Traditional Banks Vs Online Loan Companies
Posted on September 2, 2008
Filed Under Loans | Leave a Comment
In recent years obtaining loans online has become a new and somewhat unknown reality. Years ago one would make appointments with their bank lenders and obtain loans the so-called old fashioned way. But in this fast paced world, people want instant gratification. Nobody wants to wait for approval, they want to know the outcome instantly. And for those who only want a small personal loan obtaining one has become even easier.
Cash advance loan shops are popping up all over, reminding me of the Starbucks craze. Even online you can easily find payday loan sites that are eager to help folks whose payday check can’t come quick enough. So which is better, the traditional banks or online loan companies? It’s hard to say, there is a place for both I think.
Online Stock Trading: Freedom of Trade
Posted on September 2, 2008
Filed Under Currency Trading | Leave a Comment
I remember the first time I started to trade online. It was just before the tech bubble of the late 1990’s and the internet was still something new for most people. Purchasing the now forgotten company was easy, and I made a few dollars on that trade. It was so excitingly simple.
Flash forward a couple of years and I have made and lost my share of money. While still ahead of the game, I learned a few things about online stock trading. Freedom is great, but it comes at a cost. Lets have a look at the benefits and the trade offs of online stock trading:
The Benefits of Online Stock Trading
Low commissions ? for most people, this is the number 1 benefit of investing online. For $9.99 or less, you can buy and sell your favorite stock. Full service brokerage fees are usually over $100. If you are an active trader, that can start to eat up your profits very quickly. For every $10 000 you invest, you have to make 2% ($200 - $100 to buy and $100 to sell) just to break even.
Is There A Retirement Crisis?
Posted on September 1, 2008
Filed Under Personal Refinance | Leave a Comment
When people speak about the increasing age expectancies, they generally do so with positive connotation. This author agrees-there’s nothing wrong with living longer, especially if we can sustain our quality of life at each period throughout our lifespan. The problem, then, is not that we are living longer-it’s that we are not planning for it.
When our social security system first began making payments in 1940, the average length of collection was 8 years. The present average collection period is 18 years. Furthermore, in the 1950s, there were more than 10 workers for each retiree. Within the next decade, that ratio will drop to 2:1, which will be mathematically unsustainable under our current system. Social security was never designed to be a pension. Its intention was to provide insurance against poverty for the elderly. And yet, the current average retirement age is ‘coincidentally’ the same age that we may first begin receiving social security-age 62. Seems like we’re using it the wrong way!
A Scenario: Healthy male, age 50, loves his job and wants to work until 75. He confidently feels he will live to 100, and he may! What does he need to do to maintain his current lifestyle throughout his 25 years of retirement?
Playing With Money - And Making More
Posted on September 1, 2008
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Ready to start playing with your money? Not interested in complicated businesses or boring bank C.D.’s? Here are some methods that aren’t quite a business because you can do them once, or just whenever you feel like it. Start small and the risk is small.
Loan Sharking
Years ago a friend got a good job when I loaned him $300 to buy the necessary tools. I charged a $6 per week loan fee (don’t call it interest) until he paid in full. That’s more than 100% annual interest, and yes, we’re still friends. Check the laws in your area if you try this, and take collateral. I don’t loanshark any longer, but in my early twenties I loaned as much as $2,000 at a time ($100/month loan fee), and only once was stiffed on a small loan.
Investing In Other’s Expertise
John showed me several car magazines before I understood why an old fiberglass car was a good deal at $2,300. What’s a Corvette? He convinced me to put up the money, and after a new transmission for $900, he sold the 1976 Corvette for $4,300, netting us $1,000. I took half the profit ($500) for putting up the money for the two weeks.
Home Mortgage Quotes Online - How Do They Compare To a Quote From a Broker in The Real World?
Posted on September 1, 2008
Filed Under Mortgage Refinance | Leave a Comment
Online home mortgage quotes are very similar to the quotes given by mortgage brokers in "the real world," except lower. With the reduced cost due to a simplified application process and reduce overhead for office space and personnel, online mortgage lenders can offer financing with no fees or lower interest rates.
Looking At Fees
Fees are the hidden costs of loans. Mortgage brokers are paid in fees or points on the mortgage loan. The advantage of a mortgage broker is that they find the best mortgage rates for you. So even with their fee added into the loan, you still can expect to save money.
Online mortgage brokers have automated much of the mortgage loan process, reducing costs. As a way to stay competitive, many of these lenders have eliminated or reduced their fees.
Interest Rate Quotes
Both traditional and online mortgage brokers can give you an instant generic interest rate quote to narrow your choices from a mortgage lender. However, to get a true quote, you will need to provide detailed personal and financial information. With a traditional mortgage broker, the process can take a couple of days to process the information and meet with the mortgage broker to review rates.
Read and Understand Your Credit Card Statement
Posted on August 31, 2008
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Have you ever looked at your credit card statement and ended up just scratching your head in frustration? Well join the club! But don’t take any comfort in the fact that you have plenty of company, because lack of knowledge can cost you?.right on your credit report, and once there can stay with you a while.
Adding to the challenge is that almost every creditor’s statement is slightly different, varying in format and billing cycle and interest calculations. You first want to check what you purchased and what you borrowed, so make sure you save all your receipts to make sure you weren’t charged for something you didn’t buy or were double billed. Immediately dispute any discrepancies via phone and in writing.
Next you’ll want to verify the interest rates being applied for each type of purchase. Remember, cash advances almost always carry a higher interest than normal purchases and interest usually accrues from the date you received the money. Also, if you have any balance transfers with introductory interest rates, verify that it is correctly noted and hasn’t been increased prematurely.
Bankruptcy 101
Posted on August 31, 2008
Filed Under Debt Relief | Leave a Comment
Bankruptcy still remains a mystery in the eyes of many consumers. This article will review the facts of bankruptcy as per written law.
Some of the information in this article refers to a manual called "Bankruptcy Basics" published by the Administrative Office of the United States Courts and written by Leonidas Ralph Mecham, Director.
What, When and How Does a Debtor Discharge His or Her Debts through Bankruptcy ?
A discharge of an individual’s debt is a release of an individual’s liability from certain specified types of debt. The discharge is a permanent order to the individual’s creditors that they refrain from taking legal, collection, written or verbal communication with a debtor regarding the collection of unpaid dollars. This means that once allowed a creditor is to cease all collection activities that they would normally pursue against the debtor. If a Chapter 7 bankruptcy is filed the courts typically give four months for creditors to file a complaint that object the filing. In Chapter 13 cases the courts typically discharge the debt on an average of about 4 years from the date the repayment plan has been entered by the debtor. Without any litigation regarding objections to the discharge, the debtor will automatically receive a discharge once the four month period has expired for chapter 7 filing or after the average four year payback through Chapter 13.
Increase Your Business Growth and Cash Flow Through Equipment Leasing
Posted on August 31, 2008
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“If it can be manufactured, it can be leased.” For the past decade or so, this statement has become more and more true to fact. From computer software to commercial aircraft, equipment leases are utilized day in and day out in a constantly changing and highly aggressive business environment worldwide. To gain or to keep the edge over their competitors, companies of every type and size are constantly looking for creative ways to conserve working capital while expanding operations. Many have turned to leasing their equipment to help in the effort. For this reason, the leasing industry is being defined as a major player in equipment financing today.
So, why should you join these businesses in choosing to lease? Well, one key factor is that the commencement of a lease can be done with very little out of pocket expense. Two advanced payments or an equal security deposit is usually all that’s required. Couple this with the fact that for many leases, particularly those under $75,000, a simple one page credit application is all that is needed to be considered for approval. Compare this against an equipment loan, with it’s more extensive paperwork and the resulting 10 to 50 percent down payment required to begin the transaction.
A Method Used For Evaluating Online Lenders
Posted on August 30, 2008
Filed Under Loans | Leave a Comment
Online lenders might be high quality, serious companies such as well reputable banks and credit companies as well as not so serious loan firms. Before you decide which online lender to go with, you should perform this test. The more questions answered “yes”, the better the loan website.
The Loan Website’s Layout and Design
- Are you able to glean valuable information immediately from the website without pushing a series of buttons first here and then there?
- Does the page load fast?
- Are there no error messages?
- Does the web page not have pop-ups, pop-unders and other in-your-face ad campaigns?
- Is the all in all first impression of the web page good?
The Loan Site’s Privacy Policy
- Does the website contain a written statement about their privacy policy? If so, take a quick peak at it.
- If you answer ‘yes’ to the above question, does this policy statement seem reasonable and does it make sense?
The Loan site’s ‘About Us’ page
- Does the lender have an "about us" page? If your answer ‘yes”, then read this page.
- Does the loan company say how long it has been in business?
Build Your Own Dream House!
Posted on August 30, 2008
Filed Under Mortgage Refinance | Leave a Comment
So you’re thinking about building your own house, are you? Well, you’ve come to the right place! It’s a lot of fun (hard work and eventually fun!) to build your own home and it will save you thousands of dollars(we saved over a Hundred Grand by doing it ourselves - that’s pretty significant cash!). If you happen to live in a Large City, like Los Angeles, or anywhere that Real Estate Values are ‘close-to-insane’, you could potentially save millions of dollars. Interested, you say?? Read on, My Friend, Read on…!
Here’s a little list of things you’ll need to know:
How to Get Money: You’ll need lots of money! Don’t stop reading! There are ways of getting financial support in order to build a house . It certainly helps if you have a swack of cash in the bank. I’d say at least $20,000. - $100,000. to have as a back up - there are a surprising number of things that seem to come out of nowhere that require a quick injection of cash. The amount you will need to ‘get in the ground’ is, of course, dependent on the style and size of your home.
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