Refused Standard Loans What Are The Best Options?

If you are looking to borrow money, but you have problems getting standard unsecured loans for whatever reason, you may look to other options. Payday or secured loans, loans in which you use one of your assets as security, are possibilities. If these are options for you, which is best and why?

Payday Loans

Payday Loans are short-term loans taken out only until the end of the month when you receive your paycheck and can then repay the loan. To secure a payday loan you will need to show proof of employment and payslips. 

One benefit of payday loans is that they do not take security for the loan so you will not lose any asset in the process if you cannot repay, but they have downsides too. Payday loans come with generally higher rates of interest than other loans, so even borrowing for a short amount of time can be an expensive option.

Securing A Loan Against Your Property

Another option you may look into if you have been unsuccessful with other channels is a secured loan on your property. The lender has the added security of the property so if you cannot repay the loan, the risk to the lender is minimised. This means that secured loans can be much easier to come by than unsecured loans, especially to those with poor credit histories. 

The advantages and disadvantages to secured loans, as with logbook loans (see below) are the converse to those of payday loans. The downside is that you are putting your property at risk if you are unable to keep up with the repayments. The advantages, however, are that secured loans generally offer better rates than payday loans. In taking security the risk to the lender is minimised so they are capable of setting lower rates knowing they will not lose out themselves.

Logbook Loans

A third option you may consider are logbook loans. Logbook loans are, similarly to secured loans, the ability to borrow money that offers an asset as security, in this case your vehicle. Logbook loans typically allow you to borrow up to 70% of the value of your car and their advantages, similarly to property, are lower rates than payday loans. 

They may be considered less risky options than loans secured on property, however, as many of us view our vehicle as a more expendable item than our house, should you fail to repay.

In weighing up all these options you must consider a number of things. How long do you need to borrow money for? How much can you afford to pay for the loan? How capable are you of keeping up with the repayments? 

This last one is particularly important when considering secured or logbook loans and brings with it a further question, how likely are you to lose the asset you have secured the loan against? Many may consider their car to be a more expendable security. There is no one right answer, it is dependent on each customer's circumstances.

How to Overcome Financial Challenges

Wipe our Debt (Photo credit: Images_of_Money)

If you want to overcome financial problems and get out of your debt, you need to create an attainable budget plan. A sure-fire way to rise above your financial difficulties is to increase income and reduce debt. However, it is not also possible to immediately increase income. Therefore, every modest gains that you have can be very helpful for you. 

If it is possible to work part-time to make extra income, then you should do so. The additional income could help pay off your loans or credit card bills. If getting an extra job is not feasible as of the moment, the next best thing to do is to come up with a reasonable financial plan and stick to it. Here are some ideas that may help you overcome financial challenges and become debt-free in no time:

• List down your expenses and debts – Knowing how much you owe or you need to pay is the first step to be financially stable. You should keep a journal of your expenses and monthly debts/loan payment. In this manner you will know how you spend your money and how you should change your spending habits. Make sure that your expenditures are detailed down to the smallest amount. Collect the copies of your credit card statements, loan agreements, contracts and even promissory notes. You should also keep your pay stubs and keep track of the details of your savings and retirement plans.

• Seek professional advice – If you don’t know how and where to start, it will be much better to get some pointers and suggestions from reputable credit counselors. There are a lot of reputable credit advisors that could help you with your financial challenges. There is a list of government accredited credit counselors that you can find in the US Trustee Program. You will surely find a credit counselor near your area. 

• Provide the necessary details – Your credit counselor cannot help you get over your financial difficulties if you will not provide the complete and important details of your finances. Your credit counselor will need to review your financial assets and liabilities in order to come up with a solution to your financial problem. You can ask your credit counselor to create a budget plan that will help keep your finances under control and at the same time reduce your debts too. You will be given various suggestions which may include moving to a more affordable apartment or downgrading your expensive car. 

• Create a long-term plan – Your goal should go beyond paying off your current debts and loans. You can ask the credit counselor to come up with long-term debt management plan. Usually, these counselors would get in touch with your creditors and negotiate to give you lower interest rates so you can finish off your balances the soonest possible time. Debt settlement is also something that your counselor could help you with and you can eliminate your debts and avoid bankruptcy. 

• Live within or below your means – No matter how good your credit counselor is, you will not be able to get out of debt if you continue to live beyond what you can actually afford. Your credit counselors are there to assist you and provide sound advice, but the ball is still in your hands. If you don’t want to declare bankruptcy, you should take necessary steps to reduce your debts and pay off your loan balances. 

About the Author: Mackenzie Salis is a guest blogger and business writer for https://www.loansforbad-credit.co.uk. She likes to write business and finance articles and she is good at web design.

Sure Ways on How to Save Thousands from Your Car Loan

Buying a new car is not as easy as buying new pair of pants. You have to save up, and investing in a bad car is much more severe than investing in a bad pair of pants. Thus, you should take time to find the best deal present in the market because the money you save will be well worth your time.

There are several factors to look into when buying a new car. According to Forbes, there are at least five reasons why buying a new car is a good idea. Low interest rates, high trade-in values, generous leasing deals, competitive pricing, and improved products are just some of the benefits, considering the current consumers’ market and financing.

The idea of buying a new car can easily overwhelm or intimidate some people because of the expensive price tag. Although this is quite natural in the auto market, consumers should not be anxious in buying a new vehicle because they can always create ways that could help them lessen their financial obligations.

According to one aggregator of financial rate information, consumers who want to get their hands on a new car can have a refreshing experience by using the internet for finding the best car deals applicable to the consumers’ financial situation and goals. Consumers can negotiate price and financing with few clicks on their computer or few swipes and touches on their smart phone or tablet. Since most of internet department salespeople get their pay and bonuses through volume rather than commissions, they can cut the best price to move cars for the benefit of the consumer. By doing this, the consumer gets savings anywhere between $1,000 and $2,000.

Consumers can also save on their auto purchase by taking advantage of the tight competition in the car industry. If you have decided what model and brand to buy, you can start communicating with different car dealers to get price quotes, while letting them know that you are also contacting other dealers. By doing this, you are making the competition work to your advantage. Dealers will offer you their best prices.

Consumers who are planning to buy a new car should know beforehand the financial obligations they will encounter when the purchase is made. Thus, it is important to have a solid grasp on monthly payments in order to set the budget straight and to avoid unnecessary expenses along the way. Consumers can also turn to an auto payment calculator to know how much they have to pay for monthly payments and the purchase price. Also, it is wise to know how much interest you can save by having a higher monthly loan payment. There are several websites that offer payoff calculators, like the one featured at www.carloancalculator.org/payoff.php. All these calculators have one aim: to help consumers save in their car purchase.

Saving up for a new vehicle can be a complex move on the part of inexperienced consumers, but by following certain steps and procedures, they will have the opportunity to save more and have a good car purchase experience.

Financial Advice vs. Financial Coaching: Which is Best for You?

There is a distinct difference between a financial coach and a financial advisor. Sure, there titles are similar and they both purportedly help to sort out financial matters, but they are most definitely not the same. Without knowing the difference between one and the other, how can anyone be expected to make an informed decision on which service to seek? Well, they can’t. 

Financial Advisor

A financial advisor is a person who, in exchange for compensation, provides knowledgeable input into how a customer should handle their personal finances. Financial advisors must maintain a Series 65 license in order to offer their services to the public. They have a myriad of different uses, including the provision of income tax advice, investment management, insurance planning and even estate planning.

Really, the relationship between a financial advisor and his clients is that of a parent and child. The advisor is the parent, and the client is the child who follows his parent’s perceived higher knowledge. 

Financial Coach

A financial coach, at his core, is very similar to the financial advisor. They serve many of the same purposes by helping those who hire them with all kinds of money matters. However, those who seek out the aid of a financial coach often need assistance in debt relief, learning to save, budgeting and in how to spend their money well.

The coach/client relationship is really what sets the financial advisor and financial coach apart. The financial advisor is hired to manage a client’s money. The financial coach is hired to teach the client how to handle their own money effectively. As a result, the relationship between a coach and his client is one of a parent and child initially, but as in reality, the child eventually grows up to be a responsible adult.

Which is the Right Choice?

Whether a person should seek the aid of a financial advisor a financial coach is very personal. It all depends on what that person wants to eventually gain from the services rendered to them.

A person who really doesn’t want to be bothered with the mundane aspects of their money, such as budgeting, taxes and investing, from day to day might really prefer an advisor over a coach. There’s nothing wrong with that in the least. It is imperative, however, to choose a financial advisor wisely. Their goal and the client’s goal should be the same; to appropriately manage and grow the client’s money.

On the other hand, if a client really wants to learn how to handle their own money and eventually take the reins, a financial coach is the way to go. There should be a process where the coach learns all about the client's wants, needs and finances. Then a three-part program should be introduced. First, it must be decided precisely what should be done with the client’s money. Then, of course, there must be a game plan on how to make that happen. Finally, there needs to be a specified order put to the defined tasks.

A client needs to be very careful in choosing a financial coach who is out to truly help them. Avoid those who would simply put customers into a debt management system, and look for coaches who really want to teach the ways of money.

Choosing between a financial coach and advisor is highly personal. Both options should be thoroughly considered, and then potential coaches or advisors should come at the highest of recommendations before proceeding.

This article is brought to you by Cambist.

Tips for Financing Your Funeral Planning

Your own funeral is not something you want to spend a lot of time thinking about. However, it is important to think about it long enough to make plans so that you can be sure you have the arrangements you would like and so that you don’t burden your family with huge expenses or significantly reduce the estate you leave behind.

Funeral arrangements can be expensive, so it’s important to plan no for how you will finance it and how to make choices to reduce the cost. Here are a few tips for financing your funeral planning:

Purchase Life Insurance

An easy way to get the money needed for your funeral costs is to purchase a life insurance policy. You won’t have your funeral planned, but you will get it paid for by the policy. You can get a small policy of only $10,000, which will keep your premiums low but will offer enough to pay for your funeral costs. Make sure you keep the policy up-to-date, changing the beneficiary as needed. You don’t want the money to get tied up if there is a dispute because the beneficiary you had named is passed on.

Comparison Shop

Not all funeral packages cost the same, and you can save a significant amount of money by simply shopping around. You may find that one cemetery offers a more affordable plot while another funeral home offers more budget-friendly options for the handling of the body. It may seem strange to try to spend so much effort on shopping for these options, but in doing so, you can save yourself and your family a lot of money.

Set Up Financing through the Funeral Home

While many people do decide to pay for their funeral arrangements in one lump sum, most funeral homes do offer a financing plan. Financing can make the package more affordable for you. Just be sure that you know how your money is going to be handled. Some funeral homes put the money in a trust until it’s needed, while others buy an insurance policy that names them as the beneficiary. Understand all the fine print and make sure that your investment is protected.

Pay for a Portion of What’s Needed

If you cannot afford to pay for everything for your funeral now, you can focus on paying for a part of what’s needed. For example, you can choose to just buy the burial plot, or you can focus on paying for the service. By doing this, you will be able to reduce the amount your family will have to pay later and you’ll also save yourself money now.

Make Different Choices

As with anything you buy, there are budget options and upscale options when planning for your funeral. For example, you can get a top-of-the-line casket that costs as much as some people spend on the entire service, or you can choose a more budget-friendly option. You can have the whole place decorated in hundreds of flowers, or you can choose a few tasteful decorations. Cremation is also less expensive than embalming. Determine what you are comfortable with and see where you can lower your expenses by making different choices.

Funeral planning isn’t pleasant to think about, but it’s necessary. These tips can help you to make funeral planning affordable for you so that you can protect your estate and save money for your family later.

Bio:
Chloe Trogden is a seasoned financial aid writer who covers specific opportunities such as grants for school. Her leisure activities include camping, swimming and playing her guitar.

Why Amazon Prime Is My Favorite - Review

It was during Christmas time last year that my wife decided to go for a free trial promotion of Amazon Prime. We ordered a few Christmas gifts and we were particular about the prompt delivery of them. The two-day free shipping offer tempted us. Earlier, I had avoided Amazon Prime because I was reluctant to pay the annual fee of $79.99. As this was a free trial offer, we decided to give it a try. We decided to cancel after our Christmas gifts were delivered. We were happy that we could make use of Amazon Prime without paying the fee. 

Now, a few months have rolled by. We have not yet cancelled because I could not help liking Amazon Prime.

Easy Access and Great Convenience

Why has online shopping gained such a lot of popularity? There are many reasons but above all convenience is the main reason. Isn't it? Moreover, when you go to shop in your locality, you may be disappointed that you cannot find some foods and some luxurious items that you wanted. This is another reason why many people go for Amazon. We too are one among them. 

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Initially, we made use of the Super Saving shipping offer from Amazon. It is true that shipping was free of cost in this offer but there is a minus point. You had to order for at least $25 if we wanted to avail the free shipping offer. We did some calculations. That is the time when the truth dawned on us. We were wasting our hard earned money every year to make use of the special offer. We understood that the membership fee in Amazon Prime was far more beneficial. The two-day shipping was an added advantage.

The benefits do not end here. There is another benefit too. Instant streaming of movies and TV shows is definitely a big plus. It is true that this is in the development stage and we have only a few choices at present. Soon you can expect to have a greater choice. In fact, the offerings are more recent than that offered by Netflix. Above all, it is a boon for voracious readers like me. There are tons of books that I can use in my Kindle absolutely free of cost. This is possible through the Library Lending program offered by Amazon Prime. I love the fact that I can have access on all Prime-available books without stepping out of the comforts of my home.

The unarguable benefits like convenience and access to other programs made us realize that Amazon Prime was definitely worth the money spent on membership fee.

Is it really worth the extra money spent?

The answer for this question depends on how frequently you buy from Amazon. If you use it occasionally, Amazon Prime may not be advisable for you. You cannot reap the full benefits of paying the membership fee. However, if you are like us and if you use Amazon frequently, Amazon Prime is a very good option. We regret that we have not started to use Amazon Prime right from the beginning. We regret that we have wasted our money for the past 2-3 years.

You should also analyze your interests, your needs and your hobbies before deciding if you really need Amazon Prime. I love my Kindle and I love reading books in my Kindle. Library Lending is a great bonus to me. Streaming movies and TV shows has captured the attention of my husband. We are assured of enjoying our favorite entertainments in the comforts of our home. We need not pay anything extra for these extra benefits and we are assured of quick delivery within 2 days of time. What more can we ask for?

We have no doubts that it suits us and we have received more benefits than what we paid. We have stopped the DVD delivery with Netflix because we get more by streaming in Amazon Prime. It is left to you to decide whether it would suit you. If you have no interests in the services offered, you have to make calculations before making the payment. Make a decision based on the calculations. If you are sure that you would make use of the services, it is definitely worth the money spent.