Instant Loans for Bad Credit

Instant Loans for Bad Credit

Having a bad credit history does not make you very different form other borrowers. It is just that due to a past mistake of late repayment or bankruptcy you are tagged as a poor credit holder. You can change your future by consolidating your debts. Urgent expenses crop up in everybody life. Apply for instant loans for bad credit are your first step towards improving your credit history.

These are readily available to all kinds of customers. Firstly you can consolidate all your petty debts, pay off all the pending expenses like medical bills, telephone bills, electricity charges, for home improvement and so on with instant loans.

The repayment period can also be extended with loans for bad credit. The company manager will charge you a supplementary fee each time you broaden the settlement period.

This finance does not involve any credit checks as they are granted for a short tenure and they are meant for defective title holders. You have to prove your repaying ability and assure the lender that you are credit worthy. This indeed will lessen the lenders risk.

You have to fill an application form. The information must be true. The lender will verify your details. Once your application is approved the funds will be transferred to your account within few working hours.

You get instant loans for bad credit within few hours as they do not involve long procedures. You can use the funds to change your credit history by repaying the loan amount within the required time.

Instant loans for Bad credit are readily available to serve your fiscal problems. You can now change your credit rating and consolidate your debts. Access the internet to find out the interest rates charged by different lenders. These finance offer quick and hassle free approval to perk up your credit rating.

A Secure Financial Future Starts in Your 20s

A Secure Financial Future Starts in Your 20s

The importance of adapting a habit of budgeting and saving in your 20s can not be emphasized enough. Some of you are preparing for life after college. Others of you have already embarked on that journey and have begun to realize the importance of managing your money.

First, you will need to establish a budget. Become familiar with your monthly expenses. Write them down. Subtract your expenses from your income. What’s left over, assuming you are not over spending, is the only money you have for entertainment, date night, shopping, etc. With this being said, take a second look at your list of expenses. Any expense that can be classified as an entertainment or luxury expense does not belong on your list of monthly expenses. Monthly expenses are those that you can not live without. Ladies, hair and nails are not life or death necessities. And guys, be creative, she will like you the same.

Now that you know what your expenses are, let’s identify ways to scale-back on those expenses to find extra cash. Look at in one of two ways. One, if you cut-back on your monthly expenses you’ll have more money each month for entertainment and luxury expenses. Two, you can cut-back on your expenses and contribute to a savings plan, which we will discuss later. Either way, you are proactively managing your money and in charge of your financial house.

Practical ways to start saving:

  1. Save on textbook costs:

– Buy used textbooks (visit www.Chegg.com)

– Rent textbook

– Sell textbooks back to vendors when the semester ends

  1. Find a roommate or two

– Rent out your apartment for the summer while you are away on vacation and make a profit, or stay in town at a friend’s or with a relative (search online for trusted companies, e.g. NYHabitat.com)

  1. Stop shopping for a while

  2. Lower cable expenses:

– Cancel premium channels

– Switch to basic cable

– Shop other providers for the best deal

– Switch to Netflix for $7.99 a month and watch unlimited movies with your game console or other devices

  1. Stop eating out:

– Grocery shop at discount stores (Walmart, Dollar General, etc.)

– Join Costco or Sam’s Club and buy in bulk (with a friend if necessary)

– Use coupons (www. couponsuzy.com)

  1. Cut cell phone rates:

– Lower monthly rates by switching to a different plan

– Get rid of the iPhone and save $30 a month on data package

РSwitch carriers (T-Mobile, Boost, and Virgin Mobile all offer low unlimited text  amp; talk)

– Cancel home phone service

  1. Cancel gym memberships:

– Join a local team

– Borrow a friend’s or neighbor’s bike, rackets, etc.

– Try local yoga, dance, and karate centers. They allow you to pay only for the time you use the facility and offer discount packages

– Check out the YMCA

  1. Take public transportation:

– Save on gas

– Eliminate cab fare

– Get rid of parking expenses

  1. Lower car insurance premiums:

– Shop for the best rate

– Pay up front and save 10-15%

– Car owners can downgrade to liability coverage and keep the car parked and take public transportation (you will save on gas, insurance and parking)

If you have identified two or three ways to cut-back on your monthly spending, you have the potential to save hundreds each month. The general rule of thumb is NOT to spend more than 65-70% of your income on living expenses, 15% on entertainment and extra expenses, and put 15% towards saving and retirement. Divide your income into these three categories. Later, we will discuss opening bank accounts to reserve your money, but for now, you can use envelopes. Write “expenses”, “savings” and “entertainment” on the fronts of these envelopes and set them aside. When you receive income, decide what percentage of that income goes into each of these envelopes. The money in each envelope is the money you have to support your lifestyle. If there is not enough money in “living expenses” to cover your rent, utilities, food, transportation, etc., you are living above your means and will need to consider adjusting your lifestyle.

Assuming you have established a budget, identified ways to scale-back, are allocating your income to categories, and are living within your means, it’s time to establish accounts where you can safely put your money aside. It is a good idea to use your checking account for reoccurring monthly expenses and a separate savings account for short-term savings. Open a brokerage account for long-term savings. Link your checking and savings accounts to avoid overdraft penalties. Set-up automated bill pay to avoid late fees and mobile alerts to let you know when balances are low. Set-up an automatic savings transfer from your checking account. And avoid ATM fees. By taking these steps you can shift your focus to ensuring you have regular income and are consistently making deposits into your checking account.

The wheels of financial security are turning, but the buck does not stop there. Save at least 3 months living expenses and keep this money in your short-term savings account. Schedule a weekly, bi-weekly, monthly, or quarterly automatic transfer from your savings account to your brokerage account. Let these funds accumulate while you do your homework. Research Certificates of Deposit (CDs), Individual Retirement Accounts (IRA), and Money Market accounts. Speak to a representative at your financial institution for advice on which type(s) of account(s) is right for you and start investing in your retirement.

In order to achieve financial security, you must first learn to live by a budget. It is important to establish the categories referenced above and allocate percentages of your income (daily, weekly, bi-weekly, or monthly) each time you are paid. It is equally important that you do not co-mingle funds or exceed the amounts allocated to each category. It does not matter who you are or what your current situation is, it is important to establish a habit of planning for expenses and saving. These are the first steps to a promising financial future.

 

Talking Openly with Teenagers About Money Finance and Debts

Talking Openly with Teenagers About Money Finance and Debts

Talk openly with teens about money

It’s a very good idea to talk openly to teens about money because this is a method of coaching and mentoring them as it pertains to money and how it works. When you talk openly with teens you help them to understand the misconceptions and the myths about money. They then begin to understand the important laws of money such as compound interest and why it is important to start to save early.

Just to give you an example, if you at the age of 25 begin to save $50 per month until you are 65 years old you will have saved $24,000 without any interest. Now let’s assume you save $50 per month starting at age 25 until you hit 65 years of age but this time the money you are saving is subject to an interest rate of 4%. Your money is now $59,295 instead of $24,000, what a difference this makes.

Let’s look at another example. If a person at the age of 25 begins to save $100 per month until the age of 65 they will have accumulated $48,000 with no interest. Let’s assume using the above example that they now receive interest of 12% on that money by the time they reach 65 they will have accumulated $1,188,242 in savings. This is because of compound interest. You are actually earning interest on your interest.

These examples above are only hypothetical and they certainly don’t take into effect the impact of taxes. Teenagers should know that there are certainly some risks involved when you start investing your money depending upon the type of saving or investing vehicles you use. However when you start young and you are looking at the long term it usually works out in your favor. Certainly there will be some ups and downs when it comes to your money.

You are not guaranteed a profit when you invest on a regular basis and your principal balance could fluctuate up and down depending on the economic conditions which could cause you to lose your initial principal balance.

Teenagers should be warned also about the dangers of credit cards because if they incur too much credit card debt it will limit their ability to save and invest for their future. If you become over burdened with debt it can cause you to incur some past due debts which will cost you money in the long run.

As young adults teenagers will begin to get a lot of credit card offers from various companies. The best practice is to talk about it with your parents and understand that only one credit card is needed to help you establish credit. Once you purchase something pay your balance in full. Oft times when you pay on time for a long period of time the credit card company will increase your line of credit when will tempt you to make additional purchases up to that line of credit.

Resist the temptation to because this is how you are slowly pulled into the system of credit cards. It all starts very innocent and as time goes on, if you are not on guard you will begin to incur a mountain of credit card. Your life is now dependent upon credit card debt.

Refinance Your Mortgage and Save Money

Refinance Your Mortgage and Save Money

With all the hubbub about the mortgage industry right now, you may be feeling you should stay away from mortgage lenders. But at least one positive thing has come out from all economy troubles…low interest rates. Rates are at record lows right now, making it a great time to refinance your mortgage.

If you currently have a mortgage, check to see what your rate is. The rule of thumb is that if you can lower your interest rate by a point or more, you should refinance. For example, our currently mortgage interest rate is 6.875% and we have the opportunity to refinance at 5.5%. This change will save us over $120 on our monthly payment, not to mention thousands of dollars in interest payments…definitely worth it.

A great resource for determining the saves is Bankrate.com. They have tons of financial calculators including a refinancing one. The site also provides national interest rate averages and will even give you suggestions on mortgage lenders in your area.

For the ease of refinancing, you may be better off contacting your current lender to see what rates they are offering. Also check other institutions in your area for a comparison. Most lenders will post their current rates on their websites. This is an easy way to research rates in your area. Also, look for a large capacity lender. Smaller banks make money off of selling their mortgages to larger banks. If you start out at a large bank, you may be able to get a lower rate.

Still be weary of the “too good to be true” lender. Go with a lender that is reputable…do your research. Do not sign any papers until you feel entirely comfortable with your lender and the terms of the loan.

Also, when calculating your savings, be sure to include closing costs. Closing costs often vary due to the amount being borrowed, but figuring about $2000 is a good average. Often these fees can be rolled into your refinance, but you will still need to pay at least the appraisal fee upfront.

Not only can you save money, you can also save years of payment. Be sure to ask about shorter term mortgages that may not save you money on your monthly payment, but will surely save you thousands in interest payments by paying off your home in less time. Consider reducing from a 30 year to a 20 or even 15 year. If you have a 20 or 15 year, look at a 10 year or the rare 7 year. You will save big time that way. If you have ever paid attention to the amortization schedule, you will see the huge chunk of your monthly payment goes towards interest. This is a great way to pay less to your lender…more money in your pocket.

Depending on the type of loan you currently have, you may qualify for a streamline refinance which can save you time and money on closing costs. Ask your lender if you qualify for that program.

Now is the time to refinance. Get online and start your research, then call you lender to begin saving. It may seem intimidating, but you will be glad that you did…I know I am!