Many people find it hard to make ends meet with the rising cost of healthcare and the cost of living without an increase in pay. Because of this, people are turning towards applying for loans or lines of credit to help them pay bills, buy groceries, and pay the rent. If you are in this situation, there are options for you to get help. This article will help you understand how an installment loan may be the answer to your money troubles.
An installment loan is a loan that is paid off over a period of time. What makes this type of loan different than others is that you are given money on a periodic basis after you have already made some payments towards the balance. The terms of the loan can be made by you and the creditor and is as flexible as having 30 days or 30 years to pay off the debt. Here are some ways that this type of loan can help you get back on your feet.
- Set interest rates. Having a set interest rate for a period of time will give you peace of mind because you know what your payments will be for the duration of the loan. You will not have to worry about coming up with additional funds mid-loan term because of an increased interest rate. You will always know what your payment is and you can plan your budget accordingly. This is not always possible with other types of loans. One month your payment may be $200 and the next it could be $275 or more due to the varying APR rate. You will not have this headache with an installment loan.
- Lower monthly payments. Most installment loans have a longer term life than other loans. This means that you will likely have a lower monthly payment since you are paying the loan off over a longer period of time. While this is beneficial in the moment because you have a lower payment, you will likely pay a great deal more over the life of the loan because you are paying interest for the length of the loan term.
- Get your loan money fast. One of the greatest benefits to applying for an installment loan is that you can often count on getting the money fast. The reason for this is that documentation from lenders is not robust which takes less time to process the loan. The quickest turn around time after applying could be as little as 2 days but up to 2 weeks.
There are many great benefits to applying for an installment loan. Whether you are interested in paying off debt, consolidating credit cards, purchasing a car or a home, or need money for the cost of living, an installment loan is a great option to explore. To see if you qualify for an installment loan with a low interest rate and a generous term period, check out MTP Loans. You could be well on your way to financial freedom in a matter of a couple of days!
It is widely known that prepaid cards are reloadable and are today a recognised payment option, offering the same functionality as traditional credit and debit cards. Regrettably, and what many people don’t realise is that prepaid cards can offer much more than this. Below are some of the lesser known benefits of using prepaid cards:
Owning a Prepaid Card Can Help You maintain your Budget
If you have owned and used a conventional credit card in the past, you may very well have ended up spending more than you had initially planned for, just because the additional credit was available. This dilemma can occur even while shopping with cash as it can be quite risky, particularly if you have a lot on hand.
It can be effortless to manage and monitor a budget with a prepaid card. For example, if you have pre-decided how much you want to spend on a particular purchase, or if you have agreed upon a fixed shopping budget for each month, you may load that specific amount onto your prepaid card beforehand. This method helps to cut back on superfluous spending, as you will be limited to use the amount preloaded on your card. This is a useful function if you are supporting others financially; you can ensure that they don’t overspend and stay within the budget you have previously established.
Cheaper Than Using Bank Cards
In the majority circumstances, the cost associated with Visa prepaid cards will often be cheaper than fees associated with opening a bank account and the maintenance required. Usually, the regular prepaid card user will pay out much less in fees each month in comparison to conventional bank account users. Instead the money freed up from paying unnecessary maintenance fees could be accumulated to a substantial quantity over time which can then be used for more enjoyable and functional purposes such as shopping and dining out.
Safety Benefits of Prepaid Cards
The use of credit and debit cards include the innate possibility of fraud. Apart from having your card stolen or pickpocketed while you’re going out and about, there is also the danger of having your card hacked and stolen when shopping online. If you own and use a bank issued credit or debit card, and in the circumstance that your information falls into the wrong hands, the monetary loss incurred may not just be problematic but devastating. Additionally, there is the risk of identity theft and the ensuing damage to your credit score that can occur with a stolen credit card. In case you may be planning to shop online, conveniently load a fixed quantity into your prepaid card. This ensure that if your information does get stolen, it’s likely that you will not have much money remaining.
Easier Travelling Using Prepaid Cards
Prepaid Visa cards are an exceptional payment solution for travelling. As mentioned above, they provide remarkable safety advantages and may also advert you from overspending on your pre-established budget. By using a prepaid card, you can emphasize on enjoying your vacation instead of being anxious about possible fraud and overspending.
No Interest Fees when using Prepaid Cards
Even if you manage to qualify for a conventional credit card, it is practically impossible to find one that doesn’t charge any additional interest or maintenance fees. Various cards may offer a limited-time, no-interest applied, opening period, but after that time is over, you will be bombarded with large interest rates once again. Using prepaid cards can save you a considerable amount of money by not getting charged with high interest rates every month.
No Credit Issues Using a Prepaid Card
Prepaid cards are made available to most customers wanting to use one, irrespective of whether their credit score is bad or non-existent. Your previous credit history is not relevant to your prepaid card application, as the money you will be spending is not a loan and is simply money that you have pre-loaded into your card. This function removes the risk of debt accumulation as you won’t be inviting charges and interest fees that you can’t pay back. In addition, the application process is often much faster and more convenient compared to a credit card where the wait for approval can take weeks to months.
Before looking at where to get a prepaid card, make sure you do your research so that you can know for sure that you are obtaining the best prepaid card available in the market.
The saying happiness is a choice is too cliché but it is nonetheless true in many instances. Our life decisions help pave the way to either happiness or ruin, which means that prudence has to be exercised when making day to day choices. One such decision that one needs to do is to prepare for the future, and while it may be morbid to think about our passing one day, many say it is a healthy attitude towards the reality of life. Over time, acceptance of death has become widely practiced and even prepared for. Hence, life insurance is becoming increasingly popular among young adults.
While life insurance is basically a preparation for the inevitable, it also provides benefits to people from day to day, including happiness. Learn more about life insurance at https://www.pacificinsurancegroup.com/. Here are some of the ways of how life insurance can make people happy.
- Provides a Sense of Security for the Future
Security comprises a major part in personal happiness. The feeling of having a safety net on whatever may happen gives a good feeling. Secure people are generally happy and they tend to appreciate the present more than those who opts to shoot in the dark and rely on luck. Having a life insurance provides such sense of security for young adults and even those who are nearing their 40’s or 50’s. Many people in their late adulthood who have life insurance are reportedly happier than those who don’t.
- Gives Peace of Mind
Nothing compares to peace of mind. In fact, this is the top reason why people work hard and accumulate wealth. However, it seems elusive to some and many are quick to lose it. Buying life insurance gives a certain degree of peace of mind as it allows a person to secure his or her person. Knowing you will be taken cared of well upon your passing helps you feel prepared, and thus feel good about yourself. It also reduces the worries of future financial status and makes one enjoy their day to day life better.
- It’s a Way of Caring for Your Family
Family is one of the greatest things that can make one happy, and this happiness grows exponentially as one provides and cares for his loved ones. The same is true with life insurance. Buying yourself a life insurance plan is a portrayal of love to your family because you take the burden off of them when the time of your death comes. Life insurance will cover expenses upon death and this takes off a heavy financial load from your loved one’s shoulders. With it, you can also better enjoy your time with your family because you know everything is taken care of.
Whatever other reasons may be on how life insurance contributes to your feelings of happiness, it is doubtlessly beneficial in the long run. This is why it is always better to buy a plan while it is still early on in life. Adults, too, can still take advantage of this opportunity and live happier, better lives.