Friday, January 16, 2009

Loans for people living in disability

There are certain loans for people who are living on the benefits provided by the dept. of social security. For some people who are already going through tough financial situation and are living on disability checks, these loans come to be of great help during times of emergency. These loans can be approved very fast with swift service. A person going through underemployment, physical ailment and disabilities can easily avail these loans. There are many of us who are living on disability check and have overwhelming debts to pay back. In such times of financial crisis, these kinds of loans can fulfill your needs without any hassles.

The feature that is worth complimenting is that the loans on benefits are subjected to one having an adverse set of credit history records. These loans are supposed to be paid back when the loan applicant returns back to a sound and steady income. Those who get approved for such loans do not have to show any kind of collateral to get approved. Therefore, there is no risk of getting the assets repossessed if you are not meeting up with the repayment plan on time. You just have to fill a simple online form with complete details and the loan amount will be deposited to your checking account. It will eliminate wastage of time and effort.

There are two kinds of loans on benefits. One is secured and the other one is unsecured. In a secured loan, you have to show some kind of collateral to get approved and the rate of interests is kept lower. Whereas, if you are applying for an unsecured loan, you don’t have to show any kind of collateral but you will be charged high interest rates. People in disability mostly prefer for unsecured loans because they don’t want to go through the risk of losing their property in case of a default in their repayment plan. So, unsecured loans work out to be a good option for people who are already in debts and living on disability.

In order to acquire the loan amount, people who are in dss have to go through certain necessary criteria.

Firstly, the applicant should be a US citizen and should be an adult over 18
years or above.
He must have a certain amount of savings before he gets qualified for this loan. For example, if he is applying for $1000, then he should have at least $1300 in his savings.
The loan applicant must have a permanent residential address.
He should have a bank account under his name.
The candidate should be living on disability benefits for at least six months.

Thursday, January 01, 2009

Budgeting for the elderly members in your family

Everyone takes care of their family members including the elderly people. Not only you have to look after their health, but you should also have to look after their other activities outdoor as well as their finances. Taking financial decisions of someone else is an important job as it requires bold decisions if you would want to do this. The decision making can often get easier as the senior members in your family would have accumulated enough funds over the years. You just have to budget their finance and take care efficiently. Here are a few tips that you would want to follow in managing the finances of senior members in your family.

Before you start handling the finances of the elderly members in your family, it is important for you to know their current financial position. For this, you need to organize their finance on a weekly basis. Make sure that you understand their finances that you are tallying so that you don’t end up making wrong decisions. You will have to know their regular expenses like household bills, existing debts that are to be given the first priority. Observe their finances closely for a period of twelve months and do it methodically. This will cut down your duties up to a certain extent.

Next thing you need to do is to sort down the income from various sources. After you have done this, review all the previous year’s payments so that you can make a pay out to the elderly member of your family. This will also help you to keep track of the expandable wealth that will be left for general provisions. You should know the income source before testing the ability of your budget. You need to keep the bank credits up to the mark. If you are not able to take care of this, you will end up creating a financial chaos and create a lot of unavoidable questions that can be quite embarrassing to answer. Do researches on the above mentioned things and if you think, you can take care of their finances efficiently, then you can continue to budget their finances.

Next important thing for managing the finances of your elderly member is to allocate their money in the right way. By doing this, you are creating a trust in the mind of your elderly member in the family and this will create the feeling that you are taking care of their finances properly. By investing the money in the right way, you are creating a shade for them in a rainy day or in case of a medical emergency.

There is lot of work involved when you are taking care of the elderly member’s finance. You will have to be stronger when you will realize there are other important things that need immediate attention at the same time. Though it may be a lot of hard work, but if you can manage doing this efficiently, you will get lots of good wishes from the elderly member in your family.








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