Browsing Tag

loans

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Pros And Cons Of Payday Loans

Keeping a budget can be a challenging thing for a lot of people, especially when expenses pop up that you didn’t expect, such as a blown tire, a medical expense, or a new PC to replace your crashed computer. Some expenses just can’t wait, and for those who don’t have credit cards or don’t want to use them, payday loans may be the answer.

There are many different companies that provide payday loans. These lenders look at what your typical paychecks provide and lend you enough money to make sure you can make it through until payday, while assuring you’ll have enough money in your check to pay them back. They are the ultimate short term loan, a version of asking your mom, brother, or buddy to spot you till you get your check– only without the personal connection and most likely with more interest. This can be good or bad. Here are some pros and cons of payday loans.

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September 14, 2012
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How Online Cash Loans Can Be Used To Cover Funeral Costs

We often think of online cash loans as associated with our living costs, with good reason. Even the thriftiest can be hit with unprecedented unemployment, injury or illness that leaves them cash short. Instant cash loans are invaluable in filling short-term needs. However, did you know that online cash loans can also come in handy when it comes to paying for the cost of dying?

Funeral Costs

The standard cost of a burial in America is well over $6,000, even going as high as $10,000 or more. Good for undertakers and funeral parlors, but an unexpected blow to the families of the deceased who have to deal not only with their grief but also with the numbing cost of the funeral. Though online cash loans especially in United States are restricted to a maximum of $500-$1,000, it may turn out to be what you need to provide a loved one with a fitting farewell.

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January 12, 2012
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What To Do If You Default On A Loan

As time goes on, loan defaulters are increasing in huge numbers. Students are taking out loans and are not able to repay them in time.  Some are not able to pay them back due to financial turmoil and some avoid repayment purposely. Whatever the reason, the aftereffects of not paying back a loan are simply perilous. Defaulted loans can shatter one’s financial records and reduce privileges normally enjoyed by a student. Therefore, if you default on a loan, you need to understand your options. You don’t need to panic because fortunately there are several websites that can help you connect to financial experts who can bring you out of dire consequences.

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July 25, 2011
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Cash Advance Loans a Preferred Alternative to Loan Sharks

According to a July 2008 report in The Times of London, an estimated 165,000 to 200,000 people in the UK are indebted to loan sharks. Since the financial crises began a few months later, this number is likely to have risen. The government considers loan sharks to be a high-level crime because of their links to organized crime and the violence that often accompanies such transactions.

This is one of the reasons why the Office of Fair Trade recognizes cash advance loans as a preferred, alternative means of consumer finance. While credit cards and other traditional bank loans might (but not always) offer better loan terms, a cash advance is a means for working people to cover off on financial obligations in a responsible way.

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April 22, 2011
Debt

Pay Down Your Debt Faster By Making Extra Payments

Although it may not seem like much, making extra payments towards your mortgage and loans can save you a significant amount of money in the long run.  Even just a few extra dollars here and there is worth the effort to put towards your principal.

For example, if you take out a loan for $5000 at an interest of 6%, it would take you 5 years to pay it off if your monthly payment is $96.66.  However, by adding an extra $50 to your monthly payments, you could pay off the loan in full within 3 years 2 months.  If you added $100 extra to every monthly payment, you would pay off the loan in 2 years 4 months.

To make this more meaningful to you, check out this loan calculator and punch in your own loan or mortgage information to see the impact of increasing your regular payments or by adding a one-time lump sum.

My husband and I found that by putting extra money down on our mortgage, it has saved us hundreds of dollars on interest charges.  Our goal is to aggressively pay down our mortgage while at the same time not neglecting to save for our future retirement and other goals.

It feels good to pay down debt as it lifts a burden from your shoulders.  If you have difficulty using your money wisely, help yourself by putting any extra money away towards the principal of your loans so that you won’t be able to spend it on things you don’t need.

Just think, the sooner you are debt free, the sooner you will be able to use that excess cash flow for the things you really want to do but without the guilt or burden of knowing you will eventually have to find a way to pay for it.

June 1, 2010