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8 Alternatives to Costly Payday Loans

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alternatives to payday loans

If you are searching for loans, you should be familiar with payday loans. They are appealing to those facing financial woes. Payday loans are generally bad and predatory lenders take advantage of those who are stumbling in financial disasters and trap them in the never-ending cycle of debt. Financially vulnerable individuals are their apex target.

Nonetheless, by now you should be wondering what are the best alternatives to payday loans? But to determine the best option for you, you can learn about your options and alternatives to online payday loans.

What is a Payday Loan?

A payday loan is a small, short-term unsecured loan, “regardless of whether repayment of loans is linked to a borrower’s payday.” The loans are also sometimes referred to as “cash advances,” though that term can also refer to cash provided against a prearranged line of credit such as a credit card.

This article is all about lending a hand towards your alertness and vigilance to help you avoid payday loans. Payday loans look enticing but they can have demoralizing effects on your personal finances and can be a cause of long-termed frustration and despair.

Give yourself a pat on your back if you have avoided a payday loan to this date. But if you haven’t, there are a number of actions you can look for in payday loan alternatives. Let’s take a look at some suggestions for you if you are trying to break away from an ongoing payday loan debt cycle.

  1. Approach an official and trustworthy credit counselor
  2. Look for payday loan alternatives
  3. Consider a low-interest rate consolidation loan

It also important for you to know that there are much better options available for you if you want to borrow fast money for emergencies:

Best payday loan alternatives:

Reason for taking out a payday loan: Alternative to payday loan:
  1. Emergency costs arise.
  2. No outstanding crippling debt.
  3. Credit Score of over 700.
You could use credit cards instead. Top picks:
  1. Emergency costs arise.
  2. No outstanding crippling debt.
  3. You have a credit score of over 600.
We recommend personal loans instead. Top picks:
  1. Emergency costs arise.
  2. You do have long-term debt.
  3. You have a credit score below 600.
Use Payday Alternative Loans (PAL) instead.

The Best Payday Loan Alternatives of 2020

The best payday loan alternatives are given below. You can compare your options and choose the best one given your situation. Be sure to review all of your options before making such a big financial decision:

1. Negotiate with your creditors

All the creditors are not the same. Consequently, everybody in the loan lending business isn’t rude and will hear you out. It’s always nice remembering that there are some nice and polite creditors in this fast-paced capitalistic economy. If you have a temporary hurdle in cash flow, they will definitely understand your condition and will assist you in providing some sort of relief. Discuss your problem with them and ask for an extension in the repayment procedure.

 2. Use your credit cards

Consider using your credit cards to pay for any unexpected emergencies that arise. If you have a good credit score then they can be a great option for most people. Both the Discover it® Cash Back and American Express Blue Cash also offer great introductory 0% APR offers. A 0% intro APR offer means that you won’t have to pay interest on your purchases for a specific time period which will be explained on the card’s website. Generally, most intro APRs range from six to twelve months.

Just remember to not make it your routine or habit to rely on credit cards for emergencies. After all, that is why you should build your emergency savings fund sooner rather than later.

3. Consider small consolidation loans

There are pawnbrokers or credit unions that can good options to consider but require long and outdrawn procedures and paperwork. These loans are approved after going through detailed documentation and verification procedures.

4. Take an advance on your paycheck or salary

You can also think about taking an advance in your salary if your job offers this. There have been times in previous work environments where an employee would ask for an advance and most smaller companies are willing to accommodate your needs. Your advance will simply be accounted for on your next paycheck. It’s essentially a payday loan without the fees and headache.

5. Use selling apps

If you have some things lying around your home that you can sell to cover any unexpected costs then all the better. Before applying for payday loans. check how much you can get for your unwanted stuff. For example, you can sell your gold jewelry or even used selling apps to sell your used DVDs for quick cash.

6. Try to make extra income

Ask your employer to work a little longer and earn some extra money by working overtime.

7. Pick up a quick side gig

If you have any talent, it’s a perfect time to show it to the world, go ahead and get benefit from it. Take a look at some ways to make $60 quick here.

8. Borrow from friend or relative

If you want to avoid payday loans and the notoriously high interest rates, it’s better to borrow from your friends or family members. Don’t feel embarrassed, share your financial condition with them and the worse they can say is no.

The Bottom Line

Figuring out the best payday loan alternative can be tricky. We’re hoping we helped you compare your options and choose the best one given your situation.

In addition to all above-mentioned best payday loan alternatives, you can also consider short term consumer loans and check for emergency community assistance plans if possible. An auto loan can also be an alternative if you own your vehicle. Personal installment loans are also a good option because they come up with comparatively low-interest rates.

The bottom line is that you have options and being a sensible and responsible individual means you should weigh them all out. Ultimately working towards having a plan to deal with uncertain circumstances and emergencies is ideal. This is if you want to escape from getting deeper inside the debt cycle by avoiding payday loans.

Are Installment Loans an Alternative for Predatory Loans?

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installment loan vs payday loan

Need money now and considering the pros/cons between an installment loan vs payday loan? We’ll discuss the benefits of both but first, we need to learn how you’re in this situation.

Do you think you are making enough money? Or are you in the 38% of the population who live paycheck to paycheck? If you fall in that 38%, then you can relate to what I’ll discuss in this article.

Making smart financial moves when you do have it may sound great. However, when money crunches there are two ways you can go, either you have a financial problem or an opportunity to take control of your financial life.

Let us tell you we are not speaking about any lavish mansions, sports cars or some luxury spending, it’s about day to day bare minimums like paying bills or striving for a better quality of life for yourself and those who matter to you.

Why Are You Having Financial Struggles?

The reasons for financial struggles can be multiple things such as underemployment, bad credit score, living paycheck to paycheck, etc. Irrespectively of the reasons, there are diverse ways to rebuild your credit, increase your savings, and break free from the circle of living paycheck to paycheck.

Now one might think most strategies to improve personal finances take time (unless it’s winning the lotto). Although it may appear like there’s no getting around, budgeting and building a habit of making better financial decisions which can drastically improve your chances of living the life you desire.

One way is by consolidating the debts using personal installment loans to protect you from any further financial damages due to predatory loans.

What is an Installment Loan?

Before discussing the difference let us disclose a fact to you. Anybody can protect themselves and stay financially safe by avoiding predatory loans, even those with poor credit score! Any loan that’s difficult to be repaid or gets the borrower into never-ending rollover cycles can be unsafe. When facing a shortage of cash,  it’s natural to believe that short termed loans or fast cash like title loans can resolve unexpected expenditures.

However, the staggering fact is, if not chosen carefully such loans can cost you your asset or result in debt traps. Some safe options like traditional low-interest bank loans, credit unions, line of credits can rely on unused credit in order to let you fix that car windshield or pay the electricity bill.

Now you might think what if my credit card is already maxed out or my credit score is not that good? A personal installment loan from a reputable and socially responsible lender is a responsible solution in this case. Here is how an installment loan is different from all those predatory loans out there.

1. Affordable and Easier to Manage

The biggest difference in terms of installment loans is that they can actually be repaid. Many borrowers cannot afford the lump sum repayments which is a common condition in most of the predatory loans.

Installment loans are essentially designed to allow the borrowers to payback in smaller chunks at regular intervals. The repayment amount is usually predefined or fixed. Thus, instead of a single lump sum payback amount, the installment loan is spread out making more affordable and easier to manage.

2. Spread Over Longer Period

As a borrower of an installment loan, you can decide based on your convenience in what timeframe (in some cases up to 36 months) you can repay the latter. Installment loan lenders usually allow their customers to repay over longer durations.

This means your individual payments will be lower making it more convenient to take care of everyday expenses as well as pay back the loan making it a perfect fit for a better life. Also, if you make one time payments for six months and your lender reports your on-time payments to the credit bureaus, there are chances that the credit bureau will boost your credit score by a few points.

3. Amortizing In Nature

By now we all know that payments are scheduled well in advance for installment loans and the cost of the loan is spread over multiple payments making it more affordable. Most of the short-termed loans might come with startling interest rates and also offer rollover option making borrowers vulnerable to paying another round of interest and fees.

On the contrary, every time you make a payment at a stipulated interval for an installment loan, a portion of the principal, as well as the interest, gets taken care of. This means that the amount paid every month is never changed and borrowers get a clear idea of how much they will owe for each payment including the interest amount. Hence at often, occasions installment loans are amortizing in nature.

Online Installment Loans Summary

If you are in need of cash fast, and willing to pursue a safe affordable installment loan that you can actually repay, make sure you choose a responsible lender before you apply for an online installment loan.

Not only they offer no-credit-check loans but also use a soft credit check application process to evaluate borrowers’ creditworthiness. You will thank yourself as you got all your homework done and now set to shop for the right online installment loan!

Need Cash Fast? Understanding Payday Loans for Bad Credit

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payday loans for bad credit

If you are running short of money, you are likely in search of smart ways to get instant financial aid. Every day millions of people search online for a quick way to get money.

It’s no secret that having a poor credit score can make it difficult to secure personal loans or instant cash. You may be wondering if payday loans are a good option? 

Last month, the CFPB announced that it will be reconsidering controversial new rules that would have dramatically altered the payday lending industry. The rules were expected to reduce lending volume and were one of the last actions of the former Obama-appointed director. This announcement is good for consumers like you as policies are in place regulating the payday lending industry and making it safer for consumers.

So while there aren’t many loan options available for bad credit score holders, you still have options. The good news is that online payday loans for bad credit are specially designed for helping people having an adverse credit background. This article will help you obtain all the essential information about bad credit payday loans.

What is a Bad Credit Payday Loan?

A bad credit payday loan is a form of an unsecured personal loan designed for individuals with bad credit or no credit background. It’s short-termed financial assistance until the next payday.

It is easy to obtain one online, and most people can take out a payday loan at any time. There are a few other terms used for payday loans, and they are also known as:

  • Payday loans
  • Unsecured loans
  • Cash advance loans
  • Payday cash advance
  • Instant loans

If you really need a payday loan, you should know about terms and conditions, limitations, upsides as well as downsides, and all the other aspects before taking one out.

Components of Payday Loans for Bad Credit

We’ll start with the basics. All kinds of loans (not just payday loans) are comprised of three basic components:

1. Principal

It is the total amount of money that you borrow from the lender.

2. Interest

Interest is added on the money paid to the lender for lending you the debt. The interest on money depends on the ARP and can vary from lender to lender.

3. Collateral

It is a guarantee or security that the borrower puts on the account. The lender can claim this collateral if the borrower does not repay the loan on time.

Eligibility Criteria for Applying for a Payday Loan

The lender will lend you the cash if you meet the given requirements:

Age

Above the age of 18  years old. Payday loans designed for adults.

Reliable Source of Income

Have some reliable source of income (you should be able to repay on time).

Other Criteria

  • Legally verified citizen of the state
  • Clear image without any criminal background or allegations
  • An active and verified bank account

How Much Can I Get?

As these loans are short-termed, they have a very little time span that can be of one week or two. So the amount lenders lend is also not too much. You can get up to $1,000 at any time.

The return rate of this amount comes up with a high-interest rate, but if you put something as collateral, you can get a lower interest rate while the loan amount can also be higher.

Pros and Cons of Payday Loan

Pros of Payday Loans

Cons of Payday Loans

They are the ray of light in the darkness. Payday loans are helpful when there are no ways around    Comes up with a higher APR
A non-intrusive process of application submission  If you are unable to pay back on time, you may be caught into a non-ending cycle of debt
Bad credit payday loans are unsecured loans, (without collateral)     A borrower should be beware of scammers and disreputable lenders

 

Online portals are available providing swift and easy access to payday loan     

 
You are not bound to long-termed contracts, your payment will be over as soon as you repay       

Steps to Apply for a Payday Loan

If you want to get an affordable payday loan online, follow these following steps:

1. Compare your options

It’s important to compare different payday loan lenders before choosing one. Compare between their loan amount, repayment terms and conditions, rules and regulations set by them, the interest rate and APR, and select the one that meets your needs.

2. Analyze the eligibility criteria and review the terms and conditions carefully

If you have a bad credit score, Payday loan lenders do accept your application but still, they have some requirements. You have to fit in the given criteria.

3. Borrow according to your affordability

Don’t overestimate your affordability and budget; only borrow what you can repay easily.

 4. Keep in mind the costs and fees

Make sure you are aware of the costs and fees. Payday loans range in size from $100 to $1,000, depending on state legal maximums. The average loan term is about two weeks or so. Loans typically cost 400% annual interest (APR) or more. The finance charge ranges from $15 to $30 to borrow $100.

Tips on Getting a Payday Loan with Bad Credit Online

If your credit isn’t great, it’s still possible to get a payday loan with bad credit online. But your choice of lenders will probably be limited, and the interest rate could be high.

You need money but have a bad credit score? What will you do? Which option is best to choose? Is there any chance to get a payday loan while having bad credit at the same time?

So many questions are arising in your mind that you are probably stressing out. You must be humming and hawing over the decision whether to get a loan or not. When you are considering a bad credit loan, a short-termed or payday loan is the finest elucidation to your financial requirements. It’s luring if you get a chance to pay all your debts within a week with the help of bad credit payday loans. Isn’t it?

Well, it is not a big deal to get a bad credit payday loan. The only thing that could happen is that it could become more complicated if you don’t understand the procedure well. When it comes to bad credit borrowing, you should go for a loan that actually relates to your affordability. Finding the best suitable and affordable loan according to your financial condition is the key to avoid future risks and crises.

Get answers to your questions before applying for payday loans for bad credit

In case of serious financial calamities, you have to be smart enough to deal with the debt and handle the situation. There are tons of lenders offering you tempting deals and loan packages when you have an awful credit score, thus they manage to trap you in the dung of never-ending debts. If you play it smartly and choose wisely you can escape from lenders and save your financial prospects. Below are a few important questions that you should ask before taking out bad credit payday loans. The answers to these questions will lead you towards the right decision making.

  1.    Ask about interest rates?
  2.    Amortized or a non-amortized loan?
  3.    Can I afford this loan or installments?
  4.    Is my financial background being reviewed by the lender?
  5.    What is the customers’ feedback about the lender?

Ask about interest rates

It is a fact that interests in bad credits are higher when compared to good ones. As a result, if you have bad credit, the first point you will need to ask is about the monthly and annual interest rates on payday loans. When you are looking for a short-termed /payday loan, expect an interest rate of 12-15% on the actual amount: e.g. $15 interest on $100. Rates of interest can vary according to your credit score. These high rates are just because you are in a state of financial emergency thus, you are willing to pay the interests at any rate.

In addition to annual interest rates, you also need to give a glance at the APR (annual percentage rate). Different lenders offer different rates. If you compare the loan lending market, you will figure out the best suitable lender who is offering comparatively less interests and APR.

Amortized or non-amortized loan

An amortized loan is a loan whose payment is paid down over a long period of time, all the way through equal installments. Amortized loans do not charge interests as a whole as they are charging the latters on your payment accumulated within a period of time. This loan is crucial to avoid the trap of a debt cycle.

Can I afford this loan or installments?

As mentioned earlier, bad credit payday loans have high rates of interest, if a person is already surrounded by the debt’s dark enclave. The situation where at the end of the year one finds himself in even more debt and has to re-scrounge another loan to pay previous dues and so on needs to be avoided. So it is important to make sure that you can pay the loan with interests at a committed time or do not apply for one.

Is my financial background being reviewed by the lender?

Bad credit loans are also known as “no credit check loans”. They are specially designed to assist people with bad credit. Lenders don’t do hard checks before lending loans to the applicant. “No hard checks” does not mean they don’t verify your financial capability of repaying a loan. They do authenticate your financial condition and after a “soft credit check,” they lend you a bad credit payday loan. Yeah! Your financial background is being reviewed by the lender but these checks won’t affect your credit score. One should choose a lender who cares about his repaying ability instead of digging him deep inside the debt’s ditch.

What is customers’ feedback about the lender?

It is our instinct; we prefer to choose the thing that already has a good reputation.

  •    We like to go to a restaurant that is recommended by our peers, friends, etc
  •    We want to listen to music that has many likes and subscribers on Soundcloud
  •    We prefer to watch videos that are popular on YouTube

This all is the game of reviews and feedback. Taking a loan is a serious matter so why not to check customers’ reviews on the lender’s website before making a decision.

I hope by now you are prepared enough to apply for a loan. There are many other questions and points that should be considered before taking out a loan, but having answers to all of your questions is key. Apart from all these, you have to make a firm decision about “which loan is suitable for you?”  If you figure it out smartly, you will thrive brilliantly!

The Bottom Line

To keep it short and precise, if you have bad credit and need money badly to meet end needs, then a bad credit payday loan is a suitable option.

Go for this loan only if you can pay it back on time, otherwise, you are going to put yourself into a tough financial situation. This is primarily due to the fact that payday loans have notoriously high-interest rates, so you should make sure you’re able to meet the repayment terms. You can also compare installment loans as an alternative to payday loans.

By now hopefully, you have developed an understanding of the upsides and downsides of bad credit payday loans. So, taking a loan is not the worst financial decision you can make just be sure to pay off your payday loans fast. Everyone has emergencies to deal with at one point or another and payday loans for bad credit can make sense if you need cash now.

5 Best Personal Loans of 2020

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best personal loans

Do you need access to money and are searching for the best personal loans of 2020?

We compared the best personal loans for good credit.

Personal loans can be a great alternative to credit cards for large or unexpected expenses.

You can also use a loan to reach a financial goal, such as paying off high-interest debt or funding a large purchase.

Usually, the loan with the lowest interest rate will be the least expensive option and is the best choice.

The options below offer fast and easy online applications.

Please note that pre-qualifying will not impact your credit.

Do You Need Access to Cash?

Anything can make us want money. The reason can be an insurance premium due, a vacation to travel, host a party, a house renovation, and so on and so forth.

A personal loan online can help us achieve our dreams when we can’t get the money from our pockets.

Online personal loans can be payday loans, paycheck loans, or installment loans. They are often on short-termed repayment bases, most especially when they are unsecured.

In order to be approved for such loans, employment history and identity verification are required.

Both requirements must show that the borrower can repay the debt with the prospective paychecks.

Best Personal Loans of 2020

A borrower can make a request for a personal loan from either a conventional entity or an online lender, but the best and easiest platform to take a loan is via the internet from an online lender.

When a borrower applies for an online loan, some basic information that ranges from the borrower’s name, home address, office address, phone number, social security number, and the borrower’s employer name and contact are required.

Borrowers also provide the online lender with their bank routing number and personal bank account for verification. Once the loan request is approved, the fund is disbursed to the borrower’s local bank account.

Here are the best personal loan options as of 2020:

LENDERRATES (APR)LOAN AMOUNTVISIT
sofi personal loan5.99% – 18.82%$5,000 to $100,000GET MY RATE
credible personal loans5.95% – 35.99%$1,000 to $100,000GET MY RATE
lendingtree personal loan99.00% – 199.00%$500 to $4,000GET MY RATE
upstart personal loans8.13% – 35.99%$1,000 to $50,000GET MY RATE
upgrade personal loans7.99% – 35.97%$1,000 to $35,000GET MY RATE

If you have poor to bad credit, you should consider using LendJet to get a personal loan. You can see our full review here.

Benefits of Taking Out an Online Loan

1. Online Approval

Online lending service is available 24/7. Anywhere you are, you can apply for a loan on the internet. Most Online lenders provide loans with quick approval. There is no use of fax. Everything can be done just with your phone and internet connection.

2. Saves You Time

Taking out a loan via the internet saves time. An in-person application can take days before you get your loan approved, but the online lenders provide you with a loan by using the fastest method.

3. You Can Get Out of Difficult Situations Quickly

Any financial problem can come up even when we less expect them. Taking out an online cash advance immediately via an online lending platform can erase the hardship.

4. You Can Get Back on Budget

Paying bills may attract fines. But a loan fee is less than the fine levied on store credit cards or missing payments. With the use of an online personal loan, you can avoid such fines. The loan will enable you to ramp up on your budget.

5. You Can Use The Money However You Please

Online lenders do not place a restriction on how you spend the money you take. You are free to use the funded money anyhow you want. But that is not the case when it comes to taking out a loan from a conventional banking system.

6. Online Loan Applications are Quick and Painless

Just get a phone. Access the internet. Without leaving the comfort of your home, you can get your cash advance approved, and the fund will be disbursed into your local bank account.  The monthly due repayment can be automatically withdrawn without any effort. Thus, the online loan application is quick and straightforward.

7. There is No Credit Hard Check

Traditional bank lenders are very strict with credit scores, and any borrower with a bad credit history will find it difficult to be considered for a loan. However, some lenders give cash advances to borrowers with a bad or no credit history in order for the borrower to pay back the debt.

In conclusion, you can face many obstacles if you apply for a loan via a conventional entity. A credit score is one of the key issues that come up with taking out a cash advance from banks.

8. No Collateral Required

Often, conventional lenders offer secured loans. So, you need to provide them with collaterals. Although collateral lowers the lending risk, if you fail to pay back the loan, the lender can seize the collateral, just to cover the loss.

Online lenders can offer you loans without collateral. You do not have to put your property at risk. Online lenders ensure that you get access to a cash advance to achieve your financial dream without taking much risk on yourself.

How to Use Fast Cash Loans the Smart Way

We could all use more money and the idea that you could have more money quickly is quite tempting. Fast loans are able to get cash into your hands right away and this can be a fantastic thing. However, you should definitely know how to use this powerful tool, the right way. Below we will highlight key factors on how to use fast cash loans.

1. Be Realistic

When you think about how much money you need in a loan, be realistic. Sure, everyone could benefit from a few extra thousand but do you really need that much? Only apply for a loan in the amount that is necessary to your situation. Keep in mind that there will be interest and fees attached to your loan so while you may think you are borrowing a simple $1000, for example, you are actually responsible for more in the end.

2. Choose the Best Loan For You

There are many types of fast loans out there that you can apply for. Personal cash loans, payday loans, credit loans, and credit card advances are just a few of them. Each type of fast loan is different so it is important to know which loan is the best for you. Do you need to borrow a small amount of money and will be able to pay it back with your next paycheck? A payday loan may be your best fit. If you need a larger sum of cash and know that it will take you a while to pay back, opt for a personal fast cash loan. Choosing the right loan is essential to successfully utilize your borrowing power.

3. Pay Back The Loan

No matter what kind of loan you choose, you need to pay it back- it is a ‘loan’ after all! Making payments as outlined in your loan agreement will help you in a few ways. First, it will ensure that you only pay the amount you signed up for. You will know how much interest you will be paying and what fees will apply to your loan. If you do not pay on time or ignore your payments completely, you will be paying more interest on your loan and also likely be charged late fees. These can add up quickly causing you to pay much more than you initially planned for.

Making payments on time can also help improve your credit score. You may think that taking out a loan would harm your credit but in reality, the opposite is true. If you make consistent, timely payments on your loan, your credit will improve as you are showing your financial responsibility. In this way, a loan can work in your favor.

4. Use a Loan for Necessities

If you are thinking of taking out a loan, be sure it is for something you truly need. Loans are a great tool to help if you need to pay for your education, buy a car, renovate your home or consolidate your debt. However, you may want to think twice before taking out a loan to spend on luxuries like new clothes, fancy vacations or a brand new boat. Use a loan to buy things that you cannot live without and save your money to buy those luxury items when you can really afford them.

Fast loans have many benefits and there will certainly be times when they are right for you. Be sure to use your fast loan in a smart way and understand all the terms of the loan. When you use your fast loan in the right way, you will be able to get the cash you need on your terms!

I Need Money Today: 26 Ways to Earn Cash When You Urgently Need It

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I need money now

If you just having some bad luck recently and have been thinking “I need money now,” then you will enjoy this post.

Because I get it, life can be messy and has its ups and downs. Whatever you need the money for, it seems like it couldn’t have come at the worst time, right?

But before you pull out the credit card or ask a friend to spot you the money, check out our list of 22 ways you can get cash now (or even get money today).

Just remember that you’re able to learn from this experience and better prepare yourself with an emergency fund for times like this. But let’s just get started with how you can get money right now, and we can deal with the rest later.

Ways to Get Money Right Now

In order to get through an imminent financial crisis, you have to consider the following tips as they are crucial for meeting end needs and figuring out how to deal with certain situations smartly.

1. On the spot personal loans

If you need money right now, personal loans can be a source of urgent financial aid in case of an emergency. The same applies to your will to meet expenses and needs, and there are so many finance assisting companies, providing financial aids. Banks, government or non-government companies, financial institutes, and private lenders are operational to endow their customers with financial help. Loan lending procedures are not much though if your credit score is good enough. Lenders will need to authenticate your basic legal documents before approving your application. This quick loan will be transferred to the borrower’s bank account soon after the approval, almost within 24 hours. This can include payday loans and installment loans.

LENDERRATES (APR)LOAN AMOUNTVISIT
sofi personal loan5.99% – 18.82%$5,000 to $100,000GET MY RATE
credible personal loans5.95% – 35.99%$1,000 to $100,000GET MY RATE
lendingtree personal loan99.00% – 199.00%$500 to $4,000GET MY RATE
upstart personal loans8.13% – 35.99%$1,000 to $50,000GET MY RATE
upgrade personal loans7.99% – 35.97%$1,000 to $35,000GET MY RATE

If you have poor to bad credit, you should consider using LendJet to get a personal loan. You can see our full review here.

2. Bring into play your emergency savings

Smart people have proper contingency plans to deal with emergency situations. If an emergency occurs, you should first look around on your savings and reserves before applying for any loan. Think deep and have a detailed look on your pre-existing savings and credits, because being in control of your finances is a great stress reliever. Your savings could be in any form such as;

  • Fixed deposits
  • Mutual funds
  • Insurances, Medicare, etc

3. Borrowing from whom you can (family & friends)

You can borrow money from your near dear ones in a time of financial need. They might be your family, friends, colleagues or anyone that you can trust in a time of need. Depending on who you borrow from, these loans can opt to be legalized and have authorized terms and conditions in a written form to avoid future misconceptions and problems.

4. Think about your assets

If you have any investment in a form of a property or gold/silver/diamonds, they can be used as powerful assets as well. You can sell them to make quick money because of their great reselling value. Below are quick points to consider when considering your assets and coming up with money fast:

  • Loans against your assets
  • Loans against fixed deposits and reserves
  • Get advance paychecks from your company
  • Get a part-time job to earn more
  • Make use of your virtual or academic capabilities/services (artwork, etc)

Advantages and disadvantages of loans

When you are planning to get a loan, know that the latter contains advantages and drawbacks as well. You should choose the right option. Below are mentioned a few advantages and disadvantages of quick money.

Pros

  • Definite cash loan
  • Sometimes credit scoring might not be required
  • Suppleness
  • Quick and rapid approval
  • Minimal paperwork
  • Easy to get in case of emergency

Cons

  • Increased interest rates
  • Short termed loans are not suitable for consolidation ones
  • Debt problems
  • Some collection agencies are not trustworthy

If you consider all the above-mentioned tips and characteristics of money borrowing, you can get the maximum benefit out of it.

Other Ways to Get Cash Quick

There are many options to earn money online that are quick, simple and don’t require much effort. We all have limited time, life is fickle. For this reason, I have compiled 22 ways to earn money that are actually possible and can net you some money, the easy way.

We will first start with the quick wins, companies that’ll (legit) pay you money just for signing up:

Need Easy Extra Money Right Now?

Next, we’ll move on to other ways to earn your money instantly.

5. Make money with paid online surveys

InboxDollars is a survey site and one of the best survey sites. I’ve used them before and they are pretty legit. They make money by using the information you provide and use it as market research. So, you’re actually getting paid to participate in surveys, watch videos, play video games, make purchases online, read emails with promotions, use discount coupons or simply make purchases online.

It’s actually kind of fun to do this while you’re watching TV or just bored. Obviously, you will not get rich just by responding to surveys, but it is a way to get extra income per month.

In the US, here are some of the highest rated paid survey websites:

  • Swagbucks is one of my favorite survey pages. A large variety of surveys and in different categories and they make payments via PayPal.
  • Another website that I like very much and that is available in several countries is Survey Junkie. You can earn money by taking surveys, watching videos, completing tasks, trying new products, etc … it also has a very cool interface!
  • With InboxDollars you could earn money mainly by watching advertisements but now the most interesting sections are surveys, videos, games, and searching. Plus, they give you a $5 sign up bonus here if you sign up before this month.

    Join InboxDollars and Claim $5 Now

6. Claim the best internet freebies you can get right now

When trying to make $300 fast, every dollar counts.

Thankfully, you can easily pad your wallet or purse with cash back apps like Ibotta ($10 sign up bonus), Checkout 51 (free groceries), and Pei ($15 sign up bonus) that pay you for the shopping you do daily.

Sign up for all three and that’s a quick $25 just for downloading three apps – not bad.

Here are some other companies that pay you for downloading:

  • Survey Junkie: Make $2-50 in your spare time each day by taking surveys, participating in focus groups, and testing new products. Join Survey Junkie here.
  • Swagbucks: Similar to Survey Junkie, but with a few more ways to earn (such as watching videos and using their search engine). Get a $5 signup bonus for joining.
  • Rakuten and Dosh: Two cash back apps that essentially pay you whenever you shop; Rakuten offers a $10 signup bonus and Dosh offers a $5 signup bonus.
  • Acorns:  Once you connect the app to your card, it rounds up your purchases to the nearest dollar and funnels your digital change into an investment account. Sign up to try it risk-free with a $5 sign up bonus

7. Make money with your gas receipts

Have you ever dreamed of paying less for gas each week? Well, that time has come, with GetUpside you can earn money by sharing your purchase receipts and shopping at local stores. I heard about this app on the radio and decided to try it out for myself.

The system is simple: you take a photo of your gas receipt and upload it. Then the app will digitize the receipt information and you’ll get up to 25 cents off each gallon. I’m surprised I don’t hear about this app more often though, I make a killing with it.

You can likely rack up an extra $300 this year by using it. And you can also save up to 35% at restaurants and 15% at grocery stores near you. The money you earn can be transferred to your Paypal account or redeemed for gift cards to buy at Amazon and other stores. You can get a download link sent to your phone here.

Start Paying Less for Gas

8. Share your home with Airbnb guests

Another smart way to make money fast is by listing your space on Airbnb.

It’s smart because it’s simple and free to list and you easily make $300 in under a week.

You can actually see how much you’re able to make by using their cash pay-out calculator to do some quick research beforehand.

By creating a free account, setting up a 5-minute listing and setting whatever prices you want, you have the potential to skyrocket your income. Of course, the nicer your home and location the better.

However, you don’t even need to have a spare room or home to share to earn with Airbnb since they now offer “host experiences“.

This is a really unique thing that they offer and are expanding into. If you ever had friends from out of town visit and you showed them the cool things to do in your city, now you can get paid for doing just that… for strangers.

If you’re interested in learning more about getting paid for basically being a tour guide or listing your space, you can learn more here.

List Your Space on Airbnb

9. Avoid hidden bank fees for free with Chime

This is one of the most common ways people waste money (even if you’re money savvy).

My bank charges me a monthly maintenance fee, out-of-network ATM fees, overdraft fees, and the list goes on. It’s like your bank does the same unless you’re hip to newer mobile banks like Chime.

Chime is free to apply and only takes two minutes!

I haven’t even mentioned my favorite part – if you set up direct deposit with Chime you get paid two days earlier. I usually get paid bi-weekly on Fridays, before using Chime, now I get paid every Wednesday.

If no overdraft fees, no minimum balance requirements, no monthly service fees, no foreign transaction fees, no transfer fees, and over 38,000 free ATMs to use sound good to you, then you can apply here.

Say Goodbye To Hidden Fees

10. Get money right now with ZippyLoan

If you actually need money now, then you can opt for a personal loan. When you need money in a hurry ZippyLoan is where to go. You apply for a loan through the Zippy Loan site, if approved they send your loan application to one of many loan providers.

You review the loan details and e-sign if you like what you see. No risk in checking what offers you’ll get. You can borrow between $100 and $15,000 as soon as tomorrow. Loans service for up to 60 months.

ZippyLoan connects borrowers to lenders through their network of lenders. They’ll find you the lowest interest rate and is one of the best no credit check loan. You can visit ZippyLoan here.

Get $300 Right Now

11. Get $10 right now with Rakuten

If you enjoy shopping online and always look for the best deals, Rakuten is a solid choice to make money the easy way.

Rakuten gives you money back on your purchases made. To get started all you need to do is register and before you shop next time, visit Rakuten first then your favorite store after. I do this every time I shop online because Rakuten works with almost every online store I can think of.

From the moment you start using Rakuten your savings is sure to add up and you can make $300 quickly depending on how often you shop. You can get paid via PayPal too. Rakuten also gives you a $10 sign up bonus to start. Get your bonus here.

Sign up Free - Claim $10 Cash

12. Make money selling on on Shopify

Use your creativity to make money if you have knowledge of creating personalized items! You can offer T-shirts, mugs, pillows, sweatshirts, among other products, with customized designs to the clients’ taste on Etsy.

I’ve got a friend that creates art and he can charge whatever he wants. It’s all about creating a lucrative brand, then you can earn a lot. Selling personalized products will help you get money, and you can also use social media to promote yourself and use Facebook ads to reach people all over the country. You can learn more by visiting online stores like Shopify and Etsy.

Claim 14-Day Free Trial at Shopify

13. Teach English online

Becoming a tutor is a good option if you have your afternoons free, it also allows you to earn a good amount of money. The pay is actually very good and can earn an average of $20/hr by teaching English online.

The most recognized website for teaching English online in the US and UK is EF Education First.

Live in the U.S. or U.K. and hold a bachelor’s degree? You can earn up to $20.00 per hour to teach kids English online from home.

Get Extra Income Teaching from Home

14. Offer your services on Fiverr

From the comfort of your home, it is very easy to earn money online using Fiverr. By using Fiverr you can offer your services for $5 or more, and you can easily create an account and start earning money right now. No joke.

On Fiverr, thanks to a large number of service categories, you can offer a variety of services: from unconventional services, such as writing a phrase on your face or body, writing names with legos or dancing to a song, or professional services such as logo designs, website design, proofreading or writing articles.

Fiverr opens up a whole range of possibilities. One of the advantages of Fiverr is that it allows you to manage your own time and schedule. If you want to know more about how to make money with Fiverr, you can visit the site here.

Earn Money on Fiverr

15. Get paid to be healthy

Do all your friends post flashy Instagram pictures and look amazingly good?

Even if they don’t, I wanted to get fit and make it a habit, but it was tough to get started.

What helped me lose over 10 pounds was when I had my own money on the line.

In fact, I was able to do with HealthyWage, and won $1,050 after losing only 10 pounds.

So if you need some extra motivation and an extra $300 or more then head over to HealthyWage to learn more.

You’ll have to decide on how much weight you want to lose and how long you need to reach your goal. You then bet on yourself and can win up to $10,000 depending on your HealthyWager.

Make Your Weight Loss Bet

16. This free app could make you up to $180 this year

Another option to make money fast is by joining the SavvyConnect community. By joining, you can receive many incentive rewards up to $100 just by simply installing and keeping its app active on your devices from home.

At first, you may feel a little timid about installing random apps on your phone, but you will soon realize that SavvyConnect is the real deal once they start paying you – up to $15 per month ($5 per device type) and up to $180 in a year, simply for remaining active in the SavvyConnect community.

What’s required?  Install the SavvyConnect app to your PC, Smartphone, or Tablet to earn $5 per device per month.

If you feel like you could benefit from making passive income, then consider this passive income opportunitySavvyConnect.

If you’re at all interested in making easy money, then you can learn more about SavvyConnect here.

And you only need to install the free app on your phone, and it’s likely you will make up to $180 this year with this free app!

Get Started with SavvyConnect

17. Make money driving with Lyft

If you want to make legitimate money quickly, driving with Lyft is a smart side hustle.

With Lyft, you get to drive people around your city and get paid well (I’m talking an extra $500 to $1000 a month with just a few hours on the weekend).

Of course, your earnings will vary but you can earn even more now in 2019 since you get tipped directly and even get a $1000 driver sign up bonus in all cities.

The smartest way to earn more is to drive when there is surge pricing. You might have guessed that surge pricing occurs when people are out and about most (weekday & weekend nights).

So instead of partying up this weekend, why not make your $300 fast with Lyft?

Drive for Lyft - Make $1,000 Guaranteed

18. Lower your monthly bills

“I could not believe how easy this was to do. It took me about 5 mins of work and I had about $70 in my account.”

When you want to make a quick $300, one of the easiest ways you may overlook is finding easy ways to lower your expenses.

I didn’t realize how much I was overspending on my cable, phone bill and to random subscriptions that are on autopay.

Most people don’t bother with the trouble of calling up AT&T, Verizon, Sprint (or whatever cell phone provider you use) to try to get their cell phone bill lowered. So let someone else do it for you.

Avoid overpaying on bills by using Cushion, a free bot that will negotiate down bills for you. It will even check on those pesky subscriptions for you.

You’ll need a Facebook account to use it, as it communicates with you over Facebook messenger (or via text).

It’s pretty simple to sign up using your Facebook account and takes a minute. You’ll likely be able to save over $300 this year by using it!

Say Goodbye to Overpaying with Cushion

19. Rent your car when you’re not using it

Driving for Lyft is legit and the current driver promotion of $1,000 guaranteed is the icing on the cake. But, I can’t always do drive people around with my schedule.

I have 2 other jobs and that means my car is just sitting in the parking lot 15 hours a day.

Being the smart side hustler I am, I turned to make money with my idle car and you can too.

You’ve got an asset if you have a car, why not make money with it on Getaround?

Getaround lets you make money by sharing your car. It’s pretty simple to use, just list your car and they handle everything else (insurance, logistics of renting it out, scheduling, handing over keys)… they pretty much do all the work for you.

You can make $300 fast with this side hustle depending on your car and how many hours you can share it per week.

I’m paid monthly and make an extra $520 a month by sharing my car around 26 hours per week (an extra $6,240 a year).

Try Getaround for Free - Start Listing

20. Let a chatbot save you $300 this year

The next idea for you to save an extra $300 this year is by letting automation do the work for you.

Trim is a money saving bot that sends you messages via Facebook messenger and can help you save money.

After a quick 2 minute sign up the bot will go through your spending habits, show you all the subscriptions you’re signed up for (and should cancel), and even negotiate your utility bills for you.

Basically, a free personal financial advisor that you don’t have a pay a cent for, in fact, this chatbot will actually save you money. 

It’s also worth mentioning another bot that has a black belt in fee negotiation is Cushion (I use both since they’re both free).

Sign Up for Trim Free with Facebook

21. Download Nielsen app and collect $50

By using the internet as you do every day, Nielsen invites you to make a difference – and you can make money too.

I downloaded this app on all of my devices and make around $300 a year passively.

You don’t really have to do anything other than initially registering your devices (phone, laptop, tablet) and they’ll pay $50 per device.

This is a smart way to make extra money as even if you just install it on your phone they’ll pay you $50 a year keep their app on it.

They also keep things interesting for me since they give away a modest $10,000 each month. I like to think I have better chances of getting it than the lottery, so consider it a free lotto ticket each month, too.

If you are interested in getting paid passively, I recommend that you sign up through here for a registration bonus.

Get $50/Year Per Device

22. Make money investing in real estate

Wouldn’t it be great if you could invest in commercial real estate and apartments without dealing with all the hassle of buying, improving, and re-selling real estate?

You don’t have to be a millionaire to invest in these types of properties. Fundrise allows you to now invest in large-scale real estate for as little as $500.

For example, I invested in $1,000 in February (to diversify my portfolio) and my account has gained $15.98 in profit since then, it’s actually quite exhilarating!

Through their real estate investment products, investors earned an average of 8.74 – 12.4 percent on their money last year, and all without painting a wall or dealing with unruly tenants.

  • 8.74% – 12.4% historical annual returns
  • Diversify your portfolio with real estate
  • Maximize your earnings with a low-fee approach

There is a reason why they currently have over 300,000+ users, this app really pays us!

If you’re interested, I recommend you sign up for more information from Fundrise by clicking here.

Invest in Real Estate with Only $500

23. Deliver groceries with Instacart

You can also make money fast by delivering groceries.

Instacart delivers groceries from local stores in two hours from stores like Whole Foods Market, Target, Costco and Petco. Why should you care? Because this is a lucrative opportunity for you to make money fast.

If you wanted to become an Instacart personal grocery shopper, you’ll earn an average of $15 per hour!

How to make that $300 fast though?

Sign up as a personal grocery shopper and start to receive grocery orders through an app on your smartphone and then shop and deliver groceries to the customer’s door. You can start earning quickly and get paid weekly and schedule hours based on your schedule.

Get Paid to Deliver Groceries

24. Fill out surveys

There are many sites on the Internet that pay people to fill out surveys. For each survey you complete, the website allows you to earn points that you can exchange for money.

Most sites like Survey Junkie or Swagbucks allow you even cash out your earnings for real cash through PayPal. You could probably make $300 bucks in a month by spending an hour taking surveys a few days a week.

You won’t get rich, but you will earn some money and that’s what this article is all about.

You will find more information and more recommended survey sites and ways to earn money in this article on the best money apps.

25. Sell your old clothes

If you have a lot of old clothes, that you have not used for many years and that you honestly do not know why you keep, do not hesitate to sell it and get money. There are many websites, like Ebay or selling apps that can help you get rid of clothes, shoes, and accessories that you do not use.

If in your country there is still no platform to help you sell your clothes, you can organize a garage sale among your neighbors, in order to declutter your wardrobe and earn money.

How to get money right now

26. Get a personal loan

If you didn’t like any of the options above, and REALLY need money right now you can get a quick personal loan.

We compared the best personal loans for people who need quick money fast. Don’t worry, personal loans can be a great alternative to credit cards for large or unexpected expenses. In fact, you can enjoy fast and easy online applications with all the reputable lenders below (just be sure to pay it back quickly). Get money deposited into your bank account in a matter of seconds, here are your options:

LENDERRATES (APR)LOAN AMOUNTVISIT
sofi personal loan5.99% – 18.82%$5,000 to $100,000GET MY RATE
credible personal loans5.95% – 35.99%$1,000 to $100,000GET MY RATE
lendingtree personal loan99.00% – 199.00%$500 to $4,000GET MY RATE
upstart personal loans8.13% – 35.99%$1,000 to $50,000GET MY RATE
upgrade personal loans7.99% – 35.97%$1,000 to $35,000GET MY RATE

Life has its ups and downs, and anyone can find themselves in a financial emergency at any time. If you are smart, you’ll be well prepared for any type of emergency that arises.

Financial emergencies can be of any type as nobody knows when an unforeseen circumstance can occur that might lead you to a serious financial emergency. You might be facing a critical situation and without emergency savings things can get dire with unexpected high amounts of utility bills, medical emergencies, past due bills, or home repairs.

This can leave you left wondering from where you can get some fast cash now?

What Credit Score Do You Need for a Personal Loan?

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personal loans credit score

If you have a credit card, pay bills, or have taken out a loan in the past, you may want to check your credit score before applying for any loans in the future. This is because your credit score holds more weight than you may realize when it comes to successfully obtaining a loan. 

Credit scores are used by lenders to determine whether it’s a risk for them to lend you money or not. A bad credit score can reduce your chances of getting a loan, so it’s important to check your credit score long before making any major financial decisions.

How your credit score impacts your loan application

Whenever you apply for credit with a financial institution, a check will be run to determine your credit score. Your credit score is calculated based on an analysis of your credit history and whether you’ve been reliable and prompt in paying off bills on time. 

For those who have a history of missed payments or failure to pay bills on time, you run the risk of lowering your credit score. A low credit score will show lenders that you may be a financial liability, which will affect your ability to obtain a loan.

Importance of checking your credit score long before applying for a loan

Your credit score will be the deciding factor in your lender’s decision to grant or decline your request for a loan. This is why it’s so important to regularly check and monitor your credit score, especially long before you decide to apply for a loan.

Startlingly, many people think that having a credit score is important for borrowing money in the future. The truth of the matter is, lenders will always favor those with good credit scores since good scores show them your capacity to repay a credit card or loan. 

If your credit report shows a history of missed or failed payments, you’ll be at a higher risk of getting knocked back or attracting extra interest charges. This means you need to check your credit score long before applying for a loan to ensure you have time to improve it if it’s poor.

When you apply for a loan, lenders will look at the following factors before making their decision:

  • The type of credit products you’ve held in the past two years
  • Your usual repayment amount
  • How often you make repayments and if they’re done by the due date
  • Your personal details (for example, age and where you live)
  • The type of credit providers you have used (for example, bank or utility company)
  • The amount of credit you have borrowed
  • The number of credit applications and inquiries you have made
  • Any unpaid or overdue loans or credit
  • Any debt agreements or personal insolvency agreements relating to bankruptcy.

Credit scores between 0 and 459 are considered to be weak or below average. If you have a low credit score, then your job should be to improve it before you even think about applying for a loan.

How to improve your credit score before applying for a loan

Reaching and maintaining a good credit score is your best chance of successfully applying for loans in the future. A good credit score will ensure you can obtain the loan needed for that dream house or car. 

FICO credit scores can range from 300 to 850. The higher the number, the lower the perceived risk. Typically, if you’re applying for a personal loan, you’ll want a credit score of 660 or higher.

For small loans or credit cards, a good credit score can result in better interest rates and deals on new credit cards. A good credit score can even help you secure lower payments on homeowners, health, and life insurance. So, how can you improve your credit score if it’s below average?

  1. Know your credit score. If you haven’t already, check your credit score to know where improvements should be made.
  2. Pay your bills on time. Before you panic, paying a bill one or two weeks late likely won’t show up as bad credit. If it’s an overdue payment in excess of $150 that has been overdue for 60 days, then it will appear as a black mark on your credit report. The simple solution? Pay your bills as promptly as possible.
  3. Pay off debts. Reducing some of your debts to zero is a good way of demonstrating that you’re taking responsibility for your finances and can pay off debts completely. 
  4. Don’t apply for credit too often. Each time you apply for credit it will appear on your credit history and may reduce your credit score. 

Start improving your credit score for that loan today

Improving your credit score before applying for a loan will greatly increase your chances of having your loan approved. As your financial circumstances improve, your credit rating will also improve, putting you into a good position to increase your likelihood of obtaining finance for that dream home or car. With the advantages you get from having a good credit score, there’s no reason not to begin improving yours today.

If you’re looking for the best personal loans, you’ll definitely want to consult a variety of lenders to get the best rates and terms. See our top picks for the best personal loans of 2020.

LENDERRATES (APR)LOAN AMOUNTVISIT
sofi personal loan5.99% – 18.82%$5,000 to $100,000GET MY RATE
credible personal loans5.95% – 35.99%$1,000 to $100,000GET MY RATE
lendingtree personal loan99.00% – 199.00%$500 to $4,000GET MY RATE
upstart personal loans8.13% – 35.99%$1,000 to $50,000GET MY RATE
upgrade personal loans7.99% – 35.97%$1,000 to $35,000GET MY RATE

If you have poor to bad credit, you should consider using LendJet to get a personal loan. You can see our full review here.

How Do Home Construction Loans Work?

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home construction loans
home construction loans

Building a brand-new home sounds like a dream to most people but it is possible. Home development can be long-winded and understanding home construction loans isn’t any easier. That’s why we created a guide to help you understand how home construction loans work.

If you are looking for a loan to help you finance the construction of a home, then the first thing you need to know is that home construction loans are typically harder to get approved for than a regular mortgage, according to U.S.News.

To chalk it up, home construction loans are inherently riskier, there are fewer lenders willing to offer them, and the lenders that do have stricter requirements for approval.

While this may make it harder for borrowers to get this kind of financing, the fact that the bar is being set very high is a good thing, both for lenders and borrowers.

How do home construction loans work?

Construction loans are a short-term financing solution for consumers who want to build their own home. These loans typically have terms of up to one year and come with variable interest rates which are generally higher than those of a standard mortgage loan.

After being approved for financing, borrowers receive a bank-draft schedule that releases funds to the builder as the project meets certain milestones. Throughout the construction phase, borrowers generally make interest-only payments. When the construction is complete, the borrower then rolls over the balance into a standard mortgage loan.

Some borrowers also have the option of getting a construction-to-permanent loan.  These products are basically two loans rolled into one: a construction loan and a mortgage. In this case, when the construction phase is complete, the lender automatically converts the balance of the loan into a standard mortgage.

There are quite a few different types of home construction loans for borrowers to consider.

Types of home construction loans

1. Construction-to-permanent loan

Construction-to-permanent loans help finance the building of a home and converts to a permanent mortgage after — with a loan term of 15 or 30 years (fixed-rate or variable rate).

This type of construction loan is beneficial for most people since only one set of closing costs has to be paid. Typically, home buyers will pay between about 2 to 5 percent of the purchase price of their home in closing fees. Having to buy for this settlement fee twice doesn’t set will in my stomach. Typically, for first-time homeowners who want a new home and will require a mortgage, this will be the best option.

2. Construction-only loan

A construction-only loan will finance the building of a home however does not convert to a permanent mortgage after. The borrower will be required to pay for the full loan amount at maturity, which is usually a year or less, or take out a mortgage loan from another lender to cover the loan.

With this type of loan, the loan amount is paid out in accordance to the construction timeline. Once projects are complete, more funds are doled out. The borrower is only responsible for making interest payments on the funds that have been disbursed.

These types of loans go for the current prime rate plus 2 percent more. Therefore, expect the interest rate to fluctuate with the current prime moves.

If you need a mortgage afterward, it’s generally better to get a construction-to-permanent loan so you can avoid paying for costly closing costs twice. Also, if you do require a loan afterward but face financial burdens, you may not be approved for one and face financial stress.

3. Renovation loan

Renovation loans come in many different packages, if you need a smaller amount like $15,000 then you can opt for an unsecured (personal) loan, using a credit card or taking out a home equity line of credit (HELOC). As the required amount becomes higher, the financing will be more similar to a mortgage.

Smaller renovation loans are easier to obtain and lenders are not as strict with doling out financing especially if the borrower have good credit.

4. Owner-builder construction loans

Owner-builder construction loans are used when the borrower is also the home builder. If the borrower is a licensed builder by trade, this is the type of construction loan that is used.

5. End loans

End loans are simply mortgages that are utilized after the construction loans are used. Once the home building process is done and the construction loan has been paid off, an end loan is used which is just a regular 15-to-30 year mortgage.

What’s required for a home construction loan?

While most borrowers wouldn’t exactly be feeling a sense of comfort when faced with the long list of requirements they need to fulfill in order to get a construction loan, the truth is they should.

To see why, here is a rundown of the main things that most construction loan lenders will ask borrowers to provide:

  • Construction specifications: Lenders will want a borrower to provide floor plans, information on the materials being used, and a list of all the contractors and subcontractors that will be working on the project.
  • A professional appraisal: The project’s specifications must be evaluated by an outside appraiser.
  • A qualified general contractor: This person is typically a licensed builder with a good and established reputation.
  • A detailed construction timetable: This time table will include major project milestones that will help the lender to decide on the bank-draft schedule.
  • A budget of estimated construction costs: This will be a breakdown of costs associated with the construction including materials, equipment expenses, and the cost of labor.
  • A stable income, good credit, and solid banking history: This helps lenders to verify that the borrower has the means to repay the loan.

Now, it is easier to see why such strict requirements are a good thing, not just for the lender, but for the borrower, too. From the lender’s perspective, they are considering as many factors as they can to help ensure that they don’t lose their investment.

The same is true for the borrower. Building new home is a complex process that relies heavily on the skill and expertise of the professionals hired to do the job, and, as mentioned above, there is a very real risk that not all will go according to plan.

Circumstances can and often do unexpectedly change along the way. The strict requirements that come with a home construction loan force borrowers to seriously consider the whole process and ensure that they not enter such an agreement unless they have done their due diligence and truly have the means to repay the debt.

What can go wrong when getting a home construction loan?

A borrower has an unexpected financial emergency, such as medical issues or the loss of a job that severely impacts the individual’s creditworthiness or income. This could make getting a mortgage at the end of the construction phase extremely difficult if not impossible.

Another common scenario is that a home is built using a construction loan, but the property ends up being worth less than the total construction cost. This can easily happen for a couple of reasons: there is a big, unexpected change in the local housing market or the builder does a poor job and/or uses inferior building materials.

Lastly, there are huge cost overruns and delays in the construction process. While all construction projects will hit a snag here and there and should be budgeted as such, sometimes unexpected factors can come up.

Some common examples include problems with sub-contractors or equipment, the problems with the delivery and quality of building material, the quality, and state of the ground on which the home is being built, and even that the borrowers change their minds about what they want to be built.

Why are they risky for lenders and borrowers?

There are a number of reasons why construction loans are inherently risky to both lenders and borrowers. Most importantly, unless borrowers own another property, they do not yet have a physical home that can be used as collateral during the construction phase. This means if circumstances change for the worse, whether for the borrower or with the construction process itself, and the loan cannot be repaid in full, then the lender does not have a built property it can use to recover some of its losses. The borrower also has no equity to tap into in order to cover the shortfall.

How to Make $200 in a Day from Scratch

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make $200 fast in a day

Do you want to learn how to make 200 dollars in one day? Read on.

We come across moments when we need to come up with ideas on how to make $200 dollars in one day. And it’s often those times that really matter.

Whether you need to make extra cash to get the bills paid or you wanted to save up for something, these 18 legit ideas can help you make $200 in a day.

Depending on your situation, you’ll have to combine one, two or three of these ideas to get your 200 bucks. Creating new income streams can help you reach your goal and diversifying your sources of income is recommended.

With each new income stream you develop, you’ll be one step closer to your goal of getting cash right now.

How to Make $200 Dollars in One Day

make $200 fast

Hopefully, you can stop wondering, “How can I make $200 fast right now?” because we’ll only include legitimate and safe ways to make $200 a day.

We will begin with “quick wins” — or companies that’ll pay you for signing up — below:

Sign up for all four offers and you’ll be closer to $200:

Next, we’ll move on to other ways to earn your $200.00 quickly.

1. Deliver groceries

You can make money quickly by delivering groceries around your city.

Instacart delivers groceries from local stores in two hours from stores like Whole Foods Market, Target, Costco and Petco. Why should you care? Because this is a lucrative opportunity for you to make money fast.

If you wanted to become an Instacart personal grocery shopper, you’ll earn an average of $15 per hour!

How to make that $200 fast though?

Sign up as a personal grocery shopper and start to receive grocery orders through an app on your smartphone and then shop and deliver groceries to the customer’s door. You can start earning quickly and get paid weekly and schedule hours based on your schedule.

Get Paid to Deliver Groceries

2. Get $200 now with LendJet

If you actually need money now, then you can opt for a personal loan. When you need money in a hurry LendJet is where to go. You apply for a loan through the LendJet site, if approved they send your loan application to one of many loan providers.

You review the loan details and e-sign if you like what you see. No risk in checking what offers you’ll get. You can borrow between $100 and $10,000 as soon as tomorrow. Loans service for up to 60 months.

LendJet connects borrowers to lenders through their network of lenders. They’ll find you the lowest interest rate and is one of the best no credit check loan. You can visit LendJet here.

Get $200 Right Now

3. Online focus groups

Getting paid to give your opinion sounds like a dream. But Survey Junkie actually pays you for joining focus groups, answering questions, watching videos, trying new products — you get the idea.

When you use Survey Junkie’s website or free app, you earn cash rewards. You can also get a quick signup bonus for joining.

If you are interested you can go ahead and claim a registration bonus for signing up.

Take Surveys and Earn Cash Now

Want other others to earn your $200 fast?

Here are two of the other highest-rated paid survey websites:

  • Swagbucks is one of the most recommended rewards sites. They offer a large variety of surveys and in different categories and they make payments via PayPal.
  • With InboxDollars you could earn quick cash for watching videos, playing games, and searching the web. Plus, they give you a $5 sign up bonus here if you sign up!

4. Real estate investing

Wouldn’t it be great if you could invest in commercial real estate and apartments without dealing with all the hassle of buying, improving, and re-selling real estate?

You don’t have to be a millionaire to invest in these types of properties. Fundrise allows you to now invest in large-scale real estate for as little as $500.

Through their real estate investment products, investors earned an average of 8.74 – 12.4% on their money last year, and all without painting a wall or dealing with unruly tenants.

There is a reason why they currently have over 200,000+ users, this app really pays!

If you’re interested, I recommend you sign up for more information from Fundrise by clicking here.

Invest in Real Estate with Only $500

5. Host guests with Airbnb

Another way to make $200 fast is by listing a spare room on Airbnb. It’s free to list and you can actually make $200 in under a week.

You’re able to calculate how much you’re able to make by using their cash pay-out calculator to do some quick research beforehand.

By creating a free account, setting up a 5-minute listing and setting whatever prices you want, you have the potential to skyrocket your income. Of course, the nicer your home and location the better.

However, you don’t even need to have a spare room or home to share to earn with Airbnb since they now offer “host experiences“.

This is a really unique thing that they offer and are expanding into. If you ever had friends from out of town visit and you showed them the cool things to do in your city, now you can get paid for doing just that… for strangers.

If you’re interested in learning more about getting paid for basically being a tour guide or listing your space, you can learn more here.

List Your Space on Airbnb

6. Drive with Lyft and collect $1,000 driver bonus

If you want to make legitimate money quickly, driving with Lyft is a smart side gig.

With Lyft, you get to drive people around your city and get paid well (I’m talking an extra $500 to $1000 a month with just a few hours on the weekend).

Of course, your earnings will vary but you can earn even more now in 2019 since you get tipped directly and even get a $1000 driver sign up bonus in all cities.

The smartest way to earn more is to drive when there is surge pricing. You might have guessed that surge pricing occurs when people are out and about most (weekday & weekend nights).

So instead of partying up this weekend, why not make your $200 fast with Lyft?

7. Get paid to be healthy

Do all your friends post flashy Instagram pictures and look amazingly good?

Even if they don’t, I wanted to get fit and make it a habit, but it was tough to get started.

What helped me lose over 10 pounds was when I had my own money on the line.

In fact, I was able to do with HealthyWage, and won $1,050 after losing only 10 pounds.

So if you need some extra motivation and an extra $200 or more then head over to HealthyWage to learn more.

You’ll have to decide on how much weight you want to lose and how long you need to reach your goal. You then bet on yourself and can win up to $10,000 depending on your HealthyWager.

Make Your Weight Loss Bet

8. Lower your monthly bills

“I could not believe how easy this was to do. It took me about 5 mins of work and I had about $70 in my account.”

When you want to make a quick $200, one of the easiest ways you may overlook is finding easy ways to lower your expenses.

I didn’t realize how much I was overspending on my cable, phone bill and to random subscriptions that are on autopay.

Most people don’t bother with the trouble of calling up AT&T, Verizon, Sprint (or whatever cell phone provider you use) to try to get their cell phone bill lowered. So let someone else do it for you.

Avoid overpaying on bills by using Cushion, a free bot that will negotiate down bills for you. It will even check on those pesky subscriptions for you.

You’ll need a Facebook account to use it, as it communicates with you over Facebook messenger (or via text).

It’s pretty simple to sign up using your Facebook account and takes a minute. You’ll likely be able to save over $200 this year by using it!

Say Goodbye to Overpaying with Cushion

9. Rent your car when you’re not using it

Driving for Lyft is legit and the current driver promotion of $1,000 guaranteed is the icing on the cake. But, I can’t always do drive people around with my schedule.

I have 2 other jobs and that means my car is just sitting in the parking lot 15 hours a day.

Being the smart side hustler I am, I turned to make money with my idle car and you can too.

You’ve got an asset if you have a car, why not make money with it on Getaround?

Getaround lets you make money by sharing your car. It’s pretty simple to use, just list your car and they handle everything else (insurance, logistics of renting it out, scheduling, handing over keys)… they pretty much do all the work for you.

You can make $200 fast with this side hustle depending on your car and how many hours you can share it per week.

I’m paid monthly and make an extra $520 a month by sharing my car around 26 hours per week (an extra $6,240 a year).

Try Getaround for Free - Start Listing

10. Claim the best internet freebies you can get right now

When trying to make $200 fast, every dollar counts.

Thankfully, you can easily pad your wallet or purse with cash back apps like Ibotta ($10 sign up bonus), Checkout 51 (free groceries), and Pei ($15 sign up bonus) that pay you for the shopping you do daily.

Sign up for all three and that’s a quick $25 just for downloading three apps – not bad.

Here are some other companies that pay you for downloading:

  • Survey Junkie: Make $2-50 in your spare time each day by taking surveys, participating in focus groups, and testing new products. Join Survey Junkie here.
  • Swagbucks: Similar to Survey Junkie, but with a few more ways to earn (such as watching videos and using their search engine). Get a $5 signup bonus for joining.
  • Rakuten and Dosh: Two cash back apps that essentially pay you whenever you shop; Rakuten offers a $10 signup bonus and Dosh offers a $5 signup bonus.
  • Acorns:  Once you connect the app to your card, it rounds up your purchases to the nearest dollar and funnels your digital change into an investment account. Sign up to try it risk-free with a $5 sign up bonus

11. Let a chatbot save you $200 this year

The next idea for you to save an extra $200 this year is by letting automation do the work for you.

Trim is a money saving bot that sends you messages via Facebook messenger and can help you save money.

After a quick 2 minute sign up the bot will go through your spending habits, show you all the subscriptions you’re signed up for (and should cancel), and even negotiate your utility bills for you.

Basically, a free personal financial advisor that you don’t have a pay a cent for, in fact, this chatbot will actually save you money. 

It’s also worth mentioning another bot that has a black belt in fee negotiation is Cushion (I use both since they’re both free).

Sign Up for Trim Free with Facebook

12. Download Nielsen Panel app and collect $50

By using the internet as you do every day, Nielsen invites you to make a difference – and you can make money too.

I downloaded this app on all of my devices and make around $200 a year passively.

You don’t really have to do anything other than initially registering your devices (phone, laptop, tablet) and they’ll pay $50 per device.

This is a smart way to make extra money as even if you just install it on your phone they’ll pay you $50 a year keep their app on it.

They also keep things interesting for me since they give away a modest $10,000 each month. I like to think I have better chances of getting it than the lottery, so consider it a free lotto ticket each month, too.

If you are interested in getting paid passively, I recommend that you sign up through here for a registration bonus.

Get $50/Year Per Device

13. This free app can make you $180 fast

Another option to make money fast is by joining the SavvyConnect community. By joining, you can receive many incentive rewards up to $100 just by simply installing and keeping its app active on your devices from home.

At first, you may feel a little timid about installing random apps on your phone, but you will soon realize that SavvyConnect is the real deal once they start paying you – up to $15 per month ($5 per device type) and up to $180 in a year, simply for remaining active in the SavvyConnect community.

What’s required?  Install the SavvyConnect app to your PC, Smartphone, or Tablet to earn $5 per device per month.

If you feel like you could benefit from making passive income, then consider this passive income opportunitySavvyConnect.

If you’re at all interested in making easy money, then you can learn more about SavvyConnect here.

And you only need to install the free app on your phone, and it’s likely you will make up to $180 this year with this free app!

Get Started with SavvyConnect

14. Sign up for Rakuten and collect $10 right now

If you enjoy shopping online and always look for the best deals, Rakuten is a solid choice to make money the easy way.

Rakuten gives you money back on your purchases made. To get started all you need to do is register and before you shop next time, visit Rakuten first then your favorite store after. I do this every time I shop online because Rakuten works with almost every online store I can think of.

From the moment you start using Rakuten your savings is sure to add up and you can make $200 quickly depending on how often you shop. You can get paid via PayPal too. Rakuten also gives you a $10 sign up bonus to start. Get your bonus here.

Sign up Free - Claim $10 Cash

15. Sell on Shopify

Use your creativity to make money if you have knowledge of creating personalized items! You can offer T-shirts, mugs, pillows, sweatshirts, among other products, with customized designs to the clients’ taste on Etsy.

I’ve got a friend that creates art and he can charge whatever he wants. It’s all about creating a lucrative brand, then you can earn a lot. Selling personalized products will help you get money, and you can also use social media to promote yourself and use Facebook ads to reach people all over the country. You can learn more by visiting online stores like Shopify and Etsy.

Claim 14-Day Free Trial at Shopify

16. Teach English online

Becoming a tutor is a good option if you have your afternoons free, it also allows you to earn a good amount of money. The pay is actually very good and can earn an average of $20/hr by teaching English online.

The most recognized website for teaching English online in the US and UK is EF Education First.

Live in the U.S. or U.K. and hold a bachelor’s degree? You can earn up to $20.00 per hour to teach kids English online from home.

Get Extra Income Teaching from Home

17. Offer your services on Fiverr

From the comfort of your home, it is very easy to earn money online using Fiverr. By using Fiverr you can offer your services for $5 or more, and you can easily create an account and start earning money right now. No joke.

On Fiverr, thanks to a large number of service categories, you can offer a variety of services: from unconventional services, such as writing a phrase on your face or body, writing names with legos or dancing to a song, or professional services such as logo designs, website design, proofreading or writing articles.

Fiverr opens up a whole range of possibilities. One of the advantages of Fiverr is that it allows you to manage your own time and schedule. If you want to know more about how to make money with Fiverr, you can visit the site here.

Earn Money on Fiverr

18. Download GetUpside

Have you ever dreamed of paying less for gas each week? Well, that time has come, with GetUpside you can earn money by sharing your purchase receipts and shopping at local stores. I heard about this app on the radio and decided to try it out for myself.

The system is simple: you take a photo of your gas receipt and upload it. Then the app will digitize the receipt information and you’ll get up to 25 cents off each gallon. I’m surprised I don’t hear about this app more often though, I make a killing with it.

You can likely rack up an extra $200 this year by using it. And you can also save up to 35% at restaurants and 15% at grocery stores near you. The money you earn can be transferred to your Paypal account or redeemed for gift cards to buy at Amazon and other stores. You can get a download link sent to your phone here.

Start Paying Less for Gas

The Bottom Line

Of course, if you want to make more long term sustainable income sources you should probably consider investing seriously in stocks and real estate, as well as reduce your expenses by budgeting and living frugally.

How to Pay Bills Online to Save Time and Money

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how to pay bills online

If you are not paying your bills online, you are missing out on the convenience and ease that it offers.

A few years back, people were reluctant to pay their bills online. The aspect of online payments was entirely new, and many people did not fully trust these transactions. Performing online bill payments was seen as a loss of control over their money.

Many people were afraid that if they gave their checking account numbers to utility providers or insurance companies, what would stop the companies from overbilling them? The traditional method of stamping envelopes and writing checks seemed all too safe and familiar. It is no surprise that a vast number of people still cling on to it as the preferred method to make payments for several things.

If you are still stuck in the past paying your bills through traditional methods, that time has been long gone. People today are paying all kinds of bills through online portals, whether they are mortgages, utilities, loans, credit card payments, personal loans, and even tuitions.

Paying bills online is a safe and convenient method to manage your finances. The use of checks has declined significantly in the last ten years as more people move towards the more reliable and convenient online payment methods.

I am going to discuss everything you need to know about online bill payments, so you can also consider leveraging it to your advantage.

What exactly is online bill pay?

Online bill pay is an online platform that allows you to make your payments without going through the lengthy process of sending things through the mail or writing checks. Everything is done online. When you make a payment online, you assign where the money has to go and how much you have to pay.

Beyond that, the bank withdraws the money from your checking account, and it takes the responsibility of allocating that money to the vendor to whom it is due. This transaction takes place in a matter of minutes or even seconds.

In case the bank does not already have an established connection with the vendor you need to pay, the bank issues the paper check to the concerned party themselves on your behalf.

How does online bill pay work?

You enter a person, vendor, or company you want to pay, and the bank manages the rest electronically or through paper checks made out to the payee on your behalf. Online bill pay enables you to receive, view, and pay any number of bills for up to a year in advance of the due date, all using one platform.

Most large companies throughout the world are set up for accepting online payments now. The concerned parties can receive your funds within a day or two when you use online bill pay. Online bill pay completely removes the aspect of late bill payments and any late payment charges you might incur.

There are still some small companies and vendors who do not accept online payments. The bank’s bill pay service takes on the responsibility themselves. In case there is a delay, the late payment charges will be reimbursed to you, so you only pay what was due.

Many banks today offer the basic bill pay service free of charge when you open a checking account with them. They might charge extra for additional features like access to transactions from Quicken financial software.

Ways to make online bill payments

While you might think online bill payment is a new trend, the method has been around for two decades. Online bill pay has come a long way with innovations, enhanced security, and additional convenience. You also have several options for paying bills online. Luckily, all the methods involve just a few clicks.

Bank’s online bill pay

Perhaps, the easiest and the most accessible option you can use to make payments is the online bill pay feature that your bank offers when you open a checking account. While most banks offer online bill pay service, you should check with your bank to confirm whether you already have access to it or if you need to sign up for it.

Setting it up initially might be a little effort on your part, but it can save you a ton of headaches and time in the long run. Each bank or credit union has its own rules when it comes to online bill pay services, but here are some general things you might need to do:

  • Collect the bills, including the addresses to where you mail payments and account numbers.
  • Enter each payee’s information into the bank’s online payment platform.
  • Choose when you need to send the payment to each biller.
  • Select whether the payment is recurring or if it is a one-off payment.
  • Set reminders that can help you track when each bill is due.

The bank’s online bill pay platform is arguably the most convenient way to make payments online. It enables you to organize your bills and keep track of the due dates. You also get a consolidated view of where your money is going so you can be sure if you have enough cash available to cover each payment. You receive all the bills you need to pay and pay each one through your bank – all through a single online platform.

Paying through your prepaid debit card

Another option for you to take care of your bills is through prepaid debit cards. This is an option widely popular among people who do not have checking accounts set up. You can use a debit card for making payments almost anywhere.

You can pay for everything with your prepaid debit card, from tuition fees, utility bills to student loans. Most companies nowadays offer you the option of making your payments to them online.

When you are using your bank, you need one username and password for every payment you have to make. Using your prepaid debit card to make online bill payments is slightly inconvenient: you need to create an account with each vendor and keep track of several websites and passwords for each of them.

An advantage of setting up your bill payments to companies automatically through your prepaid debit card is that several companies offer discounts on bills for that. Of course, I will suggest that if you set up automatic payments, make sure you double-check your payments so that you can track if you are ever overbilled by mistake.

Is online bill pay safe?

One of the main concerns for a lot of people is whether online bill payment is safe. It is a valid question, considering all the news about identity theft crimes and computer hacking problems.

Online payments or online shopping entail the risk of identity theft. Banks and vendor payment portals, however, utilize bank-grade encryption to make sure your financial information is safe and secure. Using the online bill pay platform to manage your bills keeps your data like your routing number, your account number, and the details of your transactions safe from hackers.

Is online bill pay free?

Most credit unions and financial institutions do not charge you for paying your bills through their online platforms. There are, however, who do. Make sure you read the fine print so you know if there are any unexpected charges or fees attached, and you want to utilize it accordingly.

Paying your bills online saves you money

I think it is pretty clear that a significant advantage of paying your bills online, whether through online bill pay platforms or prepaid debit cards, is going to save you a lot of time. You also stand to save money and live below your means by using online payment methods.

With the traditional methods of bill payment, there is always the chance of late payments. Perhaps, you did not have the time to post the mail, or you couldn’t find your checkbook, or you forgot. Online bill pay allows you to avoid all late fees by enabling you to schedule your payments well in advance.

Final thoughts

Between all the convenience of paying all of your bills online and saving money, I think you might be able to see that online bill payments are the way to go. A slight added benefit of it all is that you will also be going greener by choosing to make the payments electronically since it eliminates the use of paper for checks and postage stamps.

With so many reasons to make a shift to online bill payments, please don’t delay and try it out soon.

The Complete Guide to Living Below Your Means

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living below your means

Spending more than you’re making can lead to stress and financial insecurities. If you’ve ever bought something you couldn’t afford and then felt immediate guilt after, you might want to practice living below your means. Living below your means aids in growing your savings, prioritizes your emergency fund, and possibly helps in retiring early when you save more than you spend. Here’s how to spend less and save more.

Pay Yourself Off

After you finish paying off a bill you might be inclined to go shopping with your new-found money. Halt yourself from this thinking process and begin to pay yourself in an interest-yielding savings account. You won’t feel like you’re paying a bill since you’re already used to allocating funds to a certain account.

This is an easy way to save your money and accumulate some interest for an emergency fund or a long-term goal. Saving money is easier when you don’t feel like you’re constricting yourself, to begin with. Take a different approach and consider yourself a priority equivalent to that fancy car bill or your important school loans.

Download an App

In today’s world, you can coordinate your life metrically because there’s an app for everything. From tracking your water intake to tracking the number of steps you take per day, your financial health can be monitored just as closely. Download an app for tracking your spending.

Being conscious about your finances is easier when you have a budgeting app in your pocket. Most budgeting apps not only track your spending but also give you credit score updates and tips on how to save in the future. A tool like this could make you more aware of the impact of small purchases.

Increase Your Income

Typically earning more than what you spend each month is the basic standard for living below your means. One easy way to live below your means is to increase your income. Pick up a side job by mastering your freelancing skills or even start your own business, increasing your income can come in many forms you wouldn’t expect.

If you don’t have the time to pick up a side job attempt to negotiate your salary at work. Simply asking for a raise can be intimidating but maybe try negotiating with an offer letter from elsewhere. Seek better opportunities that may be around the corner when you need money. You may be interested in learning how one of our staff members earns $200 a day from side hustles.

Form a Plan

Being out and about means you’re spending money on either food, transportation, or everyday necessities. Spending time away from home is inevitable so try and plan before you walk out into a bad financial situation. Structure yourself on what you’re going to spend your money on and when you will allow yourself.

Unlike a strict budget, an everyday plan may keep you on track without the stressors of a tight budget. Simply having goals before going out can help maintain your track of living below your means. It’s easy to head outdoors and forget your bills or budgets, forming a simple plan on your financial objectives for the day could become a major saving habit.

Refrain from Credit Card Use

At times it might seem easier to put something on your credit card by justifying that you’re building your credit. Keeping your credit card out of arms reach is the best solution to not overusing it. Getting carried away and overspending is a common symptom of having a credit card. It’s hard to use under the recommended amount of 30% and it’s easy to completely forget how much you’ve put on each card. The less accustomed you are to using a credit card the better your savings will be.

Additionally, if you go over your spending limit this can show your bank that you are in financial distress. Practice the ability to pay for your purchases upfront and full. Committing to this might take some time if you’re used to always putting your purchases on your credit cards however, leaning off credit cards is a powerful step in living below your means.

Consider Downsizing

Living comfortably in a two-bedroom apartment may not be the best option for a single individual. Reevaluate your living situation, you may be able to cut costs on your biggest bills by downsizing. Consider your rent to income ratio to make a more informed decision about your living habits. When your lease is up, consider looking for cheaper listings around your area. Hold back from buying the most expensive house you can get a mortgage loan for. If you live in an apartment look for a more modest space to drastically cut your living expenses. If you’re a millennial, consider where you should rent or buy.

Some ways to save on living expenses includes renting a house with friends, living modestly in a one-bedroom apartment, or splitting a condo with coworkers. You could potentially live more modestly in an area with a lower cost of living. There are obvious topics you must consider before relocating such as taxes, employment, and moving expenses. If downsizing seems like the right thing to do for your situation this might be an alternative for living under your means.

Rethink your Transportation

Driving a new car can burn through your wallet faster than you might have thought. A new car isn’t a necessity and if you’re looking for ways to save, try other means of transportation before splurging. Buying a used car serves the same purpose at a cheaper price. If you’re able to pay in full for a car then avoid the financing hardships and take the easy way out. For most people, having a vehicle is the second biggest expense after paying for housing. Today more than ever, owning a car is extremely expensive, therefore if you can cut this cost out living under your means would become easier.

Eliminate Small Expenses

It doesn’t seem like it at first but all those coffee runs, monthly subscriptions, and spontaneous shopping trips add up. Pay attention to the little things and steer clear of unnecessary spending. Becoming conscious about where your dollars go every day isn’t easy when you’re not usually regulating your spending habits. Take a new approach and buy a coffee machine to save money in the long run or stick to only one subscription a month instead of splurging on a few.

Challenge yourself by becoming creative and finding ways to make up for the little habits you usually splurge on. Reducing your meaningless spending will deduct your debt and it will progress living below your means. Living below your means this way could retain a hefty chunk of change in your pocket by the end of the year to spend on a long-term goal.

Completely Avoid Debt

Financing anything is not the easy way out. It might seem as if you’re saving money since you’re paying something off slowly but that is rarely the case. Don’t finance anything if you don’t have the money, to begin with. If you don’t have the funds for major purchases, avoid this kind of debt and restrain yourself from making big buys.

Refrain from creating debt for yourself that could only grow to become much worse. Some plans to finance might have high-interest rates that could add up. Leave these decisions behind and don’t fall for the temptation of paying something off over time. Another bill only hinders your plan for living a more bill-free life.

Conclusion on Living Below Your Means

Committing to more efficient financial habits makes for a more secure lifestyle. Your long-term goals become reality and your emergency funds give you peace of mind. Living below your means helps form a stronger retirement fund and keeps you out of debt. It might require plenty of discipline and at first, it might not be the easiest thing to do. However, you could gain financial stability and an overall better grasp on your spending habits.

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