by: Lara Sawyer
The funds do not come only from government agencies. On the contrary, the most significant amounts come from private foundations and other non-profit institutions that want to contribute to fighting breast cancer. Eligibility for either government grants or private funding differs from grant to grant but almost any health care agency that is performing tasks related to breast cancer screening, diagnosing or treating will find a source of funds in the form of a grant if needed.
The Purpose Of These Grants
Why do private institutions and the federal government provide funding for these projects? Simple: The idea is to assign the money needed to research on this topic and support different developments that concentrate on breast cancer. The projects can focus on treatments or education or any other area provided that it is breast cancer related.
The mission is to offer to women who are medically underserved all that is needed in terms of information to avoid breast cancer whenever possible and to treat it or eliminate it if feasible. This includes education, screening, detection, treatment, medicines, hiring staff, etc. There are many costs that are related to the subject that need to be covered and these grants are meant for that.
The Amounts at Stake
All these costs are quite high and therefore much money is needed to cover for them. But contrary to common belief, these grants provide increasingly higher funds that are already significant. For instance, the higher grant amount provided by a private institution not so long ago reached almost the figure of 5,000,000 dollars and was awarded to a single institution fighting breast cancer.
What Have The Funds Been Awarded For
So far breast cancer grants from private institutions have been awarded for educational programs to reach the community and let the same community refer other community members so the information can be spread as thoroughly as possible. They have also been awarded for providing support to cancer patients, not only physically but also psychologically.
When it comes to financial assistance, these grants have been awarded not only to provide medical assistance but also for counseling, child care for those mothers that cannot take care of their children due to the illness, transportation to and from the clinic where all the procedures are performed and many other types of financial assistance that a victim of breast cancer may need.
Also, many grants where awarded not only by private institutions but also by the government for seminars on breast cancer, research and many other scientific topics that also need to be funded in order to develop new ways to address this problem that affects hundreds of thousands women across the country and world.
Thursday, January 14, 2010
The Benefits of the 15 Year Loan
by: Ki Gray
For one, you pay the loan off in half the amount of time you would with a 30 year loan. So if someone is currently 30 years old, they would pay off the loan when they are 45 instead of 60. Because it takes half the time, people frequently think that the payment on a 15 year loan is twice as much as on a 30 year loan, but this is far from the case. For instance, if we look at Compass Bank today a 30 year $160,000 loan will have a monthly payment of $1037.75. On the other hand, a 15 year loan is $1382.80 a month.
This shorter loan life translates to paying significantly less interest over the life of the loan. To figure out the interest, we take the total payments per year over the life of the loan and subtract the original amount of the loan which is 160k. So for the 30 year loan we use the formula ($1037.75 * 12 * 30yr) - $160,000 = $213,590. So you are pay a total of $213,590 in interest over the 30 years. On the other hand, for a 15 year loan using the same formula ($1382.80 * 12 * 15yr) - $160,000 = $88,904, you end up paying only $88,904 in interest, which is a 59% savings.
The details of why you pay less overall interest but somehow don't have a huge increase in monthly payments get a little involved. Since the $160,000 is amortized over 15 years, more of your monthly payment goes towards the principle amount of the loan than in a 30 year, so your next month's interest is calculated off of a smaller loan amount. For example, after 3 years, your principle balance is $154,351 on a 30 year and $138,279 for the 15 year. Since your balance is being paid down each month, your total interest is significantly less, so when you spread it out over 15 years, it will not double the 30 year monthly payment. Another factor in paying less each month is that most lenders will give you a better interest rate for a 15 year loan over a 30 year loan. In our examples, the Compass interest rates were 6.375% for a 15 year and 6.75% for a 30 year.
Are there any downsides to a 15 year loan? The biggest is probably inflation. If we went through a period of rapid inflation then for the last 15 years of the loan the payments would effectively be less because of inflation.
I am not saying everyone should get a 15 year loan. Frequently, people cannot spare the extra money per month and need to put that money into getting a larger house because of children or other needs. And I would never expect a 15 year loan to be the most prevalent mortgage used. But before picking a mortgage, it's probably a wise move to consider the 15 year mortgage and weight out its advantages.
For one, you pay the loan off in half the amount of time you would with a 30 year loan. So if someone is currently 30 years old, they would pay off the loan when they are 45 instead of 60. Because it takes half the time, people frequently think that the payment on a 15 year loan is twice as much as on a 30 year loan, but this is far from the case. For instance, if we look at Compass Bank today a 30 year $160,000 loan will have a monthly payment of $1037.75. On the other hand, a 15 year loan is $1382.80 a month.
This shorter loan life translates to paying significantly less interest over the life of the loan. To figure out the interest, we take the total payments per year over the life of the loan and subtract the original amount of the loan which is 160k. So for the 30 year loan we use the formula ($1037.75 * 12 * 30yr) - $160,000 = $213,590. So you are pay a total of $213,590 in interest over the 30 years. On the other hand, for a 15 year loan using the same formula ($1382.80 * 12 * 15yr) - $160,000 = $88,904, you end up paying only $88,904 in interest, which is a 59% savings.
The details of why you pay less overall interest but somehow don't have a huge increase in monthly payments get a little involved. Since the $160,000 is amortized over 15 years, more of your monthly payment goes towards the principle amount of the loan than in a 30 year, so your next month's interest is calculated off of a smaller loan amount. For example, after 3 years, your principle balance is $154,351 on a 30 year and $138,279 for the 15 year. Since your balance is being paid down each month, your total interest is significantly less, so when you spread it out over 15 years, it will not double the 30 year monthly payment. Another factor in paying less each month is that most lenders will give you a better interest rate for a 15 year loan over a 30 year loan. In our examples, the Compass interest rates were 6.375% for a 15 year and 6.75% for a 30 year.
Are there any downsides to a 15 year loan? The biggest is probably inflation. If we went through a period of rapid inflation then for the last 15 years of the loan the payments would effectively be less because of inflation.
I am not saying everyone should get a 15 year loan. Frequently, people cannot spare the extra money per month and need to put that money into getting a larger house because of children or other needs. And I would never expect a 15 year loan to be the most prevalent mortgage used. But before picking a mortgage, it's probably a wise move to consider the 15 year mortgage and weight out its advantages.
Invoice Factoring for Subcontractors
by: Gregg Elberg
The term 'subcontractor' means any person, partnership, or corporation engaged in building construction and who, pursuant to a subcontractor agreement, customarily furnishes labor, materials or services, for a building or structure's construction to a general contractor. The list of subcontractor categories includes: carpentry, communications, concrete, doors, drywall, electrical, environmental services, excavating, flooring, fire protection, glass, HVAC, insulation, masonry, mechanical, painting, plumbing, roofing, waterproofing and demolition.
General contractors bid on jobs to make a profit. They hire subcontractors generally with competitive bidding to make the most profit possible. This puts the subcontractor in a challenging environment. The greater the competition, all other things being equal, their bid price will determine whether or not they win the contract. This squeezes profit margins of subcontractors. Once the job begins, the subcontractor must pay for materials and labor for a considerable period of time, 30 to 60 days or more before payment is tendered for their work.
When a subcontractor factors their invoices they are selling their right to be paid from the general contractor to a commercial finance company. Factoring invoices accelerates cash flow to pay for labor and materials without waiting for the general contractor to be paid. Approximately 75% of the subcontractor's invoice will be advanced, less any retentions or setoffs. When the general contactor eventually pays the invoice the funds will go the commercial finance company. They will deduct their fees and rebate the difference to the subcontractor.
Invoice factoring for subcontractors makes economic sense when they are able to factor invoices profitably as a part of their cost of doing business. For instance, the owner of a rock quarry bid jobs to provide granite rock to highway construction general contractors with the estimated cost of financing always built into the bid. This allowed his company to grow profitably. In comparison, a painting contractor competing with many other bidders might have a gross profit margin that will not support the extra expense of the financing. Subcontractors must “do the math” before they consider entering into an accounts receivable financing contract.
Invoice factoring, which is also commonly called accounts receivable financing, is more complicated for subcontractors than factoring invoices in the manufacturing or staffing industries. First, the general contractor must agree to cooperate with the commercial finance company. And the terms of the general contractor's contract with the owner, especially public entities, might not allow the invoice factoring to occur. Every invoice to be funded must be verified by the general contractor in writing. There are also issues with mechanics lien laws. This requires subcontractors to pay their major suppliers from the advance or to obtain lien releases as a condition precedent for the advance from the commercial finance company.
Discounts from suppliers can help to offset the costs of financing. The cost of financing is the critical issue to be determined and negotiated. When a subcontractor signs an agreement to factor invoices, there is a blanket UCC-1 lien on all of their invoices. And all of their invoices and cash flow will go the commercial finance company whether or not the invoice has been “sold”. Therefore it is critical to understand and agree that the terms of the contract are reasonable and acceptable; this involves analysis of all contractual provisions besides the nominal price of the financing.
In this author's article, Financial Myths vs. Financial Facts there is an extensive discussion of the myriad ways that price may be determined. It pays to read the contract provisions carefully; the nominal price is only one consideration. How fees are determined, the term of the contract, early termination fees, what is the rate charged if there is a default or a dispute- these are just a few of the items to consider. Choice of law is another important consideration. Is the proposed contract pursuant to the law of the state you are doing business in or is it pursuant to the law of a state many thousands of miles away from your headquarters?
The bottom line: Invoice factoring for subcontractors makes sense when the cost of factoring invoices makes the entrepreneur more profitable. Reading the fine print of the contract is essential to this decision.
The term 'subcontractor' means any person, partnership, or corporation engaged in building construction and who, pursuant to a subcontractor agreement, customarily furnishes labor, materials or services, for a building or structure's construction to a general contractor. The list of subcontractor categories includes: carpentry, communications, concrete, doors, drywall, electrical, environmental services, excavating, flooring, fire protection, glass, HVAC, insulation, masonry, mechanical, painting, plumbing, roofing, waterproofing and demolition.
General contractors bid on jobs to make a profit. They hire subcontractors generally with competitive bidding to make the most profit possible. This puts the subcontractor in a challenging environment. The greater the competition, all other things being equal, their bid price will determine whether or not they win the contract. This squeezes profit margins of subcontractors. Once the job begins, the subcontractor must pay for materials and labor for a considerable period of time, 30 to 60 days or more before payment is tendered for their work.
When a subcontractor factors their invoices they are selling their right to be paid from the general contractor to a commercial finance company. Factoring invoices accelerates cash flow to pay for labor and materials without waiting for the general contractor to be paid. Approximately 75% of the subcontractor's invoice will be advanced, less any retentions or setoffs. When the general contactor eventually pays the invoice the funds will go the commercial finance company. They will deduct their fees and rebate the difference to the subcontractor.
Invoice factoring for subcontractors makes economic sense when they are able to factor invoices profitably as a part of their cost of doing business. For instance, the owner of a rock quarry bid jobs to provide granite rock to highway construction general contractors with the estimated cost of financing always built into the bid. This allowed his company to grow profitably. In comparison, a painting contractor competing with many other bidders might have a gross profit margin that will not support the extra expense of the financing. Subcontractors must “do the math” before they consider entering into an accounts receivable financing contract.
Invoice factoring, which is also commonly called accounts receivable financing, is more complicated for subcontractors than factoring invoices in the manufacturing or staffing industries. First, the general contractor must agree to cooperate with the commercial finance company. And the terms of the general contractor's contract with the owner, especially public entities, might not allow the invoice factoring to occur. Every invoice to be funded must be verified by the general contractor in writing. There are also issues with mechanics lien laws. This requires subcontractors to pay their major suppliers from the advance or to obtain lien releases as a condition precedent for the advance from the commercial finance company.
Discounts from suppliers can help to offset the costs of financing. The cost of financing is the critical issue to be determined and negotiated. When a subcontractor signs an agreement to factor invoices, there is a blanket UCC-1 lien on all of their invoices. And all of their invoices and cash flow will go the commercial finance company whether or not the invoice has been “sold”. Therefore it is critical to understand and agree that the terms of the contract are reasonable and acceptable; this involves analysis of all contractual provisions besides the nominal price of the financing.
In this author's article, Financial Myths vs. Financial Facts there is an extensive discussion of the myriad ways that price may be determined. It pays to read the contract provisions carefully; the nominal price is only one consideration. How fees are determined, the term of the contract, early termination fees, what is the rate charged if there is a default or a dispute- these are just a few of the items to consider. Choice of law is another important consideration. Is the proposed contract pursuant to the law of the state you are doing business in or is it pursuant to the law of a state many thousands of miles away from your headquarters?
The bottom line: Invoice factoring for subcontractors makes sense when the cost of factoring invoices makes the entrepreneur more profitable. Reading the fine print of the contract is essential to this decision.
Tuesday, January 12, 2010
Some Situations Where You Can Opt for a Fast Payday Loan
by: Apurva Shree
Payday loans or cash till payday loans are loans that lend you a small sum ranging from $100 to $1000 for a short period of time. These loans are also referred to as instant approval payday loans. This is because they do not require you to be a part of serpentine queues of people seeking loans. Since the amount borrowed as a cash advance loan is small, the processing time is also very short. In most cases you can have the money electronically transferred to your account within 24 hours of applying. You do not have to wait for the check to arrive in mail.
The Pitfalls
Although the idea of taking a fast payday loan sounds very lucrative, it has its own share of pitfalls. The most important aspect of a cash advance loan is that it comes with a very high APR (Annual Percentage Rate). Sometimes, the APR runs as high as 400%. It means that for every $100 you borrow, you will have to pay about $15 to $30 extra. Therefore, it is wise to borrow only an amount you need and pay it back on time.
Save Yourself
The most evident way of saving yourself from the pitfalls of a fast payday loan is by being regular in your repayment. However, a little time spent on educating yourself about the payday loans can help you save a lot of money. You just need to surf the net and find out all you can about the cash advance loans in offer. Compare APRs, fees, and terms offered by different lending institutions. The fast payday loans industry is one of the fastest growing lending industries in the U.S. Therefore, the competition between lenders is bound to be fierce. You can take advantage of this competition and negotiate for the most reasonable rate of interest.
The payday loans are Godsend for those who are in a deep pit of financial crisis. What further recommends these loans is that they are easy to get and are instantly approved. Proper research can also help you find a cheap payday loan. However, you must be careful while availing such loans as these have high APRs. You must borrow only what you need. For larger sums of money, you can look at other loan options available in the market.
Payday loans or cash till payday loans are loans that lend you a small sum ranging from $100 to $1000 for a short period of time. These loans are also referred to as instant approval payday loans. This is because they do not require you to be a part of serpentine queues of people seeking loans. Since the amount borrowed as a cash advance loan is small, the processing time is also very short. In most cases you can have the money electronically transferred to your account within 24 hours of applying. You do not have to wait for the check to arrive in mail.
The Pitfalls
Although the idea of taking a fast payday loan sounds very lucrative, it has its own share of pitfalls. The most important aspect of a cash advance loan is that it comes with a very high APR (Annual Percentage Rate). Sometimes, the APR runs as high as 400%. It means that for every $100 you borrow, you will have to pay about $15 to $30 extra. Therefore, it is wise to borrow only an amount you need and pay it back on time.
Save Yourself
The most evident way of saving yourself from the pitfalls of a fast payday loan is by being regular in your repayment. However, a little time spent on educating yourself about the payday loans can help you save a lot of money. You just need to surf the net and find out all you can about the cash advance loans in offer. Compare APRs, fees, and terms offered by different lending institutions. The fast payday loans industry is one of the fastest growing lending industries in the U.S. Therefore, the competition between lenders is bound to be fierce. You can take advantage of this competition and negotiate for the most reasonable rate of interest.
The payday loans are Godsend for those who are in a deep pit of financial crisis. What further recommends these loans is that they are easy to get and are instantly approved. Proper research can also help you find a cheap payday loan. However, you must be careful while availing such loans as these have high APRs. You must borrow only what you need. For larger sums of money, you can look at other loan options available in the market.
Should You Consider Payday Loans for Your Short Term Money Needs
by: Gregg Hall
The person can get the loan by showing identification and paycheck stubs to the company giving them the loan. Do remember though that if you are trying to get ahead financially this is not the way to do it. While you get money quick, the interest charged on these loans is high and it is definitely not the way to get a head. Getting one of these loans, in the end would actually put you further behind.
You might wonder who gives these loans since banks give out other loans and they are bound by how much interest that they can charge. Check cashers, finance companies, and other firms usually give these loans. These types of loans became quite well known quickly because of their advertisements on television, radio, the Internet, even email. These ads contain information about the loans as well benefits of the loans. They of course, do not contain warnings about the dangers of the loans themselves. These ads made the loans very popular throughout the world with more and more customers considering applying for them all of the time.
In order to apply for the loan you must have a bank account, identification, and a paycheck stub. You write a check for the amount of the loan that you want as well as the fee that you will be charged. Usually, the check is held until your next payday which is when the company collects the repayment of the loan as well as their fee. The fee is usually quite high in comparison to the amount of the loan. The loans are usually not a large sum of money, often $500 or less.
There are some options as a short term payday loan customer that you may not know about that we have not discussed as yet. One option is, of course, to allow the check to process as it would normally, as discussed above. Another option would be to go in person and pay off the loans in person prior to the cashing of the check that they have on hand. Yet a third option would be to extend the loan that you have. This can be done two times and of course, with additional fees applied. These fees are very costly, so of course, this option is not recommended.
It is said that there are instances where lenders may charge $15 to $50 per every $90 borrowed when giving out these loans. This is every time they give out one of these loans. So, if you were to extend your loan period you would pay this entire fee again, possibly twice if you did it for the two times allowed. In this case you would use the entire amount that you borrowed just to pay the fees. This hardly would make borrowing the money worth it.
The person can get the loan by showing identification and paycheck stubs to the company giving them the loan. Do remember though that if you are trying to get ahead financially this is not the way to do it. While you get money quick, the interest charged on these loans is high and it is definitely not the way to get a head. Getting one of these loans, in the end would actually put you further behind.
You might wonder who gives these loans since banks give out other loans and they are bound by how much interest that they can charge. Check cashers, finance companies, and other firms usually give these loans. These types of loans became quite well known quickly because of their advertisements on television, radio, the Internet, even email. These ads contain information about the loans as well benefits of the loans. They of course, do not contain warnings about the dangers of the loans themselves. These ads made the loans very popular throughout the world with more and more customers considering applying for them all of the time.
In order to apply for the loan you must have a bank account, identification, and a paycheck stub. You write a check for the amount of the loan that you want as well as the fee that you will be charged. Usually, the check is held until your next payday which is when the company collects the repayment of the loan as well as their fee. The fee is usually quite high in comparison to the amount of the loan. The loans are usually not a large sum of money, often $500 or less.
There are some options as a short term payday loan customer that you may not know about that we have not discussed as yet. One option is, of course, to allow the check to process as it would normally, as discussed above. Another option would be to go in person and pay off the loans in person prior to the cashing of the check that they have on hand. Yet a third option would be to extend the loan that you have. This can be done two times and of course, with additional fees applied. These fees are very costly, so of course, this option is not recommended.
It is said that there are instances where lenders may charge $15 to $50 per every $90 borrowed when giving out these loans. This is every time they give out one of these loans. So, if you were to extend your loan period you would pay this entire fee again, possibly twice if you did it for the two times allowed. In this case you would use the entire amount that you borrowed just to pay the fees. This hardly would make borrowing the money worth it.
