January 23, 2020, 9:59 am

Four Benefits of Payday Loans

by: The Financial Blogger    Category: Types of Financial Products

Payday loans have many benefits, especially if you’re struggling financially. A payday loan can be a lifeline when times are tough. We all need extra money from time to time, whether this is to cover an emergency or unexpected bill, and a payday loan could be the way to go if you need to borrow a small amount over a short period.

In this article, we’ll discuss the benefits of payday loans and how it can help you in times of need.  

First, what is a payday loan?

Cash Lady, an online credit broker, explains it perfectly: A Payday loan is a form of short-term credit, often used by people who require cash quickly to help them through a financial emergency.

Payday loans allow you to obtain funds in a quick and efficient manner, which is ideal in a crisis. The interest rates are usually high, but you borrow the money over a shorter period, usually from 61 days to 12 months. Therefore, you are not trapped by years of repayment.

Shorter Period, Lower Borrowing

With a personal loan, you borrow a large amount (the lowest you can borrow is usually $1000) and have to pay it back over a long period, typically over years. If you only need to borrow a small amount, a personal loan probably isn’t the best borrowing method to go down.

Whereas, payday loans range from £/$100 – £/$1000 and are paid back over shorter periods. This means you won’t be stuck with the debt for years and will often pay it back in months.

Fast and Convenient

If you need money fast and don’t know where to turn, a payday loan could be the quick solution you need. Compared to other types of loans payday loans can be really fast to organize, and you can usually complete the application online with minimum personal details needed. So, if an emergency does crop up and all other avenues have failed, this might be the way to go. 

Easy to Secure

Personal loans always require a credit check. The big banks/lenders will not lend to you without a check, and they certainly won’t lend to you if you have a bad credit rating. Therefore, if you have a bad credit score and need money fast, applying for a payday loan would be one of the best options to explore. You will not usually be declined for a payday loan if you have a bad credit rating.

A Lifeline

Car repairs, unexpected bills, broken appliances – most people will likely face these emergencies in their lifetime, and the unfortunate thing is, they usually happen out of the blue and when you’re least expecting it. This can cause a variety of problems if you don’t have the money, but, as stated by Forbes, payday loans can be a lifeline in an emergency.

Comfort in the Knowing

Thanks to the Customer Financial Protection Bureau (USA), those considering a payday loan now have protections in place that ensure they will be charged reasonable rates and their details will be kept safe. In times of crisis, peace of mind is all anyone needs.

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January 21, 2020, 10:41 am

Can the IRS Seize Your Property?

by: The Financial Blogger    Category: Assets and Net Worth

Many people are surprised to learn that the IRS can seize your property and they can generally do so without even going to court. Unpaid taxes are serious debts, with serious consequences. If you don’t actively engage with the IRS when you have an outstanding debt, they could seize your property or garnish your wages by levying your assets.

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What is a Notice of Levy?

If you receive a Notice of Levy, your natural reaction will probably be to start panicking. However, it’s not too late to resolve the situation. To start with, you will want to know where to get help and find answers to questions like what is a levy? Fortunately, it can be easy to access assistance when you are having difficulty meeting your tax liabilities.

A levy enables the IRS to seize your assets and property in lieu of unpaid taxes. This means that the IRS will take ownership of one or more of your assets, such as your house, your vehicle or your wages. Once a levy is in place, it will generally remain functional until the outstanding amount has been paid off in full.

Can a Levy Be Avoided?

Absolutely. Paying your taxes in full is the easiest way to avoid the IRS taking action to collect the debt. Even if you have received a levy notice, you can usually stop the levy being applied to your assets by paying the outstanding debt.

However, if you are unable to pay off the outstanding debt, you can still stop the levy being placed on your property. By engaging with the IRS, you may be able to come to an agreement and pay off the outstanding amount in small increments over a longer period of time, for example.

Alternatively, the IRS may accept an Offer in Compromise. This means that you will pay a reduced amount in settlement of the outstanding debt. For this to be a viable option, however, you will need to show that your assets, income and necessary expenditure will make it extremely difficult for you to pay the debt in full.

Managing the Levy Process  

If you receive a Final Notice of Intent to Levy, it will usually be accompanied by a Notice of Your Right to a Final Hearing. These must be issued no later than thirty days before a levy is applied to your property.

Ideally, you would come to an agreement with the IRS well before these notices are issued. However, if you have already received a levy notice, you will need to take action swiftly to stop the process. Although you can manage this process alone, it can be advantageous to seek professional assistance.

Getting Specialist Help

Seeking advice from an experienced tax attorney can be useful when you are facing action by the IRS. With in-depth knowledge of the law and procedures, a tax attorney is well-placed to resolve the situation quickly and in your favor. Furthermore, having a tax lawyer act on your behalf can give you the confidence to deal with the situation and resolve your outstanding debt, which will minimize the negative impact of the situation and enable you to move on.

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January 14, 2020, 11:39 am

How To Stay Current on Your Retirement Fund

by: The Financial Blogger    Category: My Plan to Retirement

Planning for stress-free finances in retirement is a large aspect of modern life. Technology has made it easier than ever before for investors building and managing retirement funds to stay up-to-date on their investments. Here are effective ways to stay current on your retirement fund.

Visit financial news websites.

Sites focused on the latest money matters tell you what is going on around the world. There are many good websites with reliable news.

  • CNBC
  • Bloomberg news portal
  • Reuters money section
  • com
  • Investopedia news section
  • MarketWatch

Respected publications such as The Wall Street Journal have online versions that offer you the latest money news. These sites also help you stay abreast of current developments in the overall economy. With a retirement fund, it is good to know and understand the rate of inflation, for example, and how it interplays with your personal assets.

Read market updates.

To understand how current market conditions affect your retirement fund, you need to be aware of what is happening with stocks and other types of investments. News, insights, and analysis from reliable sources are good ways to stay informed about events as well as to better understand trends and their expected long-term results. One such way to keep current is to get market updates from Fisher Investments, an independent money manager.

Sign up for email alerts.

If you are interested in news and information on specific subjects that may affect your investment holdings, you can go to Google.com and sign up for email alerts on many different subjects. You can specify specific keywords and phrases, and whenever they are found online, you will be alerted with an email. You can even select how you receive the updates—when Google finds news items relating to your specifications or in a digest form.

Know the current market conditions.

With a retirement fund, you are investing for the long term, so perhaps checking the market daily may not be the best idea. If you tend to get nervous when the stock market wobbles or you are apt to enthusiastically buy questionable stocks that suddenly become popular, checking stock prices constantly is probably not helpful. However, to understand the effect current conditions have on your retirement fund, keep current with market conditions at least weekly. Visit the websites of Nasdaq and the New York Stock Exchange for up-to-the-minute prices.

Read state and company retirement news.

If all or part of your retirement money comes from pensions issued by companies or government entities such as states, be sure to stay current with these groups. Sign up for newsletters and emails and visit their websites regularly so you will know what is happening with this part of your retirement income.

Stay in touch with your financial advisor, and be proactive.

If you work with a professional asset manager such as Fisher Investments on a long-term basis, keep in contact so you will know how your money is working for you. In this situation, being proactive rather than reactive is more helpful for your financial future. Even if you have a financial specialist, being more hands-on with your money ultimately gives you more control. Knowledge is power and knowing the current state of your retirement fund not only reduces anxiety but can also help you make necessary decisions without shock or panic. Increased knowledge also can help you avoid common retirement fund mistakes.

The condition of your retirement fund is vital to your quality of life, so it is important for you to keep current with your finances and understand how market and economy conditions shape your money situation. There are simple ways to stay up to date now, thanks to the internet. When you know the state of the economy down to your particular investments, you can more easily make choices that have a positive impact on your finances, both now and in the future.

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January 10, 2020, 10:25 am

Advice on Using a Refund Anticipation Loan during a Financial Emergency

by: The Financial Blogger    Category: More Financial articles

Tax refunds help millions of Americans each year financially. Filing an accurate paper tax return, which we do not recommend, should yieldits appearance in six to eight weeks from the date the IRS received your file.   For the recommended way to file a tax return, which is electronically, you will receive the tax refund in typically 3 weeks.  There are additional factors that may effect this amount of time as well, however if you are waiting on a tax refund and have a financial problem that needs to be taken care of using your tax refund, this time can seem like an eternity, and this problem may grow significantly worse if it isn’t taken care of in a timely manner!  That is why a solution has been created for this situation, and it is called a tax refund anticipation loan or tax refund loan.

What exactly is a refund anticipation loan or tax refund loan?

A refund anticipation loan (RAL) is a loan provided by lenders that are backed by the anticipated federal income tax refund you will be receiving in the future.  The process for acquiring these loans is quite straightforward, as the lender loans the amount needed plus any charges and interest rate expenses. The amount borrowed is then paid back later using the tax refund received.

What are the costs associated with tax refund loans?

These costs typically vary from one lender to another, but the one constant with all RAL’s is a high interest rate.  However, is a RAL is used correctly, and paid back on time, it is a tool that can save you significant money, time, and energy!  This is because RAL’s are short-term solutions for financial emergencies!  Finding the exact costs, can be found when you apply for this product.

Here are some of the most important things to consider with getting a RAL

Here are some of the most important things to know and consider when looking to get a RAL.   The top things that need to be considered include:

  1. Interest: the interest expense is likely to form the cost of getting a refund anticipation loan.  Most of these loans carry large interest rates, but are paid back in a quick timeframe, so the cost can be significantly less than letting the financial emergency, that these loans are usually gotten for, grow.
  2. Requirements: There are a few requirements when getting this product which include:
    1. Being a U.S. Citizen
    1. Be at least 18 Years of Age
    1. Have a Bank Checking Account
    1. Be Receiving Future Income i.e. Your Tax Refund
  3. Finding the best place to get a tax refund loan: Looking online or working with your tax preparer when getting a tax refund advance is the best way to go about finding the best option for it.  The most recommended online provider is tax refund loans.

Final thoughts and conclusion about tax refund anticipation loans

All in all, a RAL can be a very helpful tool during a financial emergency as a last resort.  However, there are many other options that you should consider first that can save you money.  For example, asking friends or family for help or a loan, using a credit card, and tapping into an emergency fund are some options you should try before getting a tax refund advance.  So if you have a financial emergency, and there are no other options, a RAL can be a great financial tool!

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December 16, 2019, 2:53 pm

How the Markets Are Reacting as Politics Rages On

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

Despite global turmoil, implied EUR/USD volatility at all-time low.

If you haven’t noticed, the world is in a pretty turbulent state right now—one of the highest, according to geopolitical think-tank Policy Uncertainty, whose gauge places the current global economic uncertainty is at its highest point in 22 years—basically since the gauge was invented back in 1997. To gain a better understanding, just look at the daily headlines: Brexit, ongoing trade wars, ambivalent parliaments and sudden rises in power of populist politicians. The financially-minded are interested in how such times play out on the financial markets, which brings us to an interesting revelation: despite all the turmoil going on around the world, implied EUR/USD volatility is trading at its lowest since the euro was introduced 20 years ago. In fact, certain analysts have claimed info obtained from derivative contracts suggests that EUR/USD—the most traded currency pair on the markets ($400 trillion annually)—could move less than 6% in 2020.*

Trade ranges between the EUR/USD hit the narrowest point in 20 years, coming in at around 20 pips as of 25th November and placing implied volatility trading at 4.27%–the lowest on record, taken from option prices on a 3-month horizon.** What’s more, as of 14th November, the volatility implied by the cost of certain future contracts dropped below the rates of the otherwise tranquil days preceding the 2007 financial crisis. To borrow a phrase from the British, investors are generally keeping calm and carrying on.*

What’s the reason?

Well, there’s no hard and fast answer, but there are two possible explanations. The first is due to the monetary policies on both sides of the EUR/USD coin. In the US, response to global uncertainty saw the Fed tightening its purse strings back in 2013 and raising interest rates in 2015—then making a 180-degree turn by cutting rates for the first time since 2008 this past July. And in September of 2019, the European Central Bank slashed interest rates by half a percent. The end result saw the dollar go up and the euro go down, however now both the euro and the US dollar share a similar direction, which is what’s catching all the attention.*

The other explanation could be that investors don’t see things as all that bad by comparison to such events. Compared to what? Well, try the European sovereign-debt crisis—beginning in 2010—that caused some to fear that the euro would break up and which, by 2012, had even more thinking that there was a 70% chance a euro-zone member would leave as a result. The mere thought of such a collapse sent implied volatility skyrocketing.*

What could happen next?

The first thing some wonder is, will it stay this way? While the uncertainty caused by Brexit, the Hong Kong protests and various trade wars certainly isn’t going anywhere, there is additional reassurance in observing other signs of market progress. For example, talks of a euro break-up aren’t as prevalent or threatening as they once were. Also, the yield for Italy’s ten-year government bonds went from upwards of 7% in 2011 to just about 1%. Yet to quote The Economist, “As in the financial crisis, even when markets seem calm, volatility may come roaring back.”* while some regard this volatility in a positive light, all traders should remain vigilant and gather as much info on their chosen instrument as they can at financial sites like Vestle, where you can access live market rates and a real-time economic calendar, both on the desktop version as well as on-the-go via the Vestle IOS and Android app for mobile.

Vestle offers an innovative and intuitive online trading platform where you can trade popular currency pairs like EUR/USD as Contracts for Difference (CFDs) as well as hundreds of other instruments. We also provide free educational materials to help enhance your trading skills. Access the Vestle platform on our website, or trade anytime, anywhere with the Vestle IOS and Android app, giving you the entire range of tools and features at your fingertips.

Vestle (formerly known as ‘iFOREX’) is the trading name of iCFD Limited, licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) under license # 143/11. The materials contained on this document have been created in cooperation with Vestle and should not in any way be construed, either explicitly or implicitly, directly or indirectly, as investment advice, recommendation or suggestion of an investment strategy with respect to a financial instrument, in any manner whatsoever. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.1% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Any indication of past performance or simulated past performance included in this document is not a reliable indicator of future results.

Full disclaimer: https://www.vestle.com/legal/analysis-disclaimer.html

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