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Tuesday, June 30, 2009

Finance MATTERS!!

At moment of crisis, you will wonder why some survives, some fall while some others triumphs. During this economy downfall, we see how AIG nearly fall into bankruptcy due to the lack of financial planning and too much of unnecessary bonuses given.
However, it doesn't mean during economy crisis, all is lost and gone.

If one manages the money they have effectively, be it the financial situation of their company or their personal finance, there will definitely be enough for rainy season. So often we see an individual or a company suffers during economy crisis due to the lack of financial planning. Most often these people spent more than they have even during the good times.

Finance matters to all of us. And if you lack financial planning or any personal finance advisor, then I believe it is time you learn about it. Probably the first crucial step is for you to define your financial goals.

When you have a certain goals or direction, it will help you to plan everything in accordance to that direction. However, there are a lot of people who fail to define their financial goals as they fail to set their priority right.

If you indeed intend to learn more about financial planning and financial management, please leave us your comment here. We will follow up from there. It might not be long before you earn wealth that you never imagine of.

Friday, June 26, 2009

Payday Loan: Some Important Features

A payday loan is known by different names, for instance, cash advance loan, deferred deposit loan, payroll advance loan, paycheck advance, payday advance and so on. A payday loans is a particular form of loan that is offered for a small time period to deal with your urgent spending requirements. These loans are typically due for repayment at the time when you receive your next paycheck. A payday loan can help you if you experience difficulties related to unforeseen expenditures or bills prior to receiving your next paycheck.

In simple terms, a payday loan is secured by your future paycheck. These loans have garnered significant popularity over the past few years. Against lending you the money till your next payday, the lender would ask for a fee.

The majority of storefront locations necessitate you to offer them with a physical check that would act as guarantee for the payday loan. If you qualify for such a loan, the loan amount would be electronically deposited into your savings or checking account. You can get the loan on the same day or the following day and it depends on your lender and your place of residence. You can obtain from $100 to $1,500 in the form of a payday loan and you don’t need to fax any documents.

Prerequisites for a Payday Loan

Becoming eligible for a payday loan is not so difficult. You only have to fulfill the following criteria:

  • You are presently employed (or have a regular source of income)
  • You earn $1,000 every month as a minimum
  • You are 18 or over, an American citizen and have a checking or savings account in your name
  • You are not working for the military
  • Check bounces, bankruptcy, charge offs and other credit difficulties can’t hinder you in getting a payday loan.

Affect of Credit History on Insurance Premiums

CREDIT HISTORY
When companies do a credit check on you, they are given not only a score number but also details of your credit history. If you have missed payments on your credit cards then it would show up on your credit report. If you have defaulted on a loan payment, your credit history will show this.
If you have missed making payments, you are not considered responsible enough when it comes to handling money. In other words you are a higher risk than your neighbor with a great credit score.
Having a higher credit score is considered by insurance underwriters a sign of stability and responsibility. Obviously the higher the risk your insurance company considers you to be, the higher the insurance premium.
While some may be of the opinion that using credit scores to determine insurance premiums may discriminate against those who are in the lower economic group because they tend to usually get themselves in financial trouble and probably have a lower credit score.
However, others may argue that regardless of your financial status you can still live within your means, pay your bills in time and maintain a good credit score and reap the benefits that come to those with good acceptable credit scores.
A importance of a good credit score in today's world cannot be underestimated. Having a good credit history will save you money not only on your car loans and home mortgage but also on your insurance premiums.

While some may be of the opinion that using credit scores to determine insurance premiums may discriminate against those who are in the lower economic group because they tend to usually get themselves in financial trouble and probably have a lower credit score.
However, others may argue that regardless of your financial status you can still live within your means, pay your bills in time and maintain a good credit score and reap the benefits that come to those with good acceptable credit scores.
A importance of a good credit score in today's world cannot be underestimated. Having a good credit history will save you money not only on your car loans and home mortgage but also on your insurance premiums.