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.…