Loanio Roundup – Dia de Los Muertos

March 3rd, 2009

Financial State of the Economy

Good morning and welcome to the Dia de Los Muertos edition of Loanio’s roundup. Dia de Los Muertos is a holiday celebration that takes place primarily in Mexico and celebrates the dead. It goes by Day of the Dead in English and correspondingly it matches the Catholic holidays of All Saints Day and All Souls Day. Below you will find links in easy to manage categories on the following topics: the economy, small business, p2p lending, and Loanio. See what people are saying and have a great day.

The Economy:

  • Smart Money says It’s Not What You Buy but How You Buy It
  • Approaching zero writes the Economist.
  • Forbes announces that The Credit Crisis Is The Least Of Our Worries
  • CNN Money takes a look at AIG’s fancy refinancing play
  • Banks Vow to Use Rescue Fund for Loans Wall Street Journal reports.

Small Business:

  • Here are some Financing Options for Businesses by Kiplinger.
  • Persevere through the recession with your home business over at Mighty Bargain Hunter.
  • Make You Rich presents these Funding Options for Small Business Owners
  • HBC writes up Home Business Tax Deductions
  • 7 Business Planning Fundamentals for Hard Times by BPlans.

Peer-to-Peer Lending:

  • Video by Blip.tv on Peer to Peer Loans and Credit Scores – Episode #71
  • San Francisco Business Times says Prosper suspends lending, Zopa exits U.S. market
  • Salt Lake City Tribune posts Money Tip: Weighing benefits, risks of peer-to-peer lending
  • Say Educate asks Is Peer To Peer Lending Right For You?
  • Money Under Thirty blogs Peer-to-Peer Lending Hits a Roadblock

Loanio in the News:

  • eFinance Blog writes a P2P Lending Update: Prosper, Lending Club, Zopa, Loanio
  • Shotguns and Penguins does a post On a Quest for Social Lending
  • Rate Ladder mentions us briefly in Renaud Laplanche, Lending Club CEO in the News

Photo Credit: 1

Originally posted 2020-11-02 05:24:16. Republished by Old Post Promoter

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Teens Saving Money

March 2nd, 2009

Help your teen build strong money management skills.

One of the best ways to build a strong financial foundation in teens is by starting a savings plan early on. Over the past few years, there have been more teens saving money and the results are clear. When you take the time to teach good financial practices to your children, these skills will carry them through life, helping them to build up a nest egg that they can rely on in the future. If you want to start your kids down this financial path, here are a few tips on how to get your teens saving money now.

1. Set up a reward system.

At first, before the benefits start to kick in, your child may need some extra incentive to start saving money. Try setting up either a reward once they reach a certain dollar amount, or you may even want to offer to match their savings, dollar by dollar. This is a great way to get your teens saving money and offers them some real incentive, as well as hard evidence, that saving is very beneficial. Even if you only add a few dollars to their account at a time, this extra money will help them get motivated and stay focused.

2. Start discussing sound financial principles with your child.

Once you’ve got your teens saving money, it’s a great time to start talking about setting financial goals, and working on the follow through. For example, you can ask your child to set a goal as to what they would like to be able to buy, that they cannot afford right now. This helps them see the value of the hard work they are putting in towards saving for that item and once again, will keep them motivated. However, it is important that they understand that spending all that they have saved up isn’t the best solution and that they should have long term goals, as well as short term goals.

3. Take them to the next level.

Once you have your teens saving money and they are learning more about goal setting, you can take their lessons to the next level by incorporating information about setting up more than one stream of income. Help them to set up a portfolio, use a p2p lending service like Loanio to lend money, or open a high yield savings account for them so that they can start to watch their money grow. This is also a good time to start talking about investments with your teen, even if they can’t quite make their own just yet.

4. Get them interested in continuing education.

One of the best ways to get your teens saving money is by teaching them how the stock market works and how they can add to their savings account easily. There are numerous online sites that will provide users with free example “money” that can be used to invest in theoretical stocks. This is a great training method that has no risk, but can be incredibly useful in teaching lessons about stocks. You may even want to take part in these yourself and set up a competition to see who can make the best theoretical picks.

Photo Credits: 1

Originally posted 2020-10-31 04:55:15. Republished by Old Post Promoter

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Should You Be Worried About the Economy?

February 26th, 2009

If you are worried about gas, try carpooling.

If you follow the news, chances are the state of the economy may have you a little concerned. Bad news is rampant, the housing market is shaky and doom appears to be around every corner. While there are some definite problems with the economy right now, that doesn’t necessarily mean that you need to start panicking. Smart money management is always important, but if you find that you are overly worried about the state of the economy, there are a few steps that you can take to shore up your financial defenses and stop worrying.

The first step is to take a hard look at your mortgage payments, car payments and any other loans that you may have. If they are calculated under a variable rate, now is the time to start allocating a little extra each month to ensure that you have enough to keep up with the payments. If your mortgage payment looks like it is going to be too high, act quickly by negotiating with your bank for either a payment deferment or even a refinance. No one wins in a foreclosure situation and most banks will be willing to work something out with you.

The second step is to think about consolidating your credit card bills if necessary. If you are paying on multiple cards that all have high interest rates, you could be wasting a lot of money each month. Take advantage of a low or no interest card that will allow you to transfer those high balances into one. Just make sure you read the fine print to see how long the interest rate will remain low. Or use Loanio to receive a loan from lenders, this is easy and painless to do. This not only helps you save money on high interest fees, but you can also save time by paying only one bill every month.

Next, you can take a look at what you’re spending and how rising prices are affecting you. For example, the cost of gas right now has many people worried. You may find that you’re spending more to get to work than you may make for the day, or the ratio may have changed dramatically. If this is the case, consider setting up a carpool with other workers to save money, or you may even be able to arrange to telecommute. There are many ways that you can reduce your monthly expenses and free up more money to handle the rising cost of necessities.

This is also a good time to think about setting up an emergency fund. This is a very beneficial type of savings account that can tide you over if you run short during the month, or if you end up with a personal crisis on your hands. When you have the security of a savings account, emergency fund or other means of income, you’ll be in a much better position to weather any economic storm.

While the economy has been better, there is certainly no need to start panicking right now. Simply follow smart money practices, and you’ll be in a position where you can withstand whatever comes.

Photo Credits: 1

Originally posted 2020-10-28 20:01:41. Republished by Old Post Promoter

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Loanio Roundup – The Economy, Small Business, Loans, and P2P Lending

February 24th, 2009

The Economy, Small Business, Loans, and P2P Lending

Welcome to the fourth edition of Loanio’s roundup. There’s more on the peer to peer lending industry in this post with several links for small business entrepreneurs to check out as well. Browse through and make sure you’re up to date on all the financial information. Might want to grab a coffee first.

We hope the remainder of your weekend is great!

The Economy:

Small Business:

Peer-to-Peer Lending:

Loanio in the News:

Photo Credit: 1

Originally posted 2020-10-26 05:40:29. Republished by Old Post Promoter

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Is Leasing an Auto a Good Option Right Now?

February 22nd, 2009

Should you lease a car?

With the current state of the economy and rising interest rates, many are considering leasing an auto instead of making an outright purchase or financing one. While there are a few benefits that can come through a leased vehicle, this is a decision that will require some careful thought and weighing of the pros and cons before leaping. This is particularly true if you have never leased a vehicle before. Let’s take a look at whether or not leasing is a good option right now.

First and foremost, the most important thing to consider about a lease is the fact that you will have a buyout price at the end of the lease period. Many people forget about this extra fee and at the end of a few years find out that they really aren’t in any position to purchase their car. Unless you have more than enough money saved up to pay that extra fee at the end of a lease term, this may not be a wise option.

Another common problem facing those that lease is the fact that once the lease is complete, you won’t have a vehicle to trade in unless you do decide to purchase the leased vehicle. While leasing is convenient, it is often very difficult to get another car, especially if your funds are limited. Unless you plan on leasing for many years to come, this is something that must be considered. Essentially you’ll be paying for two to three years on a car, but at the end of the term, you’ll have little to show for your efforts.

While the interest rates for leases are usually a bit lower, there are some extra fees that may be included that can reduce any potential savings dramatically. It is vital to read through a lease document completely before you sign it to ensure you understand how much you will be paying now, during the term of the lease and when it is over. You may be told that your lease payment will be a certain amount when you are shopping for the car, but in actuality, you’ll have to add in other fees on top of that initial quote and your payment can be affected. Dealers that are above board usually do not tack on extra fees, but it does pay to be cautious.

We’ve gone over quite a few negatives about the leasing process, but there are a few positives to consider as well. First and foremost, the monthly payments are usually quite a bit lower. Considering the state of the interest rate market at this time, this is usually a very attractive selling point for many car buyers. The warranties are usually a bit better on leased vehicles and you may even be able to take advantage of some tax benefits if you do decide to go this route. Leasing is not for everyone, but with careful management and a complete understanding of the terms, they may also be very beneficial.

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Originally posted 2020-10-24 04:55:29. Republished by Old Post Promoter

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Loanio Roundup – Credit and P2P Lending

February 17th, 2009

Credit and P2P Lending

Welcome to the third edition of the Loanio Roundup. This edition looks at what is going on in P2P lending, the economy, and more. There are some links on college financing and a swift look at the auto industry. Browse the links below and tell us what you think. What are you most interested in hearing about? Have a good weekend!

The Economy:

  • Market Watch tells U.S. stocks slammed again; economic data come in bleak.
  • Business Week writes making Wall Street pay?
  • Kiplingers says heed the wake-up call.
  • New storm hits markets says FT. Is it too late?

Auto:

  • Auto dealers wait for sales rebound says Orlando Business Journal.

College:

  • Student Online Tips asks why the need to consolidate student loans?
  • Top Student Loans writes student loans – what you need to know about applying for student loans.
  • Scholarship Website talks all about student loans.
  • Geared Investor offers up reasons why you shouldn’t pay of student loans early.

Peer-to-Peer Lending:

  • Nice Words writes about the rise of peer-to-peer online lending.
  • New York Times talks about how in credit crisis, some turn to online peers for cash.
  • Wall Street Journal briefly mentions p2p lending in mortgage lending for sellers.
  • The Experience Economy discusses peer to peer: why P2P is better than capitalism an interview with Michel Bauwens.
  • Zopa shuts down US branch says Rate Ladder.
  • Making Money says he’s lending $1000 in The Street.com through p2p lender sites.

Loanio in the News:

  • US News says Credit Crunch? Your Move, Peer Lending
  • Loanio briefly mentioned in Finextra’s P2P lender Zopa reports soaring uptake as credit crunch bites
  • Banktech writes Loanio.com rolls out peer-to-peer lending platform.
  • Free Signal says just-launched P2P lender Loanio joins Finovate Conference Demo lineup.
  • Nuwire Investor posts Loanio.com Lowers the Risk in “High-Risk.”
  • Peer-to-peer lending: Weighing the benefits, risks of borrowing from strangers, friends by Yahoo! Finance.

Photo Credit: 1

Originally posted 2020-10-19 05:45:40. Republished by Old Post Promoter

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How to Fix a Mistake On Your Credit Report

February 11th, 2009

Know your credit!

We all make mistakes, but when it comes to your credit report, a simple or small error can have a big impact. In fact, one small error is more than enough to drag down your FICO score and could even prevent you from getting a loan in the future. It is very important to monitor your credit report and score on a regular basis to spot any errors that occur. This will enable you to take quick action to fix any damage that has been caused before it can affect you adversely. Here are the steps you need to take to fix a mistake on your credit report.

1. File a Dispute.

This is done through the actual credit bureau. Since there are three different major reporting agencies, you may need to monitor all three to see if all of your reports are being affected. Each one will have to be dealt with separately, especially if the error appears on all three reports. In many cases, it may take 60 days or more for something to show up on a report, so if you do spot an error, you will need to keep monitoring your other reports as well.

All three bureaus now offer the ability to file a dispute online, or you can file it by phone or through regular mail, depending on your preference. You will need to select the reason for your dispute and provide the correct information if necessary. Expect to wait up to 45 days for a response one way or the other.

2. Contact Creditor Directly.

If your dispute is denied and you are certain that there is still an error on your report, you can contact the creditor directly. Keep a record of all communications and send a copy of everything you send to a creditor to the three major reporting agencies as well. Always use registered mail when you contact a creditor, since they will need to respond to you within 45 days to remain compliant.

If you do not hear back within that time frame, you will need to contact the reporting agencies to update them on the status of the dispute. In many cases if the creditor has not responded within that time frame, the agencies will simply remove the error.

3. Know Your Rights.

It is a very good idea to review the Fair Credit Debt Collections Protection Act so that you are aware of your rights when it comes to dealing with creditors, reporting agencies and collection agencies. The information contained in this act will assist you in determining your further course of action if you cannot get the error removed from your report.

With diligence, you can protect your credit rating from adverse affects due to errors, but it is up to you to make sure that they are taken care of promptly. If you are not currently monitoring your credit reports, you may want to consider doing so, especially if you plan on applying for a loan within the next 180 days.

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Originally posted 2020-10-13 05:18:27. Republished by Old Post Promoter

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