Best Ways to Obtain Payday Loans

Personal loans can be started at any point in time, by selecting one of the vendors that can offer you a good rate of interest. You can apply with an application form and simple formalities for the submission of the address and your Id proofs.  These documents can be submitted securely online through websites and can be accepted by vendors on time.  So, you can start with the application ASAP, and you can check the status online through their websites as well.  It will help you in letting you know where your application has reached now.

The interest rates on the payday loans Fresno Ca can vary from bank to bank, and you will have access to them very quickly. Their interest rates can be fixed or can be on a variable model.  They can range from 5.49% – 14.24% APR (with Autopay) and 4.990% – 11.090% APR.

Let’s have a look on some of the advantages of Payday loans:

  1. A Boon for Tenants and non-homeowners: Tenants and renters do not have to think that they can’t take a loan as they do not have real estate collateral.  There are many unsecured lenders that can help them in getting it done easily.
  2. Increasing trend: The trend for the unsecured personal loans in the Fresno Ca and all across the country is increasing with every day.  Borrowers have accepted these types of loans.  They are for the person who is earning income but may need access to quick funds without having any collateral in their name.  Undoubtedly, they are a big escape in difficult times.
  3. Application of Interest: The interest rate on any loan is typically not applicable if you don’t use the funds within a stated period of time, and quickly pay off the loan.

The repayment period can range from weeks to months to even years, based upon your income level, credit score, the lender’s policy and the terms and conditions.  Credit cards can also be a kind of payday loans Fresno Ca.  So, try to get the duration of the repayment as per your suitability, don’t make it too short or long, and just try to justify and meet it on time so that you will be eligible for the another loan.  Once you think of using payday loans Fresno Ca or any kind of loans, do take care of every aspect of the same and the company too, through which you are withdrawing the funds, and then go forward with the application so that you will have the best service with a fast processing time.

So, in any case shop around for loans that you are eligible for to fulfill your daily means and secure your future longer term, but before taking the Payday loan, it is advisable to take a comparison quote from all possible Payday loan companies!

Avoid the Dangers of Using a Credit Card this Holiday Season

christmas debtMany people fall victim to holiday credit card pitfalls every year due to a lack of knowledge about credit, in addition to failure to adequately prepare for holiday shopping using a credit card.

Should you open a retailer branded credit card?

One of the major pitfalls of holiday credit card usage is that consumers often get convinced by retailers to open a department store branded credit card in order to realize about 10 to 15% savings on purchases at those retailers. While these savings may be tempting, most people don’t realize that the credit cards offered by these retailers generally feature a very high interest rate. If you, as a consumer, plan to carry a balance on this new credit card at all, then you will lose the amount of money that you originally saved by opening the card, and more. In addition to these high interest rates, opening new lines of credit too often in a small period of time has the potential to damage your credit score. As a rule of thumb, respectfully decline when retailers ask you if you want to open a new credit card with them to receive a discount on your purchases.

Set yourself a holiday shopping credit limit

Consumers can avoid putting too many gifts on credit simply by setting themselves their own personal limit, and keeping track of what they buy. For example, a consumer could set a personal limit of $500 to spend on credit during this holiday season, and when they reach that limit, they have to stop putting purchases on their credit card and instead start paying in cash. While its always tempting to spend a bunch of money to buy your friends and loved ones gifts, they will understand if you simply cannot afford to spend outside of your means. If you’re looking for a good way to monitor your spend, many credit card companies offer free mobile apps that allow you set up alerts that notify you when you’ve reached a certain spend.

How can using a credit card for your holiday shopping benefit you?

Using a credit card for your holiday shopping, however, can definitely benefit cardholders because of the vast amount of rewards that can be gained by putting purchases on your credit card. You should compare rewards credit cards in order to maximize the rewards you will receive based on your spending habits. As long as you know you can afford to pay off your balance without incurring large interest fees, you should put your holiday purchases on your credit card because most credit cards offer some sort of reward for each dollar spent.

photo by paparutzi

How I Paid off $6,000 In Credit Card Debt

credit card debtI didn’t have credit card debt for long. I didn’t suffer for decades. I never had creditors calling me, and I wasn’t in bad enough shape to get turned down for a loan. Yet, I still felt the weight of it every day. That’s the reality of credit card debt. Whether it’s $500 or $50,000, it’s still a nagging feeling, something extra on your to do list, and something that’s quite difficult to improve if you’re not willing to change habits and get in the right mindset.

How It Started

I got my very first credit card at age 22 for one purpose and one purpose only: to buy my husband (then fiance) his wedding ring. I didn’t have the money to buy something so expensive at the time, so I wanted to put it on a zero percent card and pay it over time. Of course, you probably know how it goes. Something that started out innocently enough grew into putting gas on it here or there and then we used it to fund a little bit of our honeymoon, etc. I’m not proud of how it started, but I do like to be honest about it.

When It Got Worse

We were managing our debt well enough and always paid above the minimum. I suppose I always felt that I was trying to get it back to zero, but I never sat down to figure out how much it would take. We both had steady jobs and were never late on a payment. Then, my husband decided to apply to medical school. We spent hundreds in application fees, and then when he got into a Caribbean school, we lost his income.

The Peak

As someone who is a personal finance blogger now, I shake my head knowing exactly what we did wrong. We didn’t track anything we were spending, which is just absolutely amazing to me now, as someone who plugs everything we spend into an excel spread sheet throughout the month. But that’s now, and we’re talking about then. We had good jobs and a comfortable life, but we didn’t have enough in savings, and we certainly didn’t have enough for international plane tickets to send the hubs to school. At the peak, we both maxed out a $3,000 card each.

Chipping Away At It

Before that $6,000 peak, we were actually trying to pay it down. Like I said, I was always aware of our debt, and I often felt the weight of it. I always paid above the minimum, and even managed to knock out a credit card for a TV we owned prior to my husband going back to school. (Yes, I know. Credit card for a tv = bad. My how things have changed.)

18 Months of Work

It wasn’t until 18 months ago that I laser focused my efforts on this challenge. For 18 months straight, I focused heavily on paying it off. I wanted it gone. I wanted it out of my life. We were accruing student debt due to my husband’s medical school tuition, and I didn’t want the credit card debt to get out of hand too. I started working as a freelance writer on the side. It was slow at first, but a year later, I am able to add a considerable amount of extra money to our monthly income. I have used this extra income every month to slowly pay off the debt.

Victory

I was hoping for victory by the end of this year, but it came sooner in the form of a promotion at work. That first paycheck was all I needed to finish off the credit card debt once and for all. I’m actually very proud of myself. While my husband certainly contributed to these efforts by not spending needlessly and not complaining about modest meals, I feel as though this is a personal victory too because it showed me how much can be accomplished with good old fashioned hard work. We now have $500 extra dollars a month (an amount I had been paying on our credit card debt for almost 10 months). It’s time to go to the next goal, which is paying down our student loan interest and maybe saving for a vacation. We’re so excited, relieved, and proud to be here saying we’re credit card debt free. If we can do it, we know anyone else can.

Who else is working on their goal of being debt free?

photo by vectorportal

Biblical View on Paying with Cash to Get Out of Debt

cash to get out of debtHow many times do you hear or read that Credit Card A pays X-percent on their rebate program, or Chevyotassan Motors is offering zero percent financing on their 2011 model Q cars? How about 90 days financing as good as cash?❠Or the favorite of all credit offers–buy now and pay NO interest until January 2013?

You can’t blame businesses for trying to grease the wheels of their sales by offering too-good-to-pass-up financing deals. And maybe these packages are even all that they say they are. Does that mean you should jump and buy if they are?

Not if you’re already in debt. In fact your plunge into debt may have started with just such an offer. You get into one easy payment planâ, which is followed by another and still more. Before too long you’re on a debt treadmill that you aren’t sure you can get off of.

Getting into debt is always easier than getting out of it. There are different ways to get out of debt once you have too much of it, but the foundation of it all is changing your financial behaviorâ”and learning to pay with cash. And by cash, I mean debit cards, checks, automatic debits and the Federal Reserve Notes in your wallet that most of us refer to as moneyâ.

 

Getting out of debt starts with not using credit anymore

Part of the problem with debt is that it’s cumulativeâ”if you’re adding new debt before you’ve paid off old debt, the pile is only getting bigger. The first, best way to get out of debt then is to stop taking on new debt, and the way to do that is to put away your credit cards, ignore the come-on loan offers and pay cash on the barrel.

Cash is the only way to guarantee that you’re living within your means. People get caught up in favorable terms, like low interest rates or zero interest rates or no payments for six monthsâ, ignoring the basic fact that even if you have no interest to pay, you still have a debt to be serviced. Worse, you’re still paying with money you don’t have.

 

Use of debt is a form of voluntary bondageâ”at first

The rich rule over the poor, and the borrower is slave to the lender.ââ”Proverbs 22:7

Slave is a heavy word, and in a world that’s been running on easy credit for several generations, it isn’t one we normally associate with borrowing. Yet if you’re in debt to anyone, you have entered into an arrangement that approaches slavery on some level. For example, you are legally bound to pay the loan according to the terms of the loan agreement, which is to say that you’ve given at least partial control of your incomeâ”and even you’re assetsâ”to the lender.

No matter what soft or emotionally comforting labels you may place on your debt, your freedom of action will be limited by the loan. If you have several loans, the servitude will be even greater. Bankruptcy and foreclosure occur when lenders have control over more of your resources than you do.

Even if your debt situation doesn’t require bankruptcy or foreclosure, it will still restrict your life. You may not be able to change jobs, do mission work or make a geographic move because of your debt obligations.

You’ll free yourself of those limits when you come to equate cash with freedom, and debt with bondage.

 

Debt says I can❠when reality screams I can’t!â

Credit has become something like a financial drive-through window; its purpose for existing is mostly to keep the economy running. Don’t have any money? No problemâ”drive up to the credit window, get a loan, then pick up you’re merchandise at the front desk.

We’re paying a steep price for that convenience. Credit gives us the option to buy what we know we can’t afford, and sooner or later you’ll use that option even when the little voice inside❠is telling you otherwise.

Even if you pay your credit card balances in full each month, you’re still living on a floatââ”paying this months bills with next months income. If next month has a major expense surprise, or if your income is disrupted, this month’s bills might not be paid next month, but carried into the following month where it becomes permanent debt. That can’t happen if you pay for this month’s expenses in cash. Everything you buy is paid for so there’s never any debt being carried forward.

 

Like anything else that isn’t good for us, debt is mostly a bad habit

One of the problems with debt is that today we have a benign view of it. It’s less of a thing or event than it is a lifestyle. You generally see people who are either debt adverse, and therefore debt free, or those who see debt as a convenient enabler to get them from where they are to where they want to be. For people in the latter category, credit becomes a habit, a way of doing business. What’s so bad about that?

And lead us not into temptationâ¦ââ”Matthew 6:13

Is it a sin borrow money? Probably not. But it’s pretty safe to say that it IS a temptationâ”one that draws us to spend money we don’t have, to buy things we often don’t need and to extend ourselves into bondage. How well are we able to resist temptation when we put ourselves so close to it?

If we can put some distance between ourselves and creditâ”maybe not to see it as a sin, but not to view it as holy eitherâ”we take ourselves out of harms way. Cash is the best way to do this.

 

The simplicity of cash to the rescue

You’ll enjoy the following benefits if you begin paying cash for all of your purchases:

  1. You’ll never spend more money than you actually have
  2. You’ll never get stuck paying last months bills this month
  3. You won’t live in fear that you might have charged too much
  4. Your debts will stop growing, and as you pay them, they’ll eventually disappear
  5. As your debts fall, you’ll have even more cash either to spend or to save
  6. If you choose to save your extra cash, your savings will eventually replace credit as your preferred source of extra money
  7. As your savings grow, you can pay cash even for major purchases, like repairs, furniture and even cars
  8. When every thing you own is owned free and clear, YOU’LL be free and clear!

So simple, yet so powerful. Pay cash from now on, pay your debts faithfully and even if you do nothing else, in a few years, you’ll be debt free.

Let Savings Fall Onto Your Lap

savingsI’ve always believed that as long as your vacation is ahead of you, summer is clearly not over. It’s not unusual for me to wait until the fall, September or even October to make my yearly escape from the everyday grind. After all, I live in New York, so jaunting off during the summer months simply to lie on a beach is no enticement to me; we are frankly surrounded by beaches.

In fact, many New Yorkers save their vacation time for the winter months; that’s about when we start to get homesick for our beach-lying days. As a massive money-saver, I really enjoy the fact that my off-season vacationing can lead to a lot of savings, but most of all I appreciate dealing with a lot less crowds! Does anyone feel like Disney?

Vacation when no else is

The Travel Industry Association estimates that 23% of people report taking their vacation in the fall, which is a sharp drop from the 38% who reported a preference for vacationing during the summer months; fortunately, as the masses reduce, so do the prices. In resort areas known for their postcard-worthy beaches, the price drop is particularly noticeable. The Caribbean and Florida are two prime examples of this; hotel rates alone can see their rates drop almost 40% compared to peak season.

There are some places where tourism never seems to cease, big cities like New York and Chicago never seem to offer a prolonged period of off-season rates. But I live in New York and assume Chicago is pretty similar. Why would I want to go there?

Utilize credit cards to your advantage

I also fill out a lot of credit card applications throughout the year, simply to enhance my vacation savings when the time comes. Like many, I only associated the frequent flyer miles on my credit card with vacation savings, over the years I have expanded my repertoire, using different credit cards for everything from gas to hotel stays, each with their own built-in savings. Of course the flyer miles are probably still the best savings there is, but even with that, I no longer settle for just the typical 20,000 miles or so. Why would I when there are offers out there of up to 100,000 miles. They are not as easy to come by, but they do exist.

Do your research first

A lot of cards offer hotel programs:   these can lead to major savings, but it does take a little more work to do a proper comparison shopping on these cards. Often they will have a lot of blackout dates and capacity limitations. The ones that claim there are no blackout dates will instead have some strong capacity restrictions. Do your homework on these and you can save some serious cash. For local trips I, of course, have a gas card credit card that I use. Of course, with the high price of gasoline over the past several years, I often think it would be cheaper just to fly. Sometimes taking the scenic route can end up being the best part of your vacation. If it makes you feel any better, think of it this way:  using a gas card which earns money back means the more that you spend, the more you are actually saving. OK, so it’s a bit of a justification, but it is true nonetheless.

One other tip I learned the hard way: it you are going overseas on your vacation, make sure you use a card that at doesn’t charge a foreign transaction fee. Most do and you will end up paying more for every purchase that you make â“ a real vacation killer for me!

Keep Your Sanity, Use Cash

cash onlyCredit and debit cards carry with them a terrible temptation. There is no discomfort when you use them. Making a large purchase with cash requires you to literally surrender real money from your hand. The pain comes immediately, whereas a credit card carries with it an “I owe you” quality and a debit card doesn’t provide that proverbial sting, because the transaction is conducted electronically.

 

My experience

I suffered this problem when I first got a debit card. It seemed effortlessly to offer a cashier my card, as if someone else was paying for a book, movie, or food. I also got into a predicament when I began buying a stream of books through online sites such as Amazon. It wasn’t until later that I realized how much I had spent in such a limited period of time, because I was not very thorough with my checkbook.

Maintaining an accurate and updated checkbook is one solution to the problem, but I also found another viable method which hopefully you can use and integrate into your own methods.

 

Solutions

First, write out your budget for the month. Now, separate them into two categories: One for purchases, such as rent, which remain constant month after month. The second category is for purchases which can vary, such as gasoline and entertainment, and change frequently.

Take the second list and determine what can be paid for with cash and how much you are able to afford to allocate towards the second category each month. The rule of thumb is to be more liberal than conservative on the estimate.

Have this amount withdrawn from your paycheck or bank account at the beginning of each month and place it into either a specifically marked envelope or in your wallet and wrap it with a rubber band.

Then, simply use cash for your purchases. When you fill up your car at the gas station, eat out, or buy a movie or a video game, use cash.

What this does is make it easy and simple for you to determine how much money you are able to spend per month. All you have to do is look inside of the envelope or your wallet. Whatever you have left is what you can spend.

 

Observing other people’s mistakes

Working at a sporting goods store, I witnessed hundreds of customers spend over $1000 in a single purchase. Every time they did, it was with a credit card. I sincerely believe if they had reached into their wallet and taken out the cash equivalent, they would have taken a long second look at the items were they on the verge of buying and discovered it wasn’t worth the cost to them.

In fact, customers who did pay in cash often reduced the number of items they bought when they realized they didn’t have the necessary amount to pay for it. Rarely did they resort to their card to cover the discrepancy. When people lack of actual money to buy something, it creates a psychologically reaction, which usually makes them hesitant enough to not go through with the purchase. It’s reality politely telling you to ease off on the spending.

And it’s better than watching a cashier swipe your credit card, only to inform you that it’s been denied because you’ve reached your spending limit. Unlike Congress, you can’t raise your credit card limit just because you’ve hit the ceiling.

Certain items, however, can only be bought on the internet, and if you use eBay frequently, it is required to use a credit card. In this case, set up a separate bank account and have a scheduled transfer at the beginning of every month from your primary checking account. If possible, use a certain credit card only for such purchases. As before, it is imperative that you do not initiate any other transfers. Self-control is paramount.

A separate bank account and cash on hand will give you greater flexibility while also maintaining a limit on spending.

 

Cash makes you think twice

In a digital age like the one we live in, when you use cash, you avoid making purchases you’ll later regret, and it will spare you from a lot of grief which plagues those addicted to card-swiping.

The tale of the Pied Piper of Hamelin is a moral lesson on fiscal responsibility; the people of the town took an “I owe you” on his services, and then regretted their purchase and refused to pay for it. Didn’t quite work out the way they wanted.

Think of the stereotypical adult, who is commonly is depicted buried amid a mountain of monotonous receipts as they attempt to balance their checkbook and confirm the accuracy of every bank statement. It is a tedious and painstaking process which can be circumvented in many instances.

If you use cards less and cash more, you decrease the number of bank transactions, thereby making it less arduous to navigate when you’re inspecting it for any oddities. Additionally, it decreases the chances of identity theft and are easier to detect them they occur.

A lot of identity thieves rely on the proliferative use of credit and debit cards to hide their activities. Often, they will make small, discreet purchases, which will easily blend in with other similar transactions, to test their victims. If no alarms are raised, they will continue doing so until they make such a large purchase that their cover is blown. Prevention requires either a vigilant consumer or a wise consumer.

Ultimately, using cash is a way to prevent bad debt. When you pay with cash, you’re paying up front. There is no monthly payment, no fees, and no interest rate.

photo by seanmcmenemy

Credit Card Mistakes To Avoid at All Costs

credit card mistakesIn many people’s lives, credit cards tend to take on one of two roles. One is that of an indispensable ally, one that is always available to bail you out of a tough situation at any hour of the day or night. The other? Well, that is of a cruel enemy, dragging you into a deep pit of debt and then slapping you with extra fees when you are down. Even when things are harmonious in your financial house, credit cards can be fickle friends. Make one mistake â“ a single missed payment, one charge too many that pushes you over your limit or simply apply for too many cards â“ and it can have a negative impact upon your credit score. That, in turn, can result in higher interest rates and other bad news for your budget.

Here are a few of the most common â“ and not to mention expensive â“ credit card blunders that are best avoided.

Late Payments

It may be fashionable to be late to a party, but it’s downright dumb to be late paying your credit cards bills. Not only will missing a payment cause your card issuer to charge you a late fee, but it will lead to them increasing the interest rates on your account. Your payment history accounts for about 35% of your credit score and one single messed-up payment can cause your score to take a serious dive. If you are not set up to make payments online, make sure you drop your check in the mail well in advance of its due date.

Making the Minimum

If you are trying to pay a balance, you must make more than just the minimum payment. Consider this example put forth by the website, omaha.com:

With a $5,000 balance and annual interest of 14 percent, a $100 minimum payment will pay off the bill in 22 years, with $6,110 going for interest. If you pay $150 a month, the bill is gone in four years with $1,369 in interest.

Federal Laws are now in place requiring lenders to display, on every statement, how long it would take you to pay off a balance making only the minimum payment. This as well as the monthly amount you would need to pay, in order to pay off the debt in three years.

Withdrawing Cash On Your Card

DO NOT, as in ever, ever, ever, use a credit card for cash advances, except in the instance of an absolute emergency. Aside from the dizzyingly high interest rates associated with pulling out cash on your cards, there are typically additional fees. Also, interest begins to accrue IMMEDIATELY on the amount of cash withdrawn which means that you will be paying back much more than you borrowed even if you quick about it.

Paying An Annual Fee

Some rewards cards come with an annual fee and sometimes those rewards are tied to the amount you charge. So no matter how nifty the perks on your plastic, they may not be worth what you will be paying for them. Make sure you are not tempted to spend more than you normally would on your card just to get those rewards.

You should always take the time to make sure you understand the exact terms of your credit card. That way you will avoid unnecessary fees and penalties. If you are in the market for a new card, comparison sites such as credit land can be an invaluable tool. If you know how to use your credit cards mindfully, your wallet will house plastic pal instead of foes.

photo by moneyblognewz

Banks Lose $16 Billion in Swipe Fees

bank feesThere were no winners when, this month, The Federal Reserve announced its concluding regulations that will cap debit card swipe fees charged retailers at 21-cents per transaction. Financial institutions argue that they stand to lose approximately $16 billion per year in revenue collected from merchants, while merchants criticize that the 21-cent cap does little to alleviate their debt burden to the banks and lenders. With neither side celebrating the passage of this regulation, it is difficult to see who exactly benefits or what effect this regulation will have on consumers.

The lending industry currently claims an average debit card swipe fee of 44-cents, thus, imposing a 21-cent cap would greatly diminish their profits. But as every lawyer and financial expert knows, it’s all in how you crunch the numbers.

The 44-cent average swipe fee is actually a composite of two numbers: fees charged on credit card purchases (exempt from these regulations), averaging 56-cents, and fees charged on debit card purchases, averaging 23-cents. With conditions in place that will sometimes allow the 21-cent fee to be raised as high as 24-cents, retailers argue these new laws are essentially pointless.

Lawmakers had originally been proposing a 12-cent cap on debit swipe fees, and while this would have been a much better resolution for retailers, the banks claimed the profit loss would be great enough as to practically make it unprofitable to maintain debit card purchasing as-is. The compromise was to set the cap at 21-cents, plus 5 basis points on the amount of the transaction for fraud costs, plus 1 cent for fraud prevention costs.

Also, financial institutions with $10 billion or less in assets, governmental benefit cards, and certain prepaid cards are exempt from the new law.  There are fears on the part of all credit lenders, exempt from the new regulation or not, that merchants will begin steering customers away from using their debit cards by offering special deals to those who pay with cash or credit, thus furthering their loss.

The results of these new regulations for the consumer will most likely be slow and subtle. Over time, the financial institutions may look for ways to regain whatever monies are lost. A loss of income is rarely just accepted. Higher ATM fees, tighter restrictions, or simply doing away with free checking are all possibilities, as is the implementation of a debit card swipe fee passed directly to the consumer. Simply upon hearing of impending debit card swipe fee reductions, major lenders such as Wells Fargo, Chase, and SunTrust either eliminated, or greatly curtailed, their rewards programs.

As there is little a consumer can do, caught in middle of this power play between the banks and merchants, it could actually work out to the consumer’s advantage. Should retailers offer discounts to those willing to pay with cash or credit, the consumer will profit from this, much to the chagrin of the banks. However, the banks may decide to make up their losses in other ways, so keep an eye on your interest rates and rewards programs to see if they start to fluctuate.

According to a recent poll taken before the Senate vote, the U.S. News & World Report noted that two-thirds of those polled were against a delay in implementing the new swipe fee limits and would view their Senators less favorably❠if they voted to approve the delay. Why consumer opinion would come down on the side of the retailers over the side of the banks, may have more to do with politics than the bill’s ramifications for the consumer. Since the $700 billion bailout for banks in 2008, these financial institutions have not received much sympathy from the American people.

While the banks and retailers hammer out a compromise, be on the lookout for credit card specific sales. As well, be cautious for increased prices on goods as this law goes into effect this coming October.