financial expenses

How too many unsecured personal loans can hurt you

personal loans can hurt youAn unsecured personal loan is one which does not use any of your assets as collateral. Most credit card loans, for example, are a form of unsecured debt. While unsecured personal loans can be a good option, especially if you don’t have any assets to use as collateral, they can also hurt your long-term financial health in a few ways.

Since lenders offering unsecured personal loans have less assurance that their loan will be honored, they charge higher interest rates. After all, if you default on a mortgage, a lender can legally repossess your home and resell it to recoup their money. If you default on your credit card, lenders cannot take anything from you (except your good credit rating). As a result, lenders charge higher interest fees on unsecured personal loans, so these forms of loans are more expensive. Having lots of unsecured personal loans could be costing you a lot of money in interest.

Plenty of unsecured personal loans can also hurt your credit score. When lenders look at your credit report, they may be wary if they see lots of unsecured debt, since this form of debt is a higher risk. In many cases, lenders feel more comfortable with secured debts, which at least show you have some assets in place.…

loan options

Understanding your loan options with UsaLoansNearMe

loan options with UsaLoansNearMeIf you need to borrow money, you have plenty of options with

1) Unsecured loans. Unsecured loans are loans which do not use any assets as collateral. These loans usually have higher interest rates, but are a handy option if you don’t have any assets.

2) Secured loans. Secured loans use an asset (such as your home) as collateral. If you default on these loans, your lender could repossess whatever assets you have used as collateral. These loans tend to be the most affordable, however.

3) Lines of credit. Lines of credit are accounts of set money limits, which you can withdraw. They work a little bit like a credit card: you have a repayment date, minimum repayment amounts, and a set limit you can borrow up to. However, they tend to be more convenient and more cost-effective than credit cards.

4) Credit cards. If you need to borrow money, you can sometimes put the entire amount on your credit card or get a cash advance on your credit card. Just be advised that this is one of the most costly ways to borrow money.

5) Payday loans. Payday loans are cash advances which allow you to borrow against your next paycheck. Although these are one of the more expensive ways to borrow, these loans are usually the fastest ways to get money and also require no credit check. Learn more about payday loans in Alabama here

6) Bad credit loans. If your credit score is not perfect, you may not qualify for some loans. If this is the case, bad credit loans may be your best option. These loans offer a higher interest rate, but still allow you to apply without a perfect credit rating.…

credit score

What you can do today to improve your credit score

improve your credit scoreCredit repair can seem like a daunting task. If you have lots of payday loans, personal loan debts, student loans, credit cards, and other debts to repay you may owe tens of thousands of dollars and it may take you years to repay all your loans. However, you don’t have to wait years to start improving your credit score. There are things you can do right now to start boosting your credit score:

1) Get organized. The first step is to gather all your paperwork and review the situation. Who do you owe money to and how much do you owe? What are your monthly payments like? Draw up a budget – how much can you put towards your debts each month? Can you afford your debts or do you need debt consolidation or a restructured payment system? If you can afford your debts, consider automatic payments for your loans so that you are never late with your bills.

2) Order your credit report. Reading your credit report and fixing any errors takes less than an hour but can have a dramatic impact on your credit score.

3) Pay off one bill. Choose the smallest bill – maybe a payday loan or a small personal loan — and pay it off. This takes only a minute but makes you feel instantly better and starts you well on the path to credit repair.

4) Choose a bill to focus on. Find the bill that is costing you the most in high interest and decide that you will focus on this bill first. Post the bill where you will see it. Over the next few months, focus on repaying this bill as quickly as you can.…

real estate

Invest in real estate with no money down

invest in real estateMany people are interested in investing in stocks or other assets, but they face a problem: to invest, they need money. Real estate is exciting as an investment opportunity because it allows you to invest with no money down. If you have perfect credit and a home with some equity, you may be able to get a second mortgage to buy a new property. You can often buy this second property with no money down.

If you have no assets and no equity, you can still invest in real estate with almost no money down by becoming a real estate scout. Real estate scouts gather information about properties for real estate investors. To get started, all you need to do is advertise your services. You can even do this for free using online classified ads. Once you have clients, you can use free records at your local city hall to gather information about distressed properties. You can sell this information to investors for cash. This is one of the lowest risk and lowest cost methods of getting started in real estate investing.…

credit score financial expenses

Protecting your credit score is a lot easier than repairing it

If you do things right the first time around, you won’t have to spend years rebuilding your credit to a level that’s enticing to creditors, lenders, and other businesses. To help keep your credit score safe, here are 10 things that hurt your credit.

1. Paying late is probably the worst thing that could ever happen to your credit score. That’s because payment history has the biggest impact on your credit score. Make sure you send at least the minimum payment on time – ahead of time to be on the safe side.

2. Maxing out your credit cards. The second biggest factor influencing your credit score is your level of debt. If your credit card balances are too close to your credit limit, your credit score takes a plunge. Keep your balances below 30% of your credit limit.

3. Putting in too many applications. Keep your credit card and loan applications to a minimum. The more applications you put in, the lower your credit score will be. Lenders start to think you’re desperate for credit and that’s not an attractive quality of a borrower.

4. Closing credit cards with balances. When you close out a credit card with a balance, that balance is still reported to the credit bureaus. Your credit limit, however, is now reported as $0, and you’ve just maxed out your credit card.

5. Skipping out on the rent. Just because your landlord doesn’t regularly report to the credit bureaus that doesn’t mean he or she won’t tell on you when you don’t meet your obligations. If you stop paying your rent, expect your landlord to report it to the credit bureaus.

6. Unpaid medical bills. Who knew that being sick could affect your credit? If you fail to pay your medical bills, they can end up in the hands of a debt collector and on your credit report.

7. Being a new borrower. The age of your credit history influences your credit score. If you’ve just started out with credit, you’ll naturally have a lower credit score. Just be smart with your credit usage and you’ll see your credit score rise over time.

8. Closing old credit cards. Anytime you close a credit card you’ve had for a long time, your credit score could take a hit. That’s because that card is taken out of the equation for calculating the length of your credit history. So, leave your really old credit cards open and use them periodically, even if you don’t like the terms.

9. Paying less than the minimum. Many people don’t realize that making less than the minimum payment qualifies as a late payment. If you can’t afford your minimum payment, contact your credit card issuer to make other arrangements. Don’t wait until your due date. Call early.

10. Filing bankruptcy will damage your credit score and remain on your credit report for up to 10 years. Before you file bankruptcy, make sure you absolutely cannot repay your credit cards no matter how hard you try. Your credit score is an important number. Making the right decisions about all your bills will help ensure you have a good credit score when you need to get a credit card or apply for a job.…


3 reasons you can’t catch up on bills

Everyone falls behind on their bills every now and then. Emergencies leave you short on cash, phone bills get mysterious charges and kids have field trips that need paying for. Everyone runs into a time where funds are tight.

However, if this seems to be the norm for you, there may be a reason for it. Unemployment and underemployment are difficult to combat. However, some day-to-day choices could be making things tougher.
Small Expenses that Add Up

Sometimes it’s the little things that have the biggest impact. In the moment, spending a dollar at a vending machine seems harmless. If it’s habitual though, that daily soda fix can add up. Fast food, packs of gum and coffee also give the appearance of being a small purchase, but can add up to hundreds and even thousands of dollars spent a year.
Lack of Attention to Detail

In the hustle of everyday life, it can be tough to remember specific details. However, forgetting when bills are due, going over your cell phone minutes and overdrafting on an account can send big fines your way that put you further behind.
Giving Up

Sometimes it is just a matter of forfeiting that puts people behind on bills. The overwhelming nature of them stops their desire to keep up. Finding a way to organize – whether it’s a calendar or an app – can help keep you on track.…

financial expenses

Birds are chirping and the flowers are blooming

It’s nearing the end of March and summertime is just around the corner. As summer draws near, you may be adding up all the extra financial expenses you may be anticipating in the coming months.

Added Cost of Living

If you live somewhere hot, the costs to cool your home will go up, and if you have a family maybe you want to go on a vacation or plan a few fun activities. All of these things cost money, and unexpected bills or financial mishaps can happen any time of year, regardless if you have the means on hand to pay for them or not.
Help with the Unexpected

Say you decide to pack up your car and take your family to the beach for a long weekend. You can squeeze the trip into your budget and hope nothing unexpected comes up for the rest of the summer. So what do you do when you arrive back at home to find out your air conditioning is busted and you need to have it repaired as soon as possible?

A personal loan can provide the extra cash you need to get that air conditioning fixed so that your family doesn’t have to suffer the blazing heat from the inescapable sun. You can get the money you need fast, and pay it back later. In the meantime, your air conditioning gets fixed, and you can move on with enjoying your summer.…