What Are the Best Car Loans When You Have Bad Credit?

If you have bad credit and need a car loan, there are some challenges when compared to obtaining a standard car loan. However, pick your head up because there are a handful of great lenders that specifically tailor their programs to people with bad credit. We researched the landscape of lenders that can help you get a car loan even if you have a below-average credit score.

Based on our study, OneMain Financial and LightStream are two of the top lenders offering bad credit card loans. This is due to factors including loan options, requirements to qualify, and interest rates offered. Of course, we offer in-depth reviews of all the top lenders who offer bad credit car loans further down in this piece.

Apply now with our top pick: OneMain Financial

In this guide we also help you understand the factors that go into selecting the right auto lender, and how to get the best rate you can.

Most Important Factors for Bad Credit Car Loans

If you’re in the market for a bad credit car loan, there are a plethora of factors to consider and compare. Here are the main loan details we looked at in our study, and the ones you should prioritize as you select the best car loan for your needs.

  • Check your credit score. And understand what is in your credit report.
  • FICO scores under 579 is considered ‘poor’. But you may need a bad credit loan with a score as high as 669.
  • Interest rates and fees matter. These can make a huge difference in how much you pay for an auto loan each month.
  • Compare loan terms. Consider your repayment timeline and compare lenders with this in mind.
  • Getting prequalified online can help. Some lenders, including ones that made our ranking, let you get prequalified for a loan online without a hard inquiry on your credit report.
  • Watch out for loan restrictions. Some lenders impose restrictions on what car you can purchase. Keep this in mind to avoid unpleasant surprises later.

The Best Bad Credit Car Loans of 2021

The best bad credit car loans make it easy for consumers to qualify for the financing they need. The following lenders made our list due to their superior loan offerings, excellent customer service, and reputation in this industry.

Car Loan Company Best For… Get Started
onemain financial bad credit car loan Best for Flexibility Apply Now
bad credit car loan upgrade Best Personal Loan Option Apply Now
autocreditexpress logo Best Loan for Bad Credit and No Credit Apply Now
myautoloan bad credit car loan logo Best Loan Comparison Site Apply Now
capitalone logo Best Big Bank Loan for Bad Credit Apply Now
lightstream logo Best for Fast Funding Apply Now

Why Some Lenders Didn’t Make the Cut

While the lenders we are profiling are the best of the best, there are plenty of bad credit car loans that didn’t quite make the cut. We didn’t include any lenders that only offer auto loan refinancing, for example, since we know many people need a car loan in order to purchase a new or used car or truck. We also stayed away from bad credit car loans that charge outrageous fees for consumers with the lowest credit scores.

Bad Credit Auto Loan Reviews

We listed the top companies we selected in our study above, but we also aim to provide readers with more insights and details on each. The reviews below highlight the highlights of each lender that made our list, plus our take on who they might be best for.

OneMain Financial: Best for Flexibility

OneMain Financial offers personal loans and auto loans with interest rates that range from 18.00% to 35.99%. You can repay your auto loan in 24, 36, 48, or 60 months, and you can use this lender to borrow up to $20,000 for a new or used car. You can apply for your auto loan online and from the comfort of your own home, and it’s possible to get approved within a matter of minutes.

While OneMain Financial doesn’t list a minimum credit score requirement, it’s believed they will approve consumers with scores as low as 600. You should also note that auto loans from OneMain Financial come with an origination fee of up to 5% of your loan amount.

Sign Up With OneMain Financial Today

Why This Lender Made Our List: OneMain Financial offers a lot of flexibility in terms of your loan terms, including the option to repay your auto loan over five years. OneMain Financial also has pretty decent reviews from users for a bad credit lender, and they have an A+ rating with the Better Business Bureau.

Potential Downsides to Be Aware Of: OneMain Financial charges some pretty high rates for its bad credit loans, and don’t forget that you may need to pay an origination fee that is up to 5% of your loan amount. Their loans are also capped at $20,000, which means this lender won’t work for everyone.

Who It’s Best For: This lender is best for consumers with really poor credit who need auto financing but can’t get approved for a better loan.

Upgrade: Best Personal Loan Option

Upgrade is an online lender that offers personal loans with fixed interest rates, fixed monthly payments, and a fixed repayment timeline. You can borrow up to $50,000 in an unsecured loan, which means you won’t actually use the car you purchase as collateral for the loan.

You can repay the money you borrow over 36 to 60 months, which makes it possible for you to tweak your loan offer to secure a monthly payment you can afford. Upgrade has a minimum credit score requirement of 620 to qualify, although they’ll consider additional factors such as your income and employment history.

Sign Up With Upgrade Today

Why This Lender Made Our List: Upgrade lets you “check your rate” online without a hard inquiry on your credit report. This makes it easy to shop around and compare this loan offer to others without having to fill out a full loan application. Also note that Upgrade has an A+ rating with the BBB.

Potential Downsides to Be Aware Of: Upgrade charges APRs as high as 35.89% for consumers with the worst credit, and an origination fee of up to 6% of your loan amount might also apply.

Who It’s Best For: Upgrade is best for consumers with decent credit who need to borrow a larger loan amount. This loan is also best for anyone who wants an auto loan that isn’t secured by their vehicle.

AutoCreditExpress.com: Best Loan for Bad Credit and No Credit

AutoCreditExpress.com is an online platform that lets consumers with bad credit and even no credit get the financing they need. Once you fill out some basic loan information, you’ll be connected with a lender who can offer you financing as well as a dealership in your area. From there, you’ll head to the local dealership and pull the pieces of your auto loan together, including the purchase price of the car you want.

Sign Up With Autocreditexpress.com Today

Why This Lender Made Our List: AutoCreditExpress.com has an A+ rating with the Better Business Bureau. This platform also makes it possible for consumers with no credit at all to finance a car, which is a welcome relief for people who are building credit for the first time.

Potential Downsides to Be Aware Of: This website is a loan platform but they don’t offer loans directly to consumers. This means you won’t have any idea on rates and terms until you fill out an application and get connected with a lender.

Who It’s Best For: This loan is best for consumers with no credit or minimal credit history who cannot get approved for a loan elsewhere.

MyAutoLoan.com: Best Loan Comparison Site

MyAutoLoan.com is a loan comparison site that makes it easy to compare up to four auto loan offers in a matter of minutes. You can use this website to apply for a new auto loan, but you can also utilize it to consider refinancing offers for an auto loan you already have. You can also use funds from this platform to purchase a car from a dealer or from a private seller.

Sign Up With MyAutoLoan.com Today

Why This Lender Made Our List: Comparing auto loans in terms of their terms, rates, and fees is the best way to save money and wind up with the best deal. Since MyAutoLoan.com is a loan comparison site, they make it easy to shop around and compare competing offers.

Potential Downsides to Be Aware Of: Loan comparison sites connect you with other lenders who have their own loan terms and minimum requirements for approval. Make sure you know and understand all the details of loans you’re considering before you sign on the dotted line.

Who It’s Best For: MyAutoLoan.com is best for consumers who want to do all their auto loan shopping with a single website.

Capital One: Best Big Bank Loan for Bad Credit

Capital One offers online auto loan financing in conjunction with a program called Auto Navigator®. This program lets you get prequalified for an auto loan online, then work with a participating dealer to coordinate a loan for the car you want. Capital One also lets you search available vehicles at participating dealerships before you apply for financing, making it easy to figure out how much you might need to borrow ahead of time.

Sign Up With Capital One Today

Why This Lender Made Our List: Capital One offers the huge benefit of letting you get prequalified online without a hard inquiry to your credit report. Capital One is also a reputable bank with a long history, which should give borrowers some comfort. They have an A+ rating with the BBB and plenty of decent reviews from consumers.

Potential Downsides to Be Aware Of: You should be aware that Capital One auto loans only work at participating dealers, so you may be limited in terms of available cars to choose from.

Who It’s Best For: Capital One auto loans are best for consumers who find a car they want to buy at one of the participating lenders that works with this program.

LightStream: Best for Fast Funding

LightStream offers online loans for a variety of purposes, including auto financing. Their auto loans for consumers with excellent credit start at just 3.99% with autopay, and even their loans for consumers with lower credit scores only run as high as 16.79% with autopay.

You can apply for your LightStream loan online and get approved in a matter of minutes. This lender can also send your funds as soon as the same business day you apply.

A minimum credit score of 660 is required for loan approval, although other factors like your work history and income are considered.

Sign Up With LightStream Today

Why This Lender Made Our List: LightStream offers auto loans with exceptional terms, and that’s even true for consumers with less than perfect credit. You can also get your loan funded as soon as the same business day you apply, which is crucial if you need auto financing so you can get back on the road.

Potential Downsides to Be Aware Of: With a minimum credit score requirement of 660, these loans won’t work for consumers with the lowest credit scores.

Who It’s Best For: LightStream is best for people with decent credit who need to get auto loan financing as quickly as possible.

What You Need To Know When Applying For A Car Loan With Bad Credit

Interest rates and fees matter.

If you think your interest rate and loan fees won’t make a big difference in your monthly payment, think again. The reality is that rates and fees can make a huge difference in how much you pay for an auto loan each month. Consider this: A $10,000 loan with an APR of 35.89% will require you to pay $361 per month for five years. The same loan amount at 21.99% APR will only set you back $276 per month. At 9.99%, you would pay only $212 per month for five years. The bottom line: Make sure to compare auto loans for bad credit so you wind up with the lowest possible APR you can qualify for.

Take steps to improve your credit score before you apply.

It’s not always possible to wait to apply for a car loan, but you may be able to secure a lower interest rate and better loan terms if you can improve your credit score before you borrow money. The most important steps you can take to improve your score include paying all your bills early or on time, as well as paying down debt in order to decrease your credit utilization. You should also refrain from opening or closing too many credit card accounts in order to avoid new inquiries on your credit report and maintain the longest average length of your credit history possible.

Compare loan terms.

Some lenders let you borrow money for up to 84 months, while others let you repay your loan over 36 or 60 months at most. If you need to repay your loan over a longer timeline in order to secure an affordable monthly payment, make sure to compare lenders based on this factor. If you’re having trouble figuring out how much can you can afford, gauging affordability based on the monthly payments you can handle can also help in that effort.

Getting prequalified online can help.

Some lenders, including ones that made our ranking, let you get prequalified for a loan online without a hard inquiry on your credit report. This makes it considerably easier to compare rates and shop around without formally applying for an auto loan. Getting prequalified with more than one lender can also help you determine which one might offer the lowest rate without having to fill out a full loan application.

Watch out for loan restrictions.

As you compare the lenders on this list, keep in mind that not all lenders extend loans for any car you want. Some only let you finance cars with participating lenders in their network, which can drastically limit your options and make it impossible to purchase a car from a private seller. If you hope to purchase a car from someone you know or a website like craigslist.org, you may want to consider reaching out to your personal bank or a credit union you have a relationship with.

Bad credit car loans don’t have to be forever.

Finally, you should know that a car loan for bad credit doesn’t have to last forever. You may need to borrow money for a car right now regardless of the interest rate and terms you can qualify for, but it may be possible to refinance your loan into a better loan product later on. This is especially true if you focus on improving your credit score right away, and if you use your auto loan as an opportunity to prove your creditworthiness.

How to Get the Best Rate

1. Check your credit score.

Your credit score is one of the most important defining factors that dictate loan costs. Before you apply for an auto loan, it can help you check your credit score to see where you stand. Your score may not be as bad as you realize, but it could also be worse than you ever imagined. Either way, it helps to know this important information before you start shopping for an auto loan.

2. Improve your credit over time.

If your credit score needs work, you’ll want to take steps to start improving it right away. The most important steps you can take to boost your credit score include paying all your bills early or on time and paying down debt to decrease your credit utilization. Also, make sure you’re not opening or closing too many credit accounts within a short amount of time.

3. Check your credit reports.

Use the website AnnualCreditReport.com to get a free copy of your credit reports from all three credit bureaus. Once you have this information, check over your credit reports for errors. If you find false information that might be hurting your score, take the steps to have the incorrect information removed.

4. Compare loan offers from at least three lenders.

A crucial step to get the best rate involves shopping around and comparing loan offers from at least three different lenders. This is important since lenders with different criteria might offer a lower APR or better terms than others.

5. Be flexible with repayment terms.

Also consider a few different loan terms provided you can afford the monthly payment with each. Some auto lenders offer better rates for shorter terms, which can help you save money if you can afford to repay your loan over 24 or 36 months instead of 60+.

How We Chose the Best Auto Loans

The lenders on our list weren’t plucked out of thin air. In fact, the team behind this guide spent hours comparing auto lenders based on a wide range of criteria. Here’s everything we considered when comparing the best bad credit car loans of 2021:

Interest Rates and Loan Terms: Our team looked for loans that offer reasonable rates and terms for consumers with poor credit. While higher APRs are typically charged to consumers with a low credit score, we only considered lenders that offer sensible rates that don’t seem out of line for the auto loan market.

Ratings and Reviews: We gave preference to lenders who have decent reviews online, either through Consumer Affairs, Trustpilot, or another third party website. We also gave higher marks to lenders who have a positive rating with the Better Business Bureau (BBB).

Online Availability: Lenders who offer full loan details online were definitely given top priority in our ranking, and lenders who let you get prequalified online without a hard inquiry on your credit report were given the most points in this category. But since not everyone wants to apply for a loan online, we also included some lenders that let you apply over the phone.

Approval Requirements: Finally, we looked for lenders that extend credit to consumers with low credit scores in the first place. Not all lenders offer specific information on approval requirements, but we did our best to sort out lenders that only accept borrowers with good or excellent credit.

Summary: Best Bad Credit Card Loans of 2021

  • Best for Flexibility: OneMain Financial
  • Best Personal Loan Option: Upgrade
  • Best Loan for Bad Credit and No credit: AutoCreditExpress.com
  • Best Loan Comparison Site: MyAutoLoan.com
  • Best Big Bank Loan for Bad Credit: CapitalOne
  • Best for Fast Funding: LightStream

The post What Are the Best Car Loans When You Have Bad Credit? appeared first on Good Financial Cents®.

Source: goodfinancialcents.com

50 Ideas To Help You Get Out of Debt!

The post 50 Ideas To Help You Get Out of Debt! appeared first on Penny Pinchin' Mom.

When it comes to trying to get out of debt, I’ve seen and heard it all.  From the person who gets three jobs to the guy who sold his dream car – just to make it all happen.  It got me to thinking – what are some of the craziest ideas out there to help you find your way out of debt?

find money to pay off debt

I decided to make a fun post about the craziest ideas people have tried just to try to get their debts paid off.  The funniest thing is that these really do work!  Who knows?  Maybe one of these will inspire you too!

If you are struggling  with paying off your debt, these folks may be able to help:
Call 866-948-5666.

50 IDEAS TO HELP YOU GET OUT OF DEBT

SELL ITEMS

Things are that – just things.  They don’t define us, and they don’t always make us completely happy.  My husband and I sold so many items when we were trying to get out of debt that we were able to raise more than $1,000.  The thing is – I can’t even remember what we sold (which proves that they were things we obviously did not really need).  Here are some unconventional ideas of things you can sell:

1. Hair.  This may sound bizarre, but people will pay for long hair!  Crafters often use it for making dolls, so they will pay to buy it.  You will need to have at least 10″ or more to sell, and the price will vary greatly. You can visit eBay to learn more and get started.

2. Toilet paper / paper towel rolls.  Have you been on Pinterest and seen the number of craft projects which require a paper towel or toilet paper tubes?  They are all over the place!

You can get onto local sites such as Wallapop, Craigslist or even visit eBay and list your products for sale.  It may sound crazy, but it actually can work.

3. Gift cards.  If you get a gift card for any reason, be it a return or even a gift, you can turn around and sell the card.  You won’t get quite face value for it, but you also can at least get paid cold hard cash.

They don’t have even to have the full value on them.  For instance, if you had a $100 gift card to your favorite sporting goods store, but you only have used $26.48, you can still sell your card, and another person can use the remaining balance.

Visit Raise.com to learn more about placing your gift cards up for sale.

4. Daily Deal vouchers.  Did you buy a deal on LivingSocial and haven’t yet redeemed the voucher, you can sell it.

5.  Sell things you don’t need.  Use eBay, Craigslist or LetGo to sell the stuff you do not need anymore.  Go through your home and decide what you need and what you could sell to raise some quick funds to pay off your debt!

 

SIMPLE IDEAS

These are things that just make sense and most people think about…but you may not have thought of every one of them!

6.  Budget.  Of course, it seems this should go without saying, but it is not always obvious. If you don’t have a budget, you have no control of your money.  Learn How to Create a Budget.

7. Coupons.  Start using coupons to save as much as you possibly can at the grocery store.  Then, use the amount you save to pay towards your debt! Read more about How to Use Coupons.

8. Change where you shop.  If you live near an Aldi, start to buy groceries there.  Skip the clothing store and find consignment stores to find gently used clothes.  Read more about How to Shop at Aldi.

9. No more dinners out.  This is a tough one, but it works.  Best of all, its not something you will have to give up forever!  Just think, if you spend $100 or more a month dining out that is more than $1,000 to pay towards your debt in just one year!

If you do have dinner out, skip the soft drinks and go for water instead, which is free!  Make sure you also pass on the appetizers and consider splitting a larger entree to pay less.

10. Give up your hobbies.  If you are an avid golfer, you might give that up for some time and use the monthly dues to pay towards debt.

11. Menu plan.  By planning your meals, you not only know what you will have for dinner, but it also helps you plan your shopping trip.  That ensures you have all you need on hand when you get ready to cook all of your meals – saving you from running to the store for that “one item,” which often leads to more.  Read more about How to Create a Menu Plan.

12. Ask for rate reductions.  Contact your creditors to see if they would lower your interest rate at all. This is not always something that works, but it is definitely worth a few calls to see if it won’t work for you. Learn the tricks to asking for a rate reduction.

13. Avoid paying monthly fees.  If your bank charges monthly fees, ask them to waive them.  If they will not, consider moving to another one which offers free banking.  Even $5 a month is $60 a year that you are giving to them, just to have your account.

14. Keep the change.  I always use cash.  I don’t even pay with change.  If the total is $6.42, I hand over $7 and keep the change.  I roll all of this once a year and usually have quite a nice amount saved up.  Best of all – I never miss it!

15.  Overbudget.  This is a fun way to get extra money.  We may budget $300 for groceries every two weeks, but I will do what I can to keep my shopping way under this amount.  Then, I take anything left over at the end of that two weeks and save it (you could use it towards your debt). It’s a fun way to challenge yourself to see how little you can spend!

16.  Change insurance.  Make some calls to find out of you can get a better rate on your auto and home (renter’s) insurance.  You can sometimes find a better deal by bundling or even by increasing your deductibles a bit.

17.  Skip the evening movies.  If you love to visit the movies try the matinee instead!  You can usually pay less by catching the afternoon show. Make sure you pass on the snacks too, as those can add up quickly!

18.  Don’t buy books.  Instead of buying books, visit the library or get free Kindle books.  No need to buy them at all, when there are ways you can get them for free!  Find out more ways to get free books.

 

EXTREME IDEAS

These are ideas which do not work for everyone, but have worked to help others get out of debt very quickly!

19. Stop retirement contributions.  If you are in debt, you might want to take that 15% you were saving for retirement and throw it all towards your debt.  As soon as you are debt free, you can start that contribution again (and maybe even do more than that to other accounts).

20. Cancel cable completely. If you really want to go drastic, you need to take all steps necessary to do so.  Cable can run more than $100 (or even more than $150) per month.  If you can cut out cable entirely, you might quickly free up $100 or more every single month!

21. Sell your car.  If you are leasing a vehicle, that is a simple way to throw money away, as you will never own it.  Turn in the vehicle and then take out a loan to purchase a much older car, where you will pay less per month.  Best of all, you will own it in a few short years!

If you have an expensive vehicle, you can also sell that and then purchase an older car, which will reduce your monthly overhead (and possibly taxes and insurance).

22. Move.  If you are renting or even if you own your home, consider downsizing to pay less each month.  I know many people have opted to sell their home and use any income to pay towards debt, and then they rent until they are debt free.  Then, they save to get the house of their dreams, which they can purchase debt free!

23.  Turn off your home phone.  This can run $30 or more a month.  Just use your cell phone and cancel your home service.

24. Downgrade your cell phone.  Try to reduce the data you use to see if you can’t lower your monthly payment on your cell phone.  Stick with your home internet for most of your data usage, and you can use your phone less and less and rack up the savings.

25.  Swap services.  Instead of paying for babysitting, exchange time with another couple.  You watch their kids for free, and they can do the same for you.  You might be able to swap your tutoring for haircuts or your lawn mowing for handyman repairs.

26.  Make gifts.  Instead of buying people gifts for birthdays and holidays, consider making them yourself.  You could even offer a “service” gift where you will babysit once a month for a year, etc.  Find a way to give from the heart instead.

27.  Budget bill your utilities.  If you can, arrange for budget billing with your services.  This can make it easier to include your budget and will avoid those swings in the summer or the winter when certain utilities may be more expensive.

28.  Drop the gym or country club.  If you have a membership of any sort, just cancel it.  If you work out at the gym, try to find free videos you can follow at home or create your own workout plan. If you like to golf, go with a friend instead of paying for your membership.

29.  No more coffee trips.  Make your coffee at home each morning and cancel that run through the drive-thru.

30.   Take your lunch.  It is great to go out to lunch every day, but pack your lunch, and you’ll ensure you eat up leftovers.  Not only will you waste less food, but you’ll also save a nice chunk of money every month.

31.  Carpool.  Take turns driving to work and save money on fuel and also wear and tear on your vehicle.

32.   Set up no spend months.  This is a tough one, but see if you can go a few weeks without spending anything more than you need to survive.  That means no dining out.  No entertainment.  No clothes.  Just food and fuel and that’s it!

 

MAKE MONEY

This is a bit different than working from home.  These ideas help you make a bit more money just doing things you might already do – like search the internet, shop, etc.  These sites will pay you money to do just that.  Then, turn around and apply anything you make towards your savings.

33. Swagbucks. Use this site to get paid for doing searches and other things you normally do online!  Click HERE to learn more about Swagbucks.

34. Sell crafts on Etsy. If you are good at crocheting, woodworking or anything at all, look at selling your wares on Etsy. It is a simple platform and the costs are very low, which allows you to keep most of what you make from each sale.

35. Rent a room in your home.  If you have a walk-out basement, consider renting out the space to make more money.  Just check with your local laws and homeowner’s association to ensure this is allowed before you jump in to start this one.

36. Sell stocks.  If you have investments, considering selling them and using the proceeds to pay towards your debt.

37. Give music lessons.  If you know an instrument or you can sing, consider selling your time to help teach others.

38. Tutor.  Find your expertise and teach others.  You never know who you might be able to help!

39. Start a blog.  You may not get rich with your blog, but it can turn into a nice stream of income!  Learn more about How to Start a Blog.

40.  Visit garage sales and upcycle.  Find items very inexpensive at a yard or garage sales.  Put in some elbow grease, paint and creativity and turn them into something you can sell for a profit.  Check out flea markets and farmer’s markets for larger items and for places where you can sell your items.

41.  Find holiday work.  When the holidays roll around, many stores hire employees for a short 6 – 8 week period.  Sign up and put in some extra time after your regular job and make some extra cash you can use to pay down your debt.

42.  Become a mystery shopper.  This is a great way to get some things for free.  This is not a way to get rich but is an excellent way to get some of the things you need for free (which allows you more money to pay towards your debt).

43. Become an eBay master.  Purchase items on clearance or at deep discounts and then sell them for a profit on eBay.   You can still offer prices which are less than in the store, but more than you paid.

44.  Ask for a raise.  Don’t be afraid to ask for one.  Make sure you share the additional work or responsibilities you’ve taken on as a reason why.  Or, if it has been a while since you last had a raise, you can mention that too.  It never hurts to try.

45.  Sell an eBook.  If you are an expert in any field, or if you love to write, create a book you can sell on Amazon!

 

MENTAL

While there are things that you can physically do to save or to make money, you need to get your brain into the right mindset too.

46.  Make your goal visible.  If you want to get out of debt so you can afford to save for a vacation, tape a photo of the destination where you see it each day.  It could be on your office wall, bathroom mirror or the refrigerator.

47.  Learn to be happy with less.  Sure, a new TV might be fun to own. It could be enjoyable to go out to dinner.  However, do you need those things?  Probably not.  Find a way to be happy spending time at home spending no money at all, and you’ll realize how much those things don’t matter.

48.  Learn to say no.  You may need to tell friends you can’t go out to dinner.  It may mean telling the kids that they can’t get that treat at the grocery store. You may need to say to yourself that you do not need to grab that afternoon latte.  Learning to say no can easily keep more money in your pocket.

49.  Give more.  This may seem crazy, but it actually works.  When you give more of yourself to others, you feel better.  Best of all, giving is not always financial. It can mean your time or even your prayers.

50. Surround yourself with the right people. If your friends encourage you to spend money, then you might want to distance yourself from them (at least until you can get better control over your finances and self-control).  Find other people who think like you do so that they can encourage and build you up.

There you’ve got it.  Fifty ways to help get you out of debt!  Which are you getting ready to try?

ideas to help find money to pay off debt

The post 50 Ideas To Help You Get Out of Debt! appeared first on Penny Pinchin' Mom.

Source: pennypinchinmom.com

How to Escape Debt in 2016

How to Escape Debt in 2016

The new year is right around the corner and if you’re like most people, you’ve probably got a running list of resolutions to achieve and milestones to reach. If getting out of debt ranks near the top, now’s the time to starting thinking about how you’re going to hit your goal. Developing a clear-cut action plan can get you that much closer to debt-free status in 2016.

1. Add up Your Debt

You can’t start attacking your debt until you know exactly how much you owe. The first step to paying down your debt is sitting down with all of your statements and adding up every penny that’s still outstanding. Once you know how deep in debt you are, you can move on to the next step.

2. Review Your Budget

A budget is a plan that sets limits on how you spend your money. If you don’t have one, it’s a good idea to put a budget together as soon as possible. If you do have a budget, you can go over it line by line to find costs you can cut out. By eliminating fees and unnecessary expenses like cable subscriptions, you’ll be able to use the money you save to pay off your debt.

3. Set Your Goals

How to Escape Debt in 2016

At this point in the process, you should have two numbers: the total amount of money you owe and the amount you can put toward your debt payments each month. Using those two figures, you should be able determine how long it’s going to take you to pay off your mortgage, student loans, personal loans and credit card debt.

Let’s say you owe your credit card issuer $25,000. If you have $500 in your budget that you can use to pay off that debt each month, you’ll be able to knock $6,000 off your card balance in a year. Keep in mind, however, that you’ll still need to factor in interest to get an accurate idea of how the balance will shrink from one year to the next.

4. Lower Your Interest Rates

Interest is a major obstacle when you’re trying to get out of debt. If you want to speed up the payment process, you can look for ways to shave down your rates. If you have high-interest credit card debt, for instance, transferring the balances to a card with a 0% promotional period can save you some money and reduce the amount of time it’ll take to get rid of your debt.

Refinancing might be worth considering if you have student loans, car loans or a mortgage. Just remember that completing a balance transfer or refinancing your debt isn’t necessarily free. Credit card companies typically charge a 3% fee for balance transfers and if you’re taking out a refinance loan, you might be on the hook for origination fees and other closing costs.

5. Increase Your Income

How to Escape Debt in 2016

Keeping a tight rein on your budget can go a long way. But that’s not the only way to escape debt. Pumping up your paycheck in the new year can also help you pay off your loans and increase your disposable income.

Asking your boss for a raise will directly increase your earnings, but there’s no guarantee that your supervisor will agree to your request. If you’re paid by the hour, you can always take on more hours at your current job. And if all else fails, you can start a side gig to bring in more money.

Hold Yourself Accountable

Having a plan to get out of debt in the new year won’t get you very far if you’re not 100% committed. Checking your progress regularly is a must, as is reviewing your budget and goals to make sure you’re staying on track.

Photo credit: Â©iStock.com/BsWei, ©iStock.com/marekuliasz, ©iStock.com/DragonImages

The post How to Escape Debt in 2016 appeared first on SmartAsset Blog.

Source: smartasset.com

How and Where to Find Good Deals on Furniture

When I moved into a house this summer, my first big task was to buy a sectional couch.

I had an exact vision in mind. I wanted a teal velvet fabric to go with my already-planned design scheme and an L-shape that would allow for two people to lie down separately while watching TV.

But when I started searching online, I was shocked by the sticker prices. In the world of furniture, it seemed there were two options: sites like Amazon and Wayfair, where you can often find a bed frame or couch for as cheap as $300 or $400, or larger luxury furniture chains like West Elm and Crate and Barrel, where almost every big piece is over $1,000.

Yes, furniture stores have sales, but they usually cap out at the 20 to 30 percent off range. That takes some of the burn off the tag, but not all of it. I ended up buying a slightly reduced custom sectional from West Elm and chalked it up to an investment.

There’s a reason I use the term investment. Purchasing furniture isn’t like buying an item of clothing or a car — its value doesn’t drop the second you walk off the lot. You can take your furniture with you to any space you live in. And if you get rid of it, you can generally make up some of your cost by selling the pieces on sites like Facebook Marketplace and Nextdoor.

But there are also ways to save money from the get-go while buying good furniture. Here are my strategies.

Shop the Outlets

Many furniture stores have outlets, including one you may not expect: Anthropologie.

Anthropologie opened its first (and so far only) home outlet in Pittsburgh in the fall of 2019, according to the Pittsburgh Business Times. The outlet is now taking virtual appointments.

How do they work? First, email anthrohomeoutlet@anthropologie.com to get an appointment. In my experience, they respond fairly promptly with a 30-minute time and ask if there are any kinds of furniture in which you’re particularly interested.

When the time comes, you’ll have a Zoom appointment with an employee who will take you through the store. If there are specific items that catch your eye, they’ll stop and answer any questions about things like price, dimensions, details. This is likely the cheapest you’ll ever find unused Anthropologie furniture, but that comes with a caveat. I found that the best deals were on damaged merchandise, which ranged from a fabric stain to a chipped piece of wood furniture.

The worst part about virtually shopping the store is that they don’t offer shipping. During my virtual appointment, I didn’t fall in love with anything, so I didn’t look into shipping. But the outlet does offer recommendations for local third party delivery companies.

My biggest piece of advice: watch their Instagram story @anthro_homeoutlet if you’re on the hunt for furniture. Their home outlet is a great choice if you’re looking to totally rework your style because they have so many options.

Another great place to look for discounted furniture is HomeGoods, owned by the same company as T.J. Maxx and Marshalls. Home Goods’ merchandise varies from store to store, but they often have great bargains and stylish furniture, as well as little knick-knacks to decorate your space.

Other spots I always check for unexpected discounts are the clearance sections of department stores like Macy’s or Nordstrom. Macy’s even has a Last Act section for their deeply discounted items — these usually aren’t couches or bed frames, but you can almost always find plates, curtains, throw pillows and home accoutrements here for heavily reduced prices.

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Mix High and Low

I knew I wanted to replace the chandelier above my dining room table. It might have resembled ornate crystal but it was actually just plastic. And I had a style in mind: the Sputnik design, which looks like a giant orb with spokes coming off of it.

I typed “gold Sputnik chandelier” into Amazon and found a $92 option that I loved.

I love how the style adds flair to my dining room but also didn’t break the bank. When making investments in furniture, it’s important to think about your values. Do you value comfort or style more? Do you view furniture as part of your life or more like pieces of art?

For me, I knew I would be much happier having the style I wanted in a light fixture, even if it wasn’t as well-made as independent, artisan options.

A gold Sputnik chandelier sits above a dining room table in this screenshot taken from Amazon.

One pro trip: when searching for things like light fixtures or even bigger furniture pieces online, be as specific as possible. I do this by identifying a “dream item,” the model item I can’t afford but want to find something similar to, and then use generic terms to describe it.

If you want to actually see your items in person but don’t want to drop top dollar, stores like Target and Walmart give you that choice. Most of these stores have partnered with celebrity designers or just plain celebrities, like Chip and Joanna Gaines and Drew Barrymore, to create stylish collections that look like your favorite luxury home items at a fraction of the price.

Buy Thrift, Then Redesign It

If you really want to save money on furniture and get high quality, the best option is to go vintage. Not only is it environmentally sustainable, but you’ll likely find really interesting styles at a much lower price than anything new.

For all the best advice on vintage furniture, I went to Paul Donofrio, owner of St. Petersburg’s Vintage Marché, a monthly market of vintage furniture from a variety of vendors.

His guidance is to be constantly on the lookout and ready to make a purchase for a good piece even when you’re least expecting it.

An owner of a vintage market stands next to vintage furniture and wall hangings at his store. He's wearing a blue shirt with a bandana around it.

In terms of design, Donofrio holds to this adage: “if it’s on stilts, it will sell.” What that means is look for furniture with tapered atomic legs, or what Donofrio calls casually “ice cream legs.”

But all in all, Donofrio says good design is timeless. And if you find a design you love with elements you don’t — say, a darkened wood dresser or a mustard yellow couch — you can always reupholster or stain and refinish the piece and make it different. In the case of mid-century furniture, Donofrio says, that can even add value.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

Source: thepennyhoarder.com

By: Jossy Wilson

I live in Florida, I had a car accident on 7/14/2010 and i ended up with a chiropractor unpaid bill; as soon I’ve received it I contacted them and told them to deal with my insurance and my Attorney; a portion was not paid and since then they have been sending a bill every month with accrued interest. I believe it is already outside the statute of limitation. I have just notice in the bill says I have made a payment of $9.14 on 1/6/2014 which is not true. What should I do to dispute it before they decide to take other actions?

Source: credit.com

How to get a cash advance with Capital One

Using a credit card for all your regular spending lets you avoid carrying cash in your wallet, and you’ll also get an itemized bill of your charges at the end of each billing period. Beyond the convenience credit cards offer, using a credit card can also help you earn rewards on your spending, and some cards offer consumer protections and benefits you just can’t get with other forms of payment.

But, did you know you can use a Capital One credit card to get cash out of an ATM? You typically can, but you should make sure you understand the advantages and disadvantages involved in doing so.

In this guide, we’ll explain how to get a cash advance from a credit card from Capital One. We’ll also answer all your burning questions. For example: does Capital One charge for a cash advance? Also, which Capital One credit cards offer this option?

See related: Best rewards credit cards

What is a cash advance?

A cash advance is a credit card transaction that lets you get cash in exchange for new credit card charges. This means you’ll use your credit card at an ATM just like you would with your debit card, but the cash you get out will show up as a charge on your credit card bill.

You may be wondering why you would take cash out on your credit card instead of using your credit card for whatever you need to buy. However, we all know there are situations where cash is still king, and using a credit card as payment may not make sense. For example, you may find your debit card isn’t working, but that you need cash right away to repay a friend. Or maybe you want to make a purchase from an individual who doesn’t accept credit cards as payment (e.g. you want to buy a piece of furniture off Facebook Marketplace or Craigslist).

Just remember that you will have to pay fees to access cash using your credit card at an ATM. Not only is there an upfront cash advance fee you’ll have to pay no matter what, but the interest rate on cash advances is higher than the standard variable rate for purchases.

Not only that, but a Capital One cash advance doesn’t come with a grace period. This means the cash you access with your credit card will begin accruing interest from day one. That makes a cash advance significantly more expensive than a credit card charge for purchases, which won’t begin accruing interest until a grace period of at least 21 days ends.

How to get a cash advance with Capital One

To be eligible for a Capital One cash advance, you’ll need to have a Capital One credit card. From there, you’ll need to know if your credit card comes with a personal identification number or PIN.

How to get a cash advance if your credit card has a PIN

If your Capital One credit card has its own PIN, you can use your card to get cash out of an ATM. All you have to do is insert your credit card in any ATM just like you would with a debit card. From there, you’ll enter your pin and follow the instructions to execute a cash advance.

According to Capital One, you’ll need to understand any fees the ATM might charge if you choose these options. And remember, ATM fees charged for a Capital One cash advance will need to be paid on top of the Capital One cash advance fee.

How to get a cash advance if your credit card doesn’t have a PIN

If your credit card doesn’t have a PIN, you can still use your Capital One credit card to take out a cash advance in a brick and mortar banking location that displays the Visa and Mastercard logos.

According to Capital One, you will need to provide a government-issued photo ID (such as a driver’s license) along with your credit card if you go this route.

Also, keep in mind that your credit card may also send out “convenience checks” that can work similarly to a cash advance. All you have to do to use a convenience check is make it out to yourself. From there, you’ll head to your bank and deposit the check or ask for cash.

Which Capital One cards offer cash advances?

All credit cards from Capital One let you take out cash provided you have enough available credit on your card. However, Capital One credit card interest rates for cash advances can vary, so make sure you know your card’s cash advance APR ahead of time.

Cash advance offered? Cash advance fee Cash advance APR (variable)
Capital One Platinum Credit Card Yes 3% (minimum $10) 26.99%
Capital One Venture Rewards Credit Card Yes 3% (minimum $10) 24.49%
Capital One VentureOne Rewards Credit Card Yes 3% (minimum $10) 25.49%
Capital One Quicksilver Cash Rewards Credit Card Yes 3% (minimum $10) 25.49%
Capital One QuicksilverOne Cash Rewards Credit Card Yes 3% (minimum $10)

 

26.99%

 

Capital One Savor Cash Rewards Credit Card Yes 3% (minimum $10)

 

24.99%

 

Capital One SavorOne Cash Rewards Credit Card Yes 3% (minimum $10)

 

25.49%

 

Journey Student Rewards from Capital One Yes 3% (minimum $10)

 

26.99%

 

Secured Mastercard® from Capital One Yes 3% (minimum $10) 26.99%

 

Capital One Spark Cash for Business Yes 3% (minimum $10)

 

26.99%

 

Capital One Spark Cash Select for Business

 

Yes 3% (minimum $10)

 

26.99%

 

Capital One Spark Miles for Business Yes 3% (minimum $10)

 

26.99%

 

Capital One Spark Miles Select for Business Yes 3% (minimum $10)

 

26.99%

 

Capital One® Spark® Classic for Business Yes 3% (minimum $10) 26.99%

 

Is a cash advance right for you?

When it comes to getting a cash advance from your Capital One card, just because you can doesn’t mean you should. At the end of the day, there are advantages and disadvantages to consider before you use your credit card to get cash.

Due to the fact that cash advances require upfront fees, you should probably only use this option if you can’t get cash out with a cheaper option like your debit card. Also, keep in mind that, if you can use your credit card to make a purchase directly instead of taking cash out, you’ll get a grace period that lets you avoid interest accruing right away.

Pros and cons of cash advances

Pros:

  • Get cash when you need it, or when a credit card can’t be used
  • Cover emergency cash expenses when money is tight or between paydays

Cons:

  • Cash advances require an upfront fee, usually 3% to 5% of the amount of cash you take out
  • Credit card interest rates are higher on cash advances than purchases
  • No grace period, so interest begins accruing right away

Alternatives to cash advances

Because taking out a cash advance isn’t cheap, you may also want to consider some alternative ways to access cash when you need it. For example, you can consider a personal loan if you are able to wait a few days to access your cash. Many personal loans can be applied for online, and you’ll get a competitive fixed interest rate, a fixed monthly payment and a fixed repayment timeline that will never charge.

You could also take out a 401(k) loan provided you save for retirement in this type of employer-sponsored account. Another alternative is taking out money you have deposited in a Roth IRA account, which you can do without paying any taxes or fees provided you are deducting contributions only.

Other alternatives like payday loans and car title loans exist, but you should steer clear of these options since they can be even more expensive—and problematic—than taking out a cash advance.

The bottom line

Your Capital One credit card comes with some important benefits, and it’s nice to know you could use it for a cash advance if you really needed to. However, there are cheaper ways to get your hands on the cash you need, so try not to fall into a cycle of taking out one cash advance after another.

Using your credit card to get cash from an ATM may be convenient, but it will cost you.

*All information about the Capital One® Spark® Miles Select for Business, Capital One® Spark® Miles for Business, Capital One Savor Cash Rewards Credit Card, Capital One Spark Cash Select for Business and Capital One® Spark® Classic for Business has been collected independently by CreditCards.com and has not been reviewed by the issuer.

Source: creditcards.com

How to Get Approved for Credit in a Financial Downturn

In a recession it’s common for many people to rely on credit cards and loans to balance their finances. It’s the ultimate catch-22 since, during a recession, these financial products can be even harder to qualify for.

This holds true, according to historical data from the Federal Reserve Bank of St. Louis. It found that during the 2007 recession, loan growth at traditional banks decreased and remained deflated over the next four years. 

Credit can be a powerful tool to help you make ends meet and keep moving forward financially. Here’s what you can do if you’re struggling to access credit during a weak economy.

Lending becomes riskier in a weak economy. Does this mean you’re completely out of luck if you have bad credit? Not necessarily, but you might need to take the time to understand all of your alternatives.

How Does a Financial Downturn Affect Lending?

Giving someone a loan or approving them for a credit card carries a certain amount of risk for a lender. After all, there’s a chance you could stop making payments and the lender could lose all the funds you borrowed, especially with unsecured loans. 

For lenders, this concept is called, “delinquency”. They’re constantly trying to get their delinquency rate lower; in a booming economy, the delinquency rate at commercial banks is usually under 2%. 

Lending becomes riskier in a weak economy. There are all sorts of reasons a person might stop paying their loan or credit card bills. You might lose your job, or unexpected medical bills might demand more of your budget. Because lenders know the chances of anyone becoming delinquent are much higher in a weak economy, they tend to restrict their lending criteria so they’re only serving the lowest-risk borrowers. That can leave people with poor credit in a tough financial position.

Before approving you for a loan, lenders typically look at criteria such as:

  • Income stability 
  • Debt-to-income ratio
  • Credit score
  • Co-signers, if applicable
  • Down payment size (for loans, like a mortgage)

Does this mean you’re completely out of luck if you have bad credit? Not necessarily, but you might need to take the time to understand all of your alternatives.

5 Ways to Help Get Your Credit Application Approved 

Although every lender has different approval criteria, these strategies speak to typical commonalities across most lenders.

1. Pay Off Debt 

Paying off some of your debt might feel bold, but it can be helpful when it comes to an application for credit. Repaying your debt reduces your debt-to-income ratio, typically an important metric lenders look at for loans such as a mortgage. Also, paying off debt could help improve your credit utilization ratio, which is a measure of how much available credit you’re currently using right now. If you’re using most of the credit that’s available to you, that could indicate you don’t have enough cash on hand. 

Not sure what debt-to-income ratio to aim for? The Consumer Financial Protection Bureau suggests keeping yours no higher than 43%. 

2. Find a Cosigner

For those with poor credit, a trusted cosigner can make the difference between getting approved for credit or starting back at square one. 

When someone cosigns for your loan they’ll need to provide information on their income, employment and credit score — as if they were applying for the loan on their own. Ideally, their credit score and income should be higher than yours. This gives your lender enough confidence to write the loan knowing that, if you can’t make your payments, your cosigner is liable for the bill. 

Since your cosigner is legally responsible for your debt, their credit is negatively impacted if you stop making payments. For this reason, many people are wary of cosigning.

In a recession, it might be difficult to find someone with enough financial stability to cosign for you. If you go this route, have a candid conversation with your prospective cosigner in advance about expectations in the worst-case scenario. 

3. Raise Your Credit Score 

If your credit score just isn’t high enough to qualify for conventional credit you could take some time to focus on improving it. Raising your credit score might sound daunting, but it’s definitely possible. 

Here are some strategies you can pursue:

  • Report your rent payments. Rent payments aren’t typically included as part of the equation when calculating your credit score, but they can be. Some companies, like Rental Kharma, will report your timely rent payments to credit reporting agencies. Showing a history of positive payment can help improve your credit score. 
  • Make sure your credit report is updated. It’s not uncommon for your credit report to have mistakes in it that can artificially deflate your credit score. Request a free copy of your credit report every year, which you can do online through Experian Free Credit Report. If you find inaccuracies, disputing them could help improve your credit score. 
  • Bring all of your payments current. If you’ve fallen behind on any payments, bringing everything current is an important part of improving your credit score. If your lender or credit card company is reporting late payments a long history of this can damage your credit score. When possible speak to your creditor to work out a solution, before you anticipate being late on a payment.
  • Use a credit repair agency. If tackling your credit score is overwhelming you could opt to work with a reputable credit repair agency to help you get back on track. Be sure to compare credit repair agencies before moving forward with one. Companies that offer a free consultation and have a strong track record are ideal to work with.

Raising your credit isn’t an immediate solution — it’s not going to help you get a loan or qualify for a credit card tomorrow. However, making these changes now can start to add up over time. 

4. Find an Online Lender or Credit Union

Although traditional banks can be strict with their lending policies, some smaller lenders or credit unions offer some flexibility. For example, credit unions are authorized to provide Payday Loan Alternatives (PALs). These are small-dollar, short-term loans available to borrowers who’ve been a member of qualifying credit unions for at least a month.

Some online lenders might also have more relaxed criteria for writing loans in a weak economy. However, you should remember that if you have bad credit you’re likely considered a riskier applicant, which means a higher interest rate. Before signing for a line of credit, compare several lenders on the basis of your quoted APR — which includes any fees like an origination fee, your loan’s term, and any additional fees, such as late fees. 

5. Increase Your Down Payment

If you’re trying to apply for a mortgage or auto loan, increasing your down payment could help if you’re having a tough time getting approved. 

When you increase your down payment, you essentially decrease the size of your loan, and lower the lender’s risk. If you don’t have enough cash on hand to increase your down payment, this might mean opting for a less expensive car or home so that the lump sum down payment that you have covers a greater proportion of the purchase cost. 

Loans vs. Credit Cards: Differences in Credit Approval

Not all types of credit are created equal. Personal loans are considered installment credit and are repaid in fixed payments over a set period of time. Credit cards are considered revolving credit, you can keep borrowing to your approved limit as long as you make your minimum payments. 

When it comes to credit approvals, one benefit loans have over credit cards is that you might be able to get a secured loan. A secured loan means the lender has some piece of collateral they can recover from you should you stop making payments. 

The collateral could be your home, car or other valuable asset, like jewelry or equipment. Having that security might give the lender more flexibility in some situations because they know that, in the worst case scenario, they could sell the collateral item to recover their loss. 

The Bottom Line

Borrowing during a financial downturn can be difficult and it might not always be the answer to your situation. Adding to your debt load in a weak economy is a risk. For example, you could unexpectedly lose your job and not be able to pay your bills. Having an added monthly debt payment in your budget can add another challenge to your financial situation.

However, if you can afford to borrow funds during an economic recession, reduced interest rates in these situations can lessen the overall cost of borrowing.

These tips can help tidy your finances so you’re a more attractive borrower to lenders. There’s no guarantee your application will be accepted, but improving your finances now gives you a greater borrowing advantage in the future.

The post How to Get Approved for Credit in a Financial Downturn appeared first on Good Financial Cents®.

Source: goodfinancialcents.com

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