Vacations packages – We Are Africa http://we-are-africa.org/ Tue, 15 Nov 2022 11:00:47 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://we-are-africa.org/wp-content/uploads/2021/06/cropped-icon-32x32.png Vacations packages – We Are Africa http://we-are-africa.org/ 32 32 Debt Relief Guide | The bank rate https://we-are-africa.org/debt-relief-guide-the-bank-rate/ Mon, 14 Nov 2022 22:33:12 +0000 https://we-are-africa.org/debt-relief-guide-the-bank-rate/ Have you tried different approaches to paying off your debt, but not having much luck? Or maybe your monthly payments are too high for your budget. Either way, you’ve probably considered looking into debt relief options to get your finances back on track. There are several methods to choose from, but not all of them […]]]>

Have you tried different approaches to paying off your debt, but not having much luck? Or maybe your monthly payments are too high for your budget. Either way, you’ve probably considered looking into debt relief options to get your finances back on track.

There are several methods to choose from, but not all of them may be ideal for your finances. Some might have negative financial consequences that might be difficult to overcome.

Debt relief refers to a tactic that can be used to make your debt load more manageable. Many consumers are considering different forms of debt relief to get more affordable monthly payments, a lower interest rate, or to pay off what they owe faster. Some debt relief methods involve settling with creditors for less than you owe, or you can file for bankruptcy to wipe the slate clean in some cases.

Unfortunately, debt relief services can often mean bad news for your finances. Some consumers enter debt relief programs that they cannot complete or fall victim to the tactics of scammers. Either way, you could find yourself in an even deeper debt hole. Some debt relief programs can also hurt your credit scores, especially those that suggest you stop paying while you sign up or pay only a fraction of what’s owed to settle the outstanding balance.

Not all forms of debt relief are suitable for all consumers. it depends on your current indebtednesscredit rating, interest rate and financial situation.

Debt Consolidation

Debt Consolidation is to merge multiple accounts into one to streamline the repayment process, save on interest, and possibly pay off your debt sooner. This approach can work if you have good or excellent credit and may qualify for a debt consolidation loan or a balance transfer credit card.

Ideally, the debt consolidation loan will have a better interest rate than what you are currently paying on all your debts. If you choose to use a balance transfer card, it’s best to pay back the amount you transfer within the promotional APR period. It usually lasts between six and 21 monthsand the remaining balance will start earning interest at the card’s variable rate after that period.

Debt settlement

You can negotiate with your creditors to settle your debts or hire a company to do it for you. If you choose the latter, the debt settlement company will ask you to make a fixed monthly payment into a dedicated account. These funds will pay creditors and cover their costs as settlement offers are made.

In the meantime, some debt settlement companies will also advise you to stop paying minimum monthly payments to creditors to speed up the process. In turn, your credit score will be hit when missed payments show up on your credit report. However, there is no guarantee that your creditors will accept settlement offers, whether you negotiate alone or that a debt settlement company handles the negotiations.

Your credit score will be negatively affected as accounts are settled, as they will appear on your credit report as “partially paid” instead of “paid in full”. That being said, this approach can be risky for your finances.

Debt forgiveness

Some creditors and lenders offer debt forgiveness options for borrowers facing financial difficulties. You may be eligible to have all or part of your balance on your student loan, credit card or mortgage canceled. When you enter into a settlement agreement, this also constitutes debt forgiveness on the portion of the balance that the lender will not recover.

Debt cancellation may sound attractive, but it can also have disastrous consequences. Your credit health could take a hit and you could get a tax bill if the amount handed over is subject to tax.

credit counseling

Credit counseling is available through non-profit agencies, often free of charge. You will meet with a credit counselor to review your finances. During the meeting, they will also work with you to create a plan to better manage your income, expenses, and debt. They may also suggest other alternatives, such as a debt management plan, to get your outstanding debt under control.

Debt management plan

A debt management plan (DMP) is a two to five year roadmap designed to help you get out of debt faster. You will repay the full amount you owe, but the credit counselor will work with your creditors to negotiate concessions, including fee waivers or reduced interest rates.

If creditors accept the plan, you will begin making the monthly payment specified in the DMP to the credit counseling agency. They will divide this amount between the creditors each month according to the payment schedule of the agreement. You should also be aware that creditors will most likely close your accounts when you register for a DMP. Also, you probably won’t be allowed to apply for new credit until the plan is complete.

Bankruptcy

Bankruptcy is a type of debt relief that should only be used as a last resort. The two most common forms of bankruptcy are chapter 7 (liquidation) and chapter 13 (reorganization).

Chapter 7 often requires debtors to liquidate personal assets to repay creditors. You won’t have to give up your assets under Chapter 13, but you will enter a payment plan that lasts three to five years before your debts under the bankruptcy filing can be paid off.

Be sure to consult a bankruptcy attorney before filing. Both will have serious consequences for your credit. Chapter 7 lingers on your credit report for up to 10 years, and Chapter 13 stays on for up to 7 years after the filing date.

Fraudsters know that consumers looking for debt relief may be desperate to find the help they need. Thus, they take advantage of the vulnerability of those who need help to scams it could cause even more damage to their financial health.

When looking for companies that provide debt relief services, avoid those that require upfront payment or make promises about debt settlement offers. It is also a red flag if the company:

  • Tells you to cease all forms of communication with your creditors and lenders
  • Promises to make your unsecured debt disappear or help you pay it off for pennies on the dollar
  • Suggests you use a ‘new government program’ to eliminate your credit card debt balances

You can also avoid scams by checking the company’s accreditation status with the National Foundation for Credit Counseling and the Better Business Bureau. Both platforms allow consumers to read the complaints they have received (if any). And be sure to visit your attorney’s office and research the company to confirm that it is licensed to operate in your state.

If you decide to go ahead with debt relief, weigh the pros and cons of each option to make an informed decision. Even if you’re inundated with constant calls and letters from collection agencies, do your research to minimize your chances of reaching a deal with a debt collector or creditor that doesn’t work for your finances or falling victim to ‘a scam.

Another caveat: avoid favoring unsecured debt over secured debt. Unsecured debts, such as credit cards, personal loans, and medical bills, are not secured by collateral. However, secured debts, such as auto loans and mortgages, are secured, meaning you could lose your assets if you fall behind on payments.

You also want to avoid taking out a home equity loan or home equity line of credit (HELOC) to pay off unsecured debt. These debt products use your home as collateral, putting it at risk of foreclosure if you fail to repay the loan.

Borrowing or withdrawing funds from your nest egg is also not a smart financial decision when looking to pay off debt. The more money you withdraw from your retirement savings, the more you’ll miss the opportunity to let compound interest work in your favor. If you borrow funds from your 401(k) and you lose or quit your job, the loan will become a withdrawal and you may have to pay taxes on the balance.

At the end of the line

If you are drowning in debt, there are debt relief options that can help. But not all offer the same benefits or suit your long-term financial health, and you could hurt your credit rating or end up worse off than you started. It is therefore essential to understand how each debt relief option works and weigh the pros and cons before choosing the best strategy for your financial situation.

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8 tips for using credit cards efficiently and responsibly https://we-are-africa.org/8-tips-for-using-credit-cards-efficiently-and-responsibly/ Wed, 09 Nov 2022 21:19:50 +0000 https://we-are-africa.org/8-tips-for-using-credit-cards-efficiently-and-responsibly/ Managing credit card debt seems like common sense…until you realize we’ve spent about $887 billion in debt and increased our debt by 13% in 2022. The Experts Financiers say it’s the fastest rise in more than 20 years. Where do people go wrong? Usually it’s because we don’t stop to read the fine print of […]]]>

Managing credit card debt seems like common sense…until you realize we’ve spent about $887 billion in debt and increased our debt by 13% in 2022. The Experts Financiers say it’s the fastest rise in more than 20 years.

Where do people go wrong? Usually it’s because we don’t stop to read the fine print of the contract – and we also avoid planning our finances in advance, down to the last date and the last dollar.

In this article, we’ll look at some helpful tips for effectively managing credit cards so they work for you, not against you.

1. Read your card contract carefully

The first thing you need to do before signing up for a credit card with a company is to make sure you understand the fine print before signing. This involves further research (possibly in your spare time before heading to the bank) and a full understanding of the terms and limitations of the contract.

This will help you know what to expect regarding fees, due dates and interest rates, as well as other relevant information.

2. Set up automatic payments to avoid late fees

Paying your bills on time is imperative, especially with credit card companies. Setting up automatic payments on what you know you can pay is also useful for those who forget to pay their bills manually on time. According to Consumer Financial Protection Bureau (CFPB), you must be very careful that your credit payments are paid on time to avoid future debt and potential bankruptcy.

3. Explore options for consumers with bad credit

If you have bad credit and aren’t sure which credit card company to choose, it’s best to opt for credit cards that offer no minimum deposit.

There are options for anyone with bad credit.

Credit cards with no minimum deposit could include the Premier debit card from MasterCard, the gray credit card Premier Bankcard, the MasterCard Surge card, the MasterCard Reflex card, the MasterCard Indigo credit card, the Visa Total card and the Double Your Line MasterCard from Merrick Bank.

Using a credit card with no minimum deposit will help you financially if you have bad credit.

4. Pay more than the minimum

Paying more than the minimum on your credit cards saves you from having a remaining balance. It also saves you from paying interest on the remaining balance.

Paying only the minimum and having a balance can make it difficult to pay off long-term debt. This is why the CFPB recommends that you make sure to pay your monthly balance when you can and pay a little more if you can to avoid accruing interest.

5. Stay in or below your credit limit

When it comes to credit, make sure you only spend what you need, or ideally less than your credit limit indicates. This is because your credit score can easily be affected by your credit utilization rate, which is the amount of available credit you use.

The lower your credit utilization rate, the healthier your credit score can be. The CFPB recommends using no more than 30% of your credit limit.

6. Reconcile your monthly statements for greater accuracy

Keeping track of your monthly statements as they come in, whether online or in the mail, is a great way to have peace of mind when it comes to monthly expenses. It will also help you spot fraudulent transactions as they happen, so you can stay on top of fraud reports.

If you notice a suspicious charge on your statement, report it immediately to your credit card issuer so they can address it. In most cases, the amount can be refunded by the issuer immediately upon declaration or within a few business days.

Click here to learn more about why reconcile your finances assistance.

7. Report Lost or Stolen Cards Quickly

No one likes the feeling of having lost one of their cards, but if this happens to you, you should make sure to report the lost or stolen card as soon as possible. This will help protect your identity and your assets when you receive your new card in the mail.

Most card issuers offer a $0 fraud liability, which means there are no hidden fees for reporting your card stolen and having to have it reissued. In some cases and with some issuers, you can also lock your card to prevent it from being taken if it is misplaced.

8. Use credit cards to fix bad credit

Using a credit card and meeting minimum payments is one of the best ways to get good credit because it shows how you’re managing your credit over time. It can help you file personal loans and large purchases like houses or cars.

Making sure you’re paying the minimum and only using a small portion of your credit will also help you get better credit over time. You can apply for a credit card online and even check your application online to get up-to-the-minute results on final approval.

Credit cards are an important part of everyday adult life, but it’s important to make sure you have one that fits your lifestyle and budget. Shopping around for credit cards can be a daunting task, as it depends on your overall financial health over the years.

The more independent research you do before committing to a financial institution, the less likely you are to fall into unexpected debt. Why not apply for a card today?

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How Your Credit Score Affects the Cost of Financing a Car https://we-are-africa.org/how-your-credit-score-affects-the-cost-of-financing-a-car/ Thu, 03 Nov 2022 19:09:07 +0000 https://we-are-africa.org/how-your-credit-score-affects-the-cost-of-financing-a-car/ Tim Boyle | Bloomberg | Getty Images Although new car prices are moderating a bit, financing the purchase of a vehicle has not become cheaper. With the Federal Reserve latest interest rate hike — the sixth this year — car loans are about to get even more expensive. The Fed’s decision has a ripple effect, […]]]>

Tim Boyle | Bloomberg | Getty Images

Although new car prices are moderating a bit, financing the purchase of a vehicle has not become cheaper.

With the Federal Reserve latest interest rate hike — the sixth this year — car loans are about to get even more expensive. The Fed’s decision has a ripple effect, typically causing rates to rise on a variety of consumer loans and lines of credit (and some savings accounts).

The average price of a new car is around $45,600, according to a recent estimate from JD Power and LMC Automotive. This is down from the July high of $46,173.

Learn more about personal finance:
How investors can keep FOMO at bay
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Here’s what it takes to build wealth

However, rising interest rates further drive up the overall cost to consumers financing their purchase. The average car loan rate fell from an average of 3.98% in March to 5.60% in October, according to Bankrate.

And depending on a buyer’s credit score, the rate could be in the double digits.

“On a car loan, the difference between good and bad credit can add up to several hundred dollars a month,” said Ted Rossman, senior industry analyst at Bankrate.

Your credit score is one of many variables taken into account

The higher your credit score, the lower the interest rate you may qualify for.

This important three-digit number typically ranges from 300 to 850 and is used in all kinds of consumer credit decisions. Lenders also typically use information such as your income and other monthly expenses.

A good score is usually above 670, a very good score is above 740, and scores above 800 are considered exceptional, according to credit reporting company Experian. Scores below 670 are considered fair; anything below 580, poor.

The difference in interest rates available between different credit ratings can be striking.

By way of illustration: With a credit score in the 720-850 range, the average interest rate for a five-year $45,000 car loan is just under 5.8%, according to the latest FICO data. This translates to monthly payments of $865 and the amount of interest you will pay over the term of the loan would be $6,890.

Compare that to what someone with a credit score between 660 and 689 would pay. That same loan ($45,000 over five years) would have an average rate of almost 9.4%, resulting in monthly payments of $942 and $11,514 in interest over the life of the loan. (See table below for other credit ratings.)

While it’s hard to know what credit score a lender will use – they have options – having a general goal of avoiding hits on your credit report helps your score no matter which one you use, experts say .

“Many tips for building credit are more like a marathon than a sprint: pay your bills on time, keep your debts low, and show that you can successfully manage different types of credit over time,” Rossman said.

“That said, there are some things you can do to improve your score quickly,” he said.

Tip: Reduce your use of credit

His best advice? Reduce your credit utilization rate. “It’s the amount of credit you use on your credit cards divided by your credit limits,” Rossman said.

He said that even if you pay off your balances every month, credit reporting companies — Experian, Equifax and TransUnion — often receive balance data before you’ve paid it.

“It’s usually reported on your statement date, so consider making an extra payment mid-month and/or requesting a higher credit limit to lower your ratio,” Rossman said.

Check for errors on your credit report

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I applied for a $1,000 loan. Here is what happened. https://we-are-africa.org/i-applied-for-a-1000-loan-here-is-what-happened/ Tue, 01 Nov 2022 22:01:38 +0000 https://we-are-africa.org/i-applied-for-a-1000-loan-here-is-what-happened/ Disclaimer: This is sponsored content. All views and opinions are those of the advertiser and do not reflect the same of WTKR. When my car broke down a few months ago and I needed quick cash for repairs, my friend recommended a company called ZippyLoan. They say you can borrow between $100 and $15,000 and […]]]>

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

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

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

But are they legit or just another scam?

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

What is ZippyLoan?

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

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

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

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

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

How ZippyLoan Works

FinanceProject

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

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

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

Here is an overview of how ZippyLoan works.

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

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

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

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

Is it safe to use the ZippyLoan website?

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

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

ZippyLoan OLA.png

FinanceProject

Credit checks?

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

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

Is it easy to use?

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

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

Quick approvals?

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

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

Rates and Fees

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

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

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

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

Disadvantages of ZippyLoan?

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

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

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

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

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

My experience with ZippyLoan

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

Here’s how it went.

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

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

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

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

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5 Little-Known Benefits of Having a High Credit Score https://we-are-africa.org/5-little-known-benefits-of-having-a-high-credit-score/ Sun, 30 Oct 2022 13:00:32 +0000 https://we-are-africa.org/5-little-known-benefits-of-having-a-high-credit-score/ Image source: Getty Images Good credit offers far more benefits than just lower interest rates. Key points A high credit score is a significant advantage in any situation requiring a credit check. Rental inquiries and setting up utilities are two common situations where your credit could come into play. Your credit can also affect your […]]]>

Image source: Getty Images

Good credit offers far more benefits than just lower interest rates.


Key points

  • A high credit score is a significant advantage in any situation requiring a credit check.
  • Rental inquiries and setting up utilities are two common situations where your credit could come into play.
  • Your credit can also affect your insurance rates in most states.

Personal finance advice talks a lot about the importance of a high credit score, and you probably already know some of its benefits. It helps you qualify for lower interest rates on any type of loan, including mortgages. It might also help you get approved for the best credit cards which are not available to consumers with lower scores.

But what if you don’t plan on borrowing money and credit cards aren’t a big deal for you? There are still many ways your credit can affect your daily life that many people are unaware of. Here are the little known benefits a top credit score bring you.

1. It’s easier to rent a house

A credit check is an integral part of the rental process. Most property management companies do, and even if you’re renting directly from the landlord, chances are they’ll want to check your credit.

Some landlords turn away applicants who don’t meet minimum credit score requirements, especially if they have a choice of other potential tenants. Or, they may require a larger security deposit. With a high credit score, it will be much easier for you to get approved for a rental without having to pay extra upfront.

2. You could get cheaper home and auto insurance

Although a controversial practice, insurance companies can use credit scores to help set premiums in most states. There are currently only three states that prohibit the use of credit scores to set insurance rates: California, Hawaii and Massachusetts.

Everywhere else, your credit history is fair game for insurance companies. It can also make a huge difference. In The Ascent’s research on the average auto insurance rates, drivers with excellent credit paid an average of $1,846 per year for car insurance. Drivers with bad credit paid more than double, $3,955, on average.

3. You don’t need to post a deposit for utilities

Your credit could even affect something as simple as turning on the electricity and water in a new location. Utility companies often require people with low credit scores to pay a deposit to receive service. People with high credit scores don’t normally need to.

So, in addition to possibly paying a much larger security deposit for an apartment, you may also have to pay more deposits to utility providers. As you can see, moving costs could be much higher if your credit score is on the low side.

4. It can help with pre-employment exams

About 25% of employers perform credit checks when hiring for certain positions, according to a national survey by the Professional Background Screening Association and HR.com. Although employers don’t see your credit score, they get an edited version of your credit report that includes your accounts, payment history, and credit usage.

For some types of jobs, your credit history could make or break your application. If you are applying for a position that will have access to money, sensitive data, or that requires a security clearance, the employer will most likely check your credit.

5. It can help you get a smartphone and wireless service

Most major wireless carriers offer financing plans for popular smartphones. If, for example, you want upgrade to iPhone 14, many carriers allow you to pay the price of the phone in monthly instalments. They will also do a credit check to see if you have a habit of paying your bills on time.

A credit check is also usually required to obtain postpaid wireless service. However, you can avoid this by opting for a prepaid mobile plan.

A high credit score makes life cheaper and more convenient in several ways. If you haven’t already, it’s worth learning how to increase your credit score therefore yours is a help and not a hindrance.

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How to Find a $35,000 Personal Loan https://we-are-africa.org/how-to-find-a-35000-personal-loan/ Thu, 27 Oct 2022 21:26:56 +0000 https://we-are-africa.org/how-to-find-a-35000-personal-loan/ If you’re looking for a $35,000 personal loan, you might be wondering where to start your search. There is no shortage of lenders and a quick search will bring up potential offerings from traditional banks, credit unions and online lenders. However, not all loan offers are created equal; some come with higher borrowing costs than […]]]>

If you’re looking for a $35,000 personal loan, you might be wondering where to start your search. There is no shortage of lenders and a quick search will bring up potential offerings from traditional banks, credit unions and online lenders.

However, not all loan offers are created equal; some come with higher borrowing costs than others. Additionally, you will find that the eligibility requirements for personal loans vary by lender. So it’s also important to research each lender’s criteria to make sure you’re a good candidate for a $35,000 loan on competitive terms.

Before researching lenders and beginning the application process, take a step back to assess how much loan you need.

Borrowing less means you’ll get a more affordable monthly payment and save on interest. Plus, you’ll avoid the temptation to spend on unnecessary items and minimize the risk of quickly becoming overburdened, racking up excessive late fees, and blowing your budget. There is also a chance that you will damage your credit rating if you fall behind on loan repayments.

To determine if you need a $35,000 loan, write down the purpose of your loan and the expected cost of what you are looking to cover. Whether it’s a major purchase, home improvement project, medical bills, debt consolidation, wedding, or any other big expense, include a light cushion just in case. The number you get is the loan amount you should ask the lender for, even if it’s a little less than $35,000.

Each lender has guidelines for personal loans. However, most will assess your credit score, income, and debt to determine if you are a good candidate for financing.

The lender wants to know that you are making enough money to make timely monthly payments, hence the importance of your debt ratio. Equally important is a track record of managing past credit obligations on time, as indicated by a good or excellent credit rating. But if your credit score is lower, you could be denied financing or pay higher borrowing costs if your application is approved.

You will generally find that borrowers with good or excellent credit scores qualify for the best rates offered by lenders. To illustrate, the average personal loan interest rate for consumers with excellent credit was between 10.3% and 12.5% ​​as of October 17, 2022. However, borrowers with bad credit received higher rates ranging from 28.5% to 32%.

When you are ready to apply, gather the following:

  • Two forms of identification: driver’s license, passport, government-issued ID, passport, military ID, social security card, birth certificate, or citizenship certificate
  • Employer Information: employer name and supervisor name, email address and phone number
  • Proof of income (traditional job): latest pay stubs, W-2s, 1099s, tax returns, or bank statements
  • Proof of income (self-employment): 1099, tax returns or bank statements
  • Proof of residence: rental agreement, mortgage statement, utility bill, property tax bill, voter card, or insurance bill

Personal loans of $35,000 are available from banks and credit unions. You will also find several options through online lenders. Some offer fast approvals and funding times to get you the money you need within a business day.

best egg 7.99%-35.99% $2,000 to $50,000 600
LightStream 5.73% to 19.99% (with automatic payment) $5,000 to $100,000 Not disclosed
Marcus of Goldman Sachs 6.99% to 24.99% (with automatic payment) $3,500 to $40,000 Not disclosed
Upgrade 7.46% to 35.97% (with automatic payment) $1,000 to $50,000 560

best egg

Best Egg offers low interest rates to borrowers with good or excellent credit. But if your credit rating is low, you may still qualify for a personal loan. The application process is seamless and some borrowers get a loan decision and funding on the same business day.

You’ll likely pay origination fees starting at 0.99% (or 4.99% for loans with terms of 4 years or more) if you take out a personal loan with Best Egg, but early prepayment penalties are not taxed if you decide to pay. the loan at the beginning.

LightStream

LightStream is another viable option if you have good credit. Interest rates are some of the lowest you’ll find, and the lender will beat any competitor’s rate by 0.1 percentage points if it’s the same loan product. If your loan is approved, you will also be able to choose the loan term that suits your financial situation. There is also an option to defer loan disbursement for up to 30 days, and there are no origination or prepayment penalties.

Marcus of Goldman Sachs

Marcus by Goldman Sachs makes it easy to take out a loan, and you can manage the entire process from the user-friendly website or mobile app.

Many borrowers can apply in minutes, receive a quick decision, and have funds deposited within one to four business days of approval. You may be eligible for an APR reduction of 0.25% if you use the Autopay feature. There is also a skip payment feature if you make timely payments for 12 consecutive months. You will also find that support is available outside normal business hours to answer your questions or concerns.

Upgrade

Upgrade is another outstanding online lender that offers fast approvals and one-day funding turnarounds. Its personal loan offerings are flexible and there are no minimum credit scores or income requirements, making them accessible to borrowers with a variety of financial backgrounds. However, you will pay set-up fees and limits apply on how the funds can be used.

The overall cost of a loan depends on the interest rate and the term of the loan. If possible, opt for the shortest repayment term to minimize borrowing costs. You’ll get a higher monthly payment, but your interest costs will be lower since the lender won’t have as much time to collect from you.

Additionally, selecting a shorter repayment period could mean you get a lower interest rate.

For example, a personal loan of $35,000 over 5 years with an interest rate of 11% results in total interest charges of $10,659.09 and a monthly payment of $761. However, the same loan with a term of 3 years and an interest rate of 10% lowers your total interest costs to $5,656.66, despite a higher monthly payment of $1,129. In this case, the 3-year loan would be the best choice assuming the monthly payment works for your budget.

At the end of the line

Finding a $35,000 personal loan doesn’t have to be difficult. But before you start your search, understand the general eligibility criteria to increase your chances of being approved.

Also consider loan offers from traditional banks, credit unions, and online lenders, and consider getting pre-approved before formally applying.

It is also essential that you compare loan offers and ensure that the monthly payment fits your budget. Most importantly, only borrow what you can comfortably afford to repay to protect your credit rating and overall financial health.

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Amex sets aside $387 million for bad loans https://we-are-africa.org/amex-sets-aside-387-million-for-bad-loans/ Fri, 21 Oct 2022 21:05:20 +0000 https://we-are-africa.org/amex-sets-aside-387-million-for-bad-loans/ American Express said on Friday (October 21) that it had set aside more money than expected for delinquent loans, another red flag for the health of American consumers. According to its third quarter results reportthe credit card company’s consolidated provisions for credit losses were $778 million, compared with a profit of $191 million posted by […]]]>

American Express said on Friday (October 21) that it had set aside more money than expected for delinquent loans, another red flag for the health of American consumers.

According to its third quarter results reportthe credit card company’s consolidated provisions for credit losses were $778 million, compared with a profit of $191 million posted by American Express a year ago.

“The change reflects a reserve build of $387 million, primarily due to growth in lending to card members and changes in macroeconomic forecasts, compared to a reserve release of $393 million a year ago.” , says the report.

Read more: Banks expected to increase loan loss reserves for third straight quarter

Earlier this month, PYMNTS reported that the loan loss reserves of the six largest U.S. banks are expected to rise for the third straight month by $4.5 billion.

Bank reserves that were boosted to help soften the blow of loan losses from COVID-19 have largely been avoided thanks to the influx of stimulus funds. But with demand for loans reaching a high, banks are preparing for the possibility that an increase in interest rates will translate into credit losses.

The news comes as inflation continues to eat away at household budgets, reducing people’s earning capacity. As PYMNTS recently noted, this has led consumers to cut back and seek discounts, in some cases on lower-quality products.

See also: 87% of consumers say inflation is outpacing income growth

At least 70 million American consumers believe the recession has already started, according to the “Consumer Inflation Sentiment: Consumers Buckle Down on Belt-Tightening” report, a PYMNTS study based on a panel of 2,632 American consumers.

Nearly 9 in 10 consumers said their incomes were not growing fast enough to keep up with inflation. These consumers are more likely to cut back on non-essential spending, switch to cheaper merchants, and buy lower-quality items to accommodate this “universal pay cut.”

A large portion of consumers who saw their income decline, stay the same, or grow less than inflation were among those who cut back on non-essential spending. Among consumers whose incomes have fallen, just over half have switched to lower quality products.

We are always looking for partnership opportunities with innovators and disruptors.

Learn more

https://www.pymnts.com/partnerships/2022/american-express-cvent-expand-payments-solutions-corporate-events-resume/partial/

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The Carr Report: Calculating Your Debt-to-Income Ratio https://we-are-africa.org/the-carr-report-calculating-your-debt-to-income-ratio/ Wed, 19 Oct 2022 12:00:40 +0000 https://we-are-africa.org/the-carr-report-calculating-your-debt-to-income-ratio/ by Damon Carr, for New Pittsburgh Courier When it comes to buying real estate, the 3 most important factors in determining desirability and home value are location, location, location. Most people know that. However, many people do not know this. What is the second most important factor in determining the desirability and value of real […]]]>

by Damon Carr, for New Pittsburgh Courier

When it comes to buying real estate, the 3 most important factors in determining desirability and home value are location, location, location. Most people know that. However, many people do not know this. What is the second most important factor in determining the desirability and value of real estate? This would be the square footage. Size matters!

When it comes to qualifying for a mortgage to buy a property, what are the three most important factors in determining eligibility? Some would say credit, credit, credit. Credit is a measure lenders use to gauge a person’s willingness to repay.

Thin credit or bad credit is the biggest stumbling block for people getting approved for a mortgage. Aside from credit, what do you think is the second biggest reason people don’t qualify for a mortgage? From the title of this article, I’m sure you got it right: debt to income ratio. The second most important factor in determining mortgage eligibility is what lenders call repayment capacity. Two things are assessed when determining repayment capacity: 1. Source and stability of income. 2. Debt to income ratio.

Although credit receives the glory when evaluating mortgage applications, ability to pay as expressed when assessing the debt-to-income ratio carries the most weight. Here’s why. Nobody woke up and decided on purpose – I’m going to be a deadbeat. I will accumulate credit balances, not pay them off and ruin my credit rating. In fact, people tend to be more proud of having a high credit score than having a high net worth. For the record, a high net worth trumps a high credit score. The reason people fall behind on their payments and ruin their credit is due to one of two reasons: 1. Income interruptions due to job loss, death, or disability. 2. Too much debt. They bit off more than they can chew thinking wrongly that if the lender approved me, I must be able to afford it.

You can’t assume that if a bank has approved you for a loan, you can afford it. When a bank approves you for a loan, its only concern is whether it can reasonably expect you to repay it with interest? Based on the 3 Cs of credit – character, capacity and collateral, they decide accordingly. Character or willingness to repay is assessed by reviewing credit reports and other non-credit reporting items, such as rent. Capacity or ability to repay assesses income sources and stability coupled with debt to income ratio. Collateral serves as collateral or property that can be seized in the event of non-payment, such as repossessing a car or foreclosing on a mortgage.

Understanding how to calculate your debt-to-income ratio is important. It’s a very simple calculation. I will detail how banks calculate debt to income ratios for mortgages. I will explain why the methods of calculating debt to income used by banks serve the general interest of the bank but do not sufficiently take into account all your needs, desires and objectives. Finally, I’ll walk you through a method you should use to calculate your debt-to-income ratio.

When you apply for credit, lenders assess your debt-to-income ratio (DTI) to determine the risk associated with you taking this payment in conjunction with your other debts. Your DTI is determined by dividing your total monthly recurring debt by your gross monthly income. Your gross income is the total income before taxes and other deductions from your salary.

Debts included in your DTI:

  • Mortgage (PITI)—principal, interest, taxes and insurance
  • Car payment
  • Student loans
  • Credit card
  • Personal loans
  • Credit line
  • alimony
  • Pension
  • Co-signed loans, etc.

Expenses that are not included in your DTI:

  • Utility bills
  • Insurance
  • Cable/Internet
  • Cellphone
  • Races
  • Entertainment
  • Personal care
  • Nursery
  • Personal care, etc.

Mortgage lenders look at two DTI ratios: the initial ratio and the final ratio. The initial ratio is the total mortgage payment divided by the gross income. The coverage ratio takes into account all debt payments divided by gross income. Mortgage lenders generally want you to have an initial ratio or mortgage payment to income ratio of no more than 28% of gross income. If your gross income was $5,000 per month, the total mortgage payment should not exceed $1,400 per month.

Mortgage lenders generally want your coverage ratio, or your total monthly debt, including the mortgage, to be no more than 36% of gross income. Using the same monthly gross income of $5,000, all monthly debts should not exceed $1,800 per month. I emphasize “generally speaking” when it comes to these ratios, because lenders also consider offsetting factors to justify qualifying an applicant who has an initial and final ratio above the norm. Compensating factors such as a high credit score, large down payment, strong capital position, savings, and solid investments can justify an approval with a back-end ratio as high as 55%.

Lenders have established debt-to-income ratios as a means of measuring the risk of default. I encourage you to calculate your own debt-to-income ratio to ensure that your monthly repayments do not interfere with your ability to put food on the table, pay utility bills, pay for children’s activities, save and invest for future goals and have a life.

When calculating your debt ratio, you should use net income rather than gross income. The reality is that if you make $5,000 a month, you will make about $4,000 a month. Using this will suggest that your mortgage/rent payments should not exceed $1,120 per month. The total debt or back-end ratio must not exceed 50% of your take home pay. This will put all debts, including mortgage, car payment and other loans, to a maximum of $2,000 per month. So you have at least half of your income left over to pay for utilities, buy groceries, save, invest, and have a life. Using the net income method with the initial ratio of 28% and the final ratio of 50% will ensure that you are not overstretched. This will help you maintain the necessary leeway between your income and your expenses, which will allow you to lead an abundant life, free from money worries, financial stress and money disputes. The lower your debt ratio, the higher your disposable income will be.

(Damon Carr, Money Coach can be reached at 412-216-1013 or visit his website @ www.damonmoneycoach.com)

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Dalrymple column: Fed agencies seem aligned with consumer in recent lender case https://we-are-africa.org/dalrymple-column-fed-agencies-seem-aligned-with-consumer-in-recent-lender-case/ Mon, 17 Oct 2022 00:59:16 +0000 https://we-are-africa.org/dalrymple-column-fed-agencies-seem-aligned-with-consumer-in-recent-lender-case/ Recently, among the flood of information pouring into my inbox about loans, there was an article indicating that the Federal Trade Commission and the Consumer Financial Protection Bureau had teamed up to write an amicus brief (a comment) in connection with a case pending before an appellate court. Apparently, a lawsuit has been filed by […]]]>

Recently, among the flood of information pouring into my inbox about loans, there was an article indicating that the Federal Trade Commission and the Consumer Financial Protection Bureau had teamed up to write an amicus brief (a comment) in connection with a case pending before an appellate court. Apparently, a lawsuit has been filed by a consumer asking that a lower court compel credit rating giant Experian to investigate an incorrect item in the plaintiff’s credit report.

The FTC and CFPB say the lower court’s ruling, which said Experian was not required to do so, would impede a consumer’s right to redress for credit report errors.

Don’t leave yet. This is not an article about crimes and memoirs. On the contrary, I was struck by two powerful federal agencies coming to swing on behalf of a consumer. A banker in 1961 wouldn’t recognize the lending industry today, and he certainly wouldn’t appreciate it.



Oddly enough, people seem to be interested in what it was like to borrow money in the last century. Even more intriguing is the reaction from senior banking executives. CEOs of financial institutions can’t believe what it must have been like when the only rules were those set by the lenders and the borrowers had better play by them or not get the money. Yahoo!

Take credit reports: Most credit bureaus were cooperatives, owned and operated by merchants and business groups in a specific city or region. There was absolutely no consumer protection or accommodation law, state or federal. All leverage was on the side of the lender or merchant and the credit bureau itself.



For starters, a consumer had absolutely no access to their credit history and, by the way, married women had no credit history anyway. Business users of the bureau’s services were prohibited from disclosing any information on a credit report to the client or borrower, on pain of being prohibited from ordering reports.

The office has taken no responsibility for consumer information submitted by a business or lender. Some terms in a report can get quite salty, like in “DEADBEAT”, for example. In some parts of the country, the ethnic origin of the consumer was a mandatory information in the report.

Since the user of the report was prohibited from disclosing the details it contained, a borrower had no way of knowing what a report might say. There have been many cases where lives have been negatively affected or even ruined by incorrect information or mistaken identity, i.e. people with similar names have found themselves struggling with the bad credit history from another “Sam Jones”. Credit bureau phone numbers were not listed, their addresses undisclosed.

All this secrecy could make it difficult to process a loan. For example, FHA and VA underwriting guidelines required a written explanation from the borrower regarding credit issues, such as late payments and debts referred for collection. The explanation had to be specific, and the borrower was somewhat taken aback by the lender saying, “There is something on your credit report that needs an explanation.

Another lending practice that was perfectly legal then, but completely illegal now, was the custom of “redlining,” which means exactly what it says. This meant that banks and thrifts (S&L) would not lend on houses in certain neighborhoods, and those places were identified by, say, a map of the city, with red lines drawn around areas that weren’t not eligible for a residential mortgage. To be fair, the intention was not to discriminate; homes inside the red lines were older, smaller, and often not in the best possible condition because their occupants were from a lower economic demographic.

You know where this leads: Often the ethnicity of this lower economic group belonged to a specific minority. Thus, the saying against the loan meant that the potential collateral deteriorated further, making it even less desirable as collateral for a loan.

One more post, and I’ll shut up, bearing in mind my wife’s repeated reminder to refrain from “geezer talk,” rehashing the good old days:

It’s the one that lenders really liked. There was no mandate, either by regulation or by law. To clutter a borrower’s mind by disclosing the true cost of money, the Real Percentage Rate (APR). A bank, thrift bank, industrial bank or finance company could provide a second mortgage at, say, “6% interest”. But, what the lender did not explain, and was not required to do, is that the rate quoted was actually interest plus, as opposed to simple interest, which means that the rate of six percent was multiplied by the amount of the loan and added to the amount of the promissory note. The actual cost of the loan often doubled, depending on the repayment terms.

Disclosures to borrowers were made on a strict need-to-know basis, and all agreed that all they needed to know was whether or not they got the money.

My first job in the lending industry was working for a mortgage banker who only did FHA and VA buy mortgages (no refis). It was a busy store, with scheduled closings every hour. Nothing delayed the transaction like a reader – a borrower rude enough to, say, read the note and the trust deed.

If that happened, the policy was to politely say, “Why are you reading this? Don’t you intend to make the payments? »

Has worked every time.

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From bad credit and bankruptcy to financial skills and success https://we-are-africa.org/from-bad-credit-and-bankruptcy-to-financial-skills-and-success/ Fri, 14 Oct 2022 14:20:35 +0000 https://we-are-africa.org/from-bad-credit-and-bankruptcy-to-financial-skills-and-success/ MIAMI, FL/ACCESSWIRE/October 14, 2022/ One of the biggest financial hurdles Americans face is credit card debt. The result is often a poor credit score that can cause lenders to hesitate when considering applying for a mortgage, buying a vehicle, or making any major financial investment. When it comes to credit repair, the industry doesn’t have […]]]>

MIAMI, FL/ACCESSWIRE/October 14, 2022/ One of the biggest financial hurdles Americans face is credit card debt. The result is often a poor credit score that can cause lenders to hesitate when considering applying for a mortgage, buying a vehicle, or making any major financial investment. When it comes to credit repair, the industry doesn’t have the best reputation due to scammers and other fraudulent horror stories. Nevertheless, credit repair is a legitimate service protected by federal law. Everyone has the right to repair their credit and there are plenty of good reasons to do so. Adams Unlimited provides reliable credit repair and coaching services so their clients never have to be ashamed of their credit score again.

The company was founded by Sam Adams, entrepreneur and financial freedom coach. “Adams Unlimited Enterprise was created with the goal of providing others with the tools, knowledge, and connections to create financial abundance and develop a solid understanding of financial literacy in the modern age.” Adams’ services not only focus on improving an individual’s credit, but also on educating on strategies to develop and build credit. The 4-7 month credit repair/coaching program includes rounds of disputes sent to the credit bureaus which take approximately 45-60 days to achieve results. Adams Unlimited’s determined team performs 4 rounds of disputes per customer to attack all negative elements of the customer’s profile in each round. After just 2 months in business, they have already seen great progress, with clients experiencing huge score jumps and up to $50,000 in loan approvals from banks and lenders. Adams also helps them strategize how to invest that into passive income.

“Credit is a necessity in the world. I conquered the world on my own…ruined my credit…then rebuilt it. I have a strong understanding of the importance of credit repair and how to fix it.” Adams learned firsthand the dangers of being reckless and uneducated when it comes to credit management. At the age of 20, he proudly had a credit score of 730, but this quickly dropped to 468 the following year. According to Adams, he is living proof that “You can have a great score…explode it…then GET IT BACK with credit growth tools. I’m my own testimonial!” He started Adams Unlimited to give others the financial and credit education needed to thrive in today’s financial landscape. Enabling clients to build, maintain and retain excellent credit quickly translates to clients wanting financial freedom, investing and generating passive income over time. Financial education is so intertwined with today’s economy that one thing can easily snowball into another, and it’s the key to long-term financial health.

Fidelity Digital, Friday, October 14, 2022, Image from press release

The first step to achieving financial freedom can be as simple as fixing your credit score. It all starts with the decision to act. To learn more about Adams Unlimited Enterprise, visit https://www.adamsunlimitedenterprise.com/services

About

Adams Unlimited Enterprise was created with the goal of providing others with the tools, knowledge, and connections to create financial abundance and develop a solid understanding of financial literacy in the modern age.

CONTACT:

Company Name: Adams Unlimited Enterprise
Contact Person: Sam Adams
E-mail: [email protected]
Website link: https://www.adamsunlimitedenterprise.com/

Social media links:

https://www.instagram.com/samadams/
https://m.facebook.com/sam.adams.739?eav=AfbvcRNAxe08OF_L4ZxSrMtV3n1SCYvuuSIxWBE6dFoBw23DXjs-TXxsL8SMK6RUBks&paipv=0
https://youtube.com/channel/UCkfzmFBg6npwJZUS9ZF9ChQ

THE SOURCE: Enterprise Unlimited Adams

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