Category: Financial

Learn from our financial experts who provide clear advice and tips on everything from taxes to loans and all that is in between.

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Credit Financial Loans

Auto Loans for People With Bad Credit

auto loans for bad credit

We’ve all been there at one point or another: you need a new vehicle badly, but your credit history has not been looking the best these past few years. While that may have been a crippling issue just a decade ago, these days there are more and more options for getting auto loans to those with bad credit.

While there are sometimes bad credit loans available from popular lenders, there are some lenders that have specifically entered the market to help those with credit problems and limitations. The downside to these loan programs is that they often require higher interest rates and as a result, higher payments on the loans themselves. But there are still some great benefits to some of these lending programs, take a look:

New Roads Auto Loan

New Roads is a direct lending division of Consumer Portfolio Services Inc. Consumer Portfolio Services Inc. is a general finance company that offers indirect automobile financing to consumers with bad credit. They also can help consumers with low incomes or limited credit histories.

New Roads has loan programs for both new and used vehicles, refinancing, as well as lease buyout options. While they do not require a down payment, financing without one means you finance a larger amount. This can increase the amount you pay over the life of your loan.

They consider applications from consumers who still have a repossession or bankruptcy (open or closed) on their credit reports. They also make allowances for co-buyers as well. One downside is that New Roads is only available in 30 states, so depending on where you live, you may not have access to them.

Capital One Auto Finance

One of the biggest draws to Capital One, in addition to their willingness to work with less-than-stellar credit, is the ability to prequalify for a loan, before having them do a hard pull to confirm. As people trying to rebuild their credit know, a hard inquiry can affect your credit score if you have too many within too short of a time. With Capital One you can get a pre-qualification and can check the estimated terms and payments before deciding if you want to commit to a full application.

They offer loans for all types of vehicles both new and used, and they offer to refinance existing loans from other loan servicers as well. They have a minimum loan amount of $4,000, and the loans can only be used at a participating car dealership, though there are 12,000 of those. In order to apply and qualify, you will need to be 18, have an income of between $1,500 and $1,800 monthly, and live within the lower 48 states.

The maximum loan amount you will be approved for will depend heavily on your income, credit history, and other factors. However, when you are approved, you will be able to use the Auto Navigator tool to find your vehicle of choice.

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Credit Financial

How to Reduce the Interest on Your Credit Cards

Heres How to Reduce the Interest on Your Credit Cards

Are you paying a lot of credit card interest? Do you even know how much interest you are paying each month or year? Some credit card users receive quite a shock when they finally see those totals. Consumers spend over $1,000/year on just interest each year.

So what can you do about this? Can you reduce the interest on your credit cards? Yes, you can.

3 Ways to Reduce Credit Card Interest

1.     Pay off your balance in full each month.

By paying your entire balance each month, you avoid interest entirely.  This is easier said than done.  If your goal is to pay zero interest, you will need to make a plan that includes budgeting all credit card purchases.  Even if many find it difficult, this is achievable.

2.     Ask your Credit Card Company for a rate reduction.

Is this even a thing that credit card companies are willing to do? Of course, it is. 

Credit card companies like to let consumers think that some higher power decides interest rates.  They want you to believe there is nothing anyone can do to change your number. Not questioning your interest rate always works out in their favor because it means your likely to pay more money directly to them.

Your credit card company’s primary focus is to keep you as a customer and paying interest as long as possible.  If they think you might leave because of a higher interest rate, they can be surprisingly willing to discuss reducing it. 

How to ask:

  • First, consider what your goal is.  Just trying to save money? Have a unique situation that’s making you do this? Different goals might require you to take different approaches.
  • Next, gather some potential offers or options. Can you get approved for a 0% balance transfer? Is there any other way that taking your business to someone else might help achieve your goal?
  • Finally, call customer service.  Let them know about your options.  Tell them why you are considering making changes.  Say you would rather not go, but that they need to give you a reason to stay.

3.     Transfer your balance to another card.

A surprising number of credit cards offer 0% APR as an introductory offer for new customers.  Transferring all (or some) of your balance to one of these accounts could give you just the time you need to pay down that balance with no interest adding to it.  Just be fully aware that you will end up right back where you started if you fail to pay down the balance.

Of course, you can be stuck with your current interest payments.  Occasionally the circumstances just don’t make that rate reduction possible. Those occasions are much rarer than most people realize, and even when they do occur, it is only temporary.  By simply being aware of the options you have as a consumer, you can control how much it costs you to use credit cards.

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Financial Legal Savings Social Security Disability

The Difference Between 401k vs. Social Security

401k vs. Social Security

Many people wonder which is better to rely on, Social Security payments or your 401k income. What they don’t realize is that you can receive both Social Security as well as 401k income. Whatever income you receive from your 401k plan will also not affect your Social Security benefits. This is because it is considered income from a non-wage source.

Most workers count the days until they can retire at full retirement age, 66 years old. They frequently begin receiving Social Security benefits within the first few months of their retirement, as well as their 401k income. Some will retire as early as 62 in exchange for lower monthly benefit payments from Social Security going forward. At the other end of the spectrum, some delay collecting Social Security until the latest allowable age of 70. This means they reap the benefits of much larger monthly payments in return.

Why 401k Income Has No Effect On Social Security Payments

One of the foundational tenets of Social Security is that the credit system for qualifying for benefits is based on taxable wages. These wages are the ones that you earned during your highest-paid 35 years of work. Your contributions to your 401k are made with wages paid to you by an American company. Fortunately, they have already paid the Social Security taxes on those wages.

Many people contribute as heavily as possible to their 401k, however, under the impression that those contributions are tax-free. Well, they are, sort of. Those contributions can be made free of income tax imposed by federal and state entities. However, not by contributions required by the Federal Income Contributions Act, or FICA.

No matter what, your wages will always have the tax for Social Security paid before anything else can reduce your income level. So you do still pay some taxes, up to a preset threshold that is determined by the IRS.

The Difference In Dollars

So you are getting close to retirement age, or maybe just planning well ahead to ensure your comfort, and you want to get down to numbers on what retirement is going to look like. Well, there are a few scenarios centered around when you retire. You can begin collecting Social Security at 62, the full age of 66, or as late as 70. While you might get to begin enjoying retirement early, the change in benefit amounts by delaying can be incredible.

Using the top-end numbers for 2021, the highest monthly benefit when retiring at 62 is about $2,300 while waiting until 66 gives a monthly payment of more than $3,100. And for those waiting until 70, they can collect a massive benefit of nearly $3,900.

If you are planning on retiring early, your 401k income can certainly supplement your Social Security income without affecting it. On the other hand, if you have a few years to go, you may still be able to start taking life a little easier by utilizing your 401k income while you delay Social Security collection until you get the maximum benefit.

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Credit Financial

How to Get Credit Card Approved

How to Get Approved for a Credit Card

You’ve probably heard your friends and family talk about the benefits of having a credit card. There are definitely perks to having a credit card, but how do you get approved for one? If you have no credit or poor credit, it may seem like it would be impossible to be approved for a line of credit.

There is no way to guarantee you’ll be eligible to get a credit card but there are some ways that may improve your chances of approval.

Get Started on the Right Foot

Building good credit can be done if you stay on top of your bills from the beginning. Credit card companies look at your payment history as well as the following:

  • Only apply for what you need. You can always apply for an additional card or two down the line if you decide they’re needed, but acquiring multiple loans and credit cards in a short time frame makes lenders think your finances have taken a turn for the worse.
  • Stay below your credit limit. In fact, you should aim to keep your overall credit utilization ratio under 30% for each of your lines of credit.
  • Always check your statements to ensure they are accurate. You want to do this so that your score isn’t negatively affected by incorrect information. This is also helpful to keep an eye out for suspicious activities and potential security risks.
  • Pay more than the minimum if you can. If you can only afford to pay more than the minimum once in a while, that’s fine. Any higher payments will look good for you.
  • Know your credit score and make sure to check your credit report. Credit reports are usually accurate, but errors do happen. You can get one free copy of your credit report per year through the 3 major credit reporting companies.

Monitor Your Credit

Before you get a credit card, you should get a copy of your credit report so you can see your score and the information that is impacting it. You’ll be able to access information like your payment history, previous credit checks, and recently acquired accounts. When you apply for a credit card, the bank will check your credit score to see how likely you are to make your payments on time.

Don’t Use too Much Credit

In order to ensure you don’t end up with a credit card you can’t afford, it’s important to understand your debt to income ratio. This comparison of your income versus what you owe will help you figure out what kind of monthly payments you can afford.

Be Patient

If your credit isn’t at a point where you are able to get a credit card, it is not the end of the line. Fixing credit and establishing credit from zero takes time. If you need to increase your approval chances quickly, consider becoming an authorized user on a friend or relative’s account, get a secured card, or getting a loan with a co-signer.

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Credit Financial Savings

Creating a Budget with a Credit Card

How to Create a Budget with a Credit Card

Introduction

Though credit cards make it easy to overspend, they also make it easy to keep track of and control your spending. If you have a hard time balancing your finances, there are many methods you can use to create a realistic and effective budget with a credit card.

General Tips

Most major credit cards group purchases by category and allow you to search through transactions and get detailed spending reports. This includes:

  • The option of viewing spending reports for any given period of time within your account (ex. for the week or monthly)
  • This allows you to not only devise a budget based off of when you get payed, but also make any necessary adjustments due to unexpected expenses

Establishing and Estimating Your Expenses and Income

Expenses

A good way to do this is by making a note of everything you pay each month, including:

  • Mortgage/rent
  • Insurance payments (auto, health, home, etc.)
  • Utilities
  • Cable, phone, and/or internet
  • Food
  • Non-essential purchases

It is important not to dismiss small purchases, as these can add up quickly. If you are not actively paying your credit card balance off, you must include an additional charge for interest from the card issuer. Try your best to avoid this by paying the account balance off at least once or twice per month.

Income

Calculate exactly how much income you generate each month. This includes your base salary and any extra money you have from other sources. It is a good idea to consider how often you get paid, so that you do not end up with bills you cannot cover before your paycheck.

  • For example, if you know your next paycheck does not come until the end of the month, do not schedule any major expenses on the last week of that month
  • If this happens, you can easily get behind on your bills

Comparing Expenses and Income

The next task is to analyze your income versus your expenses. If your spending is more than your income, it is likely that you will run into debt. However, if your income is greater than your spending, you should end up with money left over.

There are services available that can do this for you and make it easier to see where you are overspending. The difference between the two values will show the excess/inadequacy of your funds. When considering your budget, it is always a good idea to set aside a contingency fund for any unexpected costs that you may incur.

Some of these service capabilities include:

  • Grouping your expenses by category
    • These can include retail shopping, dining out and other food costs, rent, and insurance payments
  • Some of these programs allow you to set a budget per category and may even notify you when you are approaching the set limit

Alternately, you can do it yourself by going through your bank and credit card statements:

  • Group your purchases into your own categories and calculate the total for each month in each category
    • You may want to use the same or similar categories that are generated automatically by credit card services, but you may want to use others instead
  • Compare the values to see where and on what you are spending the most money and make any necessary adjustments, such as wanting to shop online less

Both of these methods have pros and cons. Using services is:

  • Quicker and easier
  • But there is always the chance that programs will make mistakes:
    • They could input incorrect values or group expenses into the wrong category
    • Though these problems are uncommon, it’s not a mistake you want to make

Conversely, doing it yourself has its own pros and cons:

  • It is more thorough because you have the ability to nitpick through your expenses
  • However, it is tedious and takes much longer

Conclusion

The bottom line is that looking at a visual breakdown of your expenses is the most effective way to determine your budgetary status. Your goal, whether you are in debt or have surplus, should always be to save money and cut expenses.

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Financial Insurance

How Much Homeowners Insurance Do I Need?

How Much Homeowners Insurance Do I Need?

We wish we could give you a simple answer, but the amount of home insurance coverage that you need varies from that of your neighbors. There are multiple factors that go into calculating your homeowners insurance policy, but with this guide, you can get a better idea of how to figure it out for yourself.

What Do You Need Coverage For?

To start the process, you need to figure out what your homeowners insurance policy will cover. In most cases, you need enough coverage for:

  • Rebuilding Your Home
  • Extended Dwellings and Buildings
  • Replacing the Contents of Your Home
  • Legal and Medical Expenses for Injuries Sustained on Your Property
  • Reimbursing Living Expenses that You Incur After Losing Insured Home/Building

What Kind of Coverage Do You Have?

Most homeowners insurance policies are replacement cost insurance by default, but some companies also offer actual cash value insurance (ACV). ACV insurance comes at a lower premium because you get less coverage. You only get reimbursed for the current value of your home and its contents, which is typically less than replacement cost due to depreciation. If you get replacement cost, you will have a higher deductible, but you won’t have to worry about any out-of-pocket expenses when you build or replace items.

Calculating the Amount of Coverage for Your Buildings

There are so many elements that go into building a home, so it can be difficult to calculate the exact replacement cost. However, you can come up with a close estimate when you: 

  1. Multiply the square footage of your home by local construction costs.
  2. Get a second estimate from a free online calculator.
  3. Hire an independent insurance agent to calculate your replacement cost.

It’s important to remember that these estimates could change based on recent changes in the economy, building codes, or your home. If you remodeled a room or added more living space, don’t forget to include it in your calculations. You should also account for any irreplaceable or hard-to-replace features in your home.

Calculating Personal Property Coverage

Once you know how much structural coverage you require, you need to add the cost of replacing your home’s contents. Your personal property is anything that you keep inside your home or buildings. It could include everything from clothes and antiques to cars and furniture. In order to determine the amount of replacement coverage you’ll need, you should keep a running inventory.  

How to Make a Home Inventory

Though it can be a tedious task at first, an inventory can prevent the shock of being underinsured. To start, you can go around all of the rooms in your house taking pictures of your belongings. From there, you should write down every single item—no matter how big or small—because the costs can quickly add up. Once you have a home inventory, you should update it with every purchase. From there, you’ll be able to quickly determine the value of your personal property.

Extended Coverage for Rare and Expensive Items

Many insurance companies put a limit on rare and expensive items. If you have valuable collectibles, art, instruments, designer clothing, or any other expensive items, you should get extra coverage. While you are making your inventory, it is important to make a list of all of your expensive items so that you can ask your insurance agent whether or not they are covered under your current policy.

Adding Liability Coverage

Liability insurance covers the medical costs and lawsuits you might face if someone gets injured on your property. It’s specifically designed to cover people who don’t live in your home. Most policies carry a minimum of $100,000, but we encourage you to get as much as you can afford. $300,000 to $500,000 is a better start.

Request a Car Insurance Quote

Once you have all of the numbers calculated for your structures, personal property, and liability, you can determine the total amount of homeowners insurance coverage that you’ll need. If you ever need any assistance, a third-party insurance agent can guide you through the process. You can then use your coverage amount to collect a homeowners insurance quote before you decide on a policy!

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Financial Insurance

How Much Does Homeowners Insurance Cost?

How Much Does Homeowners Insurance Cost

The National Association of Insurance Commissioners says that the national average for a homeowners insurance premium is $1,200 per year. However, that cost can differ depending on location, the size of your home, credit history, and so many other factors.

In this guide, you’ll learn more about these factors and how they impact your homeowner insurance premiums. You’ll also learn more about ways you can lower your homeowners insurance rate without compromising on your coverage. 

How Location Impacts Premiums

Not only do homeowners insurance premiums vary from state to state, but they can also vary drastically from city to city. For example, a home in a dense city will have much higher rates than the exact same home placed in a rural setting. If you are planning to move to a new state or city, you should do your research and see how your homeowners insurance will be affected.

Many states fall around the $1000 to $1,300 range. There are some outliers on both ends of the spectrum, though. For example, Oregon, Utah, and Idaho offer average premiums under $700 a year. Their mild weather makes them safer places to live.

Coastal states, such as Louisiana, Texas, and Florida sit on the other end with premiums exceeding $1,900. Oklahoma and Kansas are also expensive because they sit right in Tornado Alley. If your home is more suspectable to damage, theft, or vandalism, there is more risk involved for your insurance company. Therefore, they charge you a higher premium to offset that risk.

How Premiums Vary by Provider

Along with the location, premiums differ from one insurance provider to another. Some insurance companies specialize in high-value homes with personalized service. They tend to market more towards wealthy homeowners. As a result, they have average premiums as high as $6,000 a year.

Some companies also carry different risk. If you choose insurance from a provider that covers homes threatened by natural disasters, you’ll pay a higher rate to help cover their risk. For that reason, we recommend that you don’t choose an insurance company that insures coastal areas if you live in a mild-weather state.

If you have a standard home, a standard insurance company will provide adequate coverage for more affordable rates. Most standard carriers have an average annual premium between $1,100 and $1,400.

Other Factors Influencing Insurance Premiums

There are so many elements that go into building a home, so it can be difficult to calculate the exact replacement cost. However, you can come up with a close estimate when you consider: 

  • Coverage Amount: Much like with any other insurance, a higher coverage amount equals higher premiums. If you have an expensive and personal property, you can expect to pay much more than a neighbor in a less valuable home.
  • Credit History: Insurance companies are allowed to check your credit history in many states. Therefore, you should work on raising your credit score if you want lower rates.
  • Home Age: While beautiful, historic homes have old wires and plumbing, they put you at a greater risk for water damage and fires. As a result, they tend to have higher premiums.
  • Attractive Nuisances: If your home has any extra features that increase your personal liability, you can expect to pay more. Examples of attractive nuisances include trampolines, swimming pools, and playhouses.
  • Deductible Amount: You can lower your premium by raising your deductible, but you should try to find the balance. If you can’t afford to pay your deductible, then the lower premiums won’t have saved you anything.

Homeowners Insurance Discounts

If you’re looking for more ways you can lower your homeowners insurance quote, then we recommend asking your provider about their discounts. You can often bundle your other insurance policies for savings, or you can consider decreasing your risk by:

  • Installing Fire Safety Features
  • Adding Deadbolts to Your Doors
  • Investing in Wind Protection

Find Out Your Homeowners Insurance Cost

If you want to know more about the cost of homeowners insurance in your area, we suggest that you request several quotes from local providers. To start, you may need to calculate your coverage amount. You can check out some of our other homeowners insurance articles to learn more about that process.

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Financial Insurance

How Long Should My Life Insurance Last?

life insurance how long should it last

When shopping for life insurance, you have to make a lot of decisions. One of those decisions is choosing a policy length. Many life insurance providers offer coverage until your death or for a set period. In order to choose the best life insurance policy length for your needs, you must consider three things:

  • The Amount of Coverage You Need
  • Your Budget
  • How Much You Qualify for Based on Age and Income

Life Insurance Lengths

Once you select the amount of coverage you need for your life insurance policy, you must start to consider all of the options you have for the length of coverage. As we mentioned earlier, different companies offer different lengths. You may find one company that offers permanent life insurance, which covers you until death. Some permanent policies max out at 100 years, however.

Other Insurance providers offer term life insurance, which provides you with coverage for a set term. Most of these term policies are good for 10, 20, or 30 years. You may see some that offer other increments of five or 10 years. In fact, some offer up to 35 or 40 years of coverage.

How to Calculate Your Life Insurance Coverage Length

With all of the different term options, it can be difficult to choose a length for your policy. Therefore, it’s important that you remember why you are getting the policy. Life insurance is designed to pay death benefits to your beneficiaries if you die during its term. These death benefits protect your family from financial burdens resulting from your death.

What kind of financial burdens are we talking about?

Mortgages, bills, and every day costs of living don’t stop just because you die. If your income contributed to your household, life insurance makes sure that surviving members of your family can continue to pay for their lifestyle. It also ensures that a roof stays over their heads by paying off a mortgage completely or contributing to monthly payments.

With that in mind, you can better calculate the length of life insurance coverage that you’ll need. New parents may want 20 to 30 years of coverage to cover the length of time that you’ll have children depending on your income. A longer term can also help pay for college!

Homeowners should plan for a policy that covers the length of their mortgage. 30-year terms are the most popular length for that reason. With this coverage, you can have peace of mind knowing that your family won’t lose their home if something happens to you.

Determining Term-Length Eligibility

Even if you decide you need and can afford a certain term length, you don’t have the final say in the matter. Your life insurance provider ultimately determines how long you can be insured. They typically base your eligibility off of your age and income. In most cases, older people have more limits, but there are some companies who are willing to offer their longest term length to older applicants. It’s important that you speak with a life insurance agent to see how many years of coverage you qualify for.

Learn More About Policy Lengths for Life Insurance

Are you interested in learning more about policy lengths and how they affect your life insurance? If so, we recommend that you get in touch with several different providers. Though this guide serves as a basic guideline, they can give you all of the information you need to make an informed decision for you and your family.  

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Family Financial Insurance Senior

Medicare Insurance: What to Know About It

medicare insurance guide

As you start to approach retirement, there’s a lot of things you have to plan for, and your health insurance is one of them. Many Americans enroll in Medicare insurance every year, but few understand it well.

It can be overwhelming when you see all of the different coverage options, but you don’t have to struggle through the decision-making process. With this guide to Medicare insurance, you can learn more about eligibility, coverage options, and costs.

Who is Eligible?

In most cases, you become eligible for Medicare upon turning 65. You can sign up as early as three months before your 65th birthday, or you can sign up any time in the four-month period that follows your birthday.

While Medicare is typically reserved for seniors, there are some exceptions. Younger people with disabilities may be deemed eligible for coverage. It is also available for individuals with End State Renal Disease, which is a permanent kidney failure that requires a transplant or dialysis.  

How Much Does It Cost?

The cost for Medicare depends on several factors, including your income. It can also depend on the plans you enroll in:

  • Part A: In some cases, your Part A coverage may be completely free! If you or your spouse have paid Medicare payroll taxes for ten or more years, you shouldn’t have to pay any premiums. Others who didn’t pay the taxes could pay several hundred dollars for their monthly premium.
  • Part B: Your Part B coverage comes at a standard rate. It is currently $144.60 each month, but it is expected to increase by a few dollars in 2021. You can easily look up the standard rate for your coverage at any time.
  • Part C: This all-in-one plan is offered by private companies, so the cost of your monthly premium depends on the plan you choose. You can find a variety of options to fit any budget.
  • Part D: The cost of part D coverage also depends on which plan you choose. The most basic coverage starts at $30 per month, but you should keep in mind that there are additional costs for copays, deductibles, and out-of-pocket expenses.

What Does it Cover?

Different parts of Medicare offer different coverage options. Part A is more for hospital stays and short-term nursing home stays. Part B is what most people consider a standard health insurance plan. It covers your doctor visits, preventative screenings, flu shots, and more. Part D covers your prescriptions drugs. Part C is also known as Medicare Advantage, and it offers all-in-one coverage.

How to Get Additional Coverage

If you didn’t get a Part C policy, you may find yourself needing to supplement your Part B Insurance with a Medigap plan. These plans are lettered A through N, so there are plenty of different options from which you can choose. We recommend that you speak with an insurance agency to find out which Supplement plans best fit your needs and budget.

Request a Medicare Quote

Whether you are using private or public Medicare insurance, there are many different prices and plans available. The best way to find the policy that best fits your needs is by requesting different Medicare quotes. You can also visit medicare.gov to learn more about Medicare coverage, costs, and supplements.

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Financial Loans

Best Personal Loans for Excellent Credit

personal loans with excellent credit

Introduction

Personal loans come from a bank, online lender, or credit union that you pay back at a fixed rate in installments. This usually spans between 2-7 years, and they are best used for large personal expenses (ex. medical bills, home improvement, weddings, or exceptionally expensive purchases, such as a car or boat) or debt consolidation (lumping several debt payments into one).

They are meant to advance towards financial milestones, not add to debt.To qualify, lenders will look at your credit score, credit report, and DIT (debt-to-income ratio). Borrowers with excellent credit—defined as having a FICO score of at least 690—earn the lowest interest rates, receive the largest amounts, and have the most options when it comes to loan selection.

Important Things to Consider When Picking a Loan

Because you have so many options with excellent credit, you have to do some research to pick the best loan service for your intended purpose. Important things to consider would be:

  • Interest rates (how high and fixed/variable)
  • Repayment options (time period, minimum/maximum amounts)
  • Fees (including prepayment, late, and origination)
  • What you are using the loan for
  • Timeliness (how long is the application process and when do you receive your money after you’ve been approved)

Even with excellent credit, your personal loan can still be denied—do not take it as a given. Sometimes, the lender may be backlogged or have insufficient funds to issue out a loan. This will unfortunately result in denial.

Because of COVID, many banks and lenders have offered new products and lower interest rates, though you need to meet extra criteria to qualify.Some may even offer deferred payments or waived fees.

This Year’s Top Personal Loans for Excellent Credit

There are countless loan companies to choose from, and sometimes it can be difficult to find the one that is right for you. The process is tedious, but do not rush through it—you may end up paying much more than you need to.

A couple of this year’s top personal loans for excellent credit are:

  • SoFi
    • Digital lender that offers many products, including personal, home, student, and insurance loans from $5,000 to $100,000
    • Beyond the loan itself, it offers protection programs (ex. if you lose your job and can’t pay), referral bonuses (if a friend signs up), personalized financial planning, and more
    • To top it all off, the loans are fee-free and there is no minimum annual income
    • Their fixed-rate loans range from 5.99% to 20.69% APR
  • Lightstream
    • Offers loans up to $100,000 for almost anything (including medical bills and education loans)
    • Has generous repayment terms rivaling SoFi at 2-7 years, which means lower monthly payments
    • Does not have fees or prepayment penalties
    • Offers discounted interest rate when you sign up for autopay (your credit card has a set minimum amount it pays each month automatically)
      • With the autopay discount, their APR is slightly lower than SoFi at between 5.99% and 19.99%

Conclusion

When applying for a personal loan with excellent credit, you should put yourself through a rigorous process to assure you make the right decision. Comprehensive research into different loan companies and types of personal loans is the most important. Remember that with excellent credit comes excellent selections—the world is your oyster!