Month: April 2020

Payday Loans: Watch out for these dangerous loans

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During these turbulent economic times, faced by millions of working Americans, payday loans are becoming a popular source of short-term financing.

This is especially true for low-income families. Payday loans are easy to obtain and do not require any kind of credit check, but are they really a good idea?

A payday loan is a small cash loan

cash

A payday loan is a small cash loan given to an individual based on the fact that the loan is expected to be repaid with the next payday.

It’s basically about getting part of your next paycheck early. The repayment period is based on how often you pay. The borrower is expected to show proof of employment and bank statement.

The loan applicant writes a follow-up check on the loan amount plus fees. Some states require that the check date be the day the beneficiary receives the money.

Under these circumstances, the borrower signs a contract in which the lender will check by the agreed repayment date. This contract becomes necessary because many states no longer allow a person to write a date-check.

On the day the loan arrives, the borrower enters the lending store to pay off the loan. If the person is unable to come to the store, the credit company can send the check directly to their bank. If the borrower discovers that they cannot repay the loan at that time, the loan may be extended, which may include additional fees.

Failure to complete these loans may cause the lender to threaten prosecution or check fraud.

Lack of easy money

money

These loans usually have a high price. Financing costs are 15 to 30 percent of the amount borrowed. Because in just a few weeks it is 15 to 30 percent if compared to getting a loan at an annual percentage rate of nearly 800 percent.

Because day-to-day loans are so much easier and lack traditional credit checks, companies often plummet in minority neighborhoods, knowing they are more likely to get one of those loans.

Most of these people, on the other hand, already have financial difficulties, and borrowing money at such a high-interest rate only makes things worse. In addition, many of these people cannot repay the loan when it comes.

This situation leads to additional bank charges for rejected checks and credit costs or has to extend the loan, which will cause even more fees. Many of these people get stuck in a vicious cycle. They repay the loan the next day but discover that they do not have the necessary funds to cover their expenses.

They then go back for another loan. This cycle can be continued indefinitely as there is no limit to how many times a person can get this type of loan.

Alternatives to loan loans

cash

There are many alternatives to getting a payday loan. The best thing you can do to avoid these types of loans is to create a budget so that you can afford to pay the bills. Exclude as many unnecessary purchases as possible. Put that money in a savings account.

Even the loose change that is around the house can be invested in savings. Set a budget for groceries, mobile phones, and fuel economy. This can only be achieved by purchasing the items needed when working at a grocery store. See cell plans that offer a base rate for commonly called numbers. When running directions, try to do as many of them in one trip as possible, to conserve fuel instead of making several trips.

Another alternative to a payday loan 

Another alternative to a payday loan 

Another alternative to a payday loan in case of unexpected expenses is to get a prepaid payment from your employer. Many employers offer this to their employees in emergency situations. Employers want good workers to be satisfied. While this will not always work and you will not be able to get used to it, if you face a true emergency and bring it up with your employer, there is a good chance that you will get some sort of financial assistance.

You can also think of a pedestrian. Most people have something that can be pledged, such as old jewelry, tools, and electronics that can be used as collateral for short-term pawnbrokers.

You get money for your item and you can still go back and repay the loan and get your item back. If you cannot repay the loan, the pioneer keeps the item you gave them. So you end up basically selling your stuff to them. This is often a better alternative than getting an unsecured payday loan and being hit with high costs and you are in a dangerous spiral debt.

While not ideal, credit card advancement can also be an alternative to a payday loan. Although interest rates can be applied with a credit card advance, it can be very useful for a one-time emergency.

Ideally, you would have an emergency fund that should cover the financial crisis, but the credit card will work in a stick and instead of paying 700 percent APR on a payday loan, you are left with only 25 percent APR on a credit card. Not great, but it’s still better than payroll reimbursements.

Lastly, finding a friend or family for a loan to help you get through a difficult time is another option. Most people have relatives or friends who will lend them the money they need to help with unforeseen expenses or emergencies.

No interest is usually added to these loans, and sometimes arrangements can be made in installments over time. Of course, maybe one day it can ask you for a favor, and money can ruin relationships, so this should be another last resort.

I need a loan for my wedding!

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Organizing a wedding is not an easy task. Every couple dreams that everything will go perfectly on that great day, just as they had projected in their minds. It is not only about designing the ideal event that transmits the happiness of undertaking a life project in common, but also creating a space that meets the expectations and desires of everyone: family, friends, the little ones in the house.

Choose the place, prepare the invitations, choose the menu, the decoration, the gifts for the guests, the transport … There are many details that we must take into account so that everything turns out as we have planned. However, some couples feel self-conscious about letting their imagination run wild, since all these elements carry a large financial outlay. Here are some ideas so you can plan the wedding of your dreams without having to give up any wish.

 

Budget for a wedding: How much money should I ask for?

The first thing you should do to start planning that special day is to prepare an approximate budget, pointing out all the items and prioritizing those that are essential. There are elements of a wedding that you can not give up, but depending on your financial possibilities you can choose cheaper options for some games and invest the most capital in what you consider most important to you.

Whether the budget we have is small or unlimited, it is always advisable to sit down and make a brief financial plan that will serve as a guide to organize this budget.

 

Types of wedding expenses

wedding loans

The first thing we must establish is the number of guests who will attend the event, since other items such as the capacity of the chosen space, the choice of catering, gifts or transportation will depend on the attendees. In short, that figure will help us define the rest of the expenses of a wedding.

The banquet is undoubtedly the concept to which almost half of the budget for our wedding is destined. The average of a place setting is around 75 and 150 dollars. From there, each couple can choose to stay at that price, reduce it or exceed it. It all depends on the value for money that we want to give to our diners.

Another very relevant item is the wedding suits. The brides spend between 525 and 1,650 dollars on their dress, price to which must be added shoes, accessories, hairdresser, makeup and bouquet.

For their part, they invest an average of between 375 and 780 dollars in the suit, but if they decide on a big firm, the price can go up to $ 1,200.

Depending on the importance we give it and the chosen destination, the wedding trip is the second most important expense in our budget. As austere as we want to be, an average trip for two people is usually around $ 1,150.

During the celebration, a present is usually given to those attending as a souvenir of that great day. The price of the details and wedding invitations ranges from 1 to 40 dollars, depending on the style and design chosen. Another cheaper and original option is personalized gifts by hand, by yourself. Think of something original and go for it!

In addition to these essentials, there are other concepts that you should not forget to include in your list: the photographer, the open bar, the children’s entertainers, the DJ or orchestra, the decoration of the space, as well as any surprises that you have had in mind all these years.

 

How can I finance my wedding?

How can I finance my wedding?

According to a study carried out by the Federation of Independent Users and Consumers (FUCI), the average cost of a wedding for 100 diners was between 16,534 dollars, and ranges between 11,864 and 30,000 dollars.

No matter how well planned our budget is, in the final stretch we can always find several expenses that we had overlooked and that can considerably increase the initial budget, thus causing an unexpected cost overrun. That extra money can be a headache and overshadow the initial joy and euphoria that accompanies the preparation of a long-awaited day. To overcome this gap, financial institutions make two very useful mechanisms available to us.

The first of these are known as “wedding beads”. Actually, these are checking accounts or savings accounts, where guests can deposit money to the couple as a present and thus help cover the budget for the wedding.

 

Personal loan to finance the wedding

Personal loan to finance the wedding

The second possibility would be to apply for a personal loan to finance the wedding. Specifically, in Lenders Bank you can access an amount of up to 5000 dollars that you can comfortably return in the number of terms that best suits you, without applying any opening commission. In addition, the money will arrive in a few minutes from when we confirm the granting of the credit to cover the expenses of your wedding.

On the other hand, if you have any doubts or incidents in relation to your loan or you want to cancel it before the established date, you can turn to our customer service team, which is at your disposal from Monday to Sunday, from 9: 00 am to 9:00 pm

If you have come this far it is surely because you are immersed in your wedding celebration. !! Congratulations !! We trust that these tips have helped you organize and plan such a special day for you and your loved ones. As you can see, with a little organization and some help you will not have to give up any detail, what’s more, you can enjoy with complete tranquility the happiness of planning one of the most important moments of your life. Grab a pencil and paper and enjoy the ride!