Loan Consolidation – Fast Paths http://fastpaths.com/ Fri, 17 Jun 2022 05:38:21 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://fastpaths.com/wp-content/uploads/2021/05/default.png Loan Consolidation – Fast Paths http://fastpaths.com/ 32 32 Comparison of VersaBank (NASDAQ:VBNK) and Esquire Financial (NASDAQ:ESQ) https://fastpaths.com/comparison-of-versabank-nasdaqvbnk-and-esquire-financial-nasdaqesq/ Fri, 17 Jun 2022 05:38:21 +0000 https://fastpaths.com/comparison-of-versabank-nasdaqvbnk-and-esquire-financial-nasdaqesq/ VersaBank (NASDAQ: VBNK – Get a rating) and Esquire Financial (NASDAQ:ESQ – Get a rating) are both small cap finance companies, but which business is superior? We’ll compare the two companies based on valuation strength, analyst recommendations, institutional ownership, profitability, risk, earnings and dividends. Insider and Institutional Ownership 24.3% of VersaBank shares are held by […]]]>

VersaBank (NASDAQ: VBNKGet a rating) and Esquire Financial (NASDAQ:ESQGet a rating) are both small cap finance companies, but which business is superior? We’ll compare the two companies based on valuation strength, analyst recommendations, institutional ownership, profitability, risk, earnings and dividends.

Insider and Institutional Ownership

24.3% of VersaBank shares are held by institutional investors. By comparison, 51.2% of Esquire Financial’s shares are held by institutional investors. 18.5% of Esquire Financial shares are held by insiders. Strong institutional ownership indicates that large money managers, endowments, and hedge funds believe a stock will outperform the market over the long term.

Profitability

This chart compares the net margins, return on equity, and return on assets of VersaBank and Esquire Financial.

Net margins Return on equity return on assets
VersaBank 21.25% 8.29% 1.07%
Esquire Financial 28.34% 14.59% 1.77%

Benefits and evaluation

This chart compares gross revenue, earnings per share, and valuation of VersaBank and Esquire Financial.

Gross revenue Price/sales ratio Net revenue Earnings per share Price/earnings ratio
VersaBank $75.30 million 2.88 $17.80 million $0.67 11.79
Esquire Financial $65.56 million 4.11 $17.92 million $2.38 14.02

Esquire Financial has lower revenues, but higher profits than VersaBank. VersaBank trades at a lower price-to-earnings ratio than Esquire Financial, indicating that it is currently the more affordable of the two stocks.

Analyst Notes

This is a summary of current ratings and price targets for VersaBank and Esquire Financial, as reported by MarketBeat.

Sales Ratings Hold odds Buy reviews Strong buy odds Rating
VersaBank 0 0 0 1 4.00
Esquire Financial 0 0 0 0 N / A

Dividends

VersaBank pays an annual dividend of $0.08 per share and has a dividend yield of 1.0%. Esquire Financial pays an annual dividend of $0.36 per share and has a dividend yield of 1.1%. VersaBank pays 11.9% of its profits as a dividend. Esquire Financial pays 15.1% of its profits as a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings over the next few years.

Summary

Esquire Financial beats VersaBank on 10 out of 13 factors compared between the two stocks.

About VersaBank (Get a rating)

VersaBank, a Schedule I chartered bank, offers various banking products and services in Canada. The Company offers deposit products, such as guaranteed investment certificates, registered retirement savings plans, daily interest savings accounts and tax-free savings accounts, as well as deposit insurance. It also provides lending services, including point-of-sale financing which involves the purchase of loan and lease receivables from financial companies operating in various sectors; and commercial banking services including commercial real estate, public sector/infrastructure financing, condominium financing and residential mortgages. The company was previously known as Pacific & Western Bank of Canada and changed its name to VersaBank in May 2016. VersaBank was incorporated in 1979 and is headquartered in London, Canada.

About Esquire Financial (Get a rating)

Esquire Financial LogoEsquire Financial Holdings, Inc. operates as a bank holding company for Esquire Bank, a national association that provides commercial banking products and services to the legal and small business sector, as well as commercial and retail customers in the United States. The company offers checking, savings, money market and term deposits, as well as certificates of deposit. It also provides commercial loans, including short-term financing for inventory, receivables, the purchase of supplies or other operating needs arising in the normal course of business, as well as loans to its merchant customers. qualified; commercial lines of credit; consumer loans consisting of consumer loans and post-settlement structured settlement to plaintiffs and plaintiffs, as well as personal loans for debt consolidation, medical expenses, living expenses, payment of unpaid bills or other consumption needs; and real estate loans, such as multi-family, residential 1-4 family loans, commercial real estate and construction, and merchant services. As of January 25, 2022, the company operated a full-service branch in Jericho, New York; and an administrative office in Boca Raton, Florida. Esquire Financial Holdings, Inc. was founded in 2006 and is headquartered in Jericho, New York.



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7 different types of loans you should be aware of https://fastpaths.com/7-different-types-of-loans-you-should-be-aware-of/ Fri, 10 Jun 2022 17:55:56 +0000 https://fastpaths.com/7-different-types-of-loans-you-should-be-aware-of/ Consolidation loans can be an attractive option for borrowers who struggle to make multiple loan payments each month, as they can potentially lower your monthly payments and interest rate. Before consolidating, it is important to understand the types of consolidation loans available and their impact on your overall financial situation. These types of loans come […]]]>

Consolidation loans can be an attractive option for borrowers who struggle to make multiple loan payments each month, as they can potentially lower your monthly payments and interest rate. Before consolidating, it is important to understand the types of consolidation loans available and their impact on your overall financial situation.

These types of loans come in different forms, each with their own advantages and disadvantages. Here are the most common types of consolidation loans.

1. Home Equity Loan

This type of consolidation loan uses your home as collateral. If you default on the loan, your home could be foreclosed. However, home equity loans often have lower interest rates than other types of consolidation loans.

2. Personal loan

Personal consolidation loans are unsecured, which means they do not require collateral. This makes it a good option for people who don’t own a home or don’t have any assets to use as collateral. However, because they are unsecured, personal consolidation loans often have higher interest rates than other types of consolidation loans.

3. Balance Transfer Credit Card

This type of consolidation loan allows you to transfer the balance of your other credit cards to a single card with a lower interest rate. However, most balance transfer credit cards have an introductory APR of 0% for only 12-18 months, after which the interest rate changes to regular APR.

4. Student loans

Student loans can help you finance your education and avoid accumulating too much debt. There are many different types of student loans, so it’s important to shop around and compare interest rates before choosing one.

There are two main types of student consolidation loans: federal consolidation loans and private consolidation loans. Federal consolidation loans are available from the US Department of Education and can be used to consolidate multiple federal student loans into one loan with one monthly payment. Private consolidation loans are offered by private lenders and can be used to consolidate federal and private student loans.

5. Payday loan

A payday loan is a short-term, high-interest loan that is typically used to cover unexpected expenses or emergencies. Payday loans should only be used as a last resort, as they can have very high interest rates and fees.

6. Title loan

A title loan is a type of secured loan where you use your car as collateral. Title loans usually have very high interest rates and should only be used as a last resort.

seven. Credit line

A line of credit is a flexible loan that can be used for consolidation, home improvement or other major expenses. Lines of credit generally have lower interest rates than other types of loans, making them a great option for saving money on interest payments.

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How People With High Credit Ratings Use Personal Loans https://fastpaths.com/how-people-with-high-credit-ratings-use-personal-loans/ Thu, 09 Jun 2022 14:36:26 +0000 https://fastpaths.com/how-people-with-high-credit-ratings-use-personal-loans/ Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners. Personal loans offer people a flexible way to borrow money to pay for various expenses. Even […]]]>

Select’s editorial team works independently to review financial products and write articles that we think our readers will find useful. We earn commission from affiliate partners on many offers, but not all offers on Select are from affiliate partners.

Personal loans offer people a flexible way to borrow money to pay for various expenses. Even if your credit score is low, chances are a lender can meet your financial needs and help you get the financing you’re looking for.

A recent study by LendingTree collected data on how borrowers with high credit scores and low credit scores tend to use their personal loan money, based on data on personal loans closed between April 2021 and March 2022 .

The study showed that personal loans for high-scoring borrowers — those with credit scores of 720 and above — averaged $18,443, a number 122.2% higher than the average amount of 8 $301 borrowed by those with credit scores below 720.

In addition to revealing that high credit score borrowers take out larger personal loans, the study also showed how they spend their personal loan funding. More than a third of high-scoring borrowers use personal loans to consolidate debt, and the second-largest use is to refinance credit card debt. Here’s what the study found with high-scoring borrowers:

  • 39.7% took out personal loans to consolidate their debts
  • 15.8% used the funds for credit card refinancing
  • 12.8% borrowed money to improve their home
  • 7.6% used a personal loan to pay for a major purchase
  • 2.8% paid to have their car financed or repaired
  • 1.9% paid for medical expenses
  • 1.5% spent the funds on moving or business expenses
  • 1% paid for wedding or holiday

It’s no surprise that borrowers are taking advantage of their high credit scores to consolidate their debts. Debt consolidation allows borrowers to pay off multiple debts with one new loan, often at a lower interest rate, and the higher your credit score, the better your chances of getting that new low rate. Consolidating your debt is a good way to streamline your finances, as it means you only have to account for one monthly payment versus multiple monthly payments with separate lenders. According to the LendingTree study, high-scoring borrowers who consolidated their debt took out personal loans with an average value of $19,991.

Even when looking at low-scoring borrowers, debt consolidation tops the list of reasons to take out a personal loan. Here’s what the study found with low-scoring borrowers:

  • 37.7% used a personal loan to consolidate their debts
  • 5.7% invested in home improvements
  • 3.6% paid for medical expenses
  • 3.5% used funds to buy or repair their car
  • 3.3% spent the funds on moving or relocation expenses

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You don’t need a high credit score to get a personal loan

There are a number of personal lenders to suit a variety of circumstances and financial needs – some will consider applicants with low credit scores around 580 or 600, and those with no credit history.

Reached, for example, accepts applicants with poor credit history; the company also considers those with credit scores of at least 600. Payanother personal lender, has a minimum credit score of 550 for a personal loan, so borrowers with lower credit scores have a few options to consider.

Beginner personal loans

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt consolidation, credit card refinancing, marriage, moving or medical

  • Loan amounts

  • Terms

  • Credit needed

    FICO or Vantage score of 600 (but will accept applicants whose credit history is so poor that they have no credit score)

  • Assembly costs

    0% to 8% of target amount

  • Prepayment penalty

  • Late charge

    Greater of 5% of monthly amount past due or $15

Repayment of personal loans

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt consolidation/refinancing

  • Loan amounts

  • Terms

  • Credit needed

  • Assembly costs

    0% to 5% (based on credit score and application)

  • Prepayment penalty

  • Late charge

    5% of the monthly payment amount or $15, whichever is greater (with a 15-day grace period)

It’s important to keep in mind, however, that the higher your credit score, the more likely you are to receive favorable interest rates at the lower end of the lender’s range. In other words, you will be able to save money on your monthly repayments. If you want to take advantage of lower rates, you will need to improve your credit score.

Paying your bills on time is the most important thing you can do to increase your score – your payment history actually makes up 35% of your FICO® score, so it carries a lot of weight in determining a creditworthiness. individual.

Applying with a co-applicant who has a higher credit score than yours can also help you get approved for a lower interest rate and help you get approved where you might not have been. otherwise taken into account. Indeed, it is common for lenders to analyze your credit history, debt-to-equity ratio, and other identifying information during the process to determine the loan amount, interest rate, and term of your loan. .

Having a co-applicant can be helpful if you don’t have enough credit history to get approved for a lower interest rate. It can also be useful if you need to withdraw a larger amount of money but don’t have a stable income. Not all personal lenders allow co-applicants, so you’ll need to do your research to find which ones will.

SoFi and PenFed are just two solid options that allow you to have a co-applicant. SoFi lets you request up to $100,000, while PenFed allows a maximum of $50,000 – this lender’s $600 minimum makes it an extremely flexible option for those who need to borrow small amounts of money. silver.

SoFi Personal Loans

  • Annual Percentage Rate (APR)

    5.74% to 21.28% when you sign up for autopay

  • Purpose of the loan

    Debt consolidation/refinance, home improvement, relocation assistance or medical expenses

  • Loan amounts

  • Terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

PenFed Personal Loans

  • Annual Percentage Rate (APR)

  • Purpose of the loan

    Debt consolidation, home improvement, medical bills, car financing and more

  • Loan amounts

  • Terms

  • Credit needed

  • Assembly costs

  • Prepayment penalty

  • Late charge

Although personal loans can be extremely flexible financing options when you need cash on the fly, do your due diligence in researching your options and improving your credit score before applying. can really pay off.

Check out Select’s in-depth coverage at personal finance, technology and tools, The well-being and more, and follow us on Facebook, instagram and Twitter to stay up to date.

Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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I erased £60,000 debt in FIVE years and used three tips to fix my finances https://fastpaths.com/i-erased-60000-debt-in-five-years-and-used-three-tips-to-fix-my-finances/ Mon, 06 Jun 2022 22:59:00 +0000 https://fastpaths.com/i-erased-60000-debt-in-five-years-and-used-three-tips-to-fix-my-finances/ A WOMAN who settled a massive £60,000 debt in five years swears by three tips that have helped her get her finances back on track. Dr. Nikki Ramskill pulled out her first credit card at 18 before heading off to medical school — and plunging her bank balance into the red. 2 Nikki chose to […]]]>

A WOMAN who settled a massive £60,000 debt in five years swears by three tips that have helped her get her finances back on track.

Dr. Nikki Ramskill pulled out her first credit card at 18 before heading off to medical school — and plunging her bank balance into the red.

2

Nikki chose to take out a debt consolidation loan to streamline her debts into one monthly payment

Due to loans, overdrafts, a heavy tax burden and the credit card bill, she soon found herself deeply in debt.

But it wasn’t until she decided to take a five-month leave to travel to Australia, New Zealand and Thailand that she realized how dire the situation had become. Mirror reports.

Nikki, who is now 37 and lives in Milton Keynes, began to panic trying to pay her bills and trips after realizing there was no money coming in.

Soon, the unhappiness and sadness of being a few bad decisions away from the real issues that prompted her to change her ways.

My company is about to make £100,000 from teaching TWERKING after leaving my dream job
I started my own business in my bedroom when I was 16 and just sold it for £22m

She said: “That’s when I thought, ‘Oh my God, this is terrible’. I was on a chance of a trip of a lifetime that I could never again remake.”

When she returned to the UK aged 31, she pledged to do the work to get by, but found getting out of debt was harder than she had imagined.

Zero percent balance transfer credit cards were no longer an option as his credit rating had begun to plummet.

She adopted the snowball method – repaying the smaller of the unpaid and owed amounts first.

Nikki found that when she cleared a debt, it motivated her to move on to the next highest sum.

But after taking a pay cut, she still struggles to make it all work.

After accessing all of her options, Nikki opted to take out a debt consolidation loan to streamline her debts into one monthly payment.

She said: “I cut up all my credit cards and didn’t use them because I didn’t trust myself. I had to go cold turkey.

“The good thing was that it cut my payments in half. The other good thing was that the interest rates I was paying were much lower.”

In five years, Nikki – who now runs The Money Doctor Woman – was able to repay the £60,000 while earning around £2,600 a month.

She credits the snowball method with helping her pay off £10,000.

She was able to repay around £40,000 through the consolidation loan and she inherited £10,000 after losing her father.

Although a debt consolidation loan was the right move for Nikki, she admits she was “lucky” to be able to agree on good rates with the bank manager.

She said: “Some debt consolidation loans will be secured by your home, so if you miss payments your home could be at risk. Debt counselors would never suggest taking out a secured loan to pay off unsecured debt.

“You should also check the termination fee for an existing loan agreement – and if there are any prepayment charges. This may not be an option at all if you have a bad credit history. “

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For anyone struggling with money, Nikki has three key tips.

She says to tell someone as soon as possible, talk to a debt counselor for free, and make a decision on how to get help and come up with a plan quickly.

Over five years, Nikki was able to pay off the £60,000 while earning around £2,600 a month

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Over five years, Nikki was able to pay off the £60,000 while earning around £2,600 a monthCredit: Nikki Ramskill / Livi
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Is a recession coming? 8 money moves to make now https://fastpaths.com/is-a-recession-coming-8-money-moves-to-make-now/ Fri, 03 Jun 2022 15:30:02 +0000 https://fastpaths.com/is-a-recession-coming-8-money-moves-to-make-now/ This story is part So Money (subscribe here)an online community dedicated to financial empowerment and advice, led by CNET Editor at Large and So Money podcast host Farnoosh Torabi. What is happening Many economists and financial experts in the United States predict a recession, usually marked by two consecutive quarters of significant slowdown in economic […]]]>

This story is part So Money (subscribe here)an online community dedicated to financial empowerment and advice, led by CNET Editor at Large and So Money podcast host Farnoosh Torabi.

What is happening

Many economists and financial experts in the United States predict a recession, usually marked by two consecutive quarters of significant slowdown in economic activity.

why is it important

Previous recessions have all seen widespread layoffs, higher borrowing costs and a tumultuous stock market.

And after

Focus on what you can control, gather facts, and take action to protect your finances. Above all, it is important to stay calm.

With talk of an impending recession, many are wondering if we are directed to a in 2022. Perhaps the best answer comes from Morgan Housel, author of The psychology of moneywho said in a tweet in april“We’re definitely headed for a recession. The only thing that’s uncertain is when, where, how long, how deep and the policy response.”

What he means is that there is still a recession on the horizon – economies are cyclical, with ups and downs. We just can’t tell exactly what’s going on while we’re at it. We can only look back. Since the Great Depression, the United States has experienced a dozen economic downturns ranging from a few months to more than a year.

Trying to understand the specifics of the recession is a guessing game – and anyone who tells you otherwise is probably trying to sell you something.

The best we can do right now is to use history to set the context, be more proactive about money movements that we can control and resist the urge to panic. This includes looking at what happened in previous recessions and taking a closer look at our financial goals to see what levers to pull to stay on track.

Here are eight specific steps you can take to create more financial stability and resilience in a turbulent economy.

1. Plan more, panic less

The silver lining of the current recession forecasts is that they are still only forecasts. It’s time to make a plan without the real pressures and challenges that come with being in the midst of an economic downturn. Over the next two months, revise your financial plan and map out worst-case scenarios when your adrenaline isn’t pumping.

A few questions to consider: If you were to lose your job later this year or in early 2023, what would your plan be? How can you fortify your finances now to deal with a layoff? (Keep reading for related tips.)

2. Increase your cash reserves

The key to weathering a recession relatively unscathed is having money in the bank. The high unemployment rate of 10% during the Great Recession of 2009 taught us that. On average, it took 8-9 months for those affected to land on their feet. Those lucky enough to have strong emergency accounts have been able to continue to pay housing costs and save time figuring out next steps with less stress.

Consider rearranging your budget to allocate more savings now to get closer to the recommended six to nine month reserve for rainy days. It might be a good idea to disconnect from recurring subscriptions, but a better strategy that won’t seem so privy might be to call the billers (from utility companies to cable to car insurance) and ask for discounts and promotions. Speak specifically with customer loyalty services to see what deals they can offer to prevent you from canceling your plans.

3. Look for a second source of income

Web searches for “side businesses” are always popular, but especially so now, as many seek to diversify sources of income as a potential recession approaches. Just as it helps diversify investments, diversify sources of income can reduce the income volatility that accompanies job loss. For inspiration on easy, low-rise side-flips you can do from home, check out my recent story.

4. Resist impulsive investing

It’s hard not to be worried about your wallet after all the recent red arrows in the stock market. If you have more than 10 or 15 years left before retirement, history proves that it is better to stick to the ups and downs of the market. According to Fidelity, those who remained invested in target-date funds, which include mutual funds and ETFs typically tied to a retirement date, during the 2008-09 financial crisis had higher account balances in 2011 than those who have reduced or stopped their contributions.

If you have not yet subscribed to automatic rebalancing, consult your portfolio manager or online broker. This feature can ensure that your instruments remain properly weighted and aligned with your risk tolerance and investment goals, even when the market swings.

5. Lock in interest rates now

As policy makers raise interest rates to lower inflation levels, interest rates will rise. This potentially means bad news for anyone with an adjustable rate loan. It is also a challenge for those carry a balance on a credit card.

While federal borrowers need not worry about their rates rising, those with private loans variable rate loans may want to consider consolidation or refinancing options through an existing lender or other banks like SoFi who could consolidate debt into one fixed rate loan. This will prevent your monthly payments from rising unpredictably when the Federal Reserve raises interest rates again this year, as expected.

6. Protect your credit score

Borrowers may find it harder to access credit during a recession as interest rates rise and banks enforce stricter lending rules. To benefit from the best conditions and loan rates, aim for a solid credit rating in the 700s or so. You can usually check your credit score for free through your existing bank or lender, and you may also receive free weekly credit reports from each of the three major credit bureaus through the end of the year from AnnualCreditReport.com.

To improve your credit score, try repay high balancesReview and dispute any errors who may appear on your credit report or consider consolidating high-interest credit card debt into a low interest debt consolidation loan Where Introductory 0% APR Balance Transfer Card.

7. Press pause when buying a house

It’s already a competitive housing market with few houses to go around. Whether rising mortgage rates add more pressure on your ability to buy a home within your budget, consider renting a little longer. If you’re also worried about your job security in a potential recession, that’s even more of a reason to take a break. Leasing isn’t cheap right now, but it can give you more flexibility and mobility. Without the need to hoard cash for a down payment and closing costs, leasing can also keep you with more cash during a potentially tough economy.

8. Take care of your valuables

The advice that was born out of the period of skyrocketing inflation of the late 1970s still applies today: “If it is not broke, do not fix it.”

With persistent supply chain issues, many of us face high prices and delays in acquiring new cars, tech products, furniture, home materials, and even contact lenses. This also includes spare parts. If a product comes with a free warranty, be sure to sign up. And while it’s a small fee to extend insurance, it may be worth it in a time of rising prices.

For example, my car sat in the repair shop for over three months, waiting for parts to arrive from overseas. So in addition to paying my monthly car payment, I have car rental costs that add up. If nothing else, I’ll be heading into a possible recession as a more cautious driver.

Read more: Small packages, same prices: shrinkage is sneaky

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How to Improve Personal Loan Applications: 6 Ways to Increase Chances of Approval https://fastpaths.com/how-to-improve-personal-loan-applications-6-ways-to-increase-chances-of-approval/ Mon, 30 May 2022 14:00:08 +0000 https://fastpaths.com/how-to-improve-personal-loan-applications-6-ways-to-increase-chances-of-approval/ Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own. Before you take out a personal loan, […]]]>

Our goal at Credible Operations, Inc., NMLS Number 1681276, hereafter referred to as “Credible”, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are our own.

Before you take out a personal loan, read about 6 things you can do to improve your personal loan application and increase your chances of approval. (Shutterstock)

Personal loans can help cover a variety of unexpected projects and costs. The best way to get approved is to have good credit and a low debt-to-income ratio (DTI).

If you need a loan, these six tips can help improve your Personal loan apply and increase your chances of being approved for the funds you need.

Shopping around and comparing lenders is a good place to start before submitting an official personal loan application. Credible, it’s easy to view your prequalified personal loan rates from various lenders, all in one place.

1. Decide what type of personal loan you need

Personal loans are installment loans, which means you receive a lump sum of money up front and then repay the loan with fixed payments over an agreed term. But not all personal loans are created equal. There are many types of personal loans you can choose from, including:

2. Check your credit report

Your credit score is a three-digit number that gives lenders an idea of ​​how likely you are to repay the money you borrow. It is calculated based on your payment history, the number of accounts you have, the type of accounts, your credit usage (how much credit you use compared to the amount of available credit you have) and the duration of your credit history.

Lenders look at your credit score when they review your loan application. A higher credit score generally increases your chances of being approved and getting a better interest rate. By making payments on time and limiting the use of your credit, you can increase your score.

It’s a good idea to pull your credit reports from the three major credit bureaus at least once a year – you can do this for free by visiting AnnualCreditReport.com. Once you receive your reports, review them for potential errors, such as missed payments you didn’t actually miss or accounts you didn’t open. Dispute any errors you find with the appropriate credit reporting agency.

Visit Credible for compare personal loan rates from various lenders, without affecting your credit.

3. Improve your credit score

If you have a fair or bad credit scoreHere are some things you can do to increase your score and increase your chances of getting approved for a personal loan:

  • Pay your bills on time. Even one missed payment can hurt your credit score. That’s why it’s important to pay your mortgage, credit cards, car loans, student loans and other bills on time, every time.
  • Pay off your debt. The lower your credit utilization ratio, the more likely a lender will approve you for a loan. By paying off your debt, you can improve your credit utilization ratio and, therefore, increase your credit score.
  • Do not close credit card accounts. Even if you no longer use certain credit cards, keep them open. It can increase the length of your credit history, which can improve your credit.
  • Limit new credit accounts. Only apply for new credit when you absolutely need it. Applying for too many credit accounts at once can hurt your credit score because it leads to difficult inquiries on your credit report and lowers the average age of your credit accounts.

4. Don’t borrow more than you need

While it can be tempting to ask for more money than you need to meet a financial goal, like a car repair or a kitchen renovation, it can do more harm than good. Since a larger personal loan will come with a higher monthly payment and affect your ability to cover other financial obligations, lenders will consider it riskier. This can make it harder for you to get approved for a loan.

5. Consider applying with a co-signer

A co-signer is usually a family member or close friend with a good credit rating and a stable income who agrees to repay your loan in the event of default.

For example, if you are applying with a co-signer because you are unemployed or your credit is poor, you may get approved for a loan that you would not qualify for on your own. You could also get a lower interest rate, which could save you hundreds or even thousands of dollars over the life of the loan.

While a cosigner can make your personal loan application more attractive to a lender, it’s important to consider the potential downsides of applying with just one. If you fall behind on your payments, you could put the co-signer in a difficult position and damage your relationship, as well as their credit. That’s why you should only apply for a co-signer if you’re sure you can repay your loan as agreed.

Additionally, it is difficult to remove a co-signer from a loan once the funds have been disbursed. Your co-signer may be stuck with responsibility for the debt for a while until you pay it off. Make sure the co-signer you choose not only understands this risk, but accepts it.

6. Find the best personal lender for you

There is no shortage of personal loans on the market. Take the time to shop around and compare a variety of products offered by banks, credit unions and online lenders. Look at their amounts, interest rates, fees, and any special perks they might offer.

It can help you find the ideal personal loan for your unique situation.

Credible, it’s child’s play to compare personal loan rates from multiple lenders without a firm credit application or any effect on your credit.

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Trapped in debt? 6 smart ways to manage multiple loans https://fastpaths.com/trapped-in-debt-6-smart-ways-to-manage-multiple-loans/ Sun, 29 May 2022 04:41:41 +0000 https://fastpaths.com/trapped-in-debt-6-smart-ways-to-manage-multiple-loans/ Managing a loan requires financial discipline. Any inconsistency in paying your debts can hurt your credit score, which could harm your financial health. If you have multiple loans, you run a higher risk of making these mistakes. You must balance your NDEs with other wants and needs. You must repay your dues on time. Here […]]]>

Managing a loan requires financial discipline. Any inconsistency in paying your debts can hurt your credit score, which could harm your financial health.

If you have multiple loans, you run a higher risk of making these mistakes. You must balance your NDEs with other wants and needs. You must repay your dues on time.

Here are some tips to keep in mind to effectively manage multiple loans.

Keep your debt manageable

First, all of your combined NDEs must be at a level where they cannot interfere with any other financial needs you have.

BankBazaar CEO Adhil Shetty says you can follow a rule of thumb. “For example, no more than 40 percent of your disposable income should be spent on your NDEs,” Shetty says. “It’s also subjective. For example, if your income is Rs 30,000, paying 40% of it would strain your ability to manage other expenses. But if your income is Rs 200,000 and you have dependents or significant liabilities, you may be able to repay even Rs 100,000 as an EMI. It’s about finding the balance.”

Keep an eye on your expenses

It would be best if you kept a strict eye on your expenses so that you have the dedicated funds needed to pay off your debts. Shetty says, “Make a list of expenses and prioritize them. For example, you can keep priority expenses like electricity bills, school fees, etc., at the top and keep less necessary expenses at the bottom. Depending on your budget, try to cover your high-priority expenses first and avoid low-priority expenses. This way you can save a lot of money. You can use the money saved to prepay your loan.

Consolidation of loans

The chances of missing EMIs when handling multiple loans are high. Your loan portfolio may include short, medium and long-term borrowings, and the interest rate may also vary accordingly. Maintaining multiple IMEs can put a strain on your financial strength. Thus, you can choose to consolidate your multiple loans into one or two loans. You can close existing loans such as personal loans, car loans, credit card loans, etc., using the funds raised through a single large loan such as a supplementary home loan or a title-based loan. Loan consolidation can help you save interest, extend repayment terms, and improve your long-term credit score.

Repay your loans on time

Whether you fail to repay one or more loans, the immediate repercussions are generally the same, that is, your credit rating will be negatively affected. So if you have multiple loans, try to repay all EMI loans on time. “Avoid taking out a new loan to repay the existing one; this can lead you into a debt trap. If you’re having trouble repaying multiple EMIs simultaneously, you can ask your lender to extend the repayment term to reduce the size of the EMI,” suggests Shetty.

Prepay higher interest loans

People get a raise every year in their salary/income. This increase is often used to spend on non-essential things or to buy expensive things. If you make a habit of using your increased income to prepay some of your existing loans, it can help you close out your loans well before they expire. Prefer to close these loans first, which carry a higher interest rate than other loans.

Make an effective debt repayment plan

It is advisable to repay loans with higher interest first. Pay off your debts with a higher interest rate, shorter repayment term, and no prepayment charges. It would help if you tried to close them earlier than loans with lower interest rates and longer repayment terms. If you can close some of your high interest loans before the end of the term, it can help you reduce your EMI load and focus more effectively on big budget loans.

]]> Figure reports record HELOC request with over $200 million in volume in April https://fastpaths.com/figure-reports-record-heloc-request-with-over-200-million-in-volume-in-april/ Wed, 25 May 2022 13:00:00 +0000 https://fastpaths.com/figure-reports-record-heloc-request-with-over-200-million-in-volume-in-april/ Figure launches first-of-its-kind calculator to help homeowners save money by comparing HELOC to cash-out refinance SAN FRANCISCO, May 25, 2022 /PRNewswire/ — Figure Technologies Inc., the nation’s largest and most forward-thinking non-bank lender of home equity financing, saw record demand for home equity lines of credit through April , exceeding $200 million in volume over […]]]>

Figure launches first-of-its-kind calculator to help homeowners save money by comparing HELOC to cash-out refinance

SAN FRANCISCO, May 25, 2022 /PRNewswire/ — Figure Technologies Inc., the nation’s largest and most forward-thinking non-bank lender of home equity financing, saw record demand for home equity lines of credit through April , exceeding $200 million in volume over the month. April was its sixth consecutive record month for HELOCs, with May already outpacing April volume.

Rising property values ​​across the country have led homeowners to continue to tap into their equity to make home improvements, consolidate debt, pay for school or make a major purchase. A home equity loan allows homeowners to access their equity without refinancing their mortgage. Given the recent upward trend in first mortgage interest rates, Figure’s home equity loan, when added to a first mortgage, can maximize the amount a customer can borrow while maintaining the total interest payments at a low level.

To help consumers understand the benefits of a HELOC over a cash-out refinance, Figure has launched a one-of-a-kind calculator on its website allowing a customer to enter information including the principal balance and interest rate of their mortgage, the current value of their home, and the amount of additional loan they want. Consumers can then select HELOC terms and immediately compare their estimated savings and interest rate against a cash refinance and apply online, where they can be approved in minutes and funded in as little as five days. Unlike a traditional home equity loan, which can take months to fund, Figure’s automated process allows homeowners to quickly access the equity in their home with less hassle than a mortgage or equity loan. traditional home.

“In today’s higher interest rate environment, a HELOC offers customers an affordable way to borrow money, and for people with equity in their home, it can be a much cheaper option compared to a personal loan, credit card or private student loan,” said Daniel Wallace, managing director of Figure’s lending business. “Whether consumers are looking to remodel their home or send their child to college, Figure is ready to provide consumers with an affordable option that best suits their financial needs.”

In April, Figure customers said they used their HELOC loans for home improvement (42.8%), debt consolidation (36.6%) or to make a major purchase (8%). This closely tracks how consumers used their HELOC in Q1 2022: home improvement (44.4%), debt consolidation (33.2%) or major purchase (9.1%). In the months leading up to Covid (January-March 2020), consumers reported using their HELOC for debt consolidation (54.2%), home improvement (29.7%) or a major purchase (5%).

Figure is a leader in transforming financial services through the power of blockchain. Consumers can get their HELOC application approved in five minutes and receive funds in as little as five days. For more information, please visit https://www.figure.com/home-equity-line/.

About the figure

Figure is transforming financial services through blockchain, bringing speed, efficiency and savings to consumers and institutions. Figure continues to unveil a series of fintech firsts in the capital markets, investment management, banking and payments sectors. Figure relies on Provenance Blockchain for lending, servicing, funding and now private fund services. The company was founded in 2018 by a serial tech entrepreneur Mike Cagney, who also founded SoFi and grew the company into a multi-billion dollar enterprise under his leadership as CEO. Learn more about https://www.figure.com/.

Media Contact
Joe Ziemer
VP of Communications
Figure
(646) 206-9090
[email protected]

SOURCE number

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Breaking the cycle of debt – here’s how to move forward https://fastpaths.com/breaking-the-cycle-of-debt-heres-how-to-move-forward/ Mon, 23 May 2022 22:17:11 +0000 https://fastpaths.com/breaking-the-cycle-of-debt-heres-how-to-move-forward/ DETROIT – If you stopped at the grocery store or filled up your car last weekend, you’ve felt the pinch of rising prices, because higher prices mean more of us live on one paycheck to another. We reached out to our WDIV insiders, and Rod is working with a few different families to help them […]]]>

DETROIT – If you stopped at the grocery store or filled up your car last weekend, you’ve felt the pinch of rising prices, because higher prices mean more of us live on one paycheck to another.

We reached out to our WDIV insiders, and Rod is working with a few different families to help them move forward in these troubled times.

First up is Trish and Jason Keith from Dearborn Heights. They say their biggest problem is managing debt related to credit cards and college loans. They were able to get a consolidation loan from their credit union at interest rates of about a third of what they were paying. They also did our “Watch All Expenses” exercise and are now in the process of budgeting.

They say they are now finding leeway.

Next on the list is Latonya Edwards from Detroit. His biggest problem is a huge truck payment of $703 a month. We went to work to try to lower her payments because she owed $40,000 for a truck worth about $22,000. We are still working on that.

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Edwards created an emergency fund and increased the amount she puts into retirement.

So far these families have been committed to this program, and that’s one of the things we’ve learned at Local 4, because you have to be serious about knowing what you have, what you need and how to budget for that. So when you get to retirement, you’re not in the struggle that Kimberly Paulin finds herself in.

“It was always a check to verify for me my whole career,” Paulin said.

A generation of local high school theater students know Paulin because she had a long career directing springtime musicals and teaching English.

She is now 57 years old and covid gave her good reason to retire and take her teacher’s pension and her retirement health care coverage.

“I wish I didn’t have to worry about retirement,” Paulin said.

With the stress born of a pension too small to allow her to fully retire, she is now a receptionist at a local chiropractic office. She just helped move the firm into this new office in Walled Lake.

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“My pension pays the bills, and then this job was ideally supposed to be for extras,” Paulin said.

But sometimes life gets in the way.

We met at her new office to discuss her finances and discovered that a broken wrist and gallstones threw her into a budget crisis because she was unable to work for several months.

“I had to go to physical therapy, so I immediately got my deductible, which is $1,000, and then I got coinsurance of $800,” Paulin said.

With no emergency funds, all payments were made to his credit cards.

“As soon as I was done with the health issues, my water heater turned off,” Paulin said. $1300.

Just like that, his credit card debt exploded. She immediately went to her credit union and qualified for a $25,000 consolidation loan, but she had almost $7,000 more left on her cards.

So the first thing to do is to pay off the credit card debt. We discussed her only paying minimums on the cards with the lowest amounts, then attacking the card with the huge total debt as best she could.

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As soon as that card reaches zero, tear it up, take the account with the next highest amount, and so on.

When asked how far she could go in six months, she replied, “I think I can make that bigger card pay.”

Now Paulin is doing a good job of constantly paying for the necessities. With her health restored, she is ready to work even harder now.

“I work part-time for my friend’s medical billing company, you know, 15 to 20 hours a month,” Paulin said. “It’s a little extra money. It’s not a lot.”

It’s an encouraging sign that shows how committed she is to getting in financial shape. Lack of budget is at the heart of his paycheck to paycheck problem.

Paulin is a member of a credit union and Rod advised him to use the free budgeting program they offer. Rod also suggested that she track all of her expenses and income in a month to know exactly where the money is going to help with this process.

She now understands how an emergency fund can protect against the impact of a broken water heater. She is also working to raise $1,000 in cash for this purpose. And even if she is single and has no children, she should still have a will and advance medical directives.

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This, of course, brings discipline to personal finances, but let’s be clear, we want you to learn how to have fun too.

“I wish I had a little extra money to be able to, I love to travel and I wish I could travel occasionally,” Paulin said.

To show how determined Paulin is to improve her financial situation, she has just become a travel notary, which allows her to earn extra money without a lot of hours.


Living paycheck to paycheck? Here’s how to get off the hamster wheel.

Copyright 2022 by WDIV ClickOnDetroit – All Rights Reserved.

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Parents Corner — May 21, 2022 https://fastpaths.com/parents-corner-may-21-2022/ Sat, 21 May 2022 09:09:30 +0000 https://fastpaths.com/parents-corner-may-21-2022/ The MSU Midland County Extension and Cooperating Parent Educators sponsor Parent’s Corner. Send your submissions to MSU Midland County Extension Educator, Lisa Treiber, 220 W. Ellsworth St., Midland, MI 48640. Food safety questions and answers. MSU Extension offers a weekly 30-minute information program on food preservation. A short presentation will be shared focusing on the […]]]>

The MSU Midland County Extension and Cooperating Parent Educators sponsor Parent’s Corner. Send your submissions to MSU Midland County Extension Educator, Lisa Treiber, 220 W. Ellsworth St., Midland, MI 48640.

Food safety questions and answers. MSU Extension offers a weekly 30-minute information program on food preservation. A short presentation will be shared focusing on the topic presented, leaving plenty of time for questions and answers. The next session is: Summer Grilling. Join this quick and free presentation at 1 p.m. on May 23. To register, visit events.anr.msu.edu/Foodsafetyspring2022/


Investigate food with science. Every week at 4 p.m., young people will explore aspects of cooking as an experience and baking as a science. A child-friendly recipe or experiment demonstration will be presented for youngsters to try at home with the help of an adult. The following week, young people can share their experiences or photos. All sessions will be presented via Zoom. The topic for May 23 will be Edible Fizz! To register, visit events.anr.msu.edu/IFWSwinter2022/ Any questions should be directed to Kellie Jordan jorda136@msu.edu

Nature game! It’s time to play outside, from 10 a.m. to 11 a.m. on May 24 at the Chippewa Nature Center. Whether we’re baking pies in the mud kitchen, pretending to be animals, lounging in hammocks, or creating nature art, this hour of playtime is sure to interest everyone. the world. Caregivers should stay with the children during this program and are encouraged to actively play alongside the children in their care. This program will be facilitated by a CNC staff member. Meet at The Woods natural playground near Arbury Trail. This program is designed for children from 2 to 10 years old accompanied by an adult. To visit www.chippewanaturecenter.org to learn more.

Spring wildflower walk. Spring wildflowers bloom quickly on the forest floor before the leaves of the trees open at the Chippewa Nature Center. Take a walk through the woods with a CNC naturalist to find and identify these colorful beauties, 6-7:30 p.m. May 25. Learn to recognize the diversity of unique pollination shapes, patterns and strategies. This program is designed for ages 9 and up (under 18 with an adult). To visit www.chippewanaturecenter.org to learn more.

Bird walk. Spring migration is underway and new birds are arriving at the Chippewa Nature Center every day. The NCC’s variety of habitats are home to over 200 species of birds, making it an excellent wildlife hotspot. Learn to identify birds by using field markings, listening to songs and calls, observing flight patterns, and using habitat clues, from 8 a.m. to 10 a.m. May 28. Birdwatchers of all skill levels are welcome. Loaner binoculars are available or bring your own. This program is designed for ages 9 and up (under 18 with an adult). To visit www.chippewanaturecenter.org to learn more.

A Historical Mystery. What do a Robin, a Petoskey Stone and an Apple Blossom have in common? Enjoy a relaxed hike and hands-on exploration at the Chippewa Nature Center to discover why these and related items are important to Michigan’s history, 2-3 p.m. May 28. This program is designed for all ages (under 18 with an adult). To visit www.chippewanaturecenter.org to learn more.

Survive and thrive on a fixed income. Michigan State University Extension will offer a webinar, from 12 p.m. to 1 p.m., June 1, to share financial resource management tools. The webinar will cover contingency planning, tips for increasing income and spending less, setting goals and moving forward. Prior registration is required; to register, go to www.canr.msu.edu/mimoneyhealth/ click on the “online course” link to view this course and other options that may be of interest to you. Registration for this course closes May 31.

Student loan repayment webinar. Michigan State University Extension will offer a webinar, 4-5 p.m., June 2, to help navigate student loan repayment, including repayment options and how to avoid default. Topics covered include types of student loans, repayment options, working with loan servicers, student loan consolidation options, public service loan forgiveness programs, and options for avoiding default. repayment of student loans. Spend an hour of your time to help increase your financial awareness. Prior registration is required; to register, go to www.canr.msu.edu/mimoneyhealth/ click on the “online course” link to view this course and other options that may be of interest to you. Registration for this course closes June 1.

Preserving the MI Harvest series. Michigan State University Extension will offer a series of online food preservation courses. These free classes will be offered at 1 p.m. and 6 p.m. on Thursdays. The topic for June 2 will be Editing Recipes for Home Food Storage. These sessions will not be recorded, they will only be offered live. Support material will be emailed to all participants after each broadcast. Join the fun, register for one, several or all of these educational sessions. There is time at the end of each program to ask questions. To register, visit events.anr.msu.edu/PreservingMIHarvestSpring/

Healthy food = healthy children. MSU Extension is offering a three-hour online training for child care providers with the Safe Food = Healthy Kids (SFHK) program, from 1 p.m. to 2:30 p.m. on June 20 and 22 (participants will need to attend both days of this two-part course). Learn food safety best practices to keep the children in your care safe. Food safety education topics covered in the classroom include proper cleaning and sanitizing, cooking, food storage, as well as personal hygiene and more. SFHK is approved training for Great Start to Quality, so this class will count towards annual training hours. The class is facilitated by MSU Extension Food Safety Educators. To register, visit events.anr.msu.edu/SFHKWinterSpring22/ This is a free program, participants must attend the entire session to benefit from their training hours.

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