Everyone hears about the rogue payday lenders and the scheming cash advance sites. Politicians stand on anti-payday platforms claiming it’s this type of loan that is ruining America. Financial institutions turn their nose up at the high interest cash loans, even though they offer a strikingly similar product.
Often the bank version of a payday loan is, in fact, identical to its counterpart. The interest is high, the fees are numerous and the duration is extremely short. Though they are required to disclose rates and fees the same way payday lenders are, there is one major difference that puts consumers at a disadvantage.
Because payday lenders are always cast in a bad light, consumers tend to proceed with caution. They’ve heard the warnings and prepare themselves for a wallop if they fail to repay their loans. In a sense, payday loans are the most exposed type of credit because of how much media and political attention they get. Please use the services of only trusted lenders (i.e. Localcashhelp lender) but because there is no trust for the product, borrowers are more likely to pay attention to the details and be more diligent about repayment.
On the other hand, short-term bank loans are a new addition to the financial family and haven’t gained as much negative press. Banks have quietly introduced them under the illusion that they’re trying to help their customers with poor credit. In reality, it’s there to supplement the lost income banks have faced since heavy regulations were laid upon credit cards and checking accounts.
The big difference lies in the fact that consumers trust banks — at least, more than they trust payday lenders. Borrowers become seduced by a bank’s history and reputation and forget to be skeptical.
Short-term loans offered by banks are no different than the loans offered by payday lenders. Their trusted name, however, can keep borrowers off guard and create a false sense of security. If you’re choosing a short-term loan as a solution to emergency money problems, remain aware of the potential pitfalls. Whether it is through a bank or a payday lender, the obstacles are the same, so your attention to the terms should be as well.…
A number of engaged couples choose to set the date for the spring and summer months to take advantage of warmer weather. While this is all fine and well, it’s around this time that their heads start to fill with myths about what effects matrimony will have on their finances. According to a column from USA Today’s Sandra Block, it’s important to draw a line between fact and fiction.
Marriage Won’t Immediately Affect Your Credit Score
If you have been working to maintain your credit score by taking out a payday loan advance, rather than going into more damaging debt to pay for an unexpected bill, you can take comfort in the fact that marriage won’t hurt or help your score right away. When you get married, you and your spouse’s credit scores don’t merge automatically, Block wrote. Credit bureaus keep records of individual people, not those of entire households.
However, if you do have a joint bank account or line of credit, and your spouse abuses either one, this can subsequently damage both scores. This is because when you create these accounts, the financial histories of both parties must be accounted for.
Additionally, it is generally advised that spouses exchange credit reports prior to getting married. If you don’t and then try to make a major investment in the future, such as buying a home, a spotty financial history can keep the entire unit from making any significant financial moves. This can put a lot of strain on any relationship. While this process isn’t very romantic, it can shed some light on what lies ahead for your financial future.
Marriage Won’t Increase Your Tax Bill
One of the most significant financial advantages to getting married is for tax purposes, Block added. As a result of tax cuts passed under the Bush administration, the standard deduction for joint filers was actually increased, but these breaks could expire soon if new legislation is not passed. However, a little more than 50 percent of all married couples were able to enjoy a marriage tax bonus even before then, saving them a significant amount of money on their tax bills.
It is possible that marriage will push you into a higher tax bracket. Some little birds may be whispering in your ear that if you continue filing your taxes separately, you may be able to qualify for a number of deductions that you can’t utilize through a joint filing. However, according to experts, this belief is generally false, especially if you have children already.…
The American Animal Hospital Association recently reported that the number of veterinary visits in the US increased slightly in 2022, after seeing a decrease in 2021. For many, it begs the question: is this good news or bad?
Animal advocate groups might argue it’s a positive sign – more people are willing and able to treat their pets when needed. But it could also mean that the number of injured and diseased pets is increasing, which is good news for no group at all.
The survey failed to touch on the number of families who don’t visit the vet each year: the cash-strapped households with a sick dog, cat or horse that avoid seeking medical treatment because of financial reasons.
Though it’s a sad story, it’s not an uncommon one. Communities with high unemployment rates and few affordable pet care options are often full of just such households. The financial consequences of ignoring your pet’s health are real, and they are outweighed only by the most severe of consequences: death.
Fortunately, pet owners with limited financial options can turn to a short-term loan when necessary. But before borrowing money, consider fixing the problem rather than the symptoms.
Waiting Could Increase Your Vet Bills
Pets are similar to cars: let a problem go on long enough and the whole fiasco will eventually need fixing. Avoid higher bills in the future by taking care of smaller health problems as soon as they arise. Putting your pet’s long-term health in jeopardy also poses a risk to your finances, and both are difficult to recover from without some level of rehabilitation.
Waiting could also force your pet to take medication or treatments that could be costly and necessary for months or years. Monthly medical bills to maintain your pet’s health – along with food and shelter – can be added to the category of essential finances. Timely medical treatment can keep your costs to a one-time bill rather than a monthly expense. The best ways to take care of your pet include:
Preventative care like frequent checkups, shots and basic medical care
Looking for medical program in your area that specialize in low-cost pet care
Providing your pet with a healthy diet and ample exercise
One could argue the case that there is only one financial implication of ignoring your pet’s medical needs: more money. In the end, remember that financial problems are often far less important than medical concerns. While you can get a payday loan to pay for vet treatments, no amount of money can replace your four-legged loved ones.…