Tag: personal installment loans

Unsecured Loans in California As Soon As Tomorrow

Posted on | by Blaine Koehn | Leave a Comment on Unsecured Loans in California As Soon As Tomorrow

Personal loans can be used for anything an individual needs. Anything other than business, but sometimes people use them for start up cost. Otherwise, it will be a business loan. Either a loan for working capital, advertising, business expansion, and the like. You can use a personal loan for emergencies, holiday expenses, car/house fixtures, shopping, and other personal needs.

Also, when it comes to personal loans nowadays, there are many choices available with more lenient requirements. We no longer live in a day when the only way a person can get a personal loan is by going to a traditional bank or credit union. Nor in a day these financial institutions require you have what some refer to as the three C’s – credit, cash, and collateral.

Unsecured Loans in California

We live in a time now when you can get a California personal loan even with bad credit. There is no need for collateral. When it comes to cash, you must show proof of income. However, you don’t have to have a lot of money. You just need a steady monthly income that is as low as $800 a month in some cases.

There are so many personal loans available that you can get with fewer requirements now. Furthermore, these personal loans can be categorized as secured personal loans and unsecured personal loans. They vary in terms and interest rates. So, there is a personal loan out there that is just right for you.

Where to Get a Loan

Getting a loan is easier than ever before. You don’t even have to commute to a traditional brick and mortar company many times to get a loan. Just from the comfort of your home, you can loan shop online. And even if you are still required to go to a physical building after loan shopping online, there will point you to personal loan companies near you in California.

There are unsecured personal loan companies in several locations in California throughout cities and towns across the nation. You can start by searching online for the right personal loan company instead of wasting gas or bus fare to travel from place to place. While checking online, you’ll see guidelines to determine whether the business suits your needs. You will also be able to find out what information you should provide to complete the application process. You will most likely be able to complete the application process online. Loanry cuts the time you spend researching. We can connect you with reputable lenders right away.

From there, you can proceed by either getting the results of your application or by getting instructions on where to complete the rest of the application process. You may also obtain instructions on the information that they will require you to submit. (i.e., proof of income, bank account information, driver’s license, etc.). If applicable, there will be a location nearby to complete the loan process that they will tell you.

What You May Likely Need for the Application Process

As mentioned before, many of these companies approve loans for bad to good credit, no collateral, and so forth. In these cases, these loans are considered to be unsecured personal loans. However, even though unsecured loans in California are convenient in that you are not required to have the three C’s; there are other details you must follow in order to go through the smoothest application process possible. The following includes other details most likely needed to complete the application process quickly and efficiently:

✓Obtain Clarification About Your Preferences

Before going to a financial institution, you should perform your due diligence. For example, know what lenders look for on your credit report and what other items they might collect. The aim is to find out the details of the application process and other terms by thoroughly checking loan packages. Especially when you California loan shop online. Please be aware of the type of loan you want and the terms that are affordable to you.

✓Ask Questions

You can contact the business via phone, instant chat, their online form, or email. Make sure to ask all the questions to ensure you have all areas covered. You also can make sure they have loan packages you desire. Other questions to ask the company include loan eligibility, timelines for the application and approval process. Of course don’t forget to ask about the required documents and materials. Different financial agencies have different requirements and finding out the requirements upfront will save you a lot of trouble.

✓Find out the Limitations

Even though many agencies accept bad credit applications, they have their limitations concerning the lowest credit score they will approve. There may be other guidelines, such as the least amount of steady income you must have, the acceptance of their terms, and the interest fees.

Personal Installment Loans

A California personal installment loan is a consumer loan that is paid on a fixed schedule with a principal and interest rates. The length of time to pay off these loans can range from a few months to several decades. You can use these loans for various reasons. Also, these loans are typically more affordable and safer than title and payday loans. As mentioned these loans can be secured or unsecured personal loans.

Personal installment loans can be retrieved fairly easily as well. You can accept a personal installment loan offer on a network. Also, you can carefully read the loan offer terms before accepting the terms. You also can digitally sign the agreement. The funds could enter your account within 24 hours to a few days, depending on the lender. For instance, unsecured loans in California will normally can enter one’s personal bank account within 24 hours. These loans are not secured but unsecured loans in California which have a log of competition and being unsecured makes less paperwork required to show collateral, for instance.

When Should I Receive My Funds?

Depending on the lender, you should receive your funds within a few days, though it could vary from one business day up to several weeks. They will typically deposit the funds into the checking account you specify during the loan process, and you can then withdraw them as cash, spend them via your bank card, or use them to make payments and purchases online like any other funds.

With an installment loan, you’ll not only have a significantly lower interest rate, but you’ll be able to make regular monthly payments and be more likely to stay on track. Plus, those regular payments can also help you boost your credit score when you make them on time each month. This can help ensure you’ll have an easier time finding the financing you need in the future.

If you can’t qualify for a personal installment loan due to your bad credit, you should still explore every other option you have before taking on an expensive and potentially dangerous short-term loan. That includes consumer credit cards, as even the worst subprime card will charge less interest than a payday loan.

How Soon Can I Get an Installment Loan?

If you apply right now for a personal installment loan then you can potentially have anywhere from $500 to $25,000 cash in your bank account as soon as tomorrow morning. That’s right, tomorrow morning, but not in all cases!

Lender’s sometimes even accept applications 24 hours a day – 7 days a week but all final processing for California cash loans is usually done during normal business hours and funds could be sent via ACH directly to your bank account.

You can borrow between $500 and $25,000 instantly. However, personal installment loans are usually based on your income and therefore only borrow the amount you can afford. The lender will certainly allow you and even encourage you to repay the loan in full any time you can afford it.

More Details on Secured and Unsecured Personal Loans in California

California secured personal loans are loans in which lenders require borrowers’ to make pledges or promises of collateral for the loan if the individual defaults on it. The most common types of secured loans are home or auto loans. If the home goes into foreclosure or the car gets repossessed, the lender can retrieve the home or auto, auction it, and then bill you for the rest if the balance is not paid in full after auctioning it. Because of this, carrying full coverage insurance may be required for your collateral when it comes to a secured loan. This way, the lender will have a shared interest in the home/car which will protect the both of you.

There are much more unsecured loans in California and other places in the market than secured loans. This fact is good for those without collateral even though lenders know that the risks are higher with these loans.

What About the Sorted Risks Associated With Those Loans?

Another difference between unsecured personal loans and secured personal loans is the sorted risks associated with either type of personal loan. With the secured personal loan, you can lose your home or car when you default on the loan. With unsecured personal loans, lenders may report negatively on your credit, they may put a lien on your home, or they can garnish your wages when defaulting on a loan.

Different Types of Unsecured Personal Loans

There are also different types of unsecured personal loans available, including student loans, personal loans, and credit cards. These loans are all term or revolving loans. The other type of unsecured personal loan is called the consolidation loan. A revolving loan is a loan with a credit limit that you can repay, spend, and spend again. Personal lines of credit and credit cards are examples of revolving unsecured loans. A term loan is a loan that requires the borrower to pay in equal installments until they pay off the balance in full. The consolidation loan is a signature loan from a bank used to pay off credit card debt in equal installments until the balance is paid in full.

Other Important Notes

With all these wonderful features about unsecured loans, there are some things to take into consideration. For one, these loans are riskier to lenders, so these loans carry higher interest rates. Also, these loans require higher credit scores many times. In these cases, these loans don’t require a perfect credit score. As a matter of fact, these average scores can be an average score of 620, for instance.

In 2020, California’s income per capita was $38,576 among various professions and regions, thus ranking 11th place among the states in the US. Some areas in this state have a greater need for finance than other areas in the state, and thus, different types financing is required. Furthermore, borrowers of unsecured loans in California with average credit scores of 580 to 720 are typically approved for these personal loans.

Payday loans are considered unsecured personal loans that provide merchant cash advances. Even though these loans may be partially secured by these companies requiring an agreement to permit automatic bank withdrawals from the applicant’s checking accounts and a postdated check, it is still known as an unsecured personal loan. There is no need for collateral, like your car or home. These types of loans have a short term, comes with a higher interest rate, and you typically pay them back in a single lump sum on your next pay period.

What Else Do Lenders Take Into Consideration?

Besides the stipulations concerning income and credit score, lenders take into consideration other details when it comes to being qualified for a personal loan in California. Lenders look at the debt-to-income. Even if your credit score is fairly descent if you have more debt to the amount of your income, the lender still may reject you. Also, even if your credit score isn’t so great, paying back your credit score will be a spectacular way to improve your score. Lenders will report to credit agencies and through consumer reports that can help you greatly to obtain future credit and loans.

Several ways to improve your credit for improving your chances to get approved for a personal loan include the following:

  • Following your total payments’ groupings
  • Choose which groupings to make several small payments to become current on bills
  • Lower balances and request for an increase of credit limit
  • Improve credit utilization and eliminate card balances by using debt consolidation loans
  • Pay on-time to improve your credit

Other ways to improve your chances of getting a loan include feeling and looking organized. You must be confident to go through the loan application process.

Conclusion

Unsecured loans in California are an amazing relief for us these days. You can use these loans for any personal thing or situation an individual needs the loan for. You can use unsecured personal loans for emergencies, holidays, car/house fixtures, shopping, and more. Also, when it comes to personal loans nowadays, there are many choices available with more lenient requirements.

We no longer live in a day when the only way a person can get a personal loan is by going to a traditional bank or credit union, and the person must have what some refer to as the three C’s- credit, cash, and collateral. Furthermore, we don’t have to worry about the possibility of losing our homes or vehicles when defaulting on these loans. There are negative consequences of negative reporting being on our credit. However, we all can take care of that situation when a short amount of the defaulting on a loan occurs.

There are much more unsecured loans in California available that you can get with fewer requirements, and the process can be quick and easy so you may receive funds into your account in as soon as tomorrow.

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7 Smart Ways to Use a Personal Loan

Posted on | by Cole Lehman | Leave a Comment on 7 Smart Ways to Use a Personal Loan

Every so often, it is normal to find yourself in a situation where you need extra cash. There are many ways through which consumers can raise the money they need to handle emergencies or meet their financial needs. One of the most common and convenient ways of doing this is to get a personal loan online. However, before approaching any short term loan lender for these products, it would be important to learn about the various smart ways to use a personal loan. This will not only help borrowers to make the most of the money but also help to avoid frustrations arising from financial difficulties.

Seven Ways to Use a Loan

Here are several smart ways to use a personal loan that borrowers should know about.

1. Consolidate Debt to a Lower Interest Payment

In case you are struggling to pay off your credit card loans and other debts, you may want to think about consolidating the loans into a single lower interest payment. Debt and bill consolidation makes it easy for borrowers to know how much they owe and keep track of their monthly payments. However, your circumstances will determine whether this qualifies as one of the smart ways to use a personal loan. While taking out a personal installment loan for debt consolidation is becoming increasingly popular, borrowers should always be aware of the advantages and disadvantages of making this financial move.

When it comes to advantages, personal loans for consolidating debt may have a longer repayment period, making it more convenient for borrowers to pay back. This may also mean that the amount of money to be paid back may be significantly lower.

One of the disadvantages of debt consolidation is that you may end up paying more in interest depending on your credit score. However, this will be influenced by the type of loan, market conditions, and the lender you choose to work with. Similarly, the extended repayment period may mean higher interest in the long run, even though you may feel less of a debt burden.

As much as you may consolidate your debts and take out a loan to clear them, you should remember that you still have a responsibility to pay back the debt. To determine whether this is one of the smart ways to use a personal loan, it would be important to speak to a financial advisor.

2. Boost Your Credit Score

A good credit score plays a critical role when borrowers are looking to borrow money from financial institutions. This is why it is important to maintain a good score and boost it in case it is negatively affected. Depending on how the borrowed money is used and repaid, this could be among the smart ways to use a personal loan.

Most lenders will consider the relationship between your credit limit and spending over a given period before giving out a loan. Borrowers with high credit utilization are considered to be a higher risk.

Personal loans can help borrowers to consolidate debts, reducing their balance during a given month, and therefore improving their credit score.

Whether you are looking to get a personal loan online or from traditional lenders, you should carefully evaluate your ability to repay the loan. A personal loan presents borrowers with the opportunity to improve their credit score. However, this will only happen if all the loan installments are paid in good time. Since late payments or missed payments will hurt the credit score, this is an issue that borrowers must consider carefully.

There is no doubt that personal loans can help to improve your credit score in case of poor credit. However, achieving this goal requires a certain degree of financial discipline. Borrowers will also have to be sure that they will make timely payments for the loan to have a clean credit record and history.

Things that makes up your credit score

3. Emergency Medical Expenses

Even with insurance, emergency medical expenses can result in unpaid bills that could lead to bankruptcies and negative credit reports. While having money saved in a savings account would be a great way to avoid the associated frustrations, this is not possible for most people. This is when taking out an emergency loan for medical bills makes for one of the smart ways to use a personal loan.

Paying for medical costs out of your pocket can be expensive, considering the high cost of healthcare. While you can think of negotiating the bill with the concerned medical practitioner, there is also the nurses, anesthesiologists, and the hospital itself. Medical loans are designed for people who run into financial trouble as a result of medical expenses. The loan allows borrowers to settle the medical bill in full and payback installments over time.

One of the advantages of this type of personal loans is that borrowers can still get them even with bad credit. Banks and credit unions can also extend the loan under emergency circumstances even if you already have a loan with them. However, borrowers should ensure that the emergency loan for medical bills will not lead to a debt burden that overwhelms them.

4. Home Improvement or Maintaining Your House

After staying in your home for a considerable period, you may find it appropriate to upgrade the property. Whether you want to make it more functional or boost its value before putting it up for sale, you will have to figure out where the money for the project will come from. What most people do not know is that there are personal loans for home improvement or maintaining your house.

There are several instances where taking loans for this purpose joins the list of smart ways to use a personal loan. Since personal loans have to do with a borrower’s credit and ability to pay, they will be a great option to consider if the borrower does not have enough equity in their home. This also applies if the borrower wants a shorter or fixed repayment term. When they do not want to use their home as collateral or when the borrower wants to start their project right away.

One of the reasons why this makes it to smart ways to use a personal loan is because it contributes to increasing the value of the property. However, it remains important to look at the interest rates charged on the loan, the repayment period, and other fees before taking out the loan. Before committing to these loans, borrowers must check out the different options available to establish the product that will be a better fit for them.

Couple painting walls in new home.

5. Repair a Car That You Use for Work

While most people know that they can take out personal installment loans to buy a car, very few are aware that they can borrow to repair a car that they use for work. Unexpected maintenance and repairs for your car will put you in a situation where you find yourself in need of quick cash. A personal loan to take care of the expenses associated with repairing your car will allow you to pay back the money over several months. This reduces the financial pressure you feel so that you can carry on with other things.

Getting your car working will save you from additional expenses that would arise if the problem is not fixed in good time. This is why borrowers may want to consider taking out a personal loan to help them meet such costs. Some of the advantages of taking out a personal loan are that the process is easy, quick, and private.

When thinking of smart ways to use a personal loan, borrowers should ensure that the borrowed funds will be used in such a way that it will make economic sense. Repairing a car that you use for work will make it easy for you to generate income. Unlike borrowing for luxury spending, this will allow you to move to work and transport stuff more conveniently.

Young man calling for assistance with his car broken down by the roadside

6. When You Can Use a Personal Loan to Make Money

While borrowing has risks associated with it, borrowing for the right reasons can help you reach your financial goals. Rather than letting an opportunity pass you buy, you should consider approaching lenders to advance the cash you need to take advantage of such situations. This includes financing a business expansion that will increase profits, paying for a home remodeling exercise that will increase the value of the property and paying for a course that will translate into better career prospects.

In most cases, putting money into a project where you expect to make money comes with certain risks. There is never a guarantee that investing in a given venture will bring about the expected results. In fact, there is the possibility of losing money. As such, this move must be a calculated risk. Even if the venture fails, borrowers will still be required to repay the loan. This means that it is extremely important for borrowers to do their research to establish whether the opportunity is likely to work out.

There is no doubt that borrowing when you can use the cash to make more money is one of the smart ways to use a personal loan. However, the most important thing is to ensure that the money is put to proper use. Only by doing so will it help to improve the quality of life or generate more income. Using the money for the intended purpose will also go a long way in ensuring that the loan is repaid promptly without straining.

7. Emergency Situations With Your Home

Every homeowner wants to make sure that their home is comfortable and functional at all times. However, once you begin your home ownership journey, there are times when you will have to carry out repairs to both the structure and the different systems in your home. In case such situations arise at unexpected times, you will be forced to find reliable sources of money to carry out the repairs. This is when taking a personal loan may become one of the smart ways to use a personal loan.

The reasons why people take out loans for emergencies with the home are as different as the borrowers themselves. These loans can be used to remove health and safety hazards, carry out repairs, or modernize the space. Depending on your needs, you should consider looking for a lender who will offer products that are suited for your situation.

Today, a good number of people get a personal loan online to execute such projects. This is because most online lenders have flexible requirements. At the same time, online loans have a shorter and faster application process when compared to taking out loans with traditional lenders. As a borrower, you will want to work with a lender who makes it possible for you to meet your needs at the right time and pay back the loan conveniently over time.

Key Points to Remember

Much has been said about the benefits of personal loans. However, for borrowers to realize these benefits and ensure that personal loans help to improve their lives, they must ensure that the money is used wisely. This means finding smart ways to use a personal loan. So that repaying it does not lead to financial difficulties and a larger debt burden.

  • Make a plan – the first step when it comes to using a personal loan wisely is to make a plan. This means identifying the need for the money, figuring out how much is required, choosing a lender, and discussing a suitable repayment schedule. Lastly, this will involve coming up with a clear way of using the funds.
  • Take only what you need. It is possible that you will qualify for a higher loan amount than you actually need. However, taking out more than you need can land you in financial trouble. Renegotiate for a lower amount if the lender offers more than the amount you want.
  • Stick to the plan. A plan will only work if you stick to it throughout the entire process. Once you have received the money, it is important to stay focused on your goals. Use the money only for the intended purpose.
  • Remember it isn’t money. It is important to remember that you do not have money. On the contrary, you owe money. Just because there is a certain amount of cash in your bank account does not mean it is yours.

What Credit Score You Need for a Personal Loan?

Most personal loan lenders will take the borrower’s credit score into consideration before issuing a loan. This is why borrowers should think of boosting their score way before they apply for or need personal loans. This helps to avoid the frustrations associated with getting your loan application rejected. The borrower’s credit score will also have a direct impact on how much they pay in terms of interest and other loan fees.

Credit score scale

A credit score ranging from 700 to 750 is usually considered good. A good credit score will not only ensure that borrowers get numerous attractive offers but also make it easier for them to access the funding they need for their needs. There is also a fair credit score which ranges from 650 to 700. While it may not be easy to get a personal loan with fair credit, some lenders will consider your application when they take into account other factors.

Lastly, a bad credit score is between 560 and 650. Getting a personal loan with bad credit can be hard. The good news is that borrowers can take certain steps to get the funding they need. However, such borrowers may end up paying high-interest rates, have shorter repayment periods, or have lower borrowing limits.

Considering the important role that the credit score plays in the loans industry, it is important to maintain a good credit score. Similarly, those with a poor credit score should strive to improve their score. This means adopting healthy financial habits, paying back debts on time, and sticking to smart ways to use a personal loan.

When You Should NOT Use a Personal Loan

Before and while taking out a personal installment loan, borrowers should ensure that the loan will not lead them to financial troubles. Although personal loans can be beneficial in many ways, there are several instances when you should not use the loans. Here are examples of when not to use personal loans.

When You Are Struggling to Keep Up With Debts

If you are struggling with student loans, credit cards, and other bills, it may not be a good idea to take out a personal loan. Once you cannot keep up with current debts, adding to the amount you pay back monthly will only complicate things further. It would be important to improve your financial situation before adding on a new loan.

You Want to Refinance a Small Amount of Debt

While personal loans can help borrowers to consolidate debts for easy and convenient repayment, the amount you want to refinance should be considered carefully. Seeking to refinance a small amount will mean additional expenses that one would have avoided if they paid off the loan over the remaining period.

If You Can Easily Save the Money

Taking out a loan will mean paying it back with interest and incurring costs in terms of fees. In case you do not need the money urgently and can save up for your project, it would be wise to do so.

Covering Expected Major Expenses

Rather than taking out a personal loan to cover upcoming expenses, you may want to consider other ways of raising the money. This may include looking for a part-time job or cutting down on expenses to boost savings.

Unstable Employment and Income

In case your employment or income is unstable, you may have problems paying back your loan. Avoiding such a loan altogether will help you avoid the frustrations that come with late or missed payments.

Final Thoughts

Knowledge of smart ways to use a personal loan and when to avoid the products can go a long way in helping you meet your needs. At the same time, it can help you get out of financial difficulties and move you closer to your goals. However, the journey requires good financial habits and discipline.

Besides figuring out smart ways to use a personal loan, borrowers should carefully consider the kind of lenders they work with. Since different lenders have varying loan terms, doing some research will help in identifying the most appropriate one for your needs. We simplify the process of finding a lender by helping consumers to compare different lenders and identify reliable loan companies. Work with us to make it easier to get a personal loan online and learn more smart ways to use a personal loan.

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Signature Loans No Credit Check: Sign Here

Posted on | by Blaine Koehn | Leave a Comment on Signature Loans No Credit Check: Sign Here

Have you ever tried to borrow money but weren’t sure where to start? If you don’t have much experience in the world of finance, the choices may seem overwhelming. Your experience with banking and loans might be limited or entirely negative, but that doesn’t mean you won’t be able to get the loan you need.

One great way to get the cash you need is with a signature loan. Many people are unaware of this option, or if they have heard of it, they may think they don’t qualify. I am going to explain what a signature loan is and how you may be able to get one yourself even if you don’t have great credit or if you have no credit. Whatever you need the money for, a signature loan is a fast way to get the cash you need.

What You Need to Know About Signature Loans

A signature loan is just what it sounds like from its name. Unlike most other kinds of loans, you can get a signature loan based simply on your signature and your promise to pay. Your signature loans no credit check are unsecured loans, as opposed to secured loans.

Before You Get Started: Do You Need a Loan?

When you take out a loan, you will have to pay it back. If you have other options available, or if you have other options available, you may not want to take out a loan. There are some steps you should take before finding a lender:

  • If you don’t need the money right away, you may consider saving it on your own.
  • Do you have friends or family who can help?
  • You could have a yard sale or get rid of some old clothes or movies at a resell shop.
  • Have a yard sale or garage sale to get rid of that old junk you should have gotten rid of years ago.
  • There are temporary jobs you can pick up to get quick cash, like yard work or other kinds of odd jobs.
  • Depending on your need, there may be public assistance available. Check your local volunteer and government groups, like township assistance, to see if you fall into any of those categories.
39% of Americans take out personal loans do consolidate their debt.

Secured Loans

A lot of loans are secured loans, meaning there is some sort of asset or collateral which you are putting up to guarantee the value of the loan. The most common kinds of secured loans are car loans and mortgages for homes, and the original value of the loan will be based on the value of the collateral. For instance, if you get a secured car loan, the car is the collateral that is being used to guarantee the value of the loan.

If you stop paying on the car loan, the lender will contact you and try to get you to pay. They might be willing to work with you and forgive some of the late fees or change the due date so it falls on a better time of the month. But in the end, if you don’t pay, the lender can come and get your car and sell it to get some of the money back from the loan. If the lender doesn’t get the full value of the loan from selling the car, you will still owe the rest of the money.

There are a lot of reasons you may not want a secured loan. You may simply not have anything which you can use as collateral, like bank bonds or property. Even if you have collateral to back up your promise to pay, you may not want to risk it for the sake of a single loan. A secured loan usually has better terms than an unsecured loan, like a lower interest and fewer fees, but not everyone could or should get a secured loan.

Unsecured Loans

Unsecured loans don’t have collateral, and the most common ones are credit cards, personal loans, and student loans. With an unsecured loan, there is no guarantee backing up the payment of the loan. If you don’t pay, the lender might try to work with you for a while to get you to pay. After you default, the lender’s only recourse is to try other ways to get you to pay, like taking you to court.

Whether you default on a secured or an unsecured loan, there will be negative consequences on your credit score. You need to be sure that you are able to pay back any loan before you take it out. With an unsecured loan, you can at least see that the consequences of failing to pay are different.

What Can You Get With a Signature Loan?

Some loans are very specific, and you will actually be required to use them in certain ways. For example, a home mortgage is a loan that will help you buy a house, and the collateral is the house itself. If you take out a home equity loan, you can get a good rate by using your home as collateral and use the money to make your home more valuable. Signature loans no credit check doesn’t have the same specifications or requirements.

With a signature loan, you can use the money for anything you need. You can use the cash to make home improvements, buy a vehicle, or put a down payment on a home. You can also use the money for anything else you want, like to pay off a hospital bill, take a trip, or finance a wedding. Because there are no restrictions, you won’t have to explain what you are using the money for. You can just use the cash for anything you need.

One can use the money for an emergency, such as when you were expecting money from your job and something caused a delay. You can fix your car or consolidate your credit card bills into one easy payment. The signature loan amount can range anywhere from $500 to $50,000, although it is best to stay within the minimum range you need so that you can budget the payments more easily and make sure you don’t default.

The flexibility of signature quick cash loans makes them popular for some people who qualify for other kinds of loans. Signature personal installment loans are an easy way to fill a personal need.

Budgeting Your Signature Loan

You may be getting your loan because you are having an emergency, but you need to be aware of the future implications. When you are looking over the terms of your loan, one of the most important factors is that you will be able to pay the money back on the schedule offered.

If you need help, you can use online budget tools to cut down on your regular expenses. There are probably several areas of your life where you are spending more money than you need to on a regular basis. if you cut down on those expenses, you can help yourself be successful with this loan. You will also feel less stressed out during the life of the loan, and you will be more able to borrow money later.

One of the biggest mistakes people make in life is living outside their means. Once you have conquered your budget, you will be surprised how much more competent you are in other areas of your life.

A Budget Worksheet

One great way to figure out your budget is by using a budget worksheet. On the worksheet, you can plug in the numbers for all the details relating to your personal situation. First, you will put your current role, such as whether you are a student. Then you can put in your income and fixed personal expenses, like rent and electricity. Don’t forget to figure in costs like your car payment and monthly commuting expenses, like gas or bus fare. Then you add in the expenses that are simply things you want, like cable and new clothes.

It would be difficult to live without spending money on some things you want. No one expects you to never eat out or go to the movies. It is important to be honest about how much you spend and how much of the money you spend on a regular basis could be better saved or diverted into more important endeavors. By tracking your spending, you can avoid surprises and find ways to save money later.

What Is Your Credit Like?

You can check your own credit online and find out where you stand before you start looking for a loan. Even if your credit isn’t good right now, it is always a good idea to keep track of your credit score. Signature loans no credit check are a temporary solution to a serious problem, but you can use them to make your credit score better and improve your own buying power for the future.

Credit score scale

What Is the Biggest Mistake in Your Credit Score?

If you’re like most people, debt is a big problem for you already. Debt is one of the worst things most people face because it affects everything else about their lives and their lifestyles. They borrow money to have a car, a place to live and even to go on a trip. Most college graduates feel strangled by the amount of debt they have accumulated by the time they graduate.

One frightening statistic quoted by the Huffington Post says that one out of every three Americans has more credit card debt than savings. Instead of putting money aside for a rainy day or, more importantly, retirement, most individuals are borrowing against the future for daily expenses. They go out to eat, to the movies and other activities, thinking of the current need without the consequences. Debt is one of the most important factors in your credit score.

The 5 Factors That Make Up Your Credit Score

According to The Balance, there are five factors that make up your credit score:

Your Payment History

Even if you have credit cards, you may not need to see it as a negative thing. Potential lenders like to see that their future clients have paid on time in the past, and in fact, this can be the strongest factor for some when considering whether to loan you the money or not. Are there collections? Foreclosures? Bankruptcies? Those are proof that at least at some point in the past you did not pay your bills.

Level of Debt

One of the things you may be shocked to learn when you do your budget is how much of your monthly payments already go toward accounts you owe. Your potential lender will compare the amount of money you owe to the amount of money you earn. Your income to debt ratio is a critical part of your creditworthiness. You need to look like you are going to be able to earn enough to pay off your loan.

The Age of Your Credit History

It may not seem fair but the age of your credit history is very important. Some people are proud that they have never borrowed money before, only to find that the lack of credit history works against them when they finally need to borrow money. This factor accounts for a full 15% of your score, but you can improve the age by being careful. Opening a lot of new accounts at once is one thing people don’t realize significantly lowers their credit scores.

The Types of Credit on Your Credit History

What kinds of actual things have you done? Student loans are different from credit cards, and a mortgage is different from a car loan. If you have different kinds of loans, it shows that you have the experience to handle different kinds of loans and situations.

The Number of Credit Inquiries on Your Credit History

Not everyone realizes that making an application for a loan is an activity that will show up on their score. You may actually find it difficult to be approved for a loan if the potential lenders see that you have recently applied for other loans. Whether or not those other lenders approved you, that is considered a negative aspect of your score. One of the things you can do when applying for Signature Loans No Credit Check is apply with a place where the company can search in several places to find the best loan for your circumstances without running multiple credit checks.

Final Thoughts

You haven’t spent all this time learning about signature loans no credit check on a whim. If you are here researching, it is because you really feel like you need that extra cash right now or soon. If you have gone through your options and decided that a loan is in your best interest, the process of applying for signature loans no credit check is easy and fast.

Make sure when you get personal loan online with no credit check that you use a reputable company, and use one that will search multiple lenders without putting in multiple applications, so it has less of a negative effect on your credit score.

Don’t wait to get the help you need. The process only takes a few minutes once you have everything together. Make sure you are using a secure connection so you are not sharing your personal information and qualify for signature loans no credit check today. Apply online to find lenders near you who can offer you the best rate for your circumstances.

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Personal Loans for Unemployed: Do They Exist?

Posted on | by Brandy Woodfolk

One of the biggest times we need financial assistance is when we are unemployed. If we have no money coming in, we need funds to help us get through this time. The question is whether there are personal loans for unemployed people and how on earth can we get one. The good news is that you can get a loan even if you are unemployed. However, you still need to have some alternate form of income and a pretty good credit history. Otherwise, you’ll be dealing with alternative lenders who tend to have higher interest rates and fees.

Are There Personal Loans for Unemployed People?

Let’s face it: if you do not have any money coming to pay back the loan and your credit shows you have a history of not making payments, no one is going to want to loan you money. And really, would you loan a friend money that never paid you back and currently had no way to pay you a new one? Probably not- not unless you are okay with just gifting the money to them. Otherwise, you would likely stay away from that situation.

So, how do you go about getting personal installment loans unemployed? Let’s talk first about other types of income that can help.

Alternative Financing Options When You’re Unemployed: Caution!

Co-signer Loans

If you are having trouble getting a personal loan unemployed, you may find someone who is willing to co-sign the loan with you. This means that the co-signer is agreeing to make payments that you do not make. While co-signer loans can help you get approved regardless of your income or credit, that does not make them the best choice.

There is a lot of risk involved. The bottom line is that if you do not make the payments, your co-signer is going to owe the payments while you enjoy the benefits. Does that seem fair? Of course not, so it is of little surprise that so many family relationships and friendships are ruined over co-signer personal loans. Besides risking your relationships, there is also the fact that the co-signer can take you to court for everything they had to pay out plus extra costs if you leave them carrying the bag.

You could end up spending more out than you originally owed. Think carefully about this option before jumping on it. If you are not absolutely sure you can pay the loan back, do not bother with a co-signer loan.

Credit Card Cash Advance

If you have a credit card, one of the easiest personal loans for unemployed people is a cash advance on that card. Your credit card company may allow you to borrow cash against your credit line so you can pay something that does not accept credit cards, like your landlord. Here’s how it works: Let’s say I have $1,000 available in credit on my credit card.

If my credit card company allows cash advances, I can go to an ATM or a teller and withdraw that $1,000 in cash that I can then use to pay my rent. The $1,000 is deducted from my credit card and I go about making my monthly payments. Each credit card company is different but some will likely charge a higher interest rate on the cash advance than they do on your purchases. Still, it can be cheaper and easier than taking out a personal loan for unemployed periods of time.

Home Equity Loans

When your home is worth more than the amount you owe on it, that is known as equity. If you have equity in your home, it is possible to borrow on it- the equity, not the full value of the home. You will not get the full amount of equity most of the time. It works a little more like this: If your home’s value is worth $100,000 and you only owe $50,000 on it, you have around $50,000 in home equity.

If you need a loan, you may be able to borrow 80% of the value of the home minus what you owe. In this case, 80% would be $80,000. If you subtract what you owe, that leaves $30,000, which is most likely the amount you would get approved for. Home equity loans are generally paid back like a mortgage- with a fixed payment for a fixed term.

Car Title Loans

Car title loans can be a quick way to fix immediate problems. But they can also give you more problems to deal with. I learned this lesson the hard way. I had a Chevy Suburban that I loved. My husband was laid off so I needed help paying the immediate bills. I knew he would get hired again soon so I did not think taking out a title loan would hurt us.

I was so wrong. So, I borrowed $1300 on my Suburban making the monthly payments over $200. I thought we could handle that, until my brain kicked in and I realized that payment was only for interest. I had to pay a lot more than that if I wanted to pay off the loan.

Because of the high interest, I could not afford to fix my truck when it broke down, so there it sat in my driveway for over a year while I was making ridiculous payments on it. And when I finally got it paid off over a year later, my truck had sat still for so long that it would have cost way more than I could afford to get it working again.

I ended up having to sell it for way less than I should have been able to. Though title loans can save the day now, it is very important to factor in all of the interest and fees and look at how it will affect your future.

Some Payday Loans

Fast payday loans are another option that should be very carefully considered, which I also learned from personal experience. First, most payday loan companies start you at a very low amount- about $125 for your first loan. This may not be worth even taking the loan out depending on how much money you need. On your next payday, you go in to pay off the loan plus interest. You can usually re-borrow your loan amount that same day.

It seems simple and easy enough, but the interest can add up to tremendous amounts. For instance, when we were having a broke period at one point, I took out a few payday loans. One of them was for $500. I was to pay back $580 on my next payday, which I did. The problem came in with the fact that I could not afford to give them that $500 that paycheck and feed my family.

I took the $500 loan again. This led to $320 that first month in interest alone. It took me nearly four months to be able to pay the loan back meaning that I paid a total of $1280 worth of interest only. I paid back $1780 on a $500 loan I borrowed. If it is at all possible, find another solution.

What Steps Do I Take To Get a Personal Loan While Unemployed?

Taking out personal loans for unemployed people is the same process as it is for the employed. The only difference is the precise information you will need to apply. Follow these 3 loan shop steps to find personal loans for unemployed people:

  1. Find a lender and determine what documentation you will need to apply.
  2. Gather your necessary documentation.
  3. Fill out the application.

Upon approval, thoroughly read and then sign the contracts.

Decide if You Really Need a Loan-Try These Things Instead

Sometimes when we are broke and unemployed, we think we need more money than we actually do. In fact, there are other ways that can save us from having to take out a loan. Before running to the first financial institution you can find, try the following ideas first. You may find that you do not need to borrow a dime.

Make a Budget

Even if you do not have a single penny coming into your home, you still need a budget. You should understand what you need, what you must pay, what can wait a little while if it has to, what you can let go of, and so on. Making a budget can help you see what you really need to work toward and whether or not you actually need the loan. If your bills are not due for a few more weeks, that gives you time to work on other ways to make money. It is unwise to add a loan into the mix if you are already strapped for cash and you have another option.

Dip Into Savings

I personally hate touching my savings account. It takes so long to put money in there that the last thing I want is to take it out, especially when I am saving for something special. For instance, I am currently saving to take my family to the beach for the first time in my kids’ lives. I have almost reached my goal, but last night, I realized a bill I had forgotten about was coming due so I had no choice but to take the money from savings since this bill would have continually added interest.

Sometimes, the safest thing to do is use savings. I mean, that is kind of what it is there for. If you have to choose between a loan and replacing your savings later, remember that using your savings does not cost you interest.

Find Ways to Make Money with a Job

Obviously, if you are unemployed, you should look for another job, but that may take some time. In the meantime, there are other ways to keep your head above water. Have a yard sale for some quick cash. Babysit or pet sit for family, friends, and neighbors. Get paid to do yard work or wash cars in the neighborhood. Clean some houses.

File for Unemployment

If you meet certain qualifications about the way you lost your job or had to leave your job, you may get approved for unemployment. It never hurts to apply.

Alternate Forms of Income

A job that you clock in and out of is not the only type of income available when applying for a personal loan for unemployed people. Below are just a few other options that are considered:

  • Social Security
  • Unemployment Benefits
  • Pension Funds
  • Disability
  • An Inheritance
  • Investments
  • Tip Income
  • Child Support
  • Alimony
  • VA Benefit Income
  • Spousal Income
  • Verifiable Side Job Income
  • Rental Income
  • Royalty Income

If you have access to any of these listed or similar types, you may still qualify for a personal loan for unemployed borrowers. Keep in mind that not all loans are created equal so even if one lender turns your alternative income type down, others may not. It is best to do some unemployed personal loan shopping for the right lender for you.

If You Still Need Emergency Cash Loans for Unemployed Times

Even with all of the above steps and information, you may have to take out emergency cash loans unemployed or not. If that is the case, do not feel bad. Sometimes we do all we can and still come up short. If you still have to make this move, consider carefully which move you make. Weigh out the options of loans that are available to you and be as smart as you can about any you pick. It’s important to find a good lender, and Loanry can help you with that. If you’re in need of a loan right now, we have some options for you.

Do not borrow more than you need so you do not get yourself in an even deeper hole. If you only need to borrow for a couple of weeks, try a short term loan. If it will take you a while to repay it, your best option would be a personal installment loan so you have a longer period of time to pay for them.

Final Thoughts

Taking out personal loans for unemployed periods can be a big step, especially if you are unsure of how long that period of time will last. You should do your research and be sure you choose a loan that matches your needs and abilities. Using a company like Loanry can help you locate personal loans for unemployed by helping you find a lender that may be more helpful in your situation than a burden. Check out today us to see how we may be able to help you.

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How to Get a Personal Loan With Fair Credit: Loan Shopping 101

Posted on | by Brandy Woodfolk | Leave a Comment on How to Get a Personal Loan With Fair Credit: Loan Shopping 101

Finding out that you have a low credit score can be downright discouraging. Trying to get a personal loan with fair credit may make you feel like it’s not even worth your time and effort. And not being able to borrow money when you desperately need it or want to use it to improve your life, i.e. and a new home for your family, can make you wonder why you even try.

Don’t fret, however. There is hope! Take a deep breath, grab a cup of coffee, and find a comfortable seat. We are going to learn ways to get loans and build our credit. Let’s dive in!

What is a Fair Credit Score?

So you have found out that you have a fair credit score. Fair? you think. That can’t be too bad, can it? Before we learn how to fix it and how to use it, let’s first try to understand it. When you apply for a personal loan, your creditworthiness is often judged according to a FICO score. FICO scores range from 300 to 850 and are broken down into the following categories:

  • 300 – 579  Very Poor
  • 580 – 669  Fair
  • 670 – 739  Good
  • 740 – 799  Very Good
  • 800 – 850  Exceptional

As can be seen, by these categories, fair credit is only one step above very poor credit. This credit standing is considered to be “less than desired” by lenders. About 20% of people have fair credit scores. Though it may be possible to receive a personal loan with a fair credit score, it can often mean less than favorable terms such as higher interest rates. Most lenders, however, will likely reject applicants with this score.

Personal Loans for Fair Credit May Cost More

We said that a fair credit report often means higher interest rates. You have probably heard it before from other sources, too, but do you know how much higher exactly? Let us put it into perspective. A person with fair credit looking for an auto loan will likely pay 311% more interest than one with very good credit. If you are looking for a personal installment loan, you will likely pay around 271% more interest.

18% of Americans have fair credit score, which is credit score between 580 - 669, according to FICO score range.

That is an extreme difference! The amount you pay in interest could pay for a nice vacation, a new car, or a new house. In fact, CNBC reports that “the person with a lower credit score could pay as much as $45,283 more in borrowing costs than someone with a very good score”.$45,000!! That’s more than some people make in a year! Here is a personal loan calculator to help you understand how to get a loan with fair credit and access to lenders who might be able to help you understand what you can expect to pay.

Things that makes up your credit score

How Does a Fair Credit Score Affect Your Chances of Getting Approved for a Personal Loans?

With a lower credit score, access to personal installment loans may be limited but not totally out of reach. With some lenders, the score itself is not the biggest factor. Some are more concerned with your income and stability, i.e. the length of time at a residence or job. Others care more about what type of debt is on your credit report. Still, others look to see if your most recent credit factors are positive or negative meaning if the last year you have nothing but positive payment marks, that outweighs some previous bad marks.

The bottom line is that there are many loan options, many lenders, and many loan terms available. With some research and persistence, you will likely find a loan that fits your needs. People usually don’t buy the first car or house you run across. You look around, research, and ask questions about each you are interested in. You then calculate whether or not it fits your budget or if you need to make any changes in order to make that purchase. It is a decision you do not make lightly. Personal loan shopping should be taken as seriously.

Credit score scale

How to Bring Your Credit Score From Fair to Good

Before you can improve your credit, you have to know exactly what needs to be improved. Visit AnnualCreditReport.com to get your free annual report from all three credit agencies. Once you receive them, sit down and answer the following questions:

  • How much do you owe?
  • What will be coming off of your credit report soon?
  • What is causing the greatest negative impact?
  • Are there any mistakes on the report? (If so, dispute it with the credit bureau.)
  • Are there any debts you are aware of that are not on your report yet but will be soon?

Once You Have This Information, You Can Start Making a Plan

Put your debts in order from either smallest to largest (debt snowball) or largest to smallest (debt avalanche). At the top of the list, place the debts that have not reached your report yet. These should be the ones you pay first. It’s hard not to jump straight to debts that are on your report, but paying those debts will not do you any good if negative marks are added at the same time. Once you get those debts paid, you can start working on the things that are on the reports. You can use an app like Debt Payoff Planner to help you track and organize the debts you need to pay.

Another step in building your credit is by adding positive things to your report. You still have a few options for this, even with low credit. Secured credit cards are a great option. Some jewelry stores may allow a small amount of credit. Some people even go to extreme lengths such as taking out a payday loan, paying it right back in a few days, and either asking the company to report your payment or turning the receipts into the credit bureaus. There are options available if you search for them.

The Best Places to Get a Loan When You Have Fair Credit

Even with low credit scores, there are options for getting a loan. Below are three of these options:

✓Banks and Credit Unions

Both banks and credit unions can assist you with getting a loan. However, you may have a better chance and better results with a credit union. Credit unions are not-for-profit organizations. Therefore, they are usually more willing to work with their members and offer lower interest rates. They also usually offer secured loans, which banks normally do not offer. With these loans, the borrower places a certain amount, usually 100% of the loan, into a savings account and the credit union loans them that money. The bank has no risk because they can just take the money from the savings if you do not make the payment.

However, paying benefits the buyer by building credit with the credit union that reports to the credit bureaus. Also, the money that in the savings account usually gains some interest, an added benefit.

✓Peer to Peer Lenders

For the past decade or so, peer to peer lending has been a potential alternative. People can loan money to others through a peer to peer lending platform. Borrowers have another avenue to borrow money and lenders have the opportunity to make money on their investment.

What Other Reasons Determine Your Ability to Get a Loan Besides Credit Score?

As previously stated, your credit score is not the only thing that lenders pay attention to. Other factors may have more weight as to the reasons personal loans are rejected. At the very least, tip the scales a bit (hopefully in your favor). So what are these other reasons? Your income, your debt, and the number of loans and inquiries on your credit report.

Income

This applies to everyone, regardless of your credit score. It does not matter if you have perfect credit if you have no income, or if your income is less than your outgoing. Lenders need to know that you have the ability to pay back the loan. Additionally, they will generally want to see that you have been making this income for a certain period of time (the longer, the better). This helps show stability.

Debt

Lenders will look at how much debt you have compared to your income, or your debt to income ratio. If your debt outweighs your income, they will assume (logically so) that you will not have enough money left to pay your loan back. They will also pay attention to how long you have had the debt and whether you are making any payments toward it. Many times, the type of debt you have will be a factor. Hospital bills and student loans generally do not hold the same weight as personal installment loans, credit card debt, auto loans, etc.

Too Many Other Loans or Inquiries

Even if your credit is in pretty good shape, if you have too many open loans, lenders generally will not approve your loan request. The same goes if you have too many loan inquiries. This is doubly so if you are looking for a personal loan with fair credit. Keeping the number of open loans down and keeping a minimum of loan and credit card applications out there will be to your advantage, regardless of credit score.

Conclusion

Finding the right loan for you can be a daunting task, especially if your credit is low. Do not try to go it alone. There are experts standing by to help you. Visit Loanry today to see what they can do for you!

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Asking Friends and Family for Money: Keep Them Too!

Posted on | by Ethan Taub | Leave a Comment on Asking Friends and Family for Money: Keep Them Too!

If you are struggling to make ends meet, you may have to ask friends or family for help.

It is important to have a relationship with your friend or family member outside of this need. You don’t want to ask a distant cousin oracquaintance because they will feel you are only trying to use them. You want to set aside a time you can meet without interruptions and ask in a well-thought-out way. Remember, when asking friends or family for money, you are asking someone to trust you and do you a big favor.

How Do I Ask Family or Friends for a Loan?

No matter why you are asking for money, treat the process as a business loan. Be especially careful if you are close to the person because it will be easier to take advantage of your relationship. With close friends and family, working odd jobs (like mowing or painting) may count as a repayment option you could ask about. Offer to pay a low interest rate (like 1-2%) to show appreciation and responsibility. Have your current expenses and income listed out. You want to be able to show you are not a flippant spender and you have thought through your repayment process for quick cash loans from friends.

With every loan, you should sign a promissory note or personal loan agreement. A physical agreement is helpful for making sure everyone is comfortable and there is no potential for confusion. Stay in contact with your friends and family throughout the repayment process, updating them on how you are doing. More communication is better than ghosting — even if you are struggling to repay the money. Be honest and responsible.

Who to Ask for a Loan and How?

It can be very hard to ask for emergency cash loans. While you may have the best of intentions, if you struggle to pay back the money quickly, things can get awkward. If you need money and plan on asking friends or family for money, follow these rules:

  • Only ask the friends or family you are closest to
  • Only ask people you believe have the money to lend
  • Ask face-to-face if possible
  • Don’t ask anyone that has faced emotional or financial difficulties recently
  • Only ask someone who has had a steady and regular job
  • Be honest and explain why you need money or what the money is for
  • Ask for an exact amount
  • Provide a plan for when the money will be paid back

How Do I Ask My Friend for a Loan?

Asking friends or family for money can forever change the nature of your friendship. Before asking a friend to loan you money, exhaust your other finance options. Look at how much you might end up paying if you took out personal installment loans with an online lender or bank. In most cases, a credit card loan or payday loan will be a very high interest rate. You may be able to ask for money from a friend if you plan to pay them more than they would make putting the money into the bank, but still save money with paying less than you might pay for a credit card loan or payday loan.

If you do agree to terms, make sure your friend agrees to the repayment schedule. If your finances are in order, you may still be paying for some forms of entertainment or unnecessary expenses. You can avoid awkward situations by explaining you will still live life. Tell the friend you will make regular payments and every effort to pay the loan back early, but may still splurge occasionally as your budget allows. You don’t want to feel uncomfortable if you end up going to a movie together while still owing money.

Four women sitting on bench in storefront while drinking alcoholic beverages.

Creating a Personal Loan Agreement

If you were borrowing money from short term loan lenders, you would sign a legal contract for a repayment plan. Borrowing money from friends or family shouldn’t be any different. If you are asking friends or family for money, provide a loan agreement that both parties can sign to protect both of you. The loan agreement should be simple and include:

  • The amount borrowed
  • The interest rate
  • The repayment schedule
  • Fees associated to nonpayment or late payments
  • Recourse, including legal action, collateral and modifying loan terms

The relationship is going to go south if you default and don’t repay the money. If you offer a clear loan agreement up front, you are showing your efforts towards responsibility. As long as you follow the terms and repay the loan as soon as you can, the lender is unlikely to feel any ill will towards you. However, if you stop paying the money or miss payments, the lender is likely to start feeling frustrated and uncomfortable. The contract would serve as proof if a small claims court ever had to get involved. This can serve as additional motivation to keep you on track in your dealings.

When making your personal loan agreement, be realistic in what you can repay. Consider including a clause about what happens if you face a sudden change, like losing your job or if you have medical finance bills because of an emergency. No matter what happens, keep the lines of communication open during the repayment period.

How Do I Ask Family for Money in a Letter?

If you can’t speak to someone face-to-face, letter writing may be your next best option. When you are asking friends or family for money, you want a thought-through and personal touch. Emails and texts are far too casual to use when asking for money. Write a formal letter that is relational, direct and clear.

  • Recipients name and address (top left)
  • Letter greeting (Dear…)
  • Relational paragraph talking about their family or life (well wishes) and introducing your need for cash.
  • Explanation of what has changed and why a one time loan amount would make a difference.
  • Specific amount of money you are asking to borrow, along with your repayment time frame and interest amount.
  • Closing paragraph to summarize your gratefulness and money struggle.
  • Your signature

Where to Cut Your Spending

If you are thinking about asking friends or family for money, the first thing you need to do is get your finances in order. Track your expenses and look for places you can cut spending. Some of the easiest places to cut excessive spending include:

Take-out coffee: Start brewing your own. One bag of coffee and creamer is going to cost you the same cost as 2 cups of coffee at a coffee house.

Restaurant dining and fast food: Cook cheap meals at home using ingredients like chicken, eggs and rice that are filling but inexpensive.

Phone plan: Shop around for a plan that trims your expenses each month. You may find a plan that will let you pay only for the data or minutes you need instead of unlimited.

Clearance and sales: Think you are saving money by hitting the clearance racks? Chances are, you are just buying things you don’t need. Make shopping lists and stick to your budget when shopping.

Coupons: Using coupons can save you money or help you spend more. Look for coupons on items you plan to purchase or things you buy regularly. Watch for opportunities to purchase cheaper generic options instead.

Entertainment: Movies, dates, shopping trips, games and other form of entertainment will add up quickly. Look for ways to enjoy yourself without spending money.

Smoking: The cost of smoking regularly adds up quickly. Calculate how much you spend on your smoking habit. You may find quitting is easier when it clears up your finances as well as your lungs.

Drinking: Alcohol can be pricey, but it is incredibly pricey when you are out. Avoid purchasing alcohol for dinner or at a bar. If you want to relax with a drink, do it at home. Chances are, you can buy a bottle of wine or a pack of beer for the same amount as you would spend on one drink in the bar. Soda is the same way.

Conclusion

Realize when asking: this loan is not a balanced transaction. You are asking friends or family for money, which means they are doing you a big favor and taking a personal risk. Take what is offered or politely decline, but do not try to haggle. If you are offered a lower amount of money or a higher percentage than you wanted, you cannot negotiate. And, when you are back on track, make sure you pay it forward!

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What You Need to Know About Saving Money on Legal Fees

Posted on | by Blaine Koehn | Leave a Comment on What You Need to Know About Saving Money on Legal Fees

There are many things to consider if you are trying to figure out to save on legal fees. Do as much research as possible before contacting a lawyer. You may be able to use an online service to fill out the necessary forms. Once they are ready, you can file them yourself as long as you are within the necessary guidelines and have met the required deadlines (if any).

If you prefer to use an attorney ask for an estimate. If you have already received an estimate of what their fees will be, short-term cash loans may be an option for you. Personal installment loans will allow you to pay the attorney’s retainer. It could also give you enough left over to pay for a few additional hours if they are needed.

How to Save on Legal Fees

There are many things to consider if you are trying to figure out to save on legal fees. Do as much research as possible before contacting a lawyer. You may be able to use an online service to fill out the necessary forms. Once they are ready, you can file them yourself as long as you are within the necessary guidelines and have met the required deadlines (if any).

If you prefer to use an attorney ask for an estimate. If you have already received an estimate of what their fees will be, short-term cash loans may be an option for you. Personal installment loans will allow you to pay the attorney’s retainer. It could also give you enough left over to pay for a few additional hours if they are needed.

Ways to Save on Attorney Fees

There are different ways to cut your legal costs. Especially if you are willing to do part of the research for your case. Another solution is to look up how to save on legal fees in advance. For simple cases that won’t require a lot of time, ask your attorney for a flat-fee arrangement. Personal injury cases may be able to be paid for through the use of contingency fees.

This means your attorney will take part of your settlement as their payment. Choose a lawyer you trust. Limit the number of times you call your attorney. Each phone call adds to your bill so wait and let your attorney contact you.

The Most Common Types of Fee Arrangements

Consultation Fee
Flat Fee
Hourly Rate
Contingency Fee
Retainer Fee
Statutory Fee
Referral Fee

Tools to Save Money on Legal Fees

When you are considering how to save money on legal fees, there are a few tools you can use. Are you in a line of work that the attorney could possibly use? You might be able to lower your fees by offering your services in trade. You can also create a digital file of all of the documents your attorney will need to present your case.

Collecting all of the documents in advance and organizing them so they are easy to use will save you both time and money in the long run. Be aware of what the legal process is and understand every aspect of your written agreement. Ask questions so you know for a fact what you are signing.

What Is the Normal Fee for a Lawyer?

When dealing with attorney’s fees, it’s a good idea to break them down so that you know exactly what your money is paying for. For example, if you are paying your attorney with contingency fees, learn up front what percentage they will take out of your settlement. In most cases, this can range from 25% to 40%.

The amount of money you pay your attorney depends on when you file the lawsuit. If you settle the fees before a lawsuit is filed, it will often be lower than if you settle after the lawsuit is ended. By settling before you can limit the amount they collect to one-third of your settlement. If you wait until after the lawsuit is over, they can take as much as 40%.

Cost and expenses that are incurred during the representation of your case will also be part of the fees. If you settled prior to your lawsuit being filed, the attorney’s fees will be limited to the 30% that both parties agreed on. If you waited till after the close of the case, the additional costs and expenses will be taken separately.

This means you could lose an additional 10% to 15% of your earnings to the attorney. Once the case is finished, the attorney will receive the check. It will be deposited into a trust account and you will be paid your settlement by the attorney. This ensures the attorney is paid for their services and that you get the amount agreed upon when you first hire them.

Handshake between two businessmen.

How to Get Help Paying for a Lawyer?

When you are trying to figure out how to save on legal fees, you are also probably wondering how to get help paying for a lawyer for their services. Cash loans bad credit aren’t always a good mix. You can try and finance your legal fees with short-term cash loans. You may have to pay a higher than average interest rate but at least they will be paid up front and you won’t have to worry about where to come up with the money after your case is closed.

If you plan on paying for your attorney with short-term loan, you will want to discuss how much time and money your attorney estimates will be involved in pursuing your case. Financing your legal fees is a sound decision if you know how much it’s going to cost in advance. If the case is simple and not expected to be contested, the retainer you pay up front may be all you need to worry about.

Can You Get a Personal Loan for a Lawyer?

Knowing how to save on legal fees will help you when it comes to finding ways to pay for your attorney. Personal loans to pay for an attorney are available for the right type of case. Divorces, Last Will and Testaments, and legal contracts are cases that are fairly basic as long as all of the parties are in agreement. If you want to get a personal loan to pay your lawyer, the first step is to shop around.

Check out the fees and interest associated with different third-party lenders and compare them carefully. Once you find one that you think will work for you, apply for the amount you will need to cover your attorney fees. Don’t ask for more than what is needed. You don’t want to put yourself in debt any more than what is absolutely necessary. Once you’ve been approved, you can take the money to your attorney and pay for your fees up front.

Final Thoughts

Finding the money to pay for your attorney may take a little work but it isn’t impossible. Once you know what your money will be paying for and what your options are in terms of how your attorney is willing to be paid, it will get easier. Learning how to save on legal fees from the beginning will also help to eliminate some of the pressure you may feel.

Take the time to discuss your options with your attorney. Ask as many questions as you need to. So that you feel comfortable with how the payment arrangements will work. Offer to help however you can and then step back and let your attorney do their job. After all, that is what you are paying them for!

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I Can’t Pay Back My Personal Loan. What Happens Next?

Posted on | by Blaine Koehn | Leave a Comment on I Can’t Pay Back My Personal Loan. What Happens Next?

In life, there are lots of sources of stress. Right at the top of the list is when someone says they “can’t pay back my personal loan”. There are many reasons why people might have issues sticking to their payment plan. Life is unpredictable and people can fall on hard times financially. In some cases, a loved one might fall seriously ill and the medical bills can start to pile up. In other cases, an individual could lose their job, leading to a serious drop in income. Sometimes, people have taken out a personal loan with an adjustable interest rate. When the interest rate goes up, people might not be able to afford the new monthly payment plan. Because of this, many people ask, “what happens if I can’t pay back my personal loan?” There are a few important points that everyone needs to keep in mind.

Let’s look at the worst-case-scenario before we go deeper into some of your questions around Credit and consequences.. If you stop paying on a loan, you eventually are in default and will require taking steps outlined below. The reality is you’ll have to pay more money in penalties, fees and interest charges that will continue to build up. Often you can see this when logging into your lenders online system. Your credit scores will also take dip.

What Happen If Somebody Can’t Pay Back Their Personal Loan?

Nobody decides to take out a personal loan assuming that they aren’t going to be able to pay it back. However, circumstances can change quickly. You might have issues keeping up with the monthly payments and think, “I can’t pay back my personal loan.” When this happens, there are several things that you might notice. These include:

  • Receiving both regular and electronic notices about payments that are either late or missing
  • Warnings that the loan company may send the loan to collections
  • Threats that people might have their paychecks garnishes, their credit score could go down, or that they could lose their house

These notices can be scary and you might be wondering what you should do. The most important thing for everyone to keep in mind is that they should not simply ignore these warnings. They are very real and serious consequences could occur. Therefore, the first step is to call the lender. Remember, loan companies are people as well. They understand that people can fall on hard times financially and are often open to discussing the payment plan. They need you to repay the loan in order for them to get their money. Because of this, they will often try to make this easier for you to stay on track.

What Happens if I Miss a Loan Payment?

In addition to not being able to pay back a personal loan, there are other problems that you might notice. A common issue that people face is missing an occasional payment. Let’s face it. Your life is busy. There just isn’t enough room in the head for everything that needs to be done on a daily basis. Some of the reasons why people might miss a loan payment (in addition to routine forgetfulness) include:

  • The money might not be in the bank account when the payment is drafted
  • The check gets lost in the mail
  • The lender misplaces the records of the payments

When people get the notice that they have missed a payment, they might feel worried. What is going to happen next? Am I in trouble? What if I can’t pay back my personal loan? The good news is that you aren’t in trouble immediately. Of course, when the letter arrives, try to pay the missed payment immediately. Your credit score could suffer if the payment is more than two weeks late. The warning from the lender might also come with the threat of defaulting the account. This typically happens if the payment is more than 60 days late. Therefore, try to pay any missed payments immediately. This will prevent your credit score from dropping and save your account from defaulting.

What Should I Do if I Can’t Pay Back My Personal Loan?

In other situations, someone might miss a loan payment because they cannot afford the loan. As the missed payments start to stack up, people may start to think, “I can’t pay back my personal loan. What should I do?” The first step is to take a deep breath and calm down. There are options available. The first step is to stop spending frivolously. Think before you swipe the card and budget appropriately.

Make sure that there is money in the account to pay back the personal loan. If not, the interest will start to rise and people might find themselves in a hole that they cannot get out of. After people use their personal loan to pay off credit card debt, try to close some of those credit card accounts to avoid unnecessary debt. Lastly, when it comes to paying off the personal loan, communicate with the lender. They might be open to renegotiating the terms of the personal loan. Remember, they don’t want you to default on your loan, either. Otherwise, they don’t get paid.

Can You Go to Jail for Not Paying a Personal Loan?

If people think “I can’t pay back my personal loan,” they might be wondering if they could go to jail. After all, it seems like someone is going to prison every day for some financial scandal. The good news is that it is highly unusual for someone to go to prison for not being able to pay back a personal loan or pay back a debt. Yes, this used to be common hundreds of years ago. In this day and age, people typically go to prison for debt if there is another crime committed with it. For example, if someone is in debt because of fraud (such as a pyramid scheme), then he or she could be sent to prison. For a simple personal loan and a few missed payments, prison is not an option.

What is the Grace Period on a Personal Loan?

The grace period on a personal loan will vary depending on the type of loan. The grace period is the time between when the bill arrives and when the payment is due. Important points include:

  • No interest accrues during the grace period
  • The grace period varies but typically falls between 2 and 4 weeks
  • A grace period is not a moratorium

In a moratorium, the lender has given you permission to stop paying the loan for an extended period of time. Typically, the lender does this due to extenuating circumstances that create a financial hardship. If you feel like you need a moratorium, communicate with the lender.

How Much Does One Late Payment Affect Credit Score?

For people thinking, “I can’t pay back my personal loan,” a common question is exactly how much their credit score drops with a single missed payment. The simple answer is that it varies. It depends on someone’s past credit history, their current income, any other debts, and a number of other factors. In general, people with average to good credit scores in the 600s or 700s should expect their credit score to drop by as much as 150 points. This is a large drop that nobody wants to see on their credit score.

In Conclusion

Money is a tremendous source of stress for many people. Families rely on a steady income to pay their mortgage, buy groceries, and to pay for their kids’ education. In many cases, families need to take out personal loans to make this happen. There are many different types of loans and it is important for everyone to ask for help finding the right loan. There are personal installment loans, cash loans online, and even cash loans bad credit. In many cases, it is possible for a family to get personal loan online. With this in mind, everyone should ask for help when it is needed. Paying back a personal loan is a challenge and nobody should ever feel alone during this process.

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Tips to Frugal Living: Ways to Save on Your Rent

Posted on | by Ethan Taub | Leave a Comment on Tips to Frugal Living: Ways to Save on Your Rent

There are many advantages associated with renting. For example, you don’t have to think about how wear and tear impacts the value of your home or apartment. Another advantage is that you don’t have to go through the difficult process of selling a home to move. However, despite the many advantages of renting, many people have a hard time overlooking the fact that paying rent doesn’t allow to build equity for a property. Due the lack of return associated with renting, many people strive to save as much money on their rent. Here are a few tips for frugal living that will help you save on your rent.

How Can I Save Money By Paying Rent?

One way you can save money by paying rent is renting a house that’s for sale. While homeowners are waiting for their home to sell, many will allow people to rent the home for cheap and with no lease. The catch is that you have to keep the home looking presentable at all times. This will make showings to real estate agents easy. When there’s a sale, keeping the house presentable at all times will also make it easier to move out at short notice.

Another way you can save on your rent is becoming a house sitter. In general, house sitting jobs tend to be short-term. However, some gigs can last for months. Usually, when house sitting, you only have to spend money on the utilities. Therefore, you can save a significant amount of money by house sitting. However, you should keep in mind that you will constantly need to be looking for your next house sitting job before your time with the current gig runs out. Also, you probably won’t be able to bring much of your possessions to the house.

How Can I Pay Less Rent?

You can pay less rent by getting a roommate. In fact, getting a roommate is the best way to cut your rent in half or three ways. You can use websites like Roommates.com to find the right roommate for you. However, before you get a roommate, you should ensure that getting a roommate is fine with your landlord. You should also spell out the arrangement clearly to reduce the likelihood of conflict.

Tips for Saving Money on Utilities

After cutting down on the cost of your rent, you should take these tips into consideration to save money on utilities.

  • Use dryer balls – To decrease the amount of time it takes for your clothes to dry, you should use dryer balls, which are inexpensive wool balls. Another advantage of dryer balls is that they permit you to skip fabric softener. Not having to purchase fabric softener will save you more money. Aluminum foil is an alternative to dryer balls.
  • Wash clothes on cold – Whenever possible, you should use cold water to wash your clothes. Cold water uses up less energy, saving you money.
  • Replace light bulbs – If you don’t currently have LED bulbs or compact fluorescent lights, you should replace your light bulbs as they burn out with either type of light bulbs. Both LED and CFL bulbs are much cheaper than they were in the past.
  • Adjust your thermostat – You should adjust your thermostat up or down a few degrees to save a few hundred dollars every year. This tip is particularly useful if you use electric heat in your home.

The Easiest Way to Save Money on Your Move

Renting a Room to Save Money

If you’re single, you may not need to rent out an entire apartment or home on your own. You should consider renting a room instead. Not only does renting a room tend to be cheaper, but it is also typically more simple. Generally, all the utilities are incorporated in the rent.

One of the best places to look for a room. If you don’t like the idea of living closely with other people, you should look for a room that possesses a private entrance and a bathroom.

Can You Negotiate Rent?

Negotiating is a great way to save on your rent. Many people make the mistake of simply accepting what their landlord asks them to pay. One way you can negotiate is by offering to pay rent several months in advance for a lower rate. Other things you can put on the table include an extended lease, a promise of no dogs, cats, or other pets, a promise not to smoke indoors, a 90-day extended termination notice instead of 30-day, and giving up your parking space.

How Much Should I Spend on Rent?

In general, you should spend about 30 percent of your monthly income on rent. For example, if you’re making $3,000 per month, your monthly rent should be about $1,000. You can also calculate the amount of money you should spend on rent by dividing your yearly income by 40.

However, you should keep any debts like student loans, personal installment loans, moving loans, or loans from short term loan lenders that you have in mind. For example, if you have student loans, you should take your student loan payments into consideration. The cost of your rent along with the cost of your monthly debt payments should not exceed about 50 percent of your income. Unfortunately, if you have high student loan payments, you won’t have much money for rent. Consider refinancing your student loans so that you can reduce your debt payments and better afford your rent. You can refinance your student loans for a lower interest rate or a longer term.

Conclusion

Just about everyone wishes they could spend less of their monthly income on rent. Fortunately, saving a decent amount of money on your rent isn’t as difficult as it sounds. If you need help paying rent, you should take the tips discussed above into consideration to reduce the cost of your rent significantly. For more information about how to live frugally and save on your rent, don’t hesitate to contact us.

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Junou M minored in Finance for her Bachelor’s Degree from the University of Central Florida. She has completed over 250 orders about finance for both private clients and marketing companies. Therefore, she has the experience and knowledge necessary to complete articles on the topic of finance. In her 10+ years of experience as a freelance writer, she has completed thousands of articles and is frequently published on Loanry® (www.loanry.com) and Cashry® (www.cashry.com).

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