4 Myths About Payday Loans

When you are in need of emergency cash, a payday loan can be the solution to your problem. Unfortunately, some people shy away from payday loans because of false rumors about what happens when you get a loan. To help you make a sound decision, here are some of the most common falsehoods and the truth about payday loans.

1. Payday Loans Are Expensive

Some people falsely believe that if they take out a payday loan, they could end up paying back exorbitant amounts before the debt is satisfied. This is not true. Payday loans are considered to be short-term, small loans that usually do not extend beyond a couple of weeks to a month. Once the loan is paid back, no other fees are taken from the lender and he or she is usually free to borrow again.

2. Payday Loans Have Hidden Fees

Payday lenders are subject to the same laws and regulations as other lenders. The lenders are required to fully disclose all of the possible fees you could face prior to you signing the agreement. Payday lenders are also required to provide the fees in an easy-to-understand format so that there are no questions regarding what is owed. If you do not agree to the fees, you have the right to not sign the agreement. Some lenders even offer you the option to cancel the agreement within 24 hours of signing it.

3. Payday Loans Will Impact Your Credit Score

An earmark of payday lenders is that they do not perform credit checks before approving the loan. In most cases, simply being employed and providing proof of residence is enough to secure a loan. The only time a loan could possibly impact your credit score is if you do not pay it back. Just as with normal lenders, payday lenders have the option of reporting non-payment to a credit reporting bureau. As long as the loan is paid, there is nothing to report.

4. Lenders Only Loan Funds to People Who Cannot Afford It

Payday lenders are in business to earn money, just like other lenders. By only loaning money to people who cannot afford to pay it back, the lenders would place themselves in a bad position financially. Lenders have markers that must be met by potential customers before a loan can be approved. How much a person earns and the frequency with which he or she is paid is considered before a loan is approved.

The best way to separate the truth from fiction when it comes to payday lenders is to contact one and discuss your concerns. The lender can then help you get started on your own loan so that you can get back on your feet. 

To learn more, visit a website like http://www.money4youpaydayloans.com

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Can You Qualify For Worker’s Compensation As An Independent Contractor?

No one expects to be injured on the job, but it happens to millions of Americans each year. According to recent statistics from the Bureau of Labor Statistics, private industry employers reported over 3 million nonfatal workplace injuries and illnesses in 2013.

You may know where you stand as a salaried or wage-earning employee in regards to worker’s compensation, but what if you happen to be an independent contractor? The following explains the eligibility complications surrounding independent contractors.

The Short Answer

Various state labor laws require employers to cover their salaried or wage-earning employees under worker’s compensation insurance. However, the same isn’t required of employers when it comes to independent contractors. In short, independent contractors aren’t eligible for worker’s compensation unless employers specifically request that they be covered under their worker’s comp insurance coverage.

How Come?

Unlike salaried or wage-earning employees, independent contractors are not under the direct employ or even supervision of the companies they work for. Instead, independent contractors usually receive a lump-sum payment for their services upon completion of a project or a specific term of service. This status also means that the employers are not responsible for deducting state and federal taxes from any earnings received by independent contractors.

Since independent contractors aren’t directly employed by the companies they’re working with, they’re not able to benefit from the worker’s comp protections that salaried and wage-earning employees enjoy. In addition, many of the laws designed to protect employees’ rights may not extend to independent contractors unless specifically noted otherwise. Any disputes that arise between employers and independent contractors must be settled in court, as opposed to state labor agencies.

Exceptions to the Rule

One way that independent contractors can benefit from workers compensation is if they’re not really independent contractors at all. Such a situation can arise from an employer designating what really should be a salaried or wage-earning employee as an independent contractor in order to avoid taxes and other additional expenses.

There are strict guidelines that govern whether someone can be deemed an independent contractor:

  • They provide services based on a written or unwritten contract, with the contractor paid per completed task.
  • They fully control how services are rendered, free of any supervision or direction by the company they’re contracted with.
  • They typically provide their own equipment in order to complete a specific job, and are also responsible for calculating and deducting their own state and local taxes. Independent contractors typically have their incomes reported by IRS form 1099, instead of form W-2 (for wage and salaried workers).

If none of the above applies to you, but your employer still designates you as an independent contractor, you may want to seek legal advice from an attorney specializing in workplace issues. You’ll also want to report the matter to your local labor board, as your employer could face civil penalties for purposefully denying fair wages. For more information about workers compensation, visit McMullen & Ochs PLLC.

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Investing In Precious Metals 101: Recession-Proofing Your Portfolio

Investment is a scary topic in a precarious economic climate, which certainly describes a large portion of the world in the years following the financial crises of 2007 and 2008. If you’re a fledgling investor who can’t afford to lose everything to a fluctuating market, and are willing to forgo some immediate returns to achieve that, then the answer may be in precious metals.

Why buy gold and other precious metals?

A lot of finance experts will tell you to buy gold for your portfolio, but many don’t explain why. The truth is that there are always people looking to buy and sell gold, so it and other precious metals always have value. As history proves — 1920s Germany, anyone? — that’s not always the case for currency. If the dollar lost all value today, you could still sell gold in exchange for a currency that’s still strong.

Know what you’re buying

There are a few ways to buy precious metals, which include buying the actual, physical metal and buying precious metal stocks. In physical gold, you have the option of bullion, scrap gold, or little collectible bars or unofficial coins. Collectible metals usually cost quite a bit more, but can be bought in smaller amounts and have a decorative appearance, which appeals to a lot of buyers. Bullion is cheaper by weight, but usually requires a far more substantial investment. Scrap gold varies widely in price, but also in purity. If you know how to decipher jewelers’ marks and are willing to deal with a little extra work, this could be a way to accrue value relatively quickly. Scrap dealers also provide an easy way to sell gold or other precious metals if you need to convert your metal to cash quickly.

Finally, metal stocks function exactly like other stocks – you pay someone to buy and store the metals for you. “Stock” is a catch-all term here; the precious metal market includes futures, exchange-traded funds (ETFs), bonds and even mining stocks. There are usually broker fees attached, and you have to be really careful and make sure you understand exactly what you’re getting. Often, these stocks don’t translate to an actual weight of gold or other precious metal.

Fit metals into an overall investment plan

As with any investment, precious metals aren’t meant to be the only thing in your portfolio. In fact, they’re not even intended to make any money – they do in a failing economy, but the real goal is to simply protect value. Putting assets into cash-based investments, such as traditional securities, is a way to get fast returns in the form of interest or dividends. The assets in precious metals, however, are intended as a true “buy and hold”; they’re your insurance against a true currency crash that could see your other investments go to zero.

Discuss your investment goals with a financial professional before diving in. Every situation is different, and these professionals can help you formulate an investment plan that works for your individual needs.

For more information, check out companies such as Rocky Mountain Coin Inc.

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3 Reasons To Consider Outsourcing Your Bookkeeping

Bookkeeping is a tedious process. You have to keep track of everything, from taking clients out to lunch to buying pens to stock the secretary’s desk. One way to lessen the hassle is to hire a bookkeeping professional from an independent company. Even though this would require sharing some of your company’s financial information with a person outside of the company, there are numerable benefits to outsourcing your bookkeeping. 

1. You Pay Exactly What You Need

If you hire a bookkeeper onto your staff, you will have to pay that person wages and benefits. This bookkeeper will be extraordinarily busy during tax season but will have downtime during the rest of the year. This means that you are paying for time when your employee isn’t working because there is no way to actually guess when financial services will be needed. By hiring an outsourced bookkeeper, you will only be paying for the bookkeeping services that you need. You won’t be paying for that individual’s downtime and will therefore save your company a great deal of money in the long run.

2. Automatic Double Checking

If you hire a bookkeeper on staff, you may only have the money for that one employee, rather than a team of bookkeepers. When bookkeeping services are needed, they need to be absolutely perfect. When you outsource your bookkeeping services, you can rest assured that anyone who is doing your bookkeeping will have a manager or team of people checking their work. This can save you tax audits and other costly mistakes that you may not be able to avoid with a single bookkeeper on staff.

3. Able to Access High Quality Bookkeeping Software Without Necessarily Having to Pay for It

Because the job of bookkeeping companies is to make sure that any accounts that they keep are perfect, well-organized, and easy to understand, they will be willing to invest in high quality, expensive bookkeeping software. You may not be willing to invest the hundreds of dollars into the software and into training employees to use it. By using a bookkeeping company, you will have access to this software and all of the advantages that it provides, such as easy to understand graphs and tax services, without having to directly pay for it. The cost of the software that the company uses will be split among all of the bookkeeping company’s clients.

For more information on the services that a bookkeeping company can provide, contact a local service like James Gioia & Company PC directly.

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4 Tips To Get The Best Price For Your Goods At A Pawn Shop

Selling one of your belongings to a pawn shop is a quick way to make cash when you need it, but you should approach pawn-shop negotiating the right way. After all, haggling is an art form, and pawn shop workers and owners have lots of practice. Use the following four tips to make sure you’re walking away with the amount of money you deserve.

Do Research Before You Walk Into A Pawnshop

If you’re headed to a pawn shop to sell a used DVD, then maybe extensive research on the price of the DVD isn’t necessary. However, if you’re selling a rare item, an autograph, jewelry, an antique family heirloom, or a painting, it’s worth doing a bit of research beforehand. Otherwise, you could end up selling an item worth thousands for a bargain basement price.

Research could mean doing a simple search online about the item you’re selling, but often it’s an even better idea to have your item appraised first, especially for items like antiques or jewelry. This will give you an idea of how much you should be getting in the first place. Also avoid using appraisers that a pawn shop supplies, as they often have a working relationship with the pawn shop, and have an incentive to value your item at a lower price.

Never Share the Price Of Your Item

You might know perfectly well how much you paid for an item or how much your item is actually worth, but that doesn’t mean the pawn broker has to know. Letting the pawn broker know how much you paid creates a narrow price range that the pawn broker won’t go above, leaving you at a disadvantage.

Research The Pawn Shop in Advance

Often, you can do a quick online search on pawn shops in your area. If a pawn shop is really known for unfair negotiating tactics and offering cheap prices, then it’s a good idea to steer clear. Try to find a reputable pawn shops with reasonably good reviews, and you’ll likely have a better pawn shop experience.

Don’t Be Afraid To Walk Away

It’s often a good idea to walk into a pawn shop with a minimum price you want to receive for an item. Otherwise, you might be talked into going way lower than you initially thought. Remember, a pawn broker is usually going to give you 50 percent or less for what they think they can resell the item for. That’s just standard pawn shop practice. However, don’t be afraid to walk away if you think you’re not getting a fair deal. Visit a shops like A J’S Super Pawn Inc to get started.

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Exposing Myths About Payday Loans That Might Be Misleading You

Being short on money can create tremendous headaches and stresses for almost anyone. Sadly, there may be times where these problems are bad enough to force someone to struggle to put food on the table. Fortunately, payday loans offer you a way to provide a temporary infusion of cash to help you make it to the next time you get paid. Yet, there may be myths that you have heard that can persuade you from pursuing this option in this time of need. 

Myth: Bankruptcy Will Prevent You From Qualifying For A Payday Loan

There are millions of people that will have to seek the protection of bankruptcy court at some point during their lives. Unfortunately, this protection can make it extremely difficult for people to obtain traditional lines of credit for several years following the filling. While many people assume that these restrictions will apply to any form of credit, this is not true because payday loan companies will generally not consider a person’s credit history.

Rather, these providers are only interested in determining the applicant’s monthly income and employment history. As long as you can demonstrate a stable work history with enough income to repay the loan, most providers will approve you. 

Myth: Payday Loans Must Be Paid Back All At Once

Another common belief about these financial tools is that these loans must be paid back in full with your next paycheck. However, this would make it virtually impossible for individuals to ever recover and stabilise financially. Luckily, this is not the case, and these loans can have favorable repayment terms. 

In most cases, your payments will be broken into many small amounts that will be owed at each time you get paid. Unlike other loans which are based on standard payment cycles, payday loans are tied to your pay schedule. As a result, you will likely have a payment due on every payday for the length of the contract. Interestingly, if there are instances where you cannot make a particular payment, there are some lenders that offer individuals the chance to postpone a set number of payments, and taking advantage of these policies can greatly enhance the convenience of repaying these loans. 

Payday loans can be an effective way of ensuring that you have the money you need when you need it. However, many people believe incorrect information about these loans, and this may cause them to overlook this option. By knowing that a past bankruptcy will not impact your approval and that you can pay these loans back in a series of installments, you may be better positioned to decide whether a payday loan is right for you. 

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