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Never Miss Another Vacation Due to Lack of Finances | Car Title Loans

Never Miss Another Vacation Due to Lack of Finances

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The average cost of a vacation is about $1100 per person. That doesn’t sound like very much at all, so what is stopping you from taking those vacations each year? There are many ways to put money away for a vacation little by little. You can take as little as $20 out of your paycheck each time you get paid and set it aside in a separate bank account or keep it hidden in your home somewhere. This is so much easier than having to pay off a vacation all at once.

Never Miss Another Vacation Due to Lack of Finances | Car Title Loans

There are also some vacation packages where you can make payments on your vacation, usually when you go through a travel agent. They can help you find a vacation within your budget and that feeds the criteria that you would like to partake in for your vacation. This is a great way to avoid paying a lump sum on your vacation.

Another great option that many may not know of is, qualifying for a car title loan. This option is pretty simple and not time-consuming like many other loans options. Fast Money Loan in California can assist you in the qualification process of getting approved for a title loan. You don’t need a co-signer or great credit, all you need is your vehicle title and they will handle the rest for you. Call 877-594-4025 and speak to a loan specialist to find out what steps you need to take to get the cash in your hand the same day!

Need Cash to Furnish Your New Home? | California Car Title Loans

Need Cash to Furnish Your New Home?

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You’ve just moved into your new place, that you’ve been waiting on for such a long time. You saved up the money for moving cost, any storage needed and realized that the furniture you have, just isn’t enough to furnish the space the way you imagined. The last thing you want to do is put more money into the place after having to save up and put it all up for your new home. So, what options do you have left?

Need Cash to Furnish Your New Home? | California Car Title Loans

You can use one of those furniture rental places. This way you don’t have to put up hundreds of dollars for furniture on the spot and if you aren’t sure about the look you can always change it. When using furniture rental companies, you usually pay a small fee upfront and then a small monthly fee each month for each item you choose for your home. This is ideal for military families or others who are temporarily in a rental home and will be moving around frequently. They may also run a credit check .

so if your credit is not the best, you can get a co-signer to assist you in getting your rental furniture.

Another option for those who do not want to worry about their credit or bother with getting a co-signer is, obtaining a car title loan. Fast Money Loan, located in California, specializes in qualifying people with title loans who are in need of cash right away. Credit is not an issue. Just give us a call or visit one of our locations and we will walk you through the qualification process and get your cash in hand within 30 minutes of approval. Call 877-594-4025, we’re waiting for your call!

Loan for Students

Smart Strategies to manage your Student Loans

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Student loan debt can be overwhelming and many people end up paying it off well into their 40-s and 50-s. We have a few strategies to help you manage your loans better.

Understand Your Loans

Many students don’t really understand the terms of their loans and end up overpaying down the road. Know the type of loans you have, the interest rates, balances, and grace periods. You may have Perkins loans, subsidized and unsubsidized Stafford loans or private loans. If you visit your loan servicer’s website, you will be able to see each loan account, balances, interest rates and current repayment plan. Be aware that frequently students have loans managed by 2 or 3 different servicers. Two common servicers are Navient and Great Lakes. If you go to the Department of Education website, you will find help creating a smart repayment plan.

strategies-to-manage-student-loans

Know the Numbers

It is crucial for you to know the precise amount of money you owe if you want to have control over your student loans. Most students end up with multiple loans and sometimes lose track of them before and during repayment. Know how many loans you have, how much you have to pay each month, the interest rates of each loan and the grace periods.

If you are a current student or a recent graduate, ask your financial administrator at School for assistance or visit the National Student Loan Data System website or Clearinghouse Meteor Network website to find out how much you owe. You can also see all of your loans and debt by checking online your credit report at AnnualCreditReport.com.

Accelerate Your Loan Repayment

You can either pay less money for longer time at a high interest rate, or you can pay more money than the minimum for a shorter time with a lower interest rate. Basically, the faster you pay back your loan and the more money you pay each month, the less interest you will have to pay, thus paying less overall and getting out of debt sooner.

Refinancing

A lot of students end up refinancing their federal student loans; however, this means that you will lose your right of using benefits, such as loan forgiveness and income-based repayment plans. If you are interested in refinancing your student loans consider contacting different lenders to compare total repayment amounts and get a complete picture of your options.

SoFi, CommonBond, Citizens Bank and LendKey are decent lenders who offer good interest rates. LaurelRoad has interest rates starting from 2.99% to 6.99%; Earnest has very decent interest rates, too, between 2.57% and 6.39%; CommonBond offers interest rates starting from as little as 2.57% to 7.12%. SoFi and Earnest might even help you get employed if you struggle with finding a job.

Avoid Default

Depending on what school you are attending, your loans may have a grace period of 3 months, 6 months, or more and the same goes for the total repayment period. Despite most students starting a job right after graduation, often times they are stuck under the burden of repaying these student loans.

If you are more than 270 days late with your payments, your loans will go into default, which is going to lead to taking away your social security benefits. Remember that no matter how difficult your financial situation is, you ought to make at least the minimum payments.

Federal Student Loan Consolidation

This gives you the option to merge all of your student loans into one, thus get rid of all the different interest rates, however, bear in mind that you will, indeed, pay one interest rate but it is going to be quite high.

Aim Higher

Firstly, focus on the loans with the highest interest rate because they will add up the most to your overall debt. Afterwards, shift your focus on the second to last debt with the highest interest rate. This may be challenging, but you will save a significant amount of money if you pay off the costlier debts first. Since your interest rate is based on your principal, another smart move would be to pay extra principal because this will lower your interest payment.

Automatic Payments

Once you have started a job and have consistent, reliable income, you can set up your payments to be automatically withdrawn on a monthly basis. This is just a precaution in case your life gets too hectic and busy and you forget to make your payments on time. Another bonus is that you will get a small reduction on your interest rate.

Programs And Forgiveness

Income-based repayment programs allow you to be forgiven from your outstanding loan money after 25 years of regular payment. However, there are certain criteria to be met if you want to use the benefits of IBRP, like the payments you have to make on your federal student loans must exceed 15% of your total earnings above 150% of the poverty level.

Pay As You Earn (PAYE)

This is a good program which will forgive outstanding money on your federal student loan after 20 years of regular payment. To be eligible to use PAYE your payments must exceed 10% of your total income above 150% of the poverty level. There are other criteria which must be met in order to qualify for the program.

Public Service Loan Forgiveness

Certain people can be eligible for PSLF after 10 years of qualifying payments. One of the stipulations is that you must be hired by a non-profit organization, volunteer organization or other public service organization. It is worth doing your own research to see what your chances of benefiting from this program are.

The approximate number of people with student loans in the USA is 40 million with around $1.3 trillion total debt. In 2014 the federal government seized portions from the social security checks of about 135,000 people because their loans went into default. Get educated about your student loan repayment options, pay more than the minimum whenever you can and do whatever is necessary to avoid defaulting on your loans. Don’t worry, you are not alone. There is free student loan counseling available from the Federal Government, from your loan servicer and from most reputable banks. If you feel overwhelmed or fell behind on your payments, contact your servicer as soon as possible. Do not wait. You can get back on track with some timely action.

Top 5 mistakes you are making when you borrow money

Top 5 Mistakes you are making when you Borrow Money

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It has happened to most of us. We run into some financial trouble and end up borrowing from friends, relatives or lending institutions. Often times though, we are so focused on the problem that we hope to solve with the Money that don’t consider the cost and consequences of borrowing.

Here are five most common mistakes that you make when borrowing money.

mistakes you are making when you borrow money

Not taking the time to research current rates and consider all options

When you need money, no matter if it is to repay debt or buy a new car, borrowing is the easy means to an end. There are many options that you can choose from – some more traditional like bank loans, more emotional – like family or friends, more innovative – like peer lending, or quicker – like payday loans or car title loans. They all offer different terms and conditions, rates and repayment options and entail different risks in the event of default. It is critical to evaluate your current financial situation, credit, actual financial needs and future repayment options before borrowing. Sometimes, other solutions are available that will serve your family better in the long run. For example, if you are behind on bills, you can negotiate payment plans or deferments. Or, if you are being offered high interest, it may make sense to wait, get credit counseling  and raise your credit score prior to financing a large purchase.

Not thinking in the long-term

If you need money urgently to cover medical expenses or very overdue bills, you are usually focused on the current situation and how to resolve it as soon as possible. This means that sometimes you approach the borrowing process emotionally, without considering the long-term effect it will have on your finances. Loan repayment, however, is a long process that takes a few months to a minimum up to several years. This is why you need to consider very carefully how this will affect your month-to-month living expenses. Setting up a weekly or monthly budget to follow is a good way to keep track of your finances and avoid any further trouble. At the end of the day, you do not want to solve one problem for today and create another in the long-term. This also means that you should not approach a lending institution emotionally. Make sure to think your decision over before deciding to take a loan, especially if it is not urgent. Perhaps if you just want to buy a newer car or take a vacation, you should wait until you can afford it, get a better interest rate or put more money down rather than borrowing the entire sum.

Not reviewing the documentation carefully or asking questions

Loan documentation is quite complicated and you need to read it carefully before agreeing to the terms. Be especially careful with the fine print. Do not approach the loan application form as a simple questionnaire that you can fill in between your other responsibilities. Take time to review all the documents carefully and even note down any questions you might have. Ask the lender as many questions as you need until you are sure that you understand everything. Another reason to pay great attention to the documentation is that your application may be turned down simply because you have not filled in your form properly. So, take your time prior to signing anything.

Not telling the truth

Lying on your loan application form may have very negative repercussions on you. You may end up not receiving the money you need but what is more important it is illegal to provide incorrect information about your income or credit history. While not all lenders check your credit score, car title loan companies don’t for example, or verify all the information you provide, it becomes clear eventually that you have lied. Lending institutions are aware that some people go as far as to provide the social security number of a spouse, relative or friend in an attempt to receive a more favorable loan. While this won’t happen, the result will be a fight with the person whose information you have misused and even worse – you might be accused of identity theft. Therefore, it is advisable to be as honest as possible about your financial situation, current, and future plans so that you can get proper advice on which loan is better for you.

Continue spending as usual

One of the significant mistakes made by people, who have borrowed money, is to continue with their unhealthy spending habits. Quite often the borrowed money is perceived as free cash or an option to continue life as usual without thinking about the repayment schedule. The other reason for people to fail changing their routine is the thought that they got away this time and repaid their debt by borrowing money, which means they can do it over and over again. This quickly turns into a vicious circle where you take one loan to repay another, which diminishes your credit score and respectively worsens the conditions under which you receive the next loan. Plus, the money you spend repaying interest could have been used to create an emergency fund that would have allowed you to avoid borrowing money next time. Therefore, it is of paramount importance to change your spending habits and get used to living with a budget. Take some financial counseling on how to do it if necessary or use any of the free mobile budgeting apps to help you with that.