Cash Advance Loans: Why and How They Work

Cash Advance Loans: Why and How They Work
Have you ever been in a situation where you are burdened
with large unexpected expenses and did not know where to
raise the money to meet these needs? Are you overdrawn and
is your credit card maxed out? While you may have the
option of borrowing from friends, not everybody is
comfortable being indebted to family or friends.

If you are in a situation like this, perhaps the best
solution for you would be to get a cash advance loan or a
payday loan. It seems that everywhere you look these days
you will see a commercial for a company who is offering a
cash advance loan and more and more people are using these
loans to get immediate cash to take care of their urgent
financial obligations.

Before you commit to a payday cash advance loan, you should
know exactly what they are, how they work and how borrowing
money from one of these lenders can affect you in the long
run.

What is a Cash Advance Loan?

An online cash advance loan is quite simply a small loan
made by a third party company that uses your current wage
earnings and checking account as evidence that you will be
able to repay the loan. Most online cash advance companies
will require recent check stubs that prove you earn a
certain pre-determined minimum amount each month. They will
also need evidence that your checking account has been open
and in good standing for at least a month. An online cash
advance can often be the quickest route to getting the cash
you need for an emergency.

Take a look at this example

Sam hasn't had the best month. Two weeks ago she was
surprised with a power bill that made her wonder if she was
supplying heat to the entire neighborhood. As a single mom
of two she is already overextended as it is, and she's
still trying to pay off what she spent at Christmas.
Before she could take a breath and ask "what's next?", she
took the car for an oil change only to find out that she
mad much bigger problems than dirty oil. When the estimate
comes back, she looks at the numbers with tears in her eyes
wondering how she can possibly afford to fix he car when
she doesn't get paid for another week and a half. She
doesn't have any friends or family to help her out and if
she can't drive to work she's going to lose her job.

Examples like this happen every day to hundreds, possibly
even thousands of people all over the country. Hard
working people are caught by surprise by bills right when
they least expect them. They don't need a hand out, just a
little boost to get them through a week or two until their
next payday. Thankfully with the online cash advance, it
can now be easier than ever to get over that little hump.
If you can meet the minimum requirements to apply, you can
often be approved for a cash advance loan in a matter of
just a few minutes and the proceeds from your loan will be
available to you within twenty four hours in most cases.

Most often all that is required is that you be at least
eighteen years of age with a checking account and a stable
verifiable monthly income. There is usually no credit check
required with cash advance companies and you can get an
advance loan of anywhere between $100 and $1,000, sometimes
even more. You should never borrow more money than you
really need to meet your obligations.

Advantages of taking Cash Advance Loans

Some of the advantages of taking cash advance loans include:

- They are hassle-free

- The process typically takes less than half an hour

- It is available in an emergency without having to put up
any security

- The proceeds of the loan are deposited automatically into
your bank account less than 24 hours after approval

- It is discreet; nobody has to know that you went through
a financial crisis

Cost of taking Cash Advance Loans

Let's face the facts here - cash advance loans are not
free. These companies are in business to make money and
make money they do, generally charging a fee starting at
about 25% on average. On first glance that doesn't seem
like much -- you pay twenty five bucks to borrow a hundred.
They usually come due in two weeks at which time you can
either pay off the loan or extend it for a longer period.
Be mindful that extending your loan will increase your
fees, so you need to be careful that you don't get caught
in the trap of constantly renewing a payday loan out of
convenience. With most cash advance loans carrying an
annual percentage rate (APR) of 650% or more, when the fees
catch up to you it will be anything but convenient for your
budget! It is important to pay your cash advance loan off
as soon as you can.

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7 Key Areas Along the Road to Lasting Wealth

7 Key Areas Along the Road to Lasting Wealth
Everybody wants to be wealthy, but few people really commit
themselves to doing what it takes to achieve their dream.
The road to wealth is a simple one, but takes
determination, capital and commitment - if you're willing
to take the steps to get there, you can make your dreams of
wealth a reality:

Savings. A commitment to building up your savings is the
foundation of any financial plan. The conventional wisdom
says to pay yourself first - even if it's just 5 percent of
your income, take it off the top before you do anything
else. There are always other things to use your money for,
and if you don't make savings your top priority, you're
unlikely to save at all.

Investing in the stock market. You don't need to be a
millionaire to invest in stocks. Take a little time to
learn about trading stocks, set up a simple trading plan,
and spread out your risk - put some of your money higher
risk stock, some in more stable, lower risk stocks.
Building a portfolio should be a cornerstone of financial
planning.

Investing in property. Putting some of your money into real
estate will provide consistent cash flow, particularly if
you own income property like an apartment building or
rental homes. You don't have to make huge investments in
property, just carefully chosen ones.

Investing in business. Whether it's your own business or
someone else's, putting money into a business is good for
the economy and good for your portfolio.

Tax Minimization. This is where a good accountant comes in
- they can help you figure out ways to lower your tax
burden by setting limited liability partnerships or helping
you incorporate, private annuities, deferments and other
strategies. The less you pay in taxes, the more you have to
invest.

Asset protection. Some of this overlaps with tax
minimization, with limited partnerships, insurance policies
and other strategies helping you avoid paying too many
taxes while keeping your money safe. As you acquire more
and more money, you'll want good advice from an accountant
or investment counselor - you may even want to invest in
off-shore interests for the tax breaks.

Retirement funding. Make sure that you're prepared for the
future by having a solid strategy for your retirement
funds. You can invest in a single fun and just let it grow
for the next 30 years, or break your investments up into a
collection of different funds. Either way, you may make the
decisions about how to invest yourself or seek advice from
a professional, who can help you choose stable funds for
long-term growth.

Creating wealth is more an art than a science, and there's
no one way to achieve your goals. It takes creativity, hard
work, a certain amount of luck and a commitment to your
financial plan. The biggest mistake people make as they
earn more money is to spend more, too - manage your money
with savings and investments, and acquire annuities that
will assure you have a comfortable life in your golden
years.

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5 Things To Do with Your Government Rebate Check!

5 Things To Do with Your Government Rebate Check!
Thanks to the Government, a check might be coming your way.
Now what buy another gadget? The government wants you to
spend this check to help stimulate the economy. There are
a couple things I might agree to spend this check on.

If you are a coffee or latte addict like me, the one thing
I would consider a good investment to use your rebate check
on, is a high-end latte machine. This could more then pay
for itself in 6 months. BUT, you have to use it and not
just let it sit on your counter! This is an example of an
investment that will actually SAVE you money in the long
run. This type of spending makes sense. Just make sure you
are not blowing your rebate on junk that will not pay you
back.

Ok, now onto the savings part of my article.

Here are 5 things to do with your rebate check that will
actually help you create more wealth.

1. Personal Education: As I have said before, I continue to
educate myself to keep me on top of my own business and
personal goals. Why not take your check and invest it in
your education? Hire a financial coach, take a course on
finances, or attend a seminar that you feel will bring you
value. Or, if you are employed, ask your employer if they
will help you pay for education that would further your
career. Then, you can take another course of your choice.

2. Emergency Fund: With our economy being shaky now, it is
a great time to start an emergency fund. Maintaining a
solid emergency fund is an important safety net, and while
the tax refund won't fully fund this emergency account,
it's a good beginning. You goal is to have at least 3
months of your monthly expenses in this account. Find a
high interest on-line savings account to transfer funds
into. This will make you feel so good just knowing you have
a back up plan, you will walk taller, I can guarantee that!

3. Retirement Fund: If you have not started a retirement
fund, this might be a good time to start one. If you
already have one, adding to it is also a good idea. Open
an IRA or Self Directed IRA to ensure you have a nice nest
egg when you retire!

4. Wealth Account: This account is different than your
emergency fund. If you have an emergency fund already,
then start a wealth account. This account is meant for
building wealth. Once you deposit your rebate check into
this account, set up an automatic 10% deposit from each
paycheck you receive to go directly into this same account.
Once you build up enough money in this account, invest it
into another high interest/low risk account. As you build
up your wealth account again, continue to invest over and
over again. You want to be sure that this money keeps
moving. Do not put this money in any account that you
cannot touch or move in a reasonable time frame. This is a
great way to skyrocket your net worth!

5. Debt Reduction: If you have credit card debt, I would
highly recommend that you pay it down. This will
supercharge your debt reduction plan. The key is to
remember that once the debt is paid off, you should keep it
off and not build up the credit card balance again.

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We teach women how to take control of their financial
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environment that is results-driven and will give you the
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How Should Your LLC be Taxed?

How Should Your LLC be Taxed?
The Limited Liability Company (LLC) is a terrific tax
entity. The number one reason is its flexibility.
Specifically, an LLC can be taxed as:

- a sole proprietorship
- a partnership
- a C corporation
- an S corporation

Do you know how your LLC is taxed?

If your LLC did not make an election, then it is taxed as
the default classification. The default classifications are:

If your LLC has one member (owner), then it is disregarded
for tax purposes. This means that all the LLC activity is
reported by the owner and the LLC files no separate federal
tax return.

*Important note: Some sates require disregarded LLCs to
file a state tax return.

If your LLC has more than one member, then it is taxed as a
partnership and files a partnership tax return.

*Special rule: If you and your spouse are the only owners
and you live in a community property state, then you can
choose which of the two classifications you want to use.

If your LLC made an election, then your LLC is taxed as a C
corporation or an S corporation.

Do you need to make an election for your LLC to be taxed as
a C corporation or an S corporation?

This election is typically recommended for operating
businesses that are profitable. This election is typically
not recommended for LLCs that hold investments, such as
stock or real estate. LLCs that hold investments are
typically best left in their default classification.

When should your LLC make the election to be taxed as a C
corporation or an S corporation?

Once you have determined your LLC needs to make the
election, you then need to consider the rules of when the
election can be made:

*General rule: The election can take effect up to 75 days
prior to the date the election is filed and up to 12 months
after the election is filed.

Example: An LLC files its election to be taxed as a
corporation on October 15th. The effective date for the tax
election can be as early as August 2nd (75 days prior to
October 15th) or as late as October 15th of the following
year or any date in between.

*Special rule: For newly formed LLCs, in most cases, the
LLC can file the election as late the original due date of
the first corporate tax return and the election is
effective as of the first day of the LLC.

Example: An LLC is formed on October 1, 2007. The LLC files
its election to be taxed as a corporation by March 15, 2008
which is the due date of the first corporate tax return.
The effective date of the election can be as early as
October 1, 2007.

Understanding the fundamentals of entities, particularly
LLCs, is a key part of building a wildly successful tax
strategy.

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Tom Wheelwright is not only the founder and CEO of
Provision, but he is the creative force behind Provision
Wealth Strategists. In addition to his management
responsibilities, Tom likes to coach clients on wealth,
business, and tax strategies. Along with his frequent
seminars on such strategies, Tom is an adjunct professor in
the Masters of Tax program at Arizona State University. For
more information, please visit
http://www.provisionwealth.com

Tax Time

Tax Time
a. What you need to know about your credit for tax season

b. Why you should use your refund to pay down debt

c. Tips on how to go about paying off debt (35% of
taxpayers surveyed will pay down their debt)

Tax time is just about here. For some of us that invokes a
sinking feeling, for others it sparks a sense of
anticipation and the burning question: what will you do
with your tax refund?

Here's a novel idea: how about using it to improve your
credit?

You can and it's very simple. You just have to come to
grips with a few things first.

For starters, the average American carries an incredible
$8,400 in credit card debt. When you consider that the
interest rates on this debt can be as high as 30%, this is
a very expensive statistic.

If you are one of these average Americans carrying too much
debt right now, using your tax refund is a smart and easy
way to pay it down. And the best part is, reducing your
debt can boost your credit, improve your interest rate
offers and save you a lot of money in interest charges.
Sure, that might not be as fun and exciting as a
spontaneous long weekend in the Caribbean, but when you
think of the long-term value of reducing debt and improving
your credit, well, sacrificing your fun in the sun today
may help you afford a lot more vacations in the future.

Here are a couple of quick pointers on how you can start
paying down and reducing some of your debt, too:

Pay off your debt rather than moving it around

The most effective way to improve your credit in this area
is by paying down your revolving credit. In fact, owing the
same amount but having fewer open accounts may actually
lower your score.

Make more than your minimum

First, break the habit of only paying the minimum. Paying
only the minimum and only a fraction of the interest is
exactly what the banks want you to do. The longer you take
to repay the charges, the more interest they make, and the
less cash you have in your pocket. Pay as much as you can
afford each month.

Target your debt payments

Consider starting off by paying the most you can toward the
credit card with the highest interest rate. Pay it off as
quickly as possible. Then move on to the card whose
interest rate is almost as high, and so on, until you have
paid them all off as quickly as possible.

If you must, turn to your savings account

Ok, this is a last resort. No one wants to dip into or
deplete their hard-earned savings, but if you're using it
to pay off an 18% APR credit card, it's essentially the
same as getting that 18% return without any risk on your
part. The higher the interest rate on your debt, the more
attractive repayment versus savings becomes.

Renegotiate terms with your creditors

Many creditors are willing to do this. All you have to do
is ask. You have nothing to lose and in many cases you can
shave 3, 4 or even 5 percent off your APR, and you'll pay
down your debt faster.

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The Role of Fear in This Faltering Economy

The Role of Fear in This Faltering Economy
Our economy is definitely going through some "tough times",
as our President George Bush recently confirmed in a speech
regarding the floundering economy of today.

A combination of factors have created a very volatile stock
market, housing market, increasing inflation and cost of
living, and a faltering job market, but one key component
of a failing economy plays an intangible role in
facilitating and perpetuating economic instability.

That component is human fear. We can't help it, we've
evolved with fear as one of our main emotions, and the
media and our surroundings have only helped it along by
declaring "the sky if falling" with it's seemingly nonstop
doomsday headlines.

Heck, you can't read your email without seeing the
headlines on the side declaring that we are headed for
worse times before they get better, costs are skyrocketing,
foreclosures are at an all time high, gas prices are
astronomical, and basically that everything is working
against us right now.

The sky looks very dim indeed if you tune in to the nightly
news or happen to be bombarded with all this fearful
journalism every day on the internet, which is an
increasingly popular portal for getting the news. So, has
the media played a part in our faltering economy, or is it
really a combination of unfortunate factors, seemingly
brought on by events beyond our control?

Well, most people feel the media is partly responsible for
making things worse. Take the stock market for example.
Fear is the stock market's worst enemy. When consumer
confidence in the economy is low and there are other
headlines that are less than favorable in the financial,
retail, and last but not least, housing sectors, the stock
market suffers dramatic volatility.

In fact, one of the hardest hit in the subprime and credit
fiasco, whom also was recently bailed out by the federal
government and JP Morgan, another financial heavy, Bear
Stearns, acknowledges that fear is it's worst enemy. They
insist that their financials are still intact, but rumors
that were rampant about the company's imminent collapse
forced shares down to their lowest levels in almost eleven
years.

Many financial institutions are experiencing nosedives in
their stock prices, and have also slashed dividends to
preserve working capital, a move that is said to create a
domino effect in the banking industry where other banks
follow suit. This only forces prices lower on stocks, and
makes it harder for them, and consequently, the market, to
recover.

Most financial analysts agree now that we are in a
recession, but some are still reluctant to call that card,
saying that a recession may still be averted, and that we
are merely in an economic downturn. I for one, believe we
are smack in the middle of a recession, and I believe that
part of the reason for that is the fear that is being
spread about the dire straits the US economy is in, and the
sense of hopelessness conveyed by these doomsday headlines.

Fear perpetuates a sense of helplessness and "waiting it
out", as well as inspires investors to back their money out
of stocks and other investments, and put them into cash
accounts, which only puts us further into recession. For
those that have iron stomachs, it's actually a great time
to be an investor, as there are some good, solid companies
selling for well below their book values and their true
worth right now.

That's not to say there also aren't a lot of stinkers too,
but if you practice due diligence in researching their
individual financials and balance sheets, you may be
sitting pretty when this recession is over and the consumer
confidence that is so key to a healthy economy has returned.

I do personally believe we have a long ways until we are
out of the woods, but I also believe that we have the power
to turn things around if we can just practice patience and
discipline as a collective nation. Until then, it may be
sage advice to ignore the doomsday headlines and make up
your own mind about where this country's economy is headed.

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Danna Schneider is the founder and primary editorial
contributor of http://www.creditcardcatalogue.com where
information on low interest credit cards, special deals on
low to no interest credit cards, and the best deals
currently going in credit and loans. She also manages an
online financial and credit info and news blog called
http://www.primeratecredit.com .

Short Sale My House - Did You Know You Can Do This Without Paying Taxes?

Short Sale My House - Did You Know You Can Do This Without Paying Taxes?
Do you owe more for your home than what it is actually
worth? If so then you know that you only have a few options
open to you. One of them is foreclosure and the other is to
short sale my house.

A short sale means that you will sell your home for a price
that is less than what you owe the bank for it. This means
that at the closing table the payoff will be short what you
owe.

Most of the times only experienced real estate investors
and very few real estate agents know how to complete the
short sale successfully. The key to short sale my house is
to find a buyer for your house or find a real estate
investor. The real estate investor or the buyer will then
negotiate with the bank to accept less than what you owe on
your home. There are a lot of banks that would prefer to do
a short sale because this will mean they won't have to
foreclose on your property, which means they will be saving
money.

In 2007 the new Debt Relief Act was passed so that home
owners could accept a short sale without being taxed on the
different of what you owe the bank and what the bank took
for payment. Before 2007 homeowners would have been taxed.

Here is an example. If you sold your home for $75,000 and
you owed the bank $125,000 then the bank would be accepting
$50,000 less than what they were originally supposed to get
from you. So the bank would send the IRS a 1099 form for
the $50,000. The following year you would be expected to
pay regular income tax on the $50,000. This would mean that
you would have to pay taxes that are around $14,000 for the
typical American family.

George W. Bush signed the new Debt Relief Act in 2007 which
allows people to sell your home as a short sale and not
have to pay taxes on the difference between what it sold
for and what the amount was you owed. This is a huge
benefit for homeowners everywhere.

If you are 100 percent financed on your home and you just
can't afford to pay the mortgage payment then your best bet
is to contact a local real estate investor who short sale
my house.

The real estate investors will buy your home as a short
sale, they will take care of all the paperwork and they
will negotiate the sale with the bank or lender. This gives
you a way out of your debt and you won't have to pay taxes
on it.

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