Category : Loan
Category : Loan
It was not too long ago that I was in need of some money. Finances were tight, and I just needed some cash to help me out for a couple of weeks. I knew I was going to need a loan, and so I started looking into my options. During this phase I noticed that there were a lot of options out there, but not all of them were good. In the end I found a loan option that worked for me, but I am afraid that other people will not be so fortunate. To try and help those people out, I thought it would be a good idea to go over my process and explain how I ultimately reached the conclusion that I did.
First, as any person who normally needs a loan will do, I turned to my bank. I went in and talked to one of the workers there, then spent another few hours filling out a bunch of forms. I left, and they told me I would hear back within a few days if my loan was approved. After going another couple of days without the money that I needed, I finally heard back. I was rejected because my credit score was too low. This was news to me, as I had no idea what my credit score was. With going to a bank no longer an option, I needed to find something else, and soon.
After the bank idea failed, I began looking into bad credit loan options. There are several out there, but I didn’t know much about them at first. There are payday loans, which are supposed to hold you over until your next paycheck. These sounded great in theory, but when I began looking at their interest rates, I was afraid I’d end up taking out another loan just to pay off the first one. Then there are guarantor loans, in which someone else, who has a good credit scores, essentially signs up for the loan in your place. I knew a couple of people who had decent credit scores, but I did not feel comfortable putting them in that position. If for some reason I couldn’t pay my loan back, I didn’t want that responsibility to fall to them.
Lastly, there was a logbook loan. With a logbook loan you can borrow against your vehicle, using it as collateral to secure the loan. This seemed perfect for me, since I was the owner of a vehicle, and I didn’t need to borrow that much money. I was a little concerned that I would not have a car for a while, but when I read that you get to continue driving your car, I was convinced. Since I used my vehicle as collateral, the interest rates were lower than some other types of bad credit loans. I quickly found SimpleLogbookLoan as a logbook loan lender, and I was able to complete the application in just a few minutes. I thought I would have to wait a while to get the loan, but I was very surprised when they told me it would be in my bank account the next day. And they delivered. I had the loan that I needed, I didn’t have to get anyone else involved, and I didn’t have to settle for a loan with ridiculously high interest rates.
A logbook loan may not be right for everyone, but it was certainly right for me. If you are not sure what type of loan you should get, I recommend simply doing your research and seeing what your options are. There are plenty of places that will help people with bad credit scores, but not all of them are good for you. Just be sure you know what you are getting into before you sign anything and you should be okay. Hopefully this little story was able to help some of you figure out your own best path. Good luck!
If you are not careful, debt has a way of piling up. Your debt can be from your credit cards, some medical bills, or just some small personal loans. How you go into debt doesn’t matter, what matters is how you are going to get out of it. When you have a large amount of debt, it can seem overwhelming. You make payments on it each month, but because of interest charges, it feels like you are barely making a dent in it. In order to combat your growing debt, there are a few steps that you can take to try and make things easier.
1. Organize – Before you can start tackling your debt, you need to get everything in order. On a single sheet of paper you should have written down all of your different debts, along with their interest rates, their due dates, and what the minimum payment is. The goal is to have all of the information you can about your debts in one place, so that you can begin to formulate a plan that is beneficial to all of them. Once you have everything compiled, you need to organize it in a way that will be helpful. Try listing all of your debts from the ones with the highest interest rates down to the lowest. These are the debts that are going to cost you the most money in the long run, so you want them near the top of your list.
2. Budget – The next step is that you are going to need to see how much money you have to spend each month on your debts. In order to do this you will need a monthly budget written out that you can examine. If you don’t already have one, making one is fairly simple. You just want to write down every single expense you expect to have in a month, and all of your incomes. Try and list the expenses from the most important down to the least. Things like your electric bill are important, while going out to dinner is not. At the end of the budget you should have a total for your incomes and expenses. You always want your income to be higher than your expenses, so if they are not, you are going to have to start cutting back. During this phase don’t include your debt payments, as you are going to look at them in the next one.
3. Allocate – Now that you know how much money you have left over each month, you can begin applying it to your debts. Focus on the debts at the top of your list, but make sure you have enough to cover the minimum payments for all of them. If you don’t have enough, go back to your budget and start looking for ways to cut back. You want to cover all of your minimum payments, then apply anything leftover towards the debts with the highest interest rates. Following this method will take a while, but it will save you money in the long run
4. Other Options – If you are still having trouble meeting your payments, you may need to look for other options. Consider getting a consolidation loan that has a lower interest rate, and using it to pay off some of your other loans. You can do the same thing with credit cards, transferring your debt from one card to another that has a lower rate. You may also want to speak directly to the lender and see what options they have available for people who are struggling to make payments. There are plenty of options out there for people in debt, you just have to be willing to look for them and apply them.
There comes a time in most of our lives when we need a large amount of money for something. It could be for something small, like a new television, or it could be large, like sending your child to college. No matter the reason, it would be better to accumulate that money over time, rather than trying to find it when you need it. This is where a savings plan comes in handy. You can add a little bit to it each week, and when the time comes to spend it, the money will be there waiting for you. If you are looking to start a savings plan, this short guide should be able to help you out.
1. Plan – The first thing you are going to want to do is plan out your savings plan. You want to know just how much you are going to need to save up, and how long you have until you need the money. Try and make these goals as specific as you can. Creating vague goals will make it more likely that you will give up on it.
2. Calculate – Now that you have a total in mind, and know how long that you have, next you need to do a little simple math. Figure out how many weeks it is until your deadline, then divide your target savings goal by that number. This is the amount that you will need to save up every week in order to reach your goal. Already you should be feeling a little better, as it is much easier to put that smaller amount away each week rather than trying to find your target goal amount all at once when the day arrives.
3. Budget – Just because you have a small amount that you need to put away, doesn’t mean it will be easy however. For those of us on a tight budget, finding extra money each week is easier said than done. To find this money, you are going to have to analyze your monthly budget. Take a look at all of the things you spend money on, and look for anything that you can cut out or cut back on. Take any extra money that you find and put it towards your weekly target.
4. Set Up – With the money available to put away, you need some place to put it. We recommend opening up a separate bank account and having the funds automatically deposited each week. You can set it up so that the weekly amount you chose is withdrawn from your original bank account and sent right into your new savings account each week. This way you don’t have to try and remember to put it in. Another benefit is that you can easily forget about it, and when the time comes to use the money, you’ll be pleasantly surprised at how much is in there.
5. Leave It – Now all you have to do is stick to your plan. If you followed the advice above, you don’t have to do anything besides leaving the money alone. It can be tempting to use the money before you planned, so you are going to have to fight that temptation. Remember why you are saving the money up in the first place, and keep that goal in mind whenever you are tempted to withdraw it early. If you can do this, you should have no trouble keeping up with your savings plan. Your future self will thank you for it.
There are a lot of credit card options out there for you. However, not all of them are good for you. Picking the right credit card is essential if you not only want to keep yourself from getting into debt, but also keep your credit score high. Below are some things that you should think about whenever you are looking to get your next credit card. Getting stuck with a credit card that is bad for you can cause you a lot of problems down the road, so try to stick to this guide as best as you can.
The main thing you want to think about when getting a credit card is the interest rate on it. You want this rate as low as you can, so you don’t end up owing more money than you have to. Your interest rate will most likely vary depending on your financial situation, but you can get a rough idea as to what your interest rate, or APR, will be. Then you can compare it against other cards that you are looking at and decide if it is a good rate.
Another thing to look at is if the card has an annual fee. This is the amount of money that you will have to pay each year just to own the card. If you don’t plan on using the card much, or having it very long, an annual rate may not be good for you. Some cards have annual rates because they offer lower interest rates or better rewards. The annual fee shouldn’t be a primary consideration, but you certainly need to keep it mind when searching for a card.
Next, look at the rewards the come with the card. Some cards will give you cash back on each purchase, while others may offer you rewards points. In some cases, these rewards will last forever, while sometimes they are only for the first year. For example, some credit cards will give you no interest charges for a year. This can be great if you are looking to make a couple of big purchases, but don’t have the money to pay for it yet. Look at all of the rewards that come with a card and think about how beneficial they will be to you. There is no point in getting a card with travel rewards if you don’t travel at all, so make sure you are going to get good use out of the rewards.
Lastly, you want to know what the credit limit will be on the card. This is the amount you can spend on the card, so you want this limit to be as high as possible. In most cases the limit will start low, and go up as you use the card more. However some cards start at a higher limit than others, so just check and see if the limit is high enough for you.
Keep in mind while looking through cards that you need to be able to get the card. If you have a poor financial history, or a low credit score, you are not going to be able to get a card with great features. You need to find the balance between a card with good features, and something that you can get. You don’t want to apply for something you have no chance of getting, as it may harm your credit score. The key is to know what you want, but also be realistic and know what your options are. If you can do this, you should have no trouble finding a great credit card.
Getting a loan can be a scary process. There are so many options out there, and you don’t want to be saddled with a bad loan. It can be hard to know where to look first, or what type of loan will be best for you. We know how difficult this can be, and so we want to help. Here is a quick guide on what to do when you are looking to get a loan.
The first thing to do is look at your current situation. What are your finances like? What is your credit score? Do you own anything of significant value? How much money do you need to borrow? How long are you looking to have the loan for? How much can you afford to pay back each week? These are all important questions that you need to answer before you can begin finding a loan. Knowing the answers will help you to direct your search.
If you are in good credit standing, and for the most part your finances are fine, you will most likely want to turn to a bank. They will be able to give you the best deal, and if you already have a relationship with them, the process will be fairly quick. If you do not currently belong to a bank, or you don’t like the loan options at your bank, remember that you can go to any bank for a loan. Explore your options and compare them against one another before making your decision.
For those of you with low credit scores, you will need to find another option. Luckily there are several bad credit loan options out there for you, you will just need to find the one that is best for you. You can go with an unsecured loan, such as a Guarantor Loan, a Payday Loan, or a Doorstep loan, or you can go with a secured loan like a logbook loan. An unsecured loan will most likely have a higher interest rate, but you won’t have to use anything as security. A secured loan however will ask that you use something as collateral, and in exchange you get a better loan rate. What’s important to remember is that you have several options. You just need to compare them all and see which one works best for your scenario.
No matter which method you choose, make sure you take your time to go over every option. If you are unsure which course to follow, there are professional services that can give you more specific advice. You can also talk directly to the lenders you are considering, but remember that they are trying to sell you a loan, so they may not always be entirely reliable. However as long as you put in the effort to gather as much information as you can, there is no reason that you shouldn’t end up with a loan that you are happy with.