5 Tips for Payday Loans Applicants

Sometimes, the inevitable happens and you are left without any cash. You feel powerless, and you don’t want to ask your family and friends for some money, as you find it embarrassing. Conveniently, there is one way that can help you survive until your paycheck is due – a payday loan.

In order to be eligible for a loan, there are some things you need to take into consideration. Here are 5 tips that could help you successfully apply for payday loans.

Improve Your Credit Rating

Your credit rating is crucial when applying for a loan. Still, it’s important to have a good credit score before getting one. This shows the lender that you are also up-to-date with payments. Moreover, the lender can see that they can rely on you when it comes to getting their money back when payday arrives.

Therefore, make sure you’re always on time with payments, and the credit score will be a good one. If you want to check your score, you can easily do that for a small fee, and you’ll be able to see your credit application and borrowing history. Make sure the info is accurate too because any mistake on the file could affect your application.

Only Borrow the Amount You Need

You may be tempted to borrow some extra cash to have just in case. However, if you do that, you will have to pay interest on that extra amount of money. Although it seems like a great idea at first, it can be annoying in the long run, especially since there are higher interest rates of payday loans.

Shop Around for Lenders

Before making any application, it’s recommended to look around for the right loan option? Why, you ask? Well, some offers are better than others, so you shouldn’t go with the first one you find. You want the best experience after all, don’t you?

If you need help comparing companies, there are online websites that do the work for you, so you find the best deal that suits you and your needs.

Read & Understand the Contract

We get it, contracts are no fun at all, and it seems like you always stumble upon a word or sentence that is too hard to understand. The lender, however, is there to offer you not only money help, but guidance as well. Therefore, it’s nothing wrong to ask the lender. By understanding the whole contract, you won’t have any unpleasant surprises over time.

Have a Reason

You can’t just borrow money because you want some extra cash for a night out with the friends. The reason should be a serious one. You will be asked by the lender about what you will use them for, and you won’t be taken into consideration if you don’t have something serious going on.

Are you left without money, and you need some for food until payday? Did a tire catch a nail on the road to work, and you are left in the middle of the road? Does a loved one need medicine? If you have a serious reason, then the lender may consider it.

Tell us, did you ever apply for payday loans? If so, how was your experience? Please tell us in the comments.

Copyright 2017 Original content authorized only to appear on Money Beagle. Please subscribe via RSS, follow me on Twitter, Facebook, or receive e-mail updates. Thank you for reading.

8 Tips For Newlyweds In Debt

If you’re a recent or upcoming newlywed, congratulations!  This is an exciting time, of course, and there’s so much ahead!  You’ve got many things to look forward to.  However, if you’re like many newlyweds, debt is a part of your life.  Nobody likes debt, but most of us have it.  Here are some tips for newlyweds in debt.

Be Honest

Hopefully, by now, you know everything there is to know about each others finances.  But, if you don’t, it’s never too late.  Make sure you both come clean about all of your debt.  You have to know where you’re starting from.

Rank Your Debt

Newlyweds in debt should make it a goal to get out of debt, or reduce it as much as possible.  Once you have all of your debts listed, start ranking them.  Figure out which ones you would like to get rid of first.  A variety of factors can tie into these decisions.  Do you have some debts with small balances that you can get out of the way easily? Are there high interest rate debts?  Or, do you owe money to family that you’d like to pay back?  Each couple will rank their debts differently, but it’s important to have a plan.

Create A Budget

Once you’re married, it’s important to create a budget.  If you’ve never done a budget, the first step is to simply track your spending.  Make sure you know where every dollar that you spend is going.  Also, understand every dollar that’s coming in.  Then, you can make a budget based on this information.  Sometimes you’ll have to adjust your budget as seasonal changes can create variances throughout the year.  The idea is to have money left over that you can use to pay down your debt faster.

Cut Spending

After you’re in tune with your budget, look at ways you can cut spending.  Every dollar you don’t spend is money you can allocate toward your debt.  Can you go out to eat less?  What about not having drinks while out for dinner?  Could you make your coffee at home?  A few dollars here and there may not seem like much, but it adds up quickly.

Increase Your Income

While cutting spending can free up money, so can bringing more money home!  Work hard at your job.  Apply for promotions.  Look for new opportunities.  In addition to your regular job, look for side hustles.  Can you tutor? Would you enjoy driving for Uber or Lyft now and then?  Can you house sit or clean a house or two?   When you have extra money, throw it right to accelerating your debt payments.

 Have An Emergency Fund

Before you attack debt, make sure you have $1,000 set aside for unexpected costs.  It may be tempting to put every dollar to debt, but you need a cushion.  Life throws things at you, and if you have an emergency fund there, you won’t have to worry about adding more debt to your life should something unexpected happen.

Don’t Ignore Retirement

You may be tempted to put every dollar you can toward debt, even if you forsake retirement savings.  I would advise against that.  Even if you put just a couple percent of your paycheck toward retirement, it’s building a good habit for a lifetime of savings.  More importantly, if your employer offers a match, make sure you contribute at least the amount necessary to get the full match.  Otherwise, you’re leaving money on the table.

Look Ahead

Newlyweds in debt may find themselves with a great plan if they follow the steps above.  However, it’s important to look ahead.  Make sure you understand where you think you’ll be in a few years time.  If you plan on starting a family, have a plan on how that will impact your finances.  These decisions could alter the priorities you set earlier.  You may find you’ll balance things out differently if your long term and short term goals diverge, which they probably will.

These are just a few tips I have for newlyweds in debt.  Will they get you out of debt instantly? No.  It’s often a long road.  But, the point is to make progress, and these tips will hopefully help.

Copyright 2017 Original content authorized only to appear on Money Beagle. Please subscribe via RSS, follow me on Twitter, Facebook, or receive e-mail updates. Thank you for reading.

In Search of Debt Relief? Read This.

Finding yourself in more debt than you can bear? You wouldn’t be unique. Overall American credit card debt reached $927 billion in 2017, a five percent increase, according to NerdWallet. As you can imagine, this means that the average American household with credit card debt carries a lot of it; $15,482 to be exact.

Combined with the accruing monthly credit card interest and secured loans like a mortgage or auto, a consumer can quickly get in over their head.

If this scenario sounds familiar, there’s no shame in seeking a debt relief solution. After all, the worst way to handle debt is to do nothing. Instead, be proactive; start your search for debt relief solutions properly with this baseline approach.

Don’t Expect a Fast Resolution

If you’re expecting to get rid of your debt in a relatively quick manner, be prepared to lose some stuff. Chapter 7 bankruptcy is the fastest option by far, taking 4–6 months, but the court may seize some of your assets to help pay back your creditors. You can protect your assets with a lengthier approach; debt settlement takes between 2–4 years and chapter 13 bankruptcy 3-5 years. Consolidation and credit counseling timelines will vary based on your debt level but will still take time to play out.

For-Profit Doesn’t Mean Scam

A company isn’t a scam just because they are for profit. In fact, most debt settlement companies, as well as lawyers, will be working for a profit should you seek debt relief assistance through them. Whether you declare chapter 7 or 13 bankruptcy, you’ll have pay court costs, attorney fees and financial management courses. Opting for debt settlement (and having success) will require you to pay a percentage fee based on the original amount of the resolved debt.

Non-Profit Doesn’t Automatically Mean Trust

You’ll be hard-pressed to find a company that doesn’t charge money to wipe away your debt or a legal route free of financial obligations. If your situation doesn’t require any debt forgiveness, many credit unions, religious organizations, and legitimate non-profit agencies provide free or low-cost counseling options.

Be forewarned: just because a credit counseling company has nonprofit status, doesn’t mean their services are free, affordable, or even legitimate, per the FTC. Some credit counseling organizations may try to conceal the high fees they charge or ask for “voluntary” contributions. Make sure any credit counseling agency you work with is accredited by the National Foundation for Credit Counseling (NFCC) and Financial Counseling Association of America (FCAA).

Always Trust Your Gut

You can tell a lot from talking to a company representative on the phone and asking thoughtful questions. Are they patient and thorough with their answers? Are they asking insightful questions about your situation? Or are they steering you toward a product or solution of theirs with little concern for educating you?

If a company feels like they’re out for your money, they probably are. Legitimate companies put education first, only giving advice after carefully studying your financial situation. Validate your feelings by checking review sites like Consumer Affairs and investigate each company’s website. The company you work with should have a resourceful website filled with information on the process. An example would be the Freedom Debt Relief reviews and FAQ page, which provides clear, detailed answers to over a dozen commonly asked debt relief questions.

Know Your Caveats

All options carry caveats. Being aware of them ahead of time helps to avoid “uh-oh” moments. For example, while declaring chapter 7 is by far the fastest debt relief option, it stays on credit reports for up to a decade, three years longer than debt settlement or chapter 13 bankruptcy. Chapter 7 also results in the liquidation of your non-exempt assets, meaning, any property that you don’t need to maintain a home and job. Last thing: with debt settlement, any debt you are forgiven will be taxed by the IRS as income, so be prepared for a bigger tax bill if you have success with debt settlement.

Debt Relief isn’t for the faint of heart but can provide that spark needed to leave debt behind for good. Keep the above tips in mind when exploring different debt relief options so you can make the best choice for your situation.

Copyright 2017 Original content authorized only to appear on Money Beagle. Please subscribe via RSS, follow me on Twitter, Facebook, or receive e-mail updates. Thank you for reading.

7 Ways For Families To Manage Student Loan Debt

If your family has student debt, you’re not alone.  If you feel like it’s a mountain with no end in sight, that’s also quite normal.  The fact is that student loan debt is a huge part of our lives.  Some people think that their debt is something they’ll have to deal with forever.  But, it doesn’t have to be that way.  You can manage student loan debt.  It might not be easy or quick, but a good plan can pay off.  Here are a few way for your family to manage student loan debt.

Make Student Loan Debt Payoff A Priority

Some people think that student loan debt will be around forever.  For some people, paying off their debt is just another bill payment.  If you’re serious about getting rid of student loan debt, give it more priority.  Additional attention is necessary to tackle something so big.

Additionally, your entire family will have to commit to your plan to manage student loan debt.

Build excitement. Look at the end goals.  Picture your life without debt.  Have plans for what you can do when student loan debt is gone.

To properly manage your student debt will take time and dedication.  Know this up front and be ready for a long but fulfilling journey.

Create A Budget

If you don’t have a budget, now is the time to get started.  You cannot manage student loan debt optimally without one.  A budget will show everything you’re bringing in and sending out.  Put student loan debt payments at the top of your budget.  Make sure it’s front and center.  Give it the attention in your budget and it will spill over into your life.

Keep in mind there are some tips, especially if you’ve never had a budget before.  Start simple.  Spend some time just tracking at first.  Eventually, expand it to track goals.  Then, track against them.  Keep building your budget.  A good budget is something you grow into.  A good budget will help you manage student loan debt.  It won’t take long to get there, I promise!

Review Your Extras

Once you’re cruising along with your budget, start looking at it in depth.  What are your spending categories?  Are any of your spending habits changeable?

The goal here is to find money in your budget that you can re-allocate to your student loan payments.  Any bit of extra counts!  Don’t think that just because it’s only $5, you shouldn’t bother.  Guess what?  Every dollar makes a difference!  Plus, dollars add up.  In fact, starting small is a great way to start.  Chances are you’ll find small amounts and the difference in your life won’t even be noticeable.  Once you get a few of these changes under your belt, you can challenge yourself to go bigger.

Keep reviewing your spending and asking what you can change.  Premium cable channels.  Your cell phone bill.  In fact, do you really need to replace your cell phone already?  All of these and many other things are questions you can ask.  The answers can help manage student loan debt.

Allocate New Money

If you want to start paying down your debt faster, a great way is to allocate new money.  When you get a raise at work, figure out the difference in your paycheck and increase your student loan payment.  If you get a bonus, send that as a one time payment.  Same goes with income tax refunds.

The bottom line is that you should be living within the budget you created earlier.  Committing extra money to your student loans is a fast and easy way to knock that balance down.

Set Goals And Track Targets

Paying off your student loans will likely take considerable time.  In order to stay motivated, set some targets.  Every so often, check how you’re doing.  Targets give you something to track along the way.  For example, if you set a target to pay off 5% of your balance the first year, but you end up paying off 6%, that’s great progress.  It may not seem like a lot, but it is.  Why? Because it shows that you’re ahead of schedule.

That kind of little check up can provide extra motivation to keep on going.  Plus, you can challenge yourself to do even better the next year.

Snowball Payments

If you can pay extra on your loans, target one payment for the extras.  Which one is up to you. Some people like paying off the loan with the smallest balance.  Others prefer targeting the loan with the highest interest rate.  To me, there’s no hard and fast rule.  But, regardless, pick one and knock it out.

Why do I recommend this instead of spreading payments to multiple loans?  For me, it’s a matter of motivation.  Once you get a loan fully paid off, guess what? You’re going to feel great.  That’s going to be a meaningful accomplishment!  You can immediately start applying that payment to the next loan.  Then you can knock that one out, and so on and so forth.

A side benefit is that eliminating loans change your cash flow obligation.  While the goal is to never reduce your student loan payment, reducing the number of payments does give you flexibility in the event of an emergency or job loss.

Celebrate Milestones

Paying off your student loans can take years. It’s easy to lose sight of the big picture over a long period of time.  In order to reduce this, set milestones and celebrate.  When you hit your first 10%, go to a special dinner.  If you get that smallest loan paid off, consider a small getaway.  When you’re halfway there, get that fancy bottle of wine you once sipped.

These little motivations along the way will show definite achievement.  And, the celebrations will keep you motivated to hit the next goal.  That’s what it’s all about in the end!

I hope that these tips have helped.  I won’t sugarcoat it.  Paying off debt isn’t easy, especially if you have a lot of it.  But, you can do it and you can come in way ahead if you follow these steps.

Readers, do you have any good stories about paying off student loan debt?  How do you manage student loan debt?  Please comment below.  And, thanks so much for reading!

Copyright 2017 Original content authorized only to appear on Money Beagle. Please subscribe via RSS, follow me on Twitter, Facebook, or receive e-mail updates. Thank you for reading.