Lenox, MA – Loans and Investing

Pros and Cons of Using an Online Payday Loan

Posted on August 16, 2021 by twg2021

Payday loans are a great option for those who need cash quickly but cannot get a traditional loan from a bank.

However, there are some downsides to this type of short term loan that you should be aware of before signing on the dotted line.

Find out the pros and cons of using an online payday loan so that you can make an informed decision about whether or not this type of financing is right for you.

5 Pros of Using an Online Payday Loan

1. Ease Of Application

One of the biggest pluses of using an online payday loan is the ease of application. You can get an approval in just a few minutes and get your money in your bank account immediately. There is no paperwork, no long forms to fill out, and no waiting around for days or weeks for a lender to decide if they want to give you money.

2. No Credit Check

Another pro of using an online payday loan is that there is no credit check. This means that even if you have bad credit, you can still get a short term loan with no hassles.

3. Flexibility

In most cases, when you apply for a payday loan through an online lender, you will receive your funds the same day that you provide the lender with the details on your paycheck. This means that you can use the money for whatever you need it for without having to wait around for the lender to verify your employment and income.

4. Instant Approval Decision

If you are approved for a short term loan within just a few minutes, then you know that you are definitely going to get the money that you need. There is no delay or hassle when it comes to getting cash.

5. Easily get a Loan Online with a Mobile App

Open Appstore or Google Play Market, do a quick search, choose the cash advance loan app you like and install it. Then, open it and follow the prompts.

You will be asked for basic information such as your name, address and phone number. Then, the lender will run a quick credit check and, in some cases, they may ask that you send in a copy of your most recent paystub.

Next, they will give you an immediate decision and, if you are approved, they will deposit the money directly into your bank account. It’s that easy.

4 Cons of Using an Online Payday Loan

1. High Interest Rates

There is no way around it. Payday loans have very high interest rates. The average APR is around 400%!

There are some states where the interest rates are even higher. In those states, the interest rate on a payday loan can go as high as 1000%.

No matter where you are located, the interest rate on a short term loan will always be much higher than what you would get from a traditional bank. However, the convenience of using an online payday loan often makes up for this disadvantage.

You may be willing to pay a higher interest rate in order to get the money that you need quickly, but be aware that most online lenders charge high-priced fees for using their services.

2. Small Amounts

You can only borrow a small amount with an online payday loan. For example, in most cases you can only borrow up to $1000.

This means that if you need more money, you will either have to go back to the drawing board or you will have to find another way to get the cash that you need.

3. Unsafe And Unethical Conduct By Some Lenders

Be very careful about which lenders you do business with. There are some unethical and even illegal online lenders out there who will stop at nothing to get your money.

These scammers advertise low rates and/or high-pressure tactics in an attempt to steal your money.

4. Possible Debt Cycle

If you use a high-priced lender and continue to use that lender for several months or years, you may find yourself in a debt cycle where you keep borrowing from that lender over and over.

This can lead to a vicious cycle of never being able to escape the debt because the interest rates are so high.

Conclusion: As you can see, getting a payday loan online has certain pros and cons. The question is: Are payday loans worth the risk? It is your choice whether or not you want to take a risk and get one.

This is a decision that you will have to make if you need emergency cash, and you need it fast.…

How to Graduate College Practically Debt Free

Posted on July 12, 2021July 13, 2021 by twg2021

As an assistant to three financial advisers in Lenox, MA, I often hear clients’ concerns.

A major concern today is how they can afford to send their kids to college.

With tuition rates rising much faster than real incomes, this is a legitimate question that needs to be addressed by every family.

My parents only paid for books and other minor education expenses, so I was left to foot most of the bill for my college education.

However, the ways I found to graduate with only $5,000 in student loans are ideas any family should take advantage of, whether the parents or the children will be the ones paying.

It’s Never too Early to Start Saving

Whether Mom and Dad are able to put aside a few dollars now and then when junior is a baby or if, like me, a student starts with babysitting jobs in high school, a chunk of change can be put aside.

By working in the summers and part time during the school year and while in community college, I was able to save $10,000 by the time I started my junior year ‘” and that was ten years ago.

Check Into Programs that Allow College Credits to be Earned in High School

While these programs may not be for everyone, a significant amount of time and money can be saved through programs such as the Running Start program, which I enrolled in.

Typically the student takes college classes while in high school, earning both college and high school credits at the same time. Not only can you graduate earlier, but best of all the state pays for it.

My first year of community college was entirely paid for while I was still in high school.

And for those concerned about missing out on school spirit events and senior prom, you aren’t required to attend full time so you can take some college courses while still taking classes at the local high school and staying involved in after-school activities.

Find Part-Time Jobs with Educational Benefits

While attending my second year of community college I worked part-time at Sears, a company that helps employees to pay for their first two years of college education, up to a certain limit.

Because community college is cheaper than a university, they paid for almost all of my second year. In the state of Massachusetts, many companies also offer scholarships to their employees.

Attend Community College

Everyone has to take those same pre-reqs, so even if you don’t go through Running Start or find a job that will pay for school, community college for those first two years is not only cheaper when it comes to tuition, but in most cases students can continue to live at home and commute, saving on living expenses.

This was a good option for me.

I felt I was still able to have that college dorm experience later, in my junior year.

Apply for Financial Aid

The bulk of my tuition costs occurred in my junior and senior years, and this is when I borrowed the $5,000. However that, with the $10,000 I had saved, was still only a fraction of my total cost.

By filing a FAFSA and researching every available grant and scholarship on the internet, aid is most likely available to help.

I was able to receive aid that I never had to repay, and of course there are athletic and academic scholarships as well as need-based aid at almost every institution, especially private schools.

In fact, if I hadn’t attended a pricier private school, I wouldn’t have needed a loan at all.

Finally, Keep Working!

I continued working throughout most of my junior and senior years. Not only did the extra money pay for school expenses and tuition, but I was able to work at a variety of jobs and experience potential future job settings.

It was at a work-study job one summer that I discovered I had a gift for working with children, so keep working!…

What You Should Know About Student Loan Consolidation

Posted on June 13, 2021July 13, 2021 by twg2021

While going to college is a productive endeavor, it is also very expensive, especially in Lenox, MA.

Being able to be well informed is a way to protect a student’s future, ensuring that the bright future they worked so hard for won’t be compromised by hefty student loan payments. One positive step in this direction is the IBR Plan.

It stands for Income Based Repayment and it allows loan holders options to pay back their loans and come out from under the heavy burden. I myself have used this program and found the customer service and repayment options to be very helpful.

The basic idea is that you can make payments that correspond with what you make, there are some options that state that after twenty five years of payments you are forgiven the remaining balance and that if you are military you can have that reduced as well. This will allow loan holders to be able to protect their credit by paying back these loans.

It will allow local and federal governments to receive these payments avoiding a great number of defaults in the process.

With the tough economic times this country has been experiencing programs such as these assist people in making it through. The more programs like this that are available will encourage a higher attrition rate in colleges and universities around the country.

Students that are graduating from high school in Lenox and looking at their future can be reassured that they have ways to pay back the loans that unfortunately are too often necessary.

With the costs of higher education sky-rocketing, the federal government is stepping in to try to assist people to allow them to get further in life.

One important thing to remember is that research for programs such as these is essential to a positive college experience.

Finding ways to fund your education and manageable ways to repay that is crucial to the future generations success in this country.

Student loans should be taken out with caution as always but a further understanding of repayment options will help each student to confidently decide if that loan is right for them.

Also, knowing what new programs are being offered by the federal government is critical to being well informed and paying back what loans you do choose to take out. Paying student loans back can be difficult but with these programs not impossible.…

How to Get a Business Loan to Start Your Dream

Posted on May 7, 2021July 13, 2021 by twg2021

One of the dreams of most people is to own their own business.

Most people never follow through on this dream and one of the biggest reasons why is that they don’t have the money to start.

In this entrepreneurial world we live in it is getting easier to get a small business loan.

With the loan you can then try to realize your dream of being paid for 100 percent for your effort instead of someone else making money off your talents.

There are two types of loans that you can use to your advantage.

One is called secured and the other is called unsecured. Each loan has different criteria to be met. The main difference is that a secured loan requires you to put up something of your own as collateral.

The unsecured loan is for those individuals who do not have or do not want to put up their own collateral. Homeowners often use their house as collateral for the secured loans.

The big difference in the two types of loans is that the secured loan is usually larger and for a longer term.

Also interest rates are normally lower for the secured loan due to your collateral helping to cover the loan in case of disaster. The unsecured loan is usually a higher interest rate and for a shorter term.

The small business loan will help you to get started in your business venture.

The loans can be used for many things.

Some of them being:

buying new office equipment
new machines to produce goods
to expand an existing building so that you can grow your enterprise

Most privately owned businesses in the world have used loans to grow their business into whatever size they desired.

Even if you have not had the best of credit in your life you can usually acquire a small business loan.

You will have to pay a higher interest rate and pay it off sooner, but if your business idea is well thought out this doesn’t matter.

As long as you pay it off in the required timeline you will start to improve your credit rating for your next loan.

In order to find a bank or credit agency use the internet to search for a best business loans.

There are literally hundreds of them and now you can do business without the loan company being in your general location. As long as you can give the proper records you should be able to get a loan.

Once you have gotten your loan get to work to realizing your dream of owning your own business.

Remember, you only get out of something what you are willing to put into it.…