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Cash For Structured Settlements - The Smart Way
For most people when they buy a house it is considered their life's largest deal. In some cases of structured settlements the compensation and financial considerations for a persons life duration and the total present value of the settlement can reach few ...
Financial Security through Structured Settlements
Structured settlements have become a natural part of personal injury and worker's compensation claims in the United States, according to the National Structured Settlements Trade Association (NSSTA). In 2001, life insurance members of NSSTA wrote more ...
What is Structured Settlement?
Because it is tailor-made for individual cases, the structure may also include some immediate payment to cover special damages. The payment is usually made through purchase of an annuity from a Life Insurance Company. Subcontractor A trade contractor such ...
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Most any large city has a number of small shops offering payday loans. They're often found in strip centers; sometimes they double as pawn shops. They have a simple business – they lend you money until your next paycheck. The system is pretty convenient; you write them a postdated check for the amount you're borrowing plus interest. On your next payday, they cash the check and your loan is paid off. What many people who use payday loan services fail to realize is that the interest rates charged by these firms are substantial, often reaching the equivalent of four hundred percent per year!
The interest rates charged by payday loan stores varies from state to state, but a rate of 15-17% for two weeks is not unusual. This translates to 390-440% per year, which is a staggering amount of interest to pay on a loan. The lenders say that these amounts are fair, and are necessary to cover the overhead associated with running a business and to account for a substantial number of borrowers who fail to repay the loans. That may be true, but that high of an interest rate can turn the “convenience” of a payday loan into a nightmare. Many borrowers are relatively low paid blue-collar workers who live from paycheck to paycheck. Someone who is a “bit short” this week may also find themselves short again on their next payday. If they fail to pay back the payday loan, the interest continues to accrue and additional penalties, such as returned check fees, may apply. It is quite common to see loans of $300 or so turn into debts of several thousand dollars, especially if the borrower compounds the problem by borrowing funds from a second payday loan store to pay the loan from the first one.
Several states have already passed laws capping the interest rates that may be charged on payday loans. Others will undoubtedly follow. A good alternative to the payday loan would be to take a cash advance on a credit card. There is usually a fee associated with a cash advance, but the annual interest rate, combined with the fee, is still a lot cheaper than a loan at 400%. Anyone who is considering taking out a payday loan should read the terms carefully. Otherwise, that “loan until payday” could be there to haunt you for a long time.
About the Author
©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and StructuredSettlementHelp.com, a site devoted to information regarding structured settlements.
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 Imperial Structured Settlements, LLC Announces Employee Incentive Trip to Gansevoort Hotel in South Beach (Business Wire via Yahoo! Finance)
BOCA RATON, Fla.----Imperial Structured Settlements, LLC, a leader in the advance funding of structured settlement payment rights and assignable annuities, celebrates a record-breaking month with an incentive trip to the Gansevoort South Hotel in Miami’s hot spot… South Beach!
At Tibetan exiles forum, it's debate by day, party by night (McClatchy Newspapers via Yahoo! News)
DHARAMSALA, India — Summoned by the Dalai Lama, Tibet's spiritual leader, more than 550 Tibetan exiles from around the globe have descended on this Himalayan hill station this week to debate the future of their homeland, which many see at a crucial juncture.
Ambac commutes $3.5 Billion in CDO exposure (AP via Yahoo! Finance)
Ambac Financial Group Inc. said Wednesday it paid about $1 billion in cash to close positions in four collateralized debt obligation transactions with a combined exposure of about $3.5 billion.
Securities analysts an endangered species (International Herald Tribune)
Tens of thousands of analysts, who work in research departments that had already shrunk after the government-mandated separation of research from investment banking, are on the chopping block.
Ambac Commutes Approximately $3.5 Billion of CDO Exposure for Cash Settlement of $1 Billion (Finanzen.net)
Ambac Financial Group, Inc. (NYSE: ABK) (Ambac) today announced that it has commuted two CDO of ...
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