14. Borrow from your 401k Borrowing from your retirement plan is different from making a withdrawal. If you have $50,000 in your plan and you withdraw $5,000, your balance drops to $45,000. The other $5,000 goes into your pocket, you pay taxes on it, and you don’t have to pay it back. When you take out a loan, by contrast, the balance in your plan stays at $50,000. The … [Read more...] about How payday loans work – biggest dangers and 14 better alternatives (final)
Personal Finance and Business
How payday loans work – biggest dangers and 14 better alternatives (part six)
Loan alternatives 10. Use online lenders If you can’t get a loan from your local bank, try looking online. Many web-based lenders offer small, short-term loans, even for borrowers with poor credit. Some sites to check include: MyCashBorrow: This website is not a lender, but it helps low-income borrowers find loans. When you fill out an application at … [Read more...] about How payday loans work – biggest dangers and 14 better alternatives (part six)
How payday loans work – biggest dangers and 14 better alternatives (part five)
Clearing up debts If you can’t get an advance from your boss, you can do the same thing through an app called Activehours. You just send in a picture of your time sheet to show how many hours you’ve worked. The company deposits your pay for those hours into your bank account, up to a maximum of $100 per day. Then when your paycheck comes in, Activehours takes the money it’s … [Read more...] about How payday loans work – biggest dangers and 14 better alternatives (part five)
How payday loans work – biggest dangers and 14 better alternatives (part 5)
In some cases, creditors will accept a lump-sum payment for just a part of what you owe. In other cases, they’ll work out a payment plan with you so you can make repayments bit by bit. Then you can use the money you save on these bills to cover other expenses that are more urgent. There’s no guarantee lenders will work with you, but you have nothing to lose by asking. If … [Read more...] about How payday loans work – biggest dangers and 14 better alternatives (part 5)
How payday loans work – biggest dangers and 14 better alternatives (part 4)
According to a survey by Bankrate, roughly 25 percent of Americans live paycheck to paycheck. The money they make just barely covers their day-to-day expenses, with little or nothing left over for emergencies. If you’re in this situation, any unplanned expense – such as a $300 car repair – can cause a financial crisis. Alternatives to payday loans It’s easy to argue that … [Read more...] about How payday loans work – biggest dangers and 14 better alternatives (part 4)
How payday loans work – biggest dangers and 14 better alternatives (part 3)
According to a survey by Bankrate, roughly 25 percent of Americans live paycheck to paycheck. The money they make just barely covers their day-to-day expenses, with little or nothing left over for emergencies. If you’re in this situation, any unplanned expense – such as a $300 car repair – can cause a financial crisis. Laws about payday lending The laws about payday … [Read more...] about How payday loans work – biggest dangers and 14 better alternatives (part 3)
How payday loans work – biggest dangers and 14 better alternatives (part 2)
Part II: Who uses payday loans and what are their dangers? According to a survey by Bankrate, roughly 25 percent of Americans live paycheck to paycheck. The money they make just barely covers their day-to-day expenses, with little or nothing left over for emergencies. If you’re in this situation, any unplanned expense – such as a $300 car repair – can cause a financial … [Read more...] about How payday loans work – biggest dangers and 14 better alternatives (part 2)
How payday loans work – biggest dangers and 14 better alternatives (part 1)
Part I: What is the industry and how does it work? According to a survey by Bankrate, roughly 25 percent of Americans live paycheck to paycheck. The money they make just barely covers their day-to-day expenses, with little or nothing left over for emergencies. If you’re in this situation, any unplanned expense – such as a $300 car repair – can cause a financial … [Read more...] about How payday loans work – biggest dangers and 14 better alternatives (part 1)
Program to help central city entrepreneurs
Brew City Match announced during a press conference held Monday, June 3, 2019, that it would be making $3.5 million in new funding available to inner city Milwaukee small business owners. Brew City Match is an innovative collaboration whose purpose is to encourage entrepreneurship and commercial growth within the Historic King Drive, North Avenue, Fond du Lac and Cesar Chavez … [Read more...] about Program to help central city entrepreneurs
What is estate planning and why is it relevant to the African American community?
When people think of estate planning, there is a flurry of misconceived notions that often dance around one’s mind. A common misconception is, “I don’t have an estate.” It’s common to think “rich people” have an estate, but the “average person” does not. The truth is that everyone has an estate, the only difference is size. Your estate simply is all the property owned by you at … [Read more...] about What is estate planning and why is it relevant to the African American community?