June 30th, 2009
There are a number of sound financial strategies you should be using while you’re still in college (or for you parents: while your child is) so that paying back student loans is much easier in the future:
Supplementing student loans with other financial options, such as savings and free aid. Make sure to begin a college savings plan ASAP. Use this to pay for whatever you can while you’re studying. Most 529 savings plans allow you to save tax-free money, and some states even provide monetary incentive/gifts.
Understand all the details and terms of all your federal and private student loans. You will be bound to this loan for several years so make sure you know what you’re getting into.
Don’t miss your payments. If you are consistently running short on money each month, call your student loan lender to find some answers. Once you’re in default it is much more difficult qualifying for a consolidation loan. Student loan default can have serious consequences and ruin your credit rating.
Hope these help (and they should if you follow them)!
Tags: consolidation, details, financial options, free aid, lender, loan, miss, payments, savings, student loans, supplement, terms, understanding
Posted in Student Loans | No Comments »
June 18th, 2009
Money, in all of its forms, now drives the world, so whenever the economy falters like it has been, most people’s lives don’t run as smoothly as they used to when the money was flowing more freely. Emergencies will always happen, and when they do you need a fast cash source you can rely on to see you through it. The time is now for a payday loan!
When you’re caught in a cash crunch, they’re available, regardless of their credit score (they’re lifeline when you need one!). They provide applicants with a chance to deliver the final blow to their cash strapped emergency, while also offering them the opportunity to fix a poor credit history. They are for those individuals who need to tackle problems that have popped up unexpectedly — problems like medical bills, automobile repairs, and the list goes on and on!
The requirements are that the applicant must be an American citizen, 18 years or older, with an active checking account and a job (the maximum amount offered depends on the applicant’s source of income). The cash call loan amount is normally delivered straight into your checking account within 24-hours. After this, you can conveniently pay off the loan whenever your next paycheck comes around — it’s that simple!
Most people have lived through an unexpected situation, and needed financial help (there is no reason to believe that you’re the only one). Fortunately there is now a solution. So sign up for a payday loan today … you’ll get the money you need now!
Tags: cash, cash crunch, emergency, finance, money, payday loan
Posted in Cash Advance | No Comments »
June 2nd, 2009
Unemployed? Well, thanks to loan forbearance, paying off the tens of thousands you spent on your college degree can be one less worry while you’re looking for another job.
With this helpful lender’s method, you can temporarily reduce or postpone payments on your student loans while you’re out of work. If you have subsidized loans, like a Perkins Loan, the government will even pay the interest that accrues during the deferment. However, if yours is an unsubsidized loan, you’ll either have to pay the interest as it accrues, or add it to your balance.
While increasing the amount you owe may sound like a bad idea, deferring your student loans is not only a great move to cut your current expenses, but it’ll also reduce your chances of defaulting on your loan, which would seriously hurt your credit score.
Need to defer for longer than six months? Then simply reapply every six months, for up to the maximum 36 months of deferral. You may have to show that you’ve made honest attempts at finding a job, but it will be well worth it to save your credit.
To find out what rules apply to your loan, contact your lender directly.
Tags: default, forbearance, increase, job, student loan, unemployed
Posted in Student Loans | No Comments »
May 26th, 2009
A friend of mine who is going through a bankruptcy, due to a divorce, asked me if he’ll ever be able to get credit again!
My simple answer to him was, “Yes, of course!” How, you ask? Well, a number of banks are now offering “secured” credit cards where a debtor puts up a certain amount of money (as little as $200) into an account at the bank to guarantee payment. Usually the credit limit is equal to the security given, and is quickly increased as the debtor proves his or her ability to pay on the debt. Two years after a bankruptcy discharge, debtors are then eligible for mortgage loans on terms as good as those of others, with the same financial profile as those who have never filed for bankruptcy.
The size of your down payment and the stability of your income will be much more important than the fact you filed bankruptcy in the past. Although the fact that you filed for bankruptcy will stay on your credit report for 10 years, it will become much less significant the further in the past the bankruptcy date is.
After telling all of this to my friend, I then mentioned obvious fact: he was probably much less of a credit risk after his bankruptcy than before it, when he was struggling to pay all of his growing bills”. This made his extremely hopeful for the future.
Tags: Bankruptcy, credit, credit limit, date, income, stability, status
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May 12th, 2009
When dealing with a credit bureau, understand that they are in the business of collecting and selling information — nothing more, nothing less!
For this simple reason, it is in your best interest to never provide them with any information that is not legally necessary. Legally, you only really need to provide a credit bureau with your name, social security number and legal address in order to obtain your credit report. They may request a copy of your social security card, and if the address they have on file is different from your current one, they may also ask for a copy of something with that new address on.
Now, if they ask for a driver’s license to prove your address, instead send them a copy of a bill showing your address. The reason you want to be cautious when dealing with credit bureaus is that they own many collection agencies, and if you have a credit problem you want to give them as little information as possible with which to harass you with (note: a driver’s license has TOO much information on it).
By learning how to properly handle the credit bureaus, you’ll be able to effectively engage in the same credit repair that some companies change exorbitant fees for. By educating yourself as to the legal obligations of the credit bureau, you can, in many cases, find less expensive ways to fix your credit problems both quickly and effectively.
Tags: credit bureau, information, legally, license, request
Posted in Credit Reports | 1 Comment »
February 23rd, 2009
As the payday lending industry has grown rapidly over the past decade, particularly in lower-income and minority communities, the usual critics of free-market commerce have found yet another capitalist whipping boy ripe for attack. These critics, often posturing as “consumer advocates,” charge that payday lending exploits the poor and lower-income customers that comprise its target market, preys on their lack of financial sophistication, leads them into chronic borrowing habits at “excessively high” effective interest rates, and generally takes advantage of their weak bargaining position.
The “solution” proposed by these critics is further government regulation of the financial institutions that provide payday lending services, usually in the form of caps on the fees that these business firms can charge. Of course, further government intervention is not the answer. Indeed, it is previous government regulation in the consumer finance industry that has, in part, led to the rapid growth of the very payday lending practices so reviled by critics. As always, the law of unintended consequences prevails, leading to outcomes that are directly opposite those sought by government regulators.
Payday lending, sometimes known as a “payday advance” or a “deferred deposit” loan, is a short-term two- to four-week loan backed by a postdated personal check that a borrower agrees to cover with sufficient funds out of his or her next paycheck. In effect, the borrower issues a postdated check to the payday lender in exchange for immediate cash, usually in the amount of $100 or $200.
The typical fee for this service is $15 or $20 per $100 borrowed, so the postdated check is written for an amount equal to the sum of the desired loan plus the related fees. The payday lender holds the check until the agreed-upon date, at which point it is cashed and (hopefully) covered by the borrower’s payday deposit.
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Source: The Free Market
(To be continued…)
Tags: payday loans
Posted in Cash Advance | No Comments »
February 20th, 2009
Sometimes we come across a situation that requires making some urgent arrangements for cash. It might be the medical bill that needs to be paid urgently or a great offer that you simply cannot afford to miss out on. In these situations, payday loans are an easy and great way to get some instant cash. Read the rest of this entry »
Tags: payday loans
Posted in Cash Advance | No Comments »
February 20th, 2009
As consumers, it’s not like we have a lot of clout with huge financial institutions. Just remember what it was like when you applied for your mortgage. You probably had to search all over the place for a massive amount of documents that told your entire life story.
Did it feel like you had to sell your soul and bend over backwards to prove that you were worthy? Read the rest of this entry »
Tags: foreclosure
Posted in Mortgages, loan modification | No Comments »
February 18th, 2009
It took a California homeowner in Merced just three years to see the value of her home plunge by more than half to $350,000. Next month, her mortgage payment jumps 20 percent to $3,321 and she knows she can’t afford it. Her bank won’t rework the loan unless she stops paying altogether.
“Now I know how people feel when I go knocking on their door,” said the homeowner, a real estate agent who works for a company that notifies residents in foreclosed properties that they must vacate. “I’m in their shoes.” Read the rest of this entry »
Tags: California foreclosures
Posted in loan modification, personal finance | No Comments »
February 17th, 2009
We have to admit that that there aren’t many things that are good about the financial crisis that were in right now. However, and this is a big however, what we see as the silver lining to all of this nonsense is that it’s taken the bank’s ego down a peg.
Remember 12 months ago? The banks were riding high, credit was easy to get, and just about everyone short of incarcerated criminals was getting a mortgage. Bank presidents and CEOs were pulling down mega bonuses, and getting slaps on the back from the old boy network at the country club. Read the rest of this entry »
Tags: loan modification
Posted in Uncategorized | 6 Comments »