Online Loans are Easier to Qualify For If Your Credit Score is Above This Number

All reputable online lenders will review the applicants’ credit reports to check information such as payment history and debt to income ratio. They will also check your income to find out if you have the means to repay the loan. Personal loans are unsecured loans not that do not require collateral such as house. This is why the lender put emphasis on your credit score when deciding whether or not to approve the application.

Most online loans require you to have at least a good credit score which is a score range in between 690 – 719. If you possess an excellent credit in the range of 720-850, you will be qualified for the lowest APR rate. people with average score of 630 – 689 do have a chance of getting approved although the APR rate will be higher. If you have a bad credit, it is still possible to get a loan but the interest rate is going to be very high. The group of applicants who are unlikely to qualify for loans they apply online are those with poor credit score of 579 and below.

There are some online lenders that claim they don’t have any minimum credit score requirement but they will actually take a look at your credit report. Loans that do not have minimum credit score requirement usually have a high interest rate of in between 36% – 300%. There is only a small number of lenders that will approve an online loan if you have a poor credit score as long as you can prove that you have a stable income and not have many existing debts. The benefit of getting a personal loan is that you can build up your credit score when you consistently make repayment promptly. However, there is also the risk that your credit rating will be damaged if you are behind on payment.

The rates of the APR that you are charged will vary across different online lenders. A difference of a few percentages in the APR rate can be a big deal in the long run so you are advised to always pick the offer with the lowest APR. You can make use of the online loan search engine to perform comparisons on the rates of various loans.

Besides the APR fees, you also have to take into account the loan fees such as origination and check processing fees. You can apply for the online loan if you need to cover an important expenses such as medical expenses. You must calculate your income and deduct all your expenses to see if you have enough money left to pay back the loan amount every month. You can also use personal loans to consolidate your existing debts if the interest rate is lower after the calculation.

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Tips For Keeping Your Credit Safe For Students and Children

Keeping kids safe from identity theft

MarketWatch today featured an interesting article about keeping your children’s identity safe. While child identity theft is still fairly rare, it is most commonly perpetrated by a relative or family friend. The damage isn’t usually spotted until the child turns eighteen and is turned down for a credit card because of a low credit score.

The article references the Identity Theft Resource Center’s tips for spotting signs of identity fraud. This includes finding pre-approved credit card offers in the mail addressed to your child and receiving suspicious collection calls. It also advises parents to check their children’s credit reports annually.
Ordering a child’s credit report isn’t easy though (and it shouldn’t be for obvious reasons). You shouldn’t try to order a credit report for a minor through the standard retail process. We also found a good article on what to expect on your credit report at, which helps to identify what you should and should not expect to find out your credit report, and the potential red flags you may encounter. The best way to order a credit report for your child is to call the credit bureau fraud hotlines. The fraud reporting systems for Equifax (1-800-525-6285), Experian (1-888-680-7289) and TransUnion (1-800-680-7289) include options for requesting a copy of your child’s credit report when you are concerned about identity theft.

Credit card promotions and offers are a familiar sign on college campuses these days. Along with the “freshman 15” and all night study sessions, dealing with debt has become a part of America’s college experience. The average college student now graduates with $20,400 in student loan and credit card debt.

However, according to Business Week, these college graduates may face a new challenge because of their debts. Some law and medical schools are not encouraging or requiring applicants to submit their credit data for review. A low credit score and thousands in debt could result in being denied admission:

Georgetown Law School urges students with severe credit issues to defer for a year while getting their finances in order. “The decisions they make today have a cumulative impact on practicing law,” says Ruth Lammert-Reeves, Georgetown’s assistant dean for financial aid. According to Reeves, bar examiners in states such as California and New York take an applicant’s observance of fiduciary responsibility into consideration. The Medical College of Wisconsin even reserves the right to deny admittance if a student doesn’t provide a clean credit report.

The good news? Many universities and colleges are now starting to offer financial planning classes to their students. The classes teach students about credit, identity theft, debts and investing, sometimes even as for-credit courses.

2015 will bring more stories about credit scams, fraud, identity theft and financial hardship caused by a triple digit number, make sure you are pro-actively monitoring your credit and financial information.

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Capital One Quick Silver Highlights List Of Top Credit Cards For January Of 2014

January 1, 2014 – Dateline Chicago, Illinois

Welcome to 2014, the editorial staff from has been hard at work reviewing hundreds of credit cards over the past month in anticipation of the New Year. The start of 2014 brings optimism for consumers in the market for a new credit card as many of the top issuers have improved and enhanced some of the top card offers from last yearas they cultivate marketing offers geared towards attracting consumers in an improved economy. This is great news for current card holders and customers seeking new credit cards as the offers will likely include larger rewards, more cash back, longer periods of zero percent and new perks such as credit score monitoring.

The Quick Silver by Capital One was selected as the top overall credit card available in the market out of hundreds of credit cards. The card falls under the category of cash back/rewards cards one of the most sought after categories for consumers. What makes the card unique is that it offers 1.5% cash back on all purchases which is the highest percentage of all cash back credit cards. The Quick Silver Card also comes with a zero percent interest rate for purchases and balance transfers for the first 12 months, taking you into 2015. As an added incentive their is an opportunity to earn a $100 bonus if you accumulate over $500 in purchases during the first 90 days the card is use. Rounding out the top 5 credit cards identified as the top offers for January include: DiscoverIT (1% cash back, zero percent interest for 14 months), Bank America Travel Rewards (1.5 points for each $1 in spending), Slate from Chase (top choice for balance transfers), Capital One Venture Rewards (2 points for each $1 in spending on travel).

Consumers searching for the best card in 2014 should start by idenifying their spending habits and financial goals. With hundreds of cards to review and choose from finding the best card is really a unique proposition relative to your own goals. Whether you are searching for a balance transfer, travel rewards, student or zero percent credit card you will find dozens of credit card offers worth considering. The good news is that each category is reviewed and sorted at making the process of finding the right card super easy.

Steven Moore

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Loan repayment – How to make a budget to pay it off easily

Most of us take out a loan in order to buy costly items like vehicles, real estate property, etc. However, taking out a loan is not everything. You should also have to make sure that you make timely payments and clear off the dues ASAP. Unless you do so, you will default on the payments which will have a severe negative impact on your financial and credit situation. In order to pay off your debts on time and get rid of them, you will have to draft a proper budget. A good budget will not only help you in paying off the debts but will also help you in saving more money.

How to make a proper budget to pay off your loans

Here are some of the ways which will help you in drafting a proper budget in order to pay off your installment loans. Let’s take a look:

  • Calculate your total income: In order to formulate a budget to pay off your debts, you need to first calculate your total income. In order to do so, you will have to consider your monthly income from all the sources like rental income, investments, income from part-time jobs, etc. You will have to add the figures in order to get your total income.
  • Calculate your expenses: This is the most important step that you need to consider while you formulate your budget. You will have to compute as to how much you spend on snacks, other food items, shopping, entertainment, etc. You will have to take into account your credit cards, student loans, personal loans, mortgages, etc. while you calculate your expenses. Crunching the numbers will also help you in deciding your spending pattern. You can also categorise your expenses into essential and non-essential expenses. This will help you in knowing how much unnecessary expenses you incur.
  • Allocate money toward each debt: It will be easier for you to pay off your debts if you can allocate a particular sum from your income toward each debt. Thus, you will know that you have a specific amount of money for every debt. This will reduce your stress and you will not miss out on payments of any of the debts. Thus, the question of late payments or missed payments will not arise. Also, you will find that you are able to save some more money.
  • Reduce unnecessary expenses: You should also take steps to reduce the unnecessary expenses that you make every month. Once you control your spending, you will find that you have quite a lot of excess amount in your hand. You can use this excess amount in order to pay off your debts faster or you can save it to create an emergency fund for yourself.

However, you should note that your budget worksheet should be flexible enough so that you can add and delete items as and when necessary. After 3-4 months, you can review your budget and make changes as and when required. A dynamic budget is better compared to a rigid one. It will help you identify opportunities for reducing your expenses further.



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Learn More About Credit Unions To Gain A Finance Advantage

Unlike traditional banks that advertise and function as profit-making bodies, credit unions are not-for-profit organizations. They are community oriented and serve its members as opposed to banks which cater to its shareholders and owners. Most people join credit unions so as to avail of the personalized service. It may also be noted that all the earnings accumulated by a credit union while conducting business are utilized to benefit its members.For example, members may be given dividends or the cost of financial services may be decreased.

Identification of credit unions

Credit unions are non-profit, co-operative bodies, operated and owned by its members. They function by serving its members via low-charge savings accounts, provision of loans with low interest rates, and offer of other financial services. The members pool in their assets into the union, thereby making the funds available which can then be used to give loans to each other.

History of credit unions

Credit unions were founded by a group of traders in the mid-1800s in Rochdale, England. They wanted to pool in their resources to purchase goods in large quantities and at discounted prices. Such goods were then made available to its members at fair prices.Over the next fifty years, this idea spread to Canada, Germany, and the United States, and continues till today. A number of smaller credit unions in America have merged with larger unions. As per data offered by the Credit Union National Association or CUNA, credit unions currently have a total of nearly 85 million members.

The general function of credit unions

Credit unions cater to the needs of a group or groups of workers, people from a specific community, or members of an association or organization. They encourage regular savings and judicious borrowing for educational purposes, big-trade items, and emergencies. Thus, the members secure their financial security and welfare.
The standard services offered by credit unions

Credit unions provide savings/share accounts, debit and credit cards, checking/share draft accounts, lending programs which include real estate loans, guaranteed student loans, personal, retirement accounts, and member business loans. Their services and products are fairly priced, while loans and savings have competitive interest rates.
Basic features of credit unions

A credit union is managed by a board comprising of elected member volunteers. As compared to this, a conventional bank is run by a remunerated board of directors. Churches, employers, local communities, as well as schools may sponsor a credit union. Credit unions sponsored by workers generally permit the family members of an employee to join as well.

Accountability of credit unions

The NCUA or National Credit Union Association monitors and charters all federal credit unions. The NCUA mandates some rules of operation and organization that have to be adhered to by all federal credit unions.The association also offers insurance to the account members of credit unions via the NCUSIF or National Credit Union Share Insurance Fund, which has the backing of the government.It may be noted that a majority of credit unions are federally insured. Uninsured unions have to report to the NCUA.

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How Big is the United States Payday Loan Industry?

As big commercial banks have tightened lending requirements and credit standards in recent years, credit sources outside of the traditional finance industry have grown immensely. Individuals who need cash on a short term basis are increasingly turning away from their banks and toward different sources to meet their immediate financial needs. Among the most recognized and commercially popular of these sources is the payday lending industry. Tens of thousands of payday loan storefronts and dozens of websites have sprung up as lenders meet the demand of consumers looking for short term credit.

Payday lenders specialize in short term loans at or under roughly $500. They are designed to tide an individual’s cash needs over until their next paycheck. As such, most payday loans have a term structure of two weeks, with the repayment date coinciding with the day the borrower receives his or her paycheck. On the day of repayment, the borrower pays back the principal of the loan plus a fee that serves as the lender’s interest. It is usually expressed in dollar terms instead of a traditional interest rate. That is, a payday loan provider might charge a flat $10 to $20 for every $100 borrowed over the two week term. As it is still fairly new, the payday loan industry is largely subject only to regulations at the state level.

Though the effective interest rates are relatively high compared to standards in the traditional finance industry, many find that the relaxed credit standards and availability of payday loans are the best or only option. These people have fueled the rise of the payday loan industry, making it a very large and very profitable business.

Research conducted by the Pew Charitable Trust in 2012 revealed just how big the United States payday loan industry has become. That year, $7.4 billion was spent on short term credit from payday lenders. The same study found that 5.5% of all adults in America have taken out a payday loan. The demographic characteristics of the borrowers represent a wide swath of the population. Borrowers are nearly evenly split between men and women, representing 48% and 52% of the total respectively. Caucasians represent 55% of those who have used payday loans.

Though it is not seen by regulatory agencies like the Consumer Financial Protection Bureau as particularly favorable, the payday lending industry does seem to meet legitimate consumer needs. In the Pew Charitable Trust study, a survey of individuals who have taken out payday loans showed that short term credit was a buffer before more dire options would need to be explored. Respondents at large said that without payday loans, they would put off paying bills, ask family and friends for money, or begin disposing of their assets to meet their immediate needs for liquidity. As long a segment of the population remains under banked and in need of credit, the payday lending industry will likely remain a viable option.

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Reduce Your Debts by Refinancing With Installment Loans

Personal debts continue to trouble many US citizens. After the economic crunch, many people resulted to using credit and other loan facilities like payday loans to meet their recurring expenses. In the wake of economic downturn, many Americans were hit by reduced income coupled with unemployment and this culminated into a lot of financial problems.

Managing debt is certainly not easy, however, debts are part of life and people cannot live without them. The best way is to know how to manage them. As of may 2011, the total consumer debt in US was placed at $2.43 trillion and this has caused economic fallouts for many people. Debt is not just about finances, because it affects your life including social and family.

Although solutions to manage and service your debt are wide, you may have to opt for things like cutting down interest costs, budgeting of expenses to save for loan repayment or even seeking a nonprofit help. If you are in a debt crisis, you may want to consult a debt management counselor to help you out in tackling the problem.

Debt can cause a lot of stress and people may even suffer depression. However, if you are in position to service your debts even at the minimum levels, it means that you are not in a debt crisis. You can reduce your debt by refinancing with a low rate installment loan. With installment loans, you borrow once but make payments in a schedule.

The payment for loan is calculated based on interest rate, loan balance and the time you take to repay the credit facility. Installment loans are not complex to understand meaning that there are no changes after you have set up the repayment plan. You are able to know how much you will pay and therefore, you can develop a budget for each month.

In addition, if you make large lump sum amounts, you can lower the installment payments with a recast. Not only can installment loans help service a debt, but you can also build your credit score. Installment loans portray the image that you are a disciplined borrower. You can lower the interest rates for the loan you are obtaining to finance your debts by opting for equity installment loans.

When you borrow on equity that you have in your home, you put your interest low, meaning that you do not repay a large amount for the loan. Similarly, you have a potential to save on tax. The interest you pay may be tax deductable. Home equity loans are usually lower than other unsecured loans or credit card.

Personal installment loans can help you avoid open-ended borrowing meaning that you have a scheduled amount to pay in any given period. The monthly payments are set on a particular amount. This means that you can manage your payoffs easily. In essence, if you are struggling with debt repayment, you can refinance these debts with personal installment loans, which are easy to understand and can attract lower interest rates.

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Necessities to reduce debts

Whenever you will ask a financial expert about debts, they would definitely suggest you to get out of it as soon as possible. Debts are never ever healthy for maintaining a better personal finance. It is always necessary to reduce debts as soon as possible and also at the same time it is necessary to get out of the debts completely. You may now ask whether to take no credit check loans or not. Well, the financial needs may arise and getting loans is the most formal source to get financed.

So, there is nothing wrong in getting bad credit loans and adopting a debt. But, what you need to do is to be very careful about not increasing the debts and repay the existing as soon as possible. Also, if the debt is long term, then try to repay a larger amount in every installment. This would definitely reduce the monthly pressure of yours. So, from all respect, it is very much necessary to reduce debts. The discussion is continuing below in details:

Keeping a better personal finance:

Keeping a better personal finance is a sign of a smart man. And as a smart person, you must have to maintain that for your own sake. The basic ingredient to avoid for keeping a better personal finance is debt. So, a person must avoid debts. Even if he/she has, the reduction or diminishing of the debts is vitally needed.

Generally, it is better to sacrifice a lot for some few months and repay the debts as far as possible with the money which have been found after the sacrificing each month. If these are not enough to diminish the debts, then take another part time job. Or you can work overtime or you can work in holidays. These earnings must have to be sent to the lenders so that you can finally destroy the debts from your shoulder.

Yes, you may have to sacrifice a lot in this debt repayment or debt reduction procedure. But, this few months of sacrifice can bring a lot in the long run. Debt free life is easier and smoother. So, some sacrifices can make the financial life of yours easier and smoother. So why won’t you do that!

Having solvency:

Debt repayment each month snatches away a lot of money from you. So, definitely the financial status becomes critical for a moderate income person. This may lead you to huge deprivation in all respect. The vacation and holidays would be boring as you will not have enough money to roam around.

So, it’s always better to reduce the debts and move footsteps in the ways to diminishing the debts. So, some few months of sacrifices and hard work and repaying the debts with the money extracting from the sacrifices and hard work can bring a better financial solvency in your life in the long run.

Making savings:

As we all know that debts snatch away a lot of money from the pocket each month. So, if you can reduce the debts to a higher level and thus get some extra money in your pocket, you can easily manage to make some savings.

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Reducing debts as soon as possible

The financial experts suggest the borrowers to become a debt free person. In fact, it is being said that the person who can maintain the personal finance is a debt free person. Being debt free is always a facilitating thing. It makes you relieved from the monthly financial pressure which deprives you consume anything that is out of budget.

But, you may ask a simple question whether you can manage the money with the moderate income or not! Well, this is not impossible to manage this money if you can be a little bit strategic and smart. You can earn the money or save the money easily by maintaining some simple trick.

Earning some extra money:

To reduce debts as early as possible needs a lot of money ,because in this procedure, you will need a lot of money to be paid to the lenders quickly. But, you are finding yourself in affix as you do not have enough income to make it possible. Well, in this situation never be so hopeless. There is always a hope when you have plenty of times to earn more. You can work overtime in your office for which you will be paid hourly by the employers. That can provide you a lot of money which can be used as debt repayment balance.

Also, there are options to work as part time after the office hour. That can generate some extra money to repay the debts. If you do not like to work after office, you have options to utilize the holidays to earn some extra money. You can join another job which will expect you to work on holidays.

Cutting costs from the bills:

Earning some extra money might not be enough to reduce the debts quickly. You must have to manage some more money from other source. Well, the suggestion won’t tell you to take no credit check loans. Rather, you need o cut cost from the bills.  Use less electricity; avoid using the air conditioner, electric oven, room hitter extremely. Use these things as less as you can. This produces a lot of electricity bills. If you can save the money in this cutting of bills, you can utilize the saved money for debt repayment.

Getting the short term solution:

Whenever you are getting bad credit loans, you must know that you need to repay the debts as early as possible. For that reason, you need to get the short term repayment solution for the debts. Taking shirt term solutions ill always pave you the ways to reduce the debts as soon as possible.

May as much as possible in each installment:

If you have debts and you need to repay that in monthly installments, you must possess the mentality to pay as much installment money as you can each month. This would help you reducing the debts as early as possible.

Yes, reducing debt formulas may lead you to grab an extra pressure each month. But, you will be the gainer in the long run.

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Late Credit Card Payments can Hurt your Credit Score and Lead to Higher Interest Rates

With the struggling economy, many people are having trouble paying their monthly bills. If you are one of those people, being late on one payment might not seem significant; however, your creditors will not just ignore your late payment. Making late credit card payments could really damage your credit score. In fact, your credit score could be impacted for years. This is a major reason why their will always be a market for payday loans and lenders that offer short term paycheck loans, which can provide borrowers with the quick financing they may need to cover a bill in between their paychecks.

When you make late payments, you will be charged up to $35 a late fee. Each month your payment your payment is overdue, you will be charged another late fee. These fees can really add up, and your bill will just keep growing.

When you make late payments, your creditors will contact the three credit bureaus. Normally, you need to be at least 30 days late before it is reported, but it will stay on your record for seven years.

Making timely payments is one of the biggest factors when your credit score is determined. If your payment history is poor, your credit score will drastically decline. In some cases, you may have misplaced the bill or just forgotten to pay it. If you normally pay your bill on time, your creditor might forgive a one-time mistake. You should call to ask them to waive the late payment fee.

If your credit card payments are more than 60 days late, your account is considered delinquent. In this case, your creditor could increase your interest rates. Your rate might even increase to the maximum rate that is charged to cardholders. If your rate increases, other fees will also increase, and this will result in very high balances. After a few months of paying your bill on time, your creditor will probably go back to the original rate.

Being 30 to 60 days late on one credit card could have a slight impact on your score; however, the damage will be minimal. If you are 30 to 60 days late on more than one credit card, the result will be worse. If you are more than 60 days late on any credit card, the consequences to your credit score will be drastic.

It is a good idea to check your credit score regularly. Many people find mistakes on their credit score, so you need to correct any inaccuracies. In order to maintain good credit, you also want to pay off high balances and make timely payments. Credit card bills can get out of control before you realize it, so keep the balances as low as possible.

Late credit card payments will result in higher fees and higher interest rates. This will hurt your credit score, and it will hurt your chances of obtaining new credit. If you start making your payments late, you will get in the habit of doing so, and it will be hard to recover. The best option is just to pay your bill on time, and your credit score will remain acceptable.

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