Payday loans are not just for desperate situations like medical emergencies and car repairs. They can also be useful on numerous occasions where you need some extra cash on hand. One of the beauties of these short term loans is that there are really no stipulations on how they are spent. You can use your borrowed cash for as serious or frivolous an expense as you desire.
For example, if you love collecting antiques, and there is going to be a fabulous antique flea market in your town, you certainly want to have cash for that. You can’t really go to a flea market with a credit card. If you are short on cash these instant payday loans could be a simple solution for you. You can borrow against your next paycheck however large a sum as you would like. If you like to restore and sell antiques as a side hobby a pay check advance loan will give you the freedom to do that.
What you’ll want to do is go online to a website that offers pay check advance loans. These websites allow you to apply at any time of the day or night. On the website you create an account and fill out an application. If approved you could have the funds in your account as quickly as within the hour. That should get you to your antique flea market with plenty of cash to help you score all the coolest finds.
Payday loans are well within the reach of any working adult. In fact, the make or break requirement for eligibility is that you are working and receiving a regular paycheck. Your loan will not go through your credit report, so it’s great if you just want the flexibility to spend some cash, without having it damage your long term financial situation.
As you shop around for your payday loans be sure that the company you decide to go with is legitimate. You can check with the BBB(Better Business Bureau). Also, verify that they are US based, and will lend to US residents. Paycheck advance companies usually lend only to residents of the country they are based out of.
One you have found your company of choice, you know that you have quick access to chunks of cash whenever you need, and for whatever you need it for. Enjoy those flea markets to your heart’s content!
Many people don’t understand what personal finance is. It is even surprising to know that there are some professionally trained finance personnel’s that can only manage company accounts and yet fail to manage their personal finance accounts. This is one of the reasons why anyone can become broke no matter what their job is. It is therefore important that we look at some of the ways in which we can effectively manage our finances and avoid falling into an endless debt cycle.
Don’t jump at every loan opportunity
If you have a good credit record, more and more people will approach you with a loan offer or a credit purchase. It is very important to never lose your stepping on this one, no matter how many loan offers you get only get a loan if you have planned to get one. An unplanned for loan will mean that you may have to start paying back the loan at a time you had not prepared to and this may increase the risk of faltering payment.
Don’t shy away from credit
Many people think the best way to manage personal finances is to pay everything in cash and avoid credit. This is not a good idea at all. There are certain times when you need to make a payment and you may not have cash in your pocket. Deferring payment to another time will only attract a penalty. However if you have a credit card it is possible to make the payment and pay less in terms of interest as compared to the amount you would have paid in penalties. So getting credit can actually help you reduce your financial woes.
Don’t spend before budgeting
It is very important that whenever you have incoming money, you first draft a budget before spending it. This will help you determine how much money you need to channel o payment of bills thus giving you an idea of how much you will have for miscellaneous.
Don’t invest impulsively
As the world is currently under a global financial crisis, many people are looking at ways they can invest their dollars. However not all investment are wise in actual fact some investments may carry a high risk component such that you may lose all your invested money. It is therefore important that you don’t invest in a certain business only because a family member also invested but invest because you know it is advantageous to do so.
If borrowing, don’t borrow more than you really need
Some people make the mistake of borrowing as much as they can whenever given the chance to do so. It is very important to know that the more you borrow the more you will have to pay back in terms of interest. It is wiser to borrow the exact amount you need so as to cover your debts. If you think credit is a way to finance your luxuries, then you will be at high risk of filing for bankruptcy in the long run.
Who loves success stories? My wife does as she is passionate in reading her Cosmopolitan pages. I do love stories of success as well (no Cosmopolitan reading though). This time I will tell you the one where a personal-finance blogger finally got rid of her debt “slavery” and eliminated her monstrous debt.
Three years ago, this blogger had a card balance of almost $40,000 (!) to start with and now she has announced that she managed to exterminate her credit card debt and get so long-desired $0.00 balance of her card. So these three years she put all of her powers and implemented multiple strategies to make this terrible debt disappear.
So here are some of the topic-related tips – ones I found through personal year experience, and some came with the specifics of the story told above.
You can pay the debt yourself
Even if you accumulated a lot of debt, you still can succeed – take steps to manage it in a right way. The internet keeps a wealth of similar blogger stories as receipts and testaments on debt elimination. As an example, you can use some free budgeting tools. Mint.com and Wesabe would do the trick. Both are personal-finance management websites being a free tool that carefully analyzes your financial data and gives you the best advice on managing and saving your money.
Another option (more comfortable) could be a usage of a budgeting software like YNAB (You Need a Budget). It aims to take a control of your debt and expenses. Probably, YNAB would be one of the most rated software programs in this market as Amazon reviews claim.
Have your goals set
From our personal promises to “kill” a debt we transfer to concrete steps. Setting a certain date when we are planning to reach our goals would be a specific roadmap to estimate our progress. Setting goals is a great tool to keep ourselves going in the right direction and focus on our debt liquidation program.
Some bloggers would offer you a web help again – online tools like DebtGoal, which help you to create a debt reduction plan. Though having a free week trial it then turns into a fee-payment solution (on monthly basis).
Create a debt elimination plan
Broke a leg? Then stop running not to make it worse! To get out of your debt you should stop incurring more. Some strategies will make it easier for you to discover my point.
You can consolidate or refinance your debt in some cases (but beware the possible effect on your score), or go my way and address your debt successfully by using balance transfer credit cards.
You could speed up your debt reduction process by transferring the debt from a high interest rate card to lower interest ones. You’ll be paying less interest with a this kind of transfer, but applying for a new card has a short-term effect on your credit score and can cause the balance transfer fee payment. Furthermore, pay big attention to rates changing after the promotional rates expire.
In the past, that scheme worked for me. I eliminated my debt in this way, but had to make the commitment of paying it off during 0% introductory rate period.
Nothing but eliminating the debt
Resist any temptations to party with your money. Stick to your debt elimination plan. As for me, when I finally retired my debt, I swore to never get a going forward balance for my credit card. Like a never-marry-again vow which I should stick J Anyway, I don’t buy things that I won’t be able to pay for in the end of the month. For emergencies ever occurred I keep a special fund which replaces the need for using a credit card.
Watch your track record
When you start your debt elimination program, keep track of how your credit is doing. It could be wise, in fact, to get your credit standing snapshot – before, during, and after you’ve done some things on debt reducing. This will make your progress charted and measure the success of your debt/credit management efforts.
Furthermore, you can visit AnnualCreditReport.com and get your free credit reports or consider some commercial products from Equifax. They can give you the access to your FICO score.
Keep the champagne for your victories
Indeed, even small successes bring us positive feelings. My point is that dealing with debt you should not be too restrictive to yourself. Get a break! Treat yourself to simpler rewards when you reach your debt-elimination goals one by one.
Increase your profits
Cutting back is not the only cure. Try to earn more in order to strike your debt with multiple “weapons.” At least, you can get an extra income by finding yourself a second job or starting a side business. It will accelerate your debt payment, provided this business has a strong saving strategy.
You can share your stories with other people by writing blogs or using forums. This is how you can have a side support and encouragement, as well as psychological incitement to handle your financial issues. Personally, I believe in blog’s cheering nature as you can also get a tip from someone who has the same experience or found a solution.
If you are not a blogging person, you can help yourself by only keeping a diary or a journal. Writing in the tabs on your progress, notes and ideas will help you to stay on track.
So we are back again to the story from the beginning. Remember that personal-finance blogger who paid off her debt in three years? Congratulations to Tricia who managed to eliminate a debt of $37,614 in thirty eight months! You CAN do it! As well as to write your own success story.
Eliminate credit card debt with credit card consolidation
Almost all individuals in the U.S. are infected with the habit of making the indiscreet use of credit cards that eventually incur them an overwhelming credit card debt. If you are also finding yourself falling into exiting credit card debt, consider consolidating your credit cards. Credit card consolidation is a process that allows you to consolidate all the balances on your cards onto a new manageable account.
A few important tips to follow:
First and foremost, assess your fiscal situation. Accumulate all your credit cards and credit card documents, and compile a list of the balances owed on the cards. Also, make a list of the interest rate that you have been paying on your credit cards. Knowing this information will help you decide the best way of credit card consolidation.
After you accumulate the information, look for a new credit card that offers lower rate of interest. There are many credit options available to people who have good credit score and decent flow of income. But before signing up for one, do an extensive homework and compare all the credit options available. Evaluate if any of the credit options offer you lower interest rate than what you are paying currently. However, before you choose one, read out all the fine print and know the hidden terms and conditions.
You may also consolidate your credit card debt using savings. Chances are more that you are paying much higher interest rate on your credit card than what you are getting in interest on your savings account.
Another significant method of consolidating credit card is to obtain a home equity line of credit. If you own a house, use the equity built in your house to consolidate the credit cards. Often, equity loans provide you lower interest rates than credit cards and also the former is tax deductible. Therefore, consolidating credit cards with home equity line of credit is a significant option.
Close out all your credit accounts and cut up the cards that carry high rate of interest. Only keep one account open for emergency purposes. There is actually no need to have numerous credit cards in your possession.
In conclusion, eliminate your credit card debt by consolidating all your credit cards, following afore mentioned tips.
Many people don’t really get it when you talk about a payday loan and let alone a faxless payday loan. Therefore in order to explain the purpose of a faxless payday loan we can begin by looking at what a payday loan is. A payday loan is basically a soft loan that is given in the form of credit to someone in need of cash and they can payback the amount after they receive their salaries. In other words a payday loan is as good as a cash advance. Thus payday loan lenders borrow you cash knowing that you will be able to pay it back as soon as you get income.
Faxless payday loans are no different either; the only difference is in the applying procedure.
A faxless payday loan is different from an ordinary payday loan as there is no need to send a fax when you are appling for it. So you won’t go through the trouble of having to scan your documents and sending them via fax. Now that you have understood what a faxless payday loan is, it is now time we understand its purpose.
A faxless payday loan has advantages for both the lender (creditor) and the borrower (debtor). We are now going to look at how a faxless payday loan is important for each party i.e. the creditor and the debtor.
The purpose of a faxless payday loan for the creditor
Faxless payday loans are unsecured loans that are given to persons facing financial difficulties and are in need of cash urgently. The creditor gives a payday loan borrower the money because he/she will gain as the borrower will return the money plus interest. Since faxless payday loans are unsecured loans they attract higher interest rates than ordinary loans, thus a faxless payday loan provider has a chance of making more profits through lending out money in the form of payday loans as opposed to ordinary loans.
The purpose of a faxless payday loan for the debtor
For the debtor or borrower a faxless payday loan gives so much relief when one is in need of cash particularly when faced with emergency cases. You may have a family member that has fallen ill suddenly and they are not insured and yet you have no cash and your payday is far off. Going to the bank to try and apply for a loan will definitely take long and at times the money may be approved way after you have already received your salary. On the other hand with a faxless payday loan you will not be required to provide a lot of documents for your loan to be processed and in actual fact it will be processed in minutes. Although faxless payday loans generally attract higher interest rates providers of such loans are not interested in a borrower’s credit rating. So it is possible to get a faxless payday loan even when you have a bad credit rating. Now how good is that for the borrower?
It is never too late to figure out what to do to cut down on debts using loan payments whenever it feels like they are becoming unbearable. Debt is good, if it is utilized in the right way and in the right amounts but it can easily run amok and cripple someone’s financial agenda if it is neglected. If someone neglects loan payments, he stands to get a low credit rating and furthermore, he risks adverse situations like repossession of goods, auctions and in many desperate cases, leaving town! Nobody should allow himself to be a slave to debt. Reduce your debt by first of all controlling what the credit card statements read.
Figure out how much money is earned monthly and start allocating the money into the right channels. There are basic needs which must be met no matter what. These include food and shelter. For example, someone cannot starve himself simply because he wants to finish making loan payments. A good level of debt is that one which loan payments can be made without hurting the family’s food budget. It would be insane to make the kids miss out on important funds for their upkeep. What this means is that luxury spending should be forfeited and the money channeled back to servicing debt.
A good example of the luxury spending is the money people spend on gambling or in casinos. Always think twice and figure out if that end of year unplanned getaway is worth it. Realize that it is important to allocate sizeable amounts of loan payments instead of listening to that overly-convincing commercial about an overseas holiday. Reduce your debt by cutting down on the phone bills, which means that the late night gossips and conference calling with friends have to take a back seat. Keep the recurring bills at manageable levels.
Reduce your debt by avoiding high interest lenders
Even when someone needs to take a loan, he should stick to lenders who offer low interest rates. This means that they need to read the fine print about how interest payments are charged and whether there are some fees involved. A wet blanket when it comes to loan payments is when someone is paying low interest but there are fees which keep the total cost of the loan above the ceiling. Hidden fees and fines spell doom to the efforts to reduce your debt.
Impulse spending slows down loan payments
A secret that works for many people is consolidating all the existing debt into one figure. There are companies that do refinancing, to that effect buying all the existing debt and entering a whole new repayment schedule with a client. This works well since loan payments can be done at low interest. The fight to reduce your debt is half won whenever someone resolves to fight the impulse spending culture. Financial freedom gets closer as soon as someone realizes that the secret to less cumbersome loan payment schedules begin with proper financial discipline and spending.