Payday Loan Companies Facing New Postal Competition

When using payday loan services, an applicant must have an active bank account. For those millions of people who do not use banks to hold their money, it would be tough for them to acquire a fast payday loan. A storefront service will expect a signed check to hold for payment on due date. An online service uses bank transfers and debits to process their loans. How would anyone without a bank account get fast cash? The post office believes they have an answer to service customers who use short-term loans or have no bank account.

The USPS will offer ‘Postal Loans’ to help people save money on fees. This doesn’t mean that there are no fees attached, but the postal service does believe that it would be better than what folks pay into payday lender companies and cash check services. It’s one more option for those who need a money boost.

As it stands, people who do not have a bank account but do work for a living need to cash their checks somewhere. Cash checking services are done with a fee and some places even offer a savings type account to hold money instead of carrying it around with you. It’s a safe way to protect your earnings but none of it is free. The USPS would like to offer a prepaid card to consumers who have their paycheck directly deposited onto that card. A postal loan would be limited to half the amount deposited onto that card. What about the fees? How will the USPS get paid for their service? Payday loan lenders make their fees known upfront. The service has been around long enough that most people at least have a basic understanding of how it all works.

Every person who takes out a postal loan would have to pay 5% until that loan is paid off. It sounds very reasonable and the idea of the loan would help many people save lots of money on finance charges. The trouble lies with the inability to make good on the loan. Payday lenders fight that fight every day. There is no direct access to a person’s paycheck, only the ability to collect by debiting their account. If the money is not in a bank account, a direct lender will have to continue to try, add more fees and work something out with the borrower that both parties can agree upon. The USPS will have access to a person’s full paycheck. If the loan is not paid as contracted, the USPS can automatically withhold the payment from the direct deposited paycheck and place whatever is remaining of their paycheck onto the card. Borrowers will pay no matter what without a chance to work something out.

Banks and credit unions offer similar services as well. Their rates are lower than typical direct lenders and people tend to trust the institutions more. The idea of alternative options is wonderful. Let the people decide. It is interesting to point out that three major banks have already decided to pull out of their payday loan offers. The hassles accompanied by them from regulatory problems to customer complaints and payment troubles are more than they bargained for. It seems that people still run into trouble and with first access to paychecks with the ability to collect, borrowers continue to have trouble. Consumers lose control over their paycheck. When a borrower used a payday loan service, they keep the control with a higher finance charge.

Money management is ultimately up to each borrower. They will need to use a service which will work best for them. The postal loan, once it becomes active, will help those customers without a bank account. The actual postal loan is yet to be determined as far as how borrowers will review the services.

Benefits Of Having Personal Finance Software

All of us these days lead a very hectic schedule that leaves us with less time to spend on the things which we want to do. You might want to spend time with your family or organize your financial bills. It can be very difficult to come back from a hectic day from work and sit organizing your financial bills and transactions.

This is a work that you will have to do with lot of care and attention. After all you are dealing with your money. It is very important to keep track of your budget and investments. You might consider hiring the services of an accountant or financer, but when that option is not suitable, you could choose a easier option of buying personal finance software instead.

The best way to understand the importance personal finance software is to find out the benefits of having one. Let us find out together what the benefits of owning personal finance software.

They are as follows:

Does the math for you: The first benefit of you owning personal finance software is that, it does the math for you. You may find it very tedious to handle all your finances yourself and the worse part is doing the entire math yourself. Even if you are good in math, their is always a chance to make errors.

Having personal finance software allows you to make payments and calculate the purchases once you have downloaded the software. So, irrespective whether you know to your math or not, personal finance software makes sure that your calculations are hundred percent correct.

Update your account transactions: If you are an investor or a person who does business, then you will find this software very useful. Since the software will calculate your transactions many times a day, you can view your account immediately. Supposing you don’t want to download information on your transactions, then you can choose software through which you can import transactions.

From a business point of view, this is a very useful thing as you save a lot on time. You can utilize your saved time on something else to develop your business.

Scheduler feature: Another excellent feature of this software is the scheduler. You can schedule your deposits, bills, paychecks, fund transfers, etc. Through the reminders you can receive the information on your mobile phone or email. For frequent travelers, this is a very useful feature as you can always keep in touch with your schedules.

Effective budget plan: It is very difficult for anybody to create an effective budget plan. But, personal finance software helps you create a personal budget. Having a budget that suits your business helps you make effective decisions. Sure, you have your parents or peers to look to when creating a budget, but you might want to give the personal finance software a try. You will definitely notice the difference.

So, if you are looking for method to simplify your financial matters, then the personal finance software can help achieve it. Don’t delay in purchasing your software today.

Personal Finance Software

Do you need to make better decisions about your personal finances? Do you struggle keeping track of your spending and investments? Personal finance software can provide you with a sophisticated suite of financial calculators and tools to take the worry and frustration out of managing your personal finances.

Let’s face it. Not everyone has the mindset or attitude of a bookkeeper or accountant. If you are not highly organized and disciplined managing your finances, investments and paying bills can become overwhelming and a very time-consuming task.

Personal finance software is easy to use and it can transform your financial situation by helping you gain control of your investments, budget, debt, spending and even help you identify immediate savings. Here are just a few of the things that a good personal finance management software can do for you:

1. Categorization of all your spending
2. Automatically develop and manage a budget based on your spending patterns
3. Track the performance of your investments
4. Provide secure online access to all of your bank, credit card and investment accounts
5. Pay bills and make electronic payments
6. Calculate your net worth
7. Track your 401K
8. Receive real time stock reports
9. Graph your spending and investments
10. Create a personal financial statement
11. Export tax information
12. Find the best credit card, bank, mortgage and brokerage account deals based on your spending patterns
13. Help you plan for retirement
14. Provide reminders for bill payments
15. SMS for real time investment portfolio management
16. Help you with a plan to get out of debt sooner

Personal finance software is an important part of understanding and making intelligent financial decisions. Finance calculators do all the tough math calculations to provide you with accurate numbers on investment returns, savings, interest, debt consolidation, taxes, retirement, IRAs and a 401K. Many software packages automate the calculations for you and provide automated analysis of all your financial information.

Budget planner can provide you with advice on investing, the best loans, information about IRA accounts and retirement plans, or just looking good money saving tips, debt management and more. Some packages are even completely FREE. Put an accountant and bookkeeper at your fingertips 24/7 with personal finance software and have peace of mind that your finances are being managed easily and effectively around the clock.