February 23, 2012

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The Difference Between Installment Loans and Credit Cards

January 26, 2012 By Leave a Comment

There are many options available for people who are looking for additional funds. However, two of the most widely used options are credit cards and installment loans. While they both share vast popularity, these two options are very different, and are thus used for different situations. Here is a short overview of each, and the different ways that they are commonly used.

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What is an Installment Loan?

An installment loan is a loan for a varied amount of money. They provide a structured repayment plan that consists of an equal monthly payment spread over a set time. The payment includes the interest of the loan, providing a unique transparency to the borrower that makes the monthly payments easy to manage. Due to the ease of access to funds through installment loans, they are most commonly used in situations that require fast funding.

Below are some of the most common reasons that people turn to installment loans.

  1. Urgent Utility Bills. Installment loans are regularly used to cover urgent utility bills such as water, electric or gas that are on the verge of disconnection.
  2. Unexpected Medical Expenses. An unexpected medical expense is not only stressful, but overwhelming on immediate finances. Installment loans offer an easy solution to cover co-pays and deductibles that you might not have the funding for presently.
  3. Avoiding Late Fees in Between Payday. It is easy to rack up droves of debt through late-fees associated with late payments. You can avoid such late-fees in between pay periods by utilizing an installment loan for a quick and easy cash advance.

What Are Credit Cards?

Credit cards differ from installment loans primarily in how they are structured. They function as a consistent line of credit that can be run up, and then paid off for repeated use.

Credit cards are most often used in a non-emergency manner. They help consumers purchase products or services that might be out of their budget by using their credit limit of the card to cover the tab. Consumers then have the option to pay down the balance by making minimum monthly payments, or paying it down completely to avoid covering too much interest. Unlike installment loans, credit card payments vary from month to month depending on the balance on the card.

The differences between credit cards and installment loans are very important to note. When the time comes for you to decide between either, consider this information to make sure you choose the right option for your situation.

Filed Under: Personal Finance Tagged With: , ,

Low-Priced Tickets to Oahu

January 24, 2012 By Leave a Comment

No one can contest the fact that Hawaii is an expensive state. Since most things have to be shipped in, literally, most goods are at a premium on their best day. However, just because a state is expensive to be in doesn’t mean cheap flights have to be mere flights of fancy. You can still get a great deal on the plane trip, even if you admit to yourself that being there is going to be pricey.

 

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Plan Ahead

You won’t find cheap flights without looking for them. While it would be great if awesome deals came to you, they typically won’t. So you need to think ahead about when you intend to go on your vacation. If you are planning to go when everybody else is going, specifically November to March, you’d better be prepared to pay the full “retail” price.

However, a little willpower and some planning can go a long way. If you are willing to go during the spring or summer months, you can reap the benefits of a lower price and less intense heat. Not to mention the fact that since the tourists won’t be out in as large a force, you will be able to spend more time on the beach and less time getting distracted by hawkers trying to sell you “authentic” junk.

Shop Around

Remember to look around for tickets to your cheap Oahu flights. While it might be tempting to just go to one website and plunk down your money for the first deal that you can afford, a few more minutes of research can yield a tremendous amount of additional savings. While you don’t need to search all night, you do need to make certain you have at least looked at a few different deals.

Don’t Be Afraid to Spend

You work all year for the money to take a nice vacation. At some point, you should either put your money into your “rainy day” fund or shell out for something really special. This is called conscious spending, and it’s okay. As long as you are being responsible and saving on other parts of your life, it is all right to spend on a great Hawaiian vacation. For instance, you can take cheap Oahu flights and stay in nicer hotel rooms.

When you go to Hawaii, you’d better be ready to spend. It is an expensive place; but despite the expense, you should always look for a good deal on expenses like your flight and lodging. Whatever you do, don’t try to get cheap on your vacation. Relax.

Filed Under: Travel Tagged With: , ,

Emergency Loans for People with Bad Credit

January 18, 2012 By Leave a Comment

Children are an extraordinary blessing, but raising a child takes a lot of patience, imagination, a good dose of courage and a lot of financial planning. Of course, the stark reality of the financial commitment that child-rearing entails also goes beyond its appeal. Most parents already find it hard to provide make ends meet so they usually enter a state of panic whenever unforeseen expenses arise.

 

This is especially true for parents who have less-than-perfect credit scores. Most lenders require a credit rating of 620 or better so you might have a hard time qualifying for a loan if your scores are lower than that. Fortunately, short-term loans do not enforce thorough credit checks so you can apply for one regardless of your current credit rating.

 

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Choosing a Reputable Lending Company

 

The first step to getting a short-term loan is to look for various lending companies online. Now that most companies already have websites that explain the loans they offer in detail, you will no longer need to get out of your house and drive around town to compare their rates. Compare at least five companies that cater to the needs of people with bad credit before making a decision.

 

Do not fall prey to fly-by-night companies that are only in the business for your money. Look for legitimate institutions that can provide you with a small amount of cash that you can easily repay when the pay period arrives. If you are completely unfamiliar with loans, you may want to get a personal loan from Plain Green Loans, a state-licensed company with a hassle-free online application process.

 

Short-term loans vs. Other Types of Loans

 

At first glance, credit cards and long-term loans might seem better than short-term installment loans. However, it is actually more practical to apply for the latter because it does not come with high interest rates and other hidden costs. In addition, installment loans will only take a few hours to process, so you can easily get enough money to pay for emergency expenses.

 

Gone are the days when you have to fix your credit scores and visit several companies before applying for a loan. With short-term installment loans, you can easily borrow enough money that will put an end to the temporary emergency-induced financial crisis that you are facing. All you need is an email account, a checking account and a regular source of income to qualify for these loans and get quick cash for unexpected expenses that you can’t delay any further.

Filed Under: Personal Finance Tagged With: , ,