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Using Personal Loans to Fund Your Startup: Is it A Good Idea?

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Technology-based startups are a vital part of the U.S. Economy. According to the Innovation Technology and Innovation Foundation, in the past decade, despite being relatively small compared to other businesses, technology-based startups managed to surge 47%. They drive competitiveness in the market and have become an essential driver of America’s economic growth.

 As new technology emerges, more and more have become entranced to tech startups. The want and thirst of these people to make a change in the world, along with the future opportunities it offers, made startups much more popular in recent years. Despite 90% of startups failing, many want to take a risk still, believing that the innovation in technology that they bring will rise above others.

 However, starting a business doesn’t rely on passion alone. It also involves the use of money for operations and other resources. Getting funding for your startup can become a challenge, especially if you don’t yet understand how the industry works.

What are Personal Loans?

Personal Loans are a type of loan that can be borrowed from a bank, online lender, or credit union.

 These loans can be paid in fixed monthly installments from two to seven years. The interest rate that your loan can have will vary greatly on how well your credit score and credit history are. Some rates can go as low as 6%, even lower if you have an excellent credit score. However, a bad credit score can limit your chances of getting a lower rate.

 The reason why personal loans are popular loan options is how they are relatively easy to apply. Unlike mortgages or auto loans, personal loans can be used in anything you need. From home improvements to significant events to small businesses, you can sure count on personal loans for a cash loan quick and easy.

 There are two types of personal loans. These are secured and unsecured loans.

 Secured loans would require you to put collateral. Collateral can come in the form of your house, car, or valuable assets that can pay off the total of your balance. Unsecured loans, on the other hand, don’t need collateral when you apply for it.

Funding Startups with Personal Loans

Only very few startups get the funding they needed from Angel investors. Every year, at least 500,000 startups Out of this number, only 1,000 or fewer companies snatch the eyes of venture capitalists, 30,000 if Angels and Angel Groups are considered. Only 6% of startups get the chance to fund their project from these sources.

 If you’re having trouble finding investors to fund your startup, you’re probably looking into loans right now as a solution. Small business loans can be a bit difficult to apply for since you still have to present your ideas to a bank, so they’d let you take out a loan. If you are rejected, you have to start over again.

 Since the easiest way to get funds for your startup is through personal loans, this idea might be the right answer for your problems. After all, you have higher chances of getting your application approved in a personal loan than in a small business loan. All you have to do is approach a bank or lender, present your credit score and history, negotiate terms, sign a few documents, and get the money you need.

 But is it a good idea to take funding for your startups through personal loans? Well, you can use personal loans for your startup. However, some disadvantages come with taking out a personal loan for your business.

Is it a Good Idea or a Terrible Mistake?

If you have a good credit score, personal loans can work out for you. However, a bad credit score can be detrimental to you. Since personal loans would affect your personal finances, a bad credit score can generate up to 36% of the interest rate. This is a high rate and can cause you problems in the future.

 There are also limits when it comes to the amount you can get on a personal loan. Lenders will usually offer $50,000 on average, and with bad credit, it can be lower. However, borrowers with excellent credit scores can reach up to $100,000. If your startup needs more money than that, then you need to look for other options.

 Defaulting on a personal loan will also harm your personal credit score since the loan is against your name. If it’s a secured loan, the lenders can take your assets to make sure they get back the money you’ve borrowed. Other than that, they can sue you.

 Getting a personal loan can be a good idea to start your business. However, you must generate enough money to pay off what you’ve borrowed. Don’t compromise your business and credit scores by defaulting on the loan you took.

Takeaway

Technology-based startups are an integral part of the American Economy. However, looking for a way to fund it may be challenging. Personal loans are a great way to jump-start your venture. It’s relatively easy to apply for compared to other business loans. With it comes disadvantages to both your personal credit score and startup dreams. Just be responsible enough to pay back what you owe, and you’re good to go.

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Can You Finance a Car With Unemployment?

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If you’re collecting unemployment checks, getting approved to finance a car becomes more difficult. Here’s what you need to know about unemployment and auto loans.

Unemployment Checks and Income

Can You Finance a Car With Unemployment?If you’ve lost your job involuntarily, unemployment checks can be a saving grace for everyday expenses. But if you need financing for a vehicle, it may not be in the cards right now.

Lenders need proof of income, and for the income to be consistent over the entire loan term. Since unemployment checks are temporary, with most states only allowing six months of payments throughout the year, you aren’t likely to get approved for an auto loan.

When your unemployment checks run out, the lender needs to know that the monthly loan payments will continue, and car loan terms are always longer than six months. Credit unions, banks, and indirect lenders that work with finance departments in dealerships aren’t going to accept unemployment checks as income.

What About a Cosigner or Co-Borrower?

Cosigners and co-borrowers can help bad credit borrowers get approved for an auto loan, as they give lenders additional security that the loan will be paid. They can also help those with bad credit get approved – and possibly get lower interest rates or better loan terms.

But if your income isn’t steady or consistent, you won’t get approved. Even if you find someone that’s willing to cosign, the lender still requires that you meet the income requirements individually in order to be considered. And since unemployment is temporary, and won’t last for the duration of the car loan, it doesn’t count.

At the same time, there’s a chance you could get approved if you’re married and your spouse has a regular income and agrees to be a co-borrower. This is because lenders allow a co-borrower’s income to be added to that of the primary borrower if they’re a spouse. But since the primary borrower only has a temporary income, the borrower with income becomes the primary borrower, while the borrower with temporary income becomes the co-borrower.

While financing through a dealership’s finance department or getting a direct loan from a credit union or bank may seem like your only options, there are two more you could explore if you’re really in need of a vehicle.

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Other Finance Options

You may have heard of dealerships that don’t check your credit score. These dealers, called buy here pay here (BHPH) lots, are more concerned with your ability to pay for the monthly loan installments. BHPH lots have in-house financing, which means that the dealership is also the lender. They typically require a large down payment, sometimes asking for 20% or more of a car’s selling price.

While they don’t check your credit score, they still verify income sources and require it to last the entire loan term. However, these lots are less picky about income sources. They may also be able to offer a rent to own contract, or if you have a significant down payment, the dealer may be able to offer a shorter loan term.

Two things to keep in mind before looking for a BHPH dealership:

  • They may not report the loan or timely payments to the credit bureaus.
  • Your interest rate is likely to be higher than average.

Some BHPH lots don’t report loans or on-time payments to the credit bureaus, which means it wouldn’t improve your credit score. They may report any missed or late payments, however, and a repossession. Be sure to ask the dealer about their reporting practices before financing if you’re looking to improve your credit score.

Another thing to consider is that at BHPH dealerships, your interest rate is probably going to be higher than average. This could be considered the trade-off for them not checking your credit.

However, if financing a vehicle from a BHPH dealer doesn’t feel right to you, or you don’t qualify for any in-house financing options, you have another option: paying cash.

Buying a Car With Cash

If you have the cash and you can’t get financing with your unemployment income, you can always purchase a car from a regular dealership, BHPH dealer, or private seller.

Saving as much as possible from your unemployment checks, without neglecting your other bills or finances, could allow you to buy a cheap vehicle. It may not be your ideal car, but there are many websites and listings placed by traditional dealerships, BHPH dealers, and private sellers.

Negotiating is common with all three, but be sure to do your research on the private seller’s listing, and ask lots of questions about the condition of the vehicle, since private sellers don’t have to follow the rules and regulations that dealerships do.

You could also pay cash for a car from a BHPH lot or dealer – cash is king. Tax refunds, for some, mean a large lump sum of cash, and could really help with the purchase of your next vehicle, or serve as a down payment for financing once you have a regular income.

Looking for a Dealership?

If you need a dealership that can work with you, we want to help. Here at Auto Credit Express, we connect bad credit borrowers with dealers that work with subprime lenders. Subprime lenders are bad credit lenders that consider more than your credit score for approval, and work with borrowers with unique credit situations.

To put us to work finding a dealership near you, simply fill out our free, secure, and quick auto loan request form.



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Average car insurance rates by ZIP code for 2020

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Using our car insurance ZIP code calculator below, you can see average car insurance rates by ZIP code, as well as the highest and lowest rate fielded from up to six major insurers for the same policy. Car insurance companies use different formulas when deciding how much you pay, which is why the cost for coverage can vary significantly among carriers. The difference between the highest and lowest rate is the amount you could wind up saving by shopping around for the lowest price.

Use our average car insurance rates tool above to compare rates. Enter a ZIP code to see the average monthly premium for your neighborhood. You will also see the highest and lowest rates from the six major carriers surveyed to get an idea of what the most affordable car insurance price is in your area. To get a customized rate, select from among six age groups and three coverage levels and enter your gender. You can shop for a policy now by entering your information after clicking on the “Start Shopping Now” button above.

Key Highlights

  • Find out how car insurance rates are affected by where you live
  • Compare rates for your ZIP code based on your age, gender and coverage level
  • Learn how much you can potentially save by comparing car insurance rates

Compare car insurance rates by ZIP code to save money on the cost of car insurance

Our average car insurance rates tool above lets you compare auto insurance rates by ZIP code. The difference between the highest and lowest rate is what you can save if you shop around for coverage. You can also read our guide on how to estimate car insurance costs, which includes taking into account the amount of coverage you need, your age and your location, among other factors. For now, to make it easier for you to see the potential savings, we’ve done the math for you.

In the table below, you’ll see the average savings is the dollar difference between the highest and lowest rates received from insurers surveyed, on average, for each state’s ZIP codes.

Key Findings Reveal That:

  • The average savings nationwide after comparing car insurance quotes for a full coverage policy is $1,647 a year
  • The average percentage savings after comparing car insurance quotes is 178% a year

Regardless of your location, you can still net a significant savings by comparison shopping, based on a rate analysis by CarInsurance.com’s experts. In Michigan, the state with the highest potential for savings, the difference between the highest and lowest rates is $4,837. But even in Alaska, where savings are the lowest, the difference is $972.

The states where drivers can save the most, on average per year, by comparing car insurance quotes are, based on a rate analysis of up to six major carriers in each ZIP code:

  • Michigan – $4,837
  • Kentucky – $2,805
  • D.C. – $2,731
  • Delaware – $2,718
  • New Jersey – $2,579

States where drivers save the least, on average, are:

  • Alaska – $972
  • Nebraska – $974
  • Missouri – $1,026
  • Utah – $1,077
  • Iowa – $1,114
State Average Rate Average Highest Rate Average Lowest Rate Average $ Savings Average % Savings
Michigan $3,141 $5,899 $1,062 $4,837 455%
Kentucky $2,368 $3,749 $944 $2,805 297%
DC $2,188 $3,773 $1,042 $2,731 262%
Delaware $1,921 $3,738 $1,020 $2,718 266%
New Jersey $1,993 $3,569 $990 $2,579 261%
Nevada $2,402 $3,626 $1,154 $2,472 214%
Connecticut $2,036 $3,029 $689 $2,340 340%
Florida $2,162 $3,079 $850 $2,229 262%
Rhode Island $2,040 $2,992 $763 $2,229 292%
Texas $1,823 $3,065 $997 $2,068 207%
Arizona $1,783 $2,742 $702 $2,040 291%
New York $2,062 $2,799 $824 $1,975 240%
Louisiana $2,601 $3,345 $1,429 $1,916 134%
Illinois $1,538 $2,632 $763 $1,869 245%
Georgia $1,865 $2,724 $1,010 $1,714 170%
Pennsylvania $1,700 $2,496 $785 $1,711 218%
Wyoming $1,782 $2,547 $944 $1,603 170%
Colorado $1,948 $2,631 $1,036 $1,595 154%
Massachusetts $1,466 $2,134 $546 $1,588 291%
California $2,125 $2,593 $1,052 $1,541 146%
Oregon $1,496 $2,362 $837 $1,525 182%
Maryland $1,816 $2,558 $1,044 $1,514 145%
West Virginia $1,654 $2,576 $1,064 $1,512 142%
Montana $1,963 $2,605 $1,111 $1,494 134%
Hawaii $1,589 $2,321 $890 $1,431 161%
Arkansas $1,763 $2,447 $1,036 $1,411 136%
Idaho $1,285 $2,078 $673 $1,405 209%
Vermont $1,410 $2,212 $812 $1,400 172%
New Mexico $1,604 $2,334 $951 $1,383 145%
North Dakota $1,577 $2,324 $949 $1,375 145%
New Hampshire $1,086 $1,999 $664 $1,335 201%
Mississippi $1,684 $2,353 $1,022 $1,331 130%
North Carolina $1,425 $2,064 $767 $1,297 169%
Washington $1,620 $2,248 $962 $1,286 134%
Wisconsin $1,335 $1,890 $605 $1,285 212%
Alabama $1,713 $2,299 $1,036 $1,263 122%
Kansas $1,689 $2,347 $1,085 $1,262 116%
Minnesota $1,619 $2,262 $1,013 $1,249 123%
Oklahoma $1,815 $2,376 $1,127 $1,249 111%
Ohio $1,191 $1,781 $537 $1,244 232%
Indiana $1,266 $1,894 $672 $1,222 182%
Virginia $1,196 $1,927 $712 $1,215 171%
Maine $1,080 $1,711 $536 $1,175 219%
South Dakota $1,643 $2,213 $1,062 $1,151 108%
Soutn Carolina $1,653 $2,118 $986 $1,132 115%
Tennessee $1,493 $2,028 $906 $1,122 124%
Iowa $1,352 $1,955 $841 $1,114 132%
Utah $1,492 $1,877 $800 $1,077 135%
Missouri $1,798 $2,152 $1,126 $1,026 91%
Nebraska $1,500 $1,946 $972 $974 100%
Alaska $1,560 $1,994 $1,022 $972 95%
National average $1,758 $2,557 $910 $1,647 178%

The average state rate is comprised by averaging premiums for 2019 Honda Accord, male driver age 30, with policy limits of 100/300/100 ($100,000 for injury liability for one person, $300,000 for all injuries and $100,000 for property damage in an accident) and a $500 deductible on collision and comprehensive coverage. The average savings is the dollar difference between the highest and lowest rates received from insurers surveyed, on average, for each state’s ZIP codes. These hypothetical drivers have clean records and good credit. Average rates are for comparative purposes. Your own rate will depend on your personal factors and vehicle. Slight differences in some averages are due to rounding rates.

Average car insurance rates by coverage level

When deciding how much coverage to buy, the best advice is to get as much as you can afford. State minimum car insurance is required to drive legally, but rarely provides enough financial protection to prevent you from paying out-of-pocket for even relatively minor accidents that you cause.

Also, buying state minimum levels of insurance means you are getting a policy that only has liability insurance. Any damage to your own car is not covered under liability car insurance. The good news is that boosting your liability limits is usually super cheap. And, buying “full coverage,” a policy with comprehensive insurance and collision coverage, typically doesn’t cost that much more than bare-bones coverage.

For example, listed below is the average cost of car insurance for three coverage levels, as follows:

  • State minimum, this varies by state, and many states have super low limits, but a typical amount is $25,000 for medical bills for injuries in an accident you cause, up to $50,000 per accident, with $25,000 for property damage you cause (25/50/25)
  • Liability limits of $50,000 for injuries you cause in an accident, up to $100,000 per accident, with $50,000 to pay for property damage (50/100/50)
  • Full coverage with comprehensive and collision, which cover damage to your car, carrying a $500 deductible, $100,000 for injuries you cause in an accident, up to $300,000 per accident, with $100,000 for property damage (100/300/100)

 

 

State Minimum 50/100/50 100/300/100
Average rate $574 $644 $1,758
Monthly average rate $48 $54 $147

 

Based on CarInsurance.com’s rate analysis, you pay:

  • $70 (about $6 monthly) more a year to bump coverage to 50/100/50 from state minimum
  • $1,184 ($99 monthly) more a year to bump coverage to 100/300/100 from state minimum

Average rate up 22% from 2017 for full coverage

When considering all locations in the U.S., CarInsurance.com’s analysis showed a national average rate of $1,758 for full coverage. That’s up 22% since 2017 when rate by ZIP data was last surveyed by the experts at CarInsurance.com. State required minimum coverage ticked up just 4%, while standard liability limits rose 16%.

Coverage level 2017 average rate 2020 average rate $ difference % difference
State minimum $552 $574 $22 4%
50/100/50 $583 $674 $91 16%
100/300/100 $1,451 $1,758 $307 22%

When should I compare car insurance rates to get the best price?

Many factors affect your car insurance rates, and if any of them changed, it’s possible that the cheapest policy will come from a different insurer.

CarInsurance.com Senior Consumer Analyst Penny Gusner says you should compare car insurance rates at these times, when your rates are likely to change significantly:

  • You bought a car
  • You added a teen driver to your policy
  • You got married or divorced
  • Your credit score changed
  • You bought a house or moved
  • You got cited for a DUI or major violation or caused an accident

Even if your status remains the same, you should do some car insurance shopping every six or 12 months, says Gusner. Insurance companies use different formulas to set your rates, so the price for the same policy can vary significantly even if you don’t have a life-changing event. That means you can wind up overpaying if you don’t compare insurance rates from several companies at least once a year. Some insurance companies may charge you a lot more after, say, a credit ding or speeding ticket, while others may charge you much less.

For example, CarInsurance.com data show the average driver with bad credit can potentially trim an average of about $1,000 from their yearly policy cost by comparing car insurance companies. Here’s how rates compare for drivers with bad credit for a full coverage policy:

  • Geico – $2,084
  • Nationwide – $2,244
  • Progressive – $2,644
  • Allstate – $2,906
  • State Farm – $3,012
  • Farmers – $3,039

Another example – speeding tickets. Here are how companies compared on full coverage rates after a minor speeding violation, according to CarInsurance.com data, showing an average savings of about $800:

  • Geico – $1,449
  • State Farm – $1,807
  • Nationwide – $1,900
  • Progressive – $1,916
  • Farmers – $2,146
  • Allstate – $2,239

If you compare car insurance rates regularly, you are more likely to save money on coverage over the long run.

 

Compare car insurance rates by ZIP Code: Most and least expensive by state

Car insurance companies assess many factors when setting rates, and your location is chief among them. Based on the number and severity, or cost, of car insurance claims within the area, insurers assign ZIP codes different risk levels. Insurers take into account the frequency of thefts, collisions and vandalism to gauge the likelihood of such incidents happening to drivers within the ZIP code. This is used as the base rate from which insurers calculate your premium in most states — California is one exception. Other pricing factors, such as your driving record, type of car you drive and your age are then added into the calculation. You’ll see in the table below how much price varies among ZIP codes. To see how location affects rates, below we compare auto insurance rates by ZIP code in each state, to see the most and least expensive neighborhoods for car insurance.

 

To find the least expensive ZIP code for car insurance in every state, see the table below. Enter a state in the search field to narrow results.

State ZIP Code City Average Annual Rate Highest Rate Lowest Rate
Maine 04735 Bridgewater $993 $1,666 $608
New Hampshire 03766 Lebanon $995 $1,796 $664
Ohio 45885 St. Marys $995 $1,530 $596
Virginia 24060 Blacksburg $1,005 $1,709 $771
Wisconsin 54952 Menasha $1,080 $1,598 $614
Massachusetts 02554 Nantucket $1,114 $1,554 $546
Indiana 46711 Berne $1,124 $1,784 $720
Idaho 83716 Boise City $1,138 $1,815 $779
Iowa 50014 Ames $1,149 $1,809 $872
North Carolina 28715 Candler $1,196 $1,747 $861
Tennessee 37604 Johnson City $1,223 $1,745 $906
Alaska 99820 Angoon $1,259 $1,744 $1,022
Nebraska 68512 Lincoln $1,275 $1,743 $972
Illinois 61761 Normal $1,283 $2,262 $806
Oregon 97401 Eugene $1,287 $1,966 $870
New York 14830 Corning $1,298 $1,718 $1,028
Arizona 86403 Lake Havasu City $1,299 $1,983 $748
Utah 84720 Cedar City $1,325 $1,694 $977
North Dakota 58104 Fargo $1,334 $2,344 $955
Washington 99163 Pullman $1,344 $1,729 $1,027
Pennsylvania 16801 Houserville $1,346 $2,068 $785
Vermont 05404 Winooski $1,349 $2,092 $812
Hawaii 96703 Anahola $1,362 $1,989 $901
West Virginia 25401 Martinsburg $1,373 $2,264 $1,078
Minnesota 56088 Truman $1,374 $1,991 $1,039
South Carolina 29691 Walhalla $1,378 $1,817 $986
New Mexico 88310 Alamogordo $1,396 $2,184 $993
Mississippi 39759 Mississippi State $1,409 $2,221 $1,022
South Dakota 57201 Watertown $1,413 $2,143 $1,074
Maryland 21767 Maugansville $1,430 $2,086 $1,094
Georgia 31605 Valdosta $1,464 $2,178 $1,010
Kansas 66030 Gardner $1,495 $2,014 $1,130
Arkansas 72745 Cave Springs $1,524 $2,232 $1,036
Colorado 81505 Grand Junction $1,524 $2,084 $1,036
Texas 76909 San Angelo $1,524 $2,582 $1,185
Alabama 36352 Newton $1,532 $2,034 $1,080
California 96067 Mount Shasta $1,536 $1,932 $1,070
Missouri 65536 Lebanon $1,549 $1,813 $1,130
Nevada 89835 Wells $1,587 $2,212 $1,174
Rhode Island 02840 Newport $1,587 $2,096 $763
Delaware 19930 Bethany Beach $1,604 $3,042 $1,034
Oklahoma 73552 Indiahoma $1,629 $2,250 $1,127
Kentucky 41075 Fort Thomas $1,645 $2,601 $1,002
Florida 32612 Gainesville $1,658 $2,499 $862
New Jersey 08720 Allenwood $1,668 $2,847 $1,060
Wyoming 82324 Elk Mountain $1,692 $2,510 $944
Montana 59635 East Helena $1,727 $2,521 $1,111
Connecticut 06340 Conning Towers Nautilus Park $1,774 $2,710 $689
Louisiana 71075 Cullen $1,983 $2,664 $1,656
DC 20001 Washington $2,164 $3,773 $1,042
Michigan 49126 Sodus $2,437 $4,357 $1,062

 

To see the most expensive ZIP code for car insurance in every state, see the table below. Enter a state in the search field to narrow results.

State ZIP Code City Average Annual Rate Highest Rate Lowest Rate
Michigan 48226 Detroit $6,329 $9,337 $3,120
New York 11212 New York $5,703 $9,172 $3,123
Louisiana 70117 New Orleans $4,601 $5,769 $3,707
Nevada 89101 Las Vegas $3,768 $5,983 $1,873
California 91605 North Hollywood $3,767 $5,082 $2,946
Pennsylvania 19140 Philadelphia $3,710 $5,304 $2,464
Maryland 21216 Baltimore $3,443 $4,209 $2,729
Kentucky 40944 Goose Rock $3,435 $5,748 $1,690
Florida 33142 Brownsville $3,342 $4,448 $1,511
New Jersey 07111 Irvington $3,043 $5,857 $1,734
Missouri 63115 St. Louis $3,018 $4,377 $2,113
Massachusetts 02119 Roxbury $2,943 $4,240 $1,468
Rhode Island 02909 Providence $2,875 $4,329 $1,424
Georgia 30035 Decatur $2,777 $3,942 $1,789
Illinois 60624 Chicago $2,721 $4,525 $1,749
Connecticut 06101 Hartford $2,667 $3,542 $1,233
Delaware 19736 Yorklyn $2,646 $4,463 $1,357
Arizona 85017 Phoenix $2,595 $3,752 $1,189
Texas 75241 Dallas $2,447 $4,419 $1,792
Colorado 80219 Denver $2,421 $3,327 $1,733
Wisconsin 53206 Milwaukee $2,306 $3,099 $1,422
Minnesota 55411 Minneapolis $2,292 $3,057 $1,458
DC 20016 Washington $2,188 $3,773 $1,042
Washington 98108 Boulevard Park $2,149 $3,070 $1,534
Oklahoma 74110 Tulsa $2,146 $2,538 $1,718
Montana 59089 Wyola $2,142 $2,853 $1,287
Tennessee 38118 Memphis $2,120 $2,806 $1,505
West Virginia 25621 Gilbert $2,119 $3,313 $1,579
Oregon 97266 Portland $2,068 $2,638 $1,387
South Dakota 57756 Manderson $2,067 $2,463 $1,594
Arkansas 72342 Helena-West Helena $2,066 $2,752 $1,676
Kansas 66115 Kansas City $2,066 $3,388 $1,466
South Carolina 29933 Miley $2,056 $2,288 $1,633
Mississippi 39086 Hermanville $2,036 $2,664 $1,781
New Mexico 87121 Albuquerque $2,030 $2,549 $1,584
Alabama 35208 Birmingham $1,991 $2,563 $1,374
Utah 84180 Salt Lake City $1,910 $2,618 $989
Nebraska 68110 Omaha $1,904 $2,436 $1,613
Alaska 99504 Anchorage $1,877 $2,220 $1,381
North Carolina 28212 Charlotte $1,867 $2,870 $973
Wyoming 82725 Recluse $1,844 $2,755 $1,072
North Dakota 58538 Fort Yates $1,793 $2,651 $1,349
Hawaii 96781 Papaikou $1,773 $2,646 $1,066
Indiana 46409 Gary $1,695 $2,234 $1,070
Iowa 51503 Council Bluffs $1,635 $2,165 $1,071
Ohio 43224 Columbus $1,524 $2,234 $744
Vermont 05060 Randolph $1,452 $2,253 $828
Virginia 22312 Alexandria $1,425 $2,347 $1,121
Idaho 83536 Kamiah $1,415 $2,386 $919
New Hampshire 03104 Manchester $1,294 $2,285 $870
Maine 04686 Wesley $1,186 $1,669 $658

 

CarInsurance.com commissioned Quadrant Information Services to provide a report of average auto insurance rates for a 2019 Honda Accord for nearly every ZIP code in the United States. We calculated rates using data for up to six large carriers (Allstate, Farmers, GEICO, Nationwide, Progressive and State Farm).

Averages for the tables are based on insurance for a married 40-year-old male who commutes 12 miles to work each day, with policy limits of 100/300/100 ($100,000 for injury liability for one person, $300,000 for all injuries and $100,000 for property damage in an accident) and a $500 deductible on collision and comprehensive coverage. The rate includes uninsured motorist coverage. Your own rate will depend on your personal factors and vehicle.

 

How to find average rates by ZIP code for your state?

If you want to see what you can expect to pay in your city or town for the coverage level you want, you can do that using our average rate tool on this page, but if you want more details on how car insurance costs compare, our state car insurance guides offer more granular rate analysis. For instance, you can research California car insurance rates by ZIP code at our California Auto Insurance page, where you will also find rates by coverage level and company, as well as advice on how much coverage to buy. Even if you live in a pricey state for car insurance, for instance, Florida, you can see how much you can expect to save by comparison shopping. In addition to Florida car insurance rates by ZIP code, you’ll see which companies have the lowest rates at our Florida Car Insurance page.

How we calculated our average rates by ZIP code?

CarInsurance.com commissioned Quadrant Information Services to provide a report of average auto insurance rates nearly every ZIP code in the United States for various driver profiles and coverage levels for a 2019 Honda Accord. We calculated rates using data for up to six major carriers. Your own rate will depend on your personal factors and vehicle. For more details, see our methodologies section in our Press Room.

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Bad Credit

Can Bad Credit Stop Me from Getting a Job? | On Your Debt

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Steady income is essential for most of us and is never more important than when we’re struggling financially. So, it’s understandable that many people who have bad credit histories or are considering bankruptcy are concerned about how their credit reports may affect their job opportunities. While many states place limitations on the use of credit histories in hiring, there are no such state-law restrictions in Alabama. 

Credit reporting agencies can’t release your personal information without your consent. However, this restriction doesn’t offer much protection, since employers in most states can require that you sign an authorization for them to pull your credit report. If you choose not to do so, the employer may simply decline to consider you for employment.

How Common is the Use of Credit Reports in Hiring?

62% of respondents to a survey conducted by HR.com and the National Association of Professional Background Screeners said they used credit and financial histories in the hiring process with at least some employees. Of course, this type of check is more common for higher level positions, money-handling roles, and other positions involving fiduciary responsibility for someone else’s money or property. Still, a small percentage of survey respondents reported using this information in all hiring decisions. 

Different companies use pre-employment credit checks differently, so it can be tough to know just how your credit history will impact a specific job application. However, we know credit screening hurts many applicants. In response to a survey conducted by Demos, 10% of the unemployed said they’d been told that they wouldn’t be hired because of information included in their reports. That percentage increases among those with poor credit histories.

Negative credit history acting as a bar to employment can become a cyclical trap. Periods of unemployment naturally lead to difficulty in keeping payments current, which in turn generates negative credit entries that can make it harder to find a job. According to the Bureau of Labor of Statistics (BLS), there are currently more than two million Americans who have been unemployed for 15 weeks or longer. More than one million of them have been out of work for six months or more.

Do Credit Histories Help Employers Make Good Decisions?

A 2012 study entitled, “Do Job Applicant Credit Histories Predict Job Performance Appraisal Ratings or Termination Decisions?” concluded that credit history did not predict either job performance or likelihood of quitting. That study is cited prominently by proponents of a bill pending in the U.S. House of Representatives. The bill, called the “Restricting Credit Checks for Employment Decision Act,” would amend the federal Fair Credit Reporting Act (FCRA) to prohibit use of credit information in most employment decisions. 

Until that bill passes or Alabama itself institutes protections, there are a few things you can do to minimize the negative impact your credit history could have on your chances of landing a job.

Minimizing the Impact of Your Credit Report on Job Opportunities

The first and most important step toward managing the impact your credit history may have on employment opportunities is to monitor your credit reports with all three major credit bureaus, Experian, Equifax and TransUnion. Credit reporting errors and inaccuracies are surprisingly common, and the last thing you want is to lose a job opportunity because of a collection account or late payment history that isn’t even yours. 

When you identify an inaccurate or unfamiliar entry on your credit report, dispute the item promptly–the item won’t be removed immediately, so the sooner you get the process started, the better. 

Being familiar with your credit reports will help in another way, too. Since employers must secure your permission before obtaining your credit report, you’ll know in advance whether a prospective employer will be pulling your credit history. This allows you to get out in front of any potential negative items and put them in context for your interviewer.

Most employers don’t have hard and fast rules about credit report specifics for most jobs, so giving the decision-maker a heads up about past troubles and how you’re regaining control can sometimes tip the scales in your favor. This is especially likely if a certain event like a divorce, medical problem, or period of unemployment caused a cluster of negative entries or triggered a bankruptcy filing.  Often my clients have an easier time keeping and/or finding a job after a bankruptcy filing. The emotional stress that comes along with not being able to meet your financial obligations tends to have an impact on job performance in many cases. The relief that the bankruptcy filing gives to my clients allows them to focus on their job and their family, and to get their life back in order.

Bond & Botes Helps People Struggling with Debt

You can begin gathering information right now by scheduling a free consultation with one of the experienced bankruptcy attorneys at Bond & Botes. We can answer all your questions regarding Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, stopping a foreclosure or wage garnishment, avoiding liens, stopping law suits, discharging medical debt, personal loans, payday loans, credit card debt, etc.  We can alleviate your stress! We want to help and we can help you!  


Alabama State Bar requires the following: “No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers.”


Bond, Botes, Sykstus, Tanner & McNutt, P.C.

Web: www.bondnbotes.com

Facebook: facebook.com/Bond-Botes-Sykstus-Tanner-McNutt-PC-203986783117475/

102 South Court St, Suite 314, Florence, AL 35630

Phone: 256-760-1010 • Fax: 256-760-1023

Office Hours: Monday – Friday • 8am to 5pm

No representation is made that the quality of legal services to be performed is greater than the quality of legal services to be performed by other lawyers.

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