Your finances are something that you must be vigilant about, or risk major consequences. There are situations in which you need to make decisions regarding your finances that could have a huge impact on your future financial well-being, and these should be considered carefully to ensure the best possible outcome. One of these decisions involves tough financial times when have urgent obligations but not the funding the fulfill them. When this situation arises, you may be tempted to take out a payday loan. This could be a good decision for you, but it is important to be cautious in order to protect your safety and the security of your financial interests.What Are Payday Loans?Payday loans are small sum, short term loans that act as advances on your next paycheck. In order to take out one you must be able to provide valid identification, proof of average income, proof of length of pay-period, and a verifiable, active checking account. These elements will ensure you are who you say you are, as well as ensure the lender that they will be repaid. These loans last until your next paycheck, when the total amount of the loan, as well as fees and interest, are to be repaid.The AdvantagesThere are certain advantages to choosing payday loans as your financial resource in an emergency situation. These involve not only the application process but the qualities of the loans themselves. As opposed to most other loan products, these do not generally require a credit check. This means that even if you have very bad or no credit you will still have access to a payday loan. Payday loans are active very quickly. Some are even available within minutes of your application being approved. Most others will be available within 24 hours. This is much faster than most other forms of loans or advances. The short time period of the loan means that the obligation is brief and, if repayment happens on time, you will not have to factor the loan repayment into further budgeting. They are easily accessible both through physical money stores that provide other services as well, and through online lenders.The RisksLike with any other financial decision, there are some risks involved with taking out a payday loan. The fees associated with a payday loan can equal a large percentage of the loan amount, which increases the amount that must be repaid. If you choose to extend your loan, these fees are renewed. This can make repaying the loan very difficult. Interest rates applied to payday loans are the highest in the loan industry. These sometimes reach four-digit percentages, and dramatically increase the amount of the loan, especially if the loan period is extended. The short period can also represent a problem in that it doesn’t give you much time to prepare for repaying the loan and budgeting your reduced paycheck for all of your other expenses.Staying Safe with Payday LoansMany people question whether payday loans are safe. This is a viable question, especially when you consider that some people choose to take out these loans through online sources. Anytime you use the internet for a financial transaction there is some risk. Knowing what to look for, and how to properly manage a payday loan ensures that you and your information will remain secure. When using a money store, your information is kept absolutely confidential. Even though your checking account information is collected, you can be sure that this information will only be used for the purposes that you authorize. Online lenders are slightly more difficult When choosing an online lender, be sure that you are using one that is reputable, and offers accreditation from business bureaus as well as insurance. Do research on your chosen lender to see if anyone has lodged complaints against the company. Just like with a money store, you will provide authorization for any payment activities. By making sure that you are working with reputable lenders, you can be assured that your interests are protected and that you will be able to borrow the money you need safely.
S&P 500 Rallies As U.S. Dollar Pulls Back Towards Weekly Lows
Key Insights
The strong pullback in the U.S. dollar provided significant support to stocks.
Treasury yields have pulled back after touching new highs, which served as an additional positive catalyst for S&P 500.
A move above 3730 will push S&P 500 towards the resistance level at 3760.
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Pfizer Rallies After Announcing A Huge Price Hike For Its COVID-19 Vaccines
S&P 500 is currently trying to settle above 3730 as traders’ appetite for risk is growing. The U.S. dollar has recently gained strong downside momentum as the BoJ intervened to stop the rally in USD/JPY. Weaker U.S. dollar is bullish for stocks as it increases profits of multinational companies and makes U.S. equities cheaper for foreign investors.
The leading oil services company Schlumberger is up by 9% after beating analyst estimates on both earnings and revenue. Schlumberger’s peers Baker Hughes and Halliburton have also enjoyed strong support today.
Vaccine makers Pfizer and Moderna gained strong upside momentum after Pfizer announced that it will raise the price of its coronavirus vaccine to $110 – $130 per shot.
Biggest losers today include Verizon and Twitter. Verizon is down by 5% despite beating analyst estimates on both earnings and revenue. Subscriber numbers missed estimates, and traders pushed the stock to multi-year lows.
Twitter stock moved towards the $50 level as the U.S. may conduct a security review of Musk’s purchase of the company.
From a big picture point of view, today’s rebound is broad, and most market segments are moving higher. Treasury yields have started to move lower after testing new highs, providing additional support to S&P 500. It looks that some traders are ready to bet that Fed will be less hawkish than previously expected.
S&P 500 Tests Resistance At 3730
S&P 500 has recently managed to get above the 20 EMA and is trying to settle above the resistance at 3730. RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge.
If S&P 500 manages to settle above 3730, it will head towards the next resistance level at 3760. A successful test of this level will push S&P 500 towards the next resistance at October highs at 3805. The 50 EMA is located in the nearby, so S&P 500 will likely face strong resistance above the 3800 level.
On the support side, the previous resistance at 3700 will likely serve as the first support level for S&P 500. In case S&P 500 declines below this level, it will move towards the next support level at 3675. A move below 3675 will push S&P 500 towards the support at 3640.
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