From the decorations to the grocery budget, the gifts and traveling expenses, the end of the year and start of the next can leave a family strapped for cash. In addition to choosing your own payment plan, Wise Loan offers a cash back rewards program in New Mexico as well! We will no longer allow ads for loans where repayment is due within 60 days of the date of issue. They do this by asking as little questions as possible and providing you with your loan with as little fuss as possible. On August 9,the United States Department of Education filed a legal motion may have huge ramifications for thousands of teachers, social workers, police officers, and other public servants and government officials.
Payday Loans Online – With USA Payday Loans you can get a fast cash with a few clicks. Bad credit is not a problem. Apply in as few as 5 mins and get an instant loan decision. Our online payday loan application is available 24/7! Payday loans can be an important lifeline but before you take one out make sure you know the risks. What is a payday loan? Payday loans are very popular.
The key to success is to secure a contract with several businesses and then provide an immaculate seamless printer ink refill service. Suppose you service 3 businesses per week all with 15 printers you would be potentially making up to dollars per week.
The cost of ink and refilling as well as transportation are small compared to the average price of a refill so the margin makes this a very profitable business. Idea 5 - Start a Window Cleaning Business One easy way to make money quickly is to clean windows for residential properties and small shops. To start think about the service you are going to provide and set a price list with a menu of all the service your will provide.
If you can advertise your service effectively on community boards and local newspapers you will receive a lot of call outs especially if you can undercut the competition or provide a superior service. If you can offer a superior service at a lower price you will have a virtual monopoly on your chosen area.
Suppose you clean 4 homes and 4 shops per day which is what I hear is normal you could make to dollars per day. Idea 6 - Start a Day Care Business The volume of mothers who return to work after childcare is increasing at a near exponential rate which means the daycare industry is rising sharp and there is a real need for quality day care operators.
More and more women are demanding professional care and are no longer content with find a babysitter or leaving kids with their parents. Starting a Day Care Business does take time, however, if you're a natural with kids and have the patience of a saint you might have what it takes to make a success of this idea. To start you'll need to get qualified in child minding so there are some up front costs to enter this business.
You will also need a place to care for the children. You might consider doing this in your home to start with and eventually expand once your business starts to take off. Childcare usually costs around to dollars per month depending on the service you provide so if you can handle 3 kids with full time childcare you could easily make up to dollars per month.
The work is hard and at times you'll be ready to throw the towel in but the payday will make it all worth it. You can charge anything between to dollars to hang lights and you could even rent out lights and decoration to make a home look incredibly festive. You could even provide special lights for events like weddings and birthdays. You'll have to know about safely hanging lights and you'll definitely need to be on call just in case something goes wrong.
Christmas is the best time to launch this kind of businesses because the cash you make will set you up for the rest of the year. My uncle does this in his spare time and and works flat out during Christmas, he claims to have used the money to pay off his debt and his mortgage.
Its worth looking into this idea and see how far you can run with its. You'll definitely be able to make dollars quickly if you know what you're doing. Tiplady , Oct 26, Idea 8 - Start Cleaning Foreclosed Homes Amazingly at its peak banks were foreclosing more than , houses per month. The trend has declined, however, there are still many foreclosed homes that require cleaning so they can be sold again when properties prices rise.
You could get a piece of this action and clean foreclosed homes for money. On average banks pay anything between to dollars for proper refurbishment and cleaning for a property. Suppose you could secure a contract to clean and refurbish 10 of these properties per month you could easily make up to 10, dollars per month which is just crazy! Check this course out for more information. Miles , Oct 26, SueStanton , Oct 26, Quentin , Oct 26, I usually call my friends, family and neighbors and ask them if they have any clutter they want me to sell, we then share the profits after costs.
Sometimes the items are just given for free and any profit I make I keep. Selling items for other people is a great way to make money quickly. Some great ideas here, thanks for sharing. Anne Marie , Jan 1, Idea 9 - Selling Calling Cards Calling cards are basically phone cards used to make cheap international calls that cost a bundle on mobile phones of landlines.
You can buy these calling cards in bulk on wholesale prices and then sell them on a stall or something at retail prices. If you can find a location where there are a lot of immigrants and then market the cards properly you could make a lot of money. I guess its worth a try, I've been seeing more and more people selling calling cards so it must be a profitable business.
XenMoney , Jan 1, Making dollars in a short space of time is possible but its not worth the anxiety and stress. Its better to build something from scratch like a soap making business.
If you're into cosmetics then making and selling soap is quite profitable. The markup on soap is very high so you can expect to make a lot of profit if you get your product right. You can slap a brand on your soap and then sell it on sites like eBay and Amazon. Over time you will begin to make money, I know some eBay sellers who make close to dollars a day with all their products which they make at home.
Its certainly worth considering. Idea 11 - Borrow Money If you desperately need dollars right now you need to borrow money from somewhere. If you have good credit you can get a short term loan or use your credit card for a cash advance.
If you have bad credit you can use a payday loan but try not to make a habit of it as they are very high in interest rates. Alternatively, you could borrow from family and friends. Ask them for a interest free loan. If they need persuading then use a loan contract and security to get them to lend the money. Borrowing from friends and family is a great way to save money because you pay no interest or little interest. Going forward you should always try to build an emergency fund for desperate times like these because they do happen.
I remember when I had to change an expensive part in my car and I was stuck, I had to borrow money using a payday loan company and it was expensive. After the incident I built an emergency fund which is growing and it gives me peace of mind because trouble is always round the corner.
Traditional banks may be embracing apps and tech a little more than in previous years, but they still only offer certain services through their apps. New banking companies are almost entirely virtual — this means they are much more accessible in cyberspace than a traditional bank.
Chime actually has already paired up with Stash, Acorns, and Robinhood, and even allows you to set up your paycheck with a portion going directly into your Chime savings account. You can even use their handy roundup feature; every time you swipe your Chime debit card, your purchase is automatically rounded up to the next dollar value, and all those pennies leftover go directly into savings.
We all deserve better from our banks. And if you only need a short-term, overdraft protection option, take a look at Dave. No, not the guy in Starbucks. Head into the New Year right, and find a better banking buddy today! A handful of higher education institutions are making headlines by offering financial aid packages without federal student loans. There are about 50 colleges and universities nationwide that have incorporated these offerings into their programs for low-income students, but 16 of these institutions have begun offering no-loan aid packages to students of all backgrounds.
Shannon Vasconcelos, the director of college finance at College Coach, had this to say about the types of schools instituting these no-loan programs: Most of the Ivy League schools have no-loans policies and other similarly rich schools. Vanderbilt University and Yale University were two of the sixteen schools that offer unrestricted no-loan policies; these schools are able to offer such high-profile options to the majority of their applicants and students through endowments.
In , Princeton University made a splash as the frontrunner in this new mode of financing higher education. Vasconcelos notes that many of these schools began offering no-loan policies before the Great Recession. However, there are still some holdouts; not all Ivy League institutions are offering total no-loans policies.
Brian Clark, a spokesman for Brown University, talked about the new initiative for the school year; Brown University is going to eliminate loans in financial aid packages for all undergraduates under this new plan. The general consensus seems to be that even if a school limits access to its no-loans policies by income level, the presence of these programs are still a big help to the population that needs it the most. Students from low-income families are often so averse to borrowing for their higher education; offering no-loans, grants-only packages eliminate the stress and hassle of trying to fund their education in a way that best fits their financial means and goals.
What do you think? Are no-loans packages something more schools should offer? Let us know in the comments! If asked to name one of the lowest-paid careers in the United States, many people will respond with: This means that many new teachers graduate with a hefty student debt, and before they even land a job doing what they love, they are so far in the red that it seems impossible they will ever pay it all off.
NPR conducted a survey this year, and more than 2, teachers responded. Here are some of their stories. Lauren Pena is a high school English teacher in Oklahoma City.
While some of her loans were forgiven because she chose to work in a needy school, in a needy subject area, she still wishes she could do it over. Ashley Castelli, a middle school language arts teacher near St. I feel, like, kind of duped. Andrew Kirk is a geography teacher from Dallas, and is working on his fourth year of teaching.
He is close to paying off a full third of his loans, but he also wishes he had been able to get his degree without so much debt. So my 10 years of public service would have to start again. Every time I look at how much money I owe, I freak out a little bit. But from month to month, I try to make it work and not stress out about it too much.
These stories are not unique to the educational field. Across the country, these stories are normal, and perhaps they should not be. Part of the issue is the system: In addition, the cost of living for every adult in our country has skyrocketed over the recent decades; to have a job, you have to have a vehicle to get to and from work; you have to buy gas for that vehicle and keep it in good working order; you have taxes on that vehicle every year, and you have to keep the registration up to date on that vehicle; you have to have insurance on that vehicle, or you risk a fine.
The nickel-and-diming never ends. Cash advances and payday loans provide a viable option for many individuals in our community. It can be hard to know which lenders are safe, and who is a bad bet. Here are some things to look out for so you can avoid a costly loan mistake.
This is the red flag of all red flags when it comes to cash advances. A lender who demands a fee upfront is obviously not concerned with actually helping you. Why would you be looking for a cash advance if you have the cash to spare for a fee? Legitimate cash advance lenders know you have no money on hand, and they will not charge you any kind of a fee until after you have received the advance.
This is a huge warning. While there are some legitimate lenders who will not check into your credit history, they are highly rare. While a legitimate lender may be willing to work with you even if you have poor credit, they will still examine your credit report thoroughly before they make the decision.
Cash advances are never offered over the phone. Most times, a person soliciting customers for an advance over the phone is a scammer. Legitimate cash advance companies have registered business names, but that does not stop popup shops and scammers from imitating them. Like caterpillars that mimic other species in order to hide from predators, they hide behind similar color schemes, fonts, and wordings to lure you in. Familiarize yourself with legitimate companies, and do thorough research into any company that seems similar to the legitimate company.
Cash advanced companies are legally required to hold licensure in the state in which they do business. You, as a customer, have a right to request their licensure information. If the company refuses to provide those credentials when asked, or you cannot find any license information on them through other channels, it is safe to say that they are not a legitimate business. Thankfully, we here at Wise Loan are state licensed in Texas, and we are ready to help you! Give us a call or check out our website today.
You can even begin the application process online. Tax Season is upon us! It seems like just a week or two ago that we were enjoying Christmas dinner with family and friends.
RALs are offered by lenders who promise to deliver all of the money from your return to you now, without waiting. There is no fancy financial time machine. These RALs are not offered through legitimate tax preparation companies; tax prep solutions of this nature are called Refund Advances, and are backed by the trust and capability of your favorite tax preparation company.
RALs, on the other hand, are offered through other avenues, and the terms are often harsher, which is not worth it on the tail end of things. Basically, the closest comparison to a RAL is any other cash advance. The lender looks at the amount you are expected to get from the government on your tax refund, and then they issue you a short-term loan based on that hypothetical figure.
Essentially, when your refund does come in, you are expected to use that money to pay off your RAL in full. However, some lenders skyrocket the interest rate on your RAL, sometimes in the level of payday loans. They are not the only family to experience this hassle, but they have been in the news since early because they are waging a legal fight to end this usury before more families can be harmed.
You probably have enough common sense to know that a storefront or popup lender would be a bad choice for an RAL; but what about some of the legitimate, big-name tax preparation companies? The question becomes, is it a bad idea to take an RAL from one of these companies? Depending on how complicated your returns are, you could be spending upwards of several hundred bucks. So, if you file your taxes on your own, you could stand to receive much more when your check arrives, rather than losing a huge chunk of it before you ever even see a single dime.
The State of Wisconsin Department of Revenue issued a statement to address this issue: Credit Karma offers free tax preparation, as well as internal filing that requires no extra paperwork on your part or trips to the post office.
This means you could see your refund in as little as 10 to 21 days of filing, rather than upwards of a month. Have you ever considered what would happen if you or your loved ones were suddenly faced with some hefty expenses? What if you are unable to explain what sources of funding and assets you have to draw on to pay for the crisis?
Many people do not have a contingency plan in place, but this is something that is critically important to address before the crisis hits. Keeping your family informed of your wishes and the way in which you would handle a crisis financially ensures that when the crisis occurs, you are not overwhelmed with questions about this account or that asset. Your family can help you when you need it most, and you will be able to devote your energy to getting through the hard times.
Some families are concerned about maintaining confidentiality about their financial status. For example, are the family dynamics complex already? Would divulging account balances and specifics about assets perhaps make the adult children less likely to strive for financial independence? There are as many reasons as there are family situations to want to keep financial information like accounts and balances private.
However, there is a price to silence, especially during a crisis situation. You or your spouse may not be thinking clearly, and trying to educate your family members about your financial situation and assets during the crisis is going to be nearly impossible, not to mention highly stressful.
To alleviate some of the stress and struggle during a time of crisis, having a written contingency plan and financial statement of resources is one of the best solutions. These documents should include some basic information, but obviously, this is just a guideline; individual circumstances will dictate what type of information and how much you should include in your crisis plan.
By listing the type of income, and who earns what, you ensure that whoever is handling your finances during the crisis knows what types of income they can expect to continue receiving while the crisis is ongoing, and which incomes might taper off or stop during the emergency.
Things like pensions, Social Security, or actual wages and salaries if you or your spouse are still working will need to be known by whoever is helping you handle the crisis, so that they can have a full picture of your financial situation. This list can include life insurances, long-term care plans, joint accounts, power of attorney documentation, IRAs and other investments, and any estate planning documents like a will.
By listing the type of resource, how to access it or who has access, and what it should be used for, you can lay out how you want a crisis to be handled. For example, if your life insurance policy should not be cashed in, except in the event of death, you can note this information in your contingency plan. If your joint accounts should be accessed in a certain order to maximize benefits or reduce repayment costs after the crisis, explain the reasoning in your documentation.
Your contingency plan is meant to explain things that you may not be able to explain during a crisis, as well as to ensure that your wishes are followed in the event of an emergency. Make sure to be clear and concise, and then take a deep breath. For many of us, the holidays come with a hefty price tag. From the decorations to the grocery budget, the gifts and traveling expenses, the end of the year and start of the next can leave a family strapped for cash.
If you are still finalizing your holiday plans and finances, let us here at Wise Loan provide some tips for making this holiday season your best one yet! Instead of eating out over the next couple of weeks, you could pack a lunch and save some cash that way.
You should also examine exactly how much you planned to spend for this holiday. Take a look at the menu for your big shindigs; examine your list of gifts to buy, and who the gifts are for. If your amount that you planned to spend seems to be a little higher than you thought, it might be time to reevaluate and see where you might be able to pare down your spending on the holiday side of things. If at all possible, try to avoid using credit cards or payday loans for your holiday shopping needs.
This will keep your expenses more even-keeled, and set you up for a great start in the new year. According to DealNews, toys should be cheapest toward the middle of the month. For the adults on your gift list, tools, kitchen utensils, and appliances should still be plentiful on the shelves through the end of the year. Wait to purchase your groceries for the big holiday parties until the week of, if at all possible, because the discounts will be greatest then.
It does you no good to say yes to every party invite, and no one should feel obligated to host more than one holiday hoedown. They may be in the same boat. If you are obligated to host an event, try to trim down your expenses by asking guests to bring food, beverages, decorations, utensils and other items. Make sure to help the kids manage their expectations from the get-go. If your children know that expenses are going to be a little tight, and they not get as many gifts or as expensive a gift as they wanted, they are more likely to enjoy the items they do get more than they will be disappointed.
Kids are generally forgiving creatures; it may also help to reinforce that this entire season is supposed to be about love and giving, rather than want and receiving. Take a weekend and make some small gift bags for families at the local hospital or shelters, or volunteer one afternoon at a local toy drive or meal event.
One of the most popular tricks in the parental arsenal is a handy list-building rule. Then, if that Christmas bonus does come through at the last minute, you can run to the store and get that gaming console or new phone as a surprise gift they were not expecting. Have a happy Holiday, and take a breath. Stress about money and finances is more common than ever, but for many people with student loan debt, those stress levels are much higher than any other demographic.
According to a survey of more than 1, student loan borrowers Student Loan Hero , many respondents reported experiencing feelings of anxiety and social isolation, as well as physical effects like insomnia and headaches, due to their mountains of student loan debt. The survey provided many options of physical and psychological symptoms of stress for the respondents to choose from. The results were rather shocking. This means that in either case, more than half of the respondents stated that they had experienced visible, pertinent, significant symptoms of stress related to their student loan debt.
This not surprising, considering that many graduates are leaving school and entering the workforce with tens of thousands of dollars in student loan debt on average. One last statistic from this survey that does not seem to fit exactly into any of the above categories:. While there is no quick fix, there are a few things that many graduates can do to reduce their stress about extreme student loan debt.
In other words, your leftover spending money after your essential bills and expenses is what your new monthly loan payment will reflect. One thing to keep in mind is that, generally, only federal student loans are able to be applied to these income-driven plans. Private loans often do not qualify for government-provided options like this. Both federal and private loans can often be refinanced, however.
There are several student loan refinancing companies that offer low variable-interest and fixed-interest rates. Student loan debt is bad enough; if you have other damaging credit items in your history, it might be helpful to you to work on those issues in the more immediate term, and free up some other options.
For example, if you can improve your credit by reducing or removing credit card debt, you can free up some extra cash monthly to help you meet your student loan payments.
Improving your credit can allow you to seek better interest rates on personal loans, which you could use to reduce your student loan debt by consolidation.
If your credit is in very poor shape, you may want to consider working with a credit repair company. Just remember that student loans cannot be fixed by bankruptcy; thankfully there are plenty of other options available to most consumers. Many people love a bargain; many modern shoppers are reviving the pride our grandparents felt in finding amazing deals. If you are into the haggling and auction scene, you know better than most the kinds of amazing buys you can get by being just a little assertive in your shopping habits.
To save money on any loan, including home, auto, and personal loans, start by shopping around. Most consumers should try to apply with at least two different lenders, say Osborn and Morris. The chief financial analyst at Bankrate, Greg McBride, agrees. Multiple inquiries within one thirty-day period are treated as one, in most cases. Osborn provides a second tip to savvy consumers: For auto buyers, one thing to realize is that the average new-car loan term is running close to six years 70 months these days.
Lulic recommends looking into refinancing an expensive car loan after a few years. For many consumers, there is no harm in negotiating lower interest rates and better terms.
Be smart, be savvy, and fight for your rights to affordable, appropriate loan terms. A New Option To Avoid Overdraft Fees odern banking affords consumers a lot of options that our grandparents did not have. With the prevalence of convenient payment options contactless payment systems over your smartphone, hi-tech chips on cards, and more , it is easier than ever to pay for your purchases. But with that ease comes the danger of overdraft fees. No one wants to get hit with an overdraft fee. The easy solution is just to switch off your overdraft protection.
However, that means your payment method could be declined at the register. And now you have to pay that back, on top of covering the charge that got you that overdraft fee. Dave can be tied to your bank account to help monitor your finances and recurring expenses.
Dave uses the same military-grade bit SSL encryption tech that the big banks use to protect your information. These micro-loans are actually free, no strings attached. Tips are not required, but are definitely encouraged.
Does it is a little too good to be true? We knew you would ask, and yes, there is a monthly for the app. For many millennials, paycheck to paycheck is a reality, and one little mistake in budgeting or one tiny splurge can throw the entire scheme into the furnace in a heartbeat. Dave understands, and the team behind Dave wants to help. And because we are all Groot, maybe get the app, take a tiny loan, and leave a tip to plant a few trees.
Mother Nature thanks you. Get The Personal Loan, Avoid The Traps ith the holiday season fast approaching, many families are going to look to personal loans to help come up with the cash for the extra expenses associated with the end of the year.
Personal loans can free up a little more wiggle room for these once-a-year bills, but sometimes, shoppers do not know how some companies try to take advantage of desperate consumers at this hectic time of year.
No matter where you shop for your next personal loan, here are some traps and pitfalls to watch out for. Personal loans often come with an origination fee. Sometimes, these fees are hidden in the fine print. Always assume there will be an origination fee, and if you cannot find that information in the paperwork, ask your lender to point it out. You might also want to inquire about any other fees your lender will assess on your loan. Some lending companies offer loan insurance; this is meant to provide some coverage to you, in case you miss a payment.
There are also unemployment insurance options that can make loan payments on your behalf if you are out of work during your repayment term. Another popular option is life insurance on your loan, which will repay your loan if you should die before your loan is paid off. Now, all of these ideas sound like great options for the contingencies of modern life.
Regarding that unemployment insurance option, examine your situation carefully. Just how likely is it that you might lose your job while you are making payments on this loan? If it is not too likely, that is not an expense you necessarily need. Loan insurances like these are often expensive in the long run, and many policies contain extraordinarily specific loopholes that will more than likely not benefit you.
If you really want to consider these options, inquire about how much the insurance will pay, and for how long full payment amount for 3 months, partial payment amount for 6 months, etc. We know there are more factors than just interest that you need to consider when choosing a personal loan, but interest is a significant factor. Know your credit score before you apply, and be upfront with the lender about the state of your credit or lack thereof. If you know the kind of interest rate you should see, lenders will not be able to pull the wool over your eyes.
There are many benefits to obtaining personal loans, especially during this time of year. Just beware of a few crucial points throughout the process, know what you can realistically afford, and stick to your decisions and budget, no matter how great an offer might seem. Better Credit History, Better Rates Personal loans are a great, small-dollar option for situations when you need funds for short-term issues. For many of us, it can be hard to determine what is an affordable rate of interest for a personal unsecured loan.
Interest is the extra money your lender will charge in order to service the loan; it is basically their profit. This interest is calculated as a percent of your principal.
There are different ways that this interest can be calculated, including simple and compound interest, but generally speaking, most retail loans will be compounding loans. So, essentially, no matter how it breaks down, or how your payments are structured, when you run the math. If it is not, something may be a little wrong with the way your lender is structuring your interest rate or interest payments, and needs to be examined more thoroughly. Many people in this era need access to small-dollar personal loans rather than large-figure sums.
They might need to pay for unexpected car repairs, or sky-rocketing medical bills, and probably do not have the cash set aside in advance of their emergency need. Small-dollar loans are designed to provide lower-income individuals and families with necessary funds on affordable repayment terms. They can be an ideal option for building or rebuilding credit, and can even help establish a foundation for other asset-building loans, like auto loans or mortgages. Because small-dollar loans also known as small-figure loans deal in small increments of money, they also tend to be short-term with quick repayment schedules.
Unlike a home or auto loan, small-dollar loans generally do not require collateral. Your interest rate will often be based on your creditworthiness. Your credit score and income history may be the primary factors a lender will choose to look at, but by no means are these items the be-all and end-all of the loan application process. A lender may choose to offer a small-dollar loan to a person with less-than-perfect credit; they interest rate attached to loan may be higher than it would for an applicant with a good or great credit rating, but it is often still affordable.
There may be nothing easier than going to a payday loan business, because they do not check credit scores to make their decision.
Often, a borrower who takes out a payday loan has trouble finding the funds to pay back the loan in-full and on-time, and may get trapped in a cycle of debt for weeks, months, or even years. If you are in need of some hard cash fast, contact Wise Loan for affordable small-dollar loans today!
Getting loan approval on any type of loan these days is more difficult than it has been in the past. It is critical that a potential borrower provides a complete picture of their financial status and background so that the lender can make an unbiased, thorough review of their financial situation. In order for a borrower to have the best chance of securing a loan with the most favorable terms, there are several essential tasks every borrower should complete in advance of applying for a loan.
There are as many types of loans are there are types of borrowers. From mortgages, auto loans, credit cards, and personal loans, you need to understand and make a decision on what type of loan is best for you when you begin your search for a loan. There are also secured loans; these work best for borrowers with less than perfect credit. By putting your home or vehicle up as collateral, you can qualify for better rates on a mortgage, car loan, or home equity loan. Offering sufficient collateral shows a lender that you are a responsible borrower, one who will do everything possible to repay your loan on time.
It is always smart to shop around, especially for financial services like loans. Depending on the type of loan you need, you can start by looking at local companies that have a reputation for providing affordable loans of type you are seeking. Check in with several institutions, and thoroughly compare their costs and interest rates. You should have a budget in place for terms you know you can afford before you speak to lenders.
If nothing else, you should know your credit history and current credit score before you speak to any lender. This can be done easily by checking your FICO score or by obtaining a full credit report any of the major consumer credit reporting agencies such as Experian, Equifax, or TransUnion.
If you have some drama in your credit history, and if you can afford to wait on your loan, it might be a good idea to try to repair your credit first. Pay off old debts if possible. A higher credit score and cleaner credit history presents a better picture to potential creditors. A good credit rating and score is important, but a stable, current income is equally important. It may also not be enough to have a current income; a stable history of income is also essential.
Your chances of approval for a generous loan with favorable terms increase when you can show you are a responsible, contributing citizen. If you are self-employed, it is important that you can demonstrate multiple years of steady income through your business. This is a figure that lenders use to measure your ability to repay the money you have borrowed, and are seeking to borrow.
When you apply for a loan, ask for as little as possible. The less you owe, compared to what you could borrow, raises your credit score and can lower your loan interest rates. Banks have a specific protocol for loan approval. Ask your loan office for advice on following up on your loan application. The loan application process can be a daunting prospect; if the worst happens, and your loan is not approved, ask your lender for specific reasons behind their denial of your application.
Be cautious about applying to other lenders. Too many loan applications submitted at around the same time can hurt your credit rating, and affect your chances of securing a loan approval moving forward.
There are some things that we need ruined from time to time. One of the newest episodes of this hit TruTV series deals with the student loans, including how and why there are so many problems facing college students now.
Adam Conover names one specific event as the tipping point which changed how student loans function in American society. This was the deregulation and privatization of Sallie Mae in the 90s. Sallie Mae was created in as a government institution charged with offering standardized loans to aspiring college students. In , legislation was passed that transformed this government agency into a private corporation. Sallie Mae even offered incentives to schools, if the institutions would use Sallie Mae as their financial aid company of choice for loans for their students.
The lack of fair competition and transparency led to a degradation of an idea that could otherwise provide a lot of benefit to society. Sallie Mae is cited as perpetrating many trespasses, including:. Now, a quarter of college students and graduates are falling behind on their student loans, with no end or hope in sight. Even bankruptcy is off the table; student loan obligations cannot be wiped clean upon a declaration of bankruptcy.
Over 8 million student loan borrowers are currently listed as in default. To watch the segment and hear it for yourself, check it out on YouTube. Wise Loan specializes in some of them, so check us out today! Eat your veggies and minimize your sugar intake. Many people struggle with commitment to a financial plan, but that is usually for one simple reason. The best start to a financial fitness plan is to assess what your short-term and long-term goals are; also, you should ask yourself if these goals are aligned well with those things that are most important to you.
Whether you want to travel the world or send your children or yourself to college without incurring heavy student debt, placing your current spending and saving habits in relation to your values can throw potential discrepancies into the light very effectively. It is extremely healthy to monitor your accounts on a regular basis. This helps you see your progress, and brings any areas where changes may be necessary into focus.
Quarterly check-ins provide the best rhythm and timing to ensure you are on track with your risk tolerance and savings objectives. If opening your quarterly statements gives you the willies, that is a definitive sign that something needs to change.
Maybe your stock allocation is weightier than you would like it to be. Resist the temptation to just ignore the discomfort. Consider rebalancing your budget, or talk to a financial advisor to see if your allocations are appropriate for your time horizon, as well as your short- and long-term goals. Financial planning is a lot like training for a marathon. You would never go out and run You should not expect your balances to grow double, year after year, from the beginning.
It is important, oh so important, to set short-term goals that are manageable to get you from start to finish in this financial marathon.
Conventional wisdom says that most people should be saving around percent of their annual income to save for retirement; but as we know, not everyone is the same, and savings are no different. It is the simplest, surest way to being financially fit, but it is also often the hardest. One potential solution would be to work with a financial adviser, who can help you remain accountable and informed about the options and strategies to help you make the most of your hard-earned savings.
On August 9, , the United States Department of Education filed a legal motion may have huge ramifications for thousands of teachers, social workers, police officers, and other public servants and government officials. This motion asserts that there was never a final decision on whether public service employees would have their student debt forgiven, as many believed.
Public Service Loan Forgiveness was created 10 years ago. Have you been doing the math? That means that the first group of borrowers who are eligible for this Forgiveness program would be able to pursue forgiveness for their outstanding loans this fall. In addition, the filing states that this final eligibility determination will only be decided after those 10 full years of payments: Some chose lower-paying jobs in the public sector and then enrolled in payment plans as instructed by the Department of Education.
This left their loans to accrue enormous amounts of interest, in the hope that in ten years, their student debt would be wiped out. Ten years later, many of these people are facing thousands of dollars in interest debt, on top of their initial loan principals, that they had not planned on. He said in a statement: In its new filing, the Department of Education unfortunately reiterates that it has no intention of upholding promises made under the very program it created.
We find this position unfair and unlawful. Regretfully, the Department of Education has made no further comment or disclosure, other than the public statements made in the legal documentation of the case. Whether this will be resolved amicably or not is still to be determined; but for those who placed all their chips on this one hand, they may need to resign themselves to the knowledge that they held the wrong cards for ten years. But be warned, Forbes did not shy away from spoilers about the episode in their article.
Thankfully, there are a number of studies which have been conducted, which shine a light on this very topic. We are student loan borrowers ourselves. Our goal is to help you save money through transparent pricing and education. By asking student loan borrowers who are currently in repayment in an online poll, the following results were garnered.
We have listed them with the provided percentages of respondents gathered from the poll. But that does mean that some of the younger generation DO prioritize these trivial matters above their student loans. If you, a family member, or friend is in the habit of prioritizing non-necessities over repaying their debt of any kind, some kind of talking-to or intervention may need to happen.
A financial planner or loan expert may be helpful in this case. Give us a call today! Paying for college is more expensive than the actual dollar-figure. For many families, that is a cost roughly equivalent to the price of a brand-new car, with a good warranty.
For many of these same families, this makes college an unachievable aspiration without taking out student loans. While student loans can be a great deal for many families and students, they are not all created equal. For students, and their families, who are using these loan options to pay for their tuition and other expenses, it is important to find a trustworthy and reputable lender.
They must also ensure they understand the repayment obligations of the loans they contract into. The sad part is, there are facts you may not know about the current student loan market, and the way student loans work. Whether it is simple oversight on the part of the loan services and providers, or intentional failure to mention, is up for debate. Translated to normal terms: The only way to legally get bankruptcy relief for their defaulted and outstanding student loans is for you, the borrower, to prove undue hardship.
However good that may sound, the requirements that must be met to qualify for that caveat are extremely strict. In fact, meeting these requirements for undue hardship is nearly impossible for many people who have tried. Elementary-school and high-school teachers can qualify for a break on their student loan debt if they teach five consecutive academic years in geographic areas that serve low-income families. There are other qualifications, but this program is a viable option for many educators.
Another option is that if a teacher has loans from the Federal Perkins Loan Program, he or she might be eligible to have their loan cancelled in return for teaching full-time, at a low-income school or in certain underserved subject areas.
They must also complete a counseling session when they finish their degrees. Most colleges use online modules provided directly from the Department of Education. The financial aid system is more complicated than it ought to be, and even adults have trouble making sense of it. How on earth can we expect a bunch of teenagers to sort it out? However, some graduates may not be making much money, or may be unable to find work in their chosen field soon enough after graduation to begin making their payments on time.
For those individuals, their payments may be more than they can afford for a long time after graduation. You will be required to provide income documentation to your loan servicer each year; based on that information, your loan payment amount will be recalculated to reflect your current income. So far, Congress has not chosen to take action on the elevated costs of a college education, or the problems associated with student debt. That means the current situation is unlikely to change soon, if at all, and students must continue to try to find ways to pay the costs of their education.
In many cases, they and their parents must pursue student loans. One way to do right by your wallet and your education is to work with a lender you can trust is one way to make sure your student debt experience is manageable for your life after graduation. In life, many people encounter the need for a significant sum of money, and this need is often unexpected and unforeseen. Personal loans may offer an option to bridge the gap between need and reality.
It is always better to be prepared, so here is some information you may want to know if a personal loan may be an option in your future.
Many applications for loans or other credit-based funding options will always involve a credit check. Lenders will want to confirm that you have a history of paying up your debts on time, and be confident that you have the income to fully repay what you owe in a timely fashion.
While every lender is different on the range of credit scores they generally approve one rule of thumb is that a lower score will almost always receive a higher interest rate in comparison to someone with a higher credit score. So, if your credit score leaves a lot to be desired, working toward bringing that number up will go a long way toward your future credit and loan approvals.
While traditional banks may not look far beyond your credit history and basic financial numbers like income and expenses, independent lenders may choose to focus a little more on your savings, life insurance, and other personal financial factors.
These indicators may show fiscal responsibility, in a way that a simple credit report will not. This can reduce your ability to gain credit or get approved for loans in the future. Many debt refinance loans have terms between 36 to 60 months with strict payment schedules. Before applying, make sure you can make your payment, every month, even if something untoward happens.
However, if you are considering applying for a personal loan, you may also consider a home equity loan. Keep in mind that home equity loans borrow money against the value of your home.
Make sure you are working in a budget and avoid incurring additional debt when you take out a personal loan. If you are making payments on a personal loan, you are also still racking up debt on a credit card, your problem will only grow. If the monthly amounts and payment schedule work for you, then a personal loan may be a great option for you, for any number of reasons.
For consolidating debt from credit cards or student loans, a personal loan is often a best bet for most people. In recent years, tax refund anticipation loans have become common place.
Borrowers are essentially able to have a tax professional calculate their anticipated refund amount, if any, and for a fee, can issue a cash advance to the borrower. This usually works out well for everyone involved. The tax professional or company can get a jump on tax-season business, and earn a loyal customer base at the same time. They are now suing the tax service company, who issued their loan, for not listing an accurate annual percentage rate and additional charges for the tax preparation services in the paperwork for the loan.
How can a normal person protect himself from hidden fees and charges they did not agree to in a loan contract? This problem can be avoided by one simple task. Read the loan paperwork thoroughly and understand it thoroughly before signing on the dotted line. If that means taking the paperwork home with you, and reading it over multiple times, then do so.
Get the lender to promise the loan will still be waiting for you within a certain time frame, and then do your due diligence to make sure you are entirely informed before you sign. By so doing, you ensure you are protecting your rights, and knowing in detail what you are getting yourself into. If the lender will not allow you to take the paperwork home to thoroughly peruse on your own time, or tells you the loan is only valid if you sign before you leave, then take your business elsewhere.
If they were being honest in the paperwork, what would they have to rush you for? Take your time, or pay the fine. While modern banks may be looking for a lot more in applicants than they used to, there are generally some things that applicants can do to make their chances of securing their funding less stressful and more streamlined. The first things to determine are what type of loan you need, and where you are going to borrow from.
There are a variety of loan and funding options available to many borrowers, including mortgages, auto loans, credit cards, personal loans, and payday loans. Many of these options require some form of collateral. For a mortgage, it is usually the house.
For a car title loan or other automotive loan, the car is collateral. It is always smart to shop around when you are seeking a loan, though there may be limitations or parameters, based on the type of loan you determine you need.
Start your search by focusing on banks and credit unions in your community, that people you know well speak well of, and who are known for making deals on affordable loans. Check with several of the institutions in your area, and compare costs and interest rates once you have visited them all. You should already have an idea of the terms you can afford, and your strategy for paying off your loan, so that you can make the best decision for yourself, your family, and your wallet.
You should always keep an eye on your credit score and credit report, and you should have started checking in on it long before you need a loan.
It is free, and they even offer tax-prep services and many other services for people with less-than-perfect credit who need help rebuilding their credit to a reasonable level. Credit scores range from to There are many factors which tally into your credit score, and some of these include:. Before even applying for a loan, you should do everything in your power to push your credit score to the best level possible.
When lenders look at applications, they generally read a score of as fair, as good, and and above as excellent.
People with a score of and higher will generally be able to walk into a bank or other financial institution, sign on the dotted line, and walk away with cash.
People with a score of less than will be disappointed very often, until they can bring their score up. Do not let that discourage you, if you fall into that group of people with less-than-great credit. The other major factor a bank or lender will inspect when reviewing an application for a loan is your income.
Interest rates may be lowered, and a few bumps on your credit report may be overlooked, if your income is currently stable and you have a history of stable income. Another aspect of the loan application process is the calculation of the debt to income ratio. What this basically means is the bank or lender will look at your total monthly debt and your gross monthly income, and determine if, on paper, you can afford the terms of the loan you are seeking.
This is by no means the only factor for approval or disapproval on a loan request, but it is quite a hefty influencer in the process. It is always best to have a ballpark figure in your own mind, so the bank cannot really surprise you. Ask for as little money as possible. Outline the reason you need the loan. Especially if you are seeking an unsecured personal loan, with no collateral, the bank or lender will want to know how you plan to use the money.
If your cause is good and necessary, explain how and why. Slow down on the applications if you keep getting denied. A good rule of thumb is to apply for loans not more than once per quarter, and not even that many times if you can avoid it.
Also, avoiding peak application seasons is key. Everybody wants a loan at Christmastime, to buy presents for their family and friends, but this means your chances of approval are slimmed down, due to sheer volume of applicants. We here at Wise Loan hope this helped! This company states that former students have not paid back their college loans, and the Trust subsequently purchased the accounts from the original lenders, an assortment of banks.
However, Independence Attorney Ken McClain says that the Trust does not have proper documentation, which would prove that the former students owed the debt to the banks. McClain also says that the Trust does not possess the documentation that legally proves they purchased the defaulted accounts from the banks, and therefore cannot legally collect on the defaulted loans, no matter what.
For many former students in Missouri facing financial trouble and inability to repay their loans, this scandal could not have happened at a better time. McClain also referred to the recent troubles with subprime mortgage loans. There were cases a few years back, where judges ruled in many instances that the loans in question were uncollectable due to missing, or in some cases faked, documentation.
This brings to light a scary situation for many former college students in many other states. If it is so easy for a potentially-illegitimate company to fake paperwork and claim that you owe a debt to them, how can you protect yourself?
When you received the documentation for that loan, it would have detailed the terms of repayment, as well as the lender. This lender may have kept contact with you after you graduated or otherwise left college, or not.
In general, if you do not have that paperwork any longer, there may still be ways in which you can track down information on your loans.
One way may be to check your credit report. The loans, and the reporting company, will often be listed directly on your report, and a few Google searches later may get you the information you need, about who to contact. Another option may be to contact your former school. They might still have the paperwork in your file, and might be willing to release that information to you so that you can pursue making good on your debts.
However you go about it, know what you owe, and to who you owe it, and no one will be able to take advantage of you by claiming you owe something to them. Summer is right around the corner and Wise Loan understands that spending money is an easy thing to do when the sun is out.
There are lots of fun things to do but some of which cost some money. So here are a few examples of some fun activities to do in the summer that are for free! Check out some local swimming spots at your lake, river, or the ocean.
You should not have to spend money to go swimming because who would want to do that. You may know someone who has a pool and you may be able to go over there during a hot summer day. There are so many mountains that are fun to hike. If you are blessed to be surrounded by a couple mountains, then you should take advantage of the area you live in and hike some mountains this summer.
You can admire a wonderful view and get some exercise while getting some fresh air. Nothing is better than the feeling of hiking a mountain.
There is always a free music festival that plays during the summer. Whether it is a blues music festival, country or rock. Some artists are really talented and there is nothing like supporting your local artists. They are fun and you can make some amazing memories and friends at a music festival. Nothing is cooler than getting to see how beer is made and the different ingredients that goes into making a great hand crafted beer.
You can go with just one person or multiple people. Nothing is better than camping during the summer time. Especially when it is in your back yard because you can have a fire and roast some marshmallows with some music playing. Or you can simply star gaze in the comfort of your backyard. It is another great way to ease your mind. These are just a few summer activities you can do while being on budget for the summer.
No one likes to spend a ton of money doing something fun, rather they spend little to no money doing things that are just as fun.
We hope this blog has created some ideas for the summer fun list and Wise Loan hopes that you keep saving that money! Ever wanted to know if you could make some extra money while trying to save?
Or ever wondered if you could pay off debt with some extra income you can earn? Well the answers to both of those questions is yes. Yes, you can make some extra money while saving and paying off debt with some extra cash you can start making.
If you live in specific states that pay for bottle returns, you can return bottles and cans to your local redemption center. It is a simple way to earn a little extra cash and if you go throw a lot of bottles and cans in a month then it will easily add up. It will add up quickly too, without you even realizing it. You can return your change once your change jar is full. Most change jars fill up within a month or so, depending on how much you use cash for purchases.
Some say that if you mind your pennies then things will start to add up and that saying seems to be true every time. Because if you do start to mind your pennies then you will start to see some extra cash come into your pocket.
There are some online surveys you can take that will actually pay you. You can become an Uber or Lyft driver on days where you want to earn a few extra dollars for driving people around town. On some days there can be a surcharge fee so you will earn even more money for driving people to and from their destinations.
People are constantly creating websites and mobile apps that are great but need to be tested in order to see if they work properly.
People do not want to launch a website or an app without it working properly because then the public will be upset when they do not work. It is always important to give others feedback as well so things will be made properly.
These are just a few ways you can earn some extra money. It is always that simple! Keep up the saving and hard work, money is always very important! What is a Payday Loan? Often payday loan lenders have access to the borrowers checking account so they can electronically deposit the money as well as automatically withdraw the funds for the repayment.
There are many reasons someone might need to take out a payday loan. These loans can be a reasonable solution to your financial needs since they can be cheaper than not paying your bills or having an overdraft fee on your checking account. While payday loans can offer relief in a time of need, there can be a potential dark side to them. It is very costly to be stuck in a payday loan cycle for a long time and can lead to larger financial problems.
Although a Wise Loan is similar to a payday loan in that it helps people get through a tough financial situation even if they have a bad or limited credit history, Wise Loan provides many additional features that make it a smarter option.
Plus Wise Loan is the only lender to give cash bonuses for timely loan payoffs! Learn more about Wise Loan and apply online at www. Top 8 smart ideas on what to do with your Tax Refund this year.
Did your refund check seem to burn a hole in your pocket last year, and you seem to not have anything to show for it? Well, if that is the case then you should consider a few of these tips for your refund check. Tip 1- Put it in an emergency fund. You should consider building an emergency fund because you never know when you might need some extra cash. Crazy things happen every day and you may need that money to pay one of your bills because you were short on cash that month.
Or maybe your car needs a new windshield because a rock flew from a dump truck and cracked it. No matter what the case is, it is always smart to have an emergency fund. If it is credit card debt, then it is smart to pay that off so you are not paying for interest. Interest is one of those things that always seems to build up and is the worst part about paying back money you borrowed. Also paying off your debt can leave you stress-free and give you the energy you need to focus on different things.
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