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Digital Currency - Cashless Society and Future of Money

  What can replace cash? Due to lots of innovation in this 21st century, nothing seems impossible around the globe. Reality is in front of us, as money will strip off its tangibility and cryptocurrency will appear out as individual units for virtual exchange. This requirement can be fulfilled with the help of Internet, iPhone or any Android-Gadget. Cashless transactions are practiced globally. Various countries like India, Sweden, and Belgium etc... have taken a back step from paper currency. Sweden has an objective to become the first country in terms of cashless economy. Two years ago, demonetization took place in India and most of the population in Belgium does their payment through cards or mobile phone apps. Even, there is a creation of law to limit the cash transactions up to a certain amount. The capability of digital currency Exchange There is a great opportunity for everyone to invest in tokens. The waves related to Cryptocurrency may give an allowance to receive the tokens w

How Personal Loans Can Save You Money

Debts are usually seen as the opposite of saving money, but contrary to this notion, debts can actually help you save money. One such debt is a personal loan. It may seem strange to you, but here are some ways in which a personal loan can actually help you save some money.

1. Lower Fees

The fees you will need to pay on a personal loan are lower than the charges you would be required to pay on a bank overdraft charge. This can be as much as $100 or $200 dollars less and we are talking about the charges for just one overdraft. You could find yourself paying as much as $35 for each purchase or overdraft you make on your account. A personal loan can cost as much as $600 less than it would it cost you to make three purchases on an overdrawn account.

Personal loans are handy for situations such as having to get your car back from the tow yard. Leaving it there overnight would be more costly than taking out a personal loan to get it back as quickly as possible. When you get a personal loan instead making a purchase on an overdrawn account, and for quickly clearing a bill that could accumulate quickly, you are saving yourself some money.

2. Pay Off Bad Debts

Personal loans are also a viable option for clearing bad debts that continue to grow because you are unable to meet the payments. By quickly obtaining and using a personal loan to pay off this debt you would have gotten rid of the climbing surplus. Imagine leaving a debt that attracts a 12% interest rate increase plus late fees each time you default for another 6 months because you find it difficult to pay up. Within just a short time you could clear that bill and save yourself the six months accumulated expense.

3. Consolidate your Loans and Make One Payment

Another manner in which you save with a personal loan is by bringing all your loans under one umbrella and paying them off, leaving you with just one repayment to make. When you add up all the fees and interest rates you are likely paying on multiple debts (both big and small), you will find that you are actually making huge payments that could easily be avoided if you opt to pay just one debt. Note the interest rate along with the late fee charges that you have to pay each time you default.

Now imagine paying off all those bills so that you no longer have to deal with mounting interest rates and/or the mounting expense. Now you can focus on just one monthly payment. Pay day loans are short term loans, and when you maintain the payments, your credit score will continue to rise. This allows you the dual benefit of saving and improving your credit score. A good credit score can also save you from high interest rates, so there too you will experience some savings.

Peter Coppola is a personal finance and insurance expert. He mainly writes for personal finance and insurance blogs. Discover more finance options like EasyFinance.com credit cards.

References:

http://personalmoneystore.com/moneyblog/installment-loans-3-reasons-short-term-loan-2/

http://www.factent.com/archives/697

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