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Cash Advance Lenders Do Not Approve All Loan Applications

Best cash advance lenders work hard to keep up with all of the regulations set upon them. A lender’s reputation is at stake every time a predatory lender enters the news. With all of the legislation trying to regulate the loans, there never seems to be a lull in loan applications. Why is there such commotion within the short-term loan industry?

It’s true! There are online cash advance lenders who reject loan applications. One of the most common causes for rejection is that the lender does not loan in the state the applicant resides in. This may be because state regulations ban the loan altogether or have capped the loans which makes business not profitable. Some lenders choose not to pay for licensing or opt to keep their lending in certain areas.

Another reason for denial is failing qualifications status. Online cash advance lenders set certain criteria which must be met for any applicant to achieve approval status. With the reputation for being a predatory lender, it may come as a shock to some that there are lenders who will reject an opportunity to fund a loan. These short-term loans are risky enough without processing credit checks. There are many lenders that set standards for loans.

An applicant must:

*Have a functioning bank account in good standing. Overdraft fees are not a good sign of a person who manages money well.

*Receive their paycheck by direct deposit. It shows proof of steady income.

*Set income limits vary among lenders.

*Provide accurate and current contact information.

During the verifying process, there may be other qualification assessments made. Each lender has their set of “rules” to follow. Many lenders will not approve a loan when other short-term loans are currently unpaid or were defaulted upon in the past. Just because the direct cash advance lender does not pry into the credit bureaus report, it doesn’t mean that they want to process a loan with someone who has had problems paying off short-term loans in the past.

Many states have regulations which will not allow a person to have more than one or two of these cash advance loans out at on time. Some regulations will not allow a person to use too many in a year. These state regulations are made to protect the residents. There obviously was evidence of too many residents failing financially when using short-term loans in the past.

It’s easy to try to blame he cash advance lenders for these financial difficulties, but in order for someone to be applying for a high interest loan, there has to be some financial problem fueling the need. Anytime a loan gets processed and the borrower does not have the money to return payments on the original due date, these low fee cash advances online become more expensive.

If you are trying to apply for a loan and get denied, assess your situation before looking to another lender. Ask yourself why or better yet, call the company and find out why the application was rejected. You may find yourself thanking the best cash advance lenders for protecting your accounts from further problems.

Pay Off Your Debt To Avoid Reliance On Cash Advances

Cash advances are helpful when emergencies arise, especially for those with poor credit ratings, however making them part of your monthly routine can have a crippling effect on your finances. Paying off your debt will not only help you avoid extra trips to the cash advance store, it will help you improve your credit, which could lead to you being eligible for low-interest loans when the need arises.

Before you can address your debt, you need to make a monthly budget. Write down all your net monthly income. If you are paid weekly or every two weeks, multiply your weekly net income by 4 1/3 to get an average net monthly income. If you are paid by tips or commission or anything else that varies from month-to-month, then determine how much you made over the last 12 months. Average that out per month by dividing the total by 12.

Next, write down all of your monthly expenses. For anything that is variable (utilities, groceries, gasoline, etc.), average it out per month for the last 12 months. Any expenses that are regular but are not paid each month (car maintenance, insurance payments, etc.), you want to average them out per month as well. Include such things as how much you spend on average each month when eating out and on clothes and shoes.

If your income is greater than your expenses, then you’re ready to start paying off your debt. If your expenses are greater than your income, then you have some work to do first. To avoid having to look into more cash advances, you have two basic choices: reduce your expenses or increase your income. Either way, you will need to be prepared to make sacrifices, otherwise you’ll find yourself following further behind when you are forced to take out more cash advances.

It is often quicker to reduce your expenses. Cut out anything that is unnecessary, such as eating out or purchaser clothes with designer labels. Get up five minutes earlier in the morning so you can make your own coffee instead of stopping at a coffee shop on the way to work. Stop paying for minutes on your cell phone that you don’t use or even switch to a service that is pay-as-you-go instead of monthly. Buy generic groceries instead of name brands. Carpool to work. Be creative as you can, such as selling your SUV, which could save you on car payments, gasoline, maintenance and insurance.

If you can’t reduce your expenses enough to be less than your income, you may need to get a second job or a business you can do in your spare time.

Once you have extra income each month, then you use that to pay off your debt. First, determine what you owe on each debt and what rate of interest you are paying. Then, choose one debt and apply your extra income each month to that debt until it is paid off. After that, take all the extra income, including what you were paying to the first debt, and pay off a second debt. Continue doing this until all your debts are paid off.

You can choose which debt to pay off first in a couple different ways. The fastest way to pay off debts is by paying off the ones with the highest interest rates. However, many people choose to pay off the smallest debts first. This helps people who have trouble sticking to a budget because they can see the tangible result of paying off a loan sooner, which is a psychological boost. You also can choose to pay off a debt that has a high interest on a low amount.

In the end, the important thing is to consistently pay down the debt without incurring more debt. If an emergency occurs, you can apply that extra income toward the unexpected expense. And, of course, if the need arises, a cash advance can help bail you out if the need is greater than the extra income.

Is Your Credit Card and Cash Advance Debt Steering You Towards Bankruptcy

Are you counting on a bankruptcy to knock off your credit card, cash advance, student loans, and medical debt? Once upon a time, declaring bankruptcy was a fairly easy process, but it is no longer true.

As tough as a decision to file for bankruptcy is, the process is now longer and more complicated than it was just a few years ago. This financial solution is an option in which a person is not advised to do alone; retaining a lawyer would be the best route to take.

*The price for filing fees has gone up.

*People choosing to file for bankruptcy must take credit counseling classes from an approved program. The classes must be completed before filing.

*Chapter 7 is much more difficult to qualify for. There is a Means Test which is used to help determine if a person’s income is low enough to qualify.

*Once bankruptcy has been declared, there are follow-up classes which must be taken.

There are different bankruptcy sites located on the web to help inform a person about the process. There are specific websites for each state. Find articles written about what a person can expect as well as what will be expected from the person who is declaring. Use the provided worksheet to gather all the financial and personal information which will be needed to file. Take the Means Test to find out whether or not you qualify for Chapter 7 Bankruptcy or if you will need to file Chapter 13 instead.

It is important to understand what finances qualify in the bankruptcy program. The following listed debt will not be covered under Chapter 7 and will need to be paid in full after Chapter 13.

*Bankruptcy can help with secured debt, but it cannot prevent the lender from seizing the property. If you include your home in the bankruptcy, the loan will be forgiven, but you will also lose your home.

*Child support and alimony is not forgiven during this process.

*Student loans will not be forgiven except in rare extreme circumstances.

*Tax debt is very difficult to include in bankruptcy. There are many strict qualifications which must be met in order to get old tax debt forgiven.

*Debt which was created from a death or injury due to driving while intoxicated.

*Fines or penalties for violating the law will not be accepted into a bankruptcy filing.

*If you forget to list any debt, bankruptcy will not eradicate it.

If your home is in danger of being foreclosed, Chapter 13 Bankruptcy will help to stop the process and force the lender to accept a payment plan you can afford. In order to make this plan work, the individual will have to prove that there will be enough income to follow through with the new plan.

There are many financial consequences for filing for bankruptcy. It is a last resort option for those with major financial troubles. Credit card and medical debt are the leading types of debt which bring individuals to this point. Cash advance and payday loan debt will qualify, but a title loan is secure and you will lose the car after all. Talk with the credit counselors to see if there is another solution to your debt problem. Bankruptcy is always a last resort option.

Tips To Help You Manage Your Business Finances Better

One of the hardest aspects of starting a business is learning the proper use of money management strategies. Some people think that money management is a skill that should be already learned or mastered. The reality, however, is that budgeting and financial planning for your business is a lot different from budgeting and financial planning for your personal life. It does help a lot if you have some experience in the latter. Your confidence can take a hard hit if you ruin your finances on accident. Continue reading if you want to know how you can better manage your business finances.

Make sure you are numbering your invoices. This is something that a lot of business owners don’t really think about but it can save you a lot of hassle down the road.

Numbering your invoices helps you keep track of them. It doesn’t just help you track who owes you what, it helps you track who has paid you what as well. There are going to come times when a client will insist that he has paid you and having a numbered invoice to look up can be very helpful in that situation. Keep in mind that mistakes are bound to happen in business, but if you’ve got an invoicing system, no matter how simple it is, you’ll be able to quickly find those mistakes and correct them should they happen.

Each week, balance your books. But if your business is one where you use registers or you receive multiple payments every day, it might be better if you balance your books at the end of the day every day.

You need to record all of the payments you receive and make. At the end of the day or week, you need to make sure that the amount you have on hand and in the bank tallies with the amount you have in your records. When you do this, at the end of the month or every quarter, you’re going to save yourself a lot of time and trouble trying to find where the discrepancies are if the numbers don’t match up. Balancing regularly will only take a few minutes, while balancing only every so often could take hours.

Keep a complete accounting of how much business you generate down to the last penny. Make sure that you write down the amount from every payment you receive that’s business related. This is important for two reasons: one, you need to know how much money you have coming in, and two, you need to be able to track who has paid you and who still needs to pay you. When you know what your income is, you’ll also be able to figure out how much taxes you can expect to pay and even how much money you should pay yourself.

Proper money management involves a number of different things. You might assume that proper money management is a skill that isn’t hard to acquire, but the reality is that it’s a complicated process, especially when you’re a small business owner.

Hopefully, the tips we’ve shared in this article will help you get started in managing your finances better. One of the secrets to having a successful business is learning proper money management.

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