How to Know if You Are a Victim of Fraud

Recently, we published an article about the importance of checking your credit report annually. We cannot stress enough as to the importance of this activity. After all, doing so allows you the opportunity to dispute potentially erroneous information on your report, and you can become aware of negative information in your file. Another benefit, however, to checking your report annually comes from the ability to ensure that you are not a victim of identity theft or other fraudulent activities.

Setting a Budget and Living Within Your Means

Last week, we provided insight into the importance of checking your credit report once per year. On a parallel path to working through inaccuracies or negative information on your credit report, your next step is to establish a budget that will help you get ahead. Though many Americans live paycheck to paycheck, this can be dangerous territory. It is simply not a sustainable process. And, if something goes wrong such as you incur an unanticipated medical expense, you experience a job loss, or other, you can quickly find yourself in a position where staying on top of your bills is no longer possible.

Start 2020 Off Right with a Credit Report Review

2020 is here - a new year and a new decade. If you are like most Americans you have probably established a few New Year’s resolutions. If 2020 is like 2019 (and many years before that), you are likely resolving to get in shape, lose weight, eat healthier, improve your approach to self-care, learn a new skill, get a new job, or manage your money better. And managing your money better is a critical lifestyle change that will help you become financially healthier (and mentally healthier too).

The Importance of Credit Scores

You are more than a number. You are a living, breathing person with hopes and dreams. You are a truly unique and special soul.

But when it comes to your credit, well, you’re kind of a number.

As many people know — especially people with bad credit — credit scores are very important to lenders. These three-digit scores are calculated using a variety of factors and banks use them when determining if they should give you a credit card, line of credit or loan. The lower your score is, the bigger a risk a lender thinks it will be that they’ll get their money back from you.

Holiday Survival Guide: Finance Edition

The holidays are full of joy and cheer to end your year. The time with family and friends is a gift that never ends.

OK, let’s be real. The holidays are hard. There’s a lot of pressure to find the perfect gifts for your loved ones and see everyone in a limited amount of time. And we won’t even get into what it’s like to try to have a conversation with that uncle. You know the one.

Another reason the holidays can be difficult is because of your finances. Every commercial, every store, and every event is encouraging you to spend a little bit more than you should.

How can you survive the holidays with your finances intact? We’ve got you covered with this survival guide.

How Do Interest Rates Actually Work?

They say it takes money to make money. The hard truth is that it also takes money to borrow money, though it kind of works in reverse.

The general idea behind loans is that a lender provides a sum of money in return for a promise that the borrower will pay that money (and some more) back within a specified period of time. So, any loan is a tradeoff where you as the borrower say, “Having X dollars today is important enough to me that I’m willing to pay you back Y dollars.”

How Financial Fees Pack a Punch

Credit cards, bank accounts and loans all have a few things in common — none more obvious than fees. There are so many potential fees that it’s hard to keep track of all of them.

By doing your homework before you borrow money or rack up credit card debt, you can determine the right path for you. Spotloan, for instance, is a short-term installment loan that prides itself on having no hidden fees.

5 Ways to Use Reviews to Choose a Lender

As a consumer, you like to know what you can expect from the products and services you purchase. You like transactions to be, you know, transactional. You give someone X dollars in exchange for Y product or service, and you both go on your respective ways, better off for it.

In the short-term loan industry, though, not all transactions are that straightforward. The fine print can include details that come as an unpleasant surprise later. Fortunately, there are tools that can help you know what you can expect.

What You Should Know About Prepayment Penalties

Prepayment penalties just seem wrong. It doesn’t seem like you should be able to be punished for going above and beyond to deliver something better (or sooner) than what you had promised. Despite that, prepayment penalties on loans are legal and enforceable due to the fine print found in many of them, especially payday loans.

Let's take a step back. What exactly are prepayment penalties? These are clauses written into loan agreements that allow the lender to enact a financial penalty on the borrower for paying off (or significantly paying down) the principal of a loan before its specified term is over.

8 ways new grads can manage student debt

Have a lot of student loan debt? Join the club. About 70% of college grads today have significant debt from student loans, CNBC reports. The average amount is just over $37,000, up $20,000 from 13 years ago. And Americans owe a total of $1.5 trillion in student loans, nearly double the amount owed ten years ago, according to The Federal Reserve.

Here are 8 tips to help you manage your student debt: