Financing Options for Auto Repairs

Four Instances When A Cash Advance Might Be A Strategic Move

Posted by on Jun 26, 2015 in Uncategorized | Comments Off on Four Instances When A Cash Advance Might Be A Strategic Move

If you are thinking about taking out a cash advance, a lot of initial advice might guide you not to do so. The thing is, cash advances aren’t always a bad option, and sometimes are the best choice depending on your specific situation. Here are four times a cash advance might actually be worth it for your needs. 1. Starting a Business If you are starting your own business, having cash flow up front can be tough. If you don’t have savings or an investor, you may turn to credit cards as your only option to get things going. Another alternative is a merchant cash advance. This type of advance will still have fees, but you might be able to find a lender that has better rates than even your low-interest credit card. 2. A Short-Term Loan If your cash advance truly is a short-term loan, this won’t bite into your budget too badly with fees and interest. As long as you are dedicated to paying this back as quickly as possible, cash advances can work to your advantage. An example would be seasonal work where you may come into guaranteed money in a short period of time that you can use to pay this back. The delay in paying back cash advances is what makes them more costly. 3. If a Sale Outweighs Fees and Interest If you come across the sale of the century, you might not want to pass this up just because you need a cash advance to purchase. Sometimes a sale on a larger item, a rebate, or a two-for-one deal can actually be so cheap that this will outweigh the fees incurred from a cash advance. 4. Emergencies When Cash is the Only Option Sometimes, cash is the only form of payment that will be accepted. If you are in an emergency situation such as a home or auto repair, credit cards aren’t going to get you anywhere if they only accept cash. You can pay with a cash advance that you can then settle quickly with other forms of savings or transfer to a lower interest credit card. You may be reluctant to opt for a cash advance, but this isn’t always the worst option. You have to look at your specific situation and see if the pros outweigh the cons. Don’t write off cash advances completely until you really make sure this option won’t work for your unique needs. Companies like USA Cash Services can help you determine if a cash advance is right for...

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Why You Should Consider Annuities If You Aren’t Investment-Savvy

Posted by on Jun 15, 2015 in Uncategorized | Comments Off on Why You Should Consider Annuities If You Aren’t Investment-Savvy

When you are promised a large amount of money and you are trying to decide whether you want a lump sump or an annuity, it is usually better to receive an annuity. When you take your money as a lump sum, there will be more of a temptation that you will spend all of your money on things that are not necessary. There are several other benefits to consider if you are not an investor. Annuities Bring a Higher Payout While it can vary from situation to situation, an annuity will often give you more money than a lump sum and will pay out for much longer. The annuity payments are greater because the lump sum calls on the payer to spend much more money than would normally be required. You will want to take the amount of money you will receive, subtract the anticipated inflation for each year that you receive the annuity check, and factor this in. In some cases, your annuity will extend to a family member or loved one. If this is the case, you will not have to worry about spending your lump sum irresponsibly and leaving nothing behind for family members. Annuities have a guaranteed payout. You Will Need to Invest Your Lump Sum To make the most of a lump sum, you will need to be experienced with investing. If you do not know how to invest your money properly, you may lose most of it and the benefit of the lump payment along with it. You can talk to an investment adviser, but there is no guarantee that the adviser will correctly predict which investments should be added to your investment portfolio. That being said, investing is not as risky as many believe, if you educate yourself on how to invest properly. The key is to rely on low-risk investments placed into an investment portfolio so you can row your wealth over time. But if there is a financial downturn, there is a risk that virtually any business could go under. You Can Always Get Cash for Your Annuity If you later decide that you no longer want the annuity, you can receive assistance from a company that will allow you to sell your future annuity payments in exchange for a lump sum of money. You may not get the full dollar amount compared to what you would receive through an annuity, but you will have the flexibility of receiving cash immediately in case you need it urgently. For more information, contact a professional like...

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What You Need To Know About Portfolio Loans

Posted by on Jun 9, 2015 in Uncategorized | Comments Off on What You Need To Know About Portfolio Loans

Many self-employed people become discouraged because the mortgage process is so hard to navigate. Some lenders are especially unfriendly to the self-employed because they are unable to easily verify their income. This is why many self-employed people choose to get a portfolio loan. Here are three things you need to know about portfolio loans. 1. The Loan Is Held In House In most cases, the loans are held in house with the respective credit union, bank or lender. This is a major advantage for many people. What many people do not understand is that the majority of loans are sold to a large, national agency. This means that your loan must conform to this agency’s standards. Since self-employed people may not be able to qualify for a conforming loan, they should considering getting a loan held in house. The bank or credit union won’t sell it, so the bank can determine the terms of the loan and what kinds of documentation the bank needs to verify income. 2. A Portfolio Loan Takes Into Account Many Factors If you are applying for a conforming loan, you might only have to show a few things, like income, debt-to income ratio, and a down payment. However, with a portfolio loan, lenders will look at you as a whole to see how good of a risk you are. For example, they will ask you what kind of education you have, your savings account, rental history and much more. This will give the lenders an idea of how trustworthy you are. For many, this helps. Even though their income may seem a little unstable since they are self-employed, they can still handle the loan. For example, they might have rented property for years without any late payments. Or they could have a very large savings account that can help if times get hard. 3. Portfolio Loans Could Have Different Rates Another important thing to understand is that a portfolio loan could have different terms and rates than a conventional loan. For instance, with a conforming loan, you might get a 15 to 30 year fixed rate. However, with a portfolio loan, your lender might do a balloon payment with a lower rate, or they could do an adjustable rate mortgage. Understanding what kind of loan you are getting before you apply will serve to protect you.  These are just some things you need to know about portfolio loans. For more information on home loans, contact a professional lending organization, like MCS Bank, to discuss your...

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