Installment Loans and Payday Loans: What’s the Difference?

When your personal expenditures exceed your income, the quickest solution is to borrow the money. Fortunately, there are short-term lending options that make getting several hundred dollars in your bank account quick and easy. Two of the most commonly used short-term options are payday loans and installment loans. On the surface, the two options may seem identical, however, there are some differences you should be made aware of to make the most informed decision on which loan type is best for you.

 

Payday Loans

Payday loans are short-term loans for small amounts of cash. The loans are provided to the borrower with the understanding that the funds will be repaid on their next pay cycle (usually within 14 days). Applying is generally easy and can be done online. Eligible applicants will need to be at least 18 years old, have verifiable income, and a valid checking or savings account.

 

Installment Loans

Installment loans are alternative payday loans. Unlike payday loans that have to be repaid within 14 days, installment loans can be spread out over the course of several months or years depending on how much is borrowed and the agreed upon terms.  Like payday loans, installment loans can be applied for online and only require proof of income and a checking or savings account. Since they’re geared towards those with low or no credit, your chances of approval are a lot higher.

 

What’s the Difference?

Short-term installment loans and payday loans may sound a lot alike, however, there are some key differences you’ll want to be aware of.

Loan Amounts – The amount that can be borrowed is different. While a payday loan is typically $100 – $500, depending on the type of installment loan, customers could borrow a thousand dollars or more.

Repayment Period – Since payday loans are as the name implies, to be paid back on your next payday, the ideal repayment term is 14 days. Since there was only a small amount borrowed, lenders expect it to be paid back faster. Failure to do so could result in much higher interest rates and extension fees added to the total.

Installment loans, on the other hand, provide borrowers with more time to repay. Since they’ve borrowed more money, the loan is broken up into several small payments over the course of a few months or years.

Extended Fees – When a borrower is unable to pay their payday loan on the agreed upon date, they are required to pay an extension fee. This fee can be as much as $30 per $100 borrowed and does not count towards the payment of the loan. This, in turn, wastes more money and prolongs the goal of paying off the loan altogether.

Installment loans do not have extension fees. Instead, the loan and interest rate are divided up into small payments over the course of several months. The fixed monthly amount goes towards paying down the balance.

Flexibility – Another significance in payday loans and installment loans is flexibility in repayment. Payday loan balances, fees, and interest must be repaid within 14 days to avoid higher fees and interest. Installment loan providers, however, give you an option of how long you’ll need to pay off your loan. You can choose to pay it off early to save on interest, or make timely, fixed monthly payments until the balance is paid in full.

 

Choose Carefully

There are a lot of differences between payday loans and installment loans. Whatever your financial problems might be you don’t want to make them worse by choosing in haste. Review your circumstances carefully and then choose a lending product that best matches those needs. Remember, the idea is to get out of a jam, not put yourself further into debt. Review payment terms, payment amounts, interest rates, fees, eligibility requirements, and more to discern if you’ve chosen the right loan for you.

There may come a time when your finances are in disarray and you need a lifesaver to help you out. Though short-term loans like payday loans and installment loans can be beneficial for getting cash fast, it is imperative that you make an informed decision on which loan option is better for you. As you can see, while payday loans might be okay for small needs like a higher than normal bill, installment loans can be best for more expensive things like a car repair or home improvement task that will take longer to pay off. Whichever you choose, be sure that you know what to do and how to be a responsible borrower to avoid going further into debt.

How the current low price of oil can positively effect a family’s finances and savings?

How the current low price of oil can positively effect a family’s finances and savings?

With the price of oil so low, the major companies have cut back dramatically on drilling for new fields; there is quite sufficient oil from existing fields to more than cover demand. That has clearly impacted on rig workers who have historically earned good money without having any long term job security. Their families may find that there is less money to spend in the coming weeks. However the question is what impact the price has made on other areas, including general consumers. Businesses that can transport goods more cheaply than just a few months’ ago obviously benefit enormously but does it make any real difference to the ordinary person?

For those heating their homes with winter approaching it will be nice to actually see utility prices fall, albeit unlikely by the amount the major suppliers are saving. Oil has not been so cheap since 2009, both Brent Crude and US Crude standing at below $50 a barrel.

The cost of fuel at the pumps should fall but the retail cost of fuel is made up of the barrelage costs but some elements that are not affected; company overheads and of course government taxation. In reality any saving will not have much impact on a family’s finances as such but it is certainly better than seeing the cost of gas for the automobile rise and more expensive heating bills.

No Sign of a Rise

Goldmann Sachs recently predicted that the price of oil may not rise in any meaningful way until at least 2030. There are several factors changing all the time with Iran’s oil likely to become more readily available and the US of course producing strongly. No one country looks to be able to dictate anymore.

The result should be stabilization of energy and fuel raw material costs which consumers are certain to welcome. However there are so many elements involved in pricing products of all kinds so it is not the end to inflation.

Household Finances

At least with the economy improving there is a chance that every family can work towards improving their financial situation. Those people in debt are likely to be able to get competitive personal loans to pay off any ‘expensive’ debt they have. The most obvious and the most common debt is credit card balances; at the end of every month a penal rate of interest is added to any balance. Personal loans from just right bad credit lenders are readily available for those in work that can demonstrate their income justifies approval. The whole process from making an online application to getting approval and the money in the bank can take less than a working day.

Interest rates are likely to remain low though Goldmann Sachs are not suggesting that they will remain the same until 2030. Certainly lending rates have come down even for those people with a poor credit score. The upshot is that personal loans can be used to pay off expensive debt as part of an exercise to improve your finances. What no one should do is to get such loans to buy luxuries that they can ill afford. The recession is a recent memory and logically no one should want to return to the time when they could not pay their bills.

Good News

Everyone should be happy that the oil price has come down. Businesses rarely see one of their major expenses actually falling and those running a significant number of vehicles will certainly benefit. Families see cheaper heating as a benefit so there is a saving under the expenses column. That column’s total can reduce further by getting rid of expensive debt such as the credit card illustration above.

There are still some obstacles ahead for most economies and certainly adults with children should be thinking seriously about the future; not just spending all their income each month. The future is their children’s education, building a fund in the event of an emergency and certainly saving in one form or another for retirement. A good start would be to put aside everything that is saved by cheaper prices, even the few dollars a month for gas, and the potentially larger saving on domestic heating now that oil prices are so low.

The Rating Of The Best Forex Brokers

The rating is formed according to the the four main criteria that characterize the broker. All reviews were manually checked by the moderator in order to avoid multiple votings from one IP and make sure all of the information was up to date. So, if you want to choose the best broker today, here’s the list of potential candidates!

FxPro

The first place in the TOP four best Forex brokers 2017 is held by FxPro, one of the largest international Forex brokers, which is well known among experienced traders. The company has been operating since 2006, and has been providing trading services for a very wide range of investment tools to date. In addition to currency pairs on the most advanced trading software, it includes its own FxPro SuperTrader. The broker has held the top position for two months and before that they have spent eleven consecutive months at the third place in the rating.

Forex Club

This team presented the new EUR4H trading system using the Price Action principle in dealing with the key EUR/USD currency pair on the 4-hour interval. The rate in EUR4H’s work is to maximize the potential of the market movement within a day, and the profit for each transaction is almost unlimited. In addition, Libertex for iOS received an updated design and new features.

The evening mini-base online course for Libertex will be held in February for its clients, where you can quickly get the required set of knowledge for an effective start of trading on the financial markets from leading experts of the International Academy of Investment and Trading. A new thematic seminar “How to create your own strategy?” was also held a few days ago.

TeleTrade

TeleTrade holds the third place for the third month in a row, being at the same time in the top four continuously for quite a long time (twenty-seven months). For those who doesn’t not know or have already forgotten about the fact, the company has been in the market since 1994, and even more notably, it was the first to receive CBR license to provide services in the Forex market in Asia.

TurboForex

TurboForex is a relatively young broker; the company has been operating since 2010. It is registered and licensed in New Zealand, but this does not prevent it from providing services to traders around the world. In addition to currency pairs, the list of trading tools offered by the broker includes precious metals and oil. In addition, traders can use social trading, which allows them to copy trades of experienced traders.

Choose the broker you think will suit you best and start your career of trading on Forex today!

BRIC Equity Funds Are On The Move Again

Brazil and Russia were investor favorites ten years ago. But a nasty recession in Brazil and Russia, plus the sanctions placed on Russia, have those emerging markets in a financial hammerlock. BRIC equity funds were off-limits to investors, but over the last couple of weeks, those funds have come alive. According to a Boston-based fund tracker, Brazil, Russia, India, and China received $45 million from investors in first two months of 2017. BRIC equity funds are enjoying the longest inflow of cash since June 2016. Commodity prices, corporate earnings and the fact that the Federal Reserve may not raise interest rates are the catalysts for the increase in investor interest. But even with this surge in investor interest, the four emerging markets are still a long way off from the 2007 boom days.

Lackluster commodity prices threw Brazil and Russia into a recession in 2014, and China didn’t help the situation. China was Brazil’s largest trading partner five years ago, but the Chinese manufacturing-based economy started to fall apart in 2012. Productivity and new orders continue to slow down GDP output in China, and that slowdown impacts the BRICS alliance. Chinese banks have too much bad debts on the books. The government is trying to hide the drain on capital reserves, but investors like Jim Dondero, the president of Highland Capital Management think, China’s debt could be the straw that breaks the global economies back over the next 18 months. India is the only country in the BRICS alliance that is posting positive GDP percentages. China GDP output is still better than most, but it is not as good as it was in 2012.

Even though there is renewed interest in BRIC equity funds, Dondero believes investors will support individual funds rather than the BRIC fund going forward. So far in 2017, Russia and Brazil funds received $1 billion each. That is the biggest inflow since the end of 2014. India funds received $380 million so far in 2017 because there is talk that India’s economy may be slowing down. India funds enjoyed cash flow of more than $2.3 billion in 2016.

The number of active BRIC funds continues to drop from the high of 106 funds in 2014. In 2016 there were 79 active BRIC funds. Net assets in those funds shrank to $4.87 billion from $7.6 billion in 2015, according to Jim Dondero.

The BRIC alliance is considered strange by many investors. Dondero and other investors say there are few similarities in those countries in terms of commodity use and commodity production. Many investors are concerned about the political systems in BRIC countries and that keeps many investors away.

James Dondero is a University of Virginia graduate with degrees in finance and accounting. James has more than 30 years of experience in the investment and finance industry. In 1984, he started his career at Morgan Guaranty. He was hired by American Express that same year. Jim spent four years at American Express before he took the job at a subsidiary of Progressive Life. In 1993, he founded Dallas-based Highland Capital Management with his partner Mark Okada. Dondero is responsible for the incredible growth of the company. Highland Capital has more than $16 billion in assets under management. Dondero is also known for his work with nonprofits in the Dallas area. The Highland Dallas Foundation supports several organizations in the Dallas area.

Christian Investing Advice

crossWhen evaluating the Holy Bible, you are sure to discover a lot of christian investing advice. The Bible offers a multitude of lessons, parables, and instructions for just about every single facet of life. Many wonder if the Bible also offers a distinct code for safe financial investments that are also considered to be ethical. The fact of the matter is, yes, the Bible does offer teachings that have the ability to assist people generate wealth in a manner in which Jesus would respect. Each of us has the ability to invest money according to the Will of God. In this free investing guide, you will learn the top tips investing information for people of faith.

The Will of God

In order to initiate the task of investing in a manner that is consistent with the teachings of the Bible, you must first understand the Will of God:

  • In Proverbs and the Book of John, we are informed that God has a desire to make each of us rich.
  • In Corinthians, we learn that Jesus died so that each of us may experience riches.
  • In the Book of Philippians, we are told that God will supply each of us with that which we need in life.

God will Guide

When investing as a person of faith, you must know and understand that in order to reach prosperity, you will be led by God. You must follow your conscience in order to achieve wealth. Each of us has unique talents, skills, experiences, and abilities that may be used to accumulate wealth. We must indulge in God’s Word and prayer in order to hear God’s instruction on how we may achieve wealth, as individuals. The Bible is the one and only TRULY free investing guide that will assist us on our way to riches.

Investment Cycles

In studying the Bible, you will find that there are three different types of money – all of which make up the three “secrets” to achieving prosperity. Immediately following the period in which Abraham followed the Lord, God provided him with his cattle, his silver, and his gold. In this story, the cattle represents Abraham’s career. The silver represents the money that he obtained from his career, and the gold represents the investments that Abraham made. In order to invest appropriately, you must first determine the career that God intended for your life. Then, you will make the amount of money that you need to handle your financial responsibilities. In addition to this, you will have excess money. This is the money that should be used in wise, safe investments. Make your money, budget your money, invest the rest.

Conclusion

God wants us all to experience riches. When it comes to christian investing advice, there is quite a bit; however, safe and productive investments involve more than just taking your excess money and putting it into an investment. You must study God’s Word, pray diligently, and ponder all of the opportunities presented to you, as far as investments are concerned. The money that you invest should only be towards opportunities that are in line with God’s Will and unique plan for your life. By following the Bible, God, and your conscience, you are sure to discover investments that are in line with your unique faith-based values and religious principles. As a result of following the tips investing information contained in this free financial guide, you are sure to achieve levels of wealth that you never dreamed possible!

Investment Opportunities – Put Your Money in the World Wide Web and Watch it Work for You!

investment-opportunitiesInvestment Opportunities – Put Your Money in the World Wide Web and Watch it Work for You!

If you are in search of potentially profitable investment opportunities, you should put your money in the World Wide Web, sit back, and watch it work for you! In the past decade, the real estate market has experienced such a high degree of fluctuations that it is no longer considered to be a viable option for those that seek to have a financially stable future. The housing market rapidly moves from one extreme to another, with no consideration for the average investor; however, there is one real estate market that is quickly gaining in popularity. That is the virtual real estate market, or, the web properties that are currently available on the World Wide Web. Leading financial advisors that offer investment tips are now claiming that one of the most profitable markets to invest in are web investments. If you are ready to put your money to work and create the life that you have always desired to live, continue reading for life-changing advice and comprehensive information on these highly sought after investment opportunities.

Out with the Old, In with the New

If you are searching for investment opportunities, it is quite likely that you are familiar with the term “Asset Class”. These “classes” are specific categories that pertain to similar types of investments. The three primary categories based on asset class are stocks, bonds, and CDs. Real estate is also considered to be a common type of asset class. “Asset Allocation” is another common term that you likely know. Essentially, this pertains to how you will mix up the standard classes with the investments that you elect to make. While it is true that all investment opportunities pose a certain amount of risk, there is one asset class that is considered more promising than all of the rest. That is, web investments. This is a new asset class – even to Wall Street. Now, you can take part in this amazing new movement.

Dual-Investment Opportunity

When researching investment tips, you will quickly find that most financial experts agree that you should make more than one investment in order to optimize the opportunity for success. By investing in the web investments that are part of this new and amazing asset class, you are engaging in dual-investment opportunities. Not only are you investing in a business, but, you are also investing in the virtual real estate market. Right from the start, you are dramatically increasing your chance of achieving a high level of financial success. Ultimately, this means that you are diversifying your portfolio with just one decision, with just one transaction. These types of investment opportunities are rare. If you take advantage of this new asset class on Wall Street, you are setting yourself up to experience unlimited growth potential, as it pertains to revenue from the website opportunities that you take advantage of upon your initial purchase. There are currently 800 million virtual properties available and a new 50 million properties are created a year. Why limit yourself to the traditional real estate market, when, for the same price, you could potentially gain thousands upon thousands of virtual properties? Join this new asset class today and you will find that it is one of the most profitable investment opportunities currently available.

Savings Accounts are Safe and Dependable

savings accountSavings accounts provide safety, security, liquidity and predictable growth. They should be a part of any personal finance portfolio. Consider these benefits to a savings account.

Safe, guaranteed interest

Savings accounts offer a guaranteed rate of interest, which is usually paid monthly. Your money will grow each month according to the interest rate the bank or other financial institution is paying. This predictable growth makes it easy to see how your money will grow over time. The interest rate the bank pays on savings may increase as rates go up overall, but you will always know what that interest rate is so that you can plan for it. BM Savings is highly regarded as a safe and secure savings location for your money.

Liquidity

You can get to your money at any time if you have a savings account.
There are no waiting periods and no penalties for making withdrawals from a savings account. Depending on your account balance and the terms of your account, you may be able to withdraw money at any time without paying a fee. (Some accounts impose a fee for making more than a certain number of withdrawals in a statement period.)

Protection

A savings account is easy to put money into and to get money out of, just like a checking account. Unlike a checking account, however, you cannot overdraw your savings account. You can only withdraw the funds you have in the account, and usually only in person at the bank, although some savings accounts will give you the option of an ATM (debit) card so that you can deposit and withdraw money electronically.

Security

Savings accounts in banks are insured by the FDIC (Federal Deposit Insurance Corporation). This government agency guarantees the deposits of up to $250,000 at a single institution. This means that, even if the bank fails, you will not lose your money, as long as you do not keep more than $250,000 in one bank. Since savings accounts are not tied to the stock market in any way, your money will be safe and will continue to grow, regardless of what happens on Wall Street.

Save on fees

Most savings accounts have low or no service fees. At many banks, you can combine your savings and checking account balances to avoid or minimize fees on both accounts. You may also be able to avoid fees by having your pay direct deposited into your account. Before you open a savings account, be sure you understand the fees you may be subjected to and what you can do to avoid them.

Pay yourself first

Easy access savings accounts are ideal for getting into the savings habit. You can have part of your paycheck direct deposited directly into your savings account, or set up an automatic monthly transfer from your checking account to your savings account. The money you deposit into your savings account will grow, and will be available for you to use to fund your short- or long-term financial goals.

These advantages make a savings account a good choice for any saver or investor. It is important to understand the terms and fees that are associated with any savings account you are considering. Knowing how you will use a savings account will help you to choose the best savings account for you.

photo by ursonate

8 Ways to Spend Less on Gas

Gas prices have gone up again and it’s time to be even more careful with your expenses. Here are eight ways to spend less on gas and be more cost-efficient when it comes to commuting.

Consider your transportation options first.

Don’t let driving be your default mode of transportation. Consider your other options first.

Can you walk or bike to your destination?

Is there public transportation that can take you there? Can you carpool with other people?

Try to think with cost savings in mind and you’ll find that driving your own car may not always be the best option if you’e trying to save money.

Get on the road with a purpose.

If you’ve decided to take your car, plan your trip carefully and avoid unnecessary trips.

Schedule your errands in one day and plan out the most efficient route to save on trips and mileage.

If you need to go a specific store, make sure they’re open or that they have what you need. You can also try calling first to check if they deliver. Avoid traveling during rush hour or peak times to lessen the time you’ll spend in traffic.

Make sure your car is in good condition.

Keeping your car properly tuned up can help you save on gas.

Check your car to make sure everything is working fine.

Check tire pressure, axles, springs, the suspension and chassis parts.

Make sure the air filter isn’t clogged. Keeping your air filter clean can improve your gas mileage by as much as 10%. Go for energy-conserving motor oil, too.

If your car is working properly, the engine won’t need to work harder than it should.

Remove the unnecessary.

If you don’t really need them, remove bike racks or vinyl tops to avoid air drag that can be a stress on your car engine.

Remove extra weights if possible. Take out unnecessary stuff you have in your trunk.

Extra weight means more work for your engine, which burns more gas.

If you can go without air conditioning, do it. Roll down windows if you have to. Reducing air conditioning can reduce gas consumption.

Drive carefully.

Aside from keeping you safe, driving steadily can help with your gas consumption, too.

Drive within speed limits.

Avoid sudden and hard stops and don’t weave around or swerve around. Also, pay attention to traffic reports so you’ll know when to avoid traffic jams on the roads.

Be smarter when parking your car.

Look for a shaded spot during hot months to keep your car cool and avoid overworking your AC later. If you can’t find a parking spot with shade, roll down your windows just a little bit to let air circulate.

Don’t spend too much time driving around looking for the nearest parking spot. Don’t be afraid to park and walk a few steps to where you’re going.

Be smart at the gas pump.

Go for the lowest octane or grade that is appropriate for your vehicle; premium fuel that’s priced higher won’t exactly improve your car’s efficiency. Avoid filling the tank to the brim as it can result in fuel spilling over, which is an unnecessary waste.

Be aware of gas station loyalty or membership card benefits if they are available. Also consider grocery or department store membership cards that offer fuel discounts.

Don’t be too concerned with brands since they all use the same pipelines and refineries anyway.

Think about cost savings more than branding although be aware of quality as well. Check out gas prices while you are out and about to see which gas stations are offering the best deals available.

Track your gas expenses and even your trips.

If you’re intent on spending less on gas, then learn to track your fuel expenses and your trips. Every time you purchase gas, write it down. Note down mileage and how much you bought. Through your records of your trips and gas expenses, you’ll be able to assess how much you spend every month and you’ll be able to make adjustments if you have to.

What is your Binary Options Investing Strategy?

binary optionsBinary options are very alluring to many people. Perhaps it is the ease and simplicity which allows traders to trade a large selection of assets. People have the potential to make large profits on their investment. A person’s entire investment can be affected with one click of a mouse.

Binary options are trading channels that have become very popular over the last few years. This will likely remain that way in the future. It is important to have a trading strategy. You will put yourself at a disadvantage if you do not have a specific approach to trading. Here are some things to consider so that you can develop a great binary options trading strategy.

First, analyze why you are trading binary options to start with. You definitely want to earn some money, but how much money, and what is your  time frame  for making that amount? Those answers will determine how aggressive you want to be. Decide what your preferences are. You can trade options for stocks, currency pairs, and stock indices, just to name a few things. The most popular options are stock and currency pairs. You should pick something that you are familiar with. Resist trading a wide variety of assets. That strategy is very risky.

Knowledge is crucial to developing a binary options trading strategy. You need to know about the asset that you are trading, the market, the asset class, and also how other traders perceive that asset. The more knowledge that you have about the asset, the more likely you are to predict what will happen in the future. If you comprehend the market, then you can take advantage of the situation and invest appropriately.

Predicting the market can help you prepare for The Domino Effect. When certain assets are related to other assets, they can rise or fall simultaneously. For example, look at the correlation between oil and the American dollar. They have an inverse relationship. If the dollar gains strength, oil becomes more expensive. This will likely cause oil prices to drop. If the dollar decreases, then oil becomes easier to buy, which makes the price go up. Keep these relationships in mind when developing your strategy. Learn about the relationships that may make your asset rise or fall.

Be sure to learn about technical indicators. They are an important part of any binary options trading strategy. Two important strategies to learn about are moving averages and stochastic  oscillators  and crossovers. A moving average is a running average of the value of an asset over a length of time. For example, a 30 day moving average of an asset is the average of each price point over those 30 days. The stochastic  oscillator  measures momentum. It tries to predict turning points in the asset’s price based on support and resistance levels. These two technical indicators should be important pieces of your binary options trading strategy. The key is to learn as much as you can about what asset you are investing in.

Recommending You Effective Forex Trading Strategies

In order to make good money in the market of currencies, a beginner should learn how to analyze the market and create Forex trading strategies on the basis of analysis he does. Certain rules of the market have to be followed by the market participants when trading in Forex. Among these rules is using a trading strategy which can turn an ordinary trading into a profitable trading activity.

Forex Trading Strategies Traders Use

The traders can use or develop the Forex trading strategies which are most suitable for them. Some of the traders use only the technical analysis method while others prefer fundamental analysis. While there are others which use both fundamental as well technical analysis for putting trades in the market. There is a big range of tools helpful to the traders for the analysis of the market and read the fluctuations. The beginner traders need to examine and test all the tools to become skilful in the market.

Support and Resistance levels

Traders use support and resistance levels strategy to determine when to enter and exit in a particular trade. Support is the lowest price level after which a price is likely to start moving upwards. The resistance level is the highest price level at which the Forex traders prefer to close the positions in order to cover the risk of a significant decline. The trends are tested and confirmed at the support and resistance levels. These support and resistance levels can be determined by analysis of Forex charts or previous support and resistance level determined for a period time for analysis.

Moving average Forex trading strategy

We can also recommend a moving average trading strategy. The moving average is used to determine a price over a certain period of time. The short term price fluctuations are eliminated and this strategy allows the trader to view the overall market situation. It is also used to indicate the future price movements whether up or down. If the price is above the moving average the market is bullish and the time has come to buy an asset. If the price is below the moving average the market is bearish and it is the time to sell the assets.

While using Forex trading strategies the traders should clearly understand that using a trading strategy needs discipline and the emotions should not be allowed to interfere. A strategy should be back-tested before using it with your account and a good amount of patience is required to see the strategy showing the results. It is of no meaning to keep on switching Forex trading strategies without giving proper time to any of them.