directors loans can you get a loan from your company - Title Loans: What is the Real Cost?
Budget Finances

Title Loans: What is the Real Cost?

Don’t have a high credit score and are in dire need of cash? Do not worry. You can solve your short-term liquidity problems by engaging in a loan format known as a title loan. Ultimately, a title loan does not take into account a candidate’s creditworthiness during the appraisal process. Due to less stringent criteria, […]

featured4 - Budget 101 (Mom Edition): Helpful Tips to Keep Moms on a Financial Track

Budget 101 (Mom Edition): Helpful Tips to Keep Moms on a Financial Track

featured3 - Navigating Debt: How to Responsibly Combat Debt
Debt Management Finances

Navigating Debt: How to Responsibly Combat Debt

Debt is often met with a negative connotation. However, there are certain types of debt that are completely necessary so it is important to be aware of how you can handle them. Today, we wanted to take a spotlight and shine it upon how to responsibly combat debt. Here are a few ways that you […]

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directors loans can you get a loan from your company - Title Loans: What is the Real Cost?
Budget Finances

Title Loans: What is the Real Cost?

Don’t have a high credit score and are in dire need of cash? Do not worry. You can solve your short-term liquidity problems by engaging in a loan format known as a title loan. Ultimately, a title loan does not take into account a candidate’s creditworthiness during the appraisal process. Due to less stringent criteria, this class of loan is rapidly approved and ranges in amounts. It can even be as low as £100.

Car Title Loan

Loan aspirants tend to apply for title loans to procure vehicles. This kind of title loan is known as a car title loan. What happens is that candidates use the car and hand over the ownership title to the loan service provider.

The latter will loan twenty-five percent of the automobile’s aggregated value to the candidate and maintain the car’s title deed as collateral. Normally, title loans for vehicles average £1000 and can go higher. Lenders outline repayment plans depending on the circumstances of the candidate in question.

Some may allow a one-time payment after a month only whilst others may opt for a more flexible scheme that spans a period of two years and consists of monthly payments. If a payment is missed or defaulted, then the lender has the right to take control of the asset instantaneously.

Retrieval of Asset

If you declare an asset as collateral against a loan, you make it open to a fair takeover by the lender in case you are unable to meet a payment. They will have the legal right to own your property.

Do your homework and research the world of financial lending instruments. You will come to realize that there is a myriad of products available with better terms and conditions to suit your needs.

Compare variant portfolios of fiscal services offered by lending institutions such as Top Loans Companies and see if you can cash in on a promotion or a new deal. New players in the financial market usually give a discounted incentive to attract new consumers and to increase their customer base. You never know, you may just hit the jackpot!

The Real Price of a Title Loan

Title loans may sound like manna from heaven to those who are financially strapped and need money fast. Regardless of the urgency, you must stop and consider whether it is truly worth your time and energy to take on a title loan. Its very nature involves a high annual percentage yield (APR) that can go up to three hundred percent and is usually more than a hundred percent of interest rate.

To understand this clearly, consider a £500 car title loan with a complete repayment in thirty days. Even with such a short time, the annual percentage yield can go up to three hundred percent. Essentially, the loan applicant will end up paying £625 as the principal sum along with interest.

Another instance that required a higher amount: say £1000. The terms allow for a two-year instalment plan can have an annual percentage rate of one hundred percent. Under this situation, a 108% APR will end up being a total payment of £7394 as interest charges besides the main sum of £5000. This means it would be a total of over twelve thousand pounds that the candidate pays over a period of only two years.

Misrepresentation of Title Loans

Did you know that title loans are illegal in twenty-five states in the United States of America? The states of Virginia and Missouri witnessed cases where title loans had been taken out by customers. Or so they thought they had. With variant terminology to disguise the true nature of the loans, names such as “consumer finance loan” or “consumer instalment loan” have been utilized. The fact is that such finances are less structured and regulated than their predecessor of title loans. Fiscal establishments offering this kind of service have strategically designed reimbursements to go on much longer than normal loans and have virtually an unlimited volume of interest attached to it. Wannabe loan sharks deliberately take part in this practice to filter out state level rules and regulations. The best way to protect yourself is to stay away from it in the first place.

Loss of Collateral

As previously stated, a lender has the right to take possession of the provided collateral in case of a defaulted payment by the borrower. According to a study conducted by the Consumer Financial Protection Bureau, every one out of five borrowers lose their property. We hope you understand what this number is as it constitutes a staggering twenty percent of asset loss.

Elevated Interest Rates

Title loans are infamous for incorporating ridiculously high interest rates. And usually these are much greater than other loan formats, such as a credit card. People try to stay away from the clutches of credit card debt; yet the super high interest sums charged under title loans make the former an attractive financing option. With a three hundred annual percentage yield over a short period of time, people don’t stop to think and make calculations themselves to truly comprehend the economic trap they are getting themselves into.

Exorbitant Fees

Everyone wants to make a little extra moolah here and there. However, title loan service providers take this concept to a whole new level. They have come up with pricing strategies that are applicable to a diverse range of circumstances. For instance, if you submit your payment a bit, you will get slapped with an extremely high late fee charge. Want to increase the life of your loan? Yes, you guessed it-there is a fee for that too and is known as a loan extension charge. Apart from that, things like processing fees, application fees etc can be claimed as well.

End of Term Balloon Payments

There is another alternative to short period title loans: long term ones. What happens here is that you recompense the interest sum only every month. This loan category is known as a balloon loan as you repay the principal sum at the end despite the regular interest payments you have been undertaking.

personal injury lawyer - Injury Claim Lawyers - All You Need To Know
Finances Money

Injury Claim Lawyers – All You Need To Know

Accidents happen all the time, and by their very nature are hard to avoid. However, there can be times when the misfortunes we experienced are due to the negligence of someone else.  The repercussions of an injury can be disastrous and can end up with us being absent from work for some time.

Although some of us will be able to make use of available sick days, these will sun run out and we may find that we have reduced income to try and meet our financial demands.

Evidently, this can be difficult, so it’s important that we’re able to gain access to the right professional when looking to make a claim in relation to personal injury. Here are some top tips from Jones Whyte who are a top Personal Injury Lawyer Glasgow.

What Is a Personal Injury?

To make a successful claim in relation to a personal injury, we must understand what one is.

Although there can be a lot of similarities among legal cases, there can also be several factors that means the case has to be approached in a different way.

A personal injury can be defined as the following:

  • A psychological issue.
  • A physical injury or illness.

There can be many examples of personal injury, including the following:

  • An injury at work.
  • A psychological or mental-health issue that is work-related.
  • An injury caused by a road traffic accident.
  • An injury sustained as the result of a crime.
  • An injury occurred because of defective goods.

There can be other instances that arise but making a claim for a personal injury will normally mean that the injury was a result of negligence.

Why Make a Claim?

Some injuries can be more serious than others, so it stands to reason that concentrating on recovering will be the focal point of many. Even if the recovery time is quick, there can still be times when the injury causes long-term issues.

In some instances, injuries can have ramifications on our financial standing. Others may affect our way of life. As such, it’s important that we speak to an injury claim lawyers as soon as possible to find out what the legal perspective is.

Who Is Able to Make a Claim?

Anyone who feels that they’ve experience an injury in relation to negligence or crime. Those looking to make an injury claim must be over the age of 18. If the individual is under 18, then they will need someone to speak on their behalf, which is often done by a parent or carer, although other professional may be brought in, depending on the nature of the personal injury claim.

There can be different requirements, depending on the type of personal injury claim you’re making. For example, if you experienced your injury due to crime, then the crime will need to be reported.

Similarly, any injuries received as the result of an accident need to be looked at as soon as possible. Doing this in line with starting a personal injury claim can be a great way of ensuring that all the evidence is recorded.

Should you decide to visit a medical professional later on, then it could mean that a full diagnosis can’t be made. Of course, there may be reasons as to why you can’t be seen sooner rather than later, but where possible, medical advice should be sought as soon as possible.

Being Aware of Time Limits

There are time limits associated with personal injury claims, which is another reason why it’s important to speak to an injury claims lawyer as soon as possible.

A personal injury claim for compensation can be made within three years of the accident, or within three years of discovering that an injury was because of negligence, whichever is later.

How Compensation is Claimed

As advised, there can be many factors that make up a legal case, so the way in compensation is claimed in relation to an accident can vary, and may occur in the following ways:

  • Via a claims assessor.
  • Legal action taken in civil court.
  • Making a claim to the Criminal Injury Compensation Authority.
  • Through a criminal compensation order.

The Amount of Compensation You Will Receive

Again, there will be several factors at play in relation to legal proceedings, so the amount of compensation you receive will depend on the circumstances of the injury. There could also be instances where you receive two types of compensation.

Should I Except an Out-of-Court Settlement?

In some instances, there will be times when those making a claim in relation to a personal injury are offered an out-of-court settlement. In many instances, it can be tempting to settle if the amount seems fair, but it’s important to seek legal advice in every instance.

Although the amount offer could be plentiful, a more realistic settlement may be won in court, so it’s important to consider your options.

Choosing the Right Solicitors for Personal Injury Claims

With so many legal factors to consider, it’s not only important to ensure that we find a solicitor, but that we use the right personal injury lawyers.

Although many firm will offer a professional service, there could be some that don’t offer updates as frequently as they should. There could also be instance when important aspects of your case are overlooked, which could be detrimental

As such, you should ensure that you’re only using the services of personal injury lawyers fglthat is experience and manpower to contend with you case.

You can also check online reviews to see how past clients have fared with a particular firm in the past.

featured5 - What Sort of Savings Accounts Should Every Person Ideally Have?
Finances Financial Literacy

What Sort of Savings Accounts Should Every Person Ideally Have?

When it comes to the idea of savings, a lot of people tend to get it wrong. What they believe is that they simply need one “rainy day fund” and that’s that. However, this couldn’t be farther from the truth. The truth of the matter is people should generally have several savings accounts.

Let us break them down for you:

Emergency Fund

The emergency fund is the savings account that you tap into during emergencies—hence the name. It is something that you should religiously deposit into and do not touch. The only viable reason why it should be tapped into is in the face of sudden loss of income.

You’ll be thankful that you have this particular fund!

Sinking Fund

This is the sort of fund where extra money goes. It’s called a sinking fund because this is the fund that is commonly used when there is something that needs to be fixed. If there is anything that goes beyond the normal spending budget, this is the account that you tap into.

For example, let’s say that you’ve already allotted money to where they’re supposed to go but then your car starts to act up. You don’t tap into your emergency fund. Instead, you tap into your sinking fund.

Medical Savings

You would be surprised at the sheer number of people that normally equate the emergency fund with the medical savings fund. When illness or medical emergencies strike, this is the fund that you use. What’s good about this fund is the fact that there are insurance firms which help you build this particular fund.

So you’re not reliant on the bank or your budget to keep making space for it.

Retirement Savings

Yes, as early as now you should save up for your retirement. This is the sort of savings account that you regularly deposit into and do not see until you are considering retirement. It’s up to you to determine what age that is going to be.

As much as possible, don’t rely on your kids to tide you through your autumn years.

Spend Fund

What’s the use of having money when you’re not going to spend it, right? This is the fund that you utilize for all the things that you want to buy. Normally, you shouldn’t buy anything that this account cannot afford. This is a great way to make sure that you will always stay within budget.

Savings is a topic that should be taken seriously by everyone who ever handles money. A common mistake that is often done by a lot of people is that they believe that they can just keep on making money and put off starting a savings account. Do not make that mistake. If you have yet to start different savings accounts, you really should get to it.

In that light, which one are you going to start with?

featured4 - Budget 101 (Mom Edition): Helpful Tips to Keep Moms on a Financial Track
Budget Finances

Budget 101 (Mom Edition): Helpful Tips to Keep Moms on a Financial Track

If you go to any household in the world and ask who handles the finances, there is a big chance that the answer will be the mother of the household. However, this does not mean that they do not need some help when it comes to budgeting. A household budget is rather important!

It is the budget which encompasses the majority of the expenditures of the home. If you’re wondering what sort of things should fall under the household budget, here are a few examples:

  • Utilities
  • Groceries
  • Household Medicine
  • Clothing
  • Household Maintenance

Of course, there are a lot of different things that fall under the budget of a mother. We’ve received a lot of calls asking for a discussion about how to better handle household budgets. So we’ve come up with some of the personal tips borne from the experience of our writers and contributors!

Create a Budget

This may sound redundant but a budget is critical in order to be on a good financial track. If you’re in charge of a household, we highly suggest that you do an inventory of everything that you presently have to pay for.

Do you handle groceries? Do you have to regularly make trips to town? Are there any debts that are under your safekeeping? All these questions can help establish a good budget for you. Having a set budget can help you navigate through those and so many more other expenditures. Be realistic about your budget. If you notice that you’re spending too much on one thing, find a generic form of it to save money.

Create a Menu

Food can be one of the biggest expenditures for a household. A good way to keep a good handle on the money that goes into food is to have a breakdown of what sort of meals you intend to have. Knowing the food to be prepared can help you factor in the ingredients and how much time it takes to prepare everything.

A menu drives down costs of any unforeseen expenditures. Also, having a set menu gives a pretty good incentive to keep dining at home rather than ordering or eating out. Not only do you save money but you also invest in yourself by learning to cook more things. You can even make a family activity out of it.

Get to Know Local Establishments

It can be fairly easy to be swept away by the sheer convenience of a larger or commercial grocery store. After all, everything that you might possibly need is there. However, this does mean that their offerings are a lot pricier than what you find in farmer’s markets or smaller groceries.

It would do you good to get to know the local establishments around your area as they would be quite inclined to have more sales and special deals.

Mothers can do some pretty amazing things but this doesn’t mean that they don’t need a little help to really maximize the way that they handle finances. Are you presently in charge of a household? What sort of tips that we’ve discussed will you be able to utilize?

info2 - Budget 101 (Mom Edition): Helpful Tips to Keep Moms on a Financial Track
Image source: 3riversfcu.org
featured3 - Navigating Debt: How to Responsibly Combat Debt
Debt Management Finances

Navigating Debt: How to Responsibly Combat Debt

Debt is often met with a negative connotation. However, there are certain types of debt that are completely necessary so it is important to be aware of how you can handle them. Today, we wanted to take a spotlight and shine it upon how to responsibly combat debt.

Here are a few ways that you can start tackling your debt responsibly:

Organize

Getting organized is a critical step in tackling debt. After all, you can’t plan your payment schedules if you don’t know what you need to pay off. Put together all the financial statements or debt contracts that you’ve incurred.

Put them in a folder and label them properly. That way you’ll have a better idea of what you still owe and when things are due.

Differentiate Good and Bad Debt

Yes, there is good debt and bad debt.

Good Debt

  • Student Loans
  • House Loans
  • Business Loan

Bad Debt

Bad debt is pretty much any debt that is incurred because of frivolous pursuits. These can refer to a highly expensive car that you don’t really need. It can also refer to buying furniture or appliances that aren’t really necessary.

Knowing the difference between the two can help you prioritize your debts. Ideally, you neutralize bad debts and don’t make any more of them.

Pay Interest Early

If you leave interest to accumulate, it can add hundreds or even thousands of dollars over your initial loan. So when you’ve got debt, consider how much the interest is and pay it off before it has the chance to accumulate.

Doing so will give you a head start on everything else. For example, if you’ve taken out a student loan, it would be good to start paying off the interest before it has a chance to build up.

Don’t Add Any More Debt

Debt isn’t something that you will want to pile up on you. If you are already facing debt, it would be in your best interest to not any more unto your plate. Once you’ve squared away one debt, do not let that feeling of accomplishment override your common sense.

Just because you were able to dig your way out of one debt does not mean that it will always be the same for every type of debt out there. Also, don’t be too quick to take on another loan. Let your credit rating recover first by making sure that you’re paying off everything else, like utilities, on time.

One of the major things that cripple finances is debt. If you are unaware of the best ways to responsibly combat your debt, do not be hesitant to seek advice or help. There are a lot of people, businesses, and organizations that aim to help promote financial literacy and better debt management.

Are you handling debt right now? How do you plan on responsibly combating it?

featured2 - Two Healthy Habits of Financially Savvy Individuals
Finances Money Habits

Two Healthy Habits of Financially Savvy Individuals

When it comes to finances, healthy habits really matter. A majority of financial problems can be traced back to bad financial habits so it’s important to have good examples of healthy habits. This is what we will be discussing with today’s article.

We believe that it is really important to be aware that there are healthy habits that can be built. Speaking of healthy habits, here are a couple of stellar examples:

Living within Their Means

1 - Two Healthy Habits of Financially Savvy Individuals

This is probably a “habit” that you’ve heard of before but there really is no overstating the necessity of this. The world of today has made is especially difficult to stay within one’s means—especially since there are newer deals and we are constantly bombarded with ads that are tailored for us.

If that wasn’t bad enough, the whole concept of missing out is harder to ignore with the advent of social media. However, the really financially savvy know the importance of living within their means. This means having a clear fiscal image in their minds and staying within the parameters of that image.

Scheduled Savings

2 - Two Healthy Habits of Financially Savvy Individuals

Anyone who has a source of income (like a job) will have a schedule on when they get their money, right? For some that may be every week, or every two weeks. Those who have trouble with their finances tend to spend their money before it comes in.

Those with healthy financial habits will use that schedule in order to build their various savings. For example, the first paycheck will have a dedicated percentage for a retirement fund. The second paycheck of the month has a percentile for an emergency fund. Having a clear schedule out for savings is a great way to make sure that they will always have money.

Healthy financial habits are the stepping stones to success. What’s even better is the fact that there are a lot of other healthy financial habits out there. We suggest that you look them and learn by those examples! What sort of healthy financial habit do you utilize?

featured1 - Staying Green: What Every Smart Consumer Should Have
Finances Money

Staying Green: What Every Smart Consumer Should Have

Money is the unpleasant topic that many deign to consider. Well, we firmly believe that if consumers are ever going to really have a good handle of their finances, there is a very integral thing that they should have: financial literacy.

What is Financial Literacy?

In the most basic definition of it, financial literacy refers to the aptitude for money and everything it entails. This refers to many things; things like:

  • Obtaining Money
  • Making Money Work (Investments)
  • Making Money Grow (Savings)
  • Working Loans
  • Getting Out of Debt

While there are a lot of people who think that they are financial literacy, they do not realize that this is an ongoing process. It involves every decision that will have to do with money and how it features in your life.

How Do You Get Financial Literacy?

We mentioned that it is an ongoing process and that is still true. There are a lot of different ways that financial literacy could be obtained like:

Financial Literacy Classes

There are a lot of local groups and organizations which make it a point to promote financial literacy. You should check local banks and financial institutions to see if they have any classes scheduled in the near future.

You Own Experiences

Every single cent that you’ve ever spent is a learning experience. Whether it’s spending more than you should or learning what should have been prioritized; every single monetary decision that you make is a building block toward your financial literacy.

So if you’re pretty keen on obtaining financial literacy for yourself, we applaud your decision. If you still need a bit of help regarding financial decisions and whatnot, we hope that you’ll stay tuned for our future articles! We are Mercosur Trade Center and we aim to provide our readers with a wealth of information regarding finances.

What do you think consumers need when it comes to their finances?

info1 - Staying Green: What Every Smart Consumer Should Have
Image source: teachermagazine.com.au