There are many reasons you might need a quick infusion of cash. Maybe to pay for a wedding, a vacation, or a home improvement project, or deal with a medical or financial emergency. If you don’t have the money you need in your savings account, you’re not alone. A recent CNBC poll found that a whopping one in three Americans has $0 saved.
Your best options for fast money are credit cards or personal loans, but personal loans are likely to cost you a lot less over the long haul. They also look better on your credit report. Here's what you need to know.
There are situations in your life where you may need to come up with more cash than you have in reserve — and fast. Or maybe you want to splurge on something you desperately want, but don’t have the savings for just yet.
A personal loan is one way to get a quick cash infusion that can help you meet those goals.
Should you consolidate your debt? It's definitely worth considering.
If you have a lot of debt, consolidating it—that is, replacing multiple loans with one single loan, usually in the form of a personal loan—can be a great way to get out from under your financial burden once and for all. But it isn’t right for everyone.
In a nutshell, debt consolidation involves replacing multiple types of debts with a single debt. Depending on how you consolidate, you could realize multiple benefits from having a single account.
When you have loans with multiple companies, it can be a challenge to keep track of your payments. They all have different due dates, terms, and late fees. Make a mistake with any one of them, and you can damage your credit.
If you’re looking for ways to go debt-free, chances are that you've heard of Dave Ramsey's “seven baby steps” approach to financial wellness. Baby step #1 is socking $1,000 away in savings, and then it's on to baby step #2 — paying down all your non-mortgage debt using the "debt snowball" method.
Needless to say, baby step #2 can take a while. The good news is that there's actually a way to speed up the process, but it involves bucking good old Dave's advice just a bit. Let us explain.
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