22 Mar
2012

Recent surveys show that more families use short-term loans for medical expenses than other financial obligations, such as car repairs, unexpected emergencies and other financial responsibilities. So what is it about medical  costs that makes them so difficult to pay?

To begin, it’s important to understand that families that are under frequent financial stress often find medical coverage to be a financial burden and as such, a privilege. A good way to look at it is like this: without food and shelter, you can’t survive, especially if your family includes a spouse or children. Barring a medical emergency, however, you can certainly live without medical coverage, assuming you have no medical worries to speak of.

For that reason, many families either cannot afford health insurance or do not qualify for coverage with their employer. For whatever reason, medical costs then become independent of medical insurance, and when that happens, the expensiveness of medical services and products falls squarely on the shoulders of the patient and his or her family. So it’s not wonder that more families are taking out short-term loans to cover medical costs.

Accepting the Realities of Medical Expenses

Fortunately, new insurance regulations provide, in theory, greater coverage to more Americans. Though there will always be millions of uninsured citizens in the country, the ability to minimize this number is perhaps the key to long-term, sustainable economic growth and success. In any case, using a loan for medical expenses should not be seen as a negative concept, it should just be viewed as it is: often the only solution to a dire financial problem.

If you need to take out a short-term loan to pay for medical expenses, the best thing you can do is evaluate your costs and take out a loan that matches your needs. Taking out too much or too little money may increase your financial difficulties in the long run, so it’s best to stick to whatever your medical needs call for.

20 Mar
2012

Earlier this week, the Office of Fair Trading (OFC) began investigation into over 50 payday lenders to ensure these industry players are abiding by the acceptable laws and regulations governing the subprime financial industry.

The OFC takes these inquiries very seriously, as it is the responsibility of the lenders to provide financing to people who are found able to repay what they borrow. Lenders require certain information to assess and determine whether or not a borrower is reasonably able to repay their loan – this is typically based on the status of the borrowers’ employment.

This investigation was launched as a result of concerns over various online lending sites with lenders who continuously extend the terms of borrowers’ contracts causing them to fall further into debt by no fault of their own.

Should these allegations prove to be truthful; the OFC will take the proper actions to ensure the issue is remedied to restore safety and pro-consumer lending services once more.

To avoid issues such as the one under OFC investigation, MoneyNowUSA takes every measure to ensure quality, safety and compliance throughout our service as well as that of our lending partners.

20 Mar
2012

Not every occasion calls for a personal loan.  Sometimes where you’re low on cash you just have to hang in there until payday.  However, emergency situations can arise that are unpredictable and some spare cash may be needed.

In these circumstances you may want to get a personal loan instantly to avoid bigger problems that may arise.

Utilities Being Shut Off

It can be easy to fall behind on utility payments when cash is tight and bills are piling up.  However, if you have gotten to a point where you risk getting an essential utility turned off, a small loan may be necessary.  Electricity, water and gas are often nonnegotiable, but bills like cable and internet may not justify borrowing money.

Car Repair

It’s hard to predict when something is going to fail on your vehicle.  Often it seems to happen at the worst time possible.  If you depend on your vehicle and it can’t function without repair, consider a personal to bridge the gap.

Medical Bills

Like with car troubles, a medical issue can arise out of nowhere.  If you’re options for payment is limited, these types of loans can get you through a difficult time.

20 Mar
2012

As nice as it sounds to apply for a loan, have it wired the same day and start feeling financial relief, it doesn’t always work that way.  Often people take out payday loans to cover a single bill or expense and then find themselves right back where they left off.

There are a few steps that can be taken before you take out a payday loan that can help make the loan last longer.

First, decide what expenses are unavoidable.  This may be a late electricity bill or car repair or anything else urgent.  Anything that cannot wait until your next paycheck to be paid should be assessed.

Next, determine what expenses can be put off.  Is there a way to avoid going to the grocery store?  Can you carpool to save money on gas?  Is there a relative willing to babysit so you can avoid childcare expenses for a week? Think of anything that might help bridge the gap.

Once you have determined what your actual financial status is, you can begin deciding on the amount you would like to borrow for your payday loan.  It can be dangerous to borrow to much because you can find yourself unable to repay and facing fees.  However, you don’t want to underestimate your needs either.  If you’re going to take out a payday loan, you want to cover as many necessities as you can afford to pay back, so as to avoid further complications.

Never take out a loan on impulse.  Figuring out your budget can be the difference between smooth borrowing and extensive debt.

12 Dec
2011

How They Work and How Much Will It Cost Me?


prepaid debit cards can provide a great
solution for anyone with bad credit wishing to help improve their credit rating, have access to balance
their funds online, and make purchases virtually anywhere in the world.

Prepaid debit cards have all the advantages of a traditional check card, without any of the fees
and require no credit check to be approved. Prepaid debit cards usually charge a small fee
(approximately $10) to activate your account or debit card. Then once the card is activated, customers
can load funds onto their debit card as often as they would like for a surcharge fee of (under $5)
or for free, at various retail locations. The amount uploaded then acts like a line of credit, allowing
you to make transactions anywhere your debit card company (usually
Visa or
MasterCard) is accepted.

To avoid money uploading fees, prepaid debit cards allow employers
to directly deposit funds onto your card without a fee. And as a bonus for linking your direct deposit with your prepaid debit
card, your debit card company will usually reward you with a cash sign-on bonus and will never charge "uploading" fees when your
funds come directly from your employer. This can save an individual hundreds of dollars in check cashing fees or money uploading
fees annually.

Unlike traditional debit cards, which draws funds from a banking account and lets you charge over the amount available and then
slaps you with a non sufficient funds (NSF)
or overdraft protection fees, prepaid debt cards let you spend your money without worrying about overdraft or NSF fees. This
is because prepaid debit cards are designed to automatically cap your spending when your pre-loaded cash has been used up.

Other bonuses to consider, when shopping for a prepaid debit card include; the use of free bill pay online, no minimum monthly
balances or transactions required, no monthly fees if you actively use your card, no ATM fees charged by your debit card company,
no or low balance inquiry fees (at an ATM or through an 800 number) or free online funds management, no convenience fees, lost or
stolen protection coverage, and convenient retail locations where you can upload more cash onto your card, if needed.

The biggest perk to most prepaid debit cards is that while you are loading money and making purchases with your debit card, your
debit card company is reporting positive credit history to the three main credit bureaus. Therefore, building or rebuilding your
credit without any extra effort on your part.

09 Dec
2011

Unfortunately, there isn’t a magic wand for credit repair.
If you’ve been hit with collection accounts,
bankruptcy,
foreclosures, or liens- there isn’t a quick fix. The only way to erase these negative marks is to wait for them to expire
after seven to ten years. However, that doesn’t mean that you can’t get credit or work towards improving your credit score.
Be aware that you’ll probably be categorized as a subprime consumer, meaning that you’re considered to be a high-risk candidate.
Not all lenders work with subprime consumers. Those that do, almost always charge higher interest rates and fees as well as limit
the loan amount you qualify for.

Secured credit cards are a great way to repair credit. Unlike a typical credit card, secured credit cards act more like a debit card.
For example, you give the lender a cash deposit for $100 and in exchange you get a credit card with a $100 limit. That way, if you default on the monthly payment, the lender can use the deposit you provided to cover the
expense. Typically, secured credit card lenders charge high interest rates and hefty administration fees- that’s how they’re able to operate within the subprime consumer market. So, you don’t want to have these cards
forever, but they do offer a great way to rebuild your credit history.

*There is an entire industry of scam artists out there preying on people with bad credit. These fraudulent companies offer services promising to
clean up your credit reports. They charge outrageous fees that range from $40 to upwards of several hundred dollars per month. And, basically all
they’re doing is sending dispute letters to the three major credit bureaus. Don’t fall into their
trap- save your time and money and avoid these useless programs all together.

06 Dec
2011

Money isn’t the most important thing in life, but mismanaging it can cause a lifetime of problems. Making smart decisions about
your money will relieve many of the financial worries others deal with.

1. Save and make it automatic. Make it as easy as possible to put money into a savings account. Link your savings account to your
checking account and set up a monthly automatic transfer. That way you can contribute to a savings account without feeling like
you’re losing money.

2. Pay off your debt. If you have debt, you have interest payments – money paid to your creditors that could be going into your
savings account. Get rid of debt as quickly as possible, starting with high interest rate debt.

3. Hire a professional. There are some things you can do yourself, like patching a small hole in the wall or pouring Drain-O in a
clogged sink. There are other things that are better left to a professional – they cost more, but you’ll save money in the long run.

4. Max out your retirement account. Contributing to a 401(k) plan is one of the easiest ways to save for retirement. If your employer
has 401(k) matching program, put everything you can into your account.

5. Insurance your assets. Could you imagine the financial impact of covering the expense of an automobile accident out of your pocket?
It would devastate your finances. Insurance might seem like a waste of money, but believe me, when you need it, you’ll be glad you have it.

6. Rate shop. It’s always a good idea to check out the prices of competitors for the products and services you’re buying. Don’t settle on
the first price or the lowest price you see. Instead, make sure you get maximum qualify for the price you pay.

7. Make wise investments. Investing your money is one way to have it increase. You should never invest in anything you don’t understand.
Have your financial planner thoroughly explain investments or read up using the internet or the library. Either way, make well-educated
decisions about the things you invest in.

8. Use a budget. Everyone who makes and spends money should have a budget. A budget can help you decide how much you can afford to save,
invest, contribute to retirement, and pay off debt.

9. Spend less than you earn. You should never spend more money than you bring in during the month. Why? Because it means you’re either
dipping into savings or borrowing money to make ends meet. That’s never a good proposition. If you’re spending over your income, use your
budget to decide how to bring your expenses down to the level of your income

10. Educate yourself about money. There’s a wealth of information out there about managing and increasing your money. You can get
information on the internet, on tv, on the radio, at the bookstore. Don’t feel overwhelmed with learning everything at one time. Just take
it one step at a time.

Once you’ve educated yourself about money management, you can come up with your own list of smart money moves that’s tailored
to fit your personal finances.

06 Dec
2011

Credit cards have become a staple in today’s society. There’s not much you can do without one. It’s nearly impossible to rent a car,
book a flight, or reserve a hotel room without a credit card. Unfortunately, consumers with new credit and those with bad credit may have
trouble getting approved for a regular credit card. Credit card companies see these two types of consumers as riskier than others. Fortunately,
people who can’t get a regular credit card can take advantage of a secured credit card to begin building or rebuilding their credit.

A secured credit card is a credit card that has a credit limit backed by a security deposit. The deposit is placed into a savings account and
acts as collateral for the credit card in the event of nonpayment. The amount of your deposit determines the credit limit you’ll get. Secured
credit cards give you a credit limit that’s between 50% and 100% of the deposit you make. Ideally, you want 100% of your deposit to go toward
your credit limit. After you’ve opened the card, you may be able to increase you credit limit by making additional deposits against the
credit card. Some credit card issuers may increase your credit limit automatically or upon your request after a period of timely payments.

Secured credit cards aren’t as widely available as regular credit cards, so you might have to shop around for a good one – and you should.

Secured credit cards have fees that regular credit cards don’t have. An annual fee, application fee, and a processing fee aren’t uncommon.
As you shop around for a secured credit card make sure you understand the fees that will be charged. Watch out for credit cards with high
fees that eat away your security deposit and reduce your available credit.

You’ll also find that secured credit cards have higher interest rates than regular credit cards. It’s just one of the costs of carrying
the card. The point of having a secured credit card isn’t to carry a balance. The point is to build a solid credit history. If you pay your
balance in full each month, the high interest rate won’t cost you. You should use your card to make small, affordable purchases every month and
pay off the balance in full when your statement comes. Don’t forget the rule about credit card balances – your balance should never exceed 30%
of your credit limit. That means a maximum $300 balance on a card with a $1,000 credit limit.

When you pick a secured card, make sure the credit card issuer reports to the three major credit bureaus – Equifax, Experian, and TransUnion. The
point of the card is to establish or re-establish your credit history and that’s impossible if the credit card isn’t included on your credit report.
Also confirm that nothing about the way the account is reported will reveal that it’s a secured credit card.

Find out whether you can covert the card to an unsecured credit card after a period of timely payments. Make sure you understand what happens to your
deposit if the card converts or if you decide to close your account.

06 Dec
2011

Retirement may seem like a lifetime away, but time passes so quickly, retirement will be here before you know it. Many people wait
until their late 30’s or early 40’s to start thinking about retirement. They unfortunately find out that saving for retirement is going to
be a lot harder because they waited so long. When it comes to building a retirement fund, starting early is the best thing you can do. You’ll
have more time for your retirement savings to accrue interest and you’ll end up with more money than if you’d waited.

When you start planning for retirement, you have to decide what kind of retired life you want to live. Will you want to have the exact same income
that you have now or have a higher income? Will you live in the same area or will you relocate?

Starting with your current income is a good way to think about your retirement income. Typically, you’ll want to sustain the same quality of life
as you live now, so you’ll need to have a comparable income to support that lifestyle. There’s absolutely nothing wrong with that. The key is to
start putting away money so you’ll be able to have the income you want.

To figure out your retirement savings goal, you can generally multiply your desired income by 25 to come up with the amount you need to save. So,
if you want to have a retirement income of $60,000 a year, you’ll need to have $1,500,000 in retirement savings. Using a rule of thumb can give you
a ballpark idea of what you need to save, but it’s always better to project your own expenses to come up with a retirement savings goal.

The amount you need to save for retirement can decrease depending on what you expect to receive in social security benefits and any pension you
have. Unfortunately, the future of social security is highly unpredictable, so be careful when factoring social security income into your retirement
savings.

Your retirement age will have a large influence on the amount you have to save up for retirement. For example, if you plan to retire young,
you’ll spend more years living from your retirement savings, so you’ll need to have a larger retirement fund. On the other hand, if you wait later
to retire, you’ll need less money in a retirement fund.

Contributing to a 401(k) plan is perhaps the easiest way to save for retirement. Contributions are taken out of your paycheck before taxes and 401(k)
contributions are often matched by employers. You can manage your 401(k) plan like any other investment portfolio choosing where your contributions are
invested. If you’re not investment-savvy, a financial planner can help you decide how to invest your 401(k) contributions.

Paying off debt while you’re employed will reduce the expenses you have to pay once you’ve retired. Don’t forgo your retirement savings while you pay
off your debt. Instead, you should continue to save for retirement, even you save a lower amount, while you reduce your debt. Then, once your debt’s paid
off, you can ramp up your retirement savings.

06 Dec
2011

In theory, saving money sounds like a good idea. It’s something many people want to do, but find that it’s difficult to put into practice.
It’s even harder when you’re used to spending every penny you make. But, saving money is important enough to make some changes to the
financial habits you’ve clung to for so long.

It’s short-sighted to think you shouldn’t save money. You never know what’s going to happen in the future. Having some money in a
savings account can help you prepare for something dire like a job loss – planned or unplanned.

It’s important that you have a reserve of cash in case of an emergency. That way you don’t have to resort to credit cards or loans
to carry you through a difficult situation.

When you have credit cards and loans, you pay interest to the bank. With a savings account, it’s the opposite; the bank pays interest
for you in exchange for keeping your money there.

If you want to save money, the first thing you need to do is have a
Make a Plan to Save