What are payday loans and should I avoid them?

What are payday loans and should I avoid them?

Sometimes you have an unexpected expense and you need the money as soon as possible. If you have a bad credit history, it won’t be easy to lend money. With payday loans, you can fall into debts you can’t pay off so they should be your last solution.

Payday loans online

A payday loan is a small, short-term loan. It is almost always very expensive, with high-interest rates. If you need the money immediately, you can apply for it, but it won’t solve your problems. Don’t use it very often because you won’t easily get rid of the debts. Only in case of an emergency, apply for it.

Payday loans are very helpful for people who can’t get other credits. What do you need to get them? You need:

  • identity verification
  • an evidence of your income
  • a bank account.

These loans can be expensive, so you should compare different providers to find the cheapest one. Compare their annual percentage rate, fees, and interest rates. Be careful when you decide to apply for them. There are lenders that won’t give you the money, and your personal information might be at risk.

Payday Loan Quick Facts #infographicYou can also find more infographics at Visualistan

Cash advance online

It is difficult to get traditional loans if you have a bad credit but you have a chance to get cash advance online. Here are the tips how to apply for this service:

  • Find the lender who is the best option for you. Lenders have their own the eligibility criteria. You should search for various lenders and compare their criteria. You can see how much money they can offer you.
  • Apply for a cash advance. This process is fast and easy. You need to provide information. You won’t wait too long to get information if you meet the lender’s criteria. You usually get the money the next business day. It is difficult to get the money on the same day.

Bad credit

If you have a bad credit history, some lenders won’t give you a loan. Find out information about various lenders, and find the one who will accept someone with bad credit. Be careful about lenders who lie about costs of payday loans. They will give you a loan easily, but you will pay higher costs than they told you. Before you choose the lender, check if he is reputable.

If you have a very poor credit, you can go to Credit Unions or smaller banks. They can understand your needs. One of the options is a P2P lender. Your friends and family also can help you and give you the money.

No credit checks

If you have a bad credit, there is little chance to get a loan from the banks. You can get no credit checks from direct lenders, but you should carefully choose the lender. Avoid predatory lenders that will give you very high annual percentage rates. You will also pay new charges so it will be very difficult to repay a loan.

When the lenders or banks check your credit, your score will be hurt. This process is called hard credit check. It is risky for them to give you the money if you have many hard credit checks. They will think that you urgently need the money, and have many debts that you can’t pay off.

Avoid hurting your credit score. Choose the lender who won’t hurt your score when he checks your credit.

Online payday loans direct lenders

If you want to get this loan, you need to apply for it by filling up a form. It will take you a couple of minutes. It is easy to get it, but if you don’t repay it on time, the charges will become higher and higher.

Here are some of the lenders you can choose:

  • LendUp
  • American Web Loan
  • CashASAP
  • Snappy payday loans
  • Uncle Buck
  • CashNetUSA

Ace payday loan

You can get a payday loan from Ace Cash Express. It is a reputable direct lender and your private information is not at risk. The fees and maximum amount vary depending on your state. You can apply for this loan in a few minutes.

If you need to take payday loans, get rid of the debts as soon as possible. Don’t apply for another loan before you repay the previous one. Try to avoid borrowing money. Think about saving money for an emergency fund so you won’t lend money anymore.

TransferWise Rates

TransferWise Rates

Nowadays, it is still difficult to send money abroad, because it can cost you very much. You need to choose the right provider which is not expensive and will transfer the money fast. There are many options, and it is not easy to make the right choice. When I was searching for different services for international money transfers, I found an honest service – TransferWise, and transferring money abroad has become much easier and cheaper. I didn’t want to transfer money at the unfair exchange rates, so I choose this service, because of TransferWise rates.

How does TransferWise work

Banks and other exchange providers transfer money between countries. TransferWise is different because it transfers money between its customers. It can sound complicated but actually, it is not. If you want to transfer 100 Dollars to Euros, the system will find someone who wants the opposite transfer. The money always stays in the country. You don’t need to understand how this complicated peer-to-peer system works, because you don’t need to make any interaction with other customers. It is all system’s work.

With this service, your money will arrive in 1 or 2 days. If you need to transfer larger amounts, it can take more than 2 days.

TransferWise fees

If you choose a bank as your provider, you will pay hidden charges. TransferWise is much cheaper than banks because there are no hidden charges. Its fee is fixed and small – 0.5 % of the amount for most of the locations.

You can calculate the potential fees on its website. This service is fair and honest because you can also compare its fees with fees that other banks or exchange providers can charge you and choose the best option for yourself.

TransferWise exchange rate

Many providers will give you their own exchange rate which is not the real exchange rate. Their mission is to make a profit through their exchange rates. TransferWise is different than other providers, because it is fair, and offers you the mid-market rates. The rate is the same for someone who wants to send hundred dollars and someone who wants to transfer larger amount such as million dollars.

Unlike banks and other exchange services, this service is transparent. On its website, you can see how much are TransferWise rates, fees and an amount received. There are no hidden charges anymore!

3000 Euros in Pounds

Send money with Exchange rate Transfer fee You receive Overpayements
TransferWise 0.8798 14.93 EUR 2,626.26 GBP  
WorldRemit 0.8726 3.99 EUR 2,614.32 GBP -11.94 GBP
Commerzbank 0.8780 27.50 EUR 2,609.86 GBP -16.40 GBP
Deutsche Bank 0.8764 36.55 EUR 2,597.17 GBP -29.09 GBP
WesternUnion 0.8494 2.90 EUR 2,545.74 GBP -80.52 GBP
BBVA 0.8464 28.00 EUR 2,515.50 GBP -110.76 GBP

As you can see from the table, if you send 3000 Euros to Pounds, you will receive the biggest amount with the first service – 2,626.26 GBP. With BBVA, you will lose the most money – 110.76 GBP comparing to TransferWise which is the winner.

10000 Euros in Pounds

Send money with Exchange rate Transfer fee You receive Overpayements
TransferWise 0.8798 49.75 EUR 8,754.23 GBP  
WorldRemit 0.8692 3.99 EUR 8,688.53 GBP -65.69 GBP
Sabadell 0.8586 0.00 EUR 8,586.00 GBP -168.22 GBP
LaCaixa 0.8600 60.00 EUR 8,548.40 GBP -205.82 GBP
BBVA 0.8464 70.00 EUR 8,404.75 GBP -349.47 GBP

If you send 10000 Euros to Pounds, with TransferWise you will get the best exchange rate (0.8798) and amount received – 8.754.23 GBP. With WorldRemit you will get a better fee, but you will lose 65.69 GBP (on the amount received), but with BBVA, you will lose the most – 349.47 GBP comparing to TransferWise which is the winner again.

3000 Pounds in Dollars

Send money with Exchange rate Transfer fee You receive Overpayements
WesternUnion 1.3758 0.00 GBP 4,127.40 USD +8.87 USD
TransferWise 1.3787 12.75 GBP 4,118.52 USD  
WorldRemit 1.3639 2.99 GBP 4,087.62 USD -30.89 USD
NatWest 1.3599 22.00 GBP 4,049.78 USD -68.73 USD
RBS 1.3599 22.00 GBP 4,049.78 USD -68.73 USD
Lloyds 1.3344 9.50 GBP 3,990.52 USD -127.99 USD

If you send 3000 Pounds to Dollars, Western Union is the cheapest option, and you will receive 8.87 USD more than with TransferWise. It has the best exchange rate – 1.3787, but its fee (12.75 GBP) is higher than Western Union fee (0.00 GBP). This time Western Union is the winner but maybe it is only running a promotion.

Transferring 1000 GBP

In this table, I will compare TransferWise exchange rates and XE.com rates. Imagine you want to send 1000 GBP to USA, Australia, India, and Poland. There are no big differences between the rates.

With TransferWise With XE.com
Exchange rate Exchange rate
To USA 1.3971 1.39771
To Australia 1.8379 1.83793
To India 92.8046 92.8814
To Poland 4.8054 4.80654

Transferring 1000 EUR

Imagine you want to send 1000 EUR to USA, Australia, India, Poland, and the UK. This table again shows us that these exchange rates are almost the same.

With TransferWise With XE.com
Exchange rate Exchange rate
To USA 1.2240 1.22379
To Australia 1.6097 1.60914
To India 81.2858 81.3181
To Poland 4.2082 4.20771
To UK 0.8755 0.875454

If you choose TransferWise for transferring money to your friends or family who live abroad, you won’t make a mistake, because TransferWise rates are the best rates. You will avoid unfair bank rates, and you will finally stop losing your money.

How to stop spending money and achieve financial success?

How to stop spending money and achieve financial success?

Financial success takes hard work, but you need to make important steps to reach your financial goals. The most important step is to stop spending money and start saving it. I will give you some ideas how to achieve your financial success.

Financial freedom

Here are the types how to achieve financial freedom.

  • Track your spending each month. You need to manage your money and create a budget plan. Don’t spend more money than you earn. Learn how to save.
  • Get rid of debts if you want a financial freedom. Do you have debts like credit cards, student or car loans? Pay off them as soon as possible. You can’t become wealthy and financially independent if you still have debts.
  • Choose your job wisely. Find a job you are passionate about. You need to enjoy achieving your financial goals. Answer to these important questions. How much money do you earn at your job? Can your salary help you reach your goals? Can you get a better position? Is this job your dream job?
  • Invest in your emergency fund. Life is unpredictable. You don’t know what expenses you might have in the future. Don’t borrow money for these unexpected expenses.
  • Create other savings accounts such as retirement savings or college savings. It is better to start saving for the retirement in your 20s. Choose 401(k) or 403(b).
  • Stay in tune with your investments. You need to be active and regularly check what is happening with your fund.

Financial independence

  • First of all, realize what means being financially independent. Don’t read definitions that other people wrote. We all have different financial goals.
  • Be aware of your current finance. If you don’t have enough money, try to increase your income. Find a better-paid job. Improve your skills. Be ambitious, self-motivated, hard-working and ready for improvement, and you will get a better position in the company.
  • Set various financial goals. Setting goals will motivate you to achieve financial independence.
  • If your financial situation changes, your goals will change, too. Your planning should be flexible. For example, you won’t have the same goals at the 20s and at the 40s.
  • Calculate how much you need to save to achieve your goals. Take control of your money. Find out useful money saving tips.

Addicted to spending money

Some people are addicted to shopping and spending money. When they leave the store, they are euphoric, but this feeling doesn’t last very long. They always want to buy something new and this is a never-ending process. Spending addiction is almost the same as a drug addiction. You just need more and more purchases.

Sometimes it is difficult to recognize a problem. Spending addiction is a serious problem. If you want to stop spending money and being a compulsive spender, you should tell someone about your problem. Don’t hide it from people you love. They can give you support and help you deal with this problem. If they can’t help you, visit a psychologist. You can also write a spending plan, and decide what your priorities are. You can change your habits and recover from this addiction.

Family finance

These are important steps for family financial stability:

  • Avoid debts. If you have any debt, pay it off as soon as possible.
  • Calculate how much money you spend per month.
  • Create a family budget. Planning is a very important step for financial stability. You need to plan how much money you will spend on food, clothes, etc. and how much money you want to save.
  • Set family financial goals.
  • Learn about managing your finances. Read articles or books. Education is always welcome.

How to stop spending money?

  • Be grateful for all things you have in your life. Stop negative thinking. If you are happy with your life (your relationships, small life pleasures, etc.), you won’t be addicted to spending money. You should know that the most beautiful things in life we can’t buy.
  • Turn off temptation. When you want to buy something, don’t hurry. Wait a couple of minutes. Think rationally. Do you really need that thing you want to buy now?
  • You don’t need to buy everything on sale. If something is cheaper than before, it doesn’t mean you must buy it.
  • Buy only necessary things.
  • Don’t buy only because you have some psychological needs.
  • Learn how to save money. Build savings habits.

Stop spending money on unnecessary things, and create better future for yourself and your family. When you achieve your financial goals, you can live life without stress and worries. Make the first step today, and you will get the motivation to continue reaching your goals.

5 Free Tools To Help With Personal Productivity

Most would agree that working from home requires more discipline and motivation than working in an office. When you are working from home, there’s no boss looking over your shoulder. Therefore, there are many things that can distract you. If you’re pulled away from your work too often, it’s impossible to be productive.

Fortunately, since motivation and production are such important parts of working from home, there are many free tools for personal productivity that can be found online. Here are some of those tools:

1. Online Calendars

Free online calendars can be found at many places online including Google Drive, Microsoft Word, Pages for MAC, and more. Many people who work from home find that calendars keep them organized and on top of important tasks, conference calls, appointments, etc.

2. Timers

For some people, such as article writers, the amount of time spent on any one task is important. Spending too much time on any one task can take away too much time from another job, resulting in an unbalanced day and fewer profits.

Therefore, some at-home-workers choose to schedule their time via timers. For example, if they want to spend only a half hour writing each of the articles that they have planned for the day, they set their timer for half hour increments.

A free timer can be found on your smartphone. But you can also find them online at sites such as OnlineStopwatch.com, E.ggtimer.com, and more.

3. Grammar Sites

Many people who work from home are responsible for editing their own articles and other papers. Editing takes time, and time is sorely needed for those who work at home. Therefore, free online grammar sites are an excellent way to get an article or other piece checked quickly and efficiently.

Two popular free online grammar sites are SpellChecker.net and LanguageTool.org.

4. Collaboration Tools

Sending things through physical mail takes time that many people no longer have. However, emails also take time, and these days people are looking for quick solutions to common problems for the working professional.

Collaboration tools allow two or more persons to collaborate on a document without having to rely on physical mail or even email. These tools enable people to work together remotely, without having to see each other. They offer a real-time solution for getting things done.

Two of the most popular tools for collaboration are Dropbox and Google Docs.

5. Online Banking

In the 21st century, banking online has become a must for the work-at-home professional. Trips to the bank take time out of one’s schedule and are no longer necessary with online banking tools.

Two popular ways to bank online is with PayPal or the online banking system of your personal bank.

Being productive while working from home is easier now than before. Free tools for personal productivity are readily available in larger quantities because more people are working from home and making their living from home. Personal productivity has never been easier than in the 21st century with the new online world.

How to start saving money in 2018?

How to start saving money in 2018?

Do you spend more money than you earn? You should make a big decision to start saving money in 2018. I wrote some useful tips to help you develop savings habits. Some of them you can implement now. Don’t expect that your financial life will change immediately. It takes time but if you are persistent you will succeed.

Frugal living tips

  • First of all, you need to pay off your debts if you want financial freedom. Get rid of your credit card debts, student loans or other debts as soon as possible.
  • Create a budget list and cut your costs. You can start creating it at the beginning of the year. Plan your savings for each month, but be realistic. If you spend $2000 per month, you can’t expect to save $1500 per month. Use finance applications to keep track of your expenses. When you start tracking your expenses, you might be surprised how much money you spend on small items. You need to know where you spend much money so your budget will work.
  • You should plan savings for your future. Open savings accounts such as investment fund, emergency fund, retirement fund. Don’t mix money, keep your accounts separately. If you want to save money, automating will help you.
  • If you have a bank account that charges you high monthly fees, switch it. Open an account that will help you earn interest on money.

Cost savings

  • Avoid unnecessary costs such as cable bill. You can use streaming services instead of cable.
  • Reduce mobile phone expenses. Maybe you have applications or services you don’t need any more.
  • Cancel gym membership or other activities you pay for. For example, you can watch YouTube videos about fitness, and do your exercises.
  • Save money on electricity bill. Turn off the lights when you are leaving your house. Instead of traditional bulbs, you can use LED bulbs. You can also turn off the television and spend your time with the family. Visit your friends.

Save money each month

  • You can start saving small amounts each day. If you save only $5 a day, it is $150 per month and $1800 per year.
  • Develop your savings plan for each month. Write down on the paper how much money you want to save. If you write your savings plan, you can take it more seriously and you will start saving money.
  • You can negotiate a better rate for services you use every month. A company might offer you good deals if you are its customer for a long time. You can also negotiate a better price for other things you want to buy. You can cut your credit card debts if you negotiate with the company. If you like to use your credit card to buy things, leave it at home.
  • If you live in an expensive apartment, find a cheaper place to live. Apartments are usually expensive, but it is not impossible to find the cheap one.

How to start saving money in 2018?

Save money on food

  • We spend much money on food that we don’t really need. Writing a shopping list and menu plan are good ways to save money on food. When you go shopping, you should avoid impulsive buying. Bring a shopping list and stick to it.
  • Use coupons and buy food on sale. You should go to the stores and see what’s on sale before you create your meal plan.
  • We have a habit to buy food at the same store, but maybe that store is not cheap. Find another one. You can also go to the markets because you can find cheaper food there.
  • You can save much money if you don’t buy sweets and snacks. Avoid this unhealthy food. Instead of sweets, you can eat fruits. This is a good way to lose weight.
  • Make your lunch at home and bring it to your work. Don’t spend money on sandwiches, hamburgers or drinks. It is cheaper to make a sandwich at home. If you are trusty, you don’t need to buy expensive drinks, drink water.
  • Don’t eat at the restaurants because they are expensive. Eat at your home. Avoid expensive fast food, too. If you like hamburgers, you can make them at home.

The most difficult part about building savings habit is to start saving money. I hope my tips were useful for you. You can also find more money saving tips on https://www.moneyjojo.com/saving-money/.

When you see how much money you saved per month, you will keep yourself motivated, and you will achieve financial success.

How much money do I need to retire?

How much money do I need to retire?

We spent many years working hard and saving money for the retirement. Our retirement can be a happy part of our lives if we save enough money. You should imagine yourself at 65 years, and estimate how much money you need for the retirement.

Retirement quotes

Before getting into details I’m sharing some quotes on retirement that I found recently. I hope they will inspire you.

  • “As in all successful ventures, the foundation of a good retirement is planning.” – Earl Nightingale
  • “The question isn’t at what age I want to retire, it’s at what income.” – George Foreman
  • “Retire from work, but not from life.” – M.K. Soni
  • “Planning to retire? Before you do, find your hidden passion. Do the thing that you have always wanted to do.” – Catherine Pulsifer
  • “Often when you think you’re at the end of something, you’re at the beginning of something else.” – Fred Rogers
  • “Retirement is not the end of the road. It is the beginning of the open highway.” – Unknown
  • “The trouble with retirement is that you never get a day off.” – Abe Lemons
  • “Retirement is wonderful if you have two essentials — much to live on and much to live for.” – Unknown

How much should I put into retirement?

Generally, you need to save 10% to 15% of your income for the retirement. It is the best to start saving in your 20s. If you want to plan how much money to put into retirement, you need to know how much money you spend each month. How will you spend your money when you retire? Maybe you will travel or find some interesting hobbies.

You should count your potential monthly expenses for the retirement. Use a retirement calculator to see how your savings process works, how much money you need to accumulate and save. Don’t forget to calculate your retirement needs regularly. Life is unpredictable. Maybe you will find a new job or a new place for living.

Saving for retirement at 30

If you have 30, it is the right time to start saving money and make a plan for the future needs. According to researchers, if you start saving at 30, you need to save 12 % of your income for the retirement. If you can’t put 12% of your income now, you can slowly increase the money you save. Set up your savings goal and you will know how much money to set aside. You can invest in a tax-deferred retirement account – 401(k) plan.

Maybe you have debts (student loans, credit cards, etc.) you need to get rid of. It doesn’t have to be your priority. How much is the interest rate on your debt? If the interest rate is better for retirement investments, you should choose to save for retirement. Paying a debt with low-interest rate first is not a good idea. You should ask for raise of the salary. When you start earning more money, you can pay off your debts.

Automate your money using investment platforms (various money applications). Automating will help you save money.

Qualified retirement plan

Qualified retirement plan

A qualified retirement plan is created by one employer who wanted that the employees benefit from it. This plan meets the requirements of IRC Section 401 (a).

There are two types of this plan:

  • defined benefit- pension plan in which employer or sponsor gives a payment based on your salary and years of working for the company
  • defined contribution – 401(k) or 403(b) are defined contribution plans in which you decide how much money you will contribute and your employer will put that amount into your account.

Here are other qualified retirement plans:

  • ESOP plans
  • HR-10
  • SEP
  • SIMPLE
  • IRS
  • 403(b) plans
  • 457 plans

How much will I have when I retire?

The most important step is to create your retirement plan. Use a retirement calculator to calculate how much money you will have for the retirement. Type data about savings:

  • current age
  • current savings balance
  • annual savings amount
  • annual savings increase.

Then type data about assumptions:

  • age when income should start
  • number of years to receive income
  • before-tax return on savings (%)
  • marginal tax bracket (%)

Don’t forget to save money regularly and check your savings process!

You need to start saving money for retirement as soon as possible, and retiring can be the best part of your life. When you retire, you won’t worry how to make money anymore. You will be happy, rich and relaxed.