Friday, May 11, 2018

Get the Money You Need Despite Bad Credit with These Loan Options

It takes but an instant to ruin your credit history and what seems like a lifetime to improve it. Though you may have been dealt a bad hand that resulted in the demise of your credit score, there are ways to bounce back. As you start to recover from the poor financial decisions of the past, however, that doesn’t mean that something can’t arise requiring you to have the cash to deal with it. If you’ve got bad credit, you may be thinking there isn’t much hope for getting fast cash, however, the opposite is quite true. Below are a few types of loans that may help you out.

Payday Loans
Perhaps the most common loans for people with bad credit is the payday loan. These are very short-term loans through mostly online lenders. They don’t require you to have any collateral, your credit doesn’t have to be exemplary, and you don’t need a lot of financial documentation to apply. Most applications are completed online and only take a few minutes.

To be eligible you’re required to be at least 18 years old, have an income that meets their minimum monthly requirements, and be the holder of a checking account in good standing. If approved for the loan, borrowers generally receive their funds deposited into their account within 24-48 hours.

There is a catch, however. Payday loans are thought of as predatory financial products because they prey on the pockets of those who are already in financial trouble. With these loans, you’re expected to pay them back within 14 days (or your next scheduled payday) to avoid paying high fees. An extension fee which can range in amounts and is based on what you've borrowed and the lender you chose, is an option. However, continually extending the due date on your loan increases the amount of money you’ve paid to the lender and does nothing towards the principal balance or interest rates on the bad credit loan. Therefore, this is only ideal if you need to borrow a few hundred bucks and can pay it back on your next paycheck.

Installment Loans
Short-term installment loans are payday loan alternatives. They too are geared towards consumers with bad credit, however, there are some significant differences. The eligibility requirements are the same and funds will be deposited into your account within one business day. Eligible applicants can get anywhere from $100 to $1250 within 24 hours to do handle their financial problem.

The difference between an installment loan and a payday loan is the repayment options. With a payday loan, you’re expected to repay within 14 days, which may not work for your budget, forcing you to pay for an extension after extension. An installment loan, on the other hand, breaks your loan balance and interest down into smaller amounts allowing you to repay your debt over the course of a few months. This tends to fit in the budget a bit better and lessens the likelihood that you’ll end up in a web of debt.

Credit Rebuilder Loans
If your need for cash isn’t urgent and you’d like to borrow money while improving your credit, a credit rebuilder loan may be the best option for you. It works very similarly to a secured credit card. Instead of a lender asking you for an asset as collateral to lower your risk as a borrower, they will instead require you to make a cash deposit into your checking or savings account. The amount you deposit is the loan amount.

For example, let's say you want to borrow $500. The lender would deposit $500 into an account (not for your use yet). You’d then make payments each month, including interest until you’ve reached $500. The lender reports these timely payments to the credit bureau which helps to improve your credit. Once you’ve made all scheduled payments, the $500 is then released for your use.

Having bad credit really does present a challenge when you’re in financial need, however, it is not the end of the world. There are lenders out there who are still willing to take a chance on you despite what your financial past looks like. If you’ve found yourself in a jam, are in need of extra cash, or simply want to improve your credit score, consider the options above. Whether you opt for a payday loan, installment loan, or credit rebuilder loan, be sure to borrow responsibly to avoid further negative action on your credit report.

Friday, April 27, 2018

Credit Card Bonuses Q2 2018

Save money on purchases and get cash back with coupon codes and the following credit cards:

Citi Dividend Card
  • 5% cash back 4/1/18 - 6/30/18: The Home Depot & Home Furnishing Stores
  • 5% cash back 7/1/18 - 9/30/18: Airline & Movies
  • 5% cash back 10/1/18 - 12/31/18: Best Buy & Department Stores
  • 1% on everything else.
Discover Card
  • 5% cash back 4/1/18 - 6/30/18: Grocery Stores
  • 5% cash back 7/1/18 - 9/30/18: Restaurants
  • 5% cash back 10/1/18 - 12/31/18: Amazon.com & Wholesale Clubs
  • up to 1% on everything else.
Barclaycard Arrival World MasterCard (Travel Rewards)
  • 2.1% on travel and dining
  • 1.05% on everything else.
  • No annual fee.
BankAmericard Cash Rewards
  • 3% on gas
  • 2% at grocery stores and wholesale clubs (including Costco)
  • 1% on everything else.
  • No annual fee.
  • Note: Rewards are worth more if you deposit them into a Bank of America account.
Costco Anywhere Visa Card
  • 4% on gas
  • 3% on restaurants and travel
  • 2% at Costco
  • 1% on everything else.
  • There is no annual fee, however you must be a Costco member.
Citi ThankYou Card
  • 2X points on Dining Out & Entertainment
  • 1X points on everything else.
Barclaycard Arrival Plus World MasterCard (Travel Rewards)
  • 2.1% on travel and dining
  • 2.1% on everything else.
  • ($89 annual fee after first year)
PFS

Wednesday, March 28, 2018

Money Market Rates March 2018

Here are the latest money market interest rates of the banks that I've been tracking on my blog. Note that these rates are sorted by APY, and represent institutions that I have accounts at, or have otherwise mentioned in my blog:

1.65% Popular Direct Savings
1.60% FNBO Direct Online Savings
1.50% Marcus by Goldman Sachs (GS Bank) Online Savings
1.50% Capital One 360 Money Market
1.50% Discover Bank Online Savings
1.45% American Express High Yield Savings
1.45% Ally Bank Online Savings
0.20% Unify FCU Money Market
0.04% Citibank Savings Account
0.04% Chase Plus Savings

In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates. Rates are believed to be accurate as of 3/27/18. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. I have included one credit union in the list so that readers have a comparison point with banks.

Several other banks have bumped up their money market rates and most of the ones in my list are now paying 1.40% or more. The interest rates are now becoming competitive, and I expect that will be a trend for a while.

The frequent changes show how variable the money market is. Because this is a constantly moving target, it has been very hard to keep track of the rates that I've been getting in my various money market accounts, and this is the main reason I've decided to compile a list of these annual percentage yields.

So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.

PFS

Thursday, February 22, 2018

Credit Card Bonuses February 2018

Save money on purchases and get cash back with coupon codes and the following credit cards:

Citi Dividend Card
  • 5% cash back 1/1/18 - 3/31/18: Gas Stations & Car Rentals
  • 5% cash back 4/1/18 - 6/30/18: The Home Depot & Home Furnishing Stores
  • 5% cash back 7/1/18 - 9/30/18: Airline & Movies
  • 5% cash back 10/1/18 - 12/31/18: Best Buy & Department Stores
  • 1% on everything else.
Discover Card
  • 5% cash back 1/1/18 - 3/31/18: Gas Stations & Wholesale Clubs
  • 5% cash back 4/1/18 - 6/30/18: Grocery Stores
  • 5% cash back 7/1/18 - 9/30/18: Resaurants
  • 5% cash back 10/1/18 - 12/31/18: Amazon.com & Wholesale Clubs
  • up to 1% on everything else.
Barclaycard Arrival World MasterCard (Travel Rewards)
  • 2.1% on travel and dining
  • 1.05% on everything else.
  • No annual fee.
BankAmericard Cash Rewards
  • 3% on gas
  • 2% at grocery stores
  • 2% at wholesale clubs (including Costco)
  • 1% on everything else.
  • No annual fee.
Costco Anywhere Visa Card
This card replaced the Costco TrueEarnings Card from American Express on June 20, 2016.
  • 4% on gas
  • 3% on restaurants and travel
  • 2% at Costco
  • 1% on everything else.
  • There is no annual fee, however you must be a Costco member.
Citi ThankYou Card
  • 2X points on Dining Out & Entertainment
  • 1X points on everything else.
Barclaycard Arrival Plus World MasterCard (Travel Rewards)
  • 2.1% on travel and dining
  • 2.1% on everything else.
  • ($89 annual fee after first year)
PFS

Wednesday, January 10, 2018

Discover Card Not Giving Cash Back at Safeway?

A few years ago, I wrote about getting Cash Back at Supermarkets using a Discover Card. I usually get my cash back from Safeway. This involves using a Discover Card in a supermarket, and then choosing cash back as a option during checkout. This is called a "cash over" option.

A couple months ago, I noticed that Discover Card no longer offers "cash over" when I pay. Have other people noticed this? I would like to hear your experiences.

PFS


Wednesday, December 27, 2017

Money Market Rates December 2017

Here are the latest money market interest rates of the banks that I've been tracking on my blog. Note that these rates are sorted by APY, and represent institutions that I have accounts at, or have otherwise mentioned in my blog:

1.40% Popular Direct Savings
1.40% FNBO Direct Online Savings
1.35% American Express High Yield Savings
1.30% Marcus by Goldman Sachs (GS Bank) Online Savings
1.30% Discover Bank Online Savings
1.30% Capital One 360 Money Market
1.25% Ally Bank Online Savings
0.20% Unify (fmr. Western) FCU Money Market
0.04% Citibank Savings Account
0.04% Chase Plus Savings

In some cases, MMA interest rates are tiered. If this is the case, I usually report the interest rate at the $10,000 tier in these updates. Rates are believed to be accurate as of 12/27/17. I did not include banks that had special, or introductory rates in the list because they are not ongoing interest rates. I am also not including non-liquid accounts such as CD's in the list. I have included one credit union in the list so that readers have a comparison point with banks.

Several other banks have bumped up their money market rates and most of the ones in my list are now paying 1.25% or more. I expect that some increase will become a trend for a while.

The frequent changes show how variable the money market is. Because this is a constantly moving target, it has been very hard to keep track of the rates that I've been getting in my various money market accounts, and this is the main reason I've decided to compile a list of these annual percentage yields.

So, that is the latest list of money market rates. Please let me know if you know of any higher interest rates.

PFS

Wednesday, November 22, 2017

IRS Increases 401(k) Contribution Limit

For 2018, the IRS has increased employee 401(k) contribution limit to $18,500. This is an increase of $500 from the 2017 limit. For those who will be 50 or older in 2018, that limit will be $24,500.

PFS

Disclaimer
PFStock.com does not provide specific tax advice. If you have questions about 401(k) plans and taxes, please contact a qualified tax advisor.