7 Best Small Business Loans of 2021

If you recently started a business, you might be wondering whether it’s a good idea to take out a small business loan. Small business loans can make it easier for you to buy equipment, hire…

The post 7 Best Small Business Loans of 2021 appeared first on Crediful.

Source: crediful.com

Personal Loans After Bankruptcy

Bankruptcy is not the end of the world. In fact, while it is more difficult to acquire loans and credit cards, it’s not impossible. In this guide, we’ll show you how you can get short-term loans and long-term loans even after you have filed for bankruptcy.

Whether you have debt to repay, bills to cover or credit to build, you can get back on track with a personal loan, even if you have recently filed for bankruptcy.

Challenges in Getting a Personal Loan After Bankruptcy

You will face a few issues when applying for an unsecured personal loan after bankruptcy. Firstly, lenders will insist that you wait a while before you apply. The exact timeframe will depend on the individual lender and the type of loan, but generally, you’ll need to give it at least 2 years.

Your credit score is also important. Bankruptcy can reduce your credit score by over 200 points, and it can do all kinds of major damage before you file. Loan companies are not interested in lending to individuals with poor credit scores and recent bankruptcy filings. This is especially true if they filed for Chapter 7, in which case all debts were discharged.

It makes sense—creditors base their activity on statistics and probability. If you have a recent filing and a terrible credit score, statistically you’re much less likely to meet your monthly repayments.

Some lenders will be more willing to take a risk on the basis that an individual who has recently filed is unable to file again for another few years. However, in these cases, they are still taking a massive risk and to offset that they will offer you massive rates. 

What’s more, while it seems like they are doing you a favor by taking a chance when no one else will, they’re actually just taking advantage of your desperation, offering you an unsecured loan when you’re more willing to accept.

Most Common Challenges and How to Overcome

The biggest issue you have when applying for personal loans after bankruptcy concerns your credit score. Your score will likely be very low, and many lenders refuse to offer low-rate loans to consumers with scores less than 660. If you have a score of 550 or less, you may still be offered a loan, but the rates will be high.

The good news is that things get easier with time. A bankruptcy discharge essentially wipes your slate clean, eliminating your monthly payments. This leaves you with more money in your pocket, which means you should have less need for an unsecured personal loan.

If you need a car, try a car loan instead. The fact that it is secured against the vehicle should ensure you receive better rates, even with a low credit score. If you simply need to build your credit score, try a secured credit card instead. Providing you meet your monthly payments on this secured card, you’ll get your security deposit back and your credit score will improve, as lenders report all activity to the credit bureaus. 

How Bankruptcy Affects Your Ability to Get a Personal Loan

A bankruptcy can remain on your credit report for 10 years and do some serious damage to your credit score in that time. The effects will diminish with each passing year and in the final few years, you shouldn’t have any issues whatsoever. However, it will take a few years before your credit score improves to a point where you don’t need to limit yourself to high-rate loans.

Your credit score isn’t the only issue, either. Many home, car, and personal loan lenders refuse all applicants who have filed for bankruptcy within a fixed period of time, often between 2 and 3 years. If you need a loan during this time then your options are limited, to say the least. You will be forced to choose one of the following options for unsecured credit:

  • Bad Credit Car Loans: These loans offer respectable sums and terms, but they have high-interest rates, and these may increase if you don’t meet your monthly payment obligations.
  • Payday Loans: High-rate and low-limit loans offered over a short period. The idea is that you take the loan when you’re struggling to make ends meet and need some assistance before payday. These loans are not as bad as they once were due to restrictions and regulations, but they are still not ideal. They are also illegal in nearly half of all US states.
  • Unsecured Credit Cards: You can also get a revolving line of credit with an unsecured credit card. However, as with bad credit loans, these have high-interest rates and very poor terms.

To trick you into paying a higher APR, lenders won’t always advertise their rates and will instead charge a fixed sum every month. This can be the equivalent of an APR over 20%, much higher than the average, which is around 16%.

Best Installment Loans After Bankruptcy

Before applying for a personal loan, take a close look at your finances. Calculate your debt-to-income ratio, and make sure you can comfortably afford the payments. If you have recently filed for bankruptcy, you can’t apply again for several years which means you’ve lost your get-out clause and can’t afford to fall behind on your payments.

If you struggle to meet your payments, lenders may still offer a repayment plan and financial hardship programs. However, if you’ve already been through debt issues then your options decrease and they may be less willing to lend a helping hand.

Only when you’re absolutely confident in your financial situation and your ability to repay should you seek to acquire additional debt. 

Here are a few providers and options that can help:

  • Upstart: Accepts credit scores as low as 580 with APRs as high as 36%.
  • Lending Club: You need a credit score of at least 600 to apply.
  • OneMain Financial: There is no minimum credit score and monthly payments begin at just over $200.
  • Lending Point: A minimum credit score of 585 is needed for loans of between $2,000 and $30,000.
  • Avant: Get up to $35,000 with an APR ranging from around 10% to 36%.

What Happens if you Get Refused?

If you get refused for a personal loan because you have a poor credit card or have recently filed for bankruptcy, there are a few options:

Wait

Patience is the best policy in this situation. It doesn’t matter how bleak things seem right now, they will improve in time. The longer you wait, the older your accounts will become, the more your payment history will improve (assuming you have active accounts) and the further away that bankruptcy filing will be.

If you don’t have any active accounts, waiting can still help, but you should also look into acquiring a credit card with a security deposit, which can greatly improve your credit score in just a few months 

A credit builder loan can also help, as can lending circles. These options are easy to apply for and don’t require stringent checks, great credit or a clean bankruptcy history. But before you get excited, they don’t give you cash sums in advance and are designed purely to help you rebuild your credit.

Appeal to the Lender

Bigger lenders use a long list of criteria to determine which applicants to accept and which ones to reject. No amount of begging or explaining will change their minds and if you’re rejected, you just need to move on, improve your score, and try again in the future.

However, if a smaller lender rejects you because of your recent bankruptcy filing, it’s worth contacting them to explain your situation. Explain how you have turned things around, show them proof if you have it, and ask them what would be required of you for them to accept. You might not get them to change their minds, but it should give you some valuable insight into their process.

Look for a Co-signer

A co-signer with a strong credit history can back you for a personal loan. However, it’s a very sensitive area and a huge favor to ask of anyone, even someone who loves you. 

If you stop meeting those payments the co-signer will become responsible for them, putting their credit in jeopardy. Choose carefully, don’t place anyone in an awkward position, never assume they should help you just because you need help, and always make your monthly payments so they are never required to cover for you.

Seek Other Options

There are other creditors, other loans, and other options—try a credit card, borrow from a friend or family member, sell an asset, use a pawn shop. We live in a credit hungry society and there are more options than anywhere else. Use these to your advantage and don’t get stuck chasing the same loan.

Personal Loans After Bankruptcy is a post from Pocket Your Dollars.

Source: pocketyourdollars.com

How To Get A Car Loan in 5 Easy Steps

Need a car loan soon? Whether you’re about to buy a car soon or just thinking about it, chances are you will likely finance it (unless, of course, you have the cash to buy it right away). So why not learn a few steps along the way to help you get a car loan. A little knowledge about the process can go a long way; so far as saving you thousands of dollars in the long run!

Ready to start comparing car loan already? Start now… it’s Free.

Step One: Review your credit file

You may need to get a free credit report and make sure you have a good credit score before applying for a car loan. The better your credit score, the higher your chance to get approved and save on interest.

Step Two: Compare interest rates

You should shop around, compare auto rates and fees before you apply for a car loan. The worst thing you can do to yourself is to apply for multiple loans at the same time, as this can affect your credit score.

So, look at multiple rates at one place so you can make the best decision. Also, remember you can choose a fixed rate or variable rate on a car loan.

Whichever you choose depends on what you’re comfortable with. Remember that a fixed rate will stay the same for all of the term of the loan. That means, your repayment will be predictable and you’ll be able to budget for a lot easier than with a variable rate.

Click here to compare car loan rates through LendingTree.

Step Three: Dealer Finance or Car loan?

You should always compare bank/independent loan to dealer finance.

Granted dealer financing may get you a auto loan with a very low rate, but that does not mean you get the best deal. Sometimes dealer financing can be more expensive in the long run. So you may want to compare rates from 2-3 lenders with a dealer finance rate to make sure you get the best rate possible.

Step Four: Get pre-approved

Before you commit to a car you should get pre-approved first. Plus, walking into the car dealership with a pre-approval letter in your hand, gives you greater negotiating power.

Step Five: Gather your documents and go car shopping

Once you decide on an auto loan that you’re happy with, it’s time to go car shopping! So gather your financial documents such as your pay stubs, bank statements, tax returns, and W2s.

Want to explore your car loan options? Visit LendingTree to compare the best car loan rates.

Related: How to save money for a car

Speak With The Right Financial Advisor

You can talk to a financial advisor who can review your finances and help you reach your goals. Find one who meets your needs with SmartAsset’s free financial advisor matching service. You answer a few questions and they match you with up to three financial advisors in your area. So, if you want help developing a plan to reach your financial goals, get started now.

The post How To Get A Car Loan in 5 Easy Steps appeared first on GrowthRapidly.

Source: growthrapidly.com

Should You Rent from a Private Landlord?

“For rent by owner,” reads the sign. You know what it means, but do you really understand what renting from a private landlord entails? Check out the pros and cons of renting from a property owner instead of a management company to figure out if a “for rent by owner” apartment is right for you. […]

The post Should You Rent from a Private Landlord? appeared first on Apartment Life.

Source: blog.apartmentsearch.com

9 Things I Love and Have Learned After 9 Years Of Blogging

I still remember the month I started my blog. I don’t really remember the exact first day, but I remember the first month and how excited I was.

In August of 2011, I started Making Sense of Cents.

That was exactly 9 years ago!

Back then, I had no idea what I was doing, and I also had no goals for my blog.

I didn’t even really know what a blog was, or that they could make money.

I also didn’t even like to write at that time!

In the past 9 years, so much has changed for me.

It’s crazy to think that I started my blog nine years ago, especially when I consider all of the amazing things it has done for my life.

It was something I started and worked on in addition to my full-time day job as a financial analyst, and around two years after I started this blog, I quit my day job to blog full-time.

Some numbers on Making Sense of Cents:

  • My first blog post was published on August 10, 2011. You can read it here.
  • I have published 1,878 articles here on Making Sense of Cents. That number was higher about a month ago, but I recently deleted several hundred articles that I thought weren’t good enough.
  • I have 70,816 comments on my blog posts.
  • I’ve personally replied to 21,080 comments.
  • It took me 6 months to earn my first $100 from Making Sense of Cents.

First, a little backstory on how I began.

You may have heard this from me before, but the funny thing is that I created my blog on a whim after reading about a personal finance website in a magazine. It started as a hobby to track my own personal finance progress, and I honestly didn’t even know that people could make money blogging!

I knew NOTHING about running a website.

At that time, I was working as an analyst at an investment banking and valuation firm. I chugged along working the 8-5, Monday through Friday grind and didn’t see myself having an enjoyable future there. I had a stressful job filled with lots of deadlines and responsibilities that just didn’t interest me. Yes, I know this is the norm for some people, but I just couldn’t imagine myself living like that for 40+ years.

Blogging was an outlet for my stressful day job, and my interest quickly grew, even though it was just a hobby. It gave me space to write about my personal finance situation, have a support group, to keep track of how I was doing, and more. I did not create Making Sense of Cents with the intention of earning an income, but after only six months, I began to make money blogging.

A friend I met through the blogging community connected me with an advertiser, and I earned $100 from that advertisement deal.

That one deal sparked my interest in taking my blog more seriously and learning how to make even more money blogging.

I now earn a great living from my blog, and it all started on a whim, not even knowing that blogs could make money.

Blogging completely changed my life for the better, and I urge anyone who is interested to learn how to start a blog as well.

Blogging has allowed me to take control of my finances and earn more money. It means I can work from home, travel whenever I want, have a flexible schedule, and more!

Related content:

  • How I Successfully Built A $1,000,000+ Blog
  • Welcome To Paradise – We’re Living On A Sailboat!
  • How To Start a Blog Free Course
  • Should I Start A Blog? Here Are The Top Reasons You Will Love Blogging
  • What is a blog post?

And, all of this happened because I started some random blog nine years ago.

I made so many mistakes, and I still make mistakes today. But, I continue to learn and improve, which has shaped this blog into what it is today.

I was so afraid to quit my job when I did, especially for a blog.

So many people thought I was absolutely crazy and making the worst decision of my life. Especially since my husband quit his job at the same time!

Today, I want to talk about the the 9 things that I love and have learned about blogging over the years. I feel like what I enjoy about blogging as well as what I’ve learned go hand in hand.

Oh yeah, if you haven’t yet – please follow me on Instagram.

Here’s what I love and have learned about blogging.

 

1. I love being my own boss.

When I first started my blog and realized I could make an income from it, I quickly learned how much I love being my own boss.

I love being in complete control of what I do, and becoming self-employed may allow you to feel that way as well. I enjoy deciding what I will do each day, creating my own schedule, determining my business goals, handling everything behind the scenes, and more.

I actually have a rule in my life/business where I don’t do anything unless I want to. While I still say yes to many amazing opportunities, I’m not doing anything that feels like a total drag or is against my beliefs. This has really helped improve my work-life balance, which is great because being able to choose how you earn a living amounts to making sure you love everything you do.

I honestly love each and every service I provide – writing online, promoting, networking, interacting with readers, and more.

Running an online business (and being your own boss) may not be for everyone, but it’s something I enjoy.

 

2. A flexible schedule is one of my most favorite things.

One of the best things about working for yourself and being a blogger is that you can have a flexible schedule.

I can work as far ahead as I want to, I can create my own work schedule, and more.

I love being able to work for a few hours in the morning, do something fun during the day (such as a hike), and then work later at night when I have nothing planned. I can also schedule appointments during the day and it’s really no big deal.

I can work at night, in the morning, on the weekends – I can work whenever.

But, this can also be something to be careful with as well, as it can be difficult to have a good work-life balance.

 

3. Location independence is AMAZING.

Being location independent for so many years has been great.

I love being able to work from wherever I am, and it’s allowed me some of the best experiences I’ve had, like living in an RV and now on a sailboat. All I need is an internet connection and my laptop.

The only problem with being location independent is that it can be hard to separate work from the rest of your life. You may find yourself working all the time, no matter where you are, and while that may seem great, being able to take a true vacation can be a hard task.

However, I’m not going to complain because the work-life balance I’m rocking right now is great.

 

4. Remember, success takes time!

Many bloggers quit just a few months in.

In fact, the statistic that I’ve always heard is that the average blogger quits just 6 months in.

I completely understand – starting a blog can be super overwhelming!

But, good things don’t come easy. If blogging was easy, then everyone would be doing it.

It took me 6 months for me to earn my first $100 from Making Sense of Cents. If I would have quit at that time, I would have missed out on so many great things!

Remember, success takes time!

 

5. Don’t write when you feel forced.

One thing I have definitely learned about myself over the years is that I write best when I’m not forced – i.e. when I’m on a deadline.

Instead, I always try to write content ahead of time.

I used to write content for Monday on the night before (Sunday!), and I found that to be super stressful. Even a week in advance was too stressful for me.

I like to be at least a month ahead, as then I can truly write when I feel inspired and happy to write.

 

6. Get ready to learn.

Pretty much everything about having a blog is a learning process.

Blogging is not a get rich quick scheme, and anyone who tells you that it is (or acts like it is) is lying.

Blogging is not easy.

And, you won’t make $100,000 your first month blogging.

Blogging can be a lot of work, and there is always something to learn. Something is always changing in the blogging world, which means you will need to continue to learn and adapt to the technology around you. This includes learning about social media platforms, running a website, growing your platform, writing high-quality content, and more.

This is something that I love about blogging – it’s never stale and there’s always a new challenge.

 

7. Stop seeing other bloggers as competition.

Okay, so this isn’t exactly something that I’ve learned, but I want everyone else to learn!

I have always had this mindset – that there is plenty of room for everyone in the blogging world. However, not everyone feels the same.

So many bloggers see other bloggers as enemies or competition, and this is a huge mistake.

I mostly see this in newer bloggers, and this can really hold them back.

Networking is very important if you want to create a successful blog. Bloggers should be open to making blogging friends, attending blog conferences, sharing other blogs’ content with their readers, and more.

Networking can help you enjoy blogging more, learn new things about blogging, learn how to make money blogging, make great connections, and more. If you want to make money blogging, then you will want to network with others! After all, networking is the reason why I learned how to make money blogging in the first place!

The key is to be genuine and to give more than you take, which are the two main things I always tell people when it comes to networking. I receive so many emails every day from people who clearly aren’t genuine, and it’s very easy to see.

I’ve made great friends who are bloggers and influencers, and it’s truly a great community to be in.

 

8. You don’t need previous experience to be successful.

To become a blogger, you don’t need any previous experience. You don’t need to be a computer wizard, understand social media, or anything else.

These are all things that you can learn as you go.

Nearly every single blogger was brand new at some point, and they had no idea what they were doing.

I’m proof of that because I didn’t even know that blogs existed when I started Making Sense of Cents, and I definitely didn’t know that bloggers could make money. I learned how to create a blog from the bottom up and have worked my way to where I am today. It’s not always easy, but it’s been rewarding!

With blogging, you’ll have a lot to learn, but that doesn’t mean it’s impossible. It’s challenging, but in a good way.

 

9. You can make a living blogging.

This is probably one of the best things that I’ve learned since I first started my blog.

You can actually make a living blogging!

No, not every single person will become a successful blogger (it’s NOT a get-rich-quick scheme), but I know many successful bloggers who started in a similar way as I did – blogging as a hobby and it just grew from there.

For me, I have earned a high income with my blog, and I have enough saved to retire whenever I would like. I am still working on my blog, though, as I enjoy what I do.

 

What’s next?

I’ve never really been much of a planner, so I don’t want to commit to anything HUGE haha.

But, for Making Sense of Cents, I do have some plans. I am working towards improving traffic and readership, and coming up with more and more high-quality content.

I am so grateful to all of you readers, and I want to continue to help you all out by writing high-quality content.

That is really my only goal for now!

If there’s anything you’d like me to write about on Making Sense of Cents, please send me an email at michelle@makingsenseofcents.com or leave a comment below.

Thank you for being a reader!

 

There’s a ton of valuable free resources.

I know I’ll be asked this, so I am going to include this here.

One of the great things about starting a blog is that there are a ton of FREE blogging resources out there that can help you get started.

In fact, I didn’t spend any money in the beginning in order to learn how to blog – instead, I signed up for a ton of free webinars, free email courses, and more.

  1. First, if you don’t have a blog, then I recommend starting off with my free blogging course How To Start A Blog FREE Course.
  2. Affiliate Marketing Cheat Sheet – With this time-saving cheat sheet, you’ll learn how to make affiliate income from your blog. These tips will help you to rapidly improve your results and increase your blogging income in no time.
  3. The SEO Starter Pack (FREE Video Training)– Improve your SEO knowledge in just 60 minutes with this FREE 6-day video training.
  4. The Free Blogging Planner – The Blogging Planner is a free workbook that I created just for you! In this free workbook, you’ll receive printables for starting your blog, creating a blog post, a daily/weekly blog planner, goals, and more.

Do you have any questions for me? Are you interested in starting your own business?

The post 9 Things I Love and Have Learned After 9 Years Of Blogging appeared first on Making Sense Of Cents.

Source: makingsenseofcents.com

10 Things You Need to Know before Buying a Car

Buying a new or used car can be an intimidating experience. Many car salespeople may pressure you to leave the lot with a purchased vehicle, so it’s crucial you’re armed with information about the cars you are interested in, the budget you can afford, and the value of your trade-in—if you have one. With these details, you have all the tools you need to negotiate properly.

Here are 10 tips and strategies for making sure you get the best-quality vehicle at the lowest price.

1. Think about Financing

Prior to visiting any dealership, have a sense of what kind of deposit you can put down and what monthly payment you can afford. It also helps to do some research on available auto loans to get a sense of what you qualify for. Or try a service like AutoGravity, which allows you to select rates and terms that fit your budget and then obtain offers from lenders.

2. Check Your Credit Score

Knowing your credit score can be helpful as well. Justin Lavelle, chief communications officer for BeenVerified, says, “Having a good idea of your credit report and credit score and the interest rates available can help you negotiate a good deal and save hundreds, if not thousands, of dollars.”

3. Shop Around

Research the cars you might be interested in before you head to a dealership, rather than going in unprepared. To determine what kind of car you want, use resources like US News Best Cars, where you can search anything from “best cars for families” to “best used cars under 10k.” Another resource is Autotrader, which can be used to search new and used cars in your area by make, model, price, body style, and more.

4. Compare Prices

Lavelle also stresses getting detailed pricing info in advance: “Price the car at different dealerships and use online services to get invoice and deal pricing.” A reliable tool is Kelley Blue Book. Use the site’s car value tool to find out the MSRP and the dealer invoice of a car as well as a range of prices you can expect to see at dealerships. TrueCar is also helpful to use. You can search for and request pricing on any make, model, or year of car. You may get a slew of phone calls, emails, and texts from dealers immediately after, but having information from different dealerships can help you negotiate prices. You should also visit dealer sites to look for rebate offers.

5. Research Your Trade-In’s Value

If you have a trade-in, don’t wait for the salesperson to tell you what it’s worth. On Kelley Blue Book, you can get a sense of the value ahead of time so you know if you’re receiving a good offer. Or try the Kelley Blue Book Instant Cash Offer feature, where dealers will give you a guaranteed price for a trade, eliminating complicated haggling at the dealership. 

6. Test Drive Potential Purchases

You may want to pass on the test drive if you’re familiar with a particular make and model, but Lavelle recommends taking the time to do it anyway. “It is a good idea to inspect the car and give it a good test drive just to make sure all is working and there are no noticeable squeaks, rattles, or shimmies that could cause you headaches after your purchase,” he says.

7. Look at Car Histories

Before selecting dealerships to visit, search for consumer reviews so you can avoid having a bad experience. However, Lavelle warns that just because a car sits on a reputable, well-reviewed lot does not necessarily mean that the car is issue-free. So he recommends digging deeper, especially for used cars. “Services like CARFAX represent that they can tell you about the car’s life from first purchase forward, so that might be a good place to start,” he says. He also recommends checking the title, which you can do online via the DMV.

8. Find Repair Records

In addition to checking the repair history on the specific car you are interested in, Autotrader suggests looking up the repair record of the make and model. “Check J.D. Power and Consumer Reports reliability ratings to see if the vehicle you’re considering is known to be a reliable one,” the site states. It also recommend Internet forums and word of mouth.

9. Spring for an Inspection

Autotrader also suggests telling the seller you require an inspection from a mechanic before purchase to ensure there aren’t any problems. “While a mechanic may charge $100 or more for such an inspection, it can be worth it if it saves you from thousands of dollars in potential repairs,” it recommends. Some sellers may try to dismiss a mechanic’s inspection. Don’t give in—the seller could be covering up a serious issue with the car. Insist an inspection is done, or rethink your purchase.

10. Know Your Rights

For any new or used car, take the time to get familiar with the warranty package and return policies. Do you need to supplement the warranty? Are you familiar with the lemon law in your state?

Shopping for a car can be frightening, but with the right research and preparation, you won’t have any regrets. Use the tips and resources above, and snag a free credit report from Credit.com so you know what kind of financing you can expect.

Image: istock

The post 10 Things You Need to Know before Buying a Car appeared first on Credit.com.

Source: credit.com