Entries from March 2011 ↓

Loans For The Self Employed Take A Little Effort

Increasingly, people are turning to self-employment in order to make a living, and the market is changing to accommodate this shift, evidenced by the increasing availability of loans for self employed people. Financial institutions are now more likely to offer unsecured personal loans due to the success that many people have had while working self employed. However, there are still several checks that financial institutions will take in order to qualify loan seekers for the money they want.

To make the process a little easier for yourself make sure you have all of your W-2 earnings statements around to show how much you actually earned from your business or service. Since this information and your past history of paying your bills will be two of the most important factors in determining your interest rate on a loan for the self employed.

One of the most important factors is the consumer’s credit score. A lender will be much more likely to take a higher risk by lending to someone without traditional employment if that person has a good credit history and score. For loan seekers with a good credit score, however, it is important to note that while getting approved for a loan may be relatively easy, it is a bad idea to take the first offer. As with any major decision, it is always best to review several offers before making a decision.

While these loans are possible, they generally come at higher interest rates than secured personal loans. For the self employed person, if it is possible to secure the transaction against some form of property or asset, then getting a better deal will be more likely. While this would put one’s current assets at risk, it almost certainly lead to a better deal. Those seeking out loans for self employed people must weigh the costs and benefits carefully before making that choice.

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What are Credit Card Services?

Many people who are starting a business will need many things before they start. One of the biggest things that a new business owner will need is a way to process the customer’s payments. Many businesses will purchase at least one cash register to ring up purchases. There will be cash accepted by the cash register; however, the new business owner may want to accept more than just cash payments. Depending on the type of business the business owner may accept checks. However, if the business owner does not accept checks then the business owner will want to accept debit, and credit cards. This is true even if the business owner does accept checks. The business owner will need not only a machine to process the credit, and debit cards; but the business owner will also need a credit card service to handle the processing of the debit, and credit cards.

There are so many credit card services out there to choose that it may be a bit confusing for business owners. All of these services have 1 thing in common and that is they process a business’s credit, and debit cards. However, this may be where the similarities end. With so many companies to choose from a business owner should do research to find the right company to suit the business’s needs. The business owner needs to find the company that offers the best rate in processing the businesses debit, and credit cards. There is always a fee added onto a business’s merchant account. This fee is incurred each time a business owner processes a debit, or credit card. This is called a processing fee that the bank handling the businesses merchant account is permitted to charge the business. The processing fee varies with each bank that processes a business’s credit, and debit accounts.

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Basic Tips for Getting Out of Debt

To most people, being in debt is like being on quicksand; any false move can lead you sinking even more. But if you plan your moves correctly, you can keep your head out of the puddle and eventually get yourself out of that situation. There are others who are able to manage their debt problems very well while there are also others who continue to struggle and are finding themselves sinking into debt even more. If you want to truly reduce your debt, then the whole process should begin within you; even if you enlist the help of professionals to help you get out of debts, you need to help yourself as well in order to make the whole process a success.

The methods to reducing debt are actually not complicated; you don’t even have to be a professional to understand all of them. The methods are pretty logical and self-explanatory, but there are times when you still need to remind yourself with these methods in order to push you to start fixing your debt problems. If you’re debts are already knee deep, then it is pretty obvious that you should avoid being in more debt. As easy as this may sound, there are a lot of people who fail to make this work in their own lives. Obviously if you continue to spend carelessly, you are feeding your debt and sooner or later it will all blow up in your face. So before you think of applying for another loan or charging a bag to your credit cards, stop and really think about your debt situation. It’s best to clear your existing loans before you start borrowing money again.

The next tip will be to record and categorize all of your spending. There are a lot of people who find this step useless and a waste of time. But when you really think about it, the reason why you are probably in a lot of debt is because you failed to manage your money and was spending more than what you can actually afford. Keeping a record of your spending will give you some insights on what must have caused your serious debt problems. You can also categorize them to based on your needs or wants. If your money is spent more on your wants rather than your needs, then it’s time to correct that and start spending your money wisely.

Lastly, start making a budget on how and where you would be spending your money. Learn how to discipline yourself and strict to your budget. Debt relief is never an easy task to do, especially with all the temptation around. But if you focus on your goal of regaining financial health, nothing is ever impossible to do.

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Take a Close Look at Your Credit Cards Interest Rate

You want to get a credit card and it is your first, so what all do you need to know about credit cards. First you must be approved for a credit card, this can be challenging in and off itself. But if you are approved the one feature you should be most concerned about is your interest rate on your credit card.

An interest rate can be fixed or variable, and the term fixed is a bit misleading. A fixed credit card interest rate can change, but they have to notify you in advanced about the change. Thus if you wish not to deal with the change you may pay off your balance and close the card. A variable interest rate is one that can change without the company notifying you in advanced.

There are other interest rates that can apply, not just the standard purchase or balance interest rate. One would be a balance transfer interest rate, this is a rate that is applied to any balance transferred from another credit card and is typically low. The balance transfer interest rate can change after six month, this is known as the introductory rate. But by law the introductory rate has to be applicable for at least six months.

Another interest rate that you may run into is the cash advanced interest rate. The interest rate on cash advances is typically the highest interest rate that will apply to any of your credit card features. This is when you go to an ATM and use your credit card to withdrawal cash. There is usually no grace period for a cash advanced, thus the interest starts to build on the withdrawal immediately.

Your interest rate does not have to be the same as another person who receives a credit card of the same type at the same time as you. Your interest rate is dependent on your credit history, thus depending on how good or bad your credit history is will determine your interest rate. Typically the better you credit history the lower your interest rate, and the opposite is true of a bad credit history.

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Debt Collector Scam Reaches New Low: The Unicredit Bogus Courtroom Scam

With the number of Identity Thefts on the rise, and the uncertainty of the financial market, people are more wary than ever. This has lead to scammers developing more ingenious ways to scare people out of their money. But it seems like scammers will have to look long and hard before coming up with a scheme that is more outlandish than the practices of Unicredit.

Setting Up Court

Unicredit is a collection company based in Erie, Pennsylvania. The company went to the trouble of setting up an office to resemble a courtroom. Furniture, furnishings, spectators and even a person clad all in black were all provided to the room. Some employees would impersonate police officers and deliver subpoenas to debtors. The debtors would then arrive at the court for the fake hearing.

Often times people were convinced to pay on the spot or surrender assets in order to avoid what they thought would be jail time. Of course, the collection agency did not have authority to arrest anyone or send someone to jail, but the ruse worked on a number of individuals.

Violation of Multiple Laws

Obviously this tactic was designed to prey on people’s fears and worries about their present situation in an effort to recover an actual debt that was owed. But the Attorney General for the state of Pennsylvania is not falling for the bluff. These types of tactics are unlawful and can carry serious punishment for all of the people involved in the scheme.

How to Avoid Playing the Fool

So this leads to the question, “Whom can we trust?” The answer is actually quite simple. If you owe money and are in collections you should talk to a Chicago bankruptcy lawyer. Explain your situation to the attorney and then let them provide you with sound, legal advice. From that point forward consult with your attorney about all of your correspondence with the collection agents. Phone calls, emails, and direct mail should be reported immediately to your Chicago bankruptcy attorney. The lawyer can review the information and inform you of which documents are legal and needing your attention as well as which items are just a scam trying to scare you out of your money.

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Qualifying for Logbook Loans

Getting logbook loans is a lot easier than some people think that it is. Have you recently been turned down for a loan from a bank or other financial institution? If so, then there is no reason to get discouraged. You only need to have a few things to be able to get the loan you need to pay for the emergency expenses that you have. Here is a little bit of information that you will need to know in order to qualify for this type of loan.

The Things You Need

There are a few things that you will need to have in order to be able to get this type of loan. One of the things you will need is a vehicle with a clear logbook that you can use for collateral. Something else that you will need to have is money coming in that you can show for proof of income. This will let the lender know that you are able to pay them back when the loan is due. There may be a couple of other requirements that you will need to have depending on where you are getting the loan from. If you are getting it online then you might have to fax all of the information that is required to the company you are getting the loan from, so if you do not have access to a fax machine you will want to make sure to go into a local company.

These are just a few things that you will need to qualify for a logbook loan that is available. One thing to keep in mind when you put your vehicle up for collateral is to make sure to pay your loan back. If you do not repay as agreed, the company will be able to take the vehicle that you used for collateral as the payment for the loan they made you. As long as you have these things you will be able to get the emergency money you need.

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