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Payday Loans – Opportunity or Trap?

Payday Loans – Opportunity or Trap?

Posted by on Mar 1, 2016 in Payday Loans |

Is a payday loan really an opportunity or just a trap? Well, wrong question!

Everything in this world has both good and a bad side. In a similar manner, a payday loan also has its own pros and cons. It is because of this reason, one has to decide for himself if the idea is worth taking the risk or not.

What exactly is a payday loan? Well, a payday loan is a short-term loan that can be taken during the payday periods to finance your expenses or difficulties urgently. These loans need to be repaid once you get your monthly income and the due date is decided beforehand. Payday loans are also called cash advances and usually not more than $1500.

On one hand, the payday loans can be a good tool if you are looking to borrow a small amount of money for a short span of time. If used correctly and responsibly one can have a good experience with a payday loan.

On the other hand, it’s a fact that payday loans have been the subject of numerous controversies. A lot of people have had their finances destroyed and found themselves under huge debts. So, it is very vital for you to know both sides of the coin before you sign up for a payday loan.

Payday LoansPayday loan as an opportunity

  • The short-term payday loans do not require for you to have a good credit score or to have access to credit cards. Any employed US citizen of eighteen years and older is eligible to get themselves a payday loan.
  • Provides a good option when there is no other choice, if you find yourself in a sudden financial emergency, a payday loan can easily help you deal with it for the time being.
  • You can easily apply online, no need going through the hassle of dealing with all the paperwork and standing in queues at the banks anymore. Once you submit your application online, the funds are deposited into the account in just a few hours after you get the approval.

Payday loan as a trap

  • The interest on these payday loans can easily range from 300 to 900 percent. So expensive to afford!
  • The large costs that are associated with these loans makes it very hard to get out of them later, and especially if you fail to pay back your loan in due time, the interest rates keep getting higher and higher.
  • You can find yourself falling into a vicious cycle if you are unable to repay on time and keep extending your loans. These payday loans companies gain a large amount of profit from the consumers who fail to repay on time, and more and more fees is added to the original borrowed amount leading to high debts.
  • A lot of payday lenders use misleading marketing techniques to deceive the customers and sometimes not disclose proper information and lure people to sign up for payday loans by manipulation. It is best to be careful and investigate properly about the lender you are about to choose to deal with.

So, in short, payday loans can be either an opportunity or a trap – it depends on the payday loan lenders you choose and especially your current financial situation.

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Brief Presentation Of Prepaid Credit Cards

Brief Presentation Of Prepaid Credit Cards

Posted by on Jan 29, 2016 in Prepaid Credit Card |

M ore and more people are deciding to go for a prepaid credit card. Prepaid credit cards are cards that have a credit limit based on the amount deposited in advance rather than a line of credit. Prepaid credit cards function like a standard credit card but are easier to obtain. Those who want to avoid being in debt or those with bad credit can improve their credit without owing money to the bank. Prepaid cards allow you to spend your own money while functioning as credit. Here is a guide to finding the best prepaid credit cards.

First things to consider when searching for bad credit or prepaid credit cards are your spending habits and what you plan to use the card for. It is important to determine how often you will be using the card and what purchases you will be using it for. Some may want the card for emergencies while others may need a prepaid card in which they can pay bills and make other necessary payments. Knowing your needs will help to determine what features will suit you best. Every prepaid credit card includes its own unique features.

Once you determine your needs you can select must have features you need for a prepaid credit card. The most important will be how you deposit funds into your card. Many offer direct deposit from your place of work while others have alternative options. Other card features to consider are rewards programs and overdraft protection.

When these factors are determined and you have a few options narrowed down, read the fine print. Before you sign up for a secured credit card, bad credit auto approved or prepaid card understand what terms you are agreeing to. It is important to pay close attention to fees such as sign up or annual fees as well as other terms included in your agreement. Many find themselves using a credit card and they are faced with fees that they were not expecting because they did not read the fine print. It is essentially important to carefully read agreement information in order to prepare for additional fees and costs.

When you have read the terms and agreements of your possible credit card options, they can now be compared. Since there are numerous options with very different features, it is wise to compare and decide which one fits the majority of your needs. Also, do further research on the card that you are interested in. Reviews can be found online along with other information on various cards. Use internet or try to ask someone who already had experience with this.

Once you have found the card that suits your needs, you can complete the application process and begin using your new card once it arrives. Finding the right credit card is an easy process that requires accessing your needs, spending habits, reading the fine print and doing research to compare card options in order to choose one that is right for you.

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Saving For College – 529 Education Savings Account

Saving For College – 529 Education Savings Account

Posted by on Jan 28, 2016 in Saving For College, Wealth Management |

I s saving money for college important to you? Have you heard about the 529 education savings account and want to learn more about it? Not sure if you should go with a traditional savings account or a 529 plan? If so, then this article is here to help you come to a more informed decision.

There are a couple of important questions you should ask yourself before deciding on what type of college savings account is right for you. Planning for college is a big step and investing for college requires discipline and commitment.

The first question you need to consider is, do you prefer having a safe but low rate of return or do you want something that will grow faster but comes with the risk of losses? If you’re first priority is safety then a 529 prepaid plan is your best option. These 529 education savings accounts allow you to purchase tuition using today’s dollars. You’re guaranteed by the state that has issued the plan to be given the equivalent amount towards tuition when needed.

This is beneficial to you because the state in charge of your plan would need to go bankrupt in order for your investment to be lost. The only thing that’s safer than these plans is United States government bonds! 529 plans are also good if you want to keep control over the money you’ve invested. Unlike other savings accounts, 529 savings accounts keep all the assets under the donor’s or parent’s control forever. You’re even able to take your assets back at any time and for any reason, including personal use.

The drawback is that from a return on investment perspective, it is highly unlikely to outperform any type of portfolio that is exposed to the stock market. However, it will likely do better than any of the other “safe” funding options available.

The second question to consider is if you want a higher rate of return – which of these options are best? Well, this depends on a few factors. You’ll want to first determine if your state’s 529 plans offer any special credits or deductions on your state income tax returns. If they do, it would be foolish to give up “free money” by going with a regular savings account or the Coverdell education savings accounts. If your state does not offer any incentives and you think you’ll save less than around $2,000 a year (the maximum you can contribute to the Coverdell ESA), then choosing a savings account like the Coverdell might be in your best interest.

The reason for this is because these accounts offer a greater amount of freedom when choosing investments to select, and these accounts come with looser standards on how you’re allowed to spend the money. Coverdell education savings accounts also make more sense than 529 plans when multiple children are involved because you can swap any unused funds to different Coverdell accounts or use the money to set up accounts for different family members.

As you can see, the type of savings account or 529 plans you decide on when investing for college should be based on your personal situation. There’s no better plan on the market today. When saving money for college some plans work better than others depending on the state you live in, the amount you’re willing to invest and how comfortable you are with risk. Be sure to do your research and speak to a financial adviser to make an informed decision.

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The Easiest Way to Repay the Loan

The Easiest Way to Repay the Loan

Posted by on Jan 26, 2016 in Business, Payday Loans |

Loans can be fixed but also with variable interest rate (with a change of interest will vary and the amount of installments), with a grace period or without it. Rate can be paid in three ways, and you’re right and that before the expiration of the period for repayment of the bank back the full amount of the loan.

Ways of Repayment

There are three methods of payment installment loans: personal payment, at the counter, and standing order. Depending on the type of loan and the estimated risk of irregular payments, the bank can determine only one of these methods, or to offer you to take sides between several of them.

If you agree to administrative ban, which can be put on wages, salaries and pension, your income payer pays directly to the bank. If it comes to the administrative ban on salary, your employer must notify the bank if they stop doing it.

Giving me a standing order authorization to the bank itself off installment amount from your account a certain date of the month, and your obligation to at the time the account is enough money.

Variable Interest Rate

When of variable interest on a loan, it is often related to the so-called inter-bank offered rate (Inter Bank Offered Rate – IBOR). This rate is determined by the daily-used banks in particular inter-bank market. The interest rate, which is variable, is increased by a certain percentage of banking margins.

Grace Period and Compound Interest

There are loans that can be arranged via so-called grace period, during the beginning of the loan when you do not have to pay installments, in which the bank is waiting.

Take care since the grace period is generally calculated at the time of loan repayment. This means that you will, if you take a loan to 60 months without grace period, the loan repaid in 60 installments, and if you took out a loan with the same repayment period, but with a grace period of 12 months, overall you’ll have to pay off the debt in 48 installments, which means that they will be higher.

Another important thing is that you will be charged on the loan so-called compound interest (interest that is calculated as the loan is not repaid), which means that the grace period increases the total amount that you will have to pay the bank.

Prepayment

The loan cannot return before the deadline, but on that intention in advance that you have to notify the bank. The bank cannot charge you interest for the time of loan repayment to the date of his contract should be returned.

The Bank may agree a fee for early repayment of the loan if the agreed fixed interest rate, and home loans – regardless of what kind of interest the word. When this has to prove that he suffered harm or that the interest rate at which the time period may place the money you gave her less than what you would pay if you went to paying the loan in installments, and you can charge a fee most the amount of the difference.

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Companies that Offer Short-Term Payday Loans

Companies that Offer Short-Term Payday Loans

Posted by on Jan 18, 2016 in Payday Loans |

How many times has happened to you that you were had no money in your pockets?Payday-Advance You went to the bank that has refused to give you a loan, and your colleagues just shrugged with their shoulders because not even they could help you. So, there are online companies that will help you by giving you a payday loan. Money that you need so much and which you simply could not get from the bank … simply because, according to the bank, you are incapable for raising a credit there; furthermore, you do not have a contract for good, or your employer does not give you the entire salary per month… So, why not trying to contact a firm that will provide you with a payday loan?

Short-term borrowings will do you good if you are in the current financial problems and crisis. You can never have enough money, and unpaid bills and obligations that accumulate on a daily basis create additional pressure that affect your business and private life. Do not let banks and other services break your future and great plans down.

So, feel free to contact these companies that provide short-term payday loans with a maximum amount of $900.
As its name suggests, short-term payday loans relates to the short period of the return of borrowed money with the agreed interest.article_img

Why contacting companies that provide short-term payday loans?

Firstly because their goal is that all their costumers feel safe and feel no pressure. We provide you a safe and fast payment of money through simple services that they have in their offer.
Short-term payday loan will go directly to your checking account as soon as it is possible. Also, when returning the loan, you the pay the money borrowed to their bank account.

article-2231006-0EBAD51900000578-608_468x286They were the first to offer short-term loans and even by SMS and online via the Internet. The advantage of this service is to reduce the additional costs which to them simply do not have. Do not worry about employment status because it allows short and fast loans without certification from the employer, no paperwork, standing in lines and hours spent in waiting.

They also offer short-term loans via SMS, Internet, email and phone.

They will not ask you the reason for borrowing the money. What you need to do is filling the application form or contacting them via e-mail, or phone number and their agents will take care of you. They are here for you when it seems that there is no exit from the financial crisi situation. Their short-term payday loans have helped many people, and they can help to you as well! The professional and helpful staff will assist you with picking the appropriate amount of the loan, and depending on your ability will give you tips for optimal term return of short-term borrowings.

In the case you have difficulties with the application form, feel free to contact their customer service which is always happy to help you and to provide maximum support in any part of the process.

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What to Watch for With ETF Tax-Loss Harvesting ?

What to Watch for With ETF Tax-Loss Harvesting ?

Posted by on Nov 23, 2015 in Business, Tax, Wealth Management |

Tax loss harvesting is one way to make the investment portfolio work much harder not only in generating returns for the investments but also in generating the tax savings. it undergoes work by taking the advantage of investments whose values have been declined. It is one of the common occurrences in very diversified portfolios of investments.

Offsetting Gains with Losses

The basic principle is for the Tax -loss harvesting :

Tax-loss harvesting is mostly relevant for the taxable account. This is not applicable for the tax deferred accounts.

If one is in a position like a stock, an ETF or a mutual fund, that is facing loss since he/she has bought it, then it is used to offset gain. For example if the user is facing a loss of $1000 in one of the ETF and a gain of $1000 in another then one can use one to offset the other.Mutual-Fund-Investment-Expanding-Rapidly-in-the-Banking-Sector

Important Steps

There are a few important steps in implementing a tax-loss harvest that may provide benefit to the investors.

Even if one doesn’t have gains to offset, one can use at least $3,000 in losses to offset the regular old income. The excess losses will be carried over to the future.

These things are not a matter of concern in tax-deferred accounts like 401(k) s and IRAs.

One won’t have to worry about the losses that are short term or long term—both are used to offset any of the capital gains.

When it is coming to ETFs tracking for a particular index, investors run more risk for IRS scrutiny. Always one needs to remain aware of selling an ETF which is down and buying another ETF which is designed to track the exact index. Most of the ETFs have been in the green since last 12 months. The funds may not be same or identical owing to several fund managers who are executing the underlying trades with a slight difference in the timing, with different expense ratios.

But sometimes the funds are designed to track the particular index in a different manner, as they are substantially identical to each other. This is the wash sales limit. Instead of this one can at least swap to a substantially different index like going from the S and P 100 to S and P 500.

With the ETF, one needs to take a tough look at the particular swaps that will make sure to understand what one is buying. By definitions, they may not be the perfect corollaries; they are good for a period of 30 days.

The effectiveness and efficiency of tax-loss harvesting varies for different patterns or templates. The frequently one adds to his/her portfolio, the greater benefit of the tax-loss harvesting will be there. This is because one needs more tax at various prices to be worked.

Conclusion

The simulated, backtested as well as the empirical results presented on the paper demonstrate that the Wealthfront’s two fully automated as well as the regular tax loss harvesting services could improve the-tax returns for the people who are having a a long term investment time.

So, the tax-loss harvesting needs to be one of fundamental component of each and every individual’s investment strategy. 

 

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