Payday Loans Are Still Popular with Consumers

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Short-term financing is the common choice for those who have money difficulties. With pay day loans, you have the convenience of getting a particular amount of money through a faster process. Payday loans need to be settled within a certain period of time like 15 days, 30 days or even 60 days. Note also that there are cases when lenders allow a 6-month term for loan repayment. This, however, is on a case to case basis? 

How do you qualify for payday cash loans? 

The reason why many consider these cash loans is that it does not have too many requirements. As a matter of fact, lenders just want a guarantee that you can pay back the loan on time. As such, expect that they would ask about your current employment. Usually, qualified applicants are those who have already been employed for at least 90 days. Proof of steady income for the previous months would also be required if you aren't currently employed. Documents can be sent through fax or email. But, there are also times that lenders do not require such paper works. It's best though to be ready to ensure a faster transaction. 

It's also vital that you have an active bank account where the lender would deposit the cas fast. Lenders prefer to elect bank accounts under the applicant's name. Contrary to popular notion, credit standing has no impact on pay day loans. Should the loan be granted, it would also not affect your future credit rating. 

How long is the loan application processing? 

Competition among payday loan providers have provided a big edge for borrowers. Majority of lenders promise pay day loan approval in less than an hour. Some can even go as extreme as 15 minutes. 

Why use payday loans? 

There are many conveniences when you get one week payday loans. For one, it has a lot easier application process. It's good if you're not targeting a relatively large sum of money and it  doesn't have upfront fees. All you need to provide is the information on your finances. You can also choose your application medium. Do it online or by phone and the results would still be the same. 

The bottom line is that you won't be tied to a loan that you need to finish in years. You get to solve your credit problems immediately. At the end of the day, pay day loans are really the best options for unplanned cash problems. 

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Planning for Top Quality Christmas Parties on a Budget

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We’re getting to that time of year when people are starting to think about their Christmas parties, what they’re going to wear, where they’re going, how much they can afford to spend and what the theme is going to be. Unfortunately, these traditional parties occur at a bad time of year – there’s enough expense around Christmas time as it is, but you just can’t miss out on “the party of the year” whether you’re a student, a mother of two or retired. 

The main problem for the person entrusted with the task of arranging the whole thing is usually a financial one. The company might set aside a budget for them to spend on the venue, entertainment, food and drink and whatever else they might need, but the planner also needs to consider the needs and financial restrictions of the guests – there’s no point blowing the budget on an expensive restaurant if people can’t afford the food for instance. 

Fancy dress parties are always good for a laugh, but the chances are that the majority of people attending will have to go out and hire a costume. With it being peak time for the fancy dress hire companies, they can charge what they like safe in the knowledge that the customers will still pay for what’s on offer, so if they have to buy a costume, ensuring that costs at the party are low is essential to prevent people spending hundreds on the night itself when you include food and drink. 

A smart casual theme is quite possibly the best as it allows people to “play dress up” and get glammed up, especially if there’s a relaxed dress code in the workplace. The ladies can go out shopping for new party dresses and the men can don the shirt and tie they bought with their Charles Tyrwhitt promo codes but never had a use for and pretend they’re James Bond for the evening! 

Whatever theme you go for as the organizer, you need to remember that the financial restraints aren't just around the party budget, but the guests as well. With Christmas presents to buy, the “big night out” with the team from the office could be something they'd choose to avoid if they have to pay a lot so a cheap and cheerful party could be the ideal option. Keep venue costs low and food and drink free and you'll be the best party organizer ever!

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5 Healthy Financial Habits To Build Wealth

Without money (Photo credit: Toban Black)

To be financially successful you need to have the habits that contribute to building wealth. Learning from those that have success and ignoring advice from those that don't succeed is what you need to do. Most people struggle all their lives to make ends meet and never accumulate any savings, they live week to week, never getting out of that rut. 

Building wealth and being successful with money doesn't take a college degree or any extra intelligence. The concepts can be understood by anyone with only a minor education.

Work

This simple concept of having a job and having one that pays well is mostly ignored by many financial experts. Many people start their work life in a low paying job and stay there all their life. To accumulate money, build a life, and save for retirement takes money. If you find yourself in a low paying job you will never be able to be successful with money because you don't have enough money. 

The costs of taking care of yourself and a family is costly and the costs are rising all the time. The greatest investment you can make is to improve yourself. That can mean job training, education, or looking for higher paying jobs. If you sit in front of the TV every night wondering why you broke, maybe it's time to make a move to increase your income.

Saving Money

If you live from one paycheck to the next it's because you spend everything you earn. Financially smart people know the secret to being successful with money and that secret is to save money. Americans are blessed with a never ending supply of things to buy. Don't beat yourself up if you are caught up in this bad habit. Each time you earn money you should make it a habit of depositing at least 10 percent of it in a bank account that is solely designated for wealth accumulation. 

As this money begins to pile up, you may be tempted to spend it. Don't. Consistently saving at least 10 percent of your income and resisting the urge to use that money for anything other than sound investments is the most important healthy financial habit to develop. This habit lays the foundation for other healthy financial habits.

Manage or Eliminate Debt

Besides overspending  the other bad habit to keeping you broke is debt. Buying things on credit because you cannot afford them is another reason you're broke. Being in debt is not in itself bad but it does keep you from your goals if you don't have the money to pay it back. 

The main cause of going into debt is you have a had an unexpected expense and your only solution is to use credit because you don't have the money. This can be stopped by having an emergency fund funded to cover these expenses. 

Control Expenses

If your sloppy with your spending and don't have a budget you overspend on the wrong things. Start the habit of making a budget every month. You should have a plan for how you will spend the money you earn before you receive it. Your spending plan would include the money you intend to save automatically and enough to make all your debt payments and cover the household bills. 

The habit of budgeting your income -- and knowing where every single dollar goes -- will motivate you to cut costs wherever possible in order to increase the amount of discretionary funds you have left after meeting your monthly financial obligations. 

Have a Plan

Make your budget and have a plan for saving and paying down debt. Set short term and long term goals. Make plans to save a certain amount in a 6 month or a 12 month time frame. It's hard to break bad habits, you may fail but the secret is to keep trying and not give up.

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Ways to Save on Car Insurance

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Among the biggest expenses any household has is car insurance and finding ways to save money on that expense is essential. With a little time and work you'll be able to find many ways to save on a car insurance policy.One of the simplest methods to save money on automobile insurance is by just shopping around. Comparing prices at a few different automobile insurance companies will help you check if you're paying too much for insurance. You'll discover that rates vary between different insurance companies a lot. A few factors in how much you pay is your age and gender, plus your driving record. Commonly, males will pay more than females, and younger drivers will pay more than older ones.

After finding a good rate for your automobile insurance ask your agent if they have any discounts for bundling all your insurance policies together. A lot of auto insurance companies offer a price reduction to customers who have multiple vehicles. Think about changing over your homeowner’s, life, or tenants insurance policy to the same company. Huge discounts can be had when you give an insurance company all your business.

Raising your deductible is another method to save a lot of money on automobile insurance. If you have a deductible of $250, it is to low, think about raising it to a deductible between $500 to $ 1,000. Raising your deductible keeps down the liability the insurance company bears therefore you'll make a smaller payment. With the higher deductible more of the insurance liability falls on you. Make sure you have the money in savings to cover the amount of the deductible.

Presently, car insurance companies are extending discounts to clients who regularly wear their seatbelt, install a car alarm system, have airbags in their car, change their oil regularly, and are considered by their state to be good drivers. Remember that discounts can vary a lot between companies. There are also discounts extended for personal behaviors such as having good grades, not driving at night, and not drinking.

There are a lot of discounts available to you when you shop for car insurance. The insurance agent may not offer them to you, it is your business to inquire.

Auto insurance quotes in Washington D.C.

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Buy or Lease? Which is Best?

It’s the classic dilemma that faces every auto-consumer out there: Pay cash upfront or forego the ownership and pay monthly settlements instead? Buy or lease for a new set of wheels?


As is the case with every other common dilemma, there is no slam-dunk answer. Each option has its own benefits and drawbacks, and it all depends on a set of financial and personal considerations.


First, your finances. Affordability is clearly key, and you need to ask the question of how stable is your job and how healthy is your general financial situation. The short-term monthly-cost of leasing is significantly lower than the monthly payments when buying: you only pay for “the portion” of the vehicle’s cost that you use up during the time you drive it. 

If you have a lot of cash upfront, then you can opt to pay the down payment, sales taxes - in cash or rolled into a loan - and the interest rate determined by your loan company. Buying effectively gives you ownership of the car and that feeling of “free driving” that goes on providing transportation. If, say, you want to get into luxury models but can’t afford the upfront cash of purchasing the vehicle than you’re a good candidate for leasing.

Unlike buying, it gives you the option of not having to fork out the down payment upfront, leaving you to pay a lower money factor that is generally similar to the interest rate on a financing loan. However, these benefits have a price: terminating a lease early or defaulting on your monthly lease payments will result in stiff financial penalties and can ruin your credit. You need to make sure you carve out the monthly lease payment in your budget for the foreseeable future, at least for the duration of the lease. 

Besides the financial aspect, making a buy or lease decision depends on your own particular lifestyle choices and preferences. Think about what the car means to you: are you the sort of person to bond with the car or would you rather have the excitement of something new? If you want to drive a car for more than fives years, negotiate carefully and buy the car you like. If, on the other hand, you don’t like the idea of ownership and 
prefer to drive a new car every two to three years then you should lease. 

Next, factor your transportation needs: How many miles do you drive a year? How properly do you maintain your cars? If you answer is: “I drive 40,000 miles a year and I don’t really care much about my cars as I don’t mind dealing with repair bills”, then you’re probably better off buying. Leasing is based on the assumption of limited-mileage, usually no more than 12,000 to 15,000 miles a year, and wear-and-tear considerations. 

Unless you can keep within the prescribed mileage limits and keep the car in a good condition at the end of your lease, you might incur hefty end-of-lease costs.

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Stay-At-Home Spouses May Get Credit Cards With CFPB Help

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The Consumer Financial Protection Bureau(CFPB) is proposing a new rule to make it easier for stay-at-home spouses to obtain a credit card.

The CFPB proposal allows the stay-at-home spouse or partner to rely on shared income when applying for a credit card account, rather than individual income.

"When stay-at-home spouses or partners have the ability to make payments on a credit card, they should be able to obtain a card in their own name," said CFPB Director Richard Cordray in a statement. "Today the CFPB is proposing common-sense changes that would facilitate credit access for spouses or partners who do not work outside the home."

A 2009 CARD Act provision currently mandates issuers look at a consumer's individual income, rather than their household income, when deciding to approve that consumer for a credit card. The rule originally tried to prevent young adults from using their parents' income to obtain a credit card and subsequently ringing up too much debt in their own name. The unintended consequence of this provision is that it hurt the stay-at-home spouse that generates little or no income.

Is this a positive move forward?

When partners or spouses are denied credit because they do not have the income needed, it makes sense to deny them a credit card. But what if the partner or spouse can share their credit worthy status and show that their income will be the source of the ability to pay back debt. Would that make sense.

It could work if the spouse with the income would take responsibility for the debt to be paid if the account went into default. This works when a cosigner is need for a car note. If the borrower defaults the creditor goes after the cosigner. I works there so why not use it with credit cards.

What are the problems with the CFPB proposed rules?

When credit card issuers issue credit they have a reasonable expectation that when someone applies they are not overstating income. The reason why the rules are the way they are now is because household income is different than individual income. If one spouse applies for a credit card and indicates they make $50,000 in income, the credit card company issues an amount of credit based on credit history and other debts.

Now the spouse who doesn't have an income also applies for a card and indicates $50,000 as household income under the proposed CFPB   rules. The spouse probably doesn't have any debts, so the credit card looks on the applicant as a good risk not knowing about the any debt. This can't work.

In other words, allowing applicants to list shared income and personal debts is a recipe for disaster.  Considering the rate at which we’re incurring debt now, the last thing we need is to open the floodgates by diluting the effectiveness of underwriting.

The Solution

Instead of reversing course and allowing consumers to list shared income on credit card applications, the CFPB should first require that all credit card issuers accept joint applications.  This would enable couples to apply together, listing both of their Social Security Numbers as well as their combined incomes and debts, thereby allowing underwriters to make truly informed approval decisions and giving both applicants the ability to build independent credit.

Instead of reversing course and allowing consumers to list shared income on credit card applications, the CFPB should first require that all credit card issuers accept joint applications.  This would enable couples to apply together, listing both of their Social Security Numbers as well as their combined incomes and debts, thereby allowing underwriters to make truly informed approval decisions and giving both applicants the ability to build independent credit.

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