How to Find a Better Loan Deal Easily in 3 Steps

Business Finance

When taking out a loan, the most important factor for most people is the interest and repayment schedule. If you’re struggling to find a loan that isn’t a great deal, then it’s time to do some digging. With a bad loan, you may be struggling to pay it off or find that it’s not even worth borrowing.

If you’re not sure how to get a better loan deal, these three steps will get you the best loan for your needs.

  1. Find the Right Loan Type

When it comes to taking out a loan, you should find the type that meets your borrowing needs. For example, there are short-term loans which may be ideal for a short-term need. In contrast, a long term loan is usually repaid over 2-5 years or possibly even longer.

Before moving forward, make sure to decide which type of loan is going to be best for your situation. Consider the purpose of the loan, how much you can afford to pay on the loan each month, and other features that may be important for you.

  1. Compare Loan Options

Now that you have an idea of the type of loan that will suit your situation best, research your options and compare features. If you have a less than perfect credit history, you could use sites like www.badcreditsite.co.uk or other instant comparison type sites that provide “easy loans” to compare loans that you’re eligible to take. This is usually done without checking your credit file

This is a great asset and well-worth your time. This is especially important if you have poor or no credit and need to determine what’s going to work best for you.

When you’re comparing loans, only compare loans that you’ll be eligible to take. Not all loans are available to all lenders. Make sure that you have all of your financial information ready when searching for loans in order to provide an accurate picture of your finances. This will allow you to qualify for appropriate loans and make this process more efficient.

  1. Take Out the Loan

Now that you’ve researched the type of loan that you need and what lenders will borrow to you, the last and final step is actually to take out the loan. Always double-check the interest rate that you will be charged as well as any upfront and ongoing fees. The comparison rate will provide you with the overall cost of the loan. You can see what your monthly payments are going to be and then determine if you’ll be able to afford those payments.

Once you’ve found the loan that you can make payments on, apply, and you’ll receive your money. Check the terms and conditions to determine how quickly you’ll be able to access funds.

When it comes to the steps needed to take out easy loans and get a great deal, these three steps are all that’s needed.

It may be surprising for some borrowers who haven’t been able to get good options before.

However, people with bad or minimal credit can usually qualify for several loans. Using a website that allows for easy comparisons is a crucial part of getting the best deal.

Continue Reading

Why Your Credit Score Matters

Finance

Your credit score might seem like a minor detail in the grand scheme of your life. But it can play a big role at certain points—namely when you need to borrow money. These are a few reasons why your credit score matters. 

Your Credit Score Determines Your Interest Rates

Interest rates are arguably the most important thing to consider when it comes to your own debt. While it might just feel like a number that’s there when you take out a loan or get a credit card, your interest rate can be a massive determinant in how much you pay on a loan.

Along with interest rates set by the Federal Reserve, your credit score is going to help determine the actual interest rate you’ll receive on a loan. Why does credit score matter for this? Because lending institutions don’t see all consumers in the same way. 

If you’re someone who has never missed a credit card payment and has consistently held a credit score in the 700s or higher, you’re typically considered pretty low risk for receiving credit. Banks and other lenders typically want to attract people who they think will pay them back in a timely manner, with a little bit of interest added on top. 

People who, on the other hand, have a history of not making payments on time or having debts go to collections will receive much less favorable rates. This is because the people lending the money can’t be as sure they’ll get it back. The higher interest rate is essentially a way for them to hedge their bets in case the consumer doesn’t repay the loan. 

Over the course of a mortgage, a few percentage points in your interest rate can make a huge difference in the amount you pay on the loan. This is the case with any kind of debt, but especially the longer you owe money. Keeping a high credit score will get you more favorable interest rates, and let you pay less in interest on your balances. 

Your Credit Score Determines Whether You Can Borrow Money

Do you need to take out a loan in order to buy a house or car? Your credit score is going to make a big difference in how smoothly the process goes for you. 

People with good credit typically don’t have trouble getting approved for a loan assuming it’s within their ability to pay it back. Those with poor credit, however, might not even be able to borrow money at all. When your credit is too low, some lenders might decide it’s not worth lending money even with a high interest rate.

People struggling to get a loan due to poor credit should look for ways to boost their credit score over time. Paying bills consistently and on time is the most surefire way of doing this. But what about if you’re at the point where you don’t think you’re going to be able to pay back what you currently owe?

People in this situation might want to get in contact with a debt relief organization like Freedom Financial Network. If settlement can bring your debt down to a more reasonable level, it tends to be easier to pay it off and start rebuilding your credit. 

You Never Know When It Might Come in Handy

It’s important to have your credit in a place that makes it possible for you to borrow money at a reasonable interest rate. You don’t know what the future holds for you. Someday, sooner than you might think, buying a house or car might be a real possibility for you. Having to settle with high interest rates because of a low credit score can make that dream much less achievable. 

It’s wise to take steps now that will help you get to a place where you can easily borrow money when you want or need to. Having a good credit score is a key part of that process. 

Continue Reading

Money Management Tips For Young Adults

Finance Money

Learning to properly manage the money you have makes a huge impact on where you end up in life.  If you can’t get a hold on your finances, you will spend your life juggling payments and debts.  

It’s important that you learn the proper management methods while you’re young, so you’ll have more of a financial cushion for support when you’re old.  Take some time now to read through some money management tips that will get you on your way to financial stability today.  

Live by a budget 

As soon as you are able to earn your own money and pay your own bills, you need to be living by a strict budget.  Spend time cultivating the most fitting budget for your personal situation, and augment your plans as your income matures.  

Knowing where your money is being spent will paint a very clear picture of your income dispersion.  You’ll have more power to control your financial situation with a well-crafted budget.  

Work hard while you can

Work hard when you’re young.  Your body and mind won’t always be as sharp as they are in your 20s, so take advantage of the wealth of health you have at your disposal.  Working hard will help you earn as much money as possible.  

However, it’s still important that you treat your body right.  Don’t overwork yourself to the point of exhaustion. Pay attention to your dietary habits, and make sure you get plenty of sleep.  There are always ways to make a little bit more money too, do your research and make a ways to make extra money list, try each method you find and go get that extra cash. 

Make sure you pay your taxes

You don’t want to have a tussle with the Internal Revenue Service (IRS), as they typically always win.  You need to pay your taxes as you earn money to keep yourself out of legal trouble.  

You could face criminal charges for shorting the federal government of their money, so don’t take any chances with your taxes.  Hire a competent accountant to handle your taxes each year, and rest peacefully knowing your money is protected.  

Always keep a savings 

Ideally, you should have six months’ worth of survival money in your savings account at all times.  Not everyone has the ability to meet that goal, but it’s worth the push to try.  

You need a savings account to handle the financial hiccups that come your way throughout life.  If your car breaks down or you break your arm, you’ll need some extra money to float you through to the other side of such a financial impact.  

Invest in a retirement plan

As soon as you have the option, invest in a 401(k) retirement plan.  You’ll thank yourself when you’re old and you don’t feel like working anymore.  Leaning on your promised social security check is no longer a reliable plan for retirement. 

Continue Reading

5 Ways To Make A Quick Buck

Finance

A little extra money in your pocket is never a bad thing.  Making money isn’t as hard as people think, as long as you know the right channels to travel.  There are plenty of simple ways to make an extra dollar.  

If you’ve been searching for a useful opportunity to make some extra dough, you’re already heading in the right direction.  Research will open up new avenues. Here are a few ways to start your endeavor and make some extra money fast.  

You could buy some lottery tickets

You may think it’s a long shot, but you can make a little money scratching off instant lotto tickets.  Stores make good money selling lottery tickets, but the revenue goes towards bettering the surrounding communities.  

You can make a few bucks, while simultaneously giving back to others.  Just be careful to keep it in moderation. A gambling habit is a formidable opponent.  

Try mobile money-making apps

The age of mobile users is upon us, and there are numerous mobile apps available that actually do pay.  Don’t waste your time downloading some ad-ridden trash on your smartphone, and take a hint from us.  

Check out these money-making mobile apps the next time you want to make a quick chuck of change.  

  • Dosh
  • Field Agent
  • Ibotta
  • Swagbucks
  • Inbox Dollars 

You can have the extra money for that hot date you’ve been hoping to plan by next week by making a simple download today. 

Consider freelancing your skills

You can make an extra paycheck if you have marketable skills.  The internet is always in need of new content, so it’s not too difficult to pick up a content writing position.  

If you’re into visual art, you can likely find an outlet for your expression and make some money online.  It’s all about finding the right leads.  Take the time to truly research various leads, and learn what a good lead looks like from the jump.

Sell your things online

You can make money by selling your old things online.  If you’re crafty, you can sell that too. Sites like Etsy, Amazon, and Craigslist offer a simple opportunity to anyone to make a fast buck.  Sell old furniture or electronics, and you’ll receive payment almost instantaneously.  

Make money taking surveys

If you have plenty of spare time to surf the web, then you have the time to make some money by sharing your opinions.  Take surveys, and make money to afford the little perks in life.  

Your survey money could easily afford you a monthly Netflix subscription or a similar entertainment source.  Use your idle time to your advantage, and turn your hours into dollars by taking online surveys.

Continue Reading

3 Tips For Buying Your First Investment Property

Finance

If you’re ready to start building your investment portfolio, one of the first ways you might think to do this is by buying a piece of property that you then rent out to tenants. While this can be a great investment opportunity for many people, it’s really only going to be beneficial to you if you go about it in the right way and under the right conditions.

So to help ensure that your choice to start purchasing additional properties isn’t a bad financial move for you, here are three tips for buying your first investment property. 

Prepare For A Larger Down Payment

For those who are already owners of their own home, you might have been able to get away with a smaller down payment than the traditional 20 percent. Especially if you were a first-time homebuyer or were buying under other conditions, you might have been able to put five percent, three percent, or even zero down on your home.

However, with an investment property, this small amount isn’t really an option when it comes to a down payment. According to DC Fawcett, a contributor to Forbes.com, mortgage insurance isn’t an option if you’re purchasing an investment property. Because of this, you’ve got to have at least 20 percent ready to put down on the property before you’ll be able to go forward with a loan for the rest of the cost of the property. In some situations, this can take quite a long time to come up with, so make sure you’re ready with this big chunk of change. 

Start With A Single-Family Home

Once you’ve decided that you want to get an investment property, the next thing you need to determine is what kind of property you should buy. While you might be tempted to get something that gives you multiple streams of revenue all for one purchase, like a small apartment complex or duplex, this might not be the best choice for your first investment property.

Rather, Kathy Fettke, a contributor to Fit Small Business, recommends that you start with a single-family home first. By going this route, you’ll be able to get your feet wet as a property investor and manager with just one tenant as opposed to multiple tenants across multiple units. 

Don’t Go With A Fixer Upper

To get the most for your money when buying an investment property, you might be considering going with a fixer-upper, putting some money into it, and then making a lot of money quickly with both the value of the property and the amount you’ll be able to charge in rent.

While this option is good in theory, it doesn’t often turn out to be the case with first-time property investors. According to Tim Parker, a contributor to Investopedia.com, if you don’t have experience renovating properties and don’t have a contractor you’ve used before and trust, getting a fixer-upper could be a huge gamble that has a good chance of not paying off for you. So instead of going this route, try to find a property that’s either move-in ready or only needs minor repairs. 

If you’re thinking about buying your first investment property, consider using the tips mentioned above to help you make the right choices from the beginning.

Continue Reading

What You Need to Check Before Buying Seasoned Tradelines

Finance

Boosting your credit is one of the most important things for many people today. People with both good and poor credit score want to make it even better. According to information posted online and in other business journals, there are many ways of boosting your credit. What matters most is which one you choose and how consistently you apply it.

The use of seasoned tradelines has a significant impact when it comes to boosting your credit score. It involves linking your credit score file to tradelines that have a good score so that the data can have an impact on your score. But before you do this, there are various things that you need to check carefully.

Understand How Tradelines Work

If you do not know how tradelines work, then you will have a hard time relying on them. Thus, you need to research more and consult with experts to understand the concept. Those who understand the concept get a lot of positive impact from them. It is also easy to know when a seasoned tradeline sellers playing games with you. There are online tools that people can use to monitor and understand how the seasoned tradelines attached to them are working.

Compare Prices

Before you buy seasoned tradelines, you must first understand prices from different sellers. The web is a great avenue to check how much they are worth and what different sellers are offering. For those who do not want to go this way, using a financial consultant will work well for them. They already know the best prices and how they can get you a negotiated rate.

Where to Buy Seasoned Tradelines

Even if you know the rough amount that you need to buy a tradeline, the information is useless unless you have a reliable seller in mind. According to tips given by the Boostcredit101 website, agents who sell tradelines are the best to use. They will offer seasoned tradelines with different powers to boost your credit, and thus they will have different prices. In this case, you will have to choose the one that suits your needs. If you want a bigger boost, then you can try tradelines that have been established for a long time.

Whether They are Legal or Not

There is an Act that allows people to attach tradelines to another person to boost their score. But the main problem is that this can be abused. It ceases to be legal when this is made to be a business. However, mortgage brokers, lenders, and financial agents will use this option as long as it does not violate the law. That is why you need to know whether it is legal to be attached to a specific seasoned tradeline. If it is not, then you can try somewhere else.

Conclusion

After factoring in these things and ensuring that all is good, you can rest assured that you will get some positive results immediately. The beauty of tradelines is that they give positive results within a short time, and that’s why most people trust and use them.

Continue Reading

How Prepared Are You to Retire?

Finance

Do you dream of the day you can say goodbye to the 9 to 5 grind? Retirement is something many older adults anticipate, but very few actually prepare for. Unfortunately, most adults nearing retirement have made very little effort to plan for the lifestyle changes that lie ahead. This, in turn, results in debt, limited incomes, and more. As you want to enjoy your retirement, it is important to start planning as soon as possible.

No one wants to end up having to return to work, live on a shoestring budget, or be unable to accomplish any goals after they’ve retired. To ensure you’re on the right path for setting up for a positive future, ask yourself these questions to determine just how ready you are to retire.

Have You Met or Exceeded Your Savings Goals?

You won’t have your stable income to live off of anymore once you retire. Though you may receive social security benefits and/or a pension, the more money you have saved the better you can survive and enjoy retirement. It is recommended that you try and save at least 25 times your annual retirement expenses. So, if you review your retirement account statements, are you on target to save that much? Have you exceeded that amount? Or, are you nowhere near your goal?

Are Your Affairs in Order?

Of course, the plan is to live years and years after your retirement, but it’s never too soon to think about when you pass. You’ve accumulated a lot over the years and want to make sure that your loved ones are secure after you’re passing. An estate planning lawyer can help you to get your affairs in order. From drafting a will and naming beneficiaries to develop a living trust and dividing your assets, they will work with you to ensure you’re secured before you retire. If you haven’t made these preparations yet, unfortunately, you’re not ready to retire.

Have You Paid Your Debts Off?

Remember, you’ll be living on a fixed income once you retire. In order to maximize the money you do receive, you need to reduce the amount of debt you have. If you’re nearing retirement and still have thousands of dollars in credit card, mortgage, and medical bills, you’re putting a huge financial burden on your shoulders. You can determine what kind of shape you’re in by checking your credit reports. Calculate all outstanding debt. Do you have a lot of debt? Are the accounts you still have maxed out or are they under 30% utilization rates? Are you on track to pay off your debts by the time you plan to retire? The answers to these questions will let you know if you’re actually ready to retire.

Can You Live Off Your Retirement Income?

Though some expenses will disappear or reduce drastically once you retire, you still have bills that need to be paid and expenses you have to cover. Before you retire, it’s a good idea to determine whether or not you can live on this limited income. You can start by calculating your retirement income (what you’d receive monthly from social security, pension, and other financial sources). Using that number, tally up your expenses and compare it. Are you able to live on the amount you’ll make in retirement, or are there some adjustments that need to be made?

Have You Thought About What You’ll Do?

Sitting around the house catching up on television shows and rest is fun for a few weeks, but after that, you’ll find yourself really bored during retirement. Seniors who don’t do anything after retirement is at increased risk to suffer from both physical and mental health problems. That’s why it’s important to think about what you’ll do once you retire. Would you like to start a business, travel outside of the country, learn a new hobby, or visit family?

There are a lot of things to consider when preparing for retirement. Whether it’s decades or just a few short years away, planning your future is imperative to living a long, happy, and healthy life. If you’ve answered no to even one of the above questions, the truth is, you’re not really ready to retire. Fortunately, it’s never too late to start. Using information like what was provided above will help get you on the right track for a bright future.

Continue Reading

How Did Online Forex Trading Become So Popular?

Finance

Using different styles of financial trading has long been something that people have done as a way to invest or generate a secondary income. However, one of the most popular forms of online and mobile trading in the modern world was actually relatively unheard of until fairly recently. While almost anybody with an interest in financial markets, economics, or current affairs these days is familiar with forex, it wasn’t so long ago that currency trading simply wasn’t accessible to normal people. Rather, it was something only done by banks.

Today, advances in the internet have made forex a part of modern trading for everybody who wanted to try it.

Currency Trading Before Mainstream Internet

Louis Hernandez Jr highlights that there have been mechanisms in place to change money between currencies for about as long as organized currency has existed. However, up until the mainstream internet really took hold, it wasn’t possible for ordinary people to get prices on international currencies and make instant transactions in a way that could really leverage currency pair fluctuations. Banks were able to work with different currencies thanks to their infrastructures, but for the average person, the only time they were really concerned with changing money was to obtain currency when they traveled abroad, usually from a bureau de change or, later, by using cards at foreign ATMs and letting their bank handle the prices.

There was certainly no way to trade currency in any meaningful or profitable way.

The Biggest Advances to Help Forex Gain Traction

Forex trading online became possible because the internet made it possible for people to access trading platforms, hold online accounts, and make transactions. This was possible even in the late 1990s, however, it still wasn’t really something people found reliable. With slow dial-up internet speeds and problems with connectivity, it was hard to trust that your transactions would go through at the price you were seeing. Equally, there just wasn’t the knowledge and technology in terms of online security that there is now. Essentially, it wasn’t until broadband internet became widely accessible that forex trading online began to really ‘work’ as most people wanted – and to be trusted.

The Mobile Revolution

The second big change after broadband was the smartphone revolution. With apps that can connect people to trading platforms and forex resources, the 24-hour nature of forex became more accessible. Traders were no longer tied to their computers for a session and could be notified when conditions they have set up as triggers for them to act are met, allowing them to be available to trade and to avoid missing out on profitable transactions. Between mobile and fast internet speeds, people can now get the most out of forex trading and can also use a lot of analysis and news tools on their mobile devices to help them become more effective as traders.

As you can see, forex has come a very long way in just two decades and it will be interesting to see how its popularity continues to grow moving forward.

Continue Reading

Getting A Mortgage – Top Advice

Finance

So, you’ve decided to take the plunge and buy your first home. Congratulations! Owning a home can be a stressful experience, but it can also be an extremely fulfilling and satisfying one. When you’re a homeowner, your property is your oyster; you can fill it with as much decoration as you like, as well as carrying out renovations and DIY projects whenever you want to.

Taking out a mortgage is pretty much the most common way people buy homes. Most people don’t have the cash to pay for the property upfront, so they negotiate a long-term loan with a bank or building society in order to pay off the cost of the house (plus interest, usually) over time. It can be pretty daunting applying for your first mortgage, so we’ve gathered together a list of handy tips for you to consider when you’re about to apply.

One quick tip before we start: don’t be afraid to take out a second mortgage once you’re comfortably into your first one. Second mortgages can be great for DIY projects, renovations, family planning and many other aspects of life. Check out StepOneFinance’s second mortgage loans to get you started.

Pay off as much initially as you can

Of course, it’s very unlikely that you’ll have anywhere near the requisite amount of money to pay off the entire value of the property immediately – otherwise, why take out a mortgage? With that said, it’s definitely advantageous for you to pay off as much as you can outright. The reason is twofold. First off, you’ll obviously have less to pay on the mortgage over time if you pay more initially, or you’ll be able to negotiate a shorter term. Secondly, many mortgage providers offer lower interest rates to those who are able to put down larger deposits; if you’re able to provide around 40% of the property’s overall value, then you can look forward to lower interest rates in the future.

Thoroughly research the property

The last thing you want as you move into your new property is to discover something ugly or unwanted about it that you didn’t know when you moved in. Estate agents are just doing a job, but it’s in their best interests to cover up or circumvent potentially problematic aspects of the property in order to secure a sale. Make sure that you visit the property as many times as possible before you buy; in addition, see if you can find anything out on the Internet in terms of the area in which the property is located. There’s nothing worse than moving in to what looks like your dream home, only to find out that it’s a crime hotspot or there’s a local source of unbearable noise day in, day out.

Find out your credit score

If you want to get a seriously good mortgage deal for yourself, you’ll need a good credit rating. Failing to pay back loans, accruing big credit card balances and holding multiple credit accounts at once can all negatively impact your credit score, which in turn can be a big blow to your ability to get a mortgage. A low credit score isn’t necessarily a complete barrier to getting a mortgage, but the better deals require a higher score. You can use services like Experian and Noddle to check your credit score, which you should do prior to beginning any mortgage proceedings; coming armed with that sort of knowledge can save you a lot of time and hassle further down the line.

Self-employed? Have documents to hand

Most mortgage providers will require your latest payslip to prove your income, and in some cases they’ll want to see a bank statement to prove the income is regular. That’s if you’re in regular employment. If you’re self-employed, getting a mortgage can become a real headache. Self-employment is a difficult prospect for lenders, because it can be hard to understand how being one’s own boss translates into a regular, dependable income. You’ll need to collect proof of your earnings over the last 2-3 years to show to your lender, whether this is via an official HMRC form or your own meticulously kept records. If you don’t keep records, you should absolutely start doing so if you want a mortgage.

Settle as many debts as possible

Mortgage lenders don’t like outstanding debts, as they look like a good indicator of your inability to pay a mortgage. One top tip offered by Your Mortgage Solutions, based in Rugeley; Examine your income and expenditure closely and see where you can pay off debts you’ve accrued. Outstanding credit card debts, unsecured loans and unused accounts can all contribute towards mortgage lenders passing you over, so get your affairs in order before applying.

These are just a few tips to get you started on the road to your first mortgage. Owning a home is an arduous process; there’s paperwork to be filled out and a thorough assessment of your finances to go through. Once that’s done, though, it’s an unmatched adventure.

Continue Reading

6 Ways to Save for a Wedding

Finance Love

The happiest day of your life will be an occasion to remember. Unfortunately, it costs money to hold the biggest party of your life. Saving for a wedding can be a struggle if you’re starting from ground zero.

But we’re going to show you some of the tricks you can use to save for a wedding. Let’s take a look at some of the secret saving tips that can get you ready for your big day.

Know Where You Stand

The first step to saving money for a wedding is to know where you stand. In other words, you need to be aware of how much you need to save and how much you already have saved.

Use an app like Mint to track this. It aggregates all of your bank accounts so you know exactly how much you have. You can also use it to track your expenses.

Whenever you manage money online, make sure you install a VPN for extra security. For help with this, use a guide from Troypoint and they will show you how to get started.

Garnish Your Own Paycheck

Always pay yourself first. Instruct your bank to send a portion of your paycheck to your savings account so you don’t run into any problems with saving.

Most banks have this facility available. Use the previous step to know how much you can safely garnish from your paycheck and still cover your daily expenses.

Be Careful Where You Spend

Saving money for your wedding shouldn’t be confined to pure saving. It should also include saving money ON your wedding. Don’t think you have to have a huge wedding in order to have a great day.

Get married on the right day, choose an affordable venue, and don’t worry about not splurging on the little accessories nobody ever notices anyway.

See how you can keep your wedding costs down when planning your wedding and your savings journey will be a much easier one.

See What You Can Get from Others

The chances are you already know people who have got married. Use this to your advantage. See if they have anything from their weddings that they would let you borrow.

One quick tip is to take an old bridal wedding gown and have it tailored according to your tastes. This is much cheaper than spending thousands on a brand new dress.

Ask for Help Instead of Wedding Gifts

Request that your family and friends chip in with help, either through their time or through helping out with the cost in lieu of a wedding gift.

Most people would rather help with setting things up instead of agonizing over which wedding gift to buy. A wedding organized by your family and friends is always that much more special.

Hold the Wedding and Reception in the Same Place

Want to know how to cut your savings goal by thousands with one decision?

Just hold the wedding and the reception in the same place. It’s becoming increasingly trendy to rent one venue instead of two. This will save you thousands because you don’t have to worry about preparing two different venues.

Unless you’re a rabid traditionalist, this won’t affect the outcome of your day.

Last Word – Saving Doesn’t Have to Be a Nightmare

These tips will not only help you to save money for your wedding but they’ll help you to save money on your wedding. You don’t have to live like a monk in order to get the money together.

And you certainly don’t have to take out loans to enjoy your big day.

Do you have any other tips for saving for your big day?

Continue Reading