Source: moneycrashers.com
Category: Senior Citizen Care Page 1 of 7
Personal loans can be used for any number of reasons from debt consolidation to a home renovation. Unlike secured loans like a mortgage or car loan, you can access funds without putting up your property…
The post Best Unsecured Personal Loans for 2021 appeared first on Crediful.
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Bankruptcy is not the end of the world. In fact, while it is more difficult to acquire loans and credit cards, itâs not impossible. In this guide, weâll show you how you can get short-term loans and long-term loans even after you have filed for bankruptcy.
Whether you have debt to repay, bills to cover or credit to build, you can get back on track with a personal loan, even if you have recently filed for bankruptcy.
Challenges in Getting a Personal Loan After Bankruptcy
You will face a few issues when applying for an unsecured personal loan after bankruptcy. Firstly, lenders will insist that you wait a while before you apply. The exact timeframe will depend on the individual lender and the type of loan, but generally, youâll need to give it at least 2 years.
Your credit score is also important. Bankruptcy can reduce your credit score by over 200 points, and it can do all kinds of major damage before you file. Loan companies are not interested in lending to individuals with poor credit scores and recent bankruptcy filings. This is especially true if they filed for Chapter 7, in which case all debts were discharged.
It makes senseâcreditors base their activity on statistics and probability. If you have a recent filing and a terrible credit score, statistically youâre much less likely to meet your monthly repayments.
Some lenders will be more willing to take a risk on the basis that an individual who has recently filed is unable to file again for another few years. However, in these cases, they are still taking a massive risk and to offset that they will offer you massive rates.
Whatâs more, while it seems like they are doing you a favor by taking a chance when no one else will, theyâre actually just taking advantage of your desperation, offering you an unsecured loan when youâre more willing to accept.
Most Common Challenges and How to Overcome
The biggest issue you have when applying for personal loans after bankruptcy concerns your credit score. Your score will likely be very low, and many lenders refuse to offer low-rate loans to consumers with scores less than 660. If you have a score of 550 or less, you may still be offered a loan, but the rates will be high.
The good news is that things get easier with time. A bankruptcy discharge essentially wipes your slate clean, eliminating your monthly payments. This leaves you with more money in your pocket, which means you should have less need for an unsecured personal loan.
If you need a car, try a car loan instead. The fact that it is secured against the vehicle should ensure you receive better rates, even with a low credit score. If you simply need to build your credit score, try a secured credit card instead. Providing you meet your monthly payments on this secured card, youâll get your security deposit back and your credit score will improve, as lenders report all activity to the credit bureaus.
How Bankruptcy Affects Your Ability to Get a Personal Loan
A bankruptcy can remain on your credit report for 10 years and do some serious damage to your credit score in that time. The effects will diminish with each passing year and in the final few years, you shouldnât have any issues whatsoever. However, it will take a few years before your credit score improves to a point where you donât need to limit yourself to high-rate loans.
Your credit score isnât the only issue, either. Many home, car, and personal loan lenders refuse all applicants who have filed for bankruptcy within a fixed period of time, often between 2 and 3 years. If you need a loan during this time then your options are limited, to say the least. You will be forced to choose one of the following options for unsecured credit:
- Bad Credit Car Loans: These loans offer respectable sums and terms, but they have high-interest rates, and these may increase if you donât meet your monthly payment obligations.
- Payday Loans: High-rate and low-limit loans offered over a short period. The idea is that you take the loan when youâre struggling to make ends meet and need some assistance before payday. These loans are not as bad as they once were due to restrictions and regulations, but they are still not ideal. They are also illegal in nearly half of all US states.
- Unsecured Credit Cards: You can also get a revolving line of credit with an unsecured credit card. However, as with bad credit loans, these have high-interest rates and very poor terms.
To trick you into paying a higher APR, lenders wonât always advertise their rates and will instead charge a fixed sum every month. This can be the equivalent of an APR over 20%, much higher than the average, which is around 16%.
Best Installment Loans After Bankruptcy
Before applying for a personal loan, take a close look at your finances. Calculate your debt-to-income ratio, and make sure you can comfortably afford the payments. If you have recently filed for bankruptcy, you canât apply again for several years which means youâve lost your get-out clause and canât afford to fall behind on your payments.
If you struggle to meet your payments, lenders may still offer a repayment plan and financial hardship programs. However, if youâve already been through debt issues then your options decrease and they may be less willing to lend a helping hand.
Only when youâre absolutely confident in your financial situation and your ability to repay should you seek to acquire additional debt.
Here are a few providers and options that can help:
- Upstart: Accepts credit scores as low as 580 with APRs as high as 36%.
- Lending Club: You need a credit score of at least 600 to apply.
- OneMain Financial: There is no minimum credit score and monthly payments begin at just over $200.
- Lending Point: A minimum credit score of 585 is needed for loans of between $2,000 and $30,000.
- Avant: Get up to $35,000 with an APR ranging from around 10% to 36%.
What Happens if you Get Refused?
If you get refused for a personal loan because you have a poor credit card or have recently filed for bankruptcy, there are a few options:
Wait
Patience is the best policy in this situation. It doesnât matter how bleak things seem right now, they will improve in time. The longer you wait, the older your accounts will become, the more your payment history will improve (assuming you have active accounts) and the further away that bankruptcy filing will be.
If you donât have any active accounts, waiting can still help, but you should also look into acquiring a credit card with a security deposit, which can greatly improve your credit score in just a few months
A credit builder loan can also help, as can lending circles. These options are easy to apply for and donât require stringent checks, great credit or a clean bankruptcy history. But before you get excited, they donât give you cash sums in advance and are designed purely to help you rebuild your credit.
Appeal to the Lender
Bigger lenders use a long list of criteria to determine which applicants to accept and which ones to reject. No amount of begging or explaining will change their minds and if youâre rejected, you just need to move on, improve your score, and try again in the future.
However, if a smaller lender rejects you because of your recent bankruptcy filing, itâs worth contacting them to explain your situation. Explain how you have turned things around, show them proof if you have it, and ask them what would be required of you for them to accept. You might not get them to change their minds, but it should give you some valuable insight into their process.
Look for a Co-signer
A co-signer with a strong credit history can back you for a personal loan. However, itâs a very sensitive area and a huge favor to ask of anyone, even someone who loves you.
If you stop meeting those payments the co-signer will become responsible for them, putting their credit in jeopardy. Choose carefully, donât place anyone in an awkward position, never assume they should help you just because you need help, and always make your monthly payments so they are never required to cover for you.
Seek Other Options
There are other creditors, other loans, and other optionsâtry a credit card, borrow from a friend or family member, sell an asset, use a pawn shop. We live in a credit hungry society and there are more options than anywhere else. Use these to your advantage and donât get stuck chasing the same loan.
Personal Loans After Bankruptcy is a post from Pocket Your Dollars.
Source: pocketyourdollars.com
Are you in the market for a new or new-to-you car? If so, you’ve probably wondered “How much car can I afford?”
While your local car dealership might be happy to tell you the sky’s the limit regarding your car purchase, your personal budget might be telling you a different story. Spending more than you can afford on a car turns that car from a blessing into a burden.
How much should I spend on a car?
Deciding how much to spend on a car starts with knowing your current financial numbers. You'll need to know your current income, expenses, and savings amounts.
Know your numbers
There are several financial factors that can influence how much you should spend on a car. The amount of money you earn, of course, needs to be taken into account.
When determining how much you earn, always use your net take-home pay to start with. From there, factor in the other financial obligations you have.
In other words, look at your budget. If you don’t normally use one, now is a good time to start. Having a clear view of all other monthly financial obligations will help you better determine how much you can afford.
The 50-30-20 budget plan can be helpful. In short, the 50-30-20 budget plan works like this:
- 50 percent of your budget goes toward must-have and must-do obligations, such as housing expenses and child care
- 30 percent of your budget goes toward savings and debt obligations
- 20 percent of your budget covers unnecessary expenses and “fun” money
There are many ways to design a budget, but the 50-30-20 budget gives you a good place to start. It will certainly point out of there are any areas that are totally out of whack.
What do you have in savings?
Having a healthy savings account balance is important when making a car purchase as well. If you don’t have an emergency fund with a balance equal to three to six months’ worth of expenses, building that emergency fund up should be a priority.
If you don’t have an emergency fund with a balance equal to three to six months’ worth of expenses, building that emergency fund up should be a priority.
With an added car payment, having a plush savings balance will help you ensure you can cover the new payment even if you hit a financial bump. Or, for instance, if the car needs repairs.
Determine the total cost of the car
Once you have looked at your budget and determined the amount of money per month you are comfortable spending on a car you'll want to be clear on the total car costs before you make your purchase. Affording a new car isn’t simply about the payment.
There are several other costs associated with car ownership, such as:
- Insurance policy costs
- Fuel and parking costs
- Maintenance and repair costs
You can call your insurance company ahead of time and get a quote for the new vehicle you're considering. If you are still trying to narrow down what type of car you want, check out this list of the most and the least expensive cars to insure.
Call your insurance company ahead of time and get a quote for the new vehicle you're considering.
Fuel costs are fairly easy to determine. A Google search will give you the MPGs of any car you could think of. Compare that to your current car to see if your costs will change.
Maintenance and repair costs can be harder to determine but you can get an idea by using averages across a brand. Here's an article from Autowise that displays the cheapest and most expensive cars to maintain.
Be sure to factor in an accurate estimate of these additional car ownership costs as you determine a purchase price and payment amount you’re comfortable with.
Get the right kind of car loan
Doing your due diligence as you shop for a car loan is important as well. You do not have to get financing through the dealership. You will likely do better getting a loan yourself through your bank. At the very least, have an understanding of what rate you would qualify for before heading into the dealership so you know if they are offering you a fair rate.
Continue reading on Wallet Hacks.
Source: quickanddirtytips.com
According to the Consumer Financial Protection Bureau, around 2.3 million car loans originate every year. Car loans can take years to pay off. So when you finally pay it off, you might be wonderingânow what?
What happens when you pay off your car? What should you do with the money you were previously putting towards your monthly payments? Weâve got a few ideas, but keep in mind that everyoneâs finances are different. So while our suggestions might work for some people, they probably wonât work for everyone.
What to Do When You Pay Off Your Car
Firstly, paying off your car loan is a huge accomplishment. So congratulations! Paying off any loan isnât always easy. And now you finally own your car, which is a pretty big deal.
Luckily for you, the hard part is over. But there are still a few steps you should take after you pay off your car.
1. Get Your Car Title
You usually don’t have to take action for this step. In most states, your lender notifies the Department of Motor Vehiclesâor BMV or other equivalent entity in your stateâof the title change. Once the paperwork clears, the title is mailed to you.
Thereâs not much for you to do except keep an eye on the mail. If you donât get your title a few weeks after paying off your loan, call your lender. Youâll need the title if you ever want to sell your car or use it for collateral when applying for credit.
2. Reconsider Your Finances
If you’re paying off a vehicle and not planning to buy another with a new loan, youâll have a little more extra room in your budget. In 2019, new car buyers committed to an average monthly payment of around $550. So when you pay off your car loan, thereâs a good chance youâll have an extra $300 (or more) per month.
You might be tempted to splurge on fun stuff or to make large purchases you’ve been putting off. But unless your transportation situation is radically changing soon, you’ll always need a car. And that means you’ll eventually need to pay for the next one.
Plus, owning a car is expensiveâeven if youâve completely paid it off. Youâll have to your oil changed, new tires and much more. And thatâs just regular maintenance. If you get in even a minor accident, you could have a major repair expense on your hands.
Thatâs why itâs a good idea to put that some of that extra money in savings. If you end up getting a new car eventually, you can pay for all or part of your next vehicle with cash. That reduces how much you have to finance, which can significantly reduce the total cost of your next vehicle. Another option is to use the money to continue to pay down other debt to put yourself in a better financial situation in the future.
It’s also worth putting part of that cash in your short-term savings. You could easily dip into those funds if you need to get any work done on your car. But whatever you plan to do with the money, take the time to look at your personal budget. That gives you a chance to see exactly where this extra money might make the most difference.
3. Notify Your Car Insurance Company
Notify your car insurance company when you’ve paid off your loan so you can remove the lien holder from your policy. You don’t need to wait until you have the title in your hand to make the call.
This step is important because if your financed vehicle were totaled in a wreck, the insurance payment would go to the lender. Once you’ve paid off the car and own it outright, the payment goes to you.
4. Consider Any New Insurance Options
Most states have requirements for what type of coverage you must carry on your car. At minimum in most states, you need bodily injury and property damage liability that will cover the losses of other people if it’s caused in a wreck that is deemed your fault. There are some exceptions to those requirements, though.
But your lender will likely require additional insurance coverage until you pay off the loan. Many lenders require you to also carry comp and collision coverage. This is the part of your insurance policy that pays for damage to yourvehicle if you get into an accident that is deemed your fault.
Lenders require this extra coverage to protect their investment. They want to know that if your car is totaled, they can recover the value that you owe them. Once you pay off the loan, whether or not you carry this level of coverage might be your choice.
Talk to your insurance agent to find out what your options are and if you can save money by changing your insurance coverage. Just remember that if you drop this coverage and get into an accident, you may have to cover the costs of repairs or a new vehicle on your own.
You can also check rates for auto insurance online. In addition to saving money on your monthly vehicle payment, you may be able to save a lot on your insurance coverage.
Does Paying Off Your Car Loan Early Hurt Your Credit?
To get out of debt or change your current car, you might decide to pay off your car loan early. Your credit isn’t penalized by making early payments on debt. However, paying off an entire account can cause a small dip in your credit score temporarily. That’s because open accounts with a positive payment history impact your score more than closed accounts with positive payment histories.
Your wallet might also take a small hit depending on how your loan is structured. Find out if your loan includes any penalties for paying off the principle early before you make a decision to go this route.
The post What Happens When You Pay Off Your Car Loan? appeared first on Credit.com.
Source: credit.com
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Transferring Patient From Bed To Chair Follow these steps to move a patient from bed to a wheelchair. The technique below assumes the patient can stand on at least one leg. If the patient cannot use at least one leg, you will need to use a lift to transfer the patient. This will help patients propel themselves in a wheelchair and
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