Wednesday May 22, 2013

An Overview of Personal Loans

With the economy in such dire straits, many people are looking to different types of loans to take care of their bills while searching for second jobs. Personal loans are loans made directly to the borrower from a bank or lending house. Covering everything from medical bills to credit cards to student loans, these loans are helping people get what they need, when they need it. While there are many different types of personal loans, the can all be categorized as one of two different types: secured and unsecured. Which type of loan you get is dependent on what you will be using the money for. Some loans are available in both secured and unsecured options, while others are only found as one or the other.

Secured personal loans are provided by specific lenders, and have their repayment secured by a physical item. This is how they get their classification. The two most common types of secured loans are home mortgages and car loans. The loans are made specifically for a single purchase. This purchase is repaid in set amounts every month over the length of the loan. If payments are ceased, the lender repossesses the item – the car or the house – in lieu of payment. In contrast, Unsecured Personal Loans are the more common and the more recognizable. Unsecured loans cover a vast majority of ground, from store lines of credit to student loans to medical bills. Once these loans are issued, they can be used for a range of items and services. In addition, many unsecured loans have variable interest rates that can change monthly or annually.

For people who need extra money to pay for a car or a college education, personal loans are available to help fund their needs lenders are available for all credit situations.

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April 7, 2012

Small business compensation, hours jump in March

April 07th 2012 Posted to Finance & Business

WASHINGTON (Reuters) – Small businesses increased hours and compensation for employees in March by the most in more than two years, according to an independent survey on Thursday that offered further signs of improving labor market conditions.

The average monthly salary for small business employees rose 0.7 percent, or $18 per worker, according to Intuit, a payrolls processing firm. That was the largest percentage gain since December 2009.

However, that is equivalent to an annual salary of $33,400, meaning that many of the small business employees are working part-time.

This is the strongest small business employment report we have had in a long time, said Susan Woodward, the economist who worked with Intuit to develop the survey.

However, we are not out of the woods yet. While the various indicators of this market are the strongest weve seen in a while, the rate of increase will not get us back to full employment any time soon.

Average monthly hours worked by small business employees increased by 0.5 percent, or 36 minutes, making for a 25.8-hour workweek. The percentage change was also the largest since December 2009.

The sturdy gains came even as hiring by small businesses took a step back, with employers adding 65,000 workers to their payrolls in March, Intuit said.

However, Februarys small business payrolls increase was revised up to 75,000 jobs from the previously reported 55,000.

The governments more comprehensive employment report due on April 6 is expected to show nonfarm payrolls recorded their fourth consecutive month of increases above 200,000, according to a Reuters survey. The unemployment rate is seen steady at a three-year low of 8.3 percent.

The Intuit survey is based on responses from about 72,000 small businesses with fewer than 20 employees that use the Intuit Online Payroll system. It covered the period from February 24 to March 23.

(Reporting by Lucia Mutikani; Editing by Jan Paschal)

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