If you want to learn more on Excel visit

http://spreadsheets.about.com/od/excelformulas/ss/formula_begin.htm

http://office.microsoft.com/en-us/excel-help/excel-help-and-how-to-FX101814052.aspx?CTT=97

http://www.vertex42.com/ExcelArticles/

Customized Excel Spreadsheets could be very useful to track and calculate your loan / personal finance.

Here’s the list :

Loan amortization schedule & Payment Schedule

#1

Click for full size

Excel version: Excel 2003 or later

Description: (from site) Use this loan amortization schedule to create a loan summary and payment schedule based on the terms of the initial loan.

Useful for : General use, personal loans, keeping track on your loan payment.

Download Here

#2 

Click for full size

Excel version: Excel 2003 or later

OpenOffice, and Google Docs versions are also available.

Description: (from site) 

This spreadsheet-based calculator creates an amortization schedule for a fixed-rate loan, with optional extra payments. The payment frequency can be annual, semi-annual, quarterly, bi-monthly, monthly, bi-weekly, or weekly. Values are rounded to the nearest cent. The last payment is adjusted to bring the balance to zero.

Version 1.6 lets you make multiple copies of the Schedule worksheet within the same workbook, to compare different loans and scenarios.

Download Here

Mortgage Amortization Schedule & Mortgage Calculator

Click for full size

Description: Use this mortgage amortization schedule to create a mortgage summary and payment schedule based on the terms of the initial loan; includes key figures.

Excel version: Excel 2003 or later

Download Here

Personal Finance

Personal Budget Excel Spreadsheet

Description: This sheet help you run your income and expense break down by almost any category you can think of. Such as daily living expense from clothing to pet food, and eating out, or home expenses like cable, water, gas, etc.

Very usefull tool to stay on budget, this is the tool to start if you want to know how you make and spend your money. Can help you on saving money be seeing where you spend and where you can cut some of your expense.

Excel version: Excel 2003 or later

OpenOffice, and Google Docs versions are also available.

 Download Here

Where you Can Find More Finance Excel Spreadsheets?

http://office.microsoft.com/en-us/excel/ - Free excel templates from Microsoft, you can find many  types of templates for personal and business finance.  Such as Collage budget, invoice for personal or business uses. All Free.

http://www.vertex42.com - An excel expert Jon Wittwer with many high-quality and very useful excel tools easy-to-use for personal (free) or commercial use. (paid) If none of the tools above was what you were looking for you most likely find it there, here is a link for all the tools on the site http://www.vertex42.com/ExcelTemplates/

http://www.tvmcalcs.com/calculators/apps/excel_loan_amortization - another template that was not listed above with information on creating an amortization schedule. To download browse to the bottom of the page.

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1. Be employed for a minimum of two consecutive years. Avoid employment gaps. If you switch jobs during the home buying process, stay within the same line of work.
2. Provide proof of regular, steady income. Keep records of past tax returns, pay stubs, bank accounts, or W-2 forms to demonstrate stability.
3. Build your credit rating to 680 or higher by paying off debts and paying bills on time.
4. Reduce spending to save for your down payment – save at least 3.5 percent of the purchase price if applying for an FHA mortgage.
5. Know your options and learn about different home loan products. Use a broker, ask questions, read books, and do online research.
6. Keep debts low to maintain a low debt-to-income ratio. Lenders are strict with regards to debt payments, and they may reject your mortgage application if your debt payments exceed 36 percent of your gross income.
7. Use a co-signer or co-borrower if your score is below 680. Co-signers can also help you obtain a mortgage if you don’t have enough income to qualify for a specific amount.
8. Apply for a house that you can comfortably afford. As a rule, keep mortgage payments below 28 percent of your gross monthly income.
9. If your credit report reveals past issues, such as lateness, foreclosure, or bankruptcy, include an explanation on your credit report indicating the cause of delinquencies. For example, lateness might result from a past layoff or the inability to work due to illness.
10. Pay off old judgements, charge-offs, and collection accounts before applying for a home loan.

Related posts:

1. 6 Things You Need to Know About Refinancing Your Mortgage

Refinancing can be a godsend if you can’t keep up with your payments. By means of a refinance, you can possibly reduce your mortgage rate or extend your mortgage for another 30 years. In the end, refinancing decreases financial pressures and helps lower your home loan payment.

Before you get excited, it’s crucial to understand how refinances work. There are tricks to getting qualified. The more you know about refinances, the better your odds of obtaining a new mortgage loan.

1. You Need Home Equity

Being upside down on your mortgage or owing more than the present value of your house can stop a refinance. Lenders will send an appraiser to your house and refinancing is subject to adequate equity. Refinancing requires a minimum of 20 percent equity because lenders will only finance up to 80 percent of the property’s value. If you refinance and get an FHA mortgage loan, you only need 3 percent equity.

2. Minimum Credit Score

Past mortgage approvals have no bearing on the present. With this said, refinancing your mortgage requires completion of a new mortgage loan application. This application undergoes a review process and lenders base approval on your present credit standing. You need a score of 680 or higher; and if you’ve developed credit problems since applying for the original mortgage, this could prevent a refinance. Lenders might hold off approving your application until you’ve addressed these credit issues and increased your score.

3. Adequate Income

Some people apply for a refinance after a job loss to avoid mortgage foreclosure and lower their mortgage payment. Regrettably, this plan isn’t always effective. A significant drop in income greatly reduces your chances of refinancing your mortgage. Lenders might rule that you can’t afford the house. A lender won’t force you out of your property, but the bank can deny your request for a new mortgage.

4. Debts

Your obsession with acquiring “stuff” might disqualify you for a refinance. Unknown to some applicants, credit card balances and other debts weigh heavily on the decision process. As a rule, an applicant’s debt-to-income ratio must not exceed 36 percent of his gross income. This includes debts from credit cards, auto loans, student loans, personal loans, and the mortgage loan. Maxing out credit accounts and taking out unnecessary loans increases your debt ratio.

5. Refinancing Costs

Be prepared to dip into your personal funds when refinancing a mortgage loan. Creating a new mortgage loan isn’t free. There are broker fees, home appraisal fees, credit report fees, and other costs. These costs, on average, range between 3 and 5 percent of the mortgage balance.

6. Shopping Around

Mortgage lenders and brokers are not in cahoots with each other. Each financial institution has its own criteria for determining loan approval and interest rates. What’s more, fees can vary amongst lenders and brokers. The excitement of refinancing and reducing your payment might compel you to accept your first offer. However, your first offer might not be the best, and other lenders might quote cheaper rates and costs. Take your time, shop around, and obtain quotes from at least three mortgage companies before making a decision.

Related posts:

1. Refinance Your Mortgage with a Shorter Term Loan

Which Banks are Involved in the Mortgage Settlement?

The settlement includes all states – except Oklahoma – and five mortgage lenders. The involved banks are Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo. Not included are Fannie Mae and Freddie Mac, which previously participated in the Making Home Affordable (MHA) program.

How does the Settlement Affect Foreclosure Victims?

Property owners who lost their homes to foreclosure may be eligible for compensation. If the property was foreclosed on between January 1, 2008 and December 31, 2011, these former home owners may be entitled to a one-time $2,000 payment. Of the $25 billion involved in the settlement, $1.5 billion is specifically set aside to fund these payments. The former property owner must show that adequate loss mitigation information was not sent out by the lender. Eligible parties will receive notification of their claims and may also have the opportunity to receive additional restitution – on a case by case basis – under the oversight of federal banking regulators.

Does the Mortgage Settlement Benefit Borrowers Current on Their Mortgages?

Whereas the MHA program targeted mortgage borrowers already in default, this settlement also benefits borrowers who are current on their payments. “Servicers will have to provide up to $3 billion in refinancing relief nationwide,” the National Mortgage Settlement site explains. To be eligible for relief, the home owner must be current on the mortgage payments but not able to refinance the loan because of negative equity. If the loan to value ratio exceeds 100 percent, the mortgage interest rate is higher than 5.25 percent, and the property owner can show that a refinance would result in savings of $100 per month, the bank that is servicing the loan must notify the borrower of the program.

Will Defaulting Home Owners Have an Opportunity to Get Relief?

The lion’s share of the mortgage settlement, some $17 billion, are earmarked for programs assisting home owners who want to remain in their homes but can no longer afford the payments. Of the $17 billion, 60 percent must go to loan principal reductions.

Do Property Owners Benefit, if They are Ineligible to Receive Direct Aid?

Investors holding mortgage bonds, borrowers whose mortgages are held by non-participating banks, and the real estate market all benefit from the settlement. Taking a look at 2009 statistics from the Center for Responsible Lending, it becomes clear that a foreclosed property causes an average $7,200 drop in adjacent property values. When the foreclosed property is not well maintained and looked after, it will “cut a community’s tax base, and can contribute to crime.” As a result, real estate investors will benefit from a reduction of possible foreclosures alongside home owners and real estate buyers or sellers.

The national mortgage settlement is a great victory for home owners, but its execution is not instant. In fact, the program will unfold over a three-year period. Borrowers should not be surprised if it takes six to nine months for a participating lender to contact them over program eligibility.

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No Credit History

Traditional lenders look at an individual’s credit history before lending him money. Most people need to have repaid debt before to be able to qualify for credit cards and loans from traditional lenders. Payday loans, on the other hand, do not require a credit check and are available to people regardless of how they have handled debt in the past.

Few Family Connections

Individuals who are connected well to their families can often borrow from family members in situations in which others have to turn to payday loans. Even people whose families will not lend to them can often get a family member to co-sign on a traditional loan or line of credit, which allows the individual to borrow at a more reasonable interest rate for a longer period of time.

Stable Income

Payday loan lenders typically require borrowers to show pay stubs proving that they have stable income before they are allowed to borrow. Therefore, individuals who are not employed, who are self-employed, or who only work sporadically will probably not be able to borrow with payday loans. This is because the lender needs assurance that the post-dated check will clear the bank after the next payday.

Desperate for Cash

Payday loans are one of the most expensive ways to borrow money, especially when compared with long-term loans, such as personal loans from the bank or even credit card cash advances. Therefore, they are made for people who are desperate for cash and cannot wait to get a loan with a lower cost. Payday loan lenders allow you to walk in with your pay stubs and a post-dated check for the loan amount and fees and walk out just minutes later with cash in hand.

Able to Repay Quickly

People who know they have a windfall coming do much better with payday loans than people who are just not able to keep up with their day-to-day living expenses. If someone needs a payday loan to pay other bills, it is unlikely that he will be able to pay his bills during his next pay period after repaying the payday loan as well. On the other hand, if the borrower is just waiting for a big check, like a tax refund, he will be able to repay the first payday loan without having to take out another one, getting him out of the cycle of debt.

Because of the high cost of payday loans, you should avoid them unless you meet the criteria of the ideal payday loan borrower. If at all possible, turn to other sources to borrow money so you don’t have to pay the very high fees on payday loans.

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From the point of view of a business owner, however, an unsecured business line of credit is considerably more appealing. Imagine this: you can acquire the funds you need for your business without having to put any of your existing investments or properties at risk. The requirements when applying for an unsecured business line of credit may vary depending on the lending company. To apply for an unsecured business line of credit, you will have to do the following:

1. Have an established business. Simply put, you can’t qualify for an unsecured business line of credit if you’ve just put up your business or if your business is still in the planning stage. Your business needs to be at least two years old for most lenders to consider your credit application.

2. Submit your contact details. Although many businesses today are found online, websites and email addresses are still not considered valid contact information. You should submit a real address, a phone number, and a fax number.

3. Prepare legal documentation. Lending companies will want to verify whether your business is legitimate and duly registered with the proper government agencies. Gather all documents pertaining to your business. These include business permits, licenses, taxes, contracts, and financial statements. Be ready to present these to the lender.

4. Build a credit profile for your business. No lending company will grant you an unsecured business line of credit if you do not have a proper credit profile. An agency like Dun & Bradstreet (dnb.com) can help you create a credit profile.

5. Improve your Paydex score. Dun & Bradstreet developed the Paydex. It’s the numerical score given to businesses that tells creditors their promptness in paying back loans to creditors and suppliers. Think of it as the FICO score for businesses; your Paydex score measures your creditworthiness as a business owner. The Paydex score range is 0 to 100. The higher your Paydex score, the better your chances of getting approved for an unsecured line of credit. A Paydex score of at least 75 is considered healthy.

6. Prepare a written proposal. In this proposal, state the reasons you need an unsecured line of credit, the amount of money you want to borrow, and how you plan to put the money to use.

Since the decision to grant an unsecured business line of credit lies in the lending company, there’s no telling whether your application will be approved or not. At the end of the day, it all boils down on how trustworthy you seem to be in the eyes of the lending company. Remember that lenders don’t have any security in case you fail to make payments, so you can’t blame them if they choose to reject your application. The only thing you can do is to keep submitting your applications to different companies and hope for the best.

Related posts:

1. Getting a Small Business Loan With No Credit
2. Small Business Loans: Reliable Financing

However, you shouldn’t give up before you’ve even begun. Although fewer loans are being granted these days, banks and other institutions – notably, government agencies tasked with fostering economic development – still have some money to lend. There’s no reason you can’t win some of it, assuming you do your homework. Here’s a list of steps you can take to get that loan:

1. Develop a detailed, specific business plan that describes what you plan to do with the money and how long it will take to accomplish your goals. Potential lenders will ask you for your business plan immediately, but it’s astonishing how many business owners don’t have a detailed document to show them – or worse yet, don’t have a business plan at all. You can’t accomplish your goals if you haven’t thought them through, nor should you expect someone else to back those goals if they can’t easily read them.

2. Determine exactly how much money you need to accomplish your goals, and then add at least 20 percent. You may think it’s easier to borrow a smaller amount than a larger amount, but that’s not always true – and borrowing more now will be easier than trying to get another loan if you’ve run out of money too soon. Don’t low-ball your loan, either; allow yourself a comfortable cushion to get your project on track and profitable.

3. Spend some time talking to fellow business contacts at your local Chamber of Commerce. If your area doesn’t have an active chamber (or if the group is particularly small), attend a regional or state-level meeting. Many of these people have been in the same situation you’re in now, and some may have suggestions about banks or agencies you can approach that are familiar with your particular industry. In addition, they’ll be able to describe the loan process to you, which will help you get better prepared.

4. Research small business loans backed by the Small Business Administration or by an agency in your state. Although some federally-backed small business loan programs expired in September 2011, you may find one that suits your needs. The SBA has regional offices in every state, and the agency’s personnel are there to help you. In addition, most states have economic development authorities, and some of those back small business loans.

5. Consider approaching a smaller bank first – especially one that’s based nearby. Smaller banks frequently have a less-intimidating loan process that benefits from more of a “personal touch.” In addition, those banks often have a stated business policy of helping the local economy. If you plan to use your small business loan to hire extra workers locally or to provide other economic benefits, say so – it’s more likely to have an effect at a local bank. Also, it goes without saying that you’ll need to present a professional, business-like persona during your loan interview, so dig your best suit out of your closet, even if your workday outfits consist of jeans and t-shirts.

6. Don’t give up, even if the first two or three banks you approach say no. Ask the loan officers for an explanation – they may give you an opening to resubmit your application, or possibly supply you with some information that can help you at the next bank. If your rejections are piling up, consider talking about your situation with your regional SBA or state small business office to see if there’s a better way to approach your specific set of circumstances. You may simply need to polish your business plan, or you may need to revise your entire project and timeline – but there’s no way to know without asking.

7. If all else fails – and this is a tough economy in which to get a loan, especially if your business has never applied for credit before – consider drawing on your own resources to secure a loan. If your home has any equity left, you may be able to tap into that. As a last resort, you can open a personal line of credit. However, the interest rates on unsecured loans tend to be near-extortionate, and could tax your growing business too severely.

Overall, you shouldn’t assume that just because the economy is bad, you won’t be able to get a small business loan … even if your small business has no previous borrowing experience. However, the bad economy does mean that it’s much more important to develop your plans thoroughly before approaching potential lenders, and to use all your contacts, plus make some new ones, in search of a loan program that will work for you.

Related posts:

1. Small Business Loans: Reliable Financing
2. How Small Businesses Get Bank Loans

When You Should Never Take a Payday Loan

If your financial problem is a long term one, it does not make sense to take out a payday loan. This type of borrowing offers a temporary solution at best. It is too easy to carry over your payday loan when you are still experiencing financial difficulty. This practice can increase the amount of money you owe tremendously, based upon the high interest rates and fees that are attached to payday loans. Eventually, your weekly payments on these payday loans only pay off the new interest charges, and you never pay down the principal amount taken out with the payday loan.

It can also become addictive to keep taking out payday loans, one after the other, just to avoid not having any money in your possession. It is difficult to resist the urge to borrow money through a payday loan simply because the process is so easy.

There is one rule of thumb that everyone considering taking out payday loans should follow all of the time. It is simply that anyone who cannot pay off the debt in full at the time it becomes due should never take out the payday loan in the first place.

When to Consider Taking a Payday Loan

If your financial difficulty involves a one-time shortfall of cash and your next paycheck is going to be enough to pay off the debt without causing you more financial problems, then you may want to consider taking out a payday loan. The general rule of thumb here is that if the payday loan is going to save you money and you are going to be able to pay it off in full, then it is worthwhile to borrow the money.

Are you overextended financially and need help meeting a credit card payment this one time only because of unexpected car repairs or dental bills? If so, then a one-time payday loan can save you the expense of a late fee and additional interest charges on a missed minimum payment on your credit card bill.

If you are faced with the choice of either missing out on several days at work or taking out a payday loan to repair the car, then by all means, take out the payday loan. The fees that you pay are probably going to be less than losing income from your employment.

You might find yourself short of the cash needed to pay off an installment loan that is currently due and payable if you want to avoid paying the interest charges that have

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Starting up a small business involves a great many tasks including locating reliable financing to fund your business start up. Most start up businesses have two options when it comes to obtaining reliable financing- a privatized or a subsidized loan. The loan should provide sufficient financial backing that will carry the business owner over the first two years of the business.

Applicants with the best credit ratings are generally in the best position to obtain a privatized loan. However, if an individual can meet the requirements for obtaining a subsidized loan, he should start in that direction first.

Small Business Loans: Qualifying

Part of the application process involves the presentation of a clear business plan. The more detail that the applicant can provide, the better his chances are of securing a business loan. The business plan should include a comprehensive prospectus that covers a timeframe between the first two and five years. The following items should be included: estimated start up costs, projected number of employees, anticipated revenue, targeted market, current resources, and product inventory.

Small Business Loans: Subsidized

The Small Business Administration or SBA offers a number of subsidized business loans to those endeavors that meet the qualifications. The SBA offers this type of business loan in an effort to encourage the start up of specific types of businesses or to encourage particular businesses to start up in specific geographic locations. Only applicants who meet one or the other of these two qualifications can take advantage of subsidized loans.

A subsidized small business loan sometimes carries a lower interest rate than privatized loans, providing a lower overall cost to the business that manages to obtain one. Another reason that a subsidized small business loan is less expensive is that some of the associated costs of obtaining a loan are picked up or subsidized by the government.

Small Business Loans: Privatized

Privatized business loans originate from mainstream lenders such as credit unions, local banks, and large bank conglomerations. Any application for a small business loan for a start up business is going to undergo thorough scrutiny. Even small business loan applications from established businesses are going to receive a complete examination of the pros and cons associated with loaning money to that particular business.

In both cases, the business applicant should provide a well-defined plan for the next two years of business. This plan provides the lender with a firm indication of the potential for success that such an endeavor might expect. Applications that do not include this type of document have a smaller potential for approvals.

Related posts:

1. How Small Businesses Get Bank Loans

Unexpected expenses have a tendency of showing up at the most inopportune moments. When you are living from one week’s paycheck to the next, it is difficult to find the money in a hurry. Most likely, you have no savings, little or no credit, and no one to spot you a few thousand dollars. If you need that cash quickly, where do you go?

After all, if you need the money to replace a vehicle, pay for emergency medical treatment, or save your home from immediate foreclosure, you can’t just ignore the fact that you need the money. Accessing immediate funds or getting a fast small loan of $5,000 overnight might be the most important aspect of your life at this very point in time. Where do you go and who do you ask for $5,000 that you can receive overnight?

Your Options

In most cases, a potential borrower can choose between a personal loan and a payday loan. If you have good credit, choosing personal loans is the better option. Payday loans often charge exorbitant fees and interest rates while offering shorter repayment terms, whereas personal loans provide longer repayment terms and more affordable interest rates.

Personal Loans

Available as either secured or unsecured, personal loans allow people to borrow a sum of money between $500 and $10,000 over a certain repayment term (period of months) and at a specific interest rate. Secured personal loans generally have lower interest rates. Personal loans offer an easy way to get a fast small loan of $5,000 overnight.

A secured personal loan requires collateral to be put up as security in case the borrower defaults on the loan and fails to repay it. The lender would then seize the collateral in lieu of payment. An unsecured personal loan does not require any collateral, and is usually available for smaller amounts of money only.

Personal loans are obtainable from a variety of lenders. The borrower may need to pay an application fee at the time of his request. A short repayment term, based upon the amount borrowed and the terms offered by the lender in question, is common. Higher interest rates are offered to individuals with bad credit histories, and the amount of money that can be borrowed may be limited for this type of borrower.

Payday Loans

One of the easiest strategies to obtain money quickly when you have bad credit is to get a payday loan. Payday loans are also called cash advance, check advance, payroll advance, deferred deposit check, or post-dated check loans. No matter what name you obtain one of these loans under, the terms are going to be relatively the same. You get to borrow a sum of cash from a lender right away and with little, no, or bad credit attached to your name. Of course, you are going to have to pay an incredibly high interest rate and a hefty fee for the privilege of borrowing this money. However, if you want to get a fast small loan of $5,000 overnight, you really don’t have many options.

A payday loan is an expedient or super fast way to get your hands on some cash immediately without relying on an excellent credit score to do so. In fact, your credit rating can be in the tank and you can still access a payday loan quickly with a small amount of information and your signature promising to repay the debt.

Unfortunately, you aren’t likely to find a payday loan lender who is going to advance you $5,000 at one time. Most payday loan lenders limit their overnight loans to a range of $500 to $1,500 at a time. The upside is that you can get the money quickly and without any hassles. You don’t need to put up any collateral or go through a credit/background check.

Applying for a payday loan can be accomplished easily and quickly over the internet with the completion of a simple application form. Since payday loans are regulated by the state and federal government, the exact amount that you may borrow and the length of time that you have held your bank account or employment varies. It is possible that you may not be able to get this type of loan in your state. Typically, you pay back the borrowed debt on your next pay period. Since many different payday loan lenders are available, you should look at your options carefully before selecting a specific lender.

$5000 Personal Loans Providers & Compare Options

Personal loans are available from the following lenders:

http://www.lendingtree.com/personal-loans/ – Connects borrowers via an online application to a variety of lenders offering personal loans for debt consolidation, medical bills, emergencies, and more. No collateral required. Terms and interest rates vary depending on the amount borrowed and the lender chosen to provide the personal loan.

http://www.onemainfinancial.com/USCFA/personal-loans.do – Offers online and local-branch application on loan amounts of $300-$10,000 with repayment terms of 12 to 60 months, fixed interest rates, no prepayment penalties, flexible payment options, and no collateral or homeownership required. Money received the same day if approved by CitiFinancial by noon.

www.wellsfargo.com/personal_credit/products/options/unsecured_loan – Offers online application for personal loans of $3,000 to $100,000, fixed interest rates, and loan repayment terms up to 60 months. Two-hour turnaround on most application decisions with immediate funding via direct deposit by Wells Fargo or via check at a later date.

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Asking yourself those questions before taking out a payday loan could save you a lot of money in the long run. In some cases, you may find that a payday loan is truly your best option, but other times your research may reveal a more affordable source of quick money.

How Soon Can I Pay the Money Back?

Payday loans are designed to tide people over from payday to payday, hence the name. Before you take out a payday loan, it is important to ask yourself how soon you will be able to pay the money back.

When you take out a payday loan, you will have a specific due date for paying the money back. If you are unable to pay the money back on time, you could face higher charges and interest rates, making it even more difficult to get out from under your financial burden.

It is also important to find out how quickly you are allowed to pay the money back. Some payday loans require you to wait for a specific amount of time, so you may not have the option to pay the money back early and avoid additional charges. If you are expecting a financial windfall and just need to cash to tide you over, you may want to seek out a payday loan that can be paid back early.

What is the Effective Interest Rate?

While payday lenders are required to disclose the effective interest rates of their products, that information is not always easy to find. You will need to go through the fine print carefully to determine exactly how much you will be paying in interest.

If you have more than one payday lender in your neighborhood, it is a good idea to shop around to see which one offers the best rates. You may be able to save yourself a lot of money simply by choosing the payday loan with the lowest effective interest rate.

What Charges Will I Face if I Do Not Take Out a Payday Loan?

One of the most compelling reasons to take out a payday loan is to avoid late fees, extra charges or credit repercussions, so it is important to weigh the cost of the payday loan against the cost of being late on a bill.

If you have a credit card bill due, you may face some hefty late fees, as well as higher interest rates that can last for months or even years. Taking out a payday loan to avoid those charges an make a lot of sense, and save you money in the long run.

Taking out a payday loan also makes sense if the alternative is a late mortgage payment. Missing even single payment on your home can really damage your credit, and taking out a payday loan can protect your credit rating.

Can I Get the Money Elsewhere?

One of the most important questions to ask yourself before taking out a payday loan is whether you could get the money elsewhere. Payday loans can be a good way to get money, but they are also quite costly in terms of interest rates and other charges.

If you can get the money elsewhere, like borrowing it from a friend or family member, that could be an attractive alternative to a payday loan. Before you head down to the payday loan lender, you should first look at all other options you have for getting the money you need.

Payday loans certainly have their place in the financial world, and they have saved many people from late charges, damaged credit and other long-term problems. As with any financial product, the key to using a payday loan wisely is to do your research before you act. Understanding the terms and conditions of the payday loan, and examining all of your other options first, just might save you a lot of money and hassle.

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First Things First

When buying a car you must know what you can afford. It is better to sit down and review your budget to see how your monthly payment for the auto loan will affect your household.

The rule of thumb is not to go beyond fifteen to twenty percent of the household budget for transportation expenses.

It will also be wise to check on your credit standing since this will be the basis of the interest rates and ultimately your monthly payments. If you have to deal with some financial mistakes then deal with it head on so you can pull up your credit score. It will be beneficial for the auto loan and also for all other financial transactions.

Shopping early for the car that you want is also good since you will have an idea of the price and you can confidently walk your way into the show room. Knowing what to expect is best when buying an old car or the latest model if you have done your homework.

Mistakes to avoid

Car dealers need to earn their living. They will sell at the highest price possible. If you show something that they can capitalize on, then say goodbye to your dollars.

Here are 5 mistakes that a car buyer can avoid:

1. Buying the vehicle not for you –You don’t need to buy a truck if you only drive less than a mile to the grocery. No sports car if you are a family man of four kids. This is a simple rule for the car loan game.
2. Be realistic – if you are about to go gaga on a car try to hold back your emotions. If you have a budget of $25,000 and the car of your dreams is at $35,000, maybe you can still haggle for a lower price. Just don’t expect that you can get it at $25,000.
3. Deals by location- dealers have price differences in every car and in every model. You have to check the Customer Satisfaction index of a dealer or check their complaints records before negotiating with them. Positive records show how you can trust them with the car deal.
4. Broker Assistance- if the tough gets going do not call a broker immediately to help you out. Brokers have special price arrangements with dealers where you will not be on the winning side.
5. Do not celebrate too early – if the dealer gave in to the haggling wait until you enter the business office. Watch out for price add-ons like the insurance and other services.

To meet the dealer head on you must have done your home work before walking in to the showroom. You don’t have to be a hostage but take control of the bargaining. Remember that the first offer is not the best and you can always wait for price split for the better.

If they can’t give what you think is best and feasible, then walk away and see what they do. If they don’t go after you to give you other options then go to the next car dealer and shop for the best deal again.

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Some Startling Facts

According to Finaid.org, student loan payments are strangling a lot of college graduates. They offer some startling facts. For example:

• 65% of 4 year undergraduate students graduate with student loan debt.
• The average student loan debt is over $23,000.
• 14.6% of student loan borrowers graduated with over $40,000 in debt.

Instead of spending a lifetime digging out of student loan debt, the smart graduate will work to pay off their educational loans early. By creating a plan and sticking to it, student loan borrowers can pay off a small loan in one to three years and a moderate loan in four to six years.

Five Ways to Pay Off Your Student Loans

Here are five way things you can do to get out from under your student loans early so you can stop paying and start living.

1. Eliminate extras: Cut out designer coffee, movie nights and dinners on the town. You can use the cash you save to pay down your student loan debts.
2. Sell your car: The money you spend on car payments, insurance and gas can be reallocated to lightening your debt load. Use public transportation or get a bike.
3. Move home: Getting out from under Mom and Dad’s thumb may be a dream- come-true. But if you stay at home for an extra year you can chip off a big chunk of your debt.
4. Take a second, or third, job: By taking a minimum wage job and working twenty extra hours a week you can earn seven thousand additional dollars towards your student loans in one year.
5. Sell your stuff: It’s just stuff. And most of it you probably don’t need. Cashing out your trash will help slice your student loans.

What Not To Do

Don’t be tempted or get too creative. You may regret it. Some solutions may seem attractive at first, but in the end, they’re a recipe for trouble. Here are a few tricks you’ll want to avoid:

1. Skipping payments: If you fail to pay your student loans or don’t pay on time, your credit rating may be adversely impacted.
2. Using your credit card or a home equity loan: Rolling your educational debt into another loan won’t solve your problem. It will just create more debt.
3. Cashing out your retirement funds: If you tap into a 401K plan, you’ll likely take a big tax hit. In the end, you’ll end up losing money instead of saving.

Don’t spend the rest of your life paying off your student loan debts. Make a plan and stick to it. If you do, you’ll be out of debt before you know it.

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1. How to Manage Student Loans

Only accepting the bare minimum needed

If you only want to take out $300 for a payday loan or cash advance, but you are approved for $500, then do not be tempted to accept the higher amount. You may often be offered more than you have requested if your credit rating is ideal because the payday loan company knows you are a low liability. It can also be because you generate enough monthly net income to qualify for higher amounts or have collateral.

You must keep in mind that a higher amount will result in an even higher amount that will need to be repaid. Because of this, only accept the bare minimum that you need to keep the interest rates and other finance fees low on your payday loan.

Ensuring the deadline is met

If you are late with repaying your loan amount and its additional charges, then you will only acquire even more charges. Because the amount of time you are given is relatively short, then you must ensure that the amount you borrow can be repaid completely within that timeframe to avoid late charges.

For those that cannot meet the deadline, you can see if the payday loan company will allow a rollover, which is an extension. However, extending the payday loan will also result in additional interest rates charges and a higher amount owing.

Only using payday loans for emergencies

Although you may be tempted to use payday loans for a luxury item, it is not a healthy decision. Because of the high rates and the short repayment time, you may find yourself further in debt. This is why you must only use payday loans to cover emergency expenses until you next receive your paycheck.

Always remember that payday loans are designed to be short-term loans. As long as you do this and manage the loans accordingly, then you will be able to free yourself from financial trouble as opposed to creating more of it.

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Capacity

What is your capacity to grow? What are your cash flows, profit, and debt levels? How will you repay the loan?

Character/Credit Score

What is your personal and small business history of credit management?

Conditions

What is the purpose of the loan? How will the money be used?

Capital

How much of your own money and investor money do you have in the business? Banks want to see a personal stake in the success of the business.

Collateral

Loans can be secured or unsecured. Depending on the amount and purpose of the loan, collateral may be necessary in the form of accounts receivables, inventory, equipment, or real estate.

Customer

You are more likely to get a loan from a bank when you are already a customer in some other area. A small business should establish a depository relationship with a bank at a minimum as well as consider cash management services, personal banking, and investment services.

If this seems like a tall order, then take some comfort in the fact that it will not just be banks requiring more rigor and financial control of your business. Good discipline will get you the very best rates and lower your overall expenses for insurance and taxes as well as increase your chances of obtaining outside investors.

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Payday loans, also known as cash advance loans, allows you to borrow funds without having to pay them back until a designated date in the near future, typically your next payday. Typically, a borrower will write a check out to the lender, and the lender will hold this check until payday. Lenders usually charge a initial fee for payday loans, so the check would be written out for the amount borrowed plus the amount of the fee. A more modern method for obtaining payday loans simply requires you to fill out an application online using your bank account information. The deposit and withdrawal of funds is completely electronic, though sometimes the lender will require that you fax them a bank statement or pay stub for verification purposes. With most cash advance lenders, a credit check is not required, which is a key advantage for those with bad credit.

Cash advance fees are based on what you borrow and are calculated in one of two different ways. One method charges a percentage of what you borrow, usually between 10-20% of the loan. The second method is similar, but calculates fees per amount, such as $15 per $100 borrowed. These are just the initial fees, which may not seem too severe if you are in serious need of cash. If you don’t pay the loan back right away and ask for an extension, however, these nominal fees can quickly skyrocket. The annual percentage rate, or APR, on payday loans can be astonishingly high, sometimes upwards of 500%. This can suddenly turn your initial $10 fee into $50 or more.

Payday loans can be helpful if you use them wisely. They should be used only if you truly need them, which will usually be an urgent situation when you need cash immediately. At this point, the only other options might be getting an advance on your paycheck from your boss, getting a cash advance on your credit cards, or borrowing from family or friends. Getting an extension on bills that are due might also be a good way of buying yourself a few days. It is important to weigh your options carefully before making a decision.

In any case, you may still decide that a payday loan is right for you, in which case you will want to compare lenders to make sure you are getting the best deal. Compare both initial fees and extension fees, as well as how long you will have to pay the loan back. When you get a payday loan, try to pay it back as soon as possible. If you pay it off early, you may be entitled to refund on a portion of your fee. At the very least, be sure the proper funds are in your bank account so that when the loan amount is withdrawn you don’t have to worry about overdraft fees.

In the future, try to avoid putting yourself in a situation where payday loans are necessary. Budget your money carefully so you can avoid overspending, and allow yourself at least a small amount of savings every paycheck to go towards an emergency fund. Try to be in search on long term solutions that will improve your financial situation in the long run.

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One thing most people do not consider about their mortgage is that the total interest that you have to pay over the lifetime of the loan can add up to a very significant amount over an average thirty year mortgage loan. Depending on the interest rate of your loan, the total interest you will pay over those thirty years can be two or three times the amount of your initial loan. By reducing the time you have to pay off the loan to fifteen years, you will end up saving many thousands of dollars in interest.

Refinancing with a shorter term loan certainly is a smart move to make, but only if you have a good monthly cash flow. The monthly payments that you will be required to make on your shorter term loan will be more than what you would have been paying with your existing typical mortgage loan. This is because the interest rate that you will have to pay will normally be at the same rate as what you would have been paying in a standard thirty year plan.

Your loan repayments each month go towards paying the interest due and also towards reducing the principal, that is, the amount of money you still owe. After refinancing with a shorter term loan you will be gaining equity in your home at a faster rate. The equity that is received is based on the amount of the loan principal that you have already paid. When you have higher monthly payments you will be able to reduce the principal that you have left to pay much faster. This will reduce the amount that you still owe.

One of the major benefits of refinancing with a shorter term loan is that your mortgage will be paid off in fifteen years and will not take thirty years. This means that, once you no longer have to make those monthly mortgage repayments, you will have those extra years to use that money to take care of retirement plan contributions, education plan payments or anything else that you are looking to spend it on.

If you have the option to do it, you should look into refinancing your mortgage with a shorter term loan. By paying more each month, but for a significantly shorter period, you will be reducing the total interest you will have to pay and you will be gaining equity in your home at a much faster rate. Most importantly, your loan will be paid off many years sooner than your original loan would have been.

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Before you begin, you must know your loans. Do you have federal student loans or do you have private student loans? Federal student loans offer many more options for dealing with payment issues, but there will still be some options for dealing with your private loans too. Private loans may offer loan modification programs that can help you, and some private student loans may even have some forbearance options. Private loans can be the most devastating loans to deal with, however, so if you haven’t taken any loans yet, try to avoid private loans if you can.

You can usually save time and money by consolidating your loans before you start trying to use any of the strategies for dealing with payment problems. This reduces the number of phone calls you’ll need to make and the number of forms you’ll have to fill out. It also means you’ll only have to negotiate with one lender.

Here are some strategies you can use if you are having trouble making payments on your federal student loans. Using these strategies is as simple as calling your loan provider and asking for the appropriate forms. These strategies are all very healthy for your credit report as the banks will continue to report “Paid or Paying as Agreed” every month so long as you meet the terms of each of these programs.

Ask for a deferment

When you defer a loan, you don’t have to pay, and interest does not accrue. A deferment can buy you up to 9 months. Some loans can be deferred multiple times. You do have to meet certain conditions for a deferment. There are deferments for temporary disability, for enrollment in rehabilitation programs for the disabled, for enrollment as a full-time student, for temporary unemployment, and for economic hardship. There are limits on how many times you can defer your student loans, but deferments are ideal for getting you through temporary situations.

Try forbearance

If you don’t qualify for a deferment you may qualify for forbearance. Interest accrues during forbearance, but you don’t have to make payments. Furthermore, the typical length of forbearance will buy you a year of time. Forbearances are easier to obtain than deferments are. You can typically obtain forbearance if you have health problems, if you have unforeseen personal problems, if your monthly payments amount to more than 20% of your monthly income, or if you have an inability to pay off the loans during your loan term.

Try a graduated repayment plan

Graduated repayment plans can help if you simply need lower payments. Graduated payments start low, but increase over time. There will be no surprises as you will be provided with a schedule ahead of time. It’s a good idea to use the time to either gain more income, or to attempt to remove some expenses. Paying off another bill to free up some money, for example, might be a good strategy to adopt. Always take a long term view that is aware that those payments will go up in the future.

Extended repayment plans are similar, but these payment plans increase your loan term. They are typically only available to people who have $30,000 in student loans, or more.

Try an income-based repayment plan

Income based repayment plans set a payment based on your income. This payment will change each year as your income changes. If you live below the poverty line your payment will be set to “zero.” Most other people will typically see payments of no more than 10% of their monthly income, though the percentage gets higher as your income rises. The total percentage is capped at 15% of your monthly income. It’s very important to fill out the appropriate paperwork year after year. If you stay on the plan for 25 years your loan will be cancelled, but the forgiven amount will be taxed as income. You’ll need to consult a tax professional to minimize the impact of this “income” when the time comes.

Take a public service job

Certain forms of military and law enforcement services make you eligible for loan cancellation. You can also get your loans cancelled if you provide certain services to needy populations, including some teaching and health care jobs. Public service can also apply: the Peace Corps, for example, is one eligible program. If you can get your loans cancelled you certainly will never have to worry about grappling with the payments ever again.

Don’t let a fear of student loans keep you from getting the education you need. While it is true that student loans cannot be discharged in a bankruptcy there are still many other ways to keep your payments from becoming a hardship.

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Plan participants can only obtain 401(k) loans if their employer’s retirement plan includes a loan option. The Internal Revenue service permits pension plan loans but does not require 401(k) sponsors to include loan provisions in these plans. Since 401(k) loans do not impact the plan sponsor’s bottom line, many plans include a loan provision. Additionally, 401(k) loans are easier to obtain than other types of loans since credit checks do not typically form part of the application process.

Generally, 401(k) plans are funded with employer contributions and employee elective salary deferrals. Retirement plans are subject to vesting schedules and vesting describes the process during which contributed funds become the property of the plan participant. Elective deferrals and earnings are immediately vested but in some instances employer contributions become vested over the course of six years. Vesting schedules are significant in terms of 401(k) loans because a plan participant can borrow the lesser of $50,000 or 50 percent of the vested balance of their account.

An employee can borrow money from a 401(k) in the form of a single loan or a series of loans. Loan terms can last for as long as five years and the loans are repaid with salary deductions. Significantly, 401(k) loans are normally funded with gross earnings while repayments are made with net earnings. Since 401(k) withdrawals are fully taxable this means that the borrower ends up paying income tax on the money prior to making a loan payment and again when the funds are eventually withdrawn from the account.

Interest rates on 401(k) loans are normally based upon the Wall Street Journal’s prime rate which reflects the average cost of borrowing for creditworthy clients at the nation’s leading banks. Home equity loan rates are also normally based upon prime rate. However, interest payments on an equity loan are paid to the bank whereas interest payments on a 401(k) loan are applied to the borrower’s own pension plan. This means that borrowers effectively pay themselves interest.

Retirement plan loans have to be repaid in full if the borrower stops working for the plan sponsor. In the event that the borrower fails to repay the loan, the loan is re-characterized as a pension plan withdrawal. The borrower has to pay ordinary income tax on the money and possibly state income tax. Furthermore, withdrawals from pension plans by people below the age of 59 ½ are usually subject to a 10 percent tax penalty.

People who take out 401(k) loans do not have to pay interest to lenders which means that these loans are a low cost alternative when compared with credit cards, personal loans and mortgage products. If the borrower remains employed for the duration of the loan term then the taxes are not a factor. However, job losses are not always foreseeable which means that anyone who takes out a 401(k) loan is taking a calculated risk.

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How does one keep from falling into the clutches of dishonest bad credit auto lenders?

• Research everything before applying for a loan. The only reason that dishonest lenders get away with their tricks is because the borrower is usually naïve to the process of buying a vehicle with bad credit. From credit scores to cosigners, take some time to get acquainted with what is needed for borrowers with bad credit to secure an auto loan.

• Check the lender’s reputation with the Better Business Bureau. A lender that has a less than favorable rating is obviously to be avoided. Lenders who consistently take advantage of borrowers give bad credit auto loans a black eye and hurt the reputable bad credit auto lenders that want to give people a second chance.

• When it comes to finding bad credit auto loans online, lenders that offer no physical address, phone number or any other type of contact information on their websites should also be avoided. In addition, a borrower is often asked to fill out a form with just a small amount of information for an instant approval. Be aware that this is usually just a ploy to get the borrower’s information so that it can be sold later on.

Obtaining a loan does not have to be a negative, nerve-wracking experience. By simply staying one step ahead, the credit challenged can easily find themselves on the good side of bad credit auto loans.

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Once your credit score has taken a turn for the worst, it is up to you to repair it. If you act quickly, you should be able to stop the downward spiral and level off your credit score without having to undergo any more damage. Just follow these simple tips to get yourself on the right path to financial soundness.

Tip 1: Make Your Payments on Time

If you haven’t already been doing so, start to make all of your payments on time. This includes payments for all of your bills, not just your credit card bills. Late payments damage your credit score. The greater the number of late payments that you have, the greater the damage is. Plus, it takes a few months for the negative effect of a late payment to disappear, making it essential for you to pay your bills on time.

Tip 2: Pay Down Your Debt

It is important to pay more than the minimum amount due on each of your bills in order to bring down your level of debt. As your debt decreases, you increase the likelihood that your credit score is going to see an improvement. If you pay only the minimum amount due on each of your credit card accounts, you are simply going to maintain the same level of debt or worse if you continue to spend money.

Tip 3: Vary the Type of Credit That You Use

It is important not to rely on the same credit card for all of your purchases. If you have older accounts in good standing that you have not used lately, consider using one of them for a few purchases that you can pay off in full when the bill comes due. In order to ensure that you will be able to pay this debt off, keep the purchases low. In fact, you might be able to use the card for a recurring monthly expense that is small such as a telephone bill. As you pay off the credit card each month in full, you are rebuilding positive activity on your credit history.

Tip 4: Apply for a Secured Credit Card

If you are in serious difficulty regarding your credit score, obtaining a secured credit card might be the best strategy for getting your financial status back in line. To obtain secured credit cards, you must deposit a small sum of money initially. This sum represents the limit you have on the credit card. Through the responsible use of this type of account, you can rebuild your credit score a little bit at a time.

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