Unsecured Personal Loans in Times of Need

Loans (Photo credit: zingbot)

Most people use unsecured loans when in need of financial assistance. Usually, personal loans are associated with secured loans. A secured loan wants the borrower to have collateral (i.e. a home, land, car, etc.). The lender has the legal right to take the collateral in the event that the borrower doesn't make the required payments. 
People are hesitant to take on a secured loan since they do not want to put their car or home on the line or they just don't have any collateral. In this case, there is another available option for you. 

Unsecured Loans 

An unsecured personal loan is a type of loan which is based solely upon the borrower’s credit score. Since you're not furnishing your lender any form of collateral, you can expect that the rate of interest that goes with this kind of loan is a little bit higher compared to a secured loan because of the high risk involved. 

Factors that Affect a Lender’s Decisions 

A borrower can either have a good to excellent credit score or a bad credit score. Take for example the person with bad credit. There are unsecured loans available for people with bad credit, however, he/she will be given a lower loan amount and a higher interest rate. For a person who has excellent credit score, instant approval plus a higher loan amount and lower interest rate is to be expected. 

What you earn can also affect a lender’s decision. It serves as a guarantee that you can pay back your loan on time. People with good average income are more preferable by lenders than people with lower income. 

Rules for Repayment 

Each lending company has a different set of Terms and Conditions as well as payback options. Generally, the payback term of an unsecured personal loan is shorter than a secured loan since quick repayment of funds is considered as a securer option by most lending companies. Normally, borrowers are only given five years or less to pay back their unsecured loans, no matter how much they've borrowed. 

3 Helpful Tips for Unsecured Loans Applicants 

1.Shop Around. 
Some people make the mistake of submitting loan applications to every lending companies they come across. Make the best of the internet. Research lenders who offer unsecured loans. Compare your possible options and pick the one that offers the best deal. 

2.Negotiate. 
Having a bad credit history should not stop you from requesting a lower interest rates and better deals. Try to ask your preferred lender if they can provide you with a longer repayment term or lower monthly payments. Make sure you do your own research first before signing the contract. 

3.Can You Really Afford Paying the Loan Back? 
You have already found an unsecured loan that is just right for your needs, but, it's important to ask yourself if you're able to make your payment on time. A late or missed payment can leave a negative remark on your credit report.

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Teaching Teens to Save Money

(Photo credit: Wikipedia)

Parents mostly complain that teenagers do not listen to them. The opposite is true when it comes to advice regarding 'money matters'. Teens actually welcome their parent’s input about their finances. 
In the past few years, teenagers have earned billions of dollars with part-time and summer jobs. 

Some have spent most of what they earned, while others saved most or even all of it for a big purchase, or for their college education. 

Kids these days are becoming more and more aware of their family's source of income and financial status. They apply these money-spending principles when they venture out on their own. 

Thus, it becomes more of a parent’s responsibility to start “training” their teenage kids to use their money wisely. 

Here are some ways on how you, as a parent, can teach your teens to save those hard-earned bucks: 

1. Lead by example. 

With your lifestyle, the children will see how you spend your money. If they see you allotting a certain amount for a specific household need, they will eventually do the same when they get to earn their own keep. 

2. Help your teens get a bank account. 

Establishing a bank account under their name would give them an instant financial responsibility. Sit down and explain to them how to manage their own account, and the “rewards” that they get once they save enough.Their savings could go to their college tuition, or a big purchase like a car. 

Additionally, it gives them a sense of accomplishment once they have saved up, with something concrete to show for it. You may check out the special benefits that banks offer for teens who open their accounts at such an early age. 

3. Construct a “spending plan”. 

Once they hear the word 'budget', teens tend to cringe at the mere thought of having to restrict the spending of their money. Instead, you and your teen son or daughter could build a “spending plan”. This would get them excited, and think of ways on how they can wisely spend their savings.

Also, have them list down their earnings versus their expenses. Let them know the difference between the items that they need and the luxury items that they want, which they can actually do without.

4. Make a “mock” investment in the stock market. 

Make them aware of the options that they have financially. Casually introduce to them the business part of your daily newspapers and have them make “mock” investments for companies who manufactures products that they like. Monitor the stocks together and this would give them another option of investing their money in the future. 

You can teach your children good habits and many of them will learn them. But there are always the kids that know everything already. These you can only do so much with. Don't be discouraged if they take your advice. These kinds of kids need to learn from their own mistakes. And hopefully they do.

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Angus Reed, Prudentia, Dubai and Renewable Energy

(Photo credit: Wikipedia)

Solar energy and renewable energy are two technologies we have at our disposal that can be a part of the solution, for our future energy needs. All of our non-renewable fossil fuel energy sources are coming close to a plateau in supply. While demand continues to rise every year renewable energy sources are becoming the only solution to our energy needs.

Currently wind and solar energy have gone to the top of the list as sources for cheap renewable energy. The technology has become more readily available and manufacturing costs has reached a greater affordability level.

Angus Reed, Australian businessman, has taken the lead into making renewable energy a part of everyday life. Angus Reed, Director of Prudentia Investments, leads one of Australia's most respected integrated property and investment management group. Through his experience in real estate development across the globe including Australia, Dubai ,and other countries he has made early investments in renewable energy and his efforts are bearing fruit. 

Angus Reed's dedication to renewable energy has moved Prudentia into the lead of Australia’s growing sustainable energy industry with its investiture in solar company Nu Energy. Under Angus Reed’s guidance, Prudentia is using its expertise in alternative energy supplies around Australia for other projects. These projects include the planned, "The Range at Croydon", a groundbreaking housing development in eastern Melbourne and "Hutton Rise", a modern housing project in Prospect Launceston. 

Angus Reed and Prudentia have also built Cambridge Park in Tasmania. This project includes Tasmania’s first incorporated homemaker center and Hydro Tasmania Conference Center, which won a 5-Star Green Star Office Design award from the Green Building Council of Australia (GBCA).

Angus Reed's most recent success has been Melbourne's new Wyndham Harbor project. This new project includes attractively priced apartments, a 1,400 ship harbor, and a modern shopping area. This new development will mean more jobs, residences, and tax income for Melbourne and surrounding area.

More companies are putting money into research and development of renewable energy technology everyday, eventually it will makes its way into more homes and the overall demand for oil and coal will decline thus helping the environment. With government regulation and incentives encouraging sustainable energy development and the application of these technologies toward the countries energy needs, we will see the demand of non-renewable energy sources decline. 

How to Save Money on Travel

As gas prices continue to climb and the overall costs for travel soar, many think that travel is out of reach and shelve plans for their dream vacation for “someday.” Retirees may give up on the notion completely, thinking that a big trip just isn’t possible on a limited income. 

However, there are many ways that you can save money and make travel a reality. Here are just a few ways you can make just about any trip fit your budget: 

Travel Off-Season 

Everybody wants to go to Paris in springtime. Unfortunately, that means that lines will be longer, your options will be limited, and you will pay more for everything. While traveling in the dead of winter when it’s cold and snowy most places may not seem appealing, that’s exactly how you can travel for a fraction of the cost. 

Talk with a travel agent about what constitutes “off-season” for the place you want to travel. You may be able to travel in the fall or spring when temperatures and conditions aren’t ideal but are still bearable. Just put on a warm jacket or a packable rain jacket if it rains, the Eiffel Tower won’t seem any less amazing!

Save on Flights 

There are many ways you can save on airfare if you’re willing to do a little research or be flexible in your dates of travel. Start by researching the lowest fares on comparison sites such as Travelocity or Orbitz. You can find out what airlines are offering the lowest fares, then try to bid for lower prices on a service like Priceline. 


If you’re flexible with your travel dates, this can lower your fares significantly. Do a search that includes flexible dates and find the lowest fares. Even being flexible enough to fly Tuesday through Thursday can drop a lot off your ticket prices. Of course, last-minute fares – just a few weeks or less before travel – will also be significantly cheaper.

Choose Low-Cost Lodging 

Low-cost lodging doesn’t mean 3-star hotels. You need to think outside the hotel. One popular option includes a hostel, which puts you in a room with a few other strangers but can cost as little as $10 a night. You can get a private room in a hostel, but the cost is a little higher (though still potentially cheaper than many hotels). 

A couple other options include renting an apartment for the week (usually less than the cost of a hotel), volunteering on a farm or non-profit organization (which usually offers lodging in exchange for the help), or couch surfing (in which you connect with good travel Samaritans who offer you their spare couch or room for a night or two for free). 

Skip Restaurants 

Eating out at home can be expensive, and it’s even worse when you travel. Don’t eat at restaurants, and you’ll save a lot of money. If there’s a kitchen in your hostel or your hotel room, you can purchase groceries from the local market and make meals there. If there isn’t, you can purchase ready-made items from local markets and grocery stores. 

Even if you don’t want to get your meals this way, at least grabbing snacks such as granola bars, nuts, and fruit can help you reduce the number of meals you have to buy out. 

Travel doesn’t have to be a distant dream for when you win the lottery or one of your investments finally pays off. By brainstorming ways to save, you can make just about any trip a reality. 

How do you save money when you travel? Share your tips in the comments! 

Charissa Newark is a writer and manager for Accountingdegree.net, where she has recently been researching requirements for an accounting degree. In her spare time, Charissa enjoys gardening and volunteering at animal shelters.

Are You Responsible for Your Spouse's Tax Bill?

Income tax (Photo credit: Alan Cleaver)

When you say "I do" you are not only merging your lives together you are also merging your tax responsibility. Unlike, your individual debt responsibilities, which are wholly an individual problem. Your tax responsibilities, when you file joint returns, can affect the other spouse.These liabilities include back federal and/or state taxes, child support, and unpaid student loans.

The IRS wants all couples to know that:

1. Tax, interest and penalties are a joint responsibility — even after divorce or death.
2. A divorce decree, written in stone, that your ex is responsible for your joint taxes, does not mean the IRS won’t hold you liable.
3. Even if none of the income on your joint tax return is yours, the IRS can still come after you.For example, in 2010, you were a W-2 employee and your spouse was self-employed, and you filed a joint tax return. In 2011 you divorced, and your spouse left for parts unknown. Several months ago, the IRS audited your 2010 joint tax return and determined that not all of the income from your spouse’s business was reported.
The IRS agent is going to say that you are responsible for the tax plus interest and penalties, and your wages are going to be levied to pay this debt.

There can be relief, however, if you can prove that you are an “innocent spouse.”

1. If the understatement of tax was due to cheating, or what the IRS calls “erroneous” items, and
2. When you signed the return, you didn’t know, or have reason to know, of the under reported income, and
3. You did not benefit from that income, and
4. It would be unfair to hold you liable.The IRS considers an erroneous item to be unreported income, or incorrect deductions. These include unreported cash income, as well as unsupported deductions like claiming expenses that were never incurred.

Not knowing, or not having reason to know, refers to:

1. The nature of the item. This means that if your spouse had unreported gambling income, and those records were totally maintained by your spouse;
2. Your educational and business background. In other words, should you have known or should you have questioned.Did you benefit? Are you living in a $1,000,000 house with reported income of only $100,000? Being unfair to hold you liable includes whether you received a significant benefit from the understatement, whether your spouse deserted you, and whether you are divorced or separated. There are two other types of relief — separation of liability and equitable relief. Under separation of liability relief, you divide the understatement, including penalty and interest, between the two of you. This relief covers unpaid liabilities due to tax understatements. The requirements are that you are legally separated or divorced, including widowed, and you did not live with your spouse for the past twelve months.

Equitable relief is provided if you do not qualify for either of the other two, and require, amongst other things, that you did not intend to commit fraud, and were not involved in a fraudulent scheme to defraud the IRS, a creditor, business partner, or ex-spouse, that it would be unfair to hold you accountable, and the income was not yours.

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Basic Money Management Advice

Finance (Photo credit: Tax Credits)

In the era of technologies and mass media there are some people left who think of their financial life as they are able to see a distinct connection with this aspect of life with a well-being of others. Most people do not understand that finances are an inseparable part of our lives and they will not just get rid of it by their wish. If you are ignorant about how to control your money, you should better learn to as you will just lose money you have been working so hard for. Managing money is a learnable thing. So why do so many people stay away from money management? Just begin to learn and get to know all kinds of information for becoming stronger in this sphere of life and you will soon notice how life changes for better. 

Though the process of learning may seem difficult and perplexed, it does not mean that it is the same way in reality. Indeed, the basic two criteria are the most momentous: self-control and a plan. 

Probably many times in your life you have heard such a word: budget. Try to learn it and use it as a golden book. Set up a budget and plan everything, all your expenses, incomes, bill payments, track literally everything, even the sum of money which you spend on coffee. The best variant is to jot down all your spending at once, for not to forget anything. It will be easier for you to control your money in that case. 

Self-control and discipline are the same terms. Remember all the deadlines and terms of the bill payments. If your money is tight for the moment, then do not buy anything that you don’t really need. Think and take care of your future. Nevertheless, there is plenty of advice for money management and the previous two were just the basic ones. If you want to improve your financial life completely, to turn it upside-down, then try to follow some other pieces of advice below. 

Organize your expenses 

If you spend too much money on something where you can save, then why won’t you do that? If you buy coffee at Starbucks or any other cafeteria, then make coffee at home and that will help you to save even more money than you expect. 

Savings account is a must 

Put some money away for a rainy day. The perfect option is to use a bank for opening a savings account. The point of such account is that you are getting an interest rate and the more money you have there, the higher your interest rate is becoming. 

Learn how to deal with emergencies 

The urgent situations are usually unforeseen and nobody may predict them, that is why be prepared towards anything. Save some money from every your salary for an emergency case and you will not fall behind when any situation occurs. 

Still if you do not have any money for a rainy day, neither for an emergency case, then you may use such a convenient option like immediate loans till payday. They intended for people who are not able to pay for some service or bill in time. Money will be sent and withdrawn from the customer’s personal bank account automatically. There is not need to collect the papers on the personal data as the service is faxless. 

As far as you can see, you have a lot of advice for working out your financial life. Nonetheless the most momentous point is your willing. Without it you will never climb on the top.

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