Corporate Finance – Upbeet Communications Sat, 19 Nov 2022 22:42:20 +0000 en-US hourly 1 Corporate Finance – Upbeet Communications 32 32 Second mortgages should be part of every broker’s toolkit Wed, 16 Nov 2022 15:23:11 +0000 Second mortgages should be part of every broker’s toolkit. The introduction of the Mortgage Credit Directive in 2016 essentially dictated that all brokers should consider a second mortgage alongside a mortgage in any capital raising situation. However, although the new regime has been embraced by some, there are still many who are not considering a […]]]>

Second mortgages should be part of every broker’s toolkit. The introduction of the Mortgage Credit Directive in 2016 essentially dictated that all brokers should consider a second mortgage alongside a mortgage in any capital raising situation. However, although the new regime has been embraced by some, there are still many who are not considering a second charge at all. There are a number of possible reasons why these brokers do not feel comfortable giving second load advice, but the main explanation is that they feel they do not know enough about second load and that there is therefore a real need for the intermediary. sector for better education about them.

It is also important to understand that brokers will rarely receive a request to arrange a second charge; however, they will frequently be asked how they might raise capital. This is where a second mortgage could be a viable and better customer outcome depending on the current and future needs of the customer.

The mortgage market is in a very different place than it was 12 months ago. At the time, the Bank Rate was 0.1%, whereas it is now 3.0%, a situation that would have seemed fanciful a year ago. At that time, Covid was still at the forefront of everyone’s minds. Now, while many borrowers (especially the self-employed) are still feeling the aftermath of the pandemic, they are also having to deal with the cost of living crisis. In the UK, this was fueled by rising fuel prices, the war in Ukraine and rising inflation (itself partly exacerbated by Brexit).

As a result, the ability to find a mortgage from high street lenders has been significantly reduced for many borrowers.

The fate of the independents

The self-employed have been particularly affected by the pandemic and the cost of living crisis. According to a study by the Center for Economic Performance (CEP) at the London School of Economics and Political Science, self-employed incomes and profits are worse today than a year ago.

The report “Covid-19 and the Self-Employed: A Two-Year Update” surveyed 1,500 people, a cross-section of the self-employed population, found that the current cost-of-living crisis is exacerbating the challenges for the self-employed, whose incomes and profits have not fully recovered from the pandemic shock.

A third of self-employed workers reported difficulty meeting basic expenses – the same proportion as in August 2020. Within this, more than two-thirds (67%) of healthcare support workers reported difficulty about four times more than those working in education (17%).

The impact of Covid-19 restrictions has receded, but the recovery has stalled in the face of high energy and raw material costs. These contribute to the financial difficulties of the self-employed, especially small businesses. Over 40% of the self-employed surveyed had monthly incomes of less than £1,000 in April 2022, up from 27% at that income level before Covid-19. Unsurprisingly, a third of respondents said the cost of energy was their most difficult issue.

The difficult conditions the self-employed have faced due to Covid have proven too much for many; in fact, the report finds that around 800,000 workers left self-employment during the pandemic. Despite the economy picking up after the final lockdown, the number of people going into self-employment remains relatively low.

The report adds that the condition of the self-employed is already precarious and that any new major challenges could push many of them to the brink of serious financial difficulties.


Rising energy bills put people under significant financial pressure. According to the StepChange charity’s own customer data, there has been an increase in the proportion of overdue customers with bills for dual fuel (56%), electricity (31%) and gas (26%) in September compared to August 2022.

In addition, individual failures have worsened. One in 405 adults (at a rate of 24.7 per 10,000 adults) entered bankruptcy between October 1, 2021 and September 30, 2022, according to official figures from the Insolvency Service. This is up from 24.0 per 10,000 adults who entered insolvency in the 12 months ending September 30, 2021.

Difficulties in raising capital

More and more broker clients are looking to raise capital, but are faced with the realization that a mortgage is harder to place, impossible to place or not at the right time; however, the need to raise capital remains.

The following may apply to customers:

• Are self-employed, whose product has been blocked due to a new fixed rate
• Have a bad credit rating
• Have had credit problems in the last three years
• Have a high level of unsecured debt
• Have complex revenue streams
• Are below earnings multiples
• Have recently changed jobs
• Be self-employed for more than 12 months but less than two years
• Having a property with non-standard construction
• Are in a debt management plan
• Are in an IVA
• Having taken out personal loans recently.

Specialized solutions

This is where the specialty market can help. Right from the start, brokers should focus on the right customer journey and managing expectations rather than the rate. Borrowers should understand that rates today are very different from those at the start of the year and that losing a prime first mortgage rate could be very costly.

Instead, brokers should focus on the value associated with the bottom line. By using criteria search systems, the broker can find a solution to the borrower’s situation, and then by researching these lenders on traditional platforms, he can understand what rates are available.

Knowing when to look for alternatives to expensive or unavailable first load options and controlling how to source is the first step; placement is as follows. Options go directly to the lender or through a specialist distributor; which one is better will be the decision of each company. The key is to do something, because the client still has that capital raising requirement that they need to solve – better to do it with you than with someone else.

The second fee provides a short-term solution to help the borrower meet their immediate needs. They can finally refinance on the high street when the time is right. This could be, for example, when they have the required work history or have consolidated their unsecured debts. Alternatively, when their credit blips have been cleared, the credit score has in turn increased, so refinancing options will have become available.

It is worth remembering that whatever circumstances might make Main Street a less welcoming place for first mortgages, as mortgage rates continue to rise, those looking to raise capital, whether this either for home renovations, debt consolidation or a combination of the two (for example) should have an unsecured loan and a second mortgage explored alongside a mortgage.

Education and awareness is needed throughout the market as the stigma of second charges from 15-20 years ago still persists today despite the very different market reality: things have changed drastically since then, as is the regulatory environment. Second-charge lenders are doing their best to improve broker education, but there is still work to be done. The reality of today’s mortgage market means that brokers who are unaware of second charges could really be letting their clients down at a time when they need specialist mortgage advice more than ever.

The truth about payday loans Tue, 15 Nov 2022 19:09:33 +0000 Payday loans are a controversial topic. Some people see them as a lifeline in times of need, while others see them as a dangerous way to trap people in a cycle of debt. So what’s the truth about payday loans? In this blog post, we’ll explore the pros and cons of payday loans. We’ll discuss […]]]>

Payday loans are a controversial topic. Some people see them as a lifeline in times of need, while others see them as a dangerous way to trap people in a cycle of debt. So what’s the truth about payday loans? In this blog post, we’ll explore the pros and cons of payday loans. We’ll discuss the potential risks and benefits of taking out a payday loan, as well as some alternatives to consider. Check payday loans – FlashApply.

What is a payday loan?

Payday loans are short-term, high-interest loans that are usually due on the day of your next payday. These loans can be very expensive, with fees and interest rates that can add up quickly. Payday loans can also be very dangerous, as they can lead to a cycle of debt that is difficult to break.

If you’re considering taking out a payday loan, it’s important to understand the risks involved. Payday loans can be an expensive form of credit, and they can also put you at risk of falling into a cycle of debt. Before taking out a personal loan, make sure you fully understand the costs and risks.

How do payday loans work?

When you take out a payday loan, you’re essentially borrowing against your next paycheck. The loan is usually due on the day of your next payday and the amount you can borrow is based on the amount of money you expect to receive. Payday loans are generally short term loans and as such they usually have high interest rates.

In most cases, you will need to provide the lender with a post-dated check or authorization to withdraw funds from your bank account on the day the loan is due. If you don’t have the money in your account to cover the loan by the due date, the lender may attempt to cash the check or withdraw funds from your account, which could result in overdraft charges.

Payday loans are generally meant to be used for short-term financial needs and are not meant to be a long-term solution. If you regularly need to take out payday loans, it may be a good idea to explore other options, such as credit counseling or debt consolidation.

How to get a payday loan

If you’re considering taking out a payday loan, there are a few things you need to know. Payday loans are usually small, short-term loans that are used to cover unexpected expenses or to tide someone over until their next paycheck. It’s usually easy to qualify and get in quickly, making it an attractive option for those who need cash fast. However, payday loans come with high interest rates and fees, which can make them difficult to repay. Plus, defaulting on a payday loan can result in costly penalties and hurt your credit score.


Although payday loans may seem like a quick and easy solution to your financial problems, they may actually cost you more in the long run. The high interest rates and fees associated with payday loans can leave you in a cycle of debt that is hard to get out of. If you’re considering taking out a payday loan, make sure you understand all the terms and conditions before you sign anything. You may be better off finding another source of financial assistance.

Financing options for Lyft and Uber drivers Fri, 04 Nov 2022 16:14:13 +0000 A rapid increase in the use of ride-sharing apps like Lyft and Uber has provided many job opportunities for people who want to generate income on their own schedule. The best part? These people only need a valid driver’s license and a car to start making money! Unfortunately, there are a few expenses associated with […]]]>

A rapid increase in the use of ride-sharing apps like Lyft and Uber has provided many job opportunities for people who want to generate income on their own schedule.

The best part? These people only need a valid driver’s license and a car to start making money!

Unfortunately, there are a few expenses associated with the role, and maintaining a vehicle to company standards and policies can be a bit costly. This is when Lyft and Uber drivers can consider outside sources of income to supplement their work, such as a Lyft driver payday loan.

Here are some other financing options to consider.

Why Rideshare Drivers Need Funding

Here are three of the most common reasons a Lift or Uber driver may need additional financial assistance:

For emergency funds

Being a driver for Lyft or Uber usually comes with a good financial package, but the job doesn’t come without its own set of significant expenses. For example, owning a car that can then be used for commuting can be quite expensive.

If you consider the cost of car upgrades and maintenance, gas, parking fees and accessories, money can quickly add up and become an unmanageable sum!

Debt Consolidation

This is a common strategy for paying off debt with a single financing solution. It is an ideal solution that helps borrowers to repay a loan amount in full. For a rideshare driver who may have balances with interest rates, debt consolidation may be a good idea.

Buy a new car

Using a loan to buy a new car can be a good way to solve a pretty big problem. After all, having a quality car is an asset as a Lyft or Uber driver. Taking out a loan allows drivers to have a solid source of income without having to dip into their savings or shell out hefty up-front payments.

Are they eligible for loans?

The simple answer is yes, Lyft and Uber drivers are eligible for certain loans.

Unfortunately, unlike contractors, Lyft and Uber drivers may have a harder time qualifying for any type of loan. This is largely due to the unpredictability of the ridesharing industry, stringent documentation requirements, poor credit history, and even employment status.

Types of loans available

There are different types of loans available for Lyft and Uber drivers to choose from and apply for, depending on specific circumstances. We have described some of the most suitable options below.

Payday loans

One of the main buffers to ensure that a car stays in pristine condition is a payday loan. Although this can be a practical solution if they are in a difficult situation, it often comes with higher interest rates which can make repayments much more expensive than they should be.

Secured loans

These have lower interest rates in exchange for collateral types of items. It’s one of the best types of loan a Lyft or Uber driver can get, and it’s good for improving credit scores. Yet, if a loan is not repaid on time, the car may be lost as collateral.

Unsecured Loans

It’s another good option for Lyft and Uber drivers to consider, but it’s much harder to qualify than other types of loans. If they don’t want to put their car under warranty, this is a great alternative.

Loans for bad credit

If rideshare drivers have a bad credit history and are not eligible for secured loans, this is a good alternative. However, it has stricter repayment terms and much higher interest charges as they pose more risk to lenders.

Credit card

It’s the best option for Lyft and Uber drivers looking to fund some bills from time to time. It’s a pretty straightforward route to a line of credit that can be used to make purchases for the car, buy gas, and even pay for needed repairs. However, they must repay the minimum amount before the delegated due date.

Personal loans

Lyft and Uber drivers can apply for personal loans in any situation. If they have collateral or decent credit, they can receive much lower rates on whatever loan they get. Whether they want to finance car repairs or buy months worth of fuel for the car, a personal loan can be a very useful tool!

Other financing options to consider

Instead of resorting to quick cash loans or payday loans with high interest rates and fees, here we have listed the different alternative funds that drivers can apply for.

Credit line

Sometimes a borrower does not need to take out a loan but still does not have enough money should an emergency arise. This is where a strong line of credit will come in handy. It provides Lift and Uber drivers with a comfortable cushion of funds to cover maintenance costs and other relevant purchases.

Cash advance

If a Lyft or Uber driver has bad credit, a cash advance may be the answer. It is not a loan, but rather a calculated cash amount that is given to the driver based on all of their future earnings.

Alternative Small Business Lending Platforms

There are many companies that might be willing to offer more suitable loans for small businesses operating in the economy, such as Lift and Uber drivers.

Depending on which lender they choose to go with, drivers could receive a loan of $10,000 and an additional $15,000 in the form of a line of credit.

These lenders usually charge higher interest rates, which can put anyone in a more difficult financial situation.


There is no doubt that being a Lyft or Uber driver can sometimes be quite an expensive task. Fortunately, drivers no longer have to shell out money out of pocket to cover work-related expenses. This is because there are many suitable financial alternatives.

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Why Your Clients’ Benefits Package Needs an Element of Financial Wellness Wed, 02 Nov 2022 11:17:57 +0000 Let’s be honest, no matter how the experts call the nation’s current economic volatility, U.S. employees are still feeling the painful pinch of rising costs for major daily living expenses like food, gas and housing. And for some of them trying to make ends meet, financial insecurity has become a reality. As these financial concerns […]]]>

Let’s be honest, no matter how the experts call the nation’s current economic volatility, U.S. employees are still feeling the painful pinch of rising costs for major daily living expenses like food, gas and housing. And for some of them trying to make ends meet, financial insecurity has become a reality.

As these financial concerns increase, they can have a significant impact on employees’ work performance, personal life, and future plans. And almost all employees (93%) look to their employer for financial wellness support. The question then becomes: what inventive benefits – from education and financial resources to loan repayment assistance and financial counseling – can you offer customers to help employees meet these challenges and, more importantly, regain their financial footing?

In figures: the impact of inflation on employees

Let’s start by taking a closer look at some of the causes of these money problems – and the effect it has on employees. Unsurprisingly, Americans say their main concern is paying for housing and current expenses:

  • House prices are still up nearly 11% from a year ago, and rising interest rates are having a brutal effect on the housing market. This drives up the cost of buying a home by several hundred dollars each month and crushes demand.
  • In addition, rental prices for single-family homes ballooned in the first half of 2022, reaching a national average of $2,495 per month — a 13.4% increase over the same period in 2021.
  • Whereas Fuel prices have recently fallen almost 20% from a high US national average of $5.08 per gallon in June, the current average ($4.08/gal) is almost double what it was in 2020.
  • Food prices jumped 13.1% in July, the biggest year-on-year increase since March 1979.

As debt continues to mount, so do financial shocks, which Pew defines as a significant loss of income or a major unforeseen expense, such as a trip to the hospital or a major car repair. In fact, 60% of Americans experience financial shocks and one-third experience two or more per year. That puts more financial strain on American families, nearly 70% of whom don’t have emergency savings. These costs are typically around $2,000, which is half a month’s worth of income for the median household.

The impact on employees is obvious. A new survey from financial services provider SoFi has found that just over half of employees are more stressed about their finances today than they were at the height of the pandemic and spend around 25% of their working week dealing with financial problems. The irony behind this brewing concern? While the majority of employees feel financial pressure, only 13% of the workforce says they can talk openly about money at work and get the help they need.

Cynthia Campbell, Director of Experience at BALANCE, an organization that provides comprehensive financial counseling and education services, is one person who has helped employees fight this double-edged sword.

Campbell explains how this prolonged surge of inflation tripped people up. “We saw consumers using credit as a ‘safety net’ during the pandemic when job losses were high. Now, even though we are reporting low unemployment, the average family is still struggling as inflationary prices for gasoline, groceries, clothing, etc., weigh on household budgets. People are turning to credit again, but now interest rates have gone up, making that credit more expensive. The monthly minimum payment increases as the balance increases, but the budget has no room for it. »

According to an August 30 report from the Federal Reserve Bank of New York, the average credit card debt held by households in the United States jumped 13% in the second quarter, the largest increase in such debt since 1999.

Campbell says that for many, the main challenge is often admitting they need help. “It’s hard for some to reach out and ask for advice. But when people shine a light on these financial issues and share the burden of this stress with another person, there seems to be a relief that washes over them.

Financial advisors can then work with employees to co-create a plan to address the specific financial issues they face, from paying off debt and student loans to restoring their credit score and preparing for a future. financially more stable.

“Employers underestimate the impact of financial stress on their employees. If an employee is stressed about their financial situation, they will not be fully present at work. They may also think they need a better paying job,” she adds.

Campbell suggests that it is in employers’ best interests to care about the financial well-being of their staff, just as they do about their physical and mental well-being. “Today’s job seeker is looking for an employer who cares about their ‘whole person’ and allows them to bring their true selves to the workplace.”

On the front line of financial stress

For several years, I worked with Jeff LeMay, ARAG’s Director of Customer Service and Claims. He oversees a team of customer service specialists who are on the front line, so to speak, of responding to member concerns and requests for legal assistance – many of which actually start with financial issues.

LeMay notes, “Members with questions about filing for bankruptcy are quite common. Often they don’t know if filing for bankruptcy is the right option; but they are anxious because they are drowning in debt and don’t know what else to do.

“We also hear from employees who are having difficulty repaying their student loans. We expect this to be an even bigger issue in 2023, as federal student loan forbearance — essentially a pause in payments — is set to end on December 31.

Other catalysts for financial insecurity include housing problems and unforeseen health care costs. “The members want legal help because the landlords are increasing their monthly rent and the member can no longer afford the new rate,” LeMay said. “Some members are also dealing with unexpected medical bills that they cannot pay, which can eventually lead to debt collection.”

Employees considering major steps, such as debt consolidation or bankruptcy options, need a reputable financial and legal advisor to:

  • Understand what each option entails
  • Know their short-term and long-term implications, and,
  • Find budgeting strategies to keep moving towards financial health

“A lot of Americans are in a world of unknowns and there’s a lot of anxiety,” adds LeMay. “But once they have a resource to turn to – and they’re on the right track to help solve their problems – it’s a big relief because it takes the burden off them, financially and emotionally.”

Find out what’s hidden in the current benefits offers

Part of the solution to helping employees improve their financial well-being may be right in front of you. Start by reviewing your clients’ existing human resources and benefits programs that can be leveraged as part of your financial wellness program. For example, your organization’s financial, banking, or life insurance partners may have tools, programs, or websites designed for your employees that you may not be fully promoting. This could include opportunities for financial education through a retirement plan.

But think outside the box

Consider what benefits could complement your existing programs and help employees move up the financial wellness ladder. This could include offering benefits such as:

  • A student loan repayment plan. This is a program designed to help employees get out of college debt and focus more on their savings goals. A sad reality is that almost 15 million millennials are more in debt than any other generation, which means employer-sponsored loan assistance is greatly appreciated.
  • Emergency Savings Accounts (ESA). These “rainy day” accounts allow automatic deposits through payroll deductions and are designed to encourage healthy savings habits. Unlike 401(k) accounts, ESAs are taxed as income and can be accessed as needed without penalty. ESAs provide short-term liquidity that can help protect long-term savings in retirement accounts.
  • Payday advance. As the name suggests, payday advance benefits provide employees with access to the salary they earned prior to the regular payroll cycle. While they don’t address the underlying problem of living paycheck to paycheck, they can help employees avoid costly payday lenders, late fees, and bank overdraft fees.
  • Legal insurance. For employees struggling with significant debt or financial problems, a legal expenses insurance plan could also be a valuable asset, providing affordable access to legal counsel who helps them understand their options as well as the short- and long-term implications. long-term financial decisions. Like some insurers, legal insurance companies can offer their members access to a financial advisor for personalized advice.

By exploring new and existing avenues of financial wellness benefits, you’ll increase the overall value and appreciation of your customers’ offerings, which can be especially impactful in these times of economic volatility. Plus, the enhanced benefits will speak volumes for employees seeking help from their employer to meet their financial challenges. Reducing employee financial stress and insecurity and improving overall well-being is a win for them and, ultimately, your customers.

Denis Healy is a member of the ARAG® management team. He is a strong advocate for legal expenses insurance because he has seen firsthand how it helps people get the legal protection and help they need. He has over 30 years of experience in the insurance industry, with a particular focus on selling group voluntary benefits products to employer groups of all sizes through the broker community. and consultants.

How to Choose the Best Loan Company for Bad Credit Thu, 27 Oct 2022 21:33:45 +0000 A loan for bad credit is a personal loan for consumers in credit difficulty. It is relatively easy to apply and most lenders make quick loan decisions and offer quick funding turnarounds. You may also qualify for a bad credit loan if you have little or no credit history, and most lenders generally don’t limit […]]]>

A loan for bad credit is a personal loan for consumers in credit difficulty. It is relatively easy to apply and most lenders make quick loan decisions and offer quick funding turnarounds. You may also qualify for a bad credit loan if you have little or no credit history, and most lenders generally don’t limit how funds can be used.

These loan products usually come with high interest rates because they are risky for the lender. It is therefore important to shop around to find the best deal. But the interest rate on most bad credit loans is fixed, so the monthly payment amount won’t change. Loan proceeds are allocated in a lump sum and payable in equal monthly installments over a specified period.

Before applying for a loan for bad credit, understand the loan types to identify the best option and select a loan term that suits your financial situation. You also need to be prequalified, calculate loan costs, and evaluate lenders based on their reputation and the incentives they offer.

1. Know what type of bad credit loan you need

There are four main types of bad credit loans: secured, unsecured, payday and cash advance. Some require collateral, which makes them riskier for the borrower. Here’s what to know about each option:

  • Cash advance: This expensive option is available from some credit card issuers and involves withdrawing funds from your credit card’s available balance. The amount you borrow will be added to your existing account balance, but you can expect to pay a higher interest rate than that charged for purchases made with the card.
  • Secured loan: You will need collateral to get approved for a secured loan, and the lender may seize your property and sell it to recoup their losses if you are late on payment. The advantage is that these loan products are easier to obtain if you have bad credit. Also, the rate will usually be lower than what you would get with an unsecured loan.
  • Unsecured loan: You won’t need collateral to qualify and could qualify for a hefty amount. The downside is that your interest rate will be higher with a lower credit score.
  • Payday loan: A payday loan can be used as a last resort if you cannot qualify for a personal loan or borrow from family or friends. It is a short term loan of $500 or less. It comes with an excessive interest rate, usually in the triple digits, and is payable on the day of your next payday. Moreover, they can lead to a dangerous cycle of debt if you are forced to extend the term of the loan.

2. Choose the loan terms that suit you best

Most bad credit loans have repayment periods of between two and five years (with the exception of payday loans, which are due on your next payday). It can be tempting to opt for an extended term loan product to get a more affordable payment. However, making the balance longer means you’ll pay more interest over time, making a shorter loan term ideal if you want to pay off what you owe faster and save a lot of interest.

Use a loan calculator to calculate the difference between monthly payments and interest charges for different repayment periods. This will give you a better idea of ​​what to expect and help you choose the best loan term for your financial situation.

3. Pre-qualify or try to determine what your offers would be

Get prequalified online with the lenders you are considering to assess your chances of approval. The process is simple and can usually be completed online in minutes without hurting your credit score, as it only requires a soft credit check. If there’s a match, you can view potential loan offers, including loan amount, term, interest rate, and monthly payment, before moving forward with a formal request.

4. Calculate loan costs

Once you’re prequalified with a few lenders, compare the interest rates on offers for the same loan amount and repayment period to determine which are the most competitive. Evaluate each lender’s fees before making a formal request.
You might find that one lender charges a higher interest rate but far less in fees than another option with a much lower rate. And in this case, they might be the best choice to minimize overall borrowing costs.

5. Review customer experience and reviews

The lender should offer customer support by phone, online, or both at times that suit your busy schedule. It’s also essential that the application experience is seamless and that the lender allows you to manage your loan online.

Also, you should look online for reviews to get an idea of ​​the level of service they offer. It’s not unusual to see a few negative reviews here and there, but most should indicate a satisfying customer experience. Otherwise, you may want to look elsewhere to borrow the funds you need.

6. Identify helpful perks

In addition to giving you a seamless application experience and fast funding, some bad credit lenders offer other perks to help improve your overall financial health. For example, you can have free access to your credit score directly from the online dashboard. Or there may be an assortment of financial tools, including calculators and educational articles, to provide the information needed to make sound financial decisions in the future.

7. Beware of predatory lenders and scams

Loans for bad credit are readily available from several financial institutions, both physical and online. Not all lenders are the same and some should be avoided. Some lenders may even be crooks.

Avoid lenders that aren’t registered to do business in your state, offer guaranteed approvals without a credit check, or require an upfront payment to approve you for a loan. It is equally important that they have a secure website and a physical address.

At the end of the line

Several loan options for bad credit could be suitable. But before applying for a loan, research loan types and shop around for quotes. When narrowing down your options, you also want to evaluate lenders based on their reputation, loan costs, terms, and customer service to find the best one for you.

In a pinch? Here are the four loans you can get the fastest Sun, 23 Oct 2022 14:00:26 +0000 Image source: Getty Images Here are some quick ways to get cash ASAP. Key points You can use your credit card to pay, as well as to get a cash advance. Payday loans are a quick way to get cash, but have APRs of up to 400%. If you have valuables, you can get cash […]]]>

Image source: Getty Images

Here are some quick ways to get cash ASAP.

Key points

  • You can use your credit card to pay, as well as to get a cash advance.
  • Payday loans are a quick way to get cash, but have APRs of up to 400%.
  • If you have valuables, you can get cash through a pawnbroker, or you can use your car as collateral for a title loan.

When you’re in a bind and need cash fast, it’s important to know what your options are. There are different types of loans that you can get relatively quickly, depending on your needs. Before taking out a personal loan, it’s important to understand the different types of personal loans and find the one that’s right for you. Here are four of the most common.

1. Credit cards

If you have good credit, you may be able to get a cash advance on your credit card. This is usually a quick and easy process, but it will come with high interest rates. So if you are able to repay the loan quickly, this could be a good option. Cash advances can be very useful in an emergency situation when you need money immediately.

Another benefit of using a credit card for a cash advance is that you may already have money available on your line of credit that you can use. This can be useful if you don’t want to take out a new loan or use other assets as collateral. However, using a credit card for a cash advance also has some drawbacks. First, as mentioned earlier, interest rates on cash advances are usually very high. This means that if you don’t repay the loan quickly, you could end up paying a lot of interest. Also, most credit cards have limits on how much you can borrow as a loan. So if you need a large sum of money, this might not be the best option.

2. Payday Loans

Payday loans are one of the fastest ways to get cash, but they come with high interest rates and fees. They’re usually only for small amounts of money, so if you need a lot of cash quickly, they’re probably not the best option. However, if you just need a little extra money to last you until your next paycheck, a payday loan might work. Payday loans are not ideal, Nevertheless. These are short-term, high-interest loans, usually due by your next payday in a single amount. Currently, 37 states regulate payday loans due to their high costs.

Payday loans are usually for $500 or less and are due on your next payday. Depending on state laws, people can get payday loans online or through a storefront lender. A typical two-week payday loan can have annual percentage rates (APR) as high as 400%. By comparison, credit card APRs can range from 12% to 30%. Payday loans should be considered an option of last resort.

3. Pawnbroker

Pawnbrokers are short-term loans secured by an object of value that people bring to a pawnbroker. As they are backed by the value of the object, they are cheaper than payday loans but are more expensive than a conventional loan. Pawnbrokers are regulated by the government. This type of loan is ideal for people who need cash quickly without a credit check.

Loan terms vary by pawnbroker. People can use valuables, such as jewelry or electronics, to get a loan based on the value of the item. No credit check is required. Those who may not qualify for a traditional loan can consider a pawnbroker. Once the loan amount is paid off, you will receive your items. If you don’t pay it back, the pawnbroker can seize the secured items.

4. Securities Lending

Title loans are another quick way to get cash. They are short lived secured personal loans supported by your car. Financial institutions put a lien on your car. If you are unable to repay the loan, they can seize your car, as it is used as collateral. Title loans generally do not consider your credit and can be approved quickly. However, a title loan is very expensive, with an APR of around 300%.

These are four of the most common types of loans that you can get relatively quickly. Consider which one best suits your needs and compare interest rates and fees before you apply. Understand how these personal loans work can help you make a smarter decision.

The Ascent’s Best Personal Loans for 2022

Our team of independent experts have pored over the fine print to find the select personal loans that offer competitive rates and low fees. Start by reviewing The Ascent’s best personal loans for 2022.

How to Get a $20,000 Personal Loan – Forbes Advisor Mon, 17 Oct 2022 16:48:37 +0000 Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. Whether you’re looking to renovate your home, consolidate debt, or pay for another big expense, you may be looking for a personal loan. Many lenders offer $20,000 personal loans that you can […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Whether you’re looking to renovate your home, consolidate debt, or pay for another big expense, you may be looking for a personal loan. Many lenders offer $20,000 personal loans that you can use for almost any purpose; some lend up to $100,000. However, to borrow such a large sum, you may need good credit and a stable income.

Follow these five steps to get a $20,000 personal loan.

1. Consider qualification requirements

Before applying for a loan, it helps to understand the terms of the loan. Here are some factors that lenders typically consider when evaluating your $20,000 personal loan application:

  • credit history. Personal lenders review your credit history before approving you for a loan. Your credit history reveals your past and present accounts, including loans and credit cards. If you have negative ratings, a lender may consider you a subprime borrower and reject your application. You can view your credit reports for free via If you see any errors, try to dispute them before applying.
  • Credit score. A lender also considers your credit score, which is a numerical representation of your credit history. Credit scores range from 300 to 850, with good scores starting at 670. Requirements vary by lender for personal loans, with some requiring a score of 560 and others looking for 660 or higher. You can check your credit score for free with a credit monitoring service or with some credit card providers.
  • Revenue. Lenders look at your income to make sure you’ll be able to repay the loan on time and in full. When you apply, you’ll likely need to upload pay stubs, W-2 forms, or bank statements for the lender to review.
  • Debt-to-income ratio (DTI). Lenders are also concerned about your DTI ratio, or how your monthly debt compares to your monthly income. If your DTI is high, you can reduce it by paying off debt or increasing your income.
  • Collateral. Personal loans are generally unsecured, which means they do not require collateral. However, a secured, collateral-backed personal loan may be an option if you cannot qualify for an unsecured loan. Lenders often offer higher loan amounts and lower interest rates on secured loans. Some common types of collateral are your car title or a savings account. The risk of a secured loan is that you could lose your asset if you default on payment.

2. Prequalify with multiple lenders

A $20,000 personal loan is a significant sum of money, so it’s worth comparing several lenders before deciding on a loan. Many lenders allow you to check your rates online through prequalification. This allows you to view loan offers without any impact on your credit score. After providing a few personal details, you will be able to see what fares you may qualify for.

Note that prequalifying for a loan does not guarantee rates and terms. A lender will still need to review your documentation and perform a credit check. After you apply, your rates and terms may differ from what you initially saw. However, prequalifying can still give you a good idea of ​​what your rates might be and whether or not you will qualify for a $20,000 loan.

3. Compare your offers

Once you’ve researched rates from multiple lenders, take the time to compare the details of each loan offer. Use a personal loan calculator to estimate your monthly payment and long-term interest charges.

Don’t forget to consider monthly payments, interest rates and fees. Some ongoing fees include origination fees, disbursement fees and a prepayment penalty. High fees could offset the savings you get from a low interest rate.

The annual percentage rate (APR) measures both the interest rate and the fees, so it is a more inclusive rate than the interest rate alone. Focusing on the APR can therefore help you compare your loan offers on an apples-to-apples basis when looking for the most affordable.

4. Complete and submit your application

If you want to go ahead with a loan offer, complete and submit an application. The application will be more detailed than the pre-qualification form.

It will ask you for your personal details, including the amount and purpose of your loan. You will also need to upload verification documents, such as payslips or W-2s.

Finally, the lender will perform a rigorous credit check, which could temporarily reduce your credit score by a few points. As long as you make on-time payments on your loan, your score should recover within a few months.

5. Manage and repay your loan

Once you submit your application, you will wait for your $20,000 personal loan to be approved. Some lenders can approve loans in as little as one business day, while others take days or weeks.

Once your loan is approved, you will sign and submit your final loan agreement. Pay close attention to the terms of your loan, including how long you have to repay the loan and when your monthly payment is due.

The lender will deposit the loan proceeds into your bank account. Once you have the loan, you can use it to pay for home renovations, debt consolidation, or whatever else you need it for.

You’ll likely start making your monthly payment on the loan right away. Consider setting up automatic payment from your bank account to ensure you don’t miss any payments.

How to get a $20,000 loan with bad credit

Qualifying for a $20,000 loan with bad credit could be difficult. Lenders generally require good credit to borrow such a large sum.

However, every lender is different, so it’s worth shopping around to see if they’re willing to work with you. You can try checking with your bank or credit union, who may be more flexible with existing customers.

Some lenders allow you to apply with a cosigner, whose good credit might offset your limited credit and help you qualify or get better rates. You can also opt for a secured personal loan rather than an unsecured loan, which may have lower credit requirements. Make sure you don’t fall behind on your payments, though, or you risk losing your guarantee.

You can also look into peer-to-peer (P2P) lending, which is funded by individual investors rather than financial institutions and tends to have more flexible borrowing criteria. Another option for borrowers with bad credit is alternative borrower payday loans, although borrowing limits are set at $1,000 or $2,000.

If you don’t need a $20,000 personal loan right away, consider improving your credit before applying. Paying off your debts, making timely payments on your loans, and disputing errors on your credit report can all help. Reducing your credit utilization ratio, or the amount of credit you use compared to what’s available to you, can also increase your score.

Improving your credit score before you start the loan search process could make it easier to qualify and help you get better rates.

Where to get a $20,000 loan

Long term costs of a $20,000 loan

When you borrow a $20,000 personal loan, you end up paying a larger amount due to interest and fees. Your long-term costs will depend on your interest rate, fees, and repayment term. A lower rate and fewer (or no) fees can save you money, which is why comparing with multiple lenders is essential.

Opting for a shorter term can also save you money on interest, but it will mean higher monthly payments. On the other hand, a longer repayment term will seem more affordable from month to month, but will incur higher interest charges in the long run. Most lenders offer repayment terms between one and seven years.

Say, for example, you take out a $20,000 personal loan with an APR of 10%. This chart compares your monthly payment and long-term interest charges under various loan terms.

Our personal loan calculator can help you estimate your monthly payment and the cost of borrowing. When choosing a loan term, try to strike a balance between getting an affordable monthly payment and keeping interest charges to a minimum.

Compare personal loan rates from top lenders

Compare personal loan rates in 2 minutes with

Cost of living crisis: do you lack the help of your employer? | Social advantages Sat, 15 Oct 2022 09:00:00 +0000 Many employers are stepping in to help workers cope with the rising cost of living, with some companies offering a one-time bonus or other assistance ranging from enhanced employee discounts to free food. Some big companies are giving lower-paid workers extra money to help combat the impact of soaring inflation and higher bills. In the […]]]>

Many employers are stepping in to help workers cope with the rising cost of living, with some companies offering a one-time bonus or other assistance ranging from enhanced employee discounts to free food.

Some big companies are giving lower-paid workers extra money to help combat the impact of soaring inflation and higher bills.

In the meantime, there may be benefits you haven’t used that could help you balance your budget even if your boss doesn’t give you a raise.

For example, many companies offer perks such as discounts at local businesses, bike-to-work programs, membership loans, free eye tests, and the ability to resell unused vacation time.

Jonathan Watts-Lay, director of Wealth at Work, a financial wellness and retirement specialist, says if you’re struggling with your finances, talk to your employer to find out what help they have. “Even if they’re not offering anything at the moment, sharing the challenges you’re facing can inspire them to build support.”

Likewise, your union – if you’re a member of one – will often offer offers and other help, so take the time to see what’s on offer.

Cost of living payments

Wealth at Work says if you’re having difficulty with your finances, talk to your employer. Photograph: Dominic Lipinski/PA

Major employers, including HSBC, John Lewis and Virgin Media O2, are paying some workers extra payments to help them cope with the rising cost of living.

Virgin Media O2 announced earlier this month that it would make payments totaling £1,400 to employees earning £35,000 and under.

The first payment of £400 will be issued next month, followed by another £400 in January 2023 and then six payments of £100 per month until July 2023.

Meanwhile, John Lewis recently revealed that full-time staff will receive a one-off £500 cost of living payment – with part-time staff eligible for a lower amount.

Banks including HSBC and Nationwide are offering the lowest paid staff bonuses of £1,500 and £1,200 respectively.

Salary increases

Other companies say they are giving staff a pay rise to combat the rising cost of living rather than making lump sum payments. However, there will often be different reasons why companies raise wages – for example, in sectors such as hospitality and retail, these are likely to be staff shortages and companies competing to recruit and retain workers who are the main factors behind some of the recent wage increases.

That said, some companies target salary increases towards the lowest paid staff members.

English breakfast: fried egg, bacon, beans and toast on a plate close-up.  horizontal top view
Some companies offer free food to workers during shifts.
Photography: Sergii Koval/Alamy

Free food and help with bills

Some employers are handing out free meals and snacks to help workers cope with the cost of living crisis, while others have hardship funds to support staff struggling to pay their bills.

For example, John Lewis and Waitrose will offer free food during the winter and will also double their financial aid fund to help workers pay their bills.

Sainsbury’s says it will give workers access to ‘basic groceries’ during their shifts from this month.

Hybrid work and expenses

Allowing staff to work flexibly between home and the office allows people to weigh the cost benefits, for example, saving money on your commute versus using more gas and electricity while working from home.

You must also ensure that you claim reimbursement for all expenses to which you are entitled. For example, your employer may agree to pay a certain amount for fuel costs or to cover food and beverages if you need to be out of the office.


Check to see if your company offers discounts as part of your benefits package.

For example, they may have agreements with local stores or other businesses such as salons and gyms, to give money to employees.

Some supermarkets are increasing their employee discounts as part of their package to help workers cope with the cost of living crisis.

As well as a pay rise for staff, Tesco has increased its Clubcard discount allowance for employees from £1,000 to £1,500, meaning workers can get 10% off – rising to 15% off discount every pay weekend.

Asda has scrapped the 12-week qualification period for workers to access the 10% staff discount. The grocer says there is no cap on how much employees can spend with their card and it saves them around £400 a year.

Meanwhile, Iceland has increased its staff discount offer from 10% to 15% off.

Resell annual leave

Some companies give workers the option of buying or selling vacation days at a certain time of the year.

If you think you don’t need all of your vacation allowance, you may be able to sell some of it back to the company and get paid instead.

Debt help

You may be able to get debt help through your workplace. Many companies offer financial education seminars on debt management to help employees understand how to manage and repay debt, and what help is available, says Wealth at Work. Some also offer loan consolidation through payroll, to support those who need help paying off their debts.

Check with the human resources department to see what your company offers. If there is no specific debt support service available, they should direct you to the appropriate support. For example, a charity like Stage change or that of the government MoneyHelper service.

Salary sacrifice, etc.

Someone rides along a cycle lane alongside heavy traffic in Birmingham.
Does your company offer a work-cycle program? Photograph: Jacob King/PA

Many companies offer “wage sacrifice” options like work-to-bike programs or things like loaner season tickets.

With wage sacrifice, payments for the bike, car, or whatever are deducted from your gross income.

These programs will often allow you to spread the cost of big-ticket items over several months and can help you manage your money.

Accredited Review of Debt Relief – Forbes Advisor Wed, 05 Oct 2022 14:20:26 +0000 Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors. Accredited Debt Relief is a company that helps people get out of debt. It offers various services, including debt consolidation, debt resolution and credit counseling. When you enroll in Accredited Debt Relief, […]]]>

Editorial Note: We earn a commission on partner links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Accredited Debt Relief is a company that helps people get out of debt. It offers various services, including debt consolidation, debt resolution and credit counseling. When you enroll in Accredited Debt Relief, a Certified Debt Specialist will work with you to create a personalized plan that fits your needs and budget. Accredited Debt Relief claims to have helped thousands of people reduce their debt by up to 50%.

But is Accredited Debt Relief the right company for you? Here’s a closer look.

What is approved debt relief?

Accredited Debt Relief is a debt relief company founded in 2011. It helps people get out of debt by negotiating with their creditors to reduce the total amount they owe.

The company, which currently has an A+ rating from the Better Business Bureau (BBB), claims to have helped more than 200,000 people resolve more than $1 billion in debt. If you’re struggling with debt, Accredited Debt Relief can help get you back on track.

What types of debts can you settle?

Accredited Debt Relief only helps settle unsecured debt, that is, debt that does not come with collateral. These include:

  • Credit card debt
  • Medical bills
  • Personal and payday loans
  • Private student loans

If you have any form of unsecured debt that is not listed above, you can speak with a debt relief specialist during your free consultation to see if it qualifies for listing. The Accredited Debt Relief website states that it does not adjust federal student loans or secured debt, including mortgages and auto loans.

How does approved debt relief work?

Expect to follow these steps if you enroll in the Accredited Debt Relief program:

  1. Sign up for a free consultation on the Accredited Debt Relief website.
  2. Meet with a Certified Debt Specialist to review your financial situation and create a personalized plan based on your goals, monthly budget and eligible debts. Your plan might include consolidating debt, getting lower interest rates, or reducing the principal you owe.
  3. Open an FDIC-insured savings account and make monthly deposits based on your personalized plan.
  4. Wait for your assigned debt specialist to work with your creditors to adjust the terms of your loan.
  5. If the specialist reaches an agreement, he will contact you for approval and use the money from your dedicated account to repay the loan.
  6. The specialist repeats this process until all of your debts are resolved or deemed ineligible for resolution.

The whole debt relief process can take anywhere from one to four years, and it can take six to nine months to see your first settlement. So don’t expect quick results.

How to Apply for Approved Debt Relief

If you have at least $10,000 in unsecured debt, you may qualify for Accredited Debt Relief services. To start the process, call 800-497-1965or follow these steps to complete the online form:

  1. Visit the Accredited Debt Relief website.
  2. Click “Start”.
  3. Enter the current amount of debt you owe.
  4. Provide your name, phone number, email address, and state of residence, then click to get your quote.
  5. Wait for a debt relief specialist to contact you.

Once you’ve completed your call, you can decide if you want to move forward based on your specialist’s recommendations.

Note that Accredited Debt Relief serves residents of 31 states and Washington, D.C. Visit the company’s website for an updated list of states where residents can register.

What are the fees charged by Accredited Debt Relief?

Accredited Debt Relief works on a “performance-based” structure, meaning you only pay a fee if the company is successful in reducing your debt. These fees range from 15% to 25% of your total settled debt.

For example, let’s say you have $20,000 in debt listed and Accredited Debt Relief successfully settles a quarter of it, or $5,000. If the company charges a 15% fee, you could end up owing $3,000 (15% of $20,000). If the fee is 25%, you could owe up to $5,000 (25% of $20,000).

The company deducts these fees from your dedicated account once you and your creditor(s) have agreed on a new resolution that is less than what you owe and you have made at least one payment for it. If the company is unable to reduce a specific debt, they will remove it from your dedicated account and adjust your fees accordingly.

Advantages and Disadvantages of Accredited Debt Relief

Here is a brief overview of the best and worst aspects of approved debt relief.


  • A free consultation lets you decide if this is right for you
  • Only pay if the company is successful in reducing your debt
  • A+ accreditation with the BBB and extremely positive customer reviews
  • Can negotiate more favorable terms or get creditors to agree to lump sum settlements

The inconvenients

  • Must have at least $10,000 in unsecured debt to qualify
  • Not available in all states
  • No online portal or mobile app to track your progress
  • Fees are based on the total debt listed at the start of the program, not the amount saved

Will using approved debt relief affect my credit?

It is highly likely that your credit score will go down when you start using a debt relief company, including Accredited Debt Relief. This is because you are generally advised to stop making payments on your listed debts while they are being negotiated. This can temporarily drop your credit score, send some of your debts into collection and, in extreme cases, lead to lawsuits.

But over time, if Accredited Debt Relief is successful in reducing the total amount of debt you owe, your credit score should go up as you pay off your debts and make payments on time.

Customer Reviews

Accredited Debt Relief has good customer reviews on the BBB website and on Trustpilot.

  • BBB: The company has an accreditation rating of A+ based on its years in business and its willingness to resolve customer complaints. It also has an impressive customer rating of 4.81 out of 5. This is based on around 240 reviews, with most customers saying the team is helpful, patient and professional.
  • Trusted Driver: Accredited Debt Relief is rated 4.9 out of 5 stars on Trustpilot, based on over 4,175 reviews. According to the site, 89% of people rated approved debt relief as “Excellent”, 9% rated it as “Excellent” or “Average” and less than 3% rated it as “Poor” or ” Bad “.

How to Contact Approved Debt Relief

There are two ways to contact Accredited Debt Relief customer service if you have any issues.

  • E-mail
  • Call 877-201-2548 weekdays 5 a.m. to 9 p.m. PT and weekends 5 a.m. to 4 p.m. PT.


Accredited Debt Relief is best for anyone who has at least $10,000 in unsecured debt — think credit cards, medical bills, and payday loans — and wants to reduce the total amount they owe. . But fees range from 15% to 25% of the total amount listed, and the services aren’t available in at least 19 states.

If you are unsure about Accredited Debt Relief, see how it compares to the best debt relief companies before making a decision.

Find out if you qualify for debt relief

Free and non-binding estimate

Frequently Asked Questions (FAQ)

Is Accredited Debt Relief a legit company?

Yes. Accredited Debt Relief is a legitimate company that helps struggling individuals and families reduce the amount of their unsecured debt. The company has an A+ rating with the BBB and thousands of positive customer reviews online.

Is Accredited Debt Relief the same as Beyond Finance?

Yes, Accredited Debt Relief is a division of Beyond Finance, which is an Accredited Member of the American Fair Credit Council (AFCC).

How do I cancel approved debt relief?

You can opt out of the Accredited Debt Relief program at any time by contacting your debt specialist. You will get all the money back to your dedicated account minus any fees you owe.

Is Approved Debt Relief Right For Me?

You may want to sign up for a free consultation with Accredited Debt Relief if you have at least $10,000 in unsecured debt and are having trouble making payments, or if you have accounts in collections or feel that financial stress has an impact on your quality of life.

Debt Consolidation In Iowa – Crixeo Sat, 01 Oct 2022 21:27:08 +0000 Overall, Iowa is a great place to live and work. However, financial difficulties are very common for many residents. This is why debt consolidation in Iowa is so important to know about. If you are looking for debt relief in Iowa, consider debt consolidation. According to credit card usage data from Freedom Debt Relief from […]]]>

Overall, Iowa is a great place to live and work. However, financial difficulties are very common for many residents. This is why debt consolidation in Iowa is so important to know about. If you are looking for debt relief in Iowa, consider debt consolidation. According to credit card usage data from Freedom Debt Relief from June 2022, the average credit card usage of people seeking debt relief in Iowa is 72%. That’s significantly higher than the national average of 25%, as reported by Experian. High credit card usage often indicates a greater need for debt relief services.

Debt can feel like a heavy weight dragging you down, but there are options available to help you get through it. The best method for you will depend on your particular situation, including the amount of debt you have, your income, and how quickly you want to get out of debt. If you’re looking for a simple monthly payment plan and are ready to extend your payment period, debt consolidation may be the right choice.

Everything you need to know about debt consolidation in Iowa

Debt Consolidation Loans can be a great solution for people who have debt from multiple sources. They can consolidate their debts from credit cards, payday loans, student loans and medical bills into one loan with a lower interest rate. This can be especially helpful for people with high interest credit card debt. You ask yourself how to get a debt consolidation loan?

If you’re looking to get a loan on favorable terms, you’ll need a good credit history. However, if your credit isn’t great, there are always options like debt settlement or debt management. Don’t worry, there are ways to get the loan you need, here’s some info on debt consolidation with bad credit.

There is a lot of confusing and conflicting information out there when it comes to debt relief, so it’s important to arm yourself with all the facts before making a decision. The key to finding the right solution for your situation is working with a reputable and certified debt relief company.

They’re so passionate about helping our clients get out of debt that even if their programs aren’t the right fit, they’ll point you in the right direction – even if it means recommending a competitor. Their goal is to help you achieve financial freedom no matter what method or company you choose.

Your best solution

There are a number of relief options in your Iowa, including debt consolidation. To find your way to financial freedom, just follow these simple steps:

Choose a debt solution

The best way to find the right debt solution for your situation is to speak with a debt specialist.

Rejoice in financial freedom.

The most important thing to remember when trying to get out of debt is to be disciplined and keep going until the debt is gone.

Debt can be a heavy burden, but it’s worth persevering through tough times to stay debt-free. It’s also important to examine your spending habits that led to debt to avoid repeating the same mistakes. Here is some debt consolidation mistakes you should watch. If you find yourself spending more than you earn or missing payments, you could end up in debt. Creating a budget and setting reminders for monthly payments can help you stay on track. The feeling of freedom that comes with being debt free is worth it.

Debt of Iowa Residents

According to the census, median household incomes in Iowa are $1,370 lower than the national median. However, the cost of living in Iowa continues to exceed wages in the state. According to the Iowa Policy Project, some of the highest cost of living rates are in the southeast corner of the state, while eastern metropolitan areas have the lowest overall costs. To cover basic living expenses, single Iowa residents must earn nearly double the state minimum wage of $7.25 an hour. For a single parent with one child, that figure jumps to just over $21 an hour.

Residents of Iowa have one of the lowest credit card debts in the country, second only to Mississippi. The average Iowan owes just $3,885, nearly half of what the rest of the nation does. However, many Hawkeye State residents still have to deal with more debt than they can comfortably handle.

If you are in debt and ready to get out, there are options available for Iowa residents. Debt relief programs like consolidation can help you find your way to financial freedom. Obtain started today and make a plan to get rid of your debt once and for all.

Major Cities in Iowa

  • monks
  • City of the Sioux
  • West Des Moines
  • Cedar Rapids
  • Iowa town
  • Ames
  • Sofa
  • Ankeny
  • Waterloo
  • Council Cliffs