Take Control Of Your Finances After COVID-19 Pandemic

Take Control Of Your Finances After COVID-19 Pandemic

The COVID-19 pandemic has pushed the United States into economic instability. Whether you were one of the millions who either lost their job or took a pay cut or among the lucky ones who kept their job, you surely struggled this year. Now more than ever, taking control of your finances is imperative. You can attain all of your financial goals with us.

5 Ways To Take Control Of Your Finances After The Pandemic

1. Don’t Just Stick To A Budget; Find Ways To Save

Extremely frugal people may have been the butt of jokes some time ago, but that is no longer the case. Frugality will help you save up money and achieve your financial goals more quickly. 

If you truly want to achieve your goals, establishing and following a budget for your monthly expenses is a good place to start. However, you should not stop there. Increase your savings by finding small ways to spend less, whether it’s using coupons for your groceries, thrift shopping for clothes, or unplugging appliances that are not in use. 

2. Set Short- And Long-Term Financial Goals

Finance is a complicated topic in itself. Do not make it even more difficult by setting overwhelming goals. Break down your financial goals into short- and long-term tasks so they will become more manageable. Short-term goals are those that can be attained in a few months but often do not contribute much to your future. They serve as stepping stones when you are working toward long-term goals. 

3. Check In On Your Credit Score

A good practice among financially stable people is checking in on their credit score periodically as opposed to checking only before a major purchase. Doing so will tell you if you have been delinquent in your bill payments and therefore have not been disciplined with your finances. Make it a habit to monitor your credit score so you can keep it high. 

4. Open An Account For Fun And Non-Necessities

You may have already been told by others to open a separate savings account and set automatic transfers to it. To complement that, start another account that you will use only for fun activities and buying non-necessities. This will make it easier to stick to your budget and satisfy your wants without terrible consequences.

5. Saving Is Not Enough, So Invest

It will take you longer to achieve your long-term goals if you do nothing but save. You can grow your money more efficiently by investing in stocks or real estate that will help bolster your income. To further accelerate your investing success, sign up for Access Loans’ federal employee loan program. Our lower interest rate will enable you to maximize your earnings with ease.

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NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).

2020 Personal Finance Tips You Wish You Learned In School

2020 Personal Finance Tips You Wish You Learned In School

2020 has been a year of challenges. A lot of people have struggled financially due to the pandemic and the sudden shutdown of businesses. It is time to rise up and improve your financial standing with these personal finance tips and assistance from Access Loans’ employee loan program.

1. Build An Emergency Fund

This year, the unemployment rate rose to 14.7% during the peak of the pandemic in April, but 6.9% remain unemployed in October according to Statista. An emergency fund is meant to help you pay for unforeseen medical expenses, home repairs, or unemployment. Ideally, it covers 6 to 9 months’ worth of expenses. Starting an emergency fund is the first step toward financial stability.

2. Refinance Student Loans

Student loans often come with higher interest rates, making you pay upward of $300 monthly for the better part of your life. Refinancing your student loans will give you the opportunity to find a loan with better, lower interest rates. It will enable you to save on your monthly payments and potentially pay off your loans earlier.

3. Find Simple Ways To Improve Your Credit Score

Your credit score has a huge impact on your finances. For many, however, credit scores are difficult to grasp, which is why numerous individuals end up with bad credit. 

If you have a low credit score, the best way to improve it is by decreasing your debt-to-income ratio. Your income should be higher than your debt. Making on-time payments to your loans, credit cards, and bills helps a lot, too. 

4. Pay Off Your Debt With Tax Refund

Where does your tax refund go? If you are not investing it, you should be using it to pay off debt, especially if you have a credit card, student loan, or any type of personal loan. Your tax refund will surely make a substantial dent on your debt. Just make sure that your loan provider applies your lump-sum payment to the principal balance.

5. A Side Hustle Goes A Long Way

This is one of the most effective ways to bolster your income. The side hustle money you earn can help you pay off your debt, improve your credit score, or establish an emergency fund. Alternatively, you can use your additional income to increase your contribution to the Thrift Savings Plan for federal employees. 

6 – Do Not Let Your Credit Card Debt Fester

The average credit card rate in the US is 15.97%, which is a lot more than the interest rate for a student loan. If you have accumulated substantial credit card debt over the years, consider paying the full amount with a personal loan. The affordable employee loan program from us is the best avenue to pay off your credit card debt!

Did you enjoy this blog? Please review us to help us improve and spread the word. We appreciate your feedback – CLICK HERE ⭐⭐⭐⭐⭐

 

NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).

How To Spend Less Money On Your Credit Card

How To Spend Less Money On Your Credit Card?

Americans love credit cards so much that those remain a status symbol despite the repercussions of credit card debt. In a report by the US Federal Reserve, 83% of adults own at least one credit card, but only 48% of them pay their monthly credit card bill in full. Failure to pay credit card bills eventually leads to crippling debt. 

Although credit cards can be useful, discipline is needed to keep people from getting buried in debt. Read on to get some tips and learn how we can help you with that issue. 

1. Lower Your Credit Limit

If you find yourself using your credit card for wants rather than needs, then you may be able to curb your usage by lowering your credit limit. Ideally, this will discourage you from using your credit card as often as you used to.

2. Carry Cash

Do not get into the habit of paying everything with your credit cards. Carry cash everywhere you go. Cash is much easier to track and control, so it will keep you from overspending and buying things impulsively.

3. Avoid Temptation

People who shop with credit cards often spend more than those who shop with cash because they do not see the actual cost of things they buy. Avoid the temptation to spend left and right by steering clear of physical and online stores if you know you will not be able to resist shopping. 

4. Do Not Rely On Credit Cards During Emergencies

Most Americans do not have an emergency fund and instead rely on their credit cards for unexpected expenses. This racks up your credit card bill and, because of high interest rates, ends up costing you more money than if you had cash on hand.

5. Consolidate Credit Card Debt

Doing this will help eliminate your debt and keep it from ballooning further due to interest rates. It will provide you with a clean slate so you can better manage your credit cards and hopefully save money as you pay off your debt.

Access Loans And Credit Card Debt

Most people get a personal loan to pay for their credit card debt. However, this method only works when the personal loan has a lower interest rate than your credit card/s. For federal employees who may not have a high credit score, finding a personal loan that offers favorable interest rates may be difficult. 

We offer affordable employee loan programs that are ideal for paying credit card debt. They involve an easy and fast application process, a low interest rate, and convenient payment options. A loan with us will not only help you pay off your debt but also improve your credit score. Apply for a personal loan now!

Did you enjoy this blog? Please review us to help us improve and spread the word. We appreciate your feedback – CLICK HERE ⭐⭐⭐⭐⭐

 

NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).

Avoid These Personal Loan Mistakes At All Costs

Avoid These Personal Loan Mistakes At All Costs

Most people apply for a personal loan to fund an unexpected and often urgent expense. As a result, they make rash decisions that negatively affect their finances. This article will take only a few minutes of your time but will help you make smart decisions in the long run when applying for a personal loan.

1. Not Checking Your Credit First

You credit score will greatly affect the result of your personal loan application. A bad credit score may result in denied application or a higher interest rate. On the one hand, if you have a high credit, you can use that as leverage to get better loan terms. On the other hand, if you have a bad credit score, you can opt for low-cost personal loans such as the ones offered by us.

2. Not Paying Attention To The Annual Percentage Rate (APR)

A lot of people merely focus on the monthly loan payment. However, an equally important factor is the annual percentage rate. The APR provides a more accurate computation of your loan cost because it includes loan fees on top of the interest rate. A personal loan without additional fees is, of course, preferable.

3. Not Reading The Fine Print

It is important to do this before signing a loan. You do not want to be surprised with a high monthly payment as a result of hidden fees. As mentioned earlier, the APR could point you to potential fees in your loan terms. Some hidden fees to watch out for are origination fees, prepayment penalties, and late fees. 

4. Squandering Your Loan

While you are free to use the funds of your personal loan however you like, keep in mind that it still incurs interest. Using it for something inessential could be detrimental to your long-term financial health. It would be better to use it for urgent, necessary expenses or to consolidate credit card debt or student loans. 

5. Making Late Payments

Late payments do not reflect well on you as a borrower. Aside from potentially incurring a late payment fee, this behavior will lower your credit score and therefore affect your ability to get loans in the future. To avoid late payments, set alarms in your calendar a few days before the due date or set up automatic payments from your account.

6. Not Considering Alternatives

When people think of personal loans, their minds immediately go to banks. However, banks often have strict qualification requirements for and high interest rates on their personal loans. 

As with any item to be purchased, it is a must to shop around first. Consider slightly unconventional options like Access Loans’ personal loans for federal employees. This loan offers better interest rates and involves more convenient application and payment processes.

Avoid all of these personal loan mistakes when you apply for personal loans for federal employees with Access Loans.

Did you enjoy this blog? Please review us to help us improve and spread the word. We appreciate your feedback – CLICK HERE ⭐⭐⭐⭐⭐

 

NOTICE: This communication and its content are for educational and informative purposes only and should not be used as the basis for any investment decision. The information contained herein is based on publicly available sources believed to be reliable but not a representation, expressed or implied, as to its accuracy, completeness or correctness and it is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. No information available through this communication is intended or should be construed as any advice, recommendation, or endorsement from us as to any legal, tax, investment, or other matters. Nothing in this communication shall be considered a solicitation or offer to buy or sell any security, future, option, or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this communication constitutes investment advice or offers any opinion with respect to the suitability of any security. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient.  We recommend that you never provide a third party with names, account numbers, or other sensitive information unless you are certain that it has a legitimate business purpose.

Links to third-party websites are provided for your convenience only and you access them solely at your own risk.  We do not endorse or assume any responsibility for any such third-party sites, information, materials, products, or services.  Your access and use of the third-party sites are governed by the terms of use and privacy policies of these third-party sites.  You acknowledge and agree that we shall not be liable or responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or related to the use of or reliance on any content, goods, or services available through any third-party website or resource. 

* ACCESS LOANS™ products are funded and serviced by Safra National Bank of New York (“SNBNY”).