Cash Loans For Students

With the current state of the economy, unemployment rates continue to be high- especially for the 18 to 24 age group. That being said, college students are struggling to meet their bills more than ever. Between the rising cost of tuition and meeting monthly bills, students are forced to adhere to a strict budget. But, when you’re just scraping by, even the slightest hiccup can throw your finances into a whirl. What do you do when your landlord is knocking at your door and you don’t get paid until next week?

First things first: ask your parents for a short term loan. Explain that you don’t get paid until next week and that rent is due today. Sometimes, or rather the first few times, parents will most likely react with understanding. However, after the first few times, they’re probably going to blame you for mismanaging your finances. If that’s the case- you may need to seek out loans for bad credit. These are typically designed for individuals with little or no credit history. Be sure to repay the loan on time. Any late payment could potentially have lasting effects on your credit report.

Read more about The Subprime Crisis of Student Debt

The Credit Repair Organizations Act (CROA) outlines the rules and regulations for credit repair organizations.

Although, it’s commonly believed that credit repair organizations are illegal- they are perfectly legal in every state EXCEPT Georgia. In the state of Georgia, operating a credit repair organization is classified as a misdemeanor.

The Act details several rules; for example, a credit repair organization cannot bill you in advance for services that have not yet been rendered. They also have to disclose to you that you can challenge information on your personal credit reports for free.

The Federal Trade Commission enforces the CROA. In 2008, the FTC closed down 34 credit repair organizations for violations of CROA in as part of a project referred to as “Project Clean Sweep.”

Pros and Cons of PrePaid Debit Cards

Do you have bad credit or no credit? Relax; you can rebuild your credit with a prepaid card.

Prepaid cards are not credit cards; you cannot spend more than the balance you have deposited and you will not be charged interest for your spending. The prepaid account will not be reported to the credit bureaus the same as a credit card.

Pros:

• Easy to get approved with no credit necessary

• The same fraud security as a regular credit card
  Easy to use for online or phone purchases

• Can withdraw cash from ATM machines
• Less expensive than check cashing services

Cons:

• Costly fees for opening and maintaining the account
• Fees for loading money on the account or using the card for purchases
• Although some report to credit bureaus, not all do
• Does not help improve your credit the same way a credit card or secured card would
• Much more expensive than opening a checking account and using an ATM card

Fees and charges can vary significantly between different prepaid credit card offers. Be sure to read the fee schedule for the prepaid credit card before you apply.

Extra Ways to Get Cash

Nowadays, who doesn’t need extra ways to get cash?  Even if you’re one of the lucky Americans that have a great paying job- it seems there’s no guarantee anymore. In a recession, it’s always a good idea to put away extra money whenever you can.  Here are a few ways to get cash in addition to your day job:

1. Have a garage sale. Go through your old junk and get rid of anything you haven’t used in the last year. Odds are, if you haven’t used it in the last year- you probably won’t use it in the year to come. So, why have it hanging around when you could pocket the cash?

2. Checkout local job boards or websites like Craigslist for odd jobs. Sometimes people are willing to pay pretty decent money for quick and easy tasks- like moving furniture.

3. Consider taking on a part-time job on the weekends. You may be surprised at how many companies just need a little help for a few hours on the weekend.

Although these may seem trivial- the money will add up. And, if a rainy day should arise- you’ll be ready.

Credit Card or Cash Advance- Which is better?

With bills piled high, most Americans find themselves scrambling at the end of each month trying to figure out how to pay them. And, with an unexpected car repair or medical bill, it can be outright overwhelming. In a tight situation, which is better: a credit card? Or, cash advance?

Generally, a credit card is a better way to go. The interest fees on a credit card are going to be lower than a cash advance. Even with “high-interest credit cards”, the rates will likely be lower than those of a cash advance. A personal loan will likely have interest rates upwards of 300%.

When you can, it’s a good idea to setup a savings account and put a little money away each month. That way, when unexpected bills arise, you’ll be prepared with money in the bank.

Helping Students Avoid Personal Loans

Do you have a student in high school or college? With school almost done for summer break, chances are they’ve asked you for money. Whether they need the extra cash for summer camp, the latest gadget, or that road trip they’ve been talking about for the past six months- they’ve probably hit up the bank of mom and dad on numerous occasions. If you’re like me, you’ve had to put your foot down this summer. The economy terrible, your budget as tight as ever, and you simply cannot afford to fund their summer excursions. You’re not alone. But what do you do?

No parent wants to see a frown across their kids’ face, nor do they have millions of dollars lying around. And, no parent wants to see their children rot on the couch for weeks on end either.

Solution: encourage him or her to get a summer job! Warn them about the dangers of opening up credit cards or taking out a cash advance. They’re much better off checking local job boards for odd jobs around town. That way, they get out of the house and they’re funding their own activities!

Cash Advance Tricks and Traps and How To Avoid Them!

Using a Personal Loan for a Down Payment On a Car

In a pinch and need a new car? Many times, we can afford the monthly payment but can’t come up with enough cash for the down payment. Nowadays, most people don’t have $1,000 to spare for a down payment.

You need a car to get to and from work- what are your options? Is a personal loan a good idea?

Short answer: Probably not. And, this is why:

A personal loan is intended to be used as a last resort. If you’re already strapped for cash, chances are that you won’t be able to make the loan payments. If you can, try asking family and close friends for a short-term loan. Sometimes, families are willing to pitch in and help you out in a tough time.

Auto Loan Calculator

More information on how to get a cash advance.

Personal Loan Mistakes

Personal loans are intended to be used as a last resort in a financial emergency. Unfortunately, in America, we have a hard time separating needs from wants. Here are 3 common mistakes consumers make:

1. Using a personal loan on gifts for yourself or others. Admittedly, there are a lot of social pressures to buy expensive gifts for friends and loved ones. Jeopardizing your credit isn’t worth the 10 minutes of fun your nephew will have playing with that several hundred dollar robot.

2. Taking out a payday advance if you cannot repay it by your next payday. Too many people take out a personal loan without thinking about how they’re going to repay it. Consequently, this loan could end up costing you twice as much as the original loan amount. You’re better off asking for a loan from a close friend or family member.

3. If you have good credit. A big mistake people make is taking out a payday loan with good credit! If you have good credit, it’s MUCH better to take out a small loan from your personal bank or local credit union.

Credit Union Locator

Many Americans fantasize about taking a vacation during their work day. With the increasing demands at work and home, it’s no wonder why we dream about laying on the beach somewhere. Unfortunately, with bills due, it seems like we’ll never be able to go on that weekend getaway.

Rather than imposing on family or friends for the money, a payday loan may be the perfect solution. Or, is it? As tempting as it is, taking out a payday loan for a vacation isn’t a great idea. Payday loans have extremely high interest rates. And, consequently, that dream getaway will cost you far more than you imagined. Instead, it’s a much safer idea to put a little money away each month. Or, have a garage sale. Most of us have stuff laying around that we haven’t even looked at in years- let alone used. And just think- you’ll feel more organized and free of pesky clutter!

Payday loans are intended to be used as emergency loans, to tie you over until your next paycheck.

Ways to budget your money.

Many lenders will use terminology that seems foreign to the rest of us. For example, what exactly does it mean when a lender refers to you as “subprime”?

Basically, when a lender refers to you as “subprime”, he or she is actually saying that your credit history is flawed. In other words, you may have outstanding loans, credit card debt, or have been late on some of your bills. Nowadays, most people have less than perfect credit. So, don’t beat yourself up.

As a “subprime” borrower, be aware that you will likely be charged higher interest fees for any line of credit. Whether you’re applying for a credit card, personal loan, payday advance, or auto loan- higher interest rates will apply.

To avoid paying higher fees, the best thing to do is pay off your credit cards, repay any outstanding loans, and minimize any additional debt. Also, it’s a good idea to create a savings account and add to it each paycheck. That way, instead of financing big purchases, you may be able to pay cash-  saving you a lot of money in the long run.