Networking Company – Web Link http://web-link.biz/ Wed, 23 Nov 2022 02:44:46 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://web-link.biz/wp-content/uploads/2021/06/icon-1-150x150.png Networking Company – Web Link http://web-link.biz/ 32 32 How to get a cash advance from a credit card. https://web-link.biz/how-to-get-a-cash-advance-from-a-credit-card/ Tue, 22 Nov 2022 22:02:00 +0000 https://web-link.biz/how-to-get-a-cash-advance-from-a-credit-card/ Using debit and credit cards is a quick and easy way to pay for things. But sometimes cash is preferred and when you need it on the fly, your cards can still come in handy. In particular, you can even use your credit card to get money through something called a cash advance. By tapping […]]]>

Using debit and credit cards is a quick and easy way to pay for things. But sometimes cash is preferred and when you need it on the fly, your cards can still come in handy. In particular, you can even use your credit card to get money through something called a cash advance.

By tapping into your line of credit, you can still have the benefit of borrowing money to cover an expense and still paying with physical cash if the merchant requires it.

What is a cash advance?

A cash advance is money you borrow with your credit card.

“Examples of cash advances include using your credit card at an ATM, using a cash advance check provided by a card issuer, or also using your credit card for certain cash transactions like gambling, deposits, wire transfers, travelers checks, money orders, etc.,” says Ted Rossman, senior credit card industry analyst at Bankrate.com.

Keep in mind that your credit provider may allow you to withdraw money only up to a percentage of your credit limit. For example, if your card limit is $12,000 and your cash advance limit is 20% of your line of credit, you can borrow a maximum of $2,400 for a cash advance.

How to get a cash advance with your credit card

If you need a cash advance, you can get cash out in no time in three easy steps.

1. Check your credit card agreement for cash advance details

If you must use a cash advance, you should expect high fees and interest rates. The first thing to do is therefore to read your credit card contract to understand the cost of borrowing on your line of credit.

It is also important to know that the refund will work. Typically, your monthly payments will go to your credit card balance first. Any amount in excess of your minimum payment will go to the account with the highest interest rate, which may be your cash advance balance. Consider paying the minimum amount on your credit card to ensure you reduce your cash advance balance. As a result, you can avoid these compound interest charges.

2. Determine how much funds you can withdraw

Check your credit statement to see how much you’ve already used. A good credit utilization rate is 30% or less of your total line of credit. Exceeding this limit could negatively affect your credit score. So, consider other options if you’ve exceeded 30% of your line of credit utilization ratio.

3. Get your cash advance

You don’t have to travel far or wait for approval to get a cash advance. There are three ways to get a cash advance in as little as a few minutes.

  • AT M: You can withdraw money from an ATM if your credit card has a personal identification number (PIN). Take your card to an ATM, select the cash advance option and withdraw cash. Keep in mind that you may have to pay an ATM withdrawal fee which hovers around $4.72.
  • In person: You can get a cash advance from a physical bank if you don’t have a PIN. All you will need is your credit card and ID.
  • Convenience check. A convenience check works like a personal check. However, in this case, you will get a cash advance on your credit card in the form of a check. Call your credit card issuer to request a convenience check. You can then cash the check at your bank or pay directly to a third party.

Advantages and disadvantages of cash advances

Cash advances can be useful if you need cash immediately. However, its high interest rates and fees could end up costing you dearly.

Advantages

  • A credit card cash advance is a convenient solution if you need cash: If you’re short on cash and your resources are limited, a credit card cash advance might be helpful. All you have to do is go to the nearest bank or ATM, and you can withdraw cash in minutes, no questions asked.
  • You don’t need to apply for a loan to borrow money: A loan usually requires you to fill out an application and wait for approval from your bank or lender. And most lenders will do a thorough investigation of your credit report, which can impact your credit score. A credit card cash advance is a surefire way to get the money you need without the hassle.
  • The cash advance on credit card allows flexible repayments: Although an installment loan requires fixed payments, you will pay your cash advance like a credit card bill. You can pay in full, pay the minimum amount, or somewhere in between.

The inconvenients

  • A credit card cash advance usually has high fees: APR of your cash advance can range from 25% to 27%, says Mohr. Rossman also mentions that cash advances come with an additional fee of up to 5% of the advance or up to $10, whichever is greater. In contrast, the average APR for a 24-month personal loan is 10.16%, much cheaper than cash advance interest rates.
  • Credit cards usually have credit advance limits: Your credit company may only allow you to withdraw part of your line of credit in cash. If you’re buying something expensive, consider alternative options.
  • Your cash advance will start earning interest immediately: Credit cards generally have a 21-day grace period, but a credit card cash advance does not. Interest will begin to accrue on your cash advance as soon as you withdraw money. If you know it will be difficult to repay your borrowed money, you should avoid this option.

Other options to consider

A credit card cash advance may be necessary if you are in a hurry. However, alternatives are available if you want to avoid the risk of cash advances altogether.

Use your own funds: Dip into your checking or savings account to make a payment before taking a cash advance. If you don’t need the money right away, consider using the credit on your credit card instead. A cash advance should be your last resort. To avoid using cash advances in the future, create a rainy day fund in a secure, liquid savings account.

Apply for a loan: A personal loan often has lower interest rates and higher loan amounts than cash advance limits on a credit card. If you can wait to hear from your loan provider, consider applying for a personal loan.

Borrow from others. Your first instinct may be to avoid asking friends and family to lend you money. However, asking someone to help you may be cheaper than borrowing money from your credit card company. More often than not, you can avoid paying fees and interest rates as long as you promise to reimburse that person.

]]>
JAMA Advocates for Reinstatement of Monthly Child Tax Credit Payments https://web-link.biz/jama-advocates-for-reinstatement-of-monthly-child-tax-credit-payments/ Thu, 17 Nov 2022 14:32:19 +0000 https://web-link.biz/jama-advocates-for-reinstatement-of-monthly-child-tax-credit-payments/ Image source: Getty Images Congress will have to turn a blind eye to reality if it refuses to reinstate monthly child tax credit payments. Key points In six months, the expansion of the child tax credit lifted 3.7 million children out of poverty. The month after the child tax credit expansion ended, food insecurity soared. […]]]>

Image source: Getty Images

Congress will have to turn a blind eye to reality if it refuses to reinstate monthly child tax credit payments.


Key points

  • In six months, the expansion of the child tax credit lifted 3.7 million children out of poverty.
  • The month after the child tax credit expansion ended, food insecurity soared.
  • JAMA urges Congress to reinstate the expanded child tax credit.

Last month’s edition of the Journal of the American Medical Association (JAMA) confirmed what dozens of other studies have found: food insecurity increased dramatically after Congress refused to extend tax credits children’s monthly federal.

A break for families

In 2021, as the country continued to battle COVID-related illnesses, the Biden administration successfully pushed the American Rescue Plan Act through Congress. The plan included three major changes to the child tax credit:

  • Expanded eligibility to include families earning little or no income.
  • Increase in credit amounts from $2,000 per child annually to $3,600 per child under age 6 and $3,000 per child age 6 to 17.
  • A provision that allowed families to receive half of the credit as an advanced monthly payment to their bank account between July and December 2021.

For reasons we’ll get to in a moment, it’s important to note that no Republicans in the Senate or House of Representatives voted in favor of this family support.

Impact of the US bailout

JAMA highlights research conducted by the nonpartisan research group at the Brookings Institution. According to Brookings, the temporary tax credit extension lifted 3.7 million children out of poverty in December 2021.

Brookings found that expanding the Child Tax Credit significantly improved food security and also supported healthy eating. Additionally, families were better equipped to combat pandemic-related inflation.

According to the Brookings Institution, there were other benefits associated with expanding the Child Tax Credit, including:

  • A drop in credit card debt, as families no longer need to pull out plastic to pay for necessities.
  • Fewer families relied on payday loans and pawnbrokers to get by.
  • Fewer parents had to sell blood plasma to earn money.
  • Some families have been able to start or build an emergency fund.
  • There has been a significant drop in the number of evictions.
  • Non-white households — including blacks and Hispanics — had funds available to cover child care and education costs.

In other words, life just got easier for over 35 million American households with children.

Then it’s over

When President Biden first proposed expanding the Child Tax Credit, he wanted it to continue until 2025. This would give families time to get back on their feet financially. Instead, the program was only due to run between July and December 2021.

After the monthly child tax credit installments ended, Democrats in Congress failed to get any of their fellow Republicans across the aisle to vote for an extension.

JAMA reports that after the first missed payment, food insecurity immediately increased. And in July, there was an almost 25% increase in the number of families without enough food. The most affected are low-income, single-adult, black, Hispanic and Indigenous households.

The JAMA article recommended: “The results of this study suggest that there was an increase in food insufficiency among households with children after they stopped receiving monthly child tax credit payments. children. lifetime, Congress should consider prompt action to reinstate this policy.”

To advance

Despite recommendations from health officials, hunger advocates, racial justice organizations and civil rights groups, it looks like the House of Representatives will return to Republican hands. Unless several representatives break with their party to support the reinstatement of the program, millions of families will continue to struggle to put food on the table.

If you would like to see the return of Child Tax Credit payments, this link will help connect you with your elected officials.

Alert: The highest cash back card we’ve seen now has 0% introductory APR through 2024

If you use the wrong credit or debit card, it could cost you dearly. Our expert loves this top pick, which features an introductory APR of 0% until 2024, an insane payout rate of up to 5%, and all with no annual fee.

In fact, this map is so good that our expert even uses it personally. Click here to read our full review for free and apply in just 2 minutes.

Read our free review

]]>
How to reduce the cost of a cash advance https://web-link.biz/how-to-reduce-the-cost-of-a-cash-advance/ Sat, 05 Nov 2022 14:05:58 +0000 https://web-link.biz/how-to-reduce-the-cost-of-a-cash-advance/ If you already have a credit card, getting a cash advance is very easy. But it can also be super expensive. Before borrowing money from your credit card, make sure you understand how a cash advance works, how you can minimize cash advance fees, and whether there are better alternatives. How do cash advances work? […]]]>

If you already have a credit card, getting a cash advance is very easy.

But it can also be super expensive. Before borrowing money from your credit card, make sure you understand how a cash advance works, how you can minimize cash advance fees, and whether there are better alternatives.

How do cash advances work?

A cash advance is a way to borrow money from your credit card company. You can initiate your cash advance online, through cash advance checks sent with your credit card statement, or through an ATM.

To withdraw money from an ATM using a cash advance, you will need the PIN associated with your credit card. You will then need to agree to all cash advance fees before you can get your money. You may also incur ATM fees.

If you’re starting the cash advance online, you can set it up to be deposited directly into your checking account via an ACH transfer. You’ll also need to agree to any cash advance fees before you get your money this way.

Another way to get a cash advance is to use convenience checks that your credit card issuer sends with your statements. These may be provided with every statement, every few months, or once a year upon renewal, depending on your credit card issuer. As soon as you sign and submit the check, you agree to the terms of the cash advance.

Your cash advance limit may be lower than your credit card purchase limit. Check your documentation or contact your card issuer to find out your credit limit for a cash advance.

What makes credit card cash advances so expensive?

Cash advances are an extremely expensive way to borrow, even more expensive than using your credit card to make a purchase. Cash advances come with additional transaction fees and higher APR than regular credit card purchases. And that APR starts accumulating immediately unlike credit card purchases.

Transaction fees

The first expense to consider is transaction fees. These fees are usually between 3% and 5%. Typically, there is a minimum charge of around $10.

Let’s say you took out a $250 credit card cash advance with a 3% transaction fee, but a minimum transaction fee of $10. Three percent of $250 is $7.50, but that’s less than the minimum charge. You would therefore be charged a $10 transaction fee, even if it is higher than 3%.

But if you take out a $1,500 cash advance, 3% would be $45. Since 3% is more than the minimum transaction fee of $10, you would pay $45 in transaction fees.

High APR

Credit cards almost always have a high APR. But each card actually comes with at least two APRS: one for purchases, then another for cash advances. The cash advance APR is almost always higher.

This is true even if you sign up for a card with a 0% introductory APR. This 0% rate generally applies for a fixed period, say 12 months, and generally only applies to credit card purchases or balance transfers. It generally does not apply to the APR for cash advances.

Interest begins to accrue immediately

Not only do credit card cash advances come with a higher APR, but that interest starts accumulating immediately. With credit card purchases, you’ll enjoy a grace period and you won’t pay interest if you pay your balance in full by the due date on your first statement after purchase.

This is not the case with cash advances. There is no grace period. You start owing interest the moment the money comes out of the ATM (or is transferred to your bank account). Because interest starts accumulating immediately, it becomes much more expensive to pay off much faster.

What is the average cost of a cash advance?

The cost of your credit card cash advance varies depending on the amount you borrow. To simplify this analysis, let’s say you borrow $1,000. The average cash advance fees and interest rates on a cash advance are:

  • 3% to 5% transaction fees
  • 24.99% APR

On a balance of $1,000, your transaction fees can range from $30 to $50. With an APR of 24.99%, if you pay off your balance on the 30th day, you will owe approximately $20.83 in interest. If it only took a month to repay the money, the total financing costs would be between $50.83 and $70.83.

The longer it takes you to pay off the debt, the more it costs. Credit card interest is usually compounded daily. This means that what seems like a manageable amount of interest at first can quickly spiral out of control.

How to reduce the cost of a cash advance

A credit card cash advance is an expensive way to borrow, and one that you should avoid if possible. But if you find yourself in a situation where you absolutely need it, there are several ways to slow the bleeding. These are simple concepts, but they may not be easy to implement.

Minimize the amount you borrow

The fees and interest on your cash advance are a percentage of the amount you borrow. This means that one of the best ways to limit your interest and fees is to reduce the amount you borrow.

If you’re borrowing that money to pay a down payment on a car loan so you have transportation to work, you might not be buying the fanciest model of vehicle. Instead, get something functional, safe and affordable without all the bells and whistles.

You can also try to negotiate with the dealer on the base price, which should reduce the amount required for a down payment by the bank.

Anything you can do to reduce the amount you borrow through a credit card cash advance is worth considering.

Repay your cash advance as soon as possible

Just trying to scrape together enough money to buy groceries until payday? Then be sure to repay your cash advance as soon as your paycheck hits your account.

Since interest is compounded daily, each day you owe money will significantly increase your amount owed, the longer it will take you to pay it off.

Cash Advance Alternatives

If you need cash fast, there are other products you might want to consider. Some are better than credit card cash advances – and some are worse.

Personal loan vs cash advance

Personal loans tend to be cheaper than cash advances if you have good credit. Unsecured personal loans don’t require any collateral, and you ideally want one with a fixed interest rate for predictable monthly payments.

If you have good to excellent credit, you can expect these loans to come with an APR of between 7% and 20%. If you have poor credit, however, interest rates could be even higher than cash advances.

Personal loans sometimes come with an origination fee, which is an additional fee, but is also already factored into the cost of the APR. If you take out one of these loans, the ideal is to find one without any prepayment penalty. That way, if you pay off the loan early to save money on interest, you won’t have to incur any additional expenses.

Also beware of personal loans with lump sum payments. With these loans, your monthly payment will be lower at the start, but you will only have one lump sum payment at the end. If you can’t afford the lump sum payment, you’re back to where you started – you need to borrow more money.

One downside to these loans is that they tend to have terms of at least one year, although you can find some with shorter terms. Another problem is that if you only need to borrow a few hundred dollars, most financial institutions offer a minimum amount between $500 and $1,000. So you might end up borrowing more than you need.

In many cases, a personal loan is preferable to a cash advance. But keep in mind that if you have bad credit or the interest rate offered to you is over 20%, this might not be the case. Run your own personal numbers with care.

Payday loan vs cash advance

The interest rate advertised by payday lenders is rarely in terms of APR. If it did, it would often be over 100%.

Different states have different laws governing exactly how much payday lenders are allowed to charge, but even still, a cash advance will be considerably cheaper than a payday loan.

Borrowing money from family and friends versus a cash advance

If you are in a difficult financial situation, you can always ask a family member or friend for help. Depending on your relationship and the amount of money, they may keep the debt informal or draw up a formal contract with or without interest.

Before borrowing money from family or friends, make sure you can afford to pay them back in the near future. If you can’t, it can hurt your relationship. However, if you can find a favorable and realistic arrangement, this method is likely to be less expensive than taking out a cash advance.

Ask for help or cash advance

Take a cash advance to cover something like a utility bill? There may be a program to help you so you don’t have to borrow from your credit card company.

For utility bills in particular, there are usually two options: payment plans or charitable assistance programs.

If your utility company offers you a payment plan, they may be willing to spread your current balance over several months, making repayment more feasible than paying off all of the duty in one lump sum. They can also set you up with a plan that estimates equal payments over the course of a year, so you don’t pay $20 for heat in July and $300 in January. Instead, you might get a more stable monthly bill of $150 or something.

If there is a state, government, or charitable program associated with your utility, it may have funds available to help people going through economic hardship. It may hurt your ego to apply for a program like this, but the amount of interest and main, it saves you money and helps you keep the lights on without going into unaffordable debt.

Brynne Conroy, a Pittsburgh-based writer, is the founder of the blog Femme Frugality and the author of “The Feminist Financial Handbook.” She is a regular contributor to The Penny Hoarder.


]]>
7 apps like Earnin for cash advances https://web-link.biz/7-apps-like-earnin-for-cash-advances/ Thu, 20 Oct 2022 06:42:25 +0000 https://web-link.biz/7-apps-like-earnin-for-cash-advances/ PixelEffect / iStock.com The Earnin app is a great option when you’re low on cash between paychecks and need a boost. Earnin is great because it has no subscription fees or hidden charges. The problem is that you can’t access more than $100 per day, which may not be enough to cover your current shortfall. […]]]>

PixelEffect / iStock.com

The Earnin app is a great option when you’re low on cash between paychecks and need a boost. Earnin is great because it has no subscription fees or hidden charges. The problem is that you can’t access more than $100 per day, which may not be enough to cover your current shortfall.

Read on to learn more about apps like Earnin, including options that can provide you with higher amounts for a cash advance. However, some may have higher finance charges and fees that you should be aware of before choosing the best cash advance app for your needs.

7 Cash Advance Apps Like Earnin

If you’re looking for an alternative to Earnin, here are seven options you can consider:

  1. Daily Pay
  2. flexible salary
  3. Fork
  4. David
  5. payactiv
  6. Brigitte
  7. SilverLion

1. Daily payment

Some companies participate in DailyPay, an app employees can use to access a portion of their earned paychecks on demand. This means you can cash out before your paycheck arrives. Best of all, there’s no charge to access your payroll early.

Additionally, you can sign up for Friday, a prepaid Visa card with an accompanying app to manage the funds. Use the Visa card to pay for items such as groceries and gas or to withdraw cash. If you’re wondering if your company offers DailyPay, ask your contact or human resources manager.

2. Flexible salary

FlexWage is similar to DailyPay in that it’s an option to access your payroll and tips on demand. The service is only available through participating companies. You’ll receive a reloadable debit card for the funds you request, making it ideal for anyone without a bank account. You can use the debit card to pay for items or withdraw funds at an ATM.

3. Branch

The apps mentioned so far allow you to withdraw tips and payroll earned if you work for a participating employer. The key is that the money must already have been earned to access the funds. Branch offers a similar service but offers more flexibility.

Branch allows employers to grant early access to up to half of an employee’s next paycheck. The amount will be deposited into your Branch digital wallet, where you can pay bills, transfer funds, or make withdrawals using the linked card that comes with the app.

Branch also offers more flexibility by offering delivery options on your funds. You can choose to be paid within a standard three-day period. Or you can rush payment for a fee.

4.David

If you have an account with Dave, you could receive a cash advance, known as ExtraCash, of up to $500 interest-free as long as you have direct deposit set up. Receiving pay as a direct deposit to your Dave account has its advantages – you’ll likely receive your paycheck up to two days earlier than expected.

If you’re wondering if opening an account with Dave is worth it, you’ll find that there are no fees outside of the $1 monthly membership fee. There are no overdraft, ATM or minimum balance fees to worry about.

5. Payactiv

Payactiv is one of the largest payday advance services. It works with over 1,500 employers, such as Uber and Walmart. Each employer determines how much they will allow you to access from your earned salary. Any portion of your payroll that you choose to receive as an advance will be deducted from your next paycheque.

Funds can be transferred to an existing bank account or card, or you can even schedule bill payments with your payroll balance through the Payactiv app. Even if you don’t work for a participating employer, you can still use Payactiv as a banking alternative.

6. Bridget

If you find that you regularly need access to a small amount of money and currently do not have access through your bank to an overdraft line of credit, Brigit could be a good solution. For a monthly membership fee of $9.99, you could have instant access with no credit check to cash advances of up to $250. And aside from the monthly membership fee, there are no other fees.

Brigit also offers a 12 or 24 month credit builder loan. Brigit will place the loan amount in a deposit account, and you will contribute a certain amount to your minimum payment each month. You can choose to contribute from $1 to $25 for a 24-month term or from $1 to $50 for a 12-month term. The rest of the minimum payment will be made from your deposit account. Even better, you could build your credit when you pay off the loan since Brigit reports your payments to the credit bureaus.

7. Silver Lion

MoneyLion is similar to Brigit. You’ll receive an interest-free cash advance of up to $250 if you qualify, and funds will be available within minutes. MoneyLion does not run a credit check to see if you qualify for the money. The main eligibility requirements include a current account that has been open for at least two months and a constant positive balance with regular deposits.

For larger amounts, MoneyLion offers credit loans through its Credit Builder Plus program. It will cost you $19.99 per month to sign up, but you’ll have access to up to $1,000, which must be paid back over a 12-month period. MoneyLion will report your payments to the credit bureaus to help establish your credit score. However, you will need to weigh whether the monthly membership fee and APR are worth the expense.

Carry

There are times in life when making ends meet can be a challenge, especially when an emergency or an unexpected expense arises. Having quick access to your paycheck or knowing where to find a cash advance app without exorbitant fees can be a lifesaver. These seven cash advance apps can be helpful alternatives to Earnin when you’re low on cash.

Information is accurate as of October 19, 2022.

]]>
Best loan alternatives for seniors https://web-link.biz/best-loan-alternatives-for-seniors/ Sun, 16 Oct 2022 12:51:19 +0000 https://web-link.biz/best-loan-alternatives-for-seniors/ As Grammy Award-winning singer Alan Jackson said, “The older I get, the better off I am.” But is this the case for the elderly around us? According to CNBC, a 2018 survey found that one in seven bankruptcy filers in the United States are age 65 or older. A recent report on the quarterly state […]]]>

As Grammy Award-winning singer Alan Jackson said, “The older I get, the better off I am.” But is this the case for the elderly around us?

According to CNBC, a 2018 survey found that one in seven bankruptcy filers in the United States are age 65 or older. A recent report on the quarterly state of household credit and debt also revealed that from 1999 to 2022, the total debt balance of Americans aged 60 to 69 increased by 623.3% (% ), going from 0.38 trillion to 2.38 trillion (in dollars). This sharp increase over the past two decades has left a bad taste in the mouths of economic pundits and financial analysts.

Some might wonder why there is such a volume of seniors seeking loans. As much as young adults, Millennials, and Gen Z have needs, so do older people. They have dreams and aspirations they still hope to achieve, bills and taxes to pay, and other expenses.

With the pension fund system constantly derailed, most seniors often have no choice but to apply for bank loans. These loans come with a burden as they are tedious to repay.

Before you decide to go to a bank for a loan as a senior, here are some loan alternatives to consider. They are much easier to acquire and less stressful to repay.

pawn items

This is one of the fastest ways to get fast loans as a senior. Pawnbrokers are designed to help you borrow money in exchange for the temporary loss of possession of a valuable item. These items are returned after meeting refund requirements.

Pawnbrokers inspect the item(s) to be pawned and then estimate its monetary value based on the market value of similar items. The corresponding money is then rented to the owner of the items after presentation of a means of identification or proof of ownership. The pawnbroker is, however, authorized to resell these items in the event of default.

Items eligible for pawning range from jewelry, artifacts, household items or even gadgets.

Sell ​​valuables

This is another common way for seniors to get by when they are short on money. It can be hard to give up some of the things we hold dear, but it’s still a much better alternative to taking out a loan that you might not be able to repay in the near future.

You can save old family heirlooms or heirlooms that have so much sentimental value in the form of photos and then sell them instead of applying for a bank or a payday loan.

Reverse Mortgage

It involves borrowing against the value of your home’s equity. This is one of the safest ways to get money for seniors who own FHA-approved homes or condos. Some eligibility criteria include:

● You must be 62 or older to apply

● You must reside in the home to be used for at least six months and one day in the year.

● The house or condo must be FHA approved.

● You cannot borrow more than the value of your home.

If you meet these conditions, you are eligible to be paid a particular percentage (usually between 35 and 70%) of the value of your home on demand. This differs from the outright mortgage, which requires a monthly repayment plan.

In most reverse mortgage cases, the lending institution would then take on the responsibility of selling the home to pay off the loan after the borrower is late or has left the home.

To check the value of your property, you will need a reverse mortgage calculator. This calculator takes the value of your property, as well as the current value of any mortgage you have left to pay on the property, and gives you an estimated value that you are likely to earn as a loan.

This is the best way to ensure that seniors receive loans without losing their residence to banks or other lending institutions during their lifetime.

Family or friends loan

Visiting immediate family or friends can be helpful in times of financial need. It’s always a better option than locking yourself into an endless cycle of payday or bank loans. As difficult as it may be, it would save you a lot more stress and embarrassment in the long run.

Let them know you’re serious about it by writing up a repayment agreement that would eventually help you repay the money.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.

]]>
10 best loans without credit check online https://web-link.biz/10-best-loans-without-credit-check-online/ Thu, 13 Oct 2022 21:35:00 +0000 https://web-link.biz/10-best-loans-without-credit-check-online/ Are you trying to figure out how to get a payday loan without a credit check? If so, you have landed on the right page. If you want a loan the same day you apply, payday loans are what you need. You must be wondering why people call them same day loans. The reason is […]]]>

Are you trying to figure out how to get a payday loan without a credit check? If so, you have landed on the right page. If you want a loan the same day you apply, payday loans are what you need. You must be wondering why people call them same day loans. The reason is simple. Your loan request will be approved the same day of the request. Therefore, you can solve your urgent financial problems.

Bad credit can be a painful disadvantage, especially when trying to convince lenders that you can afford to cover them for the long term. In this situation, a payday loan can help you.

Payday loan is a short-term loan to pay for urgent expenses, such as rent, utilities, auto repairs, and other unexpected obligations. State by state and lender by lender, there are variations in the lending rates applied to these loans. Some lenders provide loans at lower interest rates than other specific lenders.

This article offers you the top 10 brokers so you can contact these providers and apply for same day payday loans even if you have bad credit. The following sites are easy to navigate and can put you in touch with lenders that have high acceptance rates.

1: WeLoans – Overall, the best payday loans online;

2. iPaydayLoansBest payday loans no background check same day;

3. CocoLoanThe ideal payday loan near me for urgent situations;

4: Problematic loans in the United StatesBest no credit loans for people with terrible credit;

5. American Installment Loans – The best value advances, with same-day financing;

6. US securities lendingIdeal for consolidating debt;

seven. Payday Loans UKOptimal for 24-hour payday loans;

8. Quick Payday LoansIdeal for minimizing paperwork;

9. Easy payday loanThe ideal loan for the unemployed;

ten. Loans for bad credit in UK Ideal for obtaining loans with bad credit;

1. WeLoans – Overall Top Online Payday Loans

WeLoans is well known among lending companies for connecting clients with lenders with ethical debt collection practices. Many debtors have long been concerned about the excessive debt collection methods of several payday loan companies. Fortunately, many reliable lenders do not use any terrible debt collection methods. For example, WeLoans is popular among these types of lenders.

Also, this organization does not offer any background checks on personal loans new and repeat customers. Here, the credit rating is less critical; so you can still receive offers quickly when your score is low. According to numerous consumer reports and surveys, their financial institutions have an increasing approval rating of 97% or more.

Advantages

  • Lenders exclusively use legal and regulated debt collection techniques;
  • Non-invasive credit check;
  • Funding processing takes approximately one day;
  • High approval rate;

The inconvenients

  • Not all jurisdictions have it available.

Take advantage of advantageous interest rates thanks to WeLoans > >

2. iPaydayLoans – Best Same Day Payday Loans No Background Check

Another well-known and frequently mentioned name in discussions of online payday loans includes iPaydayLoans. Various payday loan options for consumers with bad credit are available through this company’s multiple lender platform. Additionally, it deals with unemployed Americans who would not be approved for loans anywhere.

Borrowers with bad credit should also benefit from iPaydayLoans as it connects applicants with bad credit to lenders who can provide customers loans for bad credit up to $5000.

Advantages

  • The wide range of lenders;
  • Affiliated lenders adhere to CFPB regulations and are certified;
  • Notifies major credit bureaus of payments;
  • Offers for the unemployed;
  • Their APR is within the industry average;

The inconvenients

  • does not have a smartphone app;

iPaydayLoan is the office for a loan with bad credit>>

3. CocoLoan – The ideal payday loans near me for emergencies

Need a payday loan with no original fees for over $5000? Visit CocoLoan right away. Free of charge, CocoLoan connects borrowers and lenders. Plus, there are no fees for borrowers who pay earlier than expected. You shouldn’t worry too much about hidden costs, as creditors are very upfront about their lending rates and expenses.

Its associated lenders only perform light credit checks for customers, like many other providers in this ranking, which could prevent your credit scores from dropping due to credit inquiries. Furthermore, the approval rates of CocoLoan’s partner borrowers are relatively high. Generally speaking, you should get approved if you meet the minimum eligibility standards.

Advantages

  • No setup fees;
  • No prepayment fees;
  • Minimum credit report;
  • A favorability of 97% or other;

The inconvenients

  • APR may seem excessive compared to these few other options.

CocoLoan makes it easy to get in touch with respectable fast loan providers in the USA>>

FAQs

Q1: What are the requirements for a payday loan?

The state’s Consumer Financial Protection Bureau (CFPB) says the only requirements for all payday lenders are that applicants:

  1. Be at least 18 years old.
  2. Have an active bank account.
  3. Bring a valid ID and proof of your income.

Q2: How long does it take to get approved for a loan?

A personal loan approval process usually takes a day to a week. Many variables, including your credit rating, affect how quickly the loan amount is approved. The source of your credit is one of the main variables that will impact how quickly you will be approved.

Conclusion: never give up!

By using these payday loan companies, you can get quick cash for all your financial needs, even if your credit is terrible. The process is simple, and with most lenders, you’ll receive your money the next business day.

To help you connect with approved and reputable lenders, we’ve created this payday loan roundup. Of course, depending on your specific requests, any service may be the best option for you. Even so, if you’re looking for a loan portfolio that offers a good mix of everything you want, WeLoans is your business.

]]>
Bad Credit Loans – Get Payday Loans No Credit Check Guaranteed Approval https://web-link.biz/bad-credit-loans-get-payday-loans-no-credit-check-guaranteed-approval/ Mon, 03 Oct 2022 17:36:00 +0000 https://web-link.biz/bad-credit-loans-get-payday-loans-no-credit-check-guaranteed-approval/ We all face financial difficulties from time to time and need help to get back on track. Sometimes when we’re faced with an emergency, filling out forms and waiting days for funding just doesn’t help. This is especially true if you have bad credit and can’t find a lender who will approve your loans. Luckily, […]]]>

We all face financial difficulties from time to time and need help to get back on track. Sometimes when we’re faced with an emergency, filling out forms and waiting days for funding just doesn’t help. This is especially true if you have bad credit and can’t find a lender who will approve your loans.

Luckily, many online platforms connect you to multiple lenders who offer bad credit payday loans. And this article lists them for you, saving you from having to find them on your own.

With these payday loans, you’ll get your money as fast as the same day and can pay it back when you get your next paycheck.

Here is a list of these online platforms.

1: WeLoansGet your payday loans approved fast with average to bad credit

2: iPaydayLoansA quick and easy way to get up to $5,000 in payday loans

3. CocoLoanGet a cash advance and other personal loans as fast as the same day

4. American Installment LoansGet suitable rates and terms for your payday loan from trusted lenders

5. Problematic loans in the United StatesBorrow up to $5,000 with bad credit and get same day approval

6. Quick Securities LendingContact Fast Title Loans for no credit check payday loans and same day financing

seven. US securities lendingGet fast cash advances with no credit check required

8. Quick Payday Loans – Apply for fast loans with bad credit in a safe and secure way in the UK

9. Payday Loans UKA quick and easy way to get payday loans up to £5,000 in the UK

ten. Loans for bad credit in UKGet fast approval for various loans in UK with bad credit

Here’s a more in-depth look at our three main platforms.

WeLoans

KSHB

WeLoans is an online platform that connects you with lenders offering payday loans and other short-term personal loans for bad credit. With a simple application process, you can get up to $5,000 in payday loans and get your funding the same or next business day.

WeLoans has a long list of lenders to partner with, which increases your chances of getting loan approval quickly. Unlike traditional lenders, you can submit your information on the WeLoans platform at any time, including outside of normal working hours, and you can still have your application processed.

Its eligibility conditions are also lenient. All you need is proof of your US citizenship, a reliable source of income, and being 18 or older. By meeting these basic requirements, you will be able to apply for a payday loan.

Even if you’re unemployed, you can still apply for a payday loan as long as you prove you have a stable source of income, such as pension payments or social security benefits.

Advantages

  • Industry-level encryption technologies to protect borrower information
  • Competitive interest rates
  • Quick loan approval
  • Easy application process

The inconvenients

  • No direct contact information is provided in case of dispute

Apply for a payday loan with WeLoans today and get your funds in as little as 24 hours>>

iPaydayLoans

iPaydayLoans.png

KSHB

With iPaydayLoans, you can get many short term loans from its wide range of loan offers. He works with a wide range of lenders to secure emergency funds for borrowers with bad credit, including same-day payday loans, title loans, cash advances, and more.

Its payday loan offers range from as little as $50 to $5,000, which you can borrow without hurting your credit score. What else? Its personal loan offers range up to $35,000.

This platform is forgiving for people with bad credit as its lenders only perform soft credit checks on your income to ensure that you can make your repayments on time. So, if you have unexpected expenses that caught you off guard, you can easily get your payday loans through the iPaydayLoans platform, and you can also get your funding fast.

Last but not least, with the encryption protocol, the platform is secure and all financial information you submit will be kept safe.

Advantages

  • High loan approval rates
  • A safe and secure platform
  • Flexible payment methods

The inconvenients

  • May not qualify for loans if you have an unstable source of income

Get started with iPaydayLoans’ quick and easy process to get a payday loan>>

CocoLoan

CocoLoans.png

KSHB

CocoLoan helps borrowers get fast financing for emergencies, including payday loans. It partners with lenders whose loan offers range from $50 to $5,000 and are bad credit friendly. Usually, you will have to pay off your payday loan in 2 to 4 weeks.

Apart from payday loans, you can apply for many other fast loans for alternatives on CocoLoan’s platform, including cash advance and installment loans. The lenders of these loans are reliable and do not carry out rigorous credit checks on you.

The application process is also simple. All you have to do is provide your information on its platform and the information form will be sent directly to its network of lenders. Lenders respond quickly and you’ll know if you’ve been approved within minutes.

With its wide panel of lenders, you can receive more than one offer and have the chance to choose the one that suits you best.

Advantages

  • Competitive loan rates and terms
  • Receive funding as fast as the same day
  • Always 24/7 service for you

The inconvenients

  • Possible late fees
  • Maybe charge prepayment fee

Get up to $5,000 Payday Loans with Guaranteed Approval for Your Urgent Needs at CocoLoan>>

Frequently Asked Questions (FAQ)

1. Can I get a payday loan online with a prepaid debit card?

Because prepaid debit cards aren’t tied to bank checking accounts, lenders can’t always load your payday loan onto your prepaid debit card. For lenders that offer a prepaid debit card for payday loans, their interest rates are usually higher, going up to 700% APR, as opposed to your usual 400% APR for most lenders.

2. Are payday loans approved by everyone?

Most online payday loans have high approval rates, even for borrowers with poor credit ratings. However, there is no guarantee for loan approvals. Your best bet is to have a reliable source of income. This will prove that you can make your repayments and will tip the balance in your favor.

Conclusion

Need quick cash? Apply for your payday loans today! Online payday loans are generally friendly and generally good for bad credit. If you apply through the sites mentioned above, you will have a good chance of obtaining a loan. This way, you can comfortably take care of your financial emergency while waiting for your next paycheck. Now what are you waiting for? Act now!

]]>
Can’t get a personal loan? 4 alternatives to try | Lifestyles https://web-link.biz/cant-get-a-personal-loan-4-alternatives-to-try-lifestyles/ Thu, 29 Sep 2022 16:54:00 +0000 https://web-link.biz/cant-get-a-personal-loan-4-alternatives-to-try-lifestyles/ Personal loans provide quick, unsecured funds that can pay for everything from home repairs to medical emergencies. Instead of requiring collateral like a house or car, many lenders prefer applicants with strong credit and high incomes. But what if you don’t meet a lender’s requirements? People who don’t qualify for a personal loan have alternatives […]]]>

Personal loans provide quick, unsecured funds that can pay for everything from home repairs to medical emergencies. Instead of requiring collateral like a house or car, many lenders prefer applicants with strong credit and high incomes.

But what if you don’t meet a lender’s requirements? People who don’t qualify for a personal loan have alternatives to high-interest predatory lenders. These options can help close an income gap, but each has advantages and disadvantages.

1. TRY THE OPTIONS WITHOUT BORROWING See if you can find some money by making room in your budget and pulling in some extra cash, says Tania Brown, Certified Financial Planner and Atlanta-area Financial Coach . Review your budget for any expenses you can cut, even temporarily, like dining out or streaming services.

To save on existing bills, ask billing companies, creditors or doctors’ offices if they offer interest-free payment plans, she says.

Finally, pair reduced expenses with additional income from a side gig, such as booking a ride or selling things you no longer need, Brown says.

2. BORROW FROM A FAMILY MEMBER

If you’re comfortable asking a family member for money, this might be one of your least expensive borrowing options. This does not involve a credit check or credit report, but it may require additional planning.

Bring a “game plan” that includes a loan amount, interest rate and repayment term when broaching the subject to take the guesswork out of the decision, Brown says. For a small loan, an informal loan document between you and the lender might suffice. Larger loans may require a formal agreement.

Ideally, an attorney will draft an official loan document that you both sign, says Philip Mock, a CFP based in Tulsa, Oklahoma. You may have to pay a fee for the lawyer’s time.

Family loans can have tax implications, Mock says, so do your research when writing the loan agreement. For larger loans or more complex questions, consult a tax specialist.

3. SPLIT A BIG PURCHASE

A “buy now, pay later” payment plan can ease the stress of a large purchase by breaking it up into smaller payments. BNPL plans are available at most major retailers and can lessen the financial blow of a new mattress or computer, for example.

BNPL is a quick and easy option because there’s no credit check or lengthy application process, says Kristian Brennon, a licensed financial advisor based in Kansas City, Missouri.

Since BNPL providers automatically take installment payments directly from your account, she recommends setting payment due date reminders and making sure your account won’t be overdrawn.

4. GET A CASH ADVANCE

Cash advance apps like Earnin and Dave provide a quick influx of a few hundred dollars without a credit check and with lower fees than payday loans. But like payday lenders, these apps require access to a user’s bank account in order to withdraw the repayment on their next payday.

While convenient, apps should be used sparingly because they can be difficult to budget for, Brown says. The amount you borrow today will leave a hole that size in your next paycheck, so she recommends anticipating that gap before borrowing.

“Make sure you get exactly the amount you need and make a plan for how you’re going to pay that back,” she says.

BUILD SAVINGS OVER TIME

Savings are the interest-free way to pay for emergencies and discretionary expenses. Mock recommends saving three to six months of expenses, but having even a few hundred dollars in savings will help cover most unexpected expenses.

If you need help building your savings each month, Brennon recommends getting professional help through the Association for Financial Counseling and Planning Education. It offers free counseling services to the public until around mid-December.

List your upcoming expenses — like Halloween costumes and holiday gifts — and budget for them in advance, Brown says. This way, your savings can be set aside for unexpected expenses or income discrepancies.

“Life is always going to have ups and downs, and the key is learning to manage,” she says. “It helps turn what would be a crisis into just an annoying inconvenience.”

RELATED LINKS

NerdWallet: How to Get a Personal Loan in 6 Steps https://bit.ly/nerdwallet-how-to-get-a-personal-loan

AFCPE: Pro bono tips https://findanafc.org/home/pro-bono/

]]>
Andrew Barnes: 14 years after the GFC, have we learned anything? https://web-link.biz/andrew-barnes-14-years-after-the-gfc-have-we-learned-anything/ Sun, 25 Sep 2022 02:00:34 +0000 https://web-link.biz/andrew-barnes-14-years-after-the-gfc-have-we-learned-anything/ In The Big Short, Christian Bale portrayed investor and doctor Michael Burry, one of the first to discover the US housing market bubble. Paramount Photo/Pictures OPINION: One of my favorite films is The Big Short, which chronicles the events leading up to the global financial crisis of 2008. The film shows how the big financial […]]]>

In The Big Short, Christian Bale portrayed investor and doctor Michael Burry, one of the first to discover the US housing market bubble. Paramount Photo/Pictures

OPINION:

One of my favorite films is The Big Short, which chronicles the events leading up to the global financial crisis of 2008.

The film shows how the big financial institutions played with the system and took

]]>
How do cash advance apps work and are they better than payday loans? https://web-link.biz/how-do-cash-advance-apps-work-and-are-they-better-than-payday-loans/ Wed, 21 Sep 2022 09:02:00 +0000 https://web-link.biz/how-do-cash-advance-apps-work-and-are-they-better-than-payday-loans/ By Annie Millerbernd The apps have lower fees, but you can always have better alternatives when you need the cash. This article is reprinted with permission from NerdWallet. If you’re asked to imagine a payday lender, you might think of a storefront in a strip mall with green dollar signs and neon slogans like “everyday […]]]>

By Annie Millerbernd

The apps have lower fees, but you can always have better alternatives when you need the cash.

This article is reprinted with permission from NerdWallet.

If you’re asked to imagine a payday lender, you might think of a storefront in a strip mall with green dollar signs and neon slogans like “everyday payday.” You probably wouldn’t imagine a mobile app that advertises on TikTok and sports a colorful logo.

But cash advance apps like Earnin and Dave provide advances with the same borrowing and repayment structure as payday lenders, and consumer advocates say they carry similar risks. Both are quick, no-credit-check options for closing an income gap or easing inflation pressure.

Neither is an ideal first choice for borrowing money quickly, but knowing their differences can help you save money and avoid hurting your finances.

See also: New laws and more affordable lenders could shake up the payday loan market

Cash advance apps work like payday loans

Like most payday loans, a cash advance or paycheck app lets you borrow money without a credit check. You are also required to repay the advance, plus any fees you have agreed, on your next payday.

One payment cycle is usually not enough for borrowers to repay a payday loan, so many people fall into the habit of getting another loan to pay off the previous one, says Alex Horowitz, senior director of The Pew Charitable Trusts.

App users may find themselves in a similar cycle. A 2021 study by the Financial Health Network found that more than 70% of app users get back-to-back advances. The study doesn’t say why users re-borrow, but Horowitz says the behavior is particularly similar to payday loans.

“Direct-to-consumer payday advances share the DNA of payday loans,” he says. “They’re structured the same, they have repeat borrowings, and they’re scheduled based on the borrower’s payday, which gives the lender strong collectability.”

Also read: ‘We haven’t yet seen a spike in food inflation’: Food price increase is the highest since 1979, and this staple is up nearly 40% from the last year

Apps can offer more flexibility

Payday lenders and payday advance apps collect repayment directly from your bank account. If your account balance is too low when funds are withdrawn, you could incur overdraft fees, says Yasmin Farahi, senior policy adviser at the Center for Responsible Lending.

An application may try to avoid overcharging your account. Mia Alexander, Vice President of Customer Success at Dave, says the app reviews users’ bank accounts before withdrawing the refund. If the refund puts the balance close to zero or negative, the app may not withdraw the funds, she says.

However, apps typically include language in their user agreements that while they try not to overcharge your account, they aren’t liable if they do.

In states where payday loans are allowed, a payday lender is unlikely to offer a free, unsolicited payment extension, as some apps say. Some states require payday lenders to offer extended payment plans at no cost to troubled borrowers, but a 2021 report from the Consumer Financial Protection Bureau says some lenders are misrepresenting plans or not disclosing them.

Unlike payday lenders, the apps don’t make collection calls. If a user revokes access to their bank account to avoid a refund, the app will not attempt to collect the funds. The user simply cannot get another advance until they repay the previous one.

Find out:This millionaire couple changed their lives with passive income

Payday loans cost more

Payday loans tend to have high mandatory fees, unlike apps. Instead, they charge a small fee that users can accept throughout the borrowing process. These fees can add up, but they are usually lower than those charged by payday lenders.

For example, an app might charge a monthly subscription fee or a fee for instant access to funds. Most cash advance apps also ask for a tip for service.

The charges on a $375 payday loan are most often about $55 over a two-week period, Horowitz says. Since the cash advance application fee is mostly optional, you can easily keep the cost below $10.

Earnin user Sharay Jefferson says she’s used payday loans in the past, but switched to a cash advance app because it’s a cheaper way to cover bills and unexpected expenses.

“If you get a $200 payday loan, you might be paying something back three times over,” she says. “With Earnin, I’m going to have to pay that $200 back, plus whatever I decide to give them. It’s a lot cheaper.”

Don’t miss: What will student borrowers do after getting $10,000 or $20,000 debt forgiveness? MarketWatch asked readers – this was their #1 answer

Technically, apps are not lenders

Regulators like the CFPB have not classified payday advance apps as lenders, despite their similarities to payday loans.

Earnin CEO and Founder Ram Palaniappan says the app is more like a payroll service or an ATM because it makes it easier to access your own funds. Earnin asks users to upload a timesheet showing they worked enough hours to earn the cash advance amount. Other apps scan a user’s bank account for income and expenses to determine if they qualify for an advance.

Farahi says applications should be treated like creditors, meaning they would follow the Truth in Lending Act, which requires creditors to disclose an annual percentage rate. An APR allows consumers to compare costs between financing options. For example, users can compare the APR of a cash advance app to that of a credit card and choose the most affordable.

“People still need to know what the real cost of credit is and to be able to assess it and really compare that cost with other options,” she says.

Applications should also comply with applicable state lending laws. Currently, 18 states and Washington, DC, have maximum interest rate caps that could limit application fees, she says.

Cash Advance App vs Payday Loan: Which is Better?

If you’re in dire need of cash, you may have better alternatives than payday loans and advanced apps, Farahi says.

Local charities and nonprofits can provide basic food and clothing needs. A family or friend could lend you money at no extra cost. If you have a few hours to spare, a side gig could generate as much money as a typical payday loan or cash advance application.

If you have the choice between an app and a payday loan, the app is probably the best option because:

A cash advance from an app is unlikely to leave you in a better financial position, Farahi says. But it may be a little less likely than a payday loan to make things worse for you.

More from NerdWallet

Annie Millerbernd writes for NerdWallet. Email: amillerbernd@nerdwallet.com.

 

(END) Dow Jones Newswire

09-21-22 0502ET

Copyright (c) 2022 Dow Jones & Company, Inc.

]]>