The Crucial Role of Financial Literacy in Modern Society

In today's rapidly evolving world, financial literacy is a fundamental skill that empowers individuals to make informed decisions about their finances, plan for the future, and achieve their financial goals. While financial literacy is important for everyone, its significance is particularly pronounced for women. In this blog, we'll explore the role of financial literacy for women in modern society, highlighting the benefits it brings and how it can pave the way for greater financial independence and empowerment. Additionally, we'll discuss the opportunities available, such as part-time jobs for ladies, and the importance of understanding options like personal loans for females.

Understanding Financial Literacy for Women:

Financial literacy encompasses a range of skills and knowledge, including understanding budgeting, saving, investing, managing debt, and planning for retirement. For women, being financially literate is essential for several reasons:

Financial Independence: Financial literacy empowers women to take control of their financial futures, reducing dependence on others for financial support and decision-making. It enables them to build their wealth, pursue their goals, and navigate life's financial challenges with confidence.

Equal Opportunities: In many societies, women still face disparities in income, employment opportunities, and access to financial resources. Acquiring financial literacy for women can level the playing field and seize opportunities for career advancement, entrepreneurship, and economic empowerment.

Risk Management: Financial literacy equips women with the knowledge to effectively manage financial risks and protect themselves against unforeseen events such as job loss, illness, or divorce. It enables them to make informed decisions about insurance, emergency funds, and other risk-mitigation strategies.

Planning for the Future: From saving for retirement to planning for major life events like buying a home or starting a family, financial literacy enables women to set realistic financial goals and develop actionable plans to achieve them. It provides the foundation for long-term financial security and stability.

Part-Time Jobs for Ladies:

Part-time jobs offer women flexibility, supplemental income, and valuable work experience. In today's gig economy, there are numerous part-time job opportunities tailored to women's skills, interests, and schedules. Some popular part time job for ladies include:

Freelancing: Women with skills in writing, graphic design, programming, or marketing can explore freelancing opportunities on platforms like Upwork, Freelancer, or Fiverr. Freelancing allows them to work on projects remotely and set their own hours.

Consulting: Experienced professionals can leverage their expertise by offering consulting services in areas such as business, career development, marketing, or finance. Consulting offers flexible hours and the opportunity to work with diverse clients.

Online Selling: Women interested in entrepreneurship can start their own online businesses by selling handmade crafts, vintage items, clothing, or beauty products on platforms like Etsy, eBay, or Shopify. Online selling allows them to reach a global audience and manage their business from home.

Tutoring: Women with teaching experience or expertise in a particular subject can offer tutoring services to students in their local community or online. Tutoring provides flexible hours and the satisfaction of helping others learn and succeed.

Understanding Personal Loans for Females: 

Personal loan for female can be a valuable financial tool for women seeking to fund various expenses, such as education, home improvements, or unexpected emergencies. However, it's essential to understand how personal loans work and their implications: 

Interest Rates and Terms: Before applying for a personal loan, women should compare interest rates, loan terms, and repayment options from multiple lenders to find the most favorable terms. Understanding the total cost of borrowing and the repayment schedule is crucial to avoid overextending financially.

Credit Score: Lenders evaluate applicants' creditworthiness based on their credit score, income, and debt-to-income ratio. Women should review their credit reports regularly, identify any errors or discrepancies, and take steps to improve their credit scores if necessary before applying for a personal loan.

Borrowing Responsibly: While personal loans can provide quick access to funds, women should borrow only what they need and can afford to repay comfortably. It's important to have a clear purpose for the loan and to avoid using it for discretionary expenses or non-essential purchases.

Repayment Strategies: Women should develop a repayment strategy to pay off the loan efficiently and minimize interest charges. Making regular, on-time payments and considering options such as automatic payments or bi-weekly payments can help accelerate debt repayment and improve financial stability.

Conclusion:

Financial literacy is a cornerstone of women's empowerment and economic independence in modern society. By equipping women with the knowledge and skills to manage their finances effectively, financial literacy opens doors to greater opportunities, security, and freedom. From understanding part-time job opportunities to navigating options like personal loans, women can take control of their financial futures and build a solid foundation for success. As we continue to strive for gender equality and economic empowerment, investing in financial literacy for women is not just a necessity but a catalyst for positive change and progress.

Is it legal to pay off debt with a credit card?

Have you ever found yourself wondering ''How did I get myself into this debt?'', wishing you had that car insurance before the accident?

Unfortunately, we cannot turn back time, but we can offer you solutions for paying off your debt.

Even though it would be great if we could pay off one credit card with another credit card, that is not exactly the case.

Paying off a credit card with another credit card

This is, unfortunately, not possible. Bouncing the debt between two credit cards may be the simplest solution that crosses your mind, but in reality, credit card companies don't allow you to pay off your balance with another credit card.

Luckily, there is another kind of similar option you might be interested in. We are talking about balance transfer and cash advances – two ways of making that debt go away forever!

Balance transfers

This is a very quick way of transferring your debt from one credit card to another with a lower interest rate. Before you do this, calculate!

Debt transfer to a card that offers you more financial benefit can often hide additional fees and expenses, so you might end up with the same paying amount.

Through this process of paying some benefits, be careful – a lot of people don’t know what exactly they are paying for. Exercise your rights and monitor the Packaged Bank Account situation.

Pros for balance transfers

If you are looking for saving your money in the long run, balance transfers are a great tool! Some credit cards have better reward programs and perks, so don't miss it.

Starting with an interest-free period, credit card companies give you 12 to 18 months to convince you to transfer your balance.

Cash advance

If you are looking for the fastest way out, this is the solution that can help you in your intention.

Considering your line of credit, you can take a cash advance out with the help of credit issuers. Be aware of the fact that borrowing amount will add up to your owing amount at the end of every billing cycle!

This is a solution with a higher risk than balance transfers. However, taking that risk may pay off in the end!

Keep in mind expenses and fees – even though this is the fastest way out, it comes with its price.

Pros for cash advance

As said before, the biggest advantage of cash advances is saving time. This can be done very quickly and you could pay off your debt as soon as possible.

Getting the cash advance immediately can decrease your stress and reduce your worries!

So which one is a better solution?

Considering all the pros and cons of these two solutions, there is no right universal answer. Weigh the relevant factors and consider your abilities.

If you want to pay your debt as soon as possible, a cash advance may be your route. On the other hand, a safer and cheaper option is balance transfers, but they take time.

Disease-Free But In Debt? Ways to Pay Off Medical Debt After COVID-19 and Other Conditions

The COVID-19 crisis has affected every area of our lives--not only our health, but also our finances. If you’re someone who has gone through getting sick with COVID-19 or other illness that required hospitalization, your burden may even be heavier. NBC news reported that many patients received unexpected medical bills after recovering from the novel virus, as their documents state several out-of-pocket expenses not covered by their policies.

The case isn’t isolated with COVID-19 patients. With hundreds of thousands of insurance claims during this challenging time, a lot of companies are trying to keep up fulfilling these policies. Even after COVID-19 recovery, many families and individuals are faced with out-of-pocket medical debt, on top of unemployment, and other personal struggles related to the effects of the pandemic.

Thankfully, there are ways to be strategic in your finances when trying to pay off medical expenses. Below are some tips that could help.

Ensure mistake-free medical bill

Have you received a medical bill that made you fall off your chair, literally? Perhaps it is time to reassess the balance and confirm if the bill is accurate. Since there is a surge of patients for COVID-19 along with others being treated for non-related conditions, there may be cases where some of the input in people’s bills was a mistake.

Read through your balances and check the procedures and medications provided, and see if there is anything unclear. You can call the billing department of your hospital to ask for a re-calculation or clarification if there’s a particular matter to be settled.

Reconfirm your insurance coverage

If you have a health plan, it is ideal to read through your policy again and look for information about the coverage you have for the condition. Some insurance companies may need extra clarification about the treatments or medications you took, which turns out to be covered by your policy. The federal government is even asking insurance companies to be more transparent about the policies they offer to avoid confusion with clients.

To settle matters, you may call your insurance provider and ask about the non-covered items in your medical bill. Given the right information, they may consider to cover some of the expenses which are actually stated in your policy, but were missed when preparing your out-of-pocket bill.

Don’t use credit cards

Tempted to pay off your medical debt using credit cards? It may not be the best option. Many cases happen where people get into a never-ending cycle of credit card debt with high interest, and you don’t want to be in that situation.

What are some of the disadvantages of paying through credit card?

• High-interest payments: A lot of credit card companies have staggeringly high interest annually. If you cannot realistically pay the rates, do not give in settling for a credit card debt.

• Affects your credit score: Having unpaid credit card debt lowers your credit score, even making it more difficult to secure a low-interest payment plan.

• Other options for medical debt: Unlike other types of debt, medical bills are more negotiable and flexible by nature. You can use no interest or low-interest payment options, so it is ideal to explore more routes.

Choose no interest or low-interest payment plans

Having access to healthcare is a basic human right. Thus, it is justified that medical debt should be paid with no interest or low-interest rates as much as possible. There are several options you can choose from when looking for an affordable medical debt payment plan:

Hospital or healthcare facility offer

Your own hospital or healthcare facility may have payment options that are interest-free or longer terms that make monthly payments more realistic. An article published in Modern Healthcare revealed that some major hospital networks offer a wider level of financial assistance for patients that fit eligibility requirements.

If your medical bills overwhelm you, it is best to get in touch with your hospital or healthcare facility if they have any affordable payment plans.

Interest-free financing companies

There are also other financing companies that specialize in medical bills. They have payment plans which are interest-free for a period of time, making it possible for you to pay medical debt as affordably as possible.

In fact, you can use these financing options not just for COVID-19 hospitalizations, but for other healthcare facilities such as rehabs for alcoholics and urgent care centers.

Personal loans

Taking out a personal loan can be done for a variety of reasons, such as covering out-of-pocket medical expenses. The great thing about this type of financing is the flexibility and the amount of companies offering this option. If you have a good credit score, there is a higher chance that you’ll secure a low-interest personal loan plan.

However, if you have a less-than-stellar credit score, there are still ways to secure affordable personal loan options. You can compare rates and see which one fits your budget depending on your credit score.

Paying Off Medical Debt? You Can Do It!

Paying off out-of-pocket medical expenses may be challenging, but using these strategies can make this undertaking so much easier. Make sure to clarify your bill, negotiate with your insurance provider and explore affordable options to get the best payment plan.

Ways to Earn Extra Income During a Financial Hardship

Life is much like riding a roller coaster with many ups and downs. Because of this, many people who don't have a budget in place, and live paycheck to paycheck, often experience a severe financial hardship that can be difficult to survive. The good news is that there are many ways to bring in additional money to help ease your financial woes.

Take Out a Loan

During an emergency, if you need access to funds immediately, you can reach out to a family member and ask to borrow money for a few weeks. If this is not something available to you, then you can apply for personal installment loans. In many cases, even if your credit isn't at the preferred level to lenders, these types of loans are easier to acquire.

Sell Things You No Longer Need

A fast way to put some money into your pocket is to sell things you no longer want or need. Check around in your attic, basement or garage and see what you have stored away. If you've resided at the place residence for more than a few years, chances are pretty good, that you have things that others will want to buy. You can have a yard sale or you can take advantage of the computer age and post pictures with a description online at sites such as Craigslist, eBay or the Facebook Marketplace.

Use Your Skills

Most people have acquired skills that they can use to earn additional income. Maybe you enjoy working on cars or you're able to fix just about anything around the house, like a handyman. There's an abundance of public need for services such as lawn care, babysitting and tutoring. You can also check online and apply to do things like take surveys or write for blogs. While they won't make you rich, they will supplement your income and help pull you over the hurdle.

Pay Your Bills on Time

Yes paying your bills on time saves you money, and surprisingly in more ways than you might imagine. When you pay them on time you don't incur a late fee and with some companies that can add up to hundreds over the course of a single year. Beyond the late fees, late payments can cause your credit score to take a hit. Suddenly, you are no longer on the "A" list for lenders so you pay more for things like a mortgage or a car loan and insurance. A low credit score can even prevent you from getting hired at a new company.

Trim the Fat

Every household has areas that need improving. When you find yourself in a tough financial time, trimming the waste can help you make it through. For instance, if you dine out or order take-out at least once a week, cut it back to once or twice a month. The same applies to buying coffee on the way to the office and eating lunch out.

Additionally, start paying close attention to your monthly bills, more specifically your cable bill. This is an excellent starting place for removing wasted money. Instead of paying for many extra channels, half of which you don't ever watch, remove them, and go to basic service until you free up monies to live more comfortably.

Most people will have a period of time in their lives where money is tight. Luckily, when these pitfalls occur there are ways to increase your income and continue to enjoy a comfortable life.

Should college students and teens possess credit cards?

Credit card debt is one of the biggest problems and year after year, there are millions of people who find themselves knee deep in debt. As the interest rates start soaring higher, the payments get missed and this has an overall bad impact on your credit score. While it can be financially traumatic to carry huge loads of credit card debt, credit plays a vital role in our lives. Would you like to purchase a house? If answered yes, unless you have enough money in your bank account, you will require financing it through a lending institution.

Above all, you will need stellar credit rating in order to get the loans that you wish to. How are you supposed to build credit rating if you don’t use credit cards? If you don’t take out online installment loans, you won’t be able to build credit rating. So, let’s read on to know more on young people and debt.

Debt and its impact on the young generation

Once a person turns 18 years of age, they can qualify for their own credit cards and loans and hence they become primary target for the lenders. Since they’re the ultimate vulnerable generation, the lenders are eager to get them into business. This is why most college campuses are filled with credit card vendors and banks which give away freebies so as to attract the younger adults to apply for credit cards. But the young people should be aware of few things before saying ‘yes’ to credit cards.

The biggest problem with applying for their first credit card is that they don’t focus on the terms, interest rates and other features of the card. If they choose the wrong card, they may prepare themselves for failure from the very beginning. There are almost many who aren’t educated about debt and credit cards. All they know is that they have to pay back the money but they understand very less on minimum payments and interest rates. This is when things get out of control.

What makes students apply for credit?

Despite all the negative upshots of credit card debt, there is no doubt about the fact that all students need a credit card. The primary reason behind this is to establish a positive credit history. Being a teenager, you have to build a credit score and hence for that having a credit card is necessary. But that doesn’t mean that you can use your credit cards in any way you want. You have to be sincere about the way you use your cards. Suppose you take out online loans from paydayme.com, wouldn’t you try your best to pay them back on time so as to avoid building debt? Similar is the case with credit cards as non-ability to make payments on time will lead to high interest debt.

Therefore, if you’re a teen, you’ve got to be responsible about your finances, especially about your credit cards. Use them properly so that you don’t incur debt.

Avoid shady lenders and loan scams – How to remain aware

There is no doubt about the fact that the internet makes everything easier and you should deem yourself to be tech-savvy if you want to accomplish tasks online. With the advancements in the fields of technology and the development of apps, everything from paying off your bills to ordering your pizza can be done online. However, did you stop to think that ordering a loan online will have higher stakes as because you need to provide private financial information to people whom you don’t know.

The safest way in which you can borrow money online is by ensuring that you’re dealing with a reputable and trustworthy lender. You also need to watch out for the red flags so that you don’t run the two major risks which are:

• Ending up paying a hefty amount: Even though you may grab a loan, you may end up paying a huge amount if you take the loan from a shady lender. On the contrary, if you could take the loan from a reputable lender, you will get the same loan amount for less money.

• Losing money: This is a real risk which has to be avoided by any means. The fake lenders can easily claim the world and charge fees for approving the loan. At the end, you never get what you paid for.

Choosing the right lender

Dealing with a reputable and legitimate lender will safeguard you from several issues. Do your homework by researching on the lenders, reading their positive and negative reviews so that you can get a clear idea on how they help you. You need to keep in mind that everything that you find on the internet is not true. Hence, it is best if you could lend from a lender who is trustworthy and reputable.

Before you hurry up for submitting an application, make sure you check for complaints with the CFPB or the Consumer Financial Protection Bureau which maintains a database of complaints regarding financial products. All these complaints are posted online within a fortnight. As long as reputable referrals are concerned, you have to ask your family and friends who have borrowed. Ask them how things went with regards to the loan program. The closer is your source, the more confident you will be about the reference that he gives you.

You should avoid sources which are less reliable like the following:

• An email out of nothing: If you receive an email where a shady company asks you to take loans from them, don’t fall for them. Spammers usually send such mails to millions and the same is true for someone who comes down at your doorstep for loans.

• Phone calls which are unsolicited: Do you suddenly get calls from a blocked or unsolicited number? Even though it seems that you get the call from a local number, you should avoid such calls as they’re mostly scam.

So, if you’re someone who is eager to know about the different ways in which you can choose a trustworthy lender for your loans, keep in mind the above listed points.

Common Financial Worries Families Face

As you grow older, you start to learn that there are many responsibilities as an adult. With those responsibilities tends to come concerns and worries. It could be anything as small as what you’re going to do on the weekend to something more significant like the future of your family.

One worry that is quite common for many families relates to their finances. At one point or another, you’ve probably caught yourself worrying about your financial situation. Money tends to be one of, if not the top concern for many.

What about finances that make families so concerned? Take a look at some of the common financial worries families face.

Unexpected Expenses

The unexpected is something that can make even the strongest person worry, especially when it comes to finances. Even if you have an emergency fund and are prepared for any expense thrown your way, you’re likely to be still somewhat concerned over if you can or cannot afford it.

A 2017 study from Bankrate found that 24 percent of Americans have no emergency fund set up in case of unexpected expenses. However, only 31 percent say they have enough of a cushion to cover six months of expenses.

Preparing for unexpected expenses can be tricky. For starters, you may need that money right at this moment. However, if you don’t set aside an emergency fund, if the time comes that you do have unexpected expenses, it could throw you deep into debt.

Healthcare and Insurance Costs

A significant financial worry involves your healthcare coverage and insurance policies. Paying for coverage that you either rarely use or hope to not use at all can be frustrating. There are likely many other things that you could use the money for.

When it comes to things like life insurance, for many families it is a necessity that they budget for. Even though they know the expense is coming every month, they may still worry about if they can afford the coverage. If you’re in this situation, there are things you can do to help reduce the cost of your premiums. If you’re looking at getting insurance, shop around and get quotes to find an affordable policy.

Losing an Income

Losing an income can be catastrophic for many families, especially if it is your only source of an income. If you lost your job and didn’t have that income anymore, would you be able to continue with your lifestyle?

The concern of losing an income is a reality for many. However, it is one that could be prevented by that emergency fund mentioned before. Another way to protect yourself against this is by getting the right insurance to help cover expenses.

Paying Off Debt

Another big worry for many is debt. At one point or another in life, you’ve likely come face to face with debt. It could be big or small. Either way though, you're bound to worry about it.

Debt puts a kink in many families plans. It can prevent you from doing something you love or even getting a mortgage for your first home. Trying to pay off debt as quickly as possible is a big worry.

Home Loan Tax Benefits That You Should Know

With the constant rise in real estate prices, it’s become almost impossible for an individual or a family to purchase a house without the help of a home loan.While many are apprehensive about taking a loan because of the kind of interest rates that they come with, what most people are unaware of are the tax benefits that you can enjoy on home loans. If you’ve got a mortgage on your house, you can avail of benefits and deductions under 3 separate sections of the Income Tax Act.

Deduction Under Section 80C: 

If you’ve taken out a loan to purchase a home for which the construction is complete, and you have the completion certificate, you can enjoy deductions on the amount you pay towards repaying the principal amount of the loan. This clause is only applicable for individuals or Hindu Undivided Families (HUF). The maximum deduction under this section is Rs. 1.5 lakhs. It’s important to remember that deductions will not be valid on any repayments made before the construction is complete.

Even if you haven’t taken a loan to purchase a house, you can still enjoy deductions on the amount that you have paid towards the stamp duty and registration fee of your new home.

Deduction Under Section 24: 

When you’re repaying a loan, you will pay a certain, fixed amount to the lender every month as your Equated Monthly Installment or EMI. Your EMI amount is calculated based on the loan amount, the rate of interest, and the tenure of the loan. Typically, your EMI is made up of a principal repayment amount, and an interest amount. The interest amount that you pay is exempt from tax under Section 24 of the Income Tax Act. You can claim this deduction at the start of the year in which the house’s construction is completed. This benefit is also available if you’ve utilized the loan to repair or reconstruct an existing property.Additionally, if you’ve rented out your home, you can claim for a deduction for the interest amount paid all through the year.

Deduction Under Section 80EE: 

When you apply for a home loan to finance your first-ever house, you can get additional tax benefits on the interest payment sunder this section. To claim this deduction, you will be required to provide a statement from your lender which clearly indicates the total amount payable, your principal amount, and the amount paid towards your interest. The maximum deduction you can claim under this section is Rs. 50,000.

Now that you know about the various deductions and claims you can enjoy when you take out a property loan, you should easily be able to determine which benefits apply to you and which ones don’t. If you’re still having trouble understanding how to figure out the deductions, you can use an online tax benefit calculator. The calculator will help you understand how much money you can save despite the fact that you have to pay interest on the loan amount.

Over the years, home loans in India have helped numerous families find the home of their dreams. With so many additional tax benefits to home loans, it’s getting easier for young individuals to put aside enough money for a down payment and then secure a loan to help themselves find their own little place in the world. So, it’s time to put all your worries to rest, and fill out that application for a loan. Your dreams are counting on it.

Bridging Loans Guide - A helping details

Picture this scenario: you want to buy a new property. At the same time, you are thinking of selling the property that you already have. However, there is still no one willing to buy your existing property. Still, you want to buy that new property. What can you do in this situation? Let me tell you about bridging loans.

What are Bridging Loans?

Bridging loans are short-term loans that you can get, preferably from a licensed money lender, that allows you to 'bridge' the gap between your next property purchase and your current property sale. A licensed money lender often offers these loans for between one to 18 months. It can act as a vital recipe in making a property purchase dream into a reality that would otherwise be not possible.

Types of Bridging Loans

There are two types of bridging loans, namely, open and closed bridging loan. These mainly differ regarding your exit strategy with this short-term finance. An open bridging loan has more tentative elements than a closed bridging loan. In this option, you opt to have no firm dates, and your current sale may have no set buyer yet. On the other hand, a closed bridging loan is a type that is usually time-bound, linked to the timetable of your current property sale. You have a firm date on the repayment, and you should comply accordingly.

Considerations Before Getting a Bridging Loan

It is essential to ensure that you are getting a bridging loan for the right purpose.

• Quick purchase of property – These purchases include auction purchases and properties. Getting a bridging loan is becoming a trend since private banks often take a longer time to process applications. 

• Simple alternative to mainstream loans – Some view this quick and short-term loan as a means of replacing the usual credits, with more risks than traditional loans.

Also, you should take into careful consideration the viability of your repayment method. How will the loan be repaid? Does the term of the loan give you enough time to find a buyer and complete the sale? If you are thinking of getting a longer-term loan, will acquiring a bridging loan not hinder your chances?

Another thing you should consider is the loan provider whom you'll trust with the process. Find out one of the best bridging loan brokers at the end of this article.

Down Side of Acquiring a Bridging Loan

• Total Cost – Bridging loans get quite expensive than the traditional and usual loans out there.

• Future loans application could be slowed down – Your prospective money lenders would want to see evidence of a clear repayment plan like taking out of a new mortgage or paying with cash from a property sale.

• Failure to repay may cause significant issues – This is similar as with other loans as a bridging loan is still a debt. You have a considerable liability to settle it. Not being able to pay the lender may lead to repossession and higher costs.

Advantages of a Bridging Loan

• Fast processing – In under 14 days, your application can be accepted and processed, making funds readily available just like that. This advantage is probably one of the primary consideration and driving point of people getting this loan.

• Competitive bridging market – Since this kind of loan is getting much attention, the bridging market is competitive more than ever. This competition leads to a reduction in interest rate. And this is excellent news for you. The interest rates can go as little as 0.37% per month. It can also go lower than that as time goes by.

• Get that capital right away – Related to the quick application offered by licensed money lenders, your bridging loan can help you have assets like a business when your cash flow is tight. These assets will aid you in comfortably settling that loan.

• Purchasing an impossible property – By impossible, this means properties that couldn't be bought by other types of borrowing. This includes uninhabitable properties. Ever dreamed of reconstructing an old and rusty house into a restaurant? Acquiring a bridging loan could help you purchase the once uninhabitable property and work to get that vintage restaurant. 

• Acquiring a property without a deposit – This becomes possible when buyers purchase properties at a cost lower than it's worth. In this situation, lending is often based on the full value of the property, and a bridging loan could help you.

Whether you are a landlord or an amateur property developer or someone in between, you can avail a bridging loan with no stress and fuss. Don't hesitate to access contact the best bridging loan broker and discuss the requirements needed at http://bridgingloanfast.co.uk/. Take that first step towards your dream property purchase.

How Payday Loans Work: Getting a Payday Loan

If you’ve ever found yourself in an unexpected financial trouble, you will appreciate how valuable it is to have someone you can turn to for immediate financial help.

Sometimes that someone is not an actual person but an institution. Often, it is a short-term lender such as a payday loan lender.

Payday loans can be a lifesaver. They are small short-term loans that people with a verifiable regular income can take with the commitment that they will repay the amount due on their next payday.

Payday Loan Terms

Depending on your income level, the payday loan amount you can qualify for will generally range from $50 to $1,000.

While the term of the loan is very short, the interest charged on the loan can be very high. If you are in a financial fix, however, the high interest rates may not register as a negative. It will be the price you will be paying to get the loan as soon as you want.

You will be required to make the repayment once and in full. Usually, payday loan lenders get all the information they need to facilitate a repayment such as your bank account details or a post-dated check from you before they disburse the loan.

In some states, it is legal to roll over payday loans. If that is the case in your state, you have the option of extending the loan. I would advise against doing this, though, as it may result in a never-ending cycle of debt.

How to Get Approved for a Payday Loan

Most payday loan providers now offer services online. You can get a payday loan from the comfort of your own living room by just filling in a form on the net.

Before you take a loan from a given lender, search online for reviews of the lender. If there aren’t any reviews, you will probably find web articles comparing the terms of that lender to other lenders.

Your search should lead you to the best payday loan lender for your situation. Whether or not that lender chooses to give you a loan will depend on their eligibility criteria.

It is pretty easy to qualify for a payday loan. If you have a verifiable regular income, you will probably qualify for a loan. The details you need to pay attention to include:

i. Age: you have to be at least 18 years old.

ii. Income: you should be able to prove that you had income in the past 3 months.

iii. Employment: most lenders lend only to those who are employed. If you are a casual worker, you should do some research and find local offline payday loan providers that lend to people like you.

iv. Credit: you can get a payday loan with a bad credit score. Nonetheless, some lenders might limit how much they give out to people with bad credit scores.

To increase your chances of being approved, you should consider obtaining your credit report and submitting it when applying for a payday loan. If you have a good credit history and are employed, almost all payday loan providers will consider you a good customer.

It is important that you limit the number of applications you submit. Do not be tempted to submit several applications with different lenders at the same time.

Every application will probably be incorporated in your credit report as a loan inquiry. If there are several inquiries, you may lower your credit score.

Developing a Healthy Relationship with Payday Loans

When used responsibly, payday loans can be a useful tool to get over unexpected financial hurdles.

In the wrong hands, payday loans can lead to the formation of very bad financial habits. Since some states allow lenders to roll over their loans, some lenders find themselves in a habitual cycle of debt.

Such a habit is not healthy if you have goals of attaining financial independence. The habit may also lead to a poorer credit score which can affect your ability to land long-term loans.

You should strive to repay your loan as soon as it is due. Below are some of the steps you can take to ensure that you have the cash to pay off the loan when it is due:

i. Suspending unnecessary monthly subscriptions: if you have monthly subscriptions that aren’t a necessity such as Netflix, magazines, online courses, and cable, you should consider suspending them until you have your payday loan repaid.

ii. Generate more cash: you can increase your cash flow by working more hours (overtime) at your job or by looking for a side-hustle to generate more cash.

iii. Sell things you don’t need: if there are things in the house you don’t use but which could be sold on sites such as eBay, you should consider selling them. This is one of the quickest ways to generate cash to help you avoid the cycle of payday loan debt.

iv. Cut costs: you can make a few lifestyle choices that can save you some money over the course of a month. Something as simple as carrying packed lunch to work instead of eating at restaurants can save you more than a hundred bucks in a month. Three or four similar lifestyle changes can get you all the money you need to pay back the payday loan.

Tips on How to Secure a Microloan for your Small Business in Singapore

Microloans are helpful for any entrepreneur aspiring to set up their small business in Singapore. Small companies are useful in boosting Singapore’s economy and great for new entrepreneurs to grow in the market. Thankfully you can approach licensed money lender in Singapore to help you with your microloan. Here are some tips to help you jump start your small business,

Always Approach a Licensed Money Lender

The stakes are high for this one, and as much as possible, you want to make sure you approach a licensed moneylender in Singapore. There are many risks involved if you do not contact an accredited moneylender such as fraud. Your endeavor to start your small business may fail, and you may incur some losses if you do not choose the right money lenders.

There are various licensed money lenders you can approach such as financial institutions and accredited private individuals. These lenders will offer you a lot of options, and you want to make sure that the possibilities are tailored fit to the needs of your business, which leads us to the next tip.

Identify The Needs for Your Small Business

A common mistake some borrowers encounter is failing to identify where they will allocate the loan they borrowed, which creates a lot of problems. One of the issues that occur is a misappropriation of the money, which leads to them acquiring a new amount. Before you even apply for the loan, you should already start identifying where to allocate the credit.

If you haven’t identified where to use the loan yet, here are some examples which can help you determine your needs:

• Working capital of your business;
• Purchase of initial inventory supplies;
• Purchase of furniture and fixtures;
• Purchase of machinery and equipment; 
• Purchase of property or office space.

Determine The Criteria for Small Businesses

Many loan requirements for Small Businesses depend on what comprises a small business. Check with your local government whether you fall under this category. Many start-ups fail to identify appropriately their type, which often leads to their loan being denied. Here are some steps you should observe to check if you qualify as a small business:

• Check what the definition of small business is in your industry;
• Determine the number of employees and sales requirements;

Another critical reason why you should be sure with your qualification is the type of loan you can apply for. There are different kinds of flexibility and loan types which money lenders can offer, depending on the nature of your business. As a small business owner, you want to make sure you get the most flexible option which is tailor-made for you.

Prepare Your Personal and Business Documents

Most money lender in Singapore looks at similar requirements when applying for a Small Business loan. It is crucial that you already have some of the critical documents when you apply, or your application may be delayed. Here are some of the typically required documentation you should be prepared for:

• A government ID such as your passport, driver’s license, and tax identification number;
• Proof of income or any document which shows cash flow in your business. If you do not have this yet, you may also present a projected sales report.
• Recent financial statements of your business, including all your gains and losses. If you do not have this, you may present your financial report.
• Tax returns which show compliance with the government-mandated expense.
• A Collateral such as property.

Another crucial requirement you should never forget is your company’s business plan. You want to present your money lenders with a detailed description of where you will use the money, and how the business will be able to pay it off. This serves as a guarantee for them that you have created a direction for your company.

Whether you are new in business and regardless of the loan size you want to apply for, you want to make sure that you are ready for all the requirements. Small business loans are significant to help boost your business, and using the credit wisely can get you to where you want.

What Are Bridging Loans And How Do They Work?

What Is A Bridging Loan?

Bridging loans are a financial product designed specifically to ‘bridge’ the gap between the sale of an existing property and the purchase of a new one. Buyers often find that the funds required to purchase a new property are effectively stuck in their old property until an often lengthy sale has gone through. A bridging loan allows purchasers to access the capital they require to proceed with their new purchase before it has been released from their previous property.

Potential users of bridging loans vary, and span both the private and commercial sectors. Bridging loan customers can range from developers wanting to ‘flip’ houses to buyers securing property at auction without having sold their previous home. The common trait is the need to access substantial finance quickly so that a new property can be secured and the purchase does not fall through.

Bridging loans are popular with private buyers who don’t want to lose their dream property, but can’t get immediate access to the capital required for purchase. They are equally popular with non-residential buyers as a source of finance because of the quick capital that they help unlock. For those in business, the ability that bridging loans grant to act fast on promising projects means that they remain popular as an option for short and mid-term finance.

How Do They Work?

A bridging loan can be a useful financial product because they offer an amount of capital to the user taking out the loan for a short to medium timeframe. Like similar short-term financial options interest rates are normally relatively high and additional administration fees may be applied to the loan. Lenders view bridging loans as higher risk than traditional mortgage finance or other longer-term lending, so rates reflect this additional lending risk.

When a buyer finds a property that they wish to purchase using a bridging loan they need to find a provider to offer this product to them. One of the easiest ways to do this is to use a mortgage broker, who will search for products across a range of lenders, often for no fee. The capital will then be provided against a security, normally the existing property that the borrower owns.

It’s important that borrowers consider how they are going to repay their bridging loan. Normally this is a simple process, as the loan can be repaid once the borrower’s previous property has sold, but this process can become lengthy if the property does not sell or the market dips. The borrower may also not achieve the price they hoped for. In most cases however, bridging finance is a relatively common, simple and low risk way to unlock potential properties that would otherwise be unavailable to the purchaser due to circumstances.

In many cases, once the sale of the previous property has been completed the borrower will convert their bridging loan into a more traditional mortgage against the new property. Borrowers should be aware that this ‘conversion’ from bridging finance into a mortgage isn’t always guaranteed, but if successful it can help keep the process simple, and allow buyers to purchase a property that wouldn’t have otherwise been available to them. For this reason, bridging loans are normally only recommended by professionals to buyers who are confident that they will be able to get a mortgage on their property once the process has been completed, because it will be the capital from this mortgage that is used to repay the bridging loan.

Overall, bridging loans and other similar financial products can help buyers move forward when they otherwise wouldn’t be able to. The capital that bridging loans offer means that opportunities and options for purchase become available that wouldn’t otherwise be suitable for the buyer. The important element of bridging loans is their duration and the higher interest rates associated. Bridging loans do come with added risk from market fluctuations and problems with the sale of existing property, so it is important to consider these factors carefully become proceeding. In the right hands though, a bridging loan is a powerful tool that can help a buyer secure a dream property that they otherwise wouldn’t be able to complete on.

How refinancing student loans frees up money for investing or to start your own business

Where can I get more capital? For the investor, startup, or entrepreneur this question is on your mind constantly. In some cases, the answer might be reducing your cash outflow. Plus, the benefits extend beyond just having more money to invest. Let’s find out more.

Monthly expenses

What if you could cut your utility bills in half? What would you do with the savings? While reducing energy consumption is always a good idea, there are limits to how much you can cut back. One of the biggest checks many people write each month is their student loan payment. 

If a significant portion of your monthly income is devoted to paying down student debt, that can increase your debt-to-income (DTI) ratio and make it harder to borrow money to start a business, or buy a car or house. Many graduates with student loan debt even forgo marriage or having children due to the financial strain of their student loans. 

In many cases though, refinancing can remove this limitation. If you were to reduce your monthly student loan payment, you might end up with hundreds or thousands of dollars more to invest each year. 

How refinancing works

When you refinance your student loan, you basically swap your current loan for one with a lower interest rate. The end result is a smaller monthly student loan payment. This lets you free up capital to put towards personal investments or startup projects. An alternate strategy is to keep paying the same monthly payment, but shorten the overall payment terms. This allows you to pay off your debt faster. 

What method you choose depends on your overall investment horizon. If you need the cash now, then lowering your monthly payment is probably best. 

How much refinancing can save you

In many cases, the savings from refinancing student loans at lower interest rates can be substantial. Your savings will depend on how much of an interest rate reduction you can qualify for, and how long you take to pay your loan off.

When you refinance, you may choose to:

● Lower your monthly payments, but take more time to repay your loan. This will lower your DTI, but could increase your overall repayment costs.

● Get the most savings by increasing your monthly payments, paying off your loan faster. This could increase your monthly payment, and your DTI.

● Stay on the same repayment schedule, but with a lower monthly payment and overall repayment costs. 

Borrowers who have used the Credible marketplace to refinance into loans with shorter repayment terms have reduced their interest rate by 1.71 percentage points, and are on track to pay $18,668 less over the life of their new loan, on average. 

Debt-to-Income ratio benefit

Besides freeing up cash, refinancing your student loan may have other benefits. For example, when you apply for a loan, lenders don’t look at your credit score alone. For many lenders your debt-to-income (DTI) ratio is even more important than your FICO score. It’s simple to calculate your DTI ratio; just take your total debt and divide it by your total income. 

When you refinance your student loan, your overall debt burden goes down. This means your DTI improves in the eyes of lenders. So if you need to take out more credit in the future, your chances of getting approved are better after refinancing. Also, the stronger your credit profile, the higher the chance you qualify for lower interest rates. This is a great strategy if you think you might need to inject cash into a future business venture. 

What are your priorities?

For some, investing means buying a property, starting a business, or purchasing stocks. For others, it’s buying a home to invest in your family’s future. No matter what your priorities are, refinancing your student loan can give you more financial freedom.

Credit: Is It Always Bad?

Credit gets a bad wrap in financial circles, especially those focused on helping folks get out of debt. However, is getting credit always such a dangerous thing? We’ll investigate below. 

Credit is Good - How The System Works

One reason that credit could be said to be good or at least valuable is that it is the system that allows you to make big-ticket purchases without having the cash to pay for them outright. Yes, OK, in an ideal world we’d all buy our yachts, houses, and vehicles in one single purchase, but in reality, this hardly ever happens. Despite this situation though, we can see get access to these things, and that is largely due to credit. 

Credit is Bad - Can Create Debt

The biggest problem that many people have with credit is the charges that are made to use it. These usually come in the form of interest. This is a fee that you pay on top of the money you owe back. 

The problem here is that if the interest rate you pay is set high or is not fixed, you can end up paying a large sum back, while still not paying off too much of the actual money that you owe. Something that can make it very difficult to get out of debt. 

Credit is Good - Choose To Use It Well

However, it is important to note that the issue with credit isn't strictly cut and dried. In fact, you have to remember that it the credit providers and cards are something that we choose to use. That means if we make a good choice it can be a helpful thing. 

Some people argue that this choice reduces when you don't have a good crediting rating and this forces you to pick credit offer with high repayments rates. However, as you can see from this post, it is just about doing your proper homework and finding the best offers out there to suit your needs. Then you can be in control of your credit borrowing instead of it being the other way around. 

Credit is Bad - Perpetuates The System

Some folks believe that the whole idea of credit is wrong, and it plays into our materialistic society. They suggest that it is something that keeps us in the trap of wanting things that we don't really need or can't afford just because we are exposed to them via adverts all of the time. To them it keeps us trapped in a system that works purely on consumerism and not need.

Credit is Good - Provides For Emergencies 

One factor that the critics of credit often forget is that for many people it is their only recourse when in the midst of an emergency. That means they don't put their grocery shopping on their credit card, and a trip to the mall certainly isn't something that they would use it for either. 

Instead, having access to credit means if they encounter a medical problem, or their vehicle is involved in an accident they can cover this cost. It also means they can pay and it won’t eat into the rest of their budget that is earmarked for other things. 

Yes, sometime it means paying off over a longer period. However, it also means you can set a payment that is affordable and won't interfere with your families everyday life style will still allowing the debt to be paid off. 

Credit is Bad - Lenders don't always check 

Last of all, some people perceive credit as bad because some lender are unscrupulous on who they are lending to. This means they grant credit without doing the proper checks and at a rate that most people struggle to pay off. Something that can cause serious problem for the browser while just making added money for the lender. 

Luckily, the financial industry has clamped down on these sort of lenders recently and the system is much more closely regulated. Something that makes it a lot harder for borrowers to get into unreasonable debt solely by using credit.  

In Conclusion 

Unfortunately, most us cannot change the system or even go against it in our everyday lives. That is why, in conclusion, it is much more productive to see credit as useful service that can help out in emergency situations such as when medical fee need to be arranged, and when we need to make larger purchases. Credit, in fact, could be said to be a good thing for the most part, as long as we handle it correctly.

Personal Loans: Are They Good or Bad?

There can be many causes why you may need to go for a personal loan. Although, with the uprising in the financial industry, the decision to borrow with a loan is an issue of worry. From wanting to revamp your home or buy a new car or run your business, you can take a personal loan for a plenty of reasons.

Personal loans are surely a good way to access extra money when you run out of finances. They also favor to offering appealing interest rates as compared to credit cards and others. When you need hard cash, getting a bank loan can be an instant solution. A loan link the gap between where you are with your education savings, scholarships and earnings from part-time work to where you want to be.

Although loans and debts can be an occasional problem, personal loans can be useful when in desperate need of money. Just like anything else, getting personal loans comes with a lot of positives and negatives. Here are few reasons why applying for a personal loan and getting one is best:

1. Pay off debts: The quantity you receive from personal loans can be used effectively by offsetting any other debt that makes things hard for you or the debts that have been employed at much higher interest rates. Saying that if you have a home loan or other loan, using the personal loan to eliminate them is a perfect way as interest rates of personal loans are much better than most other loans.

2. Medical Emergencies: It is awful to note that medical emergencies are not always accessible at economical prices and that we cannot risk the lives of our beloved ones. The best choice when it comes to a medical emergency is to get a personal loan.

3. Home Redecoration & Other Requirements: When you get a feeling that your house is in need of renovation or moving from one city to another, there's no better way to handle this by getting a personal loan.

Personal loans can be useful in many scenarios and Canadian Cash Solutions is here to help you out with this, but there are still few scenarios where there are the preferred choices than a regular loan. There is no confusion that a personal loan comes with many responsibilities. With the progress and huge changes in the financial industry, many easy and safe ways to raise funds have been put in place.

1. A Substitute for Personal Loans: Crowd funding is the best substitute for taking personal loans to get your idea or start-up to stellar heights. The primary concept of crowd funding is to let a newcomer or entrepreneur meet possible investors, influence them with the idea or project and obtain the mandatory funding. It can be a single investor or a group of investors. Crowd funding happens on online platforms that provide an ideal stage for clearly informing investors about the project or idea and deciding whether to fund or not.

2. Peer To Peer loans: Peer to peer loans aka P2P loans are the brand new absolute concept of the Financial industry. A trusted P2P lending platform secure funders looking for preferable prospects than those offered by banks and individuals or entrepreneurs looking for quick and easy short-term loans. Previously, there were no appropriate guidelines for these peer loans. But now, with the evolution of the Financial industry, P2P loans are rapidly replacing personal loans.

3. Short Term Payday Loans: Each of us could have faced an abrupt and unexpected need for hard cash and these short-term payday loans are meant to help in such situations. Since they have selected for a very short period of time, they are refunded instantly, which is certainly a benefit. You can go for weekly, bi-weekly, monthly or even daily loans. These are for sure a plus on personal loans.

Fast change in the Financial industry and unconventional loans not only provide a way and approach to reach out to more customers and raise funds easily, but they also overcome geographical dissociation.

How Does Indexation Impact Tax Charged on Gains from Debt Mutual Funds?

When you invest, you aim to maximize your returns. However, inflation eats into your actual returns. Additionally, when you exit your investments, you need to pay capital gains tax. Fortunately, the government offers a solution for this, which is known as the indexation benefit.

The basic reasoning for indexation benefit is to ensure you pay tax only on your returns after being adjusted for inflation. This allows you to pay 20% capital gains tax after taking advantage of indexation benefit.

Indexation plays a pivotal role in taxation when it comes to debt mutual fund investments. You may wonder what indexation is. In simple terms, it considers the rate of inflation when you calculate your returns on investments. Indexation results in a significant impact on your actual returns earned when you exit your investments in debt funds. Through indexation, your investment price is adjusted for inflation for the purpose of determining your tax liability when you exit. Indexation offers you several benefits because of the inflation adjustment.

Benefit of indexation

The indexed cost of your investment in debt mutual funds is based on the ratio of the inflation index at the time when you exit your investment. Therefore, a higher value means a reduction in your tax liability. During the long-term, the rising inflation adds up to the purchase cost of your debt funds. On a cumulative basis, it may result in the reduction of your taxable returns when you redeem your investment.

In case of smaller returns over a longer period, your entire returns on investments may be eaten up due to rising inflation. It is likely that in such a situation, you may not have to pay any taxes. It is beneficial because if most of your returns are erased due to inflation, paying taxes is not logical. Furthermore, the returns are only notional and not real due to the rising inflation.

Working of indexation

Indexation takes into account the date on which you invested your funds and the rate of inflation since then. When you apply the indexation benefit, your purchase cost increases. As a result, your profits at the time of exit reduce thereby reducing your tax liability.

Indexation and debt funds

Mutual fund investments are liable either to short-term or long-term capital gains tax. When you opt for tax-saving investments, long-term is defined as at least three years. Therefore, when you stay invested for at least three years, you will be liable to pay long-term capital gains tax. The current applicable rate is 20% post-indexation benefit.

For applicability of indexation, the formula is:

Original investment cost X Cost of Inflation Index (CII) at the time of exit/CII at the time of purchase

Let us understand this further with an example.

Assume that you invested INR 20,000 in tax-saving investments in May 2010. Further, assume that you redeemed your investment in June 2013 to earn INR 40,000. Therefore, your long-term capital gains before indexation are INR 20,000. However, your entire returns are not liable to tax because you remained invested for a period exceeding three years. You are allowed to avail of the indexation benefit, which reduces your long-term capital gains tax.

The indexed returns will be (20000*220)/167, which is equal to INR 26347 (CII was 167 in 2010-11and 220 in 2013-14).

Therefore, your taxable profits = 40000 – 26347 = INR 13653, which is a reduction of INR 6347 (20000 – 13653).

Until recently, the indexation base year was 1981, which is now modified to 2001. Therefore, if you invested before April 1, 1981, your profits may be calculated based on 1981 fair value. However, all investments after April 1 2017 will use 2001 as the base year to calculate the fair value.

In addition to earning profits, investments aim to determine how to save tax. One way is to use the indexation benefits on your long-term investments. You may also choose to pay taxes without taking the indexation benefit at a pre-specified tax rate.

You may choose from several mutual fund schemes. However, you may not have the experience or expertise to compare different schemes. In such a situation, you may consider using the ARQ investment engine, the core feature of Angel Wealth’s mobile application.

One major differentiation of ARQ from other available options is that all the recommendations originate through machines without any human bias or intervention. Based on your personal requirements and risk appetite, ARQ offers investment options that only deliver better returns but also help you know how to save tax.

Download the Angel Wealth app today and enjoy smart and quick investment tips.