Loanio Roundup – Wall Street Crisis and the Resilient Dollar

February 10th, 2009

The Resilient Dollar

Welcome to the second edition of the Loanio Roundup. This edition focuses heavily on the national economy and peer-to-peer lending news. We hope you enjoy pursuing through the links below. Leave a comment and tell us what you think – we’d love to hear your views on the Wall Street Crisis and National Bailout.

The National Economy:

  • McCain reshuffles rescue deal writes Wall Street Journal.
  • NPR asks is the financial storm about to break?
  • Business Week talks on the financial crisis: how to stop the panic.
  • Economist focuses on the resilient dollar especially on why the greenback has managed to so far withstand the financial panic.
  • NYT says ignoring reality has a price.

Career and Home:

  • CNN Money says jobless claims fall from 7-year high.
  • Yahoo! Money presents the How-to Guide: Buying Life Insurance.
  • Kiplinger talks about marriage and money.

Peer-to-Peer Lending and Loanio in the News:

  • FiLife writes new age borrowing: peer to peer loans.
  • My Card Blog posts Loanio launches person-to-person lending service.
  • American Banker writes Loanio P-to-P firm caters to subprime borrowers
  • Center Networks says peer-to-peer lender Loanio launches to help credit challenged people obtain loans.

Photo Credit: 1

Originally posted 2020-10-12 09:26:41. Republished by Old Post Promoter

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Mortgage Interest Rates Start To Change

February 5th, 2009

Mortgage rates are changing – what should you do?

There was big news within the mortgage industry recently as interest rates finally went back below 6%. The reaction was mixed, but the rate did prompt many people to rush to refinance their homes. For those that are stuck with variable rate mortgages, the current situation in the housing market has been volatile to say the least and many consumer advocates have been pushing the need to refinance if at all possible.

This has not been easy for many, especially since interest rates were quite high until this week. Every small drop helps however and the current resurgence for refinances could help bolster the struggling housing market. While much damage has been done, there is still light at the end of the tunnel, despite the decision to take over Freddie Mac and Fannie Mae, two of the US’s biggest lenders.

While there is hope for some borrowers, those in a subprime position may not find it easy to refinance their homes, in spite of the drop in rates. Banks are shying away from this sub-set of borrowers and the specter of foreclosure still looms for many. For those that are unable to refinance, there are steps that can be taken to avoid foreclosure, but they must be taken quickly.

The first step is to determine how to free up enough cash to handle increased mortgage payments. For those that did not plan ahead for a switch to a variable rate, the shock of a much higher payment was a rude awakening. Although thousands knew that their fixed rates were only short term, there was a general lack of awareness of how this would affect them personally.

If you have been switched to a variable rate mortgage and are struggling to make your payments, foreclosure does not need to be the first option. In many cases, the difference in payments can be as small as $50, or as high as several hundred dollars. For those that are living above their means, simply curtailing some additional expenses can free up the funds necessary to make those higher payments.

Other options include getting a second job on a temporary basis until the rates do drop to a point where payments become livable again. For those that do not have the time for this option, selling a car, or other household items may be the best solution.

Today’s news was heartening to many and does show that rates may be on the way back down, at least temporarily. If you can get a refinance plan on a home loan, taking action now may be beneficial. If you cannot seek this type of assistance however there still are plenty of other options available that can help you keep your home, until the economic outlook brightens again. Housing changes and rate fluctuations are normal, and riding out the storm is typically the best solution.

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Originally posted 2020-10-07 05:12:06. Republished by Old Post Promoter

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3 Ways to Increase Your Cash Flow

February 4th, 2009

If you’re finding it difficult to get by, one of the easiest ways to combat this issue is by increasing your monthly cash flow. While you may not be able to make a huge difference right away, slowly building up the amount of money that you have coming in, building secondary income streams can have a dramatic effect on your finances over time. There are many different ways that you can increase your cash flow, and although each person’s situation is different there are some universal concepts you can apply to help you increase how much money you have coming in every month.

Start your own personal business.

1. The first place to start is with your job.

If you’re up for a raise, don’t be shy about asking for it. If you can work a few extra hours and make some overtime, go for it. This is probably the easiest way to get a little extra cash flowing in every month. While it may not make you a millionaire over night, getting some extra take home pay can free up your finances a bit and make it easier to get to your next paycheck.

Before you jump in however, you’ll have to remember the basic problem of overspending so you can avoid this issue. Getting paid more is not a license to run out and start spending more money. This is however the perfect opportunity to get more cash coming in that can be used for savings or to keep current on your bills.

2. Consider opening your own business.

If you have a skill that you can exploit for more income, this is the perfect answer to help increase your cash flow. Whether you are good at fixing cars, watching children or even cooking, there is a huge market for this kind of work. Pay attention to the needs of your local community and then see how you can help fill them with your expertise. Obtain a loan through Loanio to jumpstart your business.

You can also get a second job, at least temporarily, especially if money is particularly tight. This is a fast way to increase your cash flow, even if it does require more work on your part.

3. Set up some safe investments.

Creating multiple streams of income is always a good idea, and if you have some safe investments you can make that won’t put your finances in jeopardy, this is a very easy way to increase your cash flow and help you build up extra income that you can rely on for many years to come. Investments or annuities can be very useful when you’re caught short, and the money they bring in can easily be put to good use.

You don’t have to struggle to make ends meet if you don’t want to. Simply taking the time to build up your cash flow can produce terrific results and give you the peace of mind of knowing that you do have alternatives out there to reduce your reliance on your normal paycheck.

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Originally posted 2020-10-06 16:16:35. Republished by Old Post Promoter

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Loanio Roundup #1- National Economy

February 3rd, 2009

Roundup #1

Good morning everyone! Welcome to Loanio’s first ever roundup post. We’d like to thank the blog community for their support. You are the best press releases out there. Then lastly before we start with the links we would like to take a moment to wish everyone a splendid weekend. Take care.

The National Economy:

Stocks:

Peer-to-Peer Lending and Loanio in the News:

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Originally posted 2020-10-05 05:57:12. Republished by Old Post Promoter

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4 Ways To Get Out of Debt

February 1st, 2009

Earn some extra money – hold a yard sale.

For thousands of people, the specter of debt is an all too real problem that affects not only their financial life, but the rest of their lives as well. However, there are steps that can be taken to get yourself out of debt, reasonably quickly, despite how much you owe. While the length of time needed to pay off those debts may vary, taking action as quickly as possible can help prevent debt from mounting up further. Let’s take a look at four easy ways that you can get out of debt, starting today.

1. Negotiate with Creditors and Consolidate.

Many creditors are willing to negotiate with you, especially if you have had a good payment history with them. The worst thing they can tell you is no, so it definitely pays to take the time to see if you can’t work out a better arrangement. Credit card companies, for example, will often reduce the interest, or they may be willing to take a partial lump sum on the balance.

If you are unsuccessful in negotiating your debts down yourself, you may want to consider consolidation by working with a reputable debt consolidation or debt relief organization. There are some questionable ones out there, so do your homework and be careful.

Finally, and arguably the best approach, is to get a lower interest rate loan (see #4) that will allow you to zero out your other debt and leave you with one simple monthly payment.

Consolidating your monthly payments and lowering the overall amount of interest you owe can have a dramatic effect on your finances.

2. Get a second job.

If you truly want to get out of debt quickly, one of the best ways is simply to get a second job until the debt has been paid off. You can funnel everything you make from your second job into paying off your debts and get them taken care of in short order. A second job doesn’t have to mean slaving away at McDonalds however.

You may be able to find ways of earning extra income from other avenues, such as leveraging your abilities to find work in your community, or by starting your own business to help you make enough money to pay off your debts in less time.

3. Reduce your junk.

Holding a yard sale may be a slower way of paying down your debt, but there are many ways that you can turn your household items into cash that can in turn be used to pay off your debts. You can sell items on Ebay, put ads in the paper and find people that are interested in buying your possessions. Depending on what you own, you may be able to quickly sell off everything to take care of your debts.

You may also want to consider cutting back on extraneous expenses, getting a cheaper car, and finding other ways to save money. With what you have left over, you can start using it to pay off your debts until you are completely caught up. Don’t let your debt control your life. You can find ways to get it paid off – and quickly.

4. Debt Consolidation via Loanio

Loanio is now open for for business! You could post a loan request there asking for a lower rate and then pay off your higher interest debts.

Loanio is an auction based, peer lending platform where individuals can borrow or lend money to each other. By cutting out “traditional lenders,” and adding an auction based element, borrowers can get lower rates and lenders can get higher returns than other banking options. Give it a try!Borrow money with Loanio.

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Originally posted 2020-10-03 16:40:17. Republished by Old Post Promoter

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Welcome to the Loanio Blog!

January 31st, 2009

Now that we are deep into the first 24 hours of going live, I would like to take a moment to officially kick off the Loanio Blog. For more about our official launch, please click here to view our first press release.

The week leading up to this launch has been a wonderful time for me and my family. My son just turned one, I won $1,000 in the New York State lottery, the Jewish New Year began, and now Loanio has finally launched! However, the week also continued with lots of uncertainty about the future health of U.S. financial markets and economy. I for one am quite confident that things will eventually get back on track, but I believe we have a long road ahead of us. With that said, I suppose you could argue that it is either the best of times to introduce a new “alternative” lending and borrowing platform-like Loanio-or the worst of times. We are passionate about the former and we hope you are too.

At this time, I wish to thank everyone who has been supporting this project from day one. The development of this website has been a very long, complex, and winding journey-it simply would not have been possible without them.

I am extremely excited and bullish on the future that is ahead for Loanio and the rest of the peer to peer lending community. I invite you to join us toward the goal of bringing these great alternative borrowing and lending vehicles to everyone.

Michael Solomon
CEO and Founder

Originally posted 2020-10-02 07:55:23. Republished by Old Post Promoter

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Is Some Debt Good For Your Credit?

January 19th, 2009

Does debt improve credit?

There is no doubt about this, first of all: Getting into debt is more than capable of getting you into trouble. Although there is definitely a large downside to debt, borrowing money can also do you some good. Some debt is actually good for your credit, but only if you understand why, and how much debt is good in comparison to when your debt has become too much.

With the help of credit, you can achieve some of your financial goals. Debt allows you to take advantage of experiences and opportunities that enhance your life, like buying a car or purchasing your dream home, going to the best school or taking a cruise around the world. Getting the true value out of your credit has to do with developing a spending plan that allows you to get there in the time frame that you have set, without ruining you financially.

With the help of credit, you can send a message to potential lenders. If you have never had any debt, then you have never used credit before and will not have a credit score or a credit report to speak of. In today’s world, however, it is difficult if not completely impossible to live without credit, because credit is vital for purchasing most big ticket items, like higher education, vehicles and homes. Credit is also heavily relied upon for the purpose of preparing for life’s emergencies. For all of these reasons, having a good credit reputation is going to show potential lenders that you are a good and healthy credit risk by showing that you can handle a little bit of debt. By showing your capability to repay debt, you can put yourself in a good position to attract creditors offering favorable terms and rates.

Credit and debt are also capable of giving people a sense of how responsible you are. If you had no debt or credit history, you would find yourself being disadvantaged in other ways. Should a prospective employer check your credit record and come up empty for example, they may find this strange, and not want to hire you. Without a credit record, employers, lenders and other individuals lose out on a potential way to appraise who you are. Debt and credit are important for getting an apartment, applying for car insurance, buying a home, even sometimes renting a car. Even if you can afford to do some of these things, using debt and credit to create a history of how you handle money is an advantageous option in favor of just using cash for everything. Credit is not only a tool for extra income, but it is also a way to show lenders, employers and other individuals how responsible you are when it comes to borrowing, spending and repaying your money.

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