Getting a Credit Card – Pros and Cons

credit cardIt seems that we are bombarded with credit card offers on a weekly basis, but does this means you should get one? If you’ve never had a piece of plastic before then it can be a hard choice to make, especially if you don’t want to find yourself in debt.

Fortunately, making a decision has just become easier, thanks to the pros and cons below.

Pros:

0% interest offers

If you go to a credit cad comparison website such as CreditCard.info then you’ll see cards being offered with 0% interest.

While this is only for a short amount of time, it’s a still a good deal if you are sensible and don’t go spending all of your credit limit.

Secure way to pay

Worried about paying with your debit card online? You certainly don’t want cyber criminals getting their hands on your details.

Thankfully, the situation is completely different with a credit card, mainly because you are protected by the credit card company if something goes wrong. In other words, you can buy with complete confidence and peace of mind.

Improve credit score

Another pro of getting a credit card is that it helps you to improve your credit score. This only happens if you pay off the balance monthly and keep everything in good standing, so make sure you use it responsibly.

Cons:

Easy to get into debt

Unfortunately, millions of Americans do not use their credit cards responsibly, and this is why they are in the middle of debt crisis.

The general rule to follow is, when you can’t afford to pay it back quickly, don’t borrow it. It’s easy to get into debt when making impulse buying decisions Have some control and be sensible.

Hidden charges

If you just miss one monthly payment then expect to be faced with numerous hidden charges, all of which quickly start to add up.

Also, be very wary when drawing money out of a ATM from your credit card, as many banks will charge you a fee on top of the percentage already taken by the credit card company.

You don’t really need it

There are some people that just don’t really need a credit card, and that’s totally fine. Don’t feel like you must have a credit card because everyone else has got one.

Sometimes, the best way to stay financially free is to avoid any kind of loan or credit card and only pay for things when you have the money.

The Simple Truth About Bridge Loans

truth or lieIf you want the finance to fund a new property purchase but your current property is still on the market, then a bridge loan could be the answer you are looking for.

Bridge loans have also been referred to as interim financing and swing loans, and they are becoming increasingly popular around the USA. But does a bridge loan hold the solution to your current problems? Let’s take a look…

Length of a bridge loan

Typically, bridge loans are considered short term loans, and the average length you can borrow money for is around 6 months. In certain cases this can be extended, but if you need financing for a longer term project then a bridge loan is not for you.

Bridge loan interest rates

Because these kind of loans represent a huge risk for the lender, it’s not surprising to find out that the interest rates are above industry norms. With this in mind, before you agree to take out a bridge loan you must understand the interest rate involved so you can factor in the costs.

Bridge loans are risky

The simple truth about bridge loans is that they are risky no matter which way you look at it. For example, if you borrow money against a house you haven’t yet sold and it fails to sell in the next 6 months, then you will have no way to pay back the money. For this reason, you should move forward cautiously and consider all of your options before taking out a bridge loan.

Shop around for bridge loans

Never underestimate the importance of shopping around for bridge loans before deciding on a lender. This could potentially save you thousands of dollars in fees and interest rates, and you might even be able to negotiate a longer time frame in which to pay the money back. Look for bridge loan lenders online, and also search in your local area to build up a sizable list of potential companies who will lend you the money.

Look at other options

There are various other options worth exploring before deciding on a bridge loan. One such option is getting a 2nd mortgage, which is certainly viable for people who have a good credit rating and financial history. You might also want to consider a secured personal loan, selling some of your existing assets, or even cashing in some investments on the stock market to fund the purchase of a new property.

8 Quick and Simple Payday Loan Tips

pennies and dollarsThere are many reasons why you might need a payday loan.

Maybe your credit rating is in the toilet, and you haven’t had time to hire a credit repair company yet? In this scenario, a payday loan is the only way to go, as all other lenders will reject you on the spot.

Or maybe an unexpected expense has hit you firmly on the chin? As an example, medical bills can quickly spiral out of control, and the only way you can get them paid is by getting a payday loan.

Whatever your reasons, you should pay attention the 8 quick and simple payday loan tips below…

Do your homework

Make sure that a payday loan is the right choice for you, because once you apply and get accepted, there is no turning back.

Go online

The best payday lenders can be found online. Not only is it faster, but the interest rates are a lot lower than the lenders you would find on the high street.

Borrow the minimum amount

You should only borrow the money that you need. Don’t be tempted to get more just because it’s offered to you. At the end of the day, borrow the minimum amount and paying back the loan should be as easy as pie.

Always be honest

Never tell lies when filling in your payday loan application. Not only will this mean your application will be rejected, but you could also end up getting into serious trouble for providing false information.

Beware of scams

Unfortunately, there are illegal payday lenders out there looking to take you for a ride. As an example, if you are asked to pay a fee upfront, then there is a high chance that it is a scam and you will never see your money again.

Don’t take out multiple payday loans

Another important tip is to avoid multiple payday loans. Sure, it might seem like a good idea to take out one loan to pay off another, but in reality this is the beginning of your financial downfall.

Contact the lender

If you find yourself in a position where you can’t pay the payday loan back in time, then you should contact the lender directly instead of ignoring the situation. You might be surprised at how understanding they are of your situation.

Look at other options

Have you considered what the alternative options are to getting a payday loan? For example, you could ask family members for a loan, or even take some items to your local pawn shop.

The 6 Biggest Mistakes You Make With Money

man making decisionsMoney is important. If your bank balance starts to move towards the red, then it can affect every area of your life.

Here are the 6 biggest mistakes you might make with money:

Mistake 1 – Not seeking debt relief

Millions of people are now riddled with debt. If this includes you, then you should seek out debt relief services immediately. The longer you leave it, the worse the problem becomes.

Mistake 2 – Not creating a budget

If you don’t have a budget, then you don’t have control over your money. Ultimately, the majority of the population spend more than they have coming in each month, which ultimately, is a certain recipe for financial disaster.

Mistake 3 – Not saving money

When you don’t have any money saved away, then you are in a fragile state. With this in mind, you should aim to save a percentage of your income each and every month. Your savings account is a safety net in case the worst ever happens.

Mistake 4 – Not getting rid of credit cards

Using credit cards is spending money that you don’t actually have. Then you have to pay back that money plus any interest. Credit cards are the number one reason why millions of Americans are currently in debt. Cut up your credit cards right away, and only buy something if you have the cash and can really afford it.

Mistake 5 – Not understanding how money works

There are many good books out there about the subject of money. Instead of spending the rest of your life struggling with your finances, why not take the time to educate yourself so you can improve your situation? It’s certainly better than watching 4 hours of TV every night.

Mistake 6 – Not investing your money

No matter how many years away your retirement is, you should be thinking about making sound investments so you can reap the benefits later in life.

As an example, precious metals such as gold, silver, and platinum are constantly rising in price, and many financial experts are predicting that this will last for many years to come. Whatever you decide to invest in, make sure you know what you’re doing before spending any money.

The final word

If you can avoid making the above 6 mistakes, then your life will improve dramatically. You will finally stop living paycheck to paycheck, and be free from debt once and for all.

Will $1000 End Your Money Worries?

Businessman jumping for joySleepless nights? Feeling depressed? Worried all of the time? When money troubles rear their ugly head, it can play havoc with your life.

Maybe you are struggling to pay the bills this month?

Or you need some fast cash to pay off your credit cards?

Whatever your situation, a payday loan can help.

Did you know that the average payday loan applicant is able to secure $1000 in immediate cash? There is no waiting around for checks in the mail or for somebody to bring you the money. Payday loan lenders now deposit the funds directly into your bank account.

How much better would you feel if you knew that there was $1000 in your bank account right now? Just imagine paying all of those bills right away…and feeling all of the worry and stress melting away.

Here is a step-by-step plan for getting a payday loan ASAP:

Go online

You can find the best payday loan lenders online. Simply do a search in Google or visit a comparison website. Once you find a lender that is suitable, then it is time to fill-in the application form.

The application

Fortunately, a payday loan application only takes a few minutes to fill-in. All you need is a few basic details about yourself and your income, and then you are ready to submit the application for an immediate decision.

Bad credit

If you have bad credit, then you may be wondering if this will affect your payday loan application? Luckily, bad credit has no bearing at all on whether or not a payday lender will accept you as a customer.

In fact, there are no credit checks performed at all, which means your credit score could be very low and you would still qualify for a payday loan. if you have bad credit try applying for a loan here

Your application has been accepted

You should get an email from the lender within 30 minutes letting you know if your application was accepted or declined. If your application was accepted, then all you need to do is confirm that you still want the loan, and then the lender will begin the process of transferring the money to your bank account.

Best of all, this money only takes a few hours to get to your bank, and in some cases, you could have the cash available in only a few minutes. You can then start using the money as you wish, so you can end your money worries for good.

How to Get a Short Term Loan For 60 Days or Less

If you have unexpected expenses that need to be paid, or emergency bills to take care of, then you may be looking for a short term loan.

Typically, many of the short term lenders will supply you with a loan for 60 days or less, which means you have to pay the money back in full before this deadline expires in order to avoid late payment fees.

One of the most popular types of short term loans is the payday loan. There are literally thousands of payday lenders operating online, and you can get approved in minutes for the money you so desperately need.

Paying back a 60 day short term loan

Once you have taken out the loan and agreed on a deadline date to pay back the money, then you will have to make sure that you have enough money in your bank account when the date comes around.

This is because many short term lenders now take the money automatically out of your bank account, and if you are caught short, then expect to face a mountain of extra debt.

It’s a sad fact of life that many people get into trouble when taking out a short term loan. They often borrow more than they can afford to repay, and then spend the next few years struggling to keep up with the late payment fees and extra interest.

With this in mind, if there are any doubts in your mind, then don’t apply for a short term 60 day loan. It’s just not worth it. Instead look for alternative sources of funding, so you can still get the money you need, without putting all of that extra pressure on yourself.

How much can you borrow?

Because of the short nature of these loans, lenders are not usually prepared to let you borrow thousands of pounds. It’s just too much of a risk.

The average short term loan for 60 days or less, is typically around £500, which is more than enough to take care of those bills and any other financial emergencies that you may be facing.

If you need more money than £500, then your best option is to visit your local bank and inquire about a bank loan. The main problem with this route is that many banks are not lending to people with bad credit, who have a less than perfect financial history.