5 Pitfalls of Interest Only Loans

An interest-only loan is a type of loan in which a borrower solely pays the interest on the principal balance for a specific amount of time. That time period is typically 3, 5, or 10 years. The principal payments will then kick in at a higher amount. This loan has many advantages. The monthly interest payments are typically low for the length of the interest-only period. Those particular payments are also tax-deductible. This loan allows a borrower to make a large purchase while retaining the majority of their money for other investments. Essentially, you can buy a more expensive home for a smaller amount…

   

Student Loan Forgiveness Tax Consequences

One benefit that many students take advantage of is student loan forgiveness. However, loan balance forgiveness is not as straightforward as you may initially think. When a lender forgives your student loan, the IRS puts down the forgiven loan as income, which is then taxable in most cases. If your situation qualifies you for Public Service Loan Forgiveness or an alternative Loan Repayment Assistance Program, then you can rest assured knowing that these types of programs are tax-free. Unfortunately, anyone else who attempts to gain forgiveness from a PAYE or IBR will have to deal with his or her forgiveness being…

   

6 Simple Ways to Lessen the Burden of Student Loan Debt

As you change out your book bag for a briefcase and prepare to enter into the real world, a harsh reality will hit—you must pay back your student loans. On top of this, more people than ever before earn a college degree, and so sticking out from the crowd is becoming increasingly difficult. On average, those who take out loans for their undergraduate degree are in debt by $29,400. Although the government has attempted to address the rising problem of student debt through debt forgiveness and borrowing funding models, these have not eased the problem. However, if you are graduating…

   

Creative Ways to Finance Home Repairs

Home repairs are a great way to enhance the look and function of your home, but they can get costly! There are certainly a plethora of loans out there just begging for your business, but do you want to get in over your head in debt just to fix some things around the house? If you are doing large repairs/remodeling, it can be even more expensive and debt inducing. Rather than jumping in headfirst with a home equity or even personal loan, consider these simple ways to get the money you need.   Sell Items You Don’t Need Cash is…

   

5 Steps to Establishing Business Credit with Bad Personal Credit

Starting your own business requires that you have an adequate amount of start-up capital, and creditors need the assurance that you are worth the risk. However, when you have bad personal credit, this may be easier said than done. In fact, commercial lenders and banks approve less than 10 percent of loan requests from small businesses. Having bad personal credit can be a major block to entrepreneurs who are trying to make it in the world of small businesses. The good news is that just because you have bad personal credit does not mean that your company cannot succeed. In…

   

The Advantages of Using Your Credit Card Alert Feature

Today it is very common for a person’s information to be stolen.  Usually you find out about suspicious activity weeks after it happens, leaving a big mess that can take years to fix.  In the middle of this mess you may wonder what could have been done differently in order to prevent this credit catastrophe.  The truth is there isn’t one foolproof plan that will prevent your information from being possibly stolen.  Therefore, looking into measures that can help alleviate a credit theft episode will be well worth it.  Having an institution observing your credit is not just a response…

   

Eliminating Debt Using the Snowball Method

Remember when you were a young kid and at the first site of snow you went outside to roll a snowball? Any snowball crafter knew they had to first make a smaller, tight ball and then roll it throughout the yard so that their snowball would get massive in a short period of time. Well, the debt snowball method is much the same. The idea of this system is only to make minimum payments on your debt and then focus your efforts on one single payment at a time. This prevents your efforts from being so diluted that nothing gets…

   

Financing a Home Improvement By Adding it to Your Home Mortgage

If you are a home buyer or homeowner who wants to renovate a house there are a few home renovation packages that you can add on to a mortgage. For instance, both the Federal Housing Administration and Fannie Mae allow home buyers to borrow on their mortgage based on what they expect the home to be worth after renovations are complete. Additionally, homeowners can use the programs to refinance their already-existing mortgage to add on the improvement costs as one loan. A few years ago there was nowhere as close to the same demand as there is today for home…

   

6 Things You Should Know About Balance Transfers

Balance transfers have a way of tempting you into obtaining another credit card. They provide lucrative terms and free up your available credit on another credit card. Before you jump on the next great offer that you think you found, you should know these 6 things about balance transfers.   1.  Balance Transfers are not Free   More often than not, there are fees that are tied into the balance transfer. This means that even if you are getting a 0 percent interest rate on your transfer, there is still going to be a fee. Each card will have specific…

   

Does Adding an Authorized User Build their Credit?

Having a son, daughter, spouse or other loved one become an authorized user of your account in order to boost their credit score is one of the most common strategies out there. It will help build up their credit score from scratch or repair it if it’s damaged. The authorized user strategy is a great one to use for both scenarios as long as it’s used correctly.   How Authorized Users Work One person’s name, for instance, your son or daughter, will be added to an existing credit card account that belongs to you. However, this does not make you…

   

 



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