Author: Jessica Hill

Five Payday Loan Scams Aimed At You

The UK’s fraud report centre, Action Fraud has issued a report that how this year people have been scammed by frauds claiming themselves as loan collectors. These scammers trick people into believing that they own a loan to a certain company and threaten them with lawsuits if the payments are not made.

Following are five scams that can be aimed at extracting unnecessary money from you:

1-    Financial Fraud

Financial fraud usually involves scams with checks. This involves two types of frauds:

  • Banking Scams

A cheque scam artist sends you a check with all the routing number and watermarks. Feeling ecstatic for receiving a check out of nowhere, the person deposits the check in his/her bank. However, as soon as the check is deposited, they unknowingly give authorisation for the fraud to take out loans or purchase unnecessary items.

Another way is phishing, where a person receives an email to verify their account number and then they hack your accounts

  • Investment Scams

These scams involve advance fee, which a person promises if you take out a payday loan. They ask for a fee upfront and then say that they will give you a loan without any interest.

2-    Telephone Scam

Thousands of people fall to telephone scams every year. Typically, the telephone scam works in the following way:

  • A person calls you and tells you that you have borrowed a loan from an institution and they are the debt collector calling on their behalf.
  • They then try to finagle out your house or account information such as bank account number.
  • They often entice people by saying they can have a further loan if they agree to pay the previous one after some time.
  • If all the above fails, they threaten you with lawsuits or possibly jail time, which leaves a person terrified.

3-    Ponzi Schemes

Though a Ponzi scheme is mostly associated with fraud investments, scammers have now found a new way to incorporate it in payday loan frauds. Usually a person calls and tells you that if you bring a specific number of customers to them, you will be able to get a no-interest and no-repayment payday loan.

4-    Identity Theft

This occurs when a person steals your national insurance number or other information. Normally this scam is always too late to catch because the person often finds it out when they get additional tax. The FCA receives information that you are paid from another company, which is how this theft is caught.

5-    Online Scams

There are people who open fake websites and lure people online with the promise of low interest rate payday loans. When you submit your information online, this is how they get your personal detail and email account ID. They then send fake e-mails claiming you have been qualified for their first payday low interest loan scheme.

The only way to protect yourself from these scams is to never give out your information on telephone, messages or e-mail. If a person calls you with such schemes, call the bank they named immediately and make them aware so that you do not fall under any lawsuit.…

Paying off Credit Card Debt vs. Savings! What should I do?

Paying off Credit Card Debt vs. Savings! What should I do?

This is one of the most important question people ask, and should ask, when they start a job and think of settling down. Should you save up for the rainy day or pay off all those debts that you acquired during your college years or when buying your dream house? But the answer is not that simple. There are many things that you will need to consider before you invest into one idea or the other. This blog will talk about both options and which one might be the most suitable one for you.

To Save or To Pay Off?

The first thing that you need to think of is do you have more debt or more savings? If you have quite a bit of savings and some amount of loans left, then simply pay them off with the savings, keeping a certain amount aside and start saving a new from the next month. This will mean that you will have gotten over all kinds of interests that you had in store for you and the next time you make a saving, you will not get short by having to put up with interest as well.

If on the other hand you have more debts than savings, then you can leave the savings as they are and start paying off the debts, but make sure that you stop saving for a while. Focus all your energies into getting rid of the amount of loans that you have accumulated over the years. This way, you will soon be able to start resaving again without the tension or burden of any recurring interest on your head.

What do Experts Suggest?

There are a variety of views on what should be done in case of debt vs. savings, but most experts tend to agree that getting rid of all the debts before beginning to save is worth the trouble. At the same time, professionals stress that you need to have a certain amount of money in the bank for a rainy day. You never know when tragedy strikes. For instance, you may have to leave your job or some huge expense lines itself up like some hospital bill etc. This is the reason why you need to make sure that you have six months worth of money saved up if you are single and one year’s worth of money saved up if you have a family.

The best way to save fast is to cut down on the expanses and have your spouse help you out too. This way you will have saved up in a year or two. Once the savings are done, pay attention to all the debts and try to get rid of them ASAP.

Can Both be Done?

Savings and paying off the loans at the same time is also something that you can try to do if you feel that it is manageable for you. Your spouse and you can divide the task with one paying off the loans and the other saving money in the joint account. But this is mostly for those whose loans are lesser.

The end decision is yours. Check out your financial position and then decide accordingly.…

Want to Make Your Kids Financially Independent? Try Out These Simple Smart Moves

Want to Make Your Kids Financially Independent? Try Out These Simple Smart Moves

Financial independence is something that should be acquired as early in life as possible. Do you want to make sure that your kids are secure for as long as it takes to get a job without you having to pay for them for life? These simple and smart moves listed below are going to ensure that your children do not need to depend on you to support them for too long. Here is what you need to do.

Open a Savings Account at Birth

This is the first thing that you can do as an intelligent and concerned parent. Don’t wait for your child to grow up before deciding to save some money for them. Instead, the instant your first-born comes into the world, start saving for them in their very own bank account. The amount of money does not have to be too much or even consistent each month. But make sure that you take at least $50 out each month and put it in the bank. Of course, it can be a lot more if you can save it. You can keep the account as a trust fund for their education or keep it for emergency situation when serious money needs to be spent on your little one.

Learn to Say No from Time to Time

As the child grows up, do not make an effort to fulfill every demand. If you don’t teach them what it’s like to be told no, they will learn it the hard way when they grow up. Research shows that most parents struggle to pay for everything their child demands while growing up, so much so that they end up acquiring too much debt. This is something you need to avoid if you want to make sure that your kid is financially independent by the time they grow up. Say no and explain why you said so. Teach them the importance of not buying everything their heart desires and saving money for actual needs.

Teach the Kids to Use a Piggy Bank

When saying no, it is also the perfect opportunity to teach your children about the art of saving. From a very early age, get them a piggy bank where they can store the money they save in order to buy whatever the liked and wanted you to get them. This way they will understand all the hard work that goes into earning money and saving it for essentials.


Once they are old enough to have a band account, get them a savings account of their own. Do not stop your savings account for them, but let them save some money for themselves as well. This way, once they are ready to move out, they will have significant savings that can be used for college or some business they may want to invest in.

Talk to Them about College and Career Options

From the time they are in middle school, you should start discussing career and college with your children. They will become more serious and help you save money for the fees. This too is going to create financial independence pretty quickly.

Talk to your children about savings and show them how it’s done in order to become them financially concerned and independent.…

How to Learn Trading In the Stock Market If You Are a Newbie?

Are you a new investor looking to invest in the stock market? You need to learn how to do it exactly. There are some basics about trading that needs to be learned. Just like there is trial and error in biking or any other activity, similar is the case with stock trading. If you are newbie in this field of general finance, it is mandatory to learn a few steps. As the investor, you can take your time to develop the skills. In fact, those strategies that were used 10-12 years back are employed even now.

Why you need to open up stock broker account?

The foremost step to start trading is finding an online broker and opening a trading account. Capitalize completely on the free online trading tools and get familiar with the layout. Some of the brokers even offer virtual trading and thus you may trade without any money. A trader can also utilize the online tool to compare the brokers.

The need for reading books

begin-investing-670x335When compared to the seminars, cost of classes and educational DVDs, reading books provide you wealth of information. It is pretty inexpensive also. Some of the stock trading books are worth reading. In fact, they carry the golden rules on trading. Similarly, you can read up online articles as they are fantastic educational resources. By searching the internet, you can find hundreds of articles that are informative.

The need for a mentor 0c334ba28d8f08df4476db7f53a9ab99

Your mentor for trading can be a friend, family member, your senior or anyone. A person who has fundamental knowledge on trading, he/she may be considered a trading guide or mentor. He/she will answer to all your queries and acquaint you with the rules of trading. You will get to know about the useful resources, trading tools and thus you can keep your spirits very high even when the market is tough. Behind every successful trader, there is some mentor. You may also take assistance from forums when it comes to answering the questions. Most of the traders are not professionals and thus mentor can prove a great help.

Knowing the inspiring Traders

main-qimg-e4c921cf8986411136661c156e5b94a1-cGet to know about the greatest of traders of all times. If you do this, you will get inspiration, perspective and appreciation for stock trading. Some of the great traders of the past may be used as motivating factors.

Analyzing and following the market closely stock-trading1

If you are looking for fresh resources, you can read up the content of new sites. Some of the sites let you monitor the market very closely. Read the headline stories contributed by investors. Follow what they have to say closely. Learn about the economic concepts and collect news on general business. Observing the stock market fundamental data and pulling up quotes help a lot.

To monitor market closely, you can also use TV and watch news channels. Do not let style of news act as nuisance and only choose TV channels that show stock news. By hearing what the experts have to say, you can learn a lot.