Category Archives: Auto Loans
Green Dot Prepaid Credit Card – Review
The Green Dot Credit Card is a prepaid card. This may be unfamiliar so let me explain the basics.
This is not like an unsecured card where the company issues it and attaches a limit on which they then charge interest as it is used. With this you must deposit money and then that amount then becomes your limit.
Instead of making purchases and paying for them later and the interest rate and associated fees. You pay beforehand by loading cash amounts. The issuer is Columbus Bank and Trust Company.
You will need to reload funds onto the card. The minimum amount of the initial load is $20 and the maximum amount of the initial load is $2,500.
You can not have more than $2,500 loaded on the card at any given time. To reload your Green Dot card, you may have a portion of your paycheck directly deposited to your card or you may purchase a Green Dot MoneyPak universal reload from locations such as Rite Aid, CVS, Eckerd, Radio Shack, The Pantry and other participating merchants. The MoneyPak costs $4.95.
You will be charged a $4.95 per month maintenance fee, $2.50 for each ATM transaction ($3.00 per international ATM transaction, $4.00 per cash advance from a teller or non-ATM transaction), up to $1.00 per call to obtain your balance using the interactive voice response system or a live operator, and $10 fee to replace a lost or stolen card. Always be sure to read the Terms and Conditions before applying.
Columbus Bank and Trust Company also offer a Premier version of this card. Be sure to research the Premier card fees before moving forward.
Fees include a one-time $19.95 membership enrollment fee and a $5.00 fee per month if you do not load $750 per month to the card. Additional charges may accrue if you use an ATM.
Likewise, if you purchase one of these cards at a store, the retailer will charge an initial activation fee and a reload fee. Be sure to check with the retailer for the costs involved with purchasing one of these cards.
I do not suggest these cards, however it depend on your situation and why you need the card. Again, personally, I don’t really feel that I want to pay to call someone’s answering machine.
I also don’t want to pay $5 per month merely because I don’t reload $750 per month. I believe I should be the one to decide how much a balance I want to maintain.
Additionally, there are other cards which allow more flexibility as to reload options.
Personal Loan Insurance
A personal loan is a great opportunity to have the funds to consolidate your debt, take a college course, repair your car, or even take a vacation. Personal loans can be secured or unsecured. Secured loans are much riskier because they involve providing the lender with collateral to ensure repayment of the loan. If you fail to meet that repayment, the lender will legally own your property, vehicle, or what ever asset you used to secure the loan.
Personal loans offer plenty of opportunity for individuals to improve their overall financial situation if the funds are used in conjunction with good money management skills. However, we all know things take place in life that we have no control over including death of a income source for our household, losing employment, or medical issues. These circumstances can all affect our ability to repay a personal loan. If that loan is secured, then you will lose your asset tied to it as well. To protect yourself from such horrible possibilities, consider purchasing personal loan insurance.
Personal loan insurance is the best protection you can have for repayment when the plan you outlined to cover the loan develops unexpected bumps in the road. The cost of such insurance varies, and is generally determined by the outstanding balance of your personal loan. The type of personal loan insurance coverage you choose will also affect the premium. However, this insurance can offer peace of mind for borrowers, especially those who have a secured personal loan.
There are three types of personal loan insurance coverage to choose from. The specific dollar amounts of coverage will depend on the laws in your State and the dollar amount of your loan. It is important to discuss personal loan insurance with any lender you are considering pursuing a personal loan with.
Personal loan death insurance will pay up to a certain dollar amount in the event of the death of one of the individuals on the loan. In the event that the personal loan only had one persons name on it, then the loan balance will be paid in full up to the maximum dollar amount. Most personal loans only have a maximum loan amount of $15,000 however it is not uncommon for individuals to take out more than one personal loan.
Disability Plus personal loan coverage is the coverage most often purchased for personal loan protection. It will pay your monthly personal loan payments up to a certain dollar amount. In addition you will receive a cash payment of a percentage of your loan amount each month to help you with the cost of living expenses.
Involuntary Unemployment Coverage Insurance for personal loans is very popular. This type of insurance will pay up to a certain dollar amount per month in personal loan payments for up to a set amount of months.
Personal loans are a great financial tool when used properly. Personal loan insurance is a very responsible invest to help ensure your payments will be made regardless of medical issues, unemployment, or in the event of death. The insurance is especially important for individuals with a secured personal loan. Not only with their credit be negatively impacted, but they will lose valuable assets that are tied to their personal loan.
Personal loan insurance is very affordable and can often be purchased through the lender. It is important that you educate yourself in the area of personal loan insurance and inquire about it at the time of looking into such personal loans. Most lenders are more than happy to discuss this option with you as it further assures them they will receive the funds you borrow.