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Best Bad Credit Loans with Guaranteed Approval in 2021

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If you are looking to finance your needs with short-term loans, the high interest rates may be off-putting and might discourage you from seeking the financial help you require. Add this to the burden of having a bad credit rating, and you might not be eligible for a loan at all.

Most lenders require you to have a good credit rating before they trust you with a loan. After all, why should they lend you money if there is not a good chance you will pay it back?

However, with changing times come changing financial needs, and the market for loans is not what it was until a few years ago. As a result, more and more financial institutions are willing to provide customers with bad credit ratings with loans (at higher interest rates, of course).

Not only do these loan providers supply you with the money you need, but they could also help boost your credit rating with each repayment you make. We would like to point out here that these providers are independent, which is what makes them so flexible regarding credit ratings among consumers.

For this article, we did not just look online and pick out the most popular loan providers for bad credit loans. This is mainly because many of these providers charge exorbitant interest rates and other miscellaneous charges.

So, we have only featured highly reputed loan providers who charge you reasonable interest rates on your loan. Besides, you can rest assured these companies are trustworthy and will not cheat you out of any money.

List of Best Bad Credit Loans with Guaranteed Approval 2021 [Review]

In this section, we will review our top selections for bad credit loan providers. Then, we will outline each of these loan providers’ features, pros, cons, and customer experience to give you a fair idea of what you can expect from them.

#1. MoneyMutual

 

MoneyMutual is easily one of the most popular and highly reputed loan providers in the country. It is growing in popularity because it does not always carry out a thorough credit check on consumers.

This is a free service through which bad credit borrowers can connect with genuine lenders and obtain loans, regardless of their credit ratings.

MoneyMutual is not involved in the lending or borrowing process — it simply provides a platform for these two parties to lend and borrow money. Think of it as Amazon or eBay, but for loans instead of products.

This company has been in the business for over a decade now and has helped over two million people across the U.S. satisfy their financial needs.

Features 

The following are the main features of MoneyMutual:

  • Platform through which potential borrowers can get in touch with potential lenders
  • Minimal credit checks are carried out
  • Once the funds are approved, customers must fill out a form online
  • Allows for loans up to $5,000 for short-term funding
  • Lenders review customer’s information and decide whether they want to find their requirements

Pros

  • Relatively simple for those with bad credit ratings to obtain loans
  • Company is highly reputed and experienced
  • Completing the online form only takes a few minutes
  • You can receive the money within 24 hours

Cons

  • Not available in a few states such as New York

Customer Experience 

Most customers who have used this service claim it is very easy to use, and connecting with lenders online is made convenient. In addition, customers claim they were able to receive funds through this service much faster than they could by using other similar services.

⇒Visit the Official Website of MoneyMutual for More Information

#2. Bad Credit Loans

 

Bad Credit Loans is known to help those who are grappling with bad credit ratings to obtain loans online. This free service allows lenders to connect with borrowers and approve loans to them without taking into account their credit ratings.

We say this because it is not uncommon for customers to receive funds from lenders on this site without the demand of a credit check.

This company does not exercise any control over the lenders listed on the site. But, it does offer you any relevant information you may require, helping you decide whether you would like to trust a certain lending partner.

Features 

The following are the main features of Bad Credit Loans:

  • A platform that helps connect borrowers to lenders and offers both parties adequate information on the other
  • Site has advanced encryption technology that keeps your private information safe
  • Using this service is completely free
  • Borrowers only need to complete an online form for lenders to decide whether they would like to engage with them

Pros 

  • Free service
  • Very easy for borrowers to find lenders
  • Credit requirements of lenders on the site are very flexible
  • You can borrow amounts of anything between $500 and $5,000
  • Allows you to assess and compare interest rates from different lenders

Cons 

  • Customers with poor credit ratings receive lower loan amounts

Customer Experience 

Customers seem happy with how simple it is to get a loan approved using this site, since it allows for minimal credit checks. Besides, the fact it only takes a few minutes for people to fill out the form on the site only contributes towards how convenient most people find this service.

⇒Visit the Official Website of Bad Credit Loans for More Information

#3. CashUSA

 

CashUSA is known to offer borrowers many options regarding funding for their immediate requirements. For instance, it does not matter whether you want to pay a debt back or purchase something new, CashUSA can work on meeting any requirement adequately.

In addition, this site offers you loans that are sometimes double the amount of other bad loan guaranteed approval services.

Once you complete the online form on the site, you will get the option to review the offers made to you by different lenders. So, do not worry if no lender makes you an offer on the site.

You will still have the option to review offers on credit repair, debt relief, and more. If, however, you do receive an offer, you will need to provide additional information to the lender, which could help them decide whether or not they want to lend to you.

Features 

The following are the main features of CashUSA:

  • Uses a large network of lenders and partners that decide eligibility for a loan
  • Consumers need to fill in an online form and provide extra information if necessary to receive a loan
  • Company uses adequate security to ensure your information is protected
  • Customers can receive loans of up to $10,000
  • Funds are transferred directly to customers’ bank accounts upon guaranteed approval

Pros 

  • Funds can be accessed quickly and easily
  • Loan amounts are higher than those of similar services
  • Customer information is secure
  • Available for both long and short-term loans

Cons 

  • Additional information is required from borrowers at times

Customer Experience 

Customers love how smooth the application process is on this site and how easily they can receive large loan amounts. Customers also love that the interest rates and repayment options on this site are quite flexible.

⇒Visit the Official Website of CashUSA for More Information

#4. Credit Loan

 

This service is greatly preferred by those with bad credit ratings who want short-term loans to satisfy their financing requirements. This company has over two decades of experience in the loan market and has managed to stay on top despite facing fierce competition over the years.

One of the most impressive features of this service is that it offers both small and large loan amounts to the consumer — making it more flexible than most similar companies in the business.

Both borrowers and lenders seem happy with how well they can connect using this service and how much it has evolved with the changing requirements of both.

Features 

The following are the main features of Credit Loan:

  • Borrowers can obtain loans as small as $250
  • Lenders can deposit money directly into your account upon approval
  • Fee charged is quite nominal
  • Decades of experience in dealing with customers with bad credit ratings
  • Loans of up to $5,000 can be obtained by borrowers on this site

Pros 

  • Service is perfect for both small and large loan amounts
  • Getting a guaranteed approval for your loan is not difficult
  • Funds are deposited quickly
  • Service funds are automatically deducted from borrowers
  • Decades of experience in the industry

Cons

  • Not as popular as other services reviewed in this list

Customer Experience 

Customers are happy with how easy the application process is on this website and how quickly borrowers can receive funds using this site. It is both reliable and secure, which is why consumers can trust the company without hesitation.

One quick look across the brand’s official website will allow you to see the many great reviews consumers have left for this service.

Besides, customers are pleased they can receive loans without collateral using Credit Loan.

⇒Visit the Official Website of Credit Loan for More Information

#5. Personal Loans

 

Personal Loans is one of the few lending services out there today that offers you the choice of dealing with two separate networks of lenders.

One of these networks consists of lenders that specifically cater to those with bad credit ratings. Neither of these networks requires you to pay any hidden fees or extra costs.

It takes only minutes on this platform to connect with borrowers, as that is how much time it takes to fill in the online form. This form does not require too many details, and you will find you can complete it in no time.

Your application will then be forwarded to the relevant lenders, who have the option of choosing to approve or disapprove of your application.

Features 

The following are the main features of Personal Loans:

  • Consumers can obtain funding of up to $35,000
  • Both consumers with good credit ratings and those with bad credit ratings can use this website
  • Funding obtained can be used for a variety of purposes
  • Has various lending partners in dozens of states across the country
  • Allows you to compare loan offers from various vendors

Pros 

  • Offers more flexible funding options than nearly any other site in the business
  • Loans are available at competitive rates
  • Site is easy to navigate and use
  • Offers loans of high and medium-sized amounts alike

Cons 

  • Not available in a few U.S. states

Customer Experience 

Customers are satisfied with the flexible loan options this service offers them and the ease with which they can find all of the relevant information they require on the official website.

In addition, you will be able to obtain loan rates and other details regarding offers on the site and can use this to make an informed decision on which lender you should go with. Customers have found this to be supremely useful.

⇒Visit the Official Website of Personal Loans for More Information

Factors to Look for While Getting a Loan if You Have a Bad Credit 

It is always advisable to weigh your options carefully before you opt to receive a loan with no credit check from a lender.

Considering the number of scams out there today concerning loans, we thought it best to give you a fair idea of the factors you should consider before choosing such a loan.

This may be the first factor you need to consider before choosing a lender for your bad credit loan. We say this because companies charge higher interest rates on loans that do not require good credit ratings than those that do. Therefore, you will need to prepare to pay higher interest charges if you opt for loans from any of the sites we have listed above.

However, this does not mean you have to pay exorbitant amounts of interest, just higher amounts than you usually would. Therefore, you should compare interest rates from different loan providers before you make your choice. Also, bear in mind you will have to pay less interest on your loan amount if you have a somewhat good credit score.

Also, you will not have the option of going for low-interest rates here, as these rates are not flexible. With fixed interest rates, you will not be able to reduce the interest charges on your loan, no matter how promptly you make your repayments.

It hardly matters if you have found the ideal loan to meet your requirements if you do not meet the eligibility criteria to receive the loan in the first place. Therefore, you need to log on to the sites we have listed above and read up on the credit requirements of different lenders before you approach them for a loan. The FICO score each lender is looking for would typically be listed on such sites.

Other factors, such as the amount of money you owe a lender compared to how much money you earn each month, also play an important role in determining whether or not you can receive such loans.

If you have a steady source of income, a lender likely will not mind your poor credit scores and may choose to lend you the amount you need. The requirements and parameters by which different lenders decide whether or not they would like to lend you money can be viewed on money lending sites.

Do not be surprised if lenders require information in addition to the details of your minimum credit score and credit history. This is quite a common practice for lenders to decide whether or not they would like to trust you with their money.

  • Terms and Conditions of the Loan

It is very important to read the fine print on money lending websites to help you decide whether or not you would like to receive a loan from a particular lender.

For example, some lenders may offer you the loans you want at reasonably low interest rates but have stringent loan terms when it comes to repayment.

There may be strict restrictions imposed on how you spend the loan money, and these differ from lender to lender. If you do not believe you can make timely repayments on your loan, these restrictions become a very important consideration.

Therefore, make sure you go through the terms and conditions set down by the lender before you ask them for a loan.

  • Additional Charges and Penalties 

Those with bad credit scores may not be strangers to fees, penalties, and other charges on loans. These penalties are often levied on late repayments of loans, checks that are returned by the bank — also known as bounced checks — and more.

Sometimes, charges may even apply to those borrowers who do not have sufficient funds in their accounts to make prepayments.

Fees may also apply to processing loans, and these are often mentioned explicitly by the lender at the time of borrowing. It is important to note here these fees can make up a significant portion of the loan (up to 6%), so it is an important consideration for those that are looking to borrow from such lenders.

Also, this fee may be levied separately (origination fee) or be included as part of the loan, which will need to be repaid. Again, these fees are not the same for every lender, so you will need to compare fees from different lenders before you come to a decision.

Additionally, late payment fees can go up to 5% of your loan amount per month, so you make as many payments as possible on time.

How to Get a Bad Credit Loan? 

Getting your loans approved by lenders without credit checks is a lot easier now than it was a few years ago.

However, you will still need to follow some very specific procedures to get such loans, and the steps with which you can do so are what we shall discuss in this section.

It almost goes without saying — if you do not place your trust in the most reliable, reputed money lending sites out there, you may be setting yourself up by walking straight into a scam.

Unfortunately, it is not always easy to spot such scams, so it is always best to only look through lenders that are popular and have been around for a while.

One of the most telling signs of dealing with a potential scam is that such sites require you to pay fees before you even get a loan approved. Additionally, you will also need to check whether the loan provider you are opting for is allowed to operate in your state.

You can check your credit score by quickly reviewing your credit report online. These reports are more likely to have errors than you think, so it is always advisable that you go through them before you apply for a loan.

Who knows, your score may be better than you originally believed, and you will be able to avail of lower interest rates on bad loans.

Besides, even for loans to those with bad credit scores, some background checks are generally carried out by lenders, which often includes a credit check.

Take your time to review and compare different interest rates across different money lending platforms before you come to a decision. You can get pre-approvals on your loans to get an idea of what interest rates you will be paying on them. Note that this does not affect your credit score in any way.

Moreover, you will be able to get interest rate quotes from several lenders on money lending sites, making it easier for you to decide which lender you want to go with.

Repaying your loan is as important as checking the interest rates you will be paying on such loans. After all, you will need to make such payments regularly, so you will have to budget the prepayments and repayments on your loan before you contact a lender to approve your loan.

Just because it is a bad loan does not mean you can take repayment lightly. Hefty penalties and additional charges are often levied on those that do not make their repayments on time; so, if you do not think you will be able to make any of these payments on time, you will need to take these additional charges into account as well.

As discussed earlier, the best way to avoid penalties and charges on bad loans is to ensure you repay them on time. Such loans attract high-interest rates, to begin with, which is why they can dig a huge hole in your pocket if you do not make timely repayments on your loan.

Alternatives to Loans if You Have a Bad Credit 

Luckily for those with bad credit scores, there is more than one type of loan available out there that could help you finance your short-term monetary needs.

In this section, we will explore the best options available to those with poor credit ratings in terms of the loans they can obtain from individual lenders and financial institutions.

This is the kind of loan we have been discussing throughout this article. These loans can be obtained from individual lenders via third-party money lenders online. These lenders generally approve loans to those with bad credit ratings without hesitation. These loans are typically repaid in installments, much like regular loans from the banking sector.

These loans are growing increasingly popular among those with poor credit ratings mainly because they do not require any collateral, even if they do demand higher credit rates than regular loans. You can meet these lenders online and contact them directly to access short-term funds.

If you have a somewhat average credit rating, you can expect to pay lower interest rates on your loan than on loans with bad credit ratings. However, these loans do not generally demand interest rates as high as those charged by institutions that demand exorbitantly high interest rates.

This is one of the many options open to those with bad credit ratings. Usually, you would purchase whatever you need using your credit card then pay the full amount back at a later date. But, what if you need cash in hand?

In some cases, a financial institution will permit you to withdraw your credit as cash. In other words, you can have liquid cash in hand to fund your requirements rather than be compelled to purchase to access the money.

The easiest way to make extra funds available for spending is to cut down on how much you are currently spending. Budgeting your purchases and buying only what you need for a while could help you free up some cash to help pay your bills or anything else that requires immediate payment.

Besides, you may even have some additional sources of income on hand that you could liquidate to get cash in hand. For instance, if you own shares in a publicly owned company, you could sell these on the open market to obtain some cash.

You could even sell some of your assets that would fetch you enough money to deal with emergency short-term funding requirements.

These loans are among the best short-term funding options you could consider if you have bad credit, as there is not as much risk attached to them as other loans do. These loans are typically made available by credit unions and other small financial institutions.

The repayment period for such loans does not usually exceed 12 months, so they are ideal for short-term funding.

The interest rates on these loans are usually higher than those obtained from banks, etc., but it is not that difficult to obtain them even if you have bad credit ratings. Besides, even with that taken into account, the interest rates on these loans never exceed 30%.

FAQs About Bad Credit Loans & Guaranteed Approval

In this section, we will address and discuss some of the most popular FAQs regarding loans for borrowers with poor credit ratings. In going through these FAQs, you will be able to understand what borrowing with a poor credit score entails.

Q: How Do I Check My Credit Score?

A: If you have borrowed money from a financial institution before, you likely have been assigned a credit score based on your repayment history. It could take up to five months after you have borrowed money for your credit score to be generated. This score is also commonly your FICO score and can be anywhere between 300 and 850, with 300 being the worst and 850 being the best.

If you have not borrowed money formally before, your credit score will not be visible until you borrow money from a recognized financial institution. The relevant agency (in this case, the credit bureau) will now compile the information required to generate your credit score. You can then check your score online via the report generated by the bureau.

Note that not making repayments on time and having a low balance in your account are the main factors that affect your credit score. Making timely repayments and maintaining adequate balance in your account will help improve your score over time. If you have a good credit score, you will likely pay lower interest rates on your loans than you would if you had a bad credit score.

Q: Is It Costly to Obtain a Bad Credit Loan?

A: Generally speaking, bad loans or loans that do not require credit checks are more expensive for borrowers than loans that could be obtained with good credit ratings.

This is mainly because lenders take on a higher degree of risk when they lend to borrowers that do not have good credit ratings. A lender can never be sure they will receive prepayments and repayments on the loans they provide to those who have poor credit ratings.

Therefore, it makes logical sense for a lender to demand high interest rates on such loans than they would for good credit loans. Moreover, the penalties and charges on late repayments of loan installments for bad credit loans are higher than those on regular good credit loans. Thus, even the highest interest rates charged on traditional loans do not match up to the interest rates charged on bad credit loans.

Moreover, bad loans are not secured, which is why they are seen as high-risk loans for potential lenders. Lenders do not generally demand collateral on such loans, so they compensate with high interest rates and charges. Therefore, it is always advisable you make your repayments on such loans well in time to avoid these additional charges.

From a borrower’s point of view, however, it can be very beneficial to obtain unsecured loans, since they do not have the added burden of coming up with collateral to offer lenders. This makes it easier for borrowers with bad credit scores and insufficient assets to meet their short-term funding requirements.

Q: How Can I Obtain a Bad Credit Loan Quickly?

A: If you have scanned through our reviews of the best money lending sites we could find above, you will know how easy and convenient it is to obtain loan finance from lenders here.

These platforms are created with the sole purpose of connecting potential borrowers to potential lenders. As a result, the lenders on these sites do not demand too much documentation from borrowers, nor do they carry out extensive credit checks on them, which helps save time.

These sites require borrowers to fill out an online form before they can approach lenders. The lenders then review these forms and decide whether or not they would like to lend money to the borrower who has requested funds. In most cases, this form requires only basic details on the borrower and does not take more than a few minutes to fill (generally five minutes).

The lender then reviews the form and makes their approval or disapproval known to the potential borrower through the website. In some cases, the lender may ask for additional details such as a borrower’s sources of income and more. However, providing such information does not take up too much time either, and it is usually a matter of minutes between submitting a loan request and obtaining a guaranteed approval from lenders on such sites.

Finally, if a lender approves the request for funds, they have the option to deposit the money directly into a borrower’s account online and make funds available for their use. Thus, the whole process from the start (filling in the online form) to the finish (receiving the money in your account) can take as little as 24 hours.

Q: How Can I Improve My Credit Score?

A: The fastest and easiest way to improve your credit score is to make your loan prepayments and repayments on time. Avoid late payment interest and penalties as much as possible because these can affect your credit score badly. Pay off any short-term debts, and you may see your FICO credit score go up eventually.

A good credit score is an excellent indicator of your financial stability and will be able to dictate the kind of loans and interest rates you can avail yourself of in the future. Therefore, you need to be aware of where your credit score stands and what you can do to improve it.

Besides, obtaining a good credit score should not be the only reason behind making timely repayments on your loan installments. After all, you could save yourself from having to pay large penalties on late repayments if you do not fulfill these on time.

Q: Is It Possible to Get a Loan If I Have a Poor Credit Score?

A: Yes, it is certainly possible to obtain emergency short-term funding online even if you have a poor credit rating. The websites we reviewed above sometimes take as little as 24 hours (in a working day) to let you have the funds you require. In some cases, you could even receive the money within a couple of hours.

After filling in the online form and having your application approved by a lender, you could request them to transfer the funds to you quickly. Of course, they may impose some restrictions on your loan amount and repayments for the same, but the point is that you can obtain emergency funding from these sites despite having a bad credit score.

The details you will need to enter on such sites are quite basic (your name, social security number, source of income, and more), which should not take you more than a few minutes to fill out. After you are done with this, a lender can approve your loan request and process the funds quickly enough.

Q: Can Unemployed Individuals Get Bad Credit Loans?

A: One of the many great features of opting for bad credit loans is that such loans can even be obtained by those consumers that are not formally employed. In other words, you do not always need a steady source of income or a steady job for a lender to approve your credit request.

This is taking into account the fact that you may have a bad credit score. If a lender obtains adequate evidence that you have sufficient funds in your account, then they may go ahead and approve your request for short-term funding. Besides, a lender considers various sources of your income, not just that from employment.

Therefore, it is possible to receive loan funding from lenders online if you are unemployed and have a poor credit score.

Conclusion: Who’s The #1 Bad Credit Loan Lender?

To conclude, obtaining bad credit loans online is not all that difficult if you know how to go about it. The procedures involved in obtaining loan funding for bad credit loans are quite straightforward to follow, even for those who have not obtained finance from such sources before.

The websites we have reviewed for you above help you get in touch with lenders directly to request them to provide you with the funds you need. Our recommendation for you would be to try the services of MoneyMutual for their great service and customer support. Additionally, such sites allow you to compare interest rates from different lenders so you can decide on whichever option will suit your needs best.

Moreover, you will also find all of the relevant information you would need, such as the terms and conditions of the loan you are planning on obtaining. All of these sites are safe and secure and are sure to keep your private information private. Therefore, now all you need to do is take your pick and borrow the funds you need, bad credit rating and all.

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Are Sallie Mae Student Loans Federal or Private?

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When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances

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Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit

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Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.

 

 

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