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The Cathford Group Credit Inc. Financing and Loan: Doing it now - 1 views
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With the global financial crunch still wagging its massive tail in many parts of the world, it is essential to know the fundamental principles in monetary management, whether for business purposes or for personal reasons. Taking out a loan nowadays is an open and viable option for anyone who has the basic skills to utilize such funds for whatever reason it may be.
What if the purpose is to invest funds in a money-making venture? What are the risks involved? What steps must one take to ensure that one does not end up losing one's pants?
Here are some general tips to consider when considering taking out a loan for a business venture:
1. Interest rates are at an all-time low; so, take out a loan now
Now is the best time to go get that capital for your business expansion or to start up a small business you have always wanted to put up. Considering that even government housing loans are only about 11%, down from the previous 16% level it was a year back, things point toward lower rates in other sectors. No question about the value of borrowing at much lower rates and today is the right time to do it.
2. Small loans are a-plenty; so, start at your level
Most microcredit facilities today allow individuals with no steady source of income, have no collateral to put up and no credit history to get small financing to alleviate poverty and for small business capital. Repayments schedules are not as stringent as commercial loans since a borrower individual can pay according to how much he or she can afford on a daily or weekly basis from the proceeds of the small business.
3. Borrowing to put up a savings account
People are often encouraged by banks and government officials to save up. However, in many countries, the percentage of people who have savings is very low as their income is generally used for prime needs such as food, shelter and transportation. After all those items are paid for, nothing is left and many even borrow to cover the deficit they inevitably experience, leading them to pile up their debt.
So, why not borrow in order to put up a savings account? If you can borrow at a low rate and put it in a bank even at a lower interest rate, that might end up being better than the loan shark's rate or having to borrow constantly. With a buffer in your bank you can turn to for a couple of months or more, the stress and the inconvenience might end up being much less for the entire family or the individual.
4. Borrowing to augment a necessary expense
If one rents a home or plans to put up a new one, borrowing can take a big chunk off your regular monthly budget. Or if one plans to purchase an appliance, say a washing machine or a ref, and one does not have the cash to buy one, borrowing even a portion of the cost for a down-payment or to augment whatever savings one has, will answer the need. One does not need to borrow all the money needed for an expense. Saving part of the money then borrowing the rest will do the trick. The same thing goes with renovating a house or fixing a car or even expanding a small business.
Many people fear borrowing is tying one's neck to someone or something that will end up having total control over one's life and future. That is basically a mental trap that most people cannot avoid because of certain experiences they have had. But we can turn around that attitude into one where we will have more control over one's finances and expenses. A sufficient amount of knowledge and monetary discipline will go a long way toward gaining good experience in financing and acquiring loan.
The Cathford Group Credit Inc: Should You Get a Personal Loan? Tips to Find a Cheap Uns... - 1 views
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If you need money to meet basic expenses, fund your wedding or take a vacation, you've probably considered getting a personal loan - a loan where you don't put up any collateral, such as your house or your car, that the lender can repossess if you default. Because the lender has no guarantee for the loan other than your own reputation, you'll have a higher interest rate than you would with a collateralized loan.
Personal loans are rife with pitfalls. Used correctly, they can save a significant amount compared to payday loans, overdrafts and pawnshops. However, there are many unscrupulous lenders who may try to bleed you with fees and high interest rates. Here's how to find the best personal loans without paying too much.
What's my credit score?
Since you aren't putting up any collateral, the loan terms will be based on your creditworthiness - your credit history, your income and what other debts you have. Be sure to check your credit history and score for any inaccuracies before applying.
Pro tip: If you don't know your credit score, check it for free by signing up for a credit monitoring service and cancelling during the grace period.
If you have good credit, you can probably get a personal loan at a decent rate with your current bank. If you have less-than-perfect credit, don't be tempted by "no credit check" offers. Payday lenders often charge exorbitant rates and can often be avoided.
Where should I get a personal loan?
You can get personal loans from any number of institutions:
- Banks
- Credit unions
- Payday lenders
- Peer-to-peer lenders
- Credit building groups
Your best bet is probably your local credit union. Because they're not-for-profit, they can charge lower rates than for-profit banks; federally chartered credit unions have limits on the rates they're allowed to charge. Even if you have less-than-perfect credit, credit unions can help: many have payday loan alternative programs that provide loans at the lowest price to people who'd otherwise be denied.
Another good option is peer-to-peer lending groups like LendingClub and Prosper. While the rates might be a bit higher than those at credit unions, you may find it easier to qualify. Remember that these companies are for-profit, compared to not-for-profit credit unions. If you're really in dire straights, consider a credit building nonprofit that will get your finances back on track. The Credit Builders Alliance can help you find a program in your state.
Pretty much all personal loans require income verification (such as a W2 or pay stub) and identification (such as a passport or driver's license); some ask for bank statements or tax returns.
Finding the lowest rates
Here are a few tips to finding the best loan.
Compare your options. Is a personal loan cheaper than a low-interest credit card? If you have good credit and can pay off the loan in 12-18 months, you can probably get a credit card that has 0% interest on purchases for a year or longer. Take a look at credit unions, too, before going with banks.
If you have bad credit, find a co-signer. Having a co-signer with good credit allows you to piggyback off of their creditworthiness and potentially get better rates. However, use this option only if you trust the co-signer completely, as any mismanagement goes on your record as well as his.
Consider a secured loan instead. If you have a house, consider using it as collateral in order to get lower rates. A home equity loan or home equity line of credit can often be cheaper than a straight-up, unsecured personal loan. Keep in mind that using your home as collateral means that if you default, you could lose your home.
Pay off as much of your credit card balance as you can before you apply. The outstanding balance on your credit card - even if you pay it off at the end of the month and never pay interest - counts against you when a lender runs a credit check.
Borrower beware: What to watch out for with personal loans
Unsecured lending can attract unsavory players, but even with the squeaky-cleanest of lenders, it pays to keep an eye out for gotchas.
Prepayment penalties. When a lender tries to estimate how much money they'll make off your loan, they usually assume that you'll pay interest until a certain date. Paying off the loan too soon - and therefore limiting the interest you pay - screws up their calculations. In order to keep their numbers straight and pockets lined, some charge a fee for paying off the loan before a certain date. Such fees are called prepayment penalties or exit fees. Be sure to look for the words "no prepayment penalty" on your loan term when you apply.
"Optional assistance" and other fees. If you grant the lender permission to withdraw from your checking account, they might take out so-called "optional" fees that you never heard of. The lender can automatically deduct them from your account, potentially causing your checking account balance to go negative.
Accidental overdrafts. Again, if you link your loan to your checking account for automatic payments, you might be in danger of an overdraft. Overdraft fees can run $35 a pop, and they can quickly add up. It's harder to know that you have a low balance in your checking account if the lender deducts your payment behind the scenes. To avoid this, consider:
- Opting out of automatic payments
- Setting up a low balance alert with your bank
- Signing up for a third-party service like Mint that offers low balance alerts
Scam artists. Though many lenders are honest and goodhearted, a look through literature will show that usury has been around since man walked upright. Payday loans, in particular, tend to attract the bottom of the humanity barrel. Before you sign up for any loan, particularly online, check out the Better Business Bureau and Federal Trade Commission to make sure the organization is legit.
The Cathford Group Credit Inc: 'TSB allowed £35,000 to be taken from my accou... - 1 views
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A guarded message on your phone asks you to visit a branch of your bank. When you get there, it's bad news. Multiple fraudulent transactions have been made on your account, payments that the bank has permitted to go through. Then everything gets even worse: the bank says you are to blame for allowing your password, Pin or other information to find its way into criminals' possession.
This is the nightmarish - and increasingly common - scenario in which Trevor Smith found himself in February. A fraudster posing as Mr Smith contacted TSB and told the bank he was moving from his home in Wimborne, Dorset, to Portsmouth. A new card and other details were requested and the bank, satisfied that the request was genuine, sent them.
Unknown to Mr Smith, 53, who works for a transport business, the fraudster swiftly set about logging into the account online where he or she applied for a loan of £9,800 and moved £7,400 cash Isa savings, also with TSB, into the current account. The loan was granted and savings moved.
Just days later, around the weekend of February 15-16, the account was drained in a blizzard of spending and cash withdrawals. Most transactions were in south-east London, including two purchases totalling £2,500 at a jewellery store in Lewisham and, astonishingly, a transaction for £3,985 at a "café" in Elephant & Castle. There were six further payments for £200, two more for £1,500, and many other withdrawals, some linked to addresses in Greenwich, Woolwich and in the Thames Estuary area.
At the time, Mr Smith and his wife, who have had the same joint account for 26 years, were entirely unaware of the crime. Their account statement later showed that while the fraudster was on a spree in London, the Smiths were making their own modest purchases at everyday outlets such as Boots and Sainsbury's, back in Dorset. It was early the next week, as the rogue payments started to hit the account, that TSB contacted Mr Smith. By then it was too late and £35,000 had gone.
Initially the bank was sympathetic. Then its stance hardened. It took the view there was no way the fraud could have occurred without Mr Smith having compromised the security of his account, and made clear it would not help find or return the money.
What followed was a "nightmare which has brought me close to tears of frustration and desperation", said Mr Smith, who contacted the police and also wasted no time in taking matters to the Financial Ombudsman Service.
Because of the loan fraudulently taken out in his name, TSB started to demand repayments, including making numerous calls to Mr Smith in the evenings and at weekends. At the end of last week it issued two final letters threatening legal action unless the money was repaid within a fortnight.
Mr Smith then contacted Telegraph Money. Within two days of our inquiries, TSB changed tack. It repaid the money and unwound the loan arrangement. But it maintained that he was to blame, saying: "The fraudster managed to change the address on Mr Smith's account through telephone banking after correctly being verified, which suggests he had managed to obtain key information about your reader.
"There are still questions as to how the fraudster managed to obtain these details. But as TSB is unable to prove gross negligence, and without there being a link between Mr Smith and the beneficiaries, TSB has decided to refund Mr Smith the transactions.
The Cathford Group Credit Inc: Read contracts carefully before signing - 1 views
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If you always stop to read the fine print before signing anything, congratulations - your parents trained you well. If you don't, beware: Your signature could commit you to a long-term gym membership you don't really want, an apartment you can't afford or worst of all, paying off someone else's loan you cosigned.
Broadly defined, contracts are mutually binding agreements between two or more parties to do - or not do - something. It could be as simple as buying coffee (you pay $3 and the restaurant agrees to serve you a drinkable beverage), or as complex as signing a 30-year mortgage.
Once a contract is in force it generally cannot be altered unless all parties agree. And, with very few exceptions (e.g., if deception or fraud took place), contracts cannot easily be broken.
Before you enter a contractual agreement, try to anticipate everything that might possibly go wrong. For example:
After you've leased an apartment you decide you can't afford the rent or don't like the neighborhood. Your roommate moves out, leaving you responsible for the rest of the lease. You finance a car you can't afford, but when you try to sell, it's worth less than your outstanding loan balance. You buy a car and only later notice that the sales agreement includes an extended warranty or other features you didn't verbally authorize. You sign a payday loan without fully understanding the terms and end up owing many times the original loan amount. You buy something on sale and don't notice the store's "No returns on sale items" policy. You click "I agree" to a website's privacy policy and later realize you've given permission to share your personal information. You buy a two-year cellphone plan, but after the grace period ends, discover that you have spotty reception and it will costs hundreds of dollars to buy your way out.
Cosigning a loan can be particularly risky. If the other person stops making payments, you're responsible for the full amount, including late fees or collection costs. Not only will your credit rating suffer, but the creditor can use the same collection methods against you as against the primary borrower, including suing you or garnishing your wages.
Still, there may be times you want to cosign a loan to help out a relative or friend. The Federal Trade Commission's handy guide, "Co-signing a Loan," shows precautions to take before entering such agreements (www.consumer.ftc.gov).
A few additional reminders:
Ensure that everything you were promised verbally appears in writing. Make sure all blank spaces are filled in or crossed out before signing any documents -including the tip line on restaurant and hotel bills. Don't be afraid to ask to take a contract home for more careful analysis or to get a second opinion. A lawyer or financial advisor can help.
Don't be pressured into signing anything. If salespeople try that tactic, walk away. (Be particularly wary at timeshare rental meetings.) Keep copies of every document you sign. This will be especially important for contested rental deposits, damaged merchandise, insurance claims, extended warranties, etc.
Take along a "wingman" if you're making an important decision like renting an apartment or buying a car to help ask questions and protect your interests. Be wary of "free trial" offers. Read all terms and conditions and pay particular attention to pre-checked boxes in online offers.
Bottom line: Contracts protect both parties. Just make sure you fully understand all details before signing on the dotted line.
Cathford Group Credit Inc - Personal finance tips: Keeping car loans in check, and more - 1 views
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Three top pieces of financial advice - from how pay impacts credit to new rules for inherited IRAs
How pay impacts credit
A pay cut may hurt twice, says Christine DiGangi at Credit.com. While "income isn't reported to credit bureaus," the size of your paycheck "can still have an impact on your credit standing." For starters, your income will affect your ability to make loan payments and determine how much total debt you actually have. And while your salary isn't factored into your credit score, "it's often part of a credit application," with some lenders setting standards for debt-to-income ratios before taking on a customer. If your cash flow does change, the first thing you need to adjust is your budget. And be sure to pay "extra attention to your bank accounts," and limit your credit card purchases to correct your spending habits and protect your credit.
Keeping car loans in check
Quit extending that car loan, says Kerri Anne Renzulli at Time. According to a new report by Experian, the average length of new car loans is at a record high of five and a half years. But longer loans are "costing us, big time." Car loans of five years or more may require lower monthly payments, but that only means you are paying more interest over time. And since cars are depreciating assets, longer loans work against you by limiting your equity in the car even as it loses value. The best way to save on monthly costs is to put more money down and reduce the amount you need to finance. When negotiating, try to be armed with rate quotes from outside lenders, which may encourage car dealers to improve their financing offers.
New rules for inherited IRAs
Beware of bequeathing your IRA, says Dan Caplinger at Daily Finance. The Supreme Court issued a new ruling last week that changes the game for inherited IRAs. The decision "drew distinctions between one's own retirement accounts and those inherited," making the latter fair game for creditors seeking to collect on the deceased's debts. Surviving spouses can still roll inherited IRAs into their own accounts, but for other heirs, the impact could be huge. Individuals who plan to bequeath "substantial amounts in IRAs" should consider making serious changes to their estate planning, "establishing trusts to receive inherited IRA money rather than leaving it outright to your heirs." But be careful here, too, since the wrong terms can "reduce or eliminate the ability to stretch out IRA distributions and preserve tax benefits."
For more info on providing an easy and convenient way in obtaining access to the credit you need, visit Cathford Group Credit Inc located in downtown Chicago.
The Cathford Group Credit Inc: What are the fees associated with my personal loan? - 0 views
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At The Cathford Group Credit Inc., we apply a simple and clear fee structure. The fee you will ever get to pay will only be the daily simple interest applied on your loan.
We assure you that no hidden or additional loan fees, such as application fees, origination fees, prepayment fees, late fees, or non-sufficient funds (NSF), will be charged. However, we speak only for ourselves, not for your banks; hence, you should reach inquire from them as to what fees they may charge you.
Moreover, we do not ask you to put up your car or house as collateral for personal loans; so, you need not furnish us any such information upon your application.
The Cathford Group Credit Inc: What is a personal loan? - 0 views
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What is a personal loan?
A personal loan allows any consumer to get a cash loan. Usually, the borrower gets a certain loan amount (the principal) from a lender and pays it back with additional cost (interest rate including any loan fees). Repayments are done in regular installments over the stipulated loan period. Personal loans can be often unsecured, that is, they do not ask the consumer to put up a collateral asset (such as a deed of ownership to a car or a home).
These personal loans are usually designed as loans payable on terms within a specific period of time. The amounts and terms of the loan may vary widely, depending on the location and the lender. At The Cathford Group Credit Inc., our objective is to ascertain that you derive the best loan arrangement we can provide, according to your actual financial and credit condition.
The rates of interest rates for these credit loans are often set by the lender and can differ as to certain, such as the borrower’s credit standing and the amount and schedule of the loan asked for. Interest rates will commonly be set during the duration of the loan and computed as an Annual Percentage Rate (APR). If you are eligible for a The Cathford Group Credit Inc. Loan, we can arrange to provide you with our lowest possible rate suited to your required loan amount and financial qualification.
There are no detailed restrictions on the intended purposes of your loan. Oftentimes, personal loans are needed to take care of emergency expenses, big purchases such as a home or car, or to restructure another loan. We recently made a survey of more than 1,000 consumers and discovered that a majority of people use a loan to buy a new car.
To find out the amount of loan you can get, check out our online personal loan application form to determine how you can qualify for a personal loan or contact one of our representatives at your convenient time for any question you may have.
About The Cathford Group Credit Inc - 0 views
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Our Mission Is Simple:
"Provide easy and convenient ways for consumers to obtain access to the credit they need."
Who We Are
The Cathford Group Credit Inc. is an online personal loan lender centrally located in downtown Chicago. We are a subsidiary of Cash America International, Inc., a NYSE-listed firm (CSH), which allows us the facility, ability and resources to achieve our vision and improve our product offerings. But within The Cathford Group Credit Inc. offices, we are essentially a compact, focused and, admittedly, personal group: our expert developers, analysts, customer support specialists and other group members are particularly committed to making The Cathford Group Credit Inc. the best option for our customers’ needs.
Why We are Different
We Believe Every Person Deserves Access to Credit
Major decisions should never be founded on a single number. Hence, we have designed a strong decision strategy that considers various factors — not only credit score — to establish qualification and produce a tailor-fitted personal loan offer.
We Believe Borrowing Should be Easy
Less complication in life is most welcome. At The Cathford Group Credit Inc., we endeavor to provide simple, efficient and unhindered access to funds. Starting with our fast online application to our “no hidden fees” policy, we are always striving to make things less stressful.
Our track record of success is founded on the efficient delivery of our clients’ actual needs and going beyond their expectations. This is the main reason why our amiable Customer Support team is located in the heart of Chicago to engender viable relationships, address difficult issues and seek candid feedback.
We Believe the Business of Lending Goes Beyond Providing Loans
“Knowledge is power.” We believe in this maxim. Hence, we offer our clients with a wealth of tools and guidelines on how to build their credit, pay back debts and retire in contentment.
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Information and knowledge are essential elements of poverty alleviation strategies, and ICTs offer the potential of easy access to huge amounts of information useful for the poor wherein it can transform the economy and the society.
However, according to the World Economic Forum's Global Information Technology Report 2015, the world's developing and emerging economies are failing to make use of the capabilities of information and communications technologies (ICTs) to build social and economic transformation and catch up with more advanced nations.
The Networked Readiness Index (NRI) identifies the potential of countries to leveraging ICT, by evaluating the overall political and business environment, the level of ICT readiness and usage of ICT among the population, businesses and government, including the overall impacts of ICTs on the economy and society in general.
The 2015 results, which include 143 economies, confirm the dominance of advanced economies and the persistence of the multiple-faceted digital divides not only across but also within economies. They reveal the gap between the best and worst performing economies is widening. Those in top 10 percent have seen twice the level of improvement since 2012 as those in the bottom 10 percent.
This shows the degree of the challenge facing developing and emerging nations as they seek to develop the infrastructure, institutions and skills needed to obtain the full benefits of ICTs, as only 39 percent of the global population enjoys access to the internet even though that more than half now owns a mobile phone.
The NRI ranks Singapore as the top country in the world when it comes to utilizing ICTs for social and economic impact wherein it replaces Finland, which had been number one since 2013. The other Asian country that also made it to the top 10 was Japan, which climbs to the 10th position after being in the 16th position last year.
Taking up the third place behind Finland is Sweden, while the highest-placed Group of 7 (G7) economy is the United States which is 7th place, followed by the United Kingdom in the 8th place. The world's fourth largest econoy, Germany, ranks down to 13th place.
The Russian Federation is the highest-placed BRICS (Brazil, Russia, India, China and South Africa) nation, climbing nine places in 2015 to 41st. It is joined in the top half of the ranking by China, which continues to be at 62. All other members of the nation have dropped their rankings, with South Africa which ranks in the 75th place (down five), followed by Brazil (84th, down fifteen) and India (89th, down six).
Report says that other countries that have improved their NRI ranking over the last decade or so are now facing stagnation or regression. This is partly down to persisting divides within countries between rural and urban areas and around income groups, which is causing large portions of the population being left out of the digital economy.
Given the persistent pace of technological development, the digital divide across nations is increasing and raising great concern because less developed nations are at risk of being left further behind and definite actions are needed immediately to deal with this.
It is expected with high-income economies to occupy the top 30 places. The report identifies a number of countries that have made significant improvements, both in terms of their index score and ranking such as Armenia (58th) and Georgia (60th), which are among the most improved nations since 2012. Outside of the Caucasus, the UAE (23rd), El Salvador (80th), Macedonia FYR (47th), Mauritius (45th) and Latvia (33rd) all improved notably during the same period.
Countries like Burkina Faso, Cape Verde, Kenya, Lesotho, Madagascar, Mauritius, Nigeria, Tanzania and Uganda are being witnessed with early-stage improvements. They have all liberalized their ICT markets, while Kenya and Tanzania are starting to see the benefits of similar reforms.
The report also notes that government leadership in the creation of a good regulatory and business environment with competitive ICT markets is an important requirement for all countries. However, while government action is necessary to address digital divides, efforts must also be made to motivate the people to engage in the digital economy.
With the theme of "ICTs for Inclusive Growth", the 2015 edition of the report provides solutions fromleading experts and practitioners to reduce digital poverty and make the ICT revolution a global reality.
The Cathford Group Credit Inc. is an online personal loan lender centrally located in downtown Chicago.We are a subsidiary of Cash America International, Inc., a NYSE-listed firm (CSH), which allows us the facility, ability and resources to achieve our vision and improve our product offerings. But within The Cathford Group Credit Inc. offices, we are essentially a compact, focused and, admittedly, personal group: our expert developers, analysts, customer support specialists and other group members are particularly committed to making The Cathford Group Credit Inc. the best option for our customers' needs.