4 Tips For Paying Off And Breaking Out Of The Payday Loan Cycle

Posted by on Aug 31, 2016 in Uncategorized | Comments Off on 4 Tips For Paying Off And Breaking Out Of The Payday Loan Cycle

If you have recently gone through a tough patch financially, you may have applied for a couple of payday loans to help you out, only to find that you have become stuck in a cycle of constantly needing the loans. If you are wondering if there is any way you can break out of the payday loan cycle, consider using one or more of the following tips. Seek Out Charitable Assistance For Your Bills If you find that you are unable to pay your bills each month, you may have started to depend on payday loans to keep your utilities on. However, since these loans come with high fees and interest rates, you are paying much more to keep the lights on by using these loans. Instead of going to payday loans as a first option, you may want to seek out charitable institutions for assistance for your bills. Some of your local churches may offer assistance to any household once a year. Also, you may want to check out your local LIHEAP Campaign for Home Energy Assistance program during the winter months to keep your home heated. Slowly Build Up An Emergency Fund If you never seem to have money left over each month and an emergency arises, you may have to turn to payday loan institutions to get you through a rough time, such as when an out-of-state family member gets sick or your car breaks down. This could deplete your finances quickly each time, making it necessary to continue applying for loans to pay for basic bills. To avoid having to run to the payday loan office, slowly try to build up an emergency fund. Even if you can only put back five dollars every week, if you never touch that money, it can eventually build into a tidy sum that may come in handy when something unexpected comes up. Pay More Than The Minimum Payment On Your Payday Loan While you are working on breaking out of the payday loan cycle, you also need to turn your attention to your current loans. If you find that you can never seem to get them paid off, you should consider paying more than the minimum payments.  Since the payments usually only mostly cover the interest rates on your payday loans, with very little going towards the principle, it can take you a long time to pay off the loan. Whenever you make your payments, try to pay as much as you can extra towards the loan. Even a few dollars each week can help pay off your loan a little quicker. Apply For Payday Loan Consolidation For More Than One Loan If you feel as if you have gotten in over your head with several payday loans, you may want to think about applying for a payday loan consolidation loan. This type of loan uses the funds to pay off your current loans, making you liable for only one payment each month. Sometimes the services are able to settle for a lesser payment than the loan amount, saving you money overall. And since these loans also come at a much lower interest rate than payday loans are notorious for having, more of your payment goes toward the principle instead of just the interest. Using one or more of the above...

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2 Reasons to Use Factoring for Your Trucking Company to Keep the Cash Flow Positive

Posted by on Jan 12, 2016 in Uncategorized | Comments Off on 2 Reasons to Use Factoring for Your Trucking Company to Keep the Cash Flow Positive

Running a trucking business can be a great way to earn a living, but to do this successfully you will need to have a lot of cash on hand. A lot of cash goes out daily with trucking companies, but the cash inflow is not always steady. If you do not have a large amount of cash on hand, you could experience problems with paying your bills and affording daily expenses. This is one of the main reasons a lot of trucking companies rely on accounts receivable (AR) factoring to keep them afloat. Here are two reasons this is the best way to keep your cash flowing in with your trucking company. It Is Not a Loan One key thing to realize about AR factoring is that it is not a loan. When you use factoring, you are not borrowing any money at all. Instead, factoring is simply selling your AR accounts. AR accounts in a trucking business are generally made up of freight invoices. When your company provides shipping services for someone, you will bill the person for the services. This creates an AR account. This person may have 30 days, or longer, to pay you for this bill. This 30-day period can create issues for your trucking company’s cash flow. During this time, you will still be paying money out for gas, payroll, truck repairs, and other expenses. Eventually, you may run out of money. Getting a loan to help you get by can be helpful, but it is not a good long-term solution. When you take a loan, you will have to repay it in the form of payments. This means you will have even more cash going out each month. With factoring, you will sell your accounts to a factoring company. There is no money to repay, and your cash flow problems will be solved.  It Is Easy to Do The second reason to consider using factoring is due to its simplicity. Once you select a company to use for your factoring, you can set up a schedule for the purchases to occur. You could do this on a weekly or monthly basis, and it will automatically occur. All you will have to do is send in copies of the AR statements. The factoring company will then send you money. While factoring companies all have different terms, it is very common for the process to work by the company paying a certain percentage upfront. For many factoring companies, this percentage is between 60% to 90%. This means that you will receive 60% to 90% of the invoices you have outstanding. This money will come right away from the factoring company. They will then forward you the rest when the bills are paid. They will take a small percentage of the money out for themselves. This is how factoring companies make money. Another key advantage to consider is that you will not have to worry about collecting money from the companies you extend credit to. The factoring company will assume this role, which will leave you with less book work to do. When looking for a factoring company, you should compare the terms of several companies. As you do this, look at the percentage of money they offer upfront the percentage of fees charged for the...

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5 Reasons College Students Should Take Out A Payday Loan

Posted by on Sep 9, 2015 in Uncategorized | Comments Off on 5 Reasons College Students Should Take Out A Payday Loan

The college life is different than anything that teenagers typically experience. It’s filled with the freedom of being an adult while not having all the financial stability or responsibilities. To support school, it’s common for many students to get part-time jobs. Even with a weekly paycheck, college costs can easily add up and leave you strapped for cash. Instead of limiting your college experience and going without necessities, you can consider getting a cash advance through a payday loan. A payday loan is a short term loan that is usually connected through a checking or debit account. The loans are typically under a thousand dollars and are paid back with your next pay check or within a few weeks. These loans offer you quick solutions for five different problems that can occur while in college. Semester Charges A financial plan often needs to be set in place before you can move into a dorm or get started with classes. If you have money due, you do not want the financial burden to limit your education. A payday loan can help you cover the extra costs until your next pay check arrives. This will give you access to a dorm room and ensure that your attendance and registration is counted for in classrooms. Even if you have large payments due or loans pending, a small down payment may help you get started in the classes instead of being held out. It all depends on the exact policies from your university. Class Books College classes are hard enough as it is. Going to the first classes without the proper supplies can put you way behind academically. A payday loan can help you purchase books for your class needs. To help get the most out of a payday loan, it’s a good idea to look for the cheapest books possible. This includes purchasing used books or digital copies that may be cheaper. It’s also a good idea to check the school’s library to see what books are available, so you do not have to purchase them all at one time. Spreading out the bulk purchase can help ensure you pay back the loan as soon as possible. Technology Repairs Term papers, study notes, and digital classes can all be lost if your computer or tablet malfunctions. Instead of starting from scratch, a payday loan can help you pay for technology repair and data recovery. Many college campuses offer computer centers with discounted services. Instead of waiting until you can afford a repair, you have the ability to get the loan and complete the repair as soon as possible. This can also be used to help remove viruses and set up a cloud system so your files do not get lost or accidentally deleted. Travel Needs Being on a college campus can limit your access to family back home. When school is out for winter holidays and things like spring break, you may want to return home. A payday loan can help you purchase bus, train, or plane tickets. Not only will a payday loan help you cover the costs of traveling, but getting the loan quickly can help you shop competitively for the tickets. You will have a little extra time to compare prices, find flash sales, and get the cheapest tickets...

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An Overview of Car Title Loans

Posted by on Sep 8, 2015 in Uncategorized | Comments Off on An Overview of Car Title Loans

In the event of a medical emergency or sudden vehicle breakdown, many people may not have the money on hand to meet their needs. In these cases, a car title loan can provide you with the funds you need to get back on your feet fast. Here is an explanation of how car title loans work and the advantages of these types of loans. Basic Overview of Car Title Loans As the name implies, a car title loan uses the title of your vehicle as collateral for a small loan. The details of such a loan are slightly more complex, as not everyone who owns a vehicle will qualify for a car title loan. To determine if you qualify, lenders will analyze the equity of your vehicle. If you own a vehicle and are no longer making payments, the equity is equivalent to the value of the vehicle. If you are still making payments, you must owe less than the value of the vehicle to have positive equity. The higher the equity of your vehicle, the more a lender will be willing to lend you. How Payment Works Most car title loans last for a period of 30 days, and most lenders will also charge a lending fee in addition to the value of your loan. At the end of the loan period, you will be expected to pay back the full value of the loan as well as the lending fee. If the loan cannot be paid, the lender will have the right to repossess your vehicle. While the risk of losing their vehicle may be a matter of concern for first-time borrowers, many lenders offer a rollover on the loan. If you roll over your loan, you will have another lending period to repay the loan value, the initial lending fee, as well as an additional lending fee for the second period. They Are Easy to Apply For Your credit score plays a big part in your eligibility for many types of loans. Car title loans are unique in that most lenders will not even consider your credit when you are applying for the loan. Aside from analyzing the equity of the vehicle you are offering for collateral, the lender will simply verify that you have a reliable source of income. This makes car title loans one of the most convenient types of loan available. You Can Continue to Drive Your Vehicle When you hear the term collateral, you may imagine a lender taking possession of property until they are paid back. In reality, items that are used as collateral for a loan typically remain in possession of the borrower and are pledged to the lender in the event that the loan isn’t paid. If car title loans required relinquishing your vehicle to a lender, they would not be a viable option for the vast majority of borrowers. Because the lender can keep the title to your vehicle instead, you have the advantage of being able to continue driving your vehicle while the loan is unpaid. Borrowers Receive Cash Quickly If you are in need of extra cash today, car title loans can be one of your best options. Even with good credit, you may often find yourself waiting a few days for your loan request to...

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Things You Can Sell To Get Cash Fast

Posted by on Jul 29, 2015 in Uncategorized | Comments Off on Things You Can Sell To Get Cash Fast

If you are struggling to pay your bills and need some cash fast, you may wonder what your options are. While you can get a payday loan for cash fast, you might want to try other methods first. Here are some options you have to earn some cash, and you might find that some of these are really easy and good methods to use. Sell Some Normal Things Most people can look around their homes and find things they do not really need. If you do this, you are likely to find a variety of different items that you could sell for cash. By doing this, you will not have to borrow money, plus it could help you eliminate some clutter out of your home. Almost anything you do not want could be worth money to someone else, so don’t worry about being selective. Just gather your items and sell them with one of these methods: Garage sale Online local classified ad sites Online auction sites Consignment shop (some pay cash on the spot instead of using traditional consignment methods) You can use these methods to sell anything you have, including clothing, books, electronics, furniture, jewelry, and household items. If you get them listed right away or host a sale at your house, you could generate cash now for your things. Sell Unusual Items In addition to selling the regular types of items people sell, there are also unusual items you could sell for cash. You may have heard of some of these, but others might be new to you. Here are some examples to consider: Broken electronics – There are a variety of different companies that will purchase your used electronics, even if they do not work. In most cases, you will have to mail them to one of these companies, and they will pay you for the items according to their value. Scrap metals – If you dig through your house, basement, or garage, you might be able to find some items you do not want that are made of metal. All metal items are worth money to a scrapyard, and you can bring them in to receive cash on the spot. This includes aluminum cans, brass vases, old copper pipes, and anything made of steel. Gift cards – If you have any gift cards around your house that you really do not need, you could sell them too. You will not get 100% of their value, but you might be able to get up to 92% of their value. Used paper towel and toilet paper rolls – People will actually buy these rolls for cash, because they may need them for craft projects. You can list them on online sites, and you may be surprised by how many people show interest in them. Wine corks – If you have been saving up your wine corks for a project, you might want to consider selling them to raise some cash now. People that need them for crafts may purchase them from you for a reasonable price. Your hair – If you have long hair and are willing to cut it off, you could turn this into cash. Depending on the color, type, and thickness of your hair, you could earn hundreds or thousands of dollars for it....

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Annuities, Retirements, And Lottery Winnings: 2 Reasons The Lump Sum Option Might Work Better For You

Posted by on May 27, 2015 in Uncategorized | Comments Off on Annuities, Retirements, And Lottery Winnings: 2 Reasons The Lump Sum Option Might Work Better For You

If you win the lottery or have an annuity or retirement account that has reached maturity, you might be faced with deciding between reliable, monthly payments or a single, lump sum check. Although it might seem safe to choose monthly payments, the fact of the matter is they aren’t right for everyone. Here are two reasons the lump sum option might work better for you: 1: You Are Worried About Inflation A dollar earned twenty years ago is a little different than a dollar earned today. Buying power can change significantly over time, which is why accounting for inflation is important when you decide between payout options. For example, $1,000 in 1980 has about $2,848.57 worth of buying power in 2015. Unfortunately, if you opt for monthly payments, you will receive a pre-portioned amount of your money—regardless of your future expenses. Although lump sum payments are typically taxed, the money you stand to collect today might give you valuable buying power, which can be used for investments. For example, you might be able to invest in stocks, bonds, or real estate that will appreciate over time. In addition to helping you develop a reliable nest egg, buying power can also help you to diversify your portfolio, so you are less susceptible to environmental factors such as recessions, job losses, or major life events. For example, if you have the money to invest in a wide variety of markets, your family might be able to stay afloat during difficult times, instead of relying on measly monthly payments from a retirement or annuity account.   2: You Are In Poor Health The idea of monthly checks might seem comforting, but what if you won’t be around to collect them? Depending on your account terms, those payments might stop the second you die. For example, if you have a “life only” annuity, your beneficiaries won’t have any claim on your earnings after you pass away. Because of the intricacies of financial regulations, lump sum payments might be a better option if you are in poor health, or if you are elderly. In addition to giving you immediate access to your money, lump sum payments might also help you to: Give Money to Others: You might plan on tucking away a portion of your earnings each month to help your kids through college, but what if you aren’t around long enough to make a difference? The great thing about lump sum payments is because you have immediate financial control, you can give money to other people while you still can. Enjoy Your Life: Lump sum payments might also help you to enjoy the remainder of your life. By getting an early payout, you might be able to explore Europe, take a cruise, or build the home of your dreams. Take Care of Significant Medical Expenses: If you are in poor health, you might also be dealing with steep medical bills stemming from procedures, medications, and hospital stays. However, by taking the lump sum, you can pay off your debts early, so your surviving spouse doesn’t have to worry about calls from collection agencies. As you think about your repayment terms, try to be realistic about the amount of money you stand to collect. Calculate the number of years you think you would be...

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