Business and Loans
All about Business and Loans
Boaters Urged To Consider Insurance
Feb 10th
Boat-owners may be advised to ensure a lack of insurance does not leave their finances sunk, following the results of a new study.
In research carried out by Saga it was revealed that hitting an underwater object while out in the water will set the average boat-owning consumer back by 2,419 pounds. Additionally, it was indicated that some three per cent of insurance claims on a boat have resulted from a craft sinking. Other popular claims on a boat insurance policy were indicated as including incurring accidental damage while cruising, a vessel flooding while in a moored position and wind damage.
Following on from a lack of insurance, those consumers who find that their vessel has been the target of theft or has been struck while at sea may find that they have to dip into their own pockets to pay for repairs and to replace items. In turn, this might have an impact upon their capacity to meet other areas of financial demand such as personal loans, credit and store cards, mortgage repayments and household bills. More >
(No Ratings Yet)
Loading ...Online Payday Loan Safeguards for Consumers
Feb 7th
The landscape of the online payday loan world is becoming increasingly more difficult to navigate. When one searches the term “payday loan” or “cash advance loan” millions of results are returned, often leaves the person looking for a short-term payday loan confused and uncertain of the best option that is available for them. What unassuming consumers don’t realize is that the vast majority of these websites are nothing more than gimmick pages that pretend to offer loans, but in actuality do not. Often these sites will sell the consumer’s information to another lender. Sometimes the consumer is lucky and their information is sold to a reputable, locally licensed loan provider. Other times consumers are taken advantage of by lenders based outside their own country, operating without a consumer loan license that is fundamental in protecting the rights of the borrower. What should borrowers looking for cash advance loans look for in a lender that will protect their rights and offer them a short-term loan at a great rate? More >
(No Ratings Yet) Loading ...Don't Be Duped by Credit Union's Payday Loan Alternative
Feb 4th
I read with some interest an article in my credit union’s quarterly newsletter about a new loan product that they heralded as a great alternative to payday loans. The article claimed that members of the credit union could avoid the triple-digit APR of payday loans and enjoy the convenience of having the loan issued and paid back to a credit union they trust. The article rehashed the common issues associated with payday loans and touted its own alternative as the better solution. At first glance the product does seem to be a better alternative to cash advance loans. However, when one takes a closer look at the credit union’s product it becomes apparent that it is nothing more than a traditional payday loan, disguising its fees in terms other than an APR, and with more strings attached than what a consumer would experience with a traditional cash advance lender.
Credit unions have been under pressure for some time to offer a consumer friendly alternative to payday loans. Credit unions have been heralded as the champion of the individual and seen by many people as a better choice over banks when it comes to managing personal finances. However, credit unions have been slow to develop a payday loan alternative for two reasons:
1) It decreases the profits they generate from their more lucrative products such as late fees and overdraft protection services.
2) Credit unions cannot offer the product for substantially less than payday lenders.
As a recent Forbes article revealed, most credit unions receive the majority of their income in hopes that their members forget to balance their check books. The article stated that credit unions rely on bounced check fees, overdraft protection product, and late payment fees for the majority of their income. By offering a payday loan alternative to its members, credit unions stand to lose a large portion of their income. Instead of offering payday advance loans, many credit unions have chosen to publicly participate in the fight against cash advance lenders. Some speculate that credit unions have become so vocal against these loans because they stand to lose so much.
The second reason credit unions have avoided offering a payday alternative is because they cannot offer it for substantially less than what cash advance lenders are issuing their loans for now. For example, the credit union that sent me the newsletter offers its $100 “payday alternative” at 18% APR (sounds good, right?) but then they also charge a “participation fee” of $30.00. When you calculate the APR on that 30 day loan (with the participation fee) you can expect to pay 383% APR, which is about the same a payday lender. The credit union may explain away this charge by saying the risk associated with the loan justifies the higher rate. However, the credit union has unfettered access to the borrower’s bank account and pay check through the credit union’s direct deposit requirements. Reputable cash advance providers do not force their borrowers into wage assignment like credit unions do with their product.
Some credit unions have attempted to offer payday loans at a lower rate but with limited success. Credit unions in Pennsylvania were given government assistance (i.e. taxpayer support) to help float a low APR More >
(No Ratings Yet) Loading ...Study Says Britons Racking Up Debt To Maintain Social Standing
Feb 2nd
Millions of Britons are putting themselves at risk of financial difficulty in an effort to maintain middle class spending habits, a moneysupermarket study has suggested.
According to statistics released by the price comparison firm, 15 million Britons have spent more than 35 billion pounds on a lifestyle said to be beyond their means, with 2.7 million people using personal loans to cover the costs of private education, second homes and household staff – amounting to an average personal loan of over 13,000 pounds per person being used to “keep up appearances”.
Furthermore, the study revealed that of this group, many earned 15,000 pounds or less per year on average – a figure which is substantially below the minimum wage. The company says that this discrepancy between average earnings and class aspirations is putting millions of people at risk of being plunged into debt. More >
(No Ratings Yet) Loading ...Low Interest Credit Cards Are Not Hard To Find
Jan 31st
Financial institutions are increasingly offering low interest credit cards to entice people to transfer their credit card balances (and hopefully their banking business) to them. This is a highly successful marketing strategy that you can take full advantage of. The only difficulty you are likely to face is the amount of time required to wade through the incredible number of these offers available.
Researching low interest credit cards to find the best offers for your needs is no easy task. An internet search will certainly locate hundreds, if not thousands, of these special card offers, however you will need to be very savvy to negotiate the fine print and sort the truly beneficial offers from the rest of the pack. More >
(No Ratings Yet) Loading ...Watch Out for Credit Repair Scams
Jan 28th
If you apply for car loans online, you might find bad credit prevents you from qualifying. You need a new car but it’s hard to get cars without car loans, and you need credit to get loans! Online searches quickly reveal thousands of companies that promise they can erase all of your credit problems like magic, but do they really?
Most of these companies use scams that not only don’t really clean up your credit, but can do serious harm to your finances. More >
(No Ratings Yet) Loading ...Interest Credit Cards Are The Solution To Financial Stress
Jan 24th
Transferring your credit card balances to 0 interest credit cards with decent introductory periods can be the easiest way to immediately free up income for important expenditure and/or debt reduction. Far too many people struggle unnecessarily with high monthly credit card payments, the bulk of which is interest. While most people are aware that they could apply to consolidate their credit card debts into one lower rate personal loan, very few consider the option of using an introductory zero or low rate credit card for this purpose. This is unfortunate because it is by far the best option available to them if they continue to transfer their balances before the end of each introductory period to another zero rate card.
The quickest and easiest way to find the best 0 interest credit cards is to use an online service that provides a range of good introductory offers from reputable companies. Without the benefit of one-stop shopping for credit card deals, you could well find yourself wading through pages of internet search results and associated information trying to discover the best deals. More >
(No Ratings Yet) Loading ...Know Your Car's Price Before Going to the Dealer or Shopping Online Car Loans
Jan 21st
Even with the wealth of data at their fingertips, too many people are uninformed shoppers. They walk onto a car lot or shop for online car loans with nothing more than a vague idea of what they want. Without knowing the price range of the vehicles they are looking at, they might as well wear a sign that says, “Rip me off!”
It’s easy to find out how much a car is worth. Not only does that help you with the dealer but with the information you can get online, car loans are easier and cheaper to get. Most shoppers use one of three sources: Kelley Blue Book, Edmunds, and Fighting Chance.
Kelley Blue Book-The Old Reliable
(No Ratings Yet) Loading ...Home Loan Rates WV At Your Finger Tips
Jan 19th
Are you looking for West Virginia home loan rates? Home loan rates WV can be search online and its very easy. Because of the advancements in technology, a West Virginia home loan rates can be known easily and up to the minute. To find the best fixed rate mortgage is no longer a trip or a long walk to the bank. Even in West Virginia, you cannot predict home loan rates WV, so avoid mortgage rate predictions.
As the saying goes home loan rates WV is within your finger tips. Whether you are moving to an upscale home or simply downsizing, for a smaller mortgage you will find a lot of online mortgage rate quotes.
The truth of the detail is no one can actually find when mortgage rates are going to bottom out. Home mortgage rates are at near all time lows and quite a few of you might be wondering how to bear down upon when they will bottom out. Mortgage interest rates are extremely difficult to predict. Instead of trying to design when mortgage rates will bottom out you can save yourself thousands of dollars by concentrating on what aspects of your mortgage rate you can control.
(No Ratings Yet) Loading ...Are Dealer Demo Models Really Good Deals?
Jan 16th
Cars are expensive no surprise there. If you have been a smart shopper, you have shopped auto loan quotes and know how much you can spend. You want to get the most car that those auto loan quotes will buy so it’s easy to be tempted when a car salesmen pushes a demo car at a discount because it has 5000 miles on it.
Salesmen Push Products for a Reason
Did you know steak restaurants often lose money on steak dinners? That’s why the waiter always suggests appetizers, drinks and dessert. He’s not just trying to increase his tip. The manager knows these are high-profit items and tells the staff to push them.
This isn’t a big deal when it’s about a $3 piece of pie. However, it’s a different story when you have $30,000 auto loan quotes riding on it.
(No Ratings Yet) Loading ...
Recent Comments