6 Tips To Pay Off Your Loans Faster

How Public Sector Employees Can Pay Off Their Loans Faster.

Achieve financial stability this year by paying off all your loans as soon as possible. Follow these six practical tips to pay off all of your loans faster. Paying off your debt is a great feeling. You are free of another financial burden and are on your way toward financial stability. Fast-track your journey toward financial stability with these tips to help you pay off your loans.

1. Increase Your Income

In this economy, a public sector salary is often not enough. This is especially true if you have student loans and a bunch of other loans. If you want to pay off your loans faster, having more than one income stream—getting a side hustle—is the way to go. Just make sure you use the money you earn to pay off your loans. 

2. Reduce Your Expenses

When you’re paying off a loan, living well below your means is important. Reconsider the practicality of your current housing—if it takes up too much of your budget, perhaps you should move to a cheaper house or get a roommate. Follow these personal finance tips and put whatever amount you save toward your loan payment. 

3. Pay More Than The Monthly Minimum

Every dollar you pay above the monthly minimum pays off your loan’s principal. So, the more you pay above the monthly minimum, the lower your principal goes each month. With lower principal, your loan will accrue lower interest, making it easier to pay off your debt.

4. Make An Extra Payment

Every year, employees look forward to their tax refunds and bonuses. This year, be frugal and use the additional funds you get to pay your loans. Regardless of the amount, making an extra payment at least once a year would make a substantial dent in your loans.

5. Follow The Snowball Technique

Prioritize your loans from either the smallest amount or the highest-interest loan and put most of your funds toward paying it (while, of course, paying the minimum for your other loans). Once you’ve paid off one loan, move on to the next smallest or the second-highest interest loan.

6. Refinance Your Loans

Managing multiple loans, even with two income streams, is difficult. An efficient way to pay off your loans is to consolidate all of them and refinance them with Access Loans’ employee loans. Not only will you have to focus on only one loan, but you will also incur only one lower interest rate.

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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”).

Tips To Improve Your Credit Score For Your Security Clearance

Top 4 Simple Ways To Improve Your Credit Score 

Are you a government employee applying for a security clearance? Improve your chances of getting security clearance with these four simple tips to improve your credit score. 

Security clearance is an elite status granted to select federal employees. One of the qualifications for getting security clearance is a good credit score. If you have a bad credit score, or your credit score plunged recently, you will need to pull it up before applying for security clearance. Here are four tips to improve your credit score with a federal employee loan program from Access Loans. 

Your Credit Score And Security Clearance

Security clearance allows federal employees access to classified information or restricted areas at the organizational or state level. This is a major responsibility that requires prudence and discipline. The US Office of Personnel Management, which grants security clearance, rationalized that credit scores reflect a person’s self-control, judgment, willingness to the follow rules, and reliability. Since they will be handling classified information, they need to be trusted, and there should be no doubt that bribes will not sway them. 

Understandably, the US government sees federal employees’ credit score as a reflection of their character. However, unlike morality and character, finances are not absolute. Read on for tips on how to get your credit score to reflect your upstanding character.

Improving Your Credit Score

1. Pay Your Bills On Time

Your credit history is a crucial factor in your credit score. So, any missed payments of more than 30 days, especially if it’s habitual, bring down your credit score. Pay your bills on time. If you are to miss a payment, make sure to contact your provider and negotiate with them. 

2. Maintain Low Credit Utilization Rate

Check how much of your credit limit has not been used—divide your total credit limit across all accounts by your total current balances and multiply it by 100. Experts advise keeping your credit utilization rate at 30%. 

3. Check For Errors In Your Credit Report

It’s not uncommon for inconsistencies to mess up your credit report. Try to periodically get your credit score (no, it will not negatively affect your credit score!) and check the details for any inaccuracies. Fix those as soon as you can.

4. Consolidate Your Debt

If you have multiple debts and are on the brink of defaulting in any of them, consolidating your debt is your best bet. Access Loans’ federal employee Loan program will help you pay off your debts while you enjoy lower interest rates. 

You can also apply for Access Loans’ federal employee loan program here to help improve your credit score - if you need emergency funds.

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”).

What Are The Benefits Of Allotment Loans?

Take Advantage Of These 7 Benefits Of Allotment Loans 

You may have heard your co-workers talking about allotment loans. A lot of federal employees have utilized allotment loans offered by Access Loans because of the benefits. 

What Are Allotment Loans?

Allotment loans are a type of loan available to federal employees, even those with bad credit. This type of loan does not require collateral, has fixed interest rates, and fixed payment terms.

In an allotment loan, the borrower allots a certain amount for their paycheck to pay for the loan. The loan payment is deducted from their paycheck each month until they pay off the entire loaned amount. 

What Are The Benefits?

1. Flexibility And Confidentiality

Allotment loans can be used for any purpose you deem fit. We do not limit the type of expenses you can fund with allotment loans. Consequently, you don’t need to declare what you will use the fund for. 

2. Easy Qualification

If you’re part of the 16% of Americans with bad credit and are a federal employee, you can still qualify for an allotment loan. Simply present identification requirements, and you already have chances of getting approved for an allotment loan. 

3. Fast Approval

With us, you can get approved in a matter of hours and get your funding fast. It’s perfect for emergency expenses.

4. Fixed, Low Interest Rates

We offer low interest rates for federal employees. The interest rates you get at the start of your loan will remain the same until the end. No need to worry about interest rates hiking up. 

5. Flexible Payment Terms

If you get a discretionary allotment loan, you have the freedom to designate the amount to be deducted from your paycheck every month. This is meant to make the repayment more manageable for the borrower. Of course, the higher you deduct from your paycheck, the shorter your loan will become.

6. Short Payment Plans

The amount you borrow through allotment loans will be divided between your paychecks. From the beginning of your loan, it is clear how much you will pay and for how long you will be paying. You don’t need to think about repaying your allotment loan for years. 

7. No Missed Payments

Since allotment loans are deducted from your paycheck each month, you don’t have to worry about missing payments and paying double the next month. 

Take control of your finances this year by applying for allotment loans from 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”).

Understanding The Difference Between The Two Types Of Allotment Loans

What are the two types of allotment loans for federal employees? Understand the differences between discretionary and non-discretionary allotment loans. 

If you are a federal employee living paycheck-to-paycheck like 78% of American workers, you may have considered applying for an allotment loan. Before you dive into an allotment loan, you need to know the two types of allotment loans for federal employees and their differences.

What Are Allotment Loans?

An allotment loan is a type of loan specifically for federal employees who need funding for a variety of reasons. An allotment loan is similar to a personal loan in that it can be used for anything, doesn’t require collateral, has fixed interest rates, and fixed payment terms. 

Allotment loan gets its name from its repayment term--the borrower allots a portion of their paycheck toward the said loan payment. This gives the lender a level of security that the loan will be paid as long as the borrower works for the US government. This is why they can offer better terms for federal employees with bad credit since it is easier to apply and get approved. When you apply for allotment loans for federal employees, you will encounter two types: discretionary allotment loans and non-discretionary allotment loans.

What Are The Two Types of Allotment Loans For Federal Employees?

The main difference between discretionary and non-discretionary allotment loans is in the payment terms. For both types, the payment will be deducted from your salary until you pay the entire amount. So, if you get paid bi-monthly, expect a deduction on both paychecks. 

Discretionary Allotment Loans

In a discretionary allotment loan, the borrower has control over the terms of repayment for the loan. The borrower decides how much will be taken from their monthly salary. This, then, determines how long the loan will last. In other words, how long it will take for you to pay off the full loan amount, including the interest.

Discretionary allotment loans are good for those who have other financial responsibilities because it gives them the freedom to manage their finances. 

Non-Discretionary Allotment Loans

Non-discretionary allotment loans take away the control from the borrower and give it instead to the lender. Hence, it is the lender who decides how much will be deducted from the borrower’s monthly salary, as well as the “end date.” Again, the end date will depend on how long it takes to pay off the loan.

In a non-discretionary allotment loan, the borrower still benefits from fixed interest rates and repayment terms, which the lender should discuss before approving your allotment loan.

Don’t fall into the traps of loan sharks. Apply for an allotment loan with us and get approved quickly. 

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”).

Can A Federal Employee Get A Car Loan With Bad Credit?

Can A Federal Employee Get A Car Loan With Bad Credit?

It’s difficult to find a loan when you have bad credit, even car loans can get hard to get. So what happens when federal employees have car trouble emergencies?

We have good news! We offer emergency loans for federal employees which can be used for solving your transportation emergencies.

Can A Federal Employee Get A Car Loan With Bad Credit?

It’s difficult to find a loan when you have bad credit, even car loans can get hard to get. So what happens when federal employees have car trouble emergencies?

We have good news! We offer emergency loans for federal employees which can be used for solving your transportation emergencies.

What Is An Allotment Loan?

An allotment loan is a type of loan wherein the borrower “allots” a specific amount of their salary to pay for a loan. This means that the loan payment is automatically deducted from your salary every month (based on how often you get paid). Allotment loans are a special type of loan for federal employees. Federal employees have two types of allotment loans to choose from: discretionary and non-discretionary allotment loans.

Discretionary allotment loans allow the borrower to designate the amount of money to be taken off their salary as payment for their loan. The borrower also has the capacity to decide on an “end date” for the allotment period to ensure that the payments are manageable. Non-discretionary allotment loans, on the other hand, allows the lender to designate the amount to be taken off the borrower’s salary, as well as choose the “end date.” Regardless of the type of allotment loan you get, your loan payment will be deducted from your salary.

Using Allotment Loans

Allotment loans are made for the advantage of federal employees. One of its many benefits is that you can use it for any financial need. Therefore, although it is not specifically a car loan, allotment loans can serve as car loans for federal employees. Federal employees do not need to declare or explain what they use allotment loans for. How you use your allotment loan is up to you and will remain confidential unless you want to share the reason as insights.

Some employees have committed the mistake of taking on multiple allotment loans at a time and falling into a cycle of debt. Therefore, discretion in choosing a trust-worthy lender and applying or using allotment loans is highly advised.

Benefits Of Allotment Loans with Us

When you apply for an allotment loan from us, you can count on these benefits:

• Easy Qualification. The application requires only three steps and the most basic papers.
• No FICO Score Required. Your credit score will not affect your loan application.
• Reliable Interest Rates. Enjoy lower and fixed interest rates when applying for an allotment loan.

Simply apply for an allotment loan at 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”).