A payday loan is a small short-term loan that doesn’t require you to jump through hoops to obtain. As long as you have stable employment and an active checking account, you can get up to $1,500 instantly. While the loan becomes due the next time you get paid, oftentimes you can pay a fee to extend the due date.

The hardest part of getting a cash advance is choosing the best one for your situation. There are a few different kinds including paperless, online, no credit check, and low fee. Some companies will even let people use their savings accounts, which can be a lifesaver for those don’t have checking accounts and need money fast.

So which one is best for you? That depends on your situation. If you don’t have time to visit your local cash advance store, then you may want to take advantage of an online payday loan. These loans allow you to apply for a cash advance in the comfort of your home. You fill out the application online and the money is deposited directly into your bank account within 24 to 48 hours.

If your credit is not good enough to get a loan from a bank, then a no-credit-check payday loan is best for you. While the cash advance company will not check your credit, it will verify your employment and whether you have other unpaid payday loans or bounced checks outstanding. The fees also tend to be a little higher because of the increased risk for default. When compared to going without needed medical care or being stuck with a nonfunctioning vehicle, these fees are quite reasonable.

No matter which payday loan you decide to get, it is important to thoroughly investigate the company providing the loan. Most cash advance companies are reputable, but there are a few that operate in an unethical manner. Use the Internet to search for information about the company, and avoid the ones that have an unusually high number of complaints. Additionally, always read the contract so that you know what you are getting yourself into.

If you need cash fast, then a payday loan is your quickest and most convenient option. Take a look at what’s available and then pick the best option to get cash today.

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The 7 day yield (also 7 day SEC yield) measures how the interest rates of money market funds perform. It is a way for investors to compare the returns on individual interest bearing accounts. If there are two accounts of similar size and risk, an investor can look at the 7 day yield to determine which one will earn them more money.

Calculating the 7 Day Annualized Yield

The calculation of the 7 day yield adheres to a specific formula standardized by the SEC:

7-Day Annualized Yield = ((A-B-C)/B) x 365/7

The letters represent the following:

A = The account value at the end of 7 days

B = The account value at the beginning of 7 days

C = The 7 days worth of fees (for accounts whose fees vary with the size, fees should be estimated according to the average size)

For example, a fund ends a 7 day period at $30.10 (A). It began that same period at $30 (B). The fees charged for those seven days amounts to $0.06 (C). Using the formula, we find the 7 day yield of this example account is .06952. Multiply this number by 100 to get the percentage rate of 6.95%.

The Importance of the 7 Day Annualized Yield

The 7 day yield measures the amount of interest the fund would yield if it were to maintain its current earnings path. The formula prevents mutual fund accounts from manipulating their calculations. Per SEC regulations, a fund’s 7 day yield must be disclosed to investors prior to them putting their money in the fund. Usually a fund’s yield percentage can be found in disclosure statements.

Difference from 7 Day Effective Yield

The 7 day annualized yield does not take into account any reinvestment while the 7 day effective yield does. The annualized yield is strictly for calculating simple yield. If interest earned will be reinvested into the same fund, the formula for the 7 day effective yield may be a better calculation of the yield. The formula is similar to the annualized yield except the earned income is compounded over 52 weeks (1 year).

An investment expert may be able to provide more information about 7 day yields.

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Learning about mutual funds can assist you with making sound financial decisions that support short and long term goals. There are several resources online that can help you invest in mutual funds.

Materials About Mutual Funds from Government Sources

Mutual funds must register with the Securities and Exchange Commission (SEC). As such, the SEC has an entry on their website which gives an overview about mutual funds. The entry includes links to other parts of their site which explain terms you may not be familiar with such as deferred sales loads and redemption fees.

The FDIC (Federal Deposit Insurance Corporation) is a government agency which insures money a person puts into the bank. If the bank defaults, then the depositor is guaranteed to receive up to $250,000 per insured bank they have an account with. Mutual funds are not insured and the FDIC has a page on their website explaining why. This is important information to know because you may not have any recourse should the mutual fund fail.

Mutual Fund Information from Independent Sources

The Vanguard Group is an investment management company that has been in business since 1975. They manage approximately $1.6 trillion in mutual funds. They operate a website geared towards personal investors with information about mutual funds and other savings products. They also allow you to build an investment portfolio online at the same site.

The Motley Fool is a financial services company started by David and Tom Gardner in 1993. In addition to providing information about mutual funds and other investment products, the site hosts forums where investors can collaborate and share their financial strategies.

Market Watch, a part of the Wall Street Journal Digital Network, is another investor education site. They have an entire section devoted to sharing information about mutual funds. They also provide a tool which allows investors to find information about a particular mutual fund. This is helpful when you are researching your available options. They also have a newsletter you can sign up for to get financial tips delivered right to your email box.

There are a number of other online sources that can help you invest in mutual funds. It is best to speak to an attorney or a qualified accountant prior to making any investments.

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#1 Shop One Per Week – It is a known fact that grocery stores are set up specifically to entice you into spending more than you intended. Impulse purchases can increase your grocery bill by as much as 35%. Avoid this by shopping only once per week and slash an average $143 off of your food bill.

#2 Shop Online – Better yet, avoid the store all together by purchasing household necessities over the internet. Because of the reduced overhead costs, online retailers are generally able to offer the same products found in a brick and mortar store for considerably less. Add to the fact that you can often eliminate sales taxes and find free shipping deals, you can kiss high shopping bills goodbye.

#3 Buy In Season Produce – We all know that eating five servings of fruits and vegetables everyday is good for you. But buying produce that is out of season is bad for your wallet. You’ll save between 20-50% simply by going with the flow of nature and eating what’s in season. Visit Fruits and Veggies More Matters to find a list of in season fruits and veggies.

#4 Buy Organic Selectively – While healthier for you than conventional fruits and veggies, organic produce can cost up to $2.00 more than those that come from farms which use conventional farming methods to grow crops. Cut down on the amount of pesticides you ingest while keeping a healthy budget by going to Food News and learning which produce contains the most pesticides and which ones don’t and shopping accordingly.

#5 Buy Private Label – The private label products of most stores are just as good as, or better than, the brand name versions of the same products. You can save an estimated $15 or more by switching to store brand canned produce, batteries, pain relievers, and basic beauty items such as nail polish remover.

#6 Inconvenience Yourself – You are far more likely to overspend if it is easy for you to shop. If you only need a few items, use a hand basket rather than a cart. Only need one or two things, ditch the basket altogether.

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#1 Avoid ATM fees – It seems insane but you can pay up to $2.50 per transaction for accessing your money from a non-proprietary ATM. Avoid the fee by only using your bank’s ATMs or opening an account with an online bank who will refund those fees to you.

#2 Free Checking – In this era of free checking, there is no good reason to continue using an account that charges you every month to hold onto your money. Switch to a no-fee, or free, checking account and save $120 or more every year.

#3 Open an Account – On average, check cashing places siphon 3-4% of your check every time you use the service. Avoid these fees by opening and using a free checking or savings account.

#4 Prepaid Debit Card – Another good option for those without bank accounts is to use a prepaid credit card. Most cards allow direct deposit and will waive the monthly fee if you deposit a minimum amount into the account every month.

#5 Negotiate Credit Card Rates – Banks are raising interest rates in an effort to recapture some of the money they lost in the housing crisis. If you have good credit and have been a good customer, then call the credit card company and renegotiate your rates. If they won’t budge, threaten to move to another company. If they still won’t cave then transfer your balance to a credit card company that offers a better rate.

#6 Pay Off Debt – A better plan is to pay off credit card debt all together. You’ll save thousands of dollars in interest rates and will enjoy the peace of mind that comes with being debt free.

#7 Pay Cash – You are far more likely to spend money if you use your debit card. Cut down the temptation by paying only in cash. You’ll actually feel the pain of parting ways with your money which will force you to think about whether or not you really need what you are buying.

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