Sunday, 13 July 2014

How Good Are the Alternatives to Cash Loans?

When you are in a financial emergency, you would naturally consider cash loans, which are available in hours. At the same time, these products have got bad press for their high interest rates. That is why many experts are proposing alternatives. The big question is whether these are really better.

Credit Cards

The major advantage of credit cards over cash loans is that the money is available instantly. You simply need to go to the nearest ATM to get the cash which you need. The cards typically have lower interest rates as well. Most products come with a rate of around 20% per year while the quick cash credit products typically carry rates of over 500% per year. However, this does not necessarily make the use of credit cards less expensive.

Firstly, when you take out cash using a credit card, there is a considerable withdrawal fee which you have to pay automatically. It is usually high enough to put you off taking out small amounts of money. Furthermore, interest is charged from the day when you take out the cash. If you do not repay the due amount in the next month, the interest payment will become even higher and so on. With a simple loan, on the other hand, you can choose a shorter repayment term to save money.

Loans from Friends and Family

These are perhaps the least expensive of all credit options including cash loans. A family member or a friend may not even ask for interest to be paid. The problem with these loans is that they are often hard to get. The people who are close to you may not have enough money to help you out. Besides, they may need some time to think about lending you money and to arrange the loan. In such cases, you may not get the cash fast enough to resolve the urgent problem.

Peer to Peer Lending

This form of lending is gaining ever greater popularity. It typically uses online platforms where individuals who are able to lend money meet with ones who need money. The two parties arrange the terms of the deal and the cash is transferred straight away. The individual lenders do not run credit checks, but will typically want to see proof of income. In some cases, they may require collateral as well.

Peer to peer lending may turn out to be more expensive than the cash loans especially if you are in desperate need of money. Furthermore, since the lender is not regulated in any way, you may get into serious trouble.

Overall, it is up to you to weigh the pros and cons of the different options including cash loans before you make up your mind.

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Friday, 4 July 2014

How to Get Out of Student Loans Quickly

Congratulations on your recent graduation! It's a great feeling to have accomplished a goal like graduating from college. Adulation and a great party follow the cap and gown ceremony. Then, within six (6) months you start getting notices in the mail. Your loans become due. Maybe you haven't even had a chance to get that dream job, or any job with this present economy. Whether you're working or not, there are a few things you can do immediately that can help you stay in control or even get out of student loans quickly.

First, you must understand and know whether you have federal loans or private loans. How can you tell. A visit to the National Student Loan Data System will give you a list of federal loans only. If you don't see the loan listed there, then it's a private loan.

Second, deal with the federal student loans first by immediately consolidating them after graduation. If you sign up for automatic payments, you may be eligible for a slight interest rate reduction. If you cannot afford the Standard repayment on your federal loans there are other options for repayment. You can explore an extended repayment; graduated repayment; or extended graduated repayment. There are also income sensitive programs like Income Contingent; Income Based; or Pay-As-You-Earn programs. However, you don't automatically qualify for any of the available programs and that is where it gets confusing. Also, your loan servicer doesn't necessarily want you to know about these programs. In fact, their low level representatives may not even be aware of your options. Vist Student Loan Borrower Assistance (dot) org for more information on the available programs.

Some federal loans can be forgiven or even discharged without filing bankruptcy. There are public service forgiveness, teacher forgiveness, and full discharges if you become totally and permanently disabled. Also, if you never received your GED or high school graduation and the school falsely certified you for entry, your loans may be forgiven. Unpaid refunds and closed schools qualify some for forgiveness of their loans.

Student loans can be discharged through bankruptcy, but they must meet an undue hardship test first. It's a 3-part test that requires a present undue hardship, a continuing undue hardship, and a look back at what you have done to increase income and reduce expenses and the effort put into repayment of the loans.

Third, address private student loans only after you have your federal loans on an affordeable repayment plan. The reason being is that the federal government can collect on its loans forever. Private student loans generally have a four (4) year statute of limitations (California Law) on their ability to take legal action to collect the loan. Unfortunately, private student loans provide no safe harbour or alternative repayment options like federal loans. However, you can control private student loans through a court approved repayment plan under Chapter 13 of the Bankruptcy Code in order to buy time to improve your financial situation and obtain that dream job.

Wednesday, 2 July 2014

How to Go to Truck Driving School for Free

Let's face it. There comes a time in every person's life when they have to make a decision. I don't mean a "what am I going to eat for dinner?" decision. I mean, a "I'm at a crossroad and I need to decide if I should go in that direction, or continue going in this direction" kind of decision. We've all been there and some of you may even be at a crossroad right now, trying to decide if you should play it safe and stay in your comfortable, low paying or unexciting job, or if you should take a chance and pursue a career in a field that will exponentially increase your salary and take you on a new and exciting adventure. Some of you have been keeping the thought of going to a good truck driving school tucked safely in the back of your mind but, have never really taken it any further than that. You may have decided that a professional truck driving career is something you would really enjoy and would surely benefit from, but you are unsure if you can afford the school's tuition costs and you definitely don't want to take on another loan. You may even have bad credit and think that there's no possible way for you to attend truck driving school no matter how much you would like to. Before you toss in the towel and give up on your dream of a rewarding career, I want to show you a way that you may be able to go to truck driving school for free, without having to borrow money. Yup, you read that correctly. Completely free of charge and without a single school loan. No, I am not talking about company sponsored training. I am talking about federal and state grants.

As I am sure most of you already know, a grant is essentially a loan that you do not have to pay back. You see, the government knows that there are many hard working citizens who, if they were given the chance, would go to school, study hard, graduate, and be even more productive and more valuable then they were before. With a little help from Uncle Sam, these people would be helping to grow the economy with a newly acquired skill set. That is why the government created federal and state grant programs.

Probably the most well known and most issued grant is the Pell Grant. Originally known as the Basic Educational Opportunity Grant, it was founded in 1972 and later renamed the Pell Grant, after Democratic U.S. Senator Claiborne Pell of Rhode Island. The Pell Grant was created to help financially burdened students pay for their college tuition. It works like this. The government gives a certain amount of money to each postsecondary school every year. The school then doles the grant money out to students who are eligible to receive the money until there is no more grant money left. How does the school decide who is financially burdened enough to receive Pell Grant money? They use a formula called the Expected Family Contribution, or EFC, and compare that number to the Cost Of Admission, or COA. The lower the student's EFC to COA ratio, the greater their financial need. The higher the student's EFC to COA ratio, the lesser their financial need. To put it another way, a student with an EFC score of "0" would receive the maximum Pell Grant award for that year, usually between five to six thousand dollars, while a student with a high EFC score of 3850 would receive nothing. Zip. Nada. Zilch. How is a student's EFC score calculated? When a student fills out the Free Application for Federal Student Aid (FAFSA), they are required to provide either their own, or their parents, taxable and non-taxable income located on their W-2 forms from the preceding year. The school then takes this information into account when determining the student's EFC score.

Of course, if a student does qualify for Pell Grant money, there are a few conditions that have to be met in order for the student to be eligible to receive the grant money. They are as follows:
  1. The student must have a high school diploma or GED
  2. The student must be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program.
  3. The student must be registered with Selective Service (male students must register between the ages of 18 to 25).
  4. The student must have a valid Social Security Number.
  5. The student must maintain satisfactory academic progress in their college or career school.
  6. The student must be a U.S. citizen or a U.S. national.
  7. If applicable, the student must have a green card, arrival-departure record, battered immigrant status, or a T-visa.
  8. The student must be an undergraduate student who has not already earned a bachelor's or professional degree.
  9. The student must not be incarcerated in a federal or state penal institution.
  10. The student must not be subject to an involuntary civil commitment upon completion of a period of incarceration for a forcible or nonforcible sexual offense.

After you submit your FAFSA online, your application will be reviewed by the truck driving schools you listed on your application. The schools' financial aid office will then decide, based on the financial information you provided, how much, if any, Pell Grant money you will be awarded. It's always a good idea to apply for federal student aid as early as possible, since every school has only a certain amount of Pell Grant money to dole out each year. Be sure to get in touch with the financial aid counselor at each school. They can inform you of all the state and federal grants that are available to you at that particular truck driving school, such as the Workforce Investment Act grant or the GI Bill grant for military veterans. They may be able to find grants that you don't even know about.

Remember, when we come to a crossroad, we have to decide in what direction we want to take our life. No one else can decide that for us. I hope this article serves as a tool to help you travel in the right direction.

Be sure to check out Truck Driving Schools Info for more in-depth information on how to go to truck driving school for free and to see the list of truck driving schools that accept the Pell Grant.

Monday, 10 February 2014

Simple Emergency Cash


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Payday loans have been getting more and more popular lately, probably because of how easy they are to obtain, combined with an economy that continues to struggle worldwide.

As people struggle to pay their bills on time, the easy access to cash with no waiting period and no extensive credit check makes these types of loans very attractive to the average American.

When A Payday Loan comes In Handy

For those who live paycheck to paycheck, there are many situations where payday loans may be the best option to get the money needed to cover all of life's expenses. Almost everyone has had an unexpected emergency like a surprise sickness that requires hospitalization, a car wreck, or even a bill that was forgotten. These things happen, and there are avenues to consider when looking outside yourself for assistance.

Years ago money would have to be borrowed from friends or family, causing strained relationships, but today a simple payday loan can take care of the problem quickly and easily.

How Do They Work?

The way payday loans work is quite simple. The amount of the loans typically ranges from around $300 to $1,500, and the lenders usually charge a one-time fee based on a certain percentage of the money borrowed.

Usually this money is to be paid back to the lender within 30 days, or about the time the next paycheck comes around. Some companies are more flexible with the time period for repayment than others based on your individual situation.

What makes payday loans so popular and convenient is that you can get the cash you need very quickly, usually within 24 hours or less. This means that if you have an emergency situation you can take care of it that moment, instead of waiting and possibly getting charged with late fees or worse.

How It Works; Payday Loan

After being approved for the loan, the lender will provide you with an amount based on your income and possibly your history with that company if you have borrowed from them before.

You then give them the date when your next paycheck will arrive and the details of your bank account, including account numbers. On the date specified for you to pay back the loan the lender automatically takes the money out of your account, which includes the loan amount and any fees and interest charged. This date is often negotiable.

Another great thing about these types of loans is that almost everybody can qualify. Most companies do not do a credit check when you apply, so bad credit does not mean you won't get the loan. The qualifications to obtain a payday loan are:

- You have a job with a fixed income and have been working for the last six months for a company that is stable and reputable.

- You have a bank account that is active.

- You are at least 18 years of age.

If the economy continues to struggle and you find yourself in a situation where you need funds quickly and easily, payday loans could very well be the answer to your problems. Visiting websites and getting some general ideas about online loans means taking back your power. Everybody needs a little help sometimes and these loans are often the most convenient way to get it.

Now granted they are not the answer to everyone, but those who have nowhere else to turn, and literally no lenders will accommodate them. This is when they can be a godsend to some individuals. They are not the answer to long-term debt but an answer for a couple of weeks until you get paid.

If you are looking to get the lowdown here on payday loans, you are in luck; I am an established writer in the small loans field, specifically in educating consumers on payday loans. I am based in Richmond and write for over 20 of the top blogs on the net.

Wednesday, 5 February 2014

Small Business Credit Loans for Your Growing Business

Small business owners and people looking to start out their own companies or organizations always enter loan negotiations with one goal in mind and that is to get their hands on the money. However with the current trends in the economy and market conditions, banks and lending institutes have tightened their policies for handing out small business credit to company owners and other business entrepreneurs. These days the financial show is being run by regulators and business owners have been forced to look elsewhere than banks to get small business lines of credit. We live in a time and era when the banks inside the United States have become so big that they will probably never fail. But at the same time, the largest employers of the United States are these small businesses which are just too small to run and support them.

A lot of business owners and company managers are tied up in a bubble with their financial institutes and bans and thus they hesitate when they think about having to go on the outside looking for small business credit. Secondly, companies that do not have much years under their belt will have an even harder time securing a loan since banks are not inclined to give business lines of credit to small companies or businesses that have not been running for a very long time.

But this does not mean that all hope is lost for anyone who is looking to secure funds for his business in a financial crunch. There are private investment lender companies, asset based lender companies and other factoring companies which offer business lines of credit much like banks and other financial institutes do. Through the use of these institutes, a person can secure the working capital he needs to keep his business operations running smoothly. At the same time it becomes much easier to get additional support funding to make sure that the business keeps on growing steadily.

One of the biggest concerns of a lender when giving small business credit is the credit scores. Financial lending institutes look at the credit scores of the person taking out the loan in order to determine what kind of interest rate will be set for him and whether he will be able to secure the loan or not. Some business owners also prefer to keep collateral when getting small business credit as it helps ease the mind of the lender about the security of his money. business lines of credit can be crucial at times since no client would want to do business with a company that is bankrupt or short of funds. In this competitive marketing world you have to decide yourself whether the cost of money is important or the cost of missed opportunities?

50k guaranteed provides Small business lines of credit and small business credit that help growing any business without any effect of personal credit report of business debt.