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Posted by January 18, 2021Finance, sticky

What are payday loans?

A payday loan usually helps cater to some of your immediate cash needs until your next paycheck arrives. The interest rates for such loans are high, and they should be repaid within a short period of, let’s say, two weeks.

Before applying for a payday loan, you should take time and learn more about how they work. You should know what you’re getting and what you should expect in return.

 

About How Payday Loans Work

Payday loans are different from other types of loans. Depending on your state of residence, you can apply for a payday loan online or through the help of a payday lender.

In each state, the laws governing payday loans vary. There are limits on the amount you can borrow and the interest and fees that the lender can charge. In some states, payday loans are also prohibited.

After your payday loan has been approved, you will receive a check, or the money can be deposited into your bank account. You will then pay for the loan and the finance charge within 14 days.

The finance charge usually varies depending on the loan amount. Although the costs associated with payday loans are high, there are many households in the U.S. that usually apply for payday loans annually. In most cases, people usually apply for payday loans since they cannot access other financing options because they don’t have a source of income or have a poor credit score.

Other reasons why people apply for payday loans is because they fear the available alternatives or they lack the necessary knowledge. For instance, someone may fear to request for a loan from a friend or family member. Although alternatives are available, they are not easily accessible.

The requirements by payday lenders are also few. Some of these lenders also don’t check the credit scores. They may also fail to inquire whether the lender is in a position to repay the loan. You only need to present your identification documents and a bank account that has a favorable standing. If you are scared of getting suied due to being unable to pay, please read this page.

 

Will the Payday Loan Affect Your Credit Score?

Since payday lenders rarely run a credit check, the payday loan will not affect your credit score. Also, it will not appear on your credit report. Your credit score will not improve either.

If you fail to pay the loan on time, the lender can present your details to a collection agency that will eventually report the matter to the credit reporting bureaus. Your credit score will be affected in the process.

 

Conclusion

Debt consolidation comes in handy when repaying the payday loan despite having a bad credit score. Although the debt consolidation loans have more requirements before the approval process, the interest rates and fees are low. Also, the repayment period is longer.

Posted by December 7, 2020Business, sticky

Four Tips on How To Write an Attractive Cover Letter

If you are searching for a job with no fruits, reconsider writing your cover letter in a way that captures the attention of the hiring manager. An impressive cover letter is the only thing you need to secure a job interview with potential employers and non-profit recruiters. It is thus important to pay attention even to those things that may seem small since they are the ones that may determine if you are going to get the job or not. It is quite evident that the better the cover letter, the more chances you will have to win the hiring manager’s heart. If you are looking for a way to come up with an impressive cover letter, use these tips:

 

(1) Keep It Short

Mostly, hiring managers have a heap of documents awaiting their perusal, meaning they have less than a minute to go through your cover letter. Therefore, make sure your cover letter fits into one page with words not exceeding five hundred. A multi-page cover letter gives a bad impression about yourself, and the manager may conclude you aren’t the right candidate.

 

(2) Keep it Simple and Appealing

However, smart your handwriting might be or captivating your story is; an unpleasant cover letter has zero chance of getting any attention. To make it easy to read and attractive, consider the following:

(a) Font: The process of selecting the type of font depends on your professional industry and how formal the company requires the letters to be. For example, if your industry is formal, you can go for Times New Roman, Cambria, Georgia, Garamond, and Didot. As for the casual industry, use Helvetica, Calibri, Arial, and Lato. The font size should be at 12 points or above.

(b) Margins: The margins should be between 1-1.5. If your letter is long, use a margin of one, but if short, you can use 1.5.

For uniformity, font styles, sizes, and colors should be the same for your cover letter and curriculum vitae hence giving your application a professional look.

 

(3) Write Customized Cover Letters for Each Organization

Different companies have different problems they want to resolve through the hiring process. It is thus important to address each company’s specific problems uniquely, even if you apply for the same position. Your letter should show how conversant you are with the firm’s goals and how your presence will help achieve them.

 

(4) Quantify Your Accomplishments

In the achievements section, include numbers to show the extent to which you contributed to achieving the company’s goals in your current or previous position. For instance, if you are a cost accountant, include numbers to show how you helped the company cut its operating costs. Instead of saying that during your tenure in office, the costs came down; you can say that the cost came down by 15%.

Posted by October 15, 2020Finance, sticky

Be on Look Out For These Car Insurance Scams

Believe it or not insurance scams are quite common. In 2019, more than half a million insurance cams were busted. It is easy to become a victim of car insurance scams without even noticing. Many of the most common scams are subtle so you have to be careful. Insurance scams cause insurance rates to be raised. Imagine being in a car accident and you just simply want to make a fair recovery claim. Instead, you are victimized by a scam that targets accident insurance. This can be quite frustrating. Being observant during the claims process is important. This can help you avoid being victimized by insurance scams.

Popular Insurance Scams

It is important to know the different types of car insurance scams so that you can protect yourself. As absurd as this may sound, many scammers purposely cause accidents so they can make insurance claims. It’s crucial to stay focused while driving as these persons will swerve in front of you and force your vehicle to rear-end theirs. This is known as Forced Rear-Ending Insurance Fraud. Because you are the driver behind, the accident is automatically your fault. These scammers may also complain of neck and back injuries. A dashboard camera can be helpful in situations like these. Also, drivers with the right of way in traffic may give you a chance to cut in only to intentionally run into your vehicle. This also occurs with parking spaces. You can avoid this by only proceeding when you have the right of way.

Another car insurance scam includes phantom victims. These are not real ghosts but persons who were not in the accident claiming that they were. If you are in an accident it is a good idea to take photographic evidence of the number of victims involved to avoid these fraudulent claims. There are also counterfeit and car accident repair insurance scams. Repair companies may try to scam you by claiming you need repairs that you actually do not. They may also overcharge you for replacement parts. Also, repair shops may use counterfeit replacement parts on your car. These knockoff parts may risk your safety while driving. Tow truck companies may also take advantage of accident victim. They may overcharge your insurance company for their services or charge for services they did not render. Be sure to only work with repair and tow truck companies you are familiar with to avoid these fraudulent activities.

The Frequency of Car Insurance Scams

In 2019, about 469, 000 fraudulent claims were made. This information was gathered by the Association of British Insurers (ABI). The average fraudulent claim valued £12,000. The most common scams involved motor insurance. Last year, 55,000 fraudulent motor insurance claims were detected. The majority of these include personal injury claims. Staged crashes were quite common. Insurance companies are responding to this information by creating new methods to detect scammers. It is imperative that you also take the necessary steps to protect yourself.

If you want to avoid such scams and deal with reputable insurance providers, take a look at the helpful overview of cheap car insurance from moneyexpert.com.

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