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Pros and Cons of Cosigning a Loan

Wed, 28 May 2025 05:00:00 +0000

Cosigning a personal loan is a generous way to help someone qualify for financing they cannot get on their own. It shows trust and support, but also means taking on legal and financial responsibility for the debt. Cosigning a loan for a family member or friend can help them secure financing, but it's essential to have clear, honest conversations and a backup plan in case things go off track. Before agreeing to cosign, ensure that both parties understand the potential benefits and risks.

What Is a Cosigner?

A cosigner is someone who agrees to take full responsibility for repaying a loan if the primary borrower cannot. Their role is to boost the borrower's application by adding their stronger credit history or income to help the loan get approved. Typical scenarios requiring a cosigner include:

The borrower has a poor or limited credit history.
The borrower has a low income or a high debt-to-income (DTI) ratio.
The loan type or lender requires a cosigner for added security.

It is important to differentiate cosigners from co-borrowers. A cosigner generally does not benefit directly from the loan — they are just helping someone else qualify. A co-borrower, conversely, shares both the responsibility and ownership. For example, if two people apply for a car loan together and both drive the car, they are co-borrowers.

What Does It Mean to Cosign for a Loan?

Lenders view cosigners as a safety net. A strong cosigner can lower the lender's risk, which can lead to better terms, like lower interest rates, for the borrower. Cosigners should be cautious — missed payments affect their credit, and they could be asked to repay the full amount. If the loan goes into default, the cosigner could also be contacted by collectors or even sued.

Cosigner Requirements

Lenders set clear cosigner requirements for personal loans, relying on them to repay the loan if the primary borrower is unable to do so. In most cases, cosigners need to meet stricter criteria than the borrower. A cosigner with bad credit but good income will not meet lender requirements. Here is what they typically look for:

Good credit: Most lenders prefer a good credit score, which is considered 670 or higher, though some may ask for one over 700, depending on the type of loan.
Stable employment: Cosigners usually need a steady job and proof of sufficient income to cover the loan if necessary.
U.S. citizenship: Lenders often require that cosigners be U.S. citizens or permanent residents with a valid Social Security number.
Strong financial history: Lenders look for a track record of on-time payments and low debt levels. A cosigner with missed payments or recent bankruptcies may not qualify.

To prove they meet these standards, cosigners will need to provide:

Proof of residence
A government-issued ID
Their Social Security number
Pay stubs or other proof of income
Bank statements to verify their assets and savings

How Cosigning a Loan Impacts Your Credit Score

When someone cosigns a loan, they legally take on full responsibility. This obligation shows up on the cosigner's credit reports and affects key components of their credit score:

Payment history: Every payment, made or missed, affects the cosigner's credit score. Even one missed payment can drop the cosigner's credit score, damage that can potentially last for years.
Credit utilization: Credit utilization reflects how much debt is carried versus available credit. Higher utilization adds to the total debt while lowering credit capacity, making the cosigner look riskier to lenders.
Credit history length: The account age matters too. If the cosigned loan is new, it may slightly reduce the average account age, which can temporarily lower the cosigner's score.
New credit: Cosigning counts as a new credit inquiry and a new account on the cosigner's report. A hard inquiry may cause a small, short-term drop and can lower the average account age.
Credit mix: Having a mix of credit types, like mortgages, auto loans, and credit cards, can improve a credit score. A cosigned loan can help diversify the cosigner's profile.
DTI: DTI compares monthly debt payments as a percentage of monthly income. Lenders generally assess borrowers with a lower DTI as more capable of repaying new loans. While DTI doesn't affect your credit score, it's still a critical component of creditworthiness.

Benefits of Cosigning a Loan

Cosigning a loan can help someone move forward financially, especially if they are struggling with poor or limited credit. While it is a serious commitment, there are several meaningful benefits to both parties that include emotional rewards, financial opportunities, and strengthened relationships.

How Cosigning Helps the Borrower

Borrowers with low credit scores often face rejection. A cosigner with strong credit can help them get approved for loans they would otherwise be denied, like auto loans, student loans, or personal loans.

Adding a cosigner can also unlock lower interest rates, reduced fees, or higher loan amounts. Since the loan is typically reported to the credit bureaus under both names, a primary borrower who makes on-time payments can build their credit history and boost their credit score. This boost could allow them to qualify on their own in the future.

How Cosigning May Help the Cosigner

Cosigning primarily involves the cosigner's credit profile and financial trust. If all goes well and payments are made on time, the cosigner will not pay out of pocket. If the lender reports on all borrowers, and payments are made on time, the cosigner's credit report may also benefit. However, cosigners should always be prepared for the risk of the borrower missing payments.

In many cases, cosigning is a gesture of trust and support. It is a way to help a child go to college, assist a partner with rebuilding credit, or help a friend get reliable transportation to work. When handled responsibly, it can build stronger bonds and a shared sense of achievement.

Emotional and Relational Positives

Cosigning is more than a financial agreement — it is often an emotional one. When a cosigner helps someone qualify for a loan, they show belief in the borrower's ability to succeed. That can be incredibly empowering for the borrower, especially if they have faced past financial setbacks or rejections.

Many parents cosign for their children's first student loan or car, seeing it as an investment in their future. Friends or partners might do so during a time of rebuilding or transition. In these cases, cosigning can symbolize trust, encouragement, and a shared goal.

Additional Considerations

Despite the benefits, the cosigner should always approach the decision with clear communication and boundaries:

Set expectations around how payments will be made.
Discuss backup plans in case of job loss or financial hardship.
Consider checking in monthly or getting access to payment alerts.

Disadvantages of Cosigning a Loan

While cosigning can be a generous act, it has serious consequences. Cosigners take on full financial liability, and it is crucial to understand exactly what that means before signing on the dotted line.

Full Legal and Financial Liability

With cosigning, the cosigner is equally responsible for the full debt. If the primary borrower misses a payment, the cosigner is legally required to pay, even if they never received the money, used the service, or benefited from the loan:

Late payments affect the cosigner's credit score just as much as the borrower's.
If the borrower defaults, the lender can pursue the cosigner for the entire remaining balance, plus late fees, interest, and collection costs.
The lender can sue the cosigner, garnish their wages, or place a lien on their assets, depending on state laws.

Reduced Borrowing Power

Cosigning a loan increases the cosigner's debt load in the eyes of other lenders. This also increases their DTI, making it harder to qualify for loans or credit cards. It is also important to consider credit utilization, especially if the cosigned loan is a revolving line of credit, like a credit card. A high balance can negatively affect the credit score, which in turn impacts interest rates and approval chances for future loans.

Disadvantages for the Cogsignee

For the cosignee or primary borrower, having a cosigner comes with pressure. Their actions directly affect someone else's credit and finances. If they struggle with payments, they risk damaging their own credit and their relationship with the cosigner. That stress can linger, especially in families or close friendships.

What to Consider When Deciding to Cosign a Loan

Before you cosign a personal loan, it is crucial to weigh the risks. The cosigners must be aware of the potential impact on their credit score, whether they can take on the financial strain if the borrower falls behind on payments, and whether they can handle the legal responsibility.

Have Open, Honest Communication

Before cosigning, have a clear conversation with the borrower to ensure both parties understand what is expected and keep the lines of communication open by discussing:

Their income and ability to repay the loan.
What the cosigners can do if the borrower has trouble making payments.
How and when to communicate about the loan.

Stay Involved After Signing

The cosigner can ask the lender for access to the account to monitor payment activity, receive alerts or statements, and be notified of any missed or late payments. Setting up a shared calendar reminder or periodic check-ins with the borrower can help both parties stay on track.

Talk to a Professional

Cosigning a loan is a personal decision that deserves careful thought. It should only be done with clear eyes, honest communication, and a solid backup plan.

Before committing, the cosigner can consider speaking to a financial advisor or attorney. These professionals can help explain the full implications of unique circumstances and whether it makes sense for the cosigner's situation.

Step-by-Step Process of Cosigning a Loan

Once the cosigner is assured they can take on the potential financial responsibility and has a discussion with the borrower to get on the same page, the loan process starts. Here are the steps that follow:

Step 1: Understand the loan details, including the interest rate, fees, monthly repayment amount, and the loan term. The cosigner should ask the lender questions to ensure they understand what they are agreeing to.
Step 2: The cosigner goes through the same application process as the borrower. They will need to provide personal information, proof of income, employment details, and a credit history.
Step 3: If approved, the cosigner signs the loan agreement along with the borrower, legally binding both to the loan terms.

Conditions for Being Released as a Cosigner

Cosigner release clauses can offer some peace of mind. This feature in some loan agreements lets the cosigner off the hook after the borrower meets certain requirements, protecting cosigners from being tied to a loan for the entire repayment term. They allow the cosigner to be removed from the loan following specific conditions, but getting released is not always easy.

Typical Requirements for Release

Most lenders will only release a cosigner following an application for it. Ask about the option of cosigner release before signing any documents. Common conditions include:

On-time payments: The borrower makes several consecutive, on-time monthly payments.
Credit check: The borrower must prove they can handle the loan on their own, often by passing a credit and income review.
Formal request: The borrower or cosigner must submit a written request or complete a release application with the lender.

Alternative Release Options

If the cosigner release is unavailable or is not approved, there are alternative options to the cosigner release:

Loan refinancing: The borrower can apply for a new loan in their name only and use it to pay off the original loan.
Debt payoff: If possible, paying off the loan early removes the obligation entirely.
Transfer to another cosigner: It is rare, but sometimes borrowers are allowed to transfer their loan to a different cosigner. This depends on the lender.

Why Trust Us

Founded in 1968, Atlas Credit has become the go-to responsible and reputable personal lender with over 50 locations in Oklahoma and Texas, as well as a reliable online lending service. We have decades of experience providing personalized loans, including cosigner loans, to people with diverse financial circumstances.

Our employees have high levels of expertise in the financial industry and a degree of professionalism that our customers appreciate deeply. We are also committed to helping our customers understand their finances before they receive their loan. This part of our service includes income, debt, and expense analysis with budgeting to empower borrowers.

Get Personal Loans With a Cosigner From Atlas Credit

Cosigning a loan can be a life-changing gesture for someone with poor credit, offering them access to financial tools, better loan terms, and a path to build their credit. For the cosigner, the rewards are less about money and more about trust, support, and the satisfaction of helping someone get back on their feet. It is not for everyone, but with mutual respect and responsibility, it can be a powerful step forward for both parties.

At Atlas Credit, we consider more than your credit score, and you can get a cosigner to help you get a personal loan. We make your personal loan application simple and offer quick turnaround times. You can also get more support with Atlas Protect, with features like real-time credit alerts.

Fill out our loan form today for a personal loan with us.

10 Most Expensive Home Repairs (and How to Finance Them)

Wed, 14 May 2025 05:00:00 +0000

Unexpected home repairs always seem to happen at the wrong time, and you have to deal with them before they become more of a problem or impact the value of your home. Fortunately, you can take preventive steps to keep emergency home repairs to a minimum and protect your savings account.

The 10 Most Expensive Home Repairs

While budgeting for home repairs is a good strategy, it's not always possible. If you can prevent them from happening in the first place, you can save money.

Here are the most expensive home repairs and how to avoid them, from most expensive to least expensive:

1. Foundation Repairs

Your foundation supports the weight of your home, and a house with foundation damage may become unsafe. The longer you leave it unattended, the more expensive the repairs will be, so it's best to handle foundational issues as soon as you know about them for the best results.

Foundation problems come in all shapes and sizes, so there's no one way to estimate the cost of the damage. Depending on the size and scope of the project, foundation repairs could cost between $550 and $23,000.

You can protect your foundation in a few ways. Most foundation damage is caused by moisture, so keep water away from it as much as possible. Ensuring your home's gutters drain water properly is a crucial step here.

2. Roof Repairs or Replacement

Your roof is an essential part of your home, so you'll want to repair it immediately to prevent damage to the interior of your home. Depending on the extent of the damage, a roof repair can cost about $1,150 on average, while major repairs could cost up to $8,000. A full roof replacement can range from $4,500 to $10,000 per thousand square feet.

Prevention is better than repair for roof-related maintenance. Act quickly at the first signs of wear and tear and consult a professional if you have any concerns.

3. Heating and Cooling Equipment

Heating and cooling systems tend to break down at the hottest and coldest times of the year. While this is inconvenient, the repair price can be even more challenging.

Depending on your climate, you may need to repair your system immediately, which might cost thousands of dollars. If your system is particularly complex or requires a lot of work, you may spend up to $3,000 to get it up and running again. Heating and cooling systems are among the most common home repairs. A full replacement could cost up to $22,000.

Preventive maintenance goes a long way to ensure your heating or cooling system lasts its total life expectancy. Hire a professional to inspect your systems annually, and contact an expert immediately when any issues arise.

4. Siding Repairs

Siding provides your home with insulation and protection from the elements. Over time, moisture, hail, wildlife, and age can damage your home's siding to the point of requiring expensive repairs, between $5,600 and $18,000, depending on the materials. If you notice bubbled, cracked, or loose siding, contact a professional immediately to have it inspected and repaired if necessary.

5. Termite Damage

Termites can eat through wooden floors, rafters, and walls, costing thousands of dollars to replace. Termites can be challenging to spot, but if you see any holes, hollows, or damage on your wood, it may be time to call the exterminators.

Termite damage will require you to pay for the extermination or fumigation. Once the termites are gone, you may have to cover expensive repairs to the walls, ceilings, and furniture. Overall, treatment and repairs may range from $1,000 to $10,000, with homeowners spending $3,000 on average.

6. Electrical Issues

Your electrical system is primarily located within the walls and is dangerous to work with, which can make repairs expensive. You may face several types of repairs, all with different costs. For example, replacing or upgrading an electrical panel costs about $850 to $2,500. A full rewiring could cost up to $10,000.

Reduce the chances of a costly electrical issue by getting regular system inspections from qualified electricians. Also, be mindful of dangers like water and overloaded outlets.

7. Mold Remediation

Mold can grow in your house because of issues such as water leaks, condensation, and poor ventilation. The cost to remove mold can range from $1,500 to $9,000. The price can vary based on the affected area's size, the mold type, and the home's location.

Several methods can help you control moisture and prevent mold. A few tips include:

Cleaning up leaks or spills quickly.
Maintaining low indoor humidity.
Venting condensation outside during showering, cooking, and dishwashing.
Increasing air movement with open windows or fans.

8. Water Damage

Water damage can be catastrophic and result in having to replace your walls and floors. Whether it's bad weather or broken pipes, you might look at between $1,400 and $6,300 for restoration. Have a plumber inspect your systems annually and manage minor repairs immediately to prevent higher costs.

9. Sewer Line Repair

Well-maintained sewer lines can last up to 100 years, but if your sewer lines need repairs, they may be expensive. Sewer line replacements range from about $1,400 to $5,300. On average, they cost about $3,300.

The last thing you want is sewage backing up into your home and onto your property. Prevention can help your sewer lines last as long as possible. Avoid putting foreign substances down your drains, such as animal fat, grease, and oil. Watch for tree roots too close to your line, and hire a plumber to inspect your pipes every two years.

10. Pipe Repair or Replacement

On average, pipe repairs could cost between $250 and $850. The price you pay may depend on various factors, such as the type of leak. Leaks caused by clogs are much easier to fix, while burst pipes are the most complex. Pipe replacement, whether due to leaks or aging pipes, could cost up to $2,000.

The best preventive measure involves maintenance. Also, address leaks promptly when you find one to avoid further damage. In colder climates, homeowners can help keep pipes from freezing by keeping water trickling through the pipes, insulating them, and maintaining consistent temperatures inside.

How to Pay for Expensive Home Repairs

Paying for emergency home repairs can be a stressful financial undertaking. Consider the following options to finance home repairs when you need them the most:

Home equity loans: You may have the option to borrow money against the equity in your property — the difference between the market value of your home and what you still owe on your mortgage. Instead of taking out a single loan, you can draw money whenever needed. Note that if you default on this loan, the lender can foreclose.
Credit cards: Using a credit card to finance your home repair may be an option, particularly if you have a good credit score. However, if you don't pay off your credit card bill on time, the balance may turn into debt that can be tricky to manage.
Consumer installment loans: A one-time consumer installment loan may be your best option. With this option, you'll have a reasonable amount of time to repay your loan and improve your credit score simultaneously.

Finance Your Home Repair With Atlas Credit

If you need to pay for emergency home repairs, Atlas Credit is here to help. The application process is quick and easy — fill out an application form online, and one of our qualified staff members will contact you to confirm your details. Once you've signed all the documents, you can expect money in your bank account quickly.

If you'd like to discuss the process with one of our professionals, visit one of our locations near you. Take the stress out of general home repair and maintenance with Atlas Credit today!

How to Plan a Summer Vacation on a Budget

Thu, 24 Apr 2025 05:00:00 +0000

For most of us, summer is a time to unwind, connect with loved ones, and explore new places. However, travel costs can add up fast.

The good news is that vacations can stay within your budget. There are many ways to finance your trip and even more ways in which, through careful planning, you can have a great time without breaking the bank. With a plan in place, you can focus on the vacation experience instead of the expense. Here are our best tips for saving money for a trip.

Start With a Financial Plan

The best way to pay for a vacation is with cash, which means you need to start saving money for traveling. How do you save money for a trip? Look at your full financial picture, and start considering the trip in your budget. Confirm your monthly expenses like rent, utilities, and groceries, and then look at how much discretionary income you have after covering the necessities. Do you have any debts or financial priorities to address first? Use a budgeting app, spreadsheet, or pen and paper to break down your current cash flow.

Stay on track by using the 50-30-20 rule, where 50% of your income goes toward needs, 30% toward wants, and 20% toward long-term savings or paying off debt. Your wants category is usually flexible, so you can find areas here to cut back temporarily and start saving money for a trip instead.

Set Your Vacation Budget

Before you start browsing flights and hotel rooms, have a clear picture of what you can afford. How much should you save to go on vacation? Having a plan minimizes surprises and helps you make smarter choices along the way. Set a total vacation budget, and work backward from there. Say you set a $2,000 cap for your family trip. Here is how you can break it down:

Travel $600
Accommodation $500
Food $400
Entertainment $300
Unexpected costs $200

Include saving goals that are within your capabilities. With a $2,000 budget, you ideally want to save $125 a week over 16 weeks, but even if you are able to save $50 a week, it is better than nothing. Set up a dedicated vacation savings account. It will simplify tracking your goal, and some products will let you earn interest on your savings, which is an added bonus. Automate your savings with monthly or weekly transfers to help you keep up with this goal and avoid accidental spending.

Cut Unnecessary Expenses

A few short-term sacrifices can yield big rewards as you save money for vacation. Review your monthly expenses, taking note of nonessentials like impulse purchases, daily coffees, food delivery, or subscription services you rarely use. For example, skipping a $6 daily coffee and putting that money into your savings account instead for two months adds $360 toward your trip.

Cutting back means being more intentional about where your money goes. Instead of giving up coffee, brew some at home. Find lower-cost alternatives that still deliver satisfaction and meet your needs. Another budget-friendly swap is to cook in batches and freeze portions. By meal prepping, you can skip dining out a few times a week for convenience, at $20 a meal, potentially saving over $160 a month.

You can also save by reducing driving. Walking or biking to nearby places reduces your gas expenses and is better for the environment.

Track Your Savings-Through-Sacrifice

Committing to change is easier when you can see the impact. Create a visual tracker, whether it is a simple spreadsheet or a jar on your kitchen counter with marbles, as long as it shows how much you are saving for a vacation by replacing high-cost habits.

Use Rewards and Discounts

How do you save money on a hotel? Lean into the power of points and perks. Use your credit card rewards, loyalty programs, and discount apps. This strategy is especially effective when you are already spending responsibly and can combine various perks. Book through a discount site using your rewards credit card, or use gift cards strategically for your trip.

Line up Your Rewards

Take inventory of your existing rewards:

Credit card points: Check if your card offers cash-back, travel points, or statement credits. Some cards let you redeem points directly from flights, hotel stays, or rental cars through a travel portal. If you are looking for a new credit card, many travel cards offer introductory bonus points.
Frequent flyer programs: Even occasional travelers can accumulate enough miles for discounts or free checked bags. These programs also give you insight into reduced pricing, seasonal deals, and helpful travel tips.
Hotel loyalty programs: Chains like the Hilton, Marriott, and Hyatt often offer free nights, upgrades, or free breakfast through their loyalty programs.
Retail rewards: Major stores offer discounts or cash-back on travel items, like luggage or gear, through their apps or rewards programs. Some rewards programs also give you coupons you can collect from any store and redeem for travel necessities.

Click on Discount Travel Websites and Browser Tools

Comparison is key when you are booking travel. Sites like Kayak, Expedia, and Google Flights allow you to quickly evaluate price options. You can also set fare alerts on sites like Skyscanner or Hopper, which will notify you when prices drop for hotel stays or flights. If the dates or destination of your trips are flexible, you can often find great deals on flights. Some tools and platforms are specifically designed to sniff out hidden savings — browser extensions like Rakuten can automatically apply promo codes or offer cash-back when you book online.

A tip from the pros is to clear your cookies or use incognito mode when searching for flights multiple times. Some travel sites will adjust their prices based on your browsing history.

Look for Member-Exclusive Discounts

For further travel cost reduction, consider the memberships you are already paying for or receive for free through work or credit cards, which come with travel perks. Popular memberships with these benefits include:

AAA or AARP: These groups offer exclusive hotel, car rental, and attraction discounts.
Warehouse clubs: Costco and Sam's Club often offer deeply discounted travel packages for their members.
Alumni associations: Alumni associations, unions, or professional organizations can provide savings on tours, hotels, and even travel insurance.
Employer perks: Many companies offer employee discount programs for travel, including theme parks, hotel bookings, and airfare.

Compare Staycation Benefits

Have a summer vacation on a budget by staying close to home. If you plan a local vacation, there are countless ways to use discounts and rewards to create an affordable, memorable experience. Most cities offer visitor cards that include entry to multiple local attractions at a reduced cost — some museums also offer resident discounts or free entry days you can use. Many credit cards even offer deals on dining, gas, or rideshares, all useful for city exploration and day trips.

Save on Vacation Costs

Another way to save up for a vacation is with a willingness to be flexible and a few insider tips. With these practices, you can enjoy a memorable trip while keeping your spending in check. From choosing cost-friendly destinations to timing your travel rights and knowing the best booking windows, here is how you can cut on expenses and save money while traveling:

Smart Destination Choices

If you are traveling internationally, go where the exchange rate works for you. Look for countries where the U.S. dollar is strong. Places like Mexico, Thailand, Colombia, and Portugal offer vibrant cultures, great food, and affordable accommodations at a fraction of the cost of more tourist-heavy European destinations. Alternatively, consider more affordable destinations closer to home. You can find plenty of under-the-radar gems like:

Quebec City, Canada: By going abroad without going too far, you get to visit a UNESCO World Heritage Site, enjoy the great outdoors, and support sustainable travel and tourism practices.
Asheville, North Carolina: In Asheville, you can enjoy craft breweries, mountain scenery, and a beautiful historic district with houses dating back to the 1890s.
Grand Rapids, Michigan: Find beaches, art, and low-cost lodging in Grand Rapids. There are also various museums, flea markets, and escape rooms that pique your interest.
Tucson, Arizona: You can enjoy gorgeous desert hikes, adventures at the Arizona-Sonora Desert Museum, and affordable resorts to rest in at the end of a fun day.

State parks, national forests, and scenic byways offer affordable adventures. Camping, hiking, and swimming provide all the relaxation and excitement of a vacation minus the price tag of airfare and hotels. Look for state park cabins or yurts, which provide comfort without hotel costs.

Best Time to Travel

When you travel can be just as important as where. Traveling midweek or during shoulder seasons like late May or early September can cut your travel costs by up to 25% when you travel from the U.S. to Europe on particular routes. Use Google Flights' price graph tool or Hopper's app to visualize airfare trends by day.

Optimal Booking Period

Booking early can lock in low prices, especially on flights. But last-minute deals are also an option if you have a flexible schedule. Apps like HotelTonight or LastMinute.com offer discounted same-day bookings that can cut hundreds from a trip. For domestic flights, book one to three months in advance. For international travel, book two months out for near international travel — such as the Caribbean or Mexico — and two to six months out for European travel.

For hotels, the best day of the week to book is Friday for domestic and Thursday for international stays. Booking one to two weeks before your stay will yield an average savings of 8%. If you are willing to wait and book the week of your stay, you could save up to 21%. Rental rates will be higher during the popular visiting months, with the lowest rates during the shoulder seasons, often early spring or late fall. Start your search in the middle of the month before your intended stay.

Smart Food and Accommodation Strategies

Your daily expenses can add up quickly, even after booking lodging and travel. Here are some money-saving travel tips:

Prepare meals on vacation: Look for lodging with kitchens like Airbnb rentals or extended-stay hotels so you can prepare meals yourself instead of dining out every day. Grocery shop when you arrive, and pack a picnic for sightseeing days.
Look for free food options: Many hotels offer free breakfast, and you can find kids-eat-free promotions at certain restaurants.
Share costs with family or friends: Vacation with a group to split costs for lodging, groceries, and transportation.
Use public transit: Skip the rental car when it is not essential. Public transportation is affordable and reliable in cities like Portland and San Francisco. Better yet, explore neighborhoods on foot or by bike — it is free and often more memorable.

Seek Free or Low-Cost Entertainment

When it comes to vacations, experiences matter more than expenses. You can actually save on vacation. From catching a sunset concert in the park to exploring local art districts, some of the best vacation memories can come from moments that cost little or nothing. Start with the local tourism boards and visitor centers. These organizations often promote local attractions, walking tours, festivals, and events, many of which are free or deeply discounted. You can usually find printed maps or booklets with coupons like two-for-one admission deals to local attractions.

Natural beauty is one of the most accessible forms of entertainment. Many state and national parks offer free entry on certain days, and beaches or lakes only charge parking fees for a full day of relaxation. Some towns organize free events during the summer to attract tourists and unite the community. Follow the social media pages of city councils and community groups so you can see these events before they hit major tourism sites.

Use Travel Apps

Many cities offer a City Pass that bundles admission to multiple attractions for a reduced price. While not free, it is a cost-effective way to experience a lot in a short time, helping you save money and travel. Several apps and websites help travelers find affordable or free things to do:

Eventbrite and Meetup: These platforms list public events, workshops, and social gatherings in various cities.
AllTrails: If you enjoy hiking, this one is for you. AllTrails helps you find local hiking trails based on difficulty and user reviews.
Culture Trip: You can uncover those hidden gems with Culture Trip and Atlas Obscura in every city, many of which are free.
Goldstar: With Goldstar, you can get discounted or comped tickets to live shows and performances in select cities.

Learn to DIY Fun

Impromptu or do-it-yourself (DIY) fun can create some amazing vacation memories. Think hosting a sunset beach picnic, organizing a game night in a rental home, stargazing in a rural spot, or following a self-guided food tour. For example, in Hershey and Harrisburg, Pennsylvania, you can sign up for the Sweet Treat Trail, which is free. At your own pace, you browse local family-owned shops and earn 50 points for each purchase. When you reach 300 points, you get a prize.

Tap Into These Top Tips

True travel success is in the details. The small steps you take before you pack your bags can be just as impactful as where you decide to go or when you choose to book. From protecting your investment to turning clutter into cash, here are bonus strategies to help you stay on track and return home financially refreshed.

Milk the Last Day

Ending your trip on a high note ensures you come home feeling more refreshed, so some people believe in saving the best for last. This strategy can mean going out for a great dinner, saving your last night or two for more high-end accommodation, or finding a fun activity to splurge on before heading home.

Drive Instead of Flying

Driving instead of flying when feasible, especially for family trips, can save on commute costs. Rent a fuel-efficient vehicle, or stay closer to home and drive your car to reduce travel spending.

Get Travel Insurance

Even when funds are limited, travel insurance is worth considering. An unexpected cancellation, medical emergency, or delayed flight can otherwise mean losing the money you worked so hard to save. Some credit cards offer travel protection as a benefit when you use them to book your trip, so review your cardholder perks before purchasing separate coverage.

Sell Unwanted Goods

Boost your budget by selling unwanted items and putting the proceeds into your trip savings account. Here is where you can start:

Clothes and accessories: Try Poshmark, ThreadUp, or local consignment stores.
Gadgets and electronics: Use eBay, Facebook Marketplace, or Gazelle to sell these items.
Household items: Books, games, and household items are great for garage sales or neighborhood swap groups.

Stay Motivated While You Save

Saving for a trip can take weeks or months. Staying motivated is key to making it to the finish line without dipping into your other savings or giving up altogether. Visualize your goal through photos in high-traffic areas, track your progress with a paper chart or budgeting app, and set milestones to celebrate small wins like reaching your halfway savings goal with a budget-friendly treat.

Consider Alternative Financing Options

Even with disciplined savings, some vacations may still feel out of reach. If you plan a once-in-a-lifetime trip, celebrate a milestone, or simply need flexibility, a low-interest personal loan can help bridge the gap. You enjoy fixed interest rates and fixed monthly payments, have a clear payoff date, do not need to offer any collateral, and will have your funds within a few business days.

Here is how to determine if a personal loan is the right solution to fund your vacation without compromising your financial health:

You are traveling for a once-in-a-lifetime event.
You can afford monthly payments without strain.
You want to avoid overspending on high-interest credit cards.
You prefer a defined payoff timeline.

How to Use a Personal Loan

If a personal loan is the right choice for you, it is essential to use it wisely. Borrow only what you need, shop for the best rates, and stick to your budget by using funds only for the intended travel expenses. If your savings alone fall short, a personal loan can be a smart, manageable solution. Choose a lender that helps you understand repayment terms clearly and works with your financial goals.

Why Trust Us

At Atlas Credit, we believe in flexible, transparent financing that empowers our customers, not burdens them. We have supported customers and their families since 1968 and have over 50 locations across Texas. We offer affordable credit and personal loans, with repayments created to suit your financial means. Partnering with us gives you:

Easy loan application: You can apply for a loan in three easy steps and eSign your loan document on approval to complete the process.
Quick turnaround time: You are assured of quick turnaround times for credit decisions for your convenience.
Additional support: You can sign up for Atlas Protect to help you understand your credit score as you work toward your financial goals.

Fuel Your Vacation With Atlas Credit

Budgeting for a vacation means you can enjoy your time away without the guilt or pressure of overspending. Even when you know how to save money for travel, you might fall short. And if your dream trip still feels out of reach, consider combining your savings strategy with a low-interest personal loan for larger travel plans.

Fill the gaps in your vacation savings with an Atlas Credit loan of up to $1,400, and enjoy your trip. As a trusted lender, we offer transparent, affordable loans tailored to your needs. These can help cover your travel costs, lodging, and other expenses without relying too much on high-interest credit cards or dipping into your emergency savings.

Apply online today, or visit one of our locations in Texas, Oklahoma, and Virginia for in-person assistance.

How to Stop Living Paycheck to Paycheck | Break the Cycle

Fri, 11 Apr 2025 05:00:00 +0000

America has a well-earned reputation as the land of opportunity, where people have the ability to enhance their lives personally and professionally. At the same time, around half of Americans report living from paycheck to paycheck, and almost a third of households spend 90% of their income or more on meeting their basic needs. Overcoming this situation depends on knowing what to do and building the right habits, but financial stress can cloud the vision.

If you're tired of living paycheck to paycheck or concerned you may be headed in that direction, you still have hope. Countless Americans have gone from money struggles to financial peace by applying the tried-and-true principles explained in this guide, and so can you.

What Does Living Paycheck to Paycheck Mean?

Living paycheck to paycheck is when you have no or barely any money left to save or pursue financial goals after covering regular expenses.

If you live paycheck to paycheck, affording your bills may not be feasible if your next paycheck is late. You may spend almost an entire month's salary on that month's expenses. You may even feel like you can't afford to live on your wages right now.

The good news? You can improve your situation, but first, you need to understand it.

What Causes Someone to Live Paycheck to Paycheck?

Most people who live paycheck to paycheck find their expenses exceed their income for one or more of these five reasons:

High cost of living: From 2014 to 2024, the United States Consumer Price Index (CPI) rose from 236.736 to 313.689. This means something that cost $100 in 2014 would cost $132.51 in 2024. As the cost of living rises faster than household income, more families end up living paycheck to paycheck.
Lifestyle inflation: Most people spend more to improve their standard of living when their income rises, so their expenses continue eating up their paychecks even as those paychecks grow.
Lack of budgeting skills: Many Americans are unsure how to create and stick to a budget that supports their financial goals.
Unexpected expenses: Unforeseen costs like emergency medical bills or car repairs can lead to debt for unprepared households.
Low income: Earning a lower salary can make it challenging to cover your necessities and have money left over.

You have more control over some of these factors than others, but there are steps you can take to overcome or at least offset every one of them.

How Not to Be Broke in 8 Simple Steps

Whatever your starting point, you can take action today and discover how to not live paycheck to paycheck. Here are the eight steps anyone can follow to move from barely making ends meet toward financial peace.

1. Assess Your Financial Situation

To plan your route to financial peace, you need to know where you are now. Start by tracking your income and expenses using an app, spreadsheet or pen and paper. Use whichever method feels easiest for you to start right now — this is the first step to discovering how to save money every paycheck. Record the following:

What do you earn in a typical month?
What do you spend your money on?
Which of your expenses are needs, like rent, groceries, or health care?
Which expenses are wants, like streaming services or restaurant meals?

It's also helpful to know your financial goals, as these will motivate you and guide your decisions. Whether you want to save for a kid's college fund or afford an annual vacation, reflect on what financial peace would look like for you 10, 20, or 30 years from now.

2. Create a Budget

Starting with what you learned from your financial self-assessment, it's time to make a realistic monthly budget. To help shape your budget, convert one or more of your big-picture financial goals into a specific, measurable, achievable, realistic, and time-bound (SMART) objective you can pursue right away. For example, you could set a target of saving $10 a week toward an emergency fund by unsubscribing from unnecessary streaming services and make sure your budget aligns with this.

Many people benefit from using the 50/30/20 rule for budgeting. This means using 50% of your income for needs, 30% for wants, and 20% for savings. Consider this a starting point and adjust it based on your circumstances and goals. Ensure your budget for each month includes:

Total monthly income.
Fixed expenses that are the same every month.
Variable expenses that change monthly.
Savings and debt repayments.

Mark all your expenses as either needs or wants so you can prioritize needs and reduce spending on wants to free up more money if necessary. A good budget gives every dollar a job, meaning anything left over can go toward specific goals like saving for retirement.

3. Reduce Expenses

Though it may feel difficult, cutting unnecessary costs is the simplest way to save more money every month. Focus on expenses marked as wants and consider what you can remove. Most people could afford to reduce spending on vacations, luxury clothing, eating at restaurants, drinking at bars, or unnecessary memberships and subscriptions. You can even look for ways to reduce spending on some of your needs by shopping at more affordable stores or using coupons and rewards programs.

All kinds of emotional and psychological triggers can influence our spending habits. Be kind to yourself, but practice mindfulness and build the skill of delaying gratification as you reflect on impulses to buy and whether acting on them supports your financial goals. Understanding the motivations behind your money choices can help you improve them over time.

4. Address Your Debt

Debt is one of the top causes of financial anxiety for Americans, and it may contribute to mental and physical health issues. Reducing what you owe is the path to fewer monthly payments and more money to save toward your goals. Here are four strategies to help you get out of debt when you're living paycheck to paycheck:

Get rid of credit cards: If you want to be debt-free, you first need to avoid adding more deficits, especially credit card debt. The average American credit card has an interest rate of over 20%, making this one of the most expensive forms of debt. Some people cut up their credit cards for a fresh start, but if you want to keep yours, use it for amounts you know you can repay and make those payments before interest kicks in.
Prioritize debt consolidation: One way to save on interest is to consolidate several outstanding balances into one by taking out a new loan to repay the others. For example, if you have two credit card debts of $400 at 20% annual interest each and a $200 medical debt at 10% interest, a personal loan of $1,000 at 8% interest could cover all your debts. Comparing the two scenarios, you would save $100 in interest after the first year by consolidating.
Use the avalanche approach: This approach means paying off all your debts one at a time while making minimum payments on the others, starting with those that have the highest interest rates. The avalanche method could save you the most money on interest over time, though progress can feel slow at first.
Try the snowball method: This method means paying off all your debts one at a time, from the one with the smallest balance to the largest, while making minimum payments on the rest. Compared to the avalanche approach, your total spending on interest will be higher, but many prefer the snowball method because of the quick, motivating wins. Everyone with multiple debts can benefit from one of these methods, and the right one for you depends on what motivates you more.

5. Increase Your Income

The more you can raise your income, the more money you can save with the help of the other strategies in this guide. The two basic ways to increase your income are earning more within your current occupation and adding a secondary activity.

Although it can feel intimidating, the lowest-hanging fruit is to negotiate a raise based on your performance and the market rate for your job. If your employer declines, ask what you could do to create more value and justify earning more. They may point you to professional development opportunities or ways to contribute more to your company's strategic goals. If you don't see a raise on the horizon, you could consider putting in extra hours or applying for similar roles at other companies that pay more or have better career advancement opportunities.

If you can make the time, your other option is to start a side hustle or a second job. You can get creative with your skills, but some popular supplementary income streams include:

Babysitting.
Paid surveys.
Selling cooked or baked goods.
Driving for a ride-hailing or delivery service.
Tutoring.
Other freelance services, from graphic design to software development.

As a bonus tip, make a habit of selling anything you don't need, from clothes and books to electronics, for extra cash.

6. Build an Emergency Fund

An emergency fund is a lump sum you set aside for unexpected expenses, like urgent car repairs or medical bills your insurance won't cover. This sum gives you some peace of mind, covers important costs that pop up beyond your budget and reduces your risk of going into debt to handle these expenses.

A good rule of thumb is to save enough for three to six months of necessary expenses, but even a small amount can help protect your progress toward your financial goals.

Once you've worked out how much you can save by reducing expenses and increasing income, try using the set-and-forget approach for saving when living paycheck to paycheck. By setting up an automatic transfer of $100 to a separate savings account each month, your emergency fund can reach $2,400 in two years. You can also reach your goals faster by contributing any extra money from gifts, bonuses, or selling household items to your savings.

7. Educate Yourself

Arming yourself with financial knowledge is crucial to defeating the paycheck-to-paycheck cycle. The more you can learn, the better informed your decisions will be, and taking in positive, actionable financial advice can help you stay motivated. Good sources of financial information include:

Personal finance blogs with guides.
Qualified financial advisors.
Budgeting workshops.
Online courses.
Books.
Podcasts.

Having a financial accountability partner to share resources with can also help you stay on track as you apply what you learn. This could be your spouse, a friend, or a fellow workshop attendee.

8. Be Patient

To stop living paycheck to paycheck, you need to put your knowledge into practice with good habits that take time to form — and often more time to yield life-changing results. Some financial goals take years to achieve, so be patient and give yourself grace as you adjust to lifestyle changes on your road to financial peace. Along the way, celebrate wins like saving your first $10 for your emergency fund or reducing your list of debts by one. The journey may take time, but a wealthier future is waiting to congratulate you.

Why Trust Atlas Credit?

Since our founding in 1968, Atlas Credit has grown into one of the most responsible and reputable personal lenders, with over fifty locations in Texas and Oklahoma, as well as a responsible online lending service. In our decades of experience providing personalized customer service to people in diverse financial situations, we have seen the various circumstances that can lead to living paycheck to paycheck. We have also helped implement the strategies that enable countless people to move toward a brighter financial future.

Every employee at Atlas Credit is on our team because of their expertise and professionalism in the financial industry, meriting the highest commendations from our customers. We are committed to responsible lending, so our team is experienced in helping customers understand their financial situation better before we lend. This includes analyzing their income, expenses, debts, and budget to provide trained affordability guidance.

Experience Financial Relief With Atlas Credit

By following the steps in this guide and building smart financial habits, you can stop living paycheck to paycheck and experience financial peace. Along the way, you may have debts you want to consolidate or unforeseen expenses your emergency fund isn't ready to absorb. If that happens, you can contact Atlas Credit for easy, affordable personal loans.

At Atlas Credit, we consider more than your credit score for approval and will look at your budget with you to help find a loan and repayment plan you can afford. Plus, we make it quick and simple. You can apply for a loan in minutes using our online form.

Apply for a personal loan today to experience financial relief.

Biggest Financial Mistakes to Avoid When You're Young

Tue, 25 Feb 2025 06:00:00 +0000

Your 20s are the perfect time to set financial goals and build your savings. However, individuals in their 20s are often inexperienced in managing their finances, so it's easy to make mistakes. Some of the most common mistakes involve ignoring your credit score, not building a budget, and living on credit cards.

These may lead to unfavorable consequences, making it crucial to learn healthy financial habits like reducing your expenses, forming actionable short- and long-term financial goals, and creating a financial plan. This guide explores 14 common financial errors and best practices that can help you achieve your financial goals in your 20s.

1. Putting off Saving for Retirement

A common financial mistake is to leave retirement savings to your 40s or late 30s. One of the best times to start an investment or retirement account is in your 20s. This should be a separate account, such as an employer-funded 401(k) or an individual retirement account (IRA). Saving early makes your retirement planning cost-effective and manageable over a longer period.

Creating a habit of putting away money for retirement allows you to take advantage of asset appreciation and compounding interest. This prevents saving from feeling like an inconvenience if you were to start saving later in life and requires you to save less to earn a higher balance. For example, when saving for retirement in your late 30s or early 40s, you may need to cut down on other expenses to save enough.

Add retirement savings to your monthly budget plan and contribute a certain amount toward your retirement account each month. If your employer offers a savings match, aim to save enough to maximize their contributions.

2. Not Building a Good Credit Score

In your late 20s and onward, you may want to apply for loans or mortgages. However, some people are unaware that you need to have a good credit score to access them. If you have no credit or a bad credit score, lending agencies and banks may turn down your requests to avoid the risks of not being paid back, affecting your future plans and goals.

It's important to get credit cards and store cards to build up a good credit score early. The longer you have a credit score established, the better your score will likely be. A higher credit score can make it easier to get loan approvals, access low interest rates, and receive higher credit limits. Some healthy financial habits for building good credit include:

Paying bills on time and in full
Applying for new credit cards only when necessary
Keeping credit balances low
Regularly monitoring your credit score

3. Not Knowing Your Credit Score

Knowing and understanding your credit score can help you keep your score on track with even the smallest changes. Your credit score determines your creditworthiness to financial institutions and banks. This makes it important to keep track of it and improve it over time.

For example, if your credit score were to dip due to a missed payment, you can quickly get your account back on track by paying above the minimum payment the following month. However, the missed payment may affect your credit report for months or even years, so it's best not to miss any payments.

This knowledge especially comes in handy when you plan to apply for a mortgage and want your credit score to be above a certain number. Here's how much different factors affect your credit score:

Payment history: 35%
Amounts owed and credit utilization: 30%
Length of credit history: 15%
New credit: 10%
Types of credit: 10%

4. Not Budgeting Your Money

Establishing a clear budget is the key to achieving financial freedom. Avoid spending money on needs and wants without an organized plan. Overspending can harm your financial health. Instead, create an organized budget for different expenses to balance your income with monthly costs. Some valuable options are to use a budgeting app, automatic budgeting if your bank offers it, zero-based budgeting, or paying yourself first. Zero-based budgeting and paying yourself methods allocate every dollar and prioritize saving.

Another common method is the 50-30-20 rule. This rule recommends spending 50% of your income on needs, 30% on wants, and 20% toward saving each month. Needs may include expenses like utility bills, rent, groceries, and insurance. Wants include restaurant meals, subscriptions, vacations, and hobby supplies. Savings can include money put toward your emergency fund or retirement plan.

Try different budgeting methods until you find one that works for you. The best strategy is one you can stick with over time.

5. Not Saving for an Emergency Fund

Another common financial error is not keeping an emergency fund for unexpected costs. An emergency fund comes in handy for sudden events, such as a car accident, a refrigerator breaking down, or a family member's hospitalization. Not creating one may cause you to dig into other budgets or use credit to cover the cost, leading to financial instability.

Create a savings goal or limit for your emergency fund and monitor your progress. The amount you keep in the emergency fund is up to you, but experts generally recommend enough to cover between four and six months' worth of expenses.

6. Careless Spending

While it may seem like small purchases might not impact your finances much, the balance of your unplanned finances may rack up a large bill at the end of the month. Costs for extra snacks at the grocery store, food delivery, or haircuts may cause you to overspend. This habit either eats into your savings or causes unnecessary and inconsistent spending. The effects are even greater when you make unnecessarily big credit card purchases that lead to higher interest payments.

Try to avoid temptation and work toward more consistent spending. Otherwise, it's essential to add those items to your budget or look for cheaper alternatives. Spending $5 or $10 several times is the same as spending $50 once. Planning for purchases and ensuring you can afford them is key to avoiding careless spending.

7. Starting a Family Without a Financial Plan

When getting married and starting a family, you need to have a financial plan in place and know what to expect when taking care of a family financially. Having children or adopting a child requires considerations about insurance, health care, extra food expenses, toys, and diapers.

One New York child care affordability study shows that the average cost of caring for toddlers and infants in family-based care was $18,200 in 2024. How much it will cost for your particular family will depend on your state, region, and income. When this time comes, adjust your budget to accommodate these new costs. It also helps to build up your savings to allow for more flexibility for new and unforeseen child care costs.

8. Relying Too Much on Credit Cards

Credit cards are easy to use and can be useful for even the smallest daily purchases. Some purchases might include restaurant meals, cafe beverages, or a fill-up at the gas station. Excessive purchases may lead to debt, interest charges, or a poor credit score. If you use a credit card, pay off the purchase amount as soon as you can.

You could also train yourself to make purchases only occasionally by drawing cash for these instances instead, especially if the purchase is small. This may help you avoid buying more than you can afford. You can try using a debit card instead of a credit card. Because these purchases come straight from your bank account for money, you might avoid purchasing multiple items with credit. Still, try to use your debit card less since multiple charges quickly add up and may lead to an overdraft.

9. Not Setting Financial Goals

Avoid making financial sacrifices without setting a goal. Without a goal, it's easy to fall out of good financial habits because you're not working toward a particular end goal. This can impact your long-term savings and cause you to overspend.

Set a specific and measurable goal for your future that is specific to your needs and desires. Take some time to sit down and write out your goals. Create an actionable plan to achieve the goal within a realistic period. For example, if you're starting a family, your goal might be to save a particular amount of money by a set date. The actionable plan might include cutting down on restaurant meals and subscriptions to put money toward this savings plan.

10. Avoiding Financial Discussions With Significant Others

Discussing finances with your partner is critical to assessing your compatibility regarding long-term financial planning and goals. What if you're conservative with your finances while your significant other is an impulsive spender? If you and your partner move in together without discussing financial priorities first, money can strain the relationship during a time that was meant to be exciting.

Before getting to this stage of your relationship, discuss finances and what you both would like your financial goals and future to look like. Consider good financial habits you can both incorporate to improve your joint financial responsibility. These might include minimizing unnecessary spending, developing a budget, and saving for an emergency fund. Address where one or the other can compromise so both parties are happy with the financial plan.

11. Not Dealing With Debt

One of the biggest mistakes you can make is to avoid your debt and ignore phone calls from collectors. Ignoring your debt will only cause it to grow and may even result in fines and penalties. Start by understanding the difference between good debt and bad debt.

Good debts are those in which the benefits outweigh the cost of the debt. These might include investing in an education loan, borrowing to build a successful business, or getting a mortgage that will eventually allow you to own the property. Bad debt represents higher-cost debt with higher interest rates and few financial benefits. Some examples include credit card balances with interest and overdraft fees.

Understanding the differences should help you spend your money more responsibly in the future. Create a plan for managing your debt to save on interest payments.

12. Not Taking Calculated Risks

Young individuals sometimes avoid making calculated risks about investments and loans for small businesses because they're cautious of potential issues. However, calculated risks create a healthy experience that prepares you for future challenges.

Investing money in the stock market and taking out a loan to start a small business can bring great sources of income for yourself and your family when you make careful decisions. To improve your chances of success, carefully weigh the risks and benefits and thoroughly research the industry or stock market before taking action. Taking calculated risks can allow you to earn and save more money.

13. Not Earning Money in Your Free Time

Have you considered earning money for your hobbies? Creating a side hustle can be a great opportunity to earn money for something you enjoy doing. Whether you enjoy baking, crocheting, or working on building projects, seize the opportunity to sell those items on the weekends. This provides you with extra cash toward your savings with little time taken out of your week to sell them.

Diversifying your income sources can also help you if your situation changes unexpectedly. For example, if you were to leave your job, you'd have the money from your side hustle as a financial cushion while you look for another position.

14. Spending More Than You Make

Avoid spending your money as soon as you receive your paycheck. Doing so can lead to financial insecurity, especially if you spend more than you make. One common sign that you're spending more than you can afford is when you go into debt to make ends meet.

Look at your finances and find opportunities to cut back on spending. For example, you might switch to more affordable product brands and use the saved amount to pay essential bills. Writing down all your expenses will help you see where most of your money is going.

Why Trust Atlas Credit

Are you looking to build up your credit score with a personal loan? Atlas Credit is a financial institution that offers affordable credit and personal loans. Getting a personal loan with Atlas Credit provides benefits like:

Quick turnaround time: We provide quick turnaround times surrounding credit decisions for your convenience.
Easy loan application process: There are only three easy steps to apply for our online loan. First, fill out our secure online application with information like your name, contact information, and address. Second, after you submit the application, our customer service representative will verify your information over the phone. If approved, the third step involves eSigning your loan document to complete the process.
Additional support with Atlas Protect: If desired, you can also sign up for Atlas Protect, a service that helps you understand your credit score and work toward your financial goals with confidence. Atlas Protect provides features like real-time credit alerts for monitoring your credit and positive activity alerts for notifications about positive credit changes.

Work Toward Your Financial Goals With Atlas Credit

Ready to minimize financial mistakes? Personal loans from Atlas Credit can help you improve your credit score and work toward important financial goals. We make sure to give you a loan that fits within your budget, which may allow you to make more timely payments that improve your credit score.

Our loans offer up to $1,400 to cover expenses, whether they're for starting your side hustle or temporarily covering family expenses. For a personal loan with us, fill out our loan form today.

Using Home Insurance and Loans for Comprehensive Repair Coverage

Thu, 26 Dec 2024 06:00:00 +0000

Unexpected home repairs can stretch your budget beyond its limits, leaving you wondering how to finance emergency fixes. The good news is that you have financial options to pay for home repairs while protecting your hard-earned savings. Two financial resources you could tap into for repairs are home insurance and loans. Discover your ideal financial strategy for funding home repairs.

Counting the Costs of Home Repairs

Before pursuing funds for your home repairs, you need an accurate estimate of the costs. Having realistic expectations of how much you may need to spend can help you decide on the best financial strategy. Costs will vary depending on the extent of damage and the going rate among repair businesses in your area, but here are some typical price ranges for common repairs:

Water damage: Average water damage repair costs are between $1,300 and $5,600, though extensive damage can lead to some of the most expensive home repairs, up to $100,000.
Fire damage: Fire and smoke damage often require professional repairs that cost between $3,200 and $25,000, though extensive repairs can cost up to $93,000.
Storm damage: Weather events can inflict damage that cost between $2,300 and $14,540 to repair.
Roof repairs: Repairing your roof costs around $1,150 on average but up to $8,000 for more extensive repairs.
Siding repairs: Damaged siding typically costs $5,400-$15,500 to repair, depending on the price of the siding materials.
Foundation repairs: On average, fixing foundation problems costs around $4,500, though extensive repairs could cost $7,000 or more.
HVAC repairs: If your heating, ventilation, and air conditioning (HVAC) system breaks down, expect to pay around $10,000 to get a complex system running again.
Termite damage: If termites eat through wooden walls and floors, repairs can cost between $200 and $2,500, depending on the extent of the damage.

How to Pay for Home Repairs With Insurance

Depending on your policy and the damage, filing a home insurance claim could help cover your repair costs. Here's what you need to consider when deciding whether to file a claim for home repairs:

Urgency: If your repair is a true emergency, you may not have time to go through the claims process and wait for a payout. For example, extensive water damage must be addressed immediately to prevent mold, which is a serious health hazard and can spread. If you need to pay for an immediate repair, you may need to consider emergency home repair loans instead.
Extent of coverage: Confirm whether your home insurance policy covers the repair you need. If it does cover some or all the damage, filing a claim could be an option.
Deductible: Check the deductible amount you'd need to pay when claiming under your policy. This is the amount you need to contribute out-of-pocket to get the payout. If it's too steep to afford right now, you may need to look elsewhere for funds. Likewise, if the deductible costs more than the repair you need, other options could make more sense.
Impact on premiums: Frequent or large insurance claims may prompt your insurer to increase your premiums, so consider this when deciding whether to claim.

Loans and Credit for Home Repairs

When you need to pay for urgent repairs, a loan can provide more flexibility than a home insurance claim. If your policy doesn't cover the damage, the deductible is too high, or you need money to pay for repairs right away, consider these loan and credit options:

Credit cards: Paying for home repairs on a credit card can be a convenient option, especially if you have a good credit score and expect to be able to pay off the amount on time. However, if affording your credit card bills will be challenging, it may be best to avoid this expensive form of debt. The interest on an outstanding credit balance can rack up quickly if the amount is too large for you to repay in a month or two.
Home equity loans: You may be able to borrow against your home equity — the portion of your home's market value you've already paid off from your mortgage. Many lenders have a minimum they're willing to lend against home equity, so this could be an option for expensive repairs. The interest will be more affordable than credit card debt, but be sure you can repay your home equity loan to avoid the lender foreclosing if you default.
Personal loans: Depending on your lender, the interest on a personal loan is usually more affordable than credit card debt. Obtaining one is also simpler and faster than applying for a home equity loan, and you won't have to use your home as collateral. This makes personal loans an excellent option for financing emergency home repairs. Provided you can show your ability to repay it, you could get approved for a personal loan to cover your home repairs.

Combining Insurance and a Loan to Pay for Expensive Home Repairs

In some circumstances, you can combine home insurance and a loan to cover repairs. This is only an option if your home insurance policy covers the repair you need.

For example, if you don't have the cash on hand to pay your deductible, you could use a personal loan to pay for the deductible so you can make an insurance claim to fund the rest of the repair costs. If the fix is expensive and insurance can pay out on time, this could help you afford your repairs while limiting the amount you need to repay.

If the repairs you need are too urgent to wait for insurance to pay out, you could get a personal loan large enough to cover the repairs and your insurance deductible. Then, you can:

Pay for the repairs with the funds you've borrowed.
File your insurance claim.
Pay the deductible.
Repay your loan after your insurance pays out.

Before taking this route, ensure you understand your insurance terms and factor in the interest on your personal loan.

Depending on how much your repairs will cost and how urgent they are, you might be best off combining home insurance and a personal loan if your policy covers the repairs. If it doesn't, you can opt for a personal loan alone.

Cover Your Home Repairs With a Personal Loan From Atlas Credit

Whether you're using it alone or combined with home insurance, a personal loan is a convenient option to cover unexpected home repair costs. If you need money for an urgent fix, Atlas Credit offers a quick and simple online application process. After approval and electronically signing the loan agreement, you could receive your loan funds as soon as the next business day.

Apply for a personal loan from Atlas Credit today and get the home repairs you need.

How to Compare Personal Loan Options

Mon, 21 Oct 2024 05:00:00 +0000

Some of the most important things to consider when comparing loans include potential fees, loan terms, the annual percentage rate, and credit score requirements. It is beneficial to narrow down your choices to a handful of personal loan lenders that suit your needs and compare the relevant factors to help you choose a personal loan that meets your financial goals and suits your budget. This guide teaches borrowers how to compare loan offers and what to consider during loan comparisons.

What to Compare for Personal Loans

You may be able to find a personal loan that aligns with your needs by shopping around and comparing offers. Here are the top 10 best loan comparison considerations when weighing the pros and cons of the personal lenders that have caught your interest.

1. Annual Percentage Rate (APR)

The annual percentage rate (APR) is the interest rate you'll pay to borrow money. The higher your loan's APR, the higher the overall cost of the loan. It's important to look at this rate when comparing loans from different providers because it more accurately portrays the total borrowing cost.

2. Fixed vs. Variable Rates

While a fixed rate means that the interest rate won't change over time, a variable rate means the loan's interest rate may fluctuate over time. It may be preferable to opt for a personal loan with a fixed rate since it offers more stability — it's easier to manage payments when your monthly payments remain the same throughout the loan term.

While variable rates may be desirable when they include a lower initial rate, there is a chance that the interest rate may shoot up before you finish paying off your loan.

3. Credit Score Requirements

Your credit score is one of the most important factors to consider when applying for a personal loan. Higher credit scores can open up more favorable loan opportunities, such as lower interest rates. Check your credit score through your bank, credit card company, or another online source and then research the credit score requirements of different personal loan options. Consider emailing or calling the lender if their requirements aren't listed on their website.

You may need a credit score of 670 or higher for the best personal loan rates. Some loan providers consider more than just the credit score to determine your eligibility and help you improve your credit score when payments are made on time.

4. Fees

Review the fees you'll have to pay for each personal loan option. Types of loan fees that may be required include origination fees, prepayment penalties, late fees and returned payment fees. Depending on the lender and your credit score, you may have more or fewer fees.

It's important to understand these fees to ensure there are no surprises when you're expecting a specific amount of cash for your needs. Before committing, it may help to speak with the provider for details on their particular plan.

5. Loan Term and Amount

Examine how long your loan is and the amount you may receive. Personal loan terms typically range between five and 12 months, although some lenders offer longer repayment terms.

While a longer loan term means that your monthly payment is lower, you'll likely pay more overall due to time and interest. Still, this may be helpful for dedicating a smaller amount toward paying off the loan monthly. Otherwise, a shorter loan term may help you get out of debt faster and save money on interest in the long term, even though it includes higher monthly fees.

Personal loan amounts typically range from $1,000 to $50,000. Ensure your needed amount is within the loan amount requirements, and consider the time frame of the loan compared to your intended amount.

6. Requirements for Approval

Every lender has their own criteria for approval. Most consider credit score and income for your eligibility. Some can consider additional factors like education, job history, age, and citizenship. Research the specific requirements of each lender to help you narrow down a suitable choice.

7. Collateral

Collateral is a valuable asset you can offer to a bank as security for a loan. Loans with collateral are called secured personal loans and can be useful if your credit score or income would make it challenging to get a traditional or unsecured personal loan. If you are in this position, compare the perks of secured loans with unsecured loans.

For example, while a secured loan may allow you to receive lower interest rates, you need to ensure you avoid defaulting since this may cause you to lose your collateral. In contrast, an unsecured loan may require higher interest rates, but you won't risk losing any assets as collateral.

8. Co-Signers

Lenders that allow a co-borrower or co-signer can help you get a better interest rate and chance of approval, especially if you have a lower credit score. Your co-signer or co-borrower should have good credit, income, and the qualifications to meet approval requirements. These qualities may help you get better loan terms.

Still, given that this person will share responsibility with you for the loan, it may be best to ensure that you both can trust one another to make timely payments. If all lender options still only offer high interest rates, you might consider improving your credit score before applying for a personal loan again.

9. Decision and Funding Timeline

Get information on how long it takes to receive a decision on your application and when you'll receive your funds. This timeline can be crucial if you require the money soon. Some lenders may have efficient online personal loan solutions that only require verification after submitting your loan application and signing the loan agreement, meaning you can receive your funds as soon as the following business day.

10. Unique Features and Perks

Look for any special deals or features that lenders provide. Some could offer low-priced credit score monitoring and credit reports, online privacy protection services, or autopay discounts to lower borrowing costs. Others may provide unemployment protection for a small fee to protect your credit and suspend your payments if you become unemployed.

Consider a Personal Loan With Atlas Credit

In addition to comparing approval requirements, rates and funding timelines, it is equally beneficial to consider the customer service and experience by exploring online reviews to see how the customer experience is for current and past customers.

Atlas Credit is a personal loan provider that provides access to affordable credit for underserved customers. Our customer reviews showcase our competence and trustworthiness as a lender. We offer an easy online application process with basic approval requirements and a quick turnaround time. For a personal loan with Atlas Credit, fill out a loan form, or visit one of our numerous branch locations today.

Financial Tips for Having a Baby

Thu, 26 Sep 2024 05:00:00 +0000

Finding out you are pregnant is one of the most exciting moments of your life, and your joy shouldn't be tempered by worry about your financial situation. With some savvy financial tips for having a baby, a little planning, and the wisdom and discipline to save, you can afford to bring this new life into the world!

If you are unsure where to start, it can help to think of planning for a baby financially as your first real parenting task. With the right insights, you can have peace of mind regarding your finances as you welcome home your little one.

Have a Pre- and Post-Delivery Budget

Budgeting is a powerful financial tool for managing your income and unexpected expenses, but drawing up a budget for welcoming a baby can understandably be overwhelming. One way to combat this and draw up a practical and helpful budget is to create separate financial plans for different stages. Breaking up your baby budget into smaller chunks makes it easier to look at what you need, when you need it, and how you can achieve it.

Pregnancy

Baby isn't here yet, but extra costs definitely come up when you're expecting. Budgeting for these essentials throughout your pregnancy will help you cover these additional expenses:

Supplements: Your baby's health and well-being are your priority during pregnancy. Prenatal supplements give mom and baby the added vitamins and minerals needed for a healthy pregnancy. Folic acid is especially important in those early weeks.
Maternity clothes: Growing a whole human being means lots of physical changes. Maternity clothes are essential for comfort and help moms look and feel their best during an exciting but often emotional time.
Doctor's visits: It's vital to look at your health insurance to see exactly which appointments and procedures it covers so you can include out-of-pocket medical expenses in your budget.
Prenatal classes: This one may not be necessary after your first child, but for first-time parents, prenatal classes are a must. Being equipped with professional advice and actionable knowledge can make a world of difference throughout pregnancy and especially childbirth.
Nursery basics: Your baby's nursery needs to be ready long before they arrive. There won't be any time after the baby is born, so this is definitely an expense you should plan for during pregnancy. At minimum, you'll need a crib and bedding. You may also want to include a changing table, decor, and non-toxic paint in your nursery budget.
Miscellaneous: If your baby budget allows for it, try to factor in extras such as pregnancy magazines, a baby shower, a babymoon, or a maternity shoot so you stay on top of all your expenses — even the leisure ones.

Now is also the ideal time to budget for and purchase all the essential baby gear you need upon your little one's arrival. This includes the following items:

Bedding
Stroller
Car seat
Pacifier
High chair
Bottles
Baby clothes, blankets, and towels
Baby monitors
Basic baby first aid kit

Delivery

Giving birth is one of life's amazing miracles. Keep the focus on a healthy delivery by preparing for these costs:

Birth and hospital costs: Contact your health insurance to ensure you understand your options for birth and the hospital stay and determine what your out-of-pocket expenses will be.
Hospital bag essentials: Remember to budget for basic medical supplies like creams, pads, and shields for breastfeeding after the baby is born.

Post-Delivery

Finally, budget for these vital expenses once your baby is finally here:

Post-birth checkups
Nest egg for daily expenses while on maternity leave
Day-care if returning to work
Health insurance coverage for the baby
Life insurance coverage for the baby
Baby-proofing materials for once the baby can crawl
Essentials like diapers, baby wipes, formula, toiletries, and clothing
Maternity leave

Financial Tips for Managing Your Second Baby Budget

Once you get accustomed to being a new parent, you may find yourself picturing life with another adorable addition to your family. If you're planning to have your second child, you're in luck — some things are easier the next time around. For many parents, preparing financially for a baby is easier when you've already done it once. You know what to expect this time, and you may still have some baby items that you can reuse for baby number two.

By preparing ahead of time and taking steps to get your finances in order now, you can make your budget work for the addition of your new baby.

How to Prepare for Baby Number 2

Though much more goes into the choice to have a second child than finances and numbers, knowing how to prepare financially can give you peace of mind and reassure you and your partner that you know what to expect financially when you grow your family.

1. Know Your Existing Budget

The first step in knowing how to prepare for a baby on a budget is understanding your existing budget. Since the days you were expecting your first child, your budget has probably changed. Some costs may have gone up, while others may have dropped. Now is the time to add in your new, anticipated expenses, such as:

Food
Wipes
Diapers
Gadgets
Furniture
Baby clothes

Utility and grocery costs, in particular, can increase with the addition of a new family member. Grocery items like formula can quickly increase your monthly grocery bill and may continue to grow when your second child switches to solid food. Similarly, growing your family could mean a higher utility bill. You may be doing laundry more frequently and running more heat or air conditioning due to spending more time indoors.

Next, assess your current income and expenses. If you aren't already tracking your expenses, it's time to start. Once you compare the money coming in and the money going out, you may want to reduce your spending in certain categories to make room in your budget for the additional costs of a second child, such as your travel and restaurant spending.

Additionally, you may want to prioritize debt payoff, especially if you notice your budget will be tight with a second child due to your current debt repayment obligations. A great place to start is cutting down your credit card debt, especially because credit cards tend to have higher interest rates.

2. Plan to Save Up

Like paying off debt before baby arrives, you may want to prioritize savings goals. This may include saving an emergency fund, saving up for a new vehicle or home, and saving for larger baby-related expenses. Here are some strategies:

Save an emergency fund: If you don't already have an emergency fund, now is a great time to start saving one. If you have an emergency fund, you may want to assess whether you need to save more. A good rule of thumb is to save enough to cover several months or even a year's worth of expenses. An emergency fund can allow you to continue paying your monthly bills if you are suddenly unemployed and cover large, unexpected expenses, such as a hospital bill.
Assess your home and vehicle: Are your current home and vehicle able to accommodate a larger family? Consider whether you want a home with more bedrooms or a vehicle with more seats. If you wish to purchase a new home or vehicle, you may want to start saving a down payment.
Save for major baby-related expenses: Even with insurance, you may have to shoulder some costs associated with the pregnancy and birth of your second child. You may also want to save up enough to cover your insurance deductibles so you don't have to worry about how you'll afford those bills after your child is born.

When your new baby arrives, you'll already have enough on your plate between adjusting to a new sleep schedule, buying diapers, and finding the right formula. The last thing you want to worry about on top of everything else is money. Saving now can make sure you don't have to struggle financially or stress about money when baby arrives.

3. Find Opportunities to Reuse

Finding opportunities to reuse your first child's baby items can be a great way to make your budget work if you want a second child. As long as the items are in good condition, you may want to consider reusing the following:

Crib
Swing
Stroller
Dresser
Car seat
Bassinet
High chair
Baby monitor
Baby clothes
Changing table

You may also be able to continue using bottles and a breast pump, though this depends on the age and condition of the items. If you are concerned, you may be able to replace some old or malfunctioning parts so that they are safe and functional again.

After you take an inventory of everything you can reuse, start searching for the other items you need. Buying early, at a discount, and secondhand can result in significant savings. Prioritize clothes, diapers, and wipes over gadgets and toys. Though a baby shower may be less common for a second child, if your first has not yet outgrown their baby clothes and belongings, you may want to have a baby shower for your next child. Register for any items you still need that you would rather avoid purchasing yourself.

4. Explore Insurance Benefits

Before your second child is born, explore your insurance policies and benefits. Determine what your health insurance covers, such as the hospital stay, delivery, or subsequent care. You may want to switch providers after your baby is born if you believe your current policy is insufficient. Consider whether you want to opt for a higher premium or deductible as well. You may also want to review the benefits of your life and disability insurance policies. You should have enough coverage for the additional cost of your second child.

If you are still wondering whether you can afford another baby after taking these steps, turn to Atlas Credit.

Other Financial Planning Tips for New Babies

Register for Gifts

Having a baby registry makes it easy for your friends and family to support you with the items you need most. Directing your friends and family to your registry is simpler than trying to remember what you need every time someone asks. Plus, registries cut down on duplicate gifts and eliminate well-intentioned but unuseful presents. The best part is that you get to curate the list so your loved ones know they are giving you something you will treasure.

Shop Around for Baby Gear

If you're a first-time parent, it's understandable that you will want everything you get for your baby to be brand new. This desire makes sense for many products — baby's first outfits, bottles and pacifiers, and safety gear like car seats.

It is also good to remember that many options can help you save money on various products. You can look for baby product sales and discounts and shop for quality second-hand clothes, cribs, high chairs and strollers. You may even get some nice freebies from friends and family who have had babies.

Open a 529 Account

It is never too early to begin planning for your child's future. As you discuss your finances, consider opening a 529 account for your newborn. A 529 offers tax advantages for saving for your child's college or any future educational path. Oklahoma and Texas offer state 529 plans that allow you to save without committing to any college.

Draw up Your Will

Pregnancy financial planning isn't only about now — it's about the future, too. It's crucial to put a plan in place in case something happens to you and you can't provide financially for your child.

Drawing up a will ensures your wishes will be followed, and your child can move forward with some financial stability even when the worst happens. You can make a will for a low payment when you use an online program, or you can find a lawyer to create one for you.

Discuss Childcare and Work With Your Partner

If you and your partner aren't sure how things will work once the baby has arrived, it's important to discuss some of these before the baby arrives — who will go back to work full-time, who will take care of the baby full-time, and will you need childcare?

If so, you must add that critical category to your monthly budget. Childcare can add up, which makes it smart to start shopping around for the most affordable and trustworthy childcare in your area.

Look Into Tax Credits

Taking on the responsibilities of parenthood is a huge undertaking. That's why the government recognizes the needs of parents and offers exemptions and tax credits worth thousands of dollars each year.

Also, if you need childcare, you may qualify for savings at the end of the year related to that expense. Look at estimates for the amount you'll save with only one partner working — it may make more sense financially for one of you to stay home full-time with the baby.

Open a Separate Baby Savings Account

Once you know you can afford all the expenses of a new baby, consider opening a savings account for your child. The money in this account can be seen in one of two ways — as an emergency fund for anything that might come up related to the baby's health and well-being or as a starter fund for their future. Most savings accounts are easy to open and have very low interest, but they are safe accounts that allow you to build your child's future.

Personal Loans for Peace of Mind From Atlas Credit

Financially planning for a baby is a wise and vital step throughout your pregnancy journey and beyond. But even with the most careful planning, unexpected expenses can come up, and you may need vital products that you cannot budget for now.

At Atlas Credit, we make it simple to apply for personal loans, even if you have bad credit. We believe you should be able to meet your needs and enjoy your pregnancy and post-birth experience regardless of your finances. We have an easy application process and a quick turnaround time for credit decisions. If you are approved, you can cover your baby's expenses and pay the loan off at your own pace for peace of mind.

Apply for a loan today or visit one of our Oklahoma, Texas or Virginia locations to speak to a friendly professional!

How to Pay off Student Loans Quickly

Thu, 26 Sep 2024 05:00:00 +0000

Are you tired of seeing a massive debt when you check your student loan account? When you click through your credit report online, do you cringe at the sight of what you still owe before you can truly be debt-free?

If so, you may want to learn how to pay off your student loans quickly. This guide contains nine strategies for reducing your debt and eventually paying it off entirely.

9 Tips for Paying off Student Loans Faster

You can pay off your student loans faster in many ways. These strategies depend on your income level, budgeting skills, and living expenses. It's essential to personalize them according to your needs to achieve the best possible results:

1. Pay Beyond the Minimum

Most people prefer to see the minimum repayment amount on the lower side. However, paying more than the required amount is one of the simplest ways to pay the debt quickly. The caveat is that student loan servicers often use the extra payment to advance your due date or cover the next month's payment.

Advancing the student loan due date does not pay off the debt faster. The reason is that the additional payment goes to late fees and interests before the principal. To resolve this, you may instruct your student loan servicer to apply any extra payments to the principal balance and maintain the following month's due date as scheduled. Lowering your principal balance means a smaller sum of money is owed for the interest to accrue on moving forward.

2. Prioritize Loans

You can handle multiple loans in two ways, whether they are all student debts or the rest are other kinds of loans. The first is the snowball method, where you pay the smallest loan before moving to any others. The snowball method encourages you to pay the debt because you see progress.

The second is the avalanche method, where you focus on the loans with the highest interest rate, considering they accumulate interest faster and take longer to pay down when making minimum payments. The avalanche method is ideal for borrowers with high-interest loans and is more effective financially as it can help save as much money as possible. However, both methods are useful for paying down debt more quickly than making minimum payments.

3. Make Lump-Sum Payments Whenever Possible

Have you received your holiday bonus? Did a family member leave you a sizable inheritance? Did you get a tax refund? Maybe you just sold a car, your home, or some collectibles and have more money than you need to survive. No matter the case, when you come across more money than you expected to have, you should consider using it to cover your student loan debt.

4. Schedule Bi-Weekly Payments

Student loans rarely assess prepayment penalties, so paying before the bill is due can be a wise habit. When you pay your bill multiple times in the same billing period, you can chip away at the debt much faster, and that's what making bi-weekly payments accomplishes. Bi-weekly payments may seem similar to monthly payments, but you end up making an additional monthly payment each year. The reason is that you will make 26 half payments over 52 weeks. That equals 13 whole payments. Yes, you will spend more money, but such a strategy can be seen as an investment in a debt-free future. An additional, smaller benefit of this strategy is that interest is calculated daily on federal student loans. Making payments more often lowers your principal, leaving less to calculate interest on.

5. Consider a Career in Public Service

Government employees usually have access to loan forgiveness programs. These programs can eliminate most, if not all, of your debt without paying a single dime. Two classic examples include the following:

Public service loan forgiveness (PSLF): The program is available to full-time government employees in public service institutions or nonprofit organizations. You must also have direct federal loans under an income-driven repayment plan and make 120 qualifying payments.
Teacher loan forgiveness: Generally, you must be a teacher and work full-time at an eligible low-income school or education service agency to qualify. You must also work for at least five consecutive years, with one of those years being after the 1997-98 academic year.

The downside of these programs is that you must desire a public service career. If you don't, you may spend five to 10 years in a job you never genuinely enjoy. But once your term ends, you are free of debt and can seek out the career you want with a healthy job history on your resume.

A caveat here is that your loans must be federal loans. If you have refinanced through a private lender, there is little chance that the loans will be forgiven.

6. Sign up for Automatic Payments

Setting up automatic payments is a smart approach to your student loans. It allows your student loan servicer to automatically deduct the payments from your bank account as planned — monthly or bi-weekly. This strategy ensures timely payments, and you may get an interest rate deduction for enrolling.

Some private lenders also offer loyalty discounts to borrowers with existing accounts alongside student debt. Others also provide graduation bonuses. These incentives vary from lender to lender, so it's best to contact the servicer to confirm availability and eligibility requirements.

7. Create a Monthly Budget

If you are a frequent reader of the Atlas Credit blog, you know we advocate for making a budget. When you budget your monthly expenses, you can see where to find extra money to pay off student loans quickly. Your budget should include:

Utility and rent or insurance costs
Entertainment costs, including dining out and subscription video services
Groceries, gas, and other necessities

Once you have this written down, see where you can save money. Maybe you don't need three video subscriptions. Perhaps you can stop eating out for a few months. Even reduce your grocery budget by cutting coupons. You can find many ways to save when you know what you are spending, and all those savings can go toward paying off college loans.

8. Get a Second Job

One of the best ways to pay off student loans is to have more money to repay your debt. You get more money by making more money. Adding five to 10 extra hours per week at a part-time job or side hustle you can do from home can take you closer to paying off your student loans.

A side hustle can be something you feel passionate about. It won't even feel like work because you like it so much. When you choose your side hustle, think about finding something that doesn't cost much to start. You don't want to have to pay for supplies. You want everything you make to go toward extra money to pay off debt. Here are a few ideas for easy and enjoyable side hustles:

Work for a rideshare service
Walk dogs
Babysit or housesit

9. Refinance Your Loans

Another way to make your student debt burden simpler is to refinance the loan. This process allows you to repay your current student loan by assuming a new loan, which could have a significantly lower interest rate. Remember, though, as you consider our student loan payoff tips, that once you refinance through a third party, you will no longer have access to income-driven repayment and student loan forgiveness programs offered by the government.

Why Trust Us?

Atlas Credit has provided effective credit solutions to individuals since 1968. Our years of experience have helped us understand borrowers' needs and fix gaps in the credit industry. We make access to lending simple and flexible to people who other lenders have turned down.

We aim to provide financial support through affordable lending and easy-to-apply processes. Our professionals listen and dedicate time to assess your situation. We look beyond your credit score because we believe there is more to that. Once approved, you could be on your way with the money the same day.

Our core principles include transparency, honesty, and integrity. We also offer excellent customer service and are committed to forming long-term relationships. Read our customer reviews to learn more!

Contact Atlas Credit Today

Need help making a student loan payment that catches you off guard? Or maybe your student debt burden has interrupted your financial flow, and you need money now to handle other responsibilities. If so, consider applying online for a quick and easy personal loan from a bad credit, low credit, or no credit lender like Atlas Credit. Apply online today or visit any of our offices throughout Oklahoma and Texas.

How to Calculate Monthly Loan Payments | Quick Guide

Thu, 26 Sep 2024 05:00:00 +0000

How to Calculate Loan Payments

One of the most important things to establish before taking a loan is your monthly payments or installments. You also need to know the interest rate and the duration to complete the loan. Knowing how to calculate loan payments can help you find these answers and choose a lender that can accommodate your financial needs.

Understanding Monthly Loan Payments

Different types of loans have different payment approaches. There are two main types of loans:

Amortizing loans: These are installment loans that require regular payments for a predetermined period. Each monthly payment covers both the principal and the interest on the loan. Examples of amortizing loans are personal loans, mortgages, and car loans.
Interest-only loans: This type of loan requires you to pay only the interest on the principal for a fixed period. Eventually, you'll have to pay back the principal, either through higher monthly payments or as a lump sum. Home equity loans and personal lines of credit are often interest-only loans.

Four main elements make up your monthly loan payment, regardless of the type of loan you take:

Principal: This is the total amount of money you borrow.
Interest rate: The interest rate is the amount the lender charges the borrower for the loan. It is usually expressed as an annual percentage rate (APR).
Fees: Additional fees may include late fees, origination fees, and prepayment penalties.
Repayment terms: This is the time you have to repay the loan, for example, 24 months or 60 months.

Using a Payment Formula

The calculation formula you use depends on the type of loan you have, whether it is amortizing or interest-only. If you're repaying an amortized loan, a loan payment formula can help you understand what portion of your payment goes to the principal and what goes to the interest. To calculate monthly loan payments, you'll need to know the principal, loan term, and interest rate. While you can use a calculator for quick calculations, understanding the mechanics can help you be a more informed borrower.

Calculating Interest-Only Payments

The principal amount for interest-only loans remains unchanged as you pay the monthly interest for a specific period. This means you only need to calculate the amount of interest you're supposed to pay each month.

To calculate the monthly interest, multiply the loan balance by the annual interest rate and divide the result by the number of payments in a year, which is typically 12. For example, payments for an interest-only loan of $300,000 at a 3% interest rate would be $750:

$300,000 x 0.03 = $9,000
$9,000 / 12 = $750

Calculating Amortizing Loan Payments

Payment for amortized loans is set using amortization tables. The principal is spread equally over your loan repayment term. You'll typically have 12 payments each year, although the term may vary in the number of years.

Typically, your monthly payment will remain the same over the life of the loan. As you continue paying installments for the amortized loan, a larger portion of your payment goes toward the principal balance and less toward the interest. The interest is charged on reducing balance, which means that every month, your interest is calculated on the outstanding balance, not the entire loan amount.

Lenders often provide a loan amortization schedule because the calculations can seem complicated. However, you can calculate payments yourself with a few different formulas.

First, find your monthly interest rate by dividing the APR by 12. Then, calculate the total number of payments by multiplying the loan term in years by 12. For example, a $300,000 loan at a 3% interest rate for 10 years would have a monthly interest rate of 0.25% and 120 payments.

0.03 / 12 = 0.0025 x 100 = 0.25%
10 x 12 = 120

Next, calculate the total monthly payment with this formula:

Loan amount x {[M x (1+M)^P]/[(1+M)^P - 1]} = Total monthly payment

Where M is the monthly interest rate and P is the total number of payments.

For our example, the monthly payment is $2,891.48:

$300,000 x {[0.0025 x (1+0.0025)^120]/(1+0.0025)^120 - 1]}
$300,000 x {[0.0025 x 1.35]/[1.35 - 1]}
$300,000 x {0.0034/0.35}
$300,000 x 0.0096
$2,891.48

To determine how much of that payment goes toward the principal, you also need to know the outstanding loan balance. Then use this formula:

Total monthly payment - (outstanding balance x monthly interest rate) = principal payment

For our example, the amount going toward the principal for the first payment is $2,141.48:

$2,891.48 - ($300,000 x 0.0025)
$2,891.48 - $750
$2,141.48

When the outstanding balance reaches $100,000, the amount going toward the principal is $2,641.48:

$2,891.48 - ($100,000 x 0.0025)
$2,891.48 - $250
$2,641.48

Fixed Rate vs. Variable Rate Loans

Amortized loans can further be categorized into fixed-rate loans and variable-rate loans. Fixed-rate loans are assigned a specific rate that doesn't change over the duration of the loan. You can easily calculate the amount of interest you'll pay since the rate is constant. The interest charged on these loans is also known as simple interest.

To calculate simple interest on a loan, you'll need the principal amount, loan term, and interest rate. Multiply the principal by the interest rate, then multiply the result by the loan term in years. This formula gives you the total simple interest for the loan. For a loan of $15,000 at 5% interest and a five-year term, the simple interest is $3,750.

Most amortizing loans use daily simple interest, where interest is calculated daily and added to the outstanding balance. Although the monthly payment is fixed, the amount of interest you pay changes based on the outstanding balance.

The interest rate for variable-rate loans can change during an adjustment period based on various factors, such as the federal funds rate. The interest on this type of loan may also include the margin, which is the additional interest the bank adds on. Predicting the interest amount for variable-rate loans is more complex because of possible fluctuations over the term of the loan.

Calculating Payments Using Calculators

Many lenders provide loan calculators borrowers can use to determine interest payments and principal balances. To properly use these tools and get accurate results, you must know what information to feed the calculator. Different types of loans have different structures, making it necessary to have a specific calculator for a specific type of loan. Examples include:

Auto loan calculator
Student loan calculator
Mortgage calculator
Personal loan calculator
Home equity calculator
Home equity line of credit (HELOC) calculator

Avoid these mistakes when using loan calculators:

Forgetting processing fees and other charges: You may concentrate on the principal and interest amounts and forget additional charges. You may have to add fees and charges separately from the loan calculator. Overlooking the charges means you won't get an accurate estimate of the amount you'll owe the lender.
Neglecting the loan term: The loan duration is as important as the principal and interest rate.
Entering the wrong loan amount or interest rate: Double-check the principal and interest rate you enter for calculations. Wrong figures can lead to huge differences between the equated monthly installment (EMI) and the actual amount you have to repay.

Tips on Saving Money While Repaying Loans

After finding out the loan payments you're supposed to make, you may wonder how you can save money as you repay the loan. These tips can help you save money:

Make extra payments: You can make extra payments — pay more than the minimum installment for each month — to apply to the principal. A lower principal balance means less interest paid because the interest is charged on the principal balance.
Pay the loan early: You can pay off the loan early in a single lump sum to save money on interest. Before taking the loan, check with your lender to see if they allow early repayment.
Limit borrowing: You can also save money by limiting your borrowing as much as possible.
Improve your credit score: Your credit score influences the interest rate charged on your loan. A higher credit score generally means a lower interest rate.
Shorten the loan term: Although you'll have higher monthly payments for a loan with a short term, you'll eventually pay less compared to a longer-term loan.

Partner With Atlas Credit for Credit Solutions

Knowing how to work out monthly interest can help you compare lenders, find favorable terms, and make informed decisions about your borrowing. You can turn to Atlas Credit for affordable online loans.

We provide access to affordable loans to underserved customers. If you've been turned down by banks or other lenders, we are here to help you. You can complete an easy loan application online, over the phone or by visiting our branch locations.

How Personal Loans Can Build Good Credit | Atlas Credit

Thu, 13 Jun 2024 05:00:00 +0000

If you're worried about your credit score, you're not alone — approximately 16% of Americans have a bad credit score, making it harder to get ahead financially. Whether you had difficulties making payments years ago or simply haven't had the time to build up a decent credit score, a bad credit score has some serious repercussions. For example, you may have fewer chances of securing a home loan or achieving optimum insurance premiums. Your credit score may even impact your employment opportunities.

Even though "perfect credit" is something only 1.2% of the population can currently claim, improving your credit score is certainly possible. By partnering with a reputable company like Atlas Credit, you can strengthen your credit and increase your chances of reaching your goals. Learn when a good credit score can really make a difference and how you can improve your situation.

What Is Good Credit?

Good credit is a measurement of your ability to pay back the money you owe over time. The three nationwide credit tracking companies — Equifax, Experian, and TransUnion — give everyone who has borrowed money a score ranging from 300 to 850. People who rank near the top have the best credit, and they get there by paying off their balances quickly. People with poor credit at the bottom of the scale may have defaulted on what they owed in the past or may not have made consistent payments. There are several types of credit scores, but most lenders use the FICO scoring system to determine the result of your credit application. Here are just a few reasons you need to care about your credit score:

Bad credit can prevent you from borrowing in the future.
If you do borrow money, you will pay a higher interest rate, which can lead to accumulating more debt.
You may have to pay a deposit when you sign up for utilities in case you default on your bills.

Who Decides if a Credit Score Is Bad?

The credit tracking companies take into account every transaction you have made in adulthood. They use your past actions to create a bigger picture and determine whether you are likely to pay off your debts in the future. Several factors impact your credit score, such as:

How much you use credit
How big your debts are
Whether you pay bills on time
How many credit cards you have
The amount of time your loan accounts have been active
New credit applications
Whether you have a history of bankruptcy, foreclosure or bankruptcy

When Your Credit Score Matters

While bad credit may hinder your chances of getting ahead, a non-existing credit history could potentially be worse. If you ever try to purchase a new or used automobile, there's a great chance that whoever you buy it from will run a credit check to see if you qualify for fair payments. This isn't to say bad credit will exclude you from buying a car, but it significantly increases what you owe monthly.

If you're looking to rent a new house or apartment, your credit score will also impact your rental success. While many apartment complexes and property managers will take a hard look at your credit score before they accept your application to rent, they'll still be somewhat lenient if they're desperate to fill empty homes. However, if they receive applications from other potential renters who have better credit scores than you do, they'll go with the higher number every time.

Remodeling your home, buying new equipment for your small business, or paying for your big family vacation are all large expenses. Taking out a loan with a conventional lender like a bank helps you settle these costs, yet you may have much higher interest rates and tough-to-meet monthly payments. Plus, they'll probably require you to pay back that loan ASAP.

This is all to say that your credit score does matter in most cases in life. It's up to you to be a responsible borrower and user of credit. Make sure always to pay your bills on time and avoid accumulating a mountain of debt — trust us!

Why Credit Is Important

Good credit opens doors. While you may not be in the market for a new home or a new vehicle today, you probably will be down the line. Good credit shows lenders they can trust you to pay back a loan. You need to prove you are a good risk to secure the funding you need.

Credit history offers a snapshot of your past behavior. Of course, it does not take into account things like job loss or tragedies that can occur in life and impact your ability to pay the bills. That is why Atlas Credit considers more than just your credit history when granting loans. We look at the big picture and whether you currently have a decent job.

Not every company does this. We are relatively unique in our embrace of those with bad credit — but if you do want to address your bad credit and turn it around, we are ready to assist.

Can Bad Credit Be Fixed?

Although there are consequences of a bad credit history, you can improve your score. At Atlas Credit, we provide personal loans to people with bad credit throughout Oklahoma and Texas. When you borrow money from us, you receive the opportunity to show you can pay back that money on time.

We structure your monthly payments to fit your financial obligations. You can show lenders you are responsible by keeping up with the payment schedule. Repairing your credit score takes time and effort, and you can use Atlas Credit's loan to help you. Some other tips to help you repair your credit score quickly include:

Increase your credit limits: While it's not always possible to increase your limit if you have a history of bad credit, it's an opportunity worth investigating. Your credit utilization ratio impacts your score, and a higher limit will improve the ratio, resulting in a better score.
Settle collection accounts: If your accounts have been sent to collectors, put these payments at the top of your priority list. Lenders will be less likely to approve future credit applications if you have collections listed on your credit reports.
Look into credit builder loans: By applying for a credit builder loan, you'll receive a small amount of cash upfront. You'll then have the opportunity to make timely repayments to prove yourself as a responsible borrower. At the end of the loan term, you will get the rest of the money and the lender will report your payment record to the main credit agencies.
Apply for a secure credit card: When applying for this type of credit card, you'll need to deposit a lump sum. Making on-time payments will help you to improve your credit score.

What Is a Personal Loan?

First of all, a personal loan from Atlas Credit is nothing like a payday loan. While payday loans are also available for people with bad credit, the repayment plan for a payday loan is harsh by comparison.

It's right there in the name. A payday loan requires you to pay back the amount by your next payday. The interest added on these loans is sizeable, to say the least, and failing to make this repayment results in financial penalties.

Personal loans, on the other hand, are like a direct infusion of cash to your finances that can be paid back at your leisure. You won't have to offer up your home for collateral, and you'll have more manageable monthly payments.

Should I Get a Personal Loan?

Getting a personal loan is a personal choice. You should feel comfortable with your decision and thoroughly understand what you need to do to rebuild your bad credit when you get a personal loan. Keep these things in mind:

You must make on-time payments each month to raise your credit score.
You must budget for your monthly loan payments.
You must have a steady source of income, such as a regular job, to receive a personal loan.

If you are employed and willing to take on these commitments, you are likely to receive approval on your loan from Atlas Credit. Borrowing money and repaying it will increase your credit score, and when you do that, you also can qualify for bigger loans in the future, such as mortgages or vehicle loans.

Does Applying for a Personal Loan Hurt My Credit?

Applying for the loan will not hurt your credit in the long term. The only way your credit will be impacted by a personal loan is if you fail to make your payments on time.

With Atlas Credit, filling out an application takes just a few minutes when you apply online. Our team will then verify your employment details and banking history before deciding. We notify you of our decision quickly, sometimes within hours. You can also apply at any of our locations throughout Texas and Oklahoma.

It's important to note that you will lose a few credit score points when you apply for this loan — but this drop will not last. You will quickly make up for it when you receive your loan and begin making on-time payments.

How an Online Personal Loan Can Increase Your Credit Score

When you make regular, on-time payments on your personal loan, Atlas Credit will report your consistency and trustworthiness to the major credit bureaus. That way, you can demonstrate to future lenders, landlords and more that you deserve fair treatment.

Plus, when you qualify for and receive a personal loan, you can avoid other negatives like an overdrawn bank account and late bill payments. Without the money you can receive from an online personal loan, you may end up further in the financial hole than you were before.

5 Tips for How to Build Good Credit With a Personal Loan

Think of a personal loan like a life preserver thrown out to individuals caught in the raging currents and crashing waves of a financial storm. By staying afloat, you can make it safely through the storm and come out on the other side a stronger swimmer. Use these five tips to navigate the financial waters.

1. Take Out Only the Amount of Money You Need

When taking out a personal loan to build credit, don't overextend yourself. You want to show you can handle your finances responsibly to build your credit back up. Take the least amount of money you need so that you can pay the loan off more quickly.

For example, if you only need $300 but you get approved for up to $1,100, don't take the extra $800. Staying out of debt can increase your credit score, so the less you owe, the better your credit score will be.

2. Apply for the Loan With a Specific Need in Mind

Getting a loan to build credit works much better if you borrow the money to put toward a specific purchase. Then you will only take out what you need instead of focusing on what you want. You can borrow for a range of things, such as:

Vacation
Holiday gifts
Pay off a credit card

What you choose is your decision, but use the money immediately to put toward that expense. Otherwise, you risk spending the loan on something else and not paying for what you really need, which can set you back on your repayment.

3. Make Your Payments on Time

Credit rating services value consistency. If you make your payments on time every month, even when personal loans are small, you can build credit. Reliability represents a large part of raising your credit score. Lenders want to know that you will pay them back when you buy something on credit or take out a loan. One way to ensure you don't forget to pay a bill is to automate your payments.

Making timely payments shows that you take this responsibility seriously and are committed to paying off your debt. The credit rating services appreciate these qualities. Plus, the more of your loan you have paid off, the lower your debt load will be, which is, of course, a good thing.

4. Skip the Credit Card Purchases

As you work to build up your credit by getting a loan, you want to avoid doing things that can impact your credit negatively. That includes building more debt.

Put away your credit cards to avoid the urge to buy things. Credit cards usually carry a higher interest rate than personal loans, and you can fall further into debt. Instead, focus on paying down your most significant chunks of debt first to boost your credit score.

5. Check Your Credit Report, But Not Too Often

Your credit score changes over time, but checking it too often after taking out your personal loan can actually count against you. Look at your score once a year, and you will see the positive impact paying back your personal loan has had.

Personal Loans Build Credit

At Atlas Credit, we firmly believe that individuals and their families should be able to qualify for a personal loan regardless of their bad credit score. We are always ready to say yes to applicants in situations where that extra cash could help them pay for unexpected expenses or emergencies. Even if you simply want to remodel your kitchen or have your vehicle repaired, a personal loan from Atlas Credit is always a better choice than maxing out your credit cards.

Apply For a Personal Loan Online

Our helpful associates are always ready to work hard to get you a personal loan at the best possible rates regardless of your credit score. Don't let yourself get pulled under the waves of your current financial downpour — apply online for a personal loan of up to $1,400 from Atlas Credit or come in and see us today at any of our Texas or Oklahoma locations.

Do loans build credit? When you follow our tips, they do. For more awesome financial advice from a bad credit or no credit lender you can trust, read the Atlas Credit blog!

Understanding Credit Card Debt and How to Get Out of It

Thu, 13 Jun 2024 05:00:00 +0000

Credit cards have become a ubiquitous financial tool, offering convenience and flexibility. However, if you don't manage your use carefully, you may find your credit card debt out of control, leading to financial stress and long-term repercussions. This comprehensive guide explains how to get out of credit card debt without ruining your credit.

Table of Contents

How Do People Get in Credit Card Debt?
Does Credit Card Debt Affect Your Credit Score
How to Pay off Credit Card Debt Quickly
1. Create a Budget
2. Pay More Than the Minimum Balance
3. Pay off the Most Expensive Debt First
Debt Avalanche Method
Debt Snowball Method
4. Stop Your Credit Card Spending
Use Cash or Debit
Grow an Emergency Fund
5. Make Extra Payments When You Can
6. Look Into Consolidating Your Debt
Leverage Your Home Equity
Take out a Personal Loan
7. Find a Payoff Method You Will Stick With
8. Enroll in Autopay
9. Reach Out to a Debt Management Consultant
10. Make On-Time Payments
11. The Nuclear Option: Bankruptcy
Learn More About How to Get Rid of Credit Card Debt

How Do People Get in Credit Card Debt?

People can find themselves in credit card debt for various reasons. Here are some common factors that contribute to credit card debt:

Overspending: One of the primary reasons people accumulate credit card debt is overspending. Using credit cards to make purchases beyond one's means or indulging in impulse buying can lead to a growing balance that becomes difficult to repay.
Lack of budgeting and financial planning: Without a budget or proper financial planning, individuals may lose track of their expenses and fail to allocate sufficient funds for credit card bill payments. This lack of financial discipline can result in carrying a balance from month to month and accumulating interest charges.
High interest rates: Credit cards frequently come with high interest rates, especially for those with poor credit or limited credit history. When individuals are unable to pay off their full balance each month, the accumulated interest can quickly escalate their debt.
Emergencies and unexpected expenses: Unexpected medical bills, car repairs, or other emergencies can strain one's finances. If individuals do not have an emergency fund or sufficient savings to cover these expenses, they may turn to credit cards as a temporary solution, leading to increased debt.
Minimum payment trap: Paying only the minimum amount due on credit card bills may seem manageable, but it can prolong the debt repayment process. Minimum payments primarily cover interest charges — only a small portion goes toward reducing the principal balance. This results in a cycle of revolving debt that becomes difficult to escape.
Job loss or income reduction: A sudden loss of employment or a significant reduction in income can disrupt a person's ability to meet financial obligations. They may rely on credit cards to cover essential expenses during this period, leading to increased debt when there is limited income to repay it.
Lack of financial literacy: Insufficient knowledge about credit cards, interest rates, fees, and responsible borrowing practices can contribute to credit card debt. Without understanding the potential consequences of carrying a balance or not managing credit effectively, individuals may find themselves trapped in debt.
Peer pressure and lifestyle factors: Social pressure and the desire to maintain a certain lifestyle can lead to excessive spending on luxury items, dining out, or entertainment. Trying to keep up with peers or societal expectations without considering one's financial limitations can result in accumulating credit card debt.

Individual circumstances vary, and multiple factors can contribute to credit card debt. Developing healthy financial habits, budgeting effectively, and being mindful of spending can help individuals avoid excessive credit card debt and maintain a healthy financial position.

Does Credit Card Debt Affect Your Credit Score?

Yes, credit card debt can significantly impact your credit score. Your credit score is a numerical representation of your creditworthiness. Lenders and financial institutions use this number to assess your creditworthiness when you apply for credit.

Here's how credit card debt can affect your credit score:

Credit utilization ratio: Credit utilization is the ratio of your credit card balances to your total available credit limit. High credit card balances relative to your credit limit can negatively impact your credit score. Maxing out your credit cards or carrying high balances can indicate a higher risk to lenders and lower your credit score.
Payment history: Your payment history is a significant factor in calculating your credit score. Late payments or missed payments on credit card bills can have a detrimental impact on your credit score. It's crucial to pay at least the minimum payment by the due date to maintain a positive payment history. Consistently making late payments can lower your credit score and make it harder to obtain credit in the future.
Length of credit history: The length of your credit history also plays a role in determining your credit score. Credit card accounts that have been open for a long time and have a positive payment history can improve your credit score. Closing older credit card accounts or opening new ones frequently can shorten your credit history and potentially lower your credit score.
Credit mix: Having a diverse mix of credit accounts, such as credit cards, loans, and mortgages, can positively impact your credit score. Credit card debt alone may not significantly affect your credit score, but a healthy mix of different types of credit can demonstrate your ability to manage various financial obligations.
New credit applications: Applying for multiple credit cards or loans within a short period can harm your credit score. Every application likely causes a hard inquiry on your credit report, which can lower your credit score temporarily. Additionally, opening multiple new credit card accounts simultaneously may raise concerns about your ability to manage more debt.

Responsible credit card use, such as paying your bills on time and keeping your balances low, can positively impact your credit score. Conversely, accumulating high levels of credit card debt and consistently making late payments can significantly lower your credit score. Maintaining a good credit score is essential for accessing favorable interest rates, obtaining loans, and demonstrating financial stability.

How to Pay off Credit Card Debt Quickly

Even if paying off credit card debt quickly feels daunting, know that it's possible when you take the right steps. With interest rates and inflation on the rise, your balance may continue to increase, meaning now is the time to pay off your balance. Using smart money tips, you can pay off your debt quickly and get your personal finances back on track. Follow these tips to pay off your credit card debt fast.

1. Create a Budget

Start budgeting to ensure you do not continue to overspend. Categorize your monthly expenses, such as food, housing, transportation, and entertainment. If you're unsure what you typically spend each month, review your bank account and credit card statement. Many credit card issuers categorize your spending, or you can categorize your expenses yourself. Your budget should account for:

Basic needs: Your basic needs include costs like your mortgage or rent, groceries, gasoline, and utilities. Though you may be able to negotiate some of these bills or find ways to save at the grocery store, these bills are typically fixed from month to month.
Discretionary costs: Your discretionary costs are for items you would like but don't need. Expenses in this category include entertainment, restaurants, and your daily coffee.
Debt payments: This category includes your minimum monthly payment on credit cards, student loans, car loans, and other types of consumer debt.
Miscellaneous expenses: You also have irregular expenses to cover, such as toiletries, car maintenance, travel, holiday gifts, and haircuts. These expenses are more difficult to predict and can quickly add up and become a source of credit card debt.

Understanding how you spend your money can help you identify areas where you can spend less and put more money toward debt repayment. By having a plan for how you will use your income each month, you can better plan for how you will get out of debt.

Some personal finance experts recommend following the 50-30-20 budgeting method, which means allocating 50% of your income to your needs, 30% to your wants, and 20% to savings, investments, and additional debt payments. While in debt repayment mode, you may want to increase the percentage of your income that you allocate toward debt payoff.

You can create your budget in a spreadsheet or use a free online budgeting tool that can sync with your bank account and streamline your personal finances.

2. Pay More Than the Minimum Balance

Paying off credit cards starts with making more than the minimum payment. By only making the minimum payment each month, it will take you longer to pay off your debt. On the other hand, paying more than the minimum means you will pay off your balance more quickly and spend less on total interest. Your credit card company must chart out this amount on your statement, so review your statement to determine how the interest affects your bill.

You can start with a small extra amount, such as an additional $20 a month you can spare. Any little bit helps to lower your balance, and the smaller your balance is, the less you'll need to pay in interest. If you aren't making enough money to cover all your expenses and pay more than the minimum balance on your credit cards, you may want to apply for a new job with better pay or pick up an additional part-time job.

3. Pay off the Most Expensive Debt First

Many personal finance experts consider paying the most expensive debt first as the best way to pay off credit card debt fast. This is known as the debt avalanche method. Other experts recommend the debt snowball method. We'll break down both below so you can decide which is the right method for you. Either way, after you meet the minimum monthly balance on all your credit cards, focus on paying more on one card at a time. Which card you choose depends on the method.

Debt Avalanche Method

The debt avalanche method means you will pay as much as you can over the minimum on the credit card with the highest interest rate first. If you want to use this method, figure out which card charges the highest interest rate and concentrate your efforts on paying down the balance on that card before you move on to the card with the next highest interest rate.

For example, if you have a credit card with a balance of $2,000 and an annual percentage rate (APR) of 24%, while your other credit card has a balance of $500 and an APR of 20%, using the debt avalanche method means you pay off the card with the $2,000 balance first. After you make the minimum payment each month, put your money toward this card until you pay it off. Then move on to paying off the balance on your other credit card.

Debt Snowball Method

Another debt repayment method you can use is the debt snowball method. This method is essentially the opposite of the debt avalanche method. Instead of starting with your most expensive debt, you start with your smallest debt. You'll identify which card has the smallest balance and pay that off first. Then you'll use the money that you were putting toward that debt and apply it to the next smallest credit card balance.

Taking the above example, if you have a credit card with a balance of $2,000 and an APR of 24%, while your other credit card has a balance of $500 and an APR of 20%, using the debt snowball method means you pay off the card with the $500 balance first. This method will provide you with some momentum and improve your morale as you see progress faster.

We recommend trying the debt avalanche method, which will allow you to pay off your most expensive debt first. By paying off this balance, you free up your largest monthly payment, and you'll avoid paying more on that debt over time due to the high interest rate. If all you can afford is the debt snowball method, however, this is an effective debt repayment option too and may give you the quick confidence boost you need to continue paying off your debt.

4. Stop Your Credit Card Spending

If you still have a job and steady income, even the most mountainous debt can be manageable over time. Just because the number is staggering (and possibly growing day by day), you can still make payments toward it to lower it.

Your first step should probably be to remove your credit cards from your situation altogether. Cut them up if you have to so you won't use them anymore. You may not like it, but any extra money you add to your total debt can cause you even more problems down the road.

Next, you should cut out on your unnecessary expenses. Stop going out to eat, cancel your streaming services, drop entertainment out of your budget altogether, etc. By limiting your spending to the essentials only, you may actually start to improve your credit score thanks to the extra money you can put toward paying down your debt.

Use Cash or Debit

You can avoid accruing more debt by paying with cash or a debit card instead of a credit card. By leaving your credit cards at home, you can avoid making impulse purchases or overspending. Using cash involves the psychological act of physically handing over money, which can help you spend less. Paying with cash can also mean that certain purchases are so inconvenient, you're less likely to go through with the purchase.

By using cash, you also avoid extra fees that may apply to a credit card. Additionally, using cash may make tracking how much you're spending each week or month easier since you can physically see the difference in the amount of cash you started and ended with that day, week, or month.

Grow an Emergency Fund

Some credit card holders rely on credit cards to cover emergency expenses, such as unexpected medical bills or car repairs. This can quickly lead to overspending and debt that is difficult to climb out of. We recommend saving an emergency fund instead of relying on credit cards to cover large, unexpected expenses.

If you don't have an emergency fund yet, now is the time to start saving one, even before you begin tackling your debt beyond your minimum required payments. An emergency fund will help you avoid acquiring more debt if an unexpected cost does arise.

5. Make Extra Payments When You Can

Paying off debt quickly can also involve making extra payments. Whether that means lowering your expenses, increasing your income, or making a payment with every paycheck, making more than one payment per month can lower your debt significantly over time.

Take advantage of financial windfalls: When you get a bonus at work, a third paycheck in the month, or money for your birthday or a holiday, put that extra income toward your credit card debt. This can help you achieve your debt repayment goal faster.
Lower your expenses: Look for spending categories where you can lower your expenses. Cut back on discretionary spending, which is for things you can survive without, such as cable, streaming services, or your daily coffee. Look for monthly recurring payments you can cut out for the time being to increase your monthly positive cash flow. You may also be able to negotiate a lower rate for some of your monthly bills. When you've freed up more of your income each month, apply it to your credit card debt.
Borrow money: If you're not lucky enough to have any financial windfalls and you've already cut your spending down as much as possible, you may want to ask trusted friends or family to borrow money. Set up a plan to repay the money you borrow and follow through on your plan to avoid damaging your relationship.
Develop another income stream: If you have already reduced your expenses as much as possible and still don't have income left over each month to pay more than your minimum balance, you may want to consider starting a side hustle to make some extra money. From driving for a ridesharing company or bartending to mowing lawns, delivering pizza, or babysitting in the evenings, you have nearly endless options. You can then apply this extra income directly to your debt.
Make more than one payment a month: Instead of only paying your credit card down when the payment is due, you can pay money from each bi-weekly paycheck or as frequently as possible to reduce debt faster.

These extra payments can go a long way in helping you pay off your credit card debt more quickly. Once you've paid off your debt, you can use any extra income to grow your savings.

6. Look Into Consolidating Your Debt

When you consolidate your debt, you can combine multiple high-interest balances and get a lower rate on the total balance with a single fixed, monthly payment. This allows you to pay down your debt more quickly without increasing payment amounts. You can consolidate your debt by making a balance transfer or leveraging your home equity. After consolidating your debt, you will only have one area to pay into, which can be easier to keep track of than multiple different cards.

Make a Balance Transfer

Look for a low balance transfer rate and take advantage of this rate to move your debt from high-interest credit cards. You may also be able to find zero-interest balance transfers, allowing you to transfer your balance to a balance transfer credit card with zero interest for a certain amount of time, usually around one year.

Keep in mind that balance transfers often come with a fee, but even with a fee, the lower interest rate may mean you save more money in the long run. Be sure to factor in the fee when calculating whether this is the right option for you. You may also be limited in how much you can transfer, and you can't perform a balance transfer between cards from the same issuer. Before you request a balance transfer, read the fine print.

Your credit score may also affect whether you qualify for a balance transfer credit card. Good or excellent credit is still possible with credit card debt if you maintain a low credit utilization rate and make on-time minimum monthly payments. If you have good or excellent credit, you may even qualify for a zero-interest APR balance transfer. A zero-interest introductory offer can make paying off your high-interest debt faster and easier. Keep the introductory offer term in mind and try to pay off your debt while the zero-interest offer lasts.

Leverage Your Home Equity

Do you own your home? If so, you may be able to take out a home equity loan to pay off your credit cards. Home equity loans allow you to borrow against the value of your house by pulling out some of the equity you have built up. Often the interest rates for a home equity loan are lower than your credit card rate.

Getting rid of credit card debt becomes easy. You can wipe out all of your debt by drawing as much as you need from your home equity loan. Just make sure you make on-time monthly payments on your loan going forward. You want to strengthen your credit score, and falling behind or defaulting on payments will make your credit score worse.

Take out a Personal Loan

Another way you may be able to consolidate your debt is by taking out a personal loan. This type of loan is a shorter-term consumer loan that can help you meet your specific financial needs. Personal loans tend to be flexible, allowing you to select the amount you want to borrow.

If you have a large amount of credit card debt that you won't be able to consolidate with a balance transfer, you can choose a personal loan for consolidation instead. If you have a qualifying credit score, you may be able to obtain a personal loan amount that covers your entire balance across multiple credit cards.

Typically, you'll get a personal loan with a set amount over a certain period with a fixed interest rate. Personal loans often come with lower interest rates than credit cards. With Atlas Credit, you may qualify for a personal loan whether you have good, bad, or no credit.

No matter which consolidation method you select, if you choose to consolidate your debt, try to keep your spending under control and avoid taking on new debt, which could undo the advantages of consolidating to a lower interest rate.

Apply For a Personal Loan Online

7. Find a Payoff Method You Will Stick With

No matter which payoff method you choose, make sure it's one you can stay with. Find a healthy amount to pay each month that you can comfortably afford and stick to it until your debt is paid off. Include the debt as a monthly expense in your budget.

As mentioned above, pay more than your minimum payment each month and follow the debt avalanche or debt snowball method. Both methods have advantages, so be realistic with yourself when determining which way you'll be able to stick to. Will you be willing to wait to pay off your most expensive debt first, or do you need to see progress as soon as possible to stay motivated? Ultimately, whatever the amount or method, make certain it is reasonable and you can stick to it.

8. Enroll in Autopay

Never miss a payment by enrolling in autopay. Automating debt payments can ensure you're paying your bills each month without having to remember each due date, especially if you have multiple credit cards.

Enrolling in autopay is convenient and secure and can improve your credit. Rather than needing to visit several websites or apps each month to make your payments, you can rest assured that the payment will automatically come out of your bank account each month without you needing to make a payment manually. Setting up automatic payments means you can also avoid late fees and boost your credit score by making regular, on-time payments.

To enroll in autopay, sign up directly through your credit card issuer. This ensures the issuer takes the full amount you owe each month. You can also opt to set up electronic alerts so you'll be notified via text or email about when your bill is due.

9. Reach Out to a Debt Management Consultant

Some people may reach a point in their financial woes where they recognize it could be impossible to actually pay their existing debt as is. That's when a debt management plan comes in.

First, find a credit counseling agency in your area that specializes in credit card debt reduction. By working with your credit card issuer, it's possible for your counselor to secure a lower interest rate and possibly smaller payments each month. That way, if you continue to pay the same amount as before, your credit will slowly improve thanks to your strengthened efforts to pay down your debt.

However, debt management consultants often cost you both time and a small fee each month. Be certain ahead of time that their services are absolutely necessary and that they will help you reach your goal of becoming debt free.

10. Make On-Time Payments

One way to get out of debt with bad credit is to make sure you pay at least the monthly minimum on your bills on time. Making late payments hurts your credit score. It makes lenders think you are a poor risk because you can't pay money back on time. When you pay even a day late, it hurts your credit score.

Create a monthly reminder on your calendar to pay your credit card bill. As soon as you see that reminder, make your payment. Set the reminder a week before your payment is due, so that if you run into any issues with payment, such as a banking app being down or slow online transactions, it won't make you late.

11. The Nuclear Option: Bankruptcy

Nobody likes the word bankruptcy. But sometimes, it may be your only way out of debt.

Bankruptcy can severely harm your credit score for up to a decade. Plus, you'll have to take the issue to court and will owe attorney fees. Also, some debts cannot be erased, like child support payments, student loans, and some others.

Once you have declared bankruptcy, though, you are granted something of a clean slate. Your credit card debt is no longer a major burden, and you can work to rebuild your credit score over time. After your bankruptcy is removed from your credit history, your fresh start can truly begin, and the wisdom you gained along the way can help you reach true financial success in your future.

Learn More About How to Get Rid of Credit Card Debt

Escaping the grip of credit card debt requires knowledge, discipline, and strategic planning. By understanding the nuances of credit card debt, creating a repayment plan, and seeking professional guidance when necessary, you can take control of your finances and pave the way to a debt-free future.

Achieving financial freedom may take time and perseverance, but the rewards of improved financial well-being and peace of mind are well worth the effort. Access affordable credit from us at Atlas Credit, or contact us to learn more about how to pay off credit card debt.

How to Achieve Your Financial Goals | Atlas Credit

Thu, 30 May 2024 05:00:00 +0000

Achieving financial goals is a fundamental aspiration for individuals and businesses alike. Whether it's saving for a dream vacation, paying off debt, or building long-term wealth, setting and reaching financial goals requires planning, discipline, and perseverance.

Below, we present a comprehensive guide on how to achieve your financial goals, providing actionable tips to help you navigate your financial journey and realize your aspirations.

Key Tips to Help You Reach Your Financial Goals

Follow the tips below to learn more about how to achieve goals for your finances:

Define your goals: The first step toward achieving financial success is to clearly define your goals. Take the time to assess your short-term and long-term objectives, whether they involve purchasing a home, starting a business, or retiring comfortably. Setting specific, measurable, attainable, relevant, and time-bound (SMART) financial goals provides a clear roadmap for your financial planning.
Create a budget: Establishing a budget is essential for managing your income and expenses effectively. Track your income sources and categorize your expenditures, distinguishing between essential needs and discretionary spending. Analyze your budget regularly to identify areas where you can cut back and allocate more funds toward achieving your goals.
Develop a saving strategy: Saving is a cornerstone of financial success. Set aside a portion of your income each month specifically dedicated to your goals. Consider automating your savings by setting up automatic transfers to a separate savings account. Additionally, explore different savings vehicles, such as high-interest savings accounts or investment options, that align with your risk tolerance and timeline.
Reduce debt: Debt can impede your progress toward financial goals. Prioritize paying off high-interest debt, such as credit card balances or personal loans, while maintaining minimum payments on other obligations. Consider negotiation or debt consolidation to streamline payments and potentially reduce interest rates. As you pay off debt, redirect those funds toward your savings and investment goals.
Invest wisely: Investing can accelerate your journey toward financial goals and grow your wealth over time. Educate yourself about different investment options, such as stocks, bonds, mutual funds, or real estate, and assess the level of risk associated with each. Consider seeking guidance from a financial advisor to develop an investment strategy aligned with your goals, risk tolerance, and time horizon.
Educate yourself: The financial landscape is constantly evolving. Stay informed about personal finance best practices, investment trends, and economic factors that can impact your financial goals. Follow reputable personal finance blogs, read books, attend seminars, and consider taking financial literacy courses to enhance your knowledge and decision-making capabilities.
Monitor and adjust: Regularly monitor your progress toward your financial goals. Assess your budget, savings, and investment performance to ensure you're on track. If necessary, make adjustments to your strategy based on changing circumstances or revised goals. Remain flexible and adapt to unforeseen challenges or opportunities along the way.

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Achieving your financial goals requires a combination of strategic planning, disciplined execution, and ongoing evaluation. By following the steps above, you can pave the way to financial success.

With commitment and perseverance, you can turn your financial aspirations into reality and enjoy the peace of mind that comes with financial well-being. Apply for a personal loan from us at Atlas Credit today.

Common Unexpected Expenses and How to Budget for Them

Thu, 30 May 2024 05:00:00 +0000

Even if you no longer live paycheck to paycheck, life can still find a way to throw a wrench into your financial situation. You might have felt totally confident a week ago that you would come out ahead with enough money to put a chunk into your savings and still live largely. But then, the unexpected happens.

Unfortunately, you can't plan for every possible outcome. However, by knowing what could happen ahead of time this year, you'll be one step ahead and ready to take on any sudden challenge

What Are Unexpected Expenses?

These are the expenses you did not see coming and did not plan for. They may be recurring throughout the year, but sometimes, they are one-off expenses that dent your budget because they weren't planned for in the first place. Consider these examples of unforeseen expenses.

1. Job Transitions

Whether you get fired, demoted, laid off, or simply cannot stand to work at your current job a day longer, a change in your employment situation can lead to serious financial upheaval.

Sometimes, this can be a huge opportunity to find a better position in a job that will pay you far better than you could have hoped for. Other times, this is a long-lasting situation that can reshape your monthly budget. Either way, you must remember that no business you could work for is 100 percent stable. Always prepare for the worst while hoping for the best.

2. Home Expenses

Whether you own or rent your home, you will have to spend money now and then to improve your spot or fix damaged aspects of the property. Those expenses could come in the form of new appliances, weather or accidental damages, home renovations, plumbing costs, HVAC costs, outdoor upkeep (mowing, general cleanup), and many more. The best way to plan for these is to keep a portion of your budget aside for an emergency fund to get you through these tough spots.

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3. Seasonal Expenses

With the changing of the seasons comes the changing of costs for a whole host of necessities. During the summer, your air conditioning and water usage can make your utility bills skyrocket, especially in the Texas heat. During the winter, your heating bills, cold-weather clothing, and weatherproofing for home and vehicle costs can increase just as much. The best way to prepare for this is to expect it every time. Even if you escape the season with lower costs than you thought, your budget should always allocate extra just in case toward this category.

4. Medical Expenses

No one can properly prepare for medical expenses. Recognizing that you can and will get sick at some point is wise. Sometimes, even a minor illness can take you out of work for a week and reduce the money you bring in that month. Simply recognizing this as a possibility and keeping that emergency fund handy can help mitigate the effects of potential medical expenses.

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5. Pet Emergencies

Just as people can have medical emergencies, so can animals. Maybe your dog ate something it shouldn't have, or your cat hurt its foot. People rarely think of pet emergency care as one of their expenses to budget for, and yet it can get expensive, easily costing thousands of dollars to treat animals for such problems.

You can look into getting pet health care insurance. Or you can set aside an emergency fund dedicated solely to your pets. Either way, you will be better equipped to deal with this high expense.

6. Kiddos

The moment you have a child, your life changes dramatically. And so will your financial situation.

The truth is, kids are expensive! If you know children are in your future, it's time you rethought your entire budget and prepared for anything life could throw your way with them in the picture.

You may need to pay for field trips at school or additional child care when you need to work overtime. Your child may need orthodontic care or new clothing when they hit a big growth spurt. Additionally, if you'll be welcoming a new child into your family, you'll need to consider financing and budgeting for parental leave.

7. Auto Expenses

Vehicles are often temperamental and can wreak havoc on your finances at the worst times. Maybe you've spent the past year saving up for a vacation when the engine in your car fails or your tires burst on the freeway. You have no choice but to spend that money ASAP. Automobiles also come with a number of smaller expenses for tune-ups, oil changes, inspections, registration, and more. As a vehicle owner, it is imperative that you always stay prepared for these expenses as they are usually right around the corner.

8. Gifts and Special Occasions

Your sister just got her degree and you need to get her something. Your parents just celebrated their 40-year anniversary. Or maybe you forgot your friend's birthday was this month. Your budget can suffer when you need to make a statement of affection or contribute to a celebration.

What many people do in these situations when they are careful budgeters is pull from what they would have otherwise spent on entertainment and any other nonessential categories of their budgets. This is a smart move, but you can better prepare by maintaining an additional category for gifts, parties, and more.

9. Unexpected Travel Plans

People plan their vacations months in advance, which allows them to get the best prices on lodging and entertainment. But what about unexpected travel expenses, such as going to a funeral after the sudden death of a loved one? You don't have time to shop around and get the cheapest plane ticket. You have a schedule, and you have to stick to it.

Fund an Unplanned Trip

You can budget for such unexpected costs by building a cushion into your emergency fund. Unexpected travel plans likely don't happen often, so you won't need a huge fund to cover them. But it is reassuring to know that in an emergency, you can afford to get to your loved ones.

10. School Expenses

Even if your child attends public school, you will encounter lots of requests for money throughout the year. Just a few unexpected expenses that may come up include:

Field trips
Teacher gifts
Sports equipment

Most of the time, you have little choice but to pay these bills. If you don't have cash on hand, that can be a problem because most schools don't accept credit card payments for such costs. When you budget for unexpected expenses in advance, you build a cushion into your monthly outputs to pay these unanticipated costs.

11. Seasonal Costs

If a blizzard dumps two feet of snow on your house and you don't have time to clear the driveway yourself, you may find hiring someone to remove your snow is necessary. Other seasonal costs may be repairing or replacing your roof, painting the exterior of your house or even hiring a landscaper to redesign your yard.

You never know what seasonal expenses you will incur. Even the most modest expenses may not fit your budget, but setting aside some funds to cover these potential expenses can help.

12. Unanticipated Rises in Your Bills

Have you ever received a cable or cell phone bill that jumped well above the previous month's expense? Have you endured an unusually hot summer that required you to crank the air conditioner way up, raising your electric bill? Such utility increases can come without warning, and you may not have enough in your monthly budget to cover them.

In this case, a personal loan could be the best solution. You can get the exact amount you need without borrowing more.

Cover Unexpected Bill Increases

When Your Budget Can't Cover Unforeseen Expenses

Sometimes, your monthly budget can't cover all the unforeseen expenses despite the amount of planning you did. If they all come up simultaneously, you may realize the money you saved isn't enough. In these situations, borrowing money is a great option. Whether through an emergency loan, a line of credit, or another financing option, arriving at this decision can feel intimidating. It doesn't have to be if you know who to turn to.

Atlas Credit offers financial solutions for customers in quick need of money. We have a safe, secure, and fast loan application process open to U.S. citizens in Texas, Oklahoma, or Virginia. With our hassle-free application, you won't have to worry about these common unexpected budget expenses.

Choosing a Trustworthy Lending Company

No one ever wants to be in debt, but sometimes, it can't be helped. What's more important is repaying your loans on time whether you have good, bad, or no credit. Once you've explored all your financing options, your next step should be finding a trustworthy lending company.

When choosing a lending company to take out a loan from, factor in these qualities:

Good reputation: Just as companies screen loan applications, you, as a customer, should also be wary of the company you transact with. Look for one that has a good reputation and excellent customer service. Read testimonials if you can and look at what previous customers have to say.
Physical office or address: Online transactions are convenient, but you'd want a company with a physical presence when it comes to money matters. Atlas Credit has numerous locations across Texas, Virginia, and Oklahoma where you can drop by for your queries and concerns.
Quick and easy application: Customers sometimes need the money ASAP when they apply for loans. We work hard to screen online loan applications quickly. Once approved for a loan, we'll ask you to review and sign the agreement via eSign.
Safe and hassle-free payment methods: Atlas Credit makes monthly loan payments effortless. We allow our customers to pay over the phone or mail a check or money order to our office.

As a consumer loan company, we aim to make it easy for customers to borrow money. We have various personal loan options, such as signature and starter loans. Dealing with unexpected expenses will be simple.

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Now You Know Common Unexpected Expenses and How to Budget for Them

Do you think you have what it takes as a financial planner to budget for the unexpected? We sure hope so! And for all those unexpected expenses you can't afford, there's always the option of a quick and easy online personal loan from Atlas Credit. We can get you situated with a personal loan of up to $1,400 to cover expenses with the worst possible timing — apply online today!

Saving for Retirement: Get Tips for a Secure Future

Thu, 30 May 2024 05:00:00 +0000

Saving for retirement can seem like an overwhelming financial goal, especially when your budget already feels tight. That's why we've developed these tips about how and when to start saving for retirement, even with the cost of living on the rise. The sooner you start saving, the better. But even if you're starting later, there are still plenty of steps you can take to save for retirement and make your golden years enjoyable.

Regardless of where you are in your retirement savings journey, you can use these tips on how to save for retirement with and without investing.

Start Saving As Early As Possible

The best way to save for retirement is by starting early. You can save money by investing early, even if you're starting with a small amount. The earlier you start, the less you have to save each month. How? The magic of compound interest.

What Is Compound Interest?

With compound interest, your assets can generate earnings that are then reinvested and can generate their own earnings. The earlier you start investing, the more compound interest can work in your favor. The more time your money has in the market, the greater your savings can grow without additional savings.

For example, by saving just $75 a month at 25 years old, you can save more by traditional retirement age than someone who starts investing $100 a month at 35 years old. Even two people who save the same amount annually will have very different retirement funds depending on what age they started saving. For example, if a 22-year-old and a 32-year-old both saved $5,000 each year, earned the same return on investment, and stopped saving at 67, the 22-year-old would have nearly double the retirement savings.

Any time you get an extra influx of cash, put the majority of it into your retirement savings account. If you get a larger-than-average tax refund or yearly bonus from your job and have nothing too pressing to spend it on, contribute to your retirement. The best part of a retirement savings account is watching it grow. And the larger it grows, the larger it can grow thanks to the snowballing effect of interest. Eventually, you should have enough money put away to finally retire from work and spend the rest of your days enjoying traveling, taking new opportunities, and living your life to the fullest.

One of the easiest tips for saving for retirement is to put your savings on automatic. When you set up retirement savings to come out of your account automatically each month, you don't even have to think about it. This is one way you can "pay yourself first," or ensure you put money where it needs to go without being tempted to spend it on something else.

Invest in a Retirement Account via Your Employer

Saving for retirement isn't a task you have to shoulder alone — your employer can also help you save for retirement. One of the easiest ways to save for retirement is to contribute to your workplace retirement plan. Typically, this takes the form of a traditional 401(k), but this could also be a 403(b) or an individual retirement account (IRA).

Depending on the plan, you may be able to make pre-tax contributions to your account, which could both allow you to save for retirement and reduce your taxable income. Typically, nonprofit employers offer employees 403(b) plans, while for-profit employers offer employees a 401(k). By making 401(k) contributions, you can save more of your income without significantly impacting your monthly budget.

Many employers offer to match up to a certain percentage of income put into a retirement plan. To make the most of your workplace retirement account, pay the full amount your employer will match. This is essentially free money, so you want to maximize it. For example, if you make $70,000 a year and your employer will match 50% of employee contributions up to 4% of your salary, you would contribute at least $2,800 and your employer would contribute $1,400.

Open an Individual Retirement Account (IRA)

However, not every employer offers a workplace retirement plan, so you should also know how to save for retirement without a 401(k). Similarly, if you are self-employed, you may be wondering what your options are. Fortunately, there are other retirement account options, including an IRA.

Traditional vs. Roth IRA

If you're wondering how to save for retirement as an independent contractor or an employee without a workplace retirement account, an IRA can be a great option. You can choose between a traditional IRA and a Roth IRA to build your nest egg. The best option for you depends on your unique financial circumstances.

Traditional IRA: The contributions you make to your traditional IRA could be tax-deductible. Until you make withdrawals in retirement, your investment earnings can also grow tax-deferred, meaning you don't have to pay taxes now and can save significantly in the long term. Keep in mind that traditional IRAs come with mandatory distributions at age 72.
Roth IRA: A Roth IRA may be the right option if you meet the income limits. Unlike a traditional IRA, contributions to a Roth IRA are funded with after-tax dollars. The qualified distributions you take are tax-free, as long as holding period requirements are met. There are no mandatory distributions with a Roth IRA.

You may want to choose a traditional IRA if you want to deduct your contribution to reduce your taxes and would rather pay taxes on withdrawals in the future. On the other hand, you may want to choose a Roth IRA if you are willing to forgo reducing your taxes now for tax-free withdrawals in the future.

IRAs vs. 401(k)s

Before you start investing, it's important to understand your options. If you have a 401(k) through your employer and want to open an IRA on your own, you should understand the advantages and disadvantages of both.

With a 401(k), you may get the benefit of an employer match, meaning you can save faster without any additional savings on your part. This is one of the greatest advantages of a 401(k), though not every employer offers to match contributions. You also don't pay taxes on your contributions, since they're made with pre-tax dollars. However, you will pay taxes when you eventually make withdrawals in retirement. The federal government also places a limit on how much you can contribute to your 401(k) each year. The current defined contribution limit is $61,000.

If a 401(k) isn't an option for you or you want to open an additional retirement account, you may want to consider an IRA. 401(k) plans and IRAs differ in their tax treatment. Depending on how much you make, you may be able to take a deduction on your IRA contributions up to a certain amount every year.

With a Roth IRA, you contribute after-tax dollars. However, you won't have to pay taxes on the savings in your account again if you follow the withdrawal rules. If you are young with a lower income and don't pay a lot in income tax right now, a Roth IRA can be a great option. The current IRA contribution limit is $6,000. If you are interested in opening an IRA, review a few financial institutions that offer IRAs and ask for a table of the fees so you can accurately compare your options.

Boost Retirement Savings With Catch-Up Contributions

Look into catch-up contributions if you are 50 or older. While you are limited in how much you can contribute annually to your 401(k) and IRA, once you reach age 50, you can exceed these limits via catch-up contributions. This is good news for those who haven't reached their savings goal and want to increase their annual savings to reach their target by retirement age. Keep in mind that there are catch-up contribution limits, however.

401(k) catch-up contribution limit: For a 401(k), the current catch-up contribution limit is $6,500. This limit also applies to 403(b) plans.
IRA catch-up contribution limit: For an IRA, the current catch-up contribution limit is $1,000.
SIMPLE plan catch-up contribution limit: For SIMPLE plans, the current catch-up contribution limit is $3,000.

If you are eligible and your savings aren't where you want them to be, consider making catch-up contributions to boost your retirement fund.

Increase Your 401(k) Contribution Percentage

If you're wondering how to increase your retirement savings, look first at your 401(k) contribution percentage. When you can, increase your contribution percentage to your workplace retirement plan, as this is one of the easy ways to save for retirement without any additional effort on your part. You may want to increase your 401(k) contribution percentage in the following circumstances:

If you have money left over every month: First, you can increase your savings per paycheck by one percentage point. If your retirement contributions are automated, you likely won't miss that money, and if you have some wiggle room in your budget, increasing your monthly contribution by a small amount could help you save even faster without any extra effort. Even a one percentage point increase could add up to significant savings over time.
If you get a bonus or raise at work: Adjust your contribution as soon as you get a bonus or raise at work. Deposit the difference directly to your retirement fund. This is an easy, painless way to save more for retirement.
If you pay off a loan or debt: Paying off a debt, such as a car loan, credit card debt, or student loan, can free up room in your budget. Now that you have extra money to work with, you can increase your 401(k) contribution.
If you got an unexpected windfall: If you've recently come into some unexpected money, such as a tax refund, use the money to contribute to your retirement account.

Invest in Stocks

If you’re in your 20s or 30s, put your retirement money into stocks. You have a long time before you'll need to dip into your retirement savings, so you can tolerate a high level of risk. You can handle drops in the market because you have years to recover. Over time, there is always an increase when you invest in stocks. The younger you are, the more money you should have in stocks than any other investment vehicle. Stocks may have the greatest risk, but they also offer the greatest reward in the long run.

Though this investment strategy is not risky in your 20s and 30s, it can be risky later in life when you need the money sooner. For example, once you hit your 40s or 50s, you should start moving your money to safer assets, such as mutual funds and bonds. If there's a drop in the market shortly before you hit retirement age, you may not have enough time to recover the loss. This strategy will ensure you have your money when you need it.

Wait to Cash Out Your 401(k) or IRA

Until you are ready to retire, wait to cash out your 401(k) or IRA. Though it can be tempting to use the funds now, those under age 59.5 will face penalties for cashing out. The money will also no longer be earning interest, disrupting the magic of compound interest. Keeping the money in your account for just a few extra years can mean significant savings. Additionally, if you withdraw the money from a traditional IRA or 401(k), you'll have to pay income taxes on that money.

Your best strategy is to set it and forget it. Once you have your savings automated each month, consider that money spent so you won't be tempted to take it out early.

Delay Receiving Social Security

Many Americans struggle to save enough money for a carefree retirement on their own. This is where Social Security comes in. Social Security is how you save for retirement without investing. These benefits can play a big part in your retirement, but keep in mind that the longer you delay receiving your Social Security benefits, the more you'll receive from your payments.

As long as you can, delay receiving social security benefits. Sixty-two is the earliest you can receive social security, but you may not want to start receiving payments that early. For every year you delay up to age 70, you can increase what you will receive later. If you receive your benefits early, your payments will be reduced every month before full retirement age.

If you were born in 1960 or later, your full retirement age is 67, and if you start drawing your benefits at 62, your benefit will be reduced by 30%. For a $1,000 benefit, you would receive just $700 — that's a significant loss in your retirement years when you're on a fixed income. If you were born in 1943 or later, you can increase your Social Security benefits by 8% every 12 months that you delay your retirement. This benefit increase stops once you reach 70.

Keep in mind that Social Security likely won't provide enough money to live on in retirement. The rules may change before you're ready to collect, and after taxes, your benefits may not cover all of your living expenses. While Social Security may play a role in your retirement savings, it's essential to save on your own to ensure you have enough savings to fund the retirement you want.

Start Saving for Retirement Today

The safest way to save for retirement is just to start — and start as soon as you can. At Atlas Credit, we provide access to affordable credit for underserved customers. If you have an immediate need for credit and banks, credit cards or other lenders have turned you down, we are here to help.

You can complete an easy loan application online, over the phone or by coming into one of our several branch locations. The decision process is fast, and we look at more than just your credit score. If you are approved, you could be on your way with the money you need the same day. We have numerous storefront locations throughout Texas and Oklahoma and an online presence to service areas where we do not have physical storefronts.

We are not a payday or title lender. Our loans can help you establish and improve your credit score when payments are made timely. We also ensure that the loan we provide will fit within your budget. Apply for a loan from Atlas Credit or contact us at 903-258-9965 to learn more about our tips on saving for retirement.

How to Create and Manage a Budget | Atlas Credit Co.

Thu, 30 May 2024 05:00:00 +0000

Are you wondering how to budget money? Knowing how you manage your income and expenses can relieve financial pressure, get you out of debt and help you achieve your dreams. Setting goals to save toward can motivate you to spend wisely. There are several effective budgeting strategies, but the best one is the one that works for you. Budgeting is a personal process, and you should feel confident you can manage whichever method you choose. Let's look at some of the best ways to budget money.

Set Financial Goals

When you create your budget, it's important to have financial goals. You should have short-, medium- and long-term goals to work toward. Attaching motivation and why to your goals will help you to stick with them. Here's what your goals may look like:

Short-Term Goals

Short-term financial goals are a good starting point and will give you the confidence boost to save for bigger goals. Consider the following short-term goals:

Emergency funds: When unexpected events arise, you'll be happy to have an emergency fund. Unemployment or medical emergencies are some of the reasons why having an emergency fund is critical. A good goal is to save three to six months of income in your emergency account.
Pay off credit cards: If you have multiple credit card debts, list them from the highest interest to the lowest. Pay the minimum amount on all except the card with the highest interest — your aim should be to pay off the most expensive debt as quickly as possible.

Medium-Term Goals

Once you reach your short-term goals, you can move on to your midterm goals. Let's look at some medium-term financial goals:

Life insurance and disability insurance: If you have a spouse or children who depend on you financially, you must have life insurance and disability insurance. These policies ensure your loved ones have a source of income if you pass away or cannot work.
Pay off student loans: Student loans can strain your finances. By paying off your loans, you can free up more money to save for your other goals.
Save for your dreams: You may want to save for your dream home, buy a new car or take a vacation.

Long-Term Goals

The most common long-term goal for people is saving for retirement. A general rule of thumb is to save at least 10% to 15% of your income in a tax-advantaged retirement account such as a 401(k) or 403(b) if you have access to one. A traditional IRA or a Roth IRA are other forms of retirement savings accounts.

Calculate Your Income and Expenses

To create a suitable budget for each month, you'll need to list your income and expenses. You can use an app, paper or a spreadsheet to draw up your budget.

1. List Your Income

Your income is the money you expect to receive during the month. This income may be in the form of paychecks, investment income, money from a side hustle, freelance work or any other form of payment you expect to come your way. Record each source of income on a separate line. If your income is irregular, use the lowest income month from the last six months in your budget. You can adjust the budget if you receive more money and put it toward one of your financial goals.

2. List Your Expenses

Expenses are how you spend your income. Pay yourself first, so add a line for your emergency fund, savings or dream. Next, cover all your essential expenses — utilities, food, transport and shelter. Move on to other significant expenses like insurance, child care and debt. Then, list non-essential expenses, such as entertainment and eating out. Listing your costs helps you see where you spend the most money. You can cut down on non-essentials to help you meet your financial goals.

Be mindful that unexpected expenses may come up, so do your best to think of all the scenarios that your budget should consider.

3. Subtract Your Expenses From Income

This last step will show you how much money you have left after your expenses. If you have extra income left over, you can allocate it to a goal instead of spending it aimlessly. If you have a negative balance, you'll need to look for places to increase your income or reduce your expenses. Non-essential items are a good place to start.

Evaluate Needs vs. Wants

When categorizing your expenses, it's important to understand the difference between wants and needs.

Financial needs are necessary for you to live and work. These costs usually make up most of your expenses. You may have the following listed as needs:

Food
Phone
Utilities
Insurance
Transportation
Mortgage or rent

Wants are things you spend money on that you don't necessarily need. They are fun luxuries that you can live without but enjoy having. For example, you need food, but eating out every night is a want. Some of your wants may include:

Travel
Eating Out
Entertainment
Designer Clothing

When considering your wants and needs, remember that yours may be unique. For example, some people see a car as a want, whereas a car may be necessary for your work.

Carefully analyze each category and ask yourself if it is a need. You may be able to reduce some of your necessary expenses, such as shopping for more affordable insurance or purchasing some of your groceries in bulk.

Test out Different Budgeting Methods

When creating your budget, you can try out a few personal budget models to help you take control of your spending and reach your goals. The best method is the one you can stick with.

50/30/20

The 50/30/20 rule recommends putting 50% of your income toward your needs, spending 30% on wants and saving 20% of your income. This means you'll use 50% to pay for bills that you have to meet every month, such as utilities, rent or mortgage, health care, and child care. Allow yourself to spend 30% of your income on wants — things you enjoy but don't need to live. Lastly, put 20% toward savings and goals like an emergency fund or paying off debt.

Pay Yourself First

With this method, you put money into your savings, emergency fund, retirement or any other goal first before you spend your money on anything else. When you start by paying yourself first, your spending automatically adjusts to what you have left in your budget. This method can be effective because it prevents you from spending money you should be saving. Ideally, you should save between 10% to 20% of your monthly income.

Zero-Based Budget

A zero-based budget allocates all your income toward expenses, savings goals and debt payments. When you deduct your expenses from your income, you should have a zero balance. This way of budgeting is very different from living paycheck to paycheck because all your expenses are met at the end of the month.

Zero-based budgeting can help you be more aware of the money flowing in and out of your account, which can prevent you from overspending. You'll need to monitor your expenses closely. Variable expenses can easily sneak in and throw your spending off track.

Envelope Budget

When you use the envelope method, you put your cash into separate envelopes, physically or online, for different needs. These envelopes serve different categories, such as groceries, entertainment, utilities and clothing. You assign each envelope an amount, and once you've spent the money in that envelope, you're done until you add more money the next month.

This method makes overspending difficult because you can only use what is in the envelope for that month. If you have leftover cash, you can put it toward savings or one of your goals.

Take out a Personal Loan From Atlas Credit

Budgeting is critical for staying on top of your expenses. Evaluate your income and expenses to find areas where you can cut back and save more money. There are various budgeting techniques, such as paying yourself first and the envelope method, that can help you stay on track. Having goals to work toward will also motivate you to monitor your expenses and keep your spending in line.

You may have done everything you can and still need more money to supplement your income. A personal loan can help you manage your expenses and get back on track. At Atlas Credit, we provide a simple and easy online loan application process — it only takes a few minutes. To learn more, apply online for a loan today!

The Best Ways & Methods to Pay off Your Personal Loan

Wed, 08 May 2024 05:00:00 +0000

Personal loans are an excellent tool for navigating life's joys and uncertainties. Knowing the best ways to pay off your personal loan is important so you can spend less time feeling overwhelmed by repaying bills and more time securing your financial future.

With rising loan interest rates at play, figuring out how to pay off a personal loan faster can be challenging. The good news is there are various strategies you can use to achieve your financial goals and become debt-free.

1. Borrow Only What You Need

Personal loans can be useful in certain circumstances, but remember to borrow only what you need. The more you take, the higher your payments will be, and you'll need to pay longer than necessary.

While lenders will asses your creditworthiness when you apply for a loan, it's up to you to decide if you really need a loan. Here are a few questions you should ask yourself before taking a personal loan:

How much money do I need to fulfill this personal matter?
Do I want the money sent to my bank account or creditors (in the case of refinancing)?
How will this loan affect my credit score?
How urgent is this personal matter?
Considering my monthly budget, can I comfortably afford the interest fees?
Do I have a backup plan or savings for unforeseen expenses?
Are there other ways to get some of the money I need?

2. Plan Your Repayment Ahead of Time

One of the best ways to pay off your personal loan is to create and manage a budget to plan your repayment ahead of time. Consider your recurring necessary expenses and plan your loan repayments around them. By breaking your loan down step-by-step and knowing how you'll pay it back, you'll feel less overwhelmed and more in control of your finances.

3. Always Have Enough Funds on Payment Due Dates

Missing your payment due dates lengthens the amount of time it takes to pay your loan off, but it also has other negative impacts:

Payment history accounts for 35% of your FICO® Score.
Each missed payment lowers your score.
It leaves a negative mark on your credit history for 7 years.
Your account may be sold to a collection agency, which adds a charge-off.

The worst-case scenario for missing your payments is the lender suing you and garnishing your wages, which has a ripple effect on your other financial commitments.

Do what you can to set aside enough money to meet your payment due dates each month. If necessary, move your payment due date to one that works best for you and your financial situation.

4. Make Extra Payments When Possible

While there are many benefits to taking a personal loan, it's important to learn how to pay back a loan fast so you can get back on track with your other financial goals. Extra money like tax refunds or work bonuses can help you make a dent in your monthly payment fees, so make extra payments if possible. Paying an additional chunk whenever you can may also reduce the number of months it takes to pay down the loan.

5. Switch to Bi-Weekly Payments

Making bi-weekly payments is an excellent personal loan trick that helps control impulse spending. Making loan payments twice a month reduces unnecessary mid-month spending. It can also accelerate your loan term. You'll save money on the interest charges that occur when you wait until the end of the month to make a payment.

If you feel overwhelmed by debt, making bi-weekly payments can reduce the mental load of paying large lump sums once a month. It's also a better option for people who receive weekly wages and may not be able to pay the monthly lump sum as easily.

6. Round up Payment Amounts

Round up your payment amount to pay off your personal loans quickly. Those few dollars won't make much of a dent in your budget, but over time, rounding off can help you reduce your interest and loan payments. If you have the means, rounding off to the closest $100 can significantly affect the amount of time you spend paying it off.

7. Refinance if Interest Rates Drop

With rising inflation, high interest rates can make paying off your loan challenging, but refinancing can still be an excellent option if lower interest rates are available. It's important to know when and how to refinance. The general rule is that an interest rate drop of 2% or more is sufficient to apply for refinancing, which enables you to pay less toward your final amount in the long run.

One thing to consider with refinancing is that it's considered a form of debt consolidation, so it may impact your credit score.

8. Sell Used Items or Clutter

Selling items you have no use for can give you a chunk of money you can use to make an extra payment on your loan. Consider putting together a garage or yard sale and getting rid of items you no longer need. You can also advertise your second-hand pieces on online resale platforms.

9. Add a Secondary Stream of Income

Side hustles are becoming increasingly common as people try to combat rising inflation and make some extra cash. They can also help you pay off your personal loans via an additional income stream. Dog walking, house sitting, and babysitting are common strategies to increase your earnings without putting in too much effort.

However, a secondary income doesn't have to come from a part-time job. You can also consider options like getting a roommate or making money off your passions, like selling e-books online.

Apply for a Personal Loan From Atlas Credit Today

With all of the above tips in mind, you can take a proactive approach to paying off personal loans any time you need one. Atlas Credit is here to help make the loan process as smooth as possible, so you can access the money you need quickly.

We don't use your credit score to determine if you qualify for a loan. Instead, we look at other key factors, like your age and income, to help match you with the most beneficial loan option. We understand that everyone's situation is unique, so we adjust our loan terms to each customer.

Once you fill out our easy loan application, we'll get back to you quickly about your loan status — potentially even on the same day! Otherwise, find a location near you to speak with a team member in person and discuss your options.

We can't wait to help you find freedom and peace of mind in your financial journey.

When Are The Best Times to Get a Personal Loan?

Tue, 30 Apr 2024 05:00:00 +0000

A personal loan, when used wisely, can help you overcome obstacles, seize opportunities, and achieve your financial goals.

However, as with most financial decisions, timing matters. The best time to apply for a personal loan depends on your circumstances. However, there are some common situations when many people find loans are a good option to use.

This article can help you evaluate when to get a personal loan, so you can make an informed decision on your path to financial success.

What to Consider When Applying for a Personal Loan

When you're wondering if you should get a personal loan, start with an accurate picture of your financial situation. Here are some factors to take into account:

Interest rates: Personal loan interest rates tend to be substantially more affordable than the interest on credit card debt. However, specific interest rates can vary. It's important to consider your options and only take out a personal loan if you understand how the interest works and borrow at a rate you can afford.
Your credit score: Having a good credit score makes it more likely you'll qualify for a personal loan. If you take out a loan, your credit score will be affected by how you handle the payments. Late or missed payments have a negative impact. However, making regular and timely payments on a personal loan can improve your credit score.
Commitment to regular payments: Make sure you can follow through with a schedule of regular payments to settle your debt. This will keep your credit score healthy and avoid the financial and legal repercussions of failing to pay.
Your work stability: Your ability to commit to keeping up with payments depends on the stability of your income. If you have a secure job or other reliable revenue stream, you have a good basis for staying on schedule with your payments. If your income is sufficient to afford repayment at the specified interest rate, you can consider taking the loan.

Once you've thought through your circumstances, considering the factors above, you'll be in a good position to judge whether you should get a loan right now. If you are confident that you'll be able to afford the interest and keep up with the payments, there are a few common situations in which applying for a personal loan can make a lot of sense.

When to Get a Personal Loan

Here are some situations when a personal loan can be a good financial resource. In each case, we'll address why you may want to consider a loan and how it could help you. Remember that the best time to get a personal loan is when you clearly understand the need or goal it will serve and how you will repay it.

Apply For a Personal Loan Online

Accidents and Vehicle Repairs

Accidents are, by definition, unexpected. Having an emergency fund and a few essential forms of insurance coverage can help. However, road accidents and unforeseen repair needs can still leave you with extra costs exceeding the money you have on hand to address them.

Even with regular planned services, a car's parts may need repairing or replacing at any time. For example, a little radiator trouble can easily pass under the radar, leading to a blown engine on your way to work.

A personal loan can bridge the gap between the cash you have available and the costs of a reliable repair job to get you back on the road.

Medical Bills and Needs

Whether you need a screening, a prescription, or surgery, proper medical care is essential to living a good life and being there for those you love. However, medical costs can run high. Roughly 1 in 5 American households has medical bills it can't afford to pay.

A loan could be a good option to help you or a dependant access urgent medical attention.

Home Repairs and Maintenance

Most of us have luxuries at home that we could delay replacing if we were short on cash. However, some repairs and replacements are more urgent.

Home repairs such as fixing a leaky roof or a plumbing issue can result in costly bills, but they must be done. The best time to fix your roof is before the rain comes down. If it's already raining, the second best time is now!

Personal loans can help you afford expensive but essential work on your home.

Debt Consolidation

From credit cards and car payments to student loans, many Americans are struggling to pay off two or more debts simultaneously. Servicing interest on multiple debts can feel overwhelming, especially if high-interest consumer debt is involved.

In some situations, taking out a personal loan to pay off your other debts can make sense, so you consolidate payments to one lender. This can reduce the overall amount you pay.

Be sure to check your credit score and choose your lender carefully. The more favorable the personal loan interest rate is compared with your other debts, the more effective a debt consolidation strategy will be.

Improving Your Credit Score

A good credit score tells lenders they can trust you to repay what you borrow.

With a good credit score, you become more eligible for future loans and will likely receive more favorable interest rates. With a bad credit score, you will have to pay higher interest rates to justify the risk the bank thinks it is taking by lending to you. If your score is too low, you may not be approved for loans or credit at all.

Taking out a personal loan can lower your credit score slightly because it requires a hard credit check. If you miss payments or pay late, your credit score will go down.

However, if you make your payments on time, a personal loan becomes a powerful credit-building tool. Keep in mind that your credit score is also affected by credit utilization, which is the portion of your available credit that you're using. Be sure to consider this, along with affordability, when deciding how much to apply for. You should get a loan you can afford that meets your needs while keeping credit utilization in check.

Taking out a personal loan when you can afford to repay it as planned is an excellent way to prove you are a responsible borrower. This boosts your credit score, unlocking better terms next time you get a loan.

You also may choose to visit one of our locations throughout Texas and Oklahoma. We have dozens of offices where our representatives are eager to aid you with any aspects of the application process or discuss repayment options. Remember, we tailor your repayment schedule to your budget. You can take from five to 12 months to pay us back for your loan, and you will see your credit score go up when you make on-time, consistent payments.

So, if you need money to help with an unexpected issue, contact Atlas Credit today!

Apply for a Personal Loan With Atlas Credit

Are you considering a personal loan to cover your expenses, consolidate your debt, or boost your credit score?

An affordable personal loan could be yours after a quick and easy online application with Atlas Credit. We respond quickly because we value your time and know you want funding sooner rather than later. But we also consider more than your credit score when checking that you qualify because we know you're more than a number.

Whether you need urgent relief or a smarter solution to pay off debt and build credit, Atlas Credit is here to help. Apply online today, or find a location near you.

Ways to Help You Control Impulse Spending

Thu, 18 Apr 2024 05:00:00 +0000

Have you ever come across a savvy tech gadget or trendy fashion item advertised by your favorite influencers on social media and thought, "I have to buy this!"? Without a second thought, you find yourself buying the item, and two days later, you start to feel regret. Or maybe you spend based on your emotions and buy yourself a gift out of celebration or to cheer yourself up.

Welcome to the world of impulse buying. You'll know you're spending impulsively if the excitement fades fast and your purchases don't contribute to your long-term financial goals and life plans. Let's explore why impulse spending happens and what you can do to reduce your impulse purchases.

Why Do We Impulse Buy?

Impulse buying causes people to spend money without thinking about the financial consequences of the purchase. Most believe emotions and a lack of self-control motivate this habit. In reality, four main factors could cause us to impulse buy:

Emotions: When you're feeling down, sometimes you think buying yourself a little something can make you feel better. Still, making decisions based on emotion gives your brain permission to let impulse spending take over.
Past experiences: In some circumstances, adults may have neglected to teach their children how to handle money when they were younger. Thus, they end up handling it the way they saw adults do it in their household while growing up.
Perceived good deals: Impulse buying is more likely to happen when you believe you can get a good quality product for a significant discount or without shipping fees. Many people avoid making a purchase when they have to pay for shipping.
Love of shopping: When buying things that make you happy, you feel satisfied every time you make a purchase. Making many of these purchases might cause you to develop a shopping addiction, so it's important to stay mindful about how much you go shopping.

How to Stop Impulse Buying

Sometimes, the money we spend on impulse buying could have gone towards more important goals, like paying off debt or saving for a financially secure future. Here are five tips and practices you can implement to stop impulse spending.

1. Make a Budget and Stick to It

It's easy to make unplanned purchases without a set money management plan. A budget helps you only make purchases that fit within your financial situation and goals. A famous budgeting technique is the 50/30/20 rule. The 50/30/20 rule involves putting 50% of your income toward your needs, 30% toward your wants, and 20% toward savings.

Dedicate these portions to specific spending areas to account for all the essentials and avoid unplanned purchases. Spending 30% on your wants allows you to make impulse purchases so long as it's within your budget. It might help to use a money management app to track your monthly expenses and savings.

2. Add Space Between Impulses and Purchases

Since it's easy to make an impulsive purchase — especially now that online shopping exists and simply requires a few clicks to buy something — it's important to give yourself a day or two to think about the purchase you want to make.

Is it reasonable for you to buy right now? Why do you need the product? What happens if you don't buy the product? Is there something more important you could spend this money on? Ask yourself these questions during this waiting period to ensure you make a reasonable purchase. Waiting can let the initial excitement fade and allows you to reconsider buying the product with a neutral mindset.

3. Don't Shop Alone or When You're Emotional

If you have a friend or sibling who is honest and tells you when a purchase is unnecessary, it might help to bring them with you when you go shopping. Before you head out, tell them what you plan to buy and to reason with you when you stray from your budget and shopping list.

Otherwise, you might join an accountability group either online or in person as a safe space to share your goals and progress with other impulse buyers. This gives you a sense of responsibility to follow through with your commitment.

Additionally, make sure to avoid spending in the thrill of the moment or because you had a bad day. Emotional spending might lead you to feel regret later. Taking someone with you might help you avoid unreasonable emotional spending, or you could ask yourself whether it's really something you need before purchasing.

4. Try Fun Challenges Like No-Spending

The no-spend challenge involves dedicating a certain time period and amount to spend only on essential living expenses. This means avoiding any nonessential purchases. For instance, you'll avoid spending on new clothes, going to the movies, and visiting restaurants. Instead, you can spend your money on utilities, rent or mortgage, groceries, and other critical expenses.

If you have any money left over, you might put it toward your savings account or pay off student loans or other debt. This challenge helps you practice prioritization, responsible spending, budgeting for unexpected expenses, and saving cash.

5. Unfollow Accounts That Influence Impulse Purchases

Often, seeing flashy ads and influencers promoting the latest products on social media can cause temptation to sneak in and persuade you to press that "buy now" button. Regardless of how the product will improve your life, first consider whether it will lead to financial instability or stress.

You can take numerous actions to reduce your exposure to shopping triggers. The first is to unfollow promoters and brands on social media that influence you most. You can also adjust the settings on those apps to change the type of ads and recommended posts you get on your feed.

Additionally, unsubscribe from newsletters and text alerts from your favorite retailers. Marketers for these companies know precisely which promotions to send your way based on your previous purchases, making them seem like musts for your next shopping trip. Avoid signing up for other email newsletters in the future.

Reduce Impulse Buying With Atlas Credit

If you've noticed that your buying habits are getting in the way of reaching your financial goals, you can use these tips to reduce impulse buying. If impulse buying has already affected you financially, and you need money for essential purchases like stocking up on groceries or doing repairs, consider getting a personal loan.

At Atlas Credit, we provide quick and easy-to-attain personal loans. The loan application process with Atlas Credit is generally fast and convenient. You can apply at a nearby branch, over the phone, or via an online loan application. We welcome you to fill out our online loan application for a personal loan that suits your financial budget today.

Set Money Goals | 9 Financial Resolutions For The New Year

Fri, 12 Apr 2024 05:00:00 +0000

We've finally made it to the end of the year, and what a year we've had!

Hopefully, by reading this blog and working to correct your finances with us each week, you've seen a significant improvement in your financial planning. So to start the new year out right, check out this list of financial resolutions you can set for yourself to come out on top this time next year!

1. Prioritize Your Debts

As we discussed in a recent blog post on 8 Simple Ways to Pay off Your Debt, one of the most popular methods for debt repayment is the Snowball Method.

By determining which debt you can pay off in full first, you can focus on putting more than the minimum payment into it each month, while paying the minimum on other accounts. Then, once the first is paid off, you can apply what you paid to it each month to the next lowest debt you have, and so on.

By prioritizing your debts in this manner, you may just wake up at the end of 2020 a free man or woman.

2. Pay Bills as Soon as Possible

When bills come at the end of every month, it can be pretty stressful -- but that's life.

Don't wait around to pay them. Instead, pay as soon as you possibly can. Whenever you have the money ready, pay the bill, even if it's a little early.

The biggest reason for this is to avoid late fees. Nobody likes having a bill that's larger than it should be, and late fees can seriously add up if you're a serial late-payment maker. But another reason is to keep your credit in good shape and to maintain good faith with the company you're paying.

3. Add Money to Your Emergency Fund

The majority of people living in Americans as a whole have less than $1,000 put back in savings. If you're one of them, you could be blindsided by any sudden event life throws at you.

That's why it's critical that you always have an emergency fund. Realistically, the best number for an emergency fund is a minimum of one month's worth of living expenses. Ideally, that number should look more like three months' worth.

So start putting whatever you can back to create this fund. Even if you only reach a few hundred dollars, that cushion will help you through any emergency.

4. Improve Your Credit Score

In 2020, try everything you can to raise your credit score, even if it's only by a small margin. Every point counts toward being approved for jobs, vehicles, homes, loans, etc.

Apply For a Personal Loan Online

Plus, you can make it a point to look at your credit report regularly to identify any errors or fraudulent activity. Each major credit reporting firm (Experian, TransUnion, and Equifax) keep detailed lists of points affecting your credit, so stay on top of them to make sure your credit consistently improves.

5. Study Financial Planning

Whenever you get the opportunity, read or watch videos online about finances and financial planning. Whether that means going to the library or combing through YouTube videos, any tiny piece of information you learn can help out tremendously with your future finances, and maybe even make you rich!

6. Try for a Better Job

This one might be a little tough for some of us, but if you feel like you could apply your services in a different direction or for a different employer who could pay you better or give you better hours, go for it.

So many of us find ourselves in jobs that we're comfortable with for one reason or another. Maybe it's because we've worked there for years and are afraid of change, maybe it's because we're afraid we won't find anything better.

But if you always keep your eyes and ears open, you may come across a new opportunity in Oklahoma or Texas that will be far better for your finances and your life.

7. Start a Monthly Budget

One key to becoming financially fit is knowing how much you spend on your regular expenses each month. By creating a monthly budget and sticking to it as one of your new year financial resolutions, you can see where your money goes and identify new ways to save. You might realize you pay way more for water than you did a year ago and analyze ways to reduce that cost. Or you could notice you pay each month for a streaming video service you never use.

By keeping track of your expenses, you can make changes when needed and also find ways to stretch your budget further each month. Turn it into a game. How much can you reduce your spending without changing your quality of life? You may be surprised by your creative answers.

8. Start a New Year's Retirement Savings Plan

In addition to having an emergency fund, you should also put away funds for your retirement, no matter how young you are. Open a personal IRA account or up your monthly contribution to your 401(k) at work. You will never regret putting away more money for the future, which makes this one of the best financial resolutions you can make for the new year.

9. Save for Big-Ticket Items in Advance

Each year, you can plan for big items you want to purchase. Say you plan to buy a new car in September. You can put away money for a down payment in the months leading up to that date. Look at your calendar and plan based on your financial situation, too. You may want to make your big purchases in May, after you receive your annual tax refund, for example.

By setting and keeping these financial New Year's resolutions, you will find yourself in a much more favorable fiscal position a year from now. Happy New Year from the team at Atlas Credit!

Does Refinancing Hurt Credit?

Thu, 28 Mar 2024 05:00:00 +0000

Refinancing your current loan is an excellent option for various circumstances, but it can also temporarily decrease your credit score.

In this article, you'll discover how refinancing impacts your credit, how the refinancing process works, and how to limit negative effects. You'll also learn some refinancing tips to help you make this significant financial decision.

What Is Refinancing?

Refinancing refers to the process of renegotiating the terms of a loan. This includes revising an existing loan and taking out a completely new loan to replace the old one. People typically choose to refinance their loans to improve the terms of the loan and make it easier to repay.

With refinancing, you can choose to make the following changes to your loan:

Payment schedule: You can reduce or extend the repayment period of your load depending on your needs.
Interest rate: If interest rates drop, you can negotiate a lower interest rate and save on monthly payments.
Payment amount: You can increase or decrease your monthly payment amount, which will affect how long you have the loan.

Will Refinancing Hurt Your Credit?

Your credit score lets lenders know how likely it is you'll repay a loan, and the most widely used credit score is the FICO Score. This score weighs various factors to determine your score, such as payment history, utilization rate, credit age, new credit, and credit mix.

Refinancing a loan can lower your FICO Score and other credit scores temporarily. If you consistently comply with repayment amounts, your credit score will eventually pick back up. The initial dip is due to the following reasons:

Hard credit checks: Applying for a new loan or increasing the credit limit on an existing loan counts as a "hard check" on your credit history, which can lower your score. This is because hard checks indicate you're acquiring more debt. These checks can linger on your credit report for around two years.
Multiple loan applications: If you're shopping around for different loans over a long period of time, each inquiry will add a hard check to your history and greatly reduce your score.
Extra debt: If your lender closes your existing loan instead of reworking it, it will be labeled as a "new" loan. Taking on new loans will decrease your credit score.
Reduced loan age: Having older loans in good standing improves your credit score, as it presents a proven track record. Replacing an older loan with a new one will erase this history and decrease your credit score

Who Should Refinance?

Before refinancing, you should consider your unique financial and debt situation. Examining your credit history gives you insight into whether refinancing is a sound decision and if it is worth the potential savings. Refinancing is beneficial in specific circumstances, but at other times, refinancing can be unfavorable if you cannot afford the repayments or secure a lower interest rate.

Here are a few circumstances where refinancing is likely a good idea:

You need to decrease payments: If your income decreases or expenses rise and you can't make your loan payments, you can refinance your loan to lower your monthly payments. While lower payments will generally increase repayment periods and subsequently increase the total interest paid, your credit score will be better off.
You want to shorten the term: Refinancing your loan to a shorter term will clear the debt sooner and reduce the total interest amount. This is a good idea if your budget allows for increased monthly payments.
Your credit score has improved: If you have paid off other debts and have a low debt-to-income ratio, then you likely have a better credit score. With a higher credit score, you can typically receive lower loan interest rates and save money.
Interest rates have lowered: Sometimes — such as during economic decline — the general loan interest rate decreases. During this time, it's beneficial to refinance and lower the interest rate so you pay less monthly.

Does Refinancing Cost Money?

Sometimes, refinancing a car, home, personal, or student loan costs money. How much it costs depends on how you refinance the loan, the lender's fees, and what type of loan it is. You can determine if the costs are worth it by comparing them to your refinance cost savings. If you are adjusting an existing loan, you may not have to pay any fees. Always check the fees before you make a decision.

Some common refinancing costs include:

Application or origination fee
Termination fee
Prepayment penalty fee

How to Refinance and Protect Your Credit Score

While refinancing can reduce your credit score, it's usually only temporary. You can use the following refinancing steps as a guide to help the process go smoothly and reduce the impact on your credit score.

1. Try to Achieve a Better Credit Score

Before you start, know what credit score you need for a loan so you have a target. If you already have a good credit score, you will likely secure more favorable interest rates. You can improve your score by taking action, such as reducing your current utilization rate and making timely repayments on other loans.

2. Prequalify for a New Loan

Prequalification involves requesting that a bank review your credit score before you apply for a loan. These checks count as "soft checks," which leave your credit score untouched. You can prequalify with multiple lenders to see potential rates and terms on a new loan.

Prequalification is important because you will receive a hard check when you apply for a loan, even if they end up rejecting you. You can reduce the number of hard checks by prequalifying, which lets you know if you'd be approved without formally applying for a loan. Sometimes, lenders don't offer prequalification. In this case, it's a good idea to submit your applications simultaneously or at most within 14 days of each other. This makes your multiple applications only count as one hard inquiry, which reduces their negative impact.

3. Compare the Loan Rates and Terms

Next, compare the new loan offers to your existing one. Ensure the new rates and terms offer you the payment period, monthly amount, and interest rate you want.

4. Consider Any Refinancing Costs

The last thing you want is a surprise bill from either your current lender or the new loan originator for fees such as paying it off early and initiating the new loan. It is best to know about these beforehand, even though they tend to be minimal.

5. Apply for the New Loan

After choosing your new preferred lender, you'll complete an official application and provide all the necessary documentation. Most banks and lenders require proof of identity and income, at the least. Once you submit your application, the lender will do a hard credit check, which will only impact your credit score slightly.

6. Use the New Loan to Repay the Original

After you receive the approval and the funds are in your bank account, use this money to honor your previous loan in full. For your convenience, some lenders may pay off your first loan directly.

7. Confirm the Original Loan Is Closed

Check your account to ensure the first loan's balance is gone, or if the loan is not with your bank, request confirmation that the account is closed to avoid any further fees or penalties.

8. Begin Payments on the New Loan

You can focus on the new loan and set up automatic, recurring payments from your account so you have one less thing to remember. Ensuring timely monthly repayments is essential to improve your credit score.

Get a Quick Personal Loan From Atlas Credit

Refinancing a loan is a big step in securing your financial and credit health. At Atlas Credit, we understand how important this decision is and how a poor credit score can make it hard to achieve. That's why we offer personal loans ranging from $100 to $1,400, even if you have low, bad, or no credit history.

Apply online for a personal loan with us today! Our online application process is swift and easy, and we'll keep you fully informed of every detail along the way. If you're in Oklahoma, Texas, or Virginia and prefer to do things in person, visit one of our physical locations to start your application process.

Understanding Your Options: Can You Refinance a Personal Loan?

Fri, 08 Mar 2024 06:00:00 +0000

Personal loans help you pay off debt, cover major expenses like home repairs, and enable you to make big-ticket purchases. You repay the loan in monthly installments and the interest rate you receive during your application.

You can potentially enhance your financial health by exploring and understanding the considerations, advantages, and steps in the loan refinancing process. Learn more about the nuances of refinancing your personal loan, as well as the advantages, considerations, and impact on your credit score.

What It Means to Refinance a Personal Loan

When you refinance a personal loan, you essentially replace your current loan with a new one. The replacement likely has more favorable terms and can save you money.

For example, say your loan of $6,000 has an annual percentage rate (APR) of 10% that you must pay over five years. Your monthly payment is $128, totaling $7,680 at the end of the five years. At the beginning of year two, market rates fall, and you're able to refinance your loan at a lower rate of 7%. Your monthly payment at the start of year two becomes $119, or $1,428 yearly. The total after five years becomes $7,248 rather than $7,680, saving you $432 in total interest.

The longer it takes to refinance, the less interest you'll save. The new loan's terms will end on the same date as the original loan — it is not another five-year loan.

Loan Refinancing vs. Loan Restructuring

Restructuring a loan involves modifying an existing loan's terms. It may include extending the payment period, changing the loan structure, or adjusting interest rates. Individuals who want to fulfill their obligations despite financial challenges sometimes opt for loan restructuring. However, it's important to note that restructuring a loan can negatively impact credit since it involves renegotiating the amount owed to a lower amount.

Loan Refinancing vs. Debt Consolidation

Debt consolidation combines multiple debts into a single loan with a lower interest rate. It makes repaying the loan simpler and more manageable. These loans can be refinanced down the line.

The Impact of Personal Loan Refinancing on Credit Scores

Refinancing your loan subjects you to a credit check, which can lead to a slight, temporary credit score drop. Practicing good financial habits with the new loan will help rebalance your credit score. However, you'll still want to be mindful of your timing. For example, if you want to move into a new apartment or finance a new car, it's better to do that before or after refinancing your personal loan. Furthermore, while it's possible, refinancing your personal loan many times will briefly hurt your credit score. So approach with careful consideration.

Your credit score depends on several factors, including:

Your payment history.
The amount you owe.
Your credit history length.
Your new credit.
Your credit mix.
Your credit utilization, or how much of your available credit you use.

The length of your credit history is a factor that helps you maintain your credit score, and this is where refinancing your personal loan can help. You can potentially get lower rates and lengthen your terms to lower your monthly payment.

The Pros and Cons of Refinancing a Personal Loan

While loan refinancing offers some significant benefits, you must weigh the pros and cons before making a final decision. Ensure that the new loan aligns with your financial objectives, and always do your research before taking on a new loan.

Advantages of Refinancing a Personal Loan

You may secure a lower interest rate that reduces your overall cost and, by extension, your monthly payments. You can often find more flexibility by negotiating more favorable terms like fixed interest rates and getting more control over your debt.

Disadvantages of Refinancing a Personal Loan

Without careful consideration, you might end up increasing the total interest you pay over the life of your loan. Also, take note of any upfront costs that can increase your loan, like application fees or closing costs that can affect your overall savings. Lower monthly payments can tempt you to take on more debt, negatively impacting any financial challenges you face. Variable interest rates may rise due to market conditions, so consider your rates carefully.

When to Consider Refinancing Your Personal Loan

Refinancing is beneficial when it aligns with your financial goals, like lowering expenses or consolidating your debts yourself. Always thoroughly assess your economic cir

cumstances and how refinancing will fit into your broader financial strategy. The most significant appeal of this loan option is saving money, but you can also consider refinancing your personal loan if any of the following applies to you:

You want a better credit score: If you want a better credit score by building credit or already have one and want a lower interest rate, refinancing your personal loan will help you achieve this.
You want to pay off your loan: With higher monthly repayments, you can pay off your loan well before your term ends. The lower interest rates on a new loan make this possible.
You want a different rate type: You can switch from a variable to a fixed interest rate for more stability in your repayment.
You need lower monthly payments: To take the strain off your budget, you can consider refinancing your loan. You can lower your monthly payments with a higher credit score or longer repayment term.
You want to avoid your balloon payment: By repurposing your debt into a different loan vehicle or modifying your loan terms, you can bypass balloon payments, which are essentially one-time payments made at the end of the loan term that are larger than usual.

How to Refinance Your Personal Loan

Refinancing a loan is a strategic process you follow to optimize your financial terms. Understanding this process extends beyond when you receive the funds you need — you must be intentional about making consistent payments to benefit from your new loan rates and terms. Take the following steps when you're ready to refinance your personal loan:

Determine how much you need: If you just want to pay off your loan faster, this will be easy to determine. Just keep in mind that your new loan may come with an origination fee.
Consult your credit score and report: Any positive change in your credit score may qualify you for a better interest rate. You can request your credit score report to see if there are any adjustments.
Shop for favorable rates and terms: Compare offers from various lenders to find rates and terms that suit your capabilities.
Fill out your application: Finally, complete your application and wait for approval. Once you receive your funds, you can use them however you need to and start making payments on your new loan.

Apply With Atlas Credit Today

Whether you want to lower your monthly payments, simplify your debt structure, or increase your credit score, understanding the possibilities of refinancing a loan is essential. It can take you one step closer to reaching your financial goals and help you repay your loan fast. If you decide to refinance your loan, ensure that you are saving money through a lower interest rate.

Whether you want to refinance your personal loan or take out a new loan, Atlas Credit can help. When you apply online, one of our knowledgeable customer service representatives will call to confirm your information. If approved, you'll be able to eSign your documents to make the process even faster. Apply for a loan from Atlas Credit online today!

You Know Bad Credit Is Bad. But Is No Credit Worse?

Mon, 04 Mar 2024 06:00:00 +0000

At first glance, a bad credit score seems worse than having no credit. This misconception is because a low score reflects the credit management mistakes you've made. Whether it's for late payments in the past, charge-offs or some other reason, it will show as a bad record. Even if you've improved your credit standing, this negative record will remain in your credit history for at least several years.

No credit means having no history of credit at all. It's a clean slate, with no instances of ever applying for loans from banks or lending companies. The absence of a score reflects a clear record, so does it mean having no credit is better than a bad credit score?

Not really. Many lenders actually prefer customers with bad credit scores to those with no credit at all because having no credit means there's no way for the lending company to know whether you can repay your loans. Without a credit history, proving that you will make timely payments can also be difficult.

Sure, lenders can assess your paying capacity based on the documents they may ask you to provide, such as proof of income. However, they still have no way of knowing if you actually can or will pay what you borrowed. If you end up being unable to pay back what you owe them, that failure will prevent the lender from getting their money and result in your having a low credit score.

What's a Good Workaround for Bad or No Credit?

Whether you have bad or no credit, applying for loans and beginning your journey to a good credit score is still possible. You could try getting a credit card if you're a legal adult with no credit history. For an even more direct approach, you can try applying for a personal loan and establishing good credit.

Atlas Credit accepts loan applications for customers with bad or no credit. Our loans have a fixed amount, which you receive in cash so you don't overspend. We also charge lower interest rates than credit card companies, so there's no need to pay back more than necessary.

Grow Your Credit Score With Atlas Credit

Remember how we mentioned that Atlas Credit is perfectly fine with approving customers with bad credit for personal loans? You should also know that qualifying for a quick and easy personal loan and paying it off over the duration of the loan can boost your credit score! You'll prove to banks and other lenders that you have a history of successful payments and be able to qualify for larger loans in the future!

Apply For a Personal Loan Online

Get started addressing your lack of credit history or your low credit score. Simply stop by your local Longview, Waco, Austin, or Fort Worth Atlas Credit location today or apply online to see if you qualify for a personal loan and watch your credit score grow! We have locations throughout Texas and Oklahoma, and our representatives are eager to assist you.

If you're like many young Americans who have never used a credit card, taken out a loan, or otherwise used credit, your credit rating is spotless. But that's not necessarily a good thing.

With a spotless credit rating, at the very least, you can prove that you've never made any credit-related mistake. However, some lenders might ask why you have avoided credit altogether.

In fact, some lenders may prefer customers with poor or bad credit. For instance, Atlas Credit is more than happy to provide bad credit personal loans to customers with lackluster credit scores every day!

If this is your first time confronting this idea, you probably have some questions. Fortunately, we have the answers.

Why Is Bad Credit Sometimes Okay?

Most lenders understand that if you have bad credit, it doesn't mean you're totally unable to pay your loans. If your bad credit results from past missed payments, but you've shown a record of on-time payments ever since, they won't just toss your application into the trash.

Lenders can see virtually everything you've done related to credit by looking at your comprehensive credit score. When they're able to understand the factors that led to someone ending up with bad credit, they can weigh whether or not those factors still play into their ability to make on-time payments now.

What's Wrong With Having No Credit?

Most lenders see having no credit as a bigger problem than having bad credit. The reason for this opinion is that lending companies have nothing to judge you on when they make decisions. You may have great intentions and a good job, but there's no way for the lender to know this.

When weighing bad credit vs. no credit, you can try to make a blank slate work for you. Lenders won't know what to think of someone with no credit history, especially if you are older. Getting a credit card when you become a legal adult is one way to handle this, but many young people find it difficult to control their spending when they receive a high credit line.

You may be better off getting a personal loan to establish your credit. Look for lending companies that offer loans to those with bad or no credit. Borrowing a fixed amount might also be helpful so you can limit the possibility of overspending.

A starter loan offers the perfect way to rebuild credit. Such personal loans do not require collateral. You can take out a small amount that will be easy to pay off over a year or less. By doing so, you give credit monitoring services something to evaluate.

Is Bad Credit or No Credit Worse?

What's a Good Workaround for Bad or No Credit?

Grow Your Credit Score With Atlas Credit

Apply For a Personal Loan Online

Credit Cards vs. Personal Loans: Which Is Better For You?

Fri, 09 Feb 2024 06:00:00 +0000

When large bills like holiday shopping, car payments, home renovations, or new furniture come into the picture, you need a way to spread your payment. Credit cards and personal loans each offer access to a pool of money, unlocking purchase power that you can repay over time. Knowing which option is best for you will help you spend wisely.

How Does a Credit Card Work?

A credit card is a way to spend money now and pay it back later. You can use your credit card to complete any purchase within a predetermined limit and then repay what you owe over time. Your credit card provider will assign a minimum monthly payment, which you can stick to, but your balance will grow as it builds interest. You can also choose to pay off your entire balance at once or pay more than your monthly minimum.

How Does a Personal Loan Work?

A personal loan is a borrowing option that provides you a certain amount of money and a specific amount of time to repay it. You can use all of the money at once toward a large purchase and then make monthly payments. The payment structure is similar to a credit card, but the interest rate is almost always lower. The key difference is that you request a loan amount up front and you receive only what the lender will give you.

Should I Use a Credit Card or a Personal Loan?

Credit cards and personal loans each have benefits and drawbacks. The right choice for you depends on your situation. However, personal loans give you many of the same benefits as credit cards while adding safety measures that protect your financial well-being. Here's why you should choose a personal loan over a credit card.

Revolving Debt

A credit card gives you revolving debt — you enter a cycle of accumulating debt, paying it off, and building it back again. The debt comes with a high and sometimes variable interest rate.

Overspending

A personal loan prevents overspending by allowing you to borrow a set amount that covers exactly what you need — end of story. A credit card might tempt you to push up to your credit limit and further into debt. A personal loan's limits make it far easier to budget for on a monthly basis.

Credit Concerns

Your current credit score impacts your ability to obtain a credit card or loan differently.

If you do have bad credit, you may never qualify for a credit card in the first place. Or, if you do, your monthly credit limit might be low while your interest rates are exorbitantly high.

Personal loans from Atlas Credit, however, don't depend on your credit score. Even if you have bad credit, you can qualify for a loan of up to $1,400 from Atlas Credit and pay it off in five to 12 months.

You also can improve your credit by making consistent monthly payments on the personal loan. When your credit score rises, you can qualify to borrow larger amounts of money in the future. You may get approved for a vehicle loan or a mortgage, making personal loans more desirable for their long-term impact.

Large Purchases

Think about what you want to purchase with your money. Are you making one large purchase or multiple small purchases? If you need to buy a few small items at different stores, then it makes sense to use a credit card versus a personal loan. But when you want to get a bigger-ticket item, such as a hot tub or a cutting-edge gaming console, then you should choose a personal loan over a credit card that will rack up interest at a higher rate.

You can pay for your large purchase using a personal loan taken out for this purpose. You will receive a more favorable interest rate than on a credit card, meaning you will pay less in the long run for the item.

Access to Cash

You can get cash from your credit card, but that comes with a sky-high interest rate. If you need cash quickly, a loan is better than potentially getting into credit card debt. At Atlas Credit, you can sometimes get your money on the same day you apply for the loan.

Why Trust Us to Compare Personal Loans and Credit Cards?

We work with customers every day who are looking for ways to navigate their financial situations. Just like you, our customers know what they need — fast access to liquid money — and recognize the options in front of them. We dedicate time with our clients to discuss their options. Between a loan or a credit card, a personal loan is consistently a solution.

We've also built a personal loan product and see its positive impact regularly. Offering a competitive personal loan has helped us see the inner workings of a beneficial loan and how they compare to options like credit cards.

Ultimately, your financial well-being is what matters to us most. Our mission is to spread empowering financial information and connect people like you with a roadmap toward a more secure future. Whether you're discovering us for the first time or you are a long-time customer, you can trust Atlas Credit to point you in the right direction.

Apply For a Personal Loan Online

Experience the Benefits of Personal Loans With Atlas Credit

Atlas Credit offers a fast, easy way to connect you with cash. You can apply for a personal loan online or at your nearby Atlas Credit location. We can get you situated with a great personal loan to help you get back on track — and you can forget all about adding another piece of plastic to your wallet.

We invite you to learn more about our loans online to see how you can qualify for a personal loan.

Personal Loans vs. Payday Loans: Which Is Best For You?

Fri, 09 Feb 2024 06:00:00 +0000

Your car just broke down, and the mechanic told you it'd cost more than a week's paycheck to cover the repair cost. But all the money you'll get for this week and next week's pay has to go to bills. What should you do?

If you live in Texas, Oklahoma, or Virginia, you have a few options at your disposal. Two of the most prominent solutions to your short-term financial needs are payday loans and personal loans. Atlas Credit is here to help you choose the borrowing option for your situation.

What Is a Payday Loan?

Think of a payday loan as more of a cash advance. It is a one-time borrow paid against money you know you will get in your paycheck. You can usually secure only a small amount — about $500 or less.

Payday loans come with some advantages. For instance, you can often obtain a payday loan without a credit check. The lender is less concerned with risk when offering small payday loans, so the approval parameters are lenient.

Many borrowers with low or no credit lean toward payday loans, but there are drawbacks to be aware of. Many payday loans feature hidden fees and interest rates that trade your short-term financial struggle for long-term challenges. The fees for missing a payment are also high. What's more, payday loans have no positive impact on your credit score. In fact, the lender will only report the loan to credit bureaus if you miss a payment.

What Is a Personal Loan?

A personal loan is money you borrow from a lender and pay back over a more extended period, usually years. Personal loans tend to be larger than payday loans. You can often borrow thousands of dollars. Personal loans also offer longer terms, meaning you can disperse your payments over a longer period.

One aspect to keep in mind is that personal loans require approval. The lender will look at credit reports and other evidence to see if you are a reliable candidate for money lending.

While there are more steps to follow when obtaining a personal loan, the long-term benefits are worth your time. You will pay less in fees and accrue less interest with a personal loan than a payday loan. This way, you can navigate your immediate financial needs while remaining flexible in the future.

The low interest rates available give personal loans versatility. Personal loans can be used to consolidate your credit card debt because they tend to charge lower interest rates than credit cards. Plus, some people even use personal loans to pay off their payday loan debt.

Additionally, your credit score can grow as you chip away at your balance. Each payment contributes to your long-term financial well-being.

Should I Use a Personal Loan or a Payday Loan?

Ultimately, a personal loan is better for most borrowers than a payday loan — especially when you borrow from a lender that is willing to work around financial hardship. While payday loans provide quick access to a modest amount of money, personal loans offer more money and better terms.

Here are the reasons you should choose a personal loan over a payday loan:

Repayment terms: Personal loans often offer much higher loan limits than your average payday loan. This is typically because personal loans can be paid off over a period of many months, while a payday loan is supposed to be paid back as soon as possible.
Interest rates: Payday loans are short-term loans with high interest rates. They're designed to bridge the gap between one payday and the next. That's why it's critical that you repay them by your next payday at most — if not, you could end up with a worse financial situation overall.
Qualification flexibility: To obtain either a payday loan or a personal loan, you'll be required to fill out an application to see if you qualify or not. Both payday loans and personal loans are forgiving of individuals with poor or bad credit scores, but personal loans are more forgiving in the long run.
Loan amount: Both payday loans and personal loans allow for small loans of as low as a few hundred dollars. Personal loans allow borrowers to qualify for sums of up to $1,400.

Personal Loans From Atlas Credit

At Atlas Credit, we offer competitive personal loans with flexible qualifications and terms. Our borrowing options can help you navigate financial hardship and come out on top.

We set ourselves apart through our fast application process and rapid decision-making. You can obtain a loan even if your credit history is spotty. Trust is the name of the game. We'll look for evidence of stability and willingness to repay the money you borrow. Then, we'll establish a long-term relationship based on your history with us and our interactions — not solely based on your credit score.

Why Trust Us to Compare Personal Loans and Payday Loans?

The financial decisions you make today impact your future stability. It's important to do research and make your choices with reliable information in mind. Atlas Credit is an institution you can trust when weighing your options.

We've helped hundreds of customers understand the differences between borrowing options like payday loans and personal loans. Each customer we serve has a unique circumstance, and we work hard to determine the ideal solution. Our first-hand experience has shown us the benefits of choosing a personal loan. From the outcomes we've helped our customers achieve to the personal stories they've shared, it's clear to us that personal loans are a competitive option.

As a financial institution that keeps your best interest in mind, we are here to provide useful insight. You can count on the information we share online and at dozens of neighborhood branches to lead you in the right direction.

Apply For a Personal Loan Online

Learn More With Atlas Credit

Ultimately, it's up to you to decide which loan option is best for you. But if you're leaning toward the benefits of a personal loan from a quality lender like Atlas Credit, consider applying online or in one of the many brick-and-mortar locations near you.

We can get you the money you need to solve your financial emergency or help you take care of any extra cost you need covered as soon as you're qualified! Apply now or contact Atlas Credit today to learn more about the personal loan process!

How to Apply for an Online Personal Loan From Atlas Credit

Fri, 09 Feb 2024 06:00:00 +0000

How to Apply for an Online Personal Loan From Atlas Credit

A little support can go a long way, especially regarding your finances. Borrowing money through a personal loan can give you the financial backing you need to navigate life's expenses.

At Atlas Credit, we offer competitive personal loans and a simple application process. We will help you understand your borrowing options and secure the funds you need.

What Is a Personal Loan?

A personal loan is an installment loan that an individual can use for personal expenses. Upon approval, we provide a lump sum that you use to complete your purchase. You then repay the loan at a monthly minimum. The principal accrues interest at a fixed rate. You can use a personal loan for medical bills, vehicle purchases, home improvements, and other sudden or planned expenses.

Is a Personal Loan Right for Me?

Personal loans are available to those who qualify. Lenders approve based on factors like the amount you want to borrow, your current income, your credit score, and any outstanding debts in your name.

You must prove your current employment status to show your ability to repay the loan. We will consider your current employment whether you've worked with a company for two weeks or two years. Self-employed contractors may need to provide a longer employment history.

Personal Loan Application Process

Atlas Credit offers a fast, simple way to apply for a personal loan. Follow these steps to apply:

Decide how much money you need: Determine how much the expense will cost so that you know how much to borrow. Diligence is important when calculating your loan amount — borrow only what you need and can afford to repay.
Navigate to Atlas Credit's website: Complete our online application form to request an Atlas Credit personal loan. The application form is simple — we gather basic info like your contact information and proof of income.
Find out if you're approved for a loan, and receive your funds: We provide loan decisions fast as a part of our quick approval process. You'll have access to your funds as soon as you can provide confirmation of approval.

About Atlas Credit

Atlas Credit is a personal loan company that offers quick and easy online loans to borrowers of all credit types. We are not a payday lender. You can receive a loan of up to $1,400 on a 5 to 12-month repayment plan the moment you're qualified.

Why Trust Us?

At Atlas Credit, we have your best interest in mind. We recognize the difference a personal loan can make in your life, and we know your time is valuable. Our commitment to you manifests in our streamlined loan application process. You can apply quickly and receive a timely decision.

We also show our commitment to your needs by offering professional support from associates at Atlas Credit locations throughout Texas, Oklahoma, and parts of Virginia. Our dedication to your community stands out when it matters most.

What's more, we offer the flexibility you need to make the most of your opportunity. We'll work with you when you need extra time to complete a loan payment. Your success is our success, so you can trust us to do what's right for you.

Apply for a Loan From Atlas Credit

With Atlas Credit, you can receive quick approval for a personal loan that can change your financial situation. Our loan application process is as easy as completing some online forms, so apply for a personal loan today.

Everything You Need to Know About Atlas Protect

Wed, 29 Nov 2023 06:00:00 +0000

Every year, millions of Americans go through the unfortunate experience of identity theft. With more businesses taking their services online, avoiding adding your personal and credit details to the internet becomes increasingly difficult. Credit monitoring and protection services have become necessary to protect yourself from online attacks.

If you are worried about becoming a victim of identity theft, Atlas Protect is here to help. We offer credit protection that minimizes the risk of your personal and credit card information falling into the wrong hands. Get access to affordable protection that gives you peace of mind.

What Is Atlas Protect?

Atlas Protect is an identity theft protection and credit monitoring service. As an Atlas Protect member, you have access to various services that monitor, track and alert you of any financial activity using your accounts or personal information. These services include:

Experian® 1-Bureau Credit Monitoring
Experian 1B VantageScore® with VantageScore1 Tracker (Updated Monthly)
Credit Limit, Utilization, and Balance (CLUB) Alerts
Positive Activity Alerts
Dormant Account Alerts

Atlas Protect monitors your credit score, financial details, and active and dormant accounts to prevent severe damage. If it notices any suspicious activity, it alerts you so you can take action to stop credit and identity theft early.

Your credit score helps lenders decide whether you can open accounts or take out loans. A good credit score indicates that you can settle debt, whereas bad credit can indicate that you have had difficulty paying bills or loans. If criminals find out you have a good credit score, they can use it to their advantage. With enough of your personal details, they can open new loans or make purchases using your account.

Atlas Protect alerts you when new debt is made in your name so you can verify genuine transactions and reverse fraudulent ones. It also tracks your credit specifically, keeping a record of your daily activities so you are aware of any events that can impact your score.

Everyone needs Atlas Protect. Unlawful purchases made using someone else's credit can happen to anyone. If you have already experienced identity theft and fraudulent purchases made with your credit, Atlas Protect can help you keep it from happening again. If you have not experienced it, preventive measures can help your credit stay free from fraudulent activity.

Many free credit monitoring services are available online, but free services come with many limitations. Additionally, you want to ensure the website you use is credible. Cheap credit protection may have inadequate safeguards and could expose you to more risk than doing nothing.

As a paid service, Atlas Protect gives members access to reliable services such as Experian® 1-Bureau Credit Monitoring that track your financial and personal details and activity. Our credit monitoring services protect your accounts and send real-time alerts to minimize your risk of becoming a victim of identity theft.

Consumers who shop online have a greater risk of identity theft, but anyone with good credit is a target. Children can also be identity theft victims. Cybercriminals and fraudsters can use children's personal details to get loans, open bank accounts, and sign up for utilities. If left undetected, criminals can create a bad credit history for your child, which can prevent them from making large purchases, getting a student loan, or applying for government benefits. Take caution when providing your child's personal details to any business or school.

Atlas Protect is a reliable way to monitor your accounts and personal information. The sooner you catch purchases made without your permission or unauthorized loan applications, the faster you can secure your credit.

Why Atlas Protect?

In addition to protecting your credit and limiting identity theft, Atlast Protect provides various benefits to help keep your credit safe from cybercriminals and online fraudsters.

Monitors your accounts: Atlas Protect's monitoring system watches for issues or suspicious activity and alerts you the moment it detects anything. Instant alerts give you a better chance of fixing the problems and clearing your name.
Monitors your spending: Atlas Protect detects if large amounts of money are taken from your bank account.
Monitors your credit score and history: Our services alert you concerning any changes in your credit score.
Updates your credit report: Updated credit reports give you access to your accounts' most recent financial activities.
Sends real-time alerts: You will know in real time if any suspicious activity has occurred right after it happens.
Update any misinformation: If cybercriminals or fraudsters change any of your personal details, Atlas Protect can help you correct your information.
Monitors your SSN for fraud activities: Get alerts updating you on any suspicious financial activity that uses your Social Security number (SSN) to open accounts or apply for loans.

One of the key benefits of Atlas Protect's credit monitoring service is to aid in identity fraud prevention. When a criminal uses your personal details to take out loans or create bank accounts, there is a good chance it will happen again. The illegal use of your stolen identity and credit can go on for weeks, making it difficult to catch the offenders. It can also take up to six months to resolve every issue if you become a victim of identity theft.

Real-time alerts from Atlas Protect's credit monitoring service can prevent undetected fraudulent activity. With timely notifications, you can stop a suspicious payment, reverse illegal charges, and freeze your credit. Our services help lessen the damage you face, allow you to solve issues more quickly, and give you the high-quality credit protection you need.

Sign up for Atlas Protect Today

Get high-quality credit protection and monitoring services from Atlas Protect. Take the first step in protecting your personal details and minimizing the risk of fraudulent financial activity. With alerts and credit monitoring, you stay up-to-date on your credit report history and maintain a healthy credit score. Make identity theft prevention a top priority today.

To sign up with us, create an Atlas Protect account by completing an online enrollment form. If you have any questions, you can contact us, and we will answer all your queries and provide excellent customer service.

Will Getting a Personal Loan Hurt My Credit Score?

Tue, 17 Oct 2023 05:00:00 +0000

Taking out a personal loan can help you access cash in unexpected circumstances. Perhaps you have a medical expense or a pipe burst in your home — a personal loan may be your solution if you don't have cash on hand.

Before getting a personal loan, you may wonder if loans affect credit scores. Yes, a personal loan can positively and negatively impact your credit score. The most significant impact is how you handle your payments. Knowing the benefits and risks before you apply is important — keep reading to learn more.

What Is a Personal Loan?

A personal loan is a loan that you can use for almost anything. Some common reasons people take out personal loans are to start a business, pay medical expenses, plan their wedding, or for an emergency like fixing a leaking home roof.

Some individuals even use a personal loan to pay off credit card debt or other high interest rate debt — known as consolidating debt. This is because personal loans often carry lower interest rates than credit cards. A personal loan is an unsecured debt, meaning you don't have to put down collateral when applying. Therefore, the interest rate will be higher than a home or auto loan, which requires collateral.

You can get a personal credit loan from a bank, credit union, or online lender. Besides interest, some lenders will charge a fee for a personal loan. As long as you have a good credit score, you should be approved for a personal loan within a few days of your application. The loan terms will also depend on your credit score.

How Are Credit Scores Calculated?

Many lenders use FICO scores to make decisions about lending to individuals. The data that makes up your FICO score falls into five categories:

Payment history: Payment history is 35% of the score and the most important factor of the score. It tells lenders whether you have paid your past credit accounts on time. Using this information, they can assess the risk they are taking on when they lend you money.
Amounts owned: Amounts owed make up 30% of your FICO score. Owing money doesn't necessarily mean you are a high-risk borrower with a low credit score. However, if you have many lines of credit, it may indicate that you have overextended yourself and are at risk of defaulting.
Credit history: The length of credit history is 15% of the score. Generally, having a longer credit history contributes to a positive FICO score, but it is not necessary for a good credit score. FICO scores also take into account how long you've had your credit accounts and how long it's been since you've used them.
New credit lines: New credit lines account for 10% of your score. Opening multiple lines of credit in a short period poses a greater risk to lenders, especially if the person has a shorter credit history.
Credit mix: Credit mix is the type of credit lines you have — retail accounts, credit cards, mortgage loans, or auto loans. You don't need to have one of each, but lenders do assess your ability to manage different types of credit. Credit mix makes up 10% of your FICO score.

How Does a Personal Loan Affect Credit Score?

Does a personal loan hurt your credit? Much like any other line of credit, a personal loan will affect your credit score in good and bad ways. Taking out a personal loan is not a bad thing. It's how you manage it that makes a difference to your score. Late payments can damage your score, whereas if you pay on time, you can boost your score.

Applying for Personal Loans Could Cause Temporary Decreases

So, how are personal loans bad for credit? When you apply for a personal loan, lenders run a credit check. This triggers a hard credit check on your credit report, affecting your credit score. Too many hard credit checks can knock roughly five points off of your score, affecting new credit. A hard inquiry stays on your credit report for two years but will only affect your score for a year.

Credit agencies also take note of this new financial activity. For example, if you take a personal loan and try to take out an auto loan shortly after, creditors may reject you because you already have as much debt as you can handle.

Your overall credit history carries more weight than a single new line of credit. If you have a long history of making on-time payments, the impact on your credit score may be lessened when you take out a new loan. The best way to keep your score from dropping is to ensure you meet payments on time and within the loan agreement.

Missing Payments Will Hurt Your Credit Score

On-time payments are one of the most significant factors contributing to a good score, so it's no surprise that missing payments will affect your payment history and lower your credit score. Even if you have excellent credit, missing a payment by more than 30 days can greatly damage your credit score.

Typically, creditors report late payments after 30 days, 90 days, 120 days, and 150 days — after that, it is charged off because of server delinquency. Missing a payment won't hurt your credit score as long as you pay within the 30-day mark of missing it. The most damage may be paying a late fee. You must pay the full amount to avoid a blip on your credit report. While making a partial payment may seem like good faith, it won't help you avoid hurting your credit score.

If you are past 30 days late, bring your account into good standing as soon as possible. Missing 30 days is bad, but missing 60 days, 90 days, or more will do even more damage. The sooner you catch up, the better.

A late payment can stay on your credit report for up to seven years from the date you missed the payment. The impact on your credit will fade away over time.

Consistent and On-Time Payments Will Boost Your Credit Score

When you make payments on time, you send positive signals of creditworthiness and create a good payment history. Paying on time indicates to credit bureaus that you can take out a loan and pay it back. Paying your personal loan on time isn't the only factor that affects your credit score — you need to pay all your bills on time, such as utilities, student debt, and credit cards.

If you know you will forget to pay on time, it's wise to set up automatic payments or reminders to pay. Creating a monthly budget will also help you manage your money to ensure you have money to pay off your debt.

Apply for a Personal Loan From Atlas Credit

Should you get a personal loan? When you need money for an emergency or to pay off other expenses or debt, a personal loan can give you access to the funds you need. How you manage your personal loan will determine how it affects your credit score. Paying on time and in full will create a positive payment history and boost your creditworthiness.

At Atlas Credit, we simplify the application process by making it easy for you to apply for a personal loan online in just minutes. Once approved, you can eSign your application documents. Need access to funds? Learn more about our online personal loan application today!

The Real Impact of Debt Consolidation on Your Credit Score

Tue, 15 Aug 2023 05:00:00 +0000

Your credit score is key in helping you achieve your financial goals. Several factors determine your credit score, including how much debt you have, how long you've had the debt, and how timely you make your payments. It also reveals all your types and lines of credit, so it's one component lenders look at before approving you for credit. With a low credit score, you'll find it harder to secure loans, and when you do, they'll have higher interest rates and steep monthly payments.

Debt consolidation is a strategy that can help you improve your credit score and recover your good standing with lenders. Let's get into the details of the real impact of debt consolidation on your credit score and some of the methods you can leverage to consolidate debt.

What Is Debt Consolidation?

Debt consolidation means combining multiple high-interest loans, such as car payments, student loans, and credit card loans, into a single loan. You can use this method to streamline your debt repayment The new loan typically has a lower fixed interest rate and ensures you only have one monthly debt payment to worry about, making it easier for you to become debt free.

Using this debt management strategy may help improve your credit score in the long term by showing you've paid off your other outstanding debts and have only one loan you're servicing. However, because it involves taking out a new line of credit, there are consequences of consolidating debt. Opening a new loan could negatively impact your credit score in the short term because lenders perform a hard inquiry on your credit. The new line of credit and the lower average age of credit also temporarily dip your credit score. This starts improving soon as you start making payments and are consistent.

Should You Consolidate Debt?

Drowning in debt is a good enough reason to consolidate your debt. But, particular scenarios make consolidating debt an even better idea. Some of these include:

Having high-interest credit card debt on multiple accounts
Needing to save money on the interest you're paying on various lines of credit
Simplifying your monthly debt payments
Reducing your credit utilization rate

You can consolidate your debt for all or any of these reasons. Ultimately, this decision can help you improve your credit score, save some money on interest, and take you closer to achieving your financial goals.

Why Consolidate Debt?

Are you overwhelmed by the numerous credit cards you need to pay off every month, the car loan, and any other personal loans that all come with exorbitant interest rates? Then, debt consolidation is a good idea. Here are some debt consolidation benefits:

Lower interest rates: The most appealing feature of debt consolidation is having a single "big" loan with a lower interest rate than the sum accrued by numerous debt accounts. This improves your chances of making timely debt payments, ultimately improving your credit score.
Simplified debt repayment: Do you keep forgetting to make some payments because there are just too many to keep up with? Then pull it all into one monthly payment you'll never miss and protect your credit from missed and late payments.
Lower credit utilization: A new debt consolidation account often means you have more available credit and counters some of the initial negative effects of taking out new consolidated credit, such as the hard inquiry and lower average age of credit.

How to Consolidate Debt

Certain types of loans are better for debt consolidation than others. Here are the top three options for you to consider:

1. A Personal Loan

A personal loan is the best loan to consolidate debt because it provides a structured debt management plan. You can take out a personal loan to pay off your other lines of credit, such as credit cards, car loans, student loans, utility bills, and medical bills, then remain with only the new loan.

Today, it's easier than ever to secure a personal loan right from the comfort of your coach, thanks to online lenders who approve your loan faster than traditional lenders despite your credit score. They only need you to prove your ability to pay back the loan without any collateral. They often offer lower minimum payments and low interest rates, and you can set up a custom repayment plan based on your needs and budget.

2. A Balance Transfer Card

Another popular debt consolidation method is applying for a balance transfer card, which is a promotional credit card with a 0% introductory APR for the first 12 to 18 months. If you fast-track your debt payments during the introductory period, you may be able to pay off your debt completely before the interest kicks in. However, these cards typically charge a higher 3% to 5% interest rate on the amount of credit you transfer at the end of the introductory period.

3. A Home Equity Line of Credit

If you own your home and have a built-up ownership stake, you can use this to consolidate your debts. A home equity loan uses your home as collateral to pay off all your other debts, leaving you with only one loan to worry about. Home equity loans normally have lower fixed interest rates than credit cards and personal loans and will work if you have a below-average credit score. Note that it could take you more than 10 years to pay off the interest and start paying toward your home's value. Even worse, this puts your home on the line, as you risk losing it if you cannot pay off the loan.

Decrease Your Debt With a Personal Loan From Atlas Credit

While debt consolidation could be your ticket to a debt-free life, the lowest-risk method is a personal loan. At Atlas Credit, we understand how hard it is to get a loan with a less-than-stellar credit score. So we make it easy and seamless for you with lower interest rates, lower minimum payments, and a custom repayment agreement that saves you sleepless nights.

We only need your word to approve your personal loan online, over the phone, or when you step into any of our branches. Our decision process is fast, and if you're approved, you can receive the loan on the same day you apply. Submit an online application for a personal loan to consolidate all your debt today and build good credit.

Secured vs. Unsecured Loans: What's the Difference?

Tue, 20 Jun 2023 05:00:00 +0000

Knowing the difference between secured and unsecured loans can help you make a more informed decision about what's best for you. Learn more about each loan option and the factors to consider before taking out a loan below.

What Is a Secured Loan?

Secured loans are loans that are financially supported by collateral. Collateral is an asset, like a house, land, a vehicle, or jewelry, used to guarantee the repayment of the loan. If the borrower fails to repay the loan, the lender may seize the collateral to recoup the loss.

If the collateral exceeds the loan amount, the lender refunds the difference to the borrower after the sale. If the value of the collateral is less than the amount of money owed, the borrower must pay the difference to the lender.

These kinds of loans are generally lower risk for lenders because of the involved collateral, and borrowers can take out secured loans to pay for more significant purchases, such as property. The biggest drawback of secured loans is that the borrower risks losing the asset used to secure the loan if they can't make the agreed-upon payments.

What Is an Unsecured Loan?

Unsecured loans are loans that require no collateral. In other words, you can acquire these loans without pledging any assets to the lender in exchange for the debt. Unsecured loans are riskier for lenders than secured loans, thus requiring more scrutiny.

The lender assesses the potential borrower's creditworthiness, income, and debt-to-income ratio to determine whether they qualify for the loan. The loan amount for unsecured loans is generally smaller and tends to have a higher interest rate.

What Is the Difference Between Secured Loans and Unsecured Loans?

Here are a few notable differences between secured and unsecured debt:

1. Collateral

The main difference between secured and unsecured loans is collateral. While secured loans involve collateral, unsecured loans don't require you to put up collateral in exchange for the loan. However, borrowers who default in paying unsecured debts may still face credit implications, so it's essential to ensure prompt payment regardless of the kind of loan you get.

2. Interest Rates

Secured loans generally attract lower interest rates and annual percentage rates compared to unsecured loans because the borrower has more incentive to repay the loan. However, a borrower with a high credit score may still get favorable rates for an unsecured loan.

3. Borrowing Limits

Secured loans tend to have higher borrowing limits than unsecured loans because of the risk margin and financial approval requirements.

4. Qualification Requirements

The eligibility requirements for unsecured loans tend to be stricter than those for secured loans, as unsecured loans pose a greater risk for lenders. Before approving the loan, the lender may consider multiple factors, including your credit score, income and debts, and repayment history, and the standards may be particularly high for unsecured loans.

5. Restrictions on Usage

Generally, secured loans have fewer restrictions on how you can use them. Unsecured loans may require you to use the money for a specific purpose, such as paying for school tuition or specific personal expenses.

6. Risks

In general, for either type of loan, borrowers who default on their repayment obligations risk having their credit scores lowered. Obtaining a secured loan comes with the risk of potentially losing the asset you put up if you fail to repay the loan.

Is a Personal Loan Secured or Unsecured?

Personal loans are usually unsecured, although lenders may offer secured options. You can use unsecured personal loans to finance home remodels, weddings, medical bills, travel, and other similar expenses. It's essential to confirm from the lender if the intended use is permitted.

What Are Some Types of Secured Loans?

Here are three types of secured loans:

Mortgages: A mortgage is a loan used to purchase a property, where the lender uses said property as security for the repayment of the loan amount, interests, and all associated costs. For example, if you buy a house with a mortgage, the lender can repossess the house if you fail to make payments.
Auto loans: Vehicle loans are used to finance the acquisition of cars, trucks, motorcycles, and boats. The vehicle is used as collateral, giving the lender the right of repossession if the borrower defaults.
Secured credit cards: Secured credit cards can offer those with limited credit history the chance to build their credit scores. The lender makes a cash deposit on the account, which serves as collateral and credit limit.

Other types of secured loans are business loans, life insurance loans, and bad credit loans.

What Are Some Types of Unsecured Loans?

A couple of common types of unsecured loans include:

Student loans: Student loans can either be private or federal with standard repayment terms of 10 years. They're used for a specific purpose — paying college-related expenses, including tuition, accommodation, and course materials.
Revolving loans: These loans enable the borrower to spend as they go. Two examples are personal lines of credit and credit cards.

Factors to Consider Before Getting a Loan

In addition to your credit score, repayment history, and assets, here are four things to consider before getting a loan:

1. Hidden Charges

Confirm all associated expenses before signing the agreement. Hidden charges can impose an additional burden, making it challenging to repay the loan.

2. Financial Budget

Apply for a loan you're capable of repaying, so you can keep your credit score in good standing and avoid the risks associated with taking out certain kinds of loans. The best lenders assess your ability to repay the loan and provide advice before proceeding with the transaction.

3. Multiple Offers

Take your time to review multiple loan options and choose the best one for your situation. Assess the interest rate, additional charges, repayment plan, and the terms of the agreement before you apply. You want to partner with a lender that provides affordable loan structures and favorable terms.

4. Application and Payment Processes

Check if the lender has online access in addition to its brick-and-mortar location. This way, you can easily monitor your loan repayment and contact the lender with questions when necessary.

Get a Loan From Atlas Credit Today

Atlas Credit is here to assist you when other lenders deny you loans. Our process is straightforward and fast, allowing you to obtain a loan within a short period. We offer favorable terms and repayment plans designed to help you improve your credit score. Apply for a loan today.

Identity Theft and Loan Fraud Prevention

Tue, 20 Jun 2023 05:00:00 +0000

Identity theft and fraud are prevalent in the U.S. and worldwide. In 2022, the Federal Trade Commission received 5.1 million reports of fraud, and 1.1 million related to identity theft alone. These cases continue increasing, primarily due to technological advances and competitive lending.

Loan fraud is the third most prevalent form of identity theft. While criminals tend to target specific age groups, they do not discriminate, so it's wise to understand the various methods they use and how to prevent identity theft.

What Is Loan Fraud?

Loan fraud is when a thief illegally uses your information to get a loan. While there are several types, payday loans are the most common because they require little personal information to acquire.

Criminals can gain access to stolen personal information and identities through various channels.

Criminal marketplaces: Platforms on the dark web offer the opportunity to sign in anonymously, pay using untraceable means, and buy IDs for illegal use.
Data breaches: Fraudsters can benefit when hackers breach data because they gain access to IDs and passwords. They can use this information to gain access to more personal data to create a complete stolen ID profile.
Phishing: Criminals use sophisticated techniques to pose as reputable people or institutions. These methods might include an email advertising a job opportunity or loan application.
Rent and ID service: Some people willingly rent their official documents for others to use. Their information goes straight into fraudsters' hands.

Who Can Be a Victim of Loan Fraud?

Anyone can fall victim to loan fraudsters, but most people they prey on have established credit scores. In 2022, out of the 153,547 people who reported loan fraud, 49,243 were between 30 and 39 years old.

Children and older adults are also easy targets for fraudsters, as they may not understand specific financial situations and bills. People who handle their care and finances may even take advantage of them. Children can become fraud victims at a young age and only become aware of it later in life. Meanwhile, seniors often provide a lot of easily accessible information to hospitals, caregivers, and doctors.

Why Does Loan Fraud Occur?

Access to quick money is attractive to criminals. As companies compete to offer fast and frictionless lending, they tend to accelerate the credit scoring process. Fewer verifications make it easier for fraudsters to take advantage.

Some lenders use ineffective verification tools like outdated databases, which sophisticated criminals can easily outsmart. Often, lending companies rely on credit bureaus, but this becomes a problem when they service unbanked people.

Many lending companies only require a small amount of information for loan applications. If a fraudster has your Social Security or bank account number, they may be able to get a quick loan. Payday loans are easier for fraudsters to obtain because they require few specifics. However, they can get a much more significant loan with enough stolen information.

Growing internet access, increased mobile use, and affordable tech make for a relatively risk-free environment for criminals to thrive. They can easily change devices, IDs, and IP addresses to multiply their loan applications.

What Is the Impact of Loan Fraud?

Loan fraud affects banks, lending agencies, and governments, but can also severely harm your financial standing. The impact can range from a criminal obtaining multiple payday loans to a legitimate car, business, or home loan.

If you fall victim to loan fraud, you may be responsible for paying back the loan and could receive a credit score penalty. If you fail to repay the loan, you could also face criminal prosecution. It can be challenging to track down the fraud, but most victims can prove the identity theft. However, this stressful process can still have long-term effects on your credit score.

What to Do if You Detect Fraud

If you believe you have experienced identity theft, you must act immediately to protect yourself and your credit.

Review your free credit reports from Experian, Equifax, and TransUnion. It's essential to check all three, as the information may differ. Record any fraudulent accounts that you didn't open. Once you know what you want to dispute, notify these bureaus and start the process.
Create an identity theft report with the FTC. You can also file a police report. Most banks and debt collectors need this official documentation for their records as they resolve disputes.
Contact the lender to report the fraudulent loan. The lender should then close the loan and send you confirmation.

Tips to Prevent Identity Theft

Fraudulent loans can go undetected for months or years. The best way to protect yourself is to be proactive. Here are some identity theft prevention steps to take.

1. Track Your Credit Report and Bank Statements

Most major credit card issuers offer free access to your credit score. You can also request free credit reports from the three credit bureaus. Review your credit report and bank statement to identify unusual transactions or unauthorized access.

2. Set Fraud Alerts

Setting up a fraud alert notifies other lenders that you are an identity theft victim. Lenders will then take extra precautions to confirm loan applications with you, such as calling the number on file with the bureaus to verify your identity.

3. Freeze Your Credit

A credit freeze blocks fraudsters from taking out loans using your identity. You will need to freeze your credit with each of the bureaus. If you ever need to apply for credit, you can temporarily lift the freeze.

4. Learn Warning Signs

Stay up to date with various identity theft methods. Criminals commonly use data phishing to acquire information via SMS, email, or personal visits. Other underhanded approaches include deepfake AI technology, synthetic identity fraud, and predatory loan apps that post attractive zero-interest rates. If it sounds too good to be true, it probably is.

5. Avoid Saving Banking or Credit Details Online

Online stores may ask if you want to store your banking details by creating an account. Doing so may be convenient, but these sites are vulnerable to hackers. Use a guest profile to make your purchases instead.

6. Keep Your Information Safe

Avoid sharing your details over the phone or online unless you have a trusted relationship with the person. Be wary of strangers contacting you for information. Always use safe password practices by creating hard-to-guess passwords for your accounts and storing them securely.

Ask Our Reps About Identity Theft Protection Offered With Your Personal Loan

Identity theft can happen to anyone. As technology advances and loans become more accessible, criminals find new ways to commit loan fraud. Staying ahead of fraudsters is essential to protect your identity and prevent false accounts in your name. Prevention is the best way to keep your identity safe.

At Atlas Credit, we provide quick, simple loan applications while keeping your information secure. Meet your financial needs while repaying the loan in smaller, affordable amounts. Begin your loan approval process today, and one of our customer service reps will call you for verification!

Pros and Cons of Declaring Bankruptcy

Fri, 12 May 2023 05:00:00 +0000

At times, you might feel overwhelmed when looking at your mounting debt repayments and considering bankruptcy — however, many others face the decision of filing for bankruptcy. It is an option that can ease your financial burdens, although there are both pros and cons to this decision.

If you declare bankruptcy, it may mean a clean slate, although it could also mean less eligibility for credit at a later stage, especially when considering how your FICO score is calculated. Consider the following pros and cons of filing for bankruptcy to decide when to declare bankruptcy or find an alternative solution.

What Does It Mean to Declare Bankruptcy?

Asking yourself if you should declare bankruptcy indicates you see the financial reality you experience and want to find a way to amend any shortcomings. There are plenty of reasons why you may consider reaching for the legal lifeline to pull you out of deep debt. First, it is essential to know what happens when you declare bankruptcy.

There are sometimes misconceptions about bankruptcy, which some see as embarrassing or a sign of irresponsible lending. This view is often misguided, as bankruptcy is a legal debt relief strategy that can help you when you have exhausted all other options.

Filing for bankruptcy is a legal means of financial relief that starts with filing a petition with the bankruptcy court. When looking at personal bankruptcy, you must take a means test to determine the type you qualify for. You typically have two options:

Chapter 7 bankruptcy: If you qualify for a Chapter 7 bankruptcy, certain assets have to be sold to help repay the debts while others are exempt.
Chapter 13 bankruptcy: A Chapter 13 bankruptcy is a debt adjustment where you keep possession of your assets and sign an agreement to repay your debts over a stipulated period.

Benefits of Declaring Bankruptcy

You take your financial health and obligations seriously, and when you took out your credit, you intended to honor that commitment. Sometimes life gets in the way, and challenges arise, meaning you must consider filing for bankruptcy. Thankfully there are certain benefits to this decision.

An Automatic Stay Protects You

Once you file for bankruptcy, creditors may not pursue you for your debts owed or take action against you. This comforting protection offered by the automatic stay provision in bankruptcy law means they must wait until a repayment plan is finalized.

Possible Prevention of Home Foreclosure and Car Repossession

Whether you file your bankruptcy under Chapter 7 bankruptcy or Chapter 13 bankruptcy, options such as an automatic stay and structuring repayment plans may help you prevent foreclosure and repossession.

Freedom From Some Debts

If your bankruptcy is filed under Chapter 7, many debts get wiped away, and you are exempt from servicing ones such as:

Medical bills
Credit card debt
Personal loans
Personal liability on car loans
Phone bills
Overdue utilities

It Might Improve Your Credit Score

Your credit score might improve in the long run due to the amounts you owe reducing to a manageable and eventually non-existent amount.

Your credit utilization ratio is almost 30% of your FICO credit score. Bankruptcy will mean you reach a point where you use less than your available credit. Paired with other efficient ways to improve your credit score, it will help you return to good standing.

A Fresh Financial Start

Bankruptcy might offer a chance to reset and create healthy spending habits free of the ties of past credit demands. It also allows you to rebuild your credit score and history slowly.

Implications of Declaring Bankruptcy

The critical question of if you should file for bankruptcy can sometimes be answered when weighing up the potential outcomes. When looking at the pros and cons of filing bankruptcy, these are some of the implications of the decision.

You Could Lose Valuable Assets

There are cases where the appointed trustee must sell your beloved home and car to furnish your debts. It depends on certain factors, such as the type of bankruptcy you qualify for, the equity of your assets, your total income, and the likelihood of meeting revised payments.

Co-Signers May Be Responsible for Payments

If you file for bankruptcy and have a co-signer for any particular loan or debt in Chapter 7 bankruptcy, they are still liable, and creditors have the right to insist on payments from them. Thankfully, if you receive a Chapter 13 bankruptcy, the stay extends to and covers co-signers as long as you honor the agreement and make scheduled payments.

It Is Made Public and May Affect Your Career

Bankruptcy goes public, and those with a Public Access to Court Electronic Records (PACER) account can gain access to it. Filing for bankruptcy is inconsequential for most employees — however, if you work as an accountant, bookkeeper, or work in payroll, your employer will see it when they do a credit check for employment, which may reflect unfavorably.

Impact on Your Credit Profile

Filing for bankruptcy will affect your FICO and other credit scores as your payment history makes up 35% of your FICO credit score and plays a role in future credit access. If you have a good credit score, to begin with, you are likely to feel the blow more. Additionally, bankruptcy only falls off your credit report after 7-10 years.

Factors to Consider Before Declaring Bankruptcy

Before you file, you should understand the pros and cons of declaring bankruptcy and the benefits and implications of this critical decision. Knowing when to file bankruptcy is a multifaceted process, and there are several factors to consider when filing for bankruptcy:

Impact on family: Money is a tool — the value lies in your family, and it is crucial to consider how bankruptcy may affect your family, positively or negatively. It is also essential to maintain communication during the process. It may hamper your future borrowing, and other restrictions may apply.
Future plans: Filling for bankruptcy will impact you now and in the long term. If you need to give up your house or car, it is wise to think about plans to mitigate these consequences.
Debt amount: Truly consider how much debt is worth filing for bankruptcy. This amount differs for everyone, though there are some commonalities. Consider the magnitude and type of the debt and whether it is possible to rework it or your finances.
Explore other options: Consider ways to pay off your debt before choosing bankruptcy. Contact your creditors and ask for a forbearance or loan modification. If you owe the IRS, speak with them, as payment options are available such as an offer in compromise and individual and business payment plans.

In Need of Financial Support? Apply for a Personal Loan

When faced with mounting debt and creditors' mail and phone calls causing you grief, you may consider filing for bankruptcy, though it should only be a last resort. Alternatively, debt consolidation with Atlas Credit is another option available to you.

We value our staff and clients, and pride ourselves on what our customers say about us. We provide upfront information on your payment term due dates, monthly repayment amounts, and the total amount payable, ensuring complete transparency and peace of mind.

You can easily apply for an Atlas Credit loan online, and one of our qualified staff members will contact you to start the process. Or, visit one of our many locations and experience our quality service firsthand.

How to Spend Your Tax Refund

Tue, 02 May 2023 05:00:00 +0000

How to Spend Your Tax Refund This Year

Every year, millions of Americans receive a surprise financial boost from the government in the form of a tax refund. While it might be tempting for you to head out to around Texas and Oklahoma and spend that whole check on a fun weekend, you should consider what the money could do for your future finances.

After all, if that check is sizeable enough to make an impact on your bank account, it could actually be life-changing — in the best way possible!

Instead of buying a new TV or going on a mini-vacation with the money, read how you can spend this year's tax refund wisely.

Separate the Funds

If you keep your tax refund mixed in with your normal bank account, it will probably get spent like the rest of your money. You should consider what using half of that money wisely could mean for you.

Create a separate bank account or a savings account and place it there. That way, you can more easily create a budget for the refund.

By putting half of your tax refund in savings or toward a smart investment, you can feel even better about spending the rest however you choose!

Start an Emergency Fund

Saving money is undoubtedly one of the wisest financial decisions you can make. Even if you don't have a healthy savings account in place right now, you can easily get one started immediately with your tax refund.

We firmly believe everyone needs an emergency fund. It's money you can rely on when times get tough, such as if you or a partner lose a job. One of the smartest things to do with your tax refund is to put it all into your emergency fund and continue to contribute whenever you have a little extra money. Ideally, an emergency fund can cover up to six months of expenses.

Put It Toward Retirement

Another one of the best things to do with your tax refund is investing in your retirement account. No matter your age, you are never too young to start saving. The best use of your tax refund could be to put the money into your retirement account every year to accrue value.

You can also put away just a few dollars a month and still see benefits. Any amount you save will grow significantly by the time you reach retirement age. Even if you can only manage $10 per week, that can turn into a nice nest egg when you make deposits consistently. Plus, some retirement savings plans earn you tax credits in the future. You won't find better advice on how to spend a tax refund.

Make an Investment

When you're wondering how to spend your tax refund this year, the answer may be to make that money go further. Becoming an investor in the stock market can be a superb option for growing your personal wealth. Investing in the stock market can increase your refund in the short term, giving you a higher return than some other wealth management options.

If you are already financially secure enough to not have to worry about your monthly bills, pouring your excess into investments can pay off in amazing ways.

Fund Your Career Improvement

You earned the tax refund by working hard, so put your tax refund hard to work for you. If you're wondering what to do with a tax refund, put the money toward self-improvement and take a continuing education class that will help you excel. If you want to increase your earning potential, you have to invest in yourself. This is an investment that will pay off in the long-term.

Pay Off Debt

Whether you have credit card bills, a car payment, or even a personal loan, taking advantage of your income tax return and paying down your debt is an incredibly smart financial decision.

Some individuals receive considerably large tax refunds that can wipe out a whole mountain of debt all at once. Others may only receive a small amount, but any money paid toward eliminating your debt means you will be that much closer to financial freedom.

This is not only one of the smartest ways to spend a tax refund, but also a great way to improve credit. When you make payments on your debt, it shows lenders you have the means to pay back what you borrow.

Make Smart Purchases

Instead of blowing the rest of the money on frivolous items and entertainment, think about the future. Could you use better insulation in your house for the summer heat? Could you put a down payment on a new car? Always choose what to do with tax return money and your expenditures wisely.

Once you've made these smart choices with your refund and you know you're set for the near future, spend the rest on yourself. You've earned it!

And remember, if you haven't gotten your refund yet but you need money immediately, you can always go with a personal loan from Atlas Credit. Customers throughout Texas or Oklahoma should know they always have the option of a loan of up to $1,400 on a 5 to 12 month repayment plan. Call us today, apply online or visit one of our many locations throughout Texas and Oklahoma!

What's The Difference Between FICO and Credit Score?

Fri, 28 Apr 2023 05:00:00 +0000

The FICO score is only one kind of credit score, and each credit score model has different methods, mathematical algorithms, or criteria for making the calculations. Again, your FICO scores may also differ depending on the information provided by the credit reporting bureaus. For example, if you make late payments on your credit card bills and the lender only sends the report to one bureau, your score may be lowered on that specific bureau's credit report.

How Can You Improve Your Credit Score?

There are a few ways you can improve your credit score, including the following:

Make early payments: One of the best ways to improve your credit score is to pay your debt on time and in full. This is because your payment history and behavior are significant contributors to your credit score across the various models. Contact your creditor immediately when you miss your payments by 30 days or more or realize in advance that you may delay payments.
Maintain your old accounts: Maintain old accounts even after you pay off your balance. Neglecting to do so may raise your credit utilization rate and lower your overall score.
Check your credit reports frequently: Your credit scores are based on your credit report, so check your reports frequently for errors. One mistake can make a huge difference in your credit score. Thus, disputing your credit report errors can prompt the reporting agency to make the necessary adjustments.
Ask for higher credit limits: High credit limits and stagnant balances lower overall credit utilization, which improves your credit score. You may get higher credit limits if your income increases or you add more years of positive credit experience.
Pay credit card balances strategically: How you pay credit balances affects your credit score. For example, your credit utilization drops when you use less than 30% of the limit on your credit card. In that case, the card issuer reports a lower balance to the credit bureaus.
Become an authorized user: If your friend or relative has a credit card account with a good repayment history and a high credit limit, you may ask them to add you as an authorized user. That allows you to benefit from the primary user's positive records. The account holder may add you as an authorized user without letting you use the card or giving you the account number.
Use secured credit cards: Secured credit cards backed by cash deposits — the deposit amount is typically the same as your credit limit, and it lets you pay upfront. You can use them like regular credit cards, and your on-time payments improve your credit score.
Pay off collections accounts: Paying off collections accounts reduces the threat of being sued over a debt. Having an account in collections negatively impacts your credit reports, so if you resolve the issue, your credit score might improve.

Boost Your Credit and FICO Scores With a Personal Loan From Atlas Credit

When it's time to get a loan, you need to know that your credit score is high enough to be approved. In many situations, without a reasonably high credit score, you may be unable to purchase that car you need or buy your dream home.

However, before you start to make changes to help boost your credit score, it may help to fully understand the difference between that number and your FICO score. Below, we discuss the similarities and differences, so you feel fully informed and can make the right adjustments to improve your credit.

Apply For a Personal Loan Online

What Is a Credit Score?

A credit score is a three-digit number that represents and rates a borrower's credit history of repaying loans and lines of credit. It gives lenders an overview of the borrower's risk and is a barometer of the borrower’s ability to pay, not a guarantee of payment. While a high credit score informs the lender there's a low risk of the borrower defaulting on a loan or line of credit, a low credit score tells lenders that the borrower has a high risk of default.

These scores are generated from information in credit reports provided by the three major credit rating bureaus, Equifax, Experian, and TransUnion, which are obtained from lenders and other institutions. These monthly credit reports contain information about how much credit borrowers use and their payment histories.

What Is a FICO Score?

FICO scores are credit scores derived from the Fair Isaac Corporation (FICO). These scores were created in 1989 in response to the need for an industry-wide standard credit score for evaluating risk. Since its introduction, the FICO score has become one of the best-known and widely used ways to gauge credit.

There are five essential factors used in calculating your FICO score:

Payment history: Payment history makes up 35% of your FICO credit score. Thus, paying your loans on time improves your score, while missed and late payments may decrease your score. Bankruptcy can also affect your score.
Credit age: Credit age is 15% of your FICO credit score, and it measures the average duration in which you use credit. The older your credit age, the better.
Credit utilization: Credit utilization is 30% of your FICO credit score calculation. This is the percentage of available credit you use within a period. The less your credit utilization, the better your score.
New credit: New credit or credit inquiry is the number of hard inquiries on your account. Applying for new credit too often can affect your FICO credit score, so research credit card offerings and eligibility requirements or wait three to six months between your credit applications. Credit inquiries account for 10% of your FICO credit score.
Credit mix: Credit mix considers the type of credit you use and revolving credit or installment loans. This accounts for 10% of your FICO credit score calculations.

FICO vs. Credit Score: What's the Difference?

All FICO scores are credit scores, but not all credit scores are FICO scores. There are other kinds of credit scores, such as VantageScore, which the credit bureaus created as an alternative to FICO in 2006. However, most lenders rely on FICO scores when deciding credit approvals, interest rates, and terms.

Why Is Your FICO Score Lower or Higher Than Your Credit Score?

How Can You Improve Your Credit Score?

There are a few ways you can improve your credit score, including the following:

Make early payments: One of the best ways to improve your credit score is to pay your debt on time and in full. This is because your payment history and behavior are significant contributors to your credit score across the various models. Contact your creditor immediately when you miss your payments by 30 days or more or realize in advance that you may delay payments.
Maintain your old accounts: Maintain old accounts even after you pay off your balance. Neglecting to do so may raise your credit utilization rate and lower your overall score.
Check your credit reports frequently: Your credit scores are based on your credit report, so check your reports frequently for errors. One mistake can make a huge difference in your credit score. Thus, disputing your credit report errors can prompt the reporting agency to make the necessary adjustments.
Ask for higher credit limits: High credit limits and stagnant balances lower overall credit utilization, which improves your credit score. You may get higher credit limits if your income increases or you add more years of positive credit experience.
Pay credit card balances strategically: How you pay credit balances affects your credit score. For example, your credit utilization drops when you use less than 30% of the limit on your credit card. In that case, the card issuer reports a lower balance to the credit bureaus.
Become an authorized user: If your friend or relative has a credit card account with a good repayment history and a high credit limit, you may ask them to add you as an authorized user. That allows you to benefit from the primary user's positive records. The account holder may add you as an authorized user without letting you use the card or giving you the account number.
Use secured credit cards: Secured credit cards backed by cash deposits — the deposit amount is typically the same as your credit limit, and it lets you pay upfront. You can use them like regular credit cards, and your on-time payments improve your credit score.
Pay off collections accounts: Paying off collections accounts reduces the threat of being sued over a debt. Having an account in collections negatively impacts your credit reports, so if you resolve the issue, your credit score might improve.

Boost Your Credit and FICO Scores With a Personal Loan From Atlas Credit

Atlas Credit offers affordable credit to those with an immediate need for credit. If your bank, credit issuer, or lender has turned you down, we're here to help you. With one of our personal loans that fits right into your financial budget, you can improve your credit score by making timely payments.

Our application process is simple and convenient. Apply for a loan now!

Cost of Dog Ownership: Budgeting for Your Furry Friend

Mon, 13 Mar 2023 05:00:00 +0000

Owning a dog has many physical and psychological benefits. They can change your life — many people who have dogs can't imagine living without one. Some of us never thought we would want one until a single chance encounter. Having a dog in your life could be one of the best decisions you ever make, as long as you consider your finances.

Many people underestimate how much it will cost to keep and care for a dog. If you aren't careful, the expenses can build up to the point you may not be able to provide for your new best friend. Getting a dog is a massive responsibility, so before you bring a dog home, you should know what you're in for and whether you can cover the pet care expenses.

How Much Does It Cost to Own a Dog?

When you get a dog, you want to consider the expenses you'll incur for their lifetime, from the initial purchase or adoption costs and vet bills to food, training, and toys. Every dog is different, so knowing how much your new best friend will cost you can be challenging.

On average, the total lifetime cost of owning a dog ranges from $27,000 to $42,500 per dog. These costs don't include toys, special treats, or emergency vet expenses. Although you don't spend this money all at once but throughout your dog's life, knowing what kind of money you can expect to pay is vital to successful dog ownership. Some of the significant expenses to think about include the following:

Purchase or Adoption Costs

Buying or adopting a dog is the most significant upfront expense. Breeders and rescue centers have different prices for purchase and adoption. Consider your budget and whether you're looking to adopt and give a dog a second chance or have your heart set on a specific breed and would like to purchase one.

Purebred dogs from reputable breeders are the most expensive option. Depending on the breed — some are pricier than others — you could spend several thousand dollars for a rare or popular breed. Other dog breeds could cost between $800 and $1,500. Adopting a dog from your local shelter is a more cost-effective option, as adoption fees are usually a few hundred dollars or less.

Before you bring your new pup home, you'll likely need to get a dog license, at between $10 and $30. Depending on your location, your local bylaws could also require your dog to have a microchip.

Medical Costs

The first year you have your dog will likely be the most expensive. Although most breeders and rescue centers include the first set of vaccinations in their fees, your puppy will need vaccinations more than once in the first year. Many people spay or neuter their dogs to prevent unwanted breeding and health complications. Spaying or neutering can also save you boarding and license fees in the future, as intact dogs are often more expensive.

You may have to cover emergency veterinary expenses throughout your dog's life. The most cost-effective way to ensure your dog can get the care they need is to look into pet insurance and pick the coverage best suited to your requirements and budget. Consult your veterinarian about the health problems your dog could be prone to based on their breed, and try to tailor your emergency coverage accordingly.

Cost of Initial Supplies

Getting a dog is a little like having a baby. You'll need to get them their bed, bowls, food, and clothing — or collar and lead. Although the prices of these items vary, and you might be able to find excellent deals, the following list will give you some indication of the costs:

Food and water bowls: $10 to $50
Collar and lead: $6 to $50
Bed or crate: $25 to $300
Dog brushes and shampoo: $5 to $10
Training pads: $15 to $35
Toys: $10 to $200

Training Costs

Any experienced dog owner knows that while training may be relatively expensive, it will save you money in replacing shoes, carpets, and furniture.

Some dogs only require training in their formative years. Basic obedience might be enough for you, but remember, dogs enjoy training. Some breeds will become destructive without that mental stimulation. Add between $25 and $300 for training every year.

Optional Expenses

You might incur additional dog ownership expenses, depending on your lifestyle. If you're away from home or work long hours, you could need a dog walker to help maintain your dog's exercise requirements. If you travel for work, factor in boarding or pet-sitting costs.

Tips and Tricks to Reduce Pet Care Expenses

If you have your heart set on bringing a four-legged friend into your home but worry about your budget, all is not lost. There are ways to cut costs and still enjoy the benefits of pet ownership. Take a look at the following tips and tricks:

Adopt, don't shop: Adopting a dog has many benefits for you and the dog. Shelters have incredible dogs of all ages, breeds, and sizes. You don't have to pay hefty fees to breeders for the joy of having a dog in your home. Consider an older dog as well, as you can save on training and give them a second chance.
Compare dog food brands: Not all dog foods are made equal. Many dog food brands on the market meet your dog's nutritional requirements. Research locally produced options, and you might find high-quality food at a reasonable price.
Connect with other dog lovers: Connecting with your local dog-loving community can help you save on boarding and walking costs. You can take turns looking after and walking each other's dogs at no charge.
Keep your dog healthy: Overweight dogs are prone to severe and expensive health problems. Walking is free and goes a long way to keeping your dog at their optimal weight. Stick to dog-friendly foods for treats, and prioritize their health whenever you can.
Get pet insurance: Insurance might seem unnecessary until you need it. In a severe veterinary emergency, most vets require a sizeable upfront deposit before starting treatment, which could drain your finances. Pet insurance will ensure your dog can get the treatment they need without breaking the bank.

So, Can You Afford a Dog?

A dog is a long-term commitment, and it's worth it if you can manage your finances. You can look after your dog properly if you follow the tips and tricks above, research, and save money for emergencies. Include monthly medical, food, and training costs in your budget, and keep your eyes open for good deals and local pet providers.

Apply for a Loan With Atlas Credit if You Need Help Adopting a Dog

Sometimes, having a dog in your home is non-negotiable, but coming up with the adoption fee and initial costs takes time and effort. With Atlas Credit, you can have the dog of your dreams in no time with an affordable loan. The application is easy and quick, and you'll have a comfortable time frame to pay back your loan and be able to afford the monthly expenses of having a new furry friend running around.

If you've found a dog you'd like to bring home, apply for a loan online today, or visit one of our convenient in-person locations and make your dream of becoming a dog owner a reality.

How to Make the Most of Tax Season | Atlas Credit Co

Wed, 01 Mar 2023 06:00:00 +0000

As a taxpayer, you might feel a little overwhelmed sometimes when tax season comes up.

No one wants to pay any more than they have to, so you always want to be sure you handle everything just right. When it comes to filing your taxes, there are always ways to come out ahead.

Take advantage of the many opportunities you have to increase your tax refund now and in the future. Check out these tips for boosting your income tax refund potential from now on!

When Does Tax Season Start and End?

First, before we dive into preparing for tax season, you may want to know when tax season is. Tax preparers consider January 1 through April 15 tax season. Employers begin readying your tax information from the previous year in early January, and they must have all documentation sent to you by the end of that month.

By early February, you should have everything you need to file your taxes. You have until April 15 to send them off. Some people prefer getting their taxes done as soon as possible, so they know what they owe and can get a head start on paying. Others delay doing their taxes until the last minute. As long as you file by the deadline, you will be fine.

Make Sure Your Documents Are in Order

Many people work just one job and receive one W2. This means preparing for the tax season is pretty straightforward. But other people may work a gig job and could receive multiple 1099s for their labor. Others may have a side hustle based on cash that requires a lot of documentation. And if you inherited money or sold a home during the tax year, you will need the proper documentation to prepare.

Go through your papers before you begin to ensure you have everything you need. Do this well in advance of the April 15 filing deadline. There's nothing more stressful than realizing on April 14 that you're missing a critical document.

Correct Your Filing Status

Year to year, it's easy to trust tax software that saves your records from the previous year to get everything right this year. However, if you've had any major changes to your life in the time since you last filed, you may qualify for new tax refund benefits.

For instance, if you were married, divorced, or lost your spouse, you may be eligible for a larger refund. Conversely, if you have a spouse that has high medical expenses, is behind on student loan payments or child support, you may want to file separately from them to ensure a higher refund for yourself.

Consider All Your Possible Deductions

The U.S. tax code is complicated, but it also allows you to deduct things that may significantly lower your tax bill. Consider these potential deductions — and make sure you have the right documentation to back them up:

Home office: If you work at home, you can deduct part of your utilities and other home expenses
Mortgage interest: You can deduct the interest you pay on your mortgage

Charitable Donations

Do you frequently give your time to charitable purposes? It doesn't matter if you aren't writing fat checks to charities -- if you simply help out those in need (people or animals!), you can add up that time and money you spent and deduct them from your taxes at the end of each year!

Also, in the state of Texas where you aren't required to pay state income taxes, only federal, you're able to deduct the taxes you paid on large purchases -- as long as the tax isn't higher than the state's typical sales tax rate. Remember to list anything major you purchased over the course of the year, and use the IRS website's great tax calculator to help you with your deductions!

Always Claim Anyone You've Been Supporting

If you've had a friend, significant other, or additional family member staying in your home for a while, you may be able to receive a dependent exemption of $4,000!

You'll have to make sure you fall under the specific rules for the exemption:

A non-relative must have lived with you for an entire year (relatives don't have to live with you to count as dependents)
A non-relative can't provide more than half of their own support
A non-relative can't earn more than $4,000 in taxable income

If this applies to you, get paid for your hospitality!

Keep Refundable Tax Credits in Mind

How to increase your tax return when you file your own taxes? Make sure you have taken all the credits you are entitled to enjoy. The federal government offers citizens a number of ways to reduce their tax burden.

For instance, if you have children and you pay for them to go to daycare while you work, you can receive a credit. You also earn credits for education expenses.

The Earned Income Tax Credit is one of the most overlooked tax credits out there. It's worth up to $6,242 for a family with three or more children, yet one out of five taxpayers fail to claim it.

So, when you file your taxes, look over your return to ensure you haven't missed any potential bonuses. If you aren't sure if you qualify, check the IRS's website. You can also consult a tax professional to discuss if you qualify for anything additional.

Declutter Your Life

Make the most of tax season by using it to improve your home. Look around: do you see anything in your home or life you don't need or want any longer?

Odds are there's a charitable organization nearby that would be more than happy to accept items like clothing, books, furniture, electronics, and more.

If you declutter in this way, you can deduct it from your taxes! As long as the value of the items is more than $500, you can file a Form 8283 and receive your deduction.

And on top of your deduction, you can breathe easier without all that unnecessary clutter!

Research the Best Loans for Bad Credit

Tax stress can be draining, even for expert tax minimizers. If you finish filing your taxes this season and feel like you could use a little more cash, you can always consider a personal loan to gain immediate security.

Apply For a Personal Loan Online

That's where Atlas Credit comes in. Contact us today, and we can provide you with an immediate personal loan.

How to Get a Higher Tax Refund Next Year

Alter Your Exemptions

If you're a full-time employee, you undoubtedly filled out an IRS tax form known as a W-4 when you were hired. Depending on how you filled out your form, you'll have a specific amount of money withheld from your paycheck and paid toward your income tax.

On your W-4, you're able to claim certain exemptions. The fewer exemptions you claim, the more money is withheld. If you love receiving a large income tax return each year, one of the best ways to increase it is to reduce the total exemptions you claim. Go check with your HR department and see if you're able to make such changes — then next year's tax return will be significantly larger!

Contribute to Your Retirement Fund ASAP

The IRS actually likes it when you increase the amount of money you put into your Roth 401(k) account each year. If you're employed full-time and your company offers options for your 401(k), you can deduct the amount of money you contribute to it from your income tax.

That money remains tax-free until your retirement, so it's by far one of the easiest ways to guarantee better financial results for your future.

Invest in Green Home Improvements

Another one of the ways to increase your tax return that some people don't know about is to invest in energy-saving home improvements around your house. The government encourages such upgrades by offering you tax credits when you switch to more efficient systems. Consider some of these changes:

Solar water heaters
Solar electric systems
Wind energy turbines

You can get a personal loan to finance these upgrades and save money on your taxes. You will also reduce your energy bills, which can lead to additional savings for many years to come.

Unexpected Concerns

Sometimes you need more than just a few ways to boost your tax refund potential. If you just found out that your tax season is going to be a lot more expensive — or that you'll simply be receiving a far smaller refund than expected — you might benefit from a quick and easy personal loan from a lender like Atlas Credit.

Even if you have bad credit or no credit at all, we can help! Apply online or in-store at one of our many Texas, Virginia, and Oklahoma personal loan locations to see if you qualify.

11 Key Benefits of Online Personal Loans | Atlas Credit

Wed, 22 Feb 2023 06:00:00 +0000

Do you need money ASAP but feel uncertain about how to get it? Are you wondering if you should get a personal loan, but you are unsure of the differences between payday loans, installment loans, traditional bank loans, and personal loans?

If that's the case, you've come to the right place. On the Atlas Credit blog, we help you select the best option for your specific situation.

Few people in the world live their whole lives without moments of financial uncertainty. So when you run into money troubles, don't sweat. There's an easy solution: a personal loan from Atlas Credit. A personal loan can give you peace of mind when you have been worrying about your finances, and it can break a bad cycle of debt. Read below to find out the numerous benefits of applying online for a personal loan.

1. Convenience

The ability to sit at home in your pajamas and apply for a personal loan online has to be one of the greatest advancements of modern technology. Seriously, all you need to do is enter your information into an online form and find out if you qualify for a loan.

Since the whole process can occur over the Internet, there's no need to make repeat journeys to your lender's office. And in all likelihood, you'll be approved for your loan even if you have bad credit. How convenient is that?

2. Great in an Emergency

One of the best reasons to take out a personal loan is to pay for something unexpected that arises. You can't predict when an emergency is going to happen. Perhaps you blow a tire and don't have enough in your bank account to buy a new one. Or maybe a pipe bursts in your basement and you have to cover an emergency plumber's bill.

According to CNBC, more than half of Americans have nothing put away for their futures and have less than $1,000 in total savings. So, while we like to think we'd be ready if an emergency came around, the truth is a little bit harsh.

That's one of the reasons a personal loan can truly be a lifesaver. No matter your specific emergency, being able to receive a sudden influx of cash to handle your expenses can change your life for the better.

3. Ease & Accessibility

One thing that turns a lot of Americans away from traditional banks is how picky they can be when it comes to lending money. Banks use a far more rigorous method of approving the loans their customers apply for, and in many cases won't hand out any money without collateral first. That's right -- to qualify for a loan from your bank, you might need to put something on the table first. Your car, your home, whatever you can use for leverage to convince them to help you.

With a personal loan from a lending company like Atlas Credit, that's not only unnecessary, it's unheard of. You can apply for a personal loan online on our website or find one of the many Atlas Credit locations across Texas, Oklahoma, and Virginia. Even if you have bad credit, you'll qualify for a personal loan just by proving you have means of paying it back. It's that simple!

Apply For a Personal Loan Online

4. Smaller Interest Rates

Because of the flexibility of personal loans, they often have lower minimum payments and interest rates than those of competing loans. Why else would so many people use personal loans to pay off their other debts?

Plus, the personal loan industry falls under certain regulations that protect consumers by keeping the loan affordable, quick to receive, and easy to get qualified for.

5. Easy to Apply

Speaking of easy qualification, the actual application process is incredibly simple. If you apply for your loan online from your home in Oklahoma or Texas, the only hold-up is your Internet speed!

Find an Atlas Location

6. Different Criteria for Applicants

One of the amazing benefits of online personal loans is that you don't need to have perfect credit to get them. When you go to a traditional bank, they will look at your credit score and demand close to perfection to approve your loan. The problem is, very few people have anything close to that type of credit record.

Online personal loans are different. Lenders such as Atlas Credit offer loans to people who have poor credit because we know you are more than just some numbers on a page. If you can show right now that you have the means to pay back a loan, then you deserve a chance to repair your credit and prove your reliability.

7. Personalized Loan Repayment Schedule

A good reason for getting a personal loan online is that you can work with the lender to create a repayment schedule that fits your needs. We're not a payday loan company. That means you won't have to turn around on your next paycheck and pay the loan back in full.

At Atlas Credit, we sit down with you to determine the optimal way for you to repay your loan. We get to know you and look at dates and your budget to set a custom repayment plan with you—in terms that you can understand. Traditional banks set dates without worrying about whether you can realistically fit those numbers into your budget.

8. More Favorable Terms Than a Credit Card

Charging expenses to a credit card may seem like the easiest choice at the moment. You have the plastic in your pocket, and you don't need to fill out another application. But credit cards often have unfavorable terms, with high interest rates that can make paying off your card a nightmare when you can only afford the minimum monthly payment.

Personal loans, on the other hand, usually have lower interest rates than credit cards. You won't be tempted to use them again and again like a credit card, either. This stops you from driving up your debt load.

9. No Collateral Needed

Many traditional bank loans require some form of collateral. You have to promise you'll give up something big if you default on the loan, such as your house. When you take out a personal loan online, you don't have to provide collateral. Your word is enough for us to trust that you will pay us back. Our arrangement will save you many a sleepless night wondering if you made the right choice.

10. Pay for What You Need

One of the best things about a personal loan is that it's your money and you can use it for whatever you want. That's why it's personal—you decide how you spend the money. Whether you need to pay for a child's birthday, medical expenses, credit card debt, home improvements, or just want to Treat-Yo-Self, a personal loan is the solution. A personal loan can bridge the gap between the money you will have soon and the money you need right now. You can take out a personal loan to pay for whatever is going on now, then repay it on your own timeline.

11. Get Money Fast

When we say the process is quick and easy, we mean it. Once you're approved, you'll get your money and can start spending it!

Apply For a Personal Loan

Is it a good idea to get a personal loan? The answer is yes. Online personal loans offered by Atlas Credit are a phenomenal way to help you correct your budget, afford that repair you've been putting off, or come out the victor in a tough financial fight. If you want to save time and get money fast and without hassle, consider these many benefits of a personal loan from Atlas Credit. Fill out our online application form today to start your approval and get your money!

Learn Effective Strategies to Increase Your Earnings

Wed, 25 Jan 2023 06:00:00 +0000

Take a look at your bank account. Could you use a little extra money from time to time for certain expenses?

Maybe you already work 40 hours a week at your job and feel like you make plenty of money to support yourself and your family. But are you maximizing your earning potential?

Do you have free time at home to make extra money?

Many people are able to actually double their monthly earnings thanks to a side hustle. If you worked hard enough at it, it could even become your next full-time job! If you're a stay-at-home parent, or simply someone looking for a way to make extra money, here are our tips to earn money quickly from home.

1. Add a Side Hustle

The best way to make extra money is to do extra work. Adding a side hustle to your resume has lots of advantages — first and foremost, the amount of money you will make in addition to your regular salary. Follow your passions so that your side hustle feels like fun instead of work.

How to Find a Side Hustle to Make Extra Money

Make sure that no matter what happens, you always maintain your most consistent source of income to the best of your abilities. That means let your full-time job occupy your mind while you're there, and work it like it's the only job you have until you leave.

Also, never let your side hustle weigh you down financially. The point of a second source of income is that it should be a boon to your cash flow, not another money sink. Even if investing a bit in the side hustle has the potential to create more profit down the road, carefully consider your choices before ever committing, or else you could find yourself in a serious bind. There are quite a few pyramid schemes advertising as real businesses, so do your research!

The only time you should ever spend money on your side hustle is for immediate return on investment (ROI). If you aren't going to make better money instantly as a result of your expenditure, it's not worth it!

Side Hustle Ideas

1. Babysitting

If you spend a lot of time at home with your kids, there's a great chance another parent in your neighborhood could use the help.

Simply offer up your babysitting services at local community meetings like church or other events. Or, put up signs around town with info about the service.

Your kids will love the playmates, and your wallet will love the extra money!

2. Give Your Opinions

If you ever find yourself sitting around and doing nothing but watching TV on the couch, start turning that free time into profit!

Websites like Survey Junkie and Vip Voice allow users to take surveys for 10 to 15 minutes and make several dollars each time. By the end of the month, you can make some serious money on the side!

3. Sell Your Stuff

Take a look around your house. Like most Americans, you probably have a sizable DVD or CD collection gathering dust!

Websites like eBay, Decluttr, or Amazon allow you to sell your collection to others for a good amount of cash. Or you can download an app like Letgo to see if anyone in your area wants to purchase them.

Plus, you can sell all your old electronics, appliances, and even clothing. You never know what kind of money you have lying around the house in the form of unused clutter!

4. Get Good in the Kitchen

Think about it, you have a factory capable of producing products that can sell like hot cakes right in your home -- your kitchen!

If you teach yourself to cook food items that people in your community might enjoy, you can rake in some serious dough. Everything from baked goods to holiday dinners will sell at a decent price, so offer up your cooking skills to your community!

5. Trade in Your Old Electronics

Do you need two old iPhones? Are you ever going to use your iPad from 2014 again? The answer to those questions is probably no, and you can make extra money by trading them in. Plenty of stores and online entrepreneurs buy old electronics, which they refurbish and sell. Look through your house for things you can trade in, such as:

iPods
Laptops
Gaming systems

6. Sell Your Freelance Services Online

You can learn how to make money from home by trying out a new career. If you have ever dabbled in graphic design, edited friends' papers for school, or worked for a radio station, for instance, you may have skills you can sell online. You can find freelance positions for writing, editing, podcasting, and a slew of other specialties.

These jobs usually take a few hours but don't require a full-time commitment. You may eventually find you're so successful at making extra cash from home, you want to make freelancing your primary job.

7. Rent Out Your Car

You probably know you can make money working for a ride-share service. But your car can also help you create extra income from home, without ever leaving the house. You can rent your car out to other people so they can use it to pick up groceries or drive to work. Sign up through a company that will connect you with the renter and take a small slice of the fee. It's mostly passive income you do nothing to earn.

8. Offer Tutoring Services

Whether you're a math whiz, speak perfect Spanish, or are a great violinist, your expertise could help a student who needs extra assistance. You can tutor or give lessons to children of any age as well as college students in your home. Using word of mouth or social media to advertise your services can generate a lot of initial interest. Then others will refer you to their friends as you improve your reputation.

9. Start a Blog

If you have a passion for a subject and a minimal understanding of technology, you can start a blog. You'll be able to make money from home by sharing your thoughts and opinions with people who also care about what you love. You can find blogs on all types of subjects, including:

Fitness
Books
Sports
Parenting

You don't have to be an expert writer or photographer to become a successful blogger. An interesting point of view, unique insights and relatability are much more critical to building a blog following. Once you have some readers, you can make money by selling advertising for your site or adding affiliate links.

Other Ideas for Extra Income:

Take pictures at weddings and other special events.
Offer small business accounting services if you have a background in finance or accounting.
Provide sports lessons for children and young adults, such as pitching in baseball or playing soccer.
Referee or umpire games for local sports leagues.
Draw illustrations for picture books if you are a good artist.
Instruct fitness classes or offer personal training services.
Walk dogs or provide pet sitting services.
Offer makeup and hairstyling if you're particularly skilled at either.
Offer repairs for homes, automobiles, computers -- if you're a capable craftsman or technician, there's always someone who needs something fixed.
Find local businesses that need assistance with social media, such as posting things to Instagram or Facebook.
Play Santa Claus or the Easter Bunny at the local mall during the holiday season.
Open an online store selling your homemade art, clothes, or other crafts.

If any of these spark your interest, give them a try! You never know if it might transform your finances—and your life—for the better.

How to Be Successful at Your Side Hustle

Here are some tips for launching a successful side hustle:

Treat it like your primary job: Always be on time, follow through on your promises, and keep all your commitments.
Keep your primary job and your side hustle separate: Don't do your books for your side hustle while working at your primary job. Don't take calls for your primary job while doing your side hustle. Keep the two of them apart so you can remain professional in both arenas.
Advertise your services by reaching out to friends: Ask them to help you spread the word by posting about your services on social media. Free advertising and word of mouth are the best ways to make new connections.

When you do all these things, you will succeed in your side hustle and make more money.

2. Find Another, Better Job

If your current employer won't budge on the pay raise that you deserve, you have two options.

The first is to find a second job. This can be anything from full-time employment to a side hustle. With a second job, you have another guaranteed source of income. And if you eventually want to leave the first job, you'll have an income stream to fall back on.

The next is to shop around for another employer altogether. Remember, you have value and give value to your employer. It may take some time, but you should prioritize finding gainful employment that appreciates your worth.

3. Reduce Your Monthly Bills

When you spend less, you save more. Your biggest monthly expenses are regular bills, such as your mortgage, electric and water payments, and cell phone bill. If you can lower these, then you will have more disposable income.

How do you decrease your bills? It's time to get creative. Consider refinancing your house to lower your mortgage. If you rent, look for an apartment with lower rent or that includes utilities in the rent for the same amount of money. Have car insurance? Look for lowered rates for switching agents. Decrease water and electricity through conservation. And shop around for a better cell phone price from a competing carrier.

4. Find a Roommate or Renter

If you are the sole breadwinner, you probably have considerable weight on your shoulders to get those bills paid every month. The stress may even hold you back from trying out alternatives to your current line of work.

That's why you should find someone who can split those bills with you: a roommate! Finding a roommate can be difficult, especially with differing lifestyles, a lack of space, etc. But if you know the right person for the job who you can coexist alongside without much fuss, they can help you save tons of money. It's just like getting a raise.

If you're not ready for the long-term commitment, rent out your spare room on Airbnb or Vrbo. You can make cash without putting in much effort, and you also get to meet new people.

5. Get Out of Debt & Save

It may seem counterintuitive at first—why would paying a lot of money right now or saving money lead to a pay raise?

If that money goes toward eliminating one of your biggest bills (and stress factors), you will essentially give yourself more money every month. We always advise our customers to continue saving even under the harshest conditions. The smallest amount you put away today will assist you tomorrow.

Whether it's college debt, credit card debt, or an auto loan, paying off what you owe and starting to save is a fantastic way of changing your financial situation. That money can be used for all sorts of things every month, so work to get out of debt and start saving ASAP.

6. Apply for an Online Personal Loan

If you need more money, you can give yourself a raise by increasing the amount of disposable income you have. But even the savviest saver will need a little extra income now and then that savings won't cover.

Apply For a Personal Loan Online

So here's another great way to change your finances overnight. Even if you have bad credit, you can apply online for a personal loan from Atlas Credit at one of our locations. The sudden influx of money will feel exactly like a big holiday bonus from your boss. That cash can be used wherever you like, even toward a project that will pay you back in the long run.

If you're interested in a quick and easy personal loan from Atlas Credit, apply online or in-store today. You can find Atlas Credit locations across Texas, Oklahoma, and Virginia. Find a location near you to speak with one of our friendly representatives about loan opportunities.

How to Get a Personal Loan With Fair Credit | Atlas Credit

Fri, 06 Jan 2023 06:00:00 +0000

You can use a personal loan for numerous reasons, including financing a large purchase or paying off debt. Personal loans can also cover major expenses, such as a vacation or weddings. You can obtain a personal loan from a lender, but you may wonder if your credit score is high enough for you to qualify.

The good news is that you can still apply for loans with an average credit score and could get approved, depending on other factors. Learn more about fair credit personal loans below and how you can qualify.

What Does It Mean to Have Fair Credit?

Many people have questions concerning credit scores, including what it means to have fair credit. Fair credit means having a credit score between 580 and 669 out of 850. Fair credit is sometimes considered an average credit score, but this only means that people with these scores fall into the middle of possible credit ranges as opposed to the average American having fair credit.

FICO credit scores start at 300 and go to 850, and the average FICO score was 716 in 2021, meaning Americans average good credit scores as opposed to fair. People with good credit scores have more financial opportunities than those in the fair range, but people with fair credit can still qualify for credit cards, mortgages, low-interest rates, and personal loans.

Apply For a Personal Loan Online

How to Get a Personal Loan With Fair Credit

Getting personal loans with an OK credit score is more than possible. While having a good or excellent credit rating is better, finding the right lender can help you get your personal loan application approved. When looking through your option, keep an eye on loan terms, including fees, repayment details, and interest rates.

Atlas Credit fair credit score loans are easy to apply for and could be a good option for those with a fair credit score. You can fill out an application in-store or online for your convenience, and it only takes a few minutes. Your application just needs your name, address, contact information, social security number, and the requested loan amount.

Once you've submitted your online application, a customer service representative will contact you to verify your information. Once approved, you can sign the documents online to speed up the loan process.

Atlas Credit loans for fair to poor credit scores have basic requirements. You must:

Have a verifiable source of income that meets minimum income requirements.
Be 18 years old with United States citizenship.
Be able to meet the ability to repay requirements.

To get approved for loans for average credit through Atlas Credit, you can't be in a bankruptcy case or intend to file for bankruptcy relief.

For some applications, you may need to provide third-party information for the verification process, which can include information from your:

Bank
Place of employment
Income details

If your application is approved, you'll receive a loan agreement to review and sign. The agreement will include the terms between you and the lender, including interest and fees. Atlas Credit is excellent for fair credit score loan options and has team members you can contact to answer your questions throughout the process. You have different options to repay your loan, including through the phone, via debit card, or through mailed checks or money orders.

Apply For a Personal Loan Online

Common Document Requirements for a Loan Application When You Have Fair Credit

Before being approved for a personal loan, you must present your lender with specific documents. These documents help prove your financial and personal information. Once you've submitted the loan application, your lender will review the information before deciding whether or not to make a loan offer.

While lenders have different applications and eligibility requirements, they usually require the same documentation. Understanding the types of documents you need can better prepare you for the application process and keep things moving quickly.

Documents you may be required to submit include the following:

Loan application: Every lender has a unique application to start the personal loan process. For example, online lenders have online applications that are simple to complete. Traditional banks or credit unions often let you choose between in-person or online applications. Loan applications usually ask for personal information like your name, address, and social security number. You may also have to include how much of a loan you're seeking and the loan's purpose. Depending on the lender, you may have to include your gross income or how much you pay for your monthly rent or mortgage.
Proof of identity: Lenders must verify your identity to prevent identity theft and ensure you're a U.S. citizen or permanent resident at least 18 years old. Most lenders will ask that you provide two forms of identification, including a valid driver's license, birth certificate, citizenship certificate, state-issued ID, passport, military ID, or social security card. You should be able to make copies of the chosen forms of identification, so you don't have to submit the originals to your lenders.
Employment and income verification: Personal loans differ from other types, such as car loans or mortgages. Personal loans don't require collateral to back the loan, increasing the lender's risk. This factor is why lenders often as for employment and income verification to ensure you have the financial means to repay the loan. Traditionally employed people can usually submit bank statements, pay stubs, tax returns, and employer contact information to prove their income. Self-employed individuals may be limited to bank statements, tax returns, and 1099s.

Common Obstacles for Lenders

Lenders look at your credit profile to determine if they should approve a loan application, but they look at more than just the score. Lenders consider different parts of your credit report to ensure they're not putting themselves at risk by approving a loan, which can become obstacles for loan distribution to borrowers.

Lenders also look at the following:

Derogatory marks: Having too many derogatory marks on your credit report can make you stand out as a risk to lenders since they show trouble making payments toward debt in the past. Some derogatory marks affecting your credit score include foreclosures, collections, bankruptcies, and tax liens. Major or recent derogatory marks can hurt your odds of receiving a personal loan.
Hard inquiries: Applying for any new line of credit usually adds a hard inquiry to your credit report. Too many hard inquiries can impact your credit score and bring it down, especially in a short period. These inquiries can lead lenders to believe you're experiencing financial hardship and may not be willing to lend you more money since they may think you can't afford to pay it back. Hard inquiries usually stay on your credit report for several years and are more likely to have a more significant impact if you have less credit history or a lower score.
Debt-to-income ratio: Your debt-to-income ratio shows how much you own in relation to your income. Ideally, you want your debt-to-income ratio to stay below 36%, meaning you pay less than 36% of your monthly income toward your debt. If your ratio is too high, a lender may automatically rule you out because they believe you're borrowing close to or more than you can reasonably afford and may end up missing payments.

How to Improve Your Credit Score From Fair to Good

If you have a fair credit score, it's essential to focus on improving it until it's good. A good credit score opens up many financial opportunities that benefit your future. Borrowing becomes easier the better your credit score.

Improving your credit score takes time, sometimes months or years, depending on your current score and borrowing history. You won't see dramatic changes overnight, but consistent changes can help you improve your score over time.

Remember, you're the only one who can truly improve your score. A credit repair service can't fix your score and often charge a lot for minor changes. Credit repair services can only legally do the same things you can for yourself. They can't remove items from your credit report or guarantee a higher score. The only thing they can do is dispute errors, which is something you can do on your own.

The best thing you can do to improve your credit score is to take the appropriate actions. Below are some steps you can take to improve your start working toward a better credit score:

1. Pay Your Bills on Time

One of the best things you can do for your credit score is to pay your bills on time. On-time payments gradually increase your credit score, so if you have a history of making late payments, try to start paying on or before the due date. The more late payments you have, the more they negatively impact your credit score.

Most of the time, your bill and debt repayments are reported on your credit. Paying before the due date reflects well on your as a borrower and makes you seem more responsible to lenders. Payments after the due date or not at all make you appear less reliable to lenders.

Late payments and fees can take a toll on your credit score. One way to avoid late penalties is to enroll in autopay for bills and debt repayments that allow it, ensuring you don't miss a payment. Some lenders even offer borrowers discounts when they enroll in autopay.

2. Check Your Credit Report

Checking your credit score and report doesn't negatively impact your credit, so it's always best to review them when possible. Checking your credit report lets you keep track of your history and identify potential errors that could impact your credit score. For example, after reviewing your credit report, you may find that a collections account has been listed more than once, which you can dispute to help improve your credit score.

3. Pay Past Due Balances

Collections or judgment balances that are past due can hurt your credit score, especially if you're not making payments toward these balances. Paying these past due balances won't make the derogatory marks go away, but they can help bump up your score a small amount, and a little can go a long way to helping you achieve a good credit score.

4. Pay Off Your Credit Card Debt

Credit card debt can significantly lower your credit score, especially if your credit utilization exceeds 30% or you've maxed out your cards. Ideally, you should use 30% or less of your total credit across all approved credit lines. For example, if you have credit cards with a combined limit of $10,000, you should only use $3,000 or less to keep your credit utilization under 30%.

If you use more than 30% of your credit line or have maxed out your credit cards, it's essential to pay them off. Lenders prefer not to see high credit utilization because it shows you're likely too close to the limit of what you can pay back, so additional loans could be riskier. Paying off your credit card debt to lower credit utilization can significantly help your credit score.

5. Keep Your Credit Cards

One mistake people make once they've paid off their credit cards is canceling them. Instead, you should avoid canceling your credit cards to improve your score. Canceling your cards reduces your credit limit, and your credit utilization will increase if you charge the same amount to your cards every month. Closing credit card accounts can also lower your credit age, which can also lower your score.

6. Don't Apply for New, Unnecessary Credit Cards

There's a common myth that applying for new credit cards can improve your credit score. However, opening unnecessary lines of credit can reduce your credit age, which reduces your credit score. Applying for an unnecessary credit card adds hard inquiries to your report and makes it more challenging to receive loans from lenders since you're increasing your debt-to-income ratio.

Avoid opening new credit cards if you already have a few with debts to pay off. Only apply for new lines of credit when you need them, such as a personal loan, car loan, or mortgage. Having fewer unnecessary credit cards and an older overall credit age can increase the likelihood of a lender approving your personal loan.

Choose Atlas Credit as Your Personal Loan Lender

If you're looking for a personal loan and have fair credit, Atlas Credit is here to help. We accept loan applications for people with fair credit, giving those working on their credit a chance to improve their finances. We simplify our application process, letting you apply online and sign your documents once approved. Our application only requires your personal information and loan request amount, and we'll contact you if we need additional information.

We provide customers with affordable credit options, helping those turned down by other banks and lenders. We can help you establish and improve your credit, setting you up to better qualify for more loans and lines of credit in the future. If you have fair credit and want to apply for a personal loan, consider Atlas Credit as your trusted lender and submit your application today!

Why You Should File Your Taxes Early

Wed, 04 Jan 2023 06:00:00 +0000

Many Americans dread tax season like no other time during the year. That's why so many people reason that they have plenty of time -- until April 15th, as a matter of fact -- to get it done.

But why wait? The earlier you get the process started, the better! Here are six reasons why you should file your taxes ASAP!

1. Get a Faster Tax Refund

If you are one of the lucky Americans who, instead of paying out a hefty sum in taxes each year, receives a tax return, you have a great reason to file your tax return right now.

Often, if you delay filing your taxes to the last possible moment, you will find yourself waiting several weeks to receive your return. And if you opt to file by paper, the mailing process may take even longer as it has to travel both ways.

So get on it now! E-file with one of the many free tax return software or websites available and get the ball rolling to receive your return.

2. Secure More Time to Pay Taxes

If you actually owe taxes this year, you may not want to run up against the tax deadline this year.

Say you prepare your Form 1040 in January. That means you have four months to get your finances arranged to better cover the taxes owed. Whether you are an individual or a business owner, that extra time will make paying your taxes in 2020 easier on your pocketbook. You can come up with ways to pay your tax bill when you have a few months to plan, such as:

Saving money each payday from your paycheck
Reducing the number of times per week you eat out
Taking out a personal loan

Plus, the stress of waiting until the very last minute may not seem so heavy. If you have always waited for the deadline to file your taxes, you may be used to the stress.

But if you take the initiative to file your taxes now rather than later, you will save yourself time, energy, and maybe some mental health.

3. Avoid Tax Return Identity Theft

When you start your filing process as early as possible, you can get the jump on any would-be identity thieves long before they find an opportunity.

You may believe yourself to be one of the lucky few who will never face the threat of identity theft, but you truly never know when a thief could strike. And believe us -- any thief with your social security number will not be looking to pay your taxes for you.

Never let someone else take what is rightfully yours, especially after you've worked so hard all year to earn it.

4. Make It Easier to Get an Appointment With a Tax Professional

One of the benefits of filing taxes early is that your accountant will not be busy. When you wait until March or April to file taxes, you give yourself more wiggle room with the tax preparations.

Your accountant's schedule will not be jammed with last-second appointments, and you can spend more time with them discussing important questions or concerns about your filings. You can also maximize the amount of information you provide. If you plan ahead, you can gather all your:

Receipts
Evidence of charitable giving
W-2s
1099s

This will save you the stress of running around the house at the last minute trying to gather these documents. You also give your accountant more time to work on your return when you turn over all your information earlier. This ensures they won't miss any potential deductions and have time to ask you questions about any small discrepancies.

5. Avoid Crowds at the Post Office

Have you ever gone to the post office during the week of April 15? It's busy, people are impatient and workers feel understandably stressed. It's not a place you want to be. Mailing in or electronically filing your tax return before April can save you the headache of navigating the crowds to ensure your return gets the proper postmark.

6. Reduce Tax-Related Stress

Everyone gets stressed out during tax season. You worry about whether you will receive a refund or have to pay the government. Perhaps you are counting on your refund to pay for your summer vacation, or you don't have money set aside to pay. You might spend sleepless nights concerned about what will happen.

Early tax filing decreases your stress load by getting the issue taken care of sooner rather than later. That's less time for you to worry. Instead of wringing your hands over the what-ifs, you will know what you owe or will get sooner. Planning for that is much easier than planning for the unknown.

How Early Can You Do Your Taxes?

The IRS opens tax filings to most individuals on Jan. 27. If you have an Additional Child Tax Credit or Earned Income Tax Credit, you can't file until three weeks later, on Feb. 15. Most people file in March or April, though.

How to File Taxes Early

Filing your taxes early is no different than filing them on April 15. You will fill out the proper forms and submit them to the IRS. If you file online, you will receive electronic confirmation of your filing within a day or two. It will take about three weeks, or maybe less since so few people have filed, for your loan to come through.

Want to start 2020 off right? Consider a boost to your new year finances with a quick and easy online personal loan from Atlas Credit. Whether you have good credit, bad credit, or no credit at all, you can apply now to find out if you qualify for a loan of up to $1,400! Check out our online application, find a brick and mortar store anywhere in the state of Texas, or contact us today!

Tips For Maintaining Your Credit During the Holidays

Tue, 22 Nov 2022 06:00:00 +0000

For many Americans, budgets are getting tighter, and the upcoming holiday season may feel overwhelming. In times of financial uncertainty, putting all of your holiday purchases on credit cards may be tempting. However, this could put your credit score at risk, especially if your holiday shopping leaves you unable to cover your minimum payments.

Along with overspending, identity theft is another risk that could jeopardize your credit this holiday season. Online shopping could put you at greater risk of identity theft. At Atlas Credit, we know protecting your credit score during the holidays is essential. This is why we've compiled tips to help you this holiday season.

7 Tips to Protect Your Credit Score During the Holidays

There are various ways you can protect your credit during the holidays this year. Follow the tips below to maintain your credit while holiday shopping:

1. Monitor Your Credit Score

First, check your credit score before you start your holiday shopping. You can find your credit score on a personal finance website or via your credit card provider. You may also be able to check your credit score via your bank's mobile app. When you know your starting point, you can identify if your credit score rises or falls during the holiday season by regularly monitoring your score.

Beyond the number, review the explanation behind your score. A number of factors can affect your score, such as your credit utilization ratio and your history of on-time payments. By monitoring your score, you can determine what to avoid doing that could negatively impact your score and where you stand if you'd like to apply for credit this holiday season. If you notice a sudden drop in your score, this may be a red flag that someone is applying for credit and using accounts under your name.

2. Avoid Spending More on Your Credit Card Than You Have

A simple way to avoid overspending on your credit card is by using your credit like cash or a debit card. This means you don't spend more than you currently have in your checking account. Though it can be tempting to use a credit card to cover costs you can't afford, this can quickly lead to a balance you struggle to pay off. Many credit cards come with high interest rates, which can make paying off your balance even more challenging.

Your loved ones don't want you buried in credit card debt due to holiday spending, so be sure to monitor your funds and only spend what you can truly afford when you do your holiday shopping.

3. Set a Spending Limit

When you spend too much during the holidays, you could end up with a credit card balance you can't pay off in a lump sum. A higher balance means your credit utilization rate is higher, which can hurt your score. Carrying a balance from month to month can also mean you quickly rack up interest.

One of the best ways to keep your spending under control and protect your credit score during the holiday season is to set a spending limit and create a budget that includes holiday spending. A budget is a financial plan, and simply by planning how much you will spend during the holidays, you can avoid overspending.

4. Watch Your Credit Limits

Your credit utilization refers to how much of your credit limit you're using — the lower your credit utilization, the better. The rule is to maintain a credit utilization rate under 30%. For example, if you have a credit limit of $1,000, you should keep your credit card spending under $300 each month.

If your credit card provider offers account alerts, sign up for them to help you track your credit utilization. Additionally, you may want to request an increase to your credit limit. By increasing your credit limit, you can lower your utilization rate without decreasing your spending.

5. Think Before Applying for Retailer-Specific Credit

During the holiday season, retailers tend to offer discounts to shoppers who open store credit cards at checkout. Know that applying for new credit may decrease your score. An application for new credit can trigger a hard inquiry, which can ding your credit in the short term.

If you're approved for the store credit card, your new account may lower your credit's average age. A store credit card with a low limit can also hurt your credit utilization, so before you apply, make sure the offer is worthwhile.

Rather than applying for a store credit card right at checkout, do your research ahead of time. Determine whether the offer is worth the ding to your credit score, such as a significant discount on a major purchase.

6. Pay Down Your Debt

Before the holiday season arrives, aim to pay down your current debt, especially if you're carrying this debt over from last year's holiday season. By paying off your current credit card balances, you can free up your credit before you leverage it for this year's holiday spending.

Follow the tips below to pay down your debt:

Utilize bonuses.
Enroll in autopay.
Start a side hustle.
Consolidate your debt.
Build an emergency fund.
Cut discretionary spending.
Pay more than the minimum.
Negotiate lower monthly bills.
Use the debt avalanche or snowball method.

7. Beware of Identity Theft

While you should focus on enjoying the holiday season and shopping, beware of identity theft. Thieves and hackers tend to target shoppers around the holidays in identity theft schemes.

Avoid using your debit card PIN whenever possible. When you do need to enter your information, shield the keypad. Carefully watch your purse or wallet and monitor your credit card statements to make sure every charge is one you made. For additional protection, you may want to sign up for identity theft monitoring through your credit card provider.

Get a Personal Loan From Atlas Credit to Cover Holiday Purchases

With a great credit score, you can get better rates on loans, housing, insurance, credit cards, and even cell phone plans. This is why it's so important to watch your credit during the holidays to avoid drops in your score and uncover identity theft. By getting a personal loan, you can both cover your holiday purchases and help build your credit. You may be eligible for a personal loan if you're a legal adult, have a steady job, and can repay the amount you borrow.

Atlas Credit one of the most responsible and reputable consumer lenders in Texas, Oklahoma, and Virginia. We opened our doors in 1968, and our customers are still our most valuable resource. We treat each customer with respect and honesty to deliver top-tier customer service. If you want a personal loan to cover your holiday purchases, our staff is ready to help.

Apply for a personal loan from us at Atlas Credit to cover your costs this holiday shopping season.

8 Tips To Recover From Holiday Spending | Atlas Credit

Tue, 15 Nov 2022 06:00:00 +0000

Many of us might plan to spend a certain amount during the holidays, but the reality of what we actually spend differs from our plans or budget. Each year, Americans spend more and more on holiday gifts, and with supply-chain issues thrown into the mix, you may opt for more rapid shipping and impulse purchases. As a result, you could start the new year with more debt from the holiday season than you anticipated.

Fortunately, even if you spend more than you bargained for during the holidays, you can get your finances back on track with a sound strategy. To help, we've compiled a list of ways you can recover from holiday debt and spending.

How to Recover From Holiday Debt

Here are some of the steps you can take to recover your finances after holiday spending.

1. Try Doing a No-Spend Month

One of the simplest ways to get back on track with your finances after overspending is by not spending at all during a no-spend month. During this month, you'll avoid spending on anything outside of your necessities. Necessities include costs like:

Utilities
Housing
Groceries
Medical bills
Transportation

Avoid unnecessary purchases, such as movies, apps, takeout, haircuts, new clothes, and junk food. By dramatically reducing your spending for a month, you may be able to save money quickly. You can then use these savings to pay down your credit card debt and get your finances back on track faster.

To get the most out of your no-spend challenge, you may also want to use coupons and comparison shop to make sure you're getting the best deal for any of your necessities. You can use money-saving apps to reduce the cost of your everyday purchases. You can also cut down on unnecessary trips to save gas and opt for generic brand products when possible.

2. Cut out Unnecessary Expenses

Your no-spend month can be an excellent way to learn more about your spending habits and what discretionary expenses you can eliminate from your budget until you get your finances back on track. Some of the unnecessary expenses you may want to eliminate or reduce to pay down your debt more quickly include:

Utilities: Unnecessary utilities like cable can be cut. If you find that you miss certain services after you get your finances back on track, you can sign up for those services again. Though you have to pay for your electricity and water, you may be paying unnecessarily high costs for your utilities. Be mindful about turning off lights, and wear layers so you don't need to keep the heat on as high. You can also try to negotiate your bills, and if you can't negotiate the costs down, consider searching for another provider that can offer a better rate.
Takeout: Cooking at home can dramatically reduce your monthly food costs. As such, you may want to avoid eating out at restaurants or getting takeout until you can pay off your debt. You may even want to lower this line item in your budget permanently.
Everyday costs: If you work outside of the home, there are likely minor daily expenses you can reduce or eliminate altogether. Instead of buying a coffee, make coffee at home. Rather than grabbing takeout on your lunch break, pack a lunch. Bring a reusable water bottle to work instead of buying water from the vending machine. Even seemingly small expenses can quickly add up. Cutting out a $4 coffee every workday will save you $80 a month — try to look at these expenses from a month's cost perspective to understand the true savings you can incur.
Subscriptions: Evaluate your subscriptions to determine whether you can eliminate underused services, such as magazines, beauty products, meal kits, and TV and movie streaming services. You may also be able to pause a subscription until you pay off your debt.

3. Assess How Much You Owe

Review all your credit card balances to determine how much you owe. Then assess your financial situation as a whole, including your budget and your financial goals. Consider both your short-term and long-term goals. To get an accurate, comprehensive picture of how much you owe, list all of your:

Debts
Interest rates
Payment due dates
Minimum payment amounts

You can write this information down in a notebook or record it in a spreadsheet. Also, include a deadline by which you'd like to pay off your debt. Revisiting your budget to include your realistic expenses can help you find extra money each month that you can use to pay off the newly incurred debts.

4. Plan Your Payoff of Christmas Debt

To pay off your holiday debt, you should identify a payment strategy. Popular debt repayment methods include the avalanche method and the snowball method. With the avalanche method, you'll pay off your credit card with the highest interest rate first. With the snowball method, you'll start by paying off your smallest debt first. No matter which you choose, make sure it's manageable and one you can stick to.

5. Earn Extra Cash With a Side Job

If you've cut down your expenses as much as possible and you're still struggling to get your finances back on track, you can earn extra cash to pay down your debt by taking on a side job. Making more money is one of the best ways to pay off debt quickly and add more wiggle room to your budget.

With the prevalence of technology, there are plenty of opportunities to make money through a side hustle, even from home. For example, you can take surveys to earn extra cash right from your couch. If you're open to working outside of the home and have some extra time, you can take on a part-time job like driving for a rideshare company, serving at a restaurant, or working for delivery services.

6. Use Your Tax Return

After you file your tax return, you may find that you'll be receiving a refund. Rather than spend that money when you receive it, put it toward your debt and place any leftover funds in a savings account. You can use these savings for the next holiday season so you don't get caught in an overspending cycle every holiday season.

7. Transfer Credit Card Balances for Holiday Recovery

One of the final steps you can take to pay off debt and get your personal finances on track again is by transferring your credit card balances. You can consolidate your debt by transferring your balances to a balance transfer credit card. Consolidating can save you on interest with a 0% intro APR for a specified period.

If you want to transfer your credit card balances, look for a balance transfer credit card with a zero-interest interest APR that lasts at least 12 months. This means you can avoid paying interest while paying down your debt. Aim to pay off your debt during that zero-interest period. Make sure the amount you transfer is something you can pay off during the zero-interest period, or you could be stuck in the same cycle later.

8. Pay Credit Card Balances With a Personal loan

If you don't want to transfer your credit card balances, you can instead choose to pay your balances with a personal loan. A personal loan can be a great financing option during financial uncertainty. With a personal loan, you can:

Get money fast
Cover emergencies
Address your financial needs
Pay off balances on high-interest credit cards

Paying back your personal loan is simple with Atlas Credit. We offer repayment plans for up to 12 months with terms that are easy to understand.

Apply for a Personal Loan to Cover Holiday Spending

At Atlas Credit, we have served borrowers as a trusted lender since 1968. We opened our first office in Tyler, Texas, but since then, we have expanded to more than 50 locations throughout the state. We also serve customers in Oklahoma and Virginia. We treat our clients with respect and honesty and provide top-tier customer service.

Regardless of your specific small loan needs, our staff is ready to help. We offer a wide range of loan terms so you can get the exact loan you need. Apply for a personal loan from us at Atlas Credit today.

The Pros and Cons of Christmas Loans | Atlas Credit

Fri, 11 Nov 2022 06:00:00 +0000

The holidays tend to be an expensive time of year. Between purchasing gifts, feeding family and friends, and traveling, it's easy to see how fast spending can get out of control during the holidays. Many people make purchases they can't afford and end up in tough financial situations because of it. If you need money to get through the holiday season, consider taking out a Christmas loan. Whether you want to buy your kids the best presents or travel to see distant family, weigh the pros and cons of Christmas loans to determine your holiday expense options.

Apply For a Personal Loan Online

What Are Christmas Loans?

Christmas loans are small personal loans that enable borrowers to have extra holiday funds. Whether you want or need more money around the holidays, a loan lets you borrow money for Christmas to cover the cost of food, travel, gifts, and other expenses.

Like other types of personal loans, Christmas loans vary by lender. Your lender will use your income and credit score to determine your eligibility and loan terms. Good credit will help you get better terms and competitive interest rates. Christmas loans can also be secured or unsecured, which determines whether you have to provide collateral for the loan.

Depending on the lender, Christmas loans may allow you to borrow a couple of thousand dollars. Most Christmas loans have short terms, often being repaid before the next holiday season, with low-interest rates. These loans help reduce the stress associated with the holiday season, helping borrowers put the joy back into their festivities rather than worrying about spending.

Benefits of Christmas Loans

Whether you had a difficult year financially or just want some additional spending money to make the holidays extra special, Christmas loans offer several benefits to help you through the holidays. Here are some benefits of using Christmas loans.

Lower Interest Rates

Most people do their holiday shopping with credit cards. However, most credit cards have high interest rates. The longer you let your holiday charges sit with high interest, the more you'll pay in the long run. Christmas loans usually have lower interest rates than most credit cards, allowing you to spend without worrying about the added interest cost. Let's compare the potential costs of Christmas loan interest and credit card interest to give you a better idea of the potential savings.

Let's say your holiday budget is $2,000. If your holiday loan has an interest rate of 3.99%, you'll pay $2,043.50 if you pay it back in 12 months. If you spend $2,000 with a credit card with an 18.34% interest rate, you'll pay $2,204.21 over a 12-month term. This figure can easily be higher if it takes you longer than a year to pay off the charges. The lower interest rates of Christmas loans can help you save money in the long run.

Great Budgeting Tool

Christmas loans can help you stick to a budget. Overspending is easy to do during the holidays, though a personal loan for Christmas can help you identify exactly how much money you want to spend and how much you have left as you spend. For example, only borrow the amount of money you want to spend over the holidays so you have a limit. Then, put the loan funds in a separate account so you're limited to only spending what you borrowed. Keeping the Christmas money separate also helps you easily track how much you've spent so far.

Avoid Racking up Interest

In addition to having lower interest rates than credit cards, Christmas loans have a payoff date and calculated monthly payments to keep you on track to pay off the loan. This system helps you avoid racking up interest and gets your loan paid back quickly. With a credit card, you can take as long as you like to pay off your charges, though the longer you wait, the more interest you have to pay. Without a structured payoff term, you're more likely to accumulate more interest and spend longer paying off the debt.

Allows You to Shop for the Holidays

If you have a low income or are otherwise usually unable to spend money on gifts and other holiday expenses, personal loans for Christmas can give you the ability to shop for the people you love. Everyone wants to give their loved ones the gifts they deserve, and Christmas loans help you pay for them. This can be your opportunity to make the holidays extra special for your friends and family.

Fast Funding

Whether you plan your Christmas budget for months or do your shopping last minute, most lenders can get you the funds for a Christmas loan within a couple of business days. Additionally, you can get the funds deposited directly into your bank account so there's no waiting around. Fast funding allows you to start shopping immediately, which is especially beneficial if you're a last-minute shopper.

Things to Consider About Christmas Loans

While Christmas loans offer numerous benefits, there are some potential downsides to consider before you apply for a Christmas loan:

Can impact your credit: If you miss a payment or make a late payment, your credit score can be negatively affected. To prevent negative blows to your credit score, be sure you can afford the monthly repayment amounts before signing the loan agreement. If you make timely payments, you could actually build your credit score.
May come with fees: Like any loan, there's a possibility for additional fees. Whether you have costs like prepayment penalties or processing fees will depend on your lender. Keep an eye out for them and ask about hidden fees to avoid getting hit with unexpected charges.
Your financial situation may worsen: When considering Christmas loans, it's essential to be cautious. Ensure you understand the loan terms and can afford to make the payments. If you cannot repay your loan, your financial situation may worsen, especially if you already have bad credit.

How to Get a Christmas Loan With Atlas Credit

If you have poor credit and are struggling to find funds to cover holiday expenses, consider getting a personal loan for Christmas with Atlas Credit. We offer various loan terms and repayment plans to find an affordable solution for your financial situation. Our application process is simple — apply online, and if you meet our basic requirements, you'll be approved for your loan quickly. Once you verify your information and electronically sign the loan agreement, you'll see the funds in your account the next business day.

To get started, apply for a loan today!

Holiday Budgeting Tips: How to Manage Your Finances

Mon, 07 Nov 2022 06:00:00 +0000

If spending money during the holiday season puts stress on you and your finances, consider how budgeting can help you prepare and save money. Implement these holiday spending tips to budget effectively and stay on top of your finances throughout the holidays.

Why Budgeting for the Holidays Is Important

The holidays are a season of high spending. From gifts and food to traveling and decorating, many expenses are associated with the holidays. Creating a holiday budget is important because it helps prevent overspending, a common problem. About 70% of Americans overspend during the holidays. Many people lose track of spending, get carried away, or use irresponsible financing methods. Realistically, most people can't afford to spend the amounts they do during the holidays, and many go into debt as a result.

Budgeting helps you take control of your finances and can even help you enter the new year in a good place financially. Budgeting is one of the best ways to save for the holidays and spend realistically.

9 Ways to Navigate Holiday Finances Like a Pro

As you enter the holiday season, you likely have long to-do lists and lots of planning in mind. Before they begin, take some time to sit down and determine how you'll navigate your holiday finances. Managing your finances during the holidays can be easier than you think with these holiday budgeting tips.

1. Set Spending Limits

There are many ways to set spending limits for yourself. Start with the total amount you plan to spend over the holidays — including gifts, travel, and decorations. Next, break down where you'll allocate your money and how much you want to spend on each thing or person.

For example, if your total spending limit is $1,000 and you know you want to spend a majority of those funds on gifts for your family and friends, you may limit yourself to spending $750 on gifts. You can then break that limit down further to limit how much you'll spend on each person. This method helps you visualize where all your holiday money is going.

2. Cover Gifts and Expenses

While gifts are one of the biggest expenses during the holidays, many others often get overlooked, leading to overspending. Your holiday budget should also include any other anticipated expenses. For example, if you plan to travel, you should include the cost of gas, hotels, airfare, or other travel costs in your budget. Or, if you plan on hosting a holiday party, factor those costs into your budget too. Covering the cost of gifts and other expenses can help you determine where you may need to cut back.

3. Track Your Spending

Keep track of your spending so you know exactly how much you've spent and where you spent it. Keeping receipts can help you track spending and is helpful if anything needs to be returned. If you're shopping with a debit or credit card, regularly monitor your accounts. Even recording your spending on a notepad or spreadsheet can help you track where your funds are going.

4. Make Your Budget Early

The earlier you make your budget, the sooner you can start saving and eventually start shopping. When you start planning your holiday budget early in the year, you'll have a better idea of how to budget for other expenses throughout the year. Early budgeting also helps prevent scrambling for funds and last-minute, impulse shopping. Additionally, when you're able to start shopping early, you're more likely to find what you want and be able to get it on time.

5. Trim Down Your Budget

Another benefit of budgeting and starting early is the ability to trim down your budget. Cutting your budget back is especially important if you start budgeting and realize you can't comfortably afford what you originally planned to spend. With an organized budget, you can identify areas you can cut back or find more affordable options.

For example, you may decide to do a potluck holiday dinner where everyone brings a dish to share rather than buying and preparing everything yourself. Or, you may find ways to gift handmade, refurbished, or thrifted items rather than purchasing brand-new products, which are more costly.

6. Use Online Tools

Online money management and budgeting tools can be extremely helpful, especially if tracking your spending on a notepad doesn't work for you. You can find online tools for just about any aspect of budgeting. Whether you want to create a budget online, set monthly spending limits, or track all your spending in one place, online tools can help you stay on top of your holiday finances.

7. Open a Holiday Savings Account

If you plan to save for the holidays ahead of time, consider opening a separate holiday savings account. As you save, you can transfer money into this separate account to know exactly how much money you have set aside for the holidays. Putting your holiday money in its own savings account also reduces the chance of it getting spent on other expenses throughout the year.

Even putting a few dollars aside each week can give you a headstart on a holiday budget. Rather than having to dig into your primary savings account for holiday expenses, you may only have to dip into it since you'll have some saved over in your holiday savings account.

8. Use Coupons and Hunt for Deals

Coupons and discount codes are an effective way to save money during the holidays. For example, online coupon providers offer discounts and coupons and can help you find the best deals for everything on your list.

When considering deals, make sure to take some time to research prices to determine whether you're actually saving money. Some products may get marked up and discounted to appear as a good deal when you're actually still paying close to the normal price. Do your research and hunt for good deals rather than jumping the gun.

9. Pay in Cash

If you find that your spending gets out of hand when shopping with debit or credit cards, paying in cash can help you be more strict with your budget. Taking out your entire budget in cash helps increase your awareness of how your money is spent since you're physically giving it away each time you make a purchase.

Take Out a Personal Loan for Holiday Spending

Budgeting for the holidays helps you save money and prevent overspending. If you haven't started saving yet and are in a pinch for funds during the holiday season, consider taking out a personal loan with Atlas Credit. Holiday loans give you the money you need for your budget upfront without breaking the bank. Contact us for more holiday financial tips, to learn more about using personal loans for holiday spending, and fill out an online application today.

Trying to Improve Your Home on A Budget? Here's How!

Wed, 12 Oct 2022 05:00:00 +0000

Like most Americans, your home is likely your biggest investment. And if you intend to get a great return on that investment, it can hugely benefit you to perform minor improvements here and there.

Small, affordable renovations to your home can significantly boost its overall value — even some you'd never expect! Read how you can increase the value of your home investment on a budget!

Know Where to Save and Where to Splurge

When you decide it's time to make improvements on your home to increase its value, it's tremendously helpful to know where to start.

When you look at the numbers, it's clear that the area where you should really go all out is the kitchen. A minor kitchen remodel can net you an 82.7 percent return on your investment. Plus, real estate agents always put a huge focus on this room in particular. Another thing you might not think about: your front door. Installing an attractive new front door can bring you an incredible 96.6 percent return on your investment!

On the other hand, one room you should not spend much money renovating is your home office. Yes, more people work from home than ever before, but the next owners of your home may decide to change everything to turn that room into an office. With only a 48.9 percent return on investment, you're basically wasting your money.

Perform the Labor Yourself

When the time comes to actually paint your rooms, tear down old stuff, and install the new flooring, paneling, or fixtures, don't waste your money by unnecessarily hiring someone else.

By doing the work yourself, your only costs are the price of the materials used and your own time. If you paid a professional to do the work, you might have the comfort knowing it'll be finished without you lifting a finger, but it'll cost much more in the long run.

And if you're hesitant to do the work yourself because you aren't certain how to perform it, there's an incredible tool at your disposal: the Internet. Virtually every home improvement project has been covered extensively somewhere online, only a Google search away.

Paint Your Cabinets

Want to make a significant change for a small price? One of the cheapest and easiest home upgrades you can make is painting your kitchen cabinets. You can transform the look of the room with a few coats of paint. Plus, it takes no particular skill to accomplish the project. Just approach the job carefully and follow the directions for priming the cabinets before you paint. The results will wow you.

Use Peel and Stick Flooring

Putting in a new floor may seem like a job for a professional, but you can do it yourself when choosing the right type of flooring. One of our favorite cheap home improvement ideas is using peel and stick flooring, which you can put right over your existing floor. You get a high-quality look for just a bit of effort, and for so much less than you'd pay for other flooring options.

Add Window Trim

Window trim gives your home a simple yet sophisticated look, and you don't even need any special tools to do it. Watch a YouTube video on how to install frames to teach yourself what to do.

Paint the Ceramic Tile in Your Bathroom

When you're looking for how to improve your home on a budget, think about changing the look of a room without spending a lot of money. Ripping out the ceramic tile in your bathroom, for example, would cost an arm and a leg. But painting that tile or at least sections of it can give you an entirely fresh appearance for the bathroom. Choose two contrasting colors and get to work. All you have to pay for is the paint.

Invest in Chalkboard Paint

Is chalkboard paint one of the best inventions ever? We think it belongs in the "cheap renovation ideas" hall of fame. You can use it any room to give your family better ways to stay on task:

Paint the middle of a cabinet in your kitchen with chalkboard paint to get a place to write up your nightly menu.
Add it to a wall in a kid's room so they can keep track of their homework.
Cover part of the mudroom with chalkboard paint and post the weekly family schedule.

Put in a Backsplash

One of the most popular home renovation ideas on a budget is to add a backsplash to your kitchen or bathroom. You can find inexpensive ones at home improvement stores or even shop online to look for discounted backsplashes. Glass and stone options will add beauty to your decor, and they are easy to install by yourself.

While a backsplash provides a great updated look for a room, it's also practical. Water splashes above the sink when you do the dishes or brush your teeth before bedtime. By installing a backsplash, you protect the paint on that wall from washing away or getting distorted.

How to Do Major Home Renovations on a Budget

If you are a homeowner looking to improve your home or make necessary repairs, you may not have the money available to handle the costs. Many home improvement projects can be exceedingly expensive — as a result, homeowners may be reluctant to make any fixes or upgrades and opt to save money instead.

While putting money aside in savings to eventually make a repair is a great strategy, sometimes you may want to go ahead and get the improvement done ASAP. Whether it is to raise your property value or simply make your home feel more personalized, you will probably wonder what your best option is for securing the necessary funds.

Home Equity Loans

Another way homeowners try to fund their home improvement projects is home equity loans. These loans have lower interest rates than personal loans because they typically take 20 to 30 years to pay off.

Why so long, you ask?

Because home equity loans are often used for the major home improvement projects like completely remodeling a property, adding rooms, improving the exterior and interior. Some of these loans range from $20,000 up to the many hundreds of thousands of dollars.

For many individuals with unstable income or uncertainty of their future finances, these loans can be exceedingly risky. If you cannot pay them back, you could lose your property, watch your credit score tank, and end up with a mountain of debt.

Personal loans allow individuals and families without home equity to borrow a lump sum from a lender like Atlas Credit and repay it within a scheduled amount of time. When you go the personal loan route, you are not required to put up your home or vehicle as collateral. Typically, this might mean your lender is stricter when it comes to approving your loan, but when you choose Atlas Credit, we approve personal loans even for borrowers with bad credit.

Traditionally, personal loans have been obtained exclusively from lenders like banks and credit unions. But more recently, thanks to advancements in technology, you can apply for a personal loan straight from the comfort of your own home.

Personal Loans for Home Improvement

Personal loans for homeowners give them a chance to raise the value of their property. Fixing small issues around your home or investing in more significant changes will pay off when you try to sell. You will increase the worth of the property, and you may get a higher asking price when you put it on the market.

Why is financing home improvements a good idea? Here are just a few reasons you should consider using a personal loan for your home:

Long-term investment: When you put money into your home now, it pays off in the long term.
Greater enjoyment of your home: You should like where you live, and using a personal loan to do something special, such as fix up your deck, will improve the time you spend in your house.
Improved value: Your house may be appraised for a higher value when you make home improvements.
Better durability: You can get your home in better shape for the future by applying small changes that will make it sturdier, such as fixing gutters or replacing shingles on the roof.

When individuals and families need quick cash to cover the expenses of a home improvement project, qualifying for a personal loan can be a fantastic way to get the money in your pocket immediately and worry about repaying it later. You get the benefit of an improved home and not having to worry about breaking the bank to cover the costs.

If you have been searching for home improvement loans in Texas but fear getting turned down due to your bad credit, you may think you have no chance of securing a loan. But Atlas Credit lends to people with suboptimal credit. We look for a willingness to pay off the loan and a steady job. If you have both, you are a promising candidate.

Apply For a Personal Loan Online

Apply for a Personal Loan

While home improvement expenses can seriously improve the overall value of your property, the upfront cost might be a little prohibitive for some people. But when you learn that the money you put in can pay off in big ways in the future, it can be truly worth it to spend that money.

Fortunately, there are resources out there like personal loans from companies like Atlas Credit if you don't have the budget for home improvements. Small loans as low as $100 and as large as $1,400 can have a big impact on your home improvement projects. When you need to splurge on that higher-quality tiling for your kitchen, it'll be worth it to acquire the money however possible — and pay it back over time at your convenience.

Atlas Credit offers personal loan repayment plans over 5- to 12-month periods. In other words, long after you see a great return on your initial investment, you can pay off your loan with ease. Now that you know how to add value to your home on a budget, make your dreams come true. Contact Atlas Credit today to learn more, apply online or stop by one of our locations in Texas or Oklahoma!

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What to Know Before Taking Out a Loan | Atlas Credit

Wed, 05 Oct 2022 05:00:00 +0000

Loans are borrowed money that needs to be paid back, typically with interest. Loans can be used to cover big payments, like the cost of a house or college, since most people can't readily spend that much money. Borrowing money is a big financial decision that can affect your financial position for the rest of your life. Make sure you understand how taking out a loan works and what to know about taking out a loan before applying for one.

From interest rates to the application process, having some tips for taking out a loan can help ensure you're making smart financial decisions.

Things to Consider Before Taking a Loan

Taking out a loan is a serious decision to make with great consideration. Loans are typically significant amounts of money that you wouldn't have upfront. While being able to borrow money is extremely helpful for many people, you need to be careful about the loan you get and how you go about getting it. To help you make the most informed decision, here are a few questions to ask yourself before taking out a loan and general things to consider.

Why Do You Want a Loan?

Loans help people finance nearly anything. Sometimes, loans are used unnecessarily, so it's important to consider what you want the loan for and whether you need the money immediately or could wait and save up your own money. Here are a few common reasons you may want to take out a loan:

Home mortgage: Put simply, buying a house is expensive. Most people don't have the funds to buy a house with cash or even a check. In this case, you'd finance a new home with a loan so you can pay it off over time.
Vehicle financing: Similar to a house, most people can't afford to purchase a new car out of pocket. Even used cars can be out of reach without a loan. Loans allow you to finance a vehicle on the spot.
Home improvements: You may need a loan to make home improvements or remodel. Building an addition, remodeling a bathroom, or replacing all your appliances can add up quickly. With a loan, you can make these dreams a reality without having the money in your pocket.
Education: One of the most common reasons for taking out a loan is for education. College and other forms of higher education can cost tens of thousands of dollars per semester. The cost seriously adds up over four or more years. Loans make education more accessible for more people.
Wedding expenses: In 2021, the total cost of a wedding was an average of $34,000. It's common for couples to use loans to cover the cost of wedding components, like the venue, dress, flowers, and more, to avoid draining their savings accounts.
Emergency expenses: Emergency expenses can take you by surprise. If you suddenly need to cover medical bills, funeral costs, or other emergency expenses, you may consider taking out a loan to finance these unexpected costs.
Moving costs: Moving your belongings from one location to another can be costly, especially if it's a long-distance move. Whether transporting your belongings, purchasing new furniture, or transporting your car across the country, a loan can help you cover the costs without tapping into your savings.
Debt consolidation: If you have multiple credit cards or loans you owe money on, you may get a new loan to pay off all the others so you only have one to make monthly payments on. This can be beneficial, especially when your new loan has a lower interest rate.

How Much Money Can You Afford to Take Out (and Pay Back)?

A loan is borrowed money, which means it needs to be paid back. Many lenders will give you a grace period after receiving the loan, then monthly payments on the loan start. In many cases, you'll have options regarding the monthly payment amount, interest rate, and length of time you'll repay the loan. This is one of the biggest financial decisions to make because it determines the total amount you'll pay back. The longer you take to repay the loan, the more interest it accrues, and the more you end up paying.

For example, let's say you want to take out a $10,000 loan. The lender may give you two repayment options:

Monthly payments of $188.71 over five years with a 5.00% annual percentage rate (APR)
Monthly payments of $304.22 over three years with a 6.00% APR

While the first option may look like the more affordable choice because it has a lower monthly payment and APR, it's actually the more expensive option. If both are paid off on time, the first option would cost $11,322.74, and the second would cost $10,951.88. Despite having a higher interest rate, the second option gets the loan paid off much sooner than the first option, so less interest accumulates over the shorter time frame.

Be sure to consider repayment options carefully. Just because you can afford a lower monthly payment doesn't mean you can afford the loan over time.

What Kind of Loan Do You Want to Take Out?

Your needs will likely determine what type of loan you'll take out, though some can be used for various needs. For example, personal loans can typically be used for whatever you want. If you're using a loan to pay for a wedding, emergency expenses, or home improvements, you'll likely get a personal loan. Depending on the lender and the amount borrowed, personal loans may be repaid over a few months or several years. They can also have fixed or variable rates.

Here are several more common types of loans you could take out:

Home equity loans: Home equity loans let you borrow a percentage of your home's equity to use for whatever you want. You'll receive a lump sum and repay it in monthly installments over five to 30 years. Similar to a home equity loan, a home equity line of credit (HELOC) works like a credit card in which you can draw from a credit line during specified draw periods, then pay off the loan within 20 years. Home equity loans typically have fixed rates, while HELOCs have variable rates.
Payday loans: Payday loans are the riskiest and often most expensive type of loan you generally want to avoid. These types of loans let you borrow anywhere from $50-$1,000 without a credit check, making them the easiest to get. However, they need to be fully repaid by your next payday. Many borrowers struggle to do so and end up renewing the loan, which results in heavy fees, high-interest rates, and an endless cycle of debt.
Credit-builder loans: If you have no or poor credit, you can use a credit builder loan to improve your credit score. These generally don't require a credit check and are often for smaller amounts of money, which gets put in a savings account as you make monthly payments over six to 24 months. Once the loan is repaid, you get your money back. These loans show major credit bureaus that you've improved your credit and can make timely payments.
Auto loans: Auto loans are generally easy to get. You'll borrow the price of the car and typically pay it back between 36-72 months, depending on the terms. Most auto loans use the vehicle you're buying as collateral, which means the lender can repossess the car if you stop making payments.
Mortgage loans: Mortgage loans let you borrow the price of a house minus your down payment. Like auto loans, your property is collateral and can be foreclosed if you stop making mortgage payments. Mortgages can be repaid over 10-30 years and have fixed or adjustable interest rates.
Student loans: There are two types of student loans — federal and private lenders. The U.S. Department of Education funds federal student loans, which means students with the same type of loan have the same terms, interest rates, fees, and repayment periods. Federal student loans are more desirable because they usually don't require credit checks and offer benefits like forbearance, deferment, income-based repayment, and forgiveness.

Secured vs. Unsecured Loans

Most types of loans are either secured or unsecured, which ultimately refers to whether or not they're attached to collateral. Secured loans are attached to something so lenders can easily claim their money if you stop paying. The most common secured loans are mortgage and auto loans. Secured loans are easy to get because lenders can easily repossess your property to get the money you stopped paying.

Unsecured loans are the opposite. They aren't attached to collateral, so if you stop making payments, the lender has to take legal action against you to collect payment. Taking legal action to receive payment can be a long process. Since unsecured loan lenders cannot quickly collect from you if you stop repayment, these loans are riskier to hand out, making them harder to get. Unsecured loans typically require pristine credit scores and history.

Your Credit Score

Your credit score is a significant factor when taking out a loan. Your credit score and credit history show how much debt you have and how well you make timely payments on that debt. Your score is based on numerous factors, including your payment history, how long you've had debt, new credit, types of credit, and more. Payment history is most important, as lenders want to see that you're likely to repay the loan.

A good credit score can affect your interest rates and monthly payments. The better your credit score is, the lower your rates and payments will likely be. People with low credit scores are less likely to be approved for a loan unless they have a co-signer with good credit. A co-signer becomes responsible for repaying the loan if you fail to do so.

Knowing your credit score is important so you know where you stand and what types of loan terms you may be eligible for. The best way to determine your credit score is by using a free score calculator online. Many banks and lenders also offer credit score calculators.

Your loan can either positively or negatively affect your credit score. Making payments on time and successfully paying off the loan can help build your credit. On the other hand, failing to make payments, paying late, or ignoring the terms of the loan can negatively impact your credit score, which will cause issues next time you try to get a loan.

Details of the Loan

Before signing for your loan, you must ensure you completely understand your loan details. Fully read the loan terms to understand the APR and any hidden fees you may encounter down the road. As mentioned above, the APR can significantly affect how much money you repay on the loan over time. Depending on your rate, you could pay significant interest amounts. Be sure to compare APRs for different loan options, like in the above example, to be sure your financial decision is logical.

Be sure to check the terms for hidden fees or ask the lender about them since they aren't always brought to your attention. Here are some common fees to watch for:

Prepayment penalty: Some lenders charge a fee if you pay the loan earlier than expected. This is a method used to ensure the lender gets the full interest amount.
Late fee: Late fees are charged when your monthly payment is late. This will also harm your credit score.
Failed payment fee: If your account balance is too low to cover a payment you tried to make, the payment will fail. You may be charged a fee when this occurs.
Loan processing fee: Most common with mortgage loans, a loan processing fee is often charged during the application process.

Know Your Loan Options

There is an abundance of ways to obtain a loan, which can be helpful when weighing your options. If there's a bank you already have a relationship with — for example, you may have a checking and savings account with them — it can be quick and easy to sit down and get approved for their loans. However, shopping around online can be a great way to find online lenders and other loan options, depending on how much you want to borrow.

For example, you can apply for a personal loan through Atlas Credit Co. online without using your credit history. Lenders like Atlas Credit help people with lower incomes get approved for loans with good terms and build their credit. These lenders can be more beneficial because they'll look at your situation and help you determine the best loan for your needs. They can even provide resources on what to know before taking out a personal loan.

Apply for a Personal Loan Online

If you're taking out a loan for the first time, you may feel overwhelmed with things to consider before taking a personal loan. At Atlas Credit, we make the online application process quick and easy. We help underserved applicants get the credit they need. We'll work with you and your financial budget to find an affordable solution for you. Apply online, and we'll get in touch with you, or contact us for more information on what to know about personal loans!

Smart Strategies for Automatic Savings | Atlas Credit

Wed, 14 Sep 2022 05:00:00 +0000

Saving money can seem like a challenging feat, especially when it feels like prices for everyday necessities are constantly on the rise. Despite the increasing cost of living, there are many tricks, some classic and some more modern, to help ease the burden of common expenses.

It is possible to save money without making any drastic changes to your lifestyle. Budgeting efficiently and allocating funds correctly can save you money without you even thinking about it. Once you practice simple ways to save, they will become just another part of your everyday routine.

If you follow these nine easy steps, you’ll notice an increase in your savings in no time!

1. Save your change.

Using cash is a good start on your venture to save money. When you use cash, you physically have the bills and change in your hand, so you can realistically see what you spend and where you spend it.

If you already use cash, save your change. Change really does add up over time, so be conscious of what you do with any coins you find or have lying around.

One way to keep track of and save your change is to start a coin jar. Exactly as it sounds, set aside a specific container to place all of your coins in that you accumulate throughout the day.

It is so easy after using cash to just toss your change in your purse or wallet and forget that you have those extra coins. Instead, assign a certain pocket to put your change into until you get home. Once home, throw your change in your coin jar. If you let those coins pile up, it will surprise you how much money you used to let just sit around in cup holders and coat pockets.

2. Use automatic savings apps.

One less traditional way to practice better saving is through different apps. There are so many lifestyle and financial apps floating around out there, so there surely is one that is right for you. Here are just a few of your options when trying out a savings app:

Chime

Chime is a free mobile banking app with an automatic savings program. Its main perk is its Save When You Spend feature, where it “automatically rounds up transactions to the nearest dollar and transfers the Round Up from your Spending Account into your Automatic Savings Account app.”

For example, if your total bill is $4.75, Chime puts the extra $.25 into your savings. This means that with every purchase, the app will transfer some money to your savings account without you even realizing it.

Digit

Digit is a personalized money and investment app that helps you save money where you can afford to do so. This app uses an algorithm to track your income and expenses so that it automatically puts money you can spare in a savings account. It is easy to use and allows you to move your money back in your checking account if you need to with no penalties.

This app claims to help you “manage your money, improve your financial health, and save an average of $2,500 a year along the way,” according to members' average savings in 2020.

Signing up for a Digit account is free for the first 30 days. After this, though, it is a monthly charge of $5 to keep your account.

Acorns

Acorns is a savings and investment app geared toward beginner investors. Similar to Chime, Acorns has a robo-advisor feature that rounds your purchase to the nearest dollar and puts the remaining change into a separate account. The app offers different pre-designed robo products, such as Invest, Later, Spend, Found Money, and Early.

While Acorns can help save you money, the app focuses more on investing. When you sign up, Acorns will ask you a variety of questions to create your profile, which personalizes your investment plan.

This app has three different bundled plan options. Lite, geared toward new investors, costs $1 per month and only offers Invest, its investment account. For a rate of $3 each month, you can get the Personal plan, which offers Invest, the retirement account called Later and the Banking, or checking, account. The last option costs $5 per month and is called Family. This plan includes each previous account plus their Early account, which is an investment account for kids.

B of A Keep the Change

Bank of America’s Keep the Change program, like Chime and Acorns, rounds each purchase to the dollar and transfers anything extra from your checking account into your savings. The one significant difference between the Bank of America program and some of the other apps listed is that you need to have a Bank of America checking and savings account to enroll.

3. Put your money into a savings account with a high-yield interest.

A lot of savings accounts offer interest rates just for keeping your money with them. It’s important to look at different options to see which savings account will give you the best Annual Percentage Yield (APY), or the rate of return on savings deposits.

Average savings accounts pay around 0.06 percent APY, while high-yield savings accounts, mostly used for emergency funds or savings storage, typically pay 20 to 25 times the national average savings rates. Some examples of high-yield interest accounts are:

Ally

Ally.com is a significant starting point for looking at High Yield Certificate of Deposits (CDs). A CD, however, differs from a savings account in that moving your money around is less flexible. If this is not a big deal to you, then it is worth it to check Ally out.

Their website features a calculator that allows you to see the estimated earnings of your CD by entering your opening deposit amount and the term of the CD. This is a great way to plan out your possible earnings without you having to worry about touching your money.

Vio Bank

Vio Bank offers online savings accounts with a 0.51% APY. Their website lists some of their savings account perks as having a $100 minimum deposit to open an account, no monthly fees, insurance up to $250,000 and six free withdrawals per monthly cycle.

Popular Direct

Popular Direct has many options for high-yield CDs and savings accounts. Their product selector tool allows you to express your savings goals, and they match you with the best products for needs.

Savings accounts at Popular Direct offer up to 0.45% APY and are FDIC insured. One drawback of this account, however, is that the minimum deposit to open your account is $5,000. Their CDs offer an APY of as high as 0.85% with a minimum balance of $10,000.

4. Create lists before going shopping.

Whether it is for groceries, clothes or any other purchases, make a list before you go shopping and stick to only buying things you put on that list. This way, you only buy the things you truly need. People spend so much extra money by browsing the aisles when they go to the store without a set goal in mind.

A few other things that go hand-in-hand with sticking to your list are buying only what you need, using what you have before buying new and trying to avoid browsing stores online because this will only tempt you to purchase items you don’t need or might not use.

5. Put the money you saved from discounts into your savings account.

You “save” money from getting discounts and using coupons, but are you really saving that money? Instead of using discounts as an excuse to buy something else to make up for the saved amount, calculate the difference between the original price and the price you pay and put the difference into your savings account. If you do this, your discounts actually will add up in a way that you can see.

6. Save your extra income.

If you get a bonus or a raise at work, pretend that you didn’t. Put any bonus money or the difference between your old and new paychecks into your savings. Once again, this will make a difference that you can see. This is especially important around the holidays and any bonuses you may get during that time. As tempting as it may be to spend this money, it will be much more gratifying to see the build-up in your savings account.

7. Use cash instead of a credit card.

Shopping with cash makes it a lot easier to monitor what you spend. When you swipe a card, you do not realize how much money you spend. If you have the physical bills in hand, however, you can see exactly what you hand to the cashier.

Cash also allows you to limit yourself. For example, if you only grab a ten dollar bill, you only have ten dollars to spend and nothing more. If you take your credit card and tell yourself you are only going to spend ten dollars, you still can go over that amount if tempted.

In fact, studies show that people will spend up to 83% more when they pay with a credit card over cash.

8. Hang out with friends at home.

You don’t need to go out to have a good time. Sometimes having friends over is just as much fun as if you were to go out somewhere. Spending money on activities and food is not a necessity, and if your budget cannot handle it, there is no shame in having a night in. Invite some friends over, have a movie night or whip out some old board games. You can have just as many laughs with games and things you already own rather than going out and spending money on something new or different all the time. On the same note, make coffee at home instead of stopping to buy it from a coffee shop. With a little bit of a change in your routine, this will help you save up to $5 a day if you constantly stop for coffee on your way out.

9. Your work can help.

Most companies offer different ways to help you organize your funds. Research the options your company offers and decide what is best for your needs. Discuss putting money into a retirement account. Many companies will match up to a certain percentage of your retirement investment. Also, request that they deposit a certain percentage of your paycheck directly into your savings account. This way, if the money goes directly into your savings instead of your checking, you will not have to move the funds yourself. This means that you do not even see the money and likely won’t even think about spending it.

Explore Your Options

Overall, there are a lot of different ways you can save money without even realizing it. No matter what lifestyle you currently have, there are ways to build your savings without making any drastic changes.

While these are all simple and effective ways to save, not all of these options may be for you. Everyone has different values and a different lifestyle, and you should not have to change those to save money. Instead, plan out what is important to you. Decide which of these tips will least affect your life and will not interrupt your routines, and you will save money without having to think about it.

Find which of these tips or which combination of saving techniques works best for you and stick to them. If you follow these tips consistently, you will see great results when you check your savings accounts.

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How to Pay for Car Repairs: Budget-Friendly Solutions

Fri, 02 Sep 2022 05:00:00 +0000

Purchasing a car is a decision that impacts years of your future, even beyond the payment period. After you've finished paying your car off, you'll have to continue making planned payments for inspections, new tires, and battery replacements, not to mention gas. Though you probably try to take the best care of your car to reduce the need for expensive car repairs, parts will break down and need attention from time to time.

In this article, we'll take you through the most expensive car repairs and how to pay for car repairs with limited cash.

What Cars Are the Most Expensive to Repair?

A 2022 study by Motor1 analyzed the 20 most expensive cars to maintain, depending on their average 10-year maintenance and repair costs. Based on national averages, the top five most expensive cars to maintain and the associated costs include:

Ram 2500-5500: $25,134 to $25,844
Porsche Cayenne: $20,552
Porsche Macan: $20,137
Ram ProMaster City/Cargo Van: $19,870 to $20,061
BMW X6 M: $18,900

Why Are Car Repairs So Expensive?

A lot goes into the price of car repairs, including the cost of parts, the amount of labor required, and how long a job will take. Premium car brands — like BMW and Porsche — are more expensive to manufacture and come with a higher sticker price, so it makes sense that maintenance costs would be higher, as well. In some ways, you trade saving money for vehicles with extra features that are fun and smooth to drive.

How Much Are Car Repairs?

Let's look at some of the most expensive types of car repairs, how expensive they are, and how you can avoid them. Preventing car repairs helps ensure you can spend your money on other — more fun — pursuits, like weekend road trips, eating at restaurants, and gifts.

1. Engine Replacement

The engine is the powerhouse of your car, so it makes sense that it's one of the most expensive parts to replace or repair. Unfortunately, engines are bound to wear out, especially considering many people drive thousands of miles every year.

Getting a new engine is expensive due to the materials and labor required. Repairing an engine can cost between $4,000 and $7,000. If you're experiencing any of the following signs, it may be time to get your engine checked out:

Your check engine light is on.
You notice your car isn't running properly.
Oil or coolant is leaking from your car.
You hear thumping or grinding noises.
There's a sudden increase in exhaust from your engine.

Though engines are bound to wear out as your car gets older and you put more miles on it, you can do a few things to prevent engine wear out. Some solutions include regular oil changes and taking your car in for a professional inspection when you notice the check engine light is on.

2. Transmission Replacement or Rebuild

The transmission transfers the power from the engine to the wheels so your car moves. These parts usually last a long time — as long as they've been properly cared for — but you can expect an expensive replacement should you need one.

If you want to replace your current transmission with an exact copy, costs will likely fall between $3,000 and $7,000. However, the cost will ultimately depend on your car's make, model, and year. Rebuilding your transmission is about half the cost of purchasing a new transmission.

You can try and avoid needing transmission work by keeping transmission fluid fresh. If you drive a manual car, try not to ride the clutch too hard or too often while you shift.

3. Brake Systems

The system that allows you to slow down and stop your car comprises a few parts and pieces — pads, rotors, and calipers. Replacing these items on their own isn't too expensive, but when you need an entire new brake system, you could be looking at costs of more than $1,000.

Making sure your breaks are up to standard is incredibly important for your safety and the safety of other drivers on the road. Quality brake pads should last between 30,000 and 70,000 miles, so it might be time to bring your car into the shop if it's been a long time since you had your breaks inspected.

Some ways to make your brakes last include:

Leaving space between your car and the car in front of you
Driving slowly in high traffic to avoid heavy braking
Never using two feet on your brake pedal
Coasting where you can
Starting to coast long before reaching stop signs or stoplights
Removing heavy items from your car

4. Head Gasket Replacement

The head gasket plays a crucial role in keeping combustion gases, oil, and coolant from leaving the engine by creating a seal between the engine block and cylinder head. It's an expensive replacement that might cost as much as $2,000.

If you need a head gasket replacement, your car might experience these symptoms:

White smoke from the exhaust
Bubbles in the radiator
Fouled spark plugs
Leaking coolant
Frothy oil

These parts usually last many years. To avoid a costly replacement, aim not to let your engine consistently overheat — excessive heat can cause the head gasket to blow.

5. Air Bag Replacement

Airbags are one of the most important safety features of any vehicle, so you should prioritize replacing them when necessary to keep you and your passengers safe. Your airbags will need to be replaced if they ever deploy. In addition to the $1,000 to $5,000 cost of replacing airbags, you'll have to deal with the costs of the accident that caused them to deploy.

6. Camshaft Replacement

Your car's camshaft regulates how the engine takes in air. Camshafts rarely break, but if yours ever does, you could be looking at costs of up to $3,000. You can avoid costly camshaft replacements by routinely getting your car serviced and getting oil changes regularly.

How to Pay for Car Repairs

Car repair costs are always inconvenient and unwelcome, and they can create stress when you're operating on a tight budget. However, it's important not to get discouraged. Here are several ways you can finance your car repairs:

Mechanical Breakdown Insurance

Mechanical breakdown insurance (MBI) covers some of the costs associated with mechanical breakdowns. The types of incidents covered by MBI aren't generally covered by your normal auto insurance policy and can include:

Oil pumps
Valves
Transmissions
Brakes
Timing gears

Warranties

If you've purchased a new or used car recently, repairs might fall under a factory or dealer warranty:

Factory or manufacturer warranty: Warranties from a factory or manufacturer are usually included with the purchase of a new car. However, for a repair to be covered by a factory warranty, the incident must result from a factory defect.
Dealer warranty: Dealer warranties are often included with the purchase of a used car. These warranties can include implied warranties, limited warranties, and full warranties.

You may also receive an extended warranty with your vehicle, which could mean additional protection for you and your car. However, extended warranty coverage varies greatly, and an extended warranty doesn't generally cover routine maintenance.

Mechanic Financing

Some mechanics partner with lenders and can offer their own financing options. For example, the mechanic might offer their own store credit card or interest-free financing for part of the payment period.

Personal Loans

With a personal loan, you can pay the mechanic immediately while spreading your loan payments out over time. Personal loans allow you to make payments that work for you so you're not confined to the mechanic's terms. At Atlas Credit, we can provide a personal loan for car repairs.

Apply for a Personal Loan From Atlas Credit

Atlas Credit makes the process of applying for a personal loan simple. All you need to do is fill out our online application or give us a call toll-free at 903-258-9965. If you apply online, one of our representatives will call you to confirm the details, and then once you eSign the loan documents, Atlas Credit will deposit the money into your bank account.

Unexpected car repair costs can be stressful and overwhelming, but a personal loan can help. Apply for a personal loan from Atlas Credit today, or contact us for more information.

Tips for Weathering Unexpected Financial Challenges

Thu, 14 Jul 2022 05:00:00 +0000

When it comes to money, many of us have budgets in place and compulsively check our bank accounts to make sure we have what we need to cover our monthly expenses. But what do you do when the unexpected happens?

According to a 2022 survey, more than half of Americans could not pay for a $1,000 unexpected expense. That means if any of them suffered a sudden financial emergency, they'd immediately enter panic mode.

In order to avoid that in your own life, we recommend having an emergency fund of at least $500 (more than $1000 would be spectacular). Here's why and how you can achieve this level of confidence in your finances.

What Is an Emergency Savings Fund?

Everyone has different expenses, and everyone has different emergencies. For example, you may be able to cover a small car repair with the money in your checking account, or you may not have enough to make the payment. It's up to your discretion when to tap into your savings account to access your emergency money. Life circumstances will dictate when you need the money. Here are a few cases when you could use the emergency fund:

You or your spouse are laid off: Losing your job presents a bunch of problems. Covering your monthly living expenses will be one of your top concerns. You may worry about making your mortgage payment or having your electricity turned off. An emergency fund can help you through a rough patch and keep you from charging too much on your credit card, leading to longer-term debt.
You need immediate house repairs: A busted pipe or mold buildup demand your immediate attention. You need to get big problems like these fixed right away, so they don't turn into something even worse. You can use your emergency fund to pay for big and small home repairs.
Your car doesn't pass inspection: You have two choices when this happens, and both of them involve spending a large amount of money. The first option is to get the car fixed, no matter what the cost. The second option is to trade in the car and buy a new one. You will likely need money for a down payment, and you can take the necessary money from your emergency fund.
You have a serious medical matter: Health issues can arise at any time. Even someone without a family history of health issues can develop a serious illness or disease. Having the money to pay your bills can help make treatment less stressful.

You can estimate how much you need to save as you determine what situations may require you to dip into your emergency fund. Though you won't know the exact price of an emergency before it happens, you can research the average costs and start saving money to reach a minimum goal.

Emergency Fund vs. Savings

While a savings account is the best way to save your emergency fund, you'll want to set boundaries for your accounts. A best practice to create boundaries is by separating your emergency fund from your regular savings account. By having separate savings accounts, you can dedicate one to keep funds strictly used for emergencies. That way, you won't have to keep track of how much money you use from your regular savings account for emergency purposes.

When you set a clear distinction between the two accounts, you can maintain your focus on saving money for unanticipated needs and future wants. Your emergency fund is still accessible when you need it, but you won't be as tempted to use it for everyday use. You can continue saving money instead of using it for other expenses.

If you want to prepare for a couple of emergency scenarios, you could save money using two separate emergency funds. One account could be a personal finance emergency fund, where you save money in case of a layoff or another individual financial situation. The other emergency fund could be for general emergencies, like an unexpected car issue, medical bills, house repairs, or more.

How Much Money Should Be in an Emergency Fund?

An emergency fund should have at least several thousand dollars in it. Try to aim for four to six months' worth of living expenses in your emergency fund. It will take time and effort to save up this money, and you want enough that you can survive comfortably for a few months without any income.

You can calculate the right amount for your emergency fund by budgeting. Determine your monthly budget, which covers all your regular expenses, such as:

Rent or mortgage
Utilities like electricity, gas, or water
Internet
Sewer and garbage expenses
Groceries
Debt payments such as car loans or student loans

Adding up how much money you need each month to cover these expenses can give you a number to shoot for initially. The money can help you stay afloat in case of an emergency, such as if you lose your job or become injured and unable to work.

Once you have saved enough for your living expenses, you may want to focus your attention on saving money for other causes as well, such as investments. While having a money cushion is always desirable, you also want to look out for your long-term interests by using your money to make money. Six months of living expenses can carry you through almost any emergency.

Where to Keep Your Emergency Fund

Emergency fund money should be easily accessible. You need to be able to retrieve your money to pay bills or cover significant, unexpected expenses, so keep it in a place where you can get to it quickly.

A savings account dedicated to your emergency funds is the best way to save. You separate the money from your checking account, so you aren't tempted to use it to pay for everyday expenses or even something extra, like a new video game console. Your money will grow in a higher-interest-rate savings account, though it won't reap the benefits it would if you invested in the stock market or a CD. However, money is hard to access in those places, and you need liquid funds.

How to Build an Emergency Fund

Even people with comfortable jobs (even those paying more than $100,000) simply aren't prepared to pay for something unexpected. They can afford all their regular bills, their day-to-day expenses -- but that leads to a level of false confidence that can be dangerous when disaster strikes. A sudden life event such as the loss of a job, a medical emergency, or a car accident drives even high earners into immediate debt.

If you don't know how you would handle such an issue, don't allow yourself to sink into complacency. Instead, follow the steps below to start building your emergency fund.

Dig Into Your Savings

If your income provides you with enough flexibility to allocate money where it's needed, there's a solid chance you will be able to put money into savings after each paycheck.

For most Americans, 50-60 percent of their earnings go directly into the major bills -- rent, car payments, etc. The rest is divided between food, insurance, gas, and extras. Even if you only have about 5-10 percent of your total monthly earnings left over at the end of the month, that is a healthy amount to pour into a savings account. Over a few months, that money will undoubtedly grow. And if you're able to pay off debts through your budget using the popular snowball method we've discussed in the past, you'll be able to allocate more money to your savings over time. With this money, you can start an emergency fund.

A good emergency fund will properly prepare you for unexpected life events and provide a temporary monetary solution while you figure out your next steps. Though you may not realize it when you are first setting aside money for your emergency fund, you'll appreciate the effort you made when you go to use it in the future.

Also, keep in mind that it's important to continue to add money to your emergency fund even as you use it. This savings account shouldn't be a one-and-done situation. Keeping money in your emergency fund at all times will ensure you stay prepared for emergencies and will give you peace of mind when one occurs.

Reimagine Your Budget

If you've read our blog before, you know we highly recommend keeping a budget. Revisiting your budget to tighten it up and reduce unnecessary costs can free up the money you need for overcoming financial hardship. Think about places where you can decrease or eliminate your expenses, such as:

Streaming services: Limit yourself to one instead of subscribing to multiple services.
Dining out: Stop going to restaurants for the next few months.
Entertainment: Skip a trip to the movies or a concert, and stay in with your family to play a board game instead.
Cable bills: Cancel your cable service or move to a less-expensive package.
Groceries: Switch to generic brands instead of buying name-brand products.

If you make just a few changes, you can save hundreds each month, getting you through your financial emergency.

Make Some Extra Money

You may already have a job, but you can always pick up a side gig to increase your income. Everything you make, you can put toward your financial crisis help. If you aren't sure where to begin, think about your hobbies and what you like to do during your downtime. Can you monetize any of them?

For example, if you enjoy working out, you could make extra money as an aerobics instructor or personal trainer. Someone who loves to sew could sell the clothes they make. A baker can sell their cakes and pies.

Many side hustles don't require experience. If you have a driver's license, you might be able to drive for a rideshare service. Even if you have never had a pet, you can become a dog walker. You could also try earning passive income by renting out the extra room in your home.

Negotiate With Your Lenders

If you're wondering how to survive a financial emergency caused by debt to just one or two lenders, you could solve your hardship by appealing to their humanity. Many people become overwhelmed by medical or credit card debt through no fault of their own. Perhaps you lost your job or were in an accident.

Go directly to your lender and explain your situation. Ask them to work with you on finding a solution that benefits both of you. If you can pay off your debt over a more extended period with a lower interest rate, both sides win. This strategy works best if you talk to your lender before you get behind in your bills.

Reach Out to Friends and Family

No one likes the idea of having to call someone they know to ask for money. But everyone understands what it's like to go through a difficult period that can only be solved with a little money.

That's why there's a good chance your family and friends will be willing to help you out if only just a little. They might not be able to completely help you with your problem, but what they contribute might go far toward fixing it.

Just remember how important it is to pay them back. Ask them upfront when they'd like the money back, and work hard toward repaying them for their generosity.

Consider Using Credit

In the past, we've discussed the value of having a credit card to handle small expenses — as long as you pay them back quickly. No one likes going deeper into debt, especially as the result of surviving a financial crisis.

So, if you have a credit card with a spending limit that would allow you to handle your emergency promptly, go for it. But whatever you do, don't put yourself into an even worse situation by overspending on your credit card and racking up a bunch of expensive fees.

For a great comparison between credit cards and personal loans, check out our blog post on the topic.

How to Get Immediate Help

If you've just started working on savings for your emergency fund and the worst occurs, you have several options. First, determine exactly how much of your current savings or extra money you can use to throw at the problem.

Next, you can look into obtaining financial help in other areas. For instance, a personal loan of up to $1,400 from a lender like Atlas Credit with locations in Texas, Oklahoma, and Virginia can help! By applying for a personal loan online or in person, you can get a quick and easy supplement to your monthly income that will allow you to make it through even the most trying of times.

We are a responsible lender, so you can trust that we will give you a loan that will not hurt you in the future, and we will offer a detailed plan to help you confidently repay the money.

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How to Create a Personal Health Care Budget and Plan

Fri, 18 Feb 2022 06:00:00 +0000

Have sudden health issues arisen that have forced you or your family members to visit a doctor or rush to the emergency room? Are you struggling to pay back the medical debt you owe?

Medical bills can be seriously expensive these days. But because your and your family's health is so important, it's hard to avoid sinking into debt to maintain that health. In fact, nearly half of Americans are in healthcare debt.

If you want to better manage your healthcare debt and expenses, here are our tips for budgeting for healthcare expenses and reducing your medical debt.

Why Health Care Budgets Should Be a Priority

It should not come as a surprise to learn that Americans spend a substantial amount on out-of-pocket health care costs each year. Between copays, high deductibles, and policy premiums, average monthly medical expenses continue rising. According to one study, U.S. healthcare spending rose nearly $1 trillion from 2009 to 2019, and recent years have been even worse, largely due to COVID-19.

While it may seem sufficient to go with the flow and pay as things come up, it is not the ideal way to prepare for medical expenses. With healthcare costs reliably increasing, it's essential to be financially prepared for checkups, prescriptions, medical emergencies, and more.

In your budget, medical expenses should take the same priority as food, transportation, and rent. Instead of thinking of health care budgeting as a "nice-to-have" item, you should consider it a must-have. Unfortunately, many Americans skip going to the doctor because they believe they can't afford it. In 2022, 38% of Americans said they or their family skipped medical care due to cost.

How to Create a Health Care Budget

When budgeting medical expenses, start by breaking them down into three primary categories.

1. Fixed Premium

The fixed premium is the amount you pay every month to keep your health insurance instated, either through the federal Affordable Care Act or your employer-provided plan. If your employer deducts health expenses from your paycheck, it's wise to check with them to see what options are available.

2. Routine Expenses

The money you budget here will go toward things you generally expect. Consider maintenance prescriptions, copays for annual checkups, and any other predictable types of medical expenses. Though the price of these can fluctuate, looking at what you've paid in the past will give you a foundation to start with. You can always figure out how to add to it.

3. Unexpected Expenses

Medical emergencies such as household accidents can happen without warning, especially if you have children. Save money for unplanned emergency room trips or urgent medical procedures.

When planning for these expenses, it can be challenging to figure out the right amount to save. Start by reviewing your insurance receipts, bank, and credit card statements. You can also contact your healthcare providers and insurance company for documentation of last year's expenses. Once you have this information, add up any out-of-pocket costs over the past year and use that as your starting amount to save.

You should also be sure to add some wiggle room for future costs. For instance, maybe your doctor has scheduled you for a screening or surgery you did not have to worry about last year. Or, perhaps you would like to start or expand your family. You can always learn more about how much your policy covers and what you might owe out of pocket by speaking with an insurance company representative about your plan.

Emergency Funds

You never know when an accident may happen, and it could cost you a pretty penny. According to a Federal Reserve Board report, in 2018, one-fifth of adults had major, unexpected medical bills to pay, with the median expense between $1,000 and $4,999.

These sobering statistics paint a clear picture of the importance of setting aside money for surprise medical expenses.

Ideally, your emergency medical fund should be enough to cover all your living expenses for three to six months, in case you can't work. It is understandable if that number seems unrealistic to achieve all at once. A recommended starting point is to have at least $1,000 available.

When you start your emergency medical fund, consider setting a target savings goal based on the maximum amount you would pay out of pocket after insurance. Save this amount regardless of whether you live alone or have a family to support. If you have a chronic illness requiring ongoing care, increase the total savings goal amount.

Different insurance companies offer varying insurance plans, so read the fine print to understand what your specific plan covers. In some instances, if you've received emergency medical attention from an out-of-network provider, your insurer might not reimburse you. Consider this when you are budgeting for unexpected health expenses.

Different Health Savings Tools

What percentage of income should go to health insurance? Ideally, you should try to save between 5 to 20% of your income for health expenses. Saving for health expenses doesn't have to be overly complicated. Learn about some of the most popular ways to help you budget in this area.

Health Savings Account

When planning your health care budget, a health savings account is an excellent way to start. Health savings accounts are FDIC-insured, which protects your nest egg if the bank fails. Not only that, but your savings will have the chance to grow with interest. It can be a challenge to save much money when you are already on such a tight budget from other priorities and expenses. However, a savings account will allow you to put away small amounts at a time and watch interest accumulate gradually. You can also receive contributions to your HSA through your employer and roll over funds from year to year.

Flexible Spending Account

Flexible spending accounts are probably the most convenient way to place money into savings for health needs. When you choose to save with a flexible spending account, you can opt to withhold a specific amount of money from each paycheck and deposit it directly into your qualifying account. Either you or your employer can make contributions. However, the law prohibits employer contributions from exceeding a maximum amount. FSAs also have a downfall in that the amounts saved do not roll over at the end of each year.

Health Reimbursement Arrangement

This savings method differs from the previous two because your employer controls the account, and you cannot add money yourself. You are only allowed to spend the money on predetermined medical expenses. One of this plan's benefits is that you can roll over any existing savings to the following year. However, if you leave the company, the funds do not go with you.

Paying off Medical Debt with Personal Loans

Another solution for your boosting your healthcare budget or paying off existing debts is a personal loan. Atlas Credit allows you to apply immediately online, so if you find yourself in a sudden medical emergency and unable to pay the costs to go to the doctor's office or emergency room, you can rest assured you'll be able to pay it.

Personal loans are not like payday loans, which require quick repayment. Instead of having to turn around and pay the loan back by your next paycheck at a high interest rate, you can take your time to pay back the loan at your own pace.

Personal loans are not like title loans, where you place your vehicle as collateral for the loan. Instead, all you must prove is your ability to repay the loan, and you can get one even if you have bad credit!

Apply For a Personal Loan Online

How to Use a Personal Loan to Pay for Healthcare Costs

If you want to take out personal loans for medical expenses, you can rely on these tips to help you navigate your procedures and the financial aftermath.

1. Use Your Loan to Cover More Than Hospital-Related Expenses

In addition to paying for your hospital bills, you may need to finance other things, such as the cost for a spouse to stay at a nearby hotel. Personal loans have no limits on how to use them. You may put part of the loan toward paying a physician for treatment and the other part toward getting medicine from your pharmacy. You determine how to put your loan to work.

2. Negotiate the Cost of the Bills With Your Healthcare Provider

A hospital or doctor's office probably won't negotiate a payment with an insurance company. But if you approach them with a personal appeal, they may be more apt to consider your request. Even if you just get a few hundred dollars knocked off the bill, that's a lot less you have to borrow.

3. Avoid Using Your Credit Card

Once you've figured out how to get a loan for medical expenses, you may still have other costs you need to pay while you are out of work or recovering. You may feel tempted to charge your medical bills, but resist that urge. The more debt you rack up, the longer it will take to repay. Cut extras out of your budget for the next few months and concentrate on paying down your loan.

4. Get Your Funds Quickly

One great advantage of using a personal loan as financing for medical procedures is that you can get your money fast. In fact, sometimes you can fill out an application and collect your cash on the same day when you apply through Atlas Credit.

You will appreciate this flexibility because most medical procedures can't wait. When you need surgery or treatment for a broken bone, you need it immediately. Knowing that you can get your cash fast can set your mind at ease. You already have a lot to worry about for your recovery. When you use a personal loan for medical expenses, you avoid adding one more thing.

5. Stick to Your Repayment Schedule

You will get a firm schedule for repaying the loan, and you should make these timely payments each month. You will even improve your credit score when you pay consistently.

According to the Consumer Financial Protection Bureau, more than half of the debt listed on most credit reports comes from medical bills. In other words, if you're reading this and have debt, there's a good chance that debt is the result of an illness or injury.

So, if you live in the state of Texas or in Oklahoma, you're in luck! You have access to the personal loan services from Atlas Credit, a trustworthy lender offering flexible repayment plans and loans of up to $1,400. Such a boost to your finances can help you get through any tough time, and relieve the stress of immediate repayment. Visit one of our locations in OK or TX, or fill out our online application.

Tips to Save on Future Health Care Expenses

Health care costs continue to rise. Fortunately, there are a lot of ways to help you save on health care expenses. Discover some helpful tips to help you maximize your health care savings.

Choose the Right Plan for You

Since every health plan is different, choosing the best coverage for yourself and your family may seem overwhelming. While higher-premium health plans cost more each month, they also tend to provide more extensive coverage. If you have medical needs that require continuous care, a higher premium could prove beneficial.

However, if you do not need such an extensive health care plan, choosing one with a higher deductible and a lower premium could help you save money in the long run. Also, be sure to consider factors such as prescription drug coverage and whether you need vision, dental or mental health coverage.

Seek Medical Attention From In-Network Providers

As mentioned earlier, medical attention can cost a lot more out of pocket if the providers are out of network. One of the easiest ways to save expenses from this issue is to exclusively choose in-network providers. Since those professionals have a contract with the insurance company, it will typically result in lower charges for your medical needs. Contact your insurance company and they'll provide you with a list of all in-network providers available to you.

Take Advantage of Your Benefits

If your insurance company provides medical benefits, be sure to use them. Your insurer likely offers full coverage for preventive health measures such as mammograms, vaccines, and wellness visits. Pregnancy also generally warrants full coverage. If you are unsure what benefits you're eligible for without incurring additional out-of-pocket expenses, consult with a health plan advocate. A medical case manager can also help you find the best uses of your benefits, especially if you have a chronic condition.

Cut Prescription Costs

A great way to save on health care is to be proactive in getting the lowest price for prescription medications. Ask your health care provider for the generic form of the prescription drug instead of the name brand. In most instances, the generic brands cost less, but are chemically identical. You can also ask if there is a cheaper alternative to the medication they are prescribing. You can also get over-the-counter (OTC) medications from discount or wholesale stores at a lower cost. Additionally, remember to always take your prescription medications as directed to prevent any further health issues.

Inquire About Outpatient Facilities

If your doctor recommends a specific treatment or surgery, it can never hurt to ask if you can have it done at an outpatient facility. Outpatient clinics tend to cost less than having the same procedure done in the hospital. Your insurance provider may be willing to cover more costs associated with an outpatient procedure.

Learn Your Health Plan

Learn how to save money on health insurance by familiarizing yourself with your health plan. Every health plan has three primary components you should understand and pay close attention to. Get comfortable with how each of the following influences your health care costs.

Deductibles: These are the amount of money you must pay out of pocket before your benefits can begin. Well-child visits, annual physicals, and other preventive care may incur no extra costs if you choose an in-network provider. Additional medical needs will be your financial responsibility until you pay the required deductible.
Network providers: Staying with in-network providers will allow you to save money, as your insurance plan will pay more of the medical expenses. A network consists of doctors, pharmacies, clinics, and hospitals that have agreed to work with your insurance company to offer discounted rates.
Copays/coinsurance: These terms refer to how much you must pay to visit a doctor or have a procedure done, regardless of whether you have paid your deductible. However, if you stay in-network, preventive care measures remain at no cost to you.

Help Build Your Health Care Savings With Atlas Credit Co.

Are you trying to figure out how to save for medical expenses or pay off health care bills? Let us help you with a quick and simple personal loan. At Atlas Credit, we have served our customers since 1968. We offer various long-term repayment options, which means more medical expense savings for you while making smaller payments to us. We will work with you to help you make sure you have a loan repayment plan that best suits your budget.

We offer the best online personal loans ranging from $100 to $1,400. Even if you have bad credit or no credit, don't worry! At Atlas Credit, every customer is more than just a credit score. We regularly provide loans for people with less-than-perfect credit to help them get back on track. Our entire process is transparent, and our terms and fees will not change throughout the loan agreement. When you work with Atlas Credit, you get nothing less than superior customer service from start to finish.

To apply for a personal loan with us today, call us toll-free at 903-258-9965 or submit an online loan application.

What Not to Do When Saving Money | Atlas Credit

Wed, 08 Dec 2021 06:00:00 +0000

Whether you're living paycheck to paycheck or building your future in a long-term career, you're probably no stranger to financial issues. These days, most people face numerous money issues that can become life-altering problems if they aren't handled carefully.

For you to live your life to the fullest, you'll need to know what to look out for -- and how to prepare for anything life might throw at you.

If you're under a money crunch or giving careful budgeting a try, you probably have a rough idea of the guidelines you should follow for what you should do. However, we can't forget to talk about the things you must avoid to save money.

Don't Keep Your Money in a Stale Account

If you're able to set money aside as a parachute to save you from hitting the ground hard after unexpected events, you'll be able to avoid additional debt.

One of the key aspects of budgeting is undoubtedly a smart savings account to keep you safe and sound. Saving may seem like a no-brainer, but be sure that you're money isn't sitting stagnant. Research growth accounts that increase your balance through interest without you lifting a finger.

Don't Make Poor Decisions

Too many of us have a constant slew of minor expenses. At this point, we all know we could cut back on our latte, scratch-offs, and fast food habits.

Those little things definitely add up, but so do the big.

For instance, you might be tired of your old car and trade it in for a new one with a monthly payment higher than you first realized. You may end up buying a more expensive house than you can afford and failing to make monthly mortgage payments. Or, you might put yourself through a private university on student loans and end up with hundreds of thousands in debt.

Too many people believe they can squeeze their way into a bigger and better life and simply figure out how to make ends meet, then end up bankrupt with ruined credit. Make smart financial decisions!

Don't Settle for Less Than You Deserve

One of the most common financial mistakes to avoid is complacency. Your earning potential could potentially be more, but if you haven't asked for a raise or looked around for another job, you will never know how much income you're leaving on the table. You can discover your potential by:

Setting up a meeting with your boss to discuss your accomplishments over the past year. Prepare ahead of time by listing everything you have contributed and ask for a raise at the end.
Scheduling an interview with another company. Even if you love your job, you could be making more money somewhere else. It doesn't hurt to test the waters, and then you know how much you are worth. You can leverage another job offer into more money at your current job or leave for greener pastures.

Don't Make Impulse Buys

Everyone has those moments where they weigh their wallets and realize that they could afford something they really want, if they only were to buy it right now.

"Forget about the consequences -- you can afford it!" your brain says.

It's time to take control. Make yourself stop, by any means necessary. Convince yourself that you'll go home and sleep on it. When you do, you'll have that much more money from not spending, and a better perspective on that purchase.

Don't Waste Energy

When you're saving money, you can find more than ever if you get a little stricter with yourself and your family about your energy usage.

Take a moment and look around your home. How many lights are on? How many appliances are plugged in but not being used?

Anything plugged in or turned on that's using electricity is costing you money you don't need to spend. Turn them off, unplug them, and count the savings at the end of the month.

Don't Rack Up Credit Card Debt

If there's one thing nearly everyone with money troubles in the modern world has in common, it's credit card use. Don't be mistaken—properly handling a credit card can be a great way to build your credit and ensure you always have some extra money around for emergencies and necessities. But if you don't know the proper etiquette, you might end up way worse off.

One of the biggest temptations for anyone who doesn't quite have the money in the bank to afford bills, food, or new toys is to put them on a credit card and look the other way.

If you only ever pay the minimum on your balance or ever miss a payment, you might find yourself accruing high interest and severe penalties on your account. Once credit card debt starts piling up, it can be extremely difficult to pay off.

Credit card debt is one of the most stressful aspects of any American's financial burdens, so do your best to avoid adding to it at all costs when trying to save money.

Don't Avoid Talking About Finances

Did anyone ever talk to you about common money mistakes when you were growing up? If you have had money management problems in the past, it may be because you never learned about finances. Don't let your kids fall into the same trap. Talk to them about basic financial literacy and explain the importance of saving early. You should also inform them about:

Credit cards
Debt
Interest rates
Saving for retirement

They're never too young to learn about money.

Don't Pay Bills Late

Late payments mean late fees and worse credit. Even if it means cutting your spending from other areas of your budget, do everything in your power to pay off your bills on time.

If forgetting to pay bills on time is a problem, creating a schedule can help. Make a list of all your bills and their due dates and place it in a visible location. Another option is to use automated payments where a preset amount is automatically deducted from your checking or savings account each month.

Don't Pay for Things You Can Do Yourself

Do you currently use services such as drop-off laundry, car washes, lawn care or housekeeping?

Consider doing these things yourself instead of paying others to do them for you. It will require a little more time and effort on your part, but you'll have a lot more money available to add to your savings.

Don't Save Small and Buy Big

So, you've been doing a good job of eliminating those small, unnecessary purchases that have been "nickel and diming" you to death. That doesn't mean you should run out and make a major purchase.

Remember — the reason you've been striving to cut expenses is to build up your savings. If you buy that new appliance, expensive smartphone or automobile, you'll undo all that hard work and sacrifice and end up right back where you were before.

Don't Forget to Set Financial Goals

Think about where you'll be in a few years. Maybe even a decade. What do you see?

If you're reading this, odds are you haven't put much thought to it. If that's the case, it's time to start planning.

You must have financial goals lined up for both your near and far future. That means where you'll be next year, and where you'll be when you retire.

And as the population of the world lives longer, you might need to plan for an even greater number of years than you expect. Your grandparents might have lived into their seventies and eighties, but there's a good chance you could live to be well over a hundred!

Don't let these same mistakes add up over time to destroy your credit and your bank account. Playing smart with your finances is your golden ticket to a comfortable life!

Don't Skip Out On Insurance

If you don't own a home, you might not think you need insurance. But what happens if you rent and your things are destroyed in one of the natural disasters that occasionally strikes Oklahoma or Texas? Or what if your valuables are stolen? Renter's insurance is a small expense that covers the value of your property.

Even if you don't have anything really valuable, the cost of all your small possessions adds up. Plus, renter's insurance does more than pay for your things if they go missing. It also covers your liability in case someone has an accident at your rental, whether it's an apartment or a house. You may think you'd be covered under your landlord's policy, but you aren't. Renter's insurance is a smart bet against the unexpected.

Don't Obsess Over Your Credit Score

Guess what? Your credit score doesn't define you. It doesn't determine whether you are a good person. It can't fix your financial future. While you should monitor your credit score, you shouldn't stress out about it. You don't need a perfect credit rating to obtain the money you need.

Even if you have demonstrated poor money management in the past that led to personal finance issues, you can come back from a low credit score. And you can still get a loan with one. Atlas Credit makes loans based not on your credit score but on your future potential to pay the loan back. Once you have shown you can make regular loan payments, your credit score will rise.

Still, you will probably never obtain a perfect credit score, and that is okay. You don't need it.

Atlas Credit Can Help With a Personal Loan

If you find yourself suddenly tight on funds, consider applying for a personal loan from Atlas Credit. People all over Virginia, Texas and Oklahoma have qualified for loans up to $1,400, even if they have bad credit. If you need extra help to get through the month, you can always reach out to a personal loan company like Atlas Credit. Explore the website or stop by an Atlas Credit location today to find out more about how you can start rescuing your finances!

Apply For a Personal Loan Online

Getting a consumer installment loan from us is quick and easy. You can come in person or fill out and submit our online application. If you qualify, you'll likely get your funds on the same day you apply. Contact Atlas Credit today to learn more

Budgeting for Maternity Leave: Financial Planning Tips

Tue, 07 Dec 2021 06:00:00 +0000

While babies can be a blessing, they're also a pretty expensive one. In the United States, the average cost of giving birth is $10,800 — and it's much pricier for individuals without health care. Then, there's the cost of raising a child to the age of 18, which is close to one-quarter of a million dollars. In addition, paid leave is rare in the U.S. Many employers let you take up to 12 weeks of unpaid leave, which limits your income while you care for a newborn.

If you're planning on having children soon, it's important to have a plan for affording them. Start saving for maternity leave and your new family member as soon as possible to keep yourself on a budget after the birth.

How to Start Saving for a Baby

Part of saving for maternity leave involves knowing how much you'll need to spend during your time off. Some of the things you can do to prepare yourself include:

Review your health insurance: Take a look at your health insurance plan to find out what it will or won't cover and to get a sense of how much you can expect to pay out of pocket for prenatal care, delivery, and postnatal care. In the U.S., most health plans cover pregnancy, childbirth, and maternity care, but how much coverage a plan offers can vary. Your out-of-pocket expenses can also vary base on your deductible amount. If you want to use specialized services during your pregnancy, your policy might not cover them.
Create a budget: If you don't already have a budget, now is the time to make one. Add up all of your living expenses, including debt repayments and saving goals, to get an idea of how much you spend monthly.
Make a list of baby stuff you'll need: Babies need a lot of stuff, such as clothing, bottles, car seats, and strollers. But they don't need everything the stores want you to buy for them. For example, your baby will probably be fine in the nondesigner stroller and in basic onesies instead of trendy styles. Ask friends and relatives who have children what items they ended up using and what they didn't need.
Score free baby stuff: Try to get as much free stuff as possible to help cut your baby expenses. Your loved ones might be happy to hand down any unneeded baby gear to you. There are also plenty of local groups where parents give away items they don't use anymore.
Calculate your expenses during maternity leave: Your budget will need adjusting after the baby comes along, so it's a good idea to calculate how much you'll need while you're on leave. Think of the costs typically associated with having a child, such as buying diapers or formula, when calculating your post-delivery expenses.
Decide what you can cut from your budget: Now's the time to examine your spending and budget to see what you can easily cut before and after your baby arrives. If you regularly eat out at restaurants, you might not have time to do so after the baby is born, so that's one line item you can easily cut. Other possible things to cut include your daily coffee, going to the movies, and other nonessentials.
Start setting money aside: Once you've discovered what you can cut out of your budget, set the money you would have spent on those items aside to give yourself a nest egg to live on while you're on maternity leave. It's a good idea to open a separate savings account for the baby so the money you'll need is all in one place.

How to Make a Maternity Leave Plan

Along with saving for maternity leave and your new baby, it's important to come up with a plan for actually taking your leave.

Pay a visit to the human resources department, if your company has one, or talk to your supervisor to find out what the company's leave policy is. It might be the case that the company offers a few weeks of paid leave or will pay you for the full 12 weeks. Your company might want to know the details of your maternity plan, such as when your due date is and when you plan on starting your leave.

If you're concerned about running out of money during your leave, it can be useful to brainstorm a few ways to improve your cash flow. Think of how to make money while on maternity leave. You might be able to manage a small side gig, such as doing remote work or making arts and crafts projects while the baby sleeps. If you have a partner, they might be able to work from home during your leave so you can split child care more evenly and still have some money coming in.

Budgeting During Maternity Leave

Having a baby arrive will change your life in many ways. You're likely to find what you value and prioritize shifts after the birth of your baby. If you're more concerned about your budget now, here are a few things you can do to ease your financial burdens:

Buy used when you can: Babies outgrow things so quickly that it can seem like a waste of money to buy them something new every few weeks. Luckily, there are many secondhand baby clothing stores and people selling their no-longer-needed baby stuff through yard sales or online marketplaces. With the exception of car seats and diapers, you can pretty much get all of your baby's stuff secondhand for a substantial discount.
Buy in bulk: Speaking of diapers, you're going to go through a lot of them. It can be a good move to buy bulk diapers, provided your baby doesn't outgrow the diaper size before you reach the end of your supply. The same is true of baby formula and jars of baby food. Bulk purchases end up costing you less per ounce than buying the smaller sizes. Just make sure you use the products before their expiration date to avoid waste.
Get help where you can: Child care can be pricey, but there's likely at least one person in your life who would happily babysit for free, giving you a chance to rest and relax without having to add a line item to your budget.
Get prepared as much as possible: Preparing your home for the new baby can help you stick to your maternity leave budget after their arrival. For example, prepping and freezing a bunch of easy-to-reheat meals, such as soup or lasagna, means you'll have something ready to go when you're exhausted and hungry. You'll be much less likely to give in to the siren's song of takeout when you have meals at the ready.

You want to spend as much time as possible with your new baby, but in the long run, taking 12 weeks of unpaid leave might not work with your budget. If you find that you will need help paying bills while on maternity leave, a personal loan can help bridge the gap in your finances.

Atlas Credit offers online personal loans with a quick approval process. If you're on maternity leave and need money, you can borrow between $100 and $1,400, depending on your needs. Apply today to help make your maternity leave go a little more smoothly.

Financial Tips for Handling Pay Cut or Layoff | Atlas Credit

Thu, 02 Dec 2021 06:00:00 +0000

No one wants to discover that after dedicating years of hard work to their employers, they're suddenly being demoted or even put out of a job. However, if you identify with either situation, you're not alone. According to studies, one in three full-time workers suffered pay cuts over the last year, and while employment rates are lower than they were in 2020, they're still higher than pre-pandemic numbers.

That's why you should never let a sudden job loss catch you completely off-guard. Yes, sometimes a company you work for may notify employees ahead of time about potential layoffs, giving employees time to process and find new work. But other times, the job you had simply won't exist when you get to work in the morning.

Preparing for a layoff or pay cut can be challenging, as many workers quickly learned over the last year. But it's not the end of the world — especially if you're well-prepared. If you're unsure how to survive unemployment financially, you can incorporate many tactics into your lifestyle to get back on your feet. After losing your job, here's how you can come out on top.

What Is a Pay Cut?

A pay cut is a decrease in an individual's compensation at their place of employment. This demotion isn't limited to monetary pay — it could also refer to a change in hours or benefits. While pay cuts are completely legal and can reduce your salary by any amount, significant pay cuts may justify quitting and qualifying for unemployment benefits.

Note that pay cuts may not legally lower a worker's hourly pay below the federal minimum wage of $7.25 per hour.

What Is a Layoff?

A layoff involves terminating or suspending a worker from their job for reasons not related to their performance. When a worker is laid off, they may experience temporary or permanent separation from their position. This isn't the same as being fired, as firing typically results from worker wrongdoing, inefficiency, or breach of duty. Often, a worker will be laid off when the company can't afford to keep them on any longer.

Different Case Scenarios for Pay Cuts

Though pay cuts and layoffs may be widespread in recent years, every situation varies by company. There are five primary types of demotions that may result from an economic downturn, each of which has different outcomes. These scenarios include:

1. Pay Cuts

Though pay cuts aren't something companies take lightly, they still happen. If you receive a pay cut under extreme circumstances, such as a failing company or an economic recession, you may not be able to do anything about it. While negotiations are certainly possible, your employer may not agree to them, depending on the situation.

2. Furloughs

Not every pay cut is a direct salary reduction. Sometimes, companies require their employees to work fewer hours or take a leave of absence until conditions improve, also known as a furlough. This leave typically occurs when an employer doesn't have enough money for payroll or there's not enough work for employees. A furloughed worker may even have to take unpaid hours, days, or vacations throughout the year.

3. Benefits

Instead of cutting your pay, an employer may decide to reduce some of your benefits. These benefits range from soft to hard, depending on the severity of the circumstances. Examples of benefits you may see affected during pay cuts include:

401(k) retirement plan
Tuition reimbursement
Medical benefits
Travel opportunities
Complimentary food and beverages

4. Bonuses and Raises

If you regularly receive bonuses or annual raises from your place of employment, your company may eliminate them during pay cuts. Additionally, they may reduce other salary increases, such as cost-of-living and merit raises.

When a business commits to bonuses they can no longer pay, they lose their credibility with employees. If that's the case for you, you may want to consider finding a new job.

5. Layoffs

Getting laid off means losing your employment with a company through no fault of your own. Often, companies lay off their employees when restructuring or downsizing their organizations or consolidating businesses or assets through a merger or acquisition. Sometimes, a layoff means your position is no longer needed within the company.

These situations can either be temporary or permanent. Be sure to talk to your employer to discuss which status applies to you.

How to Handle a Pay Cut or Layoff

If you've recently experienced a pay cut or layoff and don't know what to do next, you're not alone. Millions of others have found themselves in the same situation before. Luckily, they made it through the struggle, and so can you. Learn how to survive a layoff or pay cut financially by following the steps below.

1. Ask Questions

Taking a pay cut or layoff can be overwhelming. If you recently received the news, you likely have many questions — and you have the right to get answers. Don't hesitate to ask your employer what's going to happen with your job or salary so you can know what to expect.

Some standard questions you can ask about your employment situation include:

Why is this happening? It's helpful to find out why your employer is cutting your pay or laying you off. Depending on the reason, you may be able to negotiate your salary or adjust your performance.
When will these changes take effect? Knowing when your pay cut or layoff will apply is essential in preparing financially.
Who else is being impacted? If you find that your entire team is receiving pay cuts, it may be an indication that your company is struggling and planning for layoffs later.
Is this change temporary? Determine whether your pay cut or layoff is temporary and will reverse in the future or the changes will affect you permanently.
Will this affect only my salary? It's wise to inquire whether only your salary is taking a hit or you can expect other aspects like your benefits to be cut.
Will health care costs increase? A layoff or pay reduction may also impact your health care coverage.
How will this affect my work? If you're taking a pay cut, be sure to ask whether your hours or responsibilities will change as a result. There may be different workload expectations to prepare for in the coming weeks.
What is the company doing to improve? Organizations implementing company-wide layoffs are likely having a hard time keeping their doors open. If that's the case, you should ask what measures they're taking to secure the company's future and, in turn, yours.

2. Negotiate

Every employer is aware that with pay cuts and layoffs comes a surge of workers putting in their two weeks. If you're planning to stay with your company, you may be able to negotiate for better terms in lieu of your reduced salary — your employer may see the benefit of accommodating your requests over losing you as an employee.

There are various aspects of your job you may be able to negotiate in the wake of pay cuts:

Vacation: There could be a way to cash in on nonmonetary benefits by asking for an extra week or two of vacation to compensate for salary reductions.
Bonuses: Some employers will offer a retention bonus that awards staff members a gratuity if they sign a contract agreeing to stay with the company for a certain amount of time.
Hours: Sometimes, your employer will allow you to change your hours after taking a pay cut. For example, they may agree to a four-day workweek with 10-hour shifts or even fewer work hours.
Remote opportunities: If it's possible for you to work from home, your employer may grant you the choice to work remotely for one or two days a week.
Responsibilities: It's unreasonable to considerably reduce a worker's salary and expect them to continue taking on the same responsibilities under the same job title. If that's the case for you, you may be able to negotiate your workload and duties.
Retroactive pay: This pay is money added to a worker's paycheck to compensate for shortfalls in a previous pay period. It may be possible to negotiate a salary increase or retroactive pay based on your proven value, or how much you're worth according to your contributions to the company.

3. Evaluate Your Options

Though it may feel like you're at the mercy of your employer, you'll find that's not always the case. There's nothing that says you have to accept a pay cut or layoff, especially if you weren't particularly happy at your job in the first place. It's solely your choice to determine when to take a pay cut versus when to leave your employer by assessing your situation.

Don't be afraid to start looking for new jobs that will pay more than your current employer. Ultimately, a pay cut now may indicate a layoff later, and a layoff now may mean you won't get your job back later on. Before you start applying for new positions, do some research on your industry.

If your company seems to be among the only ones failing, you have the green light to look for a different employer. If many organizations across your field appear to be struggling, you may want to consider getting involved in a different industry. Assess the situation to ensure you know where to look for employment.

4. Seek Financial Help

Of course, money can get tight in the event of a layoff or pay reduction. If you find you find yourself in an unfavorable financial position, you should start making some changes.

Try dipping into your resources for relief. For example, your service providers or landlord may be more lenient by allowing you to delay a few months' worth of payments. Depending on your circumstances, you may also be eligible to receive financial assistance through government programs. These organizations may be able to lend food, health care, or cash assistance.

If you've been laid off, sign up for unemployment benefits immediately while you look for a new job.

5. Maintain High Job Performance

In the midst of pay cuts, it's easy to lose the motivation to continue delivering the quality of work you did previously. Though taking a salary reduction may be discouraging, you should do your best to keep up your work ethic and maintain a positive attitude. By proving your value and maintaining your unique skills, you'll be more likely to get a new position with a similar salary.

How to Manage Your Money in Uncertain Financial Situations

Creating a budget is a crucial measure when preparing for a layoff or salary reduction. It's vital to conserve money when you get laid off or receive a pay cut so that you can maintain your financial future. Take advantage of the following money management strategies to stay in good financial standing during unemployment.

Create a Budget

Using a budget to manage your spending is an excellent way to handle a recent pay cut or layoff. Whether you're creating a new budget or adjusting an old one, you can optimize your plan to meet your current needs:

Add up your income: If you have a partner, combine your new salary with their current pay. Then, factor in any additional income you may have, like savings account interest or dividends from investments.
List your expenses: Tally up your current costs, including essential expenses like housing, transportation, food, and clothing, and nonessential expenses, such as entertainment and hobbies. Use your bank statement to identify your expenses. Remember to account for irregular costs like gifts, home repairs, and car maintenance.
Note your savings: If you have any regular savings habits, such as putting money into an emergency fund or retirement account, be sure to track them.
Discuss the essentials: Talk to your partner to determine each of your needs and what parts of the budget are negotiable.

Cut Down Costs

If your expenses exceed what your new income allows, it's essential to cut back on your spending. Minimize your expenses with the following tips:

Avoid large discretionary expenses like cars, vacations, and entertainment- and hobby-related spending.
Cut back on restaurant visits and takeout meals.
Seek out forbearance options with your utility provider.
Reduce electricity use.
Reevaluate your monthly subscriptions.
Refinance for lower mortgage payments and interest rates.
Adjust your thermostat.

Set Savings Goals

Though you may have just enough money to maintain your lifestyle now, unexpected events can occur that may leave you short during a financial emergency. Whether you're preparing for a layoff or reevaluating your finances following a pay cut, it's vital to put money away to give yourself something to fall back on in the event of hardships.

Here are some tips for saving your money when you get laid off:

Put money into your savings the moment you get paid.
Schedule automatic transfers from your checking account to your savings.
Move three to six months' worth of expenses into an emergency fund.
Start a retirement fund.
Set an attainable savings goal, such as 3% of your paycheck per month.

Bring in Extra Income

It's possible to increase your earnings by exploring other sources of income in addition to your current job. First, you may qualify for unemployment benefits based on why you received a pay cut or layoff. If not, you may be able to earn extra money with a second job.

A side gig doesn't have to cost you much time or energy — anything that puts some extra cash in your pocket will do. Taking on additional jobs provides you with increased financial security and cash flow. If you're looking to pick up a new gig to make some extra cash, consider:

Freelancing in your current field.
Offering tutoring services.
Driving for a ride-hailing app.
Participating in paid surveys.
Selling unwanted items online.
Renting a spare room in your house.
Selling handmade items.
Offering cleaning services.

Look Into Your Benefits

If you lose your job, you may also lose your health insurance, so you need to come up with a plan B. While getting a new job is certainly your main focus, unexpected health issues could set you back even further. You may be able to get coverage through COBRA, your spouse or a health insurance state marketplace.

You should also check on what happens to your retirement plan when you leave. While tapping into it may not be the best strategy, as you will pay hefty tax penalties, you may be able to roll it over into another account. Do your own research or contact a financial advisor to find all of your options.

Looking Toward the Future

After you've gotten over the initial confusion, sadness, worry, and even anger about the layoff or pay cut you experienced, it's time to take action. Successful people are tenacious — they get back on the horse and start riding again, even after getting hurt. Here's how you can learn from your experience and find a new path forward.

Think of This as an Opportunity

No one wants to lose their job. But if you were unhappy in your role or had planned to leave the industry anyway, this may be a blessing in disguise. You can finally explore a new career field and perhaps find the path you were meant to walk in the first place.

Visit a career counselor or take an online assessment to see what kinds of jobs line up with your skills. Consider going back to school to find your real calling. Many people find successful second, third or fourth careers, no matter how old or young they are, because they have been laid off or let go.

Take a Proactive Approach

There is a reason the early bird catches the worm. The more proactive you are, and the faster you apply for jobs and pursue opportunities, the more likely you are to land a new job. You may have to go out of your comfort zone by cold-calling companies you want to work for and jumping on job boards. But the harder you push, the more likely it is that you will be rewarded.

Protect Your Mental Health

Losing a job can be hard on you emotionally. You may feel vulnerable, upset and confused. So what to do when you lose your job? Open up to your friends and family about your feelings, and seek support so you don't fall into the doldrums. Everyone loses a job sooner or later. It doesn't reflect on your value as a person, as those you love can tell you. Don't tie your self-worth to your work.

Network Like There's No Tomorrow

Remember all those friends from high school, college, previous jobs, or even in your neighborhood? Some of them might know a place where you can find work. Reach out to them as soon as possible for information about potential jobs, and put in applications wherever possible.

If you are at all savvy on social media platforms, perhaps you have heard of or used LinkedIn in the past. LinkedIn is all about networking and will allow you to make connections with others in your area or your previous industries. By connecting with and reaching out to these people, you may find yourself in a far better position than the one you occupied at your last job.

If You're Laid Off and Need Money, Atlas Credit Can Help

If you've experienced a pay cut or got laid off and need money, Atlas Credit is your solution. We provide access to small loans for customers with credit scores ranging from low to high. We keep the process simple and transparent to give customers the most stress-free experience. Our team makes all credit decisions with fast turnaround times, so you won't have to wait.

Apply for a loan today!

Ready to Pay off Your Debt? Here Are 8 Ways to Pay it Off

Tue, 30 Nov 2021 06:00:00 +0000

Whether you just bought a home, a car, graduated college, or have a long history of credit card usage, you probably have a considerable amount of debt you need to pay off.

For many, a mountain of debt can be so overwhelming that they don't want to think about it. But ignoring your debt won't make it go away.

Instead, you need creative ways to pay off debt that won't stress you out. Try to tackle your debt head on with these 8 simple methods for paying off your debt!

1. Restructure Your Budget

If you're a long-time reader of the Atlas Credit blog, you know how important we feel it is for you to keep a careful budget.

You should be able to easily change the values in that budget to allocate ever so slightly more money to your debt repayment. Cut a little from your extra expenses like entertainment, snacks, and whatever else you can handle reducing.

So if you already have that budget in place, great! If not, check out our other blog posts on how to make and keep one.

2. Stop Spending So Much

This one speaks for itself: if you need less debt, spend less money. Especially if you're adding that money to your ever-growing credit card debt.

There's a political term called austerity you should learn here. It's when a country's economy recognizes how poorly it's doing and takes measures to cut spending wherever possible.

If you apply some of these strategies of austerity, you can save money every month that can be applied to shrinking your debt.

3. Take Advantage of Bonuses

Do you have a job that occasionally surprises you with a small bonus? Do you have family members that sometimes contribute money to your wallet?

Any extra money that you didn't expect or calculate into your monthly budget should not be spent frivolously. Instead, use that money to pay down your debt.

4. Use the Snowball Method

An age-old tactic in debt reduction is the snowball method. First, identify which of your debts is the smallest. Say you owe a small sum of money to the bank but have several larger credit card payments.

By paying the smallest debt down first through above-minimum monthly payments while maintaining the bare minimum payments to the other debts you owe, you'll successfully pay off the smallest debt faster. Then, with the money that you would have paid each month to the smaller debt, you can start paying above-minimum payments to the next smallest debt, and so on.

Seriously -- if you weren't already using the snowball method, give it a shot ASAP.

5. Use the Avalanche Method

The second way to approach paying off debt is to focus on the debts with the highest interest rates rather than the lowest balance. This will save you money over the course of your loans because you eliminate the debt with the most interest. Pay the minimum monthly payment on the other accounts with lower interest rates. When you have eliminated all the debt on your highest interest rate account, move to the next-highest, and so forth.

6. Start a Side Gig

If you're paying down your debt on the regular but feel like you aren't making as big a dent as you'd like, it's probably time to consider finding an additional income stream.

What are your talents? Are you secretly a talented writer, a craftsman, or good with children? Try freelancing, creating useful items you can sell, or babysitting once or twice a week.

The extra money you earn from your side gigs can be applied to anything -- not just debt. And fortunately, almost everybody has something they're good at that they can do on the side.

7. Consolidate Your Debt

The best way to pay off debt is often to consolidate it, so you are making one payment to a single source with a lower interest rate than you were paying on multiple accounts. You may choose to take out a personal loan to cover this, or you can take advantage of balance transfer offers on credit cards. Just make sure when you consolidate your debt that you find the lowest interest rates — it can work against you if your interest rates end up higher.

Consolidate Debt With a Personal Loan

8. Decrease Your Monthly Bill Payments

The fastest way to pay off debt is to put more money toward paying it off. The less you pay for utilities, a mortgage or rent and child care, the more money you will have to put toward your debt. Look for ways to decrease your monthly bills, such as:

Switching cable or cell phone companies to take advantage of new customer offers
Refinancing your home at a lower interest rate or moving to a new apartment with lower monthly rent
Paying more attention to your electricity, heat and water usage to lower those bills

You can use these simple ways to pay off your debt to make your life easier and less stressful. Remember: Once you've paid your debt all the way down, you can finally start spending again in peace. The incredible weight lifted from your shoulders after you erase your debt is a monumental relief, and it allows you to continue your life the way you want to live it.

Find an Atlas Location

A personal loan from Atlas Credit can also help you get ahead when you need it. Apply online or visit any of our Oklahoma or Texas offices.

Starting a Budget from Scratch: Essential Steps & Tips

Wed, 24 Nov 2021 06:00:00 +0000

Setting a budget is the first step in making your financial goals a reality. Whether you are interested in paying off personal debts or saving up for a fun new purchase, having a budget will help you track exactly how you will use your money. With the structure of a budget, you can make the necessary spending adjustments that will push you closer to your desired results.

Understanding how to start a budget from scratch will save you both time and stress. That's why we've created this guide on how to make a budget. Learn exactly how to create a zero-based budget as a beginner in 10 simple steps.

Step 1: Determine Why You Want a Budget

You might want to start paying closer attention to your money for many reasons. The first step in our budget guide for beginners is determining why you want to start a simple budget.

Ask yourself why you want a budget and what goal you want to reach. Do you need to create one out of necessity? Are you looking to get your finances more organized? Are you trying to save for a specific purchase or vacation? The following are some common reasons why you might want to start tracking your finances for a budget:

You want to work on getting out of debt.
You are interested in setting aside money for savings.
You want help changing your poor spending habits.
You have long-term financial goals you want to meet.
You are looking to get through a financially tight time.
You are interested in getting your finances organized.

Once you understand the reasons why you want a budget, you can start prioritizing your banking needs. Creating and sticking to a budget will give you structure and keep you on track for meeting your goals. No matter your reason for wanting to know how to start a budget plan, following along with these steps to create a budget will help you find your way.

Step 2: Track Your Current Spending

Did you know 65% of Americans do not track how much money they spend each month? Meanwhile, 59% of American adults are living paycheck to paycheck. If you are relying on your next paycheck to get you through the month, you must understand where every dollar is going in order to maintain financial security.

This is why the next step in budgeting basics is tracking your current spending. The idea is to understand where your money is being spent and how much you are spending. Being aware of your spending is a huge part of budgeting for beginners.

Part of maintaining a budget is finding systems that you can stick to and that work for you. You can track your spending in numerous ways. No one way is better than the others, but some methods will definitely save you time!

Track by Hand

One way to track your spending is to track it by hand. If you prefer this method, make a detailed list of purchases and expenses for the month. While this system is not the most efficient way to track your finances, writing a list by hand requires no tools or software.

One of the advantages of tracking by hand is you can write down your list whenever and wherever you want. If you make payments in cash, you can easily track those by hand as well.

Go Through Your Bank

Some banking institutions have tracking capabilities that do the work for you. For example, if you do your personal banking with PNC, you can apply for PNC Virtual Wallet to access digital tools that track your expenses. Ask your bank if they offer tools that can simplify the process.

Tracking through your bank is a great way to keep an accurate account of your expenses without manually tracking where your money is going. Often, banks have mobile phone apps that make accessing your information super convenient. Anytime you have your cell phone, you can track your expenses.

Try a Management Tool

Tons of online tools can automatically record outgoing purchases from your bank account. These resources are often free or charge a small monthly fee. Mint, also known as Intuit Mint, is a great example of a free management tool that you can use for tracking your spending.

These tools link up to your bank account and record outgoing payments that you can access later. Like tools provided by your bank, these tools often have mobile phone apps that keep your expenses at your fingertips and all in one place.

Use Credit Card and Bank Statements

Using credit cards or bank statements is a fantastic way to track your expenses. Looking at these statements will help you take inventory of exactly how much money is going in and out of your various accounts. Keep these statements filed somewhere safe so you can refer back to them when you need to find monthly averages later.

Step 3: Determine Your Monthly Income

Once you have found a preferred method to track your current spending, it is time to take the next step and determine your monthly income. This is an important step in how to make a monthly budget since the rest of your financial goals will depend on how much money you make each month.

When determining your monthly income, you must consider taxes. Your monthly income will encompass the amount of money left over after deducting all taxes. Let this be a friendly reminder not to include untaxed income accidentally. This will make the rest of the steps in your budget plan inaccurate and you do not want to spend money you owe on taxes accidentally.

When determining your monthly income, consider every one of your revenue streams. For some people, this number includes only the money they receive from their regular paychecks. For others, monthly income could include a number of different payments. You might receive child support payments, alimony payments or earnings from investments on a monthly basis. Count every stream of income.

Step 4: List Fixed Monthly Expenses

Having a detailed list of your monthly expenses is a great budget tip for beginners. Keep a list of your fixed monthly payments to refer back to later. Fixed expenses are not the same as regular expenses. Instead, fixed expenses encompass the reoccurring bills that cost you the same amount every month. Some common examples of fixed monthly expenses include:

Rent payments

Student loans
Phone bills
Gym or fitness memberships
Internet access
Cable plans
Insurance premiums
Streaming subscriptions
Application subscriptions
Car payments
Bank fees

Take inventory of all these expenses. If you are looking to cut down on spending, see if you can do any refinancing or cancel any subscriptions to reduce these costs. Plus, having them listed out will help you stay organized and on top of your payments.

Another great tip for beginner budgeting is to use the "bill pay" feature available in your checking account. Some banks offer these settings as part of your account. Bill pay allows you to send electronic payments over the internet seamlessly. Once you turn on the bill payment functionality through your bank institution, your bills are paid through monthly automation.

This setting saves you the stress of paying each bill individually, and you will not have to worry about remembering to make a payment on time. Bill payment settings keep your monthly payments highly organized while doing the work for you.

Step 5: List Variable Monthly Expenses and Determine Their Average Monthly Cost

Variable monthly expenses are reoccurring costs that vary from month to month. Examples of variable monthly expenses include:

Groceries or dining out
Personal care items
Gasoline
Electricity
Household maintenance
Water

Variable expenses may cost you a slightly different amount each month. This is due to changes in behavior like water usage or changes in rates such as gas prices. These charges will change monthly but should still stay within a reasonable range, allowing you to estimate your average costs. You can choose your goals based on your living expenses.

Once you have all your variable monthly expenses recorded, make a list of how much each has cost you over the last few months. Because these expenses will fluctuate, you will need to find the averages. Calculating the averages will help you allocate the right amount of money towards your expenses.

For example, you might have spent $100 on groceries in June. Then, in July, you might have spent $88. And in August, let's say you shelled out $105. You would record these three amounts and then add them up and divide them by three months. This will give you the monthly average cost of your groceries. In this case, you hypothetically spend an average of about $98 on groceries each month, and this is the value you would note when listing the monthly expense of groceries.

Step 6: Determine How Much You Want to Save Each Month

Whether you are saving for a rainy day or for your retirement fund, having a nice cushion of savings can ease your money stress. Savings typically fall into one of two categories. The first is goal-oriented savings, and the second is savings for unexpected expenses. You will likely have to save some of your income for both categories.

Understanding the ins and outs of these savings categories will help you figure out how much of your money you should put away for safekeeping every month.

Goal-Oriented Savings

Anytime you are saving a specific amount of money for a specific purpose, you're using goal-oriented saving. When dealing with this category of savings, the money you retain will be left untouched until you are ready to spend it on your goal. That means for an amount of money to be considered part of your savings, you should not dip into it for any purpose other than an absolute emergency. Some examples of savings that are goal-oriented include:

Retirement funds
Vacations and trips
Down payments on houses or cars
Education and tuition

A perk of goal-oriented savings is that you will have a pretty good idea of just how much money you will need to save for each milestone. You can keep a record of exactly how much money you have saved versus what you need. The same is not necessarily true of unexpected and irregular expenses.

Savings for Unexpected and Irregular Expenses

While you cannot plan the unexpected, you can be prepared when something unusual happens in life. Having savings specifically for irregular and unexpected expenses is a great practice to lessen your stress when something goes awry. Factor in savings for occasions that pop up unexpectedly or rarely. The following are some examples of irregular expenses:

Veterinarian bills
Car maintenance
Vehicle registration
Quarterly tax payments, if applicable
Appliance replacement or repairs

While you probably do not plan on your dog needing treatment for an ear infection or your car getting a flat tire on the highway, you can plan on having some money set aside for these kinds of unforeseeable costs. Another note about irregular expenses is that while these are not as regimented as fixed expenses, you should still plan on having to afford these things.

Quarterly payments such as property taxes and other costs that pop up periodically throughout the year should be noted as planned expenses. While you might be crafting a monthly budgeting plan where you do not have these types of payments shortly, it is still vital that you remember to factor in the costs of quarterly or bi-annual expenses into your monthly savings systems.

Figuring Out How Much You Can Save

Everyone would love to rack up their savings! Realistically, however, you will need to think about your expenses first and your savings second. Once you have your monthly income determined, you can start the process of configuring how much of your money you can afford to put into your savings each month.

To figure out just how much you can save each month, combine both your fixed and variable expenses. Once you have the sum of all your monthly costs, take that figure and subtract that amount from your monthly income. The number you get will reflect the largest amount of money you can put into your savings each month. Take this as a friendly reminder that saving even a small amount of money each month will be beneficial to your future.

Step 7: Allocate the Rest of Your Income

Now for the fun part! After factoring out all your expenses and savings, you are left with some remaining money. You can spend this leftover money on whatever you want. After making sure you have your expenses covered and money allotted to your savings, you can divvy up what you have left and use that money for doing the things you enjoy. Some people use the rest of their income on shopping or eating out.

When you carefully follow your budget, you do not need to feel guilty about spending money on pleasure, recreation, or entertainment. While you designated this money specifically to treat yourself, this is also the first category from which money will be reallocated if your budget needs tweaking.

Step 8: Choose a Tool to Make Your Budget

You have everything sorted from income to expenses. Now it is time to put the budget together in one streamlined place. Choosing the right tool is essential when determining how to start a budget when you are already behind. Thankfully, you can use tons of helpful online tools for making your budget. These resources will help you keep track of your budget every month:

Microsoft Excel: If you like spreadsheets, Excel is an excellent resource for making a budget. You can customize and edit the sheet as needed. You can even connect your bank account to Excel to make budgeting even simpler. You'll find both free and premium options for Excel budgeting templates you can download online that will help keep you organized.
Google Sheets: Much like Microsoft Excel, Google Sheets allows you to customize spreadsheets so you can keep your budget organized. One of the best parts about using this management tool is that you can access your budget from anywhere with the free mobile app. Using Sheets is entirely free for personal use as well.
Mint by Intuit: Mint offers an online budget planner. It is completely free, and you can manage all your accounts in one place. You can also set specific spending limits and get notifications when you overspend. Mint offers personalized insights and free credit scores. Plus, their bill and subscription payment tracker will keep your automated expenses organized so you can see what and when you are being charged.
You Need a Budget: You Need a Budget, also referred to as YNAB, is an app for tracking your spending that costs just under $12 every month. Whether you have an iPhone or Android or prefer to do your budgeting from a desktop computer, You Need a Budget will help you track your money from anywhere with internet access.
PocketGuard: If you are interested in having a management tool that helps you find and negotiate lower monthly costs, PocketGuard is a great option. If you struggle with overspending, PocketGuard can help send notifications to keep you within your budget. This app has both free and premium options.

Step 9: Put in Your Numbers

You have collected all the numbers you need to make a budget sheet. Now, it is time to plug those figures into the tool of your choice. Once your budget is organized, you can analyze how and where you spend your money all in one streamlined place. You can access your budget whenever you need it and track any changes.

You can experiment with different budgeting tools and find which one works best for you. Taking the simple steps to create a successful budget plan means finding the right methods to keep you on track.

Step 10: Review Your Budget Each Month and Make Adjustments as You Go

Make it your mission to revisit your budget every few weeks. Plan on updating expenses or income if any changes occur. By keeping a close eye on your budget, you can find the areas where you can cut down on spending.

For example, you might find that you are paying for a subscription you are no longer interested in. You can spot this on your budget and cancel it. Once you make the change, go back into your budget and update your expenses. This may free up extra money for savings or personal spending. Reviewing your budget regularly is an excellent practice for beginner budgeters. It allows you to be accountable and responsible with your finances.

Enjoy the Benefits of Your Budget

We understand it can be challenging for beginners to know how to start a budget. Fortunately, by following these 10 steps and our budget tips for beginners, you will have a highly organized and easily accessible plan that will set you on the path towards meeting your financial goals.

Once you have a grasp on budgeting, you can focus your attention on other aspects of your financial well-being. Atlas Credit can help! No matter where you are in your fiscal journey, Atlas Credit provides an easy online option for personal loans, even if you have poor credit. Learn more and apply for a loan now with our secure online application.

What Are Responsible Lending Laws And Obligations?

Tue, 02 Nov 2021 05:00:00 +0000

Finding a reliable lender for a loan can be challenging, especially when you're unsure about being able to pay back the loans offered to you. That's why responsible lending laws exist and are important for borrowers to understand.

Responsible lending holds lenders accountable so they don't give unsuitable loans to borrowers. This practice also keeps borrowers safe from loans lenders give, knowing the borrower can't afford to repay it.

Lenders must follow responsible lending laws to stay honest about their loan services. You can save yourself from falling into an unsuitable loan contract when you understand what responsible lending is.

What Are the Responsible Lending Obligations?

Lenders need to ensure they give you a loan that you can pay back and won't lead to hardship down the line. To determine your loan eligibility, lenders must follow responsible lending conduct obligations, which include assessing several financial aspects of your life, such as:

Income
Employment situation
Existing debts
Living situation
Assets
Fixed and variable expenses
How many people are financially dependent on you
Anticipated changes to your financial situation
Other factors that could affect your ability to pay back the loan

To verify your income, lenders will request appropriate documentation like recent payslips, tax assessments, or other evidence of income activity. While many factors are included in loan applications, ensuring lenders assess your financial situation enables you to receive an appropriate loan. Responsible lenders will provide important information about credit products and services so the borrower can make fully informed decisions.

A conscientious lender prohibits the use of misleading, abusive, or fraudulent lending practices. You can determine if you're in an unsuitable loan contract if the lender keeps you locked to the contract or encourages you to increase your credit limit, despite your financial situation. A responsible lender will keep your financial situation in mind before offering a loan and will help you if you find yourself in trouble.

How Atlas Can Help

Atlas Credit is a responsible lender you can trust. We offer personal loans you can use to meet your financial needs. When you apply for a loan, we don't limit approval based on credit scores. We understand budgeting is important. That's why when we review your qualifications, we offer a detailed repayment plan that works with your budget.

You can apply for a personal loan online, over the phone, or visit us in person at one of our many branch locations throughout Texas, Oklahoma, and Virginia!

What is Better: Owning a Home or Renting One? | Atlas Credit

Tue, 24 Aug 2021 05:00:00 +0000

Have you reached a fork in the road in your life? Is it time to decide whether you want to buy a home outright or simply rent for the time being?

Many people who reach this critical stage in life when they consider renting vs. owning a home have difficulties weighing their options. Owning a home seems to come with so many benefits, but renting a home seems so much simpler!

If you need help making your decision, keep reading. Today, we'll cover some of the many benefits provided by both renting and owning a home.

Pros and Cons of Buying a House

First, let's look at why home ownership may be a better idea vs. renting.

Pros of Owning

When the property you live in is yours, you never have to worry about a landlord coming by to inspect the property, and you'll never face a change in terms or ownership. As a renter, you are 100% at the mercy of fate -- so you'd better hope the owner doesn't feel like tearing the place down.

If you own your home, you'll be able to deduct a lot of related expenses. Unless you owe a huge amount of money (over $1 million), you'll be able to deduct all the interest you pay to your mortgage payment.

Your monthly payment won't be changing anytime soon. In fact, unless you have a hand in changing the cost of your mortgage payment, you'll probably pay the same rate for the duration of the note. This can help tremendously with smart budgeting!

Owning a home is one of the best investments a person can make these days -- especially since it happens so rarely now with the younger generations. Your portfolio will look much, much better if you own for years instead of spending all your time throwing away cash in rentals.

Cons of Buying

As a homeowner, you are responsible for any repairs and all utility bills for the home. Renters generally don't need to cover all of these things. You must budget money to cover often-unexpected things such as:

Pest control
Tree removal
Plumbing or electrician costs

You will also pay for property taxes as well as insurance, and property taxes can rise without warning for homeowners. In addition to home insurance, you may be required to purchase flood or earthquake insurance, depending on where you live in Texas or Oklahoma.

You risk losing money on your investment when you buy, too. While many properties gain value after you purchase them, sometimes they decrease in value. A small number of homeowners end up owing more on their mortgage than the property is worth, putting them "underwater" on the purchase. You could also put money into home repairs or improvements that do not increase the value of the home.

Pros of Renting

When you rent an apartment or a home, you can always leave at the end of any lease agreement or even pay to break a lease in many cases. If a new opportunity presents itself, you can pull up your stakes and take off wherever you like. If you own, you'll have to wait for the house to sell or for an acceptable renter to come along.

Renting may require a small security deposit at the beginning of your lease, but it's nothing compared to the huge cash deposits most homeowners are forced to make on their mortgages. That means you can hold onto that money and build up a decent amount of cash for the next time you need to move.

If something breaks (like your air conditioning, appliances, garage door, etc.), all you have to do is pick up the phone and give your landlord a call. It's their responsibility to keep your rental home livable, not yours. When you own, it's all up to you.

When you are trying to decide what's better, owning or renting a home, you should also consider that your bills will be fixed when you rent. While rent itself can increase, you don't have to cover unexpected repairs. You will likely have an easier time budgeting when you rent.

Cons of Renting

When you rent a home, you put money monthly toward something that you will not earn you any long-term benefits. You will never own the property, and you can't take mortgage-related tax deductions. In most cases, your rent will be substantially lower than a monthly mortgage payment, which makes renting a better option for some low-income earners. But many people prefer to put money into something they will one day own outright, even if that means making more significant payments.

Some people prefer the control you get when you buy a house, too. When you rent, you are often at the mercy of your landlord, and they can:

Decide when to make repairs
Raise the rent
Enact restrictions on usage of public spaces within the rental facility

As a renter, you have very little power. You can make suggestions to your landlord, but they may not follow your guidance. Many landlords fix things as soon as they break, but others may take their time addressing your concerns.

Should I Buy a House or Rent: Factors to Consider

If you're young (in your early twenties), you might not want to try purchasing a home unless you have a seriously lucrative, stable job. The nature of youth means you never know what might change year to year, and locking yourself into a long-term ownership plan might be something you eventually regret.

If you have a middling credit score, owning a home can be much better for your credit than renting. The vast majority of the time, renting a home does little to nothing to affect your credit score, while successfully paying off a mortgage is great for your credit.

The housing market, particularly that of your local area, is probably the biggest thing to consider if you're weighing your options. If it's a buyer's market, you might find some phenomenal deals on properties near you. If it's a seller's market, you may not have any real options in your price range and may be forced to rent anyway.

Ultimately, the decision of whether or not you should buy or rent a home is up to your specific financial and life situation. As our renting vs. buying pros and cons make clear, the right answer will vary from person to person. Whatever you choose, make sure it's the right choice to help you build yourself up in the right direction for years to come.

Apply for a Personal Loan With Atlas Credit

And as always, if you need some extra help making a rent payment, putting down a deposit, or simply making some repairs (if you own, that is!), apply online or in store for a personal loan of up to $1,400 from Atlas Credit today! You can visit any of our locations across Texas and Oklahoma or apply online. Our friendly representatives can discuss your loan options and help you see if renting vs. buying a house makes sense for you.

Apply For a Personal Loan Online

7 Quick Ways to Improve Your Credit Score | Atlas Credit Co

Tue, 27 Apr 2021 05:00:00 +0000

Do you need money ASAP, but worry your credit score might scare away lenders? Then you need to find quick ways to improve your credit score.

How to Raise My Credit Score

Discipline and planning are the best ways to build credit. Here are some simple ways to improve your credit score:

1. Check Your Credit Report for Errors

The first step to improving your credit is to request your credit report. Once you have a copy, check it thoroughly for errors. Anything listed incorrectly can hurt your credit -- which means you may be able to improve your score by simply disputing the errors in your report!

2. Pay Down Your Debt

Reduce the total amount of debt you owe. Seriously, try to pay off whatever debts you can, or take as big a chunk out of them as possible. By clearing even one debt, you'll see your credit score improve. And always, always pay all your bills by the due date.

You can begin by targeting your largest debt. Put all your extra money each month toward paying well above the minimum payment. Cut back in other areas, too, such as entertainment and dining out, to give you more significant chunks of money to put toward debt payments.

When you focus on getting the debt paid off, you may be surprised by how quickly you can accomplish it.

3. Get a Credit Card

If you're the type of person who lives in fear of credit cards, you're missing out on a great opportunity to improve your credit score. You don't have to use your card for big expenses, either. Simply use your credit card for buying groceries or filling up your car, and then pay that off immediately. The constant use of a credit card does wonders for your credit score.

4. Pay Your Credit Cards Off Twice a Month

Even if you successfully pay your balance at the end of every month, creditors are still only reporting it once a month. If you break up your credit card payments, not only will you keep your total balance lower, but the doubled-up reporting will speed along your credit score improvement!

5. Negotiate Your Balances

Sometimes, you need a little help. If you have past debt collections that continue to be held against you, it may be time to request a negotiation to knock out some of your debt. Settling is in the best interest of both sides if you can move on and put the mistake behind you.

When you decide to negotiate, request any agreement you reach in writing. That way, you can reference it if a dispute arises or someone tries to renege on the deal.

If you have not done this before, seek out someone who has. You can learn tips for getting what you want from the negotiations and learn how staying organized and knowing your credit history can improve your negotiating power.

6. Pay Your Bills on Time

Credit ratings measure your reliability, and one way to prove you are reliable is to pay your bills on time. Yes, sometimes you forget to make a payment or a bill gets lost in the mail. But most of the time, you should be capable of making on-time payments. If you have experienced difficulty with this in the past, try these strategies:

Set a reminder on your calendar to pay each bill every month. Ping yourself a few days before the bill is due so your payment has plenty of time to arrive.
Arrange for online bill payment. Automate the service if you know you will have enough in your account each month to cover the payment.
Go over your budget each month to ensure you have every payment listed.

7. Become an Authorized User on Someone Else's Credit Card

If your credit is extremely low, becoming an authorized user on someone else's credit card could help you bounce back up. It's a risk-free strategy, assuming you can find someone who will agree to add your name. You won't be responsible for debt repayment and you can begin to rebuild a positive credit history.

Asking someone to make you an authorized user is not a trivial request. You should only ask someone you are very close to, such as a spouse or parent. The person who adds you is taking on their own risk. Make sure you show them the proper appreciation and respect.

Now that you know the right strategies for how to build credit, you can begin to implement them. It will take some time to raise your rating.

But remember, if your credit score is so low that banks and other lenders totally ignore you when you apply for a loan, you should try a personal loan from Atlas Credit. Our quick and easy approval process will get you $100 to $1,400 cash guaranteed, even if you have bad credit. Contact us today to find out more about our 5 to 12 month repayment plans!

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The Pros And Cons Of Giving Your Kids An Allowance

Mon, 19 Apr 2021 05:00:00 +0000

Are your children old enough to ask for (or demand) an allowance?

Many parents struggle with the concept of giving a weekly salary to their kids. After all, you are the one paying their rent, utilities, and grocery bills. Why would you have to pay them to live with you on top of that?

And who or what is introducing them to the idea of an allowance in the first place?

These questions will likely never find their answers. That's why we have created this handy guide on when and how you should give your kids an allowance!

Teaching Your Kids the Importance of Money

When your child is old enough to spend money, they need to learn what makes it so valuable. If they have yet to hold their own job, they likely have little understanding of what it took to earn each dollar they spend.

By giving them a specific amount once a weekly, bi-weekly, or monthly, you can structure their financial education. If your children are introduced to the real world without a proper knowledge of how money really works, they could make any number of mistakes. When you ask whether or not you should give your kids an allowance, this should be number one on your reasons why you should.

Pros and Cons of an Allowance

There is no right or wrong answer to whether you should give your child an allowance. Much of it depends on your family dynamics and preferences. You will find pros and cons to both approaches. A few pros include:

Learning how to look after money
Making decisions and also mistakes about money, which allows kids to learn
Seeing the relationship between hard work and rewards

But do children deserve an allowance? There are also drawbacks to this system, such as:

Cutting into your own budget
Another thing for you to keep track of and monitor
Fighting over whether kids fulfilled all their duties to earn an allowance

Let's look at these pros and cons more in-depth.

Benefits of an Allowance

Many kids can learn the value of a savings account (piggy bank-style) from an allowance. Such a saving habit can often carry over throughout their lives, teaching them proper financial planning skills and budgeting.

Beyond that, spending small amounts of money teaches basic math and economics skills, as well as social interactions. Your kids will recognize that the money they have (whether that is $5 or $50) only goes so far. And when they have to make careful decisions in their purchasing, they will better recognize why you have to do the same with the larger purchases in life.

When Not to Give an Allowance

Should you refuse to give your kids an allowance sometimes? Yes — under certain circumstances. These might include:

When you are already struggling to make ends meet each month.
When you see that they are spending their allowance money frivolously.
When you are worried that it creates an unhealthy association with money as their only motivation for doing things.
When you are worried they are becoming spoiled.

Most of these points can be addressed by simply reducing the amount of money you choose to give them. You can explain that times are tough, or that they need to work harder to actually earn the allowance they receive. As a result, they may perform more tasks around the house or improve their grades at school.

At What Age Should You Give Your Kids an Allowance?

After parents have decided to give an allowance, the next question is: At what age should a child get an allowance? Again, there's no hard and fast answer. It depends on your child's maturity and your feelings on whether kids should get paid to do chores. Some families believe kids should do chores because it is their duty, not because they should get paid for it.

Many parents begin giving an allowance when a child starts school at age 5 or 6. They will be taught about money at school, and giving them an allowance reinforces concepts such as learning the value of coins and adding or subtracting. Children are also old enough to grasp the concept of doing work in return for something. They understand you must pay for things at the store. You can help them learn by letting them pay for things with their newfound income.

As children get older, they'll have a better understanding of money. Some families wait until kids are 10 or 11 to give an allowance so that they will be more conscientious with their income.

How Much Allowance Should You Give Your Kids?

The answer depends on your children's ages, your financial circumstances and even where you live. For a young child, $2 or $3 per week is enough. For a teenager whose duties around the house may include babysitting and cooking dinner, you may feel that $20 per week is fair.

Families also sometimes give their children a higher allowance but expect them to pay for all of their own purchases. For instance, if the family goes to an amusement park, Mom and Dad won't pay for any arcade games or buy souvenirs. It's up to the kids to plan ahead.

Methods for Giving Your Child an Allowance

For many kids, allowance is given for performing jobs around the house. You can determine age-appropriate chores and give the cash allowance after they've been completed each week.

Other families may use a credit method where kids earn credits they can trade in for toys or extra electronics time. Discuss it within your family and figure out what works best for everyone.

So, should kids get an allowance? Ultimately, granting an allowance for your children is not for every parent. But if you choose to do so, you can figure out a few great ways to incentivize them to act better overall, teach them the value of hard work, and instill long-lasting money management skills.

Want more tips and tricks every week? We love discussing a wide range of personal finance topics that both inform and entertain. Keep your eye on the Atlas Credit blog!

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8 Ways You Can Save Money in Your 20s | Atlas Credit

Mon, 15 Mar 2021 05:00:00 +0000

If you're in your 20s, you probably aren't as financially sound as you'd like to be. The future probably seems a little intimidating, and you can't be certain what your life (or your bank account) will look like in a decade, let alone your 40s or 50s.

That's why it's critical that you start planning and building the foundation for financial success now. Here are some ways you can.

1. Pay Off Your Debt

Whether it's credit card debt or student debt, you should do everything in your power to make sure you're mostly debt-free when you enter your thirties.

This might sound like an impossible task at first. Mountainous debt always looks bigger from base camp. But once you start the climb, paying off more than minimum monthly payments and focusing on the big picture of being debt free, you'll make it to the other side with no obstacles in your path.

2. Start Saving for Retirement

It may seem a bit early, but it's really not. In fact, people in their 50s now planning for retirement are quickly finding that they don't have enough to live on and will have to work well into their 70s.

You don't want to make the same mistake. You should start preparing as soon as possible. Now.

By either speaking to your employer and setting up a retirement plan, or creating a separate savings account that you swear to never touch until you're 65, you'll be set to retire comfortably and on time.

3. Live Below Your Means

Many millennials already understand the meaning of living inexpensively. With crippling college debt and lower-paying jobs than generations before them had, they aren't exactly in the position to live lives of luxury.

But even if you could afford to throw caution to the wind and abandon frugality occasionally, you probably shouldn't. That means you should shoot for an apartment that you can easily pay for, buy generic brands, and generally spend less than you plan every month if at all possible.

By cutting costs everywhere, even if it means pretending or fully believing you're poorer than you are, when you reach your 30s you'll have saved more money than you could imagine possible.

4. Start Investing

The vast majority of twenty-somethings have yet to realize the value of investing their money. Sure, many may have savings accounts through their banks that could already be building in a healthy way for their futures, but they're not taking full advantage of their economic potentials.

If you start investing in stocks and bonds before your 30s, you'll gain loads of experience and understanding of how the financial markets work. You don't have to be rich to make money in the stock market. With a little know-how, you can make the right investments that will pay off in tremendous ways in your future.

5. Be a Little Selfish With Your Money

Because the only thing you can truly have control over is your own finances, you'd be wise to play a little closer to the vest when it comes to them. In other words, don't tell everyone you know about the financial moves you make, and focus on improving yourself before you think about helping everyone else.

This is not to say you shouldn't be generous or helpful when the opportunity arises. Everyone likes showing friends and family members how much they care, but if you want to establish your future now, when you're still young, it's important to be a little selfish.

6. Create a Monthly Budget

If you are a regular reader of the Atlas Credit blog, you know we are big fans of budgeting. Learning how to plan for unexpected expenses and save your money will help you get ahead in the long run. You can learn more about your money flow through budgeting, which is one of the best ways to get ahead financially while you're still young.

A budget ensures you do not have more money going out than you have coming in. To create one, you first need to tally up your regular monthly expenses, which may include:

Rent or mortgage
Utilities, like gas and electricity, and communications bills, such as internet and cell phone
Groceries
Student loans, if you have them

Your monthly income should balance out these expenses and give you some leftovers. That goes toward extras such as entertainment. In addition to saving for retirement, you also want to save some for an emergency fund you can tap into if something unexpected occurs. That way, if your car breaks down or a pipe bursts, you can pay for the repairs instead of charging them, which can put you behind financially.

7. Cut Out Things You Don't Use

Saving money is the key to getting ahead financially. Too many young people spend on things they think they need but don't actually require. For example, if you subscribe to cable, you probably use four or five channels more than anything else. Do you really need to pay an arm and a leg to get those other networks?

You can just as easily sign up for a streaming plan that gives you a limited package of channels or get a streaming service that delivers similar entertainment for a fraction of the monthly price. Other subscriptions or expenses you can cut down include monthly data plans for your phone or magazine subscriptions.

8. Challenge Friends to a No-Spend Challenge

You may have seen people refer to no-spend challenges on social media. You and some friends agree to eliminate purchases of "extras" like clothing, books and entertainment for a predetermined period. You could go for one, two or even six months.

Instead of spending money on these activities, put that money in your savings account. Get together with your friends regularly to do on-the-cheap activities and still have fun, such as cooking at home for each other or playing tennis at a local playground. You can socialize without spending money.

By following these tips, you may not immediately change your finances. But once you get a little older and look back at the decisions you made to prepare yourself for later, you'll thank your younger self for your prudence. For more financial tips like these, read more of the Atlas Credit blog!

Found an Error on Your Credit Report? Here's How to Fix It!

Wed, 01 Jul 2020 05:00:00 +0000

For many people, the idea of checking their credit score comes with a heavy dose of dread. What if it's lower than the last time you saw it?

And some people have never checked it at all. Maybe they don't know how, or maybe they're too afraid to discover they have bad credit. But if you keep your head buried in the sand, you won't know how to correct an error on your credit report or dispute a credit report that contains false information.

Keep reading. We'll discuss exactly how to check your credit score, how to fix credit report errors, and what you can do to make sure it's perfectly accurate from now on.

Checking Your Score

First off, never pay to check your credit score if you can help it. Websites like Credit Karma allow you to make an account and check your scores from the three major credit bureaus for free.

Also, the aforementioned credit bureaus — Equifax, Experian, and TransUnion — are required to provide you a free credit report once every 12 months. You can strategically stagger your requests for reports from each of these agencies so you can receive your free report every 4 months.

Once you receive your credit report(s), it's time to get out your magnifying glass.

What to Look For

Does everything on your detailed credit report make sense to you? Do you recognize every item?

Maybe there's something on the report that you thought you took care of years ago, like an old debt you've already cleared. Or perhaps you spot something like a late credit card or bill payment from an account you don't recognize.

Either way, it's up to you to make the necessary corrections to get your score back up to where you know it should be.

Submitting a Dispute

The credit reporting agencies that formulate your score are required by law to investigate disputes. If you use a website like Credit Karma, you can simply go through the list of items affecting your credit and choose to dispute them.

If you receive a report directly from one of the credit bureaus, you'll have 30 to 60 days to send them a letter explaining the inaccuracy of the report. You'll have to include all your important information and a detailed description of why the report is inaccurate.

The government actually provides a template for such a dispute letter. Once the agency investigates your dispute, they'll send you a write-up of the results of your dispute. Hopefully, everything will be taken care of and soon your credit score will return to normal — or higher!

Following up on a Credit Bureau Dispute

If you discover credit report inaccuracies, follow up to ensure they have been addressed and eliminated. It can take weeks or even months for your disputed information to change on your credit report. Don't give up on getting the change.

Continue to look every week to see whether the disputed item on your credit report has been removed or otherwise addressed. If, after several months, you do not see progress, you should get in touch with the credit bureau once again or track down the furnisher of the report to make a formal complaint.

Remember, you are the one impacted by an inaccurate credit report. No one else is responsible for ensuring its accuracy. You need to stand up for yourself and exercise your rights to ensure the problem goes away. You can't trust the change has been made until you see it with your own eyes.

Why It's Important to Have a Correct Credit Score

It's never fun to have bad credit. For one, it can lead to some serious financial anxieties.

But what's even worse is what can result from a low score. You might be turned down for home loans, credit cards and more. Even something as small as a transposed Social Security number or an incorrectly spelled last name can impact your credit score negatively because it's wrong. That is why you should check all the information on every credit report. A credit inaccuracy can haunt you for years if you don't address it quickly.

It is not hard to get an error on your credit report changed. But it does require dedication and persistence. You will have to continue to follow up on the problem weekly to get it resolved. Think of it as a marathon rather than a sprint.

Thankfully, there are businesses out there that can cut you a break. For instance, Atlas Credit can provide you with a personal loan even if you do have bad credit. And if you pay off that personal loan month by month, you might even see your credit score improve as a result.

Apply For a Personal Loan Online

For more information on how Atlas Credit can help you get out of a tight financial situation, even if you have bad credit, contact us today. We have locations across Oklahoma and Texas, and you can also apply for our loans online.

How to Save Money on Easter Sunday Spending | Atlas Credit

Wed, 01 Apr 2020 05:00:00 +0000

Today is Easter Sunday! If you're reading this, you're probably rushing around to get everything done at the last minute and hoping for some straightforward spending tips to make your Easter a success — without breaking the bank.

If you are wondering how to save money on Easter Sunday spending, here are some great ideas for making your Easter a fantastic day of fun with family and friends while staying frugal!

Stick to Traditions

This year, bring your Easter Sunday celebration back to its roots. Paint and decorate eggs, hide them around the yard and enjoy watching your kids or the kids in your extended family hunt for them.

Play music, encourage arts and crafts and spend time reconnecting with your guests. Talk about the past, the present and the future, and enjoy the day. Cook traditional Easter delicacies, and share it with your guests.

Easter comes only once a year, so taking the time to set the tradition can be a valuable goal to enrich your life and the lives of your friends and family.

Cook With the Family

Instead of having every last piece of food carefully prepared before your guests arrive, encourage a family strategy for having all the food ready by dinnertime. Ask your guests to bring dishes or ingredients so it doesn't fall entirely upon you to come up with the full meal.

Then, when everyone arrives, tackle the cooking project together. While the kiddos are outside getting ready to hunt eggs or having other Easter fun, the adults can get the food prepared in a team effort.

Spend More Time Outside

While some people might plan extravagant getaways or huge parties for their Easter celebrations, if you want to keep your wallet intact, you should enjoy the great outdoors with your family and friends.

By going for a walk, trekking around the Texas countryside and spending your time in the sun, you'll feel happier, healthier, and more rewarded afterward — without spending any money.

Look for Easter Deals

Not every store offers deals on Easter Sunday staples, but with a little digging, you can find plenty of special offers in your local area. Maybe your grocery store has a special on classic entrees like roast or chicken, or sides like vegetables or desserts.

Most of all look for deals on candy in bulk. Instead of buying individual treats to stuff into those little plastic eggs that have become so popular for Easter egg hunting, buy large bags at discounted prices. Often, these bags come with a large assortment of treats inside that will appeal to every hunter in your Easter Sunday celebration.

Go to Dollar Stores to Shop for Decorations

One great tip for how to decorate for Easter on a budget is to get your decorations at the dollar store. You can spend an arm and a leg when you buy fancy napkins or pastel-colored balloons at the grocery store. Instead, shell out just a few bucks and come home with lots of options, including single-use tablecloths and Easter-themed paper products to make your table look festive.

Only Buy What You Need

Instead of filling your kids' Easter baskets with toys they'll never play with or candy they will wolf down right away, give some thoughts to their needs. One of our favorite tips for how to do Easter on a budget is to purchase things your kids will actually use in the long term for their baskets. Think of items such as toothbrushes, pencils or swimsuits. They will be just as excited to get these, and you don't have to buy extra stuff.

Don't Purchase Pre-Made Easter Baskets

You may feel tempted to buy the pre-wrapped Easter baskets at the store. After all, that will save you a lot of shopping time. But resist the urge. Those baskets are overpriced and often contain junky items that will break after only a few hours. Your kids will enjoy gifts tailored to their tastes more than a pre-made basket.

Skip the Special Easter Outfits

If you have kids, you know they outgrow new clothes in a matter of months. Don't purchase clothing your children will only wear once. Instead, approach Easter on a budget and get them an accessory or two to update an outfit they already have. A new headband or shoes will satisfy your child's desire to dress up and cost you much less money.

By following these tips this Easter, not only will you save money on the holiday festivities -- you'll create long-lasting memories with your family and friends that'll make them excited for what's in store next year.

Apply For a Personal Loan Online

And if you're not sure how you can afford Easter (or your bills once Easter is over), you could use the help of a trusted personal loan lender like Atlas Credit. Apply online or in-store at one of our Texas or Oklahoma locations today to qualify for a good or bad credit personal loan from $100 to $1,400 and make your Easter a huge success!

The Benefit of Personal Loans For Millennials | Atlas Credit

Mon, 09 Mar 2020 05:00:00 +0000

Why a Small Personal Loan May Be the Best Option for Millennials

Many young Americans who are part of the so-called millennial generation know how hard it can be to get ahead. Most millennials have a limited or bad credit history, are weighed down by student loans, and have yet to land a job that can pay the bills comfortably.

And while some millennials may have family members or friends to help them through the tough times where they can just barely scrape by, others may not be so fortunate. That's where personal loans come in.

What Makes a Personal Loan Different?

Traditionally, when you didn't have enough money to make it through tough financial times, you could either ask your boss for a raise or go to the bank and borrow money. These days, though, most bosses might scoff and send you back to work -- and the banks would need one crazy good reason why they should give you the small stipend you need.

In fact, without a solid credit history or someone to cosign, you're very likely going to be turned down for just about any loan you apply for through a traditional lending operation like a bank. But with personal loans, many lenders like Atlas Credit are happy to provide millennials with loans from as low as $100 up to $1,400.

What Can a Personal Loan Help With?

If you're a millennial who has just graduated from college or moved out of living with family or roommates, such a transition period can be extremely tricky. The money you might have saved up is like a canteen in the desert, but if you run out of water before you find the oasis, you might have to turn back the way you came -- or worse.

But a personal loan is like finding a great big river running alongside you in your journey. It can also be the difference between getting the job that will support you from now on, and having no way to move forward with your life.

Apply For a Personal Loan Online

What Are the Benefits of Personal Loans for Millennials?

Taking out a personal loan can offer many advantages for millennials:

Small amounts: If you're already saddled with student loan debt, the last thing you'll want to do is take out another huge loan. Consumer installment lenders like Atlas Credit specialize in small loans with manageable monthly payments, which means you won't be significantly increasing your burden.
Better than credit cards: Understandably, many millennials are wary of falling into the endless revolving debt trap that comes with using credit cards. Our personal loans have a clearly defined endpoint — you'll only need to make payments for up to 12 months to fulfill your obligation.
Fast emergency cash: Cash-strapped millennials often don't have funds available to cover emergency expenses like medical bills or car repairs. Personal loans can provide much-needed money almost immediately and with fewer hassles than when attempting to borrow from a bank or credit union.
Fewer credit restrictions: Because of their massive debt load or limited credit history, many millennials have difficulty obtaining loans from "traditional" lenders. Personal loans are more accessible to people with less-than-perfect credit.
Helps to establish a credit history: Millennials who have just graduated from college often have a "thin" credit file, which means they have little to no history of borrowing money. Taking out a personal loan is an excellent way to build a credit profile, which will make it easier to get approved for things like mortgages and car loans in the future.

What About a Payday Loan?

Sometimes, Millennials may opt for payday loans. These high-interest loans are usually meant to be paid back, obviously, on payday. The problem here is that you must have a payday coming up right around the corner, or else you might find yourself in much worse financial trouble than you started with.

Atlas Credit is not a payday lender. We offer personal loans to Millennials and Baby Boomers alike, whether they have excellent credit or bad credit. On a case by case basis, we'll see if you qualify after you apply online or in one of our many locations throughout Oklahoma and Texas. Then, you can pay it off on a month-to-month basis at your own pace.

Millennials may have it tough, but with the right financial help, anybody can succeed. For more information on how you can succeed financially at any age, read more of the Atlas Credit blog!

Apply for Your Personal Loan Today

Applying for a personal loan for millennials from Atlas Credit is fast and easy. If approved, you can typically receive your funds the same day you apply.

Visit or call any of our Texas or Oklahoma locations or fill out and submit an online application today.

Moving? Here's How to Do it On a Budget? | Atlas Credit

Mon, 02 Mar 2020 06:00:00 +0000

Nobody likes moving day. But it's not just because of how stressful it can be (both mentally and physically, in most cases). It's because of how expensive it can be.

So don't get overwhelmed during your move. Check out these simple tips to help your moving day go as smoothly and cheaply as possible!

How to Move on a Budget

Consider Hiring Movers

First of all, don't automatically assume that if you hire a moving company, you'll burn right through your moving budget. A lot of people actually end up spending more money renting their own U-Haul than they would if they'd just looked into an affordable moving service.

Try to get a few quotes from different moving companies in your area. And just because they have set rates doesn't mean you can't try and haggle. Depending on what time of year you're moving in, some companies may be willing to lower their rates by as much as 30 percent, so always do your research.

Know Where to Save Money

Do. Not. Spend. Money. On. Boxes.

Period.

When you move, it's obvious you'll need a big supply of sturdy boxes. But that doesn't mean you need to go to a moving company and pay a ridiculous price for a stack of them. Instead, ask around first. Many people have boxes in their garage, closets, or storage that aren't being used.

Or, see if there are any places online like Craigslist where people are offering boxes for free. You can also go to your local grocery store, liquor store, gas station, or even big box department store and ask if they have any boxes in their shipping and receiving rooms they aren't using. Many times, they'll have so many that they can't wait to give them away for free.

Here's another tip we have for how to move cheaply on a budget — don't pay for packing materials, either. Between old newspapers, magazines and plastic bags from the grocery store, your home probably has all the packing materials you need. Use these to wrap up fragile items instead of paying for packaging peanuts. Some people even use their socks or other clothing to cushion dishes, vases and other breakables.

Cut Your Utilities Ahead of Time

When you move, don't wait until you've already left your home or apartment to have the utility company shut off your services. For gas, cable, Internet, phone, and maybe even water, you can have these shut off several days in advance of your move, or even the morning of. By doing this, your utility companies can't get away with charging you for an extra month, or for extra services you weren't even there to use.

However, you should probably be careful when it comes to electricity. You never want to find yourself moving in the dark, so time this as perfectly to the moment you're finished packing as possible.

Before Moving, Get Rid of Things You Don't Need

One of our favorite tips for moving on a budget will benefit you long after moving day. Before you start packing, get rid of everything you don't need. The less stuff you have to move, the less expensive your move will be. If you hire movers, they will have fewer pieces to move. If you need boxes, you will need fewer of them. It will also take less time to move everything.

You may need to throw some things away, but you can fill several boxes with items to donate to a local charity if they are in good condition. Moving on a budget also can save you money on your taxes because you may be able to deduct charitable donations. Ask for a tax receipt when you make your donation.

If your extra things are in excellent condition, you could even make money off of them. Consider having a yard sale or selling your stuff through an online marketplace. You could make enough to pay for the moving truck.

Move During the Offseason

Most people move between April and September. The weather generally stays nice at this time, and school is less of a factor for children. One of the more inexpensive ways to move is to schedule your relocation outside this period.

You will encounter less competition, and thus lower prices, for truck rentals and booking your movers. In fact, many places offer offseason discounts to encourage people to move when the business is less busy. Ask about any deals when you call to book your services.

Write Off Your Move If You Can

This is one of those budget-moving tips that won't pay off right away, but you will enjoy the benefits later. If you move for employment-related reasons, you can often write off some or all of the expenses on your taxes.

You also may want to ask your employer about possible reimbursement if you are moving for work. Not every company covers moving expenses, but some do. You'll never know unless you try. Have a figure in mind when you make your request in case your boss asks.

Where to Spend Money

If you have valuable items in your home, whether because they're pricey or priceless, you should never skimp on keeping them safe during your move. This means tape, cushions, or whatever else is necessary to make sure they aren't broken.

Also, if you know you have so much stuff that you'll be packing for days on end, enlist the help of your friends or family. While you might not have to pay them in cash, they may expect you to at least keep them fed and happy, and that might cost you a little money.

Make sure to measure your furniture before you move it into the new place. You may discover it doesn't fit the space, or you can't get it up the stairs because of the dimensions. If this is the case, you will need to budget for buying new furniture. You can shop around to find reasonable prices, or you can look into other financing options.

Take out a Personal Loan to Help With Expenses

Remember, if you need new furniture, simply can't perform the move yourself or can't afford the cost of a moving truck, there's always the option of a quick and easy personal loan from a Texas lending company like Atlas Credit. We assist borrowers with bad credit across Texas and Oklahoma.

Apply For a Personal Loan Online

Apply online or in store today at one of our many locations in cities like Longview, Waco, Fort Worth, or Austin to see if you qualify for a personal loan. That way, you can afford to move without stress, and pay off your loan at your leisure. Contact Atlas Credit today!

How to Handle Your Finances After College

Sun, 23 Feb 2020 06:00:00 +0000

When you graduate college and finally enter the "real world," you'll quickly come to realize the importance of a healthy financial situation. Sure, you've understood for a long time the value of a dollar, but once you're no longer going through education, it's time to perform and make your own success.

Life after college can feel a little stressful, especially in the beginning. So if you're uncertain about how you can handle your finances, check out some of these money management tips for college graduates!

Managing Your Money

Whether or not you've already landed a job in your new post-college environment, you should treat every penny you earn with care. Where money might have seemed but a fleeting object when you were younger, it's now critical for your survival and as a foundation for your future.

That might sound a little scary. But it's a truth that everyone else who's been in your situation has had to face. That's why it's critical for you to manage your money strategically, by creating monthly budgets, keeping your money stored safely, and maybe even downloading money management apps. By keeping track of every change in your finances, you'll understand the importance of spending wisely, and always know how much you have to spend.

Dealing with Debt

If you've just graduated college, like many other Americans, you probably have a tremendous amount of debt. Student debt is one of the biggest expenses adults have to worry about these days, and if you have a heap of it to take care of, don't let it overwhelm you.

By dealing directly with your loan provider, you can challenge the monthly payments and possibly lower them to a more manageable amount. For instance, if you make less than $20,000 annually, you may be able to reduce your minimum payment to as low as $0 a month, depending on the structure of your student debt.

Another option is to consolidate your debts into one account, and then pay that one down in chunks at a time. Many students have separate loans broken down by the semester or school year. A huge benefit of consolidation is that if you are late to make a payment, it won't appear on your credit score as multiple missed payments.

Developing Savings Habits

Having good savings habits from the very beginning is crucial.

But, you might ask, what exactly does that entail?

First, you need to set aside an emergency fund. Whether that takes you two weeks or six months, you absolutely need the cushion of an emergency fund in case anything goes wrong. Then, you need to create a general savings account that is automatically added to after every paycheck. Even if you're only allocating $10 a week from your monthly budget, this money can quickly snowball, especially if you place it in an interest-generating savings account.

And remember, you don't have to go it alone. If you aren't making enough money to handle certain expenses, or if you suddenly find yourself facing an emergency that requires more money than you can cover, you can always enlist the services of a Texas personal loan lender like Atlas Credit. We provide personal loans to college graduates every day, even if they have no credit or bad credit, to help them better position themselves for a bright future.

Contact Atlas Credit or apply online for a personal loan today!

Should I Use a Personal Loan When Buying a New or Used Car?

Sun, 16 Feb 2020 06:00:00 +0000

Are you in need of a new or used vehicle? Maybe it's time for your first car. Maybe your old car has broken down a few too many times to be trustworthy. Or maybe you were in an accident and the old car was totaled.

Either way, it's time to make some decisions as to how you'll get yourself behind the wheel of a vehicle you can feel confident in while driving. But do you currently have the funds to purchase one outright?

When it comes to purchasing a new or used vehicle, many buyers simply go through the traditional method of financing through the dealer. But what some consumers have come to realize is the benefits of financing their vehicle purchase through the use of a personal loan instead.

Can you use a personal loan to buy a car? You can, and often it's a better avenue than financing with your dealership. While there are many things to consider when making your choice, you will find personal loans offer better rates, fewer complications, and more favorable options for those with bad credit. Let's take a look at the advantages of a personal loan vs. an auto loan.

Personal Loans for Cars

Taking out a personal loan to buy a car is a smart alternative to using dealer financing. Personal loans can be acquired through a variety of lenders. Some are more strict on who they lend to, like banks and credit unions. Lenders that specialize in the personal loan process, like Atlas Credit, are far fairer on their loan qualification terms and tend to offer personal loans even to borrowers with bad credit.

One of the best uses for personal loans in relation to car purchases is when trying to buy an older model vehicle. Often times, banks see older model cars are more questionable purchases than newer models and may be hesitant to lend money to consumers unless they have terrific credit or a lengthy borrowing history already established. If you want to buy a used car, applying for a personal loan through a lender like Atlas Credit may be your easiest option for putting your keys in the ignition and driving your purchase off the lot.

Apply For a Personal Loan Online

Another reason to consider using a personal loan to get a new or used car is that you don't need any collateral. With a car loan through a dealership, the vehicle is the collateral, and it can be taken away if you don't make your payments. You don't have to worry about losing something when you take out a personal loan, making it a more attractive option.

Should I Take Out a Loan for a Car?

You can benefit in many ways from using a personal loan to finance your car purchase. You may get a lower interest rate when you apply for a personal loan compared to a car loan through the dealership financing. Personal loan rates tend to be low, and dealership loan rates tend to be high. People with bad credit get even higher rates from dealerships.

Many people also worry about the threat of banks swooping in and seizing their vehicles because they were unable to pay the often steep monthly payments. Banks want to be sure they get their money back and rarely stick their own necks out on what they perceive to be a risky purchase. But through a personal loan lender, you'll have the peace of mind knowing that you're on a repayment plan that you choose, with rates that are more affordable for your specific situation.

Another great aspect of using a personal loan to purchase an automobile is the feeling of having the cash in hand when you approach the dealer. By applying online or in person through Atlas Credit before you go to the dealership or seller, you'll have the money ready, instead of walking up empty-handed. This looks better to anyone selling you a vehicle and will give you the confidence to make the right choice.

Finally, if you have bad credit, you may be rejected from getting a car loan from a dealership. Many places rely only on credit scores to determine who receives financing. They don't consider things like whether you have a steady job and a means to pay back the money you borrow. Dealership credit services only look at your financial history.

A place like Atlas Credit considers a lot more than what you look like on paper. We know you want to establish good credit, and we want to give you a chance to show you are worth our investment. When you make steady payments on a personal loan, you rebuild your credit, which will set you up for a better financial future.

How to Get a Small Car Loan

If you're in the market for a new or used vehicle, consider using a personal loan from Atlas Credit, which has locations throughout Texas and Oklahoma. Qualifying is easy, even if you have bad credit! Apply online through our easy loan application form, or contact us today to learn more!

Get a Loan Today!

9 Ways to Stop Your Finances From Freezing and Bounce Back

Tue, 26 Nov 2019 06:00:00 +0000

If you spent your whole year working hard and being careful with your money, it's no fun to reach the end of the year and realize you're broke.

But if you do a little work, you might be able to get through the end-of-year with more money in your wallet than you had to start with! Check out these nine great tips for stopping your finances from freezing and learn how to get back on your feet financially!

1. Manage Family Gift Expectations

Your family might be accustomed to receiving great gifts from you in the past, but if you're uncertain about your financial future, you might want to make sure nobody ends up disappointed.

Let your adult family members know ahead of time that they don't have to buy you anything too pricey, and that will clue them into the idea that you may not be buying them the same level of gifts as you might have in the past.

As for the little ones, it's easy to put the blame on Santa being a bit of a cheapskate this time around and that he might make up for it next year if they avoid being naughty.

2. Create Your Own Holiday Treats

When the cold seasons hit in full force across Oklahoma and Texas, there's nothing better than a delicious cup of hot cocoa. Other seasonal favorites include fruitcakes, pies, and other belly-filling delights.

If you know you probably shouldn't spend full price on pre-cooked treats, consider making them yourself. Remember, a whole box of hot cocoa mix usually costs less than the price of ordering a single cup from a coffee shop!

3. Cash in on Rewards

All year long, most people with credit card reward points build them up, month by month. However, during the rush of the holiday season, there's a tendency among busy adults to totally overlook them.

If you have rewards points built up or any other form of "currency" to cash in on, let the savings and benefits roll in! There's no better time to pad your wallet with the money you earned all year long than the end of the year.

4. Cancel Subscriptions

Did you decide to try out a new magazine subscription this year? What about a second, or even third, streaming or on-demand video service?

If so, take a moment to consider how often you actually read them or watch them. If they aren't a necessity, dump them pronto. Or, take a free weekend to binge every minute of content you really care about seeing, and then end your subscription.

5. Set Money Goals for the New Year

If you entered this winter season low on funds, you might want to re-evaluate your spending throughout the year and determine what caused it so you don't find yourself in the same situation next year.

Now is the perfect time to plan out your spending for the new year. You can break the year down into quarters, or even look at month to month spending. If you have already made use of careful budgeting, you should be able to roughly chart out your spending for the New Year to come out on top.

6. Switch Your Strategy at the Grocery Store

Everyone has to eat. You spend a lot at the grocery store each month feeding your family, but you probably could pay a lot less. Find ways to save on each trip, such as:

Buying generic products instead of brand names
Clipping coupons from the newspaper or finding them online
Checking weekly specials and buying only items that are on sale

You can plan your meals around specials and coupons and save a bundle on food, even for big holiday meals. Look for websites that allow you to type in your available ingredients and provide suggested recipes.

7. Ask for Extensions

When searching for ways to stop your finances from freezing during a personal financial crisis, sometimes you just have to ask. If you owe money to multiple places, try reaching out and seeing if you can stall your payments during this personal financial crisis. Sometimes when you explain your situation, you can receive a little extra help. You may be able to skip a monthly bill or provide a partial payment, for example.

8. Stop Using Your Credit Cards

It may be tempting to charge everything when you have financial difficulties. You can always pay it off later, right? Not necessarily. When you run up big bills on your credit cards, you create financial problems you will deal with well into the future. Many credit cards have high interest rates. If you can only afford to make the minimum payments for the next few months, you will face greater debt even as your financial situation improves.

9. Get a Personal Loan

If you are in a pinch, a personal loan is a better option than using your credit card to pay for a necessity. You can take only the money you need and get a more favorable interest rate than with most credit cards. You can pay off your loan quickly and move on with your financial recovery, too.

Apply For a Personal Loan Online

Remember: if you need fast funds to get through the holiday season, look no further than Atlas Credit. We offer quick and easy personal loans that range from $100 to $1,400 on 5- to 12-month repayment plans. Apply online or in-store at your local location in Oklahoma or Texas today!

Winterize Your Home on A Budget: 11 Effective Tips

Sun, 27 Oct 2019 05:00:00 +0000

11 Ways to Winterize Your Home on a Budget

There's no doubt about it — it's getting a lot colder out there!

Even in Texas and Oklahoma, where it stays warm much of the year, it can sure get frosty during the winter! And while you might be inclined to simply crank your thermostat up until you don't notice the frightful weather outside, you may not realize what it's costing you.

If you haven't taken steps to winterize your home, you and your family won't be as warm and comfortable as you'd like. And those higher heating bills can take a big bite of your household budget.

How Do I Winterize My Home?

In order to save as much money as possible during the cold winter months that are right around the corner, check out this list of 11 ways to winterize your home without breaking the bank!

1. Eliminate Drafts

If some rooms in your home are colder than others, there's a good chance that air from outside is getting in somehow. Check every inch of the room to find the hole or crack under a door and seal it ASAP to keep the warm in and the cold out.

2. Reverse Your Ceiling Fans

A ceiling fan in the summer can be a lifesaver, but in the winter they can keep your wallet full! By changing the direction they spin, they'll push the hot air that rises to the ceiling back down to the floor.

3. Clean Your Gutters

For a lot of people, cleaning leaves that accumulated during the fall might be a spring cleaning activity. But if you go through the winter months with loads of debris in your gutters, your gutters can freeze up and create a rim of ice around your house that slowly pulls warmth from the inside.

4. Learn Proper Thermostat Control

After braving the outdoor elements, no one can really blame you for wanting to thaw out inside oven-like temperatures in your own home. But the wisest way to hold onto your money while keeping a warm home through the season is to install a programmable thermostat that controls the temperature automatically throughout the day, saving you money on your electric bill. They're on the very cheap side, around $25 at most hardware stores.

5. Investigate Your Insulation

If your home isn't properly insulated, you're probably losing both warmth during the winter and cool air during the summer. The best way to fix this is to add insulation in your attic. Even if you only add a little bit to the thinnest areas, you'll see savings on your utility bill. A completely new insulation installation might run you as much as $500, but it might help you out tremendously in the long run.

6. Close the Window on AC Units

One simple way to keep the cold out is to remove your window AC units from their windows and close the window tight. Many people forget to do this during the cold months, having kept them on at full blast during the summer. As a result, air slips in through the cracks around them and through their vents, wasting all that toasty inside warmth.

7. Change Your Furnace Filter

A clogged filter will make your furnace work harder, which can lead to higher energy bills and a shorter lifespan for your appliance. A cheap way to winterize your home is to replace the filter regularly. Follow your manufacturer's recommendations for how frequently you should make filter changes. If the filter is visibly dirty, make sure to upgrade to a new one immediately.

8. Insulate Your Water Heater

Many home water heaters are installed in a basement or garage next to an exterior wall. The exposure to the cold can make it harder for the unit to keep water hot during the winter. By wrapping your water heater in an insulating blanket, you can significantly increase its efficiency and lower your utility bill in the process. You'll find pre-cut blankets at most home improvement stores.

9. Install Storm Windows

Storm windows provide an extra layer of insulation that keeps cold air out and heated air inside during the winter. Newer homes with upgraded windows can accommodate storm windows you can slide down after pushing the screens up. Winterizing an old house may require a more extensive installation project. Covering windows with plastic film offers another cost-effective insulation option.

10. Use a Chimney Balloon

Even with the damper closed, a chimney can serve as a significant source of heat loss during the winter. If your home has a chimney, consider installing a chimney balloon to help keep drafts out and heated air inside. Of course, you'll only want to use a balloon when there's no fire in the fireplace!

11. Get a Heating System Tune-Up

How long has it been since you've had your heating system professionally maintained? One of the best pieces of advice regarding how to winterize your house is to contact a reputable HVAC contractor in your area to schedule an inspection. The tech will perform a series of troubleshooting and preventative maintenance steps to make sure your unit is in peak operating condition. Your system will work more efficiently, and you'll have fewer worries about an unexpected breakdown.

Atlas Credit Can Help During the Winter

These home winterization tips are guaranteed to both save you money and keep your family nice and cozy during the coldest months of the year in Texas and Oklahoma. However, if even these low-cost suggestions seem a little out of reach, there's always a helpful lifeline: a personal loan from Atlas Credit!

Apply For a Personal Loan Online

If you think you'll need something like brand new windows and insulation, or even a complete overhaul of your central heat and air system, you'll need money, fast. At Atlas Credit, we specialize in personal loans to underserved consumers who are looking to receive funds quickly. If you've been turned down by a bank, credit union, credit card company or another financial institution, we're willing and able to help.

Our Streamlined Application Process

We've made applying for a consumer installment loan as smooth and seamless as possible. You can call or visit one of our conveniently located branches in Texas or Oklahoma to complete the process. You can also fill out an application online if you prefer. We'll make a decision quickly, and if you qualify, you can typically receive your funds on the same day.

Apply for Your Loan Today

So apply for a quick and easy personal loan of up to $1,400 on a 5 to 12-month repayment plan. You know you want to get through those winter months comfortably, so contact Atlas Credit today!

9 Things Young Adults Should Never Pay Full Price For

Fri, 23 Aug 2019 05:00:00 +0000

If you're still new to the whole adult thing, you might find that there are far more instances in your daily life where you have to spend your hard-earned money than you might have expected.

This can bring up some serious financial dilemmas. You may even find yourself having to cut out a lot of the other stuff you wanted to buy because of the need to pay for something much more expensive than you foresaw.

What you might not know is that on many of the regular expenses in life, you can actually save a good deal of money by getting around paying the full retail price for them. Keep reading, and you'll discover nine of the best ways you can save money by not paying the sticker price!

1. Groceries

If it's time to get frugal, it's time to start collecting coupons. The Sunday paper is filled with a variety of coupons, and you can find some at the front of many grocery stores.

When you go grocery shopping, make sure you keep a list of what you need. This way, you'll save time by being able to check each item off one by one rather than meandering throughout the store. Plus, you won't have to turn around and burn gas to get back to the store once you realize you forgot something!

And one last thing: if at all possible, buy in bulk. When you buy a large amount of one item, you'll often get it at much cheaper than if you were to buy each one individually over time.

2. Your Vehicle

If you're in the market for a new car, don't pay the sticker price. Seriously -- you don't have to.

Practice your haggling skills and figure out just how low the dealer will go. Simply asking for the lowest they'll go might save you hundreds or even thousands of dollars.

But if you already have a car and need to make some repairs, never go with the first mechanic you call at the price they quote you. Tell them you're shopping around for a fair price, and try several other shops. Odds are you'll find one who can perform the work you need at a significantly lower cost.

3. Entertainment

Don't spend more than you have to on your entertainment. Instead of going out and buying expensive brand new movies and music every time they're released, go to thrift stores and other used retail outlets to purchase them.

Whatever you do, don't pay for full-priced cable or satellite unless you absolutely have to. And if you do, make sure you have it in a bundle form that includes high-speed Internet so you can save a little on both bills.

These days, there's hardly any reason to pay for monthly services like cable, because face it -- most of what you want is available on a far cheaper subscription service like Netflix, Hulu, or Amazon Prime.

And if you're into reading, go get a library card! Libraries have most of what you'd be looking for anyway, at zero cost!

4. Clothing

One of the things young adults should never pay full price for is clothes. You can find so many ways to get the clothing you need, even for work, at discounted prices. Here are a few ideas to explore:

Thrift or consignment stores sell clothing you can wear to work, often with designer labels or the tags still on the garments, for a fraction of the price you pay at a department store.
Outlet stores carry discounted clothing from the previous season. For example, you can buy for next winter in the spring.
You can get no-cost clothing by setting up exchanges with your friends of items that no longer fit or didn't look right on you.

5. Restaurants

Eating out doesn't have to be expensive. You can find so many ways to save. Join frequent diner clubs for free appetizers and desserts, or download the restaurant's app for bonuses. You can also look for coupons in the paper or on the restaurant's website.

6. Hotels and Car Rentals

If you are going away, you want to stay in the best place for the lowest price. Luckily, you can find many websites that will identify that place for you and get you ready for an excellent vacation. Check out discount hotel and travel sites as well as apps that will ping you if a better rate is found on your hotel. Often you can package your hotel and car rental for an even more significant discount.

You can also consider renting a house or condo if you are planning a more extended stay. Airbnb or Homeaway rentals may be cheaper than getting a hotel, especially in a popular vacation area.

7. Appliances

Between all the sales that stores run and looking for "bump and dent" discounts given on floor models with very minor scratches, you can get appliances for much less than their list price. You should also explore used appliances as long as you can get a good history when you make the purchase.

You can often find appliances for sale through friends or in local marketplaces. In those cases, make sure to haggle so you get the best possible price on your washer, dryer or other appliances.

8. Warranties

When you buy an expensive item like a new computer, a phone, a TV, or even a vehicle, the seller will often encourage you to purchase an extended warranty that covers your product beyond the manufacturer's warranty.

Unless you're especially prone to breaking your valuable possessions, there's no need to fork over this extra dough. In all likelihood, the money you spend on that warranty will amount to nothing more than a higher price on the item itself.

Think about it like this. The money you would spend on that warranty can simply be saved and used to pay for the repair later on if it actually does break. Warranties are definitely items to never buy at full price.

9. Your Credit Score

Like we mentioned in our blog post detailing how to make a correction on your credit report, you should never pay to have a company send you your report. In the past, this may have been necessary, but no longer.

All you really need to do these days is head over to a website like Credit Karma that allows you to see your credit reports from the three major U.S. credit bureaus. From there, you can keep track of how your scores change and make any corrections necessary all from the comfort and affordability of your computer or other device.

See, there are plenty of major things in life you never truly have to pay full price for. But if you do find yourself running into too many expenses, there's always the option of a quick and easy personal loan from Atlas Credit to keep you running smoothly! You can apply in person at any of our Texas or Oklahoma locations, or you can fill out your application online.

Apply For a Personal Loan Online

And for more helpful tips and tricks for your finances, take a look at some of the other posts in the weekly Atlas Credit blog, such as tips for paying off debt and saving on holiday gifts!

Heading Back to School? Here are 15 Tips for You to Save

Tue, 06 Aug 2019 05:00:00 +0000

If you're a parent in Texas or Oklahoma, you're probably already in full preparation-mode for the upcoming school year. By now, the school district has sent out its list of supplies, and you're quietly wondering how you'll possibly afford it all and have any money left over.

Trust us -- starting the school year off right is totally doable. So, whether you're a back-to-school expert or a first-timer, check out these 15 tips on saving money at the start of this school year!

1. Trade or Swap

Post on social media or check with your local community groups to find a few other moms and dads with kids the same age as yours, or just a few years older. There's a great chance they'll have loads of old supplies and maybe even clothes or backpacks they'd like to trade for yours.

Also, remember to ask them if they have any old textbooks -- the money you'll save on books will go far toward buying the rest of the necessary supplies your kids need!

2. Check Your Home

When school season hits, everybody rushes out to local big box stores and grocery stores to raid the shelves for school supplies without realizing one thing: they already have a lot of supplies lying around their houses.

Go through every drawer and look under every couch cushion if you have to. Odds are you'll find a sizeable selection of supplies for your kids to start their year off with.

3. Find Price-Match Stores

Many stores like Target, Best Buy, and Staples offer to match the prices you find online. Any time you come across an item your kids need, pull out your phone and check Amazon or Walmart.com to see if there's a better deal out there. The stores will then honor their guarantee by charging you the discounted price!

4. Splurge... When Necessary

When you go out to get the really big stuff like backpacks, make sure you look for quality. A well-made backpack might last for years where a cheaply made one may only last a semester.

The only other supplies you'd be wise to spend extra on are reusables like plastic folders, binders, and dividers. There are plenty of these types of supplies out there made from the cheapest possible materials that will be too worn by the end of the school year for reuse. If you spend a little extra on these, you might get good use out of them for years to come.

5. Find Books Online

If your kids' school makes you purchase textbooks, try and find them online. Not only is there a better chance of finding a great price, you'll also get around the issue of local bookstores running out of copies.

And if you or your kids are required to read one of the hundreds of works of classic literature popular among English teachers, find them online for free on websites like Gutenberg.org.

6. Use Online Community Sales Pages

Places like Facebook's online marketplace and Craigslist often have great deals on school supplies posted by other parents. If you scroll through these each day leading up to and through the beginning of the school year, you can find tons of items your kids need at cheap prices.

And remember, you can also become a great salesman yourself by selling off last year's supplies or other stuff you don't need around your home. With the extra cash, you can afford to keep your kids fully stocked on supplies.

7. Don't Go All-In

One of the biggest mistakes parents make is trying to knock every item off the list at once. Don't do this.

Instead, spread out your purchases across multiple days. Look out for days that have great deals or those that have the smallest crowds of other parents buying supplies. Also, if you can figure out which items aren't needed Day One, you can buy them a few weeks into the school year at discounted prices.

8. Prepare for Next Year

Once the school year really kicks off and prices on supplies come down, don't forget all about it until next year. Instead, keep your eye out for great deals on supplies you can store away in a closet and surprise yourself with after this school year ends.

9. Avoid Trendy Purchases

One way to stock up on the right items for the following year is to avoid buying anything tied to trends. For instance, if you stow folders with characters from this summer's most popular superhero movie in your closet, your child likely won't want anything to do with those supplies the following year. They will seem dated. Buy classic designs or plain styles to ensure your supplies remain desirable.

10. Watch the Sales

One of our favorite quick tips for back to school savings is to keep an eye on weekly circulars from your favorite stores. Nearly every retailer that sells school supplies puts them on sale in July or August. Keep a list of the supplies you need on your phone to take advantage of deals when you happen to be at the store. You may see, for example, that your child needs colored pencils on sale this week at Store A for $2, but a circular for Store B promises the pencils next week for $1.

10. Try Different Stores

Think outside the box for your school supplies, and go to different places to buy them. You may find better prices on scissors at a thrift store than at a retailer. Dollar stores offer great bargains on certain items, while buying in bulk will pay off at membership-based stores for other items.

11. Crowdsource Your Purchases

One often-overlooked source for back to school shopping tips is social media. Ask other parents to weigh in on where they have found the best prices on school supplies. People are always eager to share their knowledge, and they may suggest places you might not think of trying. Plus, you can share your insights on pricing, too, after all the research you have done.

12. Use the Right Apps

You can find apps that make comparison shopping a breeze. Use them to scan the barcode on an item you plan to buy and see how much it retails for online and at other stores.

13. Skip the Name Brands

There are so many school supply items you can purchase for much cheaper when you buy the generic version. Most of them work just as well as the original or name brand. Read reviews online so you know what is worth buying generic.

14. Combine Coupons and In-Store Deals

Many retailers offer coupons to lure customers into the store, but not all customers know about or seek out these deals. You will save money when you only shop at stores that offer coupons. Combine the coupons with sales to get the best price, especially on bigger-ticket items such as electronics.

15. Ask About Supplies Provided by the School

Back to school savings requires some creative thinking. Do you have to buy everything on the list, or can your child borrow some items from the school? Sometimes an item is merely a suggestion and not a requirement, such as a fancy graphing calculator or a laptop. Ask a teacher whether the school loans out these things.

Apply For a Personal Loan Online

The best way to make sure your kids succeed this year is to give them all the tools they need for success while practicing our tips for back to school shopping. And if you're a Texas or Oklahoma parent who needs a little help making ends meet during the beginning of the school year, remember that Atlas Credit is here to help you afford to give your kids those tools with a quick and easy personal loan. Apply online or in store for a loan of up to $1,400 on a 5 to 12-month repayment plan!

Save Your Wallet with These Seven Budget-Shrinking Tips!

Fri, 28 Jun 2019 05:00:00 +0000

Have you ever looked in your wallet or bank account at the end of the week and felt a little surprised at a lower number than you were expecting?

We've all been there, so don't feel alone.

Regardless of how much money you make, it's never a great feeling to find you've spent more than you wanted to. So today, we're going to discuss some great methods of cutting that spending down to a more manageable size -- and saving you from worse problems down the road.

How to Cut Your Spending & Expenses

Reducing your family's expenses doesn't require a great deal of sacrifice. Think of it more as mindfulness. You just need to be aware of what you're spending and then make adjustments. You can save your wallet with these seven budget-shrinking tips for how to cut spending:

Stop Spending With Your Credit Cards

Instead of using a debit or credit card to pay for your daily expenses, hit the ATM and use the cash you withdraw to pay for everything.

The physical exchange of money from your hands to whoever you pay will feel way more real every time you make a purchase. As a result, it'll stick in your head more that you actually are spending more money than you need to.

Plus, you'll always know exactly how much money you have left to spend without having to check your bank or pray-and-pay with your credit cards.

Cut Out Luxuries & Unnecessary Expenses

On your lunch break, do you opt for fast food? Stop!

By bringing your lunch from home, you'll save loads of cash every week which will seriously add up at the end of each month.

And if you have a regular caffeine habit, it's time to start brewing your coffee at home and bringing it with you in a thermos. The amount of money you'll save by not dropping $3.00 on each fresh cup of Joe adds up to a sizeable fortune at the end of the month.

Find Cheaper Alternatives for Common Activities

There are always better options when it comes to spending your hard-earned paycheck.

For instance, instead of going to a big grocery store to do all your shopping, check out local grocers instead. Some have a variety of coupons in newspapers and flyers that will save you some great cash on your grocery bill.

Also, every household pays certain utilities depending on their situation. The most common are electricity, water, and gas. What many people don't realize, though, is that there might be competitor utility companies out there willing to slash your monthly bills down if you simply switch providers.

Cut Back on Your Subscriptions

One of our favorite tips for how to drastically cut expenses is to look at your entertainment options. Do you subscribe to every new streaming service? Do you have lots of magazine subscriptions? You can find tons of free alternatives to replace them. Watch regular TV or online videos. Borrow magazines from friends or read them at a bookstore.

Institute the 24-Hour Spending Rule

Pledge to yourself that you will not make any major purchases without waiting at least 24 hours. Many people buy things on impulse far too often. By the next morning, we're not even sure we want the item anymore.

By putting a one-day pause on anything you wish to buy outside of groceries and gas, you can save money on household and miscellaneous expenses, such as a new couch or new running shoes.

Become a Loyalty Program Junkie

How to cut expenses on the family budget? Try lowering the costs of the things you must buy, like groceries and new clothes for the kids.

Do this through strategic shopping. Loyalty programs reward you for shopping somewhere consistently. You can build up rewards by spending a certain amount of money at a store or buying certain kinds of merchandise. You'll quite often save a bundle on your next visit when you use your loyalty bonuses.

Dire Straits Budgeting

If you find yourself very strapped for cash, this is the best time to think about your priorities.

In other words, cut, cut, cut.

Anything you absolutely do not need to help you and your family survive comfortably, you don't need to pay for. That means entertainment expenses like cable TV, extra food (like snacks and beverages), alcohol/tobacco, or even making too many trips in your vehicle each week.

You'll balance your budget out soon enough, and then you can consider bringing back in those extra expenses that make your day easier. For now, the really important thing is getting through to the next paycheck!

Still, everyone encounters a time where they simply can't afford something really important. Maybe you have a sudden visit to the doctor's office that leaves you with an expensive prescription. Maybe you accidentally break your glasses and are blind without them.

In these situations, you need money fast. That's where a personal loan lender like Atlas Credit comes into the equation.

Apply For a Personal Loan Online

Atlas Credit can provide you with a quick and easy personal loan of up to $1,400 with repayment plans up to one full year. You'll get your money as soon as you're qualified, whether you apply online or in person.

Extra money can seriously save the day when you're in need. Contact Atlas Credit today for more information about how a personal loan can lift you out of financial hardship!

Why Do You Need a Budget? Here are 5 Big Reasons

Wed, 15 May 2019 05:00:00 +0000

5 Big Reasons Why You Need A Budget

Have you ever sat down to pay your bills at the end of the month and wondered where all your hard-earned money has gone? In many situations, a lack of effective budgeting is the culprit. A budget is nothing more than a plan for allocating your funds over a specific time frame — typically a month in the case of a household.

Why Is Budgeting Important?

Too many families overlook the importance of budgeting. But whether you're living paycheck to paycheck or you have more money than Bill Gates, you absolutely need a budget. This essential tool serves as a financial roadmap that helps to ensure you're putting enough money aside to pay your bills, establish savings and have funds on hand to cover those inevitable household emergencies.

Yet, for some reason, many people spend their money blindly, hoping they'll have enough to cover their bills and necessities at the end of each month. Sure, budgeting can be time-consuming, and it often requires making sacrifices and eliminating a few of the "nonessential" items that are draining your funds. But if you take the time and do it right, it'll pay off immensely down the road.

Here's Why You Need to Create a Household Budget Now

Here are five reasons why you need a budget sooner rather than later.

1. You'll always know how much money you have.

Back in the day, all you had to do was measure the stack of bills in your wallet or count the coins in your purse to know how much money you had left.

Things sure have changed. These days, you probably have credit cards, various bank accounts, and too many bills to count.

That's what makes budgeting so effective. By keeping track of all your expenses, you'll always know the exact amount of money you have on every day of the month.

2. Budgeting is easier than ever before.

Just a few years ago, most people still had to rely on the pencil and paper method to keep track of their finances. Or if they were lucky, they might've hired a financial advisor to handle it for them.

But just think about how you're reading this blog post! Devices these days are more powerful than ever, and there's a whole host of apps out there to simplify budgeting and money management.

3. You'll have less stress.

If you spend your days spending beyond your means, eventually it'll catch up to you. But if you always keep a smart budget in place coupled with careful discipline, you won't have to worry.

Through budgeting, you can eliminate your debt, reduce calls from bill collectors, and never lose sleep to money worries. If you have a sudden emergency, budgeting can ensure you always have money set aside to conquer it.

And remember, keeping a careful budget means you can afford more than you could have otherwise. That means if you want to make repairs, pay a huge bill or cover another significant cost, you can apply for a personal loan.

4. You'll be able to "cut the fat."

One of the most vital exercises when creating a budget is sitting down and making a list of how you're spending your money. For most people, this is an eye-opening experience. You'll likely be amazed at all the things you're wasting your money on each month — and how much they're costing you.

If you stop spending on these items, you could end up saving hundreds of dollars per month. That's money you can use to pay down your credit cards, start a college fund for your kids or add to your retirement account. You might need to make a few lifestyle changes, but it will be worth it in the long run.

5. You'll develop better habits.

Another reason why it is important to have a budget is the positive impact the process can have on your life. Sticking to a budget can be difficult at first. You might even be tempted to splurge on an expensive item now and then. But, as time goes on, you'll likely discover that you don't miss spending money on things you don't really need, especially when you notice the significant improvement in your financial health.

Your newfound discipline will help you develop a saving mindset that will benefit you for the rest of your life. It might even help you break more bad habits that have been holding you back in other areas — not just your finances.

Atlas Credit Can Help With Your Financial and Budgeting Needs

Even with budgeting, situations may arise when you need a little extra cash to help you navigate treacherous financial waters. Atlas Credit can provide a loan from $100 to $1,400 that will enable you to make ends meet when times get tough. We specialize in assisting folks who have been underserved by banks, credit unions and credit card companies.

Apply For a Personal Loan Online

People in the Texans and Oklahoma should have no problem paying off a personal loan on a 5 to 12-month repayment plan, especially if they budget effectively! That means you'll always have the money you need, at times when you need it most.

Applying for a Consumer Installment Loan Is Fast and Easy

You can apply for a loan from Atlas Credit online or by visiting or calling one of our physical locations throughout Texas and Oklahoma. In most cases, we'll make a decision and provide the funds on the same day!

Get started on the loan application process today.

Money Problems? Here are 8 Reasons To Get a Personal Loan

Mon, 06 May 2019 05:00:00 +0000

Few people in the world live their whole lives without moments of financial uncertainty. So when you run into money troubles, don't sweat. There's an easy solution: a personal loan from Atlas Credit.

What is a good reason to get a personal loan? Actually, there are many reasons for personal loans. A personal loan can give you peace of mind when you have been worrying about your finances, and it can break a bad cycle of debt. But don't just take our word for it. Here are eight great reasons why you should consider a personal loan to help you get back on track.

1. To Take Care of Your Financial Needs

Whatever your money issues, Atlas Credit will treat you with the respect you deserve to help you get through them. We aren't like typical lenders — that's why the funds you receive from your personal loan can be used according to your specific needs.

2. Getting Qualified Is Quick and Easy

You can apply for a personal loan online on our website or find one of the many Atlas Credit locations across Texas and Oklahoma. Even if you have bad credit, you'll qualify for a personal loan if you can simply prove you have means of paying it back.

Apply For a Personal Loan Online

3. You'll Get Your Money Fast

When we say quick and easy, we mean it. Once you're approved, you'll be able to start spending that money however you see fit.

4. You Can Cover Emergency Expenses

5. You Can Pay for Personal Events

Say your daughter has a birthday coming up. She wants to have a party at the local trampoline park with 20 of her closest friends. You want so badly to give her that dream, but her birthday comes up before payday, and you simply don't have the funds to finance a big extravaganza.

A personal loan can bridge the gap between money you will have soon and the money you need right now to pay for something special. Your daughter's birthday is a fantastic occasion, and she deserves to celebrate. You can take out a personal loan to pay for the event, then repay it on your own timeline.

6. You Can Improve Your Home

You may have heard people say that putting money back into your home is one of the smartest investments you can make because ultimately all that money ends up in your pocket when you sell the house for a higher price. Financing home improvements is one of the top reasons to take out a personal loan. Whether you want to paint your walls or replace boards on your deck, you can make a significant impact on your home value with just a few hundred dollars.

7. You Can Pay off High-Interest Credit Cards

Consolidating your debt is a smart way to stop paying so much money in interest fees. By rolling all your loans into one, you will have an easier time making your payments, and you could get a break on your interest payments, too. For instance, say you have a credit card bill of a few hundred dollars, but you can only afford to pay the monthly minimum. If the card carries a high interest rate, you will end up paying more in interest than on the balance.

By paying off such debts with a lower-interest-rate personal loan, you save yourself money and improve your chances of paying off the loan quicker. You can also raise your credit score when you consolidate your loans. Plus, you only have to remember to make one payment per month, which many people find preferable to paying several.

8. Paying It Back Is Simple

We're not a payday loan company. That means you won't have to turn around on your next paycheck and pay the loan back in full. Instead, you'll be able to set a five to 12 month repayment plan with terms you can easily understand.

Is it a good idea to get a personal loan? The answer is yes. If you like the way a personal loan sounds, apply online or stop by and see us today at any of our locations across Oklahoma and Texas!

Find an Atlas Location

Can a Personal Loan Help Fund Your Dream Wedding? | FAQs

Fri, 08 Mar 2019 06:00:00 +0000

Getting engaged is one of the most special moments of your lifetime. But after the excitement of the engagement, you face a big question — how to finance a wedding. Weddings can cost a lot of money, and unless you have spent years saving for one, you may have trouble putting together the money to get the ceremony you want. The good news is, you can find ways to make it work.

Can a personal loan help finance your dream wedding? Yes. You can even find wedding loans for people with bad credit. You shouldn't be punished for past money issues. Learn more about how to get a loan for a wedding.

What Is a Wedding Loan?

Many people take out personal loans in order to cover the costs of their wedding. Whether you use the money to pay for the location, the catering, or even the wedding dress, a personal loan can be a great way to increase the amount of money you can spend toward your dream wedding.

Is a Wedding Loan a Smart Idea?

When you are preparing for your ideal wedding, the number one concern many couples and their families have is the cost. A wedding can be one of the most expensive (and happy) days of anyone's life -- that's why most people tend to splurge to create the perfect wedding ceremony and rehearsal. By taking out a personal loan for your wedding, you are guaranteeing you have the money you need to cover specific costs on the day of your wedding without breaking the bank. Then, you can pay the loan back over a time you feel comfortable with.

Apply For a Wedding Loan Online

Should You Worry About Your Credit Score?

The simple answer: no.

With a personal loan from a lender like Atlas Credit, you don't have to worry one bit when it comes to financing costs of your wedding with a loan. When we evaluate borrowers, we are incredibly lenient on credit scores. Whether you have good credit, bad credit, or no credit at all, you can qualify for a quick and easy personal loan with zero hassle.

You also receive benefits from taking out a personal loan. When you make on-time payments, you can build up your credit score again. Borrowers will see your payment history and note that you have become more reliable. Your credit score rises when you make consistent monthly payments.

Will I Have to Put Up Collateral?

Personal loans through Atlas Credit are typically unsecured loans, meaning you won't have to put up your car, your home, or any other collateral toward the loan. All you have to do to qualify is demonstrate gainful employment and the ability to pay back the loan.

When you decide how much you want to pay back each month and the term of the loan repayment, you will have more flexibility than you would through a traditional lender like a bank or credit union.

What Can I Pay for With a Wedding Loan?

When you receive a personal loan for a wedding, there are no restrictions on how you spend the money. You can put it toward whatever bills you need to pay. You may need money to give to a caterer, florist or DJ. Or you may need to pay for alterations to your dress. No matter what your wedding expense may be, you can pay for it using money from your personal loan.

Is Getting a Loan for a Wedding Difficult?

No, it is not difficult to take out a personal loan for your wedding. When you apply for a loan with Atlas Credit, it takes just a few steps. You fill out the online application or stop by one of our locations in Oklahoma or Texas and fill out the form. We get back to you quickly. You may even receive your loan in cash the same day you apply for it.

Then we set up a payment plan with you, taking your personal financial situation into account. We schedule payments for the most optimal time — you can even pay back your money in just a few months if that works for you.

Benefits of Taking Out a Wedding Loan

If you need money for your wedding, why should you consider taking out a wedding loan? What do personal loans offer that you can't find elsewhere? Here are four reasons to take out a personal loan for a wedding:

Favorable repayment terms: When you get your loan from Atlas Credit, you help determine when to pay your loan. You know the schedule will suit your needs.
Lower interest than credit cards: Many couples are tempted to use plastic to pay for their weddings, charging everything and worrying about it later. But high interest rates can plunge you into long-term debt quickly if you can only afford to make minimum payments. Personal loans have much lower interest rates, so you will pay less in the long term.
Borrow only what you need: When you take out other loans, they will give you more money than you need, hoping you will spend it and pay interest on those charges for a long time to come. With a personal loan, you can decide how much to take out. It will make you think more critically of your wedding expenses, too, which may lead to a better wedding experience.
Find a convenient option: Atlas Credit offers loans across Oklahoma and Texas, so there is a location near you where you can go to discuss any questions. You can also fill forms out online, which doesn't even require leaving the house. And getting your answer back quickly allows you to plan ahead.

Alternatives to Wedding Loans

If you choose not to go the personal loan route, you can always rely on one thing the Atlas Credit blog loves to remind its readers to have: a savings account. From the moment you propose to your significant other and they say yes, you should be saving.

With a proper savings account in place that you put money into after every paycheck, you should be able to afford a considerable sum of your ideal wedding's costs. However, if you supplement with both your savings and a personal loan, you may be able to allocate even more funds toward the planning or even use the extra money on your honeymoon!

Ready to Take Out a Personal Loan for Your Wedding?

If you have considered all your options and think taking out a personal loan for your wedding is a great idea, Atlas Credit is here for you. Simply apply online through our convenient online personal loan application form or find your nearest Atlas Credit location in Longview, Austin, Dallas, Waco, Tyler, Houston, or elsewhere in the state of Texas.

Find an Atlas Location

And most of all, the Atlas Credit team wants to congratulate you on your upcoming wedding!

5 Tips For Managing Small Business Finances | Atlas Credit

Fri, 01 Mar 2019 06:00:00 +0000

Business money management can be the most important factor in a thriving small business. When you understand the best ways to use and protect your money, you can succeed. We have compiled these seven tips on how to manage your business finances to help you maintain and even build on your financial triumphs.

1. Focus on Delivering

Small businesses often stay small because of minuscule customer bases and niche markets. When you cease to deliver the products your customers expect from you, or you fail to broaden your potential customer base over time, you may see serious stagnation in your business.

The most important thing for any business (large or small) to focus on during times of change, stress, or even prosperity is keeping what they are selling. In other words, never let the pressure of the times stop you from making sure your customers get the products or services you offer as soon as they need them.

2. Get Online ASAP

Whether you are a plumber, a baker, or make your own vape juice in your garage, you must have an online presence. Whether that means a website, social media profiles on all the major platforms, or a combination of each, your potential customers have to be able to find you in an online search.

Even if you have no clue how the web works or what to post to your social media accounts, it is critical you find someone who does. Many companies offer social media management for a small amount of money each month that can turn into huge sales for your company.

And remember: when people visit your site or profile, be sure to have a way for them to either order your products (through an e-commerce store) or sign up for your services.

3. Make Sure You Have Access to Cash

When your business is just starting out, you may need funds to get through each month. Many businesses take as long as 6 months or even a year to get in the black financially, so don't feel bad if things are going a bit slow to start.

Or if your business has been active for decades but has hit a slow spot (seasonal businesses especially suffer during predictably dreary sales periods), you can still benefit from ensuring you have access to proper funds.

Through online personal loans from lenders like Atlas Credit, you can find the quick and easy money you need to cover utility bills and inventory and pay it back based on your preferred schedule.

4. Monitor Your Business Expenses

Do you know how much you are spending on your business? Not only do you need to stay within your budget, but you also should keep track of your expenditures for tax reasons. Successful small business money management includes tracking every expense, no matter how small.

You can find software that will automatically track your expenses if you connect it with your business bank account. By separating your personal and business transactions, you will have a clear record of what you are spending. You can also balance this with what you have coming in from clients.

5. Cut Costs Where You Can

Another advantage of tracking your expenses is that you can see where you spend money that is not necessary. For example, perhaps you pay each month for social media graphic design software to promote your business. You can probably find this service for free or even do it yourself.

Other things that may be able to save on for your business include:

Printing paper: Do everything electronically instead of printing it out, if possible.
Soda for guests: Forego the soda and offer bottled water to customers. It's usually a lot cheaper.
Advertising products: While some marketing products may be useful for getting your company name out there, many people eventually end up tossing out things like branded pencils or keychains.

6. Never Slack on Quality

What your customers want from you most, and what will spread word about your business better than any advertising campaign, is a commitment to quality. If you fail to consistently deliver the same (or higher) quality products and services, your business is as good as dead.

See your competitors offering lackluster services or poorly produced products? Dedicate your time and energy to doing better. Keep only the best people on staff, and opt for the higher quality materials for every product you offer. Your workmanship and craftsmanship alike are critical for keeping your business respected and your customers coming back for more.

7. Be Careful About Business Credit Cards

One trap many businesses fall into is the business credit card. While it's definitely true that a business credit card can help you out of a tight situation in a given moment, the debt you can rack up as a result of regular use can quickly turn a profitable business into a money sink.

Our advice: if you have a business credit card, use it only for the biggest emergencies imaginable. For all other expenses, try small business loans, personal loans, or pulling from your own funds as a business owner. Pay down your credit card debt ASAP and focus on making enough profit this year to never worry about the necessity of debt again.

Apply For a Personal Loan Online

For more information about the awesome personal loan services provided by Atlas Credit, head over to our online loan application page! You can also find a location near you in Oklahoma or Texas and stop by our office.

How to Host a Successful Thanksgiving on a Frugal Budget

Fri, 16 Nov 2018 06:00:00 +0000

Thanksgiving is once again upon us! Every year at the Atlas Credit blog, we love looking at new and interesting ways to save money and maximize your holiday cheer.

Of course, the most cost-effective and enjoyable method of spending Thanksgiving every year is to not host your own gathering. When it's the responsibility of a family member or friend to supply the location and much of the food, you can usually sit back and enjoy the day.

If this is not an option for you, read on. Here are a few simple tricks to shrink your costs and increase the fun and fulfillment you experience this Thanksgiving!

Plan Ahead

First things first, if you don't have anywhere else to go for Thanksgiving celebrations and know you'll have people over at your place, find out exactly how many guests are showing up.

Then, have a loosely structured itinerary. That means you need to know when everyone is arriving, when the food should be ready, and exactly what food and beverages you need to keep your guests happy.

Planning ahead allows you to use that oh-so-important Thanksgiving budget we discussed last year to the best of your abilities, and lets you squeeze in some fun extras you may not have been able to otherwise. Structure also keeps all the kiddos occupied at all times, allowing the adults to truly relax and appreciate the thankful holiday spirit.

Use What You Have

One of the biggest expenses of any holiday gathering is the paper plates, plastic silverware, napkins, etc. While these may seem on the cheap side compared to absolute necessities like Thanksgiving turkeys and other mainstays of the holiday dinner table, their costs really do add up.

That's why you should insist on using your own dishes and hand towels. If you find you are short for the number of guests you will receive, ask some of them to bring their dishes along. They may be somewhat perplexed at the request at first, but everyone understands the desire to save a few bucks where money doesn't have to be spent.

And before you go to the grocery store to buy everything you need, make sure you don't already have some of the ingredients, seasonings, decorations and more that are necessary for a successful Thanksgiving celebration. You can also ask your guests to supply some of these!

Serve a Simple Menu

You don't need to make 10 side dishes. Choose a budget Thanksgiving menu that emphasizes quality over quantity. For example, if you only make two vegetables instead of four, you can afford to invest in better ingredients, like organic carrots or green beans, and you'll still spend less.

Save Money at the Store

Base your menu around that week's specials at your favorite grocery store. For instance, if stuffing is on sale but potatoes aren't, skip the mashed potatoes this year and make an extra box of stuffing. Your guests will be so busy enjoying the extra carbs, they won't even notice you served a cheap Thanksgiving dinner.

Also, select generic ingredients at the store. You will pay less for off-brand cream cheese, for instance, but it will still taste the same as the name brand when you make your cheesecake.

Don't Make a Turkey

Yes, the very idea of Thanksgiving without turkey may sound blasphemous, but hear us out. Turkeys are expensive this time of year because everyone wants one. They take forever to cook. You end up with pounds and pounds of leftovers. And everyone knows the real stars of the meal are the side dishes. So cook Thanksgiving dinner on a budget this year and skip the turkey.

Instead, serve a main dish that appeals to everyone, such as macaroni and cheese with squash or a festive ham. As an added bonus, if you have any vegetarians attending your Thanksgiving, they will appreciate you foregoing the turkey. And you will have a much easier time getting all the leftovers cleaned up without a turkey to break down.

Make It BYOB

While this may not apply to every Thanksgiving Day get-together in Longview, Houston, or elsewhere in the state of Texas, many parties with adults feature alcohol. Alcohol expenses can very quickly add up -- that's why it is so important that you as the host are not footing the entire bill.

Where dinner itself might be filling, once people are stuffed on food, they aren't as likely to go back for thirds and fourths (unless it's just that good!). Alcohol, on the other hand, can be consumed in even greater and more costly quantities the more people drink it. Be sure to ask all of your guests to bring whatever they plan on drinking this Thanksgiving.

Apply For a Personal Loan Online

Now you have the inside scoop on how to host a successful and frugal Thanksgiving dinner. If you aren't certain you'll have enough money to cover your Thanksgiving expenses this year, contact Atlas Credit today. We can provide a quick and easy online application for a personal loan of up to $1,400 that you can pay back on your own schedule. You can also apply at one of our Oklahoma or Texas locations. Happy Thanksgiving to all of our readers!

Starting a Business? Do These 5 Things | Atlas Credit

Fri, 26 Oct 2018 05:00:00 +0000

It's the American Dream, isn't it?

Starting your own business, becoming your own boss -- it's something we all hope to achieve one day. But the truth is, not everyone can do it. It requires patience, attention to detail, hard work and understanding what you should know when starting a small business.

However, without the right financial planning in place from the beginning, all your hard work could go up in smoke. Here's how you can make your new business a success with proper financial planning for small businesses.

Keep Your Personal Finances Separate

It's important to know where your money comes from at all times.

Why?

Because the simplest reason a business fails is that they run out of money. If your personal bank account is also your business bank account, any number of issues can arise that can cause you to end up with less money than is required to maintain that business. Plus, you can run into all sorts of hurdles to leap during tax season that may become overwhelming.

In other words, the moment you start your business, you should keep any money meant for the business and any received as a result of doing business in its own proper bank account. Then write yourself a paycheck!

Create a Business Plan

When you learn how to start a business, you will discover that every business needs a plan. If you do not have a list of goals and expectations and a roadmap for how to meet them, then your business may not live up to its full potential. Your business plan should cover:

Why you are starting the business
What you plan to produce or services you plan to provide
The management structure for your team, even if it's just you at first
Your financial goals for your first, second and third years
Any marketing plans you want to follow
Competitors in the marketplace and how your business will differ from them
Your eventual exit strategy, such as giving the company to your children when you retire

If you don't write down your business plan, it can become hard to remember why you originally started your business as the years pass. You may find yourself feeling uncertain and not following up on the right leads if you lack a clear path. Your business plan can, and should, expand as your business grows, too. You should always be refining your plan, building on your accomplishments and thinking about the future.

Do Your Own Research Into Applicable Laws

Is your business involved in hard labor, heavy machinery and equipment, manufacturing, etc.? If so, you need to be absolutely sure you are in compliance with OSHA regulations.

This is but one example of the many laws and regulations your business will bump into on your way to success. By studying up and familiarizing yourself with the legal code as it applies to your business, you'll have a smoother path to success and know what to do before starting a business in this field.

Create an Emergency Fund for the Off-Season

The vast majority of businesses large and small have a specific time during the year when the cash flow that was previously rolling in slows down. That means in addition to figuring out what it takes to start a small business, you also need to make sure your funds can sustain you throughout the entire year.

For instance, if you're an ice cream company, you may have fewer customers during the winter months than the bakery and pastry shop next door.

That's why you should identify the time of year when you know business won't be booming -- the off-season -- and ensure you have money set aside to keep everything afloat. One easy way to create an emergency fund is to apply for a quick and easy online personal loan or from your nearest Houston or Longview, Texas Atlas Credit location. Such a loan can be paid off during the months when business is strong and relied upon when business is slow.

Stick to a Business Budget

Any longtime reader of the Atlas Credit blog knows how much we love this one. For individuals and businesses alike, a budget is both extremely helpful and critical to your success.

However, it is rarely as important as it is when you are starting a business. Without a budget in place, you may not be able to limit your spending properly and could see devastating overspending as well as failures to make payroll and pay your basic bills on time.

So don't make that mistake. Sit down and calculate your budget as accurately and frugally as possible. It could mean the difference between a roaring success and a colossal failure.

Pay Yourself for Your Hard Work!

If you can't afford to pay yourself a living wage while building your business, you'll quickly find yourself sleeping on the couch in your office. Sure, maybe all that money you could be using on yourself is going toward growing your business, but it's not good for your physical or mental health to short yourself when you could be living more comfortably. Your business will continue to grow (though perhaps a little slower) even if you pay yourself what you know you deserve.

Get a Personal Loan From Atlas Credit

There's also one last thing you should keep in mind when beginning a business: New companies can take some time to become established. That's why you may need a backup plan for slow times, and Atlas Credit can provide it.

Apply For a Personal Loan Online

Find one of our locations across Texas and Oklahoma, and speak to our friendly representatives about a personal loan. You can apply online as well.

For more fantastic advice that's relevant to your life and finances, remember to read the Atlas Credit blog each week!

October Is Financial Planning Month! | 5 Financial Tips

Fri, 19 Oct 2018 05:00:00 +0000

Did you know that October is Financial Planning Month? That's right — this month serves as a reminder to everyone that they can accomplish their financial goals with the right strategies in place.

It's time to take out your checkbook, your calendar, your bank statements, and your credit score information. By looking over everything you've done this year financially thus far, you can get a better picture of where you'll be by the end of the year, and what next year has in store.

Here are some quick and helpful tips for figuring out your finances this October:

Explore More Investment Options

In the past, the Atlas Credit blog has discussed how and why to start investing at any age, and we hope many of our readers have gone on to make some excellent financial decisions through proper investments.

The truth is that simply having a savings account alone isn't enough. You can be using that saved money to work for you by earning more money in the stock market than it ever would sitting idly in your account. And if you plan on preparing for your retirement during Financial Planning Month, nothing can better prepare you than a handful of solid investments.

Get a Personal Loan & Invest!

Rid Yourself of Junk and Make Some Money!

Take a hard look around your home. Then, look into any existing assets you may have that you no longer want, need, or have plans for in the future.

Now purge. Sell anything of value. Being a hoarder of possessions and property has rarely made anyone rich — it's the act of acquiring those items and selling them later that makes the most money.

Even if it means emptying out a whole room of your house of clutter to turn it into a hobby room or an office, any excuse you can find to rid yourself of excess junk should be made during Financial Planning Month this year.

And remember, if you can't sell an item, donate it! Some donations are actually tax-deductible, so it's a win-win scenario either way!

Track Your Goals

Part of successful financial planning is noting when you have achieved your goals and then planning new ones to tackle. This October, during Financial Planning Month, start a document where you can track all of your financial goals. Then, make notes on each one at the end of the month.

Did you meet your goal? Why or why not? Write down the factors that barred you from success or what boosted you to victory. For instance, maybe you stopped eating out every Friday night and instead put that extra money toward your retirement account, helping you raise it by $200 this month and meeting your goal.

Learn More About Investing

Saving your money is fantastic. But to make it go further in the long run, you will need to figure out an investment plan as well. Investing maximizes your returns and sets you up for the long-term future. Use this month to read more about investing and talk to people you trust about investment opportunities.

You will broaden your financial horizons and learn something useful. Make sure to discuss your options based on your age, as the younger you are, the better you can afford a risky strategy.

Visit a Financial Planner

If you want to get serious about Financial Planning Month, then it's time you had a meeting with a real-life financial planner. A financial planner can help you understand what must be done to reach your financial goals and can place you firmly on the path to success.

If you have made more money this year than in previous years but feel like you don't know what to do with your newfound surplus, it's super important that you see a financial planner sooner rather than later. So this October, find a local financial planner and have a talk. You won't regret it.

Find something that you really want to buy but can't quite afford yet? Need to make it through a particularly rough patch this year? Consider applying online for a quick and easy personal loan from Atlas Credit. We can get you up to $1,400 ASAP that you can pay back on your own time!

Apply For a Personal Loan Online

October is Financial Planning Month, but the holiday season is right around the corner — so when could possibly be a better time to get your finances in order? That way, once 2021 rolls around, you'll be looking at a far healthier year for your finances.

Just Married? Here are 4 Money Tips for Newlyweds

Fri, 27 Jul 2018 05:00:00 +0000

If you just got married, the last thing you want to think about is financial stress.

However, married couples do need to start planning for their futures as quickly as possible.

That's why we've created this list of the seven things newlyweds need to focus on to maximize their money potential for their shared financial future!

1. Open Up About Your Finances

You and your spouse share everything, even in most cases a last name. That's why it's important that you share as much as possible about your respective financial situation and prospects.

Many couples open a shared bank account, and help one another with paying down debts to open up avenues for opportunities later down the road. Make sure your spouse knows everything about your financial history so the two of you can plan for a better future.

2. Make a Plan

Married couples aren't exactly like business partners, but by looking at your shared resources as a flexible tool for investing in what can come later in life, you can create an optimal financial relationship.

Strive to understand what each partner has to offer, and what the two of you can do to grow together and make your finances flourish. Set goals for the next 5 years, the next 10 years, and so on. Putting your heads together this way can lead to some serious success!

3. Be Ready for Heightened Responsibilities

When two people enter into a marriage, you should both realize that you aren't living your lives independently anymore. You have to care for one another, through thick and thin, in sickness and in health.

That means if one of you falls short financially, it shouldn't be seen as a burden by the other partner. As one, you can tackle any difficulties that come your way. Be prepared with proper budgeting, emergency funds, and savings accounts that can help you get through times of money woes so you can come out stronger for it on the other side.

4. Invest Wisely in Your Future

When you're married, you will very likely want to make shared purchases together. But these should rarely be frivolous -- instead, they should be strategic.

Purchase products that will save you money in the long run, or even make you more money than you put into them. Consider buying a home, land, or even a business together. Improve your existing property, make repairs to your vehicles and other belongings so they can be sold for more money than you spent on them if necessary.

Invest in Your Future - Get A Personal Loan

5. Decide on a Financial System

You will both come into the wedding with your own way of doing things. Getting on the same page will help. If you are just-married, here are four money organization tips for newlyweds:

Discuss whether you will jointly or individually own assets you acquire after marriage, such as a car.
Determine whether you will have separate or joint banking accounts and whether you will bank at the same institution.
Make sure you have access to each other's financial account information and passwords.
Download budgeting apps you can use together to plan for your financial future.

6. Take Care of All the Paperwork

Marriage involves a seemingly endless parade of paperwork. Filling it all out can be cumbersome, but it's also vital to newlywed finances and one of the smartest budgeting tips for newlyweds. You may need to file papers to get on your spouse's health insurance plan at work, for example, or to put your spouse's name on your retirement account.

Keep a running list of everything you have filled out so you can reference it in the future. Make copies of all documents when you can. If something gets lost or someone claims you never signed a paper, you will have proof.

Review your tax withholding, too, and fill out a new W4. You want to ensure you don't begin your marriage with a huge tax bill because you forgot to change your documentation.

7. Create a Will

Often lost amidst the financial planning advice for newlyweds is deciding what will happen if one of you dies. No one likes to think about this, and it may seem especially sad when you just finished your joyous wedding celebration. But planning ahead ensures your wishes are carried out exactly as you want them.

You can go to a lawyer to draw up a will or you can use an online program. Both will walk you through the steps you need to determine power of attorney, who receives your inheritance and who will care for your kids, if you have any.

Enjoy Financial Planning for Newly Married Couples

For newlyweds, the world should be your oyster. You finally found and united with the person you love most, so don't fret about what the future has in store. You now have a lifelong partner to help make the world a better place for you and your family.

And remember, newlyweds are never alone financially. If the two of you can't afford to pay the bills this month or need a financial rebound after an extended honeymoon, consider a quick and easy bad credit online personal loan from Atlas Credit. If you live in Texas or Oklahoma, drop by your local Atlas Credit to discuss your options for a fast loan of up to $1,400. You can pay it back over the next year at an affordable rate to help the two of you get started building a future full of financial success.

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Do You Need Cash? Here's What to Do | Atlas Credit Co

Fri, 20 Jul 2018 05:00:00 +0000

How can I get money right now? It's a question many people ask each day. Whether you faithfully stick to a carefully crafted budget each month or barely manage to scrape by with very little planning, anyone can be struck by an unexpected need for extra dough.

You might need money right now due to a sudden medical expenses, a family emergency, a broken-down car, or a bill you forgot to pay. Here's what to do when you need cash:

Be Absolutely Certain

First of all, it's critical to be sure that what you're experiencing is actually a financial emergency. Do you know for certain that you don't have enough money to pay for whatever has come up?

Do you absolutely have to fork over your hard-earned cash to whatever it might be?

If you can find a way to avoid losing your money to this unexpected cost, do so. But if there's no possible way to avoid it, read on.

Find a Way to Reduce Costs

You have now established that you have no choice but to open up your wallet to handle this financial emergency, but must you pay the amount in full?

If there's any way around paying the total cost all at once, do whatever is necessary to reduce the overall cost. Whether that means negotiating with the company or debt collector to ask if you can pay it off in chunks, trading something valuable in your possession to shrink the initial payment, or simply finding out if they can bill you later — take advantage of any opportunity to minimize your financial burden.

Search for Spare Change (Literally)

Now is when you might start feeling the desperation kick in. But don't worry! This isn't the last step in our guide; this will only help you survive your financial emergency.

Pull up the cushions on your couch. Look around your counters, your closets, even your underwear drawer. Maybe you have a coin collection or a piggy bank hidden in some deep, dark corner of your house that you've forgotten about.

Any money you find can seriously help contribute toward your goal of making it through this month, so get in there and look for it. Think of yourself as an archaeologist hunting for buried treasure!

Double-Check Your Budget

Here's the tricky part. You already know you have to pay this unexpected expense. You need cash now. But what if you already have most if not all of the money you need to pay for it hidden away in your budget?

Cut from your entertainment expenses, your grocery costs, or even think about dropping one or more extraneous bills or costs that you could make next month instead or live without for a while. Just like when you were digging through your cushions, this step ensures it'll be easier for you to afford your unexpected expense.

Start a Side Hustle

When you are short on cash, you can earn money right now by picking up a side hustle, or a job you can do part-time and start immediately with little training.

If you have a car, a license, and a good driving record, you could use your vehicle to make extra cash. Rideshare services are always hiring. Drivers set their own hours, which means you can do it before or after work or around your class schedule if you are a student.

Working for a delivery service is also a good side hustle. Do you enjoy shopping for groceries? Pick up extra cash by buying them for someone else and taking the supplies to their house.

Apply for an Online Personal Loan

Last but not least by any means is your option to apply for a personal loan through Atlas Credit. Some people prefer this method to get them through those tough times or even when they just need a little extra unexpectedly.

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Since it's difficult to always be prepared for a financial emergency, Atlas Credit provides quick and easy bad credit loans to customers across Texas and Oklahoma.

For more info on how you can get up to $1,400 cash ASAP from Atlas Credit, contact us today or apply online right now!

Saving Money on Your Independence Day Celebration! | 5 Tips

Fri, 29 Jun 2018 05:00:00 +0000

As Texans and Oklahomans, we definitely know how to enjoy the Fourth of July every year. But sometimes, having a proper celebration can cost you far more money than you expected, leaving your monthly budget in shambles.

So this year, let's try something a little different. Here are some simple tips for celebrating our nation's Independence Day on a budget!

1. Make It DIY

Sometimes it's easier on Independence Day to simply find somewhere that's holding their own fireworks show. But often, these shows have to sell tickets for admission so they can pay their fireworks bills — and those costs can seriously add up if you're having to pay for each person you bring along.

Instead, try holding your very own July Fourth party. You'll be able to really let loose and have a great time celebrating the holiday in your own backyard. You can even get your own favorite fireworks to make the day uniquely memorable for you and your guests.

2. Stick to Traditions

July Fourth celebrations are inherently traditional. The day itself is about remembering where we've come from as a nation and paying our respects to the people who have fought for our freedoms.

So in honoring Independence Day, sticking to traditions is not only the most fun and fitting means of celebrating the holiday but also the cheapest. Instead of going all out and trying new and expensive ideas, hold to what's tried and true this Fourth of July.

3. Go Cheap on Decorations

Instead of busting your July Fourth budget on streamers, banners, dozens of expensive (but lovely) flags, and anything else you can find in red, white, and blue, take a smarter approach to decorations.

Make your decorations actually useful! If you have large tables for everyone to eat on, you can find flag-print plastic tablecloths for under $5 at most dollar stores or home supply outlets. Buy red, white, and blue bandanas in bulk and fold them together to make your own flag designs. And make sure all your paper plates, napkins, and even silverware are on-theme for the 4th.

With these touches, you'll be positively surrounded by the appropriate colors for a proper Fourth of July bash and save yourself some cash.

4. Plan Way Ahead for the Coming Year

After this year's bash is over, you can already start saving money on next year's Independence Day celebration. Visit dollar and grocery stores on July 5th, and stock up on all the half-price or even further reduced July 4th merchandise. Pack away your low-priced tablecloths, cups, napkins, and more until next year, and you won't have to spend a cent to get ready. Just make sure you remember where you stow the gear. A year is a long time!

5. Get Your Family and Friends to Pitch In

It's a fact — everyone loves fireworks, barbecue, and tasty beverages on Independence Day. But those costs can seriously add up if you're having to foot the bill yourself for a large gathering.

Instead, send out requests for your partygoers to bring their own supplies with your event invitations. Whether it's rolls of firecrackers or a whole rack of ribs, having everyone contribute to the event as a potluck will mean there's plenty to go around and save you lots of money on the Fourth of July.

You can also plan your menu based on what's on sale that week at the grocery store. For instance, don't serve hot dogs if the store has hamburgers and buns on sale. Adjust your side dishes to reflect the least expensive items as well. No one will care if you serve the baked beans you bought two for one instead of making a more expensive pasta salad.

But maybe that's not quite enough to have the big blowout party that you and your guests are dreaming of. Maybe you need some more quick cash to afford a spectacular fireworks extravaganza, with all the food and beverages your party needs. If so, consider applying for an online personal loan from an Atlas Credit location in Texas or Oklahoma! We provide personal loans as low as $100 and up to $1,400 to help people get by or go all out any time of the year — so contact us today to learn more!

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Spent too much? How to Recover Fast from Breaking The Budget

Fri, 22 Jun 2018 05:00:00 +0000

We hear from people all the time saying, "I went over my budget. Now what?" If you keep a regular budget, you've probably had months where you came close to going over budget in many categories. Some months, you may have gone way over budget.

Your first instinct might be to panic. Going over budget can feel like the world is ending. How will you be able to survive until your next paycheck?

But before you lose your cool over what to do if you go over your budget, study these tips for rebounding from a broken budget:

Examine Your Other Funds

Sometimes when you go over budget, it may be in only a few categories of your budget. Maybe you've spent too much on gas, clothes, or entertainment items. Maybe you received a higher-than-usual bill on your utilities or had to make an unexpected, expensive purchase.

The first step you should take is to look into your other categories for additional money. Maybe you have extra in your gas or entertainment allowance. Batten down the hatches and live frugally for the rest of the month, and you'll have no trouble re-allocating those funds to get by.

Tap Into Your Emergency Fund

Many people struggle to define what an "emergency" is and feel reluctant to use their emergency money on something like underbudgeting. But if you are in a real crisis, it's okay to pull money out of your emergency fund until you get back on your feet.

As soon as you have made it through your financial crisis, re-up your contributions to the emergency fund. You want to pay it back as quickly as possible so you can rely on that money again in the future.

Get a Second Job or Side Hustle

If you need more money, make more money. You can add a second job or side hustle to create extra cash flow. All that money can go toward getting back on a budget. We all have skills we can put to use to earn more. Try dog walking, becoming a fitness class instructor, selling your crafts on Etsy or teaching a class for a local recreation department.

Cut Down on Your Subscriptions

How many video streaming services do you belong to? If the answer is more than one, then it's time to chop your plans. You can't watch all those services at once, so why subscribe to them all?

It's not just video streaming you can cut back on, either. Look at all your subscriptions. Maybe you signed up for a gym you never go to or get magazines you don't read.

Skip the Restaurants

Eat at home for the next few months, and you will suddenly find your budget swelling. Try some new recipes to make it fun.

Avoid Credit Card Use

One of our first instincts, when we don't have enough money to spend in our wallets and bank accounts, is to reach for our credit cards.

But by doing so, you'll be putting your future self at risk of going over budget once again. A heavy credit card bill can seriously cut into your finances and can have lasting impacts like a poor credit score.

Alert Whoever You Owe

If going over budget means you may be late making payments on your car, your rent, your utilities, or any other parties you owe money to, reach out to them as soon as possible. They may be lenient on you and extend the period in which you can pay, saving you from late fees and additional hassle. Either way, they'll appreciate the heads-up.

Return Unnecessary Items

This one is nobody's favorite option but may often save your skin in cases of going over budget. Look back at your purchases and see where you may have overspent. Did you really need those expensive shoes, that new appliance or that new addition to your collection/hobby?

If not, dig up your receipt and return the item. Budget for it in the future so you can get it back quickly, but prioritize making it through this period smoothly.

Cut Down Your Grocery Bill

One maxim many of us live by goes like this: You can never overspend at the grocery store!

And while keeping ahead of your food needs is wise, you actually can overspend at the grocery store. Sometimes quite badly. So cut back on brand-name items — we all know generic is just as good. And eliminate those unhealthy snacks from your bill.

Maybe it's time you considered cutting some carbs as well? You'll lose weight and save money at the same time!

Apply For a Personal Loan Online

Apply for an Online Personal Loan

Now you know how to recover quickly from breaking your budget. If you try all of these tips and still think you won't make it out of the current pay period smoothly, consider a quick and easy personal loan from Atlas Credit. Applying online or at one of our locations throughout Oklahoma and Texas is simple and can have you back on track financially in no time. Contact Atlas Credit today!

6 Tips For Saving Money As a Single Parent | Atlas Credit

Fri, 25 May 2018 05:00:00 +0000

In the United States today, millions of people are single parents who struggle with putting money back for the future. This is largely an issue of having only one income, or too many expenses to keep up with as a result of having one or more children.

But living as a single parent and affording all that's necessary to keep you and your family healthy and comfortable is not impossible. Follow these 6 simple tips, and you'll see the savings pile up over time to help your family grow up big and strong.

1. Grow a Garden

This one's for all the single parents out there with a backyard or even a single patch of earth they're not using.

If you don't like vegetables, it's time to grow up a little and learn to love them -- unless you're allergic to them, of course.

Go out and buy some seeds or plants from your local hardware store or nursery. They're shockingly cheap, and the value you'll get out of not only the fully grown plants as they save you money on meals but also the rewarding aspects of planting and nurturing those growing plants is incalculable.

2. Instead of Traveling, Stay Home!

At first, this may sound like a groaner. Who wants to hang around the same place you always do when there's a whole wide world out there to explore?

Rest assured, we don't mean you should stay cooped up in your house. We're actually referring to a staycation, where you and your family remain in the city, town, or rural area you already live in. Go out and find new spots you've never been to. Try new restaurants, public parks, museums, landmarks, and other attractions you've been missing out on.

3. Sell, Sell, Sell

Take a look around your home. How much stuff around you could you actually live without?

Your first instinct might be to say, "I use all of this stuff!"

But really think about it. When was the last time you used everything you own?

As a general rule, if it's been more than a year since you or your kids wore certain clothes, played with old toys, used sports equipment or household items, sell them ASAP. Odds are, you won't be using them again anytime soon, and they really only hold a nostalgic value for you.

Turn that nostalgia into cash you can put away for when you really need it.

4. Keep an Emergency Fund at All Times

In the past on the Atlas Credit blog, we've delved into the incredible importance of a healthy emergency fund. And as a single parent with only one income, a sudden blow to your finances like healthcare costs or automobile repairs can put you into bankruptcy.

That's why you should do everything in your budgetary power to put away money for an emergency fund. At first, this may seem like saving money you'll never get to use for fun -- but what it's really doing is keeping you able to maintain that same consistent growth you've gone through without any major setbacks.

At the end of each day, single parenting can be exhausting and at times overwhelming. But when you make sure to keep a careful budget and never splurge when it's unnecessary, you can attain a level of stability you may have thought impossible.

5. Create a Budget and Stick to It

Too many people go month to month without a clear idea of how much money they have. It's even more critical for you as a single parent to budget and track your spending so that you and your kids stay within your monthly spending limits. Calculate all of your income, including your salary and any child support. Then look at your monthly expenses, such as housing, utilities, car payments and credit card bills.

If your spending outpaces your income, you need to make adjustments.

You can cut small expenses, such as video-on-demand subscriptions. You can also try to increase income. By bringing these numbers closer together as a single parent, you can help ensure you have enough to pay your bills and stay on budget.

6. Eliminate Big Splurges That Throw off Your Budget

Everyone splurges now and then. It's no fun to spend all your money on bills or getting out of debt. Small splurges, such as an ice cream sundae or a movie date with a friend, can fit into budgeting for single moms and dads. But if you get in the habit of treating yourself too much, you can plunge into debt, and that will obliterate your current budget.

To curb your overspending, force yourself to wait before making any large purchases. If you're shopping online, put the item in your cart, but don't check out for at least two days. You get time to reflect on the purchase and whether you really need it before spending the money. You also can build splurges into your monthly budget for a fixed dollar amount. Then you can spend those funds without feeling guilty.

Apply For a Personal Loan Online

There are so many ways single parents can save money. Use these money management tips for single parents to improve your financial literacy and start saving. If you need money immediately, you can always apply for a personal loan from Atlas Credit. Keep reading the Atlas Credit blog for more financial advice, tips, and tricks every week!

8 Inexpensive Mother's Day Ideas: Celebrate On A Budget

Fri, 11 May 2018 05:00:00 +0000

Here's something that every human being has in common:

We all have a mother!

That's what makes Mother's Day so special, and why it must be celebrated the right way every year. But if you're on a budget, you may not have the funds to go big the way you'd like to this time around.

Luckily, there are plenty of inexpensive Mother's Day ideas. Here are eight ways you can show your mother how much you love and appreciate her without breaking the bank!

1. Give Mom a Gift Card to Her Favorite Store

Great cheap Mother's Day gifts should be something your mother will use. If you aren't sure exactly what your mom wants or needs, you might be more inclined to go overboard on spending just to cover your bases. You'll think a big, expensive gift (even one she doesn't need) might go over well simply because you spent so much on it.

Instead, peek around her home and look for a theme. Ask your siblings, your dad, or even her (if you're tactful or brave enough) about her favorite places to shop. Then, buy a gift card from one of those stores that's within your budget to spend. She'll be able to pick out a gift for herself with the card, and she'll always remember it came from you.

2. Find Deals on Gifts Online

Places like Amazon and eBay can be goldmines for Mother's Day gifts, but those aren't the only spots to find great cheap Mother's Day ideas and deals online. Websites like Etsy have handcrafted items that might go over really well with Mom, and marketplaces like Craigslist are positively packed with a huge range of items all at yard sale prices.

Just remember, your mom probably doesn't need any more junk or trinkets. Limit your search and eventual purchases to something she'll find useful, or one that she'll treasure.

3. Take Mom to the Movies

While it's true that the movie theater costs more than ever, it's still a whole lot cheaper than other Mother's Day gift options. And if you're in Longview, Fort Worth, Waco, or Austin, Texas, the movie theater may be the perfect spot to take mom for a night on the town!

And remember: it's probably been a while since your mother went out and saw a new release -- so let her pick the movie!

4. Sign Her up for a Subscription Service

While subscription services like Netflix are all the rage, there are also plenty of lesser-known services that offer other products. You can have food, wine, perfumes, feminine products, vitamins, puzzles, games, lotions -- virtually anything your mom might like delivered straight to her doorstep.

While these services may get expensive when you add their costs up over time, the first months are often free and should be a small amount compared to the big gesture of signing her up for one.

5. Make Her Something

You don't have to be 5 years old to create something your mom will adore. One of the smartest ways to celebrate mother's day on a budget is to give mom a present right from the heart. Creating shows your mother you care enough to spend time on her. You can also personalize your gift so that it's clear it was intended just for her. Some examples of great homemade gifts include:

Pottery you can paint at a shop
Clipping out a month's worth of coupons for mom if she's a big couponer
Making a handmade card that tells her how much you love her

The list of possibilities for inexpensive homemade Mother's Day gifts is almost endless when you use your imagination.

6. Cook Mother's Day Brunch at Home

One of our favorite cheap things to do for Mother's Day is to fix mom brunch. Forget going out. It's always crowded and overpriced at restaurants on Mother's Day. Instead, prepare mom's favorite dishes at home, making this Mother's Day on a budget extra special.

7. Offer Her the Best Gift of All: Time

One of the best free things to do on Mother's Day is simply to spend time with your mom. When was the last time you sat together to catch up? Your mother will value learning what's going on in your life and hearing about your day more than anything you could buy her. Taking the time and effort to talk is one of the kindest things to do for Mother's Day, no matter how old you are.

8. Avoid Mother's Day Trickery

Many stores, restaurants, and events have "Mother's Day Specials" this time of the year, but you should be wary about buying anything before comparing prices.

Sometimes, the pricing on these options is actually higher than normal, simply because people can be easily fooled when thinking about gifts and special treats for Mom. In other words, be absolutely certain there aren't better options before you go the more conventional route for Mother's Day planning.

And if you aren't sure that you can afford a Mother's Day gift this year, reach out to your local Atlas Credit location in Oklahoma or Texas. We offer personal loans as low as $100 to individuals with good or bad credit to be repaid over a 5 to 12 month period. With a small personal loan this Mother's Day, you can truly make the celebration of motherhood more memorable than ever. Apply online or in person today!

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How and Why You Should Start Investing | Age Doesn't Matter

Fri, 27 Apr 2018 05:00:00 +0000

On the Atlas Credit blog, we usually like to focus on saving money and making sure you're financially sound at all times. However, one aspect of finances we rarely talk about is investing.

Sure, saving money is great, and earning interest on your savings after a long period can be a surefire way to grow that savings -- but investing may be your ticket to far more money in the long run.

At first you may think: I can't invest in the stock market. I don't know anything about it! And isn't it really just a gamble?

While it's true the stock market can be a bit complicated to understand and has undeniable risks involved, finding success through investing can be incredibly rewarding. Let's look into the why and how of investing your savings in today's Atlas Credit blog!

Why Invest?

Even if you're starting out with a small amount of money from what you've saved over your months or years of budgeting, investing (especially when you're young) is a very dependable way to see solid returns on your money. And if you're planning for retirement, you can never be certain if Social Security will stick around or be dependable enough to provide you enough income for an easy retirement.

Whether you have short-term or long-term goals, investments are among the best strategies for earning more money than your other options. The interest gained on savings account at your bank, while consistent, will offer only a small fraction of the full potential of investments.

Investing When You Are Young vs. Old

You can begin investing at any time. But keep in mind that investing in your 40s looks different than the more aggressive investing strategies you may try out in your 20s or even investment strategies for a 30-year-old.

The younger you are, the more aggressive you can afford to be with your money because retirement is further off. You have more time to make up for any losses. You should concentrate on exploring investment strategies by age. The younger you are, the more risk you can take. As you age into your 40s and 50s, you should become more conservative because you want to preserve your money for fast-approaching retirement. You also have less time to recoup your investment losses when you are older.

You can talk to an investment manager or financial advisor to determine the right risk for your age group. Ask them to use a risk calculator to determine the optimal mix for your money. Of course, some people may not feel comfortable with an aggressive investment strategy no matter what their age, and that is OK. Your decisions should reflect your desires, not those of your financial advisor.

Keep in mind that compound interest is your friend in your 20s. You will have more time for it to grow. Look for investments that reward that compound interest. You may want to forego options that grow more slowly, such as bonds.

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Mutual Funds

Mutual funds are one of the simplest, guaranteed ways of growing your investments. They may not pay back in staggering amounts, but they basically promise to make you money.

A mutual fund distributes your investment across a wide range of stocks, meaning if one crashes, you stand to lose very little thanks to the strength of the others. Plus, mutual funds can be purchased through local banks for under $1000 initial deposit. Then, you get to sit back and watch your money grow over the years.

Diversification

On the same principle as mutual funds, diversifying your investments means you aren't putting all your eggs in one basket.

If someone tells you one day that you should put all your savings into buying stocks for one company because they're sure to increase dramatically in the coming months, you might take the risk. But don't do so without putting a significant amount of your investing dollars elsewhere. Sure, if the stocks of the first company skyrocket, you won't make as much. But if they fail miserably, at least you still have money elsewhere that's stable or growing to help mitigate your losses.

Other Options

Here are some other investment options to consider:

1. Stocks

When you purchase stocks, you're essentially buying a small portion of ownership of a company. Based on how well that company does financially, the stocks you own will fluctuate. You may have to watch these and the market at large more carefully to ensure you get a solid return.

2. Bonds

Bonds are loans you provide to companies and governments, which they pay you back over time with interest. Because you know for sure you'll get your money back (and when), they can be far more trustworthy.

Starting Out Investing

Now you understand how and why to start investing at any age. If you want to start investing immediately, take a look at your savings. Figure out what surplus you have beyond an emergency fund, and consider investing that money as soon as possible.

Or, take out a loan from a reliable lender like Atlas Credit. Sure, you'll pay the loan off over a 5 to 12 month period, but the money you invested will stay in the market and grow over time. It's an unusual but surprisingly simple way of making money that most people never think to try!

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If you're interested in learning more about budgeting, savings, and staying financially healthy, keep up to date with the Atlas Credit blog! In the future, we'll go into even more depth about investing your money — so stay tuned!

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Master Financial Literacy the Easy Way | Atlas Credit

Fri, 13 Apr 2018 05:00:00 +0000

Tired of finding yourself broke at the end of each week? Sick of watching your balance shrink to zero each time you pay your bills?

Ready to take control of your finances?

If you answered yes to any of the above, keep reading. Today we're going to talk about mastering financial literacy — the first step to attaining financial health and independence.

What Is Personal Financial Literacy?

To learn financial literacy, you have to understand the term. Financial literacy means managing your personal finances in a smart and organized way. It includes taking into account all your debts and obligations and making responsible decisions. Financial literacy covers areas such as:

Monthly bills
Investments
Retirement
Real estate

You can't learn how to become financially literate without performing an overview of everything you pay for each month. We recommend making a list so you can return to reference it again and again as you attempt to improve your finances. Now you are ready to learn how to become financially literate.

Nail the Basics

First of all, you have to realize you don't need a college degree to have a firm grasp on what it means to be financially literate. Even if you dropped out of high school and haven't read a book since, you can figure out your personal finances.

The obvious starting point is understanding your own cash flow. Yes, creating and maintaining a proper budget is extremely relevant to this point. But simply recognizing the exact amount of money that comes into your wallet and bank account each month and measuring it versus what you need to spend can be very revealing.

Second, you need to understand your savings potential. Even if that will only be $5 twice a month, do it. After a year of saving 10 a month, that's $120 you can spend (preferably wisely) at the end of the year. The more you increase it by, the better.

Third, start looking into your credit score. Whether you're a Millennial or a Baby Boomer, any interaction you have with credit cards, auto or home loans, or trying to land the perfect apartment will require a credit check. So don't let the lenders and landlords be the only ones who get to see that number. Make use of one of the many credit score programs and websites out there that allow you to check your score on the fly. From there, check out these blogs on how to boost your credit score:

Create a Detailed Plan

This part might take a little more mental might. Now that you've figured out your personal financial situation, you have to start practicing what you've been preaching and create a plan you'll stick with.

Tell yourself you'll pay off your credit card debt within a specified period of time. Maybe promise to stop those extra spending habits, and put that extra money toward debt or other important costs. Anything that gets you on the right track financially can be incorporated into your detailed plan.

One crucial element in creating your course of financial action is to use the correct products. Don't use checking accounts that charge you monthly maintenance fees or require a minimum monthly spending amount.

And never, ever trust a bank that throws a huge overdraft fee at you if an unexpected Netflix charge hits your account before you've deposited your paycheck. Show them you're a displeased customer and cancel your account ASAP.

Learn More About Personal Finances

Educating yourself about the terminology and expectations derived from personal finance can help you in many ways. When you understand what financial terms mean, you can follow advice for improving your personal finances. Here are a few ways you can improve your knowledge:

Read the business section of your local newspaper, in print or online.
Read articles on websites focused on finances.
Get a subscription to a monthly magazine that covers personal finance.
Watch financial news on cable.

The more you read and watch, the more familiar basic terms will become. If you hear something you don't understand, head to the internet to figure it out. A quick search can clear up your questions and may lead you to more helpful sites to expand your personal finance knowledge. If you still want to learn more, consider taking a personal finance class at a local community college or community center. Then you can ask your instructor questions.

Consider a Quick Boost

Got your plan ready but realize you're not quite ready to start it? You might just need a few months of saving to begin implementing it -- or, you could find a quick stimulus to your finances in the form of an easy personal loan from a lender like Atlas Credit, an easy way to master basic financial literacy.

Apply For a Personal Loan Online

Whether you're a resident of Texas, Oklahoma, or Virginia, you can visit your local Atlas Credit office to see if you qualify for a personal loan. Even if you have bad credit, that money can get you up to speed and ready to prepare for your financial future. Find a location near you in Oklahoma or Texas, or apply online.

And don't forget to check out other helpful posts on personal finance from the Atlas Credit blog!

Summer Savings Start Now! How to Save Money In the Summer

Fri, 24 Mar 2017 05:00:00 +0000

How to Save Money in the Summer

Summertime should be a season of outdoor fun in the sun. The warm weather and extra daylight make summer the perfect time for family vacations, road trips to interesting and exciting destinations, ballgames, concerts and excursions to the beach.

But what if you don't have the savings set aside to afford some free time? Sounds like a sorely missed opportunity. That means you need to start your summer savings now.

Let's take a look at some easy money-saving strategies that allow you to enjoy a summer of both fun and savings!

1. Use Affordable Child Care

Instead of paying for costly babysitters and daycare centers all summer, put some thought into your children's summer days.

Take a look at low-cost summer camps and community programs from schools, churches, and other youth organizations. Even if they're only involved for a week or two, it could save you some serious money.

Also, if you feel one of your children is ready and mature enough to babysit the younger kids while you're away, you're in luck. For parents with older kids, child care is practically free!

2. Unplug Unused Appliances

If you are looking for energy-saving tips for summer, a big one is to reduce the amount of electricity you use. This should go without saying. It doesn't matter how much money you make every year -- if you have a houseful of appliances plugged in and turned on that aren't being used, there's only one thing to do:

Unplug, unplug, unplug. Whenever you finally do need to use an appliance, the extra three seconds it takes to plug it back in won't hurt anybody. Just don't shock yourself!

3. Start a Garden

Instead of going out to the grocery store several times a week to stock up on the healthy fruits and vegetables that you should be eating every day, try gardening instead.

Not only are the foods you grow much, much cheaper when they come from your garden -- many people say they actually taste better. Maybe it has something to do with the fertile soil in Virginia and Texas!

Plus, the activity of gardening itself can be calming and rewarding. Try it for yourself in your backyard!

4. Cook at Home and Outside

Every time you go out to eat, you'll spend money not only on the overpriced food but also on a tip for the wait staff at the end of each meal. That money adds up way more than you might think, especially over the course of a whole summer. So, spend as much time as possible cooking at home.

The more you cook at home, the less money you'll spend. Plus, if you cook outside on the grill or the fire, you'll avoid heating up your house and spending more on air conditioning.

Everyone loves a summer barbecue! You can even ask your friends to pitch in when you hang out by making it a potluck. Everyone can leave with a full plate for leftovers, too.

5. Practice Smart Maintenance

Want to know how to save on your energy bill? Having appliances and equipment that work efficiently takes up much less energy than those that are outdated and missing parts. Performing regular maintenance on your equipment and appliances will save you money on your electricity bill because the devices then take less energy to run.

Replace filters in your AC regularly. Clean out debris and dirt that gather in and around AC units. If you want even better ways to beat the heat and save money this summer, invest in Energy Star appliances that use much less energy than their counterparts.

6. Avoid Running Appliances During Peak Hours

Many utility companies charge higher rates during peak hours, when everyone runs their washers, dryers and dishwashers. Find out what your utilities' peak hours are, and avoid using energy during these times. For example, running the dishwasher during the day can cost less than turning it on at night.

7. Adjust Your Thermostat

Yes, Texas and Oklahoma summers are boiling hot, but do you need your home to be an icebox? Turning up your thermostat just a few degrees can save you money on your monthly electric bill, plus you consume less energy, which is good for the environment. Experiment with the right temperature to find a cool but not cold point.

8. Open Your Windows at Night

No list of summer energy-saving tips would be complete without air conditioning tips to save energy. Your AC is one of your most significant summer expenses. This might come as a shock to some, but you shouldn't run your air conditioner 24/7. At night when everyone's asleep and your home is at a reasonable temperature, shut your system down.

Once it gets a little stuffy, open up your windows and let the nighttime breeze cool you down. Come morning, close the windows, pull down the blinds, and crank that AC back up.

The money you'll save from not blasting your air conditioner all summer long will save you some serious cash on your electricity bill. When you know how to save money on AC, you will find implementing other savings options is a real breeze, too.

9. Use Alternative Entertainment

You can save a lot more money than you may realize on entertainment costs. First, consider canceling your cable service. These days, a cable TV bill can easily exceed $100 a month. Plus, some streaming services, such as Peacock and Hulu, offer live TV. You'll still be able to enjoy most of your favorite shows (and probably find some new ones you like even more), and you'll save a lot of money in the process.

If you're a reader, stop paying $20 per book at the bookstore or on Amazon. Instead, head to the library! You can find everything you want to read for free, instead of buying a book you'll likely only read once. This saves money and also helps the environment.

Additionally, if you typically find yourself spending money on vacations, consider a staycation instead of traveling. By doing a little research and talking to your friends and neighbors, you'll likely get some great ideas for fun things to do in your city or town. And you won't have to worry about paying for hotels, gas or airfare.

10. Start Walking

Keep your car in the driveway and start walking more. Now that it's warm, it's a good time to walk or bike instead of drive when making short trips. You'll save money on gas and vehicle maintenance — and the exercise will be good for your health! Plus, if you find yourself enjoying the outdoor commute, consider selling that extra car you don't really need. You'll eliminate those vehicle-related expenses and get a nice chunk of change to add to your summer fund.

11. Thrift for Things

Do your clothes and household items shopping at thrift stores. Many people fail to realize just how diverse the selection at many thrift stores can be, which means they miss out on great deals, too. The money saved by not buying at full price can be put directly into your summer savings account. Plus, you can refresh your wardrobe or home by selling the items that you don't wear or use and swap them for your thrifted goods.

12. Get a Personal Loan

There's one more thing to keep in mind: If you need money fast, you can always count on a personal loan from Atlas Credit. We can get your summer going with an immediate loan from $100 to $1,500 with a 5 to 12-month repayment plan.

Even if you have bad credit, you should stop by one of our locations today to find what we can do for you! We have multiple storefronts across Virginia, Texas and Oklahoma. You can also apply for a loan online at your convenience. Either way, the process is fast and easy — we typically provide the funds on the same day you submit your application. At Atlas Credit, we specialize in helping underserved consumers who have been ignored by banks, credit unions and other financial institutions. Our loans can help you establish credit or raise your FICO score when making timely payments. If you need funds quickly, we're here to help you.

Apply For a Personal Loan Online

Putting money away isn't easy, especially with the need to pay bills and manage those unexpected expenses that always seem to pop up. It takes discipline and a little planning to make sure you have enough cash set aside to enjoy the fun things in life. Using your imagination can also help you come up with some creative ideas for adding to your summer funds. With these summer saving tips, there's a great chance you'll have all you need to get away and spend some quality time with your family and friends. And if you need that extra boost, stop by or call the Atlas Credit branch near you or contact us online today to get your loan application started today.

How To Know If You Qualify For A Personal Loan | Atlas

Thu, 09 Mar 2017 06:00:00 +0000

When looking at your options for personal loans online, you might have a few serious concerns at first. Do you qualify for a personal loan, and how much money can you take out? Will your low credit score keep you from getting approval for a personal loan?

But don't worry. Everyone has questions when looking for the best loans for bad credit.

Here are some of the most common questions people ask about personal loans requirements:

Am I the Right Age for a Personal Loan?

Don't worry, you don't have to be any specific age to qualify for a personal loan -- as long as you're a legal adult when applying.

The reason why you can't borrow money before you're a legal adult is because you must be held financially responsible for whatever money you borrow. A minor can't be held legally financially responsible, so it wouldn't be in the best interests of any lender to loan you money.

So if you are under the legal age... ask your parents instead!

Will My Employment Status Matter?

Lenders care quite a bit about whether or not you're employed when you apply for a personal loan.

Why?

Because being employed shows that you have the means to repay whatever you borrow. If you're unemployed, you're not likely to have the finances needed to pay back a short-term loan.

And if you've only recently gotten a job, that's okay -- the majority of personal loan providers don't care whether you've worked with a company for two weeks or two years. All you have to show is that you will be able to repay the money they lend you.

How Much Personal Loan Do I Qualify For?

The answer will vary depending on where you take out your personal loan and other factors, such as your history of repaying debts. A lender like Atlas Credit offers great flexibility in the amount of money you borrow. We can lend you $100 to $1,400, which can cover a variety of expenses. When you need cash immediately, personal loans provide the smartest answer.

Apply For a Personal Loan Online

How to Qualify for a Personal Loan

Qualifying for a personal loan is relatively straightforward. At Atlas Credit, as long as you meet the legal age requirement and can show that you have the means to make payments on your loans, we can help. Get in touch with us for more information about getting a personal loan and how you can receive quick approval to get the funds you desire fast.

Meeting Personal Loan Requirements

What do I need to get a personal loan? If you meet all the requirements laid out here, you can apply for a personal loan in your state. You will have the best chance of getting a loan if you have your personal information accessible. You will need basic information such as your Social Security number, and you also want to have other things ready, such as the amount you want to borrow and your street address and phone number.

As you pay back your loan, you will enjoy another side benefit. Your credit will improve. You can show lenders you are a reasonable risk because you make regular payments and don't default.

Can I Get a Personal Loan in My State?

Many states do not offer individuals the option to apply for installment loans. In other words, your state has to approve of personal loans before lenders can even set up shop there.

But if you live in the state of Texas or Oklahoma, you're in luck -- you'll be able to apply for personal loans!

Hopefully these answers clear up some of your questions about applying for personal loans online. With any luck, you'll be one step closer to accomplishing all your financial goals!