Installment loans can be an incredible tool in your personal finance arsenal when used effectively. The term might sound unfamiliar or intimidating, but you’ve probably used an installment loan before, and almost certainly know someone else who has. Student loans, mortgages, personal loans, car loans – these are all common types of installment loans.
Whether you get them at a bank, or through an online lender, installment loans can help you deal with large, lump-sum costs that you may not have been able to save for. A lot of events that push people’s finances over the cliff are usually unexpected incidents like car malfunction or medical expenses. You might default to using credit cards to cover these costs, but this can be very detrimental to your financial fitness, as we’ll discuss in this post.
Even if the costs are for something that’s planned, like evening classes or moving costs, you might not have all the money you need up front. That’s when something like installment loans can be very helpful.
If you have federal student loans, you already have more experience with installment loans than you’d probably like.
Mortgages are just installment loans secured against houses.
Unless you are Taylor Swift, it’s unlikely you’ve got the cash necessary to buy a house outright. If you’re not feeling 22 (million dollars), mortgages end up being long-term loans (usually 30 years) so you and your installments might as well get cozy now.
Auto loans are another common example of installment loans. If you don’t have the cash to cover the upfront costs of buying a car, installment loans can help without stretching your bank account too thin.
Installment loans can also help you cover unexpected costs. A parent may need assistance to pay for a surgery not covered by their HMO. Your car might suddenly stall in the middle of your morning commute!
You can’t always plan for medical and car repair bills, but they can quickly wreak havoc.
Paying those bills back in installments, as you continue to earn money working, can make otherwise painful medical expenses affordable. If you need access to credit quickly, it’s worth checking out online loans. A lot of new, alternative lenders have quick and easy applications that will allow you to get your money within days.
Early on in your career, there will be many times when you have to invest in yourself. This might mean signing up for evening classes or coding bootcamps or relocating to a new city for a job. Many of these expenditures will require upfront investment that you might not be able to afford right away. If these are good investments that will pay off, then you can use a personal loan (a type of installment loan) to get the capital upfront, and pay it back more slowly over time.
Installment loans can be better than other types of credit (such as credit cards) because their interest rates tend to be fixed and lower. While it might be tempting to put everything on your credit card, it’s often a wiser financial decision to compare your options and make sure that you are not paying too much in interest and fees.
Debt consolidation is using one loan or credit card to pay off multiple loans or credit cards so you can simplify your debt repayment. With one balance instead of many, it should be easier to pay off your debt and, in some cases, secure a lower interest rate from the lender.
How Debt Consolidation Works
Let’s say you have multiple small loans with different interest rates and monthly payments:
Credit card A: $3,500, 24.90% APR
Wedding LoanB: $2,500, 18.90% APR
Payday Loan C: $1,500, 12.00% APR
Rather than paying these balances individually, you can consolidate all three balances with a single loan that requires one payment instead of three. For example, if you consolidate these balances into a $7,500 loan with 7.00% APR and pay off the loan in four years, you’d pay $1,120.80 in interest. By comparison, if you made a 4% monthly minimum payment on each loan, it would take more than $5,440 in interest payments and 12 years to completely pay off the debt.
There are a few methods you can use to consolidate your debt. Your options may be limited depending on the type of debt, your credit standing, and any real estate assets you have.
A credit card with a high credit limit and a promotional interest rate on balance transfers is a good candidate for consolidating other high interest rate credit card balances onto a single credit card. Combining your balances under an interest rate that’s lower than the average rate of your existing balances allows you to save money on interest and pay toward one credit card instead of several.
We are proud to announce that we have partnered with new funding sources. This means that each loan application, during this coronavirus outbreak, has a higher probability of being approved regardless of your situation.
Our sources are willing to underwrite more of the personal loans, instalment loans, bad credit loans and payday loans than ever before. While there are still certain requirements, all it takes is a 5 minute application and your probability of getting access to these funds become easier, than ever before.
Do not wait and apply today.
You may have heard that the cost to raise a child to the age of 18 has surged to a staggering $233,610. This is actually a average base case cost of raising a child in the United States, per United States Department of Agriculture (USDA).
One way to start budgeting is to list what you earn, spend money on and owe. It can help to look at past salary statements, benefit statements, bills, bank statements and credit card statements. If you spend or earn money any other way, be sure to look at this too.
USACashMoney has some 7 budgeting tips for families raising kids:
There are too many ways to save on diapers and formula to count. One of the best ways is to buy generic brands if you can. Both Walmart and Target have quality diaper and formula brands you can try for huge savings over time. Of course, you can also try Amazon Subscribe and Save to get diapers delivered at a discount.
Buying in bulk can also help you save on diapers and formula. If you have a Costco or Sam’s Club membership, see if you can save by stocking up with each trip to the store.
Also, don’t forget you can use cloth diapers instead of store bought. You’ll save money and reduce landfill waste at the same time.
This tip comes from yours truly. My kids are 6 and 8 now, but I saved a bundle by avoiding the pricey daycares available in our city. Instead of going with a daycare center that would set us back $300 or more per week, I chose small in-home daycare centers run by people I trusted. I was happy with the care our kids received, and I felt the amount I paid over time was fair.
Remember when we talked about the outrageous costs of baby gear? The good news is, you can buy most of it used. You may not want to buy a used car seat unless it’s from someone you know and less than seven years old, but it’s totally reasonable to buy used swings, baby bouncers, and strollers. Buy from people you know, from Facebook groups, or from Craigslist, and you’ll save a bundle.
Saving on school-age kids isn’t an easy feat, but it can be done. And a lot of the tips for babies apply here, too. You can keep on buying used clothing for kids in school, either from consignment shops, people you know, or Facebook groups, for example. And if you’re able to avoid moving up to a huge house just because you have kids, you’ll save on housing costs, too.
Here are some of the best ways to save on kids when they’re out of diapers but not quite ready for high school:
One of the most important ways we’ve saved on our children is by limiting their sports to one per child. They each take gymnastics right now, and this particular sport doesn’t require fancy uniforms or more than a few practices per week. Since there are no games or “meets,” we also save by not traveling or having to spend our weekends going to and from sports activities.
Fast food or takeout can be an easy way to get dinner on the table when you’re busy running school-age kids around, says Jim. But that convenience comes with costs — to both your wallet and your health.
To save money and perhaps your children’s health in the future, make home-cooked meals instead as often as possible. For busy parents, you should have lots of posts on crock pot and freezer meals you can make ahead of time if you need ideas.
We offer a useful solution when you need to cover expenses and want to do so quickly and stress-free. Get the USACASHMoney Personal Loan, Payday, BadCredit Loans and borrow $5,000 to $40,000 to cover a variety of medical costs, including dental expenses, cosmetic surgery fees, and laser eye surgery.
Payday loan companies are considered “essential businesses” in various states and many other states during the COVID-19 outbreak. As cities and states continue to shut down their nonessential businesses, what is considered essential will likely vary based on the needs of each location. But businesses that people rely on in everyday life will largely remain open. We are hoping to help you maintain your life and that of your family’s using personal loans, installment loans / cash advance loans or payday loans.
Nonessential businesses are generally recreational in nature. They don’t provide groceries, health or financial support, or utilities. Restaurants fall in this category, but most locations have allowed restaurants to continue to operate as long as they close dining rooms and switch to exclusively take-out and delivery.
Nearly 80% of Americans stress out about overspending for Christmas or the holidays, according to a 2018 Credit Karma survey — and there are lenders that market loans for the holidays specifically for that spending.
If you haven’t saved — or haven’t been able to save — for the holiday spending you want to do, and you’re thinking about taking out a Christmas loan, here are some important things to consider, and some other options to look at.
If you’re set on borrowing for the holidays, here are a few things to consider.
Planning ahead for the holidays and budgeting for your expenses is the best way to enjoy the season while avoiding a holiday financial hangover. But that’s not always possible — life happens, and sometimes basic necessities cut into our holiday budgets.
While a Christmas loan may allow you to spoil your family, it’s financially healthier to budget and set money aside for holiday expenses if you can. Start today by stashing some holiday cash in a designated savings account. You may even enjoy the holidays a lot more knowing that you can ring in the new year without added debt.
Bad credit payday loans can come in a variety of forms. Each option is designed to assist a certain demographic of potential loan recipients. One of the most crucial factors to keep in mind with payday loans is to view them as what they are – loans.
For the uninitiated, a payday loan is a sum of money, often smaller than a standard loan, given with the expectation that it will be repaid on your next payday. These loans are often viewed as early access to income for those with poor credit.
Traditional lenders often don’t work with those with poor credit because they can’t guarantee they will see a return on their investment. To these companies, your credit score will make or break your chances of getting a loan. And if it’s too low, they view you not as a person to be assisted, but as a poor investment.
These issues are as old as the credit industry itself. Fortunately, there are other options available. Online payday loans have been shown to work for those who have exhausted all alternatives. More specifically, they are especially useful for those with poor credit scores and histories of missed payments. While bad credit payday loan lenders do require credit checks, they aren’t nearly as instrumental in determining your eligibility as they are with standard credit.
With online payday loans, your credit will determine your interest rate and little else. Those with very bad credit (e.g., credit that includes malicious delinquency) may still see the credit score as something that prevents them from obtaining a loan. Most others will have a much easier time.
Do not take these loans and view them as free money to be used at your leisure. The loan you take and its value should be decided upon well in advance. Likewise, it should also be spent with purpose. Paying off debt and deposits may be reasonable uses for these loans as long as you are not trying to bandage a much bigger financial problem with a short-term solution.
Let’s take a look at some of the typical loans you may be able to access.Many credit card companies allow you to withdraw your available balance in the form of cash. In a pinch, this can be an immensely useful workaround.
How do these qualify as payday loans? They don’t. A cash advance from your credit card is a different product. Although, it does share some attributes. For one, it isn’t free. Credit card companies will take out a certain percentage of the withdrawn sum before providing it. Likewise, it isn’t uncommon for credit card companies to take out a greater percentage as the withdrawn amount becomes larger.
When doing this, know that you’re taking a loss each time. This process isn’t something to rely on in the long-term. Every time you take a cash advance from a credit card, not only are you losing money through your credit provider’s cut, but you also see a loss from the interest included with the payment.
That said, it’s a way to get some cash in a pinch. Because the money owed is taken at the point of transaction, there aren’t any deadlines apart from the minimum payment on your monthly statement. These are wonderful solutions for short-term problems, and you should absolutely keep them in mind as a potential option.
Cash advances are one of the most popular styles of payday loans. They’re also one of the simplest to obtain, sometimes even for those with bad credit. If your credit is low, but your debt isn’t particularly massive, these may be the perfect option for you.
To obtain a cash advance, you need a valid checking account. And since you already have outstanding credit card debt, you likely have a checking account as well. Some lenders will also require you to surpass a threshold for monthly income. This requirement isn’t a constant among every lender, and they aren’t indicative of a loan provider’s quality or legitimacy either. Even in the cases where they are a necessity, rarely is the threshold particularly high as these companies know the demographics they’re servicing, and their requirements are flexible and often negotiable as a result.
What is a cash advance, and why is it such a popular style of payday loan? The short answer is “cash.” As their name suggests, these loans provide cash as opposed to predetermined credit limits. As such, you can use them for a variety of purposes. Credit card debt repayments, a much-needed home appliance, and more can all be acquired with a cash advance loan.
There is danger in their flexibility, however. Because obtaining one is so straightforward, individuals can easily find themselves going through loans at a quick pace. Similarly, the easy-going nature of cash advances can lead individuals to believe that if they spend one, they can always get another. And while that may be true, it isn’t recommended.
The trade-off here is that lenders will attach higher interest rates to these loans than they would for others. This mark-up is because the potential profit margin of a short-term loan is inherently lesser than that of a long-term one. And lenders recoup this lost profit with these increased interest rates.
While short-term cash advances are a risky prospect, and they have their fair share of downsides, they’re popular for a reason. Their versatility and widespread availability mean they can be lifesavers in many situations. Emergency payday loans can help with unexpected medical bills, unforeseen payments, and similar emergencies, making them significantly more manageable than they would be otherwise. Take into consideration that credit isn’t a very large factor in obtaining these loans. Infrequently, some lenders will require a “good-faith” down payment, but this may only be the case for those with a storied history of unpaid balances or financial delinquency.
In other words, a poor credit score may not keep you from these loans. If used wisely, short-term cash advances could be just what you need to improve your circumstances.
Online payday loans for bad credit are viable options for improving your circumstances. They should be used with purpose and applied with care. When used correctly, they can be life-changing, especially for those who have a history of struggling with traditional credit lenders. If you are one such individual, consider them as a potential option in your quest for financial recovery.
Chances are, you don’t have time to sit around and wait for an application to clear when you need a cash advance. Look for a provider that gets you your money fast. See USACashMoney signup forms here.
You also may not have time to run to the bank to deposit cash. Look for a cash advance service that deposits your money directly into your checking account.
High interest rates can seriously affect your ability to pay back your cash advance. Save money by looking for a provider that offers a reasonable APR. Do the math and figure out how much you’ll end up paying after two weeks on the amount of money you need.
Some cash advance services even offer 0% APRs, likeUSACashMoney Instacash advances, so don’t be afraid to shop around before you choose a cash advance service.
Just like your APR, advance fees can make your loan much costlier. Ask your advance provider about fees and look for a provider who only charges a small fee — or better yet, no fee at all.
One of the benefits of a cash advance is that it won’t impact your credit if you pay it back on time. Avoid banks that require a hard check on your credit. Every time a company pulls your credit report, your score lowers — so protect yourself by choosing a bank that doesn’t mess with your credit score.
Ever run into a sticky situation where you don’t have quite enough cash to cover your expenses? Cash advance loans can help you pay off your bills so you avoid a missed payment on your credit report.
Not all cash advance loans are safe or affordable, so it’s important to do your research and choose the right cash advance option available to you, like 0% APR Instacash advances from USACashMoney.
A cash advance is a short-term unsecured loan that you can get to cover bills, fees, or fines (or something fun!) without using credit. Cash advance providers usually charge high fees and/or interest on loans and there’s usually a limit to how much you can borrow.
You might have heard about getting cash advances through a credit card at an ATM — as long as you have a personal identification number (PIN). You can also take your credit card to a bank that offers advances through your card’s payment network.
You can skip the research and go straight for a 0% APR Instacash advance from USACashMoney today. Here’s how.
If you have extra time want to shop around to confirm that we’re the best choice, here’s how.
Cash advances aren’t the same thing as payday loans, though many people confuse the two. A payday loan charges high fees and sometimes up to 50% interest. Avoid them at all costs!
Cash advances come through your bank or other reputable financial institution. Before you think about getting an advance, make sure your servicer is established and has low interest rates such as ones fromUSACashMoney.
Your provider or bank might have limits on how much money you can borrow with a cash advance. Usually you can link your bank account or electronically submit a pay stub as proof of your income to find out how much you’re eligible to borrow. With MoneyLion, just link your checking account, and we’ll let you know right away how much you qualify for.
Do some research on the cash advance fees you’ll incur on the amount of money you need to borrow. Also, find out about interest rates and any other fees that you have to pay when you take out an advance.
Some banks charge high fees and interest rates! Look for a bank like LoanToday with low or no fees. And you can’t beat our 0% APR!
After you’ve submitted your request, wait for the lender to give you approval. This step isn’t required for some borrowers. At USACashMoney, you’ll see your cash instantly deposited into your account after you submit your request.
After you received your funds, plan to live within your means and payoff the cash advance. This way if you ever need it again, you can be approved for a higher amount and faster through USACashMoney.