scams Archives - Hanover Mortgages

November 24, 2021

Accredited Debt Relief Review

You’ll also need to stop using credit cards or drawing on that line of credit. This will help the debt relief program negotiators build your case.
For people who are drowning in credit card debt and dodging phone calls from creditors, it’s easy to feel trapped. Helpless.
Accredited Debt Relief is working with him on a debt-settlement plan and has been negotiating his credit card balances down by 50%.
Source: thepennyhoarder.com
How long this process takes varies, but the average person enrolled in the program is debt-free within two to four years.
If you have at least ,000 in unsecured debt, meaning there’s nothing your lenders can repossess, such as a car, this debt relief company can help. You can get help paying off payday loans, credit card debt, medical bills, personal loans and other unsecured loans — student loans are excluded.

So, What Is Accredited Debt Relief?

An Accredited Debt Relief debt specialist reviews each person’s individual situation — the initial consultation is free — and figures out the best path out of debt, whether that’s a debt settlement or one of their debt-relief programs.
Ready to stop worrying about money?
He bought and started remodeling a duplex in Olympia, Washington. To save money, he tried doing it himself with a home renovation loan, but he still ended up owing tens of thousands of dollars to his Home Depot and Lowe’s credit cards.
By the time he reached out to Accredited Debt Relief in late 2019, he was ,000 in the hole.
Get the Penny Hoarder Daily “That’s how I got into this spot,” he says. “It wasn’t that we were out buying Gucci or designer threads or anything like that. I was just trying to do right by my family.”
Then, the negotiators will work with the creditors to secure a settlement, a lump sum that’s less than the owed amount. That’s how they save people money. Once you approve the deal, you’ll pay the settlement out of your savings account.
The only other requirement for Accredited Debt Relief’s debt consolidation program is a stable source of income. You’ll need to consistently make your monthly payments in order to qualify for their debt relief options.
Accredited Debt Relief generally works with people who owe more than ,000. The idea is to help people out of debt without declaring bankruptcy.
The truth is, many Americans are in the same predicament. But there are ways out, including debt relief.
When Smith retired from the U.S. Army after 21 years, he was ready to try something different, so the married father of three got into real estate investing.

Pros and Cons of Accredited Debt Relief’s Service

Like what you learned in this Accredited Debt Relief review? It takes less than a minute to sign up for a free initial consultation.

Pros:

They work with a wide variety of unsecured debt: medical bills, payday loans, debts owed to credit card companies and much more.
Accredited Debt Relief’s clients get out of debt in 46 months on average.
They offer free consultations on debt relief.
They have an A+ rating from the Better Business Bureau and are accredited by the American Fair Credit Council.
Debt settlement with Accredited Debt Relief may be as low as 50% of what you originally owed.

Cons:

Secured debts and student loans aren’t eligible for Accredited Debt Relief’s program.
You’ll need to owe at least $10,000 in order to qualify for debt relief.
It’s not available in every state.
Not everyone qualifies for a debt settlement.

Frequently Asked Questions

Is this a debt-settlement program?

Take Kerry Smith, for instance. He was a Green Beret who did four combat tours in Iraq and four more in Afghanistan. He fought terrorists and insurgents, dodged grenades and roadside bombs.

What if a creditor won’t work with Accredited Debt Relief?

After he retired from the Army due to combat wounds, Smith, now 42, tried his hand at real estate. But he got overwhelmed with ,000 worth of debt from deals that went south.

How much will a debt-relief program cost me?

Accredited Debt Relief doesn’t directly service the following states: CT, DE, GA, HI, IL, KS, ME, ND, NH, NJ, OR, OH, RI, SC, VT, WA, WV and WY.

How This Green Beret is Saving $700 a Month on His Debts

If you or someone you know is in serious debt, Accredited Debt Relief deserves serious consideration. If you qualify, it can help turn finances around and help you reclaim your life from debt.
There’s a lot to like about Accredited Debt Relief’s service, but why should you go with them instead of one of the other debt relief companies? Check out the pros and cons of this service, compared to other debt relief companies, to see why you should pick their pathway out of serious debt:
Looking for help, he found a debt relief company called Accredited Debt Relief. He was wary of scams and ripoffs, but he decided to give it a try because of its A-plus rating from the Better Business Bureau.
Still, it’s worth it for Smith and his family and is a huge relief. He’s making his monthly debt payments to Accredited Debt Relief instead of his creditors, which leaves him more money to take care of his family.
Your monthly payments won’t go to any creditor that declines to work with you on debt settlement. Many other debt-relief companies ask for payment before an agreement is reached.
Yes, Accredited Debt Relief’s certified debt specialists will work with your creditors to negotiate a lower amount on the debt you owe.
Fees range from 15% to 25% of the debt you owe. Accredited Debt Relief won’t charge you until after you’ve been enrolled in the debt settlement program and your creditors have come to terms.
The company charges for its services. For debt settlement, it typically charges 18% to 25% of the total debt, which is standard in the industry.
This debt-relief program is all about setting people up for future success. That’s why it’ll have you open a savings account in your name that you’ll control. That’s where you’ll send monthly deposits that’ll go toward paying off your debts.
While Accredited Debt Relief can help consolidate your debt into a single monthly payment, their debt relief services don’t require a good credit score or personal loans.
They’ll explain all the options and spell out a strategy for lowering your payments and maximizing savings.
“I started missing payments, and then it was a massive snowball,” he says. “It was just a maelstrom of different things in my life.”

Getting Started With a Free Consultation

In this Accredited Debt Relief review, you’ll find out how this company works and why this retired vet has been floored by how much of a difference it’s making.

Everyone’s debt is unique, and paying it off involves a lot of strategy.
Privacy Policy
“I give them 0 a month, which is 0 less than I was paying before,” he says. “We haven’t been getting any more phone calls from creditors — which is nice.”
Accredited Debt Relief creates custom debt consolidation plans for people who have serious debt and have trouble making payments. The company works with each client to create a personalized repayment plan.
If you meet the basic requirements, you could notice your credit score start to rise after you start making consistent payments through Accredited Debt Relief. <!–

–>

Accredited Debt Relief’s reviews are overwhelmingly positive, and the numbers don’t lie — this company has a track record of getting people out of serious debt in just a few years.

November 17, 2021

What Are P2P Transfers & How To Use Them

One of the most popular forms of electronic payment, peer-to-peer transfers (also known as P2P payments) give you the ability to send money to friends and family right from your mobile device. To make these payments, all you need is to download a money transfer app like Venmo or Paypal and then link your bank account or credit or debit card to it.

Here’s a closer look at exactly how these apps work, what fees may be involved, and how to use them safely.

What Is a P2P Payment?

Previously, if you wanted to share the cost of dinner with a friend or split bills with roommates, you would need to get cash at an ATM or write out a personal check, options that aren’t always quick or convenient.

With a P2P payment, you can send money to a friend with just a few clicks on your mobile device. For traditional P2P apps, both parties need to have an account with the transfer service in order to make the transaction.

For example, if you want to use Venmo to repay a friend for the coffee they bought you this morning, that person would also need to have a Venmo account to receive that payment.

Typically, a P2P account is attached to your bank account. Some P2P platforms, however, allow customers to link their P2P accounts to a debit card or even a credit card, though it may involve additional fees.

Many traditional, commercial banks are also getting in on the online money transfer game, offering services like Zelle to make it easier for customers to transfer money to one another instantaneously.

Recommended: How to Transfer Money From One Bank to Another

How Do P2P Transfers Work?

One of the biggest draws of P2P money transfers is how quickly and easily a payment can be initiated and transferred. These apps remove the need to share any personal financial information with the other party, and allow funds to be exchanged between different banks smoothly, often with no or very low fees.

Overview of the P2P Transfer Process

Say that you want to send money to your sister for your mother’s birthday present. Depending on the type of P2P service you use, you’ll follow some variation of these basic steps.

Creating a P2P Account. You will need to download a P2P app and then sign up for an account. In order to send money to your sister, you’ll both need to have an account with the same money transfer service.

Linking your bank account to your P2P account. Some P2P services have the ability to hold funds, but they generally must be linked to a primary bank account, credit card or a debit card in order to be fully operational. This is how the account will pull any funds needed to make a payment. To link your checking account, you may need your checking and routing number (which appear at the bottom of a check). Some P2P transfer services may only need your bank log-in information. Others may allow you to set up extra verification measures.

Searching for a user to transfer funds to. To send money to your sister, you’ll need to find her on the P2P platform. You can typically search by username, email address, or a phone number. Her photo may also appear within the profiles that you find, which will also help you ensure you’ve found the correct account. In most cases you will be able to add her account as a contact or “friend” in your account.

Initiating a transfer. Your sister can request a payment from you, or you can initiate the payment yourself. This requires choosing the option to send funds, entering a dollar amount, and then clicking submit. If you’ve enabled additional security measures on your account, you may need to enter a PIN that gets texted to you as well.

You may also have the option to add a description or “memo” to your transaction. Some P2P services, like PayPal, require this information so that they can charge a fee for business-related transactions. Others offer the option to act as a personal ledger should you need it in the future.

Waiting for the transfer to complete. When money is sent from one customer to another, it moves in the form of an electronic package safeguarded with multiple layers of data encryption. This makes it hard for hackers to access the data within the transfer while it is in motion. Similarly, data encryption keeps your money and account information safe.

Once the data set reaches its destination, it is decoded and deposited as currency, and your sister may receive any combination of text, email, or other alerts when the transfer is complete.

Transferring the funds into the payee’s bank account. When a transfer is complete, the funds may be deposited directly into your sister’s bank account. Or, they may go into an account created for her by the P2P service. Funds received into P2P user accounts can then be transferred into traditional bank accounts at little to no cost.

If your sister receives funds into her P2P account and decides to leave them in the account, she can use that account balance the next time she needs to pay someone. Depending on the vendor, she may also be able to use her P2P account to purchase your mom’s birthday gift.

How Long Do P2P Transfers Take?

The general rule of thumb for P2P services is to allow one to three business days for a transfer to complete. That’s because standard bank transfers use the ACH (or Automated Clearing House) system, which can take a day or two to complete.

Some apps offer instant transfers for a small fee, often around 1.5 percent of the overall transfer amount.

Are P2P Money Transfers Safe?

Any time your bank account, credit, or debit card information is online, there is a chance that someone can get a hold of it, and P2Ps are no different. While all major money transfer companies encrypt your financial information, no P2P system is totally impervious to hacks and scams.

The good news is that major financial services typically do all they can to keep information safe, and both the P2P services and your bank are likely adept at dealing with any issues of fraud. Still, it can be important to read each company’s security policy to make sure you’re comfortable with their tactics before agreeing to use that service.

There are also additional measures you can take to make sure that your account remains secure. For example, you may be able to set up two-factor authentication (which might involve typing in a unique pin number that is texted to your phone for each transaction) and also elect to receive notifications each time there’s a transaction posted on your account, enabling you to spot fraud right away if it were to happen.

You may also want to take care when you type in a recipient’s email address, phone number, or name. A typo could lead to the money going to the wrong person. It can be wise to always double-check your recipient’s information before you send a payment.

How Do Peer-to-Peer Transfer Companies Make Money?

P2P transactions are largely offered for free, which may beg the question of how the companies that offer these services stay in business. Here are two major ways they may generate income.

Account Fees

Typically, you can make P2P payments from a linked bank account or straight from the P2P account for free. If you want an instant transfer, or you are transferring money using a credit card or from depositing checks into your P2P account, there may be a fee involved.

Business Fees

P2P platforms aren’t just for consumers — they are used by businesses as well. Companies can create business profiles on P2P platforms and give their customers an additional payment option for their goods and services.

Compared to the free transactions that standard user profiles offer, business profiles are generally subject to a seller transaction fee for each customer purchase. Venmo, for instance, charges a fee of 1.9 percent, plus 10 cents for each transaction.

What Are the Benefits of P2P Money Transfers?

There are three main benefits to using online money transfer services.

• They’re fast. Depending on the service, P2P money transfers can be deposited fairly quickly. Most service providers provide same-day transfers between user accounts, as well as bank transfers that take just a few business days.

• They’re cheap. When exchanging money between friends and family, P2P money transfers are often free. There may be a small fee, however, If you want an instant bank transfer, are using a credit card instead of a bank account, are making a transfer above a certain dollar amount, are conducting a high volume of transfers, or are using the service for a business transaction.

• They’re easy. P2P transfers eliminate the need to make trips to the ATM or a local bank branch to get cash. They also eliminate the need to get out your checkbook, write a check and then mail it to someone. A P2P transfer online makes moving money within your network as easy as can be. All you need is a mobile device, the app, and cell service or WiFi.

Recommended: 8 Ways to Pay Your Friends Without Cash

The Takeaway

Peer to Peer (or P2P) payment apps facilitate mobile money transactions. You can use them in place of cash or writing a check when you want to give friends or family money, whether it’s to cover your portion of a dinner bill or split the cost of a vacation rental. Some businesses also accept this form of payment.

All you need to make a P2P transfer is a mobile device, an internet connection, and your P2P app, which you must link to your bank account or credit card. Typically, P2P transfer services require that both parties have accounts with their service in order to make a transaction.

Customers with a SoFi Money® cash management account, however, can send money to any person, anywhere, even if that person doesn’t have a SoFi Money account. If the person does happen to be a member of SoFi Money, the transfer will happen instantaneously.

Find out how quick and easy it is to make P2P transfers with SoFi Money.

SoFi Money®
SoFi Money is a cash management account, which is a brokerage product, offered by SoFi Securities LLC, member FINRA / SIPC . Neither SoFi nor its affiliates is a bank. SoFi Money Debit Card issued by The Bancorp Bank.
SoFi has partnered with Allpoint to provide consumers with ATM access at any of the 55,000+ ATMs within the Allpoint network. Consumers will not be charged a fee when using an in-network ATM, however, third party fees incurred when using out-of-network ATMs are not subject to reimbursement. SoFi’s ATM policies are subject to change at our discretion at any time.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Source: sofi.com

November 4, 2021

Financial Planning for Elderly Parents: 3 Talks to Have ASAP

Let’s be honest: It can be awkward for adult children to talk about money with their parents. Especially if you haven’t done it much before.

But avoiding the money talk, especially as our parents age and their needs change, can lead to a host of financial problems down the road.

These talks are tough — but they’re also really important. Getting the conversation going early on — before a crisis strikes — and in a natural way can do a lot in helping your family plan its financial future.

3 Financial Planning Conversations to Have With Your Parents

It isn’t all about money. There are many issues adult children might want to discuss with their parents, including long-term care, housing, and splitting assets and responsibilities.

Consider the time, place and people you want involved in these talks. Depending on your relationship, you might want to schedule a specific time to discuss money with your mom or dad.

Or it might be easier to casually bring up the topic in a non-pressurized environment, like when you and Mom are putting the dishes away after Thanksgiving dinner.

When you talk, consider having a one-on-one convo to start. Involving other family members or spouses might make the situation stressful or derail the talk entirely.

“Every family dynamic is different,” said Marcy Keckler, vice president of financial advice strategy for Ameriprise Financial. “But in general, if the parents are talking with just their own children, that family dynamic is going to be potentially a little bit simpler.”

1. What’s Your Money Situation Look Like?

Your parents might be great at managing their money. Or maybe they used to be, but now, you’re not so sure.

As our parents age, they may struggle to keep a handle on their personal finances. Bills can get overlooked. Taxes might not get paid on time. Simple forgetfulness can lead to major financial headaches, and our cognitive abilities naturally decline with age.

Older adults may also be more susceptible to fraud and scams. Bad actors target the elderly in higher numbers and the elderly are more likely to fall for these deceptive tricks.

This can wreak havoc on your parent’s finances — and you may not realize what’s going on until it’s too late.

You don’t need to know specific dollar amounts at first to launch a meaningful conversation.

For example, you could ask Mom or Dad to give you access to their online accounts — just to keep an eye out for unusual credit card charges or to help streamline monthly bill paying by getting all their accounts online and enrolled in autopay.

Later, if you need to get more hands-on with managing their finances, the transition feels easier and more natural.

If your parents are still healthy and capable, encourage them to create a file or notebook with their essential financial information, including their bank account number, the location of any safe-deposit boxes, investment account passwords, the phone number of their accountant and credit card details.

If they seem reluctant, let them know you’re coming from a sincere place and just want to help out if an emergency arises. If they went into the hospital, who would make sure the bills got paid on time?

If your parent’s mental capabilities are waning due to dementia or following a stroke, it’s wise to consult an elder law attorney.

This professional can help guide you through important steps like putting a health care proxy in place and naming a durable power of attorney. They can also give you advice on the best ways to manage your elderly parent’s financial affairs.

2. Who Will Handle Long-Term Care?

Another difficult topic is long-term care planning.

This discussion is about more than money. It involves figuring out where your parents will live in the future and who will take care of them.

Discuss the type of care your parent wants if it becomes too difficult for him or her to live independently.

Most older adults want to age in place in their own homes for as long as possible with the help of family members and home health aides. Others may eventually require 24/7 care in a nursing home or assisted living facility. Learn about your parent’s preferences and talk to them about how much each option could cost.

It can be challenging, but listen to your parents and hear them out. Don’t start the conversation just to impose your own viewpoint and opinions.

It’s hard to think about becoming incapacitated, and older people often struggle to cope with emerging limitations, disabilities and failing health.

They might feel like they’re losing their independence, especially if they’re having trouble performing activities of daily living. Patience and compassion can go a long way in these conversations.

If your parents are still young and in relatively good health, buying a long-term care policy could save your family a lot of money down the road. However, the price of a policy could be cost-prohibitive if your parents are older or in failing health.

You may want your parents to live with you as their health declines, but remember, you’ll likely need to buy equipment or modify your home to safely accommodate them.

Or you may need to consider hiring a part-time health care professional to help out. Find out what long-term home health care services Medicare covers and what assistance you may need to pay for out-of-pocket.

It’s always important to consider what will happen if your other parent or their current spouse dies first. If your dad always helped your mom with grocery shopping or drove her to her doctor’s appointments, who will take on these responsibilities if he passes away?

Talk With Your Siblings

If you have siblings, it’s important to get on the same page with them.

A child who lives nearby may turn into the de facto caregiver — even if they don’t want or can’t handle the responsibility. A child who lives far away can feel excluded from important decisions or guilty for not helping out more.

It’s important to talk about any imbalances, Keckler said. Siblings often have their own financial and family obligations to contend with, so dividing everything equally isn’t always an option. One might be able to pay for more than another.

Acknowledging this can help.

“Give each other credit for different types of support and care for the parents,” Keckler advised. “I think if siblings can make sure that they acknowledge the contributions of each other, that can be one way to ease sources of tension.”

A sibling with limited financial resources who lives far away can still help take care of Mom or Dad in other ways.

For example, handling online banking, paying bills, ordering household supplies or scheduling appointments can be a huge help, and these tasks can be done remotely with relatively little effort.

A family of four take a selfie together. — Getty Images

3. Are Important Estate Planning Documents in Place?

As our parents age, it’s essential to make sure estate planning documents are in place, especially a will.

A will, sometimes called a last will and testament, spells out who receives your assets after you die. If your parent dies without one, the state decides who receives their house, car and other belongings.

In most states, assets are passed along to the next of kin, starting with the spouse, then children, parents, siblings and so on.

If your parent recently remarried, their spouse will likely inherit everything. This may or may not be what your parent wants. People often assume their children will get the house or the fishing boat, but if they’re still married and don’t have a will, that’s not the case.

Family dynamics are complex and dying without a will can unearth the ugliest side of human nature. It can leave loved ones confused and disappointed at best and locked in hostile litigation at worst.

It’s best to avoid the mess by having an open dialogue with your parents now.

First, ask if they even have a will. If they do, find out where it is and the last time it was updated.

You can create a simple will online, but most experts recommend having a lawyer draft one up. It may cost a few hundred dollars, but the money is well worth it, especially if your parent has multiple assets, owns a business, has a complex financial situation or has a blended family.

If changes need to be made to a will or an estate plan, go with your parents to an attorney and finalize any revisions. Don’t let your parent make the changes themselves by writing over their will or typing up a new one without getting it notarized. Doing so can invalidate the entire document.

Many states offer legal aid resources for the elderly or qualifying low-income individuals.

To save money, ask for estimates from lawyers and get quotes from a few different firms. Always make sure to take advantage of free consultations.

Ask About Power of Attorney and Living Wills, Too

A lawyer can also help you draft other important estate planning documents, including a power of attorney, advanced directive and a living will. These documents appoint someone to manage your parent’s affairs if they become incapacitated. They also describe the end-of-life health care your parent wants — or doesn’t want — to receive.

The Health Insurance Portability and Accountability Act (HIPAA) restricts who can have access to private health care information, so signing papers that allow you to access your parents’ health documents is important.

Keckler recommends having a power of attorney and living will on file at hospitals and doctor offices where your parents might go, as well as keeping copies for yourself.

Make Sure Beneficiary Designations are Up to Date

It’s also essential to ask your parents if they have any life insurance policies in place. Insurance can help pay for long-term care, final expenses and burial costs.

Things like life insurance policies, 401(k) accounts, annuities, pensions and brokerage accounts come with their own beneficiary designations. People often forget to update these documents over time, which can cause headaches, heartache and hardship after someone passes away.

For example, your father may still have his ex-wife listed as the beneficiary of his Roth IRA — even though they’ve been divorced for a decade.

Even if you’re listed as your dad’s primary beneficiary on his will, the IRA may still pass directly to his ex-wife.

Check to make sure these documents are up to date and contain your parents’ current wishes.

How to Start the Conversation

These conversations aren’t easy, but they don’t need to be divisive either. Making sure everyone feels valued and heard is key.

It’s important not to wait until something forces these issues to start the conversation.

Keckler suggests finding a natural catalyst to bring up the topic like:

Saying you just had a meeting with your financial planner and think you should have one as a family.
Talking about a friend who is dealing with a family crisis. Let your parents know you want to avoid that kind of strife by sitting down for an open dialogue about money and the future.
Tell your parent that you recently set up a meeting with a lawyer to draft your own will. Ask if they’ve done any estate planning, and if so, what was the process like.
Write your thoughts up in an email or letter ahead of time. People communicate differently. It might be easier to guide a conversation or describe how you feel if you write it down first and share it with your parents before you sit down to talk.

Before the actual conversation, figure out what your goals and priorities are. What should you talk about now and what can wait?

Other advice:

Keep the conversation going: Schedule regular times to talk about these issues.
Define roles and responsibilities: Each sibling might be able to help in different ways. Talking about expectations and roles can diffuse tension.
Listen: Keep an open mind and be patient. Money is hard to talk about.

Involving an objective third-party is another way to break the ice. A financial planner can help facilitate the conversation because they have experience and know the most important topics to discuss.

“Families who have done this report it went better than they thought it would and they felt more financially confident,” Keckler said. “Overcoming your apprehensions and getting started is a great first step and you’ll be glad that you did.”

Tiffani Sherman is a Florida-based freelance reporter with more than 25 years of experience writing about finance, health, travel and other topics. Senior writer Rachel Christian contributed to this report.

<!–

–>

Source: thepennyhoarder.com

October 30, 2021

How to Mine Dogecoin 2021

After the price gains that Dogecoin (DOGE) has seen over the past year, the cryptocurrency has drawn interest from traders, investors, and those who want to mine it. Mining DOGE requires less computing power than some other crypto currencies, like Bitcoin.

Here’s what you need to know about mining Dogecoin:

Basics of Crypto Mining

Here’s a quick, simplified rundown on crypto basics and how the mining process works.

• Blockchain networks are the highways on which cryptocurrencies travel.

• A blockchain is a type of distributed ledger technology (DLT).

• The computers, called “nodes,” maintain the blockchain network.

• Some nodes, called “miners,” can add new blocks of transactions to the network.

• Miners solve complex mathematical problems to process transactions and achieve consensus on the network, ensuring everyone agrees on the validity of transactions.

Mining crypto is like mining for gold in that the process requires time, equipment, and energy. But unlike gold mining, computers do all the work in crypto mining.

A Brief History of Dogecoin

Developers Billy Marcus and Jackson Palmer launched Dogecoin as a fun way for people to learn about cryptocurrency. The meme coin traded at a price of a tiny fraction of a penny, so people could send it to each other for fun while learning how to use crypto wallets.

Dogecoin began in 2014 as a joke. Based on a famous meme of a Shiba Inu dog with grammatically incorrect phrases surrounding it like “much style,” “very fashion,” or simply “wow,” DOGE had almost no real value for several years.

In 2018, the altcoin reached more than $0.01 as cryptocurrency began to go mainstream for the first time. The price of DOGE then crashed and stagnated for several years. Then, in 2021, Dogecoin reached record highs around $0.70 before crashing down to about $0.24 at the time of writing.

DOGE is currently the #10 largest cryptocurrency by market cap. You don’t have to mine Dogecoin in order to acquire it. You could also purchase it on an exchange, or use a Dogecoin faucet.

What is Dogecoin Mining?

Mining Dogecoin involves running powerful computers known as nodes that process transactions for the network. In exchange for this work, miners receive block rewards of newly minted DOGE.

A new block of transactions is mined approximately every minute on the Dogecoin network. The block reward is 10,000 DOGE, or about $2,000 currently. Unlike Bitcoin, which releases fewer coins over time, there is no limit on how many Dogecoin miners can ultimately find.

How to Start Mining Dogecoin

There are several things you’ll want to consider before you begin mining Dogecoin.

Requirements Before You Get Started

The requirements before getting started include:

• Basic personal computer knowledge

• Familiarity with cryptocurrency wallets

• A reliable source of electricity

• A desktop or laptop computer with Windows, Mac OSx, or Linux

• A DOGE wallet

Running mining software can take a lot of CPU power, so the computer being used for the job probably won’t be much good for anything else while the miners are up and running.

Both the miners and the computer running them will need to be plugged in almost 24/7 for maximum profits. Miners can also generate substantial amounts of heat. This is something worth keeping in mind, as you may need additional fans or other cooling equipment.

Solo vs Pool: Dogecoin Mining

Miners will need to decide whether they want to mine solo or with a pool. The benefit of mining solo is that 100% of the block reward will go directly to you. But it could be weeks or months before you find a block because there is so much competition.

Most miners choose to join a mining pool. Pool miners receive rewards in proportion to the amount of hashing power they contribute. However, they also have to pay a small fee in exchange for using the pool.

Those who are new to mining might find using a pool to be the best option.

Dogecoin Mining Hardware

While it could be possible to mine DOGE with your computer’s CPU, it could damage the device due to overheating and might not be very profitable.

Instead, you might consider either a GPU (graphic processing unit) or a Scrypt ASICs (application-specific integrated circuits), which is a device specifically created to mine cryptocurrency.

The prices of these types of hardware vary, but a low-end GPU might cost around $400. Scrypt ASICs, which are used to mine Scrypt-based coins like Litecoin and Dogecoin, can cost anywhere from $700 to $17,000 or more.

A single desktop or laptop computer can run numerous mining machines.

Dogecoin Mining Software

Once you’ve chosen a mining pool, and obtained the necessary hardware, the final step in mining Dogecoin is setting up the appropriate software.

Make sure the mining software is compatible with the mining hardware you’ve chosen.

Once you’ve connected your hardware to the computer that will run the software, you connect the pool with your crypto wallet, where it will deposit your Dogecoins. The pool owners and software developers have instructions for that on their websites.

Some mining software options include programs like CudaMiner, CGMiner, or EasyMiner. CudaMiner is only for GPUs while CGMiner and EasyMiner work with either GPUs or ASICs.

Dogecoin Cloud Mining

If you opt to mine through the cloud, you won’t need physical hardware or software. This mining option simply involves buying a contract for a certain amount of hashing power over a certain amount of time. In essence, you’re renting computing power from someone else.

Be careful though, there have been many cloud mining scams over the years.

Recommended: What is Bitcoin Cloud Mining?

Is Dogecoin Mining Worth It?

Mining Dogecoin may or may not be worth it depending on several factors.

The most important variable in any mining profitability equation is the cost of electricity. Having access to low-cost electricity can make mining much more profitable. Renewable energy sources like solar and hydroelectric are popular among miners for this reason.

If figuring out how to mine Dogecoin, acquiring the needed hardware, and accessing affordable electricity don’t seem like difficult hurdles to conquer, then Dogecoin mining could be worth it.

The other big factor is, of course, the price of DOGE in relation to a miner’s local fiat currency or in relation to Bitcoin (when Bitcoin goes up or down, many altcoins tend to follow).

Dogecoin mining could also be an interesting way to learn about cryptocurrency mining in general. Using smaller miners that don’t take much electricity, you might choose to mine some DOGE for the learning experience. This is commonly referred to as “hobby mining.” Hobby mining generally isn’t profitable unless the coin being mined happens to see a huge price spike at just the right time.

Recommended: Is Crypto Mining Still Profitable in 2021?

How to Sell Your Mined Dogecoin

Unless you’re planning to HODL your Dogecoin, you’ll likely want to sell you DOGE after you’ve mined it. Selling DOGE requires using a crypto exchange. You can choose from a number of centralized or decentralized exchanges.

After getting set up on an exchange, find the public key address (also known as a deposit address) for your DOGE wallet. This is the address you will need to send the mined Dogecoins to in order to sell them.

Once the coins have arrived on the exchange, you can trade them for the currency of your choice. That could be U.S. dollars, a stablecoin like USDC, or Bitcoin, for example.

The Takeaway

You don’t have to be a tech genius to mine Dogecoin. But having some previous experience with computers and crypto will be an advantage. The process also requires a substantial investment required in terms of time and money to get started.

There’s an easier way to acquire Dogecoin. Simply buying cryptocurrency that has already been mined can be faster and cheaper than mining. An easy way to do that is via the SoFi Invest® crypto trading platform, where users can trade Dogecoin and several other popular cryptocurrencies.

Photo credit: iStock/Aleksandr Zotov

SoFi Invest®
The information provided is not meant to provide investment or financial advice. Investment decisions should be based on an individual’s specific financial needs, goals and risk profile. SoFi can’t guarantee future financial performance. Advisory services offered through SoFi Wealth, LLC. SoFi Securities, LLC, member FINRA / SIPC . SoFi Invest refers to the three investment and trading platforms operated by Social Finance, Inc. and its affiliates (described below). Individual customer accounts may be subject to the terms applicable to one or more of the platforms below.
1) Automated Investing—The Automated Investing platform is owned by SoFi Wealth LLC, an SEC Registered Investment Advisor (“Sofi Wealth“). Brokerage services are provided to SoFi Wealth LLC by SoFi Securities LLC, an affiliated SEC registered broker dealer and member FINRA/SIPC, (“Sofi Securities).

2) Active Investing—The Active Investing platform is owned by SoFi Securities LLC. Clearing and custody of all securities are provided by APEX Clearing Corporation.

3) Cryptocurrency is offered by SoFi Digital Assets, LLC, a FinCEN registered Money Service Business.

For additional disclosures related to the SoFi Invest platforms described above, including state licensure of Sofi Digital Assets, LLC, please visit www.sofi.com/legal.
Neither the Investment Advisor Representatives of SoFi Wealth, nor the Registered Representatives of SoFi Securities are compensated for the sale of any product or service sold through any SoFi Invest platform. Information related to lending products contained herein should not be construed as an offer or pre-qualification for any loan product offered by SoFi Lending Corp and/or its affiliates.
Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , and the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments. Limitations apply to trading certain crypto assets and may not be available to residents of all states.
SOIN0721285

Source: sofi.com

October 25, 2021

Sell Your Gold Safely for a Fair Price

You’ve got some gold you want to sell. Some of your late aunt’s jewelry, maybe. Or your grandpa’s coin collection. Some old earrings that don’t have partners anymore. Or a really hideous bracelet you never wear. You could use the cash much more than the knotted lump of old chains in your jewelry box. But selling gold can be intimidating.

We’re sure you’ve seen the signs promising quick cash for gold. What about an online buyer? Maybe you got a mail solicitation. Authorities warn about ripoffs, and knowing how to get a fair price in a volatile market is a challenge. But if you have some gold jewelry or coins or other gold you would rather cash in, there are ways to sell it safely and for the best price.

The key to this transaction is your comfort level and trust that the person you’re selling to is reputable. So one of the first rules is to do your research and shop around.

Pandemic Affects Consumer Gold Sales

More and more consumers are looking to sell gold items, according to Gary Smith, past international president of the American Society of Appraisers (ASA), even if gold prices aren’t particularly high right now. Part of the reason for the heightened interest in selling? It’s a bit dark: The high number of deaths from COVID-19 has left survivors to sell property owned by their deceased relatives, Smith said.

Also, people facing financial hardship because of the pandemic are looking to sell gold and other items. “People have actually come into our facility with very low-value jewelry,” said Smith, who owns PA Gem Lab in Montoursville, PA. “They need money and they’re willing to sell grandpa’s class ring. It is a sad state and people are hurting.”

With all this need, scams abound, according to Smith. So it’s wise to be cautious when selling your gold and jewelry. As with most things, knowledge is your key to success.

Before Selling Your Gold, Talk to an Appraiser

The first step, Smith said, is to talk to an appraiser. Smith pointed to the ASA, as well as the National Association of Jewelry Appraisers and the Appraisers Association of America as the major organizations in this area. In addition, he said there’s an organization for retailers called the American Gem Society.

Appraisers who belong to one of these organizations must abide by strict codes of conduct and ethics, Smith said. All three of these outfits maintain databases on their websites where you can find an appraiser near you. For a small fee — perhaps as low as $20 — one of these independent appraisers can give you a quick assessment of what you have and what it should fetch, along with whether a piece of jewelry has intrinsic value beyond the gold weight and if the gems are real.

That should be enough, Smith said, to give consumers what they need to know to sell their items for a fair price. A seller shouldn’t need an expensive, written appraisal, such as might be required for insurance coverage.

“Most appraisers are pretty lenient that way,” Smith said. “We’re here to help and from ASA’s standpoint, we’re here to educate the general public.” Appraisers, he said, “want people to get value for their money.”

Shop Around Before Selling Your Gold

Amanda Gizzi, spokesperson for jeweler trade organization Jewelers of America, says that getting more than one offer and selling to a reputable purchaser are important steps to selling gold and jewelry safely for a fair price.

“Shopping around is a good way to understand the average price you can expect,” Gizzi said. “If you can find a jeweler that you like to buy jewelry from, you may find you get a higher amount if you use the money toward another jewelry purchase.”
Kate Mars, who lives in Arlington, Virginia, went by recommendations from people she trusted when she sold jewelry and a coin collection from a safe deposit box left when her father died.

Through the estate lawyer, she found a coin dealer in nearby Frederick, Maryland, where the dealer gave Mars a “sense of security” as he went through her books of coins and told her what had value.

The jewelry had been appraised for the estate and none of it was particularly valuable, Mars said. She took that to a jewelry store that was recommended to her — and that had been in business for a long time. “The people were nice,” she said. “They looked everything up…Even if I could have made a few more bucks (going somewhere else), I am happy with the experience.”

They also helped by providing the documentation she needed as executor of her father’s estate. And note that for everyone selling gold or jewelry, getting a good receipt should be part of the process. It should include all the details of the transaction, including the name and address of the buyer, the date of the sale and the weight, fineness, prices and names of all precious metals involved.

How Much Do You Get for Selling Gold?

A variety of sources online, such as kitco.com, will give you the spot price of gold. Don’t expect to get that amount, though, for old jewelry or coins. For one thing, those are wholesale values, and you are selling to a middleman, who is going to need to make a profit when he resells your property.
Smith, the past international president of the American Society of Appraisers said some places that post signs offering to buy gold pay just 40 to 45% of the value. Pawn shops may pay just 20%. So what’s a fair value? Consumers should sell to someone who will pay 65 to 88% of the value of an item, according to Smith.

Why can’t you get more? There are several reasons. For one, businesses that buy gold are usually required by state law to hold onto items for a set number of days before selling them, Smith said. This can be a gamble because of the volatility of gold prices. The purchaser of your gold also will likely sell to a refiner or to a middleman who sells to refiners. The gold will pass through two or three sets of hands before it is ultimately sold for its value.

“Gold jewelry isn’t always very heavy, so the price that something was purchased for will not be the same as what you sell it back for,” Gizzi said. “Remember, the retailer that buys the gold, has to process it, clean it, and oftentimes melt it down to make it into something else before they can resell it.”

Another important variable that will affect price is the gold’s purity, measured in karats. Pure gold — think bullion bars — is 24 karat. But pure gold is soft, so it’s usually mixed with other metals to make it harder and more durable such as when used in jewelry.

The karat measurement tells you how much pure gold is in the piece. The proportions of pure gold and other metals will add up to 24. So, if your jewelry is 18K, or 18 karats, that means it has 18 parts of gold plus six parts of other kinds of metal. A 10K piece of gold is 10 parts gold with 14 parts of other metals.

Should You Sell Your Gold Online?

Like with almost every other business transaction, the internet is an option for selling your gold. Ebay, for example, has a marketplace where sellers can send a photograph of their item and receive a quote — without sending in their item. Notably, their buyback partner, APMEX, only accepts bars, coins and rounds.
If you have coins or bullion, Smith said, selling the items on eBay is “better than a pawn shop.” But he prefers local in-person transactions to online sales. “Basically you know who you are dealing with,” he explained. “I guess I’m old school inasmuch as I like to deal face to face. If I don’t get that ‘warm fuzzy vibe of trust’ I go elsewhere.”

Special caution is warranted, though, if you elect to mail your items to a potential purchaser as part of an online sale. Make sure to take photographs of your items and make a list before mailing them out. Also, you should insure the package before mailing it.

Check Businesses Before Selling Your Gold

And as long as we’re discussing precautions, with potentially significant amounts of money changing hands, you want to do at least as much due diligence as if you were, say, trading in a car. In addition to professional associations and recommendations, you can check with the Better Business Bureau to find out if there are complaints against a business you’re considering, and if so, how they were resolved.

It’s smart to weigh your gold before taking it to a buyer — a kitchen or postal scale should give you a reasonable idea of the weight of your items. And make sure that when the buyer is weighing the gold, you pay attention to the procedure.

Is Selling Your Gold a Good Idea?

Is now the right time to sell? Should you wait for the price to go up, or will waiting risk losing money if the price goes down?

“Selling gold now is a good idea for those who need cash or want to use the gold to reinvest in a newer piece of jewelry,” Gizzi said. “Outdated jewelry that is broken or single earrings also make great items to sell.”

That being said, it’s possible to have regrets. “Always remember that once the piece is gone, you can rarely get it back,” Gizzi explained. “Just because a piece of jewelry is outdated, doesn’t mean that it won’t come back.”

Source: kiplinger.com

October 25, 2021

Rent-to-own vs renting: which is best for you?

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

If you’ve ever heard of the concept of rent-to-own (RTO), it probably sounds very appealing to you. After all, the biggest criticism of renting is that it feels like money down the drain. Rent-to-own seems to fix that, with your rent payments eventually counting toward your property purchase. But if rent-to-own is really as good as it looks, why aren’t more people doing it?

Keep reading for a complete breakdown of rent vs. rent-to-own to understand which option is right for you.

Rent-to-own explained

As a concept, rent-to-own is exactly what it sounds like. You sign a contract on a property stating that while you’re renting it now, you can purchase the home at the end of a specific time period.

If you buy the property, a portion of your rental payments will count toward the purchase. Rent-to-own contracts can range from a couple of months to a few years. Most contracts don’t extend past a couple of years.

There are a few critical components of the rent-to-own process that everyone should know about:

Option fee: To get into a rent-to-own contract, you typically have to pay a one-time, nonrefundable option fee. This fee is essentially a payment for getting the rent-to-own option. Typically, this fee is between 1 and 5 percent of the property’s final purchase price.
Base rent: Base rent is the monthly rental payment you and the landlord agree on. Your contract will state what portion of your rent payments will apply to your purchase. For example, if your rent is $1,500 a month, your contract might say that $500 will count toward your principal payment at the end of the contract.
Rent premium: A rent-to-own contract typically means you pay higher-than-average rent (a rent premium) for the property. Many agreements will apply the rent premium to your principal payment when it’s time for the house purchase. However, if you don’t purchase the home, you typically don’t get the collected rent premium back.

There are two main types of rent-to-own contracts: a lease-option and a lease-purchase agreement. In both cases, you sign a rent-to-own contract stating that the house purchase will be for a certain amount. In a lease-option contract, you get the option of buying the home when your contract ends.

If the agreed-upon price isn’t reflective of the current market value, you don’t like the house or you want to relocate, you can walk away. You won’t get your option fee or rent premium charges back, but you’re not expected to make the purchase.

On the other hand, a lease-purchase contract states that you’ll buy the house at the end of the contract. If the housing market went up during that time, you’re getting the house for a great price, and all is well.

However, if the housing market has fallen or you’re in a worse-off financial situation, you’re now possibly stuck buying a home.

Most people opt for the lease-option contract as it offers more flexibility.

How is rent-to-own different from renting?

The main difference between rent-to-own and renting is that you get to build equity in your home with rent-to-own. This means your rent payments—in addition to paying for your shelter—also contribute to your financial future.

Neither renting nor rent-to-own payments typically affect your credit. (Rent reporting is an option for some renters, but not all.) However, most people who choose a rent-to-own option do so because they have poor credit and can’t get a typical mortgage.

Rent-to-own buys them some time to improve their credit score so that at the end of the contract, they can qualify for a mortgage and purchase the home.

While rent-to-own is excellent in many ways, it’s not without its risks.

The potential downsides of rent-to-own agreements

If you’re considering the rent vs. rent-to-own debate, it’s essential to know the risks associated with RTO. Ultimately, you might not buy the house at the end of the contract. This could be for various reasons.

Maybe you aren’t approved for a mortgage, you don’t like the place after living in it for a while or you have a job offer in a new city. If this is the case, you’ll walk away in a worse position financially.

A rent-to-own contract charges fees and a higher rent price under the assumption that you’ll purchase the home. That option fee and rent premium were all for nothing if you don’t buy the house in the end.

Additionally, if you sign a lease-purchase agreement, you could be forced to buy a home you don’t want. Considering a home is probably the biggest purchase of your life, it’s not a situation where you want to be locked into doing something.

For more information on rent-to-own, examples of contracts, red flags to look out for and ways to shop for the best deal, download the Complete Rent-to-Own Guide for Prospective Homebuyers.

Lastly, there are rent-to-own scams you should watch out for. Popular scams include situations in which the landlord doesn’t own the home, the home has significant damage to it or the property is in foreclosure.

Founder of real estate investment firm Property Cashin, Marina Vaamonde, states, “It is very critical that every prospective buyer understands that the transfer of the property deed doesn’t occur until the closing takes place.” So, if the owner doesn’t keep up on their payments and foreclosure occurs, the rent-to-own contract is void.

Should you rent-to-own or rent?

Which option you should choose depends on your circumstances. The type of people who should consider rent-to-own instead of renting are:

Those who want to test out homeownership
Those with poor credit or without significant savings
Those who want their monthly payments to go toward building home equity
Those with low incomes

If you’re considering signing a rent-to-own contract, always involve a professional real estate agent. Essentially, this is a home purchase agreement, so a Realtor can help review the contract and make sure you’re fairly represented.

You should not do rent-to-own if you want the flexibility of regular renting or you’re not interested in homeownership yet.

Make a financial plan for the future

As mentioned, many people who choose rent-to-own feel that they’re on the cusp of homeownership but they just need to save more or improve their credit. If you’re considering rent-to-own, the first step is to understand your situation.

Check your credit so you know what your options might be going forward. Can you get approved for a mortgage now? Do you think you can improve your credit in a few months or a year? If you’re too wary of rent-to-own, work on improving your credit and building your savings until you can afford a mortgage you’re comfortable with.

The credit repair specialists at Lexington Law can work with you to review your credit report to make sure it’s accurate.

Reviewed by Vince R. Mayr, Supervising Attorney of Bankruptcies at Lexington Law Firm. Written by Lexington Law.

Vince has considerable expertise in the field of bankruptcy law. He has represented clients in more than 3,000 bankruptcy matters under chapters 7, 11, 12, and 13 of the U.S. Bankruptcy Code. Vince earned his Bachelor of Science Degree in Government from the University of Maryland. His Masters of Public Administration degree was earned from Golden Gate University School of Public Administration. His Juris Doctor was earned at Golden Gate University School of Law, San Francisco, California. Vince is licensed to practice law in Arizona, Nevada, and Colorado. He is located in the Phoenix office.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Lexington Law is not an RTO company. Any content provided on this website regarding the topic of RTO is nothing more than a resource Lexington Law believes might be helpful to readers of its website. Lexington did not write this content. It was provided by a third party. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Source: lexingtonlaw.com

October 22, 2021

The Problems with Online Payday Loans and Fast Cash Lending

Life happens, which means sometimes you need cash fast, and you just don’t have it. Whether you need to pay for an emergency root canal or have unexpected home repairs, sometimes life just doesn’t wait for your next paycheck.

If you’ve spent some time researching how to access cash quickly, you might think that online payday loans are the answer. Lenders that offer payday loans typically promise you things like quick applications, no credit checks, and expedited approvals. They say you’ll get the cold hard cash you need the very next day. It’s an easy solution, and hey, what could possibly go wrong?

How Do Payday Loans Work?

Payday loans are so called because they’re meant to be paid back the next time you get a paycheck. They’re generally for small amounts, and don’t require collateral — or even necessarily a credit check — to get them.

The catch? Payday loans come at a price—and a high one, at that. They can have interest rates of more than 600%, depending on the lender you choose and which state you’re in. (Some states have stronger protective laws, including rate caps, than others.)

Such high interest rates, not to mention other associated fees, can quickly lead to situations where you end up getting behind on the loan and have to borrow more and more in order to pay it back — especially since each loan might come due in only two weeks or a month. Soon you’re in a hole so deep you might not know how to get out. It can be costly, greatly damage your credit, or even lead to bankruptcy.

How Much Does a Payday Loan Cost?

The short answer: a lot. But let’s look at an example.

Say you take out a $500 payday loan at an annual percentage rate (APR) of 300%. You would only pay that full 300% if you took a whole year to pay the loan off, because the APR is what you would be charged in interest over 12 months.

However, even if you only borrow money for one month, you’d have to pay 1/12 of 300%, which translates to 25%. Here’s where the math gets ugly: 25% of $500 is $125, which means that when your loan comes due at the end of its very short term, you’ll owe $625 — which might be pretty tough to meet, especially if you’re in a situation where you needed a payday loan in the first place.

What Is a Direct Payday Loan?

Payday loans are offered by a wide variety of vendors, but mainly, they all break down into two categories: direct payday loans and those offered through a broker.

Direct payday loans are those wherein the entire loan process, from application to funding to repayment, is all managed by the same company. Although these can be slightly better than indirect loans — which may involve multiple fees, longer funding wait times and harder-to-pin-down communication — they’re still a bad idea in general.

Why Is it Best To Avoid Payday Lending?

Other than the possibility that you can get money quickly if you have bad credit, there aren’t many benefits associated with payday loans. You’ll end up paying a significant amount in interest, and you’re usually expected to pay the money back in a very short period of time — usually not more than 90 days, but two weeks on average.

The interest on your loan can also compound daily, weekly, or monthly. This means that interest charges will start accumulating on the interest you already owe, which will inflate your loan balance even more.

Depending on how much you borrowed and your financial situation, compounding interest can make it incredibly difficult for you to pay back the loan. Many times borrowers end up taking out additional loans to pay off the payday loan, which can lock them into a seemingly endless cycle of debt.

You’re also unlikely to be able to borrow a large amount of money because payday and fast cash loan lenders typically have low maximum borrowing amounts.

Just to twist the knife, you won’t even be building your credit if you do manage to pay the loan back on time, because most of these lenders don’t report your behavior back to credit bureaus. In contrast, above-board lenders will report back to credit bureaus when you’re paying your bills on time and in full, and that can boost your credit score.

What Are Some Alternatives to Payday Loans?

While in an ideal world, you’d avoid any kind of consumer debt, sometimes it’s simply unavoidable. Still, there are financially favorable alternatives to consider before you sign up for a dangerous payday loan.

Paycheck Advance

The best kind of money to borrow is money you’ve already earned. While not every employer offers it, a paycheck advance can be a relatively low-risk way to fund last-minute emergencies. An advance on your paycheck basically means getting paid earlier than you normally would, with the balance deducted from your future paycheck.

But tread carefully: many employers offer paycheck advances through apps and platforms that may assess a one-time fee, or even charge interest. While the rates may not be as astronomical as payday loan rates, it’s still worth taking a second look at the paperwork to ensure you understand what you’re signing up for ahead of time.

Debt Settlement

Another option is debt settlement, which is where you offer a creditor a lump sum payment on a delinquent debt — a lump sum that often ends up being far less than the original amount you owed.

However, doing this does require some negotiating, and sometimes even some legal know-how, which is why many people seek the help of professional debt settlement companies. This, too, is tricky, because scams abound, and some debt settlement companies may try to charge exorbitant fees to “eliminate your debt,” all without actually doing any work on your behalf. The FTC has more information on debt settlement and how to look for a reliable firm, if you choose to go this route.

Personal Loans

Many personal loans are unsecured loans — meaning no collateral is involved — that can be used to pay for just about anything. And although they tend to have higher interest rates than secured loans, like mortgages or auto loans, those rates are still much lower than payday loans.

With its lower interest rate and longer term, a personal loan will likely cost you less money than a payday loan in the long run. And some online personal loan lenders can process your application quickly and even get you the money you need in a matter of days.

Unlike payday loans, you have to go through a credit check to qualify for a personal loan. However, if you have a steady income and meet the lender’s eligibility requirements, you’re likely to qualify for a lower interest rate than you would if you used an online payday loan.

Your repayment timeline may probably be much less stressful if you opt for a personal loan rather than a payday loan. Personal loans come with the option of longer terms — a few years instead of a few months.

And because you can pay your loan off over a longer term, your monthly payments might be more manageable than a payday loan. There also tend to be fewer fees attached to personal loans, and you might be able to borrow more because personal loans have higher loan maximums.

Personal loans aren’t much more difficult to apply for than payday or fast cash loans. You can typically get pre-qualified online by answering a few questions about your income, financial history, and occupation.

The Takeaway

Of course, it’s always important to repay debts on time and in full to avoid late fees and exorbitant interest charges, but a personal loan is generally more manageable than a payday loan would be.

If you need cash fast, but you want to borrow money from a reputable lender without risking out-of-control interest payments, a SoFi personal loan might be right for you. Learn more today.

SoFi Loan Products
SoFi loans are originated by SoFi Lending Corp. or an affiliate (dba SoFi), a lender licensed by the Department of Financial Protection and Innovation under the California Financing Law, license # 6054612; NMLS # 1121636 . For additional product-specific legal and licensing information, see SoFi.com/legal.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. A hard credit pull, which may impact your credit score, is required if you apply for a SoFi product after being pre-qualified.
External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
PL18140

Source: sofi.com

October 17, 2021

What Is a Dogecoin Faucet? Where Can I Access One?

A Dogecoin faucet is an app or website that gives out DOGE (pronounced DOHJE) in exchange for completing simple tasks.

So how do faucets work? How do you find them? And are there any risks associated with using faucets? We will answer questions like these in this article.

What is a Dogecoin Faucet?

The name “faucet” reflects the fact that the rewards are very small, as if they were drops of water dripping from a faucet.

Free Dogecoin faucets send a few DOGE, usually one or two Dogecoins, to a user’s crypto wallet. To claim these rewards, users often have to perform a task like:

• Watch product videos

• View advertisements

• Complete a captcha

• Solve a puzzle

In exchange for these tasks, users could be rewarded with Dogecoins.

Why Were Dogecoin Faucets Created?

Crypto faucets have their roots in the very early days of cryptocurrency.

When Bitcoin was only a few years old, 1 BTC was worth less than a penny. Some early adopters took it upon themselves to create new, fun ways to spread the word about crypto.

Among them, developer Gavin Andresen believed in the future of Bitcoin and came up with a way for more people to learn about cryptocurrency. His idea was to give away free Bitcoins in exchange for completing Captchas.

The first Bitcoin faucet ever created paid out 5 BTC in exchange for the simple task of clicking images. Again, this was at a time when one Bitcoin was worth less than a penny. Today, 5 BTC would be worth about $250,000.

Over time, faucets for popular altcoins sprang up as well. When software engineers Billy Marcus and Jackson Palmer launched DOGE in 2014, DOGE faucets quickly sprang up for what was originally a joke currency. DOGE is a good fit for a faucet considering it has very low fees and was worth a tiny fraction of a penny when it was first created. Since it’s an uncapped currency, it’s also unlikely that the price will go up dramatically in the future.

How to Use a Dogecoin Faucet

The only things required are a computer with internet access and a Dogecoin wallet. Many popular crypto exchanges and their mobile apps support DOGE, providing users with a DOGE wallet.

A Dogecoin faucet, also known in the DOGE community as a “water bowl,” will ask users to enter their wallet address (also known as a public key). This is a necessary step so that the faucet knows where to send coins. If a user enters the wrong address, they won’t receive any rewards.

After entering the wallet address, a user must complete whatever task the faucet requires. Some faucets only require users to click a button to receive one or two free DOGE.

Note that there will be a time limit placed on how often someone can use the faucet. For example, the same person might only be able to use the faucet once a day or once every several hours. This prevents individuals from spamming the faucet and draining it of all its coins.

Keep in mind that faucet rewards are very small, and as the price of a coin rises, the rewards get even smaller in crypto terms. Using faucets is not a very efficient way to start building a crypto portfolio.

Are There Any Risks With a Dogecoin Faucet?

A Dogecoin faucet can come with some potential risks, as anything related to investing in cryptocurrency generally does.

Phishing scams have utilized crypto faucets in the past, seeking user information that they later use to target individuals for exploitation like identity theft or other crimes.

That’s why before using a faucet, you should first check to make sure it has a legitimate reputation. If there have been complaints from users in the past, it might be wise to consider looking for a different faucet.

It can be helpful to look at the website that hosts the faucet. A true faucet only has a single webpage with one function: to distribute coins. This only requires a place for people to enter their wallet address and a button to click, usually with a Captcha underneath it.

This feature should be the main attraction of the site. There might be some images of dogs or a variation of the Doge meme, and maybe some FAQs or other commentary. But if a “faucet” site has more than that, the odds of it being some sort of scam go up dramatically.

There’s also the risk that Dogecoin faucet users will be bombarded with advertisements and ad-tracking cookies in their browsers. Because most faucets are free, they tend to commoditize user’s time and traffic.

Finally, the high volatility of DOGE makes it a risky investment, no matter whether you’re getting it via a faucet or some other route. Some detractors have even compared DOGE to a pump-and-dump scheme.

Can I Mine Dogecoin?

Most cryptocurrencies can be mined by almost anyone.

Without getting into all the details, mining Dogecoin involves running powerful computers known as miners that process network transactions. In exchange for this work, miners receive block rewards of fresh Dogecoins. A new block of transactions is mined about once every minute on the Dogecoin network. The reward for each block is 10,000 DOGE, or about $2,500 currently.

Mining DOGE can be done alone or in a pool. For most people, it’s easier and more profitable to mine as part of a pool.

Recommended: What is a Dogecoin Mining Pool?

Anyone who wants to start mining Dogecoin will have to answer several questions, especially the following:

• Will you mine solo or join a mining pool?

• What mining hardware will you use?

• What mining software will you use?

The Takeaway

You can find Dogecoin faucets through a simple search online or using a directory like this one . Be careful though, as some sites could use the allure of a Dogecoin faucet to trick people into giving up sensitive information. You should only need to enter your Doge wallet.

However, there are easier and more effective ways to start trading crypto. One of them is by opening an account on the SoFi Invest® brokerage platform. SoFi Invest allows you to trade Bitcoin, Dogecoin, Bitcoin, Ethereum, Cardano, and other types of cryptocurrency from your phone.

Photo credit:iStock/Ksenia Raykova

Source: sofi.com

October 13, 2021

A Guide to Unclaimed Scholarships and Grants

Maybe you’ve heard that billions of dollars’ worth of scholarships and grants go unclaimed every year. Unfortunately, some money is, yes, left on the table each year, but billions in merit- and need-based aid are claimed.

Of the federal government’s annual budget of $32 billion for student grants, $2 billion is unclaimed, according to researchers at EducationData.org.

The beauty of scholarships and grants is that you almost never need to pay them back. Who doesn’t love gifts? But acquiring them will take at least a little effort.

Two Types of Aid to Lay Claim To

Financial aid can be need-based or merit-based.

Need-Based Aid

Federal need-based aid is determined by the expected family contribution, as calculated by the Free Application for Federal Student Aid (FAFSA®).

The Pell Grant, the Department of Education’s biggest grant program, is geared toward students who demonstrate significant financial need, but the total cost of attendance at a particular college also plays a role.

It doesn’t get much better than grants for college, like snagging a Pell Grant as high as $6,495 for the 2021-2022 award year.

It has been estimated that more than $2 billion in annual Pell Grant money goes unclaimed, but applying for the Pell is simple: by filling out the FAFSA®. In fact, schools must determine a student’s Pell Grant eligibility before calculating eligibility for other federal student aid programs, according to the National Association of Student Financial Aid Administrators.

Any student who could use even a little college financial aid has nothing to lose by filling out the FAFSA. And even if you are not eligible for federal aid, realize that most states and schools use FAFSA information to award non-federal aid.

FAFSA information will also determine whether a student qualifies for federal work-study, when undergraduate and graduate students with financial need are given part-time jobs.

Some private colleges and universities will also want students to fill out the CSS Profile, which determines eligibility for institutional awards and grants.

Merit Aid

Merit scholarships are awarded by colleges, employers, individuals, businesses, nonprofits, states, religious groups, and professional and social organizations to academic or athletic achievers, as most of us are aware, but merit aid also may be determined by community involvement; level of dedication to a field of study; race; gender; teacher recommendations; and other criteria.

The awards are not based on financial need.

The biggest source of “free money”? Colleges, according to a recent College Board Trends in Student Aid Report. Thanks to competition to attract students , nearly every college and university in the country offers merit-based aid in some form.

So it could be worth researching different schools’ merit aid offerings.

To sniff out unclaimed private scholarships like a truffle hunter, you could start by thinking about all the ways you have, well, merit; making lists of opportunities and eligibility criteria; and pursuing only the scholarships you’re best qualified for.

There are all kinds of scholarship search sites out there, from BigFuture to Unigo. (Be aware of sweepstakes on some sites that masquerade as scholarships.)

The Department of Education recommends the following tactics to find scholarships:

• Talk to your high school counselor.

• Use the Department of Labor’s scholarship search tool to sort more than 8,000 opportunities for student aid.

• Inquire at the financial aid office at your college of choice.

• See if your employer or your parents’ employers offer assistance.

• Head to your local library’s reference section.

• Look for scholarships offered by foundations, religious or community organizations, local businesses, or civic groups, as well as organizations (including professional associations) related to your field of interest.

Why Would Any Scholarships Go Unclaimed?

So is it true there are obscure scholarships left unclaimed? There is no database that can give precise answers, but it makes sense that when specific parameters exist around a particular scholarship, fewer students will qualify.

For example, scholarships exist for North Korean refugees who are permanently living in the United States. Applicants must have been born in North Korea or the child of someone born in North Korea.

Let’s say you don’t fit those parameters. Other unusual opportunities include the following:

• If you dazzle your friends with your ability to make prom outfits using only duct tape, then you could win a $10,000 Stuck at Prom scholarship . Seriously.

• Or maybe you have the best plan ever to survive the zombie apocalypse. If so, you could apply for the Zombie Apocalypse Scholarship ($2,000).

• If you live in the Phoenix area, you’re a tall graduating senior, and, if you’re a finalist, you’re game for being interviewed and measured for the chance to gain all of $250, you could stand up to the challenge of the CATS Tall Club program.

Keeping an Eye Out for Scholarship Scams

Plenty of scholarship and grant money is out there waiting to be claimed. Unfortunately, though, there are also financial aid scams , including scholarships that aren’t legitimate. The Department of Education offers tips to protect yourself, including:

• Know that you don’t need to pay to find scholarships or any other form of financial aid.

• Check information about scholarship offers at a public library and/or online.

• Talk to the financial aid department at your college of choice to verify legitimacy.

Also, before students begin a search, they may want to be aware of “scholarships” that are actually sweepstakes because their information may be sold to third parties.

The Takeaway

Finding unclaimed scholarships and grants — free money — is the ideal way to fund college. To cover all costs, many students will then need to take out federal student loans, and some will turn to private student loans.

Although private student loans do not carry the benefits and protections of federal student loans, they can fill gaps when you’ve considered all of your federal grant and loan options but your expenses still exceed your means.

SoFi offers private student loans with competitive rates, flexible repayment options, and no fees.

It takes just three minutes to check your rate.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
External Websites: The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Third Party Brand Mentions: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.
SOSL18237

Source: sofi.com

October 2, 2021

Are Banking Apps Safe? We Show you How to Tell

Source: thepennyhoarder.com
Many banks and fintechs are proud of their apps, so they will often tell you everything you need to know about their apps on their websites. If they don’t provide info up front and simply tell you to download their app — be wary. It could be a fake and one of the internet’s biggest threats, financially speaking.
It’s also a good idea to make sure that you have an insurance policy in place to help cover your assets in case your information does get compromised and you fall victim to a scam. While it is another expense, it can help you recover in a timely manner from a major financial loss This has people wondering about the safety of banking apps. To answer this question, you have to know if the app you are downloading is selling your data. While you may be downloading apps to your computer, it’s more likely you are using them on your mobile device. Mobile banking is convenient and now pervasive.

Are Banking Apps Safe?

So you didn’t read the terms and conditions or the privacy policy and don’t really know much about mobile banking security. Fortunately, there are some clear steps that you can take in order to protect your personal data from prying eyes:
However, there are malicious people willing to pay for your information to carry out subsequent scams . For stress-free banking, keep these tips in mind the next time that you go to download a fintech app to ensure that you are being conscientious about who you share your most private information with.
In fact, according to recent research conducted by Freshbooks, 1 in 10 adults in the United States fell prey to COVID scams last year, costing a collective 0 million.
You’ll also have to confirm your identity according to the settings that you establish, usually in the form of a text message sent to your phone with a one-time code that has an expiration date. If your banking app does not offer at least two-factor authentication to protect sensitive information, you should reconsider.

Most Apps Track Your Data

Even if your banking app is with a reputable bank and you are taking every precaution to keep your personal data safe, your money could still become compromised. There is a certain malware that can be hidden in the code of apps that have nothing to do with banking at all.
If you get a warning that says the network you are on is not a secure network, then you should be concerned that others might be able to watch your online actions — including finding out personal details that can be used to gain access to your social media, email, and fintech apps.
In fact, according to recent surveys 50% of Gen Z adults start investing before the age of 25 due to the increase in availability of investing apps. And then there is an entire fleet of crypto trading apps as well.
New York contributor Kiara Taylor specializes in financial literacy and financial technology subjects. She is a corporate financial analyst who also leads a group affiliated with University of Cincinnati that teaches financial literacy to Black students and helps them secure employment and internships.

6 Ways to Ensure Safe Online and Mobile Banking

COVID scams have become a much larger threat due to the fact that they can be realistic looking (especially phishing emails), while also employing urgent language and fear tactics. Most will also eventually either ask you to share your banking information or financial details, or if opened, will run malware that will compromise your financial security on your device. Some of these scams were tied to stimulus money provided by the government to offset job loss and other financial hardships due to the pandemic.

1. Only Download Verified Banking Apps

Many apps will ask users if they want to allow notifications for various types of activity on accounts. If you receive a lot of payments or make several purchases it might seem like all these notifications do is clog up your inbox, but these notifications can play a significant role in detecting potential fraudulent activity on your accounts.
It’s annoying to have what seems like millions of distinct logins for a variety of accounts. But, having a strong password is successful at keeping fraudulent activity at bay. To take it a step further, don’t ask your browser to save your passwords for you. Instead, use a password manager that keeps your passwords secure through encryption.

2. Use Two-Factor or Multifactor Authentication

Interest in financial technology (fintech) apps and online banking is growing as fewer people are visiting brick and mortar banks to access their bank accounts.
More people are mobile banking than ever, even if it’s just to check a balance. More than 75% of Americans use a mobile device to see how much they have in their bank account. This has a lot to do with social distancing because of the pandemic and the convenience of banking on the go, but it also has a lot to do with the rapid development of fintech apps that can perform a number of financial transactions.

3. Actually, Use a Strong Password

Using two-factor or multi-factor authentication can help keep your money secure in case your login info gets into the wrong hands. These authentication processes require more than just your username and password and help the company and you deal with cybersecurity issues.

4. Avoid Public WiFi When Possible

Instead of going to the bank to make deposits, open accounts or make payments, people are using fintech apps that have the technology to bring the bank to the palms of their hands. While there are some risks involved with downloading free apps and software, mobile banking and fintech apps are generally safe, as long as you make sure they are from a reputable source.
What you need to know is that 80% of apps track and store your data for a variety of reasons. If this personal information was passed on to a scammer, then you could be victimized or risk a security breach.

5. Set Up Alerts or Push Notifications

You work hard for your money, so it’s crucial that you make sure you are using desktop or mobile banking apps that protect your data.
These sideload apps downloaded from unofficial sources could be carrying a malicious program that hides in the background on your device and waits for you to open a banking app. The malware then creates a fake overlay mimicking your app’s login page where it then steals usernames and a password after it is entered. So become aware of the different landing screens that your banking app uses so that you can spot a potential fake and avoid this kind of attack.

6. Be Mindful of Other Apps You’re Downloading

Using public WiFi is convenient, however, you shouldn’t use it to check your bank account or conduct other financial business if you can avoid it. Mobile banking is our way of life, but don’t take security risks.
Needless to say, ensuring your favorite mobile banking app is kept secure against hackers is crucial. Let’s discuss how to achieve that.
Cybersecurity experts agree that mobile banking is both convenient and safe, but consumers need to take precautions. You may not think that someone could be spying on your mobile banking activity, but potential vulnerabilities in code and encryption methods used by popular fintechs can happen. It’s also possible that network vulnerabilities, like your WiFi connection, can leave your device open for others to exploit.

In Conclusion

A real fintech app will have detailed information about its features, operating systems required, and whether or not your money is FDIC insured. Make sure to use a reliable app store and never download an app that you found on an open forum or from a text message.
In today’s digital economic environment, understanding data privacy policies and having an awareness of potential threats is becoming essential to protecting your consumer information and keeping it out of the wrong hands. Could that mobile banking app that has made your life easier, be harboring danger? It’s really up to you to understand as much as you can about online security.

While identity theft is on the rise, that’s not all you have to worry about. Most of the time when apps sell your data to third parties, the information is used to adjust their marketing algorithms and understand more about their audience, especially mobile banking habits.
Across all generations, people are changing how they interact with their banks. Online banking started years ago but use of banking apps has accelerated since March 2020, the start of lockdowns and social distancing because of the pandemic.
For example, if you receive a notification that your card was used to make a purchase while you’re at home on the couch then you know someone has your banking info and you can address it with your bank ASAP.