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Payday Loan Consolidation: How to Get & Alternatives

Payday Loan Consolidation

More than 12 million Americans apply for a payday loan at least once a year. The high figure is because of the swift processing time and a zero credit check policy that many payday loans offer. However, excessively high-interest rates and repayment terms can harm the borrowers in the long run. 

Read more…“Payday Loan Consolidation: How to Get & Alternatives”

FAQ

What is the best payday loan consolidation company?

You need to recognize the best payday loan debt consolidation company judging by only interest rate and less fee offer; the best company is the one that has an Autopay agreement signed with their borrower. They help pay the borrower's loans to most payday lenders on time with the agreement in place.

Is it better to consolidate debt or pay it off?

Getting out of debt is usually more complex than getting into debt in the first place. One solution is to avoid this payday loan trap by opting for payday alternative loan instead. Paying off the unsecured debt is another solution, but consolidating is better in the long run due to its easy payback and credit score boost.

Do I need good credit to consolidate my payday loans?

You don't need a good credit score before consolidating your multiple payday loans; you can do that if your credit card is low. Though you can consolidate your loan with a low credit score, it would be better to improve your credit score to increase your chance of getting loan approval.

Can you consolidate cash advances?

You can use various debt consolidation loans to settle your cash advances. If you have a monthly payment to make, you can consolidate them into one single payment. The single payment can be funded by HELOC, working capital line of credit, or sometimes personal loans.

How can I get help paying my payday loan?

If you can't afford repayment and can't borrow from friends and families, your best bet might be a payday loan debt consolidation. This allows you to sort your short-term and high-interest payday loans into a low APR loan with an extended repayment period.

$500 Credit Card For Bad Credit: How to Get & Best Offers

$500 Credit Card For Bad Credit

Obtaining a fair or good credit score might be challenging. Hence many people are stuck with their bad credit scores. It leads to the inability to take a loan, ask for credit, or use a credit card without collateral. The struggle is real for many users, and not everyone sees the perspectives for the future with a bad score.

Read more…“$500 Credit Card For Bad Credit: How to Get & Best Offers”

FAQ

What should I avoid while choosing a credit card with 500$ limit and a bad credit score?

When looking for a limit plastic with poor credit, you should avoid high-interest rates, minimum installments, and high annual fees. In addition, the issuers can sometimes make up extremely disadvantageous terms for the applicants, so make sure to check these criteria before the application.

Is it hard to get 500$ credit card with bad credit?

No, it’s not hard to get plastic with bad credit. Our article covers the top 5 credit cards to try if your balance doesn’t hit the required 661 score. After that, you’ll have to experience the regular application process and get the issuer's approval. All these steps are precisely described in our article to help you.

How fast can I improve my credit score with a $500 credit card?

Unfortunately, there’s no exact answer to this question. It can take months and even years to build a good score. You need to stick to the best practices described in our article to see the results. Stay consistent with your credit cards, pay bills on time, and use your opportunities wisely, and you’ll see the improvements.

Home Equity Loans: What You Need To Know

A home equity loan is often called a second mortgage because you also put your home and its equity as collateral. This option is usually chosen by people who need a large amount of money with a low APR, such as for home renovation or education expenses.

Read more…“Home Equity Loans: What You Need To Know”

FAQ

Can I use a home equity loan to buy another house?

Yes, you can use this amount for any legitimate purpose. For example, you can use this loan to make a down payment or buy a whole house if you have enough home’s equity.

Should I get a home equity loan or a HELOC?

A HELOC might be better suited only for those who need a large credit limit for future payments and can borrow money at any point in the next 10-20 years but don't need a large amount of money right now. However, such a large credit limit can lead to overdrafts.

What would the payment be on a $50,000 home equity loan?

The answer to this question depends on your interest rate, which the lender determines based on your credit rating, income level, and other indicators. For example, your loan is $50,000 for 240 months at 10% interest. That would make your monthly payment $541.6.

Is a home equity loan the same as a mortgage?

Yes, it is even called a second mortgage. The main difference between the two is that a home equity loan is used after you buy a house, and equity in your home is used as collateral.

Is it a good idea to take equity out of my house?

The answer to this question depends on your current situation. It is a good decision if you want to do this to pay off your debts with a better loan. However, taking out such a large loan to go on a trip can be a bad option that will lead you into a debt trap.

6 Best Cash Advance Credit Cards in 2023

A credit card offers a useful way to buy items you need by simply swiping a card. It is also an excellent way to build up a credit record, given that you properly manage your credit utilization.

Read more…“6 Best Cash Advance Credit Cards in 2023”

FAQ

How much cash advance can I get from my credit card?

It depends on both the balance you have on the card and the daily limits you have set. Some banks have a maximum daily limit that you cannot exceed as well. You cannot gain access to more cash than the current limit you have on the credit card.

Is it wise to get a cash advance with a credit card?

It depends on the situation and whether other options are available. If you have limited options, then a cash advance from your credit card is something worth considering. If there are options with lower costs involved, turn to them first.

Can I get a cash advance from a credit card without a PIN?

If you decide to withdraw cash from an ATM with your credit card, then you do need the PIN code to proceed with the transaction. You also need to enter your pin when you go to the branch for assistance. A convenience check does not need a PIN code.

Is it possible to get a cash advance on a store credit card?

In most cases, no. Store credit cards only allow you to use the card at specific shops, and the funds that are available cannot be withdrawn at a local ATM or by requesting a convenience check.

What credit card gives the most cash advance?

There is no card that is particularly superior at providing the most funds through a cash advance. Your credit limit plays a significant role here, as well as your affordability. You can, however, shop around and see if some banks could offer you a higher limit than others.

FICO Score 9: What It Is & Where to Get

In the world of finances, certain metrics come into play, whether or not lenders would offer housing or car loans to you, extend your line of credit, etc. These metrics help them understand whether you get trusted enough to grant you credit.

Read more…“FICO Score 9: What It Is & Where to Get”

FAQ

When does FICO score 9 update?

Your credit score is generally expected to update at least once a month. Do keep in mind that your current credit profile may be a considerable factor when expecting changes in your credit score. For example, someone with a limited credit history may expect big changes compared to someone with a very long credit history. Anyway, check and update your credit scores as often as possible to be on track.

Is a FICO score 9 used for a mortgage?

No, most mortgage companies use the FICO Score 2, 4, and 5. This is because of the guidelines set by government-backed mortgage companies Freddie Mac or Fannie Mae. Keep this in mind when applying for a mortgage, as you may have different scores for the older FICO credit scoring models. Apply for a mortgage only when you are absolutely sure your credit score is high with at least two different scoring models.

Is a FICO score 9 good or bad?

FICO Score 9 is better for consumers compared to previous models because of its more forgiving aspect regarding medical collections. It also factors your rental history into your credit score, which is an easy way to get your credit score up due to the high costs of renting services. Lenders have not all switched from FICO 8, but FICO’s principal scientist expects FICO 9 to be more widely adopted in a few years.

Where can I see FICO score 9?

You may check with your bank or credit card company to see if they offer the perk of allowing you to see your FICO score. Another option is to check with a lender or a credit counselor through FICO’s Open Access Program. Other paid options are with myfico.com, FICO, and the Consumer Financial Protection Bureau.

What Is The Lowest Credit Score in 2023?

Your credit score affects various facets of your financial life. This could be getting a loan, the interest rate you pay, or sometimes renting an apartment. When you have a good credit score between 661 and 780, it gives you access to certain benefits.

Read more…“What Is The Lowest Credit Score in 2023?”

FAQ

What is the lowest credit score possible?

The most widely used scoring model is the FICO scoring model. It has a scoring system going up to 850 credit scores. Any score below 580 is considered a bad credit score.

What is the minimum credit score to get a mortgage?

Generally, a credit score of 620 or above qualifies you for a mortgage. Nevertheless, some government-backed loans, such as Federal Housing Administration (FHA) loans, have lower credit requirements.

What is the minimum credit score to buy a car?

Although the lowest credit score needed for an auto loan is 600, some lenders may ask for less or more. In a nutshell, the credit rating is different for each lender.

You may need a bad credit car loan if you have a credit score below the minimum lenders require.

What state has the lowest credit score?

Mississippi has the lowest average credit score among the states in the United States, at 681. To name a few of the other states: Louisiana (689), Alabama (691), Oklahoma (692), Texas (692), and Georgia (693).

670 Credit Score: Is It Good?

The FICO score 670 is a nice score to have. If you’re the one with 670 points of credit score, you’re in the mainstream. However, below the average score makes 711 for this year.

Read more…“670 Credit Score: Is It Good?”

FAQ

Is a 670 credit score good to buy a house?

Yes, it’s possible to get a home loan or mortgage with a score of 670. However, higher scores can get you lower rates and better loan terms.

What can I get with a 670 credit score?

You’re not limited to loan options having a score 670. In fact, it is possible to get as good loan terms as borrowers with higher scores. Installment, auto, student, major purchase loans, mortgages, credit card loans, and credit building loans are widely available for a credit score 670.

How long does it take to get a 670 credit score?

Since credit score is very flexible and affected by every positive change, you can build it quickly. It takes up to 1,5 years if you make regular and in-time payments and wise credit use. This also includes not closing any credit accounts, paying off more than what is defined as the ‘minimum due,’ and keeping an eye on the credit report.