Yearly Archives: 2015

5 Reasons When Its Ok To Seek A Personal Loan Online

Most times financial experts and writers will tell you debts are bad. In many cases debts are, who wants to be in debt? Yet believe it or not, not every debt is bad. Debt helps us to build up our credit history and our FICO score for one, secondly it allows us to get a home and a car, among other things. So some debt is good debt, needed debt, and some debt, such as racking up $10,000 on credit cards buying stuff we do not need is bad debt. When we manage our debts wisely, good debt can be a tool to obtain the things we need in life. Which is why personal loans when used correctly can be a very beneficial type of debt, that can help us with sudden emergencies and other long term needs. This assumes we use the money from a personal loan wisely. Lets discuss some good reasons people take out personal loans for.

Medical Expenses
Medical expenses are a prime example, if not the best example of a good reason to take out a personal loan. One should never put off a medical procedure simply due to finances or not being able to afford it at the time, as our health is important. We only have one life, and the debt from a personal loan is a small thing when compared to this. Putting off medical care can complicate whatever condition we have and make it worse.

Home Repairs and Improvements
Your home is likely your number asset, so home repairs should never be out off, especially when it comes to emergency repairs such as water damage restoration. Putting off repairs, especially over money, is never a good idea, and putting off these repairs could lead to more costly repairs down the road. This is one area where a personal loan can definitely help, and even save you money later. Another area where personal loans are a good idea is taking out a personal loan for home improvements, since they add value to your home. Think of a home improvement as an investment.

Consolidate Debt
If you have many smaller debts, sometimes a personal loan can be a good idea to consolidate all of those debts down to one more manageable debt. One lady I advised her issue was that she had 15 separate debts and kept missing payment dates, so her credit one would suffer with each missed payment. Simply rolling all debts into one monthly payment can greatly assist people and make their bills more manageable, so this is one instance where a personal loan would make sense.

Better than Credit Cards Often Times
Sometimes, not always, using a personal loan is a much better option than breaking out the plastic for a large purchase or expense. The only time breaking out plastic is a better idea is if you have a low interest rate and if you do not mind your credit score tanking due to a high credit utilization. The more revolving credit you use out of your total credit limit, the lower your credit score will be. The rule of the thumb is to use no more than 30 percent of your available credit, anything else signals to lenders that you are having financial problems. Many times a personal loan will offer you a lower interest rate, and keep your credit score intact, so in this case a personal loan would make the most sense.


Emergencies

These happen to every day americans every single day of the year. Often times these emergencies catch us unaware, such as needing a new transmission, which is an expensive endeavor. Even those of us with rainy day funds can be hard pressed during an emergency. Also you may need that rainy day fund for another sudden emergency, in these cases a personal loan is the right choice.

If you need a personal loan, be sure to read the reviews of personal loan lenders on this website to find the right lender for your needs.

Potential Pitfalls If Your Are Considering A Debt Consolidation Program

Many people choose to consolidate their debts, to end the cycle of debt that they are in. Consolidating your debt can result in lower monthly payments so it is a good option for those who are serious about eliminating their debts. Yet there are a few common pitfalls that consumers often run into when it comes to debt consolidation. Here is 3 common pitfalls that consumers run into often enough


When do a balance transfer to achieve debt consolidation

Credit card balance transfers can provide the means to lower your interest and go down to just one bill per month. The mistake that many people make is assuming that this transfer is immediate, when in fact it often takes up to two weeks to achieve. They fail to make the minimum payment on their credit cards, then get slammed with not only late fees and penalties, but also take a ding to their credit report and credit score. Even if you are doing a balance transfer, if you fail to make the minimum payment, you will be reported 30 days late, which is a serious ding to your credit. To avoid this problem, make at least the minimum payment on your credit cards. After your balance transfer goes through you should still log into your old credit cards websites for up to a month to check for any surprise balances that were not showing or fees. If any amount other than zero shows up you will need to make the payment or face late fees and a damaged credit report.


Applying for multiple loans at the same time

Many people try and rate shop by applying for multiple loans over the course of a few weeks. While you get less of a ding if you apply for most of them within a few days of one another, you still receive a credit ding for all of these hard inquiries. So trying to be a smart borrower by shopping for the best rate can harm your credit report due to to many inquires. To avoid this problem you can look up your credit score online and pull your credit reports via annualcreditreport.com and look for any mistakes that may be effecting your credit score. Once you are armed with your credit score you can begin to look for lenders that fit your credit criteria and credit score range. Some lenders websites will list their credit requirements, and for those who do not you can simply call or email them, explaining that you do not want a hard inquiry if you can avoid it. Once you know all of the various lenders requirements, you can then apply for the right loan for you, all without having to damage your credit score. Do remember to take into account the APR and not just the interest rate. The APR will include the fees, while the interest rate will not do so. Every loan has fees attached to it, and consolidation loans often come with fees.

Falling for a scam
There are a ton of debt consolidation scams online and in the real world. From fake online lenders to debt consolidation companies the scams run deep and wide online. The fake loans may be asking for a fee upfront, and your important information like your social security number, date of birth, and address for identity theft purposes. Scam and fake debt consolidation companies will often ask for several months of payment in advance, and when it is time to use their services, they will be long gone with your money. Often times we run into deals that seem to good to be true, and as the old saying goes if it seems to good to be true it probably is. Only go through reputable lenders and avoid fly by night companies. Check on businesses with the Better Business Bureau and do searches online with the names “scam” and “complaint” along with their business name. If lenders are required to be registered in your state you can check on their status by contacting your states Attorney General. If you discover your potential lender is besieged with complaints, it is time to take your business elsewhere.

Personal Loan Providers Operating In Wisconsin

Do you need a personal loan quickly, but have been denied by banks in Wisconsin? Have you been faced with only having two choices, payday lenders or a car title loan? You deserve to find a personal loan with rates you can afford and with terms you can live with. You do not have to settle for a payday lender or a car title loan, no matter what your credit score may be. We know how hard it can be to find a good personal loan lender in Wisconsin, which is why we have put together a list of reliable lenders that offer loans to residents of Wisconsin.

LendingClub
LendingClub is backed by the online bank WebBank, and they offer residents of Wisconsin personal loans regardless of credit score. They even accept loans for consumers who have under 600 on their FICO score. Your APR will range from 5.99% to 32.99% and terms can be as high as 5 years, giving you ample time to repay your debt. The best APR rates are for those with excellent credit, and people with scores under 620 can expect to pay 27% or higher interest. They allow you to borrow as little as $1000 and as high as $35,000. You can borrow the funds for whatever you wish, provided that the money is being spent legally.
https://www.lendingclub.com


Springleaf

Springleaf offers online loans to people in Wisconsin. If approved for a loan the funds can be wired to your bank account the following day via ACH transfer. Loans can be as low as only $1000 and as high as $25,000. They have a quick turn around time as far as the loan approval process goes, usually in as little as one hour. They can work with you on assuring the payments are better tailored to your unique financial needs so that you do not fall short on your other financial obligations while repaying the loan. The application only takes a few minutes so it is worth looking into. Your APR will vary according to your credit score and past credit history.
https://www.springleaf.com/

Avant
This is the last one on my list. They offer loans to residents of Wisconsin upwards of $35,000 and as little as $1000, however their best interest rate is steep, at 19.99% interest. People with poor credit can expect to pay higher than 31% interest with Avant. The good thing about Avant is they do approve loans that many other lenders would back away from, and of course they are less expensive than payday or car title loans. They surprisingly have a very high customer satisfaction rate, with 9 out of 10 who borrow from them recommending them for a loan, so that does speak volumes about the company. Customer service is U.S based and very friendly, and they offer a variety of payment methods. You can always check your rate without affecting your credit score, this is because they do a soft inquiry instead of a hard inquiry. It is worth checking what rate they will offer you if you have been denied elsewhere. You can also opt to speak to a loan officer if you have been denied a loan through them and have the chance to convince them to make the loan for you.
https://www.avant.com/

Tips For Avoiding The Hidden Dangers Of Mobile Banking Online

Keeping track of our money, bank accounts, credit cards and finances has never been easier than it is today, thanks to mobile technology and the internet. With just a posting of a photo to your Instagram you can check your balance or pay off your bills. Yet the price you could pay for that same very ease of use could be to steep to pay. That same ease of use and on the go technology comes with increased risks as many Americans discover each year when they discover that their data and accounts have fallen into the hands of cyber criminals.

As more people migrate to using mobile banking, criminals are quick to develop more methods to steal your information. The tactics being used by these criminals get better with ease passing year. As the cyber attacks on mobile users mount users of mobile banking technology need to be aware of the risks at hand. Below are some of the known methods these criminals use and how to avoid them.

Wireless is extremely hacker friendly

Websites can encrypt your information but mobile apps generally cannot do this. Due to this reason accessing any of your financial information via a mobile app is never a good idea when you are on a public or any unsecured wifi network. Mobile banking apps are usually connected to unsecured wireless networks which basically broadcast your information such as passwords to anyone who has the software to listen in. You would be shocked at how easy it is to “listen” in on mobile traffic in a general area and the sheer amount of personal information that can be quickly attained, including your banking and financial information. If you must access your financial information or anything you wish to keep private on the go you should use your phones data network or secured wireless networks only, and even this is not 100% safe but it is better than the alternative.

Password protection

Did you know that nearly 40% of all mobile device users do not password protect their devices? Should these users lose their mobile device and it falls into the wrong hands your info could be at risk. It is as simple as someone picking up your phone and logging into your banking app then accessing your funds. Auto saving your password also put you at risk for the same reasons. Never allow an app to remember your user name or your password, and yes I know that means an extra step or two but it also means securing your mobile device. You can also opt to install a remote device wiping application that will allow you to wipe out data from your phone even if your mobile device is no longer in your possession.

Download directly
Their are tons of phishing apps lurking in all app stores. They look like legitimate apps for your bank, credit union or credit card but are in fact not legitimate, even though they may allow you to actually log into the financial institution in question the apps creator has now gained full access to your accounts. To avoid this unwanted problem simply download apps directly from your financial institutions website. If you use Andriod only download apps from Google Play and set your security settings to abort any other installations.

Getting Your Savings Plan In Overdrive in 2015

It often seems hard to save money. Most of this is due to how we think about money and how we view saving money. Changing our views and habits is key to successfully saving money. For example if you save $6.00 by bring a brown bag lunch to work but do not move over that $6.00 at the end of the week to your savings account you really didn’t save ANY money at all, in fact your likely to squander it on something else since you left it in your available money pool. I have some tips for anyone who wants to actually save money towards a goal, and the goal itself does not matter, it could be to save for a rainy day fund or college, the same principles apply no matter the goal.

We need to change how we view saving money there for apply the following to your life:

* When you receive a discount or utilize a savings tactic you need to move the money you would have spent; IE the money that you “saved” into a savings account or into an investment. Leaving it in your checking account simply means it will be spent elsewhere. This is where most Americans screw up and lose sight of their end goal. Keep your end goal in sight and keep your money saved tucked away weekly in your savings account.

* Do not rationalize ways to spend the money you saved that is not going towards your saving goal. The old rob peter to pay Paul tactic should be avoided here. Once you place the money into your savings account forget about the money and avoid the temptation to spend it elsewhere. Saving money is not easy, but perhaps more difficult is stopping oneself from diving into those savings.

* Avoid internet and easy access to your savings account. Even better consider opening up a money market account at a bank you normally do no business with. You want to make it as hard as possible to actually dip into that saving account. Also do not get an ATM card for your savings account if they offer it. You should opt for a bank or credit union that you actually need to walk in and see a teller to withdraw your money from. This alone gives you a chance at a second thought should you screw up and consider an early withdrawal from your savings account.

* Be aware of impulses. Many of us have bad spending habits that are psychologically driven. Like having a bad day and then going on a spending spree. Being aware of these impulses is vital to avoid derailing from a savings plan. If you can learn to sense when your having these impulses to spend money needlessly you can then take steps to counteract these bad habits such as going for a walk or going out to meet a friend, or better yet exercising.

* Manage your cash flow and bill dates. Many people end up dipping into savings because to many bills fall on the same date. One tactic you can use is to pay the bills with a credit card then pay the credit card balance off in full over the month during the grace period there by giving you a free 30 day loan, which in turn will let you avoid dipping into your savings account when all the bills are due. You can also try and work with companies to change the billing date so that the bill falls on a date that you more readily have funds available to cover the bill. Many companies are more than happy to accommodate this.


Searching for personal or unsecured loans, then stay tuned for the best topics on credit cards, debt and money saving tips in 2015.

Tips For Improving Your Credit Scores Before You Apply For a Mortgage Loan

Reader Question: Improving credit scores before a mortgage

This week we received a question from Lucy A. about how to improve her credit before buying a home:

I’m trying to purchase another home and my score has dropped a lot. I was late on my mortgage and I also have some bad stuff on my credit report. I’m trying to see what I could do to improve my score. Do you think if I pay some of my debts my score will go up? I was behind for couple of months, however I’m paying all my debts on time now. How long does it take to for the score to increase after paying a debt in your credit report?

new_house

Taking some time to improve your credit scores before a home loan can potentially save you thousands of dollars. While credit scores are just one part of a mortgage application, they play an important role in determining your interest rates.

If Nancy’s late payment on her mortgage was less than 90-days overdue and a one-time occurrence, it shouldn’t cause lasting damage to her credit score. Read more about how late payments really work online. As for the other bad things on her credit report, usually there is nothing that can be done to remove negative records before their 7-10 year expiration date.

Nancy may be able to improve her credit scores now by working on some other important factors. Having 2-6 active credit cards on her report, using at least one credit card each month, paying all her bills on time and keeping her credit card balances low can all help boost her credit scores. Once she reduces her debts, her credit scores should improve within a few weeks. The only delay may be the time it takes the credit card company to report her new account information to the credit bureaus.

Are you searching for solutions for short term loans, we cover the online lending industry helping consumers in Texas, Missouri, Michigan and coast to coast navigate the best options for personal loans, cash advance and installment loans online.

What Options Do You Have To Lower Your Car Payment

Are you struggling with your finances and finding that your car payment is too high and you are struggling with cash? The editorial team from Short Term Loans Network is committed to helping borrowers navigate the challenges of personal finance, consumer based loans and debt reduction tips for 2015!

Is Your Car payment too high
George and Pauline (not their real names) emailed me with a question about getting out from under a high car payment. They are paying $721/month on one vehicle! They owe $20,000 on a vehicle worth about $11,000 and have three years of high payments left.

Ouch! Unfortunately, car payments the size of our parent’s mortgages are not uncommon these days as vehicles get more expensive, car loans get longer, and financing become easier.


What can George and Pauline do? But here is a quick summary of options for consumers when their car payment is too high:
• Refinance the vehicle: Go to BankRate.com or another car or auto lending website for a quote.
Work things out with the lender: Talk to the current lender to try to arrange something that will lower your payments. The downside is you may be stuck with the car even longer and get in deeper with a longer loan. If you go this route, be polite but persistent.
• Turn in the keys. With a voluntary repo, you give back the car. They will sell it at auction, probably get a lot less than a private sale, and you will be assessed a deficiency for the difference.
File for bankruptcy. Under the old law, you could work out an arrangement to pay off the car at its current value, rather than what you currently owe on it. Under the new law, though, you will likely have to pay off the entire debt if you have owned the car less than 2 years and 4 months.
• Sell the car and pay off the difference with an unsecured loan like a balance transfer from your credit card, loan from a relative etc. This may not always be the most attractive option, but sometimes it can save you from a repossession. Be careful, though, about just continuing to dig that hole deeper. (You can run a what-if scenario at CNN Money and then create a rapid repayment plan for paying back that debt.) Again, with limited borrowing options it will be tough here.

Of course, the best advice is to be very, very cautious when buying a new car. Buying the maximum you can afford can be risky!

Tips For Staying Out Of Debt In 2015 And Gaining Financial Freedom

Did you know that one in five Americans that are in debt fully expect to be in debt until they die? Only 13 percent of Americans today expect to ever be debt free and in the black. Another 8 percent of Americans do not expect to be debt free until the ripe old age of 71. Those are some sobering numbers. When you are deep in debt it can seem impossible to escape that debt and climb your way into the black again.

Yet it is a new year and with the new year comes new chances to achieve that financial freedom you crave. The good news is that yes you can get out of your debt, and yes it will take some work and some measure of will power but 2015 can be the year you start that journey to becoming debt free. Financial freedom is around the corner if you can follow some rather simple steps to seize the day or carpe diem.

The first step with any illness is triage and believe me debt is an illness, albeit a financial illness. The first step of your debt triage is to tally up your total amount of debts. An astounding number of debtors do not have a clear picture of how much debts and exactly what creditors they owe. Once you know exactly what creditors you owe you can start the next step of debt triage. You need to figure out which of these debts is the most pressing, which have the most repercussions not being paid off quickly, IE which ones have the highest interest.

Once you have the debts categorized by order of highest interest you now know which ones to concentrate fully on. This is not to say that you are to ignore the lesser debts, you must still pay those off and make payments but any extra money above and beyond what you can do for minimum payments should be directed at the highest interest debts first. All of this assumes you already have a budget and follow it, if you need help with making a budget look at this article on making a budget here.

The next step is to do some minor cut backs in a few areas of your spending. If you spend 100 on entertainment try dropping this to 80 dollars. Do this in 10 areas of your spending. I am not advocating cutting back drastically just cutting down the amount spent in 10 areas of your life and not by a great dollar amount but small amounts $10, $20 or $30 here and there. Small is the new big, think small to win big.

The next big step here is to get help with the work. I am talking about reducing your interest rates here. You can ask your lender to reduce your interest rates. Did you know that two thirds of people who asked for a lower interest rate got it? In most cases all you have to do is ask and state a compelling case. Lenders in most cases would rather reduce interest rates than risk a charge off. You can also take advantage of a 0% interest balance transfer credit card offer, cards like the Chase Slate offer a 0% interest rate for 15 months with no balance transfer fee which can give you 15 months interest free to pay off that credit card debt.