MORE than Finances

Get your finances in order, and get on with your life!

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When There is no NestEgg: Where Do You Go When Emergencies Happen?

stretcher-1685611_640Not everyone has a nest egg that they can fall back on in times of financial need. If you have recently experienced an emergency and need quick cash, you might be at a loss as to where you should get it. After all, you can’t get money from a bank account that doesn’t offer much room for flexibility, so you’ll need to find another way to get funds.

Title Loans

Title loans use your vehicle as collateral, which gives you better chance of being approved for the loan. These loans are ideal because they can offer a large sum of cash that will be approved quickly and easily. Credit scores may or may not make an impact on your eligibility simply because you are using something as collateral. Plus, you can easily just get a title loan online without needing to visit a local bank.

Payday Loans

Payday loans aren’t necessarily the best option, but they do offer a lump sum of cash when you’re in a financial bind. The main issue with payday loans is the fact that they need to be paid off quickly, often in a matter of weeks, and the interest rates attached to them are often quite high. Be careful of taking out a payday loan and do diligent research on the lender if you choose to go this route.

Family and Friend Assistance

If you’re in a financial pickle, one of the best places to go for help is friends and family. You can borrow money from a loved one and pay them back in small, affordable increments. You may need to go to several friends or family members before one of them offers to help out, and it’s vital that you keep your word and pay them back. Many friends and family members have taken their loved ones to court because of unpaid personal loans between each other.

Extra Employment

One way to gain a bit of extra money that does not entail a loan of any kind is to start working more proficiently. This might mean that you’ll need to get a small part-time second job or that you’ll have to get more hours at your current workplace. Don’t be afraid to ask your employer about getting more hours, or you might want to look at part-time jobs in your area that will pay well and provide you with the money that you need during this tough financial time.

Plan Ahead

Because it can be difficult to deal with a financial emergency when you have no nest egg to fall back on, it’s imperative to start planning for the future after dealing with this issue. One way to plan for emergencies is to set up a savings account that you can utilize when times are tough. Putting a little bit of money each week into your new savings account can help tremendously when an emergency pops up. You can also speak with a financial advisor if you are looking to save even more cash for your future.

No one likes to think about an emergency situation coming up that entails they might need to take out a loan or ask friends for assistance, however, you need to do what is best for you to avoid total disaster. Taking out a title loan, for example, is a much more viable option than dealing with the emergency in the first place. Be sure that you look at your options to determine which one is best for you concerning your needs and your current situation.

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Make Money While Paying Off Debt

How to Work Towards a Healthier Bank BalanceNew Solutions to Help Defray Debt’s Stranglehold On Life

There are many ways to save money. You can use green options to replace grid-based energy and utilities, you can make some extra money online through various agencies when things are tight, and you can even use crowdfunding in order to overcome expenses or difficult financial situations.

When it comes to loans of the student, business, and personal variety, the payback will be specifically regimented, often in the manner of paying a certain amount every month. The reason lenders can afford to do this is because of something called “interest”. Basically, interest is an added fee to your existing loan.

Such loans can be sustained for decades at a time, though you should be aware that the initial cost of the loan may double over years. The best solution is to pay as much into a debt as possible, and as regularly as you can. Ideally, you’ll avoid debt altogether, but in today’s society that is next to impossible. So plan ahead.

As DebtSettlement.co points out, a good sample business debt settlement agreement would incorporate principles which are strategic; those paying a debt would ideally: “Set aside funds each month during debt settlement negotiation to pay…creditors once your debt settlement company successfully negotiates a lower balance.”

Common Difficulties

The problem is that it isn’t always possible to directly set aside funds based on your current monthly spending. The key is cutting the fat, polishing away the dross, and diminishing your unnecessary expenditures on a regular basis. Don’t buy any new clothes for a while. Don’t finance anything else. Stop buying $5 coffees!

In a 30-day month, a $5 coffee every day comes out to $150 in a month. How much is that in a year? $1,800. Now imagine spending the same amount on fast food. By eliminating these two indulgences, you can cut out up to $3,600 in costs. If you start buying coffee at the grocery store and cooking at home, it will be realistic to expect to save up to $3,000 annually.

Now: if you’ve already got a loan payment, and you’re able to hit it every month anyway, such cost consolidation can additionally increase your pay-back on the loan. If you were paying $400 a month on a $10.000 loan, by cutting out expensive coffee, you can now pay $550 every month.

When All Else Fails
But sometimes individuals are in a situation where they’ve already consolidated their expenses and are still having trouble paying their regular bills. In such situations, it may make sense to contact relief organizations and institute a crowdfund. There are countless groups who are dedicated to helping people help themselves.

Or you might look into green energy. A $300 solar energy system including a power inverter, a surge controller and a battery can produce around 100 Watts per hour. You can charge your smartphone and laptops for free, thus minimizing your utility bill.

Using techniques like this will allow you to increase your payments on a monthly basis by consolidating expenditures. This means that you can still save money with shrewdness. All you’ve got to do is budget strategically, and use all the means you have at your disposal. If you’re able to pull in $2,000 a month—which is achievable even at a low-end job—you can succeed.

Search for the least-expensive housing solutions you can find. It’s definitely possible to live sustainably for around $500 a month or less, single or not. If you also spend $500 on food, gasoline and unexpected expenses, you will have additional $1,000 that can be split between paying back the loan and savings. It just requires forethought and discipline to achieve.

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Is Debt Consolidation Right for You?

Working Overtime - A Blessing Or A Curse3 reasons to refinance before you are caught in the debt cycle

A vast number of Americans live in a the debt cycle of spending more money than they have coming in while financing their existing debt. There are many reasons that people fall into the debt trap, yet only a precious few ways to break out of it.

The current sluggish economy has made it difficult to break out of the debt cycle. Cost of living continues to rise at historic rates, but income has remained relatively stagnant for the last few years.

What is the debt cycle?

Although not all debt is bad, having debts that you are unable to pay or debts that take away from your standard of living is not a good thing. Many of us rack up a lot of debt going through college, buying a house or after a severe illness or accident.

Paying off that debt can lead to an unsustainable lifestyle as we are forced to choose between paying our living expenses or paying off our debt. Since the immediate effects of not paying rent or a mortgage, skipping car payments or not buying groceries are apparent, the bills that most often don’t get paid are the ones that have no immediate effect other than on our credit rating.

The importance of credit

Generally, concern for our credit rating is well down on the list of needs. Food, shelter, work all come above it, but the health of our credit rating can have major effect on our standard of living, especially as we get older.

In addition to making it more difficult to buy large ticket items like a home or vehicle, a poor credit rating can cause unexpected problems when trying to get a job, getting auto or home insurance or renting an apartment or a house. Keeping your credit rating in decent shape should be a top priority.

Fixing your credit once it is damaged

If your credit rating isn’t in decent shape, there are steps you can take to repair it. However, the first thing you must do is to correct the underlying problems. Paying off your bills only to immediately begin accumulating them again only reinforces the debt cycle. To break free, you must fix the behavior that causes the problem in the first place.

Identify your financial problems, create a budget and reduce your spending, especially your use of credit cards that cause more debt. If that doesn’t solve the problem then there are things you can do to repair your credit rating.

  • Get copies and review your credit reports. In 2013 the Federal Trade Commission found that 25 percent of credit reports had errors in them. These can range from incorrect billing to outdated information. Fixing your credit might be as simple as discovering and disputing an error.
  • Raise your credit limit. Although this might seem counterintuitive, raising your credit limit on your credit cards but not utilizing them can improve your credit utilization ratio. This ratio is the percentage of credit you use compared to the credit you have. The lower the percentage, the better your credit is. Raising your limit while paying off your credit cards and not using them will improve the score.
  • Get a debt consolidation loan. Refinancing existing debt and consolidating payments can have multiple benefits. Your payments are lowered, there is less of a chance for a mistake to damage your credit and you only make one payment per month as opposed to multiple. Merging debts is not for everyone, but to see if debt consolidation is right for you, you should speak to a professional who is familiar with it.

Fixing your credit can be a lengthy process, so don’t expect overnight improvements in your rating. Patience and persistence will carry you through until your credit score is decent again.

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Creditpoor.Co.Uk – A 5 Star Service Making Impact In The UK

checkfica is a thriving credit broker in the United Kingdom. The company was established with a focus on borrowers with bad credit, who have a hard time accessing loans from other lenders. By streamlining their focus, they have been able to ensure their service is fair, transparent and their loan products are easy to understand. The company is approved by the FCA and has a reputation of being ethical and responsible in handling loan applications. As a result of staying as true as possible to their corporate focus and as a consequence of a solid reputation among the lenders, the company has grown to claim a reasonable and ever increasing market share.

By providing loans to a considerable number of borrowers across the UK, this company is helping people in a very real way to meet their personal goals, avert inevitable disaster, save lives in some cases, start businesses and more. By making credit available to people at the point when they need it most, CreditPoor. co.uk is changing lives and making  a valuable impact in the lives of their clients, and by extension, the whole country. There’s no way to measure this impact, but it is easy to identify that it is massive. As a result of the expert advice the company offers to its customers, thousands of loans have been taken and repaid, and thousands of more people have been affected by these loans. Indeed, many clients have a warm feeling whenever they come across visuals or a conversation that brings the name CreditPoor. co.uk to mind. There is no greater impact than this.

The company provides an impressive selection of loan packages most of which can be accessed from their easy to use website. Payday loans, for instance, target salary earners, who need quick money before their next paycheck. Because these people can assess these loans without necessarily having an excellent credit score, this type of service is very appealing to the target clients. It also offers logbook loans for car owners who need a larger amount spread over a longer time. This facility allows them to acquire the needed funds without hassles and affords them enough time to repay slowly. Other types of loans on offer are personal loans, with a repayment period of up to 36 months. This loan does not require a collateral, and little else is required aside from the fact that you have to earn a monthly salary.
This is a company which also offers guarantor loans where a guarantor vouches for the borrower, and he is allowed to repay the loan for up to 36 months. These packages are very friendly regarding interest rates and concerning ease and speed of access, two of the most important things to consider when applying for a loan. The flexibility of the loans themselves and the comfortable repayment plans make the services offered by the company more attractive. Having been in the business for a good number of years, they have gained reliability over time. But what is more interesting is that most of these loans can be assessed online and have an incredibly fast response time. According to their website, you can apply for a loan and get a response in as little as ten minutes. It takes more time to apply for and get a loan than it would take some to have a shower! This unbelievably short processing time is the reason many people are drawn to this lender when they need a quick loan.
The services offered by this lender are not only rare and handy especially for people with bad credit, but they are also valuable for people who have a short time to access a loan, as well as people who need to have a longer repayment period because of the size of their monthly income.

The impact can be defined differently by different people, but the important detail in the definitions would be the prospect of making a difference in people’s lives, the people being impacted. The services of bad credit site as a lender not only impact the lives of its clients positively, they also make an important contribution to the mini economies of these individuals and the aggregate of such contributions will most definitely affect the economy, w ell-being, and prosperity of the United Kingdom.

 

 

 

 

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Great Used Car Loans with Bad Credit: Possible?

key-949094_640While more and more Americans are relying on public transportation to get around, owning a reliable vehicle is still a necessity for the vast majority of us. Statistics show that 91% of US households own at least one car, with the majority stating that they require a car to drive to and from their place of employment. Out of all of those vehicles, 85% of them are financed through either a loan or a lease.

The price of a new car can be astronomical, causing many to seek out a decent used car instead, but financing your next ride can be a real nightmare when you have bad credit. Is it even possible to secure a good loan with reasonable interest rates when your credit is less than perfect? After sifting through a sea of lenders, it turns out that it is not only possible, but a lot easier than you might think.

A Few Stats

Those with bad credit know just how complicated borrowing money can be, especially in an auto loan. Based on a 4 year $20,000 loan, a credit score in the 590-619 range comes with a 13.656% interest rate, while a score in the 500-589 range comes with a 14.776% rate, both costing the buyer an over $6,000 extra over the course of the term. That’s just for a new car, it’s no secret that lenders are notorious for charging higher rates on used cars.

Those higher rates also come with higher monthly payments, easily an extra hundred a month based on the above example. However, there are lenders out there who have your best interest in mind, and are willing to help you secure a favorable loan.

Credit Unions

When it comes to getting used car loans with bad credit, becoming a member of a credit union is a great way to secure low rates while boosting your FICO score. Their members’ rates are already low to begin with, but most offer additional savings for members to knock the rates down even further. They are also well known for working with their members to help them boost their credit scores, and are far more lenient than a bank or dealership.

Capital One

You’ve probably seen their credit card commercials with Samuel L. Jackson, but did you know that this company is also a number one name in offering loans for used vehicles? Those with not so great credit will find that this company can offer them real financing options, and even provide loans for cars up to 10 years old with under 125,000 miles. They’ll help you to get pre-approved, and even offer account management tools, helpful FAQ’s to assist you with your purchase, incredibly useful loan calculators, and tools to help compare payments on specific cars.

The only drawbacks to this company are that they do not offer loans when buying from a private seller, and that the price range must be between $4,000 and $40,000. The latter shouldn’t be much of a problem since you will have to buy from a dealership anyway.

Auto Credit Express

This company specializes in helping those with bad credit finance vehicles, even if they have declared bankruptcy. They are capable of offering you lower interest rates and more options than most would even dare. You will not be restricted from applying based on the same criteria other companies use, and they even have an A+ rating from the Better Business Bureau.
Once again, you will not be able to purchase a car from a private seller, but that’s a fairly even trade off for how much lower their rates will be.