Having bad (or even fair) credit can make it difficult to get a loan. Your potential lenders look at your credit score, which is impacted by income, primary tradelines and more, to determine whether or not you qualify for their loans. But often, the exact things that make you need a loan are the things that disqualify you from getting one. It’s frustrating, but you can work around it. [Read more…]
How to Prevent Being a Victim of Fraud
If you want to stop yourself from becoming a victim of fraud then there are so many things that you can do. Take a look below to find out more.
Always Shield your PIN
You have to make sure that you always shield your pin and that you never send it over the phone or even over the internet. Your bank or the police will never ask you for your pin and they won’t send you emails asking to disclose it either. If you are not sure if you are a victim of fraud or not then it is well-worth you trying to contact the relevant authorities so they can take the appropriate action against your card.
Your Details are as Valuable as Cash
You have to know that your details are as valuable as cash. When they are in the hands of a criminal, there is no difference at all. If you want to make sure that your details are as safe as they can be then it is well-worth trying to make sure that you do everything you can to try and protect your bank details in the same way as you would your wallet. If you have had your money stolen then get your money back with Payback.
Look out for Secure Sites
Before you even think about submitting any card details, you need to look to see if a site is secure or not. If you see a broken key symbol or if you see a padlock then this will show that the site is secure, so you don’t have anything to worry about there.
Check your Browser
Another thing that you can do is check your browser to see if it goes from HTTP to HTTPS. This indicates that you have a very secure connection and that you don’t have to worry about someone stealing your details. If you want to make sure that you are doing everything right with your browser then it would be wise for you to update your browser as well.
Check Receipts against your Statement
If you see that there are unfamiliar receipts or transactions then you need to try and contact your credit card or bank right away. It’s also important that you destroy all documents that might be associated with your details. Never keep documents in your car or your handbag either. If you do then you may find that you end up putting everything at risk.
Don’t Let your Card out of Sight
Always make sure that you never let your bank card out of sight when you make a transaction at a club, bar or even restaurant. You should also never use a bank machine which looks like it might have been tampered with. Always report it right away to your bank if you can because when you do, you will soon find that it is easier than ever for you to stay safe without having to worry about a thing.
Is There Any Recourse for an Eviction Due to Job Loss?
Due to COVID-19, millions of Americans lost their jobs. While moratoriums were put in place to protect them from eviction, time is running out. The protection offered by the CARES Act ended on August 24, leaving many renters vulnerable if their state didn’t extend protection beyond that date. Additionally, the CARES Act requirement didn’t apply to all properties, meaning some renters were experiencing trouble before that help came to an end. As a result, it’s normal to wonder if there is any recourse for an eviction due to job loss. If you’re concerned about being forced out of your home, here’s what you need to know.
Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.
How to Make a Legally Binding Promissory Note
A legally binding promissory note is used when lending money. It’s a document that states the parties involved, how much is being lent, any pertinent financial information, and signatures by the involved parties.
The agreement must be clearly defined so that no argument can be made.
Four parts
There are four integral parts to a legally binding promissory note.
- Parties – individuals or entities involved in the transaction. A party must be of legal age and of sound mind capable of entering into a transaction.
- Promise – Defines what is agreed upon. It defines the amount to be paid and should also include a paid off date.
- Sum certain – Specific financial information including, exact amount, pay off date, interest, amortization, penalties, and when those penalties must be assessed.
- Signatures – to be signed by all parties involved.
These four parts must be included and clearly defined, otherwise the agreement might not be enforceable.
Once the promissory note is signed and has all the necessary parts in it, it becomes legally binding. Once legally binding, all parties involved must meet their part of the agreement.
Promissory Note Uses
Essentially, a promissory note is used when lending/borrowing money. Mortgages, car loans, student loans, personal loans, and business loans all use promissory notes to legally enforce that the borrower must pay back the loan, plus interest, in a specified period of time.
Different kinds
There are two different types of promissory notes, simple and demand.
A simple promissory note is one scheduled, lump-sum payment on a specified date.
A demand promissory note is when the lender asks for payment to be made. Normally, there is a reasonable amount of time needed between ask and delivery.
Collection
More often than not, the borrower will abide by the terms of the promissory note and pay on time. If they don’t, however, there are a few things you can do.
Talk to them. Make sure they are doing okay. Send them a written reminder. If need be, you can send one at 30, 60, and 90 days. If they’re in a tight spot, see if they can make partial payments.
A legally binding promissory note is a very important document. Make sure you include all four parts to make it enforceable and legally binding. Might not be a bad idea to have an attorney take a look at it before you enter into the agreement.
Related Reading:
What You Need to Know About Bankruptcy
How to Answer a Civil Summons for Credit Card Debt
Jacob Sensible is a financial advisor with decades of experience in the financial planning industry. His journey into finance began out of necessity, stepping up to support his grandfather during a health crisis. This period not only grounded him in the essentials of stock analysis, investment strategies, and the critical roles of insurance and trusts in asset preservation but also instilled a comprehensive understanding of financial markets and wealth management. Jacob can be reached at: jake.sensiba@mygfpartner.com.
Should You Add Your New Spouse to the Deed of Your Home?
When you get married, it’s common to merge the majority of your financial lives. After all, when you live together, it’s normal to both be involved with handling expenses and planning for the future. However, if you owned your home before you wedding. Figuring out if you should add your new spouse to the deed of your home isn’t always easy. Ultimately, there are advantages and disadvantages to adding them. As well as leaving them off. If you’re trying to decide which option is right for you. Here’s what you need to know.
Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.
Down Payment, Rainy Day, Be Prepared
During the month of June, I wrote an article Down Payment or Investment Opportunities. It was my perspective on what to do with my savings, as I want to buy a home as soon as possible, but I also saw incredible opportunities to make money in the stock market.
Review a previous post
I thought I would revisit this topic, but my mindset shifted a little bit. That’s not to say that I’m proceeding in a different way than I thought I would, but now I’m thinking about it differently.
In that post, I said that I wanted to save $25,000 (I think) for a down payment, and wanted to do it in 4 years.
That meant that I would have to set aside a decent chunk each month to make that a possibility. The caveat to that is I would forego many chances to put money to work in the stock market.
Saving money for a down payment versus actively participating in the market is not the smartest financial decision (in my opinion), but in terms of what’s best for my family and for my psyche, this is the right move.
Because I have conviction in my decision now, my “regret” for not participating in the market has gone away.
When I first made the decision to save for a home instead, I often felt regret because the opportunities to make money were so great. Just from when I wrote that post (June 17) to now, the S&P 500 index ETF (SPY) is up 7.5%.
But I know this is the right choice, so I’m better able to focus my efforts on this goal. I’m eating out much less, I reviewed my budget to see where I could save more, and I’m finding bargains or buying second-hand items where I can.
Rainy day
While we are on the topic of saving money, I want to stress the importance of having some set aside for a rainy day.
As we’ve seen over the past few months, life can get pretty ugly. Now economic and humanitarian events of this scale don’t happen very often, but that’s not the point.
What I’m trying to convey here is that life is unpredictable. You don’t know what’s going to happen, or when. You don’t know how bad it’s going to be, so it’s important you have something set aside if things do get bad.
What’s more, it’s clear that the majority of businesses and corporations don’t have hardly any money set aside when disaster strikes. We like to think that if we put our time and energy working for a company, that they’ll take care of us when the time comes, but it’s clear now that most businesses won’t do that. They’ll protect the bottom line, and that’s that.
Obviously, not every company is like that, but I think it’s safe to say that the majority of organizations operate in this fashion.
Now, I do believe that this event will change how businesses operate. They’ll back away from the lean and mean operations, and start focusing on supply chain redundancy, as well as paying a little more for the security of their products and their people.
Be prepared
What I’m trying to say here is you need to look out for yourself and your family first. Sometimes, it’s necessary to forego big vacations, big expenses, or take out.
I think there’s room to be optimistic but also plan for the worst. I think it’s necessary to do both.
Living a life full of optimism is great, but you become a deer in the headlights when something bad happens. Taking the other side of things, being pessimistic, turns you into a cynic, and that has to be a depressing way to live.
Find room for both. Expect the worst, hope for the best, and save for a rainy day.
Related reading:
Everything You Need to Know to Set Up Your Own Emergency Fund
Jacob Sensible is a financial advisor with decades of experience in the financial planning industry. His journey into finance began out of necessity, stepping up to support his grandfather during a health crisis. This period not only grounded him in the essentials of stock analysis, investment strategies, and the critical roles of insurance and trusts in asset preservation but also instilled a comprehensive understanding of financial markets and wealth management. Jacob can be reached at: jake.sensiba@mygfpartner.com.
Why the Supreme Court Banned Robocalls to Collect Federal Debt?
Last month, the Supreme Court held up a ruling made by a lower court that banned robocalls. The ban was set forth in 1991 under the Telephone Consumer Protection Act (TCPA) to protect individuals’ privacy.
In 2015, the Obama administration created an exemption. This exemption allowed debt collectors, specifically for debt guaranteed by or owed to the federal government, to make robocalls.
Backstory
This all came about when political groups and non-profit organizations sued because they felt the debt collectors were getting unfair treatment. They wanted the TCPA removed altogether.
The lower courts upheld the decision to keep the TCPA in place as well as the exemption for debt collectors due to their “responsibility for collecting on government debt”.
An appeals court saw the case and overturned the ruling. Claiming that the TCPA should be kept in place, but the exemption for debt collectors should be removed.
Which brings us to the Supreme Court taking the case. Of the 9 justices, 6 agreed with the Appeals Court – keep the TCPA in place, and remove the exemption for debt collectors. The other 3 justices wanted to remove the TCPA altogether.
What this ruling did
It leveled the playing field. The Supreme Court banned robocalls, no matter what organization you work for, no matter what purpose.
It was a great win for consumer privacy, as well. Justice Brett Kavanaugh was quoted saying, “Americans dramatically disagree across many different policies, but they’re all sick and tired of robocalls.”
That’s not to say that robocalls won’t happen. I can attest, as I’m sure you can as well, to getting robocalls since I got my first cell phone.
Organizations across the board shouldn’t be actively robocalling, but they do. Regulation and policing of these activities are very difficult, which is why it still takes place.
Be that as it may, the Supreme Court’s decision to keep the TCPA in place, but remove the exemptions for federal debt collectors was a big win.
Related reading:
Robo-Advisors: What I Like and What I Don’t Like
What to do About Debt Collectors
Jacob Sensible is a financial advisor with decades of experience in the financial planning industry. His journey into finance began out of necessity, stepping up to support his grandfather during a health crisis. This period not only grounded him in the essentials of stock analysis, investment strategies, and the critical roles of insurance and trusts in asset preservation but also instilled a comprehensive understanding of financial markets and wealth management. Jacob can be reached at: jake.sensiba@mygfpartner.com.
These Tips will Help you to Get your Loan Approved
Lenders are now looking for so much more in a loan applicant. They are also much stricter with their lending requirements. If you want to give yourself the highest chance of approval then you can find out everything you need to know, right here.
Know your Preferences
Before you even think about going to your local bank, it is vital that you look at some of the loan packages that are available to you online. You need to know what type of loan package you are looking for and even the terms that you can afford. You should even have a goal that will help you to pay off the loan as soon as you can as well. If you are looking for a specific type of loan, whether it is a personal loan, mortgage loan or auto loan then it’s worth finding the best deal possible so you can come out on top. If you want a high chance of being approved for your loan then visit www.bestinstallmentloans.com.
Ask Some Questions
When you find the loan package that you are most drawn to, you then need to contact the bank to see if they can be upfront about the requirements they have for their loan eligibility requirements. It may be that you need to make an appointment so you can discuss the documents, timeline or even materials you need in order to get started too. Banks tend to have various requirements so you need to be as upfront as you can.
Know your Limitations
If you happen to be pursuing a loan then you need to look into your credit history and your credit score too. The bank should be able to tell you the range of credit scores that they look for when planning out your loan, so plan ahead and see if they can give you a copy of your history. If you have some errors or omissions on your credit report, then now would be for the time for you to try and get those sorted out. Lenders will always be happy to talk about this to you, so keep that in mind if you can.
Create a Checklist
Of course, you will have to look at the information you have from your bank if you can. It’s very wise for you to create a checklist of the documentation you will need for your loan as sometimes this can take some time to gather. You will also need to look into your financial resources to make sure that you are not going to be denied the loan purely because you do not have enough money coming in. If you want some help with your loan or if you want to make sure that you are getting the best result, then it is always wise to make sure that you consult a financial expert. When you do, you know that they can work with you to make sure that you are applying for the loan which you are most eligible for and they can also help you to speed up the process.
How Do I Cancel My Gym Membership?
Gym memberships are notorious for how challenging they are to cancel. Even during the COVID-19 pandemic, when many fitness centers were barred from welcoming customers due to social distancing requirements and health concerns. Some gyms tried to hold members to their contracts. But even if a person was eligible for cancellation. Fitness centers typically don’t make quitting easy. If you need to cancel your gym membership, here’s what you need to do.
Tamila McDonald is a U.S. Army veteran with 20 years of service, including five years as a military financial advisor. After retiring from the Army, she spent eight years as an AFCPE-certified personal financial advisor for wounded warriors and their families. Now she writes about personal finance and benefits programs for numerous financial websites.
Your Five-Step Plan to Turning Around Your Finances
Are you close to financial ruin? It’s not an easy time for the economy, and it’s even worse for individuals. Unemployment rates are rising, and jobs are scarce. Even with a job, you may be underpaid. Like most others, you’re probably living from paycheck to paycheck. [Read more…]