Learning More about Loans

Selling a Car That Still Has a Lien on It

Posted by on Aug 1, 2016 in Uncategorized | Comments Off on Selling a Car That Still Has a Lien on It

Selling a car with a lien on it can be challenging and require additional steps. The car has a lien on it because of one of several financial commitments. Therefore, to have the lien removed, it will be required that you have these financial obligations fulfilled.  Why You Might Have a Lien There are many reasons why a lien might be on your title. You may have financed the car, so the bank may have a lien on it. You may have had repairs made to your car that you haven’t paid for yet. Or, you may have received a loan and used your vehicle as collateral, such as with a title loan. However, by selling your vehicle, you will likely be able to pay the debts that are owed, and this will allow you to have the lien removed from your title.  Handling Upside-Down Debts The greatest challenge, however, is when the loan is upside down. This is when you owe more on your car than it is worth. And even if you are not upside down on the loan, you may have to sell your car at less than what it is worth if you are desperate to sell the car but are not able to find a buyer. Under this circumstance, you will be forced to make up the difference before the lien is removed from the car and the debt obligations are satisfied.  Removing the Lien When advertising the car, make sure to clarify that there is a lien on it. Once the buyer or his or her lender has paid for the full purchase price of the car, you will want to travel directly to the lienholder to pay any debts that are owed and pocket whatever is left over. Once the lien has been removed, the car can be sold with no more hassles. One way to make it easier to sell a car with a lien is to carefully choose the car buyers who you will sell your car to so that you are selling to a buyer who is serious about buying. To accomplish this, you should perform a background check on the car buyer as early as possible to verify that he or she has the credit to finance the car. Fortunately, there are auto-dealer credit-report services that can handle running a background check for you and make the process easier....

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Having Anxiety Over Being In Debt? How You Can Get Some Help

Posted by on Nov 16, 2015 in Uncategorized | Comments Off on Having Anxiety Over Being In Debt? How You Can Get Some Help

Having a lot of debt that you are not able to pay can cause a lot of anxiety. If you have tried ways on your own to get out of debt and they are not working out for you, below are some ways you can get some help. Debt Consolidation If you have several different companies that you owe money to, it may be overwhelming to you. A debt consolidation would help you tremendously. A debt consolidation is getting a loan large enough to cover all your bills. All of your debt would be transferred to your new lender so all of them are paid off by the lender. You would then have to pay the loan back. This means you will have only one payment to make each month. You need to understand the terms for the loan. Make sure the interest rate and monthly payments are low enough so you are able to afford the payment each month. Find out this information before you sign any papers. Visit a local bank to see if you can qualify for this type of loan. If you have bad credit, you may have to have someone cosign the loan for you. Financial Consulting Service Contact a financial consulting service in your area (such as Solution 7 Incorporated) to help you get out of debt. Many of them consult in things like retirement, but there are some that specialize in debt management. Bring all your bills to the first appointment so they can see how much debt you owe. They will need to know your income.  The financial consulting service will go over all of your debt, and set up a plan with you to get everything paid off. Once you are debt free, the financial services company can help you make some goals, such as the amount of money you want to save during a certain amount of time.  If you would like to invest the money you are now saving from being debt free, this service can help you choose the right types of investments. Financial consulting services do charge a fee so speak with a few of them before you decide which one to hire. Getting out of debt lifts are large weight off your shoulders so you will likely stop feeling anxiety, or at least some of your anxiety will go away. Follow these tips to get yourself out of debt as quick as you...

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Tips For Entering The Gold Coin Market

Posted by on Sep 15, 2015 in Uncategorized | Comments Off on Tips For Entering The Gold Coin Market

If you are considering buying and selling gold, then you are probably going to want to start with gold coins. Entering the gold coin market can be a pretty tough experience, especially since you stand to lose quite a bit of money if you make a wrong decision. To help you get the most bang for your buck, here are a couple of things that you should think about before committing to the market: Understand the Timeline If you are thinking about approaching gold coins just like you might approach stocks, then you might have some misconceptions. For starters, you can’t expect to buy and sell gold coins for frequent turnarounds. Gold coins are long term investment options and should be treated as such. The value of gold tends to move much slower than stock values. This ultimately means that you aren’t going to see some massive return on your initial investment within a few days, weeks, months, or sometimes even years. In order to actually make a profit, you will need to wait until the price of gold has risen substantially, which might take anywhere from a couple of years to decades. Focus Your Sights When looking at gold coins, you might be tempted by the huge amount of variety available. In addition to the several denominations of various sizes minted by each of dozens of countries, there are also limited edition and collector’s coins that can sell for hundreds or thousands of dollars. You might be considering tracking down some of those coins. In many cases, it is a much better idea to narrow your sights down to a single, common coin. When looking for rare coins, it can easy to misled by similar-looking coins. You’ll need to hire an expert to determine the authenticity of any coins that you do find. In the end, this can add up to a huge amount of time and money spent verifying something that might end up being worth very little. On the other hand, common coins, such as the 1 oz American Gold Eagle, are much easier to identify. Essentially every professional gold coin dealer will be able to easily identify an American Gold Eagle. With a little bit of practice, you can do the same. On top of that, 1 oz coins tend to be more valuable than fractional coins (1/2 oz, 1/4 oz, etc). These fractional coins have a higher markup than 1 oz units. For more information about buying, selling, and gold coin values, contact a local coin...

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Payroll Clerk, Accounts Receivable, Or Accountant? How Should You Handle Your Small Business’s Finances?

Posted by on Jul 22, 2015 in Uncategorized | Comments Off on Payroll Clerk, Accounts Receivable, Or Accountant? How Should You Handle Your Small Business’s Finances?

If you own and manage a small business, you likely have knowledge and expertise in all aspects of your company’s product — from production lines to customer service. However, if accounting isn’t your forte, you may want to delegate these specific duties to someone more experienced in this area, as a miscalculation can cost you dearly in taxes or lost revenue. How can you decide the level of accounting services your business needs? Read on to learn more about the basic duties of a payroll clerk and accountant to determine which services may best benefit you. What type of accounting position best suits your business’s needs? Although all but the smallest businesses need some type of dedicated payroll and accounts receivables system, the specific skills needed and duties required can vary widely, depending upon the legal and tax structure of the business. Payroll clerk If your business’s main expenses are personnel-related, you may benefit the most from a payroll clerk. These clerks are able to collect and organize time records from employees, input relevant information into the business’s accounting software, and issue checks or set up direct deposit. Payroll clerks can also handle garnishment orders and other offsets that may affect the amount of pay a specific employee is entitled to receive. Accounts payable and receivable If most of your business-related expenses instead deal with revenue and purchase costs, you may want an accounts payable or receivable (a/p or a/r) clerk to handle these transactions. These clerks can also handle payroll issues, but are better-equipped to deal with more complex purchase transactions and generating month- and year-end reports showing cost trends. Accountant If you own a service-based business, like a law firm, or deal with insurance providers, you may have few employees but many tax and reporting requirements. Because of the various reimbursement methods among insurers, an accountant may be necessary to periodically review your books and ensure that all transactions have been correctly reported. Although payroll clerks are excellent at categorizing receipts and ensuring that vendors are paid, you may not want to delegate complex tax preparation or other assignments to an employee who isn’t a CPA. For businesses that wish to expand, an accountant may also be able to provide detailed information and advice on helping shelter your income and business revenue from taxation. One of an accountant’s most important jobs is not tax preparation or report generation, but helping clients structure their business and personal affairs to maximize the amount of income these clients can keep and reinvest into the business. For more information about accounting services, contact a professional like Danta Chase & Co CPAs...

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Ways To Infuse Money into Your Business

Posted by on Jun 17, 2015 in Uncategorized | Comments Off on Ways To Infuse Money into Your Business

When your business needs an infusion of cash, try one of these avenues. One of them is sure to put your business back into the black. Venture Capital There are thousands of individuals and businesses that are in the venture capital market. These entities seek out viable businesses to invest in for a stake in future profits. In return for a certain percentage of equity, venture capitalist will give your business cash for operations, marketing, or expansion. To find viable and genuine venture capitalists that are safe to be in business with, consult with a financial attorney or an accredited certified venture capital association. Be prepared to hand over details about your business just as you would if you were applying for a bank loan. You’ll need to present items such as profit and loss statements, bank statements, receipts, cash flow reports, and more. Future Receipts Loan If your business is in need of a short-term loan to get you through a cash crunch but you have less than stellar credit, a future receipts loan is an option. You provide the lender with historical evidence showing that your business brings in a certain number of receipts each month. Depending on that number, the lender will agree to advance you a sum of money. You will repay that loan by signing a contract that entitles the lender to a percentage of future receipts from the business up until the loan plus interest is paid off. One disadvantage to a future receipts loan is that your business’s future earnings will be severely hampered until that loan is repaid. This short-term solution could morph into a long term cash flow problem unless your business is able to weather the reduction in revenue. If it can, a future receipts loan is a great alternative for business owners with poor or no credit. Future receipts lenders can be found online. Each loan will have unique terms attached to it, so you need to read all the paperwork carefully to ensure it’s a good fit for your type of business. Bank Loans Bank loans are one of the best ways to borrow money if you and your business have decent credit and are eligible. With a bank loan, you don’t have to give up equity in your company or release entitlement to future earnings. As long as you can make the payments as arranged in the terms of the loan agreement, your business is safe. To get a bank loan, you will need to confer with a loan officer at a bank that offers loans to businesses of your size. You’ll need to fill out forms, but the majority of your work will be in preparing the documentation that accompanies the forms. These will include, among other things, a mission statement, C.V.s of all officers in the business, and an assortment of business and personal financial statements. Once the loan is approved, and you repay it successfully, you’ll likely be able to enjoy a solid business relationship with that loan officer in the future. If you find yourself in need of a business loan again, the process will be more straightforward. All businesses need financial help at some point along the way. The key is to know the options available to you as a business...

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Using Wire Transfers To Send And Receive Money Quickly

Posted by on Jun 10, 2015 in Uncategorized | Comments Off on Using Wire Transfers To Send And Receive Money Quickly

The Internet opens up the doors for entrepreneurs to reach a larger client base. It also gives small businesses opportunities to source supplies from vendors across town, the country and the world.  It can be difficult to send and receive money on accounts timely, but a wire transfer helps to eliminate this issue. Process Overview A wire transfer is a process used by financial intermediaries to transfer money electronically from one individual or business to another. It can be accomplished between one bank account and another, or by using cash where it’s permitted. If you’re dealing with people or companies you know and trust, the wire transfer process is a safe, convenient method for sending or receiving money. Benefits Wire transfers have many advantages over the more traditional forms of fund transfers. Probably the most important is that you can complete wire transfers quickly and conveniently and with greater levels of security than dealing with cash. It is also quicker for the recipients to receive payments in comparison with using checks or demand drafts. You can use wire transfers to process funds locally as well as across many countries. Making the Request The process of a wire transfer between banks starts with a request from the sender. You often can make a request online or in person, depending on the bank’s policy. You’ll need to provide information about the recipient of the transfer, as well as information about you. Your information must include the account from which you’ll withdraw the funds, your identification credentials and the amount you want to transfer. You also need to provide the recipient’s name and address, along with the recipient bank information, including the account number and bank address. Transferring the Funds To wire money, you’ll need to pay a fee, which might range between $25 and $35 for domestic transfers and $45 and $65 for international transfers as of 2015. Your bank will send the funds using a secure electronic platform. Domestic transfers in the U.S. use the Federal Reserve service called the Fedwire Funds Service and, depending on the time of the transfer, funds will normally be available either the same day or the next business day. For international transfers, banks use the Clearing House Interbank Payments System, which is commonly referred to as CHIPS. International transfers are subject to various provisions of the Patriot Act designed to prevent money laundering and reaching enemies of the state. Receiving Funds Except for providing accurate information about yourself and your bank, as the transfer recipient, there’s little for you to do except collect your money. You might also need to pay a fee for the service. Incoming wire transfer fees can range between $15 and $30. When there’s a fee, it remains the same regardless of the amount you’re receiving. Some banks charge nothing at all for the service and some waive the wire transfer fees for certain customers. Reporting High Value Payments If your company receives $10,000, or more, in a single payment or a series of related payments, you need to report it on form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. You must file the form within 15 days of receiving the money. The  Internal Revenue Services and the Financial Crimes Enforcement Network issue this...

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3 Wealth Managements Tips For The Average Person

Posted by on Jun 9, 2015 in Uncategorized | Comments Off on 3 Wealth Managements Tips For The Average Person

People often assume that only the very wealthy are in need of wealth management strategies. However, the truth is, these strategies are even more important for the average person who is looking to improve their financial stability. The good news is, the wealth management tips outlined below can help you to improve your financial situation regardless of how much money you make or how many assets you have. Tip #1: Begin By Focusing On Cash Savings Many people assume that they need to invest in assets that cannot be easily liquidated in order to quickly grow their net worth. However, it is always best to grow your cash savings first so that you will have the liquid assets you need to quickly respond in an emergency. Furthermore, you will find that having a stash of cash on hand can inspire the confidence you need to make larger investments further down the line. In order to get your cash savings started, begin by faithfully saving a small percentage of your income each month. Be sure to select a percentage of your income that you can save without interfering with your ability to meet your financial obligations and then stick to the savings plan you have created. Tip #2: Don’t Rely On Credit To Make Unnecessary Purchases People often use credit cards to pay for unnecessary or spontaneous purchases. This can easily result in a quickly growing amount of debt as interest charges and administrative fees are added on to the total cost of your purchases. If you are truly interested in growing your wealth and protecting your financial future, you will need to keep those credit cards in your wallet unless you absolutely need to use them in an emergency. Even in this situation, you should always take steps to pay off the entire credit card purchase prior to the bill date in order to avoid interest charges. Tip #3: Don’t Wait To Start Planning For Retirement While it may be many years before you will be ready to retire, it is important to start planning for this time in your life as early as possible. This will allow you to set and accomplish important financial goals which must be accomplished prior to retirement. For instance, you will want to plan to pay off your mortgage prior to retirement so that you can avoid the cost of a monthly housing payment once you are living on a fixed budget. To learn more about wealth management, contact a company like JKL...

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Gaining A Better Understanding Of The Different Loans Offered By Cash Advance Companies

Posted by on Jun 8, 2015 in Uncategorized | Comments Off on Gaining A Better Understanding Of The Different Loans Offered By Cash Advance Companies

In life, there are often those moments when you realize that you just do not have enough money in the bank to cover an unexpected expense. Whether it is a broken-down vehicle, a sick child, or a forgotten bill, there will be situations when you need to get your hands on some fast cash to carry you over until your next payday. Payday loan companies are a valuable service to have around in these situations. Here is a closer look at the main three types of loans that are usually offered by payday advance companies. Paycheck Advance Loans The paycheck advance loan is the service that most cash-advance companies are known for. This easily acquired loan is given to people who have proof of employment and a checking account. You will write a personal check to the lender in exchange for an agreed upon loan amount. When the term of the loan is up, usually on your next payday, you will pay back what you borrowed along with any additional fees and pick up your voided check. Installment Loans Installment loans are incredibly convenient because they offer the same benefits of a cash advance, and you can usually obtain the loan without a lengthy credit application. The only difference between installment loans and traditional cash advances is that you will pay back the borrowed amount in several payments instead of just one lump sum. This makes it less likely that you will come up short when you have to repay the loan. Title Loans Title loans are not offered at all locations, but several payday lenders also have this service available for customers who may not be able to qualify for a regular cash advance or installment loan. When you take out a title loan, the lender signs on as a lienholder of your property, such as on the title of a car. You will be given an agreed upon amount of time to repay what you borrow, and when you do, the lien on your property will be removed. When you know what types of loans are offered by cash advance companies, you will have an easier time deciding which one would be the right choice for you. If you are in need of cash fast, talk to a professional lender, like Las Vegas Finance, about what you need to do in order to get the money you...

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Valuable Services That May Be Offered By Your Favorite Cash Advance Company

Posted by on Jun 5, 2015 in Uncategorized | Comments Off on Valuable Services That May Be Offered By Your Favorite Cash Advance Company

Cash advance services can be found in locations across the country and people who have used their services will tell you that it is the easiest way to get fast cash when you need it the most. With no credit required and simple requirements, just about anyone can get a loan when they want. What most people do not know is that paycheck advance companies do not just offer payday loans. They usually have an array of different helpful services. Here are a few that you may be surprised to find at your favorite payday lender. Installment Loans – The installment loan is a form of payday loan that gives you the flexibility of paying what you borrow back in more than one payment. The requirements to qualify for an installment loan are much more relaxed than what they typically are with other lenders. Plus, many people prefer this option over the traditional cash advance because it is easier to pay back. Tax Return Filing – Do not be surprised to see signs advertising tax filing at your local cash advance company when tax season rolls around. Many of the people who work in these companies are skilled in finance, and along with that skill will often come knowledge of tax filing. Cash for Gold – Payday lenders are all about helping people find a way to get extra money when they think they are out of options. Therefore it is only natural that many of these companies would trade your scrap gold for cash. Title Loans – If a payday or installment loan is not something you can qualify for, you may be interested in what is known as a title loan. This type of loan involves adding the payday lender as lien-holder on the title to your car or property, in exchange for a specific loan amount. Online Loan Options – If you do not have a payday lender nearby, it is likely that you can take advantage of online loan services. Many of the most well-known cash advance services offer loans online just the same as they do in-store. When you take a look at all of the reasons you might have for visiting a payday loan company, you will likely be a little surprised. If you think one of these valuable services are something you would be interested in, talk to your preferred lender about what they have available for you as a...

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Is A Pension Advance A Good Idea If You Want To Buy A House?

Posted by on Jun 4, 2015 in Uncategorized | Comments Off on Is A Pension Advance A Good Idea If You Want To Buy A House?

If you’ve been working at your job for a long time and still do not have enough money to use for a down payment on a house, you may be considering taking a pension advance so that you can buy a house. Before you do this, you may want to discuss this subject with a financial planner, like Duff & Associates, to find out if it would be a wise decision. What is a pension advance? A pension is a retirement fund that is usually comprised of money a person’s employer contributes. The amount of money in the pension builds over time, and the person is able to begin taking monthly payments from the fund when he or she retires. A pension advance is a loan on this money. If you take a pension advance, you will receive a lump sum payment. The amount will depend on how much is in the fund and on how much you want to borrow from it. When you take a pension advance, the company that gives you the cash will receive rights to your pension payments when you retire. They will take a certain number of payments, and this number will be disclosed to you when you take the advance. Is this a good idea to buy a house? Loans.org reports that the average interest rate on a pension loan is 27% to 106%. Because of this high rate of interest, your financial advisor might tell you that this would not be a wise financial move. In addition, taking this loan out now will mean that you will have less money when you retire. If you do not have other retirement accounts, you may run short of money when you retire. Your financial advisor might instead recommend looking into a mortgage that requires very little money down. The downside to borrowing the full value of a house is that it will result in paying principle mortgage insurance (PMI) each month until the loan balance is under 80% of the value of the house. PMI payments are calculated by multiplying the balance of the loan by roughly 0.5% to 1%. This amount is then divided between your monthly mortgage payments. Paying PMI is not typically something financial advisors recommend; however, PMI charges will be less than the fees you would pay if you took a pension advance. There are times when this might be a good idea, and other times when it might not. To learn more about your options, talk to a financial advisor...

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