Debt

Bad Debts: They don’t have to be a “dead” end

Anyone who is the parent of a teenager will tell you that teenagers challenge their parents by providing a lot of surpises. They particularly like to surprise their parents with large, sudden, and expensive things that they simply must have, right now.

Something similar happened to a friend of mine a little while ago, so I thought I would share how they got themselves out of this particular jam with a little ingenuity and an internet search.5025164562_6af1ac753c_n

The Surprise School Trip

Remember when your kids were little and they would tell you everything about their day when they came home from school? They just could not contain themselves, and they simply had to tell you everything immediately.

Apparently, sometime around high school, that stops happening. At least, that’s how it happened for my friend, Barney, and his fifteen-year-old, Madison.

Usually, when Maddy forgot to tell her dad about something school related, it meant a late night in the garage creating a science project or last minute purchases. This time, however, she’d forgotten to share that she needed over a thousand dollars for a major school trip. That kind of money is something that most of us just don’t have lying around, and of course, like any teenage girl, it was a matter of life and death.

Recovering from Bad Debts

To add to Barney’s woes, he has been recovering from some bad debts that he incurred (through no fault of his own) during the recession, and while he’s got some credit, he hasn’t quite reached the point where he can walk into a bank and walk out with a personal loan.

Barney was in a panic, and he mentioned it to me. Fortunately, I’d seen a flyer for a Miami auto title loan a couple of days before, and knowing how important it was to him to make sure Maddy went on her trip, I suggested he apply online.

At first, he felt hesitant, worried about his credit rating and all kinds of other things, but as any dad with a not so little princess will tell you, he was willing to look into any option that would make his little girl happy.

Quick, Easy, and a Happy Ending

Luckily for Barney, one of the things he had managed to do since he started his financial recovery is buy a new car, and thanks to the title loan he got, he was able to get the cash he needed for Maddy’s trip, and still continue to drive his car, just like he had all along.

He only has a few more payments left to make on the loan, but thanks to this creative financing solution, everyone wins. More importantly, Madison still thinks that her dad is the best!


Infographics: Tackling Debt Like a Pro

The average American household had over $15,300 in debt in 2015. Credit cards, which often carry high-interest rates, accounted for about $5,747 of that debt. Considering that the average household earns about $54,500 per year, this is a sizable amount that can make it nearly impossible for people to free themselves from debt.

The problem with debt becomes more pronounced when you look at how much interest consumers pay. The typical credit card account charges over 15 percent. People with bad credit face even more difficulties since lenders charge higher interest rates to protect themselves from default. If you have bad credit, then there is a good chance that your credit card company charges you over 20 percent in interest. That adds up quickly.

The good news is that not all credit comes with high-interest rates. Secured credit, such as mortgages and auto loans, are often considerably more affordable.

Still, having a large amount of secured credit can negatively affect your credit score. That means you may have to spend higher amounts on car insurance and deposits for utilities. To put it plainly, life is difficult for people who have large amounts of debt, whether it’s secured or unsecured.

These numbers show that many Americans clearly need to find more effective ways to eliminate debt from their lives. Otherwise, they could continue to lose money to higher expenses and interest payments.

Not all is lost, though. By taking a strategic approach, you can take control of your debt to lower its impact on your life. The right approach will even help you pay it off completely.

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Auto Title Loans – 3 Most Popular FAQs of Dummies

Auto_Loan-512Auto title loans are the easiest ways of borrowing money where the lender lends money by using vehicle title as collateral, without even checking credit score of the borrower. Whether you need $100, $1,000, or $10,000 you can get the required cash (to sail through the temporary hard pressed times) in minutes. Car title loans or auto title loans (to say in general terms as these loans can be acquired by putting motorcycle title as collateral as well) are subjected to different regulations in different states of the USA. So, before borrowing such a loan, you must check out all the important information associated with it.

Here are 3 frequently asked questions along with their answers:

FAQ #1: What is a Title Loan basically?

Car or motorcycle title loans are called title loans in short. It is a kind of secured loan where the lender keeps title of the borrower’s vehicle to give loan to the latter. Until and unless the loan amount is repaid in full along with the interest rate, automobile’s vehicle title is temporarily surrendered to the lender. If the borrower fails to repay the loan amount, title loan lender has the right of repossessing the automobile, selling it, and recovering outstanding debt.

Title loans are short term in nature and can be acquired in just minutes. If the loan amount is $100-$500 you can acquire it in minutes. Title loans generally come with high rate of interest, say 35 per cent APR or sometimes even more. The lenders say that the high default risk (because these loans are drawn mainly by people who are already in financial problems) leaves them with no other option but to charge higher interest rates.

FAQ #2: What is the Process involved in Title Loan Lending?

Title loans can be obtained either from store fronts or online. The borrower has to show valid identifications such as driver’s license, income proof, mail proof of residency, lien free car title proof, car registration, car insurance proof, and others. One form involves following of Kelley Blue Book that shows vehicle’s resale value. In many cases, half of car’s resale value is offered by the lender.

Auto title lender doesn’t check credit history or credit score of the borrower. However, he checks vehicle condition and value of the vehicle on which the secured loan is drawn. There are some title loan lenders who also verify whether the borrower has a regular income source or is employed. If there is any financing or lien on the automobile on which you are going to take loan, the lender will not offer you the loan. There is no fixed rate but range anything from 30 per cent to more than 100 per cent APR.

FAQ #3: What are the Auto Title Loan Laws in California?

A very common query among consumers is – how title loans work in San Diego, California? California law doesn’t have many regulations to limit interest charged by lenders in the state. However, auto title loan amount within $2,500 can’t have over 30 per cent interest rate. There is no limit on interest rate charged on loans above $2,500.


When a Cash Advance is the Only Option, Borrow Money the Right Way

Payday loans are now a global phenomenon, and the lenders are as varied as the countries from which they operate. Some loan companies, like clubmoney.com.au are above board, with capped interest rates and transparent fees, while others are free to deal as they wish, almost totally unencumbered by APR regulations. It stands to reason, then, that those who find themselves in financial distress are looking at some murky waters. However, when a payday loan is the only option, there are ways to mitigate the risk and avoid exorbitant interest rates as well as dubious repayment plans. But these loans are a two-way street, and the ideal scenario is when both borrower and lender are on the up and up. Here are some strategies to ensure this is the case.

Don’t dig a deeper hole

Before even stepping into a payday loan office, it’s incumbent on the borrower to ensure that he or she is on solid-enough financial ground to make such a loantenable. However, since almost by definition payday loans are geared towards folks in financial dire straits, there is often no ideal scenario. Still, anyone who does not have an active bank account, is not currently employed, does not possess the appropriate documentation, has defaulted on other loans in the recent past, has more than one payday loan currently active, and has mercurial and irresponsible spending habits should not consider a payday loan. Such a loan will likely only exacerbate the problem.

loansKnow the loan fees and charges

Those who feel they can responsibly take out a payday loan should go into the process with eyes wide open. That means knowing all the charges and fees up front, before any contract is signed. Request a fee statement from the lender, and if they are on the up and up they will happily provide it. Know the loan establishment fee, any monthly fees incurred, any payment default fees, or any arrears fees. Avoid excess and hidden charges at all costs.

Opt for a short-term loan

And the smaller the amount, the better. Payday lenders should be upfront about their fees, but that doesn’t mean they won’t be exorbitant. Therefore it only makes sense to borrow a responsible sum in order to offset hefty repayments. Borrowers should only request amounts they know they can pay back in as short a timeframe as possible. Examples of reasonable short-term loans include sums varying from $200 to $2000.

Negotiate your own repayment schedule

The more dubious payday lenders will insist that the principal amount is repaid according to their schedule. There’s no reason to go with a company that is so unaccommodating in their lending policies. After all, the company benefits just as much as the borrower when it comes to issuing a loan. Therefore the two parties should be able to work together. The best payday lenders will work with individual borrowers to craft a repayment plan that suits both parties.

By adhering to the above guidelines, it’s possible to borrow from a payday lender smartly and with mitigated risk of default. Additionally, it’s ideal to select a lender with a robust online application system who can deliver all pertinent loan documents quickly via email.

If a Cash Advance is Not Required

The allure of a quick cash advance can be very enticing, however you should always be 100% sure that the money is required immediately and that the amount being borrowed can settled in a reasonable timeframe. Do the sums and figure out how long it will take to pay back, and if the term exceeds your expectations then a different type of loan might be your best option. Some companies like Rapid Finance will help people in unusual circumstances with a wide range of loan types, meaning that they will refer customers who need a payday loan to a reputable company, or if they identify the purpose of the loan is to buy a car then they will explain how the car itself can be used as security to bring down interest rates.

Pay for Your Education with Installment Loans

Parents want to do all they can to give their children an education and a chance to make something of their own future. However, an education is incredibly expensive and many young people have to miss out because they cannot get a scholarship and their parents simply cannot afford to support them. It is no surprise, therefore, that many students have to turn to student loans.

Student Loans and Installment Loans

While student loans may be necessary, it is important that young people don’t get burdened down by unmanageable debt. This is why students may be interested in looking for installment loans. Finding an installment loan direct lender online means that students are able to get the money they need to pay for their education and daily living expenses, but in a way that is affordable.

There are many different types of loans that students can apply for. Installment loans for students are not common, but it is recommended they search for these because they are often the most affordable. The monthly payments are fair and mean that, by the time the student finishes college or university, most of their loan will already have been paid off.loans

It is generally quite easy to get an installment loan because they can be arranged online. While rare, there are even a number of lenders who offer them without requiring a credit check. These tend to be offered by universities or government departments, however, and it is about knowing where to look for them. However, there are also high street lenders and online lenders that offer student installment loans. While these have worse terms than the government or school incentives, they do also help a student build up a credit record, which will benefit them in the future. The most important thing, however, is that it enables young people to get the education they want.

Finding an Installment Loan

If you are a student and you are looking for this type of loan, you do have to make sure that you do your research. There are numerous unscrupulous lenders out there as well. It is recommended that you spend some time speaking to credit unions, your student council and other experts. Getting a loan as a student can be very difficult, particularly if you want to go outside of standard student loan institutions.

It is also very important that you budget properly first. Being a student is expensive and ending up with a mountain of debt is almost unavoidable. However, ending up with bad credit is not necessary. You must know for sure that you will be able to make the repayments of your installment loan, even if that means taking on a job. In that case, you may want to think about whether this job will be sufficient to see you through your financial difficulty so that you don’t have to take out a loan at all. The most important thing, however, is that there is help out there if you need it.


Talking “Money” and Loans: How difficult is that?

Admitting that we’re having cash flow problems is something that none of us like to do, especially to our closest friends and family. While our partners might be aware of the issues, because of it affecting them too, others might be completely unaware that we’re struggling for cash and that’s the real reason we’re turning down their suggestions to go for a meal or on a night out together.

Money is one of the most common causes of arguments between couples, with many marriages even ending over financial disagreements. While many tell us “it’s good to talk” and “a problem shared is a problem halved”, it’s easier said than done!

Nobody ever likes to have to ask to borrow money, not since the days when we were in the school canteen desperate for a sneaky bar of chocolate that our dinner money didn’t quite stretch to anyway.SunnyImage_Financewand(1)

As we get older, we develop that sense of pride that won’t let us ask for help. It’s very common and we all get that feeling from time to time where we’d rather do anything than ask to borrow a tenner from a friend or to ask our brothers, sisters or parents for a bit of money to cover the bills.

However, if it makes the difference between going into serious debt and getting that period of grace, then discussing our finances with those who love and care for us is the obvious solution, even if it’s a difficult conversation to have.

Talking things over with friends and family, getting their views and opinions, can actually help to come up with solutions to our problems, and one of those is something that you can actually work together on. Guarantor loans are an agreement between a lender and the borrower, which is also signed by another person, ensuring that the money gets paid back and there are a number of benefits to this form of lending.

  • The first reason for this is that while our friends and family might not be able to help us directly by lending us the money there and then, they can help by signing the agreement to cover the cost of the repayments if we can’t meet them – essentially verifying that we’re going to be able to pay the money back.

  • The second is that it is much safer than going to other lenders who charge high rates of interest and demand that payments are made even if you can’t make those repayments. A guarantor loan comes with a set of rules relating to what happens if you default on your agreement, and that usually means that the guarantor – your friend or relative – would help you out.

  • Finally, it’s the kind of loan that you can take out even if you have a poor credit history. While banks might turn you down for the loan, even if it’s only a few hundred pounds, guarantor loans are much more likely to be approved because you’re getting the backing and assistance of someone who might have a much better rating


How You And Your Family Can Met Your Short-Term Goals

According to the U.S. Census Bureau, as of 2011, 69 percent of U.S. households were in debt. That is a lot of bills that need to be paid. Combine that with the increase of the cost of living over the past 15 years, and many American families are forced to look for short-term financing to cover short-term goals and emergency costs.

The cost of living calculator at the American Institute for Economic Research indicates that it costs the average consumer $137.21 to purchase the same goods and services that they purchased for $100 only 15 years ago. That is a 37 percent increase over 15 years. Not everyone’s salary increases has kept up with inflation, which makes it even tougher for families to pull together the money needed to maintain a satisfactory standard of living, never mind paying for emergencies, such as car repairs, broken glasses, or home repairs.Sunnydadhabaab

When banks fail to loan necessary funds, you may be tempted turn to less reliable means of paying for short-term needs, such as payday or title loan companies, which often charge outrageous rates and lend more than the consumer can afford to pay. The end result? You fall further into debt.Instead of borrowing outside of your means, look for lenders who offer small flex-pay installment loans, lines of credit, and single-pay loans based on your ability to pay. Even when challenged by poor credit ratings, consumers have the right to fair and courteous treatment from a lender.

When looking for an American lending company to meet your needs, look for one that is licensed in your state. MoneyKey is the leading licensed lender in many parts of the US, and they adhere to the strict guidelines to provide responsible loans for Americans. As an online lender, they make sure their website has Secure Socket Layer (SSL) encryption to protect your personal information from theft. Their application is simple and includes just a few quick personal questions and the required size of your loan. In order to apply for the short terms loans from MoneyKey, you must be an American citizen (or permanent resident), with an active bank account and a working email address. They’ll contact you regarding your loan via that email account, so you have to have reliable access to it.

Whether you are looking for single-pay loans to get your through a crisis or flex-pay installment loans to help your family meet short-term goals, you can find lenders who are willing to work with you. Remember, you are not alone. You are just one of many who are struggling to make the best of a bad situation.


The Fastest Places to Get Loans

The Fastest Places to Get Loans

Sometimes you need money fast. Unfortunately, the bank is not a place to get a loan. They require long credit checks and an application process with so many boxes it can make your head spin. You need an alternative to meet your urgent monetary needs. There are places where you can get quick loans, however.

Let’s take a look at some of the places you can get money straightaway.

Credit Cards

We do not often think of credit cards as a loan, but at heart, this is exactly what they are. If you still have credit available, it is a good idea to plug it in and take the money you need with no questions asked.loans

What you should beware of is eating up more than 30% of your total credit limit. This can hurt your credit score in the long-term.

Payday Loans

Payday loans have gained a lot of bad press over the years for their high interest rates, but what is often forgotten is how many people they have helped in a bind. With these type of quick loans you can often receive the money the next day.

The key to making payday loans work for you is to do your research. Do not approach the first company you see and ask for a loan. Here are some tips to help you through this process:

  • Research the company you want to take a loan from. Do they have a good reputation?
  • Only take what you can afford to make the repayments on. People get into financial difficulties because they do not follow this step.
  • Check to make sure that you can take a loan. While most companies perform no checks, some are starting to do this. Do not waste time applying to a company that will not pay you the money.

Family and Friends

If you need an urgent loan to get out of a hole, family and friends are a great place to look. Depending on whom you ask, this could provide you with all or part of the money.

Dictate terms before going through with this. Outline when you will have to pay the money back and whether there will be any interest. Write down the terms and conditions so there are no disputes later on.

Conclusion

Getting loans fast often means giving up the prospect of low interest rates and favorable terms. Before taking out a loan, think about whether you can trim your budget. You may find you do not need to ask for a loan after all.

 


Now Avail Car Title Loans Without A Credit Check

There are many ways of obtaining fast cash through loans. But most loans require you to provide collateral that is always not possible. Now there is a solution to this problem as well. You can now opt for car title loans where your car title can be used as collateral. A lien is placed by lenders on the car title after which the borrower has to submit the hard copy of the car title against the loan amount. When the borrower repays the loan, not only the car title is reverted, but also the lender removes the lien. Thus, now you can obtain quick money without offering any asset as collateral.

Auto_Loan-512Services by the title loan companies

In the event of going through financial problems, you fail to concentrate on work that can decrease your productivity. But now you can avoid such situations as you can get hold of short term loans such as auto title loan that is offered by reliable and trusted financial institutions. These companies strive in crafting the finest solutions for you by implementing quick approval and easy application process. Thus, now you know where to approach for obtaining quick cash. Within an hour, you can apply for the loan. If you submit the correct documents, it will be approved within minutes.

Conveniences offered by this loan

Many a times, when you take loans, due to some or the other reasons, you fail to pay back the money on time. This can happen with anyone, and it is never done intentionally. However, these are some situations that can hurt the score of your credit. Several banks are present that do not give loans to borrowers with poor credit. In the current times, you can discover numerous car title loan companies that will easily offer you a loan without a credit check. Such loans are never conveyed to the credit bureaus. Thus, it cannot be counted against any individual.

Reason for the popularity

A credit check is needed by most kinds of loans, but it is not with a car title loan for which it is highly popular among borrowers in the present day. All you need is a well-functioning car along with the hard copy of the car title. The competitive job market has begun to influence the lives of individuals for which they feel the requirement of taking loans. Even if you have no credit at all, the companies offering the loan as mentioned above will quickly approve your loan request without a credit check. However, you will need to submit proof if income, proof of residency and a photo ID.

Looking at the gains

There are some benefits associated with this loan for which it now obtained by numerous people. For instance, even though you have put up the title up for the vehicle, you have the freedom of keeping the vehicle with you. Most importantly, you can obtain these loans without a credit check. Also, you can drive the car during the entire loan period. However, the lender might ask you to buy an extra insurance. This is truly beneficial as you can achieve the cash you need without changing your lifestyle.


Options If Your Student Loan Arrives Late

Even though student fees have tripled in the last few years the number of people applying for university places hasn’t slowed down at the same rate. Rather than easing the pressure on the student financial services some of the problems it faced in the past are continuing.

Every year there are always a number of students who receive their loans late for various different reasons. Sometimes it may be through a fault of their own, at others the student services just struggle to deal with such a great demand. Either way, when you’ve got bills to pay not having the money in your account on time can lead to relying on other sources.

Bridging Loan

The first thing to do if your student loan doesn’t arrive on time is check that you’ve got the right payment date.Ensure your application has been approved, you have done everything and been registered at university, as only then will your loan be paid, before getting in contact with the student finance services.loans

If you have and the problem is with them, then applying for a bridging loan from your place of study is a good idea. The purpose of this is to tide you over until your loan arrives and is repaid after two weeks of receiving the full student grant/loan. All that’s required is evidence that you should receive a student loan and a bank statement showing you have below a certain amount in your account.

Student Payday Loan

Having to pay for the first month’s rent on your new student flat, bills and internet installation, along with other essential purchases such as books and equipment for your coursebecomes a real struggle if your expected loan doesn’t arrive. For those who haven’t got enough savings, taking out another quick loan is one option.

Unlike a normal payday loan, short-term personal loans from Smart-Pig.com have been designed by students for students. Available in 60 minutes means you have near instant access to the funds. Ten days without late payment fees and interest which never rises above 50%, mean paying it back should be affordable for most students when their loan arrives.

Borrow from Family

You may think the moment you set off for university is when your full independence and freedom from your family starts. However, most people still return home every holiday and often move back in after their time studying has finished. It can be hard asking to borrow money as this seems like further relying on them.

Borrowing from family or even friends should hopefully result in far fewer interest costs (if any) compared to payday lenders. Plus there’s even more of an incentive to repay on time as you don’t want to ruin these relationships.


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