loan bank – Leading DIR Wed, 23 Nov 2022 03:34:09 +0000 en-US hourly 1 loan bank – Leading DIR 32 32 The 5 Best Ways to Spend Your Money According to Psychology | George J. Ziogas Wed, 23 Nov 2022 03:34:09 +0000 How to spend your money to maximize your happiness Silverpicture byBurst/Pexels When people are asked if they are satisfied with their lives, the wealthy generally report being much happier than their poorer peers. But when the rich are asked how happy they are right now, they usually say no. happier than those who are less […]]]>

How to spend your money to maximize your happiness

Silverpicture byBurst/Pexels

When people are asked if they are satisfied with their lives, the wealthy generally report being much happier than their poorer peers. But when the rich are asked how happy they are right now, they usually say no. happier than those who are less well off. This implies that money is more likely to make us happy when we think about it than when we use it. Which suggests we’re not spending it on the right things. So, according to psychologists, what should we spend our money on to maximize our happiness?

5. Make a loan repayment

Getting to number 5 is the advice to spend your money paying off debt. Granted, it’s not a fun thing to do, but it will help make your future spending more enjoyable. Research has shown that having debt over your head often contributes to anxiety and chronicle the Depressionas good as wedding problems and poor work performance.

Not all debt is equally painful. Things like a mortgage on a house or a loan for a business don’t tend to cause people as much distress – in fact, they may even increase well-being – because they are an investment in the future. of somebody. It’s unsecured debt — things like overdrafts, payday loans, utility bills, credit card debt, and personal loans — that make people feel bad. Carrier student debt, for example, was found to be almost as important as income in predicting financial worry and life satisfaction scores.

So instead of adding to your misery by getting one more thing you don’t need and can’t afford, use the money to pay off a debt, even if it’s just a tiny bit. It will make you feel much better about life.

4. Buy something useful

The next best thing you can spend your money on is useful things, like clothing, a plasma TV, or a coffee maker. It might not sound as exciting as taking a hot air balloon ride or learning to scuba dive – and it isn’t – but to research found that, over a lifetime of use, material things deliver more frequent doses of positive emotion than experiential purchases. This is especially true for people on the bottom income who have fewer resources and are more concerned with trying to spend their money wisely than focusing on more indulgent things like self-development or self-expression.

Economists and accountants would also recommend that when you buy that plasma TV, you don’t worry about buying insurance. Extended warranty contracts are much more valuable to the companies selling them – indeed, they often make more money with them than with the goods they sell. saltI — than they are for you. Although they can cost you up to 50% of the original price of the product, they are rarely necessary.

Psychologists suspect that we buy collateral because once we own something, it becomes more valuable and more worthy of protection, simply because it belongs to us; something known as donation effect”. We are also afraid of loss and will do everything possible to avoid the pain of losing something.

However, to research shows that we are wrong about the pain we will really feel when we experience a loss. Not only do we not feel losses as badly as we think, but we are also very good at dodging. blame oneself, meaning we’ll also experience less regret than we think if we trip over the dog and stick our elbow through the TV screen (clearly, it was the dog’s fault). So save the money you would otherwise have spent on the warranty and buy something else instead. Or pay off a debt.

3. Buy an experience

You’ve probably heard this before: buying experiences will make you much happier than buying material things (as long as you can afford and have all the material things you need). At least, in the short term.

So why do psychologists think we value experiences more than things? For starters, having an experience makes us feel like we’re using our time”productivelyand get things done, it allows us to check off items on our “experiential checklist” and build our “experiential resume.” Additionally, the experiences we buy end up being more closely tied to our sense of self than the things we buy, providing us with stories to tell and memories to cherish.

Another reason is that things tend to bring us happiness when we use them, but less so when we think about them, whereas experiences bring us happiness either way; both to anticipate and remember our experiences more than the things we buy.

In addition, experiments are less sensitive to negative social effects comparison or buyer’s remorse than material goods – you might be able to tell if your neighbor’s car is better than yours, but you can’t really tell if your wine tasting trip to Napa Valley was more fun than theirs, and neither can you compare the fun of skiing to aspen with the thrill of spending a night in Ice Hotel.

We also tend to adapt things very quickly, whether it’s eating our favorite ice cream, winning the lottery, or living in isolation — so while you might be very happy when you get your new laptop because it’s so much faster than the old, after a few days you won’t really notice it, while you’ll never forget the time you saw the sun rise over the Grand Canyon.

A final reason why experiences make us happier than things is that experiences are more likely to be shared with others. people, and other people tend to be our greatest source of happiness, which brings us nicely to the next point.

2. Donate your money

It may seem somewhat counter-intuitive, but an increasing number of to research reveals that buying things for others seems to make us happier than buying things for ourselves, no matter who we are or where we live.

Why is it? Well, human beings are the most social creature on the planet. Few other animals build social networks as complex as ours, and we are the only ones whose social networks include unrelated individuals. That said, we tend to feel happiest when we spend money on people we know. better, and we are even happier when we can share the experience with them. For example, in a experienceparticipants who received a Starbucks gift card were happier spending it on a friend than on themselves, but only when going to Starbucks with them.

Likewise, when we give to give to charities, we are happiest when we know someone related to the cause, and even happier when you can see the difference were doing.

Not only does giving money make us happier, but it can also be good for our hearts and make us physically stronger. Spending money on others is so rewarding that even when we are told to do so, we continue to feel good on this subject.

Finally, being generous with our money gives us the opportunity to appear virtuous and to be judged positively by others, and it always makes us feel good.

1. Save time

These days, most of us feel pressed for time. So it’s probably not surprising to find that, according to psychologists, the best way to spend your money is to buy something, or a service, that will save you time, especially if it’s time you spend doing something you don’t like, like cooking dinner, running errands, or mowing the lawn. People Who Have Spent Money on This Stuff Report Lower Stress Levels, Better Moods, and Better Life Satisfaction.

Buying things that save time is also good for our relationships. Married couples who purchase items or services that allow them to spend time with their partner feel more connected and supported by one partner says couples who don’t make quick purchases and have less quality time to spend together.

So if you’ve got the cash to burn, get yourself a great takeout this week. Better yet, get some extra food and invite that neighbor you wanted to get to know. You’ll feel good, they’ll feel goodand everyone is a winner.

NAB warns against payday loans before Christmas Sun, 20 Nov 2022 22:58:00 +0000 The NAB warns of the dangers of payday loans as more Aussies turn to ‘quick-take’ loans to meet the rising cost of living. A new NAB study released today finds that one in 10 Australians facing financial hardship have accessed a payday loan in the past three months. Payday loans were the third most common […]]]>

The NAB warns of the dangers of payday loans as more Aussies turn to ‘quick-take’ loans to meet the rising cost of living.

A new NAB study released today finds that one in 10 Australians facing financial hardship have accessed a payday loan in the past three months.

Payday loans were the third most common type of debt used to manage financial difficulties in the third quarter, behind credit cards and borrowing from friends and family (used by one in three people).

As Christmas approaches, NAB Customer Vulnerability Manager Mike Chambers has warned against using payday loans to manage the extra expenses people may face.

“Christmas can be a financially stressful time for many people and in the face of financial stress it can be tempting to try and find a quick fix to manage costs,” Chambers said.

“Payday loans can seem like an attractive option, as they are often instant and have low credit checks in place, making them more accessible to people in dire straits.

“What people don’t realize is that there are often many hidden costs associated with loans, in addition to higher interest and late payment fees.”

According to information from NAB Q3, payday loans are the most stressful of all debts for Australians (with a score of 64.2 pts), ahead of loans from family and friends (57.3 pts), personal loans (51.9 pts) and home loans (51.7 pts) . On average, Australians owed $6,200 in payday loans over the past three months.

Mr Chambers said an interest-free loan, through organizations like Good Shepherd, was a more sustainable option for people who need to finance things like basic necessities, cars or commodities whites.

NAB provides the capital for Good Shepherd’s interest-free loans and has supported over 68,000 low-income Australians with $47 million in loans over the past 12 months.

Mr Chambers recommended customers struggling with payday loans contact their bank.

“A call to your bank is the best first step to discuss the possibility of a loan payment break, a reduced payment plan, or access to an independent financial adviser,” Chambers said.

“Our NAB Assist team recently spoke with a client who had nine different payday loans and was struggling to keep up with debt repayments. We were able to tailor a solution and are confident we can help them pass to the other side.

“No matter how bad a situation may seem, there is help available that will put you in a stronger financial position in the long run.

“About 97% of clients who contact us early when facing financial hardship recover within 90 days.”

Further information:

  • Ask for help in case of financial difficulties by NAB-Assist.
  • To access independent financial advisers, contact Debt Helpline on 1800 007 007 or
How to avoid falling back into the debt trap Mon, 14 Nov 2022 18:34:41 +0000 Staying out of credit card debt is the next step after getting out of credit card debt. In the world of personal finance, you often hear about the four main steps to financial success: Have an emergency fund Pay off the debt Save for future expenses Investing for long-term expenses and retirement What we don’t […]]]>

Staying out of credit card debt is the next step after getting out of credit card debt. In the world of personal finance, you often hear about the four main steps to financial success:

  • Have an emergency fund
  • Pay off the debt
  • Save for future expenses
  • Investing for long-term expenses and retirement

What we don’t talk about much is having no debt once you’ve paid off your debt the first time around. For the purposes of this article, we’ll be talking about credit card debt, but many of these principles can be applied to other “bad” debts like personal loans, excessive auto loans, excessive student loans and payday loans.

For many people, getting out of debt is the start of a rollercoaster of debt accumulation and repayment, and then debt accumulation. While it’s success every time you pay off your debt, the next big step is to get out of debt in the first place.

So how do you avoid getting into debt once you’ve gotten rid of your debt? There are several different strategies, and each has its pros and cons.

Pay cash for everything

Some people find they just can’t control their spending when they have credit cards in their pocket. In this situation, avoiding credit cards altogether is the right answer. Of course, you won’t earn cash back or other perks, but those perks aren’t worth building up a balance that you can’t pay off at the end of the month. Be honest with yourself: are you in a place where you can use your credit cards responsibly?

I am not advocating that no one should ever use credit. Far from it: credit is a useful tool and can be a huge ramp to achieve your financial goals, but I agree that some people shouldn’t use credit at all. We must know our own limits in life.

Save for future expenses

I’m a big fan of pre-planning your expenses and saving for expenses in advance. It’s a smart money move, but the reason I like it is because it makes spending less stressful. The child breaks his glasses? No problem, there’s money in the health spending account for that. Uniform boots exploding? The bigger issue is whether the right boots will be in stock, not how to pay for them.

There are a hundred ways to save for future expenses. Some banks allow you to maintain sub-accounts within a single bank account. Many people use a spreadsheet. I have about 10 different savings accounts. Physical envelopes with cash work. (It was our first step into pre-planned spending, and it changed our financial lives.)

It does not matter How? ‘Or’ What you do it, as long as you do it.

Build safeguards into your financial plan

Guardrails are important in life. They keep you on balconies, they keep cars from crashing into rivers, and they help keep your financial life on track. There’s not much damage you can do if you’ve built the right railings.

What do financial safeguards look like? Sometimes they are tricky. They can be general, like “don’t spend more than you earn each month”, or very specific, like “we only order pizza twice a month”. They can relate to a certain expense category, a certain dollar amount, or a certain percentage of something. A common guideline used to be that you shouldn’t spend more than 25% of your monthly income on housing – although this guideline may have flexed a bit lately.

Great guardrails I’ve heard of include never spending more than $100 without sleeping on it, always buying something used before you buy it new, and following a pre-arranged financial plan.

Ultimately, avoiding getting into debt requires as much discipline as getting into debt in the first place. It’s a bit easier because you generally have more financial freedom once you’re debt free and have experience doing tough things with your money. Use the skills you learned while paying off your debt to avoid getting into debt again. You can do it.

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Financing options for Lyft and Uber drivers Fri, 04 Nov 2022 16:51:48 +0000 A rapid increase in the use of ride-sharing apps like Lyft and Uber has provided many job opportunities for people who want to generate income on their own schedule. The best part? These people only need a valid driver’s license and a car to start making money! Unfortunately, there are a few expenses associated with […]]]>

A rapid increase in the use of ride-sharing apps like Lyft and Uber has provided many job opportunities for people who want to generate income on their own schedule.

The best part? These people only need a valid driver’s license and a car to start making money!

Unfortunately, there are a few expenses associated with the role, and maintaining a vehicle to company standards and policies can be a bit costly. This is when Lyft and Uber drivers can consider outside sources of income to supplement their work, such as a Lyft driver payday loan.

Here are some other financing options to consider.

Why Rideshare Drivers Need Funding

Here are three of the most common reasons a Lift or Uber driver may need additional financial assistance:

For emergency funds

Being a driver for Lyft or Uber usually comes with a good financial package, but the job doesn’t come without its own set of significant expenses. For example, owning a car that can then be used for commuting can be quite expensive.

If you consider the cost of car upgrades and maintenance, gas, parking fees and accessories, money can quickly add up and become an unmanageable sum!

Debt Consolidation

This is a common strategy for paying off debt with a single financing solution. It is an ideal solution that helps borrowers to repay a loan amount in full. For a rideshare driver who may have balances with interest rates, debt consolidation may be a good idea.

Buy a new car

Using a loan to buy a new car can be a good way to solve a pretty big problem. After all, having a quality car is an asset as a Lyft or Uber driver. Taking out a loan allows drivers to have a solid source of income without having to dip into their savings or shell out hefty up-front payments.

Are they eligible for loans?

The simple answer is yes, Lyft and Uber drivers are eligible for certain loans.

Unfortunately, unlike contractors, Lyft and Uber drivers may have a harder time qualifying for any type of loan. This is largely due to the unpredictability of the ridesharing industry, stringent documentation requirements, poor credit history, and even employment status.

Types of loans available

There are different types of loans available for Lyft and Uber drivers to choose from and apply for, depending on specific circumstances. We have described some of the most suitable options below.

Payday loans

One of the main buffers to ensure that a car stays in pristine condition is a payday loan. Although this can be a practical solution if they are in a difficult situation, it often comes with higher interest rates which can make repayments much more expensive than they should be.

Secured loans

These have lower interest rates in exchange for collateral types of items. It’s one of the best types of loan a Lyft or Uber driver can get, and it’s good for improving credit scores. Yet, if a loan is not repaid on time, the car may be lost as collateral.

Unsecured Loans

It’s another good option for Lyft and Uber drivers to consider, but it’s much harder to qualify than other types of loans. If they don’t want to put their car under warranty, this is a great alternative.

Loans for bad credit

If rideshare drivers have a bad credit history and are not eligible for secured loans, this is a good alternative. However, it has stricter repayment terms and much higher interest charges as they pose more risk to lenders.

Credit card

It’s the best option for Lyft and Uber drivers looking to fund some bills from time to time. It’s a pretty straightforward route to a line of credit that can be used to make purchases for the car, buy gas, and even pay for needed repairs. However, they must repay the minimum amount before the delegated due date.

Personal loans

Lyft and Uber drivers can apply for personal loans in any situation. If they have collateral or decent credit, they can receive much lower rates on whatever loan they get. Whether they want to finance car repairs or buy months worth of fuel for the car, a personal loan can be a very useful tool!

Other financing options to consider

Instead of resorting to quick cash loans or payday loans with high interest rates and fees, here we have listed the various alternative funds that drivers can apply for.

Credit line

Sometimes a borrower does not need to take out a loan but still does not have enough money should an emergency arise. This is where a strong line of credit will come in handy. It provides Lift and Uber drivers with a comfortable cushion of funds to cover maintenance costs and other relevant purchases.

Cash advance

If a Lyft or Uber driver has bad credit, a cash advance may be the answer. It is not a loan, but rather a calculated cash amount that is given to the driver based on all of their future earnings.

Alternative Small Business Lending Platforms

There are many companies that might be willing to offer more suitable loans for small businesses operating in the economy, such as Lift and Uber drivers.

Depending on which lender they choose to go with, drivers could receive a loan of $10,000 and an additional $15,000 in the form of a line of credit.

These lenders usually charge higher interest rates, which can put anyone in a more difficult financial situation.


There is no doubt that being a Lyft or Uber driver can sometimes be quite an expensive task. Fortunately, drivers no longer have to shell out money out of pocket to cover work-related expenses. This is because there are many suitable financial alternatives.

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I applied for a $1,000 loan. Here is what happened. Tue, 01 Nov 2022 22:01:38 +0000 Disclaimer: This is sponsored content. All views and opinions are those of the advertiser and do not reflect the same of WTKR. When my car broke down a few months ago and I needed quick cash for repairs, my friend recommended a company called ZippyLoan. They say you can borrow between $100 and $15,000 and […]]]>

Disclaimer: This is sponsored content. All views and opinions are those of the advertiser and do not reflect the same of WTKR.

When my car broke down a few months ago and I needed quick cash for repairs, my friend recommended a company called ZippyLoan.

They say you can borrow between $100 and $15,000 and have the money in your account by tomorrow, even if you have bad credit.

But are they legit or just another scam?

Keep reading to find out what happened when I tried ZippyLoan and if you should ask them for a loan too.

What is ZippyLoan?

If you’ve searched online for a personal or payday loan company, you’ve probably heard of ZippyLoan.

This is a free, no-obligation service that helps connect you with potential lenders.

If you’re looking for quick access to a personal loan through a simple, secure, and transparent process, ZippyLoan may be able to help.

Its website states that borrowers can avail unsecured personal loans with just proof of identity and a regular source of income.

Whether you need a loan for personal or family use, like making a major purchase, renovating your home, consolidating debt, or just covering an unexpected expense, ZippyLoan can help.

How ZippyLoan Works


When you use ZippyLoan, you are not borrowing directly from the company.

They are not lenders and are not involved in the loan approval process.

Instead, ZippyLoan helps connect you with potential lenders who can lend you the money you need.

Here is an overview of how ZippyLoan works.

  1. The first step is to complete an online form. ZippyLoan says it takes less than 5 minutes. You can fill out this form on a desktop or mobile device 24 hours a day, 7 days a week, so there are no queues or waiting.
  2. The second step is that ZippyLoan tries to put you in touch with a lender who will make you a non-binding offer. It shares your information with lenders on its platform to see who may be able to help you. If you receive an offer and are happy with the terms of the loan, you can electronically sign a loan agreement on the spot and have your money deposited in your bank account the next business day.
  3. The third and final step is to repay your loan. If you take out a payday loan, you can pay on your next pay date. You can also opt for a personal loan that offers monthly repayment for up to 60 months.

To apply for a loan from ZippyLoan lenders, all you need is proof of identity and a regular source of income.

There is no minimum credit score, so you may be able to get approved for a loan regardless of your credit history.

This makes ZippyLoan one of the best places to apply for a personal loan if you have a low credit score.

Is it safe to use the ZippyLoan website?

Plugging your personal information into a website can be daunting, but ZippyLoan is safe and secure.

They are members of the Online Lenders Alliance (OLA) and are committed to high standards of conduct. If you have any problems, you can call the OLA Consumer Helpline (1-866-299-7585) for assistance.

ZippyLoan OLA.png


Credit checks?

As ZippyLoan is not a lender, it does not perform credit checks, so your credit score will not be affected.

If you accept an offer, the lender will tell you whether they will do a soft or hard credit check before electronically signing your agreement.

Is it easy to use?

ZippyLoan’s online form is fully optimized for mobile devices, so you can apply for a personal loan wherever you are.

The form takes less than 5 minutes to complete and you should start receiving offers from lenders immediately.

Quick approvals?

One of the best features of ZippyLoan is that everything is done online so you can get approved quickly.

If a lender makes you an offer that suits you, you can sign the agreement online and receive your money the next business day.

Rates and Fees

Network lenders offer between $100 and $15,000 and are flexible on rates and fees.

The exact terms you are offered will depend on your personal circumstances and credit history, but here are some representative examples:

  • Short-term or payday loans are usually due in full in 14 days and cost between $10 and $30 per $100 borrowed.
  • Personal loans can be repaid over 6 to 60 months and have an annual rate (APR) of between 7.04% and 35.89%.

To give a fair review of ZippyLoan, I also wanted to give my opinion on some of the downsides of using the website.

Disadvantages of ZippyLoan?

Unfortunately, ZippyLoan is not available to residents of New York, District of Columbia, Oregon, or West Virginia.

And because it’s not a direct lender, it makes no promises that you’ll be approved or qualify for a certain rate on your loan.

Another thing to remember is that ZippyLoan won’t do a credit check when you fill out their form, but all the lenders you work with will.

Most lenders will do a credit check through one of the big three credit bureaus, Experian, Equifax or TransUnion.

This type of check can show up on your credit report and can worsen your score, so be sure to check with lenders before applying.

My experience with ZippyLoan

When my car broke down and needed repairs, I had to borrow $1,000 and asked ZippyLoan for help.

Here’s how it went.

  • The application process was very simple and it took me less than 5 minutes to enter all my information.
  • Within minutes I had loan offers from lenders ready to lend me. The terms of the loans were all written down and I could see what credit checks they wanted to do before I accepted the loan.
  • I decided to choose a lender who offered me a 14 day loan with a fee of $15 per $100. This meant I could borrow $1,000 for two weeks and had to pay back $1,150, which I thought was reasonable.
  • After accepting the offer, I had the $1,000 in my account the next day.

I found the whole process very easy and was able to get the money I needed quickly, and will use them again if I ever need emergency money.

If you’re looking for a quick loan to get you out of trouble and you’re sure you can pay it back, then I 100% recommend ZippyLoan.

Click here to visit the ZippyLoan website and request the money you need today.

Getting ‘stuck’ with payday loans Sat, 29 Oct 2022 11:03:45 +0000 Image courtesy of Pixabay By JESSICA LOVECourtesy of Indiana Capital Chronicle Have you ever had your car or truck stuck in the mud; and the harder you try to get out, the deeper your tires sink? I have. So, I know from experience: unless you have the luxury of waiting for things to dry, you’re […]]]>
Image courtesy of Pixabay

Courtesy of Indiana Capital Chronicle

Have you ever had your car or truck stuck in the mud; and the harder you try to get out, the deeper your tires sink? I have.

So, I know from experience: unless you have the luxury of waiting for things to dry, you’re going to need some help – a push or a pull – to get unstuck.

And you’re probably going to feel a little embarrassed. I mean, technically, even if you had no intention of getting stuck, no one else was driving. Either you didn’t see the danger in front of you, or you thought it wouldn’t be so bad to go through it.

Even if you didn’t have a good way around it, or if you calculated the risk and thought you could get away with it, the fact remains that it happened and you were “at fault”. Thinking back on it, you wish you had done something other than the fix you were looking for – the one that caused your “tires to sink deep in mud and mud” (for others little blue truck fans).

Now imagine that the vehicle you are thinking of represents your family’s financial health and the process of “no longer stuck” as a result of choosing the option to solve your short-term problem yourself – instead of asking for help. or not to think of you had other options – represents a payday loan. The “solution” then becomes a bigger problem to solve than the original problem.

That’s about where the analogy ends, since muddy patches don’t have business models designed to keep you stuck like payday lenders do. It’s by locking people in more that the profits are really made, where the interest rate eventually hits 391% in Indiana. And you really need to find a solution to your solution.

This is why I often refer to the payday loan industry as one of the most subsidized markets in existence – because government and non-profit resources are so often needed to lift people out of disasters caused by payday loans.

What if it didn’t have to be like this?

One way forward is policy change. Right now, the burden is largely on Congress, and your legislative outreach will help make the Fair Credit Act for Veterans and Consumers
– to cap all personal loans at 36% – a reality. You can also ask your state legislators to impose a 36% cap. But until and even after the legislation is passed, many Hoosiers will still need a more responsible way to borrow.

What if there was another route?

What if most of the 88% of Hoosier voters polled who said they would like to see Indiana have a 36% wage rate cap — who are able to provide another way — have paved the way for a solution alternative for their employees and co-workers?

The impact, to reinforce my analogy, would be shattering for Hoosier families who lack the resources to weather a financial shock.

A specific “bypass” – previously available in only 23 counties – recently became available statewide. If you’re a business owner, or an HR representative, or just someone who wants to talk to your boss about providing a financially viable option to those in your workplace, the solution I present to you is the Community Loan Center program.

It is a small, affordable, employer-focused loan program. So what’s the problem ?

Well, as difficult as it may seem, there really isn’t. For companies registered in the program, the CLC program is offered as a benefit at no cost to the employer. Employers literally only have to: 1) confirm employment when a loan is requested and 2) set up a payroll deduction in accordance with the employee’s repayment plan. By doing so, they instantly gain employees who are less stressed and more present for their work.

Made available through non-profit organisations, this affordable 12 month loan is designed to get people into or out of debt instead of trapping them. (CLC loans can be used to repay payday loans.) The reason is simple: nonprofit providers offering this program would rather focus their resources on improving a family’s economic trajectory than on bail out from the earthquake that stems from a payday loan.

Just consider how you could bring this alternative to your workplace
— and actually help solve a co-worker’s short-term financial problem in a way that makes it manageable and gets people out of trouble without getting stuck.

Jessica Love is Executive Director of Prosperity Indiana, a statewide membership organization for individuals and organizations that strengthen Hoosier communities.

5 Things to Consider Before Getting a Fair Credit Loan – Boca Raton’s Most Trusted Source Wed, 26 Oct 2022 17:37:00 +0000 We all expect a bad credit rating or a history of defaulting on payments (or missing payments) to make it difficult to find a credit card or loan. However, most people don’t realize that even a “fair” credit score can affect your chances of getting a good low-interest loan with added benefits. Despite this, taking […]]]>

We all expect a bad credit rating or a history of defaulting on payments (or missing payments) to make it difficult to find a credit card or loan. However, most people don’t realize that even a “fair” credit score can affect your chances of getting a good low-interest loan with added benefits.

Despite this, taking out and successfully repaying a personal loan is one of the best ways to boost your credit score from “fair” to “good”. Of course, there are steps that any financially savvy debtor should know before taking out a personal loan with a “fair” credit score.

Why get a fair loan?

There are several reasons to apply for a loan if you have a good credit score. Of course, most people get loans to consolidate debt, deal with an emergency, or fund something they don’t have the savings to cover. One overlooked reason to take out a fair loan is to improve your credit score for the future. Successfully repaying a personal loan will improve your credit score and make it easier to get loans or mortgages at great rates in the future.

What to Consider When Applying for a Fair Credit Loan

If you decide to go ahead with a personal loan, keep these five things in mind to increase your chances of getting what you need on the best terms:

  1. A “pre-check” is preferable

Potential lenders will check your credit score as part of the application process. Too many credit checks in a short time can negatively impact your score. However, some lenders offer a “soft check” before applying.

This is best for those with lower credit scores, as it will give you an indication of your chances of success before you apply. Soft checks do not register with your credit history in the same way as a hard check, so they are worth going through in order to give you the best chance of getting a loan without submitting your credit history. to too many firm checks in a short period of time. .

  1. Affordability is important

Even if you have a credit score that is close to being classified as “good”, affordability will determine what you can borrow and the APR you are offered to some extent. Be honest about your income and expenses, as lenders often verify your income when they can.

  1. What assets and potential guarantors can you rely on

An unsecured loan may not be available to you. If so, you may need to post an asset as collateral or find someone willing to co-sign your loan. The most commonly used assets for larger personal loans are cars and homes, but if you want to take out a smaller loan, some lenders may consider valuable personal assets, such as jewelry. Either way, requiring collateral for a loan will slow down the application process, you need to plan for this to avoid stress or disappointment.

  1. Early and late redemption fees

The concept of late fees is well known to most people who take out a line of credit. What fewer people expect is prepayment charges. While credit cards allow (or even encourage) borrowers to pay off what they owe in full within a month, some long-term loans and lines of credit can penalize you for paying early. Read the terms and conditions carefully to make sure you know what charges you could face if you miss a payment or decide to pay early.

  1. Having a plan B is key

While it is possible to get a personal loan with a “fair” credit rating, affordability is key and some lenders are more risk averse than others. Have a plan B in place in case you have trouble getting the money you need from your top options. Secured loans, credit cards, and payday loans are all options — and as long as you pay what you owe on time, your credit score will improve over time.

There are many lenders who specialize in providing credit enhancement loans to those with low to fair credit scores. These lenders may not offer some of the perks and benefits that others do, so shop around. There are six major lenders that offer favorable terms to fair borrowers, according to Dallas Morning News.

It’s a good idea to do some due diligence with several lenders before you start applying in earnest. Likewise, you should check the credit options available to you before accepting a loan. Shopping around is one of the best ways to secure the best terms and interest rates.

Senator Warren will promote student debt forgiveness during his visit to Western Mass. Mon, 24 Oct 2022 18:15:00 +0000 Democratic U.S. Senator Elizabeth Warren will be in western Massachusetts on Tuesday with Congresswoman Ayanna Pressley to talk about canceling student debt. The two are touring the state with additional stops in Boston, Brockton, Worcester and Springfield to encourage those eligible for President Joe Biden’s pardon program to sign up. Announced in August, the plan […]]]>

Democratic U.S. Senator Elizabeth Warren will be in western Massachusetts on Tuesday with Congresswoman Ayanna Pressley to talk about canceling student debt. The two are touring the state with additional stops in Boston, Brockton, Worcester and Springfield to encourage those eligible for President Joe Biden’s pardon program to sign up.

Announced in August, the plan forgives $10,000 of student loan debt for individuals – and an additional $10,000 for Pell Grant recipients. US Department of Education estimates the program will cost the government $30 billion a year for the next decade. Americans currently collectively owe about $1.75 trillion in student loan debt. While a lawsuit from six Republican-controlled states stalled the plan in federal appeals court, the Biden administration has said it still intends to overturn it. Warren told WAMC why she was heading to Springfield Technical Community College on Tuesday afternoon.

WARREN: It’s really exciting. You know that President Biden has forgiven the student loan debt of approximately 43 million Americans. And that’s about 850,000 people in the Commonwealth of Massachusetts who will have some or all of their debt forgiven. So Congresswoman Pressley and I are going out to Springfield Technical Community College on Tuesday. We’ll be there at 4:45 just to rally people to make sure everyone who is eligible signs up to get their debt forgiven, and to encourage people to come out and spread the word. You know, tell your sister, tell your mother, tell your cousin, tell your neighbor, because I want to make sure everyone in the Commonwealth who is eligible for this liberation actually gets it.

WAMC: So what’s at stake here? What are people missing out on if they don’t take advantage of this program?

Well, if someone was a Pell beneficiary when they were in two-year college, four-year college, technical school, they are entitled to up to $20,000 in loan debt student canceled, disappeared, erased from the books. If they weren’t eligible for Pell, they have the right to reverse about $10,000, off the books. Now this only applies to people with incomes below $125,000. And I’m just going to be blunt here – Most people who have this debt and are going to get relief have a household income below about $75,000. But it’s an easy, easy form to go online to check it out. It’s under, and it is a very simple form and you can find out right away if you are entitled to a cancellation. Fill out the form, it takes a few minutes. And here’s the best part – The cancellation is going to happen in a few weeks, and that means – I want you to think about it from a personal perspective. That means people who’ve been under that weight, that means people who couldn’t think of moving out of mom’s basement, or buying a car, couldn’t think of buying a house, for some haven’t been able to start a small business, or haven’t been able to start a family, that they can get rid of that debt and really build a more secure economic future.

Let’s talk brass thumbtacks. When you talk about the impact of student debt on American society, on the Commonwealth, what are the big numbers that are relevant here? What does this mean materially for the people of Massachusetts?

Well, what that mainly means for the people of Massachusetts, for the 850,000 who will be eligible for debt cancellation here, is that they can just stabilize themselves financially. Now, as you know, there has been no student loan repayment so far for this, it’s been two and a half years during the pandemic. But those payments are set to begin in January. And on average, they cost around $400 per month. So being able to erase or reduce your student loan debt will have a big impact month-over-month for people in the future. And that’s going to be a really big deal.

Now this legislation is just the start of an effort to address a problem that will certainly continue long after this, the impact of this is being felt. And certainly, you had your own bigger ambitions for bigger versions of this same program. What comes next for Democrats to build on this and continue to reduce student loan debt in America?

Excellent question. So let me give you the second part, because we’re also going to do that on Tuesday, and that’s the Civil Service Loan Forgiveness Program. So you might remember for anyone… Think who is in the public service. Public school teachers, firefighters, police officers, people who work for the city or county or for the state or federal government, nurses who work in nonprofit hospitals. All, under current law, were entitled to take out public service debt forgiveness. And after 10 years of payments, they get the remaining debt erased. Well, it turns out the loan officers were really bad at it, and they put people in the wrong programs, they sent them off to the wrong places that gave them the wrong information. And so a lot of people who could have gotten help didn’t. By October 31st, by Halloween, people who are in the civil service are entitled to get what is called a waiver to participate in the new civil service loan forgiveness program and have all their previous payments count towards their 10 years, and when they reach that 10-year mark, clear the remaining debt. So that’s going to help a lot of our teachers, firefighters and nurses. This is the next step. But we have more than that! Want to hear about it?

I certainly would.

Okay, from there we have to continue to reduce, obviously, student loan debt. But we also need to take a closer look at how to prevent this debt from building up again in the future. And that means we need to make college more affordable. And to do that will take a combination of our state and federal governments to provide enough support to our public colleges and universities so that no one has to shoulder crippling debt to get a technical certificate, or to to obtain a two-year degree, or to obtain a four-year degree. For me, it’s about how we think about building a future, and we’re building a future by making investments, roads and bridges. We are building a future by investing in broadband. We are building a future by investing in the education of our people and helping people prepare for a 21st century economy. As a nation, I believe we need to make these investments so that everyone who wants to get that education can get it without being burdened with student debt. That’s what’s left in the future, and that’s part of what’s on the ballot in November. So that’s what the Democrats are fighting for, and that’s why I’m fighting alongside them

I wanted to hear your opinion on the Fifth Circuit Court of Appeals ruling on the Consumer Financial Protection Bureau regarding the unconstitutionality of the funding structure. What do you think about this? I know you’ve already fought backbut I kind of want to cut to the bone here- What’s going on with the desktop?

Well, first they got the law wrong. And second, it’s really reckless. So let’s do the first. The Consumer Financial Protection Bureau is funded similarly to the Federal Reserve, which, by the way, is not the only banking regulator that is not funded by appropriations. The Office of the Comptroller of the Currency, which is the primary banking supervisory board, and the FDIC, you know, which provides this great insurance to make sure the money will be there, you know, if you have money in a current account, all are financed outside loans. And that means the Senate doesn’t vote or Congress doesn’t vote on them every year, and that’s been the case since 1863, when the first federal banking regulator was put in place. And you know, the reason was pretty obvious. And it was that basically, as one nation said, it’s not a good idea for politicians to have financial control over these banking regulatory agencies, because they’ll be under too much political pressure. That’s how it was set up from the start. There is nothing abnormal about the CFPB. But that’s part of what makes this decision so reckless. When the Fifth Circuit says, no, I’m fair, they’re just declaring the whole agency unconstitutional, they’re actually trying, I think, to try to say that all the regulations that the agency has put in place to protect people on residential mortgages and credit cards and payday loans – are they saying it just goes away? And are they saying that, at least in the Fifth Circuit, they don’t recognize the Federal Reserve Bank? They don’t recognize the banking supervisors from the Office of the Comptroller of the Currency? They don’t recognize FDIC insurance? This is just one of those opinions you just have to shake your head about how these guys are doing politics instead of doing their job and applying the law as it is written.

How to Get a $20,000 Personal Loan – Forbes Advisor Mon, 17 Oct 2022 16:48:37 +0000 Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. Whether you’re looking to renovate your home, consolidate debt, or pay for another big expense, you may be looking for a personal loan. Many lenders offer $20,000 personal loans that you can […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Whether you’re looking to renovate your home, consolidate debt, or pay for another big expense, you may be looking for a personal loan. Many lenders offer $20,000 personal loans that you can use for almost any purpose; some lend up to $100,000. However, to borrow such a large sum, you may need good credit and a stable income.

Follow these five steps to get a $20,000 personal loan.

1. Consider qualification requirements

Before applying for a loan, it helps to understand the terms of the loan. Here are some factors that lenders typically consider when evaluating your $20,000 personal loan application:

  • credit history. Personal lenders review your credit history before approving you for a loan. Your credit history reveals your past and present accounts, including loans and credit cards. If you have negative ratings, a lender may consider you a subprime borrower and reject your application. You can view your credit reports for free via If you see any errors, try to dispute them before applying.
  • Credit score. A lender also considers your credit score, which is a numerical representation of your credit history. Credit scores range from 300 to 850, with good scores starting at 670. Requirements vary by lender for personal loans, with some requiring a score of 560 and others looking for 660 or higher. You can check your credit score for free with a credit monitoring service or with some credit card providers.
  • Revenue. Lenders look at your income to make sure you’ll be able to repay the loan on time and in full. When you apply, you’ll likely need to upload pay stubs, W-2 forms, or bank statements for the lender to review.
  • Debt-to-income ratio (DTI). Lenders are also concerned about your DTI ratio, or how your monthly debt compares to your monthly income. If your DTI is high, you can reduce it by paying off debt or increasing your income.
  • Collateral. Personal loans are generally unsecured, which means they do not require collateral. However, a secured, collateral-backed personal loan may be an option if you cannot qualify for an unsecured loan. Lenders often offer higher loan amounts and lower interest rates on secured loans. Some common types of collateral are your car title or a savings account. The risk of a secured loan is that you could lose your asset if you default on payment.

2. Prequalify with multiple lenders

A $20,000 personal loan is a significant sum of money, so it’s worth comparing several lenders before deciding on a loan. Many lenders allow you to check your rates online through prequalification. This allows you to view loan offers without any impact on your credit score. After providing a few personal details, you will be able to see what fares you may qualify for.

Note that prequalifying for a loan does not guarantee rates and terms. A lender will still need to review your documentation and perform a credit check. After you apply, your rates and terms may differ from what you initially saw. However, prequalifying can still give you a good idea of ​​what your rates might be and whether or not you will qualify for a $20,000 loan.

3. Compare your offers

Once you’ve researched rates from multiple lenders, take the time to compare the details of each loan offer. Use a personal loan calculator to estimate your monthly payment and long-term interest charges.

Don’t forget to consider monthly payments, interest rates and fees. Some ongoing fees include origination fees, disbursement fees and a prepayment penalty. High fees could offset the savings you get from a low interest rate.

The annual percentage rate (APR) measures both the interest rate and the fees, so it is a more inclusive rate than the interest rate alone. Focusing on the APR can therefore help you compare your loan offers on an apples-to-apples basis when looking for the most affordable.

4. Complete and submit your application

If you want to go ahead with a loan offer, complete and submit an application. The application will be more detailed than the pre-qualification form.

It will ask you for your personal details, including the amount and purpose of your loan. You will also need to upload verification documents, such as payslips or W-2s.

Finally, the lender will perform a rigorous credit check, which could temporarily reduce your credit score by a few points. As long as you make on-time payments on your loan, your score should recover within a few months.

5. Manage and repay your loan

Once you submit your application, you will wait for your $20,000 personal loan to be approved. Some lenders can approve loans in as little as one business day, while others take days or weeks.

Once your loan is approved, you will sign and submit your final loan agreement. Pay close attention to the terms of your loan, including how long you have to repay the loan and when your monthly payment is due.

The lender will deposit the loan proceeds into your bank account. Once you have the loan, you can use it to pay for home renovations, debt consolidation, or whatever else you need it for.

You’ll likely start making your monthly payment on the loan right away. Consider setting up automatic payment from your bank account to ensure you don’t miss any payments.

How to get a $20,000 loan with bad credit

Qualifying for a $20,000 loan with bad credit could be difficult. Lenders generally require good credit to borrow such a large sum.

However, every lender is different, so it’s worth shopping around to see if they’re willing to work with you. You can try checking with your bank or credit union, who may be more flexible with existing customers.

Some lenders allow you to apply with a cosigner, whose good credit might offset your limited credit and help you qualify or get better rates. You can also opt for a secured personal loan rather than an unsecured loan, which may have lower credit requirements. Make sure you don’t fall behind on your payments, though, or you risk losing your guarantee.

You can also look into peer-to-peer (P2P) lending, which is funded by individual investors rather than financial institutions and tends to have more flexible borrowing criteria. Another option for borrowers with bad credit is alternative borrower payday loans, although borrowing limits are set at $1,000 or $2,000.

If you don’t need a $20,000 personal loan right away, consider improving your credit before applying. Paying off your debts, making timely payments on your loans, and disputing errors on your credit report can all help. Reducing your credit utilization ratio, or the amount of credit you use compared to what’s available to you, can also increase your score.

Improving your credit score before you start the loan search process could make it easier to qualify and help you get better rates.

Where to get a $20,000 loan

Long term costs of a $20,000 loan

When you borrow a $20,000 personal loan, you end up paying a larger amount due to interest and fees. Your long-term costs will depend on your interest rate, fees, and repayment term. A lower rate and fewer (or no) fees can save you money, which is why comparing with multiple lenders is essential.

Opting for a shorter term can also save you money on interest, but it will mean higher monthly payments. On the other hand, a longer repayment term will seem more affordable from month to month, but will incur higher interest charges in the long run. Most lenders offer repayment terms between one and seven years.

Say, for example, you take out a $20,000 personal loan with an APR of 10%. This chart compares your monthly payment and long-term interest charges under various loan terms.

Our personal loan calculator can help you estimate your monthly payment and the cost of borrowing. When choosing a loan term, try to strike a balance between getting an affordable monthly payment and keeping interest charges to a minimum.

Compare personal loan rates from top lenders

Compare personal loan rates in 2 minutes with

9 Bad Money Habits You Should Break Right Now Wed, 12 Oct 2022 04:12:38 +0000 Like brushing your teeth or getting enough sleep, the first step to developing effective money habits is breaking the bad ones. For National Thrift Day, many Americans will think more about their savings and how they can save more money. A great way to start is to recognize your bad money habits and commit to […]]]>

Like brushing your teeth or getting enough sleep, the first step to developing effective money habits is breaking the bad ones. For National Thrift Day, many Americans will think more about their savings and how they can save more money. A great way to start is to recognize your bad money habits and commit to a plan to break them.

Here are nine of the most common bad money habits and how you can get rid of them.

Setting specific savings goals is important not only to know how much you need to save, but also to give you a tangible reason to save.

If you don’t have specific savings goals, you may not be deliberately thinking about how much you should be saving and what strategies you need to adopt to reach those goals. Breaking out of this habit will help set the stage for all other saving habits – and it’s an easy starting point.

Take the time now to write down your goals, including short-term goals, like a vacation or down payment on a house, and long-term goals, like retirement. You will want to factor these goals into your budget with an end date target. Then you can set aside a certain amount of money each month to achieve those goals within your desired time frame.

There are several ways to spend on non-essential expenses that accumulate over the course of a month. Then, before you know it, you’ve already spent way more than you planned on those discretionary items you don’t really need.

If you shop often, consider this strategy to help you overcome the habit: The next time you see a non-essential item you want to buy, write it down on a piece of paper or the note app from your phone and wait a few days before buying. this. After that time has passed, you may find that you no longer want the item and you can save what you would have spent on it.

Also, try to make a shopping list before you go out to buy things. You can customize the shopping list to make sure you get everything you need and stay within your budget. It could keep your eyes from wandering to other desires and remind you not to spend too much.

In September 2022, the average American had $96,371 in debt, according to data from Experian. It has become a norm for consumers to accumulate large debts and then bear the burden of trying to pay them off slowly over time.

Personal loan debt, student loan debt, and credit card debt are some of the factors that could contribute to your overall debt. If you let these balances build up and only pay the minimum each month, you’ll end up paying more interest over time and delay your ability to overcome debt and start saving more.

To get out of debt, first make a list of all the debts you have, their annual interest rates, and when their payments are due. Then you can start working on a plan to find more room in your budget to make payments for those debts. You may want to prioritize those with the highest interest rates first, according to the avalanche method, or those with the smallest balances first, according to the snowball method.

If you have federal student debt, consider getting some or all of it. Applications for federal student loan forgiveness will open sometime before Dec. 31, 2022, according to the U.S. Department of Education.

Without a budget, you don’t track spending, progress on savings goals, or what you have available to spend money on. A budget is, quite simply, your guide to your own money – without it, it’s easier to fall into negative spending habits.

When planning a budget, be sure to consider wants, needs, and savings. According to the 50/30/20 rule, a common budgeting tactic, 50% of your income should be spent on needs, 30% on wants, and 20% on savings. It may be a good idea to even slightly underestimate your monthly income, so that you have a little more flexibility in your spending and don’t feel limited at the end of the month.

Even when following a budget, it’s easy to overlook savings and end up spending more than you planned. A common bad saving habit is depositing money into your savings account at the end of the month after spending on your wants and needs. This can allow you to save only the small remnants of your monthly income and allow you to reduce those savings while they are still very accessible.

To combat this habit, put part of your respective savings into a savings account as soon as the paycheck is deposited. Savings accounts usually only allow a limited number of certain transactions each month, so you’ll be less inclined to break into those savings and spend your saved money.

According to a June 2022 Bankrate survey, 58% of Americans are concerned about the amount of their emergency savings. Many may not be contributing to an emergency fund at all or have ended up prioritizing other savings goals, leaving little in their emergency fund.

Although inflation makes budgets tight, it’s still important to make room for emergency savings. These savings allow you to cover unexpected expenses and avoid further debt by paying for these expenses with a credit card or loan.

To start building an emergency savings fund, see where you can make minor changes in different categories of your budget to store more, and also save any windfalls (like a tax refund). Consider keeping your emergency savings in an online bank account, as these accounts tend to have much higher returns than traditional savings accounts.

While cash advances may be necessary in some cases to make ends meet, relying on them too often can lead to an endless cycle of debt. Cash advances can include advance payday loans, overdraft protection, or buy-it-now, pay-later (BNPL) services. They all have one thing in common: allowing you to spend money that you don’t currently have.

Cash advances can feel like you’re spending money for free, but they all require you to eventually repay the advance, and you could end up struggling to do so, racking up debt and financial stress. . They also often come with expensive fees. Overdraft fees, for example, average $29.80 per transaction, according to the most recent Bankrate bank account survey.

Instead of relying on cash advances, consider other ways to make room for expenses. Establishing an emergency fund or taking a side gig are two ways to account for new expenses. If you frequently overextend your account, you can turn off overdraft protection to stop incurring overdraft fees.

You may not realize how much interest rates fluctuate on savings accounts, but the gap between the lowest and highest savings rates is getting wider and wider. Today, some of the highest paying accounts have annual percentage yields (APY) of nearly 3%, while many large traditional banks still offer only 0.01% APY on their savings accounts. .

According to a recent survey by Capital One, 48% of respondents don’t know what the interest rate on their savings account is. If you don’t know the rate on your own savings account, you probably don’t know what other financial institutions are offering on their accounts — and what you might miss.

Also, if you have multiple savings accounts, paying attention to how each of their savings rates varies will help you determine where to keep more of your savings to maximize the return you get on your savings balance. ‘saving.

One of the most common types of bank fees that eat into consumers’ wallets are ATM fees, which include out-of-network fees and surcharges from your bank. The average combined fee for using an out-of-network ATM is $4.66, the highest since 2019, according to Bankrate’s latest current account survey.

If you’re not careful with fees, they can really add up over time. Suppose you withdraw money from an out-of-network ATM twice a month. At the average fee amount, this would rack up over $100 in ATM fees in a year.

You can avoid receiving these fees by avoiding out-of-network ATMs. Try checking the bank’s website or the ATM locator in your mobile banking app to find out where network ATMs are nearby. You can also consider switching to a checking account that reimburses ATM fees.