Answers to Your Most Pressing Questions about Sinking Funds

Sometimes emergencies that require cash pop into our lives. It’s hard to plan for these types of events and they often take us by surprise.

But what about those events or occasions we know are coming? Do you have payments for school, your friend’s birthday, car payments, or even Christmas coming up?

Setting up a sinking fund is an easy and financially responsible way to prepare for these events.

What is a sinking fund?
The simplest definition of a sinking fund is an amount of cash formed by periodically setting money aside. These funds are used to either pay off a debt or to purchase a specific item.

When large organizations utilize sinking funds it is typically through the repayment of bonds. However, when individuals decide to begin a sinking fund, it can be through whatever method they deem best.


Where do I keep my sinking fund?

One purpose of sinking funds is to have the cash easily accessible, but if you’re accumulating a large amount, then you want it to be safe. Stowing away a couple of bucks in an envelope is perfectly fine if you’re saving up for something smaller. But if your goal is to purchase a new car with your sinking fund, then you may want to store your money in a more secure location such as a bank.


What is the difference between a sinking fund and a savings account?

Generally, the money in sinking funds is meant for a specific purpose. Also, the way in which these funds are saved and store is up to the savers discretion. On the other hand, while savings accounts can have specific purposes in mind, they can also be set-up for general purposes.

The second difference is that [...]

By |October 21st, 2016|General|Comments Off on Answers to Your Most Pressing Questions about Sinking Funds|

How Interest Rates Work

Whenever you open a bank account or a retirement account, or when you’re applying for a loan for a home, car, or business, you wind up dealing with interest rates. What is interest, and what does it mean for you? Knowing more about interest rates and how they work will help you make wise decisions when saving and borrowing money.
Why Interest Rates are Important
What is Interest?

There are two ways interest can affect you. One way is it is given to you as the result of having an account with a bank or credit union. Interest is also added to expected payments required by a lending organization.

First, let’s consider interest when it is given to you. When you put your money into savings accounts or checking accounts, it’s easy to think of those dollars as simply sitting in a dark bank vault. But, the exact opposite is true. Once you hand your money over to a bank, they then use your money for investments. The bank makes these investments in order to gain profit for both them, their shareholders, and, yes, you. The money they get back from their investments is returned to you as a small percentage of interest on your deposit. Think of the interest rate on your accounts as a “Thank you.”

On the flipside, interest is added to any payments you make when you borrow money from a financial institution or certified lender. Here it acts as the lender’s fee and a guarantee for their services. This is how financial institutions make money, aside from investments, ensuring they remain solvent.

Are All Interest Rates the Same?

Keep in mind that no two interest rates are alike. Applying for the same size loan [...]

By |September 22nd, 2016|General|Comments Off on How Interest Rates Work|

Happy Labor Day, Charlotte, NC

We all know and love Labor Day for the extra vacation day it gives us, but do you know why we celebrate this holiday?

According to the US Department of Labor, “Labor Day … is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.”

If you’re one of those American workers, all of us at Cash Fast Loan Centers hope you enjoy your day off!

If you find yourself in the Charlotte, NC, area on Labor Day weekend, you’re in luck! There’s no need to sit around and twiddle your thumbs as there are a few free and cheap events around the city that will help you celebrate your long weekend.
Enjoy Your Long Weekend, Charlotte, NC!
Labor Day Celebration at the US National Whitewater Center
Friday, September 2 – Sunday, September 4, 2016
This Labor Day celebration has a little something for everyone. Compete in their 5k or 15k trail race,  or try your hand at their cornhole tournament! They will also host live music, movie screenings, and a yoga session. As their grand finale, the center will officially say goodbye to summer with a firework celebration on Sunday night.

3rd Annual Charlotte Kosher BBQ Championship
Monday, September 5, 2016, 11 AM – 3 PM
You certainly won’t go hungry at this event! Participate in the watermelon or pickle eating contests, and get your fill of these summertime staples. If you’d like to take it a little more slowly, you can purchase one of their delicious BBQ Chicken plates. Whether you decide to compete in the BBQ [...]

By |August 31st, 2016|General|Comments Off on Happy Labor Day, Charlotte, NC|

Watch: 5 Lesser Known Tips for Improving Your Credit Score

If you’ve been following our blog, you know we’ve spent a lot of time discussing the credit check process. We’ve talked about what a credit check is and why you sometimes have to have one. We’ve also discussed options for getting cash fast without checking your credit score.

This week we’re looking at ways you can improve your credit score. Everyone knows you should always pay your credit card on time and try to keep your balance as low as possible. These tips, which come to us from YouTuber ThioJoe, are less obvious. Check out his video below.

Smart Ways to Boost Your Credit Score
ThioJoe has made a name for himself on YouTube for his witty and well-produced videos on current technology. The above video is more of a straight-forward advice vlog. Let’s give a quick recap of the tips for lowering your credit score he talks about.

File Your Taxes Early

You probably know that paying your bills early is a good idea. Credit check companies like signs of financial responsibility, and filing your taxes early counts, too.

Use Coupons

Grocery stores often report customer credit card usage to credit bureaus. These reports also contain statistics on which customers use coupons. The credit bureaus see coupon use as another sign of responsibility. Save yourself some money and give your credit score a boost at the same time.

Have a College Degree

Some of you might be working toward this one, while others may have different priorities. That’s perfectly fine. Just know that universities send lists of graduates to credit agencies so they know who has a degree and who doesn’t. You don’t need a college degree to succeed, but credit agencies still see them as a sign that you know [...]

By |July 22nd, 2016|General|Comments Off on Watch: 5 Lesser Known Tips for Improving Your Credit Score|

Giving Thanks — Carolina Cash Fast Loan Centers

We are always happy when Thanksgiving is approaching, because this wonderful holiday affords us the opportunity to thank all of our friends and patrons.

This past year has been good to us, and we thank you for your patronage and for allowing us to be of service to you!

From everyone here at Cash Fast Loan Center, we want to wish you all a HAPPY THANKSGIVING!

By |November 26th, 2014|General|Comments Off on Giving Thanks — Carolina Cash Fast Loan Centers|

2014 Charlotte Area Parades and Tree-Lightings

For years, Charlotte and surrounding towns have been ringing in the holidays with festive parades, special events and evening tree-lightings. Take a look at the list below and you’ll be sure to find an event near you. Several include a visit from Santa and all promise to be fun for the whole family!
Saturday, Nov. 22
Concord Christmas Parade
Marvel at the parade floats and bands, and get in your requests to Santa. Thousands have viewed the parade since it was first presented in 1928. The parade travels south, from Lake Concord Road and Church Street, down Union Street and ends at Corban Avenue. Free. 2:30-5:30 p.m. Downtown Concord.

South End Tree Lighting
Visit with Santa, friends and family, and watch him light up the tree. Free. Atherton Mill, Kingston and South Blvd.
Wednesday, Nov. 26
Carolina Panthers Inaugural Tree Lighting
Ring in the upcoming season with activities including balloon artists, caricaturists, face painters, photo booths and classic holiday shows on the big screens.  There will also be appearances by Sir Purr, the TopCats and Santa Claus. Free. 6-7:30 p.m. Outside of the Bank of America Stadium. Corner of Mint and Graham St.
Thursday, Nov. 27 | Happy Thanksgiving!
Novant Health Thanksgiving Day Parade
Celebrate the holidays by bringing your family out to one of the largest Thanksgiving Day parades in the country. Expect marching bands, large balloons and floats, and live performances in front of the Levine Center for the Arts on South Tryon Street. See replay on WBTV at 1 p.m. The parade will air on television again on Christmas Day. Free. Kick-off at 9:30 a.m. Tryon Street from Stonewall Street to 9th Street.
Friday, Nov. 28
Holiday Festival of Lights
Wander through [...]

By |November 21st, 2014|General|Comments Off on 2014 Charlotte Area Parades and Tree-Lightings|

Need Quick Cash For The Holidays? Try Our Payday Loan!

With Thanksgiving just a couple weeks away, it's time to plan for the Holidays! Black Friday presents ample opportunity to save big when it comes to Holiday Shopping. Don't let the stress of bad credit or awaiting a holiday bonus keep you from saving big on your gift shopping!
By |November 14th, 2014|General|Comments Off on Need Quick Cash For The Holidays? Try Our Payday Loan!|

Holiday Spending: Shop Early, Save Big!

Do you need a little extra cash for holiday spending? Don't fret! Don't miss out on the best sales of the season while waiting for your holiday bonus! Contact us today to learn about our Payday Loans, for when you need money fast, or Cash Advances, when all you need is a little cash with no prequalifications.
By |November 6th, 2014|General|Comments Off on Holiday Spending: Shop Early, Save Big!|

7 Ways to Save Money on Halloween

The average American is expected to spend about $77 to get in the Halloween spirit this year. With these money savers, the ghosts and goblins won't spook your budget. You don’t have to play trick or treat with your budget this Halloween when you plan those candy purchases and flex your crafting muscles to make decorations.
By |October 2nd, 2014|General|Comments Off on 7 Ways to Save Money on Halloween|

Modern Day Consumers Looking For The Best Deals

Squeezed between flat wages and rising prices, many middle-class consumers are feeling poor. The recession forced many people to change their ways as nearly 9 million Americans lost their jobs and home foreclosures hit record highs. As a result, many stuck their credit cards in a drawer, cut back on spending and hunkered down.
By |September 25th, 2014|General|Comments Off on Modern Day Consumers Looking For The Best Deals|