• The One Useful Tip For Used Car Buyers That Will Make Auto Loans Affordable

    According to data released by Experian, 10.1 percent of all current used car loans are longer than six years – this shows a rise of 11.5 percent over 2012. It is the age of longer loan terms and many car buyers are opting for it because the cars have become costlier and car budgets have become smaller.

    A couple of years back, 60-month loan term was the trend. Today, lenders are offering 72-month loan terms. Few car buyers have even received 98-month loan terms for buying cars. If you are in the car market and shopping for a used car, lenders will offer you longer loan terms and lower monthly payments. You may consider it a good alternative because of your over-stretched budget. You already have several payments to make by utilizing the low-household income. And, longer loan term may seem to be the only affordable alternative.

    But, you cannot be more wrong. Here are reasons to help you understand the reality of longer term loans.

    1. You spend More Money in Interest When you opt for a used car loan with longer loan term, you end up paying more money in interest than you will pay when you select a shorter term. Lets take an example for it. Scenario – 1
      Car Loan – $10,000
      Interest Rate – 4%
      Loan Term – 4 years
      Monthly payment-$225.79
      Total Interest – $837.95 Scenario – 2
      Car Loan – $10,000
      Interest Rate – 4%
      Loan Term – 7 years
      Monthly payment-$136.69
      Total Interest – $1 481.80 So, if you want to save a considerable amount of interest, you must opt for shorter loan terms. Dont get fooled by lower monthly payment. It is just lenders way of attracting you and earning more bucks.
    2. Shorter Life of Used Cars + Longer Loan Term = Higher Problems There is one more reason for choosing a shorter loan term while buying a used car. Pre-owned automobiles have a shorter life in comparison to new cars. So, if you opt for a longer loan term, you will end up with an upside down car loan. You will owe more money on the car than its worth. This situation can create a problem when you try to sell or trade the automobile. It will also be a problem in a situation when the car is destroyed in an accident. Now, when you opt for shorter loan term, you have to manage slightly higher monthly payments. To tackle higher monthly payments, you have to reduce the loan amount. Heres how you can do it:
      a) Make a smaller down payment by utilizing your savings or
      b) Trade-in your old car or
      c) You can choose a car with a lower value. It is quite understandable that making higher payments can be an inconvenience but remember that a short-term inconvenience is better and affordable than a long-term loss. So, remember to choose shorter loan terms while shopping for a used car loan.

  • How To Spot The Best Car Loan

    Do you want to get a car loan instead of forking out a large sum of money upfront for a car? Well did you know that some loans are better than others? When looking for car finance you should be aware of what to look for and try and opt for the Best Car Loan to suit your needs.

    What is a car loan?

    A car loan is basically a loan for the purpose of purchasing a car. You can usually go through a car dealership that works in partnership with reputable car financing companies who can provide the quote, help you with the application and finalise the loan, – all in one simple visit.

    A quick snapshot

    • Look at the interest rate and compare with others
    • Look at the monthly repayments
    • Enquire about up front charges
    • Find out how much you will pay overall on the loan The best car loans The Best Car Loan will usually have a competitive rate of interest; the company will offer you sound advice on the amount of money you should opt to borrow. The company will ensure you understand the process and your obligations fully. They will help you with a realistic payment plan and ensure you have the means to pay it back before offering you the loan. A quick snapshot
    • Reasonable interest rates
    • Realistic monthly repayments
    • Helpful unbiased loan advisers
    • Realistic payment plan What if you have bad credit? If you have bad credit, it is not advisable to try and apply for a car loan. There will be very few lenders, if any , who will offer a loan for a new car to people who have had credit issues in the past. What you need to get car finance?
    • Good credit
    • Full UK drivers license
    • Deposit
    • Three to six months bank statements
    • Three to six months wages slips Employer information
    • Proof of address dated in the last three months Address details for the past five years You may need more or less, however if you are looking for the best car loan, it is advisable to make sure that you have all of these things to hand. Get your finances in order and make sure you have enough money for the deposit, insurance and any other costs associated with owning a vehicle.

  • Top 5 Tips To Increase Car Loan Eligibility

    At a glance, buying that dream car does not seem all that hectic. In fact, a vehicle is seen as an unavoidable savior in our already time-crunched schedule. Arrange enough bucks for down payment and a car loan or EMIs will take care of the rest. Apart from banks, there are countless dealers, private financers, and home brands who offer loans. The vehicle dealer too gives you huge discounts and waivers in the final price. Yet there is also the fact that people in need of car loans are facing a grim situation lately. This is because of the stricter car loan eligibility criteria and the fluctuating interest rates. Hence it would be prudent to review your options before deciding on an auto loan.

    Here are 5 tips laid out to help you assess and compare your options.

    1)Choosing a longer car loan tenure:

    This is the oldest and most obvious way to boost your car loan eligibility. Longer duration means a considerable reduction in the monthly payment, which is attributed to increased possibility in repayment. Despite the longer term, percentage of interest and the principal sum will remain the same. Hence you do not end up paying more in the long run.

    2)Paying back existing loans:

    If you have other unresolved loans such as home loans or business loans, it will negatively impact your vehicle loan eligibility. According to most loan guidelines, if there are more than 10 existing unpaid installments to your name, it is highly likely that your loan application is going to be rejected. This can be reversed if you can pay off even a part of the debt or pre-pay a few months EMIs in advance.

    3)Our income vs my income:

    Many people hesitate to show the spouses, parents or childrens income for fear of bringing down the eligibility. This is a myth. In fact it works the other way round.

    For example- Mr. Sharma applied for a car loan and is eligible for 3 lakhs, based on his income and other existing loans. But the expected loan was 5 lakhs. In this case, he can show the income proof of another family member.

    4)Step-up leads to eligibility-up:

    Going for a step-up loan is indeed a smart way to enhance eligibility as the initial low EMIS are considered while evaluating eligibility. Here, you pay a reduced EMI in the first half of the loan tenure and in the subsequent years, double your EMIs or increase by atleast 30%. Make use of the car EMI calculators available online to figure this out.


    Whether you are a salaried employee or run your own business, please ensure that all the perks such as incentives, annual hikes, promotion, and unexpected profit are clearly mentioned. If you are a regular receiver of on-site work opportunities with attractive remuneration, loan eligibility will be the least of your concerns.

    While the above tips are tried and tested, you must be aware of your monthly budget and miscellaneous expenses so that meeting the eligibility norms will not tilt your financial planning.

  • Personal Loan vs. Payday Advance Which is Better

    So youve found yourself in a bit of a financial bind, and need a little help to get through it. Dont be embarrassed; its happened to just about everyone at some point or another. What you need to do now is figure out how to deal with it in the best way.

    And if your credit cards are maxed out, and your family members or friends cant help, there are only a couple of real options: 1) a personal unsecured loan, or 2) a payday advance.

    Both Personal Loans and Payday Advances may help get you out of a short term financial jam. So now comes the very valid question: Which is better? Well, that can depend a lot on your personal situation, and what you hope to get out of the situation (besides the obvious cash). So lets take a quick look at both.

    PAYDAY ADVANCE (LOAN): Its a cash advance, not a loan!
    Many people refer to this option as a payday loan. However, the more accurate description is “payday advance.” It is not a loan. It is a cash advance with a large fee. You write a check to the Payday Advance company. They typically give you 80% of the check amount in cash, and then they hold the check until your “payday” which is typically when the money to cover the full amount of the check will be in your checking account. The Payday Advance company then deposits the check and keeps the 20% as their fee for the cash advance.

    Odds are youve seen the brightly lit signs of a Payday Advance shop next to some liquor store or in a strip mall, or you have seen them advertised on TV, in e-mails or in banner ads online. The amount of money Payday Advance companies can provide is limited by state law and is typically a maximum of about $500. In California, the maximum advance is $300.

    So, the advance may be enough to get you through small cash emergencies when youre between paychecks. If you need a quick couple of hundred bucks for groceries, if your cars alternator goes out, you chip a tooth, etc a Payday Advance might be a viable, but very expensive, option.

    However, very often a Payday Advance is only enough to delay the cash emergency for a few weeks, and not enough to get you totally out of it. As a result many people find themselves getting multiple Payday Advances, which can be extremely expensive when each advance costs you a 20% fee. Ten payday advances over the course of year would equal an effective interest rate of over 200%! A very expensive way to go.

    And, since a payday advance is not an actual loan, it can do nothing to help your credit status.

    PERSONAL LOANS: Get much more money at a much lower cost.
    A personal loan is actually a loan that you repay over time via affordable monthly payments. You can get much more cash than you get from those payday advance places – and you dont pay a 20% fee over two weeks!

    Of course, if your credit isnt perfect, your bank will turn you down very quickly. However, CashCall makes personal unsecured loans, up to $5,000, to people in a cash jam, who have less than perfect credit! This is the kind of money that can really help if youre facing major car repairs, medical issues, looming bills, etc. The loan money is placed directly into your checking account in about a day, and there are no limitations on how you can use your cash. Its up to you.

    A personal unsecured loan from a company like CashCall doesnt require any collateral or security. You dont need to be a homeowner, you dont need to turn over the title to your car you dont need to do anything except apply, and provide some simple paperwork. The cash can be in your checking account the next day.

    You use the money to get out of the jam youre in. And then, you can either make the affordable monthly payments or repay the loan when you can. There are never any fees or penalties for repaying the loan early, and you will minimize the interest you pay by repaying the loan sooner rather than later.

    Another benefit of a personal loan from CashCall is that you can actually improve your credit score by making your monthly payments on time. Thats right, you can rebuild your credit because CashCall provides all three credit agencies (Experian, Transunion, and Equifax) with your payment information because it is an actual loan, not a cash advance! And in the long term, thats the kind of thing that can truly get you back on your feet.

    CashCall Personal Loans offers high-interest-bearing, unsecured term loans to qualified borrowers who typically use the loans for one-time purchases and debt consolidation. These loans of up to $5,000 are processed entirely over the Internet, phone and fax, and funds are wired into the borrowers checking account typically within 24 hours. CashCall Personal Loans are a good alternative to Payday Loans for borrowers. While interest rates are high, they are typically much lower than those of payday lenders, and CashCall Personal Loans have the potential to help customers rebuild their credit score by making payments on time.

  • Lending And Loans For Small Apartments

    There is the old question that comes up every now and then, –
    Should I buy that studio apartment?

    They are usually marketed with a very attractive rental return however thats sometimes where the good news ends.

    Here is some of the noise that surrounds them-: They wont lend against small inner-city studio apartments, You wont get approval if the floor size is less than 50 sqm, Student apartments are not an option, Some lenders wont lend for apartments in large complexes, Hotel or motel conversions are no good, The location of the unit within the complex is important

    While being just noise some of these points are somewhat valid.

    The recent credit crisis has put the brakes on a lot of lending overall and small apartments have not been shielded from this

    The biggest hurdle is usually lenders mortgage insurance (LMI).

    They are the ones imposing all the restrictions that are passed onto the bank.
    If you require LMI this is where the hard work starts


    Title. Strata/stratum title is normally acceptable, as are group titles. Mortgage insurers arent usually afraid of company title and will lend, though they may lower their LVR.

    Size: While this might not be important to the lender, you can expect the mortgage insurer to have minimum limits on the floor space. Always aim to avoid any apartments with a floor space of less than 50 sqm. It must be 50 sqm of actual living area (not balconies and car space etc). In special cases this may be stretched down to 40 sqm but the property would have to be in a blue-chip capital city area. The Bank may not impose a floor-space limit but notes that LMI might fail the application for that very reason.

    Location in the development/complex. One important factor may be whether its in a good location in the development or if its at the dark shaded noisy rear corner of the complex.

    Changing from commercial or industrial to residential. Hotel conversions, holiday lettings and serviced apartments (commercial) lettings rather than residential units fall under completely different lending requirements (possibly commercial). So if they are being converted you may not get finance until the conversion is complete providing it meets all councils ordinances and general lenders requirements, most lenders will proceed but there may be a reduced LVR or restrictions on LMI. The biggest reason is youre reliant upon the performance of the management company looking after the apartments.

    Number of apartments in a development: There might be a limit on the number of apartments within the one development that you can put up for mortgage insurance.

    The bank may limit lending on six apartments in any one development or limit lending for no more than 25 per cent of a development

    Do you want an investment apartment loan? Contact Us Here and let us help you out.

    More Hoops?? You Are Kidding
    Here are some extras hoops you may have to jump through for finance:

    -More thorough valuation inspections and reports.

    -A lower LVR (70 to 80 per cent max, though some, usually non-bank lenders, only go to 60 per cent) a higher deposit required.

    -Reduced maximum mortgage amount.

    -More expensive LMI if even available.

    -Reduced consideration of the rental income to allow for longer vacancies.

    -A call for additional or cross-collateral security(see earlier post here).

    -Downright refusal of application at worst!

    The fundamentals of real estate remain important, not necessarily the fact that theres a studio apartment. There are plenty of studio apartments that have doubled their value over 10 years. The unit my have great rental returns low vacancy and be located very well so a bit of hard work and research at the start may pay off long term!

    So Where Now->

    Will your apartment qualify for finance?

  • Discover How To Get A Car Loan If Your Score Is 480

    In this article I’m going to share with you how to get a car loan, even if you have a low credit score. The information in this article might be the only information you will need to learn, so you will know how to get the bank to say yes to your car loan. So, let’s get started and get you on your way to driving that car you need and want.

    Auto lenders look at more than just your credit score when considering making you a loan. They look at your entire financial picture, including income, the debt you owe, monthly payments and credit history before making the decision to approve or decline a loan. Before you go out and apply for a loan, make sure that your employment history, credit, income and address information is acceptable, based on what the lender is looking for.

    If you have sufficient employment history and income, a lender may approve your loan even with a low score.

    Here’s What Lenders Are Looking For:

    Employment and Address History: Have at least two years of employment history and address history at the same job. The longer you have been at your job and the more money you make, the better chance you have of getting the approval on your auto loan. However, if you have had several jobs and moved from one residence to another and have low income, it’s going to be tough getting approved for a loan. You should also have enough income every month, to cover all your monthly debt. If your debt is high and close to or over your income level, a bank will decline the loan.

    Vehicle Value: The lender calculates the vehicle’s value by the year, make, model, options and miles on the car you are looking at purchasing. Based on your credit history and score, the lender will approve a percentage of that value as the loan amount. If you have poor credit you will need to come up with a larger down payment. You may not be able to get the entire amount of the loan that you applied for, because of a low credit score.

    What You Can Do:

    Pull your credit history. Know what your score is before you apply for a loan.

    Save some money for the down payment. If you have things around your home that you aren’t using, consider selling them and use the extra cash for the down payment. The more money you put down, the better chance you have of getting the loan.

    Choose a car based on what you can afford, not on the latest style. When you have bad credit you can’t be picky on the finance terms or the car. Dealers who offer programs for people with poor credit have cars that will fit the program for the lenders approval.

    Don’t worry about having to pay a higher interest rate right now. Provided you make your payments on time, you can usually refinance for a better interest rate and terms within 12 to 24 months. Remember you are rebuilding your credit and it takes time to get it back up in the higher scores.

  • When Are Home Improvement Loans Necessary

    Some homeowners find it necessary to apply for home improvement loans because they may lack the necessary budget or don’t have enough savings to finance their home improvement project. Even a secured personal loan may serve as a source of home improvement loans.

    In the US, it is possible to get home improvement loans either for projects that you hired a contractor for, or for do-it-yourself projects. Some lenders stipulate that their company will be responsible for releasing the checks representing the amount to be paid to the home improvement supplies company or to the contractor. For do-it-yourself projects, the lender may send the check to the home improvement supplies company instead of giving you the money outright.

    If you prefer getting a lump sum, you might apply for a home equity loan which means your home will be assessed by the lender for the amount of equity it presently has and the corresponding value of the loan you (and your home) qualify for. A home equity loan is advantageous because the payments are stretched out over a longer pay period. $50,000 loans to remodel your home fall under this category – meaning, you will be granted a loan of $50,000 if the lender believes your home has at least that much in home equity left in it. This is a good strategy to pursue if you want to make your home increase in value for the long term, because the loan allows you to make necessary repairs and upgrades of your home. In effect, you can command a better price for your home later on.

    If you are trying to get a federal grant, you may want to examine the Title 1 loan offered by the Federal Housing Administration under the Home Mortgage Insurance Division of the Office of Housing of the HUD. Although the HUD does not itself offer home improvement loans, the Federal Housing Administration may help you find a lender who will lend to you (provided the lender is accredited with the HUD.)

    Some cities in the US offer a city rehabilitation loan program to homeowners in the low-income wage bracket so that they can undertake home improvement necessary to keep their residence livable. These loans require repayment at low interest rates, though. Check with your city government regarding how long it takes to apply for the loan, and the particulars about how it works. You should also inquire about who gets approved for such loans and where to apply.

    Regardless of what loan you get, you may have to get acquainted as well with the process of finding an approved contractor. Some contractors operate without accreditation, since not all homeowners are so particular about who they hire. The advantage with hiring an accredited contractor is that the contractor is required to adhere to certain standards in the way he runs his business, which gives you more peace of mind, knowing that you can always file a complaint against the contractor and his company if he doesn’t do the job right.

  • Intercompany Loan Agreements

    It’s probably unfair to say that it’s a hallmark of a well-run company that it has established processes for documenting all of the processes which are key to its business. That would be easy to assert, but very hard to do. But if that principle did apply, then it would also apply to the creation and documentation of intra-group loan relationships. This includes cash-pooling arrangements, which typically amount to loans made by the various participating companies to the cash pool leader.

    From a legal perspective, this is not rocket science. The key terms will include:

    drawdown and utilisation of advances conditions precedent to drawdown term (repayment date) and the borrower’s ability to repay early (prepayment) interest rates, interest periods and compounding security and subordination events of default triggering early repayment, and default interest

    As with any intra-group arrangements, a critical litmus test is whether directors can properly approve the terms of the loan relationship as being in the interests of each individual company of which they are a director.

    From a lender’s perspective, this ‘corporate benefit’ issue is particularly relevant for loans by a subsidiary to a parent company or a sister company. It may less of an issue in the case of a loan by parent to its subsidiary, since the parent has a clear financial interest in the success of its investment. However, for upwards or sideways loans within a group structure, factors such as the borrower’s ability to repay the loan will obviously be important. It should go without saying that it’s not enough for the making of the loan to make sense from a group-wide perspective. The loan must also be justifiable from the perspective of each legal entity participating in the arrangements.

    In one extreme but typical example, a group finance company made a loan of over a billion dollars to a special purpose vehicle (SPV) which used the loan proceeds to acquire listed securities in the market. The SPV was a sister company of the finance company – in other words, they were both subsidiaries of the same holding company. The loan was expressed to be repayable on demand. As was expected, the value of the securities fell almost immediately, leaving the SPV with negative net assets. It would be hard to justify those arrangements as being for the corporate benefit of the lender, in the absence of additional arrangement such as a parent company guarantee to support the borrower’s obligations.

    From the borrower’s perspective, a parent company guarantee in favour of the lender doesn’t help. If the guarantee were to be called on – and the parent procured repayment of the loan amount to the lender – the balance sheet position of the borrower would not be improved. It would simply owe the same amount to the parent rather than the original lender. From the borrower’s perspective, it would therefore need some additional comfort, such as a subordination agreement with the parent or some other commitment of financial support.

    Please see the following link for examples of short-form intercompany loan agreements.


  • Law Offices Of Alg And Associates – Loan Modification

    The Law Offices of ALG and Associates Loan Modification

    How Do I Choose the Right Law Firm for a Loan Modification?

    The Law Offices of ALG and Associates is a Professional Law Firm – legal experts in Real Estate Law, offering Legal Representation of Non-Advanced Fee Loan Modifications, Commercial Workouts, Litigation, Short Sales, Bankruptcy, and Debt Settlement.

    Many property owners realize they are in an unsustainable financial position and need a loan modification on their primary residence, second home or income propertys mortgage to retain ownership of the property. Many have heard the horror story of paying thousands of dollars to a loan modification company before any work has started and have never heard from the company again. So, how do property owners choose the right firm to represent you?

    Questions to Ask

    First, is the firm legitimate? A law firm that specializes in Real Estate Law is your best option. Are they in good standing with the state bar? Do they have any complaints or disciplinary actions against them? If there was a complaint, how was it resolved?

    Does the law firm comply with all state and federal laws pertaining to loan modifications? Your first clue will be how the firm collects monies for its services. If they ask for any monies before some of the work has been completed, it is unlawful.

    Second, can the firm provide strong experience and examples of successful cases they have completed? How many cases have they completed? How long have they been in business?

    Third, does the firm have the resources to complete the job in a timely manner? Loan Modification cases typically take about 3 to 6 months to reach a settlement and require significant back and forth between the bank and the law firm. Do they have the critical mass of staffing to be able handle the case volume, negotiation and customer service requirements? Typically each case requires negotiators, processors, underwriters and case managers, in addition to the Attorney, to successfully achieve a modification for the property owner.

    Fourth, does the firm set appropriate expectations? This depends ultimately on what is success for the property owner. There are many factors in what makes a case successful to a client and a reputable firm will set appropriate expectation on what can be reasonably achieved in a loan modification case rather than tell you what you want to hear to get your business. Whenever possible, it is recommended that the property owner meet with the prospective firm in person prior to retaining them.

    Often, property owners will request a money-back guarantee for a successful modification. If the firm the property owner is considering offers a money-back guarantee, this should be a major cause for concern. The firm will act as the property owners representative or agent in a negotiation with the lender. The lender itself or a third party, called the investor, may own the mortgage. The party that owns the mortgage will makes the final decision on what new mortgage terms they will accept, if 
    anything. It is impossible to guarantee exactly what the mortgage owner will do. For a firm to represent to a property owner otherwise should be a cause of great concern to the property owner.

    Elements to Negotiate

    The usual parameters of a case are stopping a foreclosure sale on a property, negotiating missed payments, accrued interest, property taxes and late fees, transitioning the loan from an adjustable rate mortgage to a fixed rate mortgage, moving from an interest only payment to an amortized payment, reducing the interest rate, change the term of the mortgage, including property taxes and insurance escrows in the monthly payment instead of being paid separately by the property owner, settling second mortgages for less than owed, and reduction of the principal balance owed.

    As one can see, there are several factors to negotiate with the bank and without appropriate leverage of full legal representation, a Forensic Audit, a possible law suit and years of expertise, lenders arent generally motivated to consider your case.

    The banks and mortgage servicers work with hundreds of thousands of people at a time and handle every request in an heartless, robotic fashion to attempt to support the masses, not applying individual attention, creativity, or compassion into each borrowers situation. So, working with the banks directly rarely works in the homeowners favor. We have clients who have attempted to work with their lenders for over a year with zero results before they retained the Law Offices of ALG and Associates.

    Each lender has very specific guidelines they need to see in order to approve the loan modification. Unfortunately, most property owners do not have access to this information independently, and blindly submit and application, hoping for an approval. In essence, they are asking the lender to do them a favor. The financial information a property owners provides and how it is presented is vital to achieving an approval or denial with the lender and, through years of accumulated experience, the Law Offices of ALG and Associates knows exactly what each lender needs to see before we submit, which helps us achieve optimal results.

    With proper research a property owner can find the a firm that is legitimate, complies with appropriate laws, can documents their experience, has the resources needed and sets appropriate expectations with the client. The Law Offices of ALG and Associates realize a Loan Modification is very important matter and the property owner definitely wants to treat it with urgency. We strongly encourage that property owners do thorough research and make sure the firm they choose is the right firm for them.

  • Holiday Payday Loan-Get Cash For Travelling To Places

    Most of us love to travel to new places and explore those places. But it requires a lot of amount to travel as many expenses are involved if you have to travel like ticket booking, hotel booking and many other expenses. But you do not need to worry for all these expenses. All you need to do is to apply to holiday payday loan scheme. This scheme is made especially for people who love travelling a lot but due to limited salary they are unable to plan their holidays. This scheme will help such person a lot. This scheme does not involve any type of formality. You do not need to fax the documents for your identity proof. Nor you need to provide any of your assets as collateral for borrowing the required amount. If you have bad credit score also, still then you can apply with the scheme. With the help of this scheme you can borrow amount up to $1500 on which the rate of interest will be nominal. If the amount greater than $1500 it will charge little high interest rate.

    You can easily apply with holiday payday loan scheme. The process is simple and sitting at home you can avail the scheme as well as the required amount. You need to fill the form and fulfil the conditions of the scheme. The below mentioned conditions will make you eligible to apply to the scheme. The conditions are as follows: You should be a permanent citizen of USA. You should be aged above 18 years. You should be working with some company from past 5-6 months. You should have an active checking account with any of the banks of USA.

    After meeting the entire conditions fill the form providing all your information, reason for opting this scheme, banks account number and how much amount you need. Then submit the form online only. As soon as your application is received the amount will be transferred directly to your bank account so that you can use the amount your own way. You need to repay this borrowed amount in a period of one month.