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When unexpected bills come along or you find yourself temporarily out of work due to illness, the bills don’t stop piling up in your mailbox. You have to find a way to make ends meet and put food on the table for your family regardless of the circumstances. During these hard times, most people start thinking about payday or installment loans. In order to decide which type of loan is best for your situation, you need to understand the differences between each loan opportunity.

Repayment Terms

Payday loans are short-term loans that you must repay in full from your next paycheck. If you don’t have all of the money plus interest on that date, then you must take out an additional payday loan that adds to your fees. Installment loans allow you more time to repay the loan, so you make payments over time rather than paying the full amount back at once.

Installment loans can have different payment structures and are often customized to the needs of the borrower. If you discuss your ability to repay the loan, some lenders will work with you to create a payment schedule that fits your needs. That flexibility is not typically offered with payday loans.

Borrowing Limits

The amount of money you need to borrow may determine whether a lender will approve you for a payday or installment loan. If you need a small amount of fast cash and can definitely repay the loan from your next paycheck, then a payday loan makes the most sense. If you want to borrow a more substantial amount of money and need more time for repayment, then an installment loan is your best option.

What about Collateral?

It is important to note that installment loans are not the same thing as title loans. You should not have to provide collateral when you secure an installment loan. Those loans are available if you have valuables that may help you secure a higher-dollar loan, but you can take out an installment or payday loan without any collateral.

Which Loan Is Best for You?

Before deciding what type of loan is best for your needs, read the terms of service for each option through your chosen lender. Think honestly about your ability to repay the loan, the amount you need to borrow, and what you will do with the money. If you believe you need more time than one pay period, then an installment loan is probably a better option.

navidebtFormerly known as the Obama Health Care Bill, has been passed as most of us know and making medical bill assistance easier for Americans. ObamaCare is also targeting the insurance industry. This bill reforms the health care industry by expanding medicaid and medicare while creating an exchange pool that’s beneficial specifically towards the lower and middle class of America. Let’s go ahead and take the time now to discuss the pros and cons of the Obama Health Care Bill.

If you’re familiar with the new health care plan then the ObamaCare health law pretty much copies that. In a nutshell, Obama gives 30 of 44 million uninsured individual’s access to health insurance. Tens of thousands of families have already saved thousands of dollars on their medical bills just this last year. Let’s talk about how ObamaCare effects people on other aspects. With the new healthcare law there come new healthcare benefits. Let’s just say that there are way too many to count, but these newer benefits offer no annual or lifetime limits. Also, something you didn’t know, the FDA is now able to approve more generic drugs, which causes massive price reduction. For consumers, this is always a plus.

There is also a consumer protection. The new ObamaCare regulates insurance highs with what’s commonly referred to as the “Rate Hike”. Basically enacts the “80/20″ rule that forces providers to spend a minimum of 80% of their income on marketing or it must be returned as rebates to consumers. With the ObamaCare expanding medicaid to lower income individuals, 133% of the poverty level will now be able to be covered. There have also been improvements to our medicare as well. ObamaCare really caters to medicare recipients. In a nutshell they’ve basically created ‘no out of pocket’ costs for seniors. They’ve even closed the medicare drug ‘donut hole’.

Let’s talk about some of the cons of the ObamaCare Health Bill. Expect premiums to be on the horizon. The ObamaCare Bill actually aims to drive insurance costs down, but it doesn’t offer protection against state laws enacting the provision on behalf of price gouging. Therefore, premiums can rise slightly. With medicare, Obamacare is currently damaging it, by taking out nearly $720 billion dollars only to reinvest it back into the same program. It’s just a big money recycling affair. The biggest flaw of all is the cost of the ObamaCare program. It’s not very cost effective for the economy. This health bill has been prohected to cost over $1 trillion over the next decade, easily.

Dealing with these pros and cons can be difficult, and there isn’t much that can be done until ObamaCare allows provisions in late 2014 when the open exchanges from the committee occur.


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