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ClickCashGo Review – SavingAdvice.com Blog

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Before we begin this ClickCashGo review, it’s important to remember that everyone’s financial situation is different. What’s right for one person isn’t necessarily right for another. That said, there are a lot of scams out there. There are a lot of problems with predatory lending. So it’s always important for you to think carefully about your financial choices before choosing any method of getting a loan.

What is ClickCashGo?

ClickCashGo is a lending platform. It’s not a lender. That’s an important distinction. ClickCashGo gives you a way to connect with a whole lot of lenders at once. So, on the one hand, this is a ClickCashGo review. But on the other hand,  if you choose to use the service, then you need to understand that you’re working with a second separate lender, not simply this platform.

What is a Lending Platform?

A lending platform like Click Cash Go operates entirely on the Internet. It’s essentially a website where you enter a minimal amount of information in order to get matched with potential loans. The platform uses your information to provide you with loan options from any of the lenders that they work with and that you qualify to get a loan from.

Therefore, the lending platform is essentially a middle man. You need a loan. Instead of applying with a whole lot of lenders and getting rejected over and over, you use a middle man. You’ll get a ClickCashGo review of all of your available lending options. Then, once you accept a loan, ClickCashGo is out of the picture. Your loan comes from that other lender.

There is No Immediate Obligation

Almost every ClickCashGo review that you find will note that this is “an obligation free lending marketplace.” What does that mean? Because ClickCashGo is the middle man, you aren’t obligated to take any of the offers they give you. Therefore, there’s no obligation to find out what loans they might make available to you.

That said, in my experience, when you sign up to get quotes from a service like this, you do get a lot of follow-up offers. You may receive more email and phone calls from potential lenders than you would like. So, while there’s no obligation, you can potentially at times feel like there’s some pressure to take out a loan. If you’re in dire financial straits, you can easily cave to that pressure, whether or not it’s the right personal finance choice for you.

What ClickCashGo Offers

You might end up finding ClickCashGo if you’re seeking a loan for a small amount, especially if you have bad credit.

ClickCashGo advertises that you can get personal loans up to $5000 that you can use for any reason at all.  You can borrow as little as $200 through their lenders. They offer cash advances, payday loans, and installment loans. Repayment plans can be as short as three months or as long as five years.

The application process is very quick. You enter just a small amount of information on the website. Then, within two minutes, you’ll find out what loans you qualify to receive.

The acceptance process is quick as well. You need to have a bank account that they can send the money to. Accept the terms of one of the loans and the process begins immediately. You may receive your loan the same day or the following business day.

There are a few limitations for people applying for these types of loans:

  • You must be 18 or older.
  • Only U.S. citizens qualify.
  • You have to be employed or able to prove steady income

It’s also important to know that you can’t apply for these loans if you live in one of the following eight states: Arizona, Arkansas, Georgia, Massachusetts, New York, Ohio, Pennsylvania, or West Virginia.

If you are desperate for a short-term loan and haven’t had luck through traditional channels, what they offer is legitimate.

There are no fees to utilize this service. However, the lender might have origination fees, which you should review before accepting any ClickCashGo offers.

ClickCashGo Review: The Downside

You may have already noticed one downside to this service: you must have steady employment. Oftentimes when we need money quickly, it’s during times that we don’t have a job. Therefore, you might not even qualify for this service.

That said, there are other big downsides to consider. The biggest of those is that you are likely going to get a loan that has a very high interest rate. After all, if you could easily qualify for a small loan with a good interest rate, then you would probably get it through regular channels. For example, you might go directly through your bank. If you’re going through ClickCashGo, then it’s probably because you don’t qualify for traditional loans. This means you’re a high-risk borrower, which means your interest rate will likely be high. (They do offer loans to people with good credit, but the site is primarily geared towards people with no credit or bad credit.)

A high interest rate makes it hard to repay the loan. You can easily get stuck in a cycle of borrowing, repaying, and borrowing some more. That’s less than ideal. On the plus side, you do get to see your ClickCashGo offers before you accept the terms. Therefore, if all of your interest offers are too high then you can opt out. That said, if you feel desperate for the money, you might accept those offers without thinking it through clearly. High interest is problematic, so you want to have a clear mind if you’re thinking about taking on that debt.

Is ClickCashGo a Scam?

ClickCashGo is a not a scam. It’s a company that’s been around for several years. They don’t offer loans themselves. They are clear and upfront on their website about the fact that they are simply a middle man who connects you with lenders.

Whether or not the terms of the loan are fair really depends on your exact needs. Like all payday loans, cash advances, and high-interest loans, the offers tend to come with a lot of risk. If you’re in a pinch and don’t have any other options for a loan, then you can use the service to find one of these. Just be aware of exactly what you’re getting yourself into. This is a short-term solution to a financial situation that could have long-term effects. I mean, do you really want to be paying as much as 35% APR on a $5000 loan that isn’t going to be paid off for another five years?

Other Solutions Besides a Quick Loan

Often, with some clear thinking, you can find other solutions to your immediate cash problem. Here are some suggestions:

  • Ask for an extension on your big bills. For example, see if your landlord will work with you.
  • Change the due date on your bills. You can often set utility and credit card payments to pay out after you’ve received your paychecks.
  • Borrow money from a friend or family member at low or no cost.
  • Sell something that you own to get the cash that you need.
  • Ask around to see if you can do some quick labor or service work for someone that you know in order to get the cash that you need.
  • Request a credit line increase on an existing credit card that you know has favorable terms.
  • Dramatically reduce spending for one month in order to save money.

Get creative. Don’t immediately go for a high interest loan.

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Loans Bad Credit Online – Loans Bad Credit Online – Reforming India’s deposit insurance scheme | Fintech Zoom | Fintech Zoom

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Loans Bad Credit Online – Loans Bad Credit Online – Reforming India’s deposit insurance scheme | Fintech Zoom

Loans Bad Credit Online – Loans Bad Credit Online – Reforming India’s deposit insurance scheme | Fintech Zoom



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Loans Bad Credit Online – Reforming India’s deposit insurance scheme | Fintech Zoom

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The government’s incentive to step in and bail out depositors when banks fail is clear from past experience.

By Anusha Chari & Amiyatosh Purnanandam

The failure of the Punjab and Maharashtra Co-operative Bank (PMC) in September 2019 shone a light on the limitations of India’s deposit insurance system. With over Rs 11,000 crore in deposits, PMC bank was one of the largest co-op banks. That the Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance covered depositors, provided little solace when the realisation hit that the insurance amounted to a mere Rs 1 lakh per deposit.

The predicament of PMC depositors is, unfortunately, not an anomaly. Several bank failures over the years have severely strained RBI and central government resources. While co-operative banks account for a predominant share of failures, other prime examples include the Global Trust Bank and Yes Bank failures. These failures entail a direct cost to the taxpayer—the DICGC payment or a government bailout. More importantly, bank failures impose long-term indirect costs. They erode depositor confidence and threaten financial stability, presenting an urgent need for deposit insurance reform in the country.

A sound deposit insurance system requires balancing two opposing forces: maintaining depositor confidence while minimising deposit insurance’s direct and indirect costs. At one extreme, the regulator can insure all the deposits, which will undoubtedly strengthen depositor confidence. But such a system would be very expensive.

A bank with full deposit insurance has minimal incentive to be prudent while making loans. Taxpayers bear the losses in the eventuality that risky loans go bad. Depositors also have little incentive to be careful. They can simply make deposits in the banks offering high interest rates regardless of the risks these banks take on the lending side.

Boosting depositor confidence and reducing direct and indirect costs require careful structuring of both the quantity and pricing of deposit insurance. Some relatively quick and straightforward fixes could help alleviate the public’s mistrust while improving the deposit insurance framework’s efficiency.

India has made some progress on this front over the last couple of years. First, the insurance limit increased to `5 lakh in 2020. Second, the 2021 Union Budget amended the DICGC Act of 1961, allowing the immediate withdrawal of insured deposits without waiting for complete resolution. These are very welcome moves. Several additional steps could bring India’s deposit insurance system in line with best practices around the world. Even with the increased coverage limit, India remains an outlier, as the accompanying graphic shows.

The government’s incentive to step in and bail out depositors when banks fail is clear from past experience. However, these ex-post bailouts are costly. The bailout process also tends to be long, complicated, and uncertain, further eroding depositor confidence in the banking system. A better alternative would be to increase the deposit insurance limit substantially and, at the same time, charge the insured banks a risk-based premium for this insurance. Under the current flat-fee based system, the SBI pays144 the same premium to the DICGC—12 paise per 100 rupees of insured deposits—as does any other bank!

A risk-based approach will achieve two objectives. First, it will ensure that the deposit insurance fund of the DICGC has sufficient funds to make quick and timely repayments to depositors. Second, the risk-based premia will curb excessive risk-taking by banks, given that they will be required to pay a higher cost for taking on risk.

India is not alone in trying to address the issue of improving the efficiency of deposit insurance. The Federal Deposit Insurance Corporation (FDIC) recognizes that the regulatory framework governing deposit insurance is far from perfect and the United States is moving towards risk-based premia. The concept is similar to pricing car insurance premia according to the risk profile of the driver. The FDIC computes deposit insurance premia based on factors such as the bank’s capital position, asset quality, earnings, liquidity positions, and the types of deposits.

In India, too, banks can be placed into buckets or tiers along these different dimensions. The deposit premium can depend on these factors. It is easy to see that a bank with a worsening capital position and a high NPA ratio should pay a higher deposit insurance premium than a well-capitalized bank with a healthy lending portfolio. The idea is not dissimilar to a risky driver paying more for car insurance than a safe driver.

Risk-sensitive pricing can go hand-in-hand with the increase in the insured deposit coverage limits bringing India in line with its emerging market peers. In a credit-hungry country like India, these moves would build depositor confidence, possibly increasing the volume of deposits and achieving the happy result of the banking system channeling more savings to productive use.

Chari is professor of economics and finance, and director of the Modern Indian Studies Initiative, University of North Carolina at Chapel Hill and Purnanandam is the Michael Stark Professor of Finance at the Ross School of Business, University of Michigan

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5 Signs You’re Not Ready to Own a Home, According to a CFP

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The housing market has boomed over the last year, despite a global pandemic and millions of Americans struggling to make ends meet. 

Many people are spending less on entertainment, clothing, travel, and other discretionary purchases during COVID. Federal student loan borrowers have seen temporary relief from their loan payments. These expenses will most likely rise again after the pandemic, and many people who committed to a new home with a large mortgage will struggle to keep up. 

I often speak with clients and prospective clients who want to buy a home before they have a strong financial foundation. Buying a home is not only one of the largest purchases you’ll make in your lifetime, but it’s also a huge commitment that’s extremely hard to undo if you have buyer’s remorse

It’s important to make a thoughtful, informed decision when it comes to a home purchase. Before you take the plunge into homeownership, check for these signs that you’re not quite ready to buy. 

1. You have credit card debt

Credit card debt can be a drain on your monthly budget, and when combined with student loans and a car loan, it can lead to high levels of stress. 

Generally, more debt means higher fixed expenses and little opportunity to save for long-term financial goals. Your financial situation will only get worse with the addition of a mortgage. I always recommend that clients be free of credit card or other high-interest debt before they consider buying a home. 

To rid yourself of credit card debt, take some time to get a good handle on your cash flow. Take an inventory of your spending over the last six to 12 months and see where you can cut back. From there, develop a realistic budget that includes aggressive payments to your credit cards. 

There are several strategies to help you knock out credit card debt fast. Regardless of the method you choose, stick with the plan and track your progress along the way. Once you pay off your credit cards, you can allocate your debt payments to savings, which can help you avoid this situation in the future.  

2. You have bad credit

Bad credit is not only a sign that you may not be ready to take on a mortgage, it can also signal a high risk to

mortgage lenders
. A high-risk status results in higher interest rates and more strict requirements to qualify for a loan. A mortgage is one of the largest loans you’ll take out in your lifetime, and if you get behind on payments, you could lose your home. 

Just as with credit card debt, bad credit could be a result of past financial mistakes. Dedicating the time to repair bad credit and improve your credit score will help you beyond purchasing your dream home. 

Start by pulling a recent credit report from each of the three credit bureaus so you can review it for errors. Dispute any errors, address past-due accounts, and bring your overall debt balances down. It’s helpful to learn what has a negative effect on your credit score so you can avoid these mistakes in the future. 

3. You don’t have an emergency fund (or an inadequate one)

If you’re unable to save for a rainy day, you probably don’t have enough money to buy a house. Owning a home is a big responsibility, and unexpected expenses pop up all the time. In addition, you could lose your job, have a medical emergency, or another unexpected expense unrelated to the home. Maintaining an emergency fund is a good sign that you have discipline and are prepared for the responsibility of homeownership.

Many financial experts recommend saving at least six months of living expenses in an emergency fund. If you have variable income, own a business, or own a house, you should save more. To build an emergency fund, set money aside from each paycheck and automate transfers to make the process easier. Give your emergency fund a boost when you receive lump sums such as bonuses or tax refunds. Start by saving one month of living expenses and build from there. 

4. You don’t have separate savings for your home

I always advise clients to set aside savings for a home in addition to an emergency fund. It’s a bad idea to start homeownership with no savings. Whether you have unexpected expenses related or unrelated to the home, having no emergency fund after a home purchase will lead to unnecessary stress — and possibly more debt. 

When purchasing a home, you’re responsible for a down payment and closing costs. While a 20% down payment is ideal to avoid private mortgage insurance, a down payment of at least 3.5% is typically required. Closing costs can range from 2 to 5% of the home’s value. 

Also, you will have moving costs, costs to spruce up your new place (like new furniture or light cosmetic updates), and any initial maintenance and repairs. Be sure to budget for these items to know how much to save on top of your emergency fund. It doesn’t hurt to boost your emergency fund, too, in preparation for homeownership. 

5. You have a low savings rate

It’s much easier to develop good savings habits before you have a lot of responsibilities. To get on track for financial independence, several studies show that you should save at least 15% of your income. The longer you wait, the more you’ll need to save. 

If your savings rate is low before you purchase a home, it will most likely worsen after becoming a homeowner. Even if your mortgage is similar to your rent, ongoing maintenance and repairs, higher utilities, and homeowners association fees can wreak havoc on your budget. 

Take a look at your current savings rate and see if you’re on track for financial independence. If you’re saving less than 15 to 20% of your income, work to improve your savings rate before you consider buying a home. A strong savings habit can help you build your home savings fund faster and ensure that a home purchase doesn’t impede your long-term financial goals. Finally, understand how much house you can afford so you can avoid being house poor. 

Buying a home can be rewarding, and when done the right way, it’s a way to build wealth. Before you decide to buy a home, it’s important to understand your numbers and ensure that you’re ready for the commitment. Without preparation, your dream home could be detrimental to your long-term financial goals.

Chloe A. Moore, CFP, is the founder of Financial Staples, a virtual, fee-only financial planning firm based in Atlanta, Georgia and serving clients nationwide.

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