Mind the GAP

Every time you step off the Tube in London's Underground you hear a women's voice in her perfect British accent reminding you to "Mind the gap". It is a good thing too. At some stops on the Underground there is a pretty big gap waiting for you as you exit and if you got caught in one of those monsters you could be in some trouble. The same is true for the gap that occurs in leases and loans on cars. Normally over time a vehicle's value depreciates faster than the loan or lease can be paid off. This is commonly referred to as being "upside down" on your loan or lease. If during this "upside down" period you total a vehicle in an accident there is going to be a gap between what the insurance company will pay you (actual cash value of the car) and what you still owe on your loan or lease. The good news though is there is insurance that covers this gap and it is appropriately named GAP insurance.

GAP insurance coverage helps pay for the difference between actual cash value of the car and what is owed on the loan or lease. One thing to keep in mind though, GAP insurance from personal auto insurance companies does not cover the cost of warranties or other add on charges that might have been included in the loan or lease.

So for an example, you totaled your vehicle and the insurance company is going to value your car at $5000 but your loan was still $7000. Let’s also say that of the $7000, $500 of it is because of the warranty that you had purchased. Therefore, the insurance company (if GAP insurance was on your policy) would give you $6500 ($7000 due on the loan minus the $500 warranty cost) instead of $5000.

Cost Savings Ideas

There is constant talk today about cutting costs. Here are two options that might help you save a few dollars on your insurance in this rough economy.


1)Raise your deductibles:
A typical homeowner policy has a deductible of $500 and a typical auto insurance policy has $100 for comprehensive and $250 for collision deductibles. One way to help save a few dollars on your annual insurance bill is to increase your homeowner deductible to $1000 and your comprehensive and collision deductibles on your auto to $500 each. Note that when you do this you bring a little bit of the financial risk back on yourself. A good rule of thumb to help figure out if the deductible change is worth the risk is to take the savings you will get for increasing your deductible and multiply it by three. If that number is larger than the difference between your old deductible and your new deductible in my opinion you are taking on an appropriate amount of risk for the savings.

2) Drop physical damage on your old vehicles.
If a car is 10 years or older it is probably worth researching whether you should have comprehensive and collision coverage on your car (many people know this as "full coverage"). Two ways to help you decide if dropping comprehensive and or collision from your car is worth it are:

1. The Insurance Information Institute says that if your car is worth less than 10 times the amount you pay annually for comprehensive and collision coverage it isn't worth keeping the coverage.

2. Another way to analyze if it is worth keeping the coverage is to take the premium you pay for collision and add it to your deductible amount. That is the total amount that it costs you to insure your car. (i.e. Your annual collision premium is $250 and your collision deductible is $500. If you total your car you will have paid $750 ($250 in premium and $500 in deductible) before you received any money from your insurance company) If in your mind it isn't worth spending that kind of money to save your vehicle if it was totaled than you might want to consider dropping that coverage.

Cash Loans For Unemployed To Accomplish Multiple Short Term Needs

To take care of personal or temporary urgent needs is in fact very tough task even if you are struggling with unemployment in your life and you do not have funds in hands. Unemployment is such a situation wherein the income is generated sometimes. For the sake of managing your pressing needs if you look for loans in the financial market, it can be impossible to make it come true because lenders and banks are dependent upon the borrowers’ job statistics. Even if A to Z sources of providing loans are failed to give you money, still you do not need to worry. Online lending firms as well as lenders introduce cash loans for unemployed to jobless people in their hot spot of lake money. By taking the help of these loans you can look out your short term needs on time.

It is a suggestion for you that you should meet some basic terms and conditions carefully before availing these loans. In prerequisites, you must be attaining a minimum age 18 years or above and must be holding of a valid active checking account for the direct transaction the loan amount. In addition, you must be permanent citizen of UK. After these preconditions, you can surely get hold of the amount through cash loans for unemployed in the ranging from £100 to £1500 without any hassle. This amount is provided to you with better terms and conditions. You can reimburse this cash in your delighted period of 2-4 weeks. 

You are at leisure in order to make use of cash loans for unemployed to satisfy any of your short term financial purposes such as paying for pending home rent, arranging small home renovation expenses, covering travel expenses, funding sudden medical illness, maintenance of car or computers, paying of uninvited bills and so forth.

There are considerable benefits that are granted with cash loans for unemployed. Benefits are like no credit check, no obligation over unemployment status, no fax, least paperwork, flexible terms and quick loan approval, effortless loan procedure and direct loan transaction into your bank account within a very short possible time. One thing that is important to you is to fill lout an online application form available on the lenders website and submit it.

Cash Advance Loans For Bad Credit: The Fastest Way To Handle Financial Emergencies

Financial emergencies are widely considered part of life. But that does not make them easy to handle. For those with poor credit histories, getting the cash needed quickly can be difficult, but thanks to the availability of cash advance loans for bad credit borrowers, that challenge can now be met.

Known to be the fastest and most accessible loans available on the market, they are the perfect option when fast loan approval is essential. Their accessibility comes from the fact they are granted on the back of an upcoming paycheck, so the money is an advance on the paycheck.

Cash advance loans have some clear advantages, but there are also some compromises that need to be accepted. Interest rates are very high and the pressure to repay the loan over a very short period is quite acute.

The Main Advantages

The main advantage of getting cash advance loans for bad credit borrowers is that the chance to get the funds so desperately needed exists. Most traditional lenders prefer to avoid applicants with very low credit scores, so funds to pay unexpected medical bills are not usually easy to secure.

Another key advantage is that these loans come with fast loan approval a standard feature. This is down to two reasons: firstly, the lender carries out no credit check, so time is not wasted on that; and secondly, approval rests on just the income factor. If a large enough paycheck is confirmed, then there is no reason to reject the application.

With all the boxes ticked, approval can be given in a few hours. And with checking account details provided, the funds can be transferred within a few hours too. That means, inside 12 hours, a cash advance loan can be accessible, and the emergency dealt with.

The Main Disadvantages

But there are downsides to getting cash advance loans for bad credit. Chief amongst them is the interest rate charged, which is extremely high. Depending on the lender, a rate of between 15% and 35% can be charged. For example, a $1,500 loan at 30% needs $1,950 to be cleared.

Also, the loan limit is very low, and while very small sums, like $100, can be accessed, the maximum is about $1,500. Having fast loan approval is a major plus, but is of little use if the balance needing to be paid is more than $1,500.

The third negative aspect is that cash advance loans need to be paid so quickly. And since full repayment comes straight from one paycheck, little or nothing may be left over to meet regular monthly obligations. Sometimes it is possible to stretch the repayments over 60 or 90 days, but expect extra charges and more interest paid.

Advantages of Online Lenders

Considering the pros and cons is one thing, but neither have any relevance until the lender is chosen and applied to. The Internet is the best place to get cash advance loans for bad credit borrower.

This is partly because online lenders are experts in lending to people with low credit scores, but also because terms can also be quickly and easily examined on a comparison site online. Also, fast loan approval is a standard feature, with online application forms submitted and assessed within as little as an hour.

But as with all businesses operating over the Internet, it is important to check out their reputation with the BBB website. If they have an A rating or above, then getting a cash advance loan from them could be the best course of action.