When Is the Right Time to Use Payday Loans?

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US dollars and a penPayday loans can be life-saver for those who need a quick fix to a financial problem, such as paying for emergency healthcare or repairing your car. However, there are some nuances that you should consider before applying for one.

If you live in Utah, consider a lender who provides cash loans in Provo as they might offer a lower rate than those in Salt Lake City.

Right Timing

Medical emergencies like a dental appointment are a good reason for taking out a payday loan. Another reason to do so involves a check that requires enough money.

A bounced check affects your credit score, so using a payday loan helps in avoiding this. Since payday loans charge a larger interest rate, think hard whether the expense is indeed a one-time emergency.

Most people make the mistake of using payday loans too often to manage their monthly expenses, while some use them to repay credit card debt just to avoid paying finance charges. However, this practice can be a difficult cycle to break, especially in some states where credit card debt remains high.

Most Indebted States

Credit card debt in California reached around $107 billion by the end of 2017, which led the state to have more credit card payables in the country. This doesn’t mean that every person there routinely borrows money, but it indicates a higher risk of default among users.

Texas ranked next with $67.3 billion in credit card debt, followed by Florida with $59.2 billion. Nationwide, American credit card users charged around $931 billion in 2017 with each average household having a balance of more than $15,600.

You shouldn’t rely too much on payday loans frequently to save yourself from a financial crisis, especially if you only need to make ends meet. In case there is no other option, compare rates among at least three lenders and choose the one with the most convenient payment terms.

3 Ways You Can Use Home Equity as a Source of Funds

Posted on by George Cummins in Money Times | Comments Off on 3 Ways You Can Use Home Equity as a Source of Funds

Calculator with coins on top of some documentsYour home can be your ATM when you need to come up with some extra cash. You can use the home equity you have built over time to get low-cost funds. Here are three ways you can borrow on your home equity.

1. Home Equity Line of Credit

A home equity line of credit (HELOC) is a flexible loan with no or few closing costs. The interest rate is variable, but your lender may offer a fixed rate for some years. A HELOC is like a credit card in that it’s a revolving source of cash. The homeowner accesses the pre-approved credit line as needed.

Wasatch Peaks Credit Union notes that you could access your HELOC funds in Ogden in various ways. You may use an online transfer, special checks, or a credit or debit card linked to your account.

2. Home Equity Loans

Are you looking for a specific amount of cash for a one-time expense? Since it’s disbursed as a lump-sum amount, a home equity loan can suit you perfectly.

Home equity loans usually offer fixed interest rates. So, the loans come with predictable repayment costs. The loan may be tax deductible if used to improve the value of the home.

3. Cash-Out Refinance

You could convert your home equity into funds by replacing your existing mortgage with a larger home loan. You will then pocket the difference of the two mortgages in cash. A cash-out refinance may be a good option if mortgage interest rates have gone down.

Home equity is a valuable resource. If you have enough equity, you can tap it for a loan with a competitive interest rate.

You can take a home equity loan if you need cash for a one-time expense. A HELOC can suit you if you need a cheap loan to finance ongoing expenses. If you have accumulated significant equity, need cash, and want a better-terms loan, you may consider a cash-out refinance.

How to Apply for Social Security Disability Benefits for Your Child

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Accounts Receivable Solution Many parents of children with disabilities struggle financially with the continuous increase of medical care costs every year. One way these parents can get financial support is through the Social Security Administration’s (SSA) Social Security Income (SSI) Disability Program for Children.

But do you ensure social security disability eligibility for your children? Here are some ways you can secure the benefits your kids need:

Age Requirement

A child has to be under 18 years old to be considered for the SSI disability benefits. However, the child can be exempted to that rule if he or she is still enrolled in either high school or junior high full time. In these special circumstances, then the child will still be eligible until he or she reaches 22.

Medical Requirement

You need to show documentation of your child’s disability, whether it’s a physical impairment that limits his or her physical functions or a mental impairment that may last for more than a year. You may check with the SSA the list of all impairments included in the requirement. If met, there’s a higher chance that your child will be eligible for the disability benefits.

Financial Requirement

A certain level of income is also checked to see if the child is eligible for SSI benefits. According to the SSA, it may also consider a portion of the parents’ salary together with their resources, as if they were free for the child to have access. The government may also consider a portion of a stepparent’s monthly income if the child resides with a biological parent and a stepparent.

Social security benefits for disabled children is a great way to provide kids with pre-existing health conditions the help that they need. You might want to work with a company that knows a lot about the matter to get the customized solution for your child’s medical needs.

Improve Your Restaurant’s Business

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A group of friends enjoying a fine-dining experienceOne of the things that makes any business a success is people. People who work in the enterprise, as well as the customers that a company provides products or services for. With this in mind, every restaurant owner should make an effort to make people happy to ensure the longevity of his/her business.

How to Make Customers Happy

The term ‘hangry’ describes a person who is irritable or moody because s/he is hungry. This just shows how people can change when they are in need of nourishment. Incidentally, this may also demonstrate the importance of restaurants within the foodservice industry.

Any restaurant owner desires to provide sumptuous fare as well as impeccable service and surroundings to his/her customers. However, s/he can only do this with updated equipment. And because restaurants need money regularly to keep them in operation, sometimes it may be difficult to find funds to allocate for repairs or the purchase of new equipment. This problem can be properly addressed with ARF Financial‘s restaurant financing.

However, the work doesn’t end once the kitchen equipment is updated and overseen. Additionally, the restaurant atmosphere should also be well-maintained. This includes the upkeep of physical assets such as chairs and tables, as well as other design accouterments. Of course, service also plays a big part in the dining experience. Sometimes this may be the key in heightening the enjoyment of diners. Making sure that customers are happy, not just with their food but also the whole dining experience, will keep them coming back for more.

Apart from service, foodies also greatly value creativity. The introduction of unique dishes or drinks for given periods of time, as well as attractive promotions, will draw existing customers, and even new clients. Posting these novel offers on social media will undoubtedly grab their attention and make them want to visit your restaurant real soon.

Could You Use Your Vacation Home for a 1031 Exchange?

Posted on by George Cummins in Money Times | Comments Off on Could You Use Your Vacation Home for a 1031 Exchange?

a couple looking at their vacation houseSo you have a vacation home that you’d like to use for a 1031 exchange. The question is, could you? The simple answer is yes, your vacation home might qualify for a like-kind exchange considering that you follow specific guidelines and your vacation home meets certain rules. So how do you know if yours could meet the IRS’ stringent eligibility rules?

Qualification Requirements for 1031 Vacation Home Exchanges

Say, you stopped using your vacation home, lease it for several months, and then decided to exchange it for like-kind property. In this scenario, you’re now a landlord, and your vacation home is now an investment property, meaning that you could potentially use for a 1031 exchange in Nevada, notes 1031 Exchange Place. However, if you don’t actually have regular tenants, your vacation home won’t probably qualify.

The key is timing, meaning that the more time that passes after renting out your vacation home, the better. While there’s no set standard, six months to one year should be enough.

However, if you’re looking to use your exchanged property as a primary or second home, you won’t be allowed to live in it right away. According to the Safe Harbor Rule of the IRS, it won’t challenge the eligibility of a replacement dwelling as an investment property provided that it meets the Safe Harbor qualifications below:

  • You own the property for a minimum of 24 months immediately after your 1031 exchange;
  • You should rent out the property at a fair rental rate for a minimum of 14 days; and
  • Your use of the property shouldn’t exceed more than 10% of the days you’re renting out the unit or 14 days.

Other Vital Things to Know

After you’ve successfully completed a 1031 exchange using your vacation home, you won’t be able to convert your newly exchanged real estate to your primary residence and benefit from the $500,000 exclusion, as was the norm before the IRS modified the law in 2004. Currently, if you obtain real estate in a like-kind 1031 exchange and then later try to sell it as your primary home, the $500,000 exclusion won’t apply to you for five years starting from when you obtained the like-kind property. Put simply, you’d need to wait for some time to utilize the primary home capital gains tax benefit.

If you’re seriously considering a 1031 exchange using your vacation home, consult an experienced qualified intermediary to find out your property is eligible for an exchange.

Selling Property in the U.K.? Here Is What You Need to Know About Stamp Duty Tax

Posted on by George Cummins in Money Times | Comments Off on Selling Property in the U.K.? Here Is What You Need to Know About Stamp Duty Tax

House for sale signSelling property requires several conveyancing steps — submitting documents, paying taxes and duties as well as sorting other documents.

The stamp duty land tax is a form of transfer tax on the land transaction, in the form of the property sale documents. Websites such as the Stamp Calculator have an online stamp duty land tax calculator, which can compute the amount due depending on the value of the property sold.

A Place in the Process

Whether there is any amount you need to pay or not, you have to submit a return to the HM Revenue and Customs office within a specified amount of time. If the HMRC does not receive the return within the given time frame, the taxpayer will have to pay a fine.

Once the HMRC accepts the return, they release a certificate to the taxpayer, who then has to register a change in the property ownership.

The stamp duty land tax uses a graduated scale of values. There are no taxes for transactions worth up to £125,000; for transactions worth £125,001 to £250,000, 2%; from £250,001 to £925,000, 5%; from £925,001 to £1,500,000, 10%; and over £1,500,000, 12%.

For second homes, buyers will pay an additional 3% aside from the figures above. The value considerations do not need to be cash; they could also include improvements or some other civil work stated in the document, which could increase the worth of the property in terms of stamp duty.


There are special rates for other types of purchases. These categories include properties bought by corporations, purchases made by individuals involving six or more properties in a single transaction, or multiple purchases and transfers between the same set of buyer and seller — collectively called linked purchases. The stamp duty could have some tax relief for these circumstances.

Tips for Finding the Right Mortgage Lender

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mortgage loan agreementApplying for a loan is not an easy process, especially if this is your first time. Aside from familiarizing yourself with the terms, numbers, and figures that are important in making sure that you sign the right deal, finding a person who can help make all this possible is also a must.

The right professional is known as a mortgage lender. They give you the money to help fund your purchase for a house, car, business, etc. Finding the right one is not easy as you should be able to prove that you are worthy of being trusted, while at the same time find one who can offer you reasonable terms and rates. Mortgage lenders in Sandy are plenty, and here are some tips to help you find the right one.

How to find the right mortgage lender

Your type of lender

There are different kinds of lender available, and it is essential to know which type of lender you need before approaching one. Doing so can help you secure more reasonable rates under more reasonable terms.

Consult with your real estate agent

If you do not have any idea where to start, asking your real estate agent for any recommendations would be a good move. If not, asking for recommendations from friends, family, and even online, can always get you somewhere.

Research online

Nowadays, almost anything can be accessed online. Thus, once you find a lead, make sure to run it through the internet for a background check. This will help you know more about your potential lender and whether or not he is the right man for the job.

Review different rates

Get at least three different quotes from various agencies and compare their terms and policies. This will help you weight things a lot easier, and that will eventually lead you to the right direction.

Educate yourself and see how finding the right mortgage broker can be as easy as a walk in the park.

Here’s One Reliable and Flexible Asset-Based Financing Option You Should Consider

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Financing officerAsset-based lending, for decades, has been a popular financing choice to secure capital under restricted cash flow and high-interest rate loan options.

Recently, it has also been a growing tool for many borrowers who are seeking for loan opportunities equipped with financial maintenance covenants and flexible terms and conditions.


With asset-based lending, companies that lack disposable cash can borrow against their existing assets, such as machinery and inventory. The loaned sum is often used to fund operational needs, such as payroll and capital purchases. Such dependability makes asset-based lending a popular financing option.

Asset-based lending is perfect for companies abundant with accounts receivable and inventory. Such companies, either small or large, operate in many industries, including wholesale, retail, rental, transportation, logistics, oil and gas, and durable goods manufacturing.


In the lending world, agreements run deals, and future deals rely heavily on their successful implementation. With asset-based lending, borrowers want the same covenant package across their instruments (i.e., high-yield bonds), the term loans as well as their other asset-based loan credit facilities.

Besides easing the loan process, being able to negotiate with covenants allows borrowers to check with their term loan and debt agreements throughout the life of the loan.

Another source of flexibility with asset-based lending is the creation of an integrated capital structure, which helps borrowers in solving issues that are inherent in the loan process.

The borrowing base under asset-based lending resizes the availability of funds when the business expands or contracts, ensuring greater control to the lender and, hence, avoiding unwanted losses. More so, asset-based loans are self-liquidating. Receipts automatically repay outstanding loans.

Asset-based lending is a reliable and flexible financing option in most industries and companies of all sizes.

Important Things to Consider Before Investing

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business man with rising coinsIn the light of the current political situation in the UK, an increasing amount of clients is deliberating whether investing or making changes to their investment portfolio is the right to do. Some investors are making quick decisions without taking into consideration their long-standing financial goals and interests and this can create problems.

Most investment companies in London, including Amyma, are not approved or controlled by the FCA and for this reason, they are unable to consult clients on financial matters or opinions in terms of investment portfolios or other investment activities. Potential investors should seek financial advice from FCA-regulated advisors before turning to an investment provider.

Financial Plan and Goals

Clients who wish to invest via investment companies in London, should go through their financial circumstances – this is especially important for clients who have never invested before. The first step to effective investing is creating a financial plan with realistic goals. In general, investment carries many risks and there is no guarantee that investors will make money from their investments. However, planning in advance and investing smartly is important for clients who wish to achieve financial security over the years.

Taking Risks

Prospective investors should always have in mind that investments involve a certain amount of risk. For instance, capital bonds may involve risking a certain amount of money or even the entire amount invested. However, carefully planning an investment plan can mitigate this risk to a certain extent.

On the other hand, risk can be a positive trigger and lead to a larger investment return. This is especially true for clients whose financial goals are long-term and are more likely to earn money by carefully investing in high-risk asset categories, such as bonds.

Mixing It Up

Mixing investments is another thing that potential investors, who are looking into investment companies in London, should take into consideration, since this can protect against significant financial losses. Different types of investments thrive under different market conditions and, commonly, market conditions that cause a certain type of investment to do well often cause another to produce average or bad results. However, investing in more than one asset categories often helps investors reduce the risk of financial loss in the long run.

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