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Benefits of Keeping Your Proof of Income

12/17/2021 Katie James Finance Leave a comment

Many people are hesitant to keep their stubs for income, even with helpful sites. But there are many benefits of keeping your proof of income. For one, it’s always nice to have a physical copy rather than just relying on the confirmation email you received from the company. Plus, if something happens with your account, you will have all of your information readily available. Below are the benefits of keeping proof of your income.

Protects Your Information

A benefit of keeping your proof of income is that it protects you from potential identity theft. Anyone who has access to this form can see how much money you make. The information could put a target on your back if criminals want to steal your financial information or use a fake check against you. Thanks to the technology in today’s world, identity theft can happen to anyone, so it’s essential to take the necessary steps to protect yourself.

Allows Easy Access

You can easily access it whenever you need or want it. It is excellent for providing proof of income for a loan or other financial transaction. Since the stubs have a specific date, there is no confusion about providing enough evidence.

You don’t need to worry about losing your pay stubs in a drawer somewhere because it is easy to access them from anywhere. They can also be easily shared with someone using an email or other electronic device for transmission.

Helps During Emergencies

Having proof of income is great to have in case of an emergency. For example, if you need to make an appointment with the doctor or dentist but do not have any money on hand.

Having proof of income will help them understand your situation, and they can work something out for payment options.

Comes in Handy When Being Audited by IRS

If you get audited by the federal tax agency, you must provide your pay stubs. It’s best to keep them in order and organized for quick access when the time comes. If you do not have any proof of income, they can automatically assume it’s fraud. It could result in a penalty fee on top of what you owe already, which could be quite costly.

Overall, there are many benefits of keeping your proof of income. It’s a great way to protect yourself from identity theft, have quick and easy access to it when you need it most, helps during emergencies, and come in handy if audited by the IRS. Make sure to keep them in a safe place and organized so you can find them quickly when needed.

Three Factors to Consider Before Choosing an Insurance

11/07/2018 Katie James Finance

We need insurance for many purposes: retirement, education, auto-protection, legal liability, medical care, real estates, etc. Each of those insurance types functions differently from one to another. They also have unique terms and agreements.

However, good insurance companies all share the same characteristics. Learn about them in detail below.

Automatization and Accessibility

Although human interaction seems to be the most convenient option, this facility has two significant flaws: slow and not available for 24/7. A chatbot, on the other hand, can respond to customers anytime.

In the past, chatbot technology was not preferable due to its limitation. Today, with the AI (Artificial Intelligence) development, you will hardly notice the difference between a person and chatbot, unless you communicate verbally.

You should choose an insurance company that appears to be confident in their assistance. Being overwhelmed by the clients, and being unable to attend to inquiries are two signs of incompetence. Seek another insurance company instead!

The Company’s Reputation

Before you go to an insurance company and buy their policies, you should Google the company first. What you must be looking for are the related published issues. Your local authority should have had a financial ombudsman that watches all of the existing financial companies (including insurance companies) in your country. You should visit their site and investigate whether you target insurance has maintained a decent reputation in the business.

If you hear rumors, you should not dismiss them immediately because there might be some truth to them. Instead, you have to do a bit of Google search and see if the rumors have legit backgrounds.

If your premium is substantial, you should consult a law firm to ask whether your decision to trust a particular insurance company has been the right decision or not. Lawyers commonly have vast networks. And spending some bucks on their professional evaluations will be worth the information.

The Scalability of the Services

A good insurance company will value your loyalty toward them. The longer you use their service, the more privileges they will grant to you. This model of business is termed as a scalable business. The company does not offer their clients with only one type of service but several all at once.

On your side, as a client, a scalable insurance policy prevents your loyalty from being wasted. Moreover, some types of risk protection are meant to be scalable depending on the time and environment. For instance, let’s imagine you have bought a car, but you are not planning to travel interstates with it in the near future. In that case, compensation money is more important than legal liability protection. You may not need that feature now, but later in the future, you will.

How to Choose the Best Consumer Loan Lender

08/24/2018 Katie James Finance

A consumer loan is the most preferable when a person needs to improve a home. The consumer loan would act just like any other personal loan. When you go for the consumer loan, you need to be very careful. Otherwise, the loan will end up being a sunk cost. You need to have personal considerations before you apply for the loan.

Figure out what your needs are and approximate the required amount to borrow. The lender is another factor to consider, and you need to find a person or financial institution that has qualities that can favor you.

Always shop around

You need to spend some time comparing the loan lenders in your region before you make a final decision. Ensure that you have a checklist of the factors you want the loan lenders to have. The results you get will narrow down your list to the best option.

Shopping around needs at least three to four weeks. You need to check as much information as you can so that you can make the right decision. Involve the loan lenders in an interview and ask questions for clarification on the application process and the kind of loans.

Check out for the fees

You need to ask for the lender’s fees and charge structure. Compare the fees of different loan lenders and apply to the lender who offers the lowest fee. Different lenders offer different fees for making mistakes or delaying your payments for the loan.

In some instances, you might delay making payments for your loan, and you will be forced to pay some fee. You need to look for a loan lender whose late payment fee is low.

Consider loan terms

You have to check on the terms and conditions of applying for the loan. Take your time understanding these terms before you make mistakes. Different loan lenders have different Check if you can adhere to the terms of the loans from the loan lender.

Focus on the loan requirements; is it fixed or variable interest rate? Find out handful details of every loan that you need to apply for.

Loan amount

Different lenders have a different amount of money to lend. However, you should not borrow a lot of money just because you the lender offers more money. You need to know your needs and the exact amount of money you need to borrow from the loan lender.

It costs more when you borrow a huge sum of money than spending money you have saved up. You need to borrow the amount you lack, avoid unnecessary extra loans.

Legitimacy

When you are choosing a loan lender, confirm the legitimacy. Not every lender is legitimate; you have to investigate if there are brokers involved. Do research online and see if the customers are having problems with the lender. You need to watch out for fraud, always make verifications on sensitive information to ensure that the loan lender is genuine.