Pets and Personal Loans

If you have ever had the pleasure of owning a pet, you can realize how important a part of your family that they become. Many times your beloved animal can find itself with some sort of medical problem that can be a very costly endeavor to have treated.

Going to the veterinarian can be a very expensive trip. Even the most basic of checkups can end up costing hundreds of dollars. When your pet has an affliction that may be serious then the bills can go into the thousands of dollars. Most of us don’t have that kind of extra cash sitting around and you require that money to allow your pet to be treated and to get better. Taking a personal loan to cover these unexpected costs can be the solution.

In many cases when your pet becomes ill it comes out of nowhere. Being hit by a car or getting into a fight with another animal can cause some devastating trauma to your pet and the bill to patch them up can break the bank. You want to give your pet the best care possible, just where do you find the money? Taking a small personal loan can be the way to solve this problem. It gives you the extra funds to help out when emergencies like these come up. You just have to use good judgment as to whether your financial situation can afford to take out the loan.

When you love your pet like family you want to do anything possible to make them better in times like these. It is totally understandable that people will spend thousands of dollars on medical bills for their furry (and even not so furry) friends. Just make sure that you are doing the best thing possible for your pet. Sometimes letting go is the best answer for your pet. I know that is easier said than done, but you really need to take a look at the situation. Nobody wants to lose their pets, but it is a part of being a pet owner.

There are instances where some insurance companies actually include pet insurance added on to other policies such as auto insurance. This happens quite frequently and it is wise to know if your coverage includes this added benefit. This can be a major help when emergencies come up.

Going to the vet for regular checkups can save you money in the long run. Just like with humans, preventative care can be a life saver for your pet and cost much less in the long run. All in all, keep them safe and love them every day.




Buying a Used Car

It’s that time where you are in need of a new or newer vehicle. You current mode of transportation has been good to you in the past, but it’s just costing too much in repairs or just isn’t as reliable as it used to be.  This situation happens thousands of times across the country every day. The problem is that you don’t have the money to buy a newer car. Let’s take a look at obtaining a personal loan or going to a buy here pay here car dealership.

Buy here pay here dealerships can be a good choice for many people that need to get into something fairly quickly. It can be a good alternative to taking out a loan in some cases. Usually people that do not have good credit can benefit from this situation. Most buy here pay here car dealers will not even run a credit score on their customers and require a small amount of money down on the purchased vehicle. One problem is that their inventory tends to be a bit on the older side. You usually do not have access to later models and you could end up swapping out your older paid off car for a car that you now owe money on and still has some problems.

Another instance with these types of dealerships is the amount of money you are actually paying for the vehicle. They will charge you quite a bit more money than the car or truck is actually worth. They know that you may be in a desperate situation and they have the upper hand. You could be paying 20%-25% more than the vehicle is valued at just to able to use their easy, no credit check method of getting you into a car.

Another problem is that they take “low” weekly payments. This sounds enticing at first. When you are trying to figure out your payments and they present a low weekly payment of $75.00 this sounds like you should have no problem making that payment. Who can’t afford $75.00 a week? Well, a lot of people can’t afford that payment. That’s a $300.00 per month payment. You can buy a brand new Mercedes for that amount of money. Add on your car insurance and you end up with a hefty car bill each month.

Taking out a personal loan gives you many advantages when it comes to buying a used car. The dealership will haggle the price down quite a bit because you are essentially paying them cash at the deals end. You will also gain a positive credit score when the loan is paid off. At the buy here pay here places, you can only achieve a negative score if default on your payments, they usually don’t report to the credit agencies.

Just be weary of a deal that sounds too good to be true. If you can obtain a personal loan for your newer car, then take it. It’s easier to afford and will actually save you money in the whole scheme of things.

Using a Personal Loan for a Vacation

Taking your dream vacation is one of the best parts of life. Enjoying exotic places and doing things that you never dreamed of can be a costly venture and many of us cannot afford vacations in our budgets. Taking a personal loan to fund your vacation could be a good solution to this problem.

If you are a frugal traveler than you may be aware of web sites such as These web sites offer tremendous deals for vacations that you may never have dreamed of going on or thought you could never afford them. The only problem with these deals is that they are usually offered on short notice to fill gaps or missing reservations in the travel industry. They also require full payment up front. In order to be able to take advantage of these deals you have to have the cash on hand or possibly max out your credit card.

By using a personal loan to finance your vacation, you have the ability to take advantage of the deals that these web sites are offering. Obtaining the loan and then searching for these incredible deals can save you thousands of dollars in the long run. This is also an easier way to keep your finances in better ordeal by being able to pay off your vacation over a longer period of time.

Now, usually the notion is that if you can’t afford to take a vacation then you just do not do it. Using the personal loan to bankroll your vacation could be the solution to this problem. Your personal loan shouldn’t be all that huge if you are trying to take advantage of these bargain deals found on the internet, so you should not be paying it off over a large period of time.

If you get a good interest rate you should be able to afford to take a very nice vacation every year and just be able to pay for that trip over the course of a year or two. Not only do you get that dream getaway, but you are also improving your credit score. Using a personal loan could be a great way to allow you to take these voyages that always have wanted to take.

Just be smart before you decide to use this option. If you cannot afford to pay off the loan within two years then you may be the person that cannot afford the vacation in the first place. Remember that life is short, enjoy it while you can, but be financially wise while you are doing it.

Personal Loan vs Payday Advance

When times are tough financially, many people need a little bit of help to get them through. Many circumstances come up in everyday life, where some extra cash is necessary. Personal loans and payday advances are a few of the tools that are commonly used. Let’s take a look at both of these options and weigh the pros and cons of each choice.

Things come up every once in a while that require money that you just don’t have. Car repairs and medical bills are just a few to mention. Many people live paycheck to paycheck and just do not have the extra money in their budgets to cover these unforeseen expenses. Using a payday advance is one option that many people utilize to cover these charges. This is a good solution in many incidences, but it can strain your bank account tremendously. A payday advance is exactly what it implies. You are in essence borrowing money from these types of businesses with the promise to pay back the money the next time you get paid.

In reality you are not adding extra cash to your financial profile, just receiving it earlier than normal. The unexpected expenses are still eating up a good portion of your monthly income and a payday advance can get you behind on all of your bills, which can take you months to catch up and hurt your credit score. Plus, these types of businesses that offer payday advances usually charge large fees for this service. Many places will charge up to forty percent of the advance. That is quite a bit of interest to be paying for an extremely short loan.

Taking out a personal loan to help with these unfortunate bills could be the smartest choice in the long run. If you can obtain a personal loan with a reasonable interest rate you are already saving money over the payday advance. The loan also helps your budget by adding money, not just shifting accessibility to it in your overall financial situation. It is easier to pay back the personal loan over a longer period of time and it will not put you in a major bind when it comes to paying your other expenses. Another benefit to using a personal loan is that it will help your credit score, the only thing a payday advance can do is hurt your credit, if you cannot pay it back when due.

Overall both forms of financial help can be beneficial, but in the long run a personal loan is usually the better choice.

Paying Off High Interest Rates

Is it a good idea to take out a loan to pay off other loans? If you have the intentions of paying off a higher interest rate loan with one that you can obtain with a lower interest rate than the answer is yes. You must make sure that there will not be any penalties for paying the first loan off early to make it cost effective.

When you took out the first loan there are conditions that you are going to want to review before you pay off the balance. Many companies will charge penalties for paying off the loan before the terms of the loan end. This insures that they will be making the money on the interest of the loan that they expected to make. If you have this clause tied to your original loan than you must make sure that you will actually be saving money by paying it off with another loan at a lower interest rate.

If you do not have the clause tied to the original loan then it is definitely a good choice to obtain the loan with the lower interest rate. You just have to make sure that you use that money for that purpose and don’t end up carrying to loans when you only intended on having one. This will also help your credit rating as the first loan has been paid off, but you still are developing credit by having the second loan still outstanding.

This is also common practice when it comes to credit cards. There are always offers to transfer balances from one credit card with a higher interest rate to another with a lower one or even no interest for a small amount of time. Be sure there are no transfer fees tied to this action or you may be paying more in the long run. Also make sure that you can pay off the balance on the card before your initial lower interest rate expires, usually a year. Otherwise you may not be saving any money.

Transferring balances and paying off loans can be a smart way to save money and build some credit history. When you transfer credit card balances, make sure you do not cancel the first credit card as long as it does not have an annual fee. Keeping the account open will build your credit; just make sure you don’t use the card unless you absolutely have to. Lower interest rates are the way to go, just make sure you are saving money in the long run.




Taking a Personal Loan While Unemployed

So, bad financial times have fallen upon your life. Your company decided to make cuts and you were in the mix of the people being let go. You are finding yourself out of a job and the bills still keep coming in. Is it wise to take a personal loan to help you through this rough spell?

If you have to ability to secure a personal loan while you have a lowered or non-existent household income then you may want to jump on the chance to obtain that money while you have the opportunity. It is very hard to acquire a personal loan if you have diminished your income. If you qualify now, consider taking the loan to have some extra money as a cushion while looking for a new job, if you wait, you may not be able to get that loan down the road.

Whether or not to take on more debt while unemployed is a tricky question to answer. If you do not have any significant savings in the bank, you will probably need some extra cash. Counting on unemployment is not going to fully pull you through these hard times. Unemployment will help, but it will only be a fraction of your previous income.

The most important thing to do during this time is changing your spending habits. You must cut way back on everything during this crisis. Many people make a huge mistake and think they are going to be re-employed right away, if that’s the case then great, in reality it will take longer for most people. Cutting all of the luxuries out of your lifestyle is imperative when you are experiencing a financial crunch. No more satellite TV, going out to dinner, even going to the movies; you must cut back on all of your extras and focus on paying the bills.

If you have some savings in the bank that can pull you through then this is good thing. Why would you need to take a loan? One of the most common answers is that “I don’t want to touch my savings”. Well if you think about it, you are actually hurting your overall financial profile by taking on more debt with the personal loan. If your situation lasts longer than you planned, you will be tapping into your savings at some point, but now you will have to use some of it to pay off that loan.

If you know your time off work is going to be temporary, by all means, secure a personal loan to help you through. If you are uncertain about your next job then it is time for major lifestyle changes and time to go into a major spending freeze. Pinching every penny can be a big difference in the long run. Adding on another monthly payment of a personal loan may not be the wisest decision.

Using a Personal Loan for a Used Car

It’s time for a new car. This can be a very exciting time and also a very stressful time in someone’s life. Buying a new car is a milestone in most everyone’s life and the first new car a person buys is a huge step in one’s life. However, it can be a mistake.

Buying brand new is one of the biggest financial losses that a person can make. The second you drive that brand new vehicle off the lot it loses twenty to thirty percent of its original value. If you spend twenty thousand dollars on a brand new car you are losing four thousand dollars the second you start it up to take it home.

Everybody wants to have a brand new car, but by buying a slightly used model you can save thousands of dollars. There is no doubt the feeling that you get from being the first owner of the car of your dreams, but is it worth that money that you are losing through depreciation? That new car smell and the idea of being the first owner is a very intoxicating feeling, but none the less, a mistake in the long run.

Now, if nobody bought new cars then there wouldn’t be new cars to buy. The smart buyer is the one who buys a used late model car and gets the same vehicle for a fraction of the price than that of the new car buyer.

Is this day of age the car market is more competitive than ever. The quality of the cars on the market is at the best that it has ever been. The slightly used car is going to be just as reliable as the brand new purchase of the same model. You actually can get a much better automobile for the same price that someone is paying for a new car. Instead of spending twenty five thousand dollars on a brand new Toyota, your twenty five thousand dollars will get you into a four or five year old Lexus. Your dollar goes a lot further. The manufacture’s warrantee follows the car, plus you can usually purchase additional protection from the dealer for your vehicle.

Taking a personal loan for the purpose of buying a used car give you much more negotiating power when it comes to dealing with the dealership. By having the cash on hand, the dealership haggles with you on the price, rather than having to wait for approval from a bank for a loan on the car.

One cannot argue that buying a brand new car is a great feeling, but so is saving thousands of dollars. Just make sure you get a CarFax report and have a mechanic check out your used car before you buy it. Make sure that all of the maintenance records are available and that the vehicle is in very good shape.

Comparing Personal Loans to Home Equity Loans

When it comes to making improvements to your home, is it wiser to take a home equity loan, or to take out a personal loan?

There are many different arguments for both transactions.

In either case, the interest rate is an important factor as well as the amount and time of the loan. Obviously, you want to get the best deal on your loan and make the most of the money borrowed. Let’s take a look at the pros and cons of each type of loan and what would fit your needs best.

When it comes to home improvements the rule of thumb is that you want to get more money back than what you spent on the upgrades when it comes time to sell your house. You want to profit on your enhancements. This has a few stipulations. If you are going to be in your home for quite some time then the home improvements will probably be outdated by the time it comes to sell your home.

Major structural changes will add value, but tastes change over the years and what is popular now will not be in ten to fifteen years. So, cosmetic changes will probably not give you a major return on your investment. If you are planning on being there for a long period of time, make the changes you want and enjoy your house. If you are planning on selling in the short term, then you must spend your money wisely and try to make upgrades that are neutral and will appeal to a larger amount of people’s tastes.

In general a home equity loan can usually afford the borrower a larger amount of money than a personal loan. If you are making major changes to your house, this can be the right way to go. You mortgage holder will be more willing to lend you a larger sum, because they know that the value of your home will increase. This is a good way to go if you are making major structural changes such as additions to your dwelling. The problem with this is that you have to use the money for home improvements only.

If you are just remodeling, a personal loan is probably the better bet. Remodeling the kitchen is usually within the limits of a personal loan. Once you have completed paying off the loan for the kitchen, it is time to take out another loan to redo the bedroom and bathrooms.

This gives you the option to progress your embellishments over a longer period of time and enables you to keep up with the latest trends in home remodeling. A true benefit to taking out a personal loan is the positive affect on your credit rating. Paying of smaller loans in a quicker amount of time will increase your borrowing power in the future.

When it does become time to sell your house, the home equity loan will provide you with a more accurate summary of whether your investment was profitable or not. When you try to keep track of the personal loans over the period of time you have spent upgrading your house, you can lose track of what you actually spent. You may have used some of the personal loan money to pay for braces or to fix the car and over time this can be hard to track unless you are very good at keeping track of your finances. Just make sure that you enjoy your improvements without losing money on your upgrades.

Is it really a good idea to borrow from your 401(k)?

Is it wise to borrow against your 401K?

This depends on the situation that has come up; however, taking a personal loan can be more beneficial to your credit rating in the long run. There are many circumstances in life that come up where we need some extra cash to help through a financial situation and using your 401k is a good option for obtaining this money, but this option does not affect your credit score.

In most cases, you can only use your borrowed 401k funds for medical bills, education, or the purchase of a home. If you are taking out a loan in the first place, then it may be a wiser decision to borrow the funds from a lending institution and use this advance in your favor to increase your credit a score. There are many advantages in using your 401k; however you are borrowing from yourself and are missing out on an opportunity to improve your credit rating and borrowing capabilities for future loans.

If you have the choice between your 401k and a lending institution, leave your 401k alone. There are some factors that can hurt your retirement fund if you do not pay back the 401k loan, or move on to a different employer before you have paid off your 401k loan.  If you do not pay off your 401k then you are subject to extra taxes and early withdrawal penalties. If you move on to a different job then you must pay back your 401k loan or face the same consequences.

By borrowing from a lending institution, you are leaving your retirement savings alone and not risking paying fees and taxes. In both cases you will have to pay interest on the loan, but a personal loan from an institution avoids the fees and taxes as long as you are making your payments on time.

One idea that you may want to consider is using a loan against your 401k to pay off existing loans or future loans. Use the opportunity to borrow from a bank and then if you have the option to pay off the loan early, use your 401k to pay off the balance. This improves your credit score and will you the benefit of a cheaper interest rate from your 401k loan.

Be aware that in most cases if you borrow against your 401k, the payment will be directly withdrawn from your paycheck. If you have a lot of automatic online payments from your paycheck, be sure to account the lack of that money in your account on a monthly basis.

All In all, use your ability to obtain a loan from a financial institution to increase your credit score and leave your 401k alone.

Why people choose to apply for Personal Loans

There are so many different types of loans available, most of which are design for a specific purpose. The personal loan is one of the most attractive loans available to date. A personal loan can be used in a number of ways and with the easy repayment terms of these loans they are more effective than most loans. You can find a vast number of online vendors as well as banks that offer personal loans but it is still important to shop around for the best interest rate.

Personal loans are often use for home improvements or remodeling. They have a lower interest rate on them when compare to construction financing options and credit cards. When homeowners decide to use their credit cards or apply for lines of credit from home improvement stores, they run the risk of running out of money to complete their projects. With a personal loan, you know exactly how much money you have to work with and the size of a personal loan will likely be three to four times greater than the limit on a line of credit or credit card.

Personal loans are also commonly used for debt consolidation. They have better interest rates than most debt consolidation loans and have an easier payment plan established. You typically will not find any penalties when it comes to paying off your personal loan, whereas you may encounter this type of a problem with a debt consolidation loan. The personal loan has quickly become the most sought after style of loan.

When using a personal loan to consolidate your credit card debt, keep in mind why you took out the loan to begin with. A lot of people who use personal loans to consolidate their credit cards, they quickly begin using the credit cards again and find themselves back in the same situation. Sitting down and figuring out a method to help control your financial spending or meeting with a financial advisor may be something to consider as well.