Understanding Personal Loan Options

It’s a common misconception that personal loans with good rates are only available to people with prime credit scores. However, in an era of fierce competition, the market has paved the way for some surprisingly good offers. In fact, you could be one of the many people taking out a small personal loan with no credit check, if you perform due diligence on the lenders offering this.

The Run-Down on Banks as Lending Institutions

When it comes to a personal loan, a bank may be your first thought – given their size and reach. Places such as Capital One, US Bank and Bank of America are well-known for their range of financial services; whether you need an unsecured loan via credit cards, or a mortgage loan for your new property.

The potential problem, however, is that banks often won’t take a second glance at a prospective borrower with a credit score below 660. This, of course, varies a bit, but you should take this as a general guideline of the kind of credit you need in order to qualify.

Benefits of Online Lenders

There are online lenders who specifically target people with bad credit. These consistently go below credit scores of 600 to find a program of payment at the prescribed interest rate that will work for their customer. Oftentimes, the lowered rate is provided as an incentive to consolidate debt – but it can be used for an initial personal loan, too.

There are other benefits to consolidating debt, if that’s the reason you’re in need of a personal loan. The primary one is the new classification of your consolidated debt as a so-called “installment debt,” which actually elevates your credit score. For historical reasons, installment debts are not treated the same way as other types of debt, and so they don’t hurt your FICO score in any way.

How do you obtain an installment debt? The most important thing is your income; then, the amount of debt you actually have. Combining these numbers to obtain your debt-to-income ratio is the money ball, effectively; it is the number that determines whether you’re eligible for the installment debt or not. If you can’t qualify for it on your own, then a cosigner with great credit can help you. The overall benefits are :

  • You are generally eligible for larger loan amounts
  • Your rates tend to be lower
  • Interest savings

No Credit Check Loans

As mentioned above, these are generally online lenders who specialize in loaning money to people who have problems with their credit history. The terms are competitive; but this is of course contingent on you getting a reputable lender. The no credit check option does tend to come with a higher interest rate to cover the risk, but this is often negotiable and represents a breath of fresh air for people who cannot otherwise get a personal loan.
If all else fails and you can’t get an unsecured loan, then you might want to consider going the route of the secured loan. This will require collateral on your part; which can be anything valuable such as a boat, car, family heirloom, house – the higher the loan you want, the more valuable the collateral will have to be. Generally-speaking, however, an unsecured personal loan is the better option. If you pay your current bills on time, you can see a credit score increase in a few months – after which you should try again for an unsecured personal loan at a better interest rate.

When and How to Apply for your First Credit Card

Getting the first credit card is tricky because you cannot build credit without credit. Where should you start? Nowadays you need credit for almost everything from renting an apartment to purchasing a cell phone.

Fortunately, the best time to build your credit is when you are still in school. Here are some important facts that you should know before applying for your first credit card:

Get a student credit card

Credit scores are usually made up of several factors, including your credit history. If you have no credit history, you might also lack a credit score because credit bureaus do not have any means of determining your ability to pay bills on time or repay loans. However, the easiest way to build your credit is by applying for and using a credit card responsibly.

Find the best credit card

You should remember that not all cards are the same. Each one comes with different features, rates, fees, and benefits. If you think you can repay your balance in full every month, consider maximizing your rewards by applying for a student rewards card.

With some rewards cards, you can earn your cashback on every purchase. However, you should remember that rewards caps as well as other exclusions exist. Will you carry a balance? If you think that you will, you should look for a low-interest credit card.

Several student credit cards have a 0-percent APR introductory offer that lasts six to eight months. This card will allow you to pay for large purchases over time while avoiding interest rates. Just research all your options to find a card that offers low rates of interest, cash rewards, no annual fee, and a reasonable credit limit.

When applying for a card, be sure to pay attention to the billing cycles if you hope to avoid extra fees. Some students credit cards also offer online tools that can help you to manage and track your spending. To get the best card for you, make sure that you compare student credit card reviews online.

Getting approved for a credit card

You must be at least eighteen years old to apply for a credit card. Are you under the age of 21? If you want to apply for a credit card, you must prove that you have independent assets or income to show that you can repay your debt. If you fail to get approval, you can also become an authorized user on your parent’s account.

Do you have a part-time or fulltime job? You might have enough income to be approved for your own credit card. However, you have to pay the credit card bill on a monthly basis.

Authorized credit card user

Are you an authorized user on another person’s account? You should enjoy the benefits of using it without the responsibility of having to pay back the balance. If your credit history is insufficient, you can build your credit by becoming an authorized user because your account use might be reported.

However, you should ensure that the account owner keeps up with his payments since any negative reporting will appear on your report.

Secured credit card

If you do not qualify for a traditional credit card, you should consider applying for a secured credit card. This card can help you to build your credit history enough so that you can qualify for a traditional credit card. To get a secured credit card, you need to put down a deposit.

When you put down a deposit, the card works like a traditional credit card. However, unlike prepaid credit or debit cards, you can build credit.

 

Peer-to-peer loans: how do they work?

P2P lending is a way of borrowing without going through a credit union or traditional bank. If you need a loan, you should consider P2P lending when shopping for a loan. Do you have good credit? The rates for this loan can be very low for you.

However, if your credit is bad, you can also get an affordable peer-to-peer loan from an online lender.

What is P2P lending?

Investors and individuals instead of banks give P2P loans. Persons who have extra money to lend choose to loan it to others who need it. P2P services such as websites match a lender with a borrower, making the process of borrowing easier for both parties.

Benefits of borrowing from peer-to-peer lenders

Peer-to-peer loans are not always better than credit union or bank loans but they have a few features that make them a great choice:

Low costs

When taking out a P2P loan, you can do it at a relatively low cost. You just need to pay enough interest to keep the lender happy: it goes towards compensating your lender. With credit union and bank loans, the overhead costs for large workforces and branch networks, make loans more expensive.

For this reason, P2P loans are a better option than using credit cards. When taking out this loan, you should expect to pay an origination fee of between 1-5 percent of your total loan amount. Compared to personal bank loans, this fee can be high, but it is much cheaper than that of taking out a second mortgage.

Quick and easy

Shopping for loans is not that easy. After application, you have to wait to hear back from the bank or credit union. P2P borrowing eases some of this pain because the application process is easy and you do not have to wait that long for approval.

Although the actual funding takes a few days longer, at least you will not have to sit around wondering whether your loan was approved.

Blemishes in your credit can be tolerated

In a world where lenders are unwilling to loan money to people with bad credit, P2P lenders are an attractive option. However, your FICO score needs to be good – having a score in the mid 600’s is best. Just remember that the worse your credit is, the more you will have to pay for your loan, as is the case with most loans.

Types of P2P loans

This loan started out as an unsecured, personal loan that you could borrow for any purpose and collateral was not necessary. It is still the most common loan type because of its flexibility: you can use the money to consolidate debt, do home improvements, or buy a new car. Do you want to borrow money to fund higher learning? You need to let the lender know.

Over time, specialized P2P lenders have begun offering loans for particular uses – such as for business startups – and loans that need collateral to secure them.

Popular P2P lenders

The number of P2P lenders is always growing, but Lending Club and Prosper.com popularized this concept. When looking for this loan, you should consider getting a quote from both of these sources. Whatever you do, make sure that you read reviews for top peer to peer business loans for poor credit when looking for business loans.

Only apply to reputable lending services because you will be providing sensitive information that you do not want to get into the wrong hands. If you fail to qualify for P2P loans, you should try your luck with other online lenders who specifically deal with bad credit borrowers.

 

5 Options for Debt Relief

If you’re laden down by debt – whether this debt is from your student loans, credit cards or other personal loan – then you’ll benefit from this path to debt relief. Getting yourself out of the red isn’t simply a case of reducing your spending every month, given inflation and the sheer cost of even everyday things these days.

One of the avenues comes from BBB accredited debt relief program reviews, which provides confidence to the average consumer that this is a company that can help. You can have either a secured loan or an unsecured loan – there are options available to address either.

  1. Transferring Your Credit Card Balance

In response to the economic climate where debt is a growing issue, many credit card companies actively promote the possibility of balance transfers from your existing card to theirs – and this comes with an enticing 0% annual percentage rate for the first half-year – sometimes, up to the first two years!

A 0% APR means your monthly payments are only going towards the principle; you’re not on the hook for the interest on the balance for that period of time. A word of forewarning, though: remember that risk is directly proportional to creditworthiness, so high credit scores are generally a must to receive offers like this.

  1. Interest Rate Options

This is an expanded continuation of the above, as not everyone will have the FICO score necessary to receive a 0% APR offer. In fact, you can be proactive in this regard: give your current creditor a call and schedule an appointment – online, or in person – with an account manager. You may be able to obtain a lower interest rate.

The benefit of this is that more of your payment goes towards paying back the principal each month, instead of to settle the risk the creditor is undertaking as determined by your creditworthiness.

  1. Debt Consolidation

You might ask – why would anyone ever want to consolidate their loans? Well, for starters, if you have a lot of credit card debt, then you’re aware of how high the interest rates are on these when compared to what you can get with an average credit score on an unsecured loan. As such, there are quite a few companies out there willing to give you a personal loan at a lower rate; by consolidating all your other debt, you end up paying more money towards the principal with each payment.

The only debt you shouldn’t consolidate together are federal and private student loans – they often have widely-varying rates. Avoid crossing barriers; although of course, you can consolidate different federal loans with each other, and the same for different personal loans.

  1. Debt Forgiveness or Settlement

This option requires more research than the others, as the pickings are slim, so to speak.It’s the last step before a collection agency may step in, and accomplishes a similar function without as much of a hit to your credit history (or any at all, in some cases). Speak with your creditor about the possibility of paying a single payment that’s a sizable fraction of what you owe; they may forgive the remainder of the debt if you can do pay right away.

  1. Managing Your Debt Using an Assistance Program

Lastly – for this article, at least – debt relief in the form of credit counseling has been shown to work for quite a few people. How does it work? The agency takes on your principal, and works out a deal with your privately that lowers your monthly payments to something more manageable. Of course, you’re likely paying for their services, but this amount will be tacked on to the overall payment over the long term.

4 Amazing Benefits of Having a Good Credit Score

As you go through your daily errands, you might want to stop and take some time to think about your credit score. Is it good enough or does it portray you as someone that is a bit off the edge?

In real terms, a good credit score will save you a fortune of your money despite the fact that one can still survive with a bad one. To be honest, who wouldn’t want to have privileges when it comes to acquiring a loan in funding your business or even a mortgage on your future house?

According to American statistics carried out by FICO, the majority of Americans have exceptional credit scores which just show you how wise they have become overtime. With this in mind, it’s important to consider the following benefits that come with having a good credit score.

  1. Advantage in negotiating

You may be in a situation where you urgently need a loan but the interest rate given could be ridiculous. However, this shouldn’t alarm you as your good credit score will be your savior! Just by referring to some of your previous offers from other companies that are centered on your credit score.

Fortunately, you might be surprised even to get one of your lowest interest loans ever if you get lucky enough! Regrettably, you might also be in a situation where your credit score is either bad or even worse.

In this case, you should at least try to discover if debt relief programs hurt your credit by checking out the appropriate sites that could be of great help.

  1. Avoid nagging limits

Another point to always keep in mind is that money is always a necessity and it can never be enough. The good thing with having a good credit score is that you can always ask for higher amounts, simply because of having a decent score on your credit.

This is a direct illustration that you are able to not only pay all the amount given but that you are also able to pay the whole amount in a timely manner hence making the process stress -free!

You may still acquire a good loan based on a bad credit score, but the amount will definitely be limited. This is what you should avoid because it eventually limits one’s money power in whatever process you may be involved.

  1. Improved car insurance rates

Insuring your car is essential. In countries such as the United States, insurance rates have always proven to be a nuisance that makes you dig into your pockets.

It is only wise to save more money by having a good credit score which will eventually help you to get convenient car insurance rates that won’t be as hard to pay. In the long run, you might discover that you’re saving a whole lot of money which can be used for many other needs.

  1. Quick authorization on rental houses and apartments

As you’re relocating, landlords will definitely not overlook a bad credit score. You should keep in mind a good one will display the best first impression.

This is mostly dangerous if it’s based on a previous outstanding rental balance and you could find yourself homeless.

It is also important to note that despite the advantages of having a good score, you can still rent on a bad credit score.

In general, having a good credit score will save you a lot of time and energy. There is absolutely no reason to want this even though you can still hack halfway through with a bad one.

 

How to Succeed in an Online Nursing Program

Nursing is one of the most rewarding and meaningful careers anyone could hope to have, but getting to that point can be difficult. Many nursing students are adults–some with families–who have not seen the inside of a classroom in many years. Others are fresh out of high school but are unable or prefer not to attend a traditional nursing school.

No matter the circumstance, online nursing programs are often the best option for many modern students. In fact, most college and university students take either part or all of their classes online these days, and nursing students particularly can benefit from this. Taking all classes online provides students with the opportunity to get the same credits, learn the same information, and have access to all of the same resources as traditional schools, but from a more comfortable and accessible location.

However, there are still some distinct differences between online programs and more traditional classes. Many of these differences give online students advantages, but there can still be difficulties to pursuing and attaining a nursing degree online. This article is designed to help those students and provide a few tips and strategies for success, focusing on the specifics of online nursing school.

Utilize and Improve Computer Savvy

Obviously, online degree programs require at least a small level of familiarity with modern technology, but those who have an enhanced level of technical savvy will be in a better position to succeed. This does not mean every nursing student should begin to learn advanced coding and computer programing, but seeking and taking available opportunities to learn more about technology can be incredibly helpful.

Make and Stick to a Schedule

Because there are few, if any, required class times with most online programs, students can have erratic schedules. This will inevitably lead to falling behind in classwork and scrambling to get back on track. Staying disciplined with a strict schedule will help create positive habits and make every area of life easier.

Get Involved

Just because students are not in a traditional classroom does not mean they cannot learn with and from their peers. Online study groups are one of the most useful resources available to students, and these can also help a student stay on the right track.

Stay Healthy

All college students can get too busy and overlook basic tasks of healthy living, and this can be worse for online students. Eating healthy, exercising regularly, staying on a decent sleep schedule and other self-care acts are crucial to mental and physical success. Any student who allows these areas to lapse is much more likely to “burn out,” in addition to the possibility of serious health problems.

Be Practical

Taking courses online, as opposed to traditional in-class programs, can lead students to live a more non-traditional life. Strange schedules, sedentary lifestyles, and other aspects of online nursing school can cause unexpected problems. Online students are encouraged to do all of the same things they would in a traditional school, and they may have to go above and beyond to maintain a normal life while in school.

Make the Most of It

Online students have a unique advantage in learning multiple healthcare provider skills via the wealth of resources they have at their fingertips. Students are encouraged to use all learning resources provided by the program, as well as seeking out possible mentors, nursing conferences and any other medical networking opportunities.

 

How to Consolidate Credit Card Debt

Are you deep in debt? You need not worry; many Americans are in the same boat. Debt consolidation refers to the merging of different unsecured debts such as payday loans, medical bills, and personal loans into a single payment. Instead of writing checks to multiple creditors, you only have to write to a single one.

Doing so will help you to avoid mistakes that result in penalties such as late payments. There are three types of debt consolidation: debt settlement, debt management plans, and debt consolidation loans. They offer long-term solutions that will get you out of debt.

What is the best way to consolidate debt?

Depending on how much you owe, there are several ways to consolidate debt. If you have a credit card debt under 30,000, you can transfer it to the 0-percent APR credit card. You should also consider getting a personal loan to repay your balances.

Moreover, you could refinance your mortgage or get a home equity line of credit. You can also consider borrowing against your retirement savings or life insurance policy. If you have a large debt, the best way to handle it without taking out another loan is by enrolling in a debt management plan. Whatever you do, make sure that you enroll in debt consolidation programs that are government approved.

Debt management plan

According to most financial experts, a debt management plan is the best way of consolidating your debt. When you choose this option, you will attend a credit counseling session that will help you to figure out how much you can put towards debt repayment each month. The best debt management plans are run by non-profit agencies, which will help you to get lower rates of interest from creditors.

How does it work? You will send one payment to the agency and it will split it amongst your creditors. This debt consolidation method might affect your score but at the end of it, you will be debt-free and improve your score.

Debt consolidation loans

This loan allows you to make a single payment to one lender instead of sending multiple payments to several creditors. The debt consolidation loan you choose should have a fixed rate of interest – which should be lower than the one you were paying – to reduce your monthly payments. Different types of debt consolidation loans include home equity loans, personal loans, and zero-interest balances on credit cards.

Such loans give you an easier way to track your finances by bundling your bills into one single payment. However, you might end up facing a longer repayment period.

What is bill consolidation?

This is an option for eliminating debts by combining all bills and paying them as a single loan. With this option, you only have to make one payment, which is a good idea for those who have multiple separate payments.

How to get a loan consolidation

Credit unions and banks are good places to enquire about loan consolidation. However, borrowing from online lenders might be better. Before deciding which method you should use, list all the debts that you want to consolidate: medical bills, phone service, and utilities. Moreover, you need to know your credit score.

When you have this info, you need to start comparing the lender’s rates, fees, and payment duration before you decide. A consolidation loan will lower your monthly payments and offer a feasible way to get rid of debt. You can consolidate credit card debt on your own by applying for a 0-percent APR credit card.

This introductory rate lasts for 6-18 months and paying during this period means lower monthly payments.