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Paying off student loans can sometimes feel like a daunting task, but if you approach it with a serious, rational plan, you could help yourself achieve more financial freedom faster than expected. Here’s some basic advice to help make paying them off easier and less stressful.
1. Study Your Loan Amounts, Rates, and Repayment Terms
College is an exciting time, and if you were like most students then you were too busy studying and enjoying campus life to think about your student loans too much. Now that school’s done, though, it’s important to familiarize yourself with your loans. This means understanding how much you’ve taken out, what interest rate you’re paying on each loan, and the repayment period for each loan.
2. Be Honest with Yourself
An easy thing to do after college is to simply ignore your student loans. It might not be the most pleasant thing to think about, after all. Ignoring your student loans could really damage your financial situation, leading to defaults, lower credit scores, and compounding interest that could leave you more in debt and financial trouble.
3. Set Up Automatic Payments
Life can get really busy, and it’s not always easy to remember when your monthly student loan payments are due, especially if you have to keep track of more than one loan. Log in to your online student loan accounts and set up automatic payments with your credit card. Make sure that your payment dates align with when you get paid so that you’re sure to have cash in your account before the payments go through.
4. Understand Repayment Plans
A 10-year plan is usually the standard plan for student loan repayment, but you may have the option to stretch it out over 15-25 years. The lower monthly payments on the 15-25 year plans are nice if you have limited income, but it’s important to realize that these plans will lead to significantly higher interest repayments over the course of the loan.
5. Pay Your Loans Off Faster
Being debt-free might seem like a long way off if you have a lot of student loan debt, but the faster you achieve it the closer you’ll be to financial freedom. If you have an emergency fund saved up and can save any extra money at the end of the month, pay it toward “principal only” payments on your loans. The best plan here is to pay off your biggest and highest interest loans first.
Get Financial Help with Clearline Loans
If you need any financial assistance at any point along the way, remember that ClearLine Loans is here to help you out with personal loans and advice. Feel free to contact our financial experts at any time.
Credit cards, personal loans, and other forms of credit are essential financial services to a wide range of people, providing financial help when you need it. While these different ways of lending can be positive for your financial profile, it’s necessary to remember to make your payments on time. In order to do this, it’s important to manage your budget. You can also consider setting up your account for automatic monthly payments. Find out why it’s so important to make your payments on time, and allow Clearline Loans to help you out when you need it.
1. Keep Your Interest Rate as Low as Possible
If you have a credit card or personal loan out, you’ve secured the lowest interest rate that was available to you at the time you took out the loan or credit card. In order to keep the interest rate as low as it is now, though, it’s important to make your monthly payments on time. Failure to do so could end up in a hike of your interest rate, which means bigger payments and more debt for you.
2. Avoid Costly Late Fees
Lenders want their clients to make their monthly payments on time, and failure to do so could end up in penalties in the form of late fees. You can avoid late fees by simply setting up your account for automatic monthly payments or setting an automatic reminder on your phone calendar to make the payment on time.
3. Make Your Payments Lower
If you’re having a hard time making your payment, there’s a tendency to put it off until your financial situation gets better. The problem is, the more you put off making your payments the worse your situation is likely to become. That’s because the next time your payment is due, you’re likely to owe over twice as much, including the current month’s payment, the missed month’s payment, and any late fees that may apply.
4. Improve Your Credit Score
One of the biggest advantages of paying your monthly loan and credit card payments on time is that it improves your credit score. Your credit score is what lending institutions use to help determine if you qualify for a loan, how much you qualify for, and what your interest rate will be. You’ll be more likely to qualify for a bigger loan and a lower interest rate if you have a better credit score because you made payments on time in the past.
Get More Financial Help from Clearline Loans
There are a lot of different things that can come up in your life that could require you to take out a personal loan. Work with the financial experts at Clearline Loans to find one that works for your needs. Feel free to contact us with questions, and apply for a loan today!
Financial difficulties can strike at any time, and it’s often just the fault of circumstance. Sometimes, the best solution available is to file bankruptcy in order to get a fresh start. While bankruptcy isn’t an ideal situation, it can be made a lot easier with some careful planning and an understanding of the need to make financially responsible decisions and reestablish good credit. At Clearline Loans, we’re here to help you take both of these steps. Read on to find out how to get a loan after filing for bankruptcy, and count on our financial experts to help guide you through the process.
1. Pay Your Bills on Time
The most important thing you can do as soon as you file for bankruptcy is to get your financial house in order right away. Take an honest look at your financial situation, which includes your monthly income and all your monthly bills. Make sure that you leave room in your budget every month to pay for your gas and electric, mortgage or rent, taxes, and any other bills you might have.
Also consider setting up automatic payments or electronic reminders in order to make sure payments are made on time. By making your payments on time, you’ll be signaling to future lenders that you are financially stable and responsible enough to trust with a loan.
2. Wait for Time to Pass
This might not sound like the most attractive option, but the fact is that your bankruptcy is going to show up on your credit report for the next seven to ten years. This means that future lenders are likely to be a bit weary to lend you as much money, especially immediately following your bankruptcy. This doesn’t mean it’s impossible to get a loan, though, and if you do your research you’re likely to find someone to take you on for a personal loan.
3. Work with Clearline Loans
At Clearline Loans, we understand that financial difficulties can hit even responsible people due to job loss, emergency medical expenses, and a variety of other unexpected circumstances that might come up along the way. We’re here to help you regain financial stability with personal loans—even for those individuals with a bankruptcy on their credit history. In fact, getting a personal loan can provide more than just financial stability following bankruptcy. If you make your payments on time every month, you’ll actually be rebuilding your credit history and improving your credit score.
At Clearline Loans, we provide fast underwriting as well as quick and secure funding. Contact our state licensed agency’s top-notch customer service representatives to find out more about securing a personal loan today. We look forward to working with you as you navigate your financial life with clarity and an eye toward the future.
Your credit score is arguably the most important number in your financial profile. Your credit rating helps lenders determine whether you qualify for a loan, how much you qualify for, and what kind of interest rate you’ll receive. If you’ve recently applied for a loan and been told that your credit score is too low, then it’s time to take control of your financial future by doing what it takes to fix your credit. Here are some of the steps you can start to take now that will fix your credit score.
The most important thing that credit rating agencies consider to determine your credit score is how consistently you’ve met your payment obligations over the years. This includes paying rent, electric, phone, and mortgage, as well as credit cards, car loans, and personal loans. Rating agencies will also consider how late you were if you failed to pay on time, and if any of your payments went to collections. They’ll also check for bankruptcies and foreclosures resulting from the failure to make payments.
The Amount of Money You Owe
The next consideration is the amount of total debt you’ve incurred and currently hold. This is considered alongside the amount of available credit you still have. Considerations are also made based on the types of credit accounts you have open to make sure that you have a good mix of credit and are able to manage your different accounts well.
The third part of the equation is the amount of time that you’ve been taking out credit. If you’ve been responsibly taking out credit and paying it off for years, that is a more sure sign of financial responsibility than if you just started taking out credit for the first time with no history to track.
Recent Accounts Opened
If you have taken out a lot of new credit accounts lately or have even applied for many, this could hurt your credit score in the short term, because it’s taken as a sign of potential financial vulnerability to other lenders.
Types of Credit Used
The last consideration is the nature of the types of accounts you have opened. It’s best to pay off all of your accounts on time but to keep a diverse range of different accounts open, including store accounts, credit cards, car loans, and mortgages. This is the least important part of the equation determining your score, though, so there’s not much need to worry if you have a limited diversity of accounts.
Need a Loan? ClearLine Loans Can Help
If you need help securing a new personal loan, feel free to get in touch with the professionals at Clearline Loans.
If you’ve ever thought about taking out a loan, a mortgage, or a line of credit, or if you plan on doing so in the future, it’s important to understand your credit score. Your credit score is the most important factor that lenders take into consideration when deciding whether to agree to give you the loan and to determine the interest rate you’ll pay as long as the loan is out.
Credit scores range from 300 to 850 and are determined by three different ratings agencies—TransUnion, Experian, and Equifax. The better your credit score, the lower the interest rate and the higher the amount you’ll be approved for. In order to secure and keep the best credit score possible, it’s helpful to understand how it is determined.
1. Order a Copy of Your Credit Report
There are three different credit reporting agencies—Equifax, Experian, and TransUnion—and each of them is required by law to provide you with one free copy of your credit report per year. There are a number of groups out there that will make you pay for your credit report, so make sure to go through annualcreditreport.com to avoid a charge. Looking at the report will give you a reality check in terms of your history of making late payments and other factors that could be causing your low score.
2. Check for and Report Inaccurate Information on Your Credit Report
Your credit report is supposed to be based on your personal financial history, but sometimes something goes wrong and you have the wrong information on your report. This can happen for a number of different reasons, including mistaken identity and other errors. If you see information on your credit report that doesn’t look right, let the credit reporting agency know which information is incorrect in writing and ask them to correct the false information. They must respond to your request within 30 days.
3. Make Your Payments on Time
The easiest and most immediate thing you can to do help improve your credit score in most circumstances is to make sure that you’re paying all of your bills on time every month. Every time you make a late credit card payment or allow a bill to go to collections, it is potentially having a negative impact on your credit score. Set up automatic payments online or set a reminder for when to pay each bill manually. If paying bills proves really difficult every month, make sure that you’re living on the right kind of budget for your personal income.
4. Reduce Your Debt
Another factor is the amount of debt you currently owe compared against your current credit limit. It’s a good idea in terms of how to rebuilt credit and how to ensure financial success and peace of mind in general to work as hard as you can to pay off your current levels of debt and to live within your means.
Get Help with Your Finance from Clearline Loans
Life is hard, and finances aren’t always easy. If you ever need help securing a personal loan, remember that the team at Clearline Loans is here to help you out. Contact us online and we’ll be glad to help ease your financial burden.
From student loans and credit card debt to medical bills and personal loans, there are many different reasons that most people end up with some amount of debt along their way through life. There’s nothing wrong with debt inherently, and sometimes it can help provide you with the leverage you need to get through a difficult month or achieve your personal or financial goals. For most people, though, the goal is ultimately to get out of debt and enjoy more financial freedom. Find out how best to navigate your way through the stressful process of paying down your loans and debts.
Pay More Than the Minimum Payments
If you’re only paying the minimum required payment for your debts, you will end up paying significantly more interest in the long run than if you are able to throw more money toward those payments each month. Do some budgeting to determine how much extra you can afford to put toward your debts each month and put that amount toward your debts consistently.
Start Paying Off Large, High Interest Debts First
Most people have more than one kind of debt to their name. If you do, go through each of them to determine the amount you currently owe and the interest rate you’re paying on each one. In general, the best strategy to paying off your loans the fastest is to throw all of your extra money to high interest, large loans.
The Snowball Method
If you go by the numbers, then paying off large, high interest debt is still the best strategy, but it can sometimes seem slow going. If you’re the kind of person that likes to see some small but meaningful victories along the way and don’t mind paying off a little bit more interest in the process, the snowball method might be the right one for you.
The way it works is you throw all of your extra money at the smallest loans, which you’re able to pay off fairly quickly. Once one of those small loans is paid off, you add the total amount you were paying toward that loan each month and throw it at the next smallest loan in line. The result is an ever-increasing amount of extra capital to tackle debt and a feeling of small accomplishment along the way.
Stay Disciplined and On Budget
The most essential thing you can do to make sure you pay off your loans in the most efficient timetable possible is to maintain a strict budget. This means making some sacrifices in the short term in terms of what you buy so that you can enjoy financial freedom in the long run.
Learn More About Debt Management From Clearline Loans
If you have questions about securing a loan or applying for a loan of your own, feel free to contact the helpful customer service team at Clearline Loans.
Keeping your finances in order and saving your money can be very difficult, especially when life throws a curveball. Don’t let a difficult financial situation get worse, though. No matter your financial situation, these are simple, practical steps you can take to get your finances in order, which can decrease anxiety and help you achieve your personal and financial goals.
1. Track Your Spending Habits
It’s hard to understand what your financial problems are, or even start to make a budget, if you don’t first look at where your money is going. For a month, track how you spend all of your money, including categories for things like groceries, mortgage/rent, utilities, children’s needs, debt, and recreation.
2. Don’t Spend More Than You Make
Once you’ve tracked your spending habits for a month, you’ll be able to see how much you’ve spent during that period. Compare the amount of money you spend during a month to the amount of money you bring in from your employer, government checks, or other income sources. If the amount of money you take in is less than you bring in, then you should try to cut back in any way you’re able.
3. Set Your Goals
Whether it’s saving up for a car loan down payment, saying up for a down payment on a home mortgage, putting aside money for retirement, or putting away money for your children’s education, there are a variety of financial goals to consider when setting up a budget. Figure out how much you need to put away each month in order to achieve these goals, and factor that into your budget.
4. Build a Safety Net
One of the big reasons that people end up in financial trouble is that they haven’t built up an emergency savings in case something goes wrong. From medical emergencies to car breakdowns, home expenses, and other surprises, life is full of unexpected expenses. If you can save up $5000 or $10,000 in case of an emergency, it gives you a buffer to keep you out of financial trouble.
5. Pay Down Your Debt
Take a look at your auto loans, credit car debt, personal loans, and other forms of debt, and try to pay down that debt as quickly as possible. If you have a lot of different forms of debt, try to pay down the larger amounts with the highest debt first. Once you do this, you’ll free up a lot of money in your monthly budget.
Clearline Loans is Here to Help You Out
Even once you have your budget planned and are saving your money, there’s always going to be unexpected expenses in your life. If you need help getting your finances in order with a short term loan, work with the experts at Clearline Loans. We succeed at fast funding, a secure online application, dedicated customer service, and we’re state licensed. Whatever your loan needs or financial goals, our team will work with you to help you achieve them!
Saving money a low income can seem nearly impossible, which is probably the reason so many people choose to put it off. The fact is with just a little bit of advice, though, you can learn how to budget on a low income in a way that will reduce anxiety and put you on the path to achieving your personal and financial goals.
If you’re having trouble and need some help, you can easily secure a short term loan through Clearline Loans. In the meantime, here are some of the steps to take to making and keeping a budget if you’re on a tight budget.
1. Lower Your Housing Costs
The biggest cost in most people’s lives is their rent or mortgage. Think about your current living situation, and think about how you could lower your costs. If you’re renting, should you move into a smaller or more affordable apartment? If you have a room to spare, why not rent it out to a friend or acquaintance to generate some extra income every month. Finally, keep your utility costs under control by limiting use of heating and air conditioning as much as possible.
2. Monitor Your Spending
It can be really easy to let short-term enjoyment take precedent over long term financial goals, but if you can curb your spending and eliminate purchases that are unnecessary, you could end up saving hundreds of dollars or more every week. One way to do this is to set up a budget that limits your extra spending to a certain amount each month.
3. Cook and Have Fun with Friends and Family at Home
Another easy way to keep to a tighter budget is to avoid going out to restaurants and bars for food and recreation. Instead, purchase a used cookbook or get some recipes from some friends or family and teach yourself how to prepare some of the meals you’ve always wanted to know how to make. When it comes time to hang out with friends, hang out in the backyard, go to the park, or have a movie night at home.
4. Don’t Take on Extra Debt for No Reason
One of the easiest ways that people allow their financial situation to get out of control is that when they fail to budget the right way they simply take on more debt then they can handle. They might do this by using the credit card too often, taking out loans to pay for things you can live without, or taking out an auto loan for a car that’s too expensive. The result of this is monthly payments that are too high and that could potentially break your budget.
Get Help When You Need It
This doesn’t mean there aren’t times when taking out a loan isn’t necessary, though. If you need help getting your budget back on track, take advantage of Clearline Loans, where we have competitive rates and terms on easy-to-secure personal loans.
One of the most common anxieties that people have in day-to-day life is the management of finances. From debt to difficulty handling unexpected expenses, your finances can help determine your current and future well-being as well as the well-being of your loved ones. Use this simple guide to help guide yourself through the steps to financial success, and remember that Clearline Loans is always here to help if you need a helping hand with a loan approval.
Invest Your Money Smartly
After you’ve taken some early steps like creating a budget and putting away an emergency fund in case you lose you job or something comes up, then you’re ready to begin generating wealth. The idea behind investment is to make your money work for you. You can do this in a variety of different ways, including:
401(k) Plans: If you have an employer who is willing to invest in your 401(k) plan, it’s a good idea for you to invest any extra income you have each month in order to help you build up a retirement fund. An IRA is also a good investment if a 401(k) is not available to you.
Invest in the Stock Market: If you want to take on the stock market, it’s a good idea to educate yourself before you start. Make sure to invest in companies that have been successful over a period of time rather than taking a risky gamble with your hard-earned money. You can also invest in mutual funds—bundles of stocks that are managed by experts to generate safe, reliable savings.
Buy a Home and Pay it Off
If you have savings built up and earn a steady income but still rent, it’s probably a good idea to invest in a home. While you’ll likely have a big mortgage you’ll have to pay off, owning a home comes with a variety of benefits. First, you’re generating equity in your home with each payment you make. You’ll also be able to take advantage of a variety of different home ownership tax incentives. In order to pay as little in interest as possible, though, pay more than the minimum payment on your mortgage principle on a consistent basis.
Pay for a Good Insurance Plan
It’s not the most romantic way of spending your money, but paying a little bit extra for good health insurance, home insurance, and car insurance plans is a really good idea. If you pay less, chances are you’ll be getting worse coverage and could be looking at enormous deductibles that might totally break your budget if something ends up going wrong.
Keep and Establish Credit
If you’re a smart consumer then there’s a good chance that you’re wary of credit cards, and that’s a good thing. Debt can really cause problems if you’re not careful. However, it’s smart to use your credit card within your set budget and then pay it off in full at the end of each month. If you do this, you’ll help establish a better credit score, allowing you to secure lower interest loans and mortgages.
Get Help When You Need It
It’s great to take control of your financial life. If you need any help at any point along the way, though, remember that Clearline Loans is here to help you out throughout the process. If you have questions, get in touch with our team at any time!
Please note: This is an expensive form of borrowing. Clearline Loans' products are designed to assist you in meeting your short-term borrowing needs and are not intended to be a long term financial solution. Examples of emergency reasons why these loans or lines of credit might be used include but not limited to: unexpected emergencies, car repair bills, medical care, or essential travel expenses.
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