interest rates – Templo Do Conhecimento Tue, 19 Apr 2022 11:05:09 +0000 en-US hourly 1 interest rates – Templo Do Conhecimento 32 32 How to Choose a Secured Credit Card: 7 Things to Look For Wed, 16 Mar 2022 11:00:55 +0000

A secured credit card can give you the ability to build your credit history from scratch or rebuild your credit after it’s been hit. But with so many options to choose from, it’s easy to get overwhelmed.

Keep in mind that the main purpose of a secured credit card is to help you improve your credit history to the point where you can benefit from better card options. So you don’t necessarily need to focus on the long-term value you can get from the card.

It’s important to consider the card’s benefits to ensure you’re getting the best experience and that your efforts are actually helping to build your credit history. Here are seven things to look for when choosing a secured credit card.

1. Credit reports

In most cases, credit card companies report your account activity, such as your balance and payment history, to the three major credit bureaus: Experian, Equifax, and TransUnion. If you get a secured credit card from a major card issuer – the Capital One Platinum Secured Credit Card or the Citi® Secured Mastercard®, for example – this feature comes standard.

However, if you get a secured credit card from a lesser-known card issuer, your activity may only be reported to one or two of the credit bureaus. The problem with this is that your credit score is generated from information from credit bureaus. If you get a secured card from a bank that only reports to Experian and apply for a loan from a lender that checks your Equifax and TransUnion credit reports, for example, it will be as if all your hard work had never taken place.

2. Costs

It’s easy to find a secure credit card that doesn’t charge an annual fee, especially if you go with a major card issuer. But there are secure cards that charge an annual fee.

In some cases, these cards can compensate for this by offering a lower interest rate. For example, the First Progress Platinum Prestige Mastercard® secured credit card charges an annual fee of $49, but comes with an impressive variable APR of 9.99%.

But if you find a card that charges an annual fee and doesn’t give you anything of value in return, it’s probably not worth it.

In an ideal world, you wouldn’t have to worry about credit card interest rates. If you can pay your bill on time and in full each month, you can avoid interest charges altogether. But if your financial situation makes this difficult, try to get an APR as low as possible.

Note that there are unsecured credit cards you can get with bad credit, but you’ll have to watch out for exorbitant fees that can exceed the cost of a deposit. Some of these cards charge an upfront processing fee just to open the account and a monthly fee on top of their annual fee. In some cases, the interest rate can reach 30%, which is unheard of among the best secured cards. These cards are best avoided.

3. Grace period

A credit card grace period is the period between your statement date and your due date. During this period, you will not pay any interest as long as you pay your previous month’s statement balance in full.

If a credit card doesn’t offer a grace period (and some don’t), your purchases start earning interest from the date of the transaction. Without a grace period, a secured credit card can get expensive quickly, so getting a card that has one should be a top priority.

Fortunately, most of the best secured credit cards offer a grace period. But even with an account, it’s important to set up automatic payments on your account as soon as you open it, so you don’t accidentally miss a payment and get hit with interest and late payment fees.

4. Security Deposit Affordability

One of the main disadvantages of a secured credit card is the deposit requirement. Most people who are new to credit or have poor credit don’t have a lot of excess money that they can tie up with a credit card for several months.

Therefore, it is important to choose a secured credit card based on the affordability of the deposit. In many cases, you can find a card with a minimum deposit of $200 or $300, with your credit limit equal to the amount of your deposit. The Capital One Platinum Secured Credit Card is an exception, offering an initial limit of $200 for a deposit as low as $49, depending on your creditworthiness.

When comparing deposit requirements, it’s important to remember that a lower credit limit generally makes it more difficult to maintain a good credit utilization rate, or the percentage of your available credit that you are using at a given time. When you’re trying to build credit, it’s best to keep that rate as low as possible.

5. Upgrade options

Historically, you couldn’t get your deposit back on a secured credit card unless you closed your account. But there are a few card issuers willing to upgrade your account to an unsecured card after a while.

With Discover it® Secured, for example, you can switch to an unsecured account and get your deposit back as early as seven months if you use your card responsibly and pay on time. The Capital One Quicksilver Secured Cash Rewards credit card is another example, although the card issuer does not disclose when an upgrade is possible.

Having a secured card that can be converted to an unsecured credit card is important as it gives you the ability to keep the account open, even after you have gone over it. Keeping old credit card accounts open can help boost your credit, especially if you have a positive payment history on the account.

6. Eligibility conditions

At first glance, it may seem that secured credit cards should guarantee approval. After all, you usually secure the entire line of credit with cash that the card issuer can keep in case of default.

But card issuers can still deny your application if your income or credit history doesn’t meet its requirements. For example, Capital One will not approve your request if you are overdue on another Capital One account.

Also, you usually can’t get a credit card if your credit report shows bankruptcy that hasn’t been discharged. Some card issuers may even have a waiting period after the release date.

When comparing your options, check to see if each card issuer has a pre-approval process that can give you an idea of ​​your chances of approval. Also read the fine print or consider calling the card issuer to find out more about potential exclusions and if they apply to you.

If your credit situation is in dire straits, the OpenSky® Secured Visa® credit card could be a solid choice as it does not require a credit check to apply.

7. Card benefits

The ultimate goal of a secured credit card is to build or rebuild credit, but it doesn’t hurt if the card you’re using also offers rewards and perks along the way.

For example, Capital One Quicksilver Secured Cash Rewards credit cards offer 1.5% cash back on every purchase you make, a rate that rivals some of the best cash back credit cards on the market. Additionally, the card has no annual fee and gives you the option to get your deposit back without closing the account.

Likewise, the Discover it Secured card offers 2% cash back on up to $1,000 spent on quarterly combo purchases at gas stations and restaurants and 1% back on everything else. Additionally, Discover will match any Cash Back you earn in your first year to your account anniversary. The card has no annual fee.

Again, it can be easy to get distracted from your goal by bells and whistles, but if you’re disciplined and don’t let the promise of rewards lead to overspending, it can feel like the icing on the cake.

The bottom line

If you’re looking for a secure credit card to build or rebuild your credit history, avoid the urge to accept the first offer you see. Instead, take your time researching your options and comparing card features to determine which is best for you.

Although you probably won’t use your secured credit card forever, a good card can make your life easier and even provide added value as you work to build your credit.

Home renovation could peak in 2022. Here’s how to finance the improvements Sat, 12 Mar 2022 11:00:21 +0000

Image source: Getty Images

Are you planning to renovate? Here are some options to pay for it.

Key points

  • d Home renovation could peak in 2022.d
  • It’s important to weigh your home improvement financing options that you can’t pay for outright.

Many people have been spending more time at home since the start of the pandemic. And it inspired many people to update their homes.

If you’re thinking of renovating this year, you’re in good company. Home renovation is expected to take off in 2022, according to Harvard University’s Joint Center for Housing Studies. In fact, homeowners’ annual spending on improvements and repairs could reach $430 billion by the second half of the year.

If renovating your home is high on your priority list, there may be one thing holding you back: money. Looting your savings to pay for home renovations is not a good idea if it leaves you with limited cash reserves for emergencies. That’s why it’s worth looking into these affordable remodeling financing options.

1. Personal loans

Personal loans allow you to borrow money for any purpose, and you can take out one to finance home renovations. To qualify for a competitive rate on a personal loan, you will need strong credit. This is because personal loans are unsecured, so they are not tied to any specific asset. So lenders are already taking the risk of not getting paid, but the higher your credit score, the less risk there is.

2. Home equity loans

With a home equity loan, you borrow a lump sum of money and pay it back over time, just like you would with a personal loan. Home equity loans are secured by the properties in which the equity is borrowed. It can be a good thing and a bad thing.

The upside is that it’s fairly easy to qualify for a home equity loan as long as that equity is there. And your credit score might not be as big an issue when it comes to getting a home equity loan. But if you fall behind on your loan payments, you risk losing your home.

That said, you might get a lower interest rate on a home equity loan than a personal loan. This, in turn, could make you less likely to fall behind on your payments.


With a HELOC, or home equity line of credit, you have access to a line of credit that you can draw on for a set period of time, usually five to 10 years. HELOCs are more flexible than home equity loans because you don’t have to commit to borrowing a lump sum. This is often a good option for financing home renovations, as sometimes you may start a project only to meet additional costs as you go along.

Like home equity loans, HELOCs are secured by borrowed homes. They may be more affordable than personal loans from an interest rate perspective, but they also tend to come with variable interest rates, which means your HELOC payments could increase over time.

4. Refinancing by collection

With a cash refinance, you borrow more than your remaining mortgage balance and get the difference in cash. Even though mortgage rates have climbed recently, you’re still likely to pay less interest on the money you borrow with a cash refinance than with a personal loan, home equity loan, or HELOC.

That said, a cash-out refinance requires you to get a brand new mortgage, and it can be a lengthy process. Additionally, you will be charged closing costs to refinance your home loan, and these could be significant.

How will you pay for the renovations?

If you’re eager to upgrade your home, be sure to consider the pros and cons of your various borrowing options before moving forward. Remodeling can be rewarding, but it’s worth doing your best to make it as affordable as possible.

The best credit card erases interest until 2023

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MoneyMutual Review: The Leading Payday Loan Company to Use? Wed, 09 Mar 2022 20:07:36 +0000

And if you had an emergency today – your car broke down, you ended up in the hospital, an unexpected house repair, anything could happen. Do you have an emergency fund to help cover unexpected expenses, or will you have to rely on family, friends or, even worse, a credit card? MoneyMutual is a free resource that connects lenders with borrowers who can grant short-term loans to people ranging from $200 to $5,000, often within 24 hours. Customers can access the company online and fill out a simple form that gives access to over 90 lenders. One can choose the lender based on who has the best offer.

However, most people wonder if MoneyMutual is a lender and how the process works. This review provides comprehensive information to help you learn how MoneyMutual works.

What is MoneyMutual?

MoneyMutual is an online resource whose website at gives you access to several lenders available in your area. MoneyMutual was founded in 2010 and has a proven track record of providing customer-focused services to Americans who might need help covering an unexpected expense. They are a member of the Alliance of online lenders and provide useful information on their website to help consumers recognize websites that may be trying to take advantage of people or obtain their information to use for identity theft or fraud. Montel Williams served as the company’s spokesperson for nearly a decade.

How does the short-term loan company work?

MoneyMutual offers its customers easy access to lenders who offer short-term loans. It provides access to lenders who offer loans to people with bad credit and people who need access to money faster than traditional loans could provide. A recent survey found that nearly 60% of Americans cannot cover an unexpected $1,000 bill with savings.

People over 18 with a verifiable income of at least $800 per month and an official bank account can find a lender through MoneyMutual. Fill out the form on the website and check out the different lenders recommended by the company. The company partners with over 90 lending companies, ensuring customers choose when reviewing loans on offer.

Once you have chosen the best deal through MoneyMutual, you are directed to the lender’s website and provide more details for loan processing to begin. Here is a detailed breakdown of how the system works:

  • Provide personal information: MoneyMutual gives you access to an online form where you will submit your information
  • Review by lenders: Lenders review the information to determine the appropriate amount to offer.
  • Receive the money: Once the lenders approve the application, they deposit the money directly into your account within 24 hours.
  • The amount one can borrow through MoneyMutual ranges from $200 to $5,000.

Are there any fees associated with MoneyMutual?

Filling out the form on the website is free. You will not pay MoneyMutual at any time. You will repay your loan to the lender you sign up with. It is essential to review the terms and conditions before choosing a lender to understand how much it may cost to borrow.

How long will it take you to use MoneyMutual?

The online form is easy to fill out. This may take you a maximum of ten to fifteen minutes if this is your first time using the site. Frequent customers may take less time since the site has the information. Once you complete the online form, the lender reviews it and makes you an offer – if you accept, the money can be available within 24 hours.

How do Money Mutual lenders work?

MoneyMutual offers its clients access to more than 90 lenders. Each lender reviews the personal information provided and goes through the financial history before approval. You choose the best lender based on your needs.

Lenders review information using the following process:

  • Once you submit the information, the lending company reviews all the details provided
  • Lenders follow the requirements before making a final decision
  • If the lenders approve the application, you will be directed to the lender’s official website to accept the terms and conditions of the loan.
  • In some cases, the customer service team may contact you to confirm details, such as your bank account, before finalizing the process.

The process is simple and only takes a maximum of 24 hours once approved. All payday lenders at MoneyMutual are open with all required fees and charges. They also charge the recommended interest rates required by law. It is essential to check all charges to avoid any inconvenience.

What is MoneyMutual’s interest in the whole process?

MoneyMutual is a resource for your loan application process. They give you access to different payday lenders in your area where you can borrow money quickly. All clients are requested to read the terms and conditions carefully before entering into any contract with the lenders.

You do not pay any fees for the loan application MoneyMutual, you enter into a contract with the lending company, and they each have their terms and conditions. MoneyMutual collects fees from the lender, not the borrower, so it has no financial interest in your loan until you register with the provider of your choice.

What do most customers say about MoneyMutual?

The lending industry, particularly the area of ​​payday loans, has a shady reputation. However, MoneyMutual is one of the oldest companies that connects customers with the most trusted loan companies. They have served over two million customers over the past ten years.

Most customers agree that MoneyMutual operates as it advertises itself. It gives them access to several payday loan companies, thus creating a link between the lending company and the customers.

Most customer reviews indicate that the loan companies on MoneyMutual have a transparent lending system with favorable interest rates. Many users also decided to try MoneyMutual after seeing the advertisements on TV.

Some of the negative MoneyMutual reviews come from customers who did not read the terms and conditions of the lending company before accepting the offer.

What are the requirements for applying for a loan via Money Mutual?

The following conditions must be met before applying for a short term loan through MoneyMutual.

  • Be at least 18 years old
  • Have a verifiable income of $800 per monthwhether it’s a job or other income
  • Have a bank account
  • Different lenders may require additional requirements such as a social security number.

Money Mutual contact details

MoneyMutual is an online company headquartered in Las Vegas, Nevada. The company does not offer loans but provides access to over 90 lending companies. Montel Williams was the longest serving spokesperson representing the company for eight years.

Their website has an excellent section for frequently asked questions and walks you through the process carefully, as well as things to look out for if you choose to use other resources to research a loan. For example, they explain some of the typical “red flags” when dealing with sites that want your personal information. However, if your question is not answered on their website, you can contact them in one of the following ways;

  • Mailing address: MoneyMutual, LLC 2510 E. Sunset Rd. Ste 6, #85 Las Vegas NV, 89120
  • Email:
  • Phone number: 844-276-2063

Final verdict on the MoneyMutual company

A recent study established that 40% of Americans cannot raise $400 in an emergency. MoneyMutual exists to help Americans access money in an emergency. The online company provides you with a list of loan companies in your area.

These companies offer short-term loans ranging from $200 to $5,000. The loan system is fast and it only takes 24 hours for the money to be paid into your bank account. Visit the official site and learn more about MoneyMutual.

RELATED:Best Bad Credit Loans (2022) Top High Risk Personal Loan Companies



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What Do Credit Repair Companies Do? Are credit repair services worth it? Wed, 02 Mar 2022 14:16:14 +0000

By SociallyIn, Sponsored Content

Your credit score plays a big role in your financial situation. A high credit score means businesses can trust you, giving you easier access to lending services like mortgages and car loans. A low credit score, on the other hand, can mean declined loans, higher interest rates, and even difficulty finding a place to rent or buy a home. If your credit score could be improved, you may be wondering if hiring a credit repair company is worth it. As we continue our series on credit repair, we’ll answer that question for you!

What is Credit Repair?

Credit repair is the process of working with credit bureaus and creditors to remove inaccurate, incomplete, or unverifiable information from your credit report. When you have negative marks on your credit report, it can be difficult to get approved for a loan or even rent an apartment. Credit repair companies can help you dispute mistakes and negotiate with creditors to have them removed from your credit report, which can significantly improve your credit score. Here’s a video explaining the laws around deleting negative material and your credit report:

How are credit scores calculated?

Your credit score is a three-digit number that reflects your creditworthiness. It’s calculated based on information in your credit report, including your payment history, level of debt, length of your credit history, and new credit applications.

How does credit repair work?

Credit repair services improve your credit score in several ways. They first look for any inaccurate, incomplete or unverifiable information in your credit report and dispute it with the credit bureau. They also work hard to remove negative marks from your report, such as late payments, chargebacks, and collection accounts. Finally, they can help you build a positive credit history by adding positive information to your reports, such as on-time payments and long-term loans.

Is credit repair worth it?

(Photo courtesy of SociallyIn)

The answer to this question depends on a few factors, like the quality of your credit score and how much work you’re willing to do on your own. Generally speaking, if you have a lot of negative marks on your credit report or your score is below 600, hiring a credit repair agency may be worth it. They can help you dispute errors and remove negative information from your reports, which can significantly improve your score. If you already have a good credit rating and just want to maintain it, it may be more cost effective to do the work yourself.

Either way, always remember that improving your credit score takes time and effort. But with the help of a credit repair counselor, you can get there faster!

Can I repair my credit myself?

Yes! You can do the credit repair work yourself by following these steps:

Check your credit report for errors – One of the best ways to improve your credit score is to make sure there are no errors in your credit report. Dispute any inaccurate or incomplete information with the office that reported it.

Reduce your level of debt – High levels of debt can lower your score. Pay off as much debt as possible and keep balances low on revolving accounts like credit cards.

Build a positive credit history – Add positive information to your credit file by making payments on time and keeping debt levels low.

What can credit repair companies do with your credit and credit score?

Credit repair companies work to improve your credit score by removing inaccurate or negative information from your credit file. This can lead to significant improvements in your score, making it easier for you to borrow money at lower interest rates. If your credit is below 600, hiring a credit repair company may be worth it. However, if you already have a good score, doing the work yourself may be more profitable. Remember: improving your credit score takes time and effort, but with professional help, you can get there faster!

Are Credit Repair Companies Worth It?

There is no easy answer when it comes to whether hiring a credit repair company is worth it. Ultimately, it depends on your particular situation and the severity of your credit score. If you have a lot of negative items on your credit report that need to be challenged, a credit repair company can be a big help. They can work to get these items removed, which will improve your score over time. If you already have a good credit rating and just want to maintain it, doing the work yourself may be more cost effective. However, no matter what, always remember that improving your credit score takes time and effort!

Tips on Hiring a Credit Repair Company to Avoid Credit Repair Scams

Credit repair scams are commonplace. So, when hiring for a credit repair service company, it is important that you be careful who to trust. To help you choose the right credit repair company and avoid falling victim to these scams, here are some tips you might want to keep in mind.

  • Do your research and ask around for recommendations.
  • Check if the company is licensed and insured. Legitimate credit repair organizations are licensed and insured. If they can’t prove them, then leave immediately.
  • Make sure you fully understand the terms of the contract before signing anything.
  • Get a copy of your credit report from each bureau before hiring a credit repair company so you can track their progress.

Here’s another webinar that fully covers the many signs of a scammer you should be aware of:

Next, in our credit repair series, we’ll cover the negatives in even more detail. We’ll give you the tools you need to tinker with your contacts with the three major bureaus and fix your own score, so check out the Trussville Tribune next week for the final steps on your credit repair journey.

How to get a home improvement loan that’s right for you in 5 steps Mon, 28 Feb 2022 23:02:42 +0000


Finding the right home improvement loan or home improvement loan can seem like a daunting prospect. It is essential to understand all parts of the loan, such as loan repayment terms and how interest rates can affect your payment. Without this information, owners could end up incurring debts that they may struggle to repay. Read on to find out how to get a home improvement loan to secure a loan deal you can afford to repay with confidence.

Before you start…

How to Get a Home Improvement Loan


A home improvement loan is money that homeowners borrow specifically for a home improvement project. This money can come from a home’s equity, or a homeowner can get the loan amount themselves separately. A homeowner would repay this money on a fixed schedule, plus associated interest and fees.

First, a homeowner can make sure he really needs the loan. For example, if the project is not essential at the moment, such as a luxury addition, someone might think about saving money from their monthly budget for a while to pay for the project directly. If you’re in a place where you’re comfortable taking out a loan, read the steps below to get a home improvement loan right.

STEP 1: Assess your finances.

The first step is to assess your financial situation and determine how much you can spend each month. Create a realistic monthly budget, which includes all outgoing expenses for each month, such as mortgage payments, utilities, food, entertainment, credit card payments, savings goals, and any other obligations. Then subtract that total from the amount of money you bring in as a household. This difference should reveal how much money you have to spare for a home improvement loan payment. You can also check your credit score, as this will affect the type of interest rate you might get. Lower credit scores often mean higher interest rates. You can get your credit score in several ways: you can get it through your credit card lender, use a service like Credit Karma, or even just get the credit score through the lender you you may be considering opting out. These methods tend to be free and won’t hurt your credit score. You can also get a free copy of your credit report once a year from each of the three major credit bureaus (TransUnion, Equifax, and Experian).

Many home improvement loans also use your home itself as collateral for the loan, such as home equity loans or home equity lines of credit (HELOC). Using your home as collateral means that if you can’t repay the loan, the lender can repossess your home to make up for the money you haven’t repaid. But these loans allow you to borrow money based on the equity in your home. If you’re considering these options, you can also talk to your mortgage lender about your current home equity and how much they recommend borrowing. Typically, a new mortgage has a payment that goes mostly toward interest, not principal, and you may not yet have enough equity to borrow.

How to Get a Home Improvement Loan


STEP 2: Learn about your home improvement loan options and their costs.

In general, there are six types of loans people can access to help with home improvement costs, all of which work differently. As mentioned above, two types are home equity loans and home equity lines of credit (HELOC). You repay the borrowed amount, usually as a monthly payment over a set period of time. You’ll also have fees and interest built into your monthly payment; the amount of interest depends on home improvement loan rates. The difference between a home equity loan and a home equity line of credit is how the loan is disbursed: the loan is a lump sum with a home equity loan, and the HELOC is a revolving loan amount that you can use according to your needs.

How to get a renovation loan without equity? A personal loan can be an option: It is simply a loan of a certain amount of money. Homeowners who choose a personal loan can repay the loan amount gradually on a monthly schedule, plus any interest and fees. An advantage of this type of loan is that you are not using your home as collateral like with a home equity loan or HELOC. Likewise, you can also consider using credit cards if the project is smaller. However, credit cards are not the best option if the amount needed is large; you may end up pushing your credit limits too high. But if you only need a few hundred to a few thousand dollars for materials because you’re the do-it-yourself type, you might consider using credit cards.

Two other options are cash refinancing and an FHA 203(k) rehabilitation loan. Cash-out refinancing means that you take money out of your home equity and then refinance your mortgage to pay off that amount plus the loan balance. The FHA 203(k) Rehab Loan is offered by the US Department of Housing and Urban Development (HUD) and is intended for repairs to older homes that need upgrading. A lesser-known route is also to seek home repair grants through the US Department of Agriculture.

STEP 3: Decide which type of home improvement loan is best for you and your project.

All of the different types of home improvement loans work for very specific situations. For example, a home equity loan would be best if you have significant equity in your home or have even paid off the house. If you have a lot of wiggle room in your monthly budget and have a good chance of repaying that loan, a home equity loan may be a good option. It is also a good choice for people who need a large amount of money for a huge project because the loan is in one amount. For a HELOC, similar advice applies, but the revolving line of credit means you can use as much money as you need when you need it, making it better for smaller or ongoing projects. . Plus, you only pay interest on the amount of money used, not the total amount you have.

For people who do not have significant equity in their home, or those who are uncomfortable with the idea of ​​using their home as collateral against the loan, personal loans or credit cards will the best option. Consider a personal loan for larger projects, as you often get a lump sum as part of the loan. Similarly, cash-out refinance and the FHA 203(k) rehab loan work in specific situations, such as if you’re looking to refinance your mortgage or have a repairman on your hands. Consider using a home improvement loan calculator to help determine payments.

How to Get a Home Improvement Loan


STEP 4: Talk to potential lenders and compare your options.

Finally, look at the loans themselves. For home equity loans and HELOCs, your current lender is a reference. You can see what they offer for home improvement loans, and since you are already borrowing through them, they might offer you an offer on fees and interest rates. However, you can check with other lenders for their terms. Online lending companies, physical lending companies, banks, and credit unions are all options to consider. Financing your real estate project with credit cards is the easiest option, as there are a variety of well-known credit cards to consider. To get cash refinance, you need to go to banks, credit unions, or loan companies, often those that specialize in mortgages. The FHA 203(k) rehabilitation loan is offered by the US Department of Housing and Urban Development (HUD), but you will work with an FHA-approved lender to apply for this type of loan. How to get a home improvement loan with bad credit? If this is your case, you can discuss your situation with individual lenders. Some even specialize in working with people who have bad credit.

STEP 5: Apply for your loan.

Once you’ve decided what type of loan is right for you and where the home improvement loan is coming from, it’s time to start the application process. Is it hard to get a home improvement loan? This process varies greatly, depending on which home improvement loan you choose. Work closely with the lender to ensure they provide all the information you need. Lenders also need information, and it’s common for lenders to require personal information about you, especially during the application process and sometimes before. They may require pay stubs from the past 30 days, W-2 forms, signed federal tax returns, documents from other sources of income, bank statements, social security numbers, proof of identity, and possibly other documents. Make sure your information is accurate and complete, as incorrect information could result in the application being refused. Your personal situation may even affect the documents you need to provide, for example if you are self-employed, have irregular income or have non-wage income.

By following these steps on how to get a home improvement loan, you can enter the loan application process more informed, prepared and confident. Ultimately, it pays to know the types of legitimate loans and the types of lenders to work with. Knowing which home improvement loans are best for your plans and finances can also save you from a situation where you take on an unnecessary burden on your budget.

5 Ways to Improve Your Credit Score in 2022 Wed, 23 Feb 2022 16:18:45 +0000

Building your credit history can be as simple as checking your credit report for errors and improving your on-time payment history. (iStock)

Having good credit can help you get favorable terms on a number of products, from mortgages to credit cards. On the other hand, having a bad credit rating can make it harder to get loans and new lines of credit.

If you’ve set a goal to boost your credit score in 2022, here are five strategies to consider:

  1. Review your free credit reports
  2. Improve your on-time payment history
  3. Pay off credit card debt
  4. Keep old accounts open
  5. Open a secure credit card

Learn more about each credit repair strategy in the sections below and visit Credible to sign up for free credit monitoring services. You can also purchase a number of financial products, such as credit card consolidation loans and secured credit cards, for free without affecting your credit score.


1. Review your free credit reports

The first step to increasing your credit score is to identify areas where you can make improvements. An effective way to do this is to review your credit reports with the three major credit bureaus: Equifax, Experian and TransUnion.

Check your credit reports for errors, such as missing accounts or clerical errors that result in erroneous missed payments. Then dispute any errors by contacting the credit bureau, which is responsible for correcting inaccurate information through the Fair Credit Reporting Act.

You can request free weekly credit reports until April 20, 2022 at After that, you can pull your credit reports once a year for free. You can also sign up for free credit monitoring services on Credible, so you can identify errors or fraud as quickly as possible.


2. Improve your on-time payment history

Your payment history has the biggest impact on your credit rating, accounting for 35% of your score using the FICO scoring model. Derogatory marks, including missed payments, can last up to seven years on your credit report, although they have less of a negative impact over time.

Signing up for automatic payments to pay your bills and utilities is an easy way to improve your on-time payment history and boost your credit score. It may also be useful to download a free budgeting app to track your expenses and bills across all your bank accounts.


3. Pay off credit card debt

Another factor with a strong impact on your credit score is your the credit utilization ratio, which is the amount of debt you owe relative to your available credit. For example, if you owe $500 on a credit card with a credit limit of $4,500, your utilization rate on that account is approximately 11%.

Borrowers who regularly have high balances on their credit cards may have a high credit utilization rate, which can lower your credit score and cost you money over time due to interest rates. students.

Let’s say you have $3,000 in credit card debt on an account that has a $5,000 line of credit and an interest rate of 17%. If you only make the minimum payments, your credit utilization is 60%, which is about twice what credit reporting agencies recommend. Plus, you’ll likely pay hundreds of dollars in interest charges while you pay off your debts.

One way to reduce your credit usage and save money on interest is to consolidate credit card debt at a lower interest rate with a personal loan. As a bonus, personal loans can diversify your credit mix, which can further boost your credit score. You can compare personal loans for debt consolidation on Credible with a soft inquiry, which will not impact your credit score.


4. Keep old accounts open

Credit bureaus like to see a well-established credit history, which includes the average age of credit accounts in your name. If you have old credit accounts that you may not be using, it may be useful to keep them open to demonstrate a sufficient length of credit history.

Likewise, it may be wise to avoid opening new credit card accounts while you’re building your credit score. New accounts will shorten your average credit age, and they will also have a temporary (and minimal) negative impact due to thorough investigation when you apply for the account.

You might also consider becoming an authorized user on a trusted friend or relative’s credit card account. If they have a consistent and on-time payment history on an old account, it can help you build your own credit report without much effort on your part.


5. Open a secure credit card

If you don’t have an established credit history, it can be difficult to qualify for a traditional unsecured credit card. But without new lines of credit, it can be difficult to build your credit.

Some credit card issuers offer secured credit cards, also known as charge-to-credit cards. These accounts allow you to borrow money from a line of credit that you secure with a cash lump sum. With a secured credit card, you may need to pay $1,000 upfront – then you can use the credit card up to a certain limit.

Secured credit cards can help you establish a timely payment history and diversify your credit mix. This can help you boost your credit score quickly while avoiding interest charges. You can visit Credible to compare a variety of credit cards, including secured cards.


Do you have a financial question, but you don’t know who to contact? Email the Credible Money Expert at and your question might be answered by Credible in our Money Expert column.

The owners are sitting on $9.9 trillion in equity. Here’s how to get the most out of yours Sat, 19 Feb 2022 12:32:40 +0000

Image source: Getty Images

There are different ways to leverage the equity in your home.

Key points

  • Home prices soared in 2021 as low mortgage rates fueled buyer demand.
  • American owners are now sitting on $9.9 trillion in equity that they can use to their advantage.

It’s no secret that home prices have skyrocketed over the past year. Just ask any homebuyer who has tried to bid on a property to be shocked at how many other offers there are.

But while high home values ​​are bad for buyers, they are good for sellers and owners. Currently, the latter group is sitting on an all-time high of equity.

A dazzling increase in equity

Home equity refers to the part of your home that you fully own. You can calculate the amount of equity in your home by taking its market value – that is, the price it can sell for – and subtracting your mortgage balance. If you own a home worth $500,000 and owe $200,000 on your mortgage, that leaves you with $300,000 of equity that you can leverage.

At the end of 2021, home equity rose to $9.9 trillion nationally, according to data firm Black Knight. This is a 35% increase over the previous year. It also leaves the average homeowner with $185,000 of workable equity.

What to do with the equity in your home

Having a lot of home equity gives you a number of options, not least because you can borrow against that equity or even withdraw some of it.

Let’s say you have some home renovations you were hoping to do. If you’re borrowing against your home’s equity, those renovations could become a reality. You can also use the equity in your home to pay off unhealthy debt, like a credit card balance. And while it’s a good idea to use the equity in your home to achieve important financial goals, you can technically leverage that equity for any purpose, which means you can borrow against your home to take a vacation if you wish (even if it is not recommended) .

How to access the equity in your home

There are a few options you can use to leverage the equity in your home. First, you can borrow against your home through a home equity loan or a line of credit (HELOC). Neither option requires you to take out a new mortgage. Instead, you take out a separate loan or line of credit and continue to pay off your existing home loan.

With a home equity loan, you borrow a lump sum of money that you pay back in equal installments. The interest rate on this loan will be fixed, which is a good thing right now. Interest rates have risen and may continue to rise this year.

With a HELOC, you have access to a line of credit that you can draw on within a set time frame, usually five to ten years. You will only accrue interest on the portion of your HELOC that you operate, so if you get a $10,000 HELOC but borrow $8,000, the remaining $2,000 will not create a financial liability for you. However, HELOC interest is generally variable, so you run the risk of your interest rate increasing over time.

Finally, you can tap into the equity in your home with a cash refinance. This requires you to get a brand new mortgage – one where you borrow more than your remaining balance and get the rest in cash.

While today’s refinance rates are still competitive, they have steadily increased. If you’re going to lock yourself into a long-term loan, it might be worth moving before rates continue to rise.

The equity in your home gives you more options. It also puts you in a position where you can make a good profit from the sale of your home. In fact, last year the average seller walked away with a profit of around $94,000, so if you’ve been thinking about putting your home up for sale, now might be the time to do so.

A Historic Opportunity to Save Potentially Thousands of Dollars on Your Mortgage

Chances are interest rates won’t stay at multi-decade lows much longer. That’s why it’s crucial to act today, whether you want to refinance and lower your mortgage payments or are ready to pull the trigger on buying a new home.

Ascent’s in-house mortgage expert recommends this company find a low rate – and in fact, he’s used them himself to refi (twice!). Click here to learn more and see your rate. While this does not influence our product opinions, we do receive compensation from partners whose offers appear here. We are by your side, always. See The Ascent’s full announcer disclosure here.

How does an installment loan process work at Heart Paydays? Thu, 17 Feb 2022 18:38:35 +0000

An installment loan allows the borrower to withdraw a certain amount of money over time. The loan is then repaid in installments. Typically, installment loans come with fixed payment amounts – they don’t vary throughout the loan. However, loan interest rates may vary depending on the lender and the terms of the loan.

Examples of Tribal Installment Loans

Tribal installment loans for bad credit

Bad credit loans are great short-term cash solutions for people facing emergency expenses, but who have a very bad credit history. Lending platforms that offer these services are often not concerned with the borrower’s credit history. Instead, they only focus on whether or not they can repay their loans on time.

Tribal installment loans for bad credit

Credit score plays an important role in determining whether one is qualified for a loan. Borrowers with good credit ratings are often eligible for more loans than those with poor credit ratings, i.e. riskier applicants.

Alternatively, if you have a bad credit score, you can turn to Heart Paydays for a quick tribal installment loan for bad credit. The loan broker will connect you with a perfect loan company to solve your financial emergency needs here.

Tribal installment loans with a co-signer

A co-signer is someone who signs a loan agreement with another person. The co-signer agrees to take on the legal obligation to repay the loan if the applicant does not repay the loan on time. Additionally, the co-signer can help the applicant obtain loans on reasonable terms to reduce the lender’s risk.

Tribal Installment Loans No Teletrack

Teletrack was incorporated into the lending industry in 1989, making it a relative newcomer to the world of business-to-business financial systems. Its main function is to follow the personal credit files of creditors in search of quick information on potential customers.

Teletrack is a modern approach used to check borrower’s credit history. It gives lenders details of all credit records, such as credit card applications or mortgages that an applicant has ever incurred.

A no-teletrack tribal loan, on the other hand, ensures your credit privacy while improving your chances of qualifying for a tribal loan.

Eligibility for Tribal Installment Loans

There are many requirements to be eligible for instant payday loans. Although these requirements are designed to be used as a guide only, they may vary from one payday lender to another. Therefore, borrowers should review each lender’s policies when applying for a payday loan. While some creditors may assess your source of income, most are only concerned with the reliability of your income.

Clients must meet the following requirements to apply with online brokers such as Heartpaydays:

  • Must be at least 18 years old
  • Have an active email
  • Must have a current bank account

Tribal Installment Loan Costs

  • APR: Depending on your state’s lending legislatures and the amount you want to borrow, the APR can vary between 10% and 30% of your loan principal. Typically, they charge $15 per $100.

This equates to an annual percentage rate of almost 400% for a two-week loan. Tribal installment loans are often applied as alternatives to payday loans, where APRs range from 200% to 400%. Heart Paydays Loans offer installment loans with APRs between 5.99% and 35.99%.

  • Late fee: Creditors charge different penalty rates on late repayments depending on state lending laws.

If you are considering applying for a tribal installment loanknow that you will face challenges, especially if you cannot repay the loan immediately. If you find yourself in such a state, you can try various loan options such as loan refinancing or loan discharge in bankruptcy.

Although no law protects defaulting borrowers from prosecution, it is unusual to see borrowers unable to repay their loans end up in jail. Most of the jail sentences are due to these borrowers refusing to appear before the judges or failing to comply with court directives and not due to non-repayment of the loan.

How to apply for an installment loan at Heart Paydays

Step 1: Decide how much you need

Whatever loan you are looking for, estimating the amount you need is perhaps the key concern when deciding on a loan. Applicants are qualified to apply for loans of up to $5,000 from Heart Paydays. Installment loans vary depending on the direct lenders you are matched with from their database.

Step 2: Complete the application

Applicants enjoy a smooth application process when applying for loans online. As an applicant, you need to complete a brief online form and select the loan provider that offers you the best terms. This will instantly initiate the approval process by your potential lender.

Step 3: Wait for feedback

After completing the application, the lender will send you a response confirming whether your application has been accepted or not. This process typically takes less than ten minutes for Heart Paydays loan applicants.

Step 4: Receive your loan

If the direct lenders confirm that you qualify for their loan, they will deposit the money into your bank account. However, if your application is rejected, you will be referred to other lenders who can help you.

Get your installment loan today

The main challenge of opting for a tribal installment loan is that you will have to approach the lenders separately. Another big concern is that direct lenders have the privilege of setting loan terms and application procedures.

Fortunately, your fees can be significantly reduced with loan brokerage sites such as Heart Paydays. Also, they will save you the lengthy application process of direct lenders.

]]> Key Lending Information: Facts You Should Know Wed, 16 Feb 2022 10:56:33 +0000

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Can I cancel my credit insurance? How do people with bad credit history get credit? Can I prepay installment loans? We’ve rounded up ten popular credit questions users ask online.

Average US Credit Card Debt

The US debt situation is getting worse every year. The average American’s credit card debt in 2003 was:

  • Credit card debt $693 billion;
  • TOTAL debt of $7.38 trillion.

By 2021, the average American’s credit card debt reached:

  • Credit card debt $787 billion.
  • Total debt $14.96 trillion.

The trend continues to worsen. The data source: Federal Reserve Bank of New York (2021). Debt statistics are from the second quarter of each year.

  1. You can get a loan even if you don’t have a formal job

It turns out that some banks give loans without proof of income, but one should not count on a large amount and low interest rates in such a situation. It is best to go to the bank where you have a debit card. Often, banks form special offers for their customers with more loyal requirements. This is particularly true for online loans for bad credit.

But in any case, the borrower must have an income, even unofficial. If you have a source of income no need to take out loans, you have to live within your means. If you have no source of income you don’t have to take out loans, you’re just sinking into a hole. Look for a better source of income.

2. What unofficial income documents can I submit for a loan?

Some banks grant credits, requiring the simplified set of documents, where income can be proven by the free statement, under the bank form, by the account statement, or even without proof of income. The total family income is also taken into account. Co-borrowers or mortgages will increase the chances of approval and allow you to take out credit on more favorable terms.

3. You can get rid of credit insurance

You just need to write a request and send it to the insurance company. In addition, you must enclose a copy of the insurance contract with the request.

The company will return the money within 10 working days. If you want the money to be sent to a certain account, you need to specify its details in the request. Keep in mind that if the contract has already started, the money will be refunded after deducting the services already rendered.

4. Insurance can be returned for prepayment of credit

To begin, you must obtain a certificate from your bank stating that you have no debt. This document must be attached to the request for reimbursement of the amount of insurance. But the possibility of restitution of the insurance premium by the bank depends on the conditions of the credit agreement and the insurance contract. One of three situations is possible:

  • in the first case, you will be entitled to reimbursement of the total amount of the insurance premium paid without commissions or deductions;
  • in the second case, the bank will make a partial refund, i.e. the amount proportional to the duration of use of the insurance services;
  • in the third case, the insurance amount is not reimbursed at all. This situation is possible if the insurance contract stipulates that in the event of early repayment of the credit to the customer, the amount of the insurance premium paid is not returned. In this case, the customer has the full right to go to court.

5. You can take out a loan against the pledge of real estate held by proxy

It all depends on the powers that the owner has given to a person to dispose of his property.

If there is a right to dispose of the property in the form of its pledge to the creditor in the power of attorney, you have the right to count on obtaining a loan on the security of real estate, the owner of which is not not. It should be understood that the more precisely the cases of power of attorney are described for which the owner gives you the right to pledge his property, the fewer questions the lender may have.

Don’t forget to get your spouse’s consent and permission to put the property into receivership.

6. It is possible to refinance a recent loan

Yes, but it is a very specialized offer on the market. The majority of them require the borrower to make at least 3/6 payments on the existing loan. But the main requirement for the refinancing of all banks is the absence of late payments on current obligations.

7. Repay the installment sooner

A deposit received from a bank is a credit. The bank cooperates with the store. And the store gives the customer a discount on the goods in the amount of accrued interest on the credit.

8. You can get a loan even if you have a bad credit history

Borrowers with a bad credit history have the best chance of getting a credit card. So if you want to catch up on past mistakes and improve your credit history, it may be worth trying to get a card from a bank with a fair risk strategy first and use it carefully. for some years. A new on-time payment history will help improve your reputation in the eyes of potential lenders and increase your chances of getting a bigger loan.

9. What should I do if a debt collector calls and threatens?

If the collection company violates the law, the debtor must first collect as much evidence of the violation as possible call details, audio recordings of conversations, photos of messages. Also, it is worth contacting the prosecutor’s office.

The borrower can also signify his refusal to communicate with the creditor and his representative by registered mail with a list to the legal address of the creditor.

Corn! If your only home is a mortgage, it is excluded from the list of properties that the lender is not allowed to seize. Therefore, if the bailiffs are trying to put your apartment up for sale, and it is not included in the mortgage, do not hesitate to write an application for cancellation of the bailiff’s decision on the sale of your apartment. The same goes for those who are or are considering declaring bankruptcy. Write a petition to the court to exclude the property from the bankruptcy estate.

Suze Orman’s 3 steps to getting the right mortgage Mon, 14 Feb 2022 14:22:44 +0000

Image source: Getty Images

Getting a mortgage that’s right for you takes some effort.

Key points

  • Mortgages are usually repaid over 15 to 30 years, so borrowers have to pay off their loans over a long period of time.
  • Finance expert Suze Orman has some tips for getting the right mortgage.
  • She advises knowing your budget, shopping around for lenders, and choosing a lender who can work quickly.

It is important to research the best loan rates and terms before borrowing. But it’s especially important that you try to find a loan on the best terms when you take out a home loan. That’s because chances are you’ll borrow a lot of money and pay it back over decades.

Unfortunately, finding the perfect mortgage can be easier said than done, as there are so many lenders and loan types to choose from. The good news is that identifying the right loan is easier if you follow finance expert Suze Orman’s three-step process.

Here are the steps Orman says you should follow when looking for a home loan.

1. Don’t let the lender set your budget

The first step Orman suggests taking is to decide for yourself how much of a mortgage loan fits your budget.

She warns you that you should make your own decisions about how much to borrow rather than being fooled by mortgage lenders who may offer you a bigger loan than you want.

Mortgage lenders generally want to give you the highest loan they think you can afford, as this maximizes their profit. While it’s tempting to take the extra cash and buy a more expensive home, the fact is that a large mortgage payment could interfere with other financial goals you have.

If you take the time to decide what fits into your budget – while doing other tasks, such as saving for retirement – ​​you are much less likely to have to borrow a large sum of money that you leave poor.

2. Shop around for different financial institutions

Orman cautions against assuming that your current bank will always provide the best deal on a mortgage.

Instead of sticking with the status quo and simply applying for your home loan with the financial institution you already do business with, Orman suggests applying with at least three different lenders. She also advises you to look to community banks and credit unions.

This is one of his most important tips, as rates and terms can vary widely from mortgage lender to mortgage lender. Even a small increase in your mortgage rate could mean tens of thousands in additional interest over the life of the loan. You don’t want to settle for a bad deal on a mortgage just because you don’t realize you could do better.

3. Work with a lender who can close the deal

Finally, Orman suggests looking at the effectiveness of different lenders at closing loans when deciding which mortgage to apply for.

As she explains, many lenders can be slow to get a loan through to closing. This can sometimes end up costing you a home if the seller is looking for a quick sale or if you miss the time frame for obtaining financing based on your purchase agreement.

Orman suggests asking real estate agents which lenders tend to be efficient — and trouble-free — during the closing process.

By following these three tips, you can hopefully find an affordable loan at a low rate that closes quickly so you’re happy with your home purchase.

A Historic Opportunity to Save Potentially Thousands of Dollars on Your Mortgage

Chances are interest rates won’t stay at multi-decade lows much longer. That’s why it’s crucial to act today, whether you want to refinance and lower your mortgage payments or are ready to pull the trigger on buying a new home.

Ascent’s in-house mortgage expert recommends this company find a low rate – and in fact, he’s used them himself to refi (twice!). Click here to learn more and see your rate. While this does not influence our product opinions, we do receive compensation from partners whose offers appear here. We are by your side, always. See The Ascent’s full announcer disclosure here.