Travel Expenses – Corfulinas Travel http://corfulinastravel.com/ Fri, 14 Jan 2022 10:27:23 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://corfulinastravel.com/wp-content/uploads/2021/06/icon-5-150x150.png Travel Expenses – Corfulinas Travel http://corfulinastravel.com/ 32 32 The best ways to deal with a financial emergency https://corfulinastravel.com/the-best-ways-to-deal-with-a-financial-emergency/ Thu, 13 Jan 2022 21:45:11 +0000 https://corfulinastravel.com/the-best-ways-to-deal-with-a-financial-emergency/ Financial emergencies always seem to arise when we can least afford them. If you find yourself with an unexpected medical bill, home or car repair, death in the family, or job loss, you’ll know all too well the pressure of needing funds when none are available. is immediately available. Luckily, you have options for being […]]]>

Financial emergencies always seem to arise when we can least afford them. If you find yourself with an unexpected medical bill, home or car repair, death in the family, or job loss, you’ll know all too well the pressure of needing funds when none are available. is immediately available. Luckily, you have options for being able to afford these surprise expenses, including the first five below.

Look for a personal loan

Having personal loans available to you are one of the most flexible options you have in times of financial emergency. Private lenders usually offer them at low interest rates and with lenient repayment periods. You can apply for these loans online, with application decisions being made much faster than with traditional lenders such as banks or credit institutions. Even better, you can also take out a personal loan for just about any financial need, big or small. However, remember that these loans will have to be repaid, so only consider this option if your financial situation will become stable again in the near future.

Contact your credit card company

If you are facing looming credit card repayment deadlines while experiencing a financial emergency, you can always consider contacting your credit card companies. Credit companies will often provide assistance in the form of payment extensions or temporary suspensions. Keep in mind that credit cards should never be used as a form of savings and should only be used if you know you can make the payments later. If you want improve your credit rating then you need to understand that every penny and every move you make counts.

Review your insurance options

It’s also worth seeing what insurance-related options you have if you’re currently enrolled in insurance plans. You can consider sell your policy through a life settlement if you have a life insurance policy. You receive a cash lump sum while the buyer assumes your benefits. This is a great route if you need a lot of cash, fast. At the same time, you will forfeit your benefits, which may affect any beneficiaries you have, so be sure to clarify this with them first.

Turn to government assistance

Fortunately, the government offers a number of financial services that can help you in a financial crisis. For example, if you lost your job, you can apply for the Consolidated Omnibus Budget Reconciliation Act or Cobra, which provides temporary health insurance to those who lost it because of their job. This can ease any financial health burden you may face.

Take future preventive measures

Finally, once you have successfully overcome your financial crisis, it is a good idea to take preventive measures to avoid possible future ones. Take a look at your financial outgoings now and divide your expenses into essential and non-essential items, seeing what you can cut back on. Additionally, start an emergency fund by creating a savings account with your bank. Setting aside even a little money each month can make a huge difference down the road to another possible emergency.

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Emergency cash loans can help during coronavirus crisis – where to get one? https://corfulinastravel.com/emergency-cash-loans-can-help-during-coronavirus-crisis-where-to-get-one/ Wed, 08 Sep 2021 10:13:42 +0000 https://corfulinastravel.com/?p=2215 If you need urgent funds to cover an unplanned expense such as a funeral or car repair, a bank application will not suffice. An emergency loan is a type of financing that can be quickly accessed. You can often get funds within days. However, convenience has its downsides. If you want to be financially secure in the future, […]]]>

If you need urgent funds to cover an unplanned expense such as a funeral or car repair, a bank application will not suffice.

An emergency loan is a type of financing that can be quickly accessed. You can often get funds within days. However, convenience has its downsides. If you want to be financially secure in the future, it is important to understand how these rates work when you need cash in an emergency.

Best loans for emergencies

There are many kinds of emergency loans that can quickly fund borrowers. Each type of emergency loan comes with its own pros and cons.

Unsecured Personal Loans

If you have excellent credit, an unsecured personal loan can be a great choice. This type of financing typically charges lower interest than emergency loans.

Some lenders may allow you to receive funds right away. PaydayChampion’s online tool will allow you to quickly locate the best personal loan rates.

Personal loans tend to be longer-term and the monthly payments are smaller. This makes it more manageable. If you have good credit, a $100,000 personal loan might be possible.

HOW TO GET A $100,000 PERSONAL LOAN

These online lenders, credit unions and banks can help you obtain a $100,000 loan.

Before you can be approved for a personal loan, lenders will review your credit. Personal loans may still have higher interest rates than emergency loans, but they can offer better terms. Rates can range from 6 to 36 per cent depending on your financial history and credit history.

Do you not know how much money you’ll need? The personal loan calculator can give you an instant estimate.

Cash Advances on Credit Cards

Cash advances are loans that can be taken against the available credit on your card. You can get the cash you need immediately if you have an immediate cash emergency. If you have credit cards, you don’t need to apply. If you have an urgent need for money due to a job loss, this can be helpful.

Cash advances usually have a higher interest rate than purchases made by credit card companies. Other companies charge a processing fee. Once the money has been received, interest will start accruing. If your interest rate is too high, this could quickly add up.

Payday Loan

Payday loans are short-term loans you can use against your future income. The loan must be repaid within the next payday. Many lenders provide cash and lending decisions in 24 hours. These loans are very easy to obtain. Payday loan lenders do not require that you have good credit ratings.

Payday loans, however, are the most costly type of financing. They have an average interest rate of 400 percent. Payday loans are not like other loans that require monthly installments. They are due in one lump sum. This arrangement can lead to borrowing cycles where you take out additional payday loans to repay your first one. According to the Consumer Financial Protection Bureau, four of five payday loans are reborrowed within a month. This can lead to debt traps.

Pawnshop loans

A pawnshop can lend you a temporary loan. They will however, keep the item you have as collateral. If you fail to repay the loan, the pawnshop may keep your asset. These loans offer two benefits: you don’t need to have a credit check and can get the money immediately.

Pawnshop loans can be short-term so you may not be able to pay the debt. Your item could also be lost. These interest rates can be very high. They can range between 15 and 240% per year. If you need a large sum, this loan might not be sufficient. The average pawnshop loan is $150, according to the National Pawnbrokers Association.

WHAT DOES APR LOOK LIKE on CREDIT CARDS AND LOANS?

Title loans

You can borrow money on a car if you own it. This short-term loan will typically provide cash in a matter of days. Lenders don’t conduct credit checks. You can keep your vehicle and drive it during the loan term.

High-interest rates are common for title loans. These loans typically have a 300 percent APR. The loan lender can take the car if they don’t pay the due amount. If it’s not possible to sell your vehicle or repay the loan balance, the title lender may be able to seize your car.

How do I get an emergency loan?

Think about how urgently your cash needs will be. While most options provide emergency cash fast, not all are available immediately. Compare the costs. Some lenders may charge fees. Consider the interest rate as well as the cumulative effect over time. Look for the lowest interest rate possible and make sure you have enough money to repay your loan.

HOW TO CHOOSE PERSONAL LENDS THAT FIT YOUR NEEDS BEST

Also, consider the reputation of your lender. If you fail to meet the terms, you might be considered prey lender.

What happens if you have poor credit and require an emergency loan?

You will almost always have to pay a high interest fee. Title and payday lenders do not require borrowers have clean credit histories, but they charge high interest and additional financing costs. If you need to get money fast, your bank and credit score may be affected.

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ARP Emergency Fund (HEERF III) at JMU https://corfulinastravel.com/arp-emergency-fund-heerf-iii-at-jmu/ Wed, 08 Sep 2021 08:05:50 +0000 https://corfulinastravel.com/arp-emergency-fund-heerf-iii-at-jmu/ Following congressional passage of the American Rescue Plan Act (ARP), JMU received $ 15,914,548 in emergency student aid. This aid will be granted in the form of HEERF III grants. Summer 2021 – Students enrolled in courses at least half-time during the term and having obtained a Federal Pell Grant during this term. No call […]]]>

Following congressional passage of the American Rescue Plan Act (ARP), JMU received $ 15,914,548 in emergency student aid. This aid will be granted in the form of HEERF III grants.

Summer 2021 – Students enrolled in courses at least half-time during the term and having obtained a Federal Pell Grant during this term. No call option is available for students enrolled in this term.

Academic year – Any student enrolled at least part-time who has faced significant unforeseen expenses, such as loss of employment (for himself or his family), reduced income, or food or housing insecurity. These emergency financial aid grants can be used by students for any component of their tuition or for emergency costs due to the coronavirus, such as tuition fees, food, shelter, health care (including mental health care) or child care. Students determine how they can use their emergency financial aid to agree in authorized uses.

Rewards will be given as long as funding remains to do so. Funds are limited and once all funds have been spent, no further appeals can be accepted.

Students enrolled at least half-time in the session during which they file an appeal, and who have not already received a HEERF III of $ 2,000 To agree in the summer of 2021 or any other time during the award year 2021-22. This includes all continuing education students, undergraduates, graduates, doctoral students, DACA (or other undocumented students) and international students.

Students should check the Financial Aid section of their MyMadison account to see if a HEERF III To agree was granted prior to submitting the appeal. If a to agree has already been granted, an appeal will not be accepted.

Appeals are submitted online via the emergency assistance call request to HEERF III

Once you have logged into the Madison Scholarships Hub with your JMU ID and Password, you will need to complete the general form scholarship asks if you haven’t already. Once you have submitted the general scholarship request, fill out the HEERF III emergency help call request.

Click the Apply button at the bottom right to launch the application. Complete the required elements in the request and click Finish and Submit to submit your appeal request. You will receive an email once the submission is successful.

Summer 2021 – Yes, because scholarships will only be awarded during this term to students enrolled at least part-time and receiving a Federal Pell Grant.

Academic year – Students are not required to submit an FAFSA and / or be a US citizen to submit a request for HEERF III funds.

These emergency financial aid grants can be used by students for any component of their tuition or for emergency costs due to the coronavirus, such as tuition fees, food, shelter, health care (including mental health care) or child care. Students determine how they can use their emergency financial aid to agree in authorized uses.

Any student enrolled at least part-time who has faced significant unforeseen expenses, such as job loss (for himself or his family), reduced income, or food or housing insecurity would be considered “Needy” for the purpose of receiving a HEERF III award. These emergency financial aid grants can be used by students for any component of their tuition or for emergency costs due to the coronavirus, such as tuition fees, food, shelter, health care (including mental health care) or child care. Students determine how they can use their emergency financial aid to agree in authorized uses.

In addition, students who have submitted a free application for Federal Student Aid (FAFSA) have the opportunity to follow the instructions of professional judgment to have their FAFSA and other aid eligibility criteria examined.

Unfortunately no. Rewards will be given as long as funding remains to do so. Funds are limited and once all funds have been spent, no further appeals can be accepted.

Unfortunately no. Students cannot receive more than $ 2,000 in total HEERF III funding, so individual appeals will not be accepted for students who have already received this amount.

While we cannot give you a specific time frame to receive your funds, we can say that the refund will be generated to you as quickly as possible.

Students will receive their award through the refund process established at the University’s business office. If you have any questions about setting up the refund process, please visit the website at www.jmu.edu/ubo. These funds will not be withheld and applied at a JMU fee. Once received, students can use the funds to cover designated expenses, including using them to make a payment to JMU for tuition fees charges. These are to agree rewards, without waiting for reimbursement.

No, the funds will be returned to you directly. JMU will not apply these funds to unpaid charges. Once received, students can use the funds to cover designated expenses, including using them to make payment for their JMU fees.

Yes, certificate programs students can submit an appeal to the HEERF III Emergency Assistance Appeal Request for assistance.

Rewards will be given as long as funding remains to do so. Funds are limited and once all funds have been spent, no further appeals can be accepted.

Once you have logged into the Madison Scholarships Hub with your JMU ID and Password, you will need to complete the general form scholarship asks if you haven’t already. Once you have submitted the general scholarship request, fill out the HEERF III emergency help call request.

Click the Apply button at the bottom right to launch the application. Complete the required elements in the request and click Finish and Submit to submit your appeal request. You will receive an email once the submission is successful.

No, HEERF III To agree scholarships will not reduce your financial aid.

Yes, undocumented students and international students can submit an appeal to the HEERF III Emergency Assistance Appeal Request for assistance.

Rewards will be given as long as funding remains to do so. Funds are limited and once all funds have been spent, no further appeals can be accepted.

Once you have logged into the Madison Scholarships Hub with your JMU ID and Password, you will need to complete the general form scholarship asks if you haven’t already. Once you have submitted the general scholarship request, fill out the HEERF III emergency help call request.

Click the Apply button at the bottom right to launch the application. Complete the required elements in the request and click Finish and Submit to submit your appeal request. You will receive an email once the submission is successful.

We understand, based on information from the United States Department of Education (ED), that HEERF III grants awarded to students under the American Rescue Plan Act (ARP) are not considered taxable income. The same is true for the HEERF I and HEERF II funds granted under the CARES and CRRSSA laws.

According to the IRS website, “Emergency Financial Aid grants under the CARES Act for unforeseen expenses, unmet finances need, or expenses related to the disruption of campus operations due to the COVID-19 pandemic, such as unforeseen expenses for food, accommodation, course materials, technology, health care or daycare. ‘children, are disaster relief payments qualified under Article 139 of the domestic law. Income code. This to agree is not included in your gross income.

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Emergency Money – What’s your best option among a line of credit, a personal loan, a credit card? https://corfulinastravel.com/emergency-money-whats-your-best-option-among-a-line-of-credit-a-personal-loan-a-credit-card/ Wed, 08 Sep 2021 08:05:50 +0000 https://corfulinastravel.com/emergency-money-whats-your-best-option-among-a-line-of-credit-a-personal-loan-a-credit-card/ The state government has announced various policies to attract investment. With the increase in Covid cases, and as we sink deeper into this pandemic, people face different kinds of challenges and hardships, one of the biggest being financial stress. The second wave of the pandemic and the lockdown that followed once again impacted the financial […]]]>
The state government has announced various policies to attract investment.

With the increase in Covid cases, and as we sink deeper into this pandemic, people face different kinds of challenges and hardships, one of the biggest being financial stress. The second wave of the pandemic and the lockdown that followed once again impacted the financial well-being of businesses as well as the working population. Sudden expenses occur almost every two months and most have not planned or prepared.

As limited finances force people to take credit, it is also important to analyze the financing options available and plan accordingly. There are also different ways to do it, starting with a line of credit (LOC), personal loan, money borrowed by credit card, etc.

Similar to a credit card loan, a Line of Credit (LOC) is a predefined borrowing limit that can also be used at any time. Gaurav Chopra, Founder and CEO of IndiaLends, says: “When a borrower applies for a line of credit, the borrower can draw up to a certain amount as needed. Interest will only be charged on the amount borrowed and as the money is repaid it can be borrowed again in the case of an open line of credit.

How is a line of credit different from a personal loan or credit card loan?

The LOC is more like a credit card than a personal loan. The difference is that lines of credit usually come with more flexible options for converting funds into a loan, giving the borrower the ability to repay them over a long period of time compared to a credit card. Chopra says, “Compared to a line of credit, loans have a non-revolving credit limit, which means the borrower only has access to the loan amount once. But in a line of credit, the borrower has ongoing access to funds and can access them as needed until they are active.

In addition, by choosing a line of credit, there is no obligation to use it. Borrowers can pay it off as and when they are used.

Objective of the LOC at the present time

Industry experts say a line of credit offers built-in flexibility in when and how much to borrow and how and when to repay. One of the great advantages here is that once the borrower has repaid the amount, they have the option of withdrawing or borrowing funds again as many times as needed. Since consumers only pay for the funds they actually use, experts say a line of credit can prove to be more affordable in the end.

Chopra adds: “Given the current situation, a line of credit would be the ideal choice because it gives you the flexibility to use funds as and when needed (and only pay for what you use and when. ) without having to request it. several loans. A line of credit is an appropriate option to compensate for a temporary cash flow shortage that many people may find now. “

Advantages and disadvantages of the LOC compared to a personal loan

Advantages

  • Borrowers can access funds as and when needed, even multiple times within their capacity at no additional cost.
  • The line of credit offers flexible repayment options to borrowers.
  • The line of credit only charges interest on the amount used by the borrower, not the entire line.
  • A line of credit can be approved once and used over a long period of time.
  • It also helps build your credit score.

The inconvenients

  • Annual or monthly maintenance fees may be charged to the borrower.
  • Applying for a line of credit requires a good credit rating to qualify.
  • Interest rates are variable and can sometimes be slightly expensive than a personal loan due to the flexibility offered by the product.
  • Line of credit is not offered by all financial institutions and the borrower may require to have an account with the lender.

Eligibility criteria to opt for a Line of credit;

While opting for a line of credit, the borrower must have a solid credit history to qualify for it.

  • Credit Score: Lenders often have higher credit score requirements for a line of credit compared to a personal loan. A credit score of 700+ is required when applying for a line of credit. A higher credit score can also help you negotiate favorable terms.
  • Payment history: the borrower must have an established history of timely payments that demonstrates they are a responsible borrower
  • Financial Status: A decent debt-to-income ratio, cash and equity are factors that determine the financial condition of the borrower, thus reflecting their ability to repay their debts.

Chopra adds, “As part of the line of credit application process, the lender can thoroughly investigate the borrower’s credit reports, which may temporarily lower their credit rating by a few points. Apart from this, if the borrower makes late payments, it can also negatively impact their credit rating.

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How do financial institutions help MSMEs manage their cash flow? https://corfulinastravel.com/how-do-financial-institutions-help-msmes-manage-their-cash-flow/ Wed, 08 Sep 2021 08:05:50 +0000 https://corfulinastravel.com/how-do-financial-institutions-help-msmes-manage-their-cash-flow/ Cash flow can be defined as the total amount of money entering and leaving a business. Managing cash flow can have a significant positive impact on the financial health of a business. Every business, big or small, should regulate its cash flow to keep it running smoothly. However, MSMEs (micro, small and medium enterprises) need […]]]>

Cash flow can be defined as the total amount of money entering and leaving a business. Managing cash flow can have a significant positive impact on the financial health of a business. Every business, big or small, should regulate its cash flow to keep it running smoothly.

However, MSMEs (micro, small and medium enterprises) need to be particularly careful in regulating cash flow to avoid a liquidity shortage. This is because a small business cannot afford to spend more than it earns.

MSME eligibility

Be classified as MSME and be eligible for a ready for MSME, a company must meet the following conditions:

To be considered a micro business, the total investment must be less than 1 crore and the annual turnover must be less than 5 crore.

To be considered a small business, the total investment must be less than 10 crore and the annual turnover less than 50 crore.

To be considered an average business, the total investment must be less than 50 crore and the annual turnover less than 250 crore.

MSME registration can be done through the Indian government registered portal.

For short-term financial emergencies such as paying employee salaries and managing inventory, an MSME may qualify for a working capital loan. The working capital loan is a type of Commercial loan that small or medium-sized businesses can use to finance their day-to-day operations. Such a loan will help you overcome the temporary shortage of cash.

Apply for a fast business loan

Why do MSMEs have problems getting a business loan?

Factors that contribute to a small business’s limited access to business loans include:

  • Information asymmetry – Information asymmetry occurs when one party to an economic transaction has more knowledge than the other. Most MSMEs in India are informal in nature and operate in relatively unknown sectors. This exposes them to greater information asymmetry and the risk of failure. As a result, banks are reluctant to extend loans to MSMEs.
  • Lack of relevant documents – Very few MSMEs have enough assets to present as collateral. In addition, banks that provide loans to MSMEs require important documents such as certificates of incorporation. Therefore, in the absence of documentation, banks would be reluctant to offer loans to these companies.
  • Inefficiencies in the treatment: Most MSMEs use manual processes to carry out their day-to-day operations, which can incur costs and result in unnecessary expenses. These inefficiencies, in turn, can negatively affect cash flow and record keeping, which can lead to problems with the use of resources. ready for MSME.
  • Common perception as low-performing businesses: Compared to large companies, most banks and financial institutions consider MSMEs to be a low performing sector. Therefore, fearing insufficient returns, most credit institutions do not lend money to these companies.

Lack of access to formal credit due to the factors mentioned above has forced MSME owners to obtain funds from informal lenders, including friends and family.

This is an unfortunate circumstance not only for small business owners, but also for society as a whole. Because even if the informal loan is easy to access, the interest rate can range from 3 to 10% per month.

This is where a working capital loan can help tremendously.

Characteristics of a working capital loan

Here are some of the notable features of the loan:

Generally, working capital loans are for a short period which can range from six months to three years. However, the length of the loan depends on the financial institution lending the money.

These loans offer lower amounts of money than term loans. The loan amount varies according to the different financial institutions. Some companies can even provide working capital loans of up to 2 crore.

Time is an asset with working capital loans. Most MSMEs need a loan which is processed within days. Working capital loans can be spent within 2-3 days.

  • Online application and processing method:

Nowadays, most financial institutions offer online loan application and processing modes. This means that MSME owners will not have to wait in long lines to apply for their loans.

Generally, working capital loans are unsecured. This is a fairly important feature for small business owners who do not own any assets.

  • Satisfactory interest rates:

Working capital loans have minimal interest rates. The actual interest rates depend on the lending financial institution and the borrower’s credit rating.

No fees or hidden costs apply in the case of working capital loans. They only require a one-time processing fee.

Borrowers of working capital loans can apply for flexible repayment depending on their financial situation. In addition, there is also a provision to anticipate the loan at any time, provided that the first IME is paid. This would not incur any additional costs.

How to analyze your MSME’s cash flow

The first thing you should note here is that a business’s cash flow and income statement are unrelated. However, cash flow is directly related to the working capital of a business. It may also vary depending on the following factors:

While profits and cash flow are not related, it is necessary to understand the break-even point of your business. The breakeven point should be your primary financial goal. Once your MSME has made its first profits, the cash flow can be managed more efficiently.

When it comes to business, cash flow is the most crucial aspect. In addition, cash becomes even more crucial in the case of MSMEs. Each quarter goes through your account register.

Through a quarterly assessment, you should analyze the departments where the bulk of the money is spent. Take a closer look at your inventory, as maintaining unnecessary inventory can significantly deplete your money.

  • Speed ​​up the recovery process

If you are an India based MSME, you need to go the extra mile to make sure you get your money back. This may include streamlining the process for settling all pending invoices.

Unpaid invoices can hurt your small business financially. Therefore, you should always make sure that your customers are paying adequate bills.

How do financial institutions help MSMEs control their cash flow?

MSME owners need to educate their business as much as possible. The increased revenue generated by brand awareness can be used for the growth and expansion of their small business.

If your MSME is in its start-up phase, managing cash flow can be quite a difficult task. Financial institutions offering business loans like the working capital loan can be of great help in this regard.

At Ziploan, you can enjoy a moment most competitive interest rate loan to help take your business to the next level. To find out more about our loan facility, please do not hesitate to call us at 011 – 4310 – 9577.

Apply for an SME loan

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Protect Your Financial Life With A Proper Emergency Fund – Here’s How https://corfulinastravel.com/protect-your-financial-life-with-a-proper-emergency-fund-heres-how/ Wed, 08 Sep 2021 08:05:50 +0000 https://corfulinastravel.com/protect-your-financial-life-with-a-proper-emergency-fund-heres-how/ An emergency fund is a sum of money that you set aside from your savings to deal with any emergency. The pandemic has turned out to be a real black swan moment for everyone. No one could predict its arrival, and no one can say how long it will last. This is how emergencies arise. […]]]>
An emergency fund is a sum of money that you set aside from your savings to deal with any emergency.

The pandemic has turned out to be a real black swan moment for everyone. No one could predict its arrival, and no one can say how long it will last. This is how emergencies arise. The least we can do is prepare better. In financial terms, you can do this by having a decent emergency fund.

This article explains how to set up an emergency fund, where to invest the money, and some best practices you can follow to make sure your money is useful when you need it most.

What is an emergency fund and the mistake most young investors make

Simply put, an emergency fund is a sum of money that you set aside from your savings to deal with any emergency. An emergency can be anything you can’t predict, like hospitalization, accident, job loss, legal issue, etc.

The biggest mistake young investors make is that they don’t think about the risks to their financial life. The idea of ​​creating an emergency fund does not occur to them. As a result, they invest all their savings in illiquid / long investment avenues like gold, ELSS, PPF, etc. And over time, when an emergency strikes, they are caught off guard. They end up withdrawing money from their long-term investments and taking out personal loans and credit card debt. This not only derails their long-term investment plan, but also puts them in debt up to their necks.

An emergency fund is like a foundation for your financial building. You protect your finances from the impact of emergencies. As a result, you don’t have to take out unnecessary loans and continue your investment plan with a little break.

How to calculate the amount of the emergency fund

Typically, there is a need for an emergency fund of up to 6 months of IME loan expenses and commitments. Let us understand with the help of the following example.

Please note that the amount of the contingency fund varies from family to family. For example, suppose you are in a low-risk government position. In this case, even 3 months of spending can be enough. Conversely, if you work in the private sector, you can consider 6 or even 12 months, because the risk of job loss is greater.

What is the best avenue for investing the emergency fund money?

Never make the mistake of viewing emergency fund money as a yield-generating asset. Instead, your main goal should be to make the money available in the shortest possible time and without hassle. In this context, you can consider investing the emergency fund money in the following avenues like below:

# Savings account : The returns are lower than those of fixed deposits and mutual funds. However, the ease of availability of money is very high. In addition, in accordance with the tax rules in force, interest on a savings account is exempt from tax up to Rs 10,000.

# Fixed deposit: You can open it easily by going to the bank branch or via net banking. You can also check out the FD sweep feature, in which money over a certain threshold in your bank account is automatically converted to a fixed deposit. This money then earns higher interest. Note that interest on a fixed deposit is taxable.

# Liquid funds: This is a low-risk and tax-efficient way to park the emergency fund money. They are low risk because they invest in very liquid securities that mature within a very short timeframe, so there is very little credit and duration risk. They are fiscally advantageous because the income from these funds is only taxed at the time of redemption of units and not each year.

A smart approach is to have a certain amount (equivalent to 1-2 months of spending) in a savings bank account and the rest in fixed deposits / liquid mutual funds to achieve a slightly better return. Try to operate the bank account and investments in either or survivor mode so that your spouse can manage the account in your absence. You should also try to keep cash in a safe place in your home. It can help with urgent cash payments like initial hospital deposit, ambulance, etc.

Some other emergency fund tips

# Also focus on the right insurance in addition to having an emergency fund. Having a contingency fund doesn’t mean you don’t need to buy insurance policies or vice versa. The two go hand in hand.

# It is best to suspend all existing monthly investments / SIPs in case of emergency. Many mutual funds offer a break opportunity for SIPs.

# NEVER treat credit cards and personal loans as your emergency fund.

# Be sure to educate your spouse on how to access the emergency fund money while you are away.

Conclusion

The emergency fund has an important place in overall personal financial planning. A decent emergency fund helps you get through the tough times in your life with minimal impact on your financial well-being and investment planning. However, care should be taken not to spend this amount for discretionary purposes and ensure that it is easily accessible when needed.

(By Sujit Bangar, Founder, Taxbuddy.com)

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Four reasons not to refinance your federal student loans in 2021 https://corfulinastravel.com/four-reasons-not-to-refinance-your-federal-student-loans-in-2021/ Wed, 08 Sep 2021 08:05:50 +0000 https://corfulinastravel.com/four-reasons-not-to-refinance-your-federal-student-loans-in-2021/ Interest rates are at historic lows, but if borrowers are slow to refinance their … [+] student loans? getty With interest rates at historically low levels, refinancing federal student loans can be an attractive option for millions of student loan borrowers. But refinancing your student loans this year comes with significant risk, and borrowers who […]]]>

With interest rates at historically low levels, refinancing federal student loans can be an attractive option for millions of student loan borrowers. But refinancing your student loans this year comes with significant risk, and borrowers who do so may regret their decision.

Interest rates on some federal student loans, such as some Graduate PLUS loans, can exceed 7% or even 8%. Since there is no way to permanently reduce federal student loan interest rates in the absence of congressional legislation, the only way to get a different interest rate would be to refinance the loan. through a private lender. In general, private student loans have fewer repayment options, limited access (if any) to generous loan programs and benefits, and tighter consumer protections compared to federal student loans.

Once you have refinanced a federal student loan to a private student loan, you cannot convert it back to a federal loan. Borrowers should therefore be fully aware of what they can give up. And there are a lot of things borrowers can give up this year. Here is a preview.

Biden student loan forgiveness

Student loan borrower advocates, civil rights groups and progressive lawmakers have pressured President Biden to write off student loan debt using executive action. Although Biden expressed skepticism about his authority to do so, he asked legal staff at the US Department of Education and the Department of Justice to conduct a formal legal review of potential authorities that could serve as the basis for the use of executive measures to adopt broad student loan forgiveness. This review is ongoing.

While it’s too early to know whether or not Biden will adopt a broad student loan forgiveness, such action would likely be limited to federal student loans only. This is because the legal authorities that would be used to write off student debt – specifically, the Higher Education Act – only govern federal student loans. By refinancing federal student loans into a private loan, borrowers would likely rule out any possibility of canceling some of their student debt through executive action by Biden.

Student loan interest and payment freeze

Currently, payments on most federal student loans are on hold and interest on most federal loans is at 0% under the CARES Act, which was passed in response to the Covid-19 pandemic. President Biden extended this relief until September 30, 2021. While repayment is currently set to resume in October, the administration recently confirmed that there is a possibility it could be extended further.

It’s hard to beat a 0% interest rate. As interest rates are zero and payments suspended, federal student loan borrowers may divert their cash resources to other priorities, such as paying off other debt or replenishing their cash flow. emergency. Alternatively, borrowers who choose to voluntarily make payments on their student loans during the suspension period can repay their balances more aggressively, since no interest accumulates. By refinancing your federal student loans now, you could prematurely cut yourself off from these benefits, which are not available with private student loans. And given that we don’t know what President Biden can do, if anything, regarding the student loan cancellation, there is no cost to wait while interest rates stay at 0%.

Review of income-tested repayment and forgiveness of public service loans

The Biden administration recently announced that it would conduct a regulatory review of major federal student loan programs, including income-based repayment plans and civil service loan forgiveness. These programs are only available for federal student loans.

While it is too early to know what the review of these programs would look like – and it may be a year or more before concrete details are available – it is possible that these programs can be expanded and improved. so that more borrowers can benefit from it. For example, during his presidential campaign, Biden proposed a dramatic reduction in payments for borrowers on income-based repayment plans; this could change the math for borrowers who do not currently have a viable or affordable monthly payment under the plans currently available. By refinancing, you could lose access to these programs.

Loss of other consumer protections

In general, federal student loans offer stronger consumer protections and hardship options than private student loans. Federal student loans have a statutory death and disability release program for borrowers who are no longer able to maintain substantial and gainful employment due to a health problem; generous deferral and forbearance options during times of financial hardship; income-based repayment plans for periods of reduced income; and the ability to reverse the fault if something falls between the cracks. In most cases, private student loans do not have these protections, and while similar protections are offered, they may not be as strong as the federal version of student loans, which are generally based on law. Some of these programs, such as the Disability Release Program, will also come under similar scrutiny under the Biden administration, along with income-based repayment and forgiveness of civil service loans. This could lead to potential improvements.

By refinancing federal loans with a private loan, borrowers would permanently remove these protections. While you may never need to access these programs, unwanted or unexpected events do happen, and it is essential to be aware of what you can give up.

Further reading

Biden administration announces major overhaul of income-based repayment and student loan forgiveness programs

Will Biden cancel student loan debt? We may know soon

Biden Student Loan Forgiveness Review: Should You Take Action Now To Write Off Student Debt Later?

If Biden doesn’t cancel student loan debt, could he do it instead?

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Poll: nearly 4 in 10 Americans would borrow to cover a $ 1,000 emergency https://corfulinastravel.com/poll-nearly-4-in-10-americans-would-borrow-to-cover-a-1000-emergency/ Wed, 08 Sep 2021 08:05:50 +0000 https://corfulinastravel.com/poll-nearly-4-in-10-americans-would-borrow-to-cover-a-1000-emergency/ Many of us would be in trouble if we had to foot the bill for an unforeseen expense. Bankrate’s January Financial Security Index survey found that just four in 10 American adults (41%) would cover the cost of a $ 1,000 car repair or emergency room visit by saving money. The findings echo what previous […]]]>

Many of us would be in trouble if we had to foot the bill for an unforeseen expense.

Bankrate’s January Financial Security Index survey found that just four in 10 American adults (41%) would cover the cost of a $ 1,000 car repair or emergency room visit by saving money. The findings echo what previous studies of bank rates and others – including the Federal Reserve and Pew Charitable Trusts – have found about Americans’ lack of savings for rainy days.

The higher your household income, the more likely you are to use your savings to pay for unforeseen costs. This is true for nearly six in ten households (59%) that earn $ 75,000 or more per year.

Men (45%) were more likely than women (38%) to say they would use their savings for the unexpected. And when their backs are against the wall, only 36% of millennials would turn to emergency funds to pay $ 1,000 (compared to 41-44% of older people who would say the same).

Main conclusions:

  • Bank rate reports indicate that the percentage of American adults who would use their savings to cover an emergency room visit or a $ 1,000 car repair has remained in the range of 37% to 41% since 2014.
  • Almost four in ten Americans (37%) would borrow money to some extent if hit by an unexpected bill.
  • Among respondents who reported that they or a close relative paid a major unexpected expense in the past year (28%), the average cost was $ 3,518.

[READ: Americans divided on whether to credit Trump with strong economy]

Face the unexpected

When in a hurry, those lacking in emergency savings look to other methods to make ends meet.

Compared to those with higher incomes, households in the lowest income bracket were more likely to say that they would borrow from family members or friends if they were faced with a $ 1,000 emergency. This is true for one in four families earning less than $ 30,000 per year (compared to 7% among households in the highest income bracket).

The least educated survey respondents (10%) were more likely to say they would use a personal loan to cover an unexpected expense than the more educated adults (2%). And women (15%) were slightly more likely than men (11%) to say they would cut back and cut spending if they found themselves strapped for financial resources in a crisis.

[READ: The best (and worst) states to retire in]

Overall, for adults who don’t have enough savings to cover a $ 1,000 emergency, the most common alternative is to use a credit card. It was the preferred payment method for 16% of Americans. Going into debt to face a rainy day can be expensive.

“But it comes at a high cost, because the average expense of $ 3,500 funded at the national average credit card rate of 17% would require monthly payments of $ 125, which would take three years to pay off and incur nearly $ 1,000. $ in finance charges, “says Greg McBride. , CFA, Chief Financial Analyst of Bankrate. “Whatever savings you can accumulate, they act as a buffer against high cost debt when unforeseen expenses arise. “

[COMPARE: Best online savings accounts]

Many face unforeseen costs

More than one in four American adults (28%) say they or a member of their immediate family have had major unforeseen expenses in the past 12 months.

College graduates (33 percent) were more likely than high school graduates or dropouts (21 percent) to say that they or their families had suffered unforeseen costs in the past year. Not surprisingly, parents (34 percent) were more likely than non-parents (26 percent) to say they had had a big bill in the past year that they didn’t expect to pay.

Of course, it’s unclear who will have to replace a dying car engine or transport a child to hospital in an emergency.

The Pew Charitable Trusts, which has published reports on financial shocks in recent years, notes that only one can have a lasting impact on a household. Depending on income level, a single financial shock “can create a ripple effect,” explains Karen Kavanaugh, Pew’s financial security and mobility project manager. “In other words, one shock can lead to another as a family tries to recover.”

The high cost of emergency spending

Emergencies are often not cheap. Among survey respondents who reported that they or their family members experienced an unexpected expense in the past 12 months, the median amount of the largest expense was $ 1,750.

Three in 10 adults (29%) said they or their family members spent at least $ 5,000 in the past year to cover an unforeseen cost. Almost one-third (32%) of the lowest-paying households spent $ 5,000 or more, compared to 28% of the highest-paying households.

For millennials, the median ($ 1,750) and average ($ 2,951) amounts spent on major unexpected expenses in the past 12 months were lower than for members of the older generations. For each of the others, the median amount spent was $ 3,750. The average amounts were $ 3,726 for Generation X, $ 3,978 for Baby Boomers and $ 4,091 for Silent Generation.

“A lot of this is due to lower monthly expenses,” says McBride. “If you rent a unit with two roommates within walking distance of work, you will generally be less exposed to big unforeseen expenses than the middle-aged homeowner who has a flat tire, turns off a water heater or finds the kids outside. need braces.

[READ: 10 ways to save money fast]

Prepare for the worst

Even though the economy has improved over time, Americans have not improved their savings.

“High household spending and stagnant income can limit the savings you can save,” says McBride. “But the main reason is that saving is just not a high enough priority for households to cut spending or automate saving to make it happen. The first step is the most important.

Companies like Prudential Financial have started offering employees access to parallel savings accounts, giving them the ability to set aside funds for emergencies in addition to saving for retirement through a 401 (k) account. or another employer sponsored account. In the absence of such programs for many other workers, however, most Americans must take it upon themselves to save adequately for the unexpected.

It’s like making a habit of saving, says McBride.

“Establishing the habit through direct deposit of your paycheck or automatic transfer from registration to savings is of critical importance, especially if you are starting from a position with little or no savings,” explains McBride. “If you wait until the end of the month and try to save what’s left, too often there’s nothing left. Becoming a good saver is not just a simple switch that you flip one day.

Cutting back on spending – what 13% of Americans do when faced with unexpected expenses – is also an option for families hoping to quickly increase the emergency fund in their savings account. Bryan Bibbo, senior advisor for the JL Smith Group in Avon, Ohio, recommends eliminating unnecessary costs by taking simple steps like negotiating utilities, shopping at more affordable grocery stores, and finding insurance.

“Find ways to save money on every level,” adds Bibbo. “The idea here is not to make major changes in every aspect of your life, but rather to make minor changes that will save a few dollars which, when totaled, will result in a decent amount saved. “

Learn more:

Methodology

This study was carried out for Bankrate by telephone by SSRS on its Omnibus survey platform. The SSRS Omnibus is a national, weekly, dual frame, bilingual telephone survey. Interviews were conducted from December 30, 2019 to January 5, 2020 with a sample of 1,015 respondents in English (980) and Spanish (35). Telephone interviews were conducted by landline (307) and mobile (708, including 470 without a landline). The margin of error for the total respondents is +/- 3.39% at the 95% confidence level. All SSRS Omnibus data is weighted to represent the target population.

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Slick Cash Loan Offers Installment Loans For Those In Need Of Urgent Cash https://corfulinastravel.com/slick-cash-loan-offers-installment-loans-for-those-in-need-of-urgent-cash/ Wed, 08 Sep 2021 08:05:50 +0000 https://corfulinastravel.com/slick-cash-loan-offers-installment-loans-for-those-in-need-of-urgent-cash/

Slick Cash Loan announced installment loans to meet urgent and unforeseen financial obligations.

Slick Cash Loan, the online lending service with a reliable network of direct lenders, has announced another loan instrument for the benefit of small borrowers. They can get the money instantly by using the installment loan service offered by the company.

“We are pleased to announce that borrowers looking for urgent cash may use another option to meet their needs,” said Slick Cash Loan spokesperson. “We offer installment loans to help you meet your financial needs. You can use the money to meet your routine or emergency financial needs without having to look for other resources.

Slick Cash Loan Installment Loans makes it easy and hassle-free for borrowers to get the financing they need. It’s a reliable way to raise money when people need cash quickly and don’t have time to go through a formal borrowing process from their banks.

Borrowers can benefit from installment loans of up to $ 5,000, depending on the state to which they belong. The loan also comes with an easy repayment period which puts no stress on the borrower. They can enjoy greater repayment flexibility due to the longer repayment method.

According to the spokesperson, there are many advantages to using online installment loans. Borrowers enjoy the flexibility because they can use the money for any purpose. They know exactly how much they will owe on the loan in terms of fees and interest. There is absolute transparency and no surprises.

Borrowers using the installment loan option are also not required to post collateral or put their assets at risk to obtain loan approval. All documentation and processes are done online, making the whole process convenient and smooth for borrowers.

Even those with bad credit can get an installment loan. Timely repayment can also help borrowers improve their credit rating.

Loan applicants can benefit from the quick turnaround time as the installment loan application is processed quickly. They can get the amount they need in their account in the shortest time if they fill out the paperwork accurately.

The online application process ensures that anyone can apply for an installment loan at any time. They must be a U.S. resident 18 years of age or older, have valid and verifiable contact information, must be legally employed, and have stable and verifiable income. They must also have an active bank account that accepts direct deposits.

To learn more about No Credit Check Loans, visit https://slickcashloan.com/installment-loans.php

For more information on Slick Cash Loan, visit slickcashloan.com

About Slick Cash Loan:

Slick Cash Loan is the best resource for finding the right solution for fast and reliable loans. Loan experts can help borrowers find the best lenders and ensure quick and easy access to money when needed. Slick Cash Loan has a large network of partners across the United States. The company stands out for its easy approval and rapid financing of loans of all types.

Media contact
Company Name: Slick cash loan
Contact: Snow brand
E-mail: Send an email
Telephone: (888) 200-7445
Address: 1125 Broadway Street # 545
City: Glendale
State: California
Country: United States
Website: https://slickcashloan.com/

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What types of vacation loans are there and which one is right for you? https://corfulinastravel.com/what-types-of-vacation-loans-are-there-and-which-one-is-right-for-you/ Wed, 08 Sep 2021 08:05:50 +0000 https://corfulinastravel.com/what-types-of-vacation-loans-are-there-and-which-one-is-right-for-you/ The pandemic has locked everyone in their homes; However, with the widespread use of vaccination, restrictions have eased somewhat. If it is not international travel, intercity travel is permitted; it means it’s time to pack for a vacation. Holidays are very important for relaxing the mind and recharging your batteries after a difficult and hectic […]]]>

The pandemic has locked everyone in their homes; However, with the widespread use of vaccination, restrictions have eased somewhat. If it is not international travel, intercity travel is permitted; it means it’s time to pack for a vacation. Holidays are very important for relaxing the mind and recharging your batteries after a difficult and hectic daily routine. But packaging and planning are not enough; you must have sufficient financial resources to sponsor a vacation.

Holidays can be expensive even if you are not planning a luxurious trip you need to have a good budget on hand. A vacation will be even more relaxing and easier if you have the savings to afford it. Most financial lenders don’t suggest taking a vacation loan just for fun; however, there may be exceptions.

A vacation loan is generally a personal loan given the vacation etiquette. It is an unsecured unsecured loan with low interest rate, so it is a good option if traveling is a necessity and you have no cash on hand. Here are some other types of vacation loans that can be taken out and ways to finance your vacation:

Personal loans:

Travel or vacation loans are just the name given to personal loans in reality. Most lenders don’t use the name vacation loan separately and give you a personal loan that you can use to cover your travel expenses. A vacation loan can be used to finance trips, hotels, sporting activities on vacation, or just whatever you want.

These loans are unsecured and do not ask for any collateral; they can be easily repaid by monthly payments calculated at a low interest rate. The interest rate is generally low, but it depends mainly on your income and your credit score.

Taking out a personal loan for a vacation is a good idea if you have a solid financial income that will allow you to pay monthly payments on a regular basis. Plus, it will end after the loan term and you don’t have to worry about it accumulating in huge amounts like a credit card.

However, it is not advisable to take out a vacation loan only for leisure and without absolute necessity. It is not a good idea to go into debt for unnecessary things. The lender’s fees and any prepayment penalties can make the trip quite expensive.

Credit card:

The credit card is obviously not the best vacation loan for your needs, but it can be a good loan if you just want to cover certain expenses only. Using a credit card to fund an entire vacation can be a very stupid step; However, using it to cover some expenses isn’t such a bad idea. In fact, it can help you bridge any funding gap.

This is also a good option to use if you have knowledge of a fund that is about to be transferred, but you need to spend money before you can access it. If you are good on your credit score, you can also apply for a 0% APR in which if you repay the amount within a specific time frame, usually 12 to 21 months, you will not have to pay any interest. This is the best you can get if you know you can pay the amount back on time.

Credit line:

A home equity line of credit is also only recommended if you are confident that you can pay the monthly payments on a regular basis. A home equity line of credit requires your home as collateral, so if by any chance you default on your payment, you can lose your home. This is the reason why it is only advisable if you have a good income and can repay the amount.

Another option may be to opt for an unsecured personal line of credit. It is a more flexible option compared to the personal loan because it offers revolving credit and you only have to pay the interest on what you borrow. But remember that a large amount can have a negative effect on your credit score.

Conclusion:

You can go for any of the options that suit your needs well. A vacation loan can help you plan and finance your dream vacation, but it’s always a good idea to wait until your budget allows it. Plan smart and save monthly to raise the right amount for your next pleasure trip instead of taking out a loan. A travel loan is good for emergency trips or if you know you can pay it off easily without the hassle. Now you can get your hands on the best vacation loans and enjoy an unforgettable trip.

This article does not necessarily reflect the views of the editors or management of EconoTimes.

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