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Sarang Ahuja—Comparing the Biggest Personal Finance Companies

Comparing the Biggest Personal Finance Companies

Personal Loan companies are well recognized with offering individuals with credit to buy immediately and pay back the borrowed amount over time. Numerous companies such as banks, private lenders, credit unions and peer-lending companies offer personal loans. Customers with predictable monthly income are given priority in receiving personal loans. Personal loans are often utilized to consolidate high-interest debts, finance big purchases such as houses or land or used to fund new businesses. Consumers can borrow money for the personal loan either in person or online. A personal loan can get you the quick funds you require in short order if you meet the requirements. They are a popular tool for amalgamating and reducing high-interest credit card debt, providing fixed interest rates and payment plans, making the loan repayment easier to budget for. Personal loans are classified as unsecured loans since they do not require security. Additionally, they are preferred to most credit cards because one can borrow a huge amount conceivably at a lower rate. When utilized responsibly, personal loans can help bridge a financial shortage in no time. Companies offering personal loans are compared in terms of LOW APRs, Higher loan limits, flexible terms, accessibility and low or no fees. Below is a list of best personal loan lending companies that targets borrowers who have substantial credit.

Lending club

Ranked among the top America peer to peer lenders with loans up to $40,000 in a year. It is popular among the lenders due to its lenient credit scores policies that require a minimum of 600. It is widely spread across America conducting business in more than 47 states with an APRs range from 5.99% to 35.89%* APR. The lending club boasts of competitive interest rates, transparency and wide availability that puts it first among other lenders.

Wells Fargo

A well-established personal loan lending company with a repayment term ranging from 12 to 6o months with no origination fees. Offers loans from $3,000 to $100,000 with and advertised APRs of 6.25% to 19.75%. Wells Fargo boasts of highly competitive rates with a convenience of large branch network across the world.

Prosper

Ranked as the second largest lending company after lending club with a minimum credit score of 640 and loans from $2,000 to 3,000 at APRs ranging from 5.99% to 35.97%. It operates in more than 47 states in the U.S with impressive transparency hence preferred by many individuals.

Lightstream

Lightstream is an offshoot of sun trust bank that offers excellent rates for creditworthy borrowers. Lightstream is highly preferred because it offers loans with no registration and prepayment fees. Has flexible terms and high borrowing limits making it a darling among prospective borrowers who require massive amounts and a longer repayment time.

Personalloans.com

Personalloans.com offers a wide variety of loans ranging from personal bank loans, installment loans, and peer-to-peer loans. Has an advertised APRs ranging from 5% to 36% with loans amounts up to @35,000.

SarangAhuja-How To Build Your Credit Score

How To Build Your Credit Score

Personal finance is a broad topic that can factor in an array of life aspects. Educating yourself on the importance of a savings account, how to write checks, and managing a budget are just the basics. Understanding your credit is another level. If you’re looking to finance anything in the near future such as a car or a house, your credit score will have an effect on your financing terms. For anyone looking to build their credit score, here are a few ways you can.

Your Credit History

Taking out a loan is borrowed money, and the lender you receive the loan from tracks how you pay that money back. How much money you’ve taken out and how well you manage your payments both go into your credit history. Employers, landlords, and other potential lenders will want to see a credit history before they approve your loan.

No Credit History?

If you’ve never taken out a loan before, you have no credit history. Credit history is a report of you making payments on borrowed money. With or without credit history, anyone can build their credit and achieve financial stability.

Get a Credit Card

A bank credit card with a small limit is the best way to gain and build your credit, especially if it’s from scratch. As a guideline, only spend up to 30% of your approved limit. Be sure to make your payments on time to avoid added charges. Check with your bank on the interest rates so that you can ensure your personal finance and credit card is under control.

Make Payments on Time

With any credit you take, whether that be a student loan or simply your credit card, you absolutely never want to miss a payment. Making payments will help or hinder your credit history. If you miss a payment, your credit may take a hit.

Have Variety of Credits

A variety of credits can help your credit score. You can have a mortgage, student loans, personal loans, car loans and other credit cards to give your credit a boost.

Store specific credit cards are only usable at that exact store. For example, Old Navy has a credit card approved customers can use and in return they’re offered rewards. On top of a store credit card, you can have a personal bank credit card. The most important thing to remember is that if you don’t pay off the balance each month, you will be charged interest.

Credit can seem daunting to those who aren’t informed. Follow the tips and tricks to understanding how credit works and boost your credit score in no time.

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Post-College Financing

For those of you out there who have just finished another chapter of your life and graduated college, congratulations! You’re ready to take on life choices and decisions and you’ve officially entered adulthood. This means that you’re on the road to finding financial success and will most likely begin paying off your loans from the last four years. Although it can be a hard subject to think about, taking control of your finances post college life is attainable. By following these four steps, you can be on your way for financial success.

 

Calculate your Debt

As hard as it may be to think about how much money you don’t have, knowing how much you owe is crucial to come up with a plan to paying back your loans. Once you have established a number, write it down. This will allow you to keep track of your payback progress. When making monthly payments, it’s also a good idea to set up automatic payments. Automatic payments will ensure that your payments are always on time and establish a positive credit score and a good relationship with your bank.

 

Keep an Eye on your Credit Score

College is about learning from your mistakes, right? As soon as you get out of college ( or even before), you should keep an eye on your credit score. Whether you’ve applied for loans/ credit cards or not, monitoring your score will help protect you from fraud and identity theft. It’s also important to keep in mind that checking your credit report too often can actually hurt your score. If you’re planning on taking out a mortgage or big loan this year, keep the credit pulling to a minimum, such as 3 times a year. However, checking your monthly FICO score is a great idea to have an idea where your credit stands. FICO works by predicting what your actual score is. It’s usually offered with online credit card statements, therefore you can look at it as much as you’d like without worrying about your score going down.

 

Emergency Savings

Although setting up a 401k and retirement is important as a post college student, it’s more important to have an emergency savings account set up as soon as you can. If you come out of college with a job lined up, consider yourself lucky. Otherwise, you’ll need to set up a plan for living costs, such as moving back in with your parents or finding freelance work. When your income isn’t steady, an emergency living plan is more important than setting up a retirement plan. The reality is that you went to college to find a job, so eventually you will find one. But some unexpected costs may come up, such as car damages, shopping for interview clothes, or other emergencies could potentially come up, so you have to be ready.

 

Create a Budget

My best overall advice for college graduates, is to start thinking about your future monthly expenses before you graduate so that you’re not shocked when it comes to paying your bills post college. Then, create a budget to keep in mind. This will also help you in the long run when you make more money than you’re spending, allowing you to create savings plans.

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