People – not American, not Europeans, not Asians – but all people fall on financial hard times from time-to-time.In the past, those with immediate, unexpected financial issues had limited options in securing a short-term loan. They either had to turn to friends and family, sell off personal assets or fight with their bank to get a quick personal loan.However, this latest economic crisis changed all that and even further reduced the options that these individuals had when seeking needed money.Friends and family no longer have the resources to help. Personal asset values have declined and thus provide no value. And, banks just are not making loans to anyone – let alone unsecured personal loans – especially for those that have minor credit issues or don’t have huge incomes.The end result, there is a huge gap in the personal loan markets – in this country and worldwide.To fill this gap, alternative sources of cash loans have cropped up and are now becoming quite the mainstream way to overcome short-term financial issues.It’s almost like tattoos. A decade ago, very few people had them or wanted them. Today, you are almost considered odd or outside the norm if you don’t have one.According to responsiblelending.org, some 12 million people in the U.S. use payday loans each and every year. Further, according to Consumer Focus; the number of people using payday loans [in the U.K.] has increased fourfold since 2006 to 1.2 million people, borrowing a combined £1.2 billion (nearly $2 billion U.S.). So, it is not just in America.But, why are so many people turning to these short-term personal cash advances?Here are three chief reasons that alternative money sources, like Payday loans, are becoming the new norm.1) As stated, banks aren’t lending. They claim far too many un-creditworthy borrowers or lack of repayment ability or declining collateral values. All things that banks and similar financial lenders state that make lending too risky.(Many think that banks are just looking out for themselves and have no concern for the financial needs of their customers or communities).So, people turn to payday lenders where there is no concern about credit scores and since these loans are unsecured, there is no worry about collateral values. If you can simply make the payment on your next pay period, the loan is approved, you get funded and satisfy your current financial needs.2) Time. Banks, even if you can get approved, take way too much time to fund the loan.Most of the time, when people confront a financial dilemma, its is usually an immediate financial need – meaning that they need the money yesterday – to avoid overdraft or return check fees, to keep their utilities turned on or to make a purchase during a sale or discount period. But, banks can take days, weeks and even months to approve and fund personal loans.Even relatively new personal, short-term loan options like peer-to-peer loans take time to get enough peers to come together and fund the loan.And, as people are now showing, that is time they just can’t afford to waste.Today, a individual borrower can be approved and have their payday loan funded in a matter of hours – usually 24 hours or less (less if applied for during normal business hours) – enough time to take care of whatever issues they are currently facing.Plus, having the convenience of applying for these personal loans online allows these potential borrowers to apply at anything from anywhere – thus they don’t have to try to get out of work just to make banker’s hours – usually between 9:00 am and 3:00 pm. They can apply when they get home and find the time to do so – on their schedule.3) Underemployment.Unemployment worldwide is at unbelievable levels – especially for those under the age of 40. But, an even more pressing problem is underemployment.It takes a certain level of income today just to live. You have to pay rent, have a vehicle to get back and forth to work, utilizes prices are increasing and food costs are going through the roof. Now, paying those standard living expenses is not such a bad thing if you are employed in the job of your choice.However, nearly twice those that are unemployed are underemployed. Meaning that they still face those high standard of living costs yet do not earn the income needed to cover them.Think about the recent college graduate that not only has to repay his student loans but has to live somewhere as well – all while earning minimum wage. Not likely to happen and not a good situation when an expected financial event crops up.Or, the 35 year who was earning $35,000 a year over the last ten years and has a mortgage payment, two car payments, high utilities bills and still has to feed a family of four plus (pet included) – not to mention the thought of future college tuition bills for the children that need to be saved for right now.When this person gets laid off or downsized and can only find a job that pays half of their previous income, trying to deal with unexpected financial issues can be more hassle then they are worth.Thus, these individuals have no choice but to turn to short-term payday loans just to get by. Banks won’t help them – not enough income or minor credit issues due to that lower income and friends and family can no longer help as they are more likely then not in the very same situation.So, why are so many people now turning to short-term cash loans or payday loans?Because they have no other choice and payday loans are better then the alternatives like not having heat in the winter or not being able to get your car repaired or not getting proper medical care.Don’t believe me. Then ask the nearly 25 million people worldwide that use payday loans each and everyday to their own satisfaction.
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Designing an Easy To Use E-Commerce Website
E-commerce websites are among the fastest growing on the web. Not only do they make it possible for you to collect payment for goods or services sold, but they are also a great sources of revenue for businesses both small and large. When designing your own site it is important that you also make it secure for users, the more secure a buyer feels when using your website the better the chances of them returning.Designing your own e-commerce website will allow your site to be functional and allow for visitors to purchase items or services directly from your website. E-commerce websites are becoming more valuable for businesses who are trying to succeed on the web. Here are some tips that will help make your e-commerce site more successful.1. The first you will want to do is to purchase a domain name that is relevant to your business. You will want to choose a name that is both memorable and easy for a user to find. Choosing a name that directly relates to your line of business will make it easier to find. You should also stay away from creative spelling when choosing your domain name. The closer it is to the actual name of your business the better.2. Once you have chosen a domain name, the next step is to choose a web-hosting provider. There are both free and paid web-hosting services available. It is up to you to determine how much space your website design will require and to choose a web-hosting service that offers you sufficient storage space.3. Now, you will want to make access to your server as limited as possible. This can be done by choosing a very strong password that is something that only you will know. No matter how strong your web-host is, choosing a weak password can compromise not only you and your information but the information of your customers as well. Choosing a password that contains both letters and numbers will make it that much harder for someone to figure out and gain access to your site.4. The next step in creating a secure e-commerce website is to set up a payment processor so that you can accept credit cards on your website. Two of the most popular payment processing methods in use are PayPal and Google Checkout. If you choose a payment processor other than those two make sure that it is well-known and secure. The more familiar a customer is with your payment processing system the safer they will feel using your website.5. The final step in the design of your e-commerce website is to test and debug your site to ensure that users have a pleasant experience when using your site. This process includes testing all links on your site to ensure that they are not broken and that they take the visitor to the correct location.Designing your own e-commerce website is something that the smallest business to the largest business on the internet should do. And remember, the more secure a user feels on your website the more repeat business you will have.
Tips For First Time Car Buyers to Get Online Auto Loans
What Are First Time Buyer Auto Loan Programs?Whether you are buying your first new or used car or are planning to apply for online auto loans for the first time, understanding how automobile dealerships and lenders see you, and what you can do to improve that image, can help you to be prepared in advance of applying for online auto loans for the first time, so that you will be in a better position to get approved for an car loan with a lower interest rate and better terms. After all, you want your monthly auto loan payment to be the lowest it can possibly be, right?Who might apply for first time buyer car loans? Some people that first time auto loan programs can help could be:* Teenagers, personally buying their first car in their own name will need to apply for first time buyer auto loans as they have no credit history behind them* College students living away from home for the first time frequently have not had time to build a credit history before leaving for school and so will often need to apply for first time buyer car loan programs* People that have always paid cash for a vehicles in the past, but now want to upgrade to a newer one or are forced to take out automobile loan because they do not have the cash funds to buy a vehicle at present* Immigrants that have moved here from other countries, and thus have left their credit histories behind, may need to apply for first time auto loan programs in order to start building a credit historyNot All First Time Auto Loan Borrowers are in the Same BoatThe first thing to realize is that not all first time borrowers are in the same boat. There can be a lot of differing factors that can either work in your favor, or against you when you are applying for online auto financing. For instance:* Are you employed full or part time? If you are not employed, do you have an income? Not being employed is not necessarily a game stopper, but if you plan to have your name on the title of the car and on the auto finance, you will need to demonstrate that you have either a job, regular income, or other funds that you will be paying your monthly auto loan payment from. Of course, the higher that your income is, the easier it will be to qualify for lower interest rate first time buyer auto loan programs.* Do you have no credit history, because you are just starting out your financial life, or do you have a bad credit history/low credit score because you have had a few credit slip-ups in the past? Dealerships will certainly work with you in either case. However, if you have a low credit score, depending on how bad your credit history is, the dealership may be inclined to offer you a higher rate of interest and a lower credit limit on first time buyer auto loans as opposed to someone that has not made any credit mistakes in their financial life yet.Note, see our recent article entitled “How to Get Approved for an Auto Loan with Bad Credit if you have Low Income” to learn how to get unwanted items removed from your credit report to bring up your credit score.* Will you have any funds available to make a down payment on your auto loan? Whether you are applying for first time buyer auto loans, or if you have had auto loans in the past and just need another one now, what every auto dealership or lender is going to take into consideration when assessing your application and the items on this list is; how much of a risk are they taking in making an auto loan to you and what if anything can they get you to do to mitigate that risk. Making a down payment is one thing that you can do to mitigate the dealership’s risk, making them more likely to quickly approve your automobile loan and to give you a more reasonable interest rate. In addition, a down payment will obviously bring down what you owe on the vehicle and so your monthly payments will be lower and more affordable. Down payments are usually not required to get online auto loans, but they can be very helpful when negotiating with a dealership. Even a small down payment can make a difference in how the dealership sees you.* Is there someone that you know that would be willing to cosign for you on your auto loan? Cosigners are not required in order to get online auto loans, even if you have bad credit or no credit history at all. However, the use of a cosigner can save you a lot of money and make the application process go much more quickly and smoothly. A cosigner is someone that puts their name on your loan application along with yours, guaranteeing that the loan will be repaid. The limit and maximum amount of your automotive loan will be determined by the cosigner’s income and credit standing, not yours. So, if you choose to have a cosigner, make sure to pick one that has a high credit score. With a cosigner, there is really no need to look for first time buyer auto loans because you will be treated by the dealership as though the higher credit score and income were yours.* What is the ratio of your monthly housing payment as compared to your income? A little known fact is that auto dealerships and lenders pay attention to this number. For instance, if you make $1,000 per month income, and your monthly housing cost is $300, then your housing cost takes 30% of your income. Anything over 40% will send up a red flag to the dealership/lender and they may need convincing that you can make your monthly payments on time. Take this into consideration when you complete your auto finance application.Taking the above items into consideration, you should be able to get a clearer picture of how automotive dealerships and automotive loan lenders see you, and what you can do to control that image, at least to some extent. Once you have submitted your application, the die has been cast and you will see what the dealership offers you at that point.