Signature Loans Online Can Help Pay Off Medical Bills If You Follow These Tips

Medical emergencies can happen and you will find yourself needing a large amount of funds to cover the medical bills. If you are struggling to use your savings to settle the medical bill, the best option is to apply for an online signature loan. Personal loans can be used to cover any personal expenses including medical expenses. Most online lender offers loans around $30,000 – $35,000 but there are a few of them that offer up to $100,000.

The interest rate on online personal loan is typically cheaper than using your credit card or seeking a short term and personal loan to cover the medical bills. It is also more affordable compared to transferring your medical debt to a balance transfer card. Balance transfer card only have a zero percent interest period for 12 – 21 months. Normally, the medical bill is a big amount so the zero percent interest period probably does not give you enough time to repay your debt. If you can’t pay back within the zero percent interest period, you will have to pay a higher interest rate.

Online signature loans usually have fixed interest rate. Fixed interest rate is different than variable interest rate where it does not fluctuate during the loan period. This means you will pay a fixed amount during the entire loan term which allows you to plan the repayment according to your budget.

You can apply the loan relatively fast since you don’t have to travel to the bank and queue up. It takes just a few minutes to enter your information in the online loan request form. Many lenders take about a few minutes to give you a reply about the loan decision. If you get approved, you will receive the funds in a few days.

Online signature loan is ideal for patients whom medical facility does not offer any repayment plan. It is also suitable for those who cannot afford the interest fee of the loan repayment plan offered by the medical facility. The repayment plan of an online personal loan can be spread out over a period of several years and it is typically longer compared to the hospital repayment plan.

Your credit score is the main factor will be used to determine the interest rate because it is unsecured. Other factors that can influence your interest rate include income level, debt to income ratio and stable job. If you have good/excellent credit score, you can expect to get approved for an interest rate lower than 10%.

Prior to getting a personal loan, make sure you have already reviewed your medical bill. Most of the time, the medical bill will have mistakes such as duplicate charges or charges for services that the patient did not receive. You should also try to negotiate the medical bill with the medical provider so that you can borrow a lesser amount.

How Can You Pay Your Taxes With A Personal Loan To Avoid Late Payment Penalties

Every year, many people in America don’t have enough cash in their bank accounts to pay for the tax when it comes to the time for them to make payment for their tax. The IRS can impose a number of penalties on you if you fail to make payment for the tax on time including putting liens on your house, and wage garnishment.

You can also get hit with several types of penalty fees by the IRS. You can get charged with a failure to pay penalty that cannot exceed 25% of the unpaid tax. If you did not file for your tax on time, you will get hit with a failure to file penalty which is about 5% of the unpaid tax. If you delay in paying your tax for a long period of time, the IRS can freeze your bank account.

Personal loans offer at leas one good solution if you are nearing to the due date of the tax bill and you know you won’t be able to come up with enough funds to pay it. After you settle your tax with the personal loan, the IRS will remove the tax liens. Removing the tax liens can prevent your credit scores from dropping. Personal loans offer much better terms than credit cards. First of all, it has a lower interest fee compared to credit card payment. Unlike credit cards, it has a fixed loan term so you know when you will finish paying the amount you owe.

Credit cards will allow you to push the balance from month to month so you never know when you are going to finish paying your bill. It is not advised that you borrow against your retirement account as you can get charged with a high tax penalty. Borrowing against home equity is risky as you can lose your home if you fail to pay back on time.

The application process of the personal loans involved submitting a few financial documents. Many personal loans can be approved fairly fast within a week or so if the application is carried out line. With a personal loan, you can borrow up to $100,000 for tax payment. The monthly payment is usually fixed so you should be able to afford it.

If you have decided to use personal loans to pay your tax, you should not delay and quickly apply for it to avoid penalties on the tax debt. Doing so can relieve you from the worries that you won’t be able to pay your tax bill on time. The advantage of using a personal loan to pay for the tax is that you can build up your credit score. Your credit score will slowly increase when you promptly pay for the monthly payment for the personal loan.

Credit Unions that Offer Personal Loans, What Questions Do You Need to Ask Up Front

Applying for a loan at a credit union is a serious decision because you will have to be committed in repaying it. It is wise to ask a lot of questions to find out as much as you need to know about the loan prior to applying. By asking questions, you will be able to make a clear decision and know whether the loan is suitable for you.

You must ask the credit union representative what are the factors that they look at when deciding whether to approve your loan. There may be some requirements that you have to meet prior to getting approved for the loan for example credit score and income. You can get advice from the credit union on whether they would recommend the loan or your needs. You can also ask them to suggest other loans that they are offering that might be suitable for you.

Once you know what is the loan approval requirements, the next question you must ask is how much interest rate the loan charges and whether the interest rate is fixed or variable. All loans have interest rates and it serves as the fee for borrowing money from the credit unions. You can ask the credit union representative to give an estimate on the interest rate that you will be charged for the loan. In this way, you will know whether you can afford the loan and make your budget plan accordingly.

You must find out from the credit union how they determine your interest rate. Fixed interest rate means the interest rate will stay the same throughout the loan term while variable interest can increase at anytime which can subsequently increase your monthly bill. If the interest is variable, you must ask what influence the fluctuation of the interest rate. You have to find out how much the initial monthly payment will be and how much is the maximum interest rate you can be charged.

You have to find out about the loan term, which is the amount of time that you have to repay the loan. Shorter loan terms means higher monthly payment but you will repay your loan faster. On the other hand, higher loan terms means lower monthly payment but it will take a longer time to repay the loan. You should also find out if there is a grace period and how long it is so that you know how many days you have to pay in the event that you can’t meet the repayment on the due date. Besides you must check if the personal loan charges a prepayment penalty. Prepayment penalty fee is a type of fee that is charged when you fully repay the loan earlier than the loan term.

Which Option Offers the Best Rates Bank Installment Loans or Peer to Peer Loans

There are 3 main ways the interest rate of the P2P loan is set. In the first method, you can set the maximum interest rate you want to pay and let the lender decide whether they want to fund your loan. The borrower is likely to get an offer with a lower interest rate through an auction. If there is no lender willing to fund you, you can relist your offer at a higher interest rate.

In the second method, the interest rate is set by the peer to peer lending platform based on the borrower’s credit score. The loan offers on the P2P platform that match with your criteria will charge the same interest rate. In the third method, the interest rate of the peer to peer loans will depend on the demand and supply of the most recent lending activities.

The interest rate of a traditional bank loan are is variable but all P2P loans’ interest rates is always fixed. Variable interest rate means that the interest rate will constantly change which can cause problem for you to pay back the loan if the interest increase too high. As a result, you will miss payment and get penalized with a penalty interest rate.

The fixed interest rate of the P2P loans allows you to plan your cash flow properly. You have the freedom to prepay the loan at anytime and you won’t get any penalty fee for settling your loan in full. In a bank loan, you usually will have to pay a penalty fee if you want to settle the loan earlier than the due date.

The interest rate you get for a P2P loan is lower than bank loan because the online lending services don’t have to cover the expenses of the bank facilities or pay the salary of the staff. In online P2P lending, software is used to approve as well as setting the interest rate of the loan.

The average interest rate you get in a P2P loan is 5.5% or more. You may be charged with fees depending on how much loan you applied for. The origination fee is already calculated in the APR and they will deduct it from the loan balance. Just like bank loan, many P2P loans will charge a late fee of about $15 for every 15 days you are late on making the repayment.

As you can see, P2P loan is easier to apply because you don’t need to have a good credit score. Many P2P lenders would be willing to lend you money without looking at your credit score. This makes the lending process easier compared to bank where the bank staff will check your finance in many ways to make sure you are not a risky borrower.

Tips For Financial Planning and Awareness in 2016 For Families

Once you have a family, your whole financial picture changes. Raising children is expensive, but with a little common sense, some solid planning, and goals in place for your children’s future, that’s one less worry about raising your children that you will have to have. After all, raising children is no easy task, so any worries you can lessen make your life that much easier.

Just like if you were a single person, the first thing you need to do is create a budget. I realize anything you read about financial planning almost always starts with “create a budget,” but that should be evidence about how important having a realistic budget is to financial planning.

Certainly, we all hope that our children will get full scholarships to the best schools, but we also know that in reality, we need to plan to pay for those schools. As I always say, plan for the worst case scenario and then you can always be happy and grateful when things go better (which they usually do).

money advice

One of the most popular savings plans for college today is called a “529 plan.” The name comes from the IRS code which created these types of plans in 1996. Since they have been around for a decade now, you can rest assured that most of the glitches have been worked out, so it is not a “fly by night” kind of thing that you will end up losing money on. Just like most things involved in financial planning, time is your best ally. The sooner you start saving for your children’s college, the better financial position you will be in when the time comes for your children to head off to college.

Most states offer at least one 529 plan, but each state has the right to decide if they want to offer one and what type of plan they will offer. Some states will offer more than one type, so if your state offers more than one type of 529 plan, you should look closely at all of them to determine which best meets your needs. Since 529 plans were created by the IRS they all offer certain tax advantages. Again, this is why researching each plan is important to determine which will work for your family. You want to make sure that you get the tax benefits that work best for you as well as have a plan that meets as many of your other needs.

Even though these are state plans, they can be used for out of state colleges. In fact, you don’t even need to choose a plan within your own state. You can live in New York, invest in a plan in Texas, and send your child to a school in Massachusetts. It all depends on the plan you choose, which is why I keep repeating that you should look into multiple plans to find which is the best for you.

There are two types of 529 plans, prepaid or savings plans. A savings 529 plan works much like an IRA or 401K. There are several options of what type of investments you can choose, so depending on how the investment plan you choose is doing, the value may go up and down. Remember though, when it comes to long term savings like this, going up and down is normal, and there are always choices of the level of risk from little risk to high risk. It’s up to you to choose what you want.

Prepaid plans are exactly that. You are pre-paying for the costs of a public college in-state. It is still possible to convert these prepaid plans for an out of state school or a private school. Private schools also offer their own Private Institution 529 plans.
Just remember to do your due diligence and look at as many plans as possible to find which offers the best value for you and your family.

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Key Differences Between Good and Bad Debt and Staying Financially Sound for 2016

Debt can be used to improve your life believe it or not. While this website often preaches about getting out of debt, debt is also part of life. My personal belief if that debt is a good thing, if the debt is good debt. Good debt is anything you to into debt because you needed it, or to improve your life or life circumstances. Lets looks at some examples of this good debt that I am speaking of

* Loan to pay medical costs or for medical care

* Student loans

* Car Loans

* Mortgage debt

* Personal loans used for the right reasons

* Business loans to start a new business or to grow an existing business

All of these are examples of good debt. Debt or specifically credit and loans can be used in times of need, to round out or smooth ones income/cash flow so that one can live better than they otherwise could at the time. Of course this whole theory fails in practice if you are not able to pay back this credit for any reason what so ever. Nor can this train of thought be taken to extremes, one has to borrow modestly, for the things that they need. Some splurging can be alright, provided on does not borrow a high amount or make a habit of borrowing to splurge on unnecessary things. Lets delve in depth to good debts:

Student loans

Student loans are always a smart bet. The reason being if you are committed to your higher learning, be it a college, university or trade school, you are gaining specialty knowledge designed to further your income. Eventually those student loans will be paid in full, but the higher income brackets and knowledge can last a lifetime. Student loans are basically investing in yourself, and while it is debt, it should not be looked on as such.

Professional expenses

If you have a business, and your business is a sound one, never fear borrowing to grow the business. Many multi billionaires and millionaires became what they are today by not fearing taking on debt when needed. Also if you have just graduated college, but lack a professional wardrobe, such as a fine suit, shoes and brief case, borrowing for these things is also wise. You need to look presentable for your job interviews and eventual job in that profession. Basically any essentials that are needed for your work or business is good debt if you have to borrow to provide for that need.

Auto loans

It is usually a given here that most people will need an auto loan at some point in their lives. You can catch a break on some auto lots however, if your willing to take advantage of auto loan subsidies. These are subsidies large auto lots sometimes make to get rid of less popular auto models, or older models off their lots to make room for newer models. This can be the difference between paying 9% interest and 5% interest on your auto loan.

As with any financial tool, debt can be good or bad. It rests on your self control, knowing when to borrow and being responsible with paying back your debts.

Great Credit Card Promotions For The Upcoming Holidays

This article was updated November of 2016, at that time broken links were replaced to help provide a better user experience.

Do you travel often for business, are you searching for a great promotional card? Do you happen to use Delta Airlines when you do? Then the American Express Business Delta Gold offer might be what you are looking for. They have a current sign up bonus of 50,000 points as well as a $50 statement credit offer on the books right now. This offer however expires come November 17th, 2015. The only catches for this intro offer is the requirement to spend $2000 with in the first 3 months of opening this account, to obtain the 50,000 bonus miles, and that you make a purchase with Delta within 3 months to obtain your $50 credit statement.

Not only do you get those benefits, you also get in flight savings for any eligible in flight purchase, in the form of a statement credit. You also get priority boarding, but this only applies to you, not any guests you may have with you, unless they to carry this card. You also earn 2 miles per dollar you spend on all purchases that you make directly through Delta Airlines, and you earn 1 mile on all other purchases, for every dollar spent. You also get access to the Delta Sky Club. For those who travel overseas, there are no foreign transaction fees involved with any purchases made on your card overseas. These cards are also EMV chipped, so you can fee more secure at home or abroad. There are also no blackout dates for any Delta flights on any purely delta flight, though of course this does not apply to any partner flights. You also get your first medium sized bag checked free when you carry this credit card.

There is however an annual fee, Amex seems to love their annual fees, but the good news is that for the first year there is no annual fee involved. If you have already had this card, but have had it less than 12 months, you can still apply for this offer, by calling Amex and requesting it. Do not travel for business or own a business, but would like this offer? No problem! This offer is also available on their American Express Delta Gold personal card. The big difference is with the business version you can get the bonus on this card multiple times, but the personal Gold card you can only get this offer once per lifetime.

This is a rock solid offer, but Amex has in the past offered better.
For example not long ago they offered a 60,000 miles intro offer, and only required you to spend $1000 to obtain the bonus, while this offer has 10,000 less miles, and double the required spend. Yet if you plan on using Delta often you might want to jump on this offer today, other wise you might be able to score a better offer later. This offer is still much better than the current public 35,000 mile offer. Here is the direct link to the offer:

Legal Challenges With Loan Defaults and Auto Financing Reposessions

Failing to make your auto payments or defaulting in on your loan can result in your auto being possibly repossessed by your lender. If you want to learn about how auto repossession works, and better yet how to avoid becoming part of that statistic, and what options you might have should your auto become repossessed, then read on.

If you ever wondered why the lender is allowed to repo your car, that is directly related to the financing you received on your auto. Anytime you decide to finance, you are giving the lender a secured interest in the auto in question. While every states auto repossession laws differ, the lender in general has a secured and vested interest in the auto, meaning the lender can repossess the car at any time and without notice should you default on the loan. There is a variety of things that can cause you to default on the loan, for example you could be on time and never have missed a car payment, yet still default on your auto loan. How can you default on your loan if you have never missed a payment? If you have lapsed on car insurance you can then be in default on your loan as loans require the car be insured. Lenders can and do repossess cars where the owner has let the insurance lapse.

In general your lender can send a repo mean or repo team to take the vehicle at any time you are in default. They can even take your vehicle from a your wok place, and retrieve the auto from your property. They can do this without any prior notice or warning, in fact most lenders will give no forewarning of a pending repossession, as this can make the repossession process harder for the lender, if the debtor decides to make things difficult. Repo men cannot break the peace while repossessing your auto, which in general means they cannot create for example enter your closed garage, nor use threats or violence to repo the auto. If a lender breaches the peace at any point in the repossession process, you could be entitled to damages, and you may use it as a defense in any deficiency lawsuit the lender might bring.

After your auto has been repossessed your lender has two main options. The first and most unlikely is that they can keep the vehicle. The second and most common option is that the lender will sell the auto to recoup on their losses. They can sell the auto for far less than what is owed, then sue you via a deficiency lawsuit for the remainder. Your lender however in most states must inform you of when and where this sale is to take place, if you ask. Your lender must also follow legal and standard sales practices, failure on your lenders part to do this can result in a defense against any deficiency suit against you, if the sale was not performed in a generally commercially reasonable manner.

Your lender does not have to simply rely on and hope repossession and the resale of your repossessed car to pay off the loan balance. Any remaining balance on the loan after a repossession and resale of the auto can result in a deficiency balance. Your lender can sue you for the deficiency balance in most states. There are a few defenses for a deficiency suit, including if the lender repossessed your car while breaching the peace, did not sell your car in a commercially feasible way or if the lender waited to long to sue and the statue of limitations has passed. The statue of limitations for a deficiency suit will vary by state.

You do have a few options to try and get your auto back:

Redeem the car
This is where you pay the full balance of the loan back plus repo cars. Very few people ever manage to pull this off, since they had financial problems to begin with that led to the repossession in the first place.

Buy it at auction

If the lender auctions it, you can bid and potentially win your auto back. You are still liable however legally for any deficiency, and a deficiency suit can still be brought.

Reinstate the Loan

This is an option available in a limited number of states. To pull this off you must pay back every payment you are in arrears for, and the cost of repossession. Once this is done you can have the loan reinstated. Of course you will have to keep up with future loan payments, or this process could well happen again.

You must file before the auto is sold, then a stay of sale is placed, which may give you time to obtain the funds needed to buy back your auto. The lender however can obtain court permission to sell it anyway. Much will depend on what chapter you file, some chapters can address the amount you are in arrears for, and some chapters like 13 can restructure the debt.

How We Get Into Debt and Tips For Getting Out of Financial Mistakes

Everyone has debt of some form or another, from student loans, credit cards debts to mortgages, even lines of credit. Americans in 2012 owed more than $8.5 trillion in mortgage debt alone, and nearly $1 trillion in student loan debt, and over $789 billion in credit card debt. All of this debt added together equals an average U.S household median debt of a staggering $200,000 per household! We all fall into debt at some points in our life, but we owe it to ourselves to find out why we are in debt, pay that debt off and escape the cycle of debt.

The good news is that our debt load has actually decreased! yes since the 2007 recession our average debt load is lighter than pre-recession times. This is largely due to more Americans saving money and spending less in these turbulent financial times. Yet recent studies have shown that Americans are taking out very hefty loans these days, resulting in heavy debt loads.

The debt load faced by Americans today is causing many of these debtors to fall into default on their debts. Nearly one in every 10 people repaying a student loan has fallen into default on their student loans. Foreclosures have risen by 23% according to recent foreclosure data, this despite all the government anti-foreclosure programs available today.

Debt just does not hurt our finances, it also harms our relationships. Most divorces can be traced to finances and debt. Many friendships and family fallout’s are also the result of debt and finances, including failure to honor the repayment of credit cards and loans where a family member or friend was the co-signer. A whopping 27 percent of people in mental health care can trace some of their symptoms to financial debt, and of these people 24 percent can trace financial anxiety to an adverse effect on their health.

If you too find yourself weighed down by debt, and all of it’s negative effects, read on for ways to reduce this debt. Knowing how we got into debt in the first place is critical here. Did you know that when we use credit versus spending cash that our brains process this differently? When we use credit our brain does not fully process the ramifications, consequences and effects of using credit. For example people at an auction are willing to pay twice as much with credit than when using cash. If you cannot see the money, it is far easier to spend it. We as human beings are also very optimistic, replacing reality with hopes and dreams, we think we can repay the dent easily, when in fact this debt we willingly take on often crushes us with its weight.

You should start correcting this by making up a budget, and sticking with it. Budgets do not need to be hard, where many people screw up on a budget is not allotting any money to indulgences and spending money. If you do not get to aggressive with your budget, and leave a little breathing room it will work. They key during this time is to live to the budget and not to take on any unnecessary debt or loans. If your car breaks down or is totaled, obviously you may need a car loan during this time, but you do not NEED a loan to take a fancy vacation. You also should get debt repayment goals and celebrate moderately when these goals are met. When you have paid down one debt to a zero dollar balance, treat yourself to a night out or some other small treat.

Also be on the look out for any way to increase your income, either on a permanent basis or a temporary basis. Believe me you will remember taking a second job in order to repay your debts every time you consider taking out any form of credit in the future. Repaying back a massive debt load is never easy, nor pleasant, nor is it intended to be. If you stick to your budget, commit to a repayment plan, and remember how you ended up in debt in the first place, you will find yourself out of debt in time, and you will find yourself saving more and spending less.

Changes To Student Loans and Financing Should Be Beneficial

The biggest change for student loans in years is President Obama’s Student Aid Bill of Rights. This is an exciting bill that changes student loans in many key areas. President will be signing a new Presidential Memorandum which will direct the Department of Education as well as other key federal agencies to do more to help borrowers afford their monthly loan payments. It is also setting up a complaint system to help keep tabs on any issues with the Department of Education, its contractors, and colleges. These complaints will actually be looked into and where needed the Federal government will intercede. It also aims to help students set up affordable payments for their student loans, and indeed already cap their student loan payments at 10 percent of income. The bill also aims to do extensive yearly studies of student debt load so that the government may make legislative and regulatory changes where and when needed.

The bill also includes the following, which is take directly from the White House website:

A Student Aid Bill of Rights

I. Every student deserves access to a quality, affordable education at a college that’s cutting costs and increasing learning.

II. Every student should be able to access the resources needed to pay for college.

III. Every borrower has the right to an affordable repayment plan.

IV. Every borrower has the right to quality customer service, reliable information, and fair treatment, even if they struggle to repay their loans.

The bill aims to better assist students in tackling their student debt load in a era where more than 70% of those who earn just a bachelor’s degree end up with an average debt load of $28,400 at public and non-profit colleges. The bill also aims to improve student loan servicing.

The complaint system will be via a new website founded by the Secretary of Education by a date no later than July 1, 2016. The goal of the website is to give students a central location to provide feedback and log complaints against federally back student loan lenders, servicers, collections agencies, and institutions of higher education. They also plan to take action on misleading claims which are running rampant in today’s college world.

The big thing being done with this act is to help borrowers afford their monthly payments. Many of the loan processes are now changing such as when federal student loans are transferred from one servicer to another or when when borrowers begin but do not complete applications to change repayment plans. The bill also ensures that lenders apply prepayments towards any loans with the highest interest rate first unless directed otherwise from the student in question. Also a central location for repayment online is being made that covers ALL service providers for federal student loans, which will allow for access to account information and repayment options all in one standard location for any Federal student loan servicing contractors.

If you are going for a student loan or are in the process of repaying a student loan you should get familiar with all the new rights that have been accorded to you. I fully expect the year 2016 to herald even more changes with the Federally funded student loan programs across the country as the president has made it an ongoing part of his agenda.