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Advantages and Disadvantages of Bridge Loans

Advantages of Bridge Loans

Bridge loan financing comes with many advantages, some of which include:

Control when you purchase the property: With a bridge loan, you can acquire your desired property at any time since you are not bound by a lack of cash. For example, suppose you wish to purchase a property worth $100,000 and you have applied for long-term financing. You may know that the property is in great demand and the risk of someone else buying that property is high. So, what do you do in such a situation? A feasible option is to obtain bridge loan financing. You can then pay off the bridge loan once your long-term loan is approved.
Get Funds Before Property Sale: If you are trying to sell your property, but you are in urgent need of cash, a bridge loan is a good option in this situation. Typically, it will take several months to sell your existing property. This can be quite frustrating if you need to free up cash in the short-term. In such situations, you can take a bridge loan so that you can meet your financial needs prior to the sale. Ultimately, once your previous property does sell, you can use the proceeds to pay off the bridge loan.
Temporary Loan: A bridge loan is a temporary loan, typically spanning less than a year. Generally, your existing sellable asset acts as collateral for you to secure your loan, and it is paid off as soon as the asset is sold.
No Monthly Repayment: When you take a bridge loan, some lenders may not require the loan to be repaid in monthly installments, but will only ask for repayment once the asset has been sold. This can be extremely beneficial if you do not wish to bear the financial burden of making monthly payments.
Disadvantages of Bridge Loans

Just as there are advantages to budge loans, there may be some disadvantages, depending on the borrower’s particular situation. You should consider them when deciding whether to use a bridge loan or not. Some disadvantages include:

Higher Interest Rates: You may have to pay a higher interest rate for bridge loans. Since these loans are provided in anticipation of future cash inflow, there is higher risk. As such, the interest charged for bridge loans tend to be on the higher side.
The reduced sale price of existing property: If your existing piece of real estate doesn’t sell as quickly or at the price you expected, you may find yourself in the position of having to slash the price in order to satisfy your obligation to pay off the bridge loan. In a sense, you are hedging your bets that your collateral will sell at the rate you had initially anticipated.
One important tip: If you are looking for a lender offering bridge loan financing in Maryland, then ensure that the lender has been in the business for a long time and has positive reviews and testimonials from previous and existing customers.

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Yo-Yo Auto Financing: Don’t end up as a Dealer’s Puppet

Yo-yos are not only for kids. Sometimes, you can also get tangled up in the string!

What is Yo-Yo Auto Financing?

Buying a car is a stressful experience for those with bad credit scores. And when dealers hand the keys over, just to snatch them back again, it feels like a joke. A joke called yo-yo auto financing. It can be explained in one line: Dealers turn shoppers into buyers just to give them two options at the end: pay more for the car or give it back.

A dealer permits a bad credit car buyer to take possession of the car before the financing process is complete. Few people call it ‘spot delivery’ as the dealer sells the car to the buyer on the spot. After a short period of time, when the financing falters, he calls the buyer back to the dealership. Then, the dealer demands a high rate of interest and a high down payment.

How does the Dealer trap you?

Under yo-yo auto financing, the dealer tries to trap you. As your credit score is bad, you choose to fall prey to yo-yo auto financing. The dealer cancels the negotiated deal and offers you a worse deal. He plays different tactics which are stated as under:

>>He may threaten to repossess the car and destroy your credit score.
>>He may claim that your credit score is worse than you thought (even when you have a decent credit score).
>>He may claim that the lender has disagreed to the original terms.

The bottom line is that the dealer can change the terms of your original contract and force you into agreeing to the new terms.

Precaution is better than cure. Start saving today for your dream car. It is better to pay in cash for your car. Make payments towards your unpaid loans to improve your credit score. Buy a used car instead of a new one to ensure an affordable car purchase.

And if you still need financing remember these tips:

>>Visit the dealer and finish the auto financing process before finalizing the car.
>> Choose a reliable dealer or opt for online auto loans.
>>Shop around for the auto loan from a reputed bank or a credit union.
>>Shop for reliable and affordable used cars.
>>Don’t be drawn to dealership lot signs that say “Bad Credit? No Worries!”

Yo-yo auto financing shows the vulnerability of bad credit car buyers. So when you visit the dealership lot, it is important to understand the contract terms. Don’t make the final decision under the dealer’s pressure. The dealer will try to use you as a puppet by playing different tactics. But, you can act smart and avoid getting caught in the lies. Wait until your credit score improves. Buy an affordable used car today and save money for buying your new car in the future.

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Most Useful Charging Elecrtronics

Charging has become a vital part of our daily lives and this is because we own lots of devices that are wireless and have their own power supplies like batteries. However, when devices don’t have a constant supply of power, it means that they’re able to run out of power too. That is why many of the devices that we do have today require recharging so the batteries are able to run without a constant power source supplying them to function.

With that said, as important as charging is to us, not many people realize just how important charging really is because there are so many different charging electronics on the market and most of the time the go-to charging electronic is simply a USB wall charger. That is a mistake though because there are quite a lot of different charging electronics that are just as useful as a USB charger or more useful than a USB charger.

Here some of the most useful type of charging electronics currently out on the market.

Power Banks

Power banks are also known as portable chargers are devices that have their own batteries and use their own power sources to provide power to devices such as smartphones and tablets. There are lots of different power banks on the market that are able to suit different people’s needs.

First off, the power capacity of a power bank is most likely the first part that you’re going to need to take a look at when you’re purchasing one. This is because depending on what the power capacity is, a power bank may only be able to charge your smartphone once or it can charge multiple times with a single charge. Also, it’s important to know that the power capacity and the size of a power bank are both practically directly correlated. So the higher the power capacity, then the larger the size of the power bank will be; and lower the power capacity, then the size of the charger will be smaller.

Of course, most people prefer the size of their power bank to be small simply because it’s a lot easier to hold the charger in your hand and also some power bank is so small that you can place them into your pocket.

Also, as we said before, there are lots of different types of power banks, and so it be vital to read power bank reviews. Some of these can range from ones that are able to charge laptops, power appliances and some of them are Rugged ones. Rugged power banks are tough enough that they can withstand the drops onto hard ground and most of them are even waterproof.

Power banks are the best charging solution for when you’re on-the-go and won’t be near a stable source of power for quite awhile.

Surge Protectors with USB Ports

Surge protectors are highly useful multiple appliances at once because they have lots AC outlets. With that said, most of the time we use a USB wall charger with one of the AC outlets that a Surge Protector has and that results in a loss of an AC Outlet that otherwise could have been used for another purpose. Not only is that a problem, but USB charger designed that they’re able to block other AC Outlets that surround the one that they’re plugged into.

That is why there are Surge Protectors that have their own charging ports. Surge protectors that have their own charging ports are a great innovation because it means that you no longer have to use a USB wall charger with your Surge Protectors since there’s basically one already built into it.

In addition to the charging ports, there can be quite a lot of charging ports that are built in. Some Surge protectors are able to have 6 charging ports built right into them, which basically means that there’s 6 port USB charger available to use. Along with the multiple charging ports, the use of special tech like Quick Charge is very prevalent as you’re able to charge compatible devices with the tech at their max charging speeds.

Solar Chargers

Solar energy is a growing source of power and for good reasons too, since it’s always going to be available to use. When it comes to charging, Solar energy is very useful because there are Solar chargers that make charging quite easy.

Solar chargers use multiple large Solar panels that are able to take Solar rays from the sun or even normal light from lightbulbs and convert that light into energy and that energy is able to charge your devices such as smartphones and tablets. The reason Solar chargers are so helpful is because of just how large the Solar Panels are that are used. So you can either lay the Solar charger flat on the ground, have the Solar panels facing up and they’re able to take in a lot of Solar power. Another option of carrying around a Solar charger is by placing it on a backpack.

Placing a Solar charger on a backpack is among the best ways to use it because most Solar chargers have lots of lanyard holes that allow you to hook the charger onto your backpack and have the Solar charger facing outwards. By doing so, you’re able to harness lots of power while you’re moving around, and you can charge your devices while you’re hiking or camping out in the wilderness. So Solar chargers may not be the most useful for everyday usages but they’re very useful for those Outdoor exploring times.

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