Showing posts from January, 2021

7 Options for Borrowing Money and When to Use Them

Ideally, your finances should always be healthy enough to cover any costs you might encounter. Realistically, there are many situations where you'll need to borrow money. Maybe you need a loan for that big car or house purchase, or perhaps you need some cash to last you till the end of the week.  In most cases, people just put excess purchases on their credit card and call it a day. However, there are numerous options when it comes to borrowing money, and some will save you more on interest costs. Here are some to consider. 1. Use Your Overdraft When you need to make an emergency payment but are out of funds, your bank account overdraft will come in handy. Many accounts provide you with a limited overdraft, allowing you to obtain a certain amount at no fee whatsoever. Sometimes you'll have to pay interest costs depending on how much you borrow. This method is one of the simplest and safest, and as long as you keep within your limits and avoid high added intere

How an Installment Loan Can Help Credit Score

If you find yourself with a bad credit score, an installment loan could be exactly what you may need to help improve your ratings in either a significant or minor way. Although installment loans are not meant to be used for everyone, this type of loan is easy to apply for and can have serious benefits to improving your credit score. If you apply for an installment loan without an understanding of how it works and how it can help you, then you can actually further damage your credit or simply result in no impact whatsoever. This is why it is important to have a firm understanding of what exactly an installment loan is before you jump into another financial responsibility. Installment Loans - An Overview An installment loan is when you borrow a specific amount of money that is to be paid back in a series of regular payments, known as installments. These payments are typically made on a monthly basis and can include anything from auto loans, student loans, and mortgages. Installment