Skating admission fee – Figuristka http://figuristka.org/ Sat, 18 Jun 2022 19:57:30 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://figuristka.org/wp-content/uploads/2021/10/icon-3-120x120.png Skating admission fee – Figuristka http://figuristka.org/ 32 32 [COLUMN] Customer compares Chapter 13 with various alternatives for $60,000 credit cards — https://figuristka.org/column-customer-compares-chapter-13-with-various-alternatives-for-60000-credit-cards/ Sat, 18 Jun 2022 19:57:30 +0000 https://figuristka.org/column-customer-compares-chapter-13-with-various-alternatives-for-60000-credit-cards/ THE client is 50 years old and married. He owes $60,000 in credit cards. He pays $2,000 a month in minimum credit card payments to keep the $60,000 current. His wife is not jointly and severally liable on these cards. She only owes about $2,000 in credit cards alone. They own a house that is […]]]>

THE client is 50 years old and married. He owes $60,000 in credit cards. He pays $2,000 a month in minimum credit card payments to keep the $60,000 current. His wife is not jointly and severally liable on these cards. She only owes about $2,000 in credit cards alone.

They own a house that is currently worth $1 million with a mortgage of $300,000. So their equity in the house is at least $700,000. The client’s home exemption is $600,000. This means there is $100,000 of non-exempt equity. According to the liquidation analysis, compared to Chapter 7, the customer will have to pay off the entire $60,000 of Chapter 13 credit cards over five years in 60 equal installments, without interest. All payments made under the Chapter 13 plan pay off the principal balance as there is no applicable interest.

The Chapter 13 plan payment is about $1,000 per month for 60 months, which will pay off all $60,000 in credit cards in five years. If the client makes all 60 payments according to the confirmed plan, the court will issue a discharge order at the end of the 60th payment. The discharge order will state that the customer owes zero or nothing on the credit cards at the end of the 5th year. Can creditors still sue the client for unpaid interest, absolutely not! Legally, the customer no longer owes anything on these cards.

Additionally, while the customer is on the plan, creditors cannot sue, call, or otherwise contact the customer to collect on the cards. The customer has peace of mind. He doesn’t have to worry about being sued. They can’t garnish his wages or take money from his bank accounts. The bankruptcy court protects the client’s residence from any attached creditor lien. Thus, in Chapter 13, the automatic bankruptcy stay protects the client, including all of their assets and home. This is the order of the bankruptcy court directing creditors to cease and desist from all collection efforts against the client and its assets. Pretty cool!

The client pays their plan payments to the Chapter 13 trustee, a court officer whose responsibility is to ensure that all plan payments are distributed to creditors who have filed their proofs of claim. The trustee ensures that all payments are distributed to the correct creditors. In other words, the trustee can’t get away with your money. This is another reason why the client will have peace of mind in Chapter 13. It pays the trustee who is under the supervision of the bankruptcy court.

What other alternatives are there before the customer decides to seek Chapter 13 relief for his $60,000 credit card?

One option he had was to get a $60,000 loan with very high interest to pay off all his credit cards. There were many offers from lenders for these alternatives. Payday lenders have branched out into this type of medium-term, high-interest loan to avoid regulation. The offers are $60,000 at 50% to 100% interest. Does it make sense to get this type of high interest loan? No, this is not the case. The client could end up losing his house if he got this loan. He will live a life of pain. He is expected to pay off a $60,000 principal loan with $90,000 to $120,000 in three to five years. Compare it with zero or no interest in chapter 13.

Another option he had was consolidation. He was actually in consolidation and was paying $1,800 a month for 60 months for six months to a “consolidator”. A “consolidator” is not an officer of justice. He is a businessman and consolidation is his business. What if he decides to close his business? Well, that’s the risk you take. One issue that arose was that two creditors did not agree to toe the line and sued for $30,000. Compare this to Chapter 13 where the court shields the client from all lawsuits and collection efforts. All collection efforts, including legal action, stop the minute the customer’s Chapter 13 is filed.

He also had the so-called “settlement” option. He can negotiate directly with creditors or use a third party to “settle” the debt at a price lower than what is owed. The client actually received several offers from various creditors to cancel part of the debt owed with a lump sum payment. For example, Creditor A will agree to accept 70% of what is owed $10,000 as settlement. Thus, for a payment of $7,000, the creditor will consider the case closed. Good luck raising the $7,000. Maybe you can do UBER at night and not sleep at all. After three months, you could have $7,000. The problem is that they want the $7,000 up front, not in three months. And, the other creditors do not agree to settle, they prefer to sue you immediately to recover their money.

Another option is to get a $60,000 HELOC or home equity loan and use the proceeds to pay off all credit cards. The interest rate for the HELOC is lower because the client’s home will be used as collateral for the loan. The client will have to obtain a second mortgage on his house for $60,000. Remember that HELOC loan interest rates fluctuate. When mortgage rates rise, as they did yesterday, and will rise for the rest of the year to rein in the high inflation at that time, the customer will end up paying double-digit interest on HELOC. And, if he stops paying on the HELOC, guess what happens? The creditor can and will seize his house.

It’s really no surprise that the client chose chapter 13 relief to protect his home from levies, lawsuits, wage garnishment, bank levies and just put an end to all those harassing phone calls for collection, and the unwanted risk of foreclosure of the client’s home through a HELOC loan. Peace of mind, no interest and full legal protection from the bankruptcy court. Trustee guarantees that your payments are distributed to the correct parties.

Of course, if the client’s net worth was $625,000, they would only have to pay a little over $400 per month for 60 months. At the end of the plan, $35,000 is discharged or wiped out. He doesn’t have to pay the full $60,000, he only has to pay $25,000 of the $60,000 cards because according to the liquidation analysis, only $25,000 is not exempt.

If you need debt relief, schedule an appointment to see me. I will analyze your case personally.

Disclaimer: None of the above is considered legal advice and there is no attorney-client relationship between reader and attorney.

* * *

Disclaimer: None of the above is considered legal advice to anyone. There is absolutely no attorney client relationship established by reading this article.

* * *

Lawrence Bautista Yang specializes in bankruptcy, business, real estate and civil litigation and has successfully represented over five thousand clients in California. Please call Angie, Barbara or Jess at (626) 284-1142 for an appointment at 20274 Carrey Road, Walnut, CA 91789 or 1000 S. Fremont Ave., Mailstop 58, Building A-10 South, Suite 10042, Alhambra, CA 91803 .

(advertising supplement)

]]>
7 different types of loans you should be aware of https://figuristka.org/7-different-types-of-loans-you-should-be-aware-of/ Fri, 10 Jun 2022 17:55:56 +0000 https://figuristka.org/7-different-types-of-loans-you-should-be-aware-of/ Consolidation loans can be an attractive option for borrowers who struggle to make multiple loan payments each month, as they can potentially lower your monthly payments and interest rate. Before consolidating, it is important to understand the types of consolidation loans available and their impact on your overall financial situation. These types of loans come […]]]>

Consolidation loans can be an attractive option for borrowers who struggle to make multiple loan payments each month, as they can potentially lower your monthly payments and interest rate. Before consolidating, it is important to understand the types of consolidation loans available and their impact on your overall financial situation.

These types of loans come in different forms, each with their own advantages and disadvantages. Here are the most common types of consolidation loans.

1. Home Equity Loan

This type of consolidation loan uses your home as collateral. If you default on the loan, your home could be foreclosed. However, home equity loans often have lower interest rates than other types of consolidation loans.

2. Personal loan

Personal consolidation loans are unsecured, which means they do not require collateral. This makes it a good option for people who don’t own a home or don’t have any assets to use as collateral. However, because they are unsecured, personal consolidation loans often have higher interest rates than other types of consolidation loans.

3. Balance Transfer Credit Card

This type of consolidation loan allows you to transfer the balance of your other credit cards to a single card with a lower interest rate. However, most balance transfer credit cards have an introductory APR of 0% for only 12-18 months, after which the interest rate changes to regular APR.

4. Student loans

Student loans can help you finance your education and avoid accumulating too much debt. There are many different types of student loans, so it’s important to shop around and compare interest rates before choosing one.

There are two main types of student consolidation loans: federal consolidation loans and private consolidation loans. Federal consolidation loans are available from the US Department of Education and can be used to consolidate multiple federal student loans into one loan with one monthly payment. Private consolidation loans are offered by private lenders and can be used to consolidate federal and private student loans.

5. Payday loan

A payday loan is a short-term, high-interest loan that is typically used to cover unexpected expenses or emergencies. Payday loans should only be used as a last resort, as they can have very high interest rates and fees.

6. Title loan

A title loan is a type of secured loan where you use your car as collateral. Title loans usually have very high interest rates and should only be used as a last resort.

seven. Credit line

A line of credit is a flexible loan that can be used for consolidation, home improvement or other major expenses. Lines of credit generally have lower interest rates than other types of loans, making them a great option for saving money on interest payments.

]]>
Orange Credit announces the launch of a low-interest loan https://figuristka.org/orange-credit-announces-the-launch-of-a-low-interest-loan/ Wed, 01 Jun 2022 02:00:00 +0000 https://figuristka.org/orange-credit-announces-the-launch-of-a-low-interest-loan/ SINGAPORE – Media outreach – June 1, 2022 – Orange Credit, a legal and licensed lender in Singapore, has announced the launch of its latest loan, with a loan interest rate as low as 1% per month. This new initiative will be used for its personal loans, bridge loans and payday loans. The launch of […]]]>

SINGAPORE – Media outreach – June 1, 2022 – Orange Credit, a legal and licensed lender in Singapore, has announced the launch of its latest loan, with a loan interest rate as low as 1% per month. This new initiative will be used for its personal loans, bridge loans and payday loans.

The launch of the new 1% loan by Credit Orange does not include administration fees, according to the applicable terms. Eligible applicants with an annual income above S$30,000, no outstanding loans from other approved lenders, as well as outstanding unsecured loans from banks not exceeding three times the amount of their monthly income may apply for the ready.

This lending initiative was born out of Orange Credit’s advocacy of responsible borrowing and lending to the public with the aim of minimizing personal debt in Singapore. Thus, Orange Credit is dedicated to exploring disposable income with borrowers, in addition to supporting borrowers in terms of debt consolidation loans in singapore. This comes from the fact that she strives to focus on the priorities of her clients in order to provide the optimal solutions to their financial worries.

Orange Credit is a reliable professional approved lender in Geylang, offering flexible, easy and fast cash loans with quick and hassle-free loan approval in Singapore. Orange Credit has steadily expanded its customer base since its inception by offering a variety of loans, such as debt consolidation and business loans in Singapore, to ease the financial concerns of people in need and businesses that have intend to grow. With no hidden fees, all documentation is straightforward and simple. This allows Orange Credit to speed up loan procedures, which results in a quick approval of loans.

For more information about Orange Credit and its reliable range of money lending services, please visit https://orangecredit.com.sg/.

#OrangeCredit

The issuer is solely responsible for the content of this announcement.

]]>
How to Improve Personal Loan Applications: 6 Ways to Increase Chances of Approval https://figuristka.org/how-to-improve-personal-loan-applications-6-ways-to-increase-chances-of-approval/ Mon, 30 May 2022 14:00:08 +0000 https://figuristka.org/how-to-improve-personal-loan-applications-6-ways-to-increase-chances-of-approval/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. Before you take out a personal loan, […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

Before you take out a personal loan, read about 6 things you can do to improve your personal loan application and increase your chances of approval. (Shutterstock)

Personal loans can help cover a variety of unexpected projects and costs. The best way to get approved is to have good credit and a low debt-to-income ratio (DTI).

If you need a loan, these six tips can help improve your Personal loan apply and increase your chances of being approved for the funds you need.

Shopping around and comparing lenders is a good place to start before submitting an official personal loan application. Credible, it’s easy to view your prequalified personal loan rates from various lenders, all in one place.

1. Decide what type of personal loan you need

Personal loans are installment loans, which means you receive a lump sum of money up front and then repay the loan with fixed payments over an agreed term. But not all personal loans are created equal. There are many types of personal loans you can choose from, including:

  • Unsecured loans — These loans allow you to borrow money without putting anything as collateral to secure them. In most cases, you will need a higher credit score to be approved.
  • Secured Loans — Secured loans require you to provide an asset as collateral, such as your home or car. If you default on a secured loan, the lender has the right to seize your collateral.
  • Fixed rate loans — Fixed rate loans come with a fixed interest rate that does not change for the term of the loan. These loans make it easier for you to budget for your payments.
  • Variable rate loans — Variable rate loans have variable interest rates, which fluctuate with the market. Since these rates can go up or down, variable rate loans often bring uncertainty and can be difficult to budget for.
  • Co-signed loans — Co-signed loans are personal loans that you take out with a co-signer, such as a family member or close friend, who agrees to repay the loan in the event of default. If you can’t qualify for a personal loan on your own or want a lower rate, co-signed loans might be worth pursuing.
  • Joint loans — Joint loans can also increase your chances of getting loan approval and a better rate. These loans are very similar to co-signed loans, except that both borrowers can use the funds and are equally responsible for repaying them.
  • Debt consolidation loans — A debt consolidation loan combines multiple high-interest debts into one easy-to-manage loan. These loans can simplify the process of paying off debt and potentially save you money on interest since personal loans usually come with lower interest rates than credit cards.
  • Financing Buy now, pay later — With buy now, pay later financing, you can split online or in-store purchases into interest-free payments. You can use this type of loan to buy something right away with a minimal initial investment. But if you make a late payment, you may be subject to charges.
  • Payday loans Payday loans are small, short-term loans that can help you wait for your next paycheck. You will repay them within two to four weeks. But you should only consider payday loans as a last resort. They come with fees and interest that equates to an APR of 400% or more, according to the Consumer Financial Protection Bureau.

2. Check your credit report

Your credit score is a three-digit number that gives lenders an idea of ​​how likely you are to repay the money you borrow. It is calculated based on your payment history, the number of accounts you have, the type of accounts, your credit usage (how much credit you use compared to the amount of available credit you have) and the duration of your credit history.

Lenders look at your credit score when they review your loan application. A higher credit score generally increases your chances of being approved and getting a better interest rate. By making payments on time and limiting the use of your credit, you can increase your score.

It’s a good idea to pull your credit reports from the three major credit bureaus at least once a year – you can do this for free by visiting AnnualCreditReport.com. Once you receive your reports, review them for potential errors, such as missed payments you didn’t actually miss or accounts you didn’t open. Dispute any errors you find with the appropriate credit reporting agency.

Visit Credible for compare personal loan rates from various lenders, without affecting your credit.

3. Improve your credit score

If you have a fair or bad credit scoreHere are some things you can do to increase your score and increase your chances of getting approved for a personal loan:

4. Don’t borrow more than you need

While it can be tempting to ask for more money than you need to meet a financial goal, like a car repair or a kitchen renovation, it can do more harm than good. Since a larger personal loan will come with a higher monthly payment and affect your ability to cover other financial obligations, lenders will consider it riskier. This can make it harder for you to get approved for a loan.

5. Consider applying with a co-signer

A co-signer is usually a family member or close friend with a good credit rating and a stable income who agrees to repay your loan in the event of default.

For example, if you are applying with a co-signer because you are unemployed or your credit is poor, you may get approved for a loan that you would not qualify for on your own. You could also get a lower interest rate, which could save you hundreds or even thousands of dollars over the life of the loan.

While a cosigner can make your personal loan application more attractive to a lender, it’s important to consider the potential downsides of applying with just one. If you fall behind on your payments, you could put the co-signer in a difficult position and damage your relationship, as well as their credit. That’s why you should only apply for a co-signer if you’re sure you can repay your loan as agreed.

Additionally, it is difficult to remove a co-signer from a loan once the funds have been disbursed. Your co-signer may be stuck with responsibility for the debt for a while until you pay it off. Make sure the co-signer you choose not only understands this risk, but accepts it.

6. Find the best personal lender for you

There is no shortage of personal loans on the market. Take the time to shop around and compare a variety of products offered by banks, credit unions and online lenders. Look at their amounts, interest rates, fees, and any special perks they might offer.

It can help you find the ideal personal loan for your unique situation.

Credible, it’s child’s play to compare personal loan rates from multiple lenders without a firm credit application or any effect on your credit.

]]>
Debbie builds the first rewards platform to incentivize individuals to pay down their debt https://figuristka.org/debbie-builds-the-first-rewards-platform-to-incentivize-individuals-to-pay-down-their-debt/ Thu, 26 May 2022 20:43:56 +0000 https://figuristka.org/debbie-builds-the-first-rewards-platform-to-incentivize-individuals-to-pay-down-their-debt/ Credit card use has grown exponentially since its introduction in the 1970s. While it has taken our consumer-driven economy to new economic heights, our reliance on credit has left us with bad financial habits. More and more Americans are in more debt than ever, with no way out of their financial hole. Debt is so […]]]>

Credit card use has grown exponentially since its introduction in the 1970s. While it has taken our consumer-driven economy to new economic heights, our reliance on credit has left us with bad financial habits. More and more Americans are in more debt than ever, with no way out of their financial hole. Debt is so prevalent in our society that pizza companies offer a buy-it-now, pay-later option to order via their online payment. Frida Leibowitz, Rachel Lauren and Maxime Fourmault help Americans reduce their addiction to credit with Debbie before they overdose financially. Debbie is a “habit-changing rewards platform” that leverages behavioral psychology to create financial products that empower users to get out of debt and into a healthier financial future. The Miami, Florida-based startup has raised $1.2 million from One Way Ventures, BDMI, TA Ventures, Village Global, Green Egg Ventures, Liquid2 Ventures, If Then Ventures, Dipanjan Bhattacharjee and several other angel investors.

Adam Moelis, co-founder of Yotta and angel investor in Debbie, says, “Many FinTech apps now offer financial wellness tools, but they often focus on short-term relief rather than habit building. sustainable finances. Debbie uses behavioral psychology concepts to create a personalized, engaging and accessible journey to debt freedom for those struggling with a perpetual cycle of debt, dramatically increasing their chances of long-term success.

Dipanjan Bhattacharjee, COO of Nirvana and angel investor in Debbie, says, “I have known Frida over the years and seen how smart and passionate she can be to get things done. I was very impressed with Debbie’s vision and the way Frida and Rachel wanted to challenge the status quo of debt consolidation loan offers. The rare combination of relevant experience, good skills and a positive attitude is what convinced me to invest and help in any way possible.

America’s reliance on debt has only gotten worse over time. As consumers are constantly in demand throughout the day, the temptation to spend only increases proportionally. Credit cards are incredibly useful for bridging the gap when you’re having cash flow problems or wanting to rack up rewards points, but they’re a double-edged sword once the bill comes due. Many Americans carry a balance each month, which puts them in a worse situation due to exorbitant credit card interest rates. (There’s also the common financial misconception that keeping a balance is best to improve your credit score, which isn’t true. You should aim to pay off your balance every month!) Have a healthy use of the credit card is crucial for having a high credit score. , which can impact your ability to access car or home loans and whether or not a potential employer will hire you. As US credit card use worsens, there is a lucrative market to help Americans get out of debt.

Consumer credit card debt has reached 841 billion dollars in the first quarter of 2022. With such massive debt, it is unlikely that every user will be able to pay off their balance quickly. Payday loan companies take advantage of individuals and families in financial difficulty, lending them money at interest rates that would make credit card companies blush, being greater than 600% in some cases. The stigma of debt can affect someone so deeply psychologically that they begin to no longer be a functioning member of society. Leibowitz, Lauren and Fourmault can intervene with Debbie before it’s too late for individuals and families in debt.

Debbie offers its users a rewards platform for paying off debt, putting them on the path to having positive net worth and cash flow. The startup encourages positive and constructive behavior with financial incentives for users to develop good financial habits. The founders believe that the technical implementation of their solution is easy; but the real challenge is understanding its users’ relationship and habits with money and integrating those lessons into the core of Debbie’s platform. Debbie uses cognitive behavioral therapy and behavioral psychology to help users better understand the drivers of their drinking habits. By drawing the user’s attention to these spending habits through the app, the startup is able to design real-time reward actions to gradually change consumer behavior.

The startup’s current offering puts it on a path to offering future products and services that simultaneously incentivize debt repayment and savings, and more importantly, help users build long-term wealth through access to property, investment and retirement. When it comes to credit specifically, the data Debbie collects can provide a more dynamic, real-time perspective of the credit card user, which can be helpful to lenders in deciding who they approve for loans in the form of mortgage or other loan products. Leibowitz herself has already been in deep debt, both individually and her family. As much as she is building a product for others as her customers, she is building a tool that she and her family wish they had as they financially navigated America. Fortunately, her partnership with her co-founders makes Debbie’s massive potential impact a reality as the days go by.

CEO Leibowitz says, “I grew up in a single-parent, immigrant, uneducated family that didn’t have access to financial education and always struggled with debt. As an adult, I fell into the same debt trap and racked up $15,000 in credit card debt by the age of 21. Hoping to make a difference for others, I spent my early career days in digital consumer lending and had the unique opportunity to sit in the seats of borrower and lender simultaneously. I grew increasingly frustrated that our current financial system quickly knocks us down when we misbehave, but doesn’t celebrate our victories well enough.

Leibowitz leads the founding trio as CEOs. She graduated from NYU’s Stern School of Business with a degree in business and political economics and was previously a member of the core team at Goldman Sachs Credit Risk and Product, working on the company’s consumer credit card product. , Marcus. Lauren, COO of Debbie, earned her degree in Business Economics and Policy from NYU’s Stern School of Business and previously worked as a venture capitalist at BDMI and did equity research at Credit Suisse. The team is completed by Fourmault, a graduate of the Private School of Computer Science (EPSI). A computer science graduate, he previously worked at Earnest as a management engineer and has previous entrepreneurial experience. These three combine their deep financial background and temper it with a healthy respect for mental health as entrepreneurs. Together, they will get Americans and their families out of debt and create wealth for generations to come.

]]> Common Reasons Borrowers Depend On Payday Loans https://figuristka.org/common-reasons-borrowers-depend-on-payday-loans/ Fri, 13 May 2022 13:05:28 +0000 https://figuristka.org/common-reasons-borrowers-depend-on-payday-loans/ Payday loans are a useful source of credit, but come with a negative media narrative. Fortunately, the purpose of the mayhem was the high interest rate, which was eliminated several years ago with the introduction of regulation. Payday loan borrowers enjoy legal protection and for this reason it has gained popularity over traditional short term […]]]>

Payday loans are a useful source of credit, but come with a negative media narrative. Fortunately, the purpose of the mayhem was the high interest rate, which was eliminated several years ago with the introduction of regulation. Payday loan borrowers enjoy legal protection and for this reason it has gained popularity over traditional short term bank loans.

LoanPig.co.uk offers good opportunities and short loans for everyone to get a loan with ease and speed. The APR will be high, but you will pay it very soon. Even the amount of fees involved will be less than traditional bank loan processing. Moreover, if the repayment is made on time, it is an excellent option that gives you a space of 5 to 6 months to restructure your finances.

Common reasons why borrowers depend on the type of payday loan

There are several reasons why borrowers choose to choose payday loans. It’s a magic way to get cash flow to your bank account fast.

During unemployment

Source: forbes.com

Unemployment is a phase that hits a person emotionally and financially. This is a point that no one wants to experience, but which can suddenly put you in a financial situation where it becomes difficult to manage your basic needs. A personal loan is an attractive option because –

  • You have access to instant cash
  • You persist your similar lifestyle before you Unemployed
  • You think unemployment isn’t a big deal
  • You are breathing deeply and feeling motivated to look for another job opportunity

It is wise not to choose payday loans but to try other means. You can get jobseeker’s allowance. Also, reduce spending of your savings as much as possible. Accept any type of job until you land your dream job.

To merge other debts

Many borrowers apply for payday loans to pay off other debt. It could be credit card debt or a loan from another lender. It’s a wise move when the advertised interest on the loan is less than the debtor already owes.

Usually, the change can be bad because there are other bills, which can add up to a huge amount. Borrowers can choose the debt consolidation feature. It bundles all loans together making it easy to repay and less risky than using the payday option.

Avoid humiliation

Source: incomepassifmd.com

You can borrow small loans from friends and family, which is less risky than choosing a professional loan service. In addition, there are virtually no worries about interest payments.

Unfortunately, there are stories that borrowing from friends or family caused friction, which damaged their relationship. Therefore, many people prefer to go to a lender and pay interest. You can avoid the embarrassment and humiliation of taking out a loan from someone you know personally.

Holiday loans

At Christmas, parents look forward to giving their children objects or things they want. Payday loans seem to be the best answer. They receive the necessary funds for the holiday period, which are reimbursed with the New Year’s salary.

Parents may be tempted to borrow large sums to buy everything their children dream of, but overlook the cycle of debt. It is difficult for parents to explain to their children that the requested gifts are unaffordable, especially when Santa Claus is supposed to bring them. Be sure to consider your financial capacity before applying for a payday loan.

Support during bad credit ratings

Source: upgradedpoints.com

Payday loans have a bad reputation, so many people borrow from banks or other lending institutions. Here, if your credit score is not good, your loan applications are refused. Alternatively, payday loan services approve loans for bad credit. Approval is based on other criteria like affordability. However, rather than applying for a payday loan, it is better to work on improving your credit score by paying bills and debts on time consistently for more than 6 months. A high credit score will give you access to easy loans in the future.

Pay the bills

Payday loans are an attractive option to pay the high utility bill. Nevertheless, it is wise to look for ways to reduce your utility costs. Find ways to control energy use, such as better home insulation instead of wasting money on gas. Thick curtains can keep the heat inside and are not an expensive switch. Never leave the shower running for hours, have time limits to reduce wasted hot water.

For urgent medical treatment

Source: vitalrecord.tamhsc.edu

Medical bills must be paid or they will accumulate like any other type of debt. Urgent medical treatment or surgery is one of the main reasons people depend on short term loans. However, to circumvent personal loans, it is best to have adequate health insurance coverage, as a medical crisis can be expensive.

To pay mortgage payments

People debate that missing a mortgage payment is worse than getting a payday loan. This is because the mortgage provider begins to assume that you cannot afford the house. If you persist on late payments, they take action against you. You should discuss an appropriate repayment plan with the mortgage lender or downsize your home instead of applying for a payday loan.

Pay an overdraft

The unregulated overdraft is scary. You get penalized, and with payday loans, people avoid that. Steps should also be taken to ensure that you are not overdrawn.

Pay an unexpected debt

Source: experian.com

Everyone wants to stay miles away from debt, but it can happen unexpectedly. For example, your father is dead, so you inherited his debt. You will need to erase it as soon as possible. You will use the payday loan to escape from this situation.

Things to know

As another type of loan is hard to come by, payday loans have become popular for raising capital quickly rather than waiting and missing out on opportunities or in times of emergency. People who are in desperate need of money and don’t have time to go through the traditional loan approval process, which takes time, gets rejected and repeats it with another lending institution, find an option fast payday loan to pursue.

Bank loans are open to investigation, while a direct payday lender does not prioritize where the borrower will use their money. Disclosure to the payday lender about your loan is for statistical purposes only. You can use the amount to treat yourself or go on an excursion or pay a deferred installment, the determining aspect of the approval will be your ability to repay the borrowed amount.




]]>
Can you get a jobless loan? Here’s what you need to know https://figuristka.org/can-you-get-a-jobless-loan-heres-what-you-need-to-know/ Thu, 12 May 2022 17:41:28 +0000 https://figuristka.org/can-you-get-a-jobless-loan-heres-what-you-need-to-know/ Getting a loan can help you in many ways when you are in a tough financial situation, however, for some getting a loan is not as easy as it is for others. Many people who need a loan cannot get a good deal because of their credit score or even because they are unemployed. So […]]]>


Getting a loan can help you in many ways when you are in a tough financial situation, however, for some getting a loan is not as easy as it is for others. Many people who need a loan cannot get a good deal because of their credit score or even because they are unemployed.

So what can you do if you are unemployed? Well, the bad news is that you may not be able to get a loan if you are unemployed. The majority of lenders will want you to have a permanent and regular stream of income, as this ensures that you have the funds to pay back.

However, this is not the case for everyone. Instead, you might find yourself able to get a loan from one or two lenders even if you’re unemployed, but the loan won’t be as good as if you were employed.

So how does it all work? Are you stuck vying for no credit check loans or do you have other options?

Can you get a loan while you are unemployed?

You can still qualify for a loan, even if you are unemployed. However, if this is your case, you will need either strong credit or another source of income to support you in this endeavor.

Unemployment can arise unexpectedly or by choice, as would be the case with retirement, lenders will still sometimes consider lending to you, as long as you are able to persuade them that you will be able to make regular payments on time.

This is the main concern of the lender.

A lender will generally want to see three things on an application. These include a good and solid credit history, a good credit rating and regular income.

A strong credit history means you have a good history of paying loans or credit on time with little to no late payments, especially recently.

Your credit rating should be as high as possible, the higher the better. Some lenders will have a minimum score that they accept. The higher your credit score, the lower your APR, the lower your credit score, the higher your APR.

Lenders should also know that you can make repayments every month. Technically, this doesn’t have to come from a paycheck, however, you should at least have a reliable source of income that will be enough to cover expenses on a monthly basis and to cover loan repayments.

What should you think about?

There are many types of loans you can get, but probably the most popular are personal loans. With these loans you should consider the same things you should consider with any other type of loan.

There will be short and long term financial factors and consequences of taking out a loan that you should be wary of.

Here are some things you should think about.

Can you make payments on time?

First, if you’re unemployed, or even employed, being able to make payments on time is a big deal.

You should always ask yourself if you can make the minimum payment on time every time. Late payments will not only affect your credit score, but they can also lead to late fees. If you can’t repay the loan, your lender may even go further.

This means debt collection agencies and a negative credit report, if your loan is secured they can take your property, or you can even be sued.

Understanding these factors is very important to ensure you get what you need from a loan and that a loan won’t be a bad idea for you.

What are the loan terms and risks?

It is wise to make sure you understand the terms of the loan. Read the fine print and write down the important things. This includes payments, fees, penalties, interest, etc.

However, also be aware of the risks, consider the best-case scenario, then consider the worst-case scenario, and don’t go for it unless you’re happy with both.

Consider if this loan is really the best thing for you, what might happen if you are unable to make the payments, and the interest rate, what this will mean for your actual total payment.

Don’t forget to consider the consequences if you don’t repay the loan, could you end up losing your house or your car?

What are lenders thinking?

Remember that each lender will have different credit policies that they will use to determine if the borrower is most likely to repay the loan. It is a risk assessment.

So even if you don’t have a job, some lenders accept alimony, disability benefits, unemployment benefits, social security payments, pensions, child support, interest or dividends, etc.

What types of personal loan can you get?

If you are employed, you could get a secured or unsecured loan. Secured loans are tied to an asset of yours and you risk losing that asset if you do not repay the loan in full. Unsecured loans do not have this risk but usually have a higher interest rate.

You could also get a payday loan (although risky) as well as cash advance or debt consolidation loans!


]]>
How to Stop Living Paycheck to Paycheck — RISMedia https://figuristka.org/how-to-stop-living-paycheck-to-paycheck-rismedia/ Wed, 11 May 2022 16:07:15 +0000 https://figuristka.org/how-to-stop-living-paycheck-to-paycheck-rismedia/ Many Americans are caught in a paycheck-to-paycheck life cycle. If you’re struggling to make ends meet from one payday to the next, you understand the stress and anxiety it can cause. Here are some strategies to stop living paycheck and start investing in an emergency fund, retirement, your kids’ college education and other long-term goals. […]]]>

Many Americans are caught in a paycheck-to-paycheck life cycle. If you’re struggling to make ends meet from one payday to the next, you understand the stress and anxiety it can cause. Here are some strategies to stop living paycheck and start investing in an emergency fund, retirement, your kids’ college education and other long-term goals.

Determine where your money is going
The first thing you need to do is figure out what you’re spending money on. You might think you know where your money is going, but you might be surprised how much you’re spending on takeout, coffee, entertainment, and other things you really don’t need. These purchases can quickly add up, and they can keep you stuck in the paycheck-to-paycheck trap. For a month, write down everything you buy so you have a clear idea of ​​how you’re currently spending your money.

Create a budget
Write down how much you earn each month (after taxes, health insurance, and other deductions). Then figure out how to allocate that money. You need to make sure you have enough money to pay for essentials, such as housing, utilities, food, and transportation. Once you factor that in, you can figure out how to cover other expenses.

You may need to reduce or even eliminate your expenses in certain areas to cover all your expenses and have money for the future. For example, if you eat out a lot or have coffee every morning on the way to work, cook more often at home and brew your own coffee. It may be less convenient, but it can save you a lot and help get you started on the road to financial security. Look for inexpensive or free forms of entertainment. For example, you can stay home and watch TV or visit a local park instead of going out to dinner and seeing a movie at the theater.

Pay off the debt
If you currently have high-interest credit card debt, that’s probably one of the main reasons you’re living paycheck to paycheck. Decide to pay it back as soon as possible. If you haven’t already, look for a low- or no-interest balance transfer credit card or consider a debt consolidation loan.

As you strive to pay off your debt, don’t pile more debt on top of it. It can mean giving up something you want or postponing a purchase until you can save some money.

Increase your income
If these steps don’t help you reach your goal as quickly as you’d like, you may need to increase your income. You might want to take on a part-time job or a side gig or find a way to earn money through a hobby. Even working a few extra hours a week can make a difference in your total income and help you stop living from paycheck to paycheck.

]]>
Payday loan borrowers charged high rollover fees despite consumer protections: CFPB https://figuristka.org/payday-loan-borrowers-charged-high-rollover-fees-despite-consumer-protections-cfpb/ Fri, 06 May 2022 12:45:15 +0000 https://figuristka.org/payday-loan-borrowers-charged-high-rollover-fees-despite-consumer-protections-cfpb/ Payday lenders offer short-term loans and cash advances, but those products come with high interest rates that often lead to a debt trap, the CFPB found. (iStock) Payday lenders provide small loans that are repaid in one lump sum, usually on the borrower’s next payday. Although these loans can offer quick funding without a credit […]]]>

Payday lenders offer short-term loans and cash advances, but those products come with high interest rates that often lead to a debt trap, the CFPB found. (iStock)

Payday lenders provide small loans that are repaid in one lump sum, usually on the borrower’s next payday. Although these loans can offer quick funding without a credit check, they often trap consumers in a cycle of debt due to the short repayment term and high annual percentage rate (APR).

Of the 26 states that allow payday loans, 16 of them require lenders to offer free extended payment plans to deter reborrowing. But even in states that have implemented these consumer protections, payday loan borrowers continue to pay high rollover fees, according to a new report the Consumer Financial Protection Bureau (CFPB).

SEARCHING FOR DEBT RELIEF? HERE’S HOW CREDIT ADVICE CAN HELP YOU

“Our research suggests that state laws that require payday lenders to offer extended repayment plans at no cost are not working as intended,” CFPB Director Rohit Chopra said. “Payday lenders have a strong incentive to protect their income by encouraging borrowers to re-borrow in expensive ways.”

Keep reading to learn more about the recent CFPB study, as well as how to break the cycle of payday loan debt. One option to consider is consolidating payday loans into a fixed rate personal loan. You can visit Credible to compare debt consolidation loans for free without affecting your credit score.

DEBT CONSOLIDATION VS. DEBT SETTLEMENT: WHAT’S THE DIFFERENCE?

Extended payment plans can save borrowers money, but many don’t use them

If a borrower can’t repay their payday loan, they have a few options: roll over their loan for another two weeks, default on their loan, or sign up for an extended payment plan — at least in the 16 states that have it. require.

On a typical $300 payday loan, borrowers can realize substantial savings by using a payment extension rather than rolling over the loan. The CFPB estimates that a borrower will incur $360 in rollover fees over the course of four months, compared to a one-time fee of $45 for an extended payment plan.

Despite the obvious benefits, extended repayment plan utilization rates in states that offer this option are still far lower than payday loan rollover rates. In other words, payday loan borrowers were much more likely to roll over their loans rather than use an extended repayment plan.

For example, the churn rate was 16.4% in Wisconsin last year, compared to the extended payment plan utilization rate of just 2%. And just 0.4% of Florida payday borrowers use payment plan extensions, while more than a quarter (26%) have 10 or more loans.

If you’re having trouble repaying multiple payday loans, you might consider consolidating them into one personal loan. Unlike payday loans, personal loans offer fixed interest rates and longer, more predictable repayment terms. You can read more about payday loan consolidation on Credible.

WHAT ARE CREDIT UNION LOANS AND HOW CAN I GET ONE?

Eligibility Criteria May Contribute to Low Extended Payment Plan Utilization Rates

One of the reasons for the low use of extended repayment plans is “substantial variation in eligibility requirements” that payday loan borrowers must meet under state regulations, the CFPB found.

Alaska law requires borrowers to repay at least 5% of the outstanding loan balance before being eligible for a payment plan extension. Utah allows lenders to charge a 20% upfront payment if a borrower enters an extended payment plan after default.

In Florida, borrowers must enroll in credit counseling services to be eligible for an extended grace period. This can be a potential and time-consuming hurdle for borrowers who feel the urgency of missing a loan repayment.

Only seven of the 16 states that require extended repayment plans require lenders to inform borrowers of this repayment option before taking out a loan. And in most states, borrowers can only use one extended repayment plan over a 12-month period.

As an alternative to payday loan rollovers and extended repayment plans, some borrowers might consider paying off their debt with a fixed rate personal loan. Debt consolidation can help you spread the repayment of your debts over a longer period. You can compare current rates in the chart below and use Credible’s personal loan calculator to estimate your monthly payment.

5 SMART WAYS TO CONSOLIDATE CREDIT CARD DEBT

Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

]]>
Advantages and disadvantages of debt consolidation https://figuristka.org/advantages-and-disadvantages-of-debt-consolidation/ Thu, 14 Apr 2022 16:53:10 +0000 https://figuristka.org/advantages-and-disadvantages-of-debt-consolidation/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. If you have high-interest debt, it may […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

If you have high-interest debt, it may be a good idea to consolidate it. Discover the pros and cons of debt consolidation. (Shutterstock)

If you have high-interest credit card debt, have trouble making loan payments, or have trouble keeping up with multiple payment due dates, debt consolidation may be right for you. a good option, especially if your credit score has improved since you took out your loans.

While consolidating high-interest debt with a personal loan or balance transfer credit card might make sense in some situations, it’s not for everyone. Let’s dive deeper into how debt consolidation works, along with some pros and cons you’ll want to consider.

Credible allows you view your prequalified personal loan rates in minutes.

What is debt consolidation?

Debt consolidation involves taking out a new loan and using the funds to pay off your original debt. You can consolidate your debt with a personal loan, balance transfer credit card, home equity loan, or home equity line of credit (HELOC). Here are some common types of debt consolidation.

Debt consolidation with a personal loan

If you pursue debt consolidation with a personal loan, you can lower your interest rate, improve your loan terms, and streamline your monthly payments. You can find debt consolidation loans at banks, credit unions and online lenders. If you can get a personal loan with a lower interest rate, you may find it easier to pay off high-interest debt and get out of debt faster.

You can compare personal loan rates from various lenders using Credible, and it will not affect your credit score.

Debt consolidation with a balance transfer credit card

When you consolidate credit card debt With a balance transfer credit card, you sign up for a new credit card, ideally with a low interest rate or 0% APR introductory offer for a certain period. Then you transfer your existing card balances to the new card and make one payment per month.

Debt consolidation with a home equity loan or HELOC

Consolidating debt with a home equity loan or home equity line of credit (HELOC) may be an option if you have positive home equity (the difference between what you owe on your mortgage and the value current home).

If you are approved for a home equity loan, you will receive a lump sum of money up front and can then use the money to pay off your existing debts. Then you’ll start making home equity loan payments on the amount you borrowed, plus interest. HELOCs are also a type of second mortgage, but they are a line of credit that you can draw on as needed, up to your credit limit.

If you use one of these options to consolidate your debts, you may be able to get a lower interest rate than a debt consolidation loan because your home will act as collateral to secure the loan.

Advantages of debt consolidation

A part of the most notable benefits of debt consolidation include:

You can get a lower rate

The biggest advantage of debt consolidation is that you can lock in a lower interest rate and save a lot of money in interest. Depending on the strategy you choose and the amount of your debt, this can be hundreds or even thousands of dollars. You can use this extra money to pay off your debt faster, increase your emergency fund, or achieve any other short- or long-term financial goals.

You will only have one monthly payment

Keeping up with multiple monthly payment schedules is not easy. Debt consolidation allows you to combine your debts into one new monthly payment with a fixed interest rate that will remain the same for the duration of the loan (or during the promotional period with a balance transfer card). Simplifying your debt repayment can give you a clearer path to debt relief sooner and make the process less overwhelming.

You can get out of debt faster

If you consolidate your debt at a lower rate, you can use the money you save on interest to get out of debt faster. You’ll be able to apply the money saved in interest to your remaining balance and shorten your repayment term, which can help you save even more. To really speed up your debt repayment mission, try getting a balance transfer card with a 0% APR introductory offer.

Disadvantages of debt consolidation

Before going ahead with debt consolidation, consider these disadvantages:

You may need to pay a fee

The lender and the debt consolidation strategy you choose will determine the type of fees you may be responsible for. If you take out a personal loan, for example, you’ll likely have to pay an origination fee or an application fee to process the loan. Consolidation with a balance transfer card usually comes with a balance transfer fee of 3% to 5% of the amount you transfer, while debt consolidation with a home equity loan may include closing costs.

You are not guaranteed a lower interest rate

In a perfect world, you’d be able to lock in a lower interest rate on a personal loan, balance transfer card, or home equity loan so you could really save when you consolidate debt. But the reality is that the lowest rates are reserved for those with strong credit. If you have fair or bad credityou may find it difficult to qualify for the low interest rate that makes debt consolidation attractive.

Your debt may return

Debt consolidation is a strategy to help you get out of debt. If you tend to overspend, your debt may come back. While debt consolidation may be a smart move if you’re currently in debt and want to get out of it, it won’t solve the root of the problem or solve any spending or saving issues you may have.

When debt consolidation makes sense

Debt consolidation can be interesting if:

  • You have strong credit and may qualify for a lower interest rate. If you have good or excellent credit and can get a lower rate than you’re currently paying, debt consolidation can save you money on interest and even help you pay off your debt longer. rapidly.
  • You want to simplify the payment process. If you have several monthly payments with their own due dates and you decide to consolidate your debts, you will only have to worry about one payment.
  • You work hard to control your spending. If you used to overspend, but are taking steps to manage your budget and living within or below your means, debt consolidation can help you achieve a debt-free lifestyle.

Of course, debt consolidation doesn’t make sense in some scenarios. If you have a small debt that you can pay off quickly, it’s probably not worth it, especially if you have to pay fees.

If you don’t have the best credit or your credit score is lower than when you originally incurred your debt, you may have difficulty getting approved for a low interest rate or credit card. loan or balance transfer that actually allows you to pursue debt consolidation. .

How to get a debt consolidation loan

If you want to take out a debt consolidation loan, follow these steps:

  1. Check your credit score. Go to a website that offers free credit scores (like AnnualCreditReport.com). You can also request your credit score from your lender, credit card issuer, or credit counselor. This way, you know where your credit stands and have an idea of ​​what kind of interest rate you might qualify for.
  2. List your debts and payments. Create a list of all the debts you want to consolidate, including credit cards, payday loans, store cards, and any other high-interest debt. Add them up to find out how much debt you have and how much debt consolidation loan you need.
  3. Shop around and compare options. Explore debt consolidation loans from various banks, credit unions and online lenders. Compare the rates, terms, and fees of each option to make the best decision for your unique situation.
  4. Apply for a loan. Once you are ready to apply for a loan, complete the application online or in person. Be prepared to submit documents such as your government-issued ID, W-2s, pay stubs, and bank statements.
  5. Close the loan and make the payments. If the lender is paying your creditors for you directly with the funds from your debt consolidation loan, check your accounts to make sure they are paid. If the lender does not pay the creditors directly, you will have to repay each debt with the money you receive.

If you are ready to apply for a debt consolidation loan, Credible allows you to compare personal loan rates from various lenders, all in one place.

Does debt consolidation affect your credit?

Debt consolidation can temporarily take a toll on your credit. When you apply for a personal loan or balance transfer card, the lender will do a thorough credit check, which can lower your credit score by a few points. Additionally, when you open a new credit account and reduce the average age of your account, your credit score will likely decrease as well.

The good news is that debt consolidation can also improve your credit. Since this will reduce your credit utilization rate, or the amount of available credit you use, you may be able to counter some of the negative effects of opening a new account. Plus, if you commit to making full payments on time each month, you’ll improve your payment history and boost your credit score while you’re at it.

What credit score do you need to get a debt consolidation loan?

Credit score requirements for debt consolidation loans vary by lender. But in most cases, you’ll need a credit score of at least 650. If your score is lower, don’t worry. Some debt consolidation lenders can accept credit scores of 600 or even lower. Remember that a lower credit score will likely mean a higher interest rate, which could frustrate your debt consolidation plan.

]]>