How Does a Personal Installment Loan Work

calculator-1044173_640Payday loans are a great way to get the small loan that you need, tiding you over until your next payday. However, there are some instances in life where you need a much larger loan or need an extended period to pay the loan back. That’s where a personal installment loan comes into play.

The Qualification Requirements for an Installment Loan

The beauty of most personal installment loans is that there is no collateral necessary. So to be eligible, you need an active checking account, be a U.S. citizen or permanent resident, at least 18 years old, and able to prove proof of employment (typically a paycheck stub).

Your credit will be evaluated as well as your current income to determine how much you’d be eligible to borrow. Each state determines their minimum and maximum loan amount.

If you qualify and are approved, the lender will deposit the funds into the checking account you provided them with. The process can be done anywhere from a few hours to the next business day.

Borrowing Limits for an Installment Loan

A personal installment loan has more flexible borrowing limits when compared to short term loans. You can borrow anywhere from $500 up to $5000. It will be based upon your income and credit, but you are not subject to apply for multiple loans in order to get the actual cash you need.

The Costs of an Installment Loan

For most installment loans, you’ll have a fee and interest charge. Be sure to get a copy of the full disclosure of rate information from the lender you select. This includes information regarding their lending practices as well as a detailed explanation of how fees and charges are assessed per the state.

Repaying an Installment Loan

When signing your agreement for the repayment terms of your personal installment loan, most lenders will set the payment schedule according to your paycheck date. This is not a payday loan account though. It’s just for your convenience to ensure the payment is made on time.

Most personal installment loan lenders will also require that they auto draft from your personal checking account. It’s important to ensure you have this amount in each month at the scheduled time.

Those are the steps to applying and paying your personal installment loan back. Do be sure you’re taking it out for the right reasons, so you don’t get overloaded with unnecessary debt.

Best Places to Play Online Games

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Everyone needs a break throughout the day and using the time to play some games online can be a great way to escape. Thankfully, in today’s world, you don’t have to go buy a bunch of games to have on hand; all you have to do is look to the web. Whether your board on a Saturday morning or sneaking in some fun on your lunch break, there are tons of places online to play free games and they always have a little something for everyone. Take a look at the list below, and you’ll find great websites to go to, to add a little excitement to your day.

  1. Addicting Games

Probably one of the older sites online is Addicting Games, however, it’s also one of the most popular. This site is the home of thousands of games, all divided into their various categories, so you can find just what you’re looking for. Addicting Games not only has a little something for everyone, but has some truly unique titles as well. You’re sure to find an odd game that you’ll literally be addicted to in no time.

  1. Pogo

Pogo may not have as many options, but it does have over 100 free games for users of every age. Whether you’re looking for puzzle, board, card, or word games, you’re sure to find something to relax you or test your skills. It’s also worth noting that you don’t have to register to play all the games on Pogo, so you can play any time you’d like. If you’re looking for something everyone in the family can play, this is the site for you.

  1. Big Fish Games

Big Fish Games was always a favorite of mine. They have both free downloadable games, as well as free games you can play online. Big Fish has a great selection of some your favorites such as, hidden object, mahjong, Bejeweled. Of course, it also has a wide selection of strategy, brainteaser, and classic games for you to choose from. You’ll find more than one of your favorites on Big Fish.

  1. Casino Games

If you’re hoping to try your hand at some casino games or test your skills, there’s also an array of sites you can look to for that. The well known, Harrah’s Casino has a website with a variety of slot and card games. Mansion Casino is another great site for casino games. They have an array of arcade, scratch and table games, as well as online roulette, poker, and blackjack. You’ll have a great opportunity to try out your gambling abilities.

Whether you’re board at home or need a little break from the mundane of the office, online games are a quick fix. The Internet offers a great selection of sites that feature thousands of games for every taste. No matter if you’re looking to relax or work your brain muscle, there’s sure to be game to help you escape your day.

The Importance of Financial Management and Planning

calculator-1044173_640Financial management is not a school subject. Some people learn about money the hard way and the recession caught even those that thought they had their affairs in order. The impact was so widespread that even those in previously secure jobs could find themselves out of work and unable to find alternatives. Many people lost their homes and saw their credit scores fall dramatically as they defaulted on their financial commitments. The economy is growing now and even though some are still struggling to repair previous damage, those starting out on a career should take a few tips and not get themselves exposed to financial problems.

It’s never too young to teach children the value of money; at least at an age when you are giving them pocket money. Why not give them a little chore to do in return and then introduce the idea of saving a little each week towards something they want? They will learn the value of what they are ‘earning.’

Compound Interest

As an adult they will be independent and although they may be lucky and get an unexpected ‘windfall’ the assets that they accumulate will be up to them. Teach them about the power of compound interest. A small and regular amount saved over a long period of time will grow far more than anyone would expect. Those who for example start to save for retirement in their 20s, even in a small but regular way, will be in far better shape than those who suddenly realize in middle age that they must start to save. Even putting aside 15% or more of gross income may be insufficient.

A 401(k) is an ideal way to get started. Personal contributions are made before tax and employers may contribute up to an agreed amount as well. It is not often the IRS gives anyone money.

Real Estate

A parallel in terms of saving is real estate. The recession hit values right across the country and property was worth far less at the end of the recession than it was at the beginning. However someone who bought ten years before the recession started and can keep it for many more years will have built up a significant asset even though there was a blip in the middle. Real estate is medium to long term, not short term.

Retirement

Anyone hoping to retire early or indeed to have enough to enjoy their retirement needs to think about the future from the point at which they start their career. As people live longer so does their need for a larger retirement fund and in the present circumstances the Social Security System is not in the position to be more than support for personal provisions. Anyone who thinks a good retirement fund can be accumulated in 10 years is fooling themselves.

Budget and Self-Discipline

It makes far more sense to begin early, work to a budget which doesn’t automatically mean sacrifice, and have self -discipline. One of the biggest mistakes society seems to be making at present is carrying credit card debt that incurs a high rate of interest. One simple tip: get a unemployed loan at a much lower rate of interest, pay off the balance and only use a card for convenience, paying off the statement balance at the end of each month.

Another source of monthly saving could be by looking at regular spending to see if there are cheaper services in the marketplace. The obvious things that come to mind are utilities, insurance and telephone. There are comparative websites that do much of the preliminary analysis for consumers.

Financial self-discipline doesn’t mean no treats; a little luxury every so often will be no problem. Self-discipline means knowing the financial position and taking decisions accordingly. Certainly those who have spent years saving sensibly should have some scope to relax occasionally.

Some of the statistics regularly released by the Fed. about the US Consumer are fairly disturbing. Those who are not controlling their finances and preparing for the future have problems that will not be solved by current inaction and the Social Security System in the future. Everyone should think about their financial position and if it highlights existing problems and potentially long term problems then they need to take action.