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Different Types Of Short-Term Installment Loans And When Each Might Be Of Value To You

Installment loans are essentially any type of loan that is repaid in certain amounts over a set period. For example, loans you take out for the payment of a car, boat or motorcycle are often installment loans because you promise the bank or the credit union that you will pay “x” amount of dollars every month for the next several months or years. What you may not know about installment loans is that there are several types. Here are some of those types of loans and why each may be of value to you.

Short-Term Unsecured

Short-term, unsecured installment loans usually have very high interest rates and you are required to pay them back quickly. You can get this type of loan from many non-traditional lenders, including payday loan lenders. This type of loan is most beneficial when you need cash right away, you cannot get a traditional loan because you have nothing to secure it with, and you know you will be flush with cash in the next couple of months (e.g., you are expecting a sizable tax refund).

Short-term Secured

Short-term secured installment loans require some type of valuable collateral. This could be your vehicle, your wedding ring, your boat, etc. It could also be your credit card sales from the prior months of conducting business. The interest rates and fees vary widely (depending on the lender), which can include a pawn shop owner or title loan lender. The loans are often based on the fair market value or resale value of the item you use to secure the loan, but you retain the rights to the item(s) by consistently making timely payments on the loan. These might be some of the easiest loans to get, although they might not meet your full and current monetary needs.

Unsecured Based on Business Profits

This is a new type of installment loan emerging for small business owners. It helps you secure working capital based on your prior month’s or prior quarter’s profits. Typically, the loan amount comes with a hefty fee attached, and the amount is only a percentage of your prior month’s sales or profits. However, if you own and operate a small business and you are struggling to make ends meet this month, this might be the perfect short-term solution. Small businesses located in tourist areas often benefit from this type of loan in the off-season months right before the high-season months begin because it keeps the business afloat until the high-season profits can pay back the loan.

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Selling Your Gold And Silver Jewelry? Get The Best Prices By Doing These Things

Whether you want to make room for more jewelry or truly need the money you’ll earn from sales, selling your silver and gold jewelry might seem easy to do. However, if you want to ensure you make the most money possible, follow the advice below.

Sell Separately

The first mistake you might make when selling off your collection is to sell in bulk lots. You might not want to take the time to sort through and price each piece, and you might assume that a buyer will be able to give you a fair price for everything.

However, it’s important to note that every piece isn’t valued the same. You may have some very expensive pieces that would get overlooked in one big bulk sale, causing you to be paid less than you could have gotten otherwise. It may take more time to sell each piece alone, but ultimately you may make a higher profit.

Get a Professional Appraisal of Each Piece

It might seem strange to think that spending money on an appraiser’s fees would help you make more money overall, but that is what indeed may happen. Being able to present a piece for sale–with the support of an appraiser’s professional opinion of value–is one way to ensure you get the price you want for your piece. Buyers may be more likely to pay more for a piece when they can see evidence of its worth.

Beware of Your Emotions

One of the things that could stop you from getting a good price on one of your pieces is how you feel about it. Your attachment to particular pieces can be problematic when you’re trying to make a sale, because someone might place an offer that you feel isn’t enough for the piece–not because of its value, but because of your feelings about the piece.

You might have thought you were willing to part with your great-aunt’s opal ring, for instance, but you might want much more than it’s worth because of your attachment to it. Be sure to get a handle on your feelings so that you don’t make the mistake of losing out on a sale altogether.

Now that you have a better grip on what actions you can take to get the most money for your jewelry collection, start doing your research and pricing your pieces accordingly. Work with gold and silver buyers like Wimpey’s Pawn Shop.

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4 Common Mistakes To Avoid When Opening A Checking Account

Whether you’re looking to switch banks or are even planning on opening up a checking account for the first time, the fact remains that you have a lot of options available to you. No matter where you live, online banking makes it possible for you to open a checking account with one of dozens of banks. Before you open an account with just any bank, however, there are some important mistakes you’ll want to avoid.

Choosing a Bank That Doesn’t Waive ATM Fees

These days, no reputable bank should be charging you an ATM fee when you use your bank card to withdraw money from an ATM. If your bank won’t waive these fees or, at the very least, reimburse you for them at the end of your statement month, then it’s time to look for a different bank. Keep in mind that individual ATM providers (such as those found inside your local convenience stores) can still charge you fees, however.

Going With a Bank That Doesn’t Have Online Account Access

Another important thing to look for in the bank where you wish to open a checking account is easy online account access. It’s difficult to find a bank these days that doesn’t have online account access, but not all platforms are easy to use or very robust in terms of their features. Ideally, you’ll want to find a bank that offers online bill pay, money transfer, and similar features. Bonus points if they have a free app you can download so you don’t have to log-in every time.

Choosing an Account With Monthly Balance/Deposit Requirements

Some banks will have requirements and minimums when it comes to how much money you need to deposit into your checking account each month and how much of a balance you need to maintain in order to keep your free checking or avoid service fees. Avoid this hassle and open an account with one of the dozens of banks that don’t impose these kinds of minimums.

Failing to Consider ATM and Branch Location Convenience

Finally, though you may be able to find checking accounts with excellent terms online, you’ll also want to make sure you can find a local branch in the event that you need one-on-one help with your account or wish to take out a large sum of money from your account. Specifically, look for banks with locations close to your place of employment and your home.

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How to Put Your House Up for Bail

If you have a loved one who is arrested, you might be in need of getting a bail bond. This allows you to pay a small percentage of the bail amount, then provide collateral and have them released from jail. The collateral is extra insurance in case they don’t appear in court as requested, in which case you owe the rest of the bail amount. Many people put their house up for bail because the property is worth more than vehicles and jewelry. Here are some things to know about choosing this option.

How do you put your house up for bail?

When you decide that your house is the only property you have that works as proper collateral, you will need to provide documentation that can be put in the bail bondsman’s trust. This allows them to sell it or take over ownership if the entire bail amount isn’t paid following the defendant’s case. You will need to provide either the title to your house or the deed to the house. You don’t need to sign it over to them, but put it in their possession. A contract will be signed that states you will hand over the house and move out if it comes to that. While many bail bondsmen will work with you to avoid that happening, it is always a risk you take.

Will your house value cover the cost of bail?

One thing you need to keep in mind when you put your house up for bail is that the value of the house must cover the cost of the bail. You need to consider the full bail amount and the current value of your home. If your home is older and is in disrepair, or the bail is an extremely high amount, it might be enough to cover it. However, if you have a house that is worth, say, $200,000 but the bail amount is over $350,000, then the house alone might not be enough collateral. You may need to offer the house in addition to vehicles, jewelry, or other valuable items as collateral for the bail bond.

What happens if the defendant doesn’t go to court?

Whenever you decide to bail someone out of jail, whether it is a friend, family member, or co-worker, you are taking responsibility for them. You are telling the bail bondsmen that if they don’t go to court after they are bailed out and the bondsman can’t track them down to bring them back to jail, you will pay the entire bail amount. If the amount is much more than what you have in your bank account, then you may lose your house.

If you have any other questions about putting up your house for collateral in a bail bond, consider contacting a local bail bonds company, such as All Night & Day Bailbonds, for more information.

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Home Buying Assistance For Low-Income Earners

For those with a limited income, renting a home can be quite difficult, let alone trying to buy one. However, with many different assistance programs out there, the process is becoming easier. If you need help figuring out how to get a mortgage and the home of your dreams, consult some of the following:

  • Public Housing Agency
  • Real Estate Agents
  • Federal Housing Administration (FHA) Loans
  • First-Time Homebuyers Program

Regardless of whether you are earning $15,000 or $25,000 per year, when you fall into the low-income category, it can be difficult to get a mortgage. Many lenders won’t even look at your application until you make a certain dollar amount. This can be quite frustrating for someone looking for answers. Thankfully, there are a variety of different programs out there to help individuals who might have a little lower income than the average for the area. Check out some of your options below:

Public Housing Agency

One of the first things you can do is to contact the Public Housing Agency in your area and ask them about their Housing and Urban Development (HUD) Homeownership Voucher. If you have heard of Section 8, this falls in the same type of category, except it allows you to own a home versus just rent one. You can use your subsidy to pay a mortgage payment and step out of the renting game.

Real Estate Agents and HUD Homes

A real estate agent can help you with purchasing a HUD home. While these particular homes might be offered at a fair-market price, you can snag significant savings if you are working as a teacher, police officer, firefighter or EMT. These borrowers can easily secure a home in one of the federally-designated revitalization areas for about half the cost of what everyone else might spend.

FHA Loans

Try speaking with lenders who have FHA insured loan programs available. Because many of these loans don’t require that the borrower have a certain income, they tend to be more lenient in terms of lending money to individuals than what a traditional bank would be. With a traditional loan, you normally cannot commit to paying more than 36% of your income to your mortgage. However, these loans allow you to go as high as 41%, thus letting you get more home for your money.

First-Time Homebuyers

Talk with your local credit union, bank or other government initiative to see what they have available for those purchasing their first home. You might be surprised by all of the different subsidies out there for those who have never purchased a home before. Some properties are specifically reserved for those who fall into the low-income category, thus allowing you to have more choices available to you.

Whatever you do, spend time talking with individuals in the area about the different programs available to you. There is no reason why you should feel as if you don’t have any options available when there are plenty of different programs just waiting for you to come out and apply. By checking around, you can get the home of your dreams at a price that is going to work for you in no time. Homeownership isn’t that far away, but you have to be the one to take the first step toward making it happen. 

Click here for more info on a local mortgage company.  

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Tips for Getting the Best Deal From a Payday Loan

If you need some quick cash or your credit score would not be sufficient to get a loan from your bank or credit union, a payday loan is an ideal way to meet your short-term financial needs. However, it is easy to fall into a pattern of borrowing, given that the fees can be significant. Therefore, it is important to know the following advice, so that you can be sure that you are getting the best possible deal from your payday loan.

#1-Make Sure That You Set the Maximum Amount That You are Borrowing…Not the Lender

If you have been turned down for credit or loans recently, it is easy to become overwhelmed when a payday lender tells you that you are approved for a larger amount of money than what you actually need. However, as with any debt, you will be paying it back, and since payday loans are known for meeting short-term needs, you will be paying it back quickly. As a result, you should be sure to only borrow the amount of money that you need, so it is easier to pay off your debt on your next payday.

#2-Be Aware of All The Fees and Charges…and How They Might Impact You

It is also important to note that a payday loan will often carry fees, other than the interest rate that you probably expect, that are easy to miss. Common examples include origination fees, verification fees and collection costs. In addition, you will often be allowed to renew part or all of your loan on your next payday if you cannot pay it off in full at that time, but renewal fees may apply at that time.

#3-Contact More Than One Payday Loan Company

One mistake that is easy to make relates to the belief that the fees a payday loan accrues are somehow “industry standard.” The truth is that each lender has the right to determine what charges and fees they offer. Although you may find that working with a well-known lender offers some benefits, like extended hours or the ability to apply for your loan online, it is a good idea to be aware of the different options for lenders. By doing so, you can often minimize the total cost of your loan, which will also make it easier to pay your loan off.         

In conclusion, a payday loan is an easy and quick way to access money without a credit check. However, it is important to be sure that you are getting the best possible deal on your loan, so remembering the above information will help you immensely. If you have any questions about payday loans, consider contacting local services, such as EZ Money, to discuss your concerns.

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Four Tips For Applying For A Bad Credit Mortgage

If you are considering the purchase of a home, but your credit score is poor, then you may consider applying for a bad credit mortgage loan. This allows you to receive a loan, typically with a higher interest rate even with your bad credit. Here are four tips for doing this:  

  1. Only Make it a Temporary Solution: When you apply for a bad credit mortgage, make a commitment to improve your credit over the next two years so that you can refinance by this time. Don’t pay the same interest that you are paying with a bad mortgage home loan for more than two years. This just means that you will continue paying much more than what the home is actually worth because of the high-interest rate. If you are able to repair your credit enough, you can potential cut the interest rate in half. 
  2. Choose an Adjustable Rate Mortgage: An adjustable rate mortgage means that you will be paying high interest, much higher than a mortgage that does not have an adjustable rate, but you will be able to make reasonable mortgage payments each month. With lower mortgage payments, this can be more manageable for you and ensure that you don’t make the mistake of missing any payments, which will just lower your credit even more. 
  3. Don’t Choose a Prepayment Penalty: Always be sure that your bad credit mortgage does not come with a prepayment penalty. If you are able to pay off your loan quickly, then the penalty will ask that you pay up to 6 months of interest after paying off the total amount of the loan. This just means that you are making an additional 6 payments for no real reason, but simply to give the lender more money. If you pay off the loan early, you want to be sure that no additional interest is added on to the loan as a penalty fee. 
  4. Consider a Co-Signer: Before you even consider signing up for a bad credit mortgage, consider asking a relative if they will consider being a co-signer for you on an FHA home loan. This would allow you to avoid a bad credit mortgage and receive an FHA loan, which will have a much lower interest rate for you. 

By following these four tips, you can be sure that you choose the best home loan for you and that you are able to move into a home that you can afford each month, even with bad credit. 

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