consolidation loans – Bantam NYC http://bantamnyc.com/ Wed, 16 Mar 2022 01:01:36 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://bantamnyc.com/wp-content/uploads/2021/10/icon-40-120x120.png consolidation loans – Bantam NYC http://bantamnyc.com/ 32 32 Is debt management the new benefits frontier? https://bantamnyc.com/is-debt-management-the-new-benefits-frontier/ Mon, 14 Mar 2022 11:57:39 +0000 https://bantamnyc.com/is-debt-management-the-new-benefits-frontier/ (Photo: Bagotaj/Adobe Stock Helping employees manage their unsecured debt (credit cards, medical loans, and personal loans) could help employers attract and retain top talent in today’s high-turnover environment. Indeed, offering a benefits package that does not include debt-related financial benefits may not be enough to promote worker well-being, productivity, and satisfaction. Survey data shows benefit […]]]>
(Photo: Bagotaj/Adobe Stock

Helping employees manage their unsecured debt (credit cards, medical loans, and personal loans) could help employers attract and retain top talent in today’s high-turnover environment. Indeed, offering a benefits package that does not include debt-related financial benefits may not be enough to promote worker well-being, productivity, and satisfaction.

Survey data shows benefit gap

A recent Financial Health Network survey found a high need for debt-related benefits, as well as gaps between those who need them most and those who currently have access to them. The survey asked workers with unsecured debt about their financial struggles over the past 12 months and found that while all survey respondents worked full-time, many struggled with their finances and used their working time to manage their debt.

Almost half (47%) of respondents said they had not been able to pay all their bills on time in the past 12 months. 50% of respondents who said that debt is a source of stress for them said that they had spent an average of at least one hour per week at work dealing with debt-related issues (for example, contacting creditors) in the previous month.

While employees’ unsecured debt has a significant impact on their well-being and productivity, survey responses revealed that workplace benefits are currently lacking when it comes to providing employees the help they need to manage and avoid debt.

The survey asked respondents about 13 different debt-related benefits, including financial coaching, emergency grant funds, debt consolidation loans, student loan repayment assistance and more, and found that:

  • For each of the 13 debt-related benefits, less than 40% of respondents said their employer offers the benefit.
  • One in five respondents said they had no access to any of the 13 debt-related benefits.
  • Employees with higher total debt, lower-income employees, and women were more likely to say they did not have access to debt-related benefits, despite having higher levels of debt-related stress.

Designing Debt-Related Benefits to Meet Workers’ Needs and Preferences

The good news for employers looking to close the benefits gap revealed in the survey is twofold. First, employees expressed clear and actionable preferences about which benefits features would be most useful to them. Second, survey responses indicate that providing useful debt-related benefits will pay dividends for employers in terms of employee well-being and satisfaction.

When it comes to designing debt benefits, employees place high value on guarantees of confidentiality. Employees, especially those with higher unsecured debt and those with low incomes, said they worried about what their employer would think if they knew the amount of the employee’s debt, for example. When designing financial wellness benefits related to debt, employers and HR teams should emphasize privacy practices and ensure that employees’ debt is not disclosed to their managers or employers.

In addition to confidentiality assurances, employees appreciate the ease of access, a clear explanation of benefits, and the availability of personalized assistance when considering participating in debt-related financial wellness benefits.

Getting the right mix of debt-related benefits, with the right features and messaging, is likely to have a positive impact on employee well-being and satisfaction.

  • 63% of respondents said access to debt-related financial wellness benefits would reduce their stress.
  • 68% said it was important for an employer to provide debt-related financial wellness benefits.
  • 62% said they would be more likely to stay in a job that offered debt-related financial wellness programs that were helpful to them.

The take-out sale

Employers have the opportunity to bridge the gap between employees’ needs for debt support and the benefits available to them. By leveraging these recent survey results (or suggesting employers conduct their own employee surveys), HR teams and benefits professionals can begin to identify gaps in current employee benefits offerings. businesses. Armed with this information, they can suggest additional products and services designed to help workers manage their unsecured debt and avoid taking on more debt. It’s time for financial wellness benefits in the workplace to go beyond standard retirement savings and health insurance offerings, and debt-related benefits are a great place to start.

Amelie Josephson East Senior Manager, Innovation, at Financial Health Network

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Best Bad Credit Loans: Top-Rated High-Risk Personal Loan Services https://bantamnyc.com/best-bad-credit-loans-top-rated-high-risk-personal-loan-services/ Sat, 12 Mar 2022 09:30:00 +0000 https://bantamnyc.com/best-bad-credit-loans-top-rated-high-risk-personal-loan-services/ Are you worried about securing loans for bad credit because you have a low credit score? Low credit scores pose several issues for those who wish to get a personal loan. It becomes challenging to get personal loans because the credit score is a factor that banks and other financial institutions consider. Having a bad […]]]>

Are you worried about securing loans for bad credit because you have a low credit score? Low credit scores pose several issues for those who wish to get a personal loan.

It becomes challenging to get personal loans because the credit score is a factor that banks and other financial institutions consider. Having a bad credit score can affect a person’s chances of getting a personal loan.

Whether it is a payday loan that you are after or you are looking for a home equity loan without a stringent credit check, there are many options available for credit loans for bad credit.

It is a myth when people say that there are no loans for bad credit. Bad credit personal loans are available through many services that do not take credit scores seriously and connect borrowers with trustworthy online lenders who wish to invest in you.

The Best Bad Credit Loans of 2022

Finding loans when you have poor credit history and score is quite tricky. This is because big institutions like banks place too much importance on the credit score and credit history and do not offer a decent loan amount or ways to consolidate debt for those who cannot pay them back often. However, there are alternate solutions for those who suffer from poor credit backgrounds and need help securing reasonable loan amounts with decent interest rates. Below are the best bad credit lenders for 2022:

MoneyMutual MoneyMutual is one of the best bad credit loans with agreeable repayment terms.
BadCreditLoans BadCreditLoans is a favored bad credit loan company providing loan funds at reasonable APR.
PickALender With a reasonable term length, PickALender is a company that allows you to pick your lender for borrowing a loan.
CashUSA CashUSA gives you reasonable term length and low APR when borrowing a loan.
PersonalLoans PersonalLoans provides some of the best personal loan funds to people with bad credit.
LendYou LendYou is a prevalent company that provides credit loans to people with bad credit with a varied loan range.
Next-Day Personal Loan With less APR and agreeable repayment terms, it is one of the best bad credit loans in the market.
Upgrade Personal Loan Personal Loan provided by this company is secure with less APR for easy repayment.
Payzonno Payzonno is a great way to borrow a loan if you have bad credit but want a loan from a reputable company.

MoneyMutual

Company Overview
Type of Loan All-purpose loans
Loan Amount Range $200 to $5000
Service Highlights No fees, simplified approval process, educational resources available
APR Varies
Term Length Varies

It is not easy to secure loans for bad credit without fixing your credit score, and MoneyMutual understands this all too well. This is why they offer a good amount of cash advances as much as $5000 instantly to help you solve credit card debt issues.

The cash advances are credited to your account as early as within 24 hours quite easily. You just need to submit your case to them and let the professionals review what went wrong with your credit score and get back to you at the earliest. It does not cost you any additional money. It connects you with reliable lenders to secure personal loans.

MoneyMutual is a leading bad credit lender with a track record of helping numerous people with credit card debt and poor credit scores.

The cash advances that you get from them are safe and secure. The best part about availing this service is that you do not need to worry about having a good credit history.

It does not matter how low your credit score is; you will be able to find a reliable source of bad credit personal loans using this platform. You do not have to worry about unsecured loans that will be difficult to deal with in the future.

Getting a personal loan with a poor credit score is very difficult, and that is where companies like MoneyMutual extend their services and promise to make things better for you.

You will find that it is not that difficult to secure personal loans even if you have not had a strong track record of your credit history. There is no requirement of a minimum credit score for borrowing money from the many personal loan lenders that MoneyMutual introduces you to.

The loan proceeds are smooth, and the interest rates are comparatively low. You do not need to worry if you have fallen under the category of bad credit borrowers before.

People with such track records find it difficult to secure personal loans from financial institutions such as very picky banks when giving credit.

MoneyMutual brings you direct lenders who do not worry much about what the credit check has revealed. You do not have to worry about unsecured loans because MoneyMutual is the one who gives you the money through an escrow system.

It is not easy to find a reliable loan company to provide you with services as good as MoneyMutual does. There are many lenders, and it is not easy to find a safe and secure one. Choosing this loan company will make things easier for you.

BadCreditLoans

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Company Overview
Type of Loan Multiple
Loan Amount Range $500 to $10,000
Service Highlights Easily connect to a lender and quick funding
APR 5.99% – 35.99%
Term Length 3 to 60 Months

BadCreditLoans gives you a wide range of borrowing options of secured loans irrespective of your credit history. You can borrow anywhere between $500-$10,000 easily using the platform and secure personal loans that are reliable and safe. All you need to provide is basic information regarding your ZIP Code, four digits from your Social Security Number, and your date of birth.

The company uses this basic information to decide if you are worthy of a personal loan. You do not have to pay any more than the interest rates and the amount you borrow from the lenders on the platform. BadCreditLoans charges the lenders a fee for their services. Don’t worry if you have a bad credit score.

Borrowers on this platform can easily attain loan approval even with low credit scores. Securing a payday loan is not easy for most people. Many lenders look for people with a high credit rating to provide personal loans. There is no minimum credit score requirement to secure a loan, and your credit report does not matter.

When you avail of credit services from a reliable company like BadCreditLoans, you increase your chances of securing a payday loan at a reasonable interest rate, and you can connect with many lenders who are eager to provide you with top-notch services.

Many people who do not have a good credit rating are worried about securing a fair credit because many lenders insist on the credit rating being relatively high so the people who borrow from them can be established as trustworthy.

It is not impossible to obtain a fair credit because of excellent personal loan providers like BadCreditLoans dedicated to helping you out. It has one of the highest maximum unsecured loan sizes and is suitable for bad credit scores. Do not be disheartened if you are not finding a loan quickly.

You need to understand that there are many such companies online, but you need to be very careful when choosing the right provider for your personal loan needs. People will tend to take advantage of your situation and present personal loans with a very high-interest rate which is, of course, not an excellent option for anyone.

You have no origination fees, and the service is entirely free for the borrower in this case. It does not matter what the credit bureaus say about your credit score. Lenders are willing to help you out on BadCreditLoans. You don’t have to wait for hours and look for help for loan approval anymore.

BadCreditLoans does not consider the credit score information presented by the credit bureaus, which is why they are the best bad credit loans company out there. Your bad credit personal loan needs are taken care of as a one-stop solution. You can secure a personal loan and try to fix your credit score without worrying.

PickALender

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Company Overview
Type of Loan Personal Loans
Loan Amount Range $100 to $40,000
Service Highlights Marketplace and lending partners, fast delivery, data security, upfront disclosure
APR Varies
Term Length Varies

Worried that your credit score is not good enough to secure you a personal loan to cover your expenses? Securing good loans for bad credit is an arduous task usually, but PickALender can help you solve this problem.

Using the PickALender online platform for securing loans for bad credit, it becomes straightforward to get personal loans worth anywhere between $100 to $40000. You will notice that there are many offers available in your area, and you can pick from any lender that you like as there are many options dedicated to you.

You can complete a form within two minutes and choose to solve your loan problems right away. Your credit score does not matter at all.

The lenders on this platform are waiting to work with you to fix your issues and give you the money you need. This is one of the best options to secure bad credit personal loans at a very low-interest rate.

The repayment terms are easy to follow. They are very transparent and available in clear text on the platform, so no confusion or worry later. The loan agreement is straightforward.

You will get the money credited into your bank account, and you don’t have to worry about existing debt when you are applying for a personal loan using this platform. It has minimal origination fees and some readily available choices of online personal loans. This company brings you straightforward repayment terms that you can abide by.

It connects you with some of the best personal loan providers on the market. If you are looking for home equity loans or personal loans, you will find whatever you need through this platform. It has several direct lenders ready to help you out, and your existing debt doesn’t matter. The tag of being one of the bad credit borrowers does not matter for this platform and the many lenders using it.

You will obtain loans for bad credit and have the opportunity to work on your credit score without worrying about ongoing expenses. You will get secured loans that are easy to repay. Bad credit loans are not easy to obtain, and the choices of reliable platforms offering personal loans at affordable interest are quite a few.

You have come to the right place if you look for secured loans but have a minimum credit score. PickALender has excellent options for payday loans, specializing in bad credit personal loan options.

They offer many options such as debt consolidation loans, home equity loans, car title loans, and more. Usually, getting loans like these requires a lot of credit check procedures. But the payday lenders on PickALender do not put you through all that.

CashUSA

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Company Overview
Type of Loan All-purpose loans
Loan Amount Range $500 to $10,000
Service Highlights Loan decision in minutes, funds directly in the bank, loan for any purpose
APR 5.99% – 35.99%
Term Length 3 to 72 months

CashUSA is an excellent option for those who wish to secure as much as $10000 from reliable lenders at a low-interest rate and origination fees. You and the lender can arrange the repayment terms with complete discretion. This is a platform dedicated to helping those who have problems in debt consolidation for different needs.

Whether you are looking for a home equity loan, personal loan funds, or credit loans but have been pushed aside by the credit union on account of being tagged among bad credit borrowers, CashUSA can help you out.

In the beginning, you only have to provide minimal information, and you can connect with numerous lenders immediately. Pick any lender that you like and make your decision wisely.

Choose from the variety of options of personal loans that are offered to you by different lenders. You will have no trouble finding loans for bad credit on this platform. They are associated with thousands of lenders looking to help borrowers like you. It is one of the best bad credit loans services on the market.

When you use this platform, you don’t have to worry about having a bad credit score or anything like that. It is ideal for obtaining secured loans with a minimum credit score. Do not choose an unsecured personal loan without doing your research. You will receive the loan within one business day of joining the platform and providing minimal information regarding your Social Security number, date of birth, etc.

Most personal loans require way more data than this. You can consolidate debt easily through this platform and take your time to work on your credit score and improve it. You can only discuss the repayment terms with the lender after agreeing to them, so you need to take on their business. The personal loan funds will be credited to you automatically through the platform once you have reached an agreement with the lender.

It is a very suitable platform for those with a high debt to income ratio and a history of poor credit track. Do not worry about securing a bad credit loan from an unreliable place when you have the option of choosing CashUSA. You can borrow some money easily and state your terms or agree to the ones posed by the lender in terms of monthly payments, interest rate, etc.

The loan amount can be decided between you and the lender. Everything happens entirely privately, and you don’t have to worry about your identity being exposed in public. Unsecured personal loans are a big problem these days because many are on the market looking to take advantage of those who need such services, so be careful when you choose one and stick to known brands like CashUSA.

PersonalLoans

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Company Overview
Type of Loan All-purpose loans
Loan Amount Range $500 to $35,000
Service Highlights Large lender network, use the loan for any purpose, fast loan decision
APR 5.99% – 35.99%
Term Length 3 to 72 Months

PersonalLoans is an excellent option for those seeking bad credit personal loans and is tired of the very few choices in the market for those who require loans for bad credit. Debt consolidation is a huge worry, and financial institutions are rigorous. Your credit score does not matter on the platform of PersonalLoans. You can secure a personal loan at a very affordable interest rate by connecting with many lenders who do not care about your credit history.

You can review the repayment terms yourself and decide which is the best option for you. You have choices ranging from monthly payments to annual returns. The originating fees are meager, and the service is speedy. This platform understands that securing personal loans is not easy for those who do not have an excellent credit history. You can borrow up to $35,000 from the lenders on this platform. Unlike a financial institution, they will not scrutinize you for information and background checks.

One of the most important things to consider when looking for personal loans is the high number of unsecured personal loans. You have to rely on a trustworthy service like PersonalLoans if you don’t want to end up with options of unsecured personal loans, which cause more harm than good. You have numerous options for secured loans using this platform as you connect with genuine lenders who want your business.

Do you want a payday loan at an affordable interest rate, or are you looking for home equity loans? With very straightforward repayment terms and establishing itself as a reliable way to consolidate debt, PersonalLoans is worth considering. The bad credit loan market is highly competitive, and this company stands out from the rest for its excellent customer service.

Most personal loans obtained through this platform require only a soft credit check. The loan amounts can be decided between you and the lender. It is highly convenient, safe, and private. Your information will not go anywhere else, and you will get a secured loan quickly through this platform.

It has some of the best personal loans on the market and the loan proceeds are pretty fast, and the loan amount does not take longer than one day to be credited. Among the many bad credit loan options, this one stands out for being extremely easy to use.

Your search for the ideal payday loans ends here. Get a debt consolidation loan from top lenders. Don’t worry about coming across any unsecured personal loans on this website. All of the lenders have been verified, and they undergo a strict background check by the company.

LendYou

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Company Overview
Type of Loan Short-Term, Installment, and Personal Loans
Loan Amount Range $100 to $15,000
Service Highlights No collateral required, quick application and approval, all credit types considered
APR 6.63% – 225%
Term Length 30 days to 60 months

LendYou understands that having a bad credit score can be problematic. This is why whenever you have emergencies but cannot get hold of credit, you can avail the services of LendYou.

They are top-rated providers of bad credit loans. You don’t have to worry about getting a personal loan for any medical emergency or dealing with repairs that you did not predict.

One of the best features of these personal loan lenders is that they have one of the quickest ways to secure reasonable loan amounts for those who have a bad debt to income ratio and need all the help they can get.

Getting loans for bad credit is not easy, especially if you do not meet the minimum credit score requirements and your credit history is not up to the mark. However, you can connect with lenders who will give you money instantly using these services.

Bad credit loans can be availed easily, and you don’t have to worry about your existing bad credit score bringing you down. You need to have a minimum income of thousand dollars per month.

The origination fees are meager, and you and the lender can agree on the repayment terms. It is easy to obtain credit loans without having to face one credit check after another just for the sake of getting hold of some money.

The lenders will not approach any credit union to check whether you qualify for the loan amounts they are willing to provide you. The loan amount you can get is flexible and entirely at your discretion.

One of the slightest drawbacks is that the loan amounts you can get using the service are not as high as others. $2500 is the maximum you can get, but you can get it in a brief time.

It does not matter if your credit report is not good enough or you are labeled as someone who has a bad credit history. Bad credit loans through LendYou can be trusted as they connect you with secured loan providers who give you payday loans for bad credit without any fuss.

Since the loan amount using this service is not very high, you don’t need to worry if your credit score is relatively low. It does not matter at all to the lenders. Getting bad credit loans has never been easier. All you need to do is prove that you have a monthly income of minimum thousand dollars and confirm that you are part of the US military service.

Next-Day Personal Loan

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Company Overview
Type of Loan Personal Loans
Loan Amount Range $1,500 to $40,000
Service Highlights Fast Funding, Secure loan request form, all credit types considered
APR 6% – 35.99%
Term Length 2 to 180 months

Getting a simple and easy personal loan with meager origination fees has never been simpler. Next Day Personal Loan brings you a variety of payday lenders to choose from who do not care about what the credit union has to say about your credit score.

You have come to the right place if you have a decent loan amount without bothering you much about your bad credit and let you borrow some money for your debt consolidation needs.

The repayment terms are straightforward when securing loans from Next Day Personal Loan. The interest rate is quite decent, and you can choose from many lenders who don’t mind your bad credit scores.

Your existing debt does not matter either. One of our favorite parts of this company is the easy repayment terms that you can customize and deal directly with lenders.

You can get quite a bit of fair credit depending on your credit rating as the credit bureau and credit union decides with just a very soft credit check. The form is straightforward to fill out, and you don’t have to worry about the origination fee amount as it is pretty low. You can get started on fixing your debt consolidation issues with a possible loan amount irrespective of your current debt to income ratio.

Poor credit scores can be quite a hindrance when securing the best personal loans, and you can get a pretty decent loan amount on this site compared to other options of securing a bad credit loan. A debt consolidation loan from this site can be settled using feasible monthly payments and a low origination fee.

Depending on your ratings and credit report produced by credit unions and what credit score has been established by your credit check by the credit union, you can connect with personal loan lenders who don’t care about your credit score. Getting unsecured loans can be quite a worry, especially if you have bad credit. Don’t worry about coming across an unsecured loan on this site, though.

It does not matter if you have a minimum credit score; you can get payday loans secured loans irrespective of what credit unions have to rate you. Connect with Next Day Personal Loan for securing bad credit loans of up to $40,000 regardless of your credit score. The lenders are more than happy to help you fix your bad credit score and give you a chance to secure reasonable loan amounts that provide you with peace of mind.

Apply for whatever loan amount you think you are legible and connect with numerous lenders dedicated to giving loan funds to those who need a reasonable loan amount urgently and have a credit report that is not very great.

Upgrade Personal Loan

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Company Overview
Type of Loan Personal Loans
Loan Amount Range $1,000 to $50,000
Service Highlights 0.5 percentage point rate discount, secured and joint loans, rate discount with direct payment to creditors
APR 5.94-35.47%
Term Length 2 to 7 years

It is time we stopped using credit scores as a basis for a judgment of who deserves a secured loan and who does not. This is why services like Upgrade Personal Loans bring you loans for bad credit even if you don’t meet the minimum credit score requirement that most establishments have in place.

There are many things to love about this company that the credit union might not approve of, and the best part is the high loan amount you can get. You can get secured loans with loan amounts up to $50000. No other company on the list offers a loan amount higher than $40,000.

Your poor credit score will not affect your interest rates, so don’t worry about that. You can get a decent loan amount even if you have a poor credit history at very affordable interest rates. You can get APRs between 6% to 36%. The origination fee is so low that this is one of the most affordable Personal loans for bad credit on our list.

Even if you have the minimum credit score needed or your credit score is lower than it should be, it does not matter because the lenders who give you a bad credit loan do not care about credit scores. You can meet reliable online lenders who do not go by what credit unions say and do not scam you with unsecured personal loan options.

The company is based out of San Francisco. You can get decent loan amounts for affordable prices in just a day at a low origination fee, and be sure that your poor credit will not affect your chances of getting a loan amount you are worthy of. Do not worry about the interest rates burning a hole in your pocket. You don’t have to worry about accessing bad credit loans because that’s exactly what Upgrade Personal Loans aims to tackle.

Upgrade Personal Loans service is dedicated to those who find it challenging to obtain a secured loan because they cannot meet the minimum credit score required to borrow money from credit unions and other institutions. Your bad credit history need not depend on your minimum credit score requirement any longer.

Switch to Upgrade Personal Loan Services and connect with online lenders dedicated to helping those secure high loan amounts. The origination fee and high-interest rates are among the significant concerns for borrowers. Still, you can borrow money at very reasonable rates and fix your bad credit issues in peace.

Payzonno

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Company Overview
Type of Loan Personal Loan
Loan Amount Range $100 to $5,000
Service Highlights Free Account, Additional Loans allowed, easy to apply and get approved
APR Varies
Term Length 1 to 60 Months

You might meet plenty of online lenders promising you many bad credit loan options, but Payzonno stands out as one of our favorite online lenders. You just have to deal with a chatbot, and your bad credit loan is on its way!

Want to know the best part? There is no origination fee. That’s right, at literally zero origination fee, this platform gets multiple online lenders fighting for your business to bring you the best bad credit loans. Your credit history and credit score do not matter!

Is your bad credit report and credit history preventing you from securing high loan amounts at reasonable interest rates? It’s the same everywhere you go; either the origination fee is too high, or the interest rates are too unreasonable.

Don’t worry about your loan amount being less. With Payzonno, you can get up to $5000 in clicks from lenders who charge you low-interest rates and don’t worry a lot about your existing debt. Your credit report only matters to credit unions and bureaus and not your online lenders on this platform dedicated to helping those with bad credit.

Payzonno only cares about the present and does not burden you with additional origination fees or unreasonable interest rates just because you need a loan for your bad credit issues. It is safe, secure, and reliable and one of the best ways to secure loans for bad credit.

Things to Keep in Mind When Selecting Lenders for a Personal Loan

You need to consider many things before choosing the lender who will give you your loan and help you deal with your credit issues. Having bad credit should not stop anyone from getting help when needed, and banks tend to deny this.

But that doesn’t matter, as we have so many other reliable sources of help available online that connect you with a trusted and reliable provider of loans for those who have bad credit.

Here are certain things you should keep in mind when you are looking for loans for bad credit:

Good Loan Amount

Having a good amount of loans is very important to resolve your issues right now, obtaining more credit. Whether you are looking for a platform to get a loan from or have already identified one, and you want a lender, pay attention to the loan amount they offer. Assess your needs carefully and determine what you expect in terms of an amount for a secured loan. Always go for those websites that give you enough and more in the loan to take care of all necessary expenses that you plan to incur and have some money left for yourself which you need to attend to personal needs.

This is one of the most critical factors when selecting a lender to give you money. Only borrow money from them if they can satisfy your monetary requirements at that point. It is always better to borrow a little extra and obtain a higher loan amount than to take another personal loan later, which will be way more difficult when you think about it. Plus, getting it at the current interest rate is not always possible if you wish to borrow more money later, so it makes sense to get it at once.

Agreeable Repayment Terms

You should speak to your lender and discuss the repayment terms, including the interest rate and the duration that you will take to pay them back in full. This is an essential conversation to have, and you need to identify someone from whom you are comfortable borrowing.

You need to look for transparency so that they will be open to discussing options with you because if they are straightforward, they generally tend to be very flexible. Very rigid lenders are difficult to work with, and they expect repayment very soon and often charge very high rates of interest. Do your research thoroughly before selecting a lender who will fulfill your requirements, and you are comfortable borrowing from.

Be transparent about everything, as this is the essential part of it. Open communication is critical regarding when you can repay them the total amount and how much interest you are OK with paying monthly. Only when you both agree with everything go ahead and secure that loan. Otherwise, there are numerous platforms for you, and you have multiple options. Take your time and make the right choice.

Low Origination Fees

The whole point of obtaining more credit is getting out of your current debt and figuring out ways to get more money to cover your ongoing expenses. The last thing you need is to pay a hefty amount of money for a service that is supposed to help you get money. Always look for low or no-fee options for credit borrowing sites. Think carefully before picking out the right choice for you. Numerous good platforms offer you their services for free. Some excellent ones are also available at minimal costs. Do not buy into the myth that you need to pay a lot to get good services.

Instead, think about different ways to spend the money that you have so that you need to borrow less for your needs. Also, pay attention to the total amount you will have to end up spending, including the principal amount, the interest, and the fees for availing of the service. Make sure that it is worth it when you tally everything together. If it seems too expensive, you need to consider other affordable options because your priority is to fix your credit record and not just borrow more money.

Security of the Loans

This is a significant concern. There are numerous scams out there, and sometimes, they are so convincing that even the best of us go ahead and pick out a loan because it seems very easily accessible. When you have a history of bad credit, you feel that you have no good options around, and you must pick the easiest and most accessible one because this might be your only option. This is so not true. You get plenty of loans completely secured from very reliable lenders when you look for trustworthy and credited platforms. Always take into consideration the reviews offered by customers.

It is better to have no loan than an unsecured one. Contrary to what you think, you are not alone. Many people are looking for credit, and many are willing to lend money and get your business. Matching with the right lender takes patience and research. Once you come across the best platform for you, you will realize just how many people out there are willing to lend you money at very reasonable interests. The loans by trusted lenders are always secure, and you can use them for any purpose you need. You can borrow even $50,000 if you need to in just a day. Never opt for an unsecured loan even if you feel backed into a corner.

Low Rates of Interest

Many lenders are willing to charge meager interest rates on the loans they provide, irrespective of what you’re planning to use the money for. We cannot always guarantee that you will get the best deal in every aspect. Still, one of the most important things to consider when borrowing money is the interest you will be paying every month or at any frequency that you have decided with the lender.

You should assess your financial situation thoroughly and see if your income can handle the rate of interest that the lender is charging. Even though the rates which are considered the best might not be miraculously low, you will still get the best deal if you spend some time identifying the best options for you. Never hurry into this and know that you deserve the very best. Make sure that the interest rate is meager so that you can pay it back quickly without any fault later. It should be reasonable and acceptable for both parties before it becomes the final amount.

Secure Platform

The platform you borrow money from should be a safe exit and have all the standard security features you expect from regular websites. In most cases, the money is provided to you by the website directly. This is why the security of the platform is paramount. You cannot compromise with safety features when it comes to money. One of the best ways to avoid any scam is to check if the website is secure and your information is protected.

The platform’s security is critical because you practically trust strangers with your money, and they must live up to your expectations. It is a sign of the organization’s credibility if they have a good website that is secure and does not have any issues in establishing authenticity. Only those who have proven that they are authentic deserve your business, and only these will have genuine lenders who also feel comfortable trusting the platform with their hard-earned money.

Genuine Lenders

The thing about borrowing money is that you have to return it at some point which is why it is essential to make sure that the lender you are obtaining credit from is reliable, genuine, and does not scam you in any way. It is as important to track those who lend you money as it is to those who borrowed them. You do not want to be part of any illegal activities or be a victim of any crimes that you did not commit.

This is why it is crucial to ensure that you have taken money from genuine lenders, maintain constant communication with them and be transparent about everything. Always be open about everything with them, including when you will pay them back fully and how much you can afford in terms of interest every month. Choose only genuine lenders that you are comfortable with because you will be associated with them for some time.

Make sure that you apply all the filters that you need to find only the most genuine lenders to fulfill your needs and that you are not confused in any way because of the large number of choices out there. Only very few of the lenders who are available online are genuine and secure to borrow money from. Keep this in mind when you make your choice.

Ease of Use

It is essential to make sure that the website is very user-friendly and does not complicate the experience in any manner. When a website is straightforward to use, the payment will be processed as soon as possible. User experience is one of the most important things to look forward to when you’re assessing a new business online.

You should not spend much time providing information when looking for different options to secure loans, even if you have poor credit. Ideally, it should not take you more than a few minutes to fill out the form required and provide the necessary information.

Using this information, the website should predict whether you qualify for a loan and how much you can borrow from lenders who are willing to give you their business at a reasonable cost.

The idea is to get the credit as soon as possible rather than playing games and looking for different options. This is why it is essential to tally the user experience of such places. This could be a complete deal breaker for some people who want to secure a loan without any hassle.

Minimal Requirements

You are looking for credit and loans even when you have a poor history of maintaining good credit because some financial issues have pushed you into this position. Most monetary establishments like banks etc., don’t seem to understand that you can repay them even if your current situation is not perfect. They are too dependent on the score and do not step outside of the required criteria, so it makes sense to take a more personal approach and connect with people willing to lend money on a humanitarian basis and looking to profit minimally from the same.

You don’t want to be put through strict checks of credit backing and everything else. This is why you have selected a more personal approach. So make sure that the requirements posted by these lenders are minimal and they are very flexible.

The Best Bad Credit Loans of 2022 Conclusion

You don’t have to worry about being completely broke and having no source of any extra money at all times because there are numerous options available on the market right now. Many people are willing to lend you money irrespective of your history. It is time to think outside the box and stop relying on institutions to help and secure loans. It is time that we got out of the personal loan obsession with the bank and respected the idea of different options.

We have put together the best options for bad credit loans so that you can find a way to get a hold of debt consolidation loans even if your credit report is not after the mark and your credit scores need to be corrected in the long run. Your credit report is a thing of the past as long as you can handle the present confidently and be sure that you will repay the loans on time.

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Disclaimer:

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Unpaid medical bills account for 58% of debt in collections: CFPB report https://bantamnyc.com/unpaid-medical-bills-account-for-58-of-debt-in-collections-cfpb-report/ Thu, 10 Mar 2022 17:03:01 +0000 https://bantamnyc.com/unpaid-medical-bills-account-for-58-of-debt-in-collections-cfpb-report/ Medical debt is a problem for millions of Americans who have hospital bills in collection. Here’s what the CFPB plans to do about medical credit reports and how you can get rid of unpaid medical debt. (iStock) The majority (58%) of collection receivables come from medical bills, according to a new report the Consumer Financial […]]]>

Medical debt is a problem for millions of Americans who have hospital bills in collection. Here’s what the CFPB plans to do about medical credit reports and how you can get rid of unpaid medical debt. (iStock)

The majority (58%) of collection receivables come from medical bills, according to a new report the Consumer Financial Protection Bureau (CFPB). About 43 million Americans have medical bills on their credit report, with a total unpaid medical debt of $88 billion.

CFPB Director Rohit Chopra said at a press conference that the bureau is taking steps to clarify the role of medical bills in credit reports, and may even consider banning major credit bureaus from including medical debt in calculating credit scores.

“Even when a patient is trying to fight to get an accurate bill or an insurance claim paid, medical debt collectors have a weapon that’s hard to fight: the credit report,” Chopra said.

Overdue medical bills on a patient’s credit report can lower their credit score, making it more difficult to obtain favorable loan terms on mortgages, student loans, and other credit products. Medical debts in collection can eventually result in late fees, costly legal proceedings, wage garnishment and often bankruptcy.

“Having a medical debt collection mark on a credit report can make it harder to get credit, rent or buy a home, or find a job,” Chopra said. “Families are being pushed into bankruptcy by medical debts they cannot pay.”

Keep reading about how the CFPB plans to increase consumer protection for medical bills in credit reports, as well as how you can pay off medical debt in collections. If you’re struggling with unpaid medical bills, you can sign up for free credit monitoring services on Credible to receive notifications when your credit report changes.

MEDICAL DEBT IS THE LEADING CAUSE OF BANKRUPTCY, DATA SHOWS

CFPB Director Unveils Medical Debt Reporting Assessment Plan

In light of its recent report on the impacts of unpaid medical bills on credit reporting, the CFPB is taking several steps to address the issue:

  • Review the inclusion of medical debt in credit reports.

The CFPB works with government agencies and the medical community to determine whether it is appropriate to include unpaid medical bills in credit reports. Collection agents often use “coercive credit reports” and the threat of negative credit impacts on strong-armed patients to pay their medical debt.

“Many members of the healthcare community have already taken steps to avoid this behavior and to work constructively with patients before launching an attack on their credit report,” Chopra said.

The bureau may consider preventing debt collectors from reporting overdue medical bills to credit bureaus.

  • Expand access to financial assistance programs for medical billing.

Nonprofit hospitals are required by federal law to offer financial assistance programs, such as payment plans and reduced-cost care. The CFPB determines best practices to facilitate patient access to financial aid.

Additionally, the bureau partners with the Department of Health and Human Services (DHHS) “to ensure that patients are not billed or paid illegal surcharges for medical care,” Chopra said. This is in line with the No Surprises Act, which aims to protect patients from surprise medical bills.

  • Investigate medical debt reporting practices by credit bureaus.

Credit reporting agencies are required to identify inaccurate reports of debts owed by The Fair Credit Reporting Act (FCR). This is a major concern for the CFPB, as Chopra said the medical billing and collections system is “error-ridden” and confusing for patients to navigate.

To help patients who often struggle to determine the validity of their medical bills, the CFPB will closely monitor the reporting practices of Equifax, Experian and TransUnion. This will ensure that credit reports aren’t “used as a tool to coerce and extort medical bills from patients that they may not even owe,” Chopra said.

NEARLY ONE IN 5 AMERICANS HAVE UNPAID MEDICAL DEBT, STUDY SAYS

How to Repay Medical Debt in Collections

Overdue medical bills can hurt your credit score and have serious financial consequences over time. Here are some strategies for managing medical debt in collections:

Learn more about each strategy in the sections below.

Dispute medical debt on your credit report

Major credit bureaus must wait 180 days before including medical debt in your credit file, according to Experian. This grace period gives consumers six months to resolve medical billing errors, enroll in a payment plan, or pay off debt.

To determine if you have been billed inaccurately, look for common medical billing errors such as double billing and incorrect coding. Also, request an Explanation of Benefits (EOB) from your health insurance company to determine if you were billed for a service that should have been covered by insurance.

If you were charged in error, you can file a dispute directly with the credit reporting agency. You can also sign up for Experian’s credit monitoring services on Credible to identify and correct errors on your credit report in a timely manner.

HOW LONG DO NEGATIVE ITEMS STAY ON YOUR CREDIT REPORT?

Negotiate a settlement with the debt collector

If your unpaid medical bill is a legitimate charge, it may be possible to settle the debt more cheaply or sign up for a payment plan. The CFPB offer some advice to negotiate debt settlement with a collector:

  • Get more information about the debt, like where it came from and how much you owe. If you do not recognize the debt, you can ask the collector for more information about the original creditor.
  • Make a realistic offer for debt settlement or repayment. Determine how much you can afford to pay each month on the debt or the total amount you are willing to pay to settle the debt. If your debt is old, you may want to contact an attorney first to see if it has reached your state’s statute of limitations.
  • Explain your current financial situation and proposed repayment plan to the debt collector. You may have more negotiating room with a debt collection agency than with the original creditor. Take detailed notes and record your conversation if necessary.

Be sure to get any debt settlement agreement in writing before making a payment.

Contact a credit counseling agency

It can seem daunting to negotiate high levels of medical debt with a third-party debt collector. To ensure the process goes to your advantage, you might consider credit counseling services.

A credit counselor may be able to negotiate with your creditors on your behalf. This may include entering into a debt settlement agreement, waiving late fees, and enrolling in a debt management plan (DMP). Credit counseling is often free, but some services may be offered at low cost.

Nonprofit credit counseling agencies are governed by federal law. You can view the full list of licensed credit counselors at the Department of Justice website.

Pay off debt with a 0% APR credit card offer

Some credit card issuers offer a 0% APR introductory period of up to 21 months for consumers who open a new card. It may be possible to pay your medical bills in collection with a credit card and then reduce the debt in monthly payments during the interest-free period.

If you pay off the debt in full by the time the 0% APR offer expires, you can effectively avoid paying interest on your medical bills. Any remaining balance after the zero interest period will be charged the regular purchase APR, which can often be high.

These promotional offers are generally reserved for applicants with very good or excellent credit, as defined by the FICO scoring model like 740 or higher. To see if you meet the eligibility requirements, you can visit Credible to compare credit cards with interest-free introductory periods.

15 BEST DEBT CONSOLIDATION LOANS FOR FAIR CREDIT

Consolidate your debts with a fixed rate loan

Another common way to pay off medical expenses is to take out a debt consolidation loan. It is a type of fixed rate personal loan that you repay in fixed monthly payments over a set period of time, usually a few years.

Since personal loans are generally unsecured and do not require collateral, lenders determine your eligibility and interest rate based on your credit history and debt-to-equity ratio. Applicants with good credit will be eligible for the lowest personal loan rates, while those with bad credit may see high interest rates – if eligible.

Personal loan rate by credit score

Since you will pay interest charges to borrow a debt consolidation loan, it can be a last resort after settling the debt and negotiating the medical bill. But if you’ve exhausted your alternative medical debt relief options, personal loans can provide a quick financing option to help you pay off collection debt on a predictable repayment schedule.

You can use a personal loan calculator to estimate your monthly payments using this debt consolidation strategy. If you decide to take out a debt consolidation loan, be sure to compare rates from multiple lenders on an online marketplace like Credible to buy the lowest rate possible for your financial situation.

HOW TO GET RID OF MEDICAL DEBT WITHOUT DAMAGING YOUR CREDIT

You have a financial question, but you don’t know who to contact? Email the Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

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Debt Redemption Texas Debt Relief https://bantamnyc.com/debt-redemption-texas-debt-relief/ Wed, 09 Mar 2022 15:12:15 +0000 https://bantamnyc.com/debt-redemption-texas-debt-relief/ As the Fed raises rates, most credit card payments will go up. If you have excellent credit, now is the time to consider consolidating your debt into a fixed rate personal loan. Most Texas banks and credit unions offer these types of loans if your debt-to-equity ratio is good. Even with good credit scores, if […]]]>

As the Fed raises rates, most credit card payments will go up. If you have excellent credit, now is the time to consider consolidating your debt into a fixed rate personal loan. Most Texas banks and credit unions offer these types of loans if your debt-to-equity ratio is good. Even with good credit scores, if you are over-indebted, it can be difficult to get a low interest rate on a debt consolidation loan, even with very high credit scores.

If you can’t qualify for an unsecured loan to pay off your credit card debt, you can also look for a home equity loan. The maximum loan-to-value ratio in Texas is 80%, so you need to have plenty of equity if you’re considering this option. Since home prices have risen so much over the past two years, this option is available to many Texas homeowners. Before considering this option, make sure you will be able to comfortably pay your additional 2nd mortgage payment since you are transferring unsecured debt to your home. If you fail to make future payments on a loan secured by your home, you will eventually face foreclosure.

If none of the above options are viable, you may consider a credit counseling program to lower your current interest rates without a new loan. If you’re struggling to make your payments or have already fallen behind, a debt relief program using debt negotiation is another bankruptcy-free option. Not all debt relief programs are created equal, and some outside companies charge excessive fees from Texans. Always research a company with the Better Business Bureau and it is recommended to make sure they have offices in Texas.

Debt Redemption Texas Debt Relief is 100% veteran owned, highly rated by the BBB, and has been serving Texans for 20 years. The company provides an affiliate platform to purchase debt consolidation loans, credit counseling referrals, and a program to negotiate balance reductions. Their debt relief program is usually 20-40% less than the fees charged by out-of-state companies and the company is licensed by the state. They also assist Texans facing lawsuits against their creditors. For a free, no-obligation consultation with a Texas debt specialist, call 361-792-2900 or visit DebtRedemption.com

For more coastal life, visit our website or follow our Facebook and Instagram.

]]> This Loophole Could Cut Parent PLUS Loan Payments In Half https://bantamnyc.com/this-loophole-could-cut-parent-plus-loan-payments-in-half/ Mon, 07 Mar 2022 18:26:56 +0000 https://bantamnyc.com/this-loophole-could-cut-parent-plus-loan-payments-in-half/ Attention, borrowing parents: you may have more options than you think to reduce your monthly student loan payments. Parent PLUS Loans — federal loans that parents can take out to cover the tuition of their undergraduate students – is one of the fastest growing segments of higher education debt. At the end of 2021, parents […]]]>

Attention, borrowing parents: you may have more options than you think to reduce your monthly student loan payments.

Parent PLUS Loans — federal loans that parents can take out to cover the tuition of their undergraduate students – is one of the fastest growing segments of higher education debt. At the end of 2021, parents held $105 billion in PLUS loans, a 35% increase from five years earlier.

But these parent loans can be risky because they don’t come with the same borrowing limits as student loans. It is possible to borrow up to the full cost of tuition, and parents often find the payments unaffordable, especially as they approach their final years in the workforce.

A reason why? Parents do not have access to the same set of affordable repayment plans as student borrowers. That is, unless they use a little-known loophole called double consolidation, which can help them lower their monthly payments.

We’re not going to sugarcoat this: the double consolidation process is complicated and not suitable for all borrowing parents. But for some, it can cut monthly payments by more than half. Here’s how it works.

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What is double consolidation and what is it used for?

Double consolidation is an unintended loophole in student loan law that gives parents more repayment options tied to their income. The rules technically state that there is only one income-based repayment plan available to parent borrowers, the Income Contingent Repayment (ICR) plan, and parents can only use it after consolidating PLUS loans into a direct consolidation loan. This plan caps monthly payments at 20% of your “discretionary incomeand forgives the balance after 25 years of payments.

However, when you double-consolidate, you essentially erase the fact that the original loans were parental loans, and in doing so, you gain access to the income-driven plans for student borrowers.

These plans, called income-based reimbursement (IBR), Pay as You Earn (PAYE) and Revised Pay as You Earn (REPAYE), set payments based on 10% or 15% of your discretionary income, says Meagan Landress, a certified student loan professional with Student Loan Planner. The plans also define discretionary income in a way that shields more of your income from the payout calculation. In other words, your monthly bills drop to 10% or 15% of your income and this percentage is based on a smaller portion of your net salary. As with the income-contingent refund, the government forgives any remaining balance after a maximum of 25 years.

Double consolidation is not described on the federal website, and your loan officer won’t suggest it either. In fact, they might not know. It’s not illegal, however.

“There’s nothing you can get in trouble for,” Landress says, “but the only downside is that Congress is aware that this loophole exists. They could close access to the loophole by changing the legislation.

Double consolidation benefits you by significantly reducing your monthly payment, says Fred Amrein, CEO of PayforEd, a student loan assistance company. For example, under the parental income-contingent repayment plan, if you had an adjusted gross income of $60,000, you owed $773.50 per month. But with the same income on a more generous repayment plan that calculates payments based on 10% of discretionary income, your monthly bill would drop to around $330.

Who benefits the most from the strategy

Double consolidation is a complex process that takes time and is not suitable for many borrowers. Every time you consolidate, for example, it restarts the clock on your payment credits. This means that if you’ve already been making payments for several years and are trying to get a discount after 25 years on the income-contingent plan, double-consolidating might lower your monthly payments, but it would mean you’ll have to pay for many more years, since you would start over on your timeline for forgiveness.

However, if you have a loan balance greater than your income, it can provide significant relief, says Erik Kroll, a financial planner who frequently works with clients over 50 and pays off student debt.

Depending on your age, 25 might mean you pay off your loan until you’re out of retirement, but if you have significant debt, that might be the only manageable path. Keep in mind that federal loans are dump if you become disabled or die before they are paid. It’s a depressing thought, but at least no one inherits the debt. (However, just because the debt is paid off when you die doesn’t mean you can stop paying in retirement. If you fall behind and fail to repay your loans, the government can garnish your debt payments. social security and seize tax refunds).

Along with double consolidation, financial advisors also suggest contributing as much as possible to qualified retirement accounts to reduce taxable income. This kills two birds: you will have a lower loan repayment based on the reduced taxable income and you will increase your retirement savings.

Loan repayments can drop even further once you’re fully retired if you’re living on lower taxable retirement income.

“You have a bit of control over how much you take out of your retirement accounts, which dictates your income, which dictates your payout,” Kroll says.

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The basics of the stages of double consolidation

The strategy is called double consolidation, but you are actually consolidating three times with three different services (two of them simultaneously). That’s why it takes time. According to the federal government, consolidation takes 30 to 90 days, although Landress has seen 30 to 45 days.

Typically, you won’t start the process until you’ve finished borrowing for your student — it can take four years or more after the first loan — and it’s usually best to leave your own student loans out of the process. because you don’t. I don’t want to restart the clock on these loans if they are already in one of the income driven plans.

Landress wrote a very detailed article about double binding, but here’s an overview.

First consolidation

You will need at least two individual PLUS loans, although most people who borrow take out a new loan for each year they borrow, so this shouldn’t be a problem. Initially, you will submit two paper applications to two loans repairers different from your existing repairers. You will ask to consolidate some of your PLUS loans into a direct consolidation loan with each of them. You can consolidate any combination, even one loan with one manager and three with another. Think of it as a “conversion” of your loans, rather than just consolidating multiple loans into one, Landress says. Each manager consolidates submitted loans. They won’t know that you are also consolidating with another repairer. Paper applications ensure that loans are not combined into one direct consolidation loan, as would occur if you applied online. At the end, you have two direct consolidation loans. This process can take up to 90 days.

Second consolidation

Now is the time to apply online to a third servicer to combine the two consolidation loans. It is this third service process that unlocks access to the other income-focused plans, as the Parent PLUS tag is now long gone. The whole process from start to finish could take at least 6 months.

Why You Might Need a Finance Professional

Even after all that work, you may still have some complicated questions to resolve, including which income-focused plan makes the most financial sense for your situation. For example, Pay as You Earn (PAYE) and Revised Pay as You Earn (REPAYE) are the most affordable, basing your payment on 10% of your income, but REPAYE takes spousal income into account in calculating the payment, while that PAYE has stricter eligibility parameters. . Married people may benefit more from the Pay as Your Earn and Income-Based Repayment plans because these plans calculate payment on a single income. But it also means filing taxes as married, filing separately to qualify. Experts generally recommend changing your prior year tax filing status in preparation for consolidation.

Finding the right advice is not always easy.

“Loan servicers and financial aid officers cannot provide personal tax or financial advice, and tax professionals don’t understand student loan repayment,” Amrein says.

That’s why a financial advisor with a Certified Student Loan Planner designation and tax history may be worth consulting. Check the Institute of Certified Student Loan Counselors for someone in your area. This person can also help you assess whether jumping through the hoops to complete a double consolidation is worth it given your personal circumstances.

“You will have to understand the numbers,” says Amrein.

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Student Loans: Jobs that will give you loan forgiveness https://bantamnyc.com/student-loans-jobs-that-will-give-you-loan-forgiveness/ Sat, 05 Mar 2022 19:38:40 +0000 https://bantamnyc.com/student-loans-jobs-that-will-give-you-loan-forgiveness/ Every year, students go into debt by obtaining studies and taking out student loans to complete them. It can take years to pay off. The average student debt for a student today is $37,113. Some people are lucky enough to get these loans forgiven. FAFSA: Application Information for the 2022-2023 Academic Year Cancellation of civil […]]]>

Every year, students go into debt by obtaining studies and taking out student loans to complete them. It can take years to pay off.

The average student debt for a student today is $37,113.

Some people are lucky enough to get these loans forgiven.

FAFSA: Application Information for the 2022-2023 Academic Year

Cancellation of civil service loans

This program will eliminate all student loan debt.

It was created in 2007 as part of the College Cost Reduction and Access Act.

To use it, you must first make 120 qualifying student loan payments while working for an employer eligible for the program.

This means that you must work full-time for a government agency or a specific type of non-profit organization.

Federal direct loans and federal consolidation loans are eligible.

You must have an income-based repayment plan to qualify.

Financial aid: differences with public and private colleges

Those are

  • Revised Pay As You Earn (REPAYE) Repayment Plan
  • Pay As You Earn (PAYE) Reimbursement Plan
  • Income Based Reimbursement Plan (IBR)
  • Income Contingent Repayment Plan (ICR Plan)

Student Loan Repayment: Income-Based Plans

What Types of Jobs Will Get Me Off My Student Loans?

  • emergency management
  • Government (excluding time spent as a member of Congress)
  • Military service
  • public safety
  • Law enforcement
  • Public health
  • Public education
  • Social work
  • Public service for the elderly
  • Public interest law services
  • early childhood education
  • Public service for people with disabilities
  • Public Library Science
  • School librarianship and other school services
  • 501(c)(3) tax-exempt organizations
  • Teaching as a faculty member at a tribal college or university
  • Teach as a faculty member in an area of ​​high need or in an area in short supply
  • Full-time volunteering for the AmeriCorps or Peace Corps
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What Happens When You Can’t Repay A Payday Loan? https://bantamnyc.com/what-happens-when-you-cant-repay-a-payday-loan/ Wed, 02 Mar 2022 22:14:31 +0000 https://bantamnyc.com/what-happens-when-you-cant-repay-a-payday-loan/ Most of the time, people get a payday loan because they can’t get quick financing anywhere else. Unfortunately, the financial situation can worsen if the borrower is unable to repay what he owes. Depending on how long it’s been since you received the loan, the lender could threaten to take legal action against you and […]]]>

Most of the time, people get a payday loan because they can’t get quick financing anywhere else. Unfortunately, the financial situation can worsen if the borrower is unable to repay what he owes.

Depending on how long it’s been since you received the loan, the lender could threaten to take legal action against you and garnish your wages. Borrowers in this situation have options that could potentially help them.

What can happen if you don’t repay a payday loan

While every situation may have differences, there are typical consequences when you don’t repay a payday loan on time.

Withdrawals from your bank account

Most lenders repeatedly attempt to withdraw the funds from your bank account, as permitted by the terms of the loan agreement. If transactions are declined by your bank due to insufficient funds, the lender may initiate withdrawals for lower amounts.

Even if the lender collects some of the outstanding balance using this method, you could still face financial hardship if further banking transactions are declined. Plus, bank charges could add up and cost you several hundred dollars in a short period of time.

Collection agencies get involved

You can expect the lender to initiate collection efforts, including repeated calls and letters demanding payment, while continually trying to write your account. The lender could also sell your debt to a collection agency or hire a lawyer to collect what is owed to you.

You may be able to stop collection actions by asking the lender for an extension. Some states have laws that require payday lenders to grant extended payment plans to borrowers upon request. Remember that these extensions often come with additional fees and interest.

Declining credit score

The lender could also report the delinquent account to the credit bureaus once it is turned over to a collection agency. Your credit score will likely drop and the negative mark will remain on your credit report for up to seven years. Therefore, you may find it difficult to obtain competitive financing offers in the future.

You can take steps to start rebuilding your credit score after defaulting on a payday loan. First, review your credit report to identify any other delinquent accounts and update it, as payment history is the most important part of your credit score. You also want to find errors and challenge them quickly.

Also adjust your spending plan to free up funds that you can use to start paying off credit card debt in the near future. You want to do this to lower your credit utilization rate, or the amount of revolving credit you use, because it makes up 30% of your credit score.

Most importantly, keep an eye on your credit report and practice responsible debt management habits over time to give your credit score the best chance of getting stronger over time.

Negotiations with the lender

It’s much cheaper for the lender to collect than to sue you, and selling the balance to a debt collector for pennies on the dollar means the lender will only get a small percentage of what’s owed to them. .

Both circumstances give you the leverage to eventually settle payday loan debt for a fraction of the outstanding balance. Offer an amount you can afford to pay in one lump sum and mention your intention to file for bankruptcy if the lender won’t budge. The lender may be willing to compromise with you since bankruptcy means they may not be able to collect.

Lender lawsuit

If the lender takes you to court, the onus is on them to prove that you owe the debt. Simply ask that they provide the documentation or agreement you signed when taking out the loan. If the debt collector cannot provide this information, the judge will likely dismiss the case. But if the lender proves that you are indebted and obtains a judgment from the courts, you could be ordered to pay or have your wages garnished.

Quick note: If the lender is threatening to throw you in jail, quickly contact your state attorney general’s office to file a complaint.

How to get the money to pay off a payday loan

Instead of ignoring a delinquent payday loan and ruining your credit, consider these options for paying off debt:

  • Apply for a loan between individuals. If your credit score is low, a peer-to-peer loan is worth considering. You will find these loan products in online lending marketplaces that connect potential borrowers with investors looking to lend you funds in exchange for a return. You can usually compare multiple loans with one application, and you’ll usually need to provide proof of income or assets to be approved.
  • Obtain a debt consolidation loan. A debt consolidation loan allows you to consolidate high-interest debt into a single loan product with a lower interest rate. Most debt consolidation loans have a fixed interest rate and you will make equal monthly payments over a set period. The most competitive loan terms are reserved for borrowers with good or excellent credit. Even with less than optimal credit scores, your rate could be lower than what you received with the payday loan.
  • Consider a short-term emergency loan. Credit unions and some community banks typically offer short-term emergency loans as alternatives to payday loans. They are usually available with slightly lower interest rates and for small dollar amounts, capped at $1,000, and may not require a credit check for approval.
  • Register in a debt management plan (DMP). It should be used as a last resort if you have exhausted all your options. DMPs are available through non-profit agencies. A credit counselor will contact the payday lender on your behalf to negotiate a modified repayment plan that suits your budget. You’ll pay the loan principal balance in full, but the downside is that signing up for a DMP could cause other creditors to close your credit card accounts, causing further credit damage.

You can also try talking to friends and family or looking for ways to adjust your finances to cover expenses such as temporarily canceling streaming subscriptions, switching to a lower food budget.

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Personal loans may help you pay off $10K worth of credit card debt 10 years faster: Here’s how https://bantamnyc.com/personal-loans-may-help-you-pay-off-10k-worth-of-credit-card-debt-10-years-faster-heres-how/ Tue, 01 Mar 2022 20:41:07 +0000 https://bantamnyc.com/personal-loans-may-help-you-pay-off-10k-worth-of-credit-card-debt-10-years-faster-heres-how/ item Consolidating your credit card debt into a personal loan at a lower rate can help you get out of debt faster and save extra money on interest charges. (Stock) Credit cards can give savvy consumers a way to earn rewards on everyday spending, but they can also create a cycle of high-interest debt that’s […]]]>

Consolidating your credit card debt into a personal loan at a lower rate can help you get out of debt faster and save extra money on interest charges. (Stock)

Credit cards can give savvy consumers a way to earn rewards on everyday spending, but they can also create a cycle of high-interest debt that’s hard for borrowers to pay off. Calculations show that it can take over a decade to pay off high-interest credit card debt if you only make the minimum monthly payment, especially if you keep adding to the balance before it’s fully paid off. .

Worryingly, Americans have increased their credit card balances at record rates in recent months, according to the Federal Reserve Bank of New York. With credit card debt levels rising, some consumers may be looking for ways to pay down their balance and break the cycle of high-interest debt.

One way to pay off credit card debt faster is to consolidate your debt by a fixed rate personal loan. Credit card consolidation loans come with predictable monthly payments over a set period of time, usually just a few years.

Keep reading to learn more about how using a personal loan can help you pay off your credit card debt faster. You can also visit Credible to compare personal loan interest rates for free without affecting your credit score.

PROS AND CONS OF BALANCE TRANSFER CREDIT CARDS

A personal loan can help you pay off your credit card debt faster

The average credit card interest rate being 16.44%, according to the Federal Reserve, it can take 12 years and 10 months of minimum payments to pay off a $10,000 balance – and that’s only if you cut credit card spending completely while you pay down the debt. Minimum credit card payments are either a small fixed amount or a percentage of the total amount you owe, usually between 2% and 4%, depending on Experian.

Consolidating your credit card debt into a two-year personal loan could help you pay off your balances for more than 10 years faster, while saving you more than $4,000 in total interest charges. Indeed, the average rate of personal loans for this duration is at a record level of 9.09%, Fed reports.

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15 BEST DEBT CONSOLIDATION LOANS FOR FAIR CREDIT

Personal loan rates are also near historic lows for longer terms, Credible data shows. Well-qualified applicants who took out a personal loan during the week of Feb. 17 saw average rates of 10.28% for the three-year term and 12.85% for the five-year term.

By refinancing a five-year personal loan, you could pay off your debt nearly 8 years faster and save about $173 on your monthly payments. If you consolidate into a three-year personal loan, you can pay off your credit card balance 9 years and 10 months faster, while lowering your monthly payments and saving thousands in interest charges over time.

You can use Credible’s personal loan calculator to estimate your monthly payments and potential savings with this debt repayment strategy.

WHAT IS THE LIMIT OF A BALANCE TRANSFER CARD?

How to Consolidate Credit Card Debt When Rates Are Low

Borrowers can save more money than ever on credit card consolidation because personal loan rates are historically low. But just because average interest rates are low doesn’t mean all applicants will get a good rate.

Personal loans are generally unsecured, meaning they don’t require collateral that the lender can seize if you don’t repay the loan. Therefore, personal lenders determine a borrower’s interest rate and eligibility based on their credit history, including their credit score and debt to income ratio (DTI).

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DEBT SNOWBALL METHOD VS. DEBT AVALANCHE METHOD

Here’s what the personal loan application process looks like — and how to get a low interest rate:

  1. Determine the total amount you need to borrow by adding up all the credit card balances you want to consolidate into one loan.
  2. Work on getting a good credit score to improve your chances of getting a low interest rate. You can sign up for free credit monitoring services on Credible.
  3. Get prequalified with a flexible credit application for compare interest rates with multiple lenders. This will not affect your credit score.
  4. Choose the best loan offer. Read the loan agreement to get a better idea of ​​the repayment plan, including interest rate, origination fees and any prepayment penalty.
  5. Apply for a formal loan, which will require a serious credit check. Upon loan approval, funds can be deposited directly into your bank account the next business day.

BANKRUPTCY FILINGS CONTINUE TO DECLINE DESPITE GROWTH IN CREDIT BALANCES

If you are approved for the personal loan, you can use the funds to pay down your credit card balance to zero. Just be careful not to overspend in the future, so you don’t accumulate new credit card debt while you pay off the personal loan.

You can browse the current personal loan rates in the table below, and visit Credible to shop with multiple lenders immediately. This can help you find the lowest possible interest rate for your financial situation.

3 RISKS ASSOCIATED WITH CREDIT CARD BALANCE TRANSFERS

You have a financial question, but you don’t know who to contact? Email the Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

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How to lower your credit card payments by consolidating into a personal loan https://bantamnyc.com/how-to-lower-your-credit-card-payments-by-consolidating-into-a-personal-loan/ Thu, 24 Feb 2022 13:04:58 +0000 https://bantamnyc.com/how-to-lower-your-credit-card-payments-by-consolidating-into-a-personal-loan/ Personal loans offer a way to pay off credit card debt at a fixed interest rate and a low monthly payment. (iStock) Making minimum payments on your credit cards can be an expensive way to get out of debt, and it’s even more frustrating when even minimum payments are unaffordable. Since credit card interest accrues […]]]>

Personal loans offer a way to pay off credit card debt at a fixed interest rate and a low monthly payment. (iStock)

Making minimum payments on your credit cards can be an expensive way to get out of debt, and it’s even more frustrating when even minimum payments are unaffordable. Since credit card interest accrues daily, it can take years to pay off your balances, even if you don’t miss any payments.

Fortunately, there are faster (and cheaper) ways to pay off credit card debt, like credit card consolidation loans. It is a type of personal loan that you repay in fixed monthly installments at a lower interest rate. Consolidating into a new loan can even help you pay less than the minimum credit card payment, while getting out of debt faster and saving money over time.

Keep reading to find out how to lower your credit card payments by using a personal loan. You can visit Credible to compare personal loan rates for free without affecting your credit score.

15 BEST DEBT CONSOLIDATION LOANS FOR FAIR CREDIT

Personal loans can help lower your credit card payments

Credit card companies may allow you to borrow money up to a certain limit while making a low minimum payment, sometimes just $25 or a small percentage of the total balance. But the more debt you have, the higher your minimum payment will be and the longer it will take you to pay off your balances.

For example, if you have credit card debt of $10,000, your monthly payment could reach $400, or 4% of the total balance. Since the average credit card rate is 16.44%, according to the Federal Reserveit will take more than 12 years to pay off the debt with interest and fees.

It may be possible to lower your monthly payment and pay off years of debt faster by consolidating your personal loan. This is because interest rates are much lower for personal loans than for credit cards. Plus, personal loan rates are fixed for the entire term, which means interest doesn’t accrue daily.

Pay off credit card debt with a monthly savings personal loan

Paying off $10,000 in credit card debt with a 3-year personal loan can potentially lower your monthly payment by $76 per month. By refinancing a 5-year personal loan, you can save $172 per month compared to the minimum credit card payment.

Since you’re paying off debt years faster, you can save even more money in interest charges over the life of the loan. Interest rates are lower for short-term loans, which means you could save almost $3,500 over time by choosing a 3-year loan term rather than making the payment minimum by credit card. But even if you choose the 5-year personal loan term with a lower monthly payment, you can still save around $1,400 while you pay off your debt.

You can visit Credible to see the personal loan rates right for you with a soft credit check and use a personal loan calculator to estimate your new monthly payments.

PERSONAL LOAN SETUP FEES: ARE THEY WORTH THE COST?

How to Use a Personal Loan for Credit Card Debt Consolidation

Paying off high-interest credit card balances with a personal loan is relatively simple, and it can be done entirely online without leaving the comfort of your home. Here’s what the five-step process looks like:

  1. Determine how much you need to borrow
  2. Check your credit score
  3. Choose a loan term
  4. Compare personal loan rates
  5. Formally apply for the loan

Learn more about each step in the sections below:

1. Determine how much you need to borrow

You can consolidate the balances of one or more credit cards into a personal loan. Add up your credit card balances to determine the amount of personal loan you need to borrow.

Be careful not to borrow too much, or you’ll pay interest on money you don’t need to pay off your credit card debt.

HOW TO GET A BALANCE TRANSFER CREDIT CARD

2. Check your credit score

Since personal loans are unsecured and do not require collateral, lenders determine your eligibility and interest rate based on your creditworthiness. This includes your credit score and the debt-to-income ratio, which is the amount of your debt repayments divided by your monthly income.

Applicants with very good or excellent credit, as defined by the FICO scoring model than 740 or more, will qualify for the lowest personal loan rates available. On the other hand, borrowers with bad credit will find it difficult to qualify for a personal loan with good terms.

Personal loan rate by credit score

Knowing your credit score can help you determine if you are a good candidate for credit card consolidation. You can check your credit score and sign up for free credit monitoring on Credible.

HOW TO CHECK YOUR CREDIT SCORE FOR FREE WITH NO PENALTIES

3. Choose a loan term

Shorter loan repayment terms generally offer lower interest rates, but they will come with higher monthly payments. But because you’re paying off your debt faster, you’ll save more in interest charges over the life of the loan.

Longer loan terms can help lower your monthly payments, but may come with higher interest rates. This can increase the overall cost of borrowing for the loan, although it might be worth it if your goal is to lower your credit card payments.

For example, well-qualified borrowers who used Credible to prequalify for a 3-year personal loan saw an average rate of 10.33% during the week of February 7. Average 5-year fixed rate personal loan rates were 13.17% during this time.

HOW TO USE A HOME EQUITY LOAN FOR DEBT CONSOLIDATION

4. Compare personal loan rates

Most online lenders allows you to be prequalified to see your estimated personal loan rates and repayment terms. Prequalification requires a soft credit check, and it won’t hurt your credit score.

You can compare credit card consolidation loan rates between multiple lenders at once on Credible.

5 BENEFITS OF HAVING A GOOD CREDIT SCORE

5. Formally apply for the loan

Once you have chosen the personal loan offer that suits your needs, you will need to complete an official personal loan application through the lender. This requires a apply for firm credit, which will temporarily lower your credit score.

If you are approved, personal loan funds can be deposited directly into your checking account the next business day. You can then use the money to pay down your credit card balance to zero. Be careful not to accumulate new credit card debt while paying off your personal loan.

You can browse the personal loan rates in the table below and visit Credible to learn more about your debt consolidation options.

WHAT IS A OWNERSHIP LINE OF CREDIT AND HOW DOES IT WORK?

Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at moneyexpert@credible.com and your question might be answered by Credible in our Money Expert column.

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Factors to consider before applying for consolidation loans https://bantamnyc.com/factors-to-consider-before-applying-for-consolidation-loans/ Mon, 21 Feb 2022 15:32:18 +0000 https://bantamnyc.com/factors-to-consider-before-applying-for-consolidation-loans/ Posted on Monday, February 21, 2022 at 10:32 a.m. Join AFP’s more than 100,000 followers on Facebook Buy an AFP subscription Subscribe to AFP podcasts on Apple podcast, Spotify and pandora News, press releases, letters to the editor: augustafreepress2@gmail.com Advertising inquiries: freepress@ntelos.net (© fizkes-stock.adobe.com) More people than you think are in debt. It’s a part […]]]>
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More people than you think are in debt. It’s a part of everyday life to juggle bills and many households juggle more builds than they can handle, struggling to pay for them all. Consolidation loans can help put consumers on the right path to paying off debt and living a life more within their means. However, there are factors to consider before applying for consolidation loans. Here are a few :

Can you simplify your invoices?

You might have a lot of bills coming in every month. As you lay them out in front of you, it can feel overwhelming – with good reason. But there may be things you can do to make your life and the bills you have to pay each month easier. Once you’ve done a few things, like placing large bills on autopay and budgeting for credit card minimums, you’ll be able to more easily see whether or not consolidation loans are good for your situation.

Would that lower your interest rates?

If you have decent credit, you’ll probably be able to get a personal loan that gives you a lower interest rate than you currently have on your credit cards and other types of debt. Spending less on interest can help you apply more on interest, reducing debt faster. But not everyone has good credit, and if yours is bad, the interest rates on a loan might actually be higher or even higher than what you currently have. You will want lower interest rates to make consolidation loans worth your time.

Can you avoid damaging your credit?

Whether you have good or bad credit, you don’t want to damage it. Having consolidation loans can help boost your credit score, but if you miss those payments, it’s even worse than missing a credit card payment in terms of what it will do to your credit. Before getting a loan of this nature, you must feel that you can make these payments – guaranteed – so that you do not end up in a worse situation than what you already have in front of you.

Are you able to make financial changes?

You have credit card debt for a reason. You are going to have to make changes in order to make a consolidation loan worth your time and effort. Learn more on how to make a budget and stick to it. If you are certain you will be able to make changes to the way you spend, getting the loan can help you right away and in the long run. If you continue to spend as you do, the loan will not help you as much as you would like.

Which lender is right?

There are a lot of lenders in the market today and while some are trustworthy and honest, some will try to get you to sign something which will make things worse for you overall. Research the history, reliability, and trustworthiness of the lender before approaching them. You don’t want to borrow money from someone you don’t trust. Look for surprise fees, check loan origination or closing fees, and understand everything you can about the lender before moving forward with options.

If you want to regain your financial freedom and pay off your debts, loan consolidation could be the right path for you. But there are many factors to consider before applying for consolidation loans. You’re going to want to be sure this is the right path for you before you take it. Your goal is to improve your debt situation, not to fall into something that could lead you further astray. Consolidation loans can certainly help your situation, if they are right for you.

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