Posts tagged: loans

Rent’s Due and Money’s Tied Up: Quick Solutions to Footing the Bill

money billsFor some people, renting is a lot more affordable and easier than owning a home. There’s no property taxes, homeowners insurance, maintenance, or repairs that you have to cover. Though it can be convenient to simply pay rent, there are months where footing the bill is easier said than done. A car repair, high utility bill, medical emergency, family emergency, or a mix up with your paycheck can exhaust your funds leaving you in a bit of a jam.

There’s a lot of programs that help homeowners struggling to afford their mortgage payments, but what can you do as a tenant? With only a few weeks before the first and the threat of eviction for nonpayment, you may feel like you’re back is against the wall. Before you throw in the towel and wave your white flag, here are some quick solutions to getting that rent paid.

Work Something Out with Your Landlord

First and foremost, let your landlord know that you’re going to be a bit late on the rent this month. This prepares them financially and could stop them from starting the eviction process. Ask for an extension on the rental payment if possible. If you’re usually good on paying, they may be willing to work out an arrangement with you where you break the past due amount up into smaller amounts and add them onto the regular rental payments until you’re caught up.

Move Some Things Around

Now, take a look at your personal finances. Are there bills that you were due to pay on or around the same time your rent was due? Can these bills be paid at a later date? This can free up some cash you need now and give you more time to pay the other bills later. If another bill is going to be late, reach out to the service provider to inform them to try and avoid fees or collection efforts.

Sell Some Things

When things get down to the nitty gritty sometimes the only way it can be handled is to sacrifice. Perhaps you can clean out your rental property and sell some things for cash. You can get a quick response by taking photos and using an online app to sell to interested parties nearby.

Installment Loans

If your rent payment is due and the deadline is only a few days away, you probably won’t have time to earn enough to pay the balance in full. If you’re simply dealing with a temporary setback (a higher energy bill) and not a serious financial crisis (loss of employment), there are installment loan direct lenders that will lend you a helping hand. If you meet the minimal eligibility criteria, you could have several hundred or thousand dollars deposited into your account within a few business days. Then, you can pay the loan off with conveniently monthly payments.

Get a Roommate

If you’re dealing with an ongoing financial problem like the loss of a job or a decrease in pay, you may want to consider finding a roommate to move in with you. This can be a friend or family member who is in need of a place to stay. You might also offer a room to college students or single individuals who don’t mind a small space. Make sure this is alright with your landlord prior to offering your space. Having someone else in the place with you cuts down on all costs ensuring you can pay your rent on time.

Try Ridesharing

If you can’t get enough to pay your rent from your income, perhaps the solution is to boost your income. Ridesharing has become increasingly popular. Many companies even offer a sign-on bonus of a few hundred dollars. You can get paid a decent amount each day depending on how frequently you drive and where you live.

Government or Private Assistance

Lastly, there are some options for renters who have fallen on hard times. Check with your city, state, and county to find out about government and/or private programs that help tenants with back rent. You may need to meet certain criteria, but if eligible you could have your rent paid for you and even reduced in the month’s ahead.

As cost-effective as renting can be for some individuals, there are times when paying the rent each month is impossible. If your funds are all tied up or you’re going through something that will change your finances temporarily or permanently, there are still resolutions to getting your rent paid. Remember, start by talking with your landlord to avoid eviction procedures and then consider the tips listed above to accumulate the cash you need.

What Is The Future Of Loans?

loan futureThe technological revolution has been a serious point of interest for the lending industry. In the wake of mass digitisation and an increasing reliance on the Internet and connected technology for business purposes, many lenders (and borrowers) have found themselves wondering where lending will be and what the process will look like in the future.

Well, fear not: if you’re a borrower, then things are looking up for you. The future isn’t quite as rosy for traditional lenders, though; they’ll have to work harder to compete in an increasingly crowded market, and they’ll need to be able to battle online-only companies with significantly lower overheads and a more persuasive and desirable brand identity.

The first indication that the lending industry was changing as a result of an increasingly online-dominated landscape was arguably the peer-to-peer lending boom. The first P2P lending companies began appearing in the late 2000s, revolutionising the concept of money-lending by emphasising a more grassroots approach which favoured the relationship between consumers and companies rather than the transaction itself.

P2P lenders represent (in theory) a more transparent, more grounded industry with an increased focus on the consumer, which is why borrowers will be better off in the future. The Internet has already created a number of opportunities for companies to fill niches which were not previously filled by bigger companies.

These niches include more flexible student finance agreements, online-only mortgage lending which allows users to get a quote in minutes without a lengthy credit check process, and quick-turnaround lending which majorly threatens credit cards, among others. Put simply, the Internet has changed the landscape of loans and lending forever, and it’s not looking likely that this change will be reversed.

With that said, a large amount of the functionality and operation of loans looks likely to continue as normal, albeit with a decidedly more ethical spin. Let’s take payday loans as an example. Some negative press around certain payday loan lenders means that the public is more wary than ever about hidden terms and conditions; with scandal comes increased scrutiny.

Even though this is the case, the best payday loan lenders are unlikely to be fazed by this. A huge amount of payday lenders already carry out their business with near-total transparency and an emphasis on ethical treatment of their customers; problems begin when loan companies attempt to draw more money out of their customers than they have been honest about, and that’s just not something that a reputable payday loan company would ever want to do.

In a similar sense, the types of loans on offer to consumers are unlikely to change, although we’ll probably see more lending around bitcoin and cryptocurrency as the kinks in these systems are worked out and the security around them increases. Right now, the issue with lending cryptocurrency is that there’s no centralised authority, so there’s no way of absolutely guaranteeing the safety of cryptocurrency transactions. At the moment, the bitcoin lending process requires a huge amount of trust from both parties, so as these systems are refined and changed, expect to see this currency taking off in a big way in terms of lending.

Otherwise, the future of loans is, well, business as usual, as boring as it might sound (but boring is good when it comes to finance). As it stands, the vast majority of loans fall into four categories: secured loans, unsecured loans, short-term loans (payday loans) and peer-to-peer loans. There are other kinds, but these are the most common types of loan you’re likely to come across.

There’s just no reason why increasing digitization and cryptocurrency are likely to change this. Unsecured loans will still be offered to consumers, although the amounts are likely to change based on new developments in online technology and companies who are willing to trust their customers more. Secured loans will continue as long as people have property against which the loan can be secured.

Peer-to-peer lending looks like it is only going from strength to strength, although there will need to be tighter regulation and a closer eye on business practices going forward if it’s to maintain its current standing. Payday lending is unlikely to change as long as there are people who need money on a short-term basis, and with the recent rise of the gig economy, the number of people who require this service is only likely to increase. If the future of loans will change at all, it will likely be towards this more short-term lending system as people’s incomes are less certain in a majority self-employed economy (if that is indeed where we’re going as a society).

Weighing the Options: The Pros and Cons of Unsecured Personal Loans

personal money loansOften unexpected expenses come up in life, catching us unawares and unprepared. When that happens, it is good to have the option of a personal loan to turn to for financial assistance.

Personal loans come in two types: secured and unsecured. Secured loans are less common. They require you to hold something for collateral, such as a car title or property. If you default on your payments, your lender is legally able to take your personal secured property.

Unsecured loans are less strict and much easier to get approved for. They require no collateral to get approved. However, they have many drawbacks to them as well, and borrowers should always know the pros and cons of their loan terms before they sign for one.

Personal Loans: What Are They Good For?

If you prefer to leave your personal property safe and not use it as collateral, you have the option of an unsecured loan. These types of loans have an easier application process and quick turnaround on distribution of money. If you need cash fast in an emergency situation, you can apply for a personal loan.

Unsecured personal loans can be applied for online from the comfort of your own home, and many times your approval or denial can be obtained in minutes.

Borrower Beware: Know the Cons of an Unsecured Personal Loan

Although there is no collateral involved in an unsecured personal loan, if you do not make your payments the lender still has recourse to take against you. They may be able to place a lien on your assets to ensure they are paid before you can sell your property.

They also may be able to take you to court and sue you for what you owe, plus legal expenses. Your credit score will be severely impacted, and your wages may even be garnished depending on the terms of the settlement.

Another drawback to unsecured personal loans is that the amounts you can receive are much smaller than secured loans. This helps limit the lenders’ financial risk. If you do not pay the loan back, they are only out a small amount.

You can also expect the interest rates to be higher if you are using a lender that does not run your credit, or approves you even with poor or bad credit. This high interest rate will make your monthly payments larger.

The terms will also be more strict if you can’t make your payments. High late payment penalties or rises in the interest rate for payments not made on time are very common with unsecured personal loans.

Weigh Your Pros and Cons

Before you sign on the dotted line, read the terms carefully. Be sure that you really need the money that you are borrowing, and that the monthly repayment terms are within your budget. Know your consequences and be willing to accept them should you end up having to default on your payments.

If you are comfortable with the cons of a personal loan, they are there for you to help you get through this difficult financial time.

7 Online Buying Tricks Revealed: Your One-Stop Guide to Selecting a Reputable Precious Metals Dealer

precious investmentsIn uncertain economic times, having gold on hand is a surefire way to liquidize and protect your assets. Even in a stable economic environment, gold is a safe haven asset that will never fail you. This is because gold’s value increases instead of decreases in direct relation to the decline of value in paper investments, such as stocks and bonds.

To minimize or even eliminate a fall in portfolio value during economic collapse it’s best to invest in uncorrelated investments. What this means is that you want to own assets that will move the opposite way of other investments when economic times become uncertain. Gold is one of the few guaranteed investments that are uncorrelated to many other investments. This makes it a very safe investment that has proven to remain positive when stocks fall.

This means that allocating some of your investment to gold is a sensible and solid choice. However, the buying of gold bullion is not always as straightforward as one would hope. There are plenty of precious metal dealers who will gladly take your money without having your best interests as a customer at heart. To avoid falling for an unscrupulous dealer, you’ll have to do a little research into finding the best dealer so you can purchase gold with confidence.

Online vs. Local

In general, there are two main ways to buy gold: online or locally (in person).

Local precious metal dealers can be found in cities around the world. However, brick and mortar stores will often come with a lot of overhead. This is due to rent, paying employees, security, and more. This added overhead and the fact that local gold dealers often have lower sales volume means that they will often have to charge more for gold bullion to make up for their costs.

On the beneficial side, a local gold dealer will mean that you will be able to physically inspect the bullion and take immediate possession of it when you purchase it.

Local dealers also have more of a reason to care about their reputation in the immediate community they serve, which may translate into higher quality of service when dealing with them.

Also, if you’re only buying small quantities of gold and you’re paying for it with cash, your purchases at a local dealer might not be reported to the tax authority and can stay confidential. If this is something you are considering, make sure you discuss it with your dealer to make sure you stay below the threshold for reporting.

The other option for purchasing gold bullion is through an online dealer. Online dealers typically do more business and will have higher volumes of sale and much lower fixed costs. This means that you can often find good gold bullion at a solid discount online.

Online dealers will have a much more varied range of products in stock and many even offer convenient buy-and-store programs that permit you to purchase the gold bullion and then keep it in an insured and protected location made available by the dealer. This can be very beneficial since storing your own precious metals can be risky.

Some people are nervous buying bullion online, since it is such an expensive product. However, if you are able to find a dealer with a long, solid history and positive reviews, you will most likely be in good hands.

Unfortunately, buying gold online means that you will have to pay for shipping and handling costs (which are not cheap when it comes to materials of this value), and you will have to wait to physically take possession of your gold. Some online gold dealers like Lucius Precious Metals offer free local delivery for orders over a certain price point, which can be something to consider if you’re in the area.

What to consider when buying gold for delivery

If you are purchasing gold online and looking to have it delivered to you, you’ll want to consider a few things.

First, you want a dealer that has a strong and solid reputation and years of reliability. Read customer reviews and check out investment forums to make sure your chosen dealer doesn’t have any shady reports out on them.

You also want to make sure that the dealer sells only gold coins and cold bars from LBMA-approved wholesalers. This is your best guarantee that you will be purchasing authentic coins and bars.

You’ll also want to check out the dealer’s premiums on bullion. This can vary widely throughout the industry and is not a set-in-stone number. Lastly, check out the difference between buying and selling prices on the dealer’s site, which can be as high as 10% or more.

To maximize your long-term profits, you need to work to find a dealer who is reputable and trustworthy and offers low premiums.

What to consider when buying gold for storage

If you’re buying gold for storage, you still want to check out a dealer’s reputation, bid-ask spread, and other factors mentioned above, however there are other factors that come into play when buying gold for storage.

For one, you’ll want to examine the storage facilities where your precious metals will be kept.

Gold bullion should be stored with a reputable, separate entity so as to reduce counterparty risks. Ideally, you’re looking for an LBMA-approved vault provider like Brinks. These types of companies store gold reserves for massive financial institutions and government bodies. This assures that your gold is being stored in a secure environment.

When storing gold, make sure that your dealer offers insurance that will cover the full replacement value of your coins or bars in the event that something were to happen to them. Full replacement means that you will get back the physical equivalent of the gold lost, and not just the cash value—which is based on the spot price of the metal.

You’ll also want to make sure that your gold is fully allocated to you. This means that it is held in your name, you are the outright owner, and the gold can be made available for delivery or sale at any moment. Unallocated gold bullionis shared by investors who own an interest in the bars, which raises all kinds of liquidity issues that we recommend avoiding.

Need Urgent Cash? Try These Tips

need money urgentlyCash in a Flash! Well, How to Generate Funds Quickly, Anyway

Short of robbing a bank (which incidentally, we’d NEVER advocate, just for the record) there’s precious few ways to get our hands on a lump of cash in an instant. Or so you might think. However, there are far more legit ways to fund ourselves, which involve neither masks depicting former Presidents of the United States and/or a job lot of Mini Coopers, if we’re mixing our heist movie metaphors. So, what other avenues can you venture down to put your hands on a shed load of money before you can say “This is a hold up!”

Which of course, it isn’t/won’t be.

Finding ourselves short of cash at times when we need it most in our life is not unheard of. On the contrary, as most of us will experience this feeling at some point in our natural, as it can happen to pretty much anyone. Scenarios which tend to create this sense of dread and subsequent cold sweat/blind panic include unforeseen car problems, unpredicted job losses and/or an undetected illness coming to bear. The question is, who do you turn to for help in your darkest hours?

Many people would suggest that you try a good payday loan lender, and there’s many arguments as to why this would be amongst the best choices you could make when faced with this situation. But then you must also be aware that aside from payday loan lenders there are a number of alternative methods you could look into, all of which might be able to free up some much needed funds here and now. Below we take a quick look at just a few of these.

Cash in Your Life Insurance Policy – Not all of it, obviously. It’s just that should you have been in possession of a whole life insurance plan for so many years; the chances are that you’ll have accumulated a decent amount of equity that you could, hypothetically, borrow against. Understandably, if you exercise this right at this juncture, the upshot is you’ll reduce the amount paid out at a later date, but on the plus side at least you won’t be accountable for any taxes if you choose to cash out (as it were) right now.

Home Equity Loans – Adhering to a similar principle to the one outlined above re: life insurance policies, providing that you’ve paid a decent amount into your existing mortgage plan already, you could be able to borrow against the equity of your property. Reverse mortgages could also be a makeweight at this testing financial time in your life, although they only really come into play for those who own their homes outright. But as a cautionary note, it’s worth remembering that both these types of get out of jail free cards come at a price. That price being both types of short term loans to yourself will need to be repaid further down the line. Failure to do so might put your home in jeopardy.

Consider Visiting a Pawn Shop – Careful how you spell/pronounce this one, but actual pawn shops (the modern, more socially acceptable version of these being the likes of Cash Converters et al) are in the business of giving you no-questions-asked short and medium term loans. And the best bit is, there’s usually no restrictions placed on the arrangement of said loans or how you choose to spend the funds recruited. The flip side is that pawn shops only ever lend you a percentage of your item’s monetary worth, plus they do have a habit of charging significantly high interest rates. Oh, and don’t forget. If you fail to repay the loan, your possessions become the loan providers. So think on, if it’s a family heirloom you’re swapping for some much-need folding stuff. That said, if needs must there are worse ways…..

Cards are a Gift Horse – A recent study revealed that in the region of £300 million worth of gift cards went unused in the past few years, which is a staggering amount of money to be sitting on and not actually doing anything for you. Collectively, that is. There are various ways in which to cash in your unused or wanted gift cards too, where monetary recompense isn’t quite the face value, but nevertheless better than the nothing it’s generating sat in your wallet or purse.

Rent a Room out – Most people are under the wrong impression that Airbnb rentals are all about summer holidays, and homeowners who allow you to rent out their gaff whilst they themselves are away somewhere for varying lengths of time. But this couldn’t be further from the truth, as a growing number of the website’s listings encompass both extra and/or shared room arrangements. So, effectively, you still live in your house but allow other (rent-paying folk) to come and go. Works better of course, if you live in a picturesque area and not next to a cement works or something.