All posts by Financial Independence Hub

The advantages of taking out Online Installment loans

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By Bobby Orlando

For The Financial Independence Hub

Not all people are fortunate to have enough cash to cover emergency expenses. Sooner or later, you’ll probably deal with unexpected fees, such as for repairs and other situations that require immediate use of money. 

Although there are many options that can help you obtain money, some might just place you in further financial distress because you can’t afford to pay off the entire loan in one lump sum. To remedy this situation, an online installment loan can come to the rescue.

Below are a few top advantages of taking out online installment loans from the get-go:

What is an Online Installment Loan?

Primarily, an online installment loan refers to an amount of money borrowed for a specific purpose, and which must be paid back within the specified timeframe, usually through installments or monthly payments. However, it’s important to note that the amount of money you borrow and the terms of your repayments might vary depending on your personal qualifications, such as the type of loan you choose, your monthly income, and many more. 

Unlike other types of loans, it has a salient feature, which is the fixed interest rate. This means that the interest rate added to your loan is already set and will not change throughout your loan contract. 

Thus, if you consider getting an installment loan online, do your research first to make sure you choose the right loan and lender for your financial needs. Even if you need fast cash, you should find time to assess your options and make the right decision. So, to help you with your research, reliable websites, like Personal Money Network, can be an excellent source of information about installment loans offered online. 

Online Installment Loans: Top advantages of taking one out  

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Now that you know what online installment loans are, it’s time to explore how acquiring one can benefit your financial needs. So, if you’re searching for the best way to obtain cash without breaking your wallet, below are the advantages of taking an online installment loan you need to know: 

  • Easily Accessible

Typically, an online installment loan is one of the best types of loans of which you can avail. Compared to other loans, it’s easily accessible because anyone is open to apply. As long as you fulfill the basic qualifications for the loan, you can apply and get approved within the fastest time possible. 

Also, getting an installment loan online means you can take advantage of unsecured access to loans. This means that you don’t need to provide collateral before your application gets approved. Most lenders offering these loans are more concerned about having a stable source of income as one of the essential qualifications. Therefore, if you want easy access to this type of loan, make sure you meet the requirements set forth by your lender. In doing so, you can obtain a loan that will work best for you.  

  • Quick Application Process

When you take out an installment loan online, you don’t need to fall in line and wait for a few days for the result of your application. Just fill in an application form on their website and submit the requirements. The lender will, then, check your application form and notify you once you get approved for the loan. 

Ideally, getting this type of loan online is fast and easy because you don’t have to set an appointment or work around office hours just to get yourself accommodated by the lender. That’s because online loan applications can be made 24/7. All you need is your computer and a good Internet connection to get started with the application process.  Continue Reading…

The need to pivot: Covid-19 as a Fire Drill for Retirement

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By Darren Coleman

Special to the Financial Independence Hub

If you’ve been playing Lingo Bingo during this Great Disruption, then the word “Pivot” must occupy the centre square on everyone’s playing card. It is simply the business word of 2020 and it means a fixed point on which things oscillate or rotate. It’s a term commonly used in sports like basketball or football when a player stops rapidly and then moves in a different direction. And we use it because in order to keep moving our businesses forward right now we have to do precisely that.

For me the first few weeks of the pandemic felt like some kind of weird reverse camping trip. Why? We had to make due with limited supplies, were in familiar yet oddly strange surroundings, and likely didn’t have enough toilet paper. Fortunately, family and friends were safe, everyone was home, and we mostly had to contend with a series of inconveniences rather than anything really serious. I appreciate this has not been the case for a great many.

Back to business. Or rather, back to trying to figure out how we’re going to keep doing business because so much has changed. My staff and I were working from home, trying to create new processes and procedures, making sure our remote systems were 100%, and trying to source everything from new computer headsets to home office chairs and other items so we could remain productive. My focus, as leader of a large and successful wealth-management team, was to keep everyone functioning at a high level and ensure clients were engaged since they too were going through a unique and challenging experience.

In short, we had to pivot.

Walking with Charlie: a video blog

One of the best things I did throughout all this was walk my dog. Everyone needs to take a break when working at home, so I would take my dog Charlie for walks. One day I decided to bring my GoPro with me. I would use the great trick of YouTube (which is to create what I call “mass intimacy” and talk to many even though it feels like I’m talking only to you). It would allow me to share my thoughts and comments with our clients and professional network.

This video blog was intended to be a bit of fun, and a way to stay in touch with clients quickly and efficiently. What with COVID I wanted to lighten the mood and also provide a philosophical framework for how we are thinking nowadays, and how we are processing the changes all around us.

In my first video, I encouraged viewers to find positive changes they can make while in lockdown. Instead of binge-watching Netflix, perhaps they could attend to those chores they’ve been avoiding or take up projects they’ve been putting off. Maybe organize the photo albums or learn to play the piano, for example. The point was to keep people moving in a positive direction to counter all the negative news flow we are experiencing.

It’s my belief that this pandemic is a health crisis for some: and a financial challenge for many more. In later videos, I discussed a variety of topics, such as how to be a better consumer of news, and how to handle the financial hitchhikers we encounter in life. I also provided some education as a way to increase financial literacy by sharing cash-flow budgeting techniques, along with key questions you should ask of your professional advisors. Continue Reading…

3 long-term ways to build Wealth

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By Gary Bordeaux

Special to the Financial Independence Hub

Money is a consistent focus in the life of an individual. This makes sense, because nothing comes for free, so one needs money in order to get by. Therefore, working for a living is an essential part of participating in society. However, there are means by which one may accrue wealth, and it is wise to invest early and often in order to maximize prosperity later on in life. Proper investment now means an increase in overall financial security. Here are a few ways you can reap the long term benefits of long term savings.

Stocks and Investments

Investing is a tried and true strategy of increasing wealth, but it’s not without its own potentially more substantial risks. Stock trading involves making value judgements and predictions, as the buying and selling of stocks depends on a company’s net worth at the time of a given transaction. This means that there is an inherent risk in buying stocks, as the value may actually decrease and is likely to fluctuate in general.

A keen eye for business trends is an essential part of trading stocks successfully. Likewise, investing directly into a business requires good business sense. Investing in a business has a steeper upfront cost, but this is countered with a more substantial payout. Investments are how many businesses get up and running to begin with, as it provides an alternative to paying that tremendous cost out of pocket. The upshot for investors is that any return on that invest is coupled with interest, though the return itself is never guaranteed.

Retirement Fund

A retirement fund is another form of long-term savings that is focused on end of life security, but the intended purpose is that of providing ample income for retirees so that they can live without financial worries once they have left the workforce. Without a retirement fund, retirement benefits are often insufficient, meaning that one may need to wait much longer to retire safely or come out of retirement in order to make ends meet.

Continue Reading…

The Pros and Cons of Mortgage Forbearance during the Pandemic

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By Holly Welles

Special to the Financial Independence Hub

Millions of Americans have lost their jobs, experienced furlough and applied for unemployment during the COVID-19 pandemic. As a result, many are struggling financially, and some must even choose between buying food to feed their families and paying the bills. If you find yourself in the same predicament, you may wonder how you’ll be able to afford your mortgage payments in the coming months.

While rethinking your budget may help you scrounge up a few extra dollars here and there, it likely won’t be enough to pay your mortgage without a steady stream of money coming in. If you’re unable to make payments any longer, mortgage forbearance may be the route you need to take. Here’s what you need to know as you pursue this option.

Pros of Mortgage Forbearance

While mortgage forbearance shouldn’t be your first option when seeking financial assistance, it can be helpful, especially as you cope with short-term financial emergencies. Here are a few advantages of pursuing mortgage forbearance.

1.) Suspends mortgage Payments

If and when you agree to mortgage forbearance with your servicer, they will likely temporarily defer your payments for a specified period or allow you to skip some. This setup will help you avoid foreclosure or damaging your credit score.

Most importantly, a temporary suspension of payments gives you time to find a job, recover from the pandemic and begin saving money and eventually making payments again.

2.) Protection under the CARES Act

Under the CARES Act [in the United States], homeowners can receive certain protection benefits if they have a federally backed mortgage. One such benefit is that your lender or servicer may not foreclose on you until June 30. Another advantage includes having the right to request mortgage forbearance for up to 180 days, plus an additional 180-day extension.

Moreover, lenders don’t require documentation proving you qualify for forbearance. Speak with your servicer and answer a few questions about your financial hardship to qualify.

3.) Better Alternative to Foreclosure

The alternative option to forbearance is foreclosure: which often goes hand in hand with bankruptcy. This combination can easily sink your credit score for years and result in months, and even years, of legalities and paperwork. It’s also incredibly expensive for lenders to foreclose on a home, so allowing borrowers forbearance is a more affordable option.

Cons of Mortgage Forbearance

All of those benefits may make mortgage forbearance sound like a great deal. However, there are consequences to pursuing this option, even if it does solve your financial problems in the short-term.

1.) Possible Credit penalties

Pursuing forbearance during the coronavirus pandemic should not affect your credit score. In fact, the CARES Act states that no negative credit reporting or late charges will occur during your forbearance agreement. However, credit penalties and dips may still happen as your lender reports your account information to credit bureaus. Continue Reading…

Accelerating digital trends create opportunities in U.S. equities

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By Grant Bowers, Franklin Templeton Canada

(Sponsor Content)

The economic downturn caused by the global COVID-19 pandemic is accelerating major themes in digital transformation as businesses and workers adjust to new ways of providing goods and services. This acceleration of trends is creating opportunities for investors in the equities of U.S. companies in sectors such as technology, health care and pharmaceuticals.

There are pockets of opportunity now in U.S. equities for selective investors and if you can look through the near-term uncertainty, you can buy great long-term companies at good prices.

The technology sector has benefitted during the shift to a “work from home” environment: especially products and services related to cloud computing, remote access, digital payments, and online security. This technology is in higher demand as individuals, companies and organizations rely on technology to work, communicate with clients and staff, and perform transactions in a virtual platform during pandemic restrictions. The COVID-19 crisis is also highlighting the powerful combination of technology and health care in areas like gene sequencing and data analytics, which will benefit pharmaceutical and biotech firms in the future.

Outlook for U.S. economy

Overall, the U.S. economy likely will remain affected by weakness driven by the pandemic for some time, but the economy should begin to show improvement in the fourth quarter, accelerating into 2021. Decisive stimulus actions taken by the U.S. Federal Reserve will likely help bridge the downturn for many businesses and consumers.

If progress is made on developing a medical treatment for the coronavirus — including a vaccine — then there could be a fairly rapid “healing of the U.S. economy” and a rebound of pent-up consumer demand when restrictions are loosened.

A health care crisis needs a health care solution: there is a massive research effort under way to develop an effective medical treatment of the coronavirus.

Positioned for opportunities in trend acceleration

As the digital technology transformation advances, companies in some of the most innovative sectors of the U.S. economy are positioned for growth during the downturn. For example, we see opportunities in the wireless tower space as part of the wider shift to 5G wireless technology and the increased focus on data usage and mobility for individuals and businesses. Providers of software for back-office business processes, which are essential for workers at home during the crisis, are another opportunity. Continue Reading…