personal loans – Blog Campcee http://blogcampcee.com/ Tue, 29 Mar 2022 08:48:18 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://blogcampcee.com/wp-content/uploads/2021/05/cropped-icon-32x32.png personal loans – Blog Campcee http://blogcampcee.com/ 32 32 Loans as low as $1,000 https://blogcampcee.com/loans-as-low-as-1000/ Thu, 10 Mar 2022 04:00:34 +0000 https://blogcampcee.com/loans-as-low-as-1000/

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

Even if you’re married to your favorite credit card, you may find that there are times when it just doesn’t make sense to use it. For one thing, your credit limit may not be enough to cover a very large expense like a home renovation or a wedding. Also, credit cards usually carry high interest rates. These are areas where personal loans have the upper hand.

Personal loans have become a popular option for covering a variety of major expenses, such as home renovations, weddings, unexpected expenses, funerals and more. And in some cases, it may actually be more affordable to use a personal loan than to use a credit card, since personal loans are known for their relatively low interest rates.

There are many personal lenders out there, so it can sometimes be difficult to determine what each loan offers, but there are a few highlights to look out for. Avoiding prepayment charges and origination fees can help you save money on the cost of borrowing so that it can work in your favor to seek out a lender who does not bear these charges, such as loans PNC Bank staff.

Of course, however, you should always do additional research before applying for any financial product and ensure that you are comfortable with the terms of that product before signing on the dotted line.

To help, Select has reviewed PNC Bank’s APR, benefits, fees, loan amounts, and terms. (Learn more about our methodology below.) Read on to find out if PNC Bank is the right lender for you.

PNC Bank Personal Loan Review

PNC Bank Personal Loans

  • Annual Percentage Rate (APR)

    5.99% to 28.74% APR (0.25% APR discount when you sign up for autopay)

  • Purpose of the loan

    Debt consolidation, home improvement, wedding, moving and moving or vacation

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

    10% of payment or $40, whichever is greater

Benefits

  • No setup fees, no prepayment fees
  • Fixed rate APR
  • Flexible repayment terms
  • Loan amounts start at $1,000
  • No collateral needed

The inconvenients

  • Late payment fee invoice
  • Not the fastest funding (may take up to 10 business days)
  • Rates and conditions may vary depending on your postal code

APR

APRs typically range from 5.99% to 28.74% for PNC Bank personal loans, but a more specific rate range (as well as other terms) will depend on your location and, of course, factors such as credit rating and amount of money needed. Prospective borrowers are encouraged to verify the rate range for their location by entering their zip code on the PNC Bank personal loan website.

Like many other personal lenders, PNC Bank offers a small discount on the interest rate for making payments automatically through a PNC Bank checking account (borrowers can receive a 0.25% discount for signing up so that their payments are automatically applied to your balance).

Personal loans from this lender also carry fixed interest rates that will not fluctuate over the life of your loan. Also keep in mind that generally the higher your credit score, the lower your interest rate is likely to be. PNC Bank does not disclose the exact minimum credit score required to qualify for its personal loan products.

Benefits

There is some flexibility regarding your loan repayment schedule; borrowers can choose loan terms of up to 60 months.

And, as we mentioned above, if you already have a checking account at PNC Bank and use it to make your monthly payments automatically, you can qualify for an interest rate reduction of 0 .25%.

Costs

PNC Bank does not charge an application fee or origination fee, and there are no prepayment penalties for making additional payments to pay off your loan early.

However, there are late fees. Borrowers will be charged 10% of the payment or $40, whichever is greater, if a late payment is made.

And as with any other loan or credit product, it’s important to keep in mind that failure to pay in full on time may result in the lender notifying a credit reporting agency, which may affect your credit score.

Amount of the loan

Loan amounts range from $1,000 to $35,000, making this lender an attractive option for those looking to borrow small amounts of money (personal lenders can offer up to $100,000). Keep in mind, however, that not all applicants will qualify for the maximum loan amount. Qualification can usually depend on factors such as your creditworthiness.

And while PNC Bank personal loans can be used for a variety of expenses — including debt consolidation, home renovation, wedding, moving, or even vacation — there are some things you can’t use for. this loan. Prohibited uses include post-secondary education expenses, student loan debt refinancing, or any unlawful purpose.

Mandate’s duration

Candidates have a range of term lengths of up to 60 months.

At the end of the line

PNC Bank personal loans are a solid option for those who want to avoid origination fees and prepayment penalties. Although you don’t need to be an existing customer to apply for the loan, the biggest benefit is for those who set up automatic monthly payments through an existing PNC Bank checking account – you will receive an interest rate by 0.25%.

Since personal loan products may vary by location, your actual interest rate range and other terms may depend on your zip code. So you will have to check this before applying for this loan.

If you’re not comfortable with the terms you receive and are looking for slightly lower interest rates, check out LightStream Personal Loans, which offers APRs as low as 2.99% and an APR deduction of 0 .25% to automatically pay your bill each month.

Our methodology

To determine which personal loans are best, Select analyzed dozens of US personal loans offered by online and brick-and-mortar banks, including major credit unions, that have no origination or enrollment fees, from APRs to fixed rate and flexible loan amounts. and terms tailored to a range of financing needs.

When selecting and ranking the best personal loans, we focused on the following characteristics:

  • No creation or registration fees: None of the lenders on our top list charge borrowers an upfront fee for processing your loan.
  • Fixed APR: Variable rates can go up and down over the life of your loan. With a fixed-rate APR, you fix an interest rate for the life of the loan, which means your monthly payment won’t vary, making it easier to plan your budget.
  • Flexible minimum and maximum loan amounts/terms: Each lender offers a variety of financing options that you can customize based on your monthly budget and how long you need to pay off your loan.
  • No prepayment penalties: The lenders on our list do not charge borrowers for prepaying loans.
  • Simplified application process: We looked at whether lenders offered same-day approval decisions and a fast online application process.
  • Customer service: Every loan on our list offers customer service available by phone, email or secure online messaging. We have also opted for lenders that have a resource center or an online advice center to help you learn about the personal loan process and your finances.
  • Disbursement of funds: The loans on our list provide funds quickly by electronic transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
  • Automatic payment discounts: We’ve noted lenders who reward you for signing up for autopay by reducing your APR by 0.25% to 0.5%.
  • Creditor Payment Limits and Loan Sizes: The lenders above offer loans of varying sizes, ranging from $500 to $100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of ​​what your interest rate and monthly payment would be for such an amount.

After reviewing the features above, we’ve sorted our recommendations based on overall financing needs, debt consolidation and refinance, small loans, and overnight financing.

Note that advertised rates and fee structures for personal loans are subject to fluctuation in accordance with the Fed rate. However, once you have accepted your loan agreement, a fixed rate APR will guarantee the interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will do a credit check and ask for a full application, which may require proof of income, identity verification, proof of address and more.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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Is it good for you ? https://blogcampcee.com/is-it-good-for-you/ Wed, 02 Mar 2022 23:00:35 +0000 https://blogcampcee.com/is-it-good-for-you/

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

Personal loans have become a popular option for covering a variety of major expenses, such as home renovations, weddings, unexpected expenses, funerals and more. In some cases, it may actually be more affordable to use a personal loan than to use a credit card, as personal loans generally carry lower interest rates.

It’s even better when a personal loan, like American Express® Personal Loans, doesn’t charge an application fee or origination fee. American Express is also one of the few big names in banking to offer personal loan products to everyday customers.

Of course, however, you should always do your research before applying for any financial product and ensure that you are comfortable with the terms of that product before signing on the dotted line.

To help you out, Select has looked at Amex’s APR, benefits, fees, loan amounts and terms. (Learn more about our methodology below.) Read on to find out if American Express is the right lender for you.

American Express Personal Loan Review

American Express® Personal Loans

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt consolidation, home improvement, moving expenses, wedding or vacation

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

Benefits

  • No setup fees, no prepayment fees
  • Same day decision in seconds (in most cases)
  • Ability to pay creditors directly
  • Funds can be disbursed by direct deposit

The inconvenients

  • $39 late fee
  • No automatic payment discount
  • No co-signers or joint applications
  • Only American Express cardholders can apply
  • The payment due date cannot be changed
  • Funds cannot be used to pay American Express credit cards

APR

APRs range from 6.91% to 19.97% for American Express personal loans. Unlike most other personal lenders, American Express does not offer interest rate discounts for making payments using autopay (typically a 0.25% discount is applied for signing up so that your payments are automatically applied to your balance).

The APR range for these personal loans is a bit higher than some other lenders, but Amex personal loans carry fixed interest rates that won’t fluctuate for the life of your loan. Also keep in mind that generally the higher your credit score, the lower your interest rate is likely to be. American Express does not disclose the exact minimum credit score required to qualify for its personal loan products.

Benefits

Although you must already be an American Express card member to apply for a personal loan, you are not eligible for Membership Rewards® points or insurance benefits (or other benefits) that are generally available with Amex cards.

There is, however, some flexibility when it comes to how you pay your monthly installments. You can make payments online, via Autopay or by sending a check to the appropriate address. Again, keep in mind that while Autopay is an option to pay off your loan, there is no discount for using the service.

Costs

American Express doesn’t charge an application fee or origination fee, and there are no prepayment penalties for making extra payments to pay off your loan early.

However, a $39 late fee will be charged to your account if a payment is made after the due date shown on your account or invoice, or if you do not have sufficient funds in your bank account to make the payment. full month payment.

As with any other loan or credit product, failure to make full payment on time may result in the lender notifying a credit reporting agency, which may affect your credit score.

Amount of the loan

Loan amounts range from $3,500 to $40,000, making this lender an attractive option for those in need of medium-sized loans (personal lenders can offer up to $100,000). Keep in mind, however, that not all applicants will qualify for the maximum loan amount. Qualification can usually depend on factors such as your creditworthiness.

Most application decisions can be made in seconds, which can be a plus if you’re hoping for a faster turnaround. However, if additional information is needed or if incomplete information and documents have been submitted, this may delay your decision.

Once your application has been approved, you can expect the funds to be released to your bank account within three to five business days. You also have the option of having the funds sent directly to up to four creditors (you will only need to provide American Express with the credit card numbers and the amount to be paid to each).

And while American Express personal loans can be used for everything from debt consolidation to financing home repairs, there are some things you can’t use an American Express personal loan for, including post-secondary education expenses. , real estate, business expenses, vehicle purchases other than a deposit, to pay balances on American Express credit cards or for any unlawful purpose.

Mandate’s duration

Applicants can choose from terms ranging from 12 to 36 months.

At the end of the line

American Express® Personal Loans are a great, easy option for those who are already American Express Card members and familiar with the company’s products.

Some lenders charge a penalty for prepaying your personal loan because it means they would miss these interest charges, but American Express allows you to avoid these charges.

If you’re looking for slightly lower interest rates and the ability to get an Autopay rebate, check out LightStream Personal Loans, which offers this 0.25% APR deduction to automatically pay your bill each month.

And if you need a personal loan under $3,500, there are other options like PenFed personal loans, which start at just $600.

Our methodology

To determine which personal loans are best, Select analyzed dozens of US personal loans offered by online and brick-and-mortar banks, including major credit unions, that have no origination or enrollment fees, from APRs to fixed rate and flexible loan amounts. and terms tailored to a range of financing needs.

When selecting and ranking the best personal loans, we focused on the following characteristics:

  • No creation or registration fees: None of the lenders on our top list charge borrowers an upfront fee for processing your loan.
  • Fixed APR: Variable rates can go up and down over the life of your loan. With a fixed-rate APR, you fix an interest rate for the life of the loan, which means your monthly payment won’t vary, making it easier to plan your budget.
  • Flexible minimum and maximum loan amounts/terms: Each lender offers a variety of financing options that you can customize based on your monthly budget and how long you need to pay off your loan.
  • No prepayment penalties: The lenders on our list do not charge borrowers for prepaying loans.
  • Simplified application process: We looked at whether lenders offered same-day approval decisions and a fast online application process.
  • Customer service: Every loan on our list offers customer service available by phone, email or secure online messaging. We have also opted for lenders that have a resource center or an online advice center to help you learn about the personal loan process and your finances.
  • Disbursement of funds: The loans on our list provide funds quickly by electronic transfer to your checking account or in the form of a paper check. Some lenders (which we have noted) offer the option of paying your creditors directly.
  • Automatic payment discounts: We’ve noted lenders who reward you for signing up for autopay by reducing your APR by 0.25% to 0.5%.
  • Creditor Payment Limits and Loan Sizes: The lenders above offer loans of varying sizes, ranging from $500 to $100,000. Each lender advertises their respective payment limits and loan amounts, and completing a pre-approval process can give you an idea of ​​what your interest rate and monthly payment would be for such an amount.

After reviewing the features above, we’ve sorted our recommendations based on overall financing needs, debt consolidation and refinance, small loans, and overnight financing.

Note that advertised rates and fee structures for personal loans are subject to fluctuation in accordance with the Fed rate. However, once you have accepted your loan agreement, a fixed rate APR will guarantee the interest rate and the monthly payment will remain constant for the duration of the loan. Your APR, monthly payment, and loan amount depend on your credit history and creditworthiness. To take out a loan, lenders will do a credit check and ask for a full application, which may require proof of income, identity verification, proof of address and more.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff alone and have not been reviewed, endorsed or otherwise endorsed by any third party.

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5 Best Same Day Payday Loan Matching Services https://blogcampcee.com/5-best-same-day-payday-loan-matching-services/ Tue, 22 Feb 2022 12:05:59 +0000 https://blogcampcee.com/5-best-same-day-payday-loan-matching-services/

Are you facing a financial crisis and need money quickly? Anyone can face financial obstacles in life.

Luckily, same-day payday loans can help you on bad days.

What you need to know about short term loans

1. Viva Payday Loans

Viva Payday Loans is an online brokerage site that connects borrowers with leading lenders that offer same day payday loans people with bad credit. Loan amounts vary between $100 and $5,000, with repayment periods of 3 to 12 months.

The online application process is simple with instant feedback and only takes a few minutes.

Start by choosing the loan amount you need, then complete the online form with your personal information. After submission and approval, you will be transferred to an appropriate lender.

The loan provider will give you the loan terms and agreements to sign before depositing the funds into your account. You will receive the money within 15 minutes or up to 24 hours after signing the contract.

Benefits

  • Loan amounts between $200 and $5,000.

  • Same day payment.

  • Fast online application and approval process.

The inconvenients

2. Heart Paydays

The Heart Paydays online platform connects borrowers with lenders who provide payday loans between $100 and $5,000, with loan terms of up to 2 years. The platform has a simple application process with quick feedback.

After approval, you will be transferred to lenders likely to accept your application and grant you the loan. You can avail these loans even with bad credit. The lender may request additional information such as bank statements, proof of income and an address.

You will then receive the terms of the loan, which you should read carefully before signing. The lender will then transfer the funds directly to your account. You will repay the loan by monthly automatic payment.

Interest rates vary by lender, but the platform has a standard range of 5.99% to 35.99%.

Benefits

  • Simple online application process with quick approval. Payment is made on the same business day.

  • Bad borrowers are eligible.

The inconvenients

3. Very Happy Loans

This platform offers up to $5,000 with loan terms of 2 to 3 years, regardless of your credit rating. Customers can select a convenient loan amount and repayment period.

The Very Merry platform has a simple application process, and you will also get feedback within minutes whether you were rejected or approved.

All you have to do is fill out an application form with your details. After approval, you must sign a loan agreement before the lender will transfer the funds to your account within 24 hours.

Although rates vary by lender, Very Merry loans have a standard APR rate between 5.99% and 35.99%. Borrowers with bad credit and unemployed people can also apply for loans on this site.

Benefits

The inconvenients

4. Money Lender Team

This platform connects borrowers with a panel of lenders offering personal loans. Loan terms range from 3 months to 2 years. The lenders offer loans without credit checkand you can choose a loan that meets your financial needs.

The platform has a simple online application process with quick responses. Lenders repay loans within the same business day after approval. Borrowers with bad credit or no credit history can also avail loans here.

Benefits

  • Loan amounts range from $200 to $5,000.

  • Same day payment.

  • Provides access to major lenders in multiple states.

The inconvenients

5. Credit Clock

Credit Clock is a platform that offers loan matching services and also connects borrowers to a panel of top lenders who offer payday loans.

This platform has access to multiple private loan providers, which gives Credit Clock an edge in the lending industry by helping people with different financial needs.

Borrowers with meager incomes, bad credit, and unemployed people can apply for and benefit from loans on this site. Credit Clock offers loans without a credit check and does not impose the strict requirements of traditional banks.

Lenders use criteria other than credit scores to determine if a potential customer qualifies for loans.

This platform is user-friendly and has a simple application process with a quick response.

Benefits

  • Simple online application process.

  • Several lenders are available in many states.

  • Flexible loan terms from 1 to 12 months.

The inconvenients

  • Not available in states like Connecticut, Arkansas, Montana and New Hampshire.

Conclusion

What is the process of getting a loan What are the successes and pitfalls to be aware of

The era of submitting physical application forms with minimal chances of loan approval is over. Instead, you can apply for loans online using your mobile phone and get approved in minutes.

A single application is enough to give you access to several lenders who provide payday loans.

You can get payday loans with same day payment from the above platforms which offer excellent and fast loan matching services.

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Looking for debt relief? Here’s how a credit counselor can help you https://blogcampcee.com/looking-for-debt-relief-heres-how-a-credit-counselor-can-help-you/ Mon, 21 Feb 2022 14:01:54 +0000 https://blogcampcee.com/looking-for-debt-relief-heres-how-a-credit-counselor-can-help-you/

Non-profit credit counseling agencies provide free or low-cost financial services to consumers struggling to manage debt or considering bankruptcy. Here’s what a credit counselor can do for you. (iStock)

Unmanageable high-interest debt can take a heavy toll on a consumer’s finances. It may seem that no matter how much you try to repay, the balances continue to grow as interest accumulates over time.

Ten percent of Americans are worried about missing their minimum debt payment in the next 3 months, according to the Federal Reserve Bank of New York. Becoming in default can cause some consumers to consider bankruptcy — and in the worst-case scenario, debt collectors can sue borrowers for unpaid debts, resulting in wage garnishment.

If you’re having trouble paying off your debts, you might consider seeking help from a nonprofit credit counseling agency. Credit counselors can help you develop a plan to pay off several types of debt, such as credit cards, unpaid medical bills, and payday loans.

Keep reading to learn more about credit counseling, as well as your alternative debt consolidation options. You can compare debt consolidation loan interest rates for free without affecting your credit score on Credible.

4 MONEY MANAGEMENT STRATEGIES TO HELP IMPROVE YOUR FINANCES

What is credit counseling?

Non-profit credit counseling agencies provide free, low-cost financial services to consumers struggling to manage their debts. Some consumers who file for bankruptcy may be required to seek credit counseling as part of their court filing. A credit counselor can help you by:

  • Provide advice on how to manage your money and debts
  • Analyze your finances and create a monthly budget
  • Get free copies of your credit report and credit scores
  • Sign up for a debt management plan (DMP), which may have a monthly cost
  • Negotiate with your creditors on your behalf to lower interest rates and waive late fees

Consumers should be aware that some for-profit debt management companies may disguise themselves as non-profit organizations. A reputable credit counseling agency should send you free information about the services they offer, according to the Consumer Financial Protection Bureau (CFPB). If an advisor is unwilling to provide this information, this is a red flag.

You can find reputable credit counselors through a few professional organizations, such as the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA). You can also view the full list of approved credit counseling agencies on the Department of Justice website.

To learn more about your alternative debt consolidation options, contact a knowledgeable lending expert at Credible.

STUDENT LOAN BORROWERS CAN POTENTIALLY SAVE $5,000 BY REFINANCING

3 Alternative Debt Repayment Methods

Credit counseling is a relatively low-risk way to manage multiple debts, but it’s not your only option. Here are some other strategies to quickly pay off your debts.

1. Debt avalanche or debt snowball

The debt avalanche method involves paying off the debts with the highest interest rate first to save the most money over time. On the other hand, the debt snowball method is to pay off smaller balances first to speed up your debt repayment plan.

PERSONAL LOAN OR CAPITAL LOAN: WHICH IS BETTER?

2. Credit Card Balance Transfers

It may be possible to transfer the balance of one or more credit cards to a new account at a lower interest rate with a balance transfer card. Credit card issuers typically charge a balance transfer fee of 3-5% of the total amount.

Some consumers may even qualify for a 0% APR introductory offer, which allows you to pay off your credit card debt over up to 18 months without interest. These promotions are generally reserved for borrowers with very good to excellent credit, which is defined by the FICO model as 740 or higher.

You can compare balance transfer cards from multiple credit card issuers at once on Credible.

HOW LONG SHOULD YOUR PERSONAL LOANS TERM BE?

3. Debt consolidation loans

A debt consolidation loan is a type of personal loan used to pay off unsecured debt at a lower fixed rate. Personal loans are lump-sum loans that you repay in monthly installments over a set period, usually a few years.

According to the Federal Reserve, two-year personal loan interest rates are currently at record highs, which means there’s never been a better opportunity to refinance your debt at a lower rate. Remember that the interest rate you are entitled to depends on your credit score and your debt-to-equity ratio.

Pay off $10,000 in credit card debt

A recent analysis estimates that well-qualified applicants can potentially save up to $174 on their monthly payments by consolidating their credit card debt into a personal loan. Over time, this can translate into thousands of dollars in interest cost savings.

If this strategy interests you, use a personal loan calculator to estimate your monthly payments. You can also visit Credible to compare debt consolidation loan interest rates to determine if this debt repayment strategy is right for your financial situation.

HOW TO GET A PERSONAL LOAN AMOUNT OF $50,000

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.

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54% think debt is a reason for divorce https://blogcampcee.com/54-think-debt-is-a-reason-for-divorce/ Sat, 19 Feb 2022 14:34:08 +0000 https://blogcampcee.com/54-think-debt-is-a-reason-for-divorce/

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We may receive a commission when you click on links to our affiliate partners’ products.

Does your couple encounter problems and stress related to money? You’re not alone.

According to a SunTrust Bank survey conducted online by Harris Poll, 35% of people blame finances for the stress they experience in their relationships — and often at the heart of many couples’ financial conflicts is debt.

Being in debt can cause you to give up on the things that you would really like to prioritize as a couple, which can delay the achievement of various goals. In fact, recent findings from National Debt Relief report that 38% of couples miss dates and date nights when in debt.

According to the same study, people have such negative feelings about debt that 3 in 5 Americans have considered postponing their marriage to avoid inheriting their partner’s debt. In addition, 54% of respondents believe that having a partner in debt is a major reason for considering divorce.

“Debt can cause conflict and friction in a relationship, but it’s all about communication and how each partner views their debt,” says Dr. Regine Muradian, psychologist and board member of National Debt Relief. .

Although these indications seem dismal, there are steps couples can take when it comes to paying off their debts together. Here’s how debt can affect your marriage and what you can do about it:

Disagreements about how you spend money

Huge debts can cause partners to disagree about how to spend disposable income. For example, maybe one person wants to aggressively pay down their debts and throw extra money at the couple’s balance, but the other person wants to take more vacations together. These different debt, budget, and spending goals can give partners the impression that the money is not being used as they would like.

And those disagreements can drag on if high interest charges make it seem like you’ll never fully pay off your balance. Without additional debt, however, you can spend more of your money on other goals, like saving for a house, investing, or taking more vacations together each year.

Financial infidelity and secrecy surrounding expenses

Feelings of shame and lack of motivation

feelings of resentment

How to manage your debts as a couple

Debt management — especially larger amounts — can seem daunting and difficult, but Dr. Muradian outlines some impactful steps you can take to get started on the right foot.

She notes that it’s important to keep communication open about how much money it’s okay to spend.

“Avoid criticizing each other’s drinking habits and instead work to find solutions together,” says Dr. Muradian. “Each person can write out what their spending plan looks like separately, and then they can come together and merge the plan for a great path to success.”

She also says that it helps to create specific and clear goals together.

“For example, you can say ‘by this date we will have paid that much by creating monthly savings together.’ This way, the relationship is cushioned by teamwork and support.The couple will feel motivated as they achieve this goal of being debt-free together,” says Dr. Muradian.

There are also many tools available that can help you pay off your debts even faster. Balance transfer cards let you transfer high-interest credit card debt to a new card and make interest-free payments for a set period of time, usually for at least six months and up to 21 month.

During this 0% APR introductory period, you can pay off your principal faster since you won’t accrue interest charges. The Citi® Diamond Preferred® Card and the Citi Simplicity® Card offer an introductory offer of 0% APR for 21 months on balance transfers (afterwards, 13.74% to 23.74% variable APR on the Citi Diamond Preferred and 14.74% to 24.74% Variable APR on Citi Simplicity). All transfers must be completed within the first 4 months and there is a balance transfer fee for both cards, 5% of each balance transfer; At least $5.

Citi® Diamond Preferred® Card

  • Awards

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% for 21 months on balance transfers; 0% for 12 months on purchases

  • Regular APR

    13.74% to 23.74% variable

  • Balance Transfer Fee

    5% of each balance transfer; $5 minimum

  • Foreign transaction fees

  • Credit needed

Benefits

  • No annual fee
  • Balances can be transferred within 4 months of account opening
  • One of the longest introductory periods for balance transfers

The inconvenients

  • 3% foreign transaction fee
  • No rewards program

Citi Simplicity® Card

  • Awards

  • welcome bonus

  • Annual subscription

  • Introduction AVR

    0% for 21 months on balance transfers; 0% for 12 months on purchases

  • Regular APR

    14.74% to 24.74% variable

  • Balance Transfer Fee

    5% of each balance transfer; $5 minimum

  • Foreign transaction fees

  • Credit needed

And if you have different types of debt, personal loans can be an effective way to consolidate your debts into one simple, organized monthly payment at a lower interest rate.

So, let’s say you take out a loan like the LightStream Personal Loan or the SoFi Personal Loan: you’ll request a specific amount that’s enough to cover the total of all your debts, and the lender will send a specified amount to each of your creditors to pay off those debts. Then you will only be responsible for repaying the personal loan in the form of fixed, equal monthly payments plus interest. This can sometimes be more feasible for those who feel that managing multiple monthly payments to multiple lenders is overwhelming.

SoFi Personal Loans

  • Annual Percentage Rate (APR)

    5.74% to 20.28% when you sign up for autopay

  • Purpose of the loan

    Debt consolidation/refinance, home improvement, relocation assistance or medical expenses

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

LightStream Personal Loans

  • Annual Percentage Rate (APR)

    2.49% to 19.99%* when you sign up for autopay

  • Purpose of the loan

    Debt consolidation, renovation, car financing, medical expenses, marriage and more

  • Loan amounts

  • terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

However, it is extremely important to have discussions about money before getting married so that each partner is clear about what their financial situation might look like.

“The conversations couples have about debt and finances are just as important as discussions about other topics like starting a family,” Dr. Muradian says. “Before marriage, couples need to know if their partner is in debt and understand how their debt arose. Additionally, knowing their plan for repaying their debt is equally important as it can impact their financial planning as well. that couple.”

Check out Select’s in-depth coverage at personal finance, technology and tools, The well-being and more, and follow us on Facebook, instagram and Twitter to stay up to date.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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Payday Loans Maine offers you financial assistance without credit checks or other formalities – https://blogcampcee.com/payday-loans-maine-offers-you-financial-assistance-without-credit-checks-or-other-formalities/ Fri, 11 Feb 2022 05:14:08 +0000 https://blogcampcee.com/payday-loans-maine-offers-you-financial-assistance-without-credit-checks-or-other-formalities/

Maine boasts a low cost of living, affordable housing, and many working industries throughout the state. However, with an average state income of $56,000, Maine residents have lower incomes than the national average. This leaves many residents with unpaid bills waiting for payday. Don’t let a high energy bill or an extra trip to the grocery store cause you to rack up credit card debt or overdraw your account. Cash loans are allowed in the state of Maine, but are heavily regulated. The Lobster State only allows fully licensed lenders to make loans, which means very few lenders can. In fact, according to the Bureau of Consumer Credit Protection, there are only 15 approved lenders in the state.

GreenDayOnline.com does not control the amount of such fees or charges you may incur for non-payment, late payment, or partial payment. Retirement shouldn’t stop you from getting this flexible financial option. Seniors can still get payday loans even after retirement. Payday loans can be used to quickly receive income from Social Security, dividends or any other source of income. Maine also has a maximum loan amount you can take out at one time. Illegal payday loans can be dangerous for you, as a borrower can be subject to excessive fees and fines.

All Licensed Credit Unions in Maine

An unexpected expense can completely change your life, especially if you don’t have the resources to cover it. Payday loan emergency funding can help, as long as you can repay the money quickly. If you are unsure whether a lender is reputable and legal, you can contact the state attorney’s office for more information. You should not work with a company that does not have a legitimate business license. For example, https://cashnetusa.biz/ they may not follow specific laws designed to protect users and may charge them higher interest rates. It is important to provide personal and financial information when using these online loan services. Therefore, it is essential that you choose a lender who guarantees the safety and security of all your data. Personal loans strive for quick deposits; this is quite rare for online lending sites that offer large loan amounts.

  • However, the state eventually passed regulations to make the industry more friendly to businesses and their customers.
  • When you get a personal loan through an online payday network, you must be able to provide a bank account number to an account in your name.
  • Your loan repayment terms will depend on the type of loan you get and the lender you get it from.

In some cases, you may need to visit a physical store/branch to complete your loan application process. Please contact your lender directly if you have any questions or issues regarding your loan. MoneyMutual has received over 2 million positive reviews from across the United States. Customers are very satisfied with the reliable lenders and the quick response time of the site. Additionally, MoneyMutual has pleased several customers by offering installment loans, payday loans, and bad credit loans. Some companies do not offer their services to people who have serious money problems or who have recently gone bankrupt. If you can pay it all off at once, sometimes a payday loan can be cheaper. See Payday Loans or Installment Loans for more information on comparing these two types of loans.

Loan Providers in Saco, Maine

Moreover, the lenders do not ask for any collateral, which makes payday loans unsecured. Read the information the loan provider gives you before entering into the contract. This can include information about interest rates, monthly payments, terms and other details. Maine State Laws Allow Online Payday Loans Maine payday loans providers to offer loans even if they are out of state. However, these lenders are still required to have an official license and follow all state laws regarding the terms and conditions of payday loans. If you are not really interested in online cash loans, it is normal to doubt getting them.
Maine payday loans
So if you’ve had enough of it and it really bothers you, EasyLoans will solve that problem. Again, a payday loan will be a good idea to cover your extra payments. However, it is not easy to obtain a bank loan, or even a mortgage loan. In addition, this process is time-consuming, it can take 30 days or even a year. In this case, a personal loan is a good solution to your financial problems in a short time. However, if you already have a payday loan, you are not allowed to take out another one.

Species X

Any business that is not on the list of exempt businesses is not permitted to cash post-dated cheques. Your bad credit isn’t a problem, but you still need a steady source of income and earn at least $1,000 a month. This way we can be sure that you can handle the refund. Lending money to someone under that age is illegal in the United States. So if you are over 18, you now meet the first condition. From pristine beaches and beautiful lakes to miles of forests, Maine offers plenty of ways to enjoy the great outdoors. Vibrant cities like Augusta, Bangor and Portland offer arts, industry and culture for residents and visitors. If you’re a proud Maine resident, find out how a payday loan can help you pay your bills and avoid the stress of unexpected expenses.

As mentioned, you don’t need to have a good credit history. Any American who is over the age of majority and meets the lender’s requirements is eligible to take out a fast loan. If you are still confused about where to get the fast loan, you should go online. Online payday loans are very convenient and require minimal effort. We will transfer your money after your applications are approved.

First, you can approach your creditor with this issue if your balance is at least 78% of the original purchase price and you have already paid PMI for five years. Second, you can simply refinance your FHA loan into a conventional loan. LendersDirect Loans The direct lender is a state regulated financial institution. State finance license. Since it is hardly possible to determine the reasons that different suppliers rely on, discuss it with yours. However, the chances of being rejected are incredibly low if you follow the standard advice mentioned above. Maximum amount – The recommended limit on the amount borrowers can be offered is $2,000. For lower loan amounts, the maximum finance charge is $5 for any loan up to $75; $15 for loans between $75.01 and $249.99; and $25 for loans over $250.

Why are payday loan interest rates so high?

Payday loans are expensive

The short-term, high-risk nature of payday loans makes them expensive. If someone wants to borrow $200 for two weeks, 5% of the loan is $10. If you assume that the loan fee is an annual fee, the interest rate must be rolled over 26 times (annual rate).

To complete this process, the borrower must send their request to customer support. Nevertheless, it is essential to return the sum as soon as the request is approved. Payday loan company Checkmate offers loans ranging from $50 to $1,000, depending on where you are staying. They not only offer payday loans, but also installment loans and personal loans. Checkmate is one of the payday loan companies you should try before others. We prefer Maine enders licensed in your state as they are generally more tightly regulated and monitored. State-licensed lenders generally must apply, register, and remain compliant in each state in which they operate. As a result, state-licensed lenders tend to be larger, more permanent businesses. Maine payday loans with no credit check are often more affordable than overdraft fees. Imagine you write a bad check and your account debits a large sum of money that multiplies at a high rate.

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32% of Americans are hiding a financial secret from their partner, according to a survey https://blogcampcee.com/32-of-americans-are-hiding-a-financial-secret-from-their-partner-according-to-a-survey/ Thu, 10 Feb 2022 19:19:24 +0000 https://blogcampcee.com/32-of-americans-are-hiding-a-financial-secret-from-their-partner-according-to-a-survey/

A new TD Bank survey claims nearly a third of couples experience financial infidelity, such as hiding a major purchase or having secret debts. (iStock)

Just in time for Valentine’s Day, TD Bank revealed how couples in serious relationships spend – and hide – their money in its seventh annual Love and Money Survey.

Nearly a third of Americans (32%) are hiding a financial secret from their romantic partner, an 11% increase from last year. The most common financial secrets are a big purchase (40%), large credit card debt (18%) and a hidden bank account (13%).

Most common financial secrets hidden from a partner

It should be noted that half (50%) of partners in an unhappy relationship experience financial infidelity, compared to a third (32%) of those in a happy relationship, according to the survey. TD Bank spokeswoman Alissa Van Volkom said “when debt, financial secrets or unemployment enter a relationship, both partners need to stand firm on what matters to them.”

“The pandemic has shown that you can’t put a price on a lot of things – financial health, stability and happiness included,” Van Volkom added.

Keep reading to learn more about managing money with your partner, including how to be more transparent with your financial behavior. You can visit Credible to compare rates on a variety of financial products, so you and your partner can achieve your financial goals together.

PAYING OFF $10,000 OF CREDIT CARD DEBT WITH A PERSONAL LOAN COULD SAVE YOU THOUSANDS

How couples can become more transparent about money management

Keeping secrets in a relationship can sow guilt and embarrassment – ​​and financial infidelity is no exception. Being more honest with your spouse about your shared finances can help build trust with clear financial goals.

“Couples should regularly discuss three things: how they’re managing their budget, unexpected or upcoming expenses, and rising debt,” Van Volkom says.

Read more in the sections below for tips on how to have open conversations with your partner about financial transparency.

Discuss your budget

Although creating a shared budget might not seem like the most romantic date idea, it can help you and your partner see how you manage your income and expenses. Tracking your spending can help you identify areas where you might be overspending and find opportunities to increase your savings.

An easy way to streamline your budget is to download a finance app that automates the process. Budgeting apps can be linked to your bank accounts to give you a clear picture of your financial situation. More than half (57%) of Americans have financial apps on their smartphones, according to the TD Bank survey.

HOW TO CLEAR YOUR CREDIT CARD STATEMENTS QUICKLY

Plan for unexpected expenses

Among Americans who hide a financial secret from their partner, the most common is that they hide a large purchase (40%). For couples with shared finances, making a major purchase without your partner knowing about it can make budgeting and tracking expenses difficult.

One way to plan for unexpected expenses is to create an emergency fund that covers about three to six months of expenses. You can start your emergency fund by setting up a direct deposit of your paycheck into a high-yield savings account. You can compare savings account rates on Credible for free without affecting your credit score.

ARE BABY BOOMERS RESPONSIBLE FOR THE HOUSING SHORTAGE?

Make a plan to pay off your debts

Nearly a fifth (18%) of survey respondents with financial indiscretion are hiding secret credit card debt. This is problematic because revolving credit card debt that is carried over for a month comes with high interest rates, making it difficult to pay it off.

When discussing a debt management plan with your partner, consider the following strategies for paying off credit card balances:

  • Snowball method or debt avalanche. The debt snowball method is to pay off the credit cards with the lowest balances first, while the debt avalanche strategy is to pay off the debt with the lowest interest rates first. the highest.
  • Credit card balance transfers. Applicants with very good to excellent credit may qualify for a 0% APR introductory period, effectively allowing you to pay off credit card debt without interest. You can compare balance transfer card offers from several credit card companies at once on Credible.
  • Debt consolidation loans. It is a type of unsecured personal loan used to pay off high-interest debt in fixed monthly installments at a lower rate. Interest rates on two-year personal loans are currently at historic lows, according to the Federal Reserve.

You can visit Credible to learn more about debt management and compare personal loan interest rates. This way, you and your partner can make an informed decision on how to pay off credit card debt.

MILLENNIALS AND GENERATION ZERS PLAN TO REDUCE STUDENT LOAN PAYMENTS WITH REFINANCING

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.

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Personal Loans Snapshot: February 2022 https://blogcampcee.com/personal-loans-snapshot-february-2022/ Wed, 02 Feb 2022 01:42:54 +0000 https://blogcampcee.com/personal-loans-snapshot-february-2022/

As we head into 2022 and reflect on how personal loan interest rates have evolved over the past two months, we’ve seen several cut rates come out.

We’ve also seen the ever-growing list of low-interest loans available to purchase eco-friendly products continue to grow, with the addition of a new green car loan from MOVE Bank.

More generally, in recent months there has been a trend towards the introduction of risk-based pricing among lenders – such as ING, which has adopted the model on its single loan option.

Take a look at the latest Publication of ABS lending indicatorsthere was a 0.7% increase in fixed-term personal loan commitments (seasonally adjusted) in December 2021. A sharp decline from the 4.5% increase in fixed-term personal loans in November compared to to the previous month.

In addition, the statement reports a 0.6% decrease in new loan commitments for road vehicles, as well as a massive 17.4% increase in the value of new loan commitments for investment. staff.

Personal loan interest rate changes:

Here’s what’s been happening lately in terms of personal loan interest rates and offer changes:

Lower interest rates:

  • As the only lender to change its personal loan rates since our last update, Hume Bank has cut its secured personal loan fixed option by 100 basis points, bringing it down to 5.95% per annum (comparative rate 6.16% per year*). He also reduced his fixed unsecured personal loan by 100 basis points, which now stands at 9.95% per annum (comparative rate of 10.17% per annum*).

Other changes:

  • Latitude has increased application fees on its secured and unsecured personal loans, up from $49 to $299.

Ended offers:

  • The Commonwealth Bank has removed its application fee waiver offer that was available to students.

Which lenders stand out?

Once again we find that the lenders with the lowest interest rates on personal loans in the Mozo database are Community First Credit Union, Alex Bank, Transport Mutual Credit Union and Credit Union SA – which shows that smaller banks and credit unions are where they are if you want a more competitive rate.

What about reputable lenders?

Over the past month, we haven’t seen any major movement among the major banks’ personal loan interest rates. It’s also worth noting that the rates from the big banks tend to be much higher than those from most competing lenders.

Currently, we see the Commonwealth Bank variable unsecured personal loan interest rate at just 9.00% per annum, a significant jump from the lowest interest rate in the Mozo database. 3.99% per year.

Variable rate big 4 personal loans:

Currently, the lowest major bank variable rate personal loan interest rate in the Mozo database is the NAB (variable, unsecured) personal loan, at 6.99% per annum (rate comparison rate of 7.91% per year *).

As for the highest major bank variable rate personal loan in the Mozo database, it would be the Commonwealth Bank Unsecured Variable Rate Personal Loan at 11.50% per annum (comparison rate of 12.38% per year*).

Big 4 fixed rate personal loans:

In terms of fixed rate personal loans, the lowest fixed rate from the major banks in the Mozo database is none other than the personal loan (fixed, unsecured) from NAB, which offers a fixed rate of 6.99 % per year over 3 years (comparative rate of 7.91% per year). *).

The highest fixed rate major bank personal loan in the Mozo database again belongs to the Commonwealth Bank, with its unsecured (fixed) personal loan, which has a 3-year fixed rate of 9.00% per year (comparison rate of 9.90% per year*) .

Personal loan rate to note in February:

Looking for more personal loan options? Then take a look at our personal loan comparison tool, where you can start comparing personal loan options right away!

Written by: Rhianna Dews, Personal Loans Editor, February 1, 2022.

* DISCLAIMER: The Comparison Rate combines the lender’s interest rate, fees and charges into one rate to show the true cost of a personal loan. The comparative rates displayed are calculated on the basis of a loan of $30,000 with a term of 5 years or a loan of $10,000 with a term of 3 years as indicated, on the basis of repayments monthly principal and interest payments, on a secured basis for secured and unsecured loans. basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and durations will result in different comparison rates. Costs such as withdrawal fees or prepayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may affect the cost of the loan.

^ See Mozo Experts Choice Personal Loan Awards information

Mozo provides general product information. We do not take into account your personal goals, financial situation or needs and we do not recommend any particular product. You must make your own decision after reading the PDS or offering literature, or after seeking independent advice.

Although we pride ourselves on covering a wide range of products, we do not cover every product on the market. If you decide to request a product through our website, you will be dealing directly with the supplier of that product and not with Mozo.

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Revolut will start offering loans to its Irish customers https://blogcampcee.com/revolut-will-start-offering-loans-to-its-irish-customers/ Tue, 01 Feb 2022 14:15:00 +0000 https://blogcampcee.com/revolut-will-start-offering-loans-to-its-irish-customers/

Revolut will start offering personal loans in Ireland as its banking market penetration accelerates.

The online bank has opened a waiting list for loans, the first Revolut Bank product it offers in this country.

The company also revealed that it has grown its user base here to 1.7 million and employs over 100 people in Ireland.

Revolut says other loan products, such as credit cards, will follow later this year.

It will also be able to offer bank accounts backed by Lithuania’s €100,000 deposit guarantee to its Irish users later this year under the full banking license granted to it by the European Central Bank in December. .

In the same month, it was also granted an electronic money license by the Central Bank of Ireland.

But he decided not to use it and will instead operate the banking operations under the license of the ECB.

The developments come as nearly 1.5 million Ulster Bank and KBC Bank Ireland customers face the prospect of having to relocate their banks in the coming months as the two lenders prepare to exit the Irish market .

“Following the successful rollout of Revolut Bank in ten more European markets in January, Revolut Bank is now present in 28 markets across the EEA,” it said in a statement.

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“In light of the withdrawal of Ulster Bank and KBC from the Irish market, Irish customers need alternative banking providers more than an e-money account,” he said.

“As Revolut Bank is now able to bring more competition and choice to the Irish banking market, we no longer plan to serve customers in Ireland using the e-money license that the Central Bank of Ireland has approved at late last year,” he added. .

Existing Revolut customers and new customers will be able to apply for a personal loan instantly and the company promises a response within seconds.

Daragh Cassidy, of change website Bonkers.ie, said the news that Revolut is launching banking services here is good for consumers.

“Revolut has literally revolutionized the banking industry since it started operating less than a decade ago,” he said.

“However, until now, many people still only used their accounts to send money or when traveling abroad. Revolut’s lack of credit products and its lack of a banking license in Ireland meant that people were probably reluctant to consider fintech for all of their banking needs,” he added.

“This is confirmed by the fact that most people kept their original bank account when signing up for Revolut,” he explained.

“But that will probably start to change and it will be interesting to see how the main Irish retail banks: AIB, Bank of Ireland and Permanent TSB react,” he added.

Mr Cassidy added that it was disappointing that no information on an overdraft offer had been announced.

Meanwhile, the Central Bank of Ireland has defended how it handles proposed new entrants to the banking market amid reports that fintechs are unhappy with the pace of the licensing process.

Fianna Fáil Senator Malcolm Byrne has called for an overhaul of the bank in this area and giving it a statutory mission for the development of competition in the financial services sector.

In a statement, the Central Bank said it operates a transparent and robust process for license applicants and has an active licensing pipeline across all regulated sectors.

“Authorization is an important part of the Central Bank’s job to protect consumers and investors, and to ensure the smooth functioning of the financial system,” he said.

“The Central Bank handles license applications from companies in all financial sectors in an open, engaged and constructive manner.”

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What to know before borrowing https://blogcampcee.com/what-to-know-before-borrowing/ Tue, 25 Jan 2022 22:36:00 +0000 https://blogcampcee.com/what-to-know-before-borrowing/
  • Payday loans usually come with very high interest rates and are often based on your income.
  • Personal loans are long-term installment loans that generally have lower rates than payday loans.
  • Payday loans are always a worse option than personal loans due to their high rates.
  • Read more stories from Personal Finance Insider.

Taking out a loan can be a useful way to pay for expenses that you might not otherwise be able to cover at the moment. You may want to borrow to cover medical bills, home renovations, or maybe even a vacation.

The most common forms of loans for quick cash are payday loans and personal loans, although one is a much better option than the other.

payday loan vs. Personal loan: In one look

  • A payday loan is a short-term, high-cost unsecured loan with principal as part of your next paycheck.
  • A personal loan is an unsecured long-term loan with higher minimum loan amounts and lower interest rates.
  • You can use either money pretty much however you like; other than that, they have few similarities.

Real Simple’s Money Confidential podcast host Stefanie O’Connell Rodriguez recommends avoiding payday loans whenever possible.

“It’s an option of last resort, like avoiding it at all costs,” says O’Connell Rodriguez. “If you’re considering something like, ‘OK, do I use a payday loan or a credit card or a personal loan,’ understanding that a payday loan is the option of last resort might help make that decision a little easier.”

What is a payday loan?

Payday loans are often for small amounts of money, usually $500 or less. They are designed for borrowers who are in need – perhaps you need money to cover an unexpected medical bill or a damaged item. Payday loans provide immediate funds, come with extremely high interest rates, and are generally based on your income, not your credit history.

“Payday loans come at a price,” says Kendall Clayborne, Certified Financial Planner at SoFi. “They can have interest rates over 600%. Such high interest rates, not to mention the other associated fees, can quickly lead to situations where you end up falling behind on the loan and have to borrow money. more and more to pay it comes back.”

Payday loans are never a better option than personal loans. They come with extremely high interest rates and are often predatory in nature.

“If someone asked me personally, I wouldn’t recommend a payday loan under any circumstances,” says Annie Yang, strategic financial advisor at Real Estate Bees.

You can get a payday loan by going to a physical lender or through an online lender. When you take out a payday loan, you often agree to authorize the lender to withdraw funds from your bank after your check has been deposited. The lender may request a signed check in order to receive the funds soon after your next paycheck.

what is a Personal loan?

With a personal loan, you ask to withdraw a specific amount of money. The lender will show you available offers based on financial factors such as your credit score, debt-to-equity ratio, and ability to repay the loan. You can use a personal loan for a variety of reasons, including home renovations, medical bills, and vacations.

“Personal loans come with a credit check to qualify, but will give you a longer term to pay them back,” says Clayborne. “Your repayment schedule can be less stressful, giving you the flexibility to pay over a few years rather than a few months. With a longer repayment term, your personal loan can be easier to manage than a payday loan. .”

Personal loans are always a better option than payday loans because they come with lower interest rates and the loan decision is based on your ability to repay.

Online lenders, banks and


credit unions

will give you money that you will repay over a fixed period, say a year or five years. Personal loans are almost always unsecured, meaning they don’t require collateral – like a house or car in the case of a mortgage or car loan – to be received. Most personal loans have fixed interest rates that remain the same for the life of the loan.

Whether you decide to take out a loan or not, O’Connell Rodriguez advised you not to judge yourself too harshly based on your financial situation.

“Have compassion for yourself,” O’Connell Rodriguez said. “Understand that where you are, if you’re in an emergency, if you’re in debt, if you’re in a really bad financial situation, it doesn’t say anything about who you are, it doesn’t say anything about what you’re capable of. of, or who you are. It doesn’t define your goodness or your dignity.”

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