June 5, 2017, 1:48 pm

Finding Lending Options Even With Bad Credit

by: The Financial Blogger    Category: Personal Finance,Social Lending

How Bad Do You Need Money?

Have you ever gone to a casino and wasted twenty dollars in five minutes at a slot machine? Better yet, have you ever thrown a hundred-dollar bill down on blackjack and watched that Benjamin disappear into the casino’s coffer? Well, then you know what it’s like to lose money on a long-shot. But it’s worse if you win.

Here is why: when you throw down a large sum of money on something that shouldn’t end up resulting in profit, but does, in the back of your mind is planted a subconscious psychological seed which says these possibilities can be had again. While there is a statistical probability of multiple, high-yield winnings, this probability is low.

What’s more likely is that you’ll win several thousand, go to the tables, and lose more than you won in the very same evening. But all that being said, you know—or have likely heard—that professional gamblers exist. These are individuals who have learned how the system works, and are able to use it to their advantage.

Granted, professional gamblers represent a minority of a minority. Statistically, they’re as rare as a win at a slot machine. But they do exist, and they exist in greater quantities than you might expect.

Is A Loan A Gamble? Sometimes Yes, Sometimes No

When it comes to loans, securing one with bad credit can be somewhat of a gamble. You’re going to face high interest rates. If you’re lucky, those interest rates will be fixed, but this is not always the case. As a matter of fact, you face the prospects of increasing interest rates which compound what you owe even when that’s already been compounded.

This is a downward spiral, and is something which is only really worth pursuing if you truly have a top-tier opportunity on your hands. It is possible to take out a high interest loan that isn’t fixed, and end up coming out ahead on the deal. But it will require that you pay that loan back as soon as humanly possible, and well-within the time limits.

An ideal situation for a bad credit high interest loan without fixed interest is when you’ve got revenue that is just going to be a few days late, but a bill that has to be paid right now. You take out the loan, pay the bill, then pay off the loan when the revenue rolls in a few days later. This way you’re only “on the hook” for a short time.

Still, being able to pay such bills immediately can be the difference between your business remaining successful, and your business going under. It all depends on your personal situation. What makes sense is to secure a sound financial advisor, and have them paint a picture of your monetary situation that you can get your head around.

The Peer-To-Peer Factor

You want to understand your financial situation, not have your financial situation explained to you. If you can get to that point, then you’ll be able to make an informed choice as regards taking a loan or not. To that end, sometimes your best solution is a peer to peer loan.

When you’re looking for peer to peer bank loan reviews, you might try Banking.Loans, where you will find such information and references resources like Peerform which, according to the site, is a: “…peer-to-peer lending site that targets borrowers who don’t have the best credit scores.” Solutions like this can make finances available to you where otherwise they were unobtainable. If obtaining a loan is something financially feasible for your or your business, going the peer-to-peer route can for many individuals be the wisest option.

 

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June 1, 2017, 2:33 pm

Secrets of Forex trading success: MT 4 as a top trading platform

by: The Financial Blogger    Category: Investment, Market and Risk,Uncategorized

Professional trading platform is invaluable for Forex traders as offer tools that are beneficial for effective performing and ensuring successful outcome.

Profitable trading: secrets of success

 

Trading on Forex attracts a lot of attention and many people consider that it is a sort of gambling that involves making bets on world currencies trade. It is also believed that earning millions overnight is possible with the right bet. Not all of us realize that earning real money requires time. Successful trading involves effective analysing, setting goals, assessing risks, and choosing suitable strategies.

 

Trading platforms make this process much easier as have all necessary tools that maintain effective operation. One of the market leaders – MetaTrader 4 is preferred by brokers and Forex traders worldwide. Also metatrader 4 download app is available that ensures an access to trading account from any place. Apart from using this platform there are other principles of successful start of a Forex trader’s career:

  1. -Setting goals and developing a strategy is essential;
  2. -It is important to stay realistic and not to expect earning millions for the first year;
  3. -Analysing every challenging aspect, every loss and success is beneficial for success in future performances;
  4. -Self-discipline is a key feature: make a habit of performing weekend analysis of your activity of the market in general. Look for patterns that can affect your performance;
  5. -Be prepared for losses and try not to succumb to anxiety. Learn all the possible risks and build a strategy that allows evading them;
  6. -Try not to borrow someone’s trading systems but develop your own.

These tips will help you to stay focused in building a career.

 

MetaTrader 4 effectiveness in Forex trading

 

Nowadays MT 4 can be considered as industry standard and was specifically designed for online trading in future markets, Forex, and CFD’s. Traders and brokers worldwide prefer using exactly this platform as it proved to be safe and highly effective. With provided tools it is easy to analyse prices, place trades and manage them at any convenient time. Here you can find the other key features of MT4:

  1. -This platform allows users trading over 30 currency pairs;
  2. -With customer friendly interface even a beginner is able personalizing platform and improve own productivity by performing trades more effectively;
  3. -Navigator Window allows quick access to any tool or feature you need to use:
  4. -MetaTrader 4 allows choosing required language with ease;
  5. -Advanced charts make sure that trading and analysing is possible at the same time. Moreover, it is possible choosing styles and colours according to one’s preferences;
  6. -Communication tools are as well advanced and allow traders and brokers communicating with one another and posting messages. No more confusing e-mail threads are required;
  7. -MT4 doesn’t disrupt PC operation as it is low on resources;
  8. -Enhanced security prevents any hackers’ attacks.

 

Available mobile app will help you to stay well-informed and perform effectively from any place.

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May 29, 2017, 1:23 pm

10 Most Common Hidden Costs and Fees at Banks

by: The Financial Blogger    Category: Banks and You

It’s no secret that traditional brick-and-mortar banks are notorious for hidden and not-so-hidden costs and fees associated with their accounts and services. As a consumer, the best thing you can do is to remain knowledgeable about what these fees are and how you can avoid them. Here, we’ve collected a brief list of some of the most common costs and fees that account holders are faced with. Keep it handy the next time you’re looking to open a bank account or navigate the current fees you may be dealing with.

  1. Foreign Exchange Fees

While people are aware that there are fees associated with international wire transfers, they are seldom aware that most banks charge a fee or markup with every foreign exchange you make. These fees may be hidden under terminology like “service fees,” but ultimately, they’re just a markup that the bank is passing along to their customers.

  1. Foreign Transaction Fees

Often, credit and debit cards through traditional banking institutions have foreign transaction fees built into their setup. This fee applies every time you use your card, which makes a small foreign transaction fee, traditionally around 3%, really add up.

  1. Account Closure Fees

A lot of traditional banks require that you keep your account with them open for a certain period before closing it down. If you should choose to close your account early, you may be subject to an account closure fee. For example, Citibank charges $25 for an early account closure within 90 days of opening a new account with their institution.

  1. Maintenance Fees

Some banks have a monthly or annual maintenance fee that they charge depending on your account balance. In some cases, this fee is waived if a certain amount of direct deposits has been made into that account over a given time. Otherwise, this fee exists solely for the purpose of keeping your account open. This may seem unreasonable, especially when there are many banking options, both traditional and online-only, that don’t charge you for merely having an account with them.

  1. Returned Deposit Fees

In some cases, when you receive a check that bounces, your bank will charge you a fee. This can be frustrating, especially since you’re already dealing with receiving a bounced check. The most common returned deposit fees usually range between $12-$19, depending on the institution.

  1. Paper Statement Fees

Many banks, to save money and switch to a more environmentally-friendly format, have been encouraging their account-holders to change their statements to be received in an online only platform or portal. Some institutions charge around $2/month for account-holders who prefer to continue receiving paper statements (or those who just have forgotten to log in to their account and make the online-only statement selection).

  1. Human Teller Fees

In an effort to keep up with online-only banks, some traditional banks are now offering “virtual only” bank accounts with better benefits and more money-saving services for their account holders. However, these accounts often come with a catch. Should the bank’s website or mobile app be down, they charge the account holder for performing a transaction in-person at the bank with a teller.

  1. Wire Transfer Fees

People often associate wire transfer fees with international transfers, but few realize that the cost of transferring money domestically is still very high. In fact, in many cases, banks charge upwards of $30/transfer for domestic wire transfers. If you use wire transfers for bill pay or to transfer money between accounts, this is hardly an effective use of your funds.

These fees can be even higher when talking about international money transfers. You can avoid it by using a currency provider instead of a bank. Currency transfer companies have:

  • No wire fees
  • Lower rate and margins than a traditional bank
  • Foreign exchange hedging tools
  • Online system with access to a professional trader
  1. Stop Payment Fees

Should you need to stop a payment, either made by wire transfer or check, the bank will charge you an additional fee for cancelling the payment. This fee is usually approximately $30.

  1. ATM Fees

Finally, we would be remiss if we didn’t mention ATM fees. In many cases, if you don’t use an ATM that is associated with your specific bank, there is an ATM fee that your bank charges you (usually a few dollars) and there’s a fee that the ATM charges you, as well. It may not seem fair that you’re getting hit twice with fees just for needing to access your funds quickly, but that tends to be the case.

Closing Remarks

You may have heard of some of these fees, but likely you were surprised by others. Being aware of them is often the first step in protecting yourself against them. Additionally, if you happen to be shopping around for a new bank, you can keep an eye out for these fees in their contracts and choose the account that offers the best options as far as fees go. In many cases, you may find that non-traditional banks, such as pure-online banks (ex: Tangerine or Ally), offer the best options.

 

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May 17, 2017, 1:28 pm

Why You Should Have a Digital Wallet

by: The Financial Blogger    Category: Personal Finance

One of my first jobs was to work in a store as a cashier, among other tasks. Back then – and that is not too long ago – I’d wait for the clients to take their wallet out, calculate their spare change and finally pay their goods. I must admit that during a busy day, I was getting impatient by all this process.

Things surely evolved since then. In a small decade, social medias exploded and smartphones hit the market big time! Many people tend to react negatively to technological changes. However, there are many advantages to turn your old leather wallet into a digital one!

 

What is a Digital Wallet?

A digital wallet is an electronic device, usually used with a computer or a smartphone, that allows one to make electronic transactions. Traditional bank account or credit card can be linked to an e-wallet. Other credentials could be included depending on the service: driver’s license, health card, ID documents and even bus pass, concert tickets and gift cards!

A digital wallet can be a good thing for your online purchases but also for items bought in-store. In fact, more and more businesses, including merchants, now rely on a digital wallet company for their in-store transactions. Some stores will even have their fidelity program provided by the help of a digital wallet service company.

Through the app in your smartphone, simply tap your phone on the register or enter your pin and all is quickly paid for. Such service provides fraud protection for the merchants and enables them to improve their customer experience in terms of payment processing.

There are many examples of such companies. Paypal probably is the most well-known for the average man in the street. Google Wallet also has its fans because of the Google brand itself. Another good alternative for merchants and customers is Paysafe as they are known for their easy to use digital wallets. But truly, the list goes on and you could find the one that answers best your needs within a few minutes.

Should you be a business owner, digital wallets could be a game changer as well!

 

The Advantages

 

Theft

Because your digital wallet does not include physical cards and personal information, it is easier to stay safe. Used with a locked and secured smartphone, it is a lot more complicated for a theft to get to your money. At the very least, it gives you more time than before to react and cancel your credit card.

 

Simplify Your Finances

Because we almost never go out without our phone anymore, it becomes very easy to use it for every payment. That way, you can quickly track your expenses at the end of the month and become more dedicated to your financial goals.

If you can link your bank account, gifts cards, credit card and other financial tools to your e-wallet, you can see at a glance where you’re at and everything applies automatically.

 

Save Time

Do I really have to explain that one? It does take a little time to set, but once done it saves time before your purchase, during, and after.

 

Main Concerns

The two main concerns about having a digital wallet are: security and expenses explosion!

In fact, experts agree that security on digital is higher than traditional methods. However, one has to be careful to use proper passwords and lock its smartphone for better results.

As for expenses explosion, it becomes very easy to spend within seconds and allow people to express their impulsive spending side, which is not necessarily a good thing. Used properly though, digital wallet can save you some!

 

Do you use such service? What do you think about it?

 

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April 3, 2017, 9:35 am

You May Be Ready but Have You Prepared for Retirement?

by: The Financial Blogger    Category: Financial Planning,My Plan to Retirement


In the USA the figures don’t make good reading. Many citizens are carrying credit card debt that incurs a high rate of interest. Too few have sufficient in their retirement fund and seem to think that Social Security will make a significant contribution to comfortable retirement. The latter is simply untrue; it was never designed for that and the System is increasingly under pressure as the fund is dwindling. Don’t expect the Republican Party to increase taxes any time soon to boost it. You need to be saving and one thing that you can do immediately to help if you have credit card debt is to borrow ironically. A personal loan can pay off that balance and the interest you will be paying is significantly lower.

You deserve a comfortable retirement after a long working life but you have to earn that as well. The sooner you start to save, the more chance you have of success. If your dreams of traveling, fishing and spending time with the grandchildren, you will need money and after the regular monthly paycheck stops, you must know where the finance is coming from. Today’s population that is approaching retirement has begun to understand the problem. According to a recent survey by Transamerica Center for Retirement Studies almost half fears that its investment is insufficient.

 

Things for Serious Consideration

Here are a few things to consider when you are thinking about retirement:

  • You can draw Social Security as early as 62 but you will receive significantly less per month than if you wait until full retirement age, 66 and rising to 67. If you can wait until you are 70 there is more again.
  • You should not be carrying any significant debt if you are considering retirement. Some as normal as a credit card balance will be a problem because of the interest you will be charged.
  • Hopefully all your children will now be financially independent. That means they are working and in control of their own finances, including the repaying of their student loans direct lenders where applicable.
  • If you are helping to support elderly parents then it may be you need to delay the decision to retire.
  • You certainly must sit down and work out a realistic budget. If you have lived by one throughout your life there is nothing that should cause you too much concern. However, if you have found that over the years you have been spending virtually all your monthly paycheck to cover your bills, you should reflect that on retirement, your paycheck stops.
  • Those of you that have had an investment portfolio and can afford to maintain one after retirement should look at whether you have too much risk in that portfolio. The recession hit many portfolios but although the recession has gone, there are some economic indicators that suggest there is no boom on the horizon even if Donald Trump suggests he can get the country moving ahead. If you have any concerns, you should talk to a financial advisor and address those concerns.
  • Retirement affects more than just yourself. There may be wife, children and even elderly parents. You should certainly discuss everything with your wife to reach the best possible answer to your circumstances. If you are both working then you may decide that one of you retires immediately and the other continues for a while. It is a matter of doing the calculations.

So What Do You Think?

After looking at each of these aspects, you may be closer to reaching a decision on retirement. You need to consider how you will spend your time, bearing in mind you will need to be able to finance those activities. If you have many friends who have retired that is a different position than if your friends are mostly working. One thing is certain; there are too many Americans today who have not got the luxury to retire early with plenty of money to enjoy the dreams they had when they were younger. If this is you and retirement is still some years away, act now, reduce any debts you have and start to save.

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