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Why not to use a Payday Loan to pay for a Vacation
We all run into those financial emergencies at one point in our life. Some people have money saved for these occasions, others use credit cards, and others again use a payday loan to fill the financial gap for the 15 to 30 days where we need the cash. This is what a payday loan is for. Be able to make it to the next paycheck. Pay for the car repair because without a car you will be out of work soon. Situations like this are where the payday loan does its duty.
However, some payday loan lenders advertise their loans to be used for normal consumer needs. Needs? Well, not really. These lenders play with your desire for having a new TV, a new iPhone or iPod, or to go on vacation. Sure, we all like to treat us to those nice things in life, but we need to be able to pay for it and not necessarily to buy these items on credit. Especially, not to buy these items on very expensive credit.
While this article is mainly written with the payday loan situation in mind, it also applies to using a credit card to pay for these items. In both cases you put a consumer purchase onto a very expensive credit account. The initial interest fee on the credit card might be lower, but statistics show that consumers easily need 18-24 months to fully pay off their purchase. That is very expensive at 18%-27% if you ask me. A payday loan is even more expensive, but it forces the customer to re-pay the loan much faster, which is a good thing. The initial interest rate for this type of loan is higher, but the time between when the loan is taken out and when it is paid back is much shorter.
So, while these are the basics the real story is that both types of loans are not designed to be used for normal consumer purchases. We all have seen what the last recession has done to consumers who were in debt way over their head. The number of foreclosures and bankruptcy filings has sky-rocketed. While some blame goes out to the banks and mortgage companies, a lot of blame has to go to those consumers who financed non-critical purchases with very expensive loan type. Everything is good while you have a job, but when the money gets tight these loans are going to destroy your financial status.
Conclusion: Payday loans are a financial product that is designed to be used in a financial emergency. It is expensive, but payday loans are granted faster than a normal bank loan + they do not affect your normal credit history. A fast payday loan is not to be used for normal consumer purchases for gadgets, TVs, iPhones, or cars. Used with the proper understanding of how these loan work is essential to your financial well being.
Entry Condition Reports
As a wise investor you would be interested in protecting your rights as well those of your tenants. One way of doing that is to make sure all documents related to renting out a property are complete and validated. One of the important requirements of a tenancy agreement is to have the entry condition report filled out. This documents the condition of the property before and after the tenancy period. It is used to prevent any possible disputes between the lessor/agent and the tenant due to damages caused to the property.
An entry condition report is generally prepared by companies hired for property management Gold Coast. This has to be filled out both by the tenant and the lessor/agent when a tenant moves in. An ideal scenario is that the report is completed before the day the tenant occupies the property. In case this is not possible, the lessor/agent can fill their part of the document and hand it over to the tenant. This document is generally given to the tenant along with the tenancy agreement.
The lessor/agent has to indicate it on the form that all items in the property are clean and in working order. The tenant will need to confirm these comments after inspecting the items and then sign the form for approval. In case the tenant is in disagreement with the comments of the lessor/agent, they should specify this in their comments on the form. The entry condition form may also include photos or videos of the property and the items. The tenants are usually given three days to complete the report and return it to the lessor/agent after the tenants are allowed to move in.
An entry condition report is used for making a comparison of the property when the tenant moves in and when a tenant moves out. It has to be signed by both parties in order to make sure that all facts stated on the report are true. The entry condition report is an important document and, therefore, it needs to be kept in a safe place. Generally, this document is kept with the property managers Gold Coast. The report can be used to claim damages if any are found.
To safeguard the rights of lessor/agent and the tenant, entry condition report serves a great purpose. This will lead to fewer misunderstandings and disputes between the lessor/agent and the tenant.