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A payday loan is defined as “a small-dollar loan (usually about $100-$1,500) with a two-week term that is due in a single lump payment on your next payday”. These types of loans are used to get cash quickly, when you need it, especially if you’re in a tight spot and urgently need access to cash. A payday loan works as an advance on your next paycheck. Once you get paid, some of that money will be used to pay off your loan.
“Neither a borrower nor a lender be” — but how many of us heed that advice? The fact of the matter is that borrowing money and paying back loans is a major part of modern life. There are several expenses we have that are simply not affordable out of pocket for most people without taking out a loan. Whether you opt for traditional loans, title loans, or anything in between, let’s look at four key types of loans that people take out and how to make those loans and expenditures work for you without breaking the bank.
When taking out a loan in order to afford a house, you’ll want to consider several key aspects.
For one, you’ll want to know how much interest you can expect to pay on the loan and the amount of time you believe that it will take to pay back the bank. From their end, the bank will need certain information from you before they can clear you for a loan, including:
30-year fixed mortgages have long been a fixture of the process in the States, meaning that you have a fixed APR for the duration of your 30-year repayment plan. You could always refinance later if you think you’re able to qualify for a lower interest rate.
If you are looking to get a loan in order to buy a car, you’ll first want to decide how much you are willing to pay back in interest. What’s more, you’ll need to decide how much you can afford to pay monthly. Take the time to get quotes from different car loan companies and choose according to your short-term as well as long-term financial needs.
The key to keep in mind when searching for business loans is to know exactly what your needs are and take out a loan that matches those needs. Don’t try and stretch a short-term loan to fix a long-term problem and don’t expect a long-term loan to be able to give you the up-front cash that you might need to fix a major cash flow problem in the short term.
If you have an emergency and need a loan more quickly than traditional banks can grant it to you, title loans and similar methods can be a great way to get that money quickly. That said, these loans can be safe so long as you know what you’re getting into; however, since you are putting up your car as collateral, you do always want to make sure to read the terms carefully and be absolutely sure that you can pay back the loan before accepting.
Whatever the impetus behind your choice to borrow money, doing so smartly and carefully can help fund your future.
Filing for bankruptcy is something that should be taken seriously, but it’s not a process that anyone should feel ashamed of. On the contrary, deciding to file for bankruptcy is a courageous act that will help you deal with your financial issues, and overcome them.
To prove you that this is a situation that can happen to anyone, here are 11 famous bankruptcy cases involving famous people and well known companies.Continue reading
No matter why you are heading to a foreign country, it’s always wise to have some of the local currency on hand. Exchange rates will tell you the value of your currency in relation to the country you are travelling to and while it’s best to deal with currency exchange before you leave, you can still do it once you arrive. Regardless, several different places will offer this service.
Where do you want to live in your retirement years? A warm, sunny destination or a location that is cheap and quaint? It all depends on how far your capital will take you, and what you want out of your final days. Let’s take a look at your options.Continue reading
The financial services sector is selling more products than ever before. Whether it is your local branch or a Wall Street investment house, you can access any number of investment vehicles and markets. There really is no excuse to not be exposed to a dividend stock, an exchange-traded fund, or even a GIC.
Of course, some people are so terrified of equities, real estate, and bullion that they prefer to just put their hard-earned loonies and toonies in a low interest savings account. That’s not the way to go, but can you invest without the risk?
Here are the seven best low risk investments for high returns:
Now that the summer is here, it is also a time to think about ways of saving energy. Even though summer can be an unbearable time in terms of comfort, there are things we can do to take care of ourselves and be comfortable, like turning on the air conditioner. Believe it or not, when it is hot, the way to cool down your body is to actually drink something hot, not cold! But the cold beer is just too good to pass up!
Business loans can be very useful in a venture, especially in the absence of funds for growth and development. A business loan can be used by small businesses to unlock growth that couldn’t otherwise have occurred without the capital input.
Below are 10 ways in which a business loan can help grow a business.