As frustrating as it is, it’s a good idea to keep calling and checking on the status of your benefit.
May 05
adminUncategorized payday loans, personal loans, student loans
This week Congress passed reforms to the higher education system. According to the Whitehouse Blog report, these reforms will save taxpayers an estimated $68 billion over the next 10 years. Going forward, the government will handle student loans directly instead of working through banks. In other words, the government is going to eliminate the middleman and pass on the savings!
The money saved will go back into the federal Pell Grant program, hopefully, bridging the gap in rising tuition costs. The reforms will also cap college graduates’ annual student loan repayments at 10% of their income, revitalize community colleges, and increase support for Minority Serving Institutions.
Tips on paying back student loans
RSS