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Archive for January, 2011

Many people perceive same day payday loans and regular or traditional loans to be the same. While a regular loan can be a life saver to someone who is in dire need of money, it can also become an additional problem rather than a solution if you deal with the wrong financial institution. For one thing, obtaining a regular loan is not that easy, and the requirements to get approval are aplenty. Many people perceive same day payday loans to be the same. In reality, there are major differences between a regular loan and a same day payday loan. Here are some of the things that differentiate the two.

Application Process

One of the major differences between the two is in the application process. In regular loans, such as those offered by banks, you are required to personally visit the bank or financial institution to apply for a loan. On the other hand, financial institutions that offer pay day loans process loan applications online. All you need to do is fill out an application form and send the requirements online and the financial institution will process your application right away.

Approval Process

Since the loan application is done online, you can expect fast approval of your loan. Usually regular loan applications are approved in 3-5 business days, depending on the lender. The approval process may even take weeks or months, depending on how much you intend to borrow. On the other hand, the payday loan approval process only takes less than 24 hours. After you fill out the application form on the lender’s website, all you need to do is to wait for the notification on whether your loan application is approved or not in 24 hours. Some lenders even approve loan applications in as fast as less than two hours.

Approval Rating

The approval rating in payday loan applications is also comparably higher than in other types of loans. This is because there is only one major requirement you have to comply with if you want to obtain such loan, and that is your capacity to pay. Unlike in regular loans that require borrowers to have a good credit rating, you don’t need to have a good credit history to get approved on this type of loan.

As long as you can prove that you can pay your loan, that you are at least 18 years old, and that you have an active bank account, you can most likely get fast approval on your application. After the loan application is approved, the funds will be directly deposited to your bank account.

Payment Process

Another major difference between the two is in the payment process. Regular loan payment process is much more complicated as compared to that in a same day payday loan. To pay your regular or conventional loan, you may need to personally visit the lending institution, although some banks already now offer other payment options such as online payments. On the contrary, some lending institutions coordinate with the company you are working for. Your company will pay for your loan and will deduct the amount you borrowed and your loan interest from your next salary. Some lending institutions also allow online payments so you don’t have to personally pay for your pay day loan.

Interest Rate

The interest rate of this type of loan is comparably higher than of a regular loan. However, considering the convenience and quick processing in this type of loan, the difference in interest rates is all worth it for many people.

You must have heard of secured loans. In secured personal loans, you must have some land holdings, which you mortgage with the lender and receive your loan. So very and flowery it sounds. But what are those to do, who do not have a land holding to mortgage? It sounds like one small requirement, but it is so very difficult to fulfill. After all, not all of us are born with a silver spoon in our mouth. Hence now you have an option as Unsecured loans have come to your rescue.

You can need urgent money to satisfy various requirements. You have studied the share market, and you know that this is the right time to invest, but you do not have monetary funds? You know your child is capable enough to go abroad to study but your bank balance does not permit it? You want to start a new business? Want to but your favorite car? Financial problems can be many. You know you have a decent and paying job and that you will be able to meet with the financial crisis, sooner or later, but it is a financial crisis after all. It must be fixed immediately. The solution to your problem is Unsecured loans. These are a type of personal loans.

In case of Unsecured loans, you have a wide range of cash limits to choose from, considering that you could this money from the smallest to the biggest if investments. The borrowing limit starts from £1000 and ends at £25000. As the lender understands that you have borrowed a large sum, you are given sufficient time to clear your total debts. Your time limit starts from 1 year and ends at 10 years. In spite of this large time frame, if you still are unable to clear your debts, you can inform the lender about the same and ask for an extension, sighting a valid reason. An extension will be granted, along with an added interest rate.

Cheap unsecured loans come with a big advantage. As mentioned earlier, secured loans require you to mortgage some property as security. In case of unsecured loans, you are not required to do so. As you are putting the lender at a risk of losing the big amount of money, as you do not mortgage any property, the interest rate levied is comparatively higher. As you do not have to mortgage any land possessions, even bad credit holders can apply to avail the benefits of this credit help.

To be eligible to enjoy the benefits of Unsecured loans online, you must be a citizen of the United Kingdom who is above 18 years of age. You must also be a salaried employee of a reputed company, so as to prove your ability to repay to the lender. You must have an active bank account.

You can also apply online to receive this Unsecured loans UK Once the lender confirms that they are correct, you are entitled to receive the loan.

How large or how small should your position be in any given trade? Before I get into the answer to that, there is one prerequisite that supersedes everything, the liquidity of what you’re looking to trade. You need to keep your position size to as small of a percentage as the average daily money volume. You can estimate the average money volume by taking the price and multiplying it by the average amount of shares traded daily. If a stock that is trading at $1 averages in between 100,000 and 300,000 shares, the average money volume is probably in the ballpark of $200,000. How much of the average money volume do you want to be? The less the better, but there is no official threshold to stay under. I’d say staying under 2% is pretty safe, but if you know what you’re doing you can push that somewhat. There have been plenty of trades where I’ve gone well over 2%, but in those cases if I didn’t get buying momentum to sell into, I paid the price.

As long as you have the liquidity issue covered, here is how I determine my position size. To start with, I need to know a few things to figure out what my position size should be. Those are; How much I’m willing to lose on this trade, where my entry is, and where my stop loss is at. For example, say I’m watching a stock that is an uptrend, but it’s currently falling back to support at $1. Since the longer term trend is up, I’m looking to buy into the support at $1, but if that support fails to hold, I’m going to bail. The most I want to risk losing on the trade is $200. That doesn’t mean my position size will be $200 worth of shares, that means that should my stop loss get triggered I only want to lose $200. So my entry is at $1, and my stop loss will be enough below that to allow for normal market fluctuations, we’ll say at $.95. So now I know all the factors to determine my position size. My maximum risk is going to be $200, the entry is at $1, and the stop loss is at $.95. Based on that, my position size would be 4000 shares. 4000 shares multiplied by $1 is $4000, and 5% of that (which is what my stop loss is set at) is $200. An easy way to figure this out is by dividing your maximum risk amount by the percentage of the stop loss. In this case, it would be $200/ 5%, which would give the $4,000 figure. You then just need to factor how many shares you can buy with that amount.

If you always risked the same amount on every trade and kept an arbitrary percentage for your stop losses, your position size would always be the same (in dollars). My problem with this is that an arbitrary percentage doesn’t make sense to me since all stocks and charts are different. The stock and the chart should dictate your stop loss. A 5% stop may work great on one stock, but on another much more volatile one it may get triggered way too easily. If you feel that on a certain trade you need a 10% – 20% stop loss because of either the volatility, where the closest, most relevant support/resistance is at, or both, then use that wider stop, but adjust your position size accordingly. That way, you’re still allowing the proper amount of buffer room for price fluctuations, but you’re still risking the same amount if your stop gets hit.

Are you looking for the best credit card for your business? If you’re looking to find a business credit card, there are a few things that you should know. Business credit cards typically have a lot of benefits over the traditional credit card. These benefits typically include generous credit limits, reward programs, reduced interest rates on purchases, expense reports, and the ability to add additional employees to cards.

A lot of small-business owners depend on the use of a business card, because they do not have a lot startup capital to run their businesses. On the other side, Fortune 500 corporations use credit cards because employees endure expenses for the company and may not be able to front the costs on their own. In both of these situations having a business card is vital to the operations of the company.

Also, for business owners running expenses through charge cards is a good way to streamline costs and management costs associated with running a business. Many credit companies offer advanced reporting for expenditures, such that a business owner can log in online and get a statement of its credit card financials.

One of the best business cards available is the American Express business gold card. The American Express business card is more of a charge card than a credit type card. This means that the business owner must pay off the balance every month. Some of the benefits of using the American Express are that the business receives reward points and has no annual fee for the first year.

Although getting a business credit card can have many advantages to the business, owners should be aware of the fine print just like any other traditional card. Many times with credit cards the interest rates can vary, missing a payment could trigger a higher interest-rate, and if you’re not careful you could end up owing more than spend.

Managing money is a subject that all of us have had experience with in our lives, and a subject most of us have had to worry about as well. We’ve all either been in personal debt or know someone close to us who is. The 20th and 21st centuries have taught us to be consumers and the skills of the marketing gurus out there that have made us want things that we don’t really need.

The Habit!

We are creatures of habit, if we take on activities we do not normally do it can feel weird and unnatural, but as with any task we’ve had to learn, once we’ve done it a few times it becomes natural and easy. Breaking and making habits is hard psychologically, but I’m going to give you a little known secret to make creating any sort of habits easy.

** To make a habit, you only need to do something the same way 16 to 21 times, and then it will be set in your mind and become natural. ***

If you do something ONCE a day for 3 weeks, you will then do it naturally, doesn’t sound so hard does it?

Money Management – The Paper Way

Whilst we are in the technology age, some people still prefer to work with pen, paper, elbow greece and a filing cabinet, and I don’t blame them, in some cases it can be safer and easier to manage.

1) GET A RECEIPT

The biggest trick to making this work is to get into the habit of grabbing a receipt for every purchase that you ever make, even if you just discard the receipts when you get home for the first while, just make sure you get a copy.

A trick to making this easier to remember and habitual is to put an unused receipt over your Credit/Debit cards and money so before you remove them to make a purchase you are reminded to ask for a receipt.

2) GET A DIARY

No, I don’t want you to start writing down your feelings like you’re a teen again, for every purchase you make write down the purchase amount and the item/vendor it was purchased from. It is recommended that you only start doing this once getting a receipt is habitual.

3) BUY A SCRAP PAD

Once you’ve mastered the two steps above, I want you to start categorising your purchases (food, entertainment), and work out how much you spend on each category per month. This will shock you how much money you “waste” needlessly.

Money Management – The Electronic Way

1) MAKE ALL PURCHASES ON A CREDIT CARD

The biggest problem that I faced with financial management using this method is loose change! When you keep buying small purchases with cash often you won’t get a receipt, won’t remember and won’t have a record of the purchase. THESE ADD UP! You often will have a large gap in your finances because you simple don’t know where your money has gone due to small cash purchases. Make sure ALL payments are done on a Credit Card so when you finally do get your statement you know exactly HOW you’ve used your money.

2) RECORD PURCHASES

In order to truly understand how to manage your money you need to record all of your purchases and understand any trends in your spending you can potentially eliminate. The best program I can recommend is QuickBooks, which is a free to use relatively easy accounting program. It allows you to input all of your purchases into categories and run reports of where your money is being spent.

Thanks for taking the time to read this article and I hope you enjoyed the content, before I go I’m going to leave you with a little tip. I follow a variation of the techniques shown in this article but one thing I’ve learnt for my own soul, is to NEVER do this on holiday. Holidays are for family enjoyment, so do all of your budgeting before you go on holiday and set yourself X money per day, do not penny count when you’re buying things.

RCBC bank is one of the leading commercial banks in the Philippines with numerous branches spread all across the nation. It has different banking products and services specifically suited for its customers like savings account, checking account, credit cards, loans, investment funds and a lot more.

What is RCBC AccessOne?

RCBC AccessOne is the online banking utility of RCBC that gives access to your RCBC accounts and carry out banking dealings anytime and anyplace as long as you have Internet access.

Feature and Advantages of RCBC AccessOne Online Banking

It is a good thing to obtain an Internet banking because of its benefits provided to all the bank account holder. Here are the typical features of RCBC net banking.

1. See updated present and ready for use balances of your current and savings accounts, time deposit accounts and all international accounts.

2. Pay your online purchases from RCBC eShop using your RCBC AccessOne account.

3. Create a finance transfer

By utilizing your Internet banking, you may be able to transfer money out of your enrolled accounts, transfer cash to another RCBC bank accounts, or transmit money to other Bancnet component banks up to maximum P50,000 (inter-bank fund transfer).

You can also add to your bank account the frequent beneficiary of your finance transfer, or you may seek for them. You may also be able to view your pending transfers and make an inquiry relating to the status of your money transmittal.

4. Remittance Query

Using RCBC internet banking, you can question the condition of your remittance by only logging the reference number or the legitimate receipt of your remittance. This is a good feature since it may tell you where’s the money you sent.

5. Charge Payment

RCBC AccessOne allows you to pay for bills via internet to listed merchant billers. It enables you to view and register frequent billers, carry out payments to listed and non-registered billers, make an one time or repeating payment, and look into the status of your bills payment.

6. Bankard Administration

If you own a Bankard credit card, you can register it to RCBC AccessOne by just entering the badge number. You may as well view your credit card details and activity record using your RCBC internet banking account.

7. Entrust in Time Deposit

Investment in time deposit will be simple once you obtain an Internet banking at RCBC. You may make online investment and payout to or from your accounts. In addition, you may also course the record of your card’s transactions.

8. RCBC net banking enables you to ask for checkbooks and managers check and acquire queries about your check’s details and condition.

9. If you have any difficulties with your bank account or RCBC AccessOne account, you may send and get emails to or from RCBC.

10. Update your Vita

It will be simple to update and change your personal data, replace your telephone number, change your password, and many more via web banking.

Procedures on How to Apply for RCBC AccessOne Online Banking

Fundamentally, there are two kind of registration you can do relying on the type of account you have. It is easy to register because you may do it via internet.

If you own a bank account at RCBC without ATM, you shall follow the steps summarized underneath for registration.

1. Visit RCBC website and see for RCBC AccessOne. Click the ‘Enroll Now’ button and next select registration for non-ATM accounts.

2. Go over and agree with the terms and conditions for using RCBC online banking.

3. Supply the account number you would desire to register, entirely fill up the request form and click Submit.

4. After getting the accomplished form, print and sign it and then submit it to your branch for approval. You may send it through snail mail or delivery couriers.

5. Please take note you ought to submit the finished form in a period 10 days from registration or else your registration for RCBC AccessOne may be forfeited.

6. You can receive a confirmation email when your RCBC AccessOne has been activated.

If you have an ATM account in RCBC and you want to register in internet banking, you shall adopt the steps below.

1. Visit RCBC website and go to RCBC AccessOne. Click the ‘Enroll Now’ button and select enrollment of ATM accounts.

2. Read and agree to the Terms and Conditions of RCBC internet banking to continue the enrollment process.

3. Type your card number and ATM PIN, after that, system will look for all accounts connected to that account number. You should choose a primary account from the accounts linked to your ATM Card.

4. Fully fill up the online registration form and click ‘Submit’.

5. You may get a confirmation email when your RCBC AccessOne internet banking has been activated. Please take note that registration executed during banking days may be automatically activated within 24 hours and weekend registration may be activated after 2 days.

RCBC AccessOne is the internet banking facility of RCBC bank that provides anytime and anywhere banking for all its customers. Its a great banking utility that all account holders must get because it offers great quantity of benefits and privileges.