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How to Get a Job With a Felony Record
How to Save Money on a Wedding: 90 Savvy Tips
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Posted: 25 Apr 2022 09:00 AM PDT

Everyone deserves a second chance.

But in the past, many job seekers with criminal records have found it difficult to re-integrate in the workforce. The dreaded check-the-box-question, "Have you been convicted of a crime in the past 10 years?" can be a huge obstacle.

Change to this approach by employers has been slow, but change is happening.

In 2016, 19 large, influential employers gathered at the White House with President Barack Obama to sign The Fair Chance Business Pledge, – which represented "a call-to-action for all members of the private sector to improve their communities by eliminating barriers for those with a criminal record and creating a pathway for a second chance."

A few years later, the federal "Ban the Box" law – formally known as The Fair Chance to Compete for Jobs Act of 2019 (FCA) – was enacted to prohibit federal employers, including private companies with federal contracts, from asking about arrest and conviction history before a conditional job offer. Employers can still inquire about criminal history, including a background check, after a conditional offer is made.

Additionally, 37 states and 150 cities and counties across the country have adopted similar ban the box laws, according to the National Employment Law Project.

With potential employers being more open, at least publicly, to hiring former felons, here's how job seekers with criminal records should navigate the job hunting process as they attempt to enter the workforce.

Obstacles Felons Face Finding Jobs

When trying to reintegrate into society, formerly incarcerated individuals already are up against the eight ball – without even factoring in a felony on their record.

"It's different from place to place, but typically you get $200 – enough to get some clothing and a bus ticket, and you have to figure it out from there, " says Adam Sanders, Founder and Reentry Advisor at The Relaunch Pad, an organization that helps felons find employment and reintegrate into society.

"Then if you've been in prison for several years, you don't have a valid government ID aside from your prison ID," Sanders says. Most people leaving prison don't have a permanent address or phone number. That process can take several weeks, making it even harder to find work immediately.

Parole requirements can also affect employment. "Having to report two or three times a week during normal business hours can make it very difficult in any job, let alone a job you have trouble getting to begin with," Sanders says.

Outside of situational difficulties, former felons also face a lot of stigma and misconception when finding work, Sanders says. They're viewed as dishonest, lazy, unintelligent, or simply not worth investing time in. Employers might feel like it's a countdown to when the jobseeker will be back in prison, so why invest in an employee who isn't going to be around for very long?

So how do jobseekers with criminal records overcome these inherent obstacles?

How to Find a Job With a Felony

Follow these tips on searching for the right jobs and moving through the interview process.

1. Use word-of-mouth. People without criminal records use their network, friends and family to find jobs. The same applies for former felons. "That tends to be where I've seen people get jobs the fastest," Sanders says. "Maybe somebody from your church is looking for a receptionist. Apply at companies where you can get a referral and a friend can say, 'Yeah, I know this guy. He's a good guy." Adding that personal angle is a definite advantage when trying to overcome an obstacle like a criminal record.

2. Don't be picky. "It's much easier to find a second job after you already have a little bit of job history," Sanders adds. "If you can get in somewhere and establish yourself as someone who shows up, does their job as a reliable employee, it's much easier to climb the ladder."

3. Search in industries that need workers. Manufacturing, manual labor, customer service and restaurants tend to be more open to hiring people with criminal records because they have looser policies. Sanders says COVID-19 has also greatly affected employers' willingness to hire felons. "They're willing to take a chance because they just need people," he said.

4. Be proactive. Once you get in front of someone, Sanders says it's vital to pitch yourself and prove how you'll be a good employee. "If you can present yourself as somebody who's willing to go the extra mile, someone who's willing to take initiative, you'd be surprised at how many people are willing to say 'sure' even if your background isn't ideal."

5. Honesty is the best policy. Being honest is incredibly important when facing the initial "check-the-box" question: "Have you ever been convicted of a crime?" Almost every employer asks the question, so it's vital to get the awkward out of the way and go ahead and deal with it. Says Sanders: "If they're open to hiring people with convictions, they're looking for people who take responsibility and are going to be honest with their employer going forward." He adds that there's no need to go into great detail about the conviction early in the process.

6. Consider going into sales. "This is actually one of the skills that we emphasize with the guys we work with," Sanders says. "If you can become a good salesman, it literally doesn't matter what your background is in many cases." Sales is just a valuable skill to have in general, regardless of whether you have a criminal record. "If you can sell, you can make a great living, and you will always have a job."

Sanders says the key to finding a job as a felon is just having the right mindset. "It's not easy, but a lot of people have done it. You can do it, too. Just keep your head up, keep pushing, and something will come along."

14 Major Companies that Hire Felons

While it's hard to verify which companies, in practice, are willing to hire former felons, many corporations signed the Fair Chance Business Pledge. Some of the more prominent companies include:

American Airlines
The Coca-Cola Company
Facebook
Georgia Pacific
Google
The Hershey Company
The Johns Hopkins Hospital and Health System
Koch Industries
PepsiCo
Prudential
Starbucks
Uber
Unilever
Xerox

See the full list of companies that signed the Fair Chance Business Pledge.

Robert Bruce is a senior writer for The Penny Hoarder.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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How to Save Money on a Wedding: 90 Savvy Tips

Posted: 25 Apr 2022 07:00 AM PDT

Weddings are back — and more expensive than ever.

After two years of cancellations and postponements, an estimated 2.5 million couples are expected to get hitched in 2022, according to The Wedding Report, a research company that collects and forecasts wedding statistics.

All that pent-up demand — plus inflation and supply chain issues — are driving up prices on everything from floral arrangements to bridal dresses.

"I think the biggest issue is that many of the popular vendors and locations are booked up this year and into next year," said Shane McMurray, CEO of The Wedding Report. "Because that's the case, other options are also getting booked and pushing prices up."

Expect an average wedding to cost around $27,000 this year, according to a forecast by The Wedding Report. That's up 12.5% from pre-pandemic levels.

Getting married in exactly the way you want can mean spending much more than you would have before the biggest wedding surge in 40 years began.

But we've got dozens of ways to save money on your wedding. If you want to walk down the aisle in style without breaking the bank, prepare to be flexible, creative and patient.

How to Save Money on a Wedding

Your final wedding cost will depend on many factors, including the guest list size, the number of vendors you hire, food, location and more.

So start by creating a short list of "must haves" for your big day. Be willing to compromise or think outside the box on everything else.

"Setting priorities will get you grounded and help you stay on target with your budget," McShane told The Penny Hoarder.

For example, if you and your fiance care most about food, scale back spending on flower arrangements and ask a friend with a good camera to be your photographer.

Ready to create a beautiful celebration of love without the financial heartache? Here are our 90 best expert tips on how to save money on every aspect of your wedding day.

The Engagement

Couples spend an average of $6,000 on an engagement ring, according to The Knot 2021 Jewelry and Engagement Study.

Here are a few ways to save money on the bling.

1. Remember, Diamonds Are Forever

If a traditional diamond ring is in your plan, be savvy when you go jewelry shopping.

"The center diamond is the most valuable part of the ring," Jayme Pretzloff of Wixon Jewelers in Minneapolis explained. "You can always remount the diamond into another mounting in the future."

She also noted that the tiny pave-set diamonds adorning many rings don't have anywhere near the value of the main diamond.

So if you're going to make a significant investment in a ring, focus your dollars on the element that has the most value: the main stone.

2. Fake It With Flair

This tip takes mutual agreement, but it can help you save big on an engagement ring or on wedding bands. Ask to take a look at a jeweler's faux offerings, such as cubic zirconia or moissanite.

3. Ditch the Diamonds

But what if diamonds — real or fake — aren't your style? Fret not. You are free to profess your love by displaying a stone of your choice, whether it be pearl or peridot.

If you need a little nontraditional inspiration, check out offerings from small vendors on Etsy and Shopify. You may find handmade jewelry you love for a perfect price.

A bride and groom walk hand in hand in a forest.

Venues and Vendors

Venues tend to be the most expensive part of a wedding. Expect it to make up about 30% of your overall budget.

Couples spent an average of $10,700 on a wedding venue in 2021, according to a survey by wedding planning website The Knot.

Here's how to save on the ceremony, the venue and the vendors.

4. Forego Tradition

Not every wedding reception needs to be in a big hall. Thinking outside the box can save you big bucks.

"Consider a bed and breakfast, a public park or an art gallery for your reception," said Danielle Farrell of Michigan's Betty Brigade.

Farrell used a senior center in her hometown for her wedding, which included an outdoor park area and banquet center "for a fraction of what it would have cost at a hotel. And it was gorgeous!"

Other non-traditional venues include restaurants, breweries or vacation houses.

5. Scope Out the Furnishings

When viewing venues, take note of their furniture and tabletop styles, said event planner Sacha Patires.

If the venue matches your personal style, you could save a bundle that you would have otherwise spent on furniture rentals.

6. Bring the Party to You

Looking for a unique all-in-inclusive experience on a budget? Companies across the country now offer to bring the party to you.

The Wedding Wagon in Las Vegas will come to you. All you need is $129 to seal the deal with a witness and photos.

On the East Coast, Washington, D.C. business Pop Wed Co. offers chic elopement services (they even take care of the paperwork) for $2,500.

Other companies offer elopement packages that include accommodations, an officiant, hair and makeup services, photography and more — at a fraction of the price of a traditional wedding.

7. Double-Check the Package Deal

Buying from individual vendors may be more cost-effective than buying a package deal from your wedding venue. Contact vendors directly to compare prices.

On the flip side, some venues include items such as tables, chairs, flatware and linens in their rental fee. A venue with a higher price tag might be worth it if it supplies you with the things you need.

8. Ask for Referrals

Got a recommendation from a friend? Maybe they had a great experience with a vendor and you'll want to consider that florist or baker as well.

When you contact a vendor, make sure to mention the friend who referred you. There may be a referral discount (or a bonus for your friend).

9. Have a Planner Help You Save

Wedding planners know how to work with budgets of all sizes and will go to bat for you over contracts and negotiations. Whether it's a destination wedding or a backyard wedding, a planner can help make your vision a reality.

The cost to hire a planner varies widely, from a few hundred dollars to as much as $4,000 for higher-end planners.

On average, you can expect to pay $1,600 to $1,800.

Not sure if you can afford a professional to plan your entire wedding? Many offer supplemental help by the hour or day.

10. Or, Forego a Professional Planner

A super-organized friend with their own transportation and take-charge attitude is just as valuable as an expensive wedding planner. Let this be your friend's wedding gift to you, and put them in charge of wedding day logistics.

11. Ask for Help

If you're getting married at a church where you're a member, call on its social groups.

Note, however, that these groups may ask for a small donation in exchange for their members' time.

12. Multitask

"Use vendors that do more than one thing," said wedding planner Amy McNall of Unmistakably You.

Think about a florist who also rents linens, or a wedding planner who offers decor installation.

"You'll save on the 'get me through the door' fee that you have to pay each individual vendor you use," McNall said.

13. Ask About Sponsorship

Ask your wedding vendors if you can advertise their services at your celebration in exchange for a reduced rate.

Word of mouth is powerful advertising indeed, especially if some of your guests are planning their own upcoming weddings.

A friend marries the bride and groom at their wedding ceremony.

14. Get Hitched by a Friend

Skip clergy or justice of the peace fees by having a friend officiate your wedding ceremony. Becoming ordained is simple and doesn't take much time, but be sure your officiant is complying with local laws and regulations.

Make sure your selected officiant is comfortable with public speaking! And treat them to a kind gift for their services.

15. Don't Guesstimate Your Guest Count

"You'll have to give a guaranteed number of guests — especially if it's a seated meal," said Teddy Lenderman, author of The Complete Idiot's Guide to the Perfect Wedding. If you have fewer wedding guests than the guaranteed number, you'll be paying for empty seats.

"'I think' and 'I guess' are the two phrases you don't want to use when it comes to guaranteeing your guest total for the caterer," Lenderman said. "This number equates to money — at times, lots of money."

16. Consider Your Guest List Carefully

Speaking of guest lists, you'll save a bundle by inviting a smaller crowd.

The pandemic further popularized micro weddings — so you'll be in good company if you decide to downsize to a more intimate affair.

"If you have a guest count of 200 people, that's 20 tables of 10. But by bringing it down to 150, you just eliminated five tables," said wedding and event planner Danielle Rothweiler. "That means five fewer centerpieces that you need to have, and 50 fewer meals and bar tabs."

Even cutting your guest list by 10 or 20 people can save you $1,000 on food, alcohol and rentals.

How do you decide who makes the cut? "We tell our clients that if the person hasn't shared a drink, a laugh or a cry with you in the past year, there's no reason they need to share all three at your wedding," Rothweiler said.

17. Don't Forget to Tip

When you plan your budget, don't forget to factor in gratuities. Some of these will be spelled out in your contracts, like that of your wedding venue or caterer.

But don't forget those smaller gratuities. Getting your hair done at the salon? You'll be tipping. Getting chauffeured for the day? There's another tip.

18. Select Off-Times and Days

Trim wedding costs by choosing an unusual time and date for your big day.

You may get a better deal booking a weekday wedding instead of a Saturday or Sunday. More venues are offering this option as a way to meet demand and earn extra revenue.

With so many backlogged weddings, there really isn't an "off season" anymore. It might be tricky to find a cheaper time of year to host your wedding.
For the sixth year in a row, October is expected to be the most popular month to get married, according to The Knot. If you can find a venue with availability, you'll likely pay top dollar in October.

Instead, you may score a better deal by choosing a less popular month, such as January or February.

Invitations

Wedding invitations are surprisingly expensive. Couples spent an average of $530 total on wedding invitations and stationery in 2021, according to The Knot.

Here's how to trim costs.

19. Don't Save the Date

Many couples who sent out "save the date" invitations since the pandemic began were forced to reschedule due to COVID-19.

Cutting these early notices could save you $100 or more — and that's before the cost of postage.

To save money on your wedding, email your save-the-date reminders to friends and family instead.

A person write's on their calendar: Our Wedding Day.

20. Test Your Handwriting

Calligraphy is trendy, but hand-lettered envelopes can cost $3 each.

Instead, solicit your wedding party or family members to help you address invitations. Remember, the envelope will end up in the trash, but your invitation will likely get prime real estate on someone's fridge. It makes sense to save money on the piece that people discard right away.

21. Design on a Dime

Got design chops and want to craft your own wedding invitations? You can check out websites like dafont.com and abstractfonts.com for free or donation-based typeface styles.

22. Turn Up the Heat

Thermography can be an affordable alternative to engraving. While the methods differ, that look of raised ink is almost identical. It's also cheaper.

23. Get the PDF

Enlisting a graphic designer can help save costs, too. "Find a graphic designer to design your stationery and send you high-res PDFs that you can print and assemble yourself for invitations, table numbers and favor tags," suggested McNall.

Not sure how to find a designer? Check Etsy or even Fiverr: Most printable suites cost under $100 if you request minimal edits.

24. Go Digital

Dreading buying stamps for your invitations, response cards and thank yous? Go digital by checking out a wedding website like Joy, Paperless Post or Greenvelope.

You'll get access to a wide range of tools, including RSVP and plus-one tracking, registry announcements and photo sharing. You can even send out survey questions to collect meal preferences, allergies and song requests from your guests.

25. Don't Be Square

The U.S. Postal Service hates square envelopes.

OK, we don't know that for sure, but we do know that square envelopes require more postage than the standard rectangle. Those cents add up quickly!

26. Skip the Tissue

Tissue in invitations is a thing of the past. "Sheets of tissue between layers of invitation packages were used in the past to prevent ink smudging," explained Carolyn Garin and Kathleen Hughes of The Anti-Bride Etiquette Guide.

Tissue paper is likely unnecessary for your modern invites, and you can even skip the interior envelopes for most invitation suites.

27. Sign, Don't Seal, Deliver

Use a postcard for each guest's response instead of a card with an envelope.

"The cost to print these is about the same as an enclosure and envelope, but the big savings is in the postage," author Lenderman said.

28. Send Guests Online for Details

Services like The Knot and eWedding are free wedding platforms where you can list accommodation options, directions and a link to your registry.

List your free wedding website on your invitation or an accompanying note, and you'll be able to skip a few of those extra cards people usually lose from invitation packets.

A bride lays down as a photographer takes their portrait.

Photography

Here are a few ways to save money on snaps and videos.

29. Choose a Promising Newbie

Working with an up-and-coming wedding photographer instead of a pro can save you big money. Find one through friends, social media or even Craigslist. Make sure to check out their online portfolio of prior work.

30. Hire a Photojournalist

Photographer Dorie Hagler advised against hiring a studio that seems too inexpensive to be true.

"It's better to hire a local newspaper photographer," she said. "They show up early, stay late and they know how to cover an event. Many high-end wedding photographers were newspaper photographers first."

31. Don't Double Up

Many photographers offer an assistant "second shooter" in their standard contracts, but others offer it as an option and charge extra.

If you're expecting fewer than 100 guests, one photographer should suffice.

32. Watch the Clock

Many photographers offer hourly blocks to fit all sorts of occasions. If you can only afford your top-pick photographer for a few hours, Hagler said to organize your event so you cut the cake (and arrange other special moments) in that time frame.

33. Choose Digital Wedding Photos

Don't pay for a pricey album if you can avoid it. "If you get the digital photos, you can make prints of your favorites," said Lou Lomibao of SnapKnot.

If you decide later that you'd like a physical album, you can create one that fits your budget at that time.

34. Crowdsource Your Video

Want to capture big moments, but don't want to pay big bucks for a videographer?

Invite your guests to contribute videos through a wedding website like WeddingMix. You'll be able to piece together your big day (or have a pro do it for you) with a bit of home-movie style.

35. Create a DIY Photo Booth

You can capture fun, informal photos of friends and family without renting a photo booth. Set up a simple backdrop and provide some fun props. Guests can use their phones or personal cameras and snap away.

If you're using a wedding hashtag, you can pick and choose Instagram snaps to have compiled into photo books by companies like Blurb.

Flowers, Decor and Favors

Weddings and flowers pretty much go hand in hand.

However, supply chain issues and high demand are raising prices across the floral industry.

Here are a few ways to get the blooms and decorations at a fraction of the price.

36. Go Minimal

Let your setting shine on its own. "If you are getting married outdoors, let the scenery do the work for you," said Courtney Lutkus of Southern California's Simply Radiant Events.. "You probably picked your venue partly on looks, so don't cover up what you love about your location."

37. Alternate Your Table Arrangements

You don't need a beautiful centerpiece on every single table. Your guests won't mind, we promise.

"Have some tables with 'wow' pieces and some with something smaller that costs much less," recommended Anthony Navarro, founder of Liven It Up Events in Chicago.

38. Get Low

Photographer Hagler prefers smaller centerpieces, as she says towering features tend to cost more and can get in the way of photos.

"Other than the one wide-angle room shot, large, tall centerpieces make it difficult to photograph people at the table," she said.

39. Look Up

In lieu of large centerpieces, you can fill overhead space. One bride told us she spent just $300 on flowers and decor, partly by using paper lanterns accented by mobiles made out of bunches of origami paper cranes.

40. Make It Work — Twice

To save some money on your floral budget, move pew or aisle markers from your ceremony to double as centerpieces at the reception.

You can also make your bridesmaids' bouquets perform double duty. After the ceremony, have the bridesmaids set their flowers into vases on each table.

41. Focus on the Head Table

"If you love specialty linens but can't afford them for all of your tables, just use them for your head table and cake table," recommended Tampa-based wedding planner Tracie Domino. These tables will be highly visible during your celebration — and will likely be photographed the most.

42. Buy From Other Brides

"Check out listings and post your own request on Kijiji or Craigslist," McNall recommended.

Once-used linens and decor can often be found for prices that beat the cost of renting.

43. But Don't Expect to Profit From Other Brides

If you're planning on making back some money by reselling your newly purchased decor, don't hold your breath. Instead, skip buying new and rent decorations, said wedding planner Jennifer Taylor.

She warns that many decor items don't sell, "and if they do, it will be at much less than what you purchased it for."

44. Choose Your Favorite Flower

Picking one kind of flower for bridal bouquets and other flower arrangements can get you more blooms for your buck. .

That's because the expense of flower arranging is in the labor, and mixed bouquets take much longer to make.

45. Follow the Flowers

Wedding publications can drive an interest in a trendy flower, like a peony.

Local blooms that are in season by your wedding date are usually the least expensive.

"If you're getting married any time from late summer to early spring, [peonies] will cost a fortune," wedding planner Domino warned. "Work with your florist and select flowers that are in season. They will look better and will save you money."

46. Look Outside the Wedding Industry

McNall recommended exploring vendors who work in events but aren't always swamped with weddings.

"I often use a talented florist in town whose bread and butter is corporate work, so she doesn't upcharge her wedding work like some florists do," McNail said.

47. Rent Your Greenery

Yes, renting wedding flowers for your big day is an option. After the event, you can return them to the florist for resale.

48. Put Your Green Thumb to Work

Got a flair for gardening? Enjoy your blooms longer than just the wedding day. "I planted… huge pots of annuals that would last the entire summer and fall season," said bride Kelly Fallis from Ontario. "I still spent $1,000, but was able to enjoy the florals from June until November rather than spending it on one day."

49. Try Paper Petals

Paper flowers are an inexpensive alternative to real ones.With a little practice, you can DIY these.

If you'd rather save some time, you can find inexpensive paper blooms on crafting sites like Etsy.

Plus, you get to keep your bouquet forever.

50. Use Coupons

McNall of Unmistakably You keeps her advice simple: "Never buy anything at Hobby Lobby or Michael's without a coupon!"

You may even want to save expired coupons — some stores will still honor them.

51. Share a Free Map With Guests

If you've ever traveled to an out-of-town wedding, you've probably been greeted with a bag at the hotel that contains snacks and local guides.

You can tell your out-of-town guests about your favorite places without spending money on supplies. Drop markers on a Google map that you can share with guests, or create a local scavenger hunt through the Stray Boots app.

52. Don't Favor Favors

"Skip the wedding favors," Lutkus said. "They are cute, but what do guests really do with them after the wedding?"

If you really want to provide favors, make sure they serve a dual purpose, like bubbles to blow at the ceremony or something personalized to eat at the reception or save for later.

53. Give Guests a Gift

Wedding favors are often more stressful than they are useful.

Instead, invite guests to take home centerpieces or decorations.

They'll get a great home decor item — and save you the hassle of figuring out what to do with 15 mason jars filled with flowers.

Wedding Attire

Many brides fork over big money to score that perfect dress.

The national average cost of a wedding dress plus alterations is around $1,600, but you can find great gowns at a much lower cost.

Here are a few smart ways to save money on bride and groom attire.

A woman wears a vintage dress for her wedding.

54. Choose Something Old Over Something New

You're only going to wear this dress once. If you're trying to save money on your wedding, consider buying a dress second-hand.

Some bridal shops even feature a section of pre-worn gowns.

You can also check out websites like Stillwhite, Nearly Newlywed or Wore It Once, which all have a huge selection of once-worn and never-worn wedding dresses.

You might need to spend money on tailoring, but the upfront savings will almost certainly offset those costs.

If you do need to get a dress altered, don't feel obligated to go back to the store you bought it. You can likely find a less expensive seamstress elsewhere.

55. Think Like a Bridesmaid

Want a super-simple dress? Check out bridesmaids dresses in white or ivory shades instead of traditional wedding gowns.

They are much less expensive than wedding dresses, but can be made simple and elegant with bridal accessories.

56. Rent Your Dress

If you don't want to buy your wedding gown second-hand, you can rent a gown through a website like Rent the Runway.

Don't forget: Check out formalwear options at department stores for white dresses that are chic and on-trend but not necessarily bridal gowns.

57. Borrow Something

It is sort of a wedding rule, after all.

Before you purchase a gown, think about weddings that you've been to recently. If you and your friend are a similar size, she might be more than happy to let you borrow her wedding dress.

Even if the dress doesn't work, you can ask to borrow other pieces of the outfit, such as the veil, shoes, jewelry or shawl — and you'll cut those costs completely.

58. Give It the Think Test

On "Say Yes to the Dress," they call it "jacking up" to help a bride see what she'll look like in a dress, veil, sash — the whole deal.

This can result in a big bill.

"I recommend trying on different styles, then going home and searching the internet for the best price on the style you like best," said Grace Caiazzo, former owner of Bella Bridal and Heirlooms.

59. Avoid a Veil Fail

"There is no way to tell the difference between a mid-priced veil and a high-end designer veil," wedding planner Domino said.

Since you'll likely only wear your veil during the ceremony, save a bundle by choosing an inexpensive style. Or ditch the veil altogether.

60. Rock Your Favorite Shoes

Just because it's your big day doesn't mean you have to wear everything fresh out of the box.

Check your closet for a pair of shoes that would pair well with your dress, or wear your favorite bold heels. If you're sporting a long dress, your feet won't have a starring role anyway.

61. Practice Patience

If you must have new shoes, wait for a sale. If you can, hold out for big discounts around Memorial Day, July 4th and Labor Day.

Another tip: Follow your favorite local bridal salons and shops on social media to learn about sample sales and promotions.

62. Consider a Suit You'll Wear Again

A custom suit you can wear again will not only help grooms look sharp on the wedding day, they're also good investments. You'll be able to wear those suits for as long as they fit.

63. Borrow a Penguin Suit

Want the formality of a tuxedo without the price tag? Borrow one from a friend or family member (just make sure the fit is right).

Jewelry

It's more than just the engagement ring. Wedding bands and other accessories also play a role on your big day.

Here are the best ways to save and sparkle at the same time.

64. Consider Alternative Wedding Bands

White gold may be popular and traditional, but it isn't essential. Alternative-metal rings can be much less expensive than traditional white gold, and may even be more durable.

65. Melt It Down

Contributing your own metal for your wedding bands could help save on costs.

One idea is asking friends and family to donate their old gold to an environmentally friendly jeweler.

After melting down the old metal, you can get a credit to have new rings created from the molten metal. You can usually get two wedding bands this way for less than $150.

66. Test Costume Jewelry

Instead of real diamonds or pearls, costume pieces can add a dash of glamour to your wedding look at a modest cost.

Check with your mom or grandma to find some vintage costume jewelry that fits your style.

67. Choose Classic Jewelry

Choose versatile bride and bridesmaid jewelry. You'll get more use out of pieces that you can wear with other outfits or in a variety of venues.

Bridal Party

Having a large bridal party can make your wedding budget skyrocket.

From transportation costs to bridesmaids bouquets, it's important to limit your expenses as much as possible.

68. Keep It Small

Don't feel pressured to have a huge wedding party. Keeping it small or skipping attendants altogether can offer major cost savings, said event planners Arreguin and Burton.

"You'll save hundreds on your flower budget — no extra bouquets and boutonnieres — plus you won't have to buy bridal party gifts."

69. Move Everyone in Style

Need to transport your bridal party or family? Ask limousine, trolley or bus companies if they offer rates by the hour or by the day. By comparing different kinds of estimates, you can determine the best option for you.

Looking for a more subdued method of transport? Contact sedan companies that specialize in corporate transportation. They may be willing to contract out a few Lincoln Town Cars for your big day.

70. Borrow a Vehicle

Only need to go a short distance with your group?

Consider borrowing a friend's SUV to shuttle the bridal party and family.

71. Color Coordinate

Instead of dictating your bridesmaids all wear the same $300 dress, choose a color and let them pick their own. Black is universally flattering and you won't end up with differing shades.

72. Take on Touch-Ups as a Team

A bride's makeup can cost over $100.

To save money, try this smart tip: Hire the best makeup person you can afford, but ask them to leave a touch-up kit for you. Since most artists charge by the hour, you don't want to pay for someone to wait around to do a five-minute touch-up before your portraits.

Food and Drink

You can't have a wedding without food and drinks. But catering costs are expensive. The Knot estimates that food and alcohol takes up about 25% of your wedding budget.

Seated, plated dinners are the most expensive option for catering. Consider other dining options like buffets, family-style stations or heavy appetizers.

73. Skip the Cocktail Hour

The cocktail hour typically gives the wedding party and family time to take portraits. If you're having all your wedding activities in one location, and/or will have your photos done before the ceremony, consider skipping that extra hour of service altogether.

74. Ask for Small Plates

Thinking of having a buffet? Ask to use seven-inch plates rather than the standard 10-inch dinner plates.

"Guests tend to put less food on smaller plates and will likely consume what's only on their plate," said Greg Jenkins of Bravo Productions in Long Beach, California.

75. Eat Family Style

Ask your caterer or venue if meals can be served family style.

Family-style serving makes the food a focal point as well as a way to start conversation. It also lets you serve a few less-expensive dishes, like pasta, that you might not expect at a traditional plated dinner.

Remember: Labor-intensive specialty foods — like sushi rolls and anything that requires a live cooking station — will always be more expensive.

76. Ask to Pay Based on Consumption

Jenkins said that most venues won't propose this to a bride, but it's worth asking if you can purchase food on consumption.

With this model, you pay for what's eaten, rather than how many guests attend. It's a great way to minimize your wedding spending.

77. Simplify the Appetizers

Instead of spending money on expensive appetizers, simple cheese and fruit platters might very well suffice.

78. Do Dining DIY

Bringing your own food can help you save big — if your venue allows it.

"Whether you want an exquisite formal dinner or you're just looking for a more homestyle meal, you are able to scout around and find the best prices to fit your needs," event planner Farrell said.

79. Skip a Full Meal

Your reception doesn't need to include a full meal for all your guests.

"Time your wedding away from a full meal if you want to save on catering costs," recommended relationship and etiquette expert April Masini. Her top pick: a 2 p.m. champagne toast and cake reception. A brunch wedding is another option.

80. Consider Mobile Meal Options

Alexis Evans of Roaming Hunger noted that food trucks are flexible and can offer a variety of services: full meals, late-night snacks or even just desserts.

"Especially for weddings with long guest lists or picky eaters, hiring a variety of trucks allows guests to sample a variety of cuisines without breaking the bank," Evans said.

81. Choose a Signature Drink

Liquor can really eat up your wedding budget.

But you may not want to nix alcohol altogether.

Instead of an open bar, try opting for a signature cocktail or two. It can save you thousands of dollars while adding a nice personal touch.

82. Be Wise With Alcohol

To save money on booze, consider sticking to beer and wine only. Kegs of beer at a wedding can keep costs low.

Determined to have an open bar? There are still ways you can keep alcohol costs down.

"Use only house brands of liquor," said Lenderman. "Most of your guests will not notice, and the cost difference between house brands and premiums is tremendous."

You can also ask the bartender to ban shots, which can add up quickly.

And then there's champagne. Consider switching out the fancy stuff with cheap bottles of Andre. You'll save at least $20 per bottle and your guests won't care.

Finally, when it comes time to toast the new couple, guests will raise a glass of whatever they're drinking. It doesn't have to be bubbly.

Dessert

Like all things wedding-related, cake costs will vary.

Here's how to get creative so you can have your wedding cake — and eat it too.

83. Have a Dummy Cake

To help you save money on a wedding cake, your baker could make a four-tier cake with two fake tiers of polystyrene that cost just a few dollars each. Once frosted, they look the same as the rest of the wedding cake.

84. Order Two Cakes

It might sound counterintuitive, but this is a smart savings strategy.

"Order a small decorative cake for the cake-cutting ceremony," advised Stacey León of Butterfly Bakeshop in New York. "And have a sheet cake in the back that can be cut for serving guests."

85. Bake Up a Buffet

Don't let those slices go to waste!

Instead of serving each person a slice of cake, have your caterer set up a buffet-style table where plated slices can be placed.

By letting guests serve themselves, only those who truly want to enjoy dessert will take a slice. And in doing so, you'll be able to order less cake.

86. Use Natural Embellishments

"Order a plain base cake with colorful trim and then have your florist add fresh flowers on site," recommended León. Most florists have extra flowers on hand after decorating, so discuss this option with your floral provider.

87. Choose a Cake Alternative

Instead of a fancy traditional wedding cake, consider an assortment of cupcakes, or perhaps a series of pies. Cookies and ice cream is another great choice.

These options will be cheaper than a traditional cake.

Music

After the ceremony, it's time to cut loose. Do you want a live band or a DJ at your reception? Or do you want both?

We've got ways to keep costs down.

88. Be Your Own DJ

Load up your smartphone or laptop with playlists for each part of your wedding. Then designate a friend or family member to grab the mic during special announcements and monitor the music.

You'll get to hear all of your favorite songs on your wedding day without risking a DJ making tacky jokes or forcing your guests to do the chicken dance. Be sure to ask your venue about hookup equipment, speakers and the like.

89. Ask Guests to Perform

Talented guests can help provide entertainment.

Have a friend with an amazing voice? Or maybe a brother who's a great musician?

Ask them to provide some live entertainment for free or at a deep discount.

90. Look for Student Performers

You can also contact your local college's music department to ask about students who play at events.

They cost less than professional musicians and are often eager for the experience.

Don't live near a college or university? Look up local music teachers and see if they have any top students to recommend.

Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder. Lisa Rowan is a former staff writer.

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How to Save Money at Universal Studios Orlando

Posted: 25 Apr 2022 05:01 AM PDT

While theme parks are high on the list of favorite vacation destinations, they can get really expensive really quickly when you factor in extras like hotels and food.

Here at The Penny Hoarder, we believe in a healthy balance between work and play. So if you can afford it, take that dream vacation and enjoy every second of it — just make sure you don't completely abandon your penny hoarding ways.

If you're headed to Universal Orlando Resort — home to the incredible Wizarding World of Harry Potter — check out the insider tips I've developed as an Orlando native and former witch at Universal's Diagon Alley. You'll save money in the parks without sacrificing any of the fun.

Find Tickets for Less

Your savings can start before you even step through the turnstiles — check out these ideas for cutting the cost of park admission.

1. Buy Your Tickets Ahead of Time

The simplest way to save on Universal Studios' prices for park entry is to buy your tickets before you get to the gate. You can save up to $20 per person when you buy multiday tickets online. If you're traveling with a family of four, that's $80 in savings already.

2. Use Your AAA Membership to Your Advantage

Prices vary, so make sure to ask about discounted Universal tickets at your local AAA office. You can save $50 or more when you buy through AAA.

3. Buy the Lowest-Tier Ticket and Upgrade Later

As long as you purchase your tickets directly through Universal Studios, you can upgrade your tickets at guest services at any point during your trip.

This is a good idea for anyone traveling with kids — they get sick, burned out and do not care if you spent a hundred extra dollars on a three-day ticket.

If you come to find everyone is up for an extra day, you can upgrade your tickets by paying the difference as long as you do so before you leave the park. Once your tickets expire, you'll have to pay for new ones.

4. Shop Around Carefully

Orlando is riddled with sleazy ticket vendors promising half-price theme park tickets.

But beware, even if the tickets you purchase are real, these vendors may be selling them illegally. These tickets often come from park employees or locals who work special events and receive complimentary passes. Universal does not permit the sale of these passes.

If you get caught at the gate, you're out of luck and money.

Still, there are some reputable ticket sites out there. Just make sure to do your research on the seller before buying.

Travel and Accommodations

After tickets, the hotel and travel fees are the biggest items in your vacation budget. Here are some strategies for saving on these expenses.

5. Book Everything in Advance

If you're a seasoned Penny Hoarder, you probably already know this tactic: Purchasing plane tickets and reserving your hotel room ahead of time are the easiest ways to get the best rates.

6. To Resort or Not to Resort?

Unfortunately, there is no one-size-fits-all answer here: It's going to take some number crunching on your end to figure out which hotel situation is right for you.

There are less expensive hotels (or Airbnb rentals!) if you leave the Universal Resort property, but you may end up paying more in the long run because you'll miss out on some pretty sweet perks at the parks.

To keep it brief(ish), here's a cost-effectiveness breakdown: Select Universal Resort hotels include shuttle transport to and from the airport and the parks. So staying on the property could save you on transportation costs, plus the $27/day parking fee you'd pay if you were driving.

But more importantly, and something to consider if you had planned to buy Express Passes anyway: Certain resort hotels throw in free Universal Express Unlimited passes for each member of the family. Depending on the time of year you go, this could save you anywhere from $110 to more than $300 per person per day. (Think: Family of four spending four days in the parks. $300 times four people times four days = $4,800.)

Another bonus? Universal Resort hotel guests get early entry to The Wizarding World of Harry Potter and parts of Volcano Bay: You'll get a whole hour to explore each morning before the major crowds come pouring in.

Whew. Did you catch all that? Great, because I have one final point to make: If you go the Universal Resort hotel route, and you take advantage of those Express Unlimited passes, you could feasibly cut a day off your in-park time and a day off your trip (which means one less day paying for tickets and a hotel.)

If you're not concerned about crowds, wait times or transportation (maybe you're driving in to save on airfare!), then a cheaper, off-property hotel might be the right answer for your family. I'm just trying to show you all the options, friends!

Making the Most of Your Time

By making the most of your time, you can hit more attractions without shelling out for extra days inside the gates.

7. Decide if Express Passes Are Right for You

If you're still on the fence about whether to secure Express Passes for your trip (and you're not going the resort hotel route), here are some points to consider. Visitors can often package Express Passes with admission tickets, lowering the overall cost significantly.

However, if you're a serious Harry Potter fan, you should know that Express Passes are not valid for some attractions in Diagon Alley and Hogsmeade. Here's a helpful guide that breaks down Express Passes along with the rides and attractions they work on.

If you decide you don't need to skip the lines all day every day, you could buy each member of your family a one-day Express Unlimited pass. You can knock out a pretty hefty list of attractions that day, then go at a more leisurely pace for the remainder of your trip.

8. Plan Your Vacation Around Peak Season

Check this handy crowd calendar from Orlando Informer (a seriously great resource for all things Orlando and theme parks) to figure out which days will be the least crowded. Smaller crowds mean less wait time; less wait time means you can spend fewer days in the parks; and fewer days in the parks means you save on tickets.

Attendance is lowest on weekdays, particularly in late fall and late winter. If your family can afford the time off work and school, you'll get the most bang for your buck at these times.

Save on Universal Studios' Prices Inside the Park

While most of your savings will come from big-ticket items like park entry and the hotel, the little things can add up quickly.

9. Use the Lockers

Bring everything you think you'll need with you, and rent an all-day locker that start at $10 per day. You get unlimited opening privileges, unlike the timed and complimentary lockers, so you can use your locker as a home base to return to when you need to reapply sunscreen, change into dry clothes or grab a sweatshirt for the evening chill (yep, even in Florida).

Even though you're paying $10 a day, you're saving money by not shelling out for $60 sweatshirts for the whole family when the sun goes down.

10. Avoid Paying for Pricy Food

Theme park food is expensive. On your way to your hotel, purchase breakfast food (if your hotel doesn't offer free breakfast) and portable snacks. The parks allow small snacks that don't require heating or refrigeration and while you can't bring a picnic lunch, the rules are a little fuzzy as to what constitutes a "small snack," so you can probably make a case for many items.

Avoid buying expensive sodas and bottled water inside the parks. You can bring in sealed or empty water bottles to refill throughout the day.

11. Purchase Souvenirs Ahead of Time

The parks are full of fun T-shirts, plush toys strategically placed at a kid's eye level and themed gear, such as wizarding wands and robes, all at a huge markup.

Save money on souvenirs by purchasing toys from a different retailer and packing them in your suitcase. Then, when you arrive at your hotel, sneak them out and make them magically appear on your kids' pillows. Wizarding World house robes go for about $140 in the park, compared to roughly $25 to $80 on sites like Amazon.

12. Take Advantage of Every Discount

American Express offers discounts, but the perks change often. You can download the Universal Orlando app to see which offers are available through American Express.

13. Complain a Little

This one comes not only from me, the former theme park employee, but also from me, the lifelong Florida theme park visitor. I've got some experience navigating the system.

Now I don't mean you should fuss, moan and stomp your feet. Believe me, that gets you nowhere with most employees. But know that Universal's main goal is to give every guest an incredible experience. You just don't build an empire on fantasy and fun without having some extra special perks for your visitors.

If something goes wrong, don't be afraid to let a team member know about the issue. If you reach the front of the line after an hourlong wait just to see the ride shut down for maintenance, ask for an Express Pass so you can come back when the ride is running again. If someone runs off with your kid's brand-new stuffed Spider-Man toy, flag down an employee and ask what they can do to help.

Some team members have the power to procure free treats and gifts to make your experience the best it can be. So don't be afraid to ask for some extra perks — within reason, of course!

Even (or Especially) on a Vacation, You Need a Budget

Whether you decide to bundle your vacation package or cobble together a kick-ass trip on your own terms, just make sure you're hoarding pennies wherever you can.

Take time to sit down and decide exactly how much you can afford to spend on your theme park vacation. Once you have a number, put together a trip that works within the confines of that budget.

And don't be tempted to go above your set amount even if you see a $150 Lucius Malfoy Walking Stick that you just have to have. (You don't need it, I promise.) If you're cringing over Universal Studios' prices every time you hear a register cha-ching, you're not going to enjoy yourself, and you'll have wasted your money on a trip that left you frustrated and mentally exhausted.

Stick to your budget, and enjoy every minute of your Universal Orlando vacation — after the hard work of planning this thing, you deserve it!

Grace Schweizer is the SMS and social media content writer at The Penny Hoarder. Orlando-born and bred, she knows her way around the theme parks!

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Best Home Improvement Loans of May 2022

Posted: 25 Apr 2022 05:00 AM PDT

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Home improvement is big business in the United States — to the tune of $457 billion. And that figure is expected to grow mightily in the next few years. Couple that with the hot housing market, and people will be looking to revamp their living spaces for the foreseeable future.

Perhaps you're looking to replace your weather-worn back deck or want to redo your powder room to fix the chipped floor tiles and leaky sink. Whatever your home project is, if you're looking to spend money on your property and don't want to (or can't) pay out of pocket, you may want to explore your finance options. Specifically, a home improvement loan.

What Is a Home Improvement Loan?

A home improvement loan is financing that is secured to pay for home-related expenses. Like repairs or an addition for your house. Many brick-and-mortar banks, credit unions and fintech companies offer these types of loans. And like other types of loans, this money carries an interest rate and payment terms that the borrower needs to adhere to when paying the money back.

There is no *one* home improvement loan; there are several types of loans that fall under the category of "home improvement." (And sometimes this loan is simply referred to as a personal loan.) Qualifications vary by lender, but many have similar requirements — like having proof of employment and a government ID or birth certificate.

Why You Might Want a Home Improvement Loan

There are a number of reasons why you might want to finance a home improvement through a loan.

You require a large amount of funding. Sometimes a home reno project requires money you just don't have (or can't save for in a reasonable amount of time before you start a project).
It's an emergency. If you're on a tight timetable or an urgent need has popped up, home improvement loans might be the best option for your situation.
You want to pay a little bit over time. Perhaps you'd prefer to borrow funds and spread the payments out versus dropping a good chunk of change down all at once.

Whatever your reasons, remember that all personal loans require some consideration of the pros and cons before you push forward.

Secured Loans vs. Unsecured Loans

Let's take a quick detour to discuss secured loans and unsecured loans. When it comes to personal loans, here's what you need to know about them:

Secured loan: This type of loan requires collateral, like a home. Since the borrower is putting up an asset, a lender typically views lending this money as less risky. A mortgage is an example of a secured loan.
- A secured personal loan is generally easier for a borrower to get.
- Secured personal loans tend to have lower interest rates.
Unsecured loan: This type of loan doesn't require collateral; rather, a person's creditworthiness helps a lender determine whether or not they should lend someone money. A student loan is an example of an unsecured loan.
- An unsecured personal loan might be more difficult for a borrower to qualify for.
- Unsecured personal loans tend to have higher interest rates.

Depending on factors such as your credit score and how soon you need the money, you may choose one option over another.

6 Types of Home Improvement Loans

You have several options when it comes to home improvement loans. Here's what you need to know about the different types of loan funding.

1. Credit Card

OK, this isn't a loan, but it's still an applicable payment option. If you're in a pinch, you could put a home expense on an existing credit card. Ideally, this would be a card you can pay off at the end of the month without accruing interest (or better yet, one that will earn you points or other favorable benefits for using it).

Alternatively, if you have good credit, you could apply for a new credit card and likely get approved in a short period of time. Depending on your creditworthiness, look for a credit card with an introductory 0% APR for a set period of time (one year, 18 months, etc.) before the higher interest rate kicks in. That way you can pay the expense off over time if you need to, which is a money-saver in itself considering the average credit card APR hovers around 20%.

2. Personal Loan

A personal loan is an unsecured loan that can be used to pay for just about anything. If you need money quickly, this might be your best bet.

You can stick with your current bank or shop around for a personal loan that meets your needs. Depending on your credit score — good or excellent would benefit you the most — you could qualify for a loan with a low interest rate. Traditional banks, credit unions and financial institutions all offer personal loans with various conditions and rates.

3. Home Equity Line of Credit

A home equity line of credit, or HELOC, can be used to fund major expenditures, such as home improvement plans but also non-property expenses like education (technically any home improvement loan can be put toward other expenses). Unlike a personal loan, a HELOC is a secured loan, and the collateral is the borrower's equity in their home.

With a home equity line of credit, there is a credit limit, a specified borrowing period and, typically, varying interest rates and payment terms. The money is usually dispersed within one to two weeks.

4. Home Equity Loan

A home equity loan comes with fixed payments and a fixed interest rate for the duration of the loan (or "term"). With home equity loans, also referred to as a second mortgage, you get the entire amount all at once — which could be a good or not-so-good thing, depending on what you have planned with the money.

Unlike a HELOC, interest rates and monthly payments are fixed. However, it'll generally take you a while to see the money — anywhere from a week to a couple of months. A home equity loan could be a good option for you if you know you'll spend the money wisely and pay it back on time.

5. Cash-Out Refinance

With a cash-out refinance, you use some of the equity in your home to get cash. In this refinancing option, you change the terms and amount of the loan, replacing your previous mortgage with a new one (so it's not a second mortgage like with a home equity loan). You tap into some of the equity you've built up — the amount you can borrow is typically capped at around 80% of your home value — to get access to cash and a new fixed-rate mortgage. (Note: You'll have to pay closing costs with this option.)

This type of refinancing can help you take advantage of lower interest rates or a more favorable loan term. If you have some leeway on when you need the money (you'll need to get an appraisal and follow other steps with this refinancing option), this could be a choice for you.

6. FHA 203(k) Rehab Loan

An FHA 203(k) rehab loan allows buyers or homeowners to finance both the purchase or refinancing of a house (including its rehabilitation costs) through one mortgage. This type of loan offers fixed and adjustable rates and long repayment terms.

To be sure, there are hoops to jump through with an FHA 203(k) loan and it takes a more significant amount of time to get approved — applications must be submitted through an approved lender, there are listed eligible rehab activities, you may only be able to work with certain contractors and you can only use this loan for a primary (not rental) residence, to name a few regulations. However, for the most part, you only need to put at least 3.5% toward a downpayment and can get qualified with a fair credit score.

Ultimately, the best home improvement loans or funding will depend on your qualifications, needs and availability. (Per the latter, some institutions have halted greenlighting HELOC loans with the current market in flux.) Of course, you will also want to consider personal loan rates, any origination fees, repayment terms and other factors when choosing how to pay for any home improvement projects. (Which we'll touch on later in the article.)

Our Picks for the Best Home Improvement Loans

Lender	Best For	APR	Apply Online
Wells Fargo	Borrowers Who Want Options	5.74% to 19.99%	Yes	GET DETAILS
Navy Federal Credit Union	Military Community	7.49 to 18.00%	No	GET DETAILS
Discover	Customer Support	4.15% to 8.99% (for first liens)	Yes	GET DETAILS
SoFi	Borrower-Friendly Terms	5.74% to 21.78%	Yes	GET DETAILS
Upstart	Borrowers With So-So Credit	5.22% - 35.99%	Yes	GET DETAILS

5 Best Home Improvement Loans in May 2022

Here are the top personal loan lenders for borrowers looking to secure home improvement loans.

Wells Fargo

Best for Borrowers Who Want Options

4 out of 5 Overall

Key Features

Rates as low as 5.74% APR
Flexible financing options
Loan amounts from $3K to $100K

Get Details

Wells Fargo offers a variety of personal secured and unsecured loans for existing customers. Home improvement loan amounts range from $3,000 to $100,000 with no origination fee (this is a fee paid to a lender to process a loan application). The bank has temporarily suspended new applications for home equity lines of credit; however, the bank offers cash-out refinance and other loan options.

Wells Fargo

APR

5.74% to 19.99%

Loan amounts

$3K-$100K

Credit score

Not listed

Online applications

Yes

More Information About Wells Fargo

Wells Fargo is a familiar name in the banking world. With approximately 4,900 branches and more than 12,000 ATMs in over 30 states, Wells Fargo is a giant in the retail banking space. This bank offers 24/7 customer service support by phone, an easy-to-navigate website, and a highly rated mobile app for both Android and Apple.

Check out The Penny Hoarder's overall review of Wells Fargo for 2022.

Navy Federal Credit Union

Best for Military Community

3.5 out of 5 Overall

Key Features

No application or origination fees
Terms up to 180 months
No collateral required

Get Details

Navy Federal Credit Union has home improvement loans, as well as fixed-rate home equity loans and home equity line of credit options. Members must call or visit a branch to apply for this type of loan. Check out specific loans and their particular terms for more information.

Navy Federal Credit Union

APR

7.49-18.00%

Loan amounts

25K or $30K minimum (depends on loan term)

Credit score

Not listed

Online application

More Information About Navy Federal Credit Union

Navy Federal Credit Union was founded in 1933 at the tail-end of the Great Depression. This credit union serves U.S. military members in all branches, veterans, Department of Defense employees and their family members — to the tune of 10 million member-owners. Navy Federal has branches all around the world and offers many of the traditional banking products.

Discover

Best for Customer Support

4 out of 5 Overall

Key Features

10-, 15-, 20- and 30-year terms
No origination or appraisal fees
Loan amounts from $35K to $300K

Get Details

Discover offers home equity loans and mortgage refinance options to consumers. For home equity loans specifically, borrowers have access to fixed monthly payments, up to several hundreds of thousands of dollars in loan amounts and $0 cash required at closing. Discover also offers seven-day customer support and a dedicated loan team for each borrower.

Discover

APR

4.15% to 5.24% (for first liens)

Loan amounts

$35K-$300K

Credit score

Not listed

Apply online

More Information About Discover

Discover is probably most known for being a credit card brand. But, the company also offers online banking accounts and products, and a variety of loans (on top of many credit cards, of course). Discover has a highly rated mobile app, over 60,000 fee-free ATMs and a quick interactive quiz on its website to help users find the best bank account for their needs.

SoFi

Best for Borrower-Friendly Terms

4 out of 5 Overall

Key Features

Same-day funding
No prepayment penalties
No collateral required

Get Details

SoFi offers a variety of loan products: mortgage and cash-out refinance, and home equity loans. For its home improvement loan, members can expect fixed payments, same-day funding and no fees. SoFi has discount rewards and has also been known to offer cash bonuses to view your rate or open an account, so you keep your eye out.

SoFi

APR

5.74% to 21.78%

Loan amounts

$5K to $100K

Credit Score

Not listed

Online application

Yes

More Information About SoFi

SoFi is one of the newer, savvier financial institutions on this list with an impressive scope of offerings and as of January 2022 is a chartered bank. SoFi offers the traditional banking products, plus lots of member benefits such as a referral program, member rewards and career coaching.

Check out The Penny Hoarder's review of SoFi Checking and Savings for 2022.

Upstart

Best for Those With So-So Credi

3.5 out of 5 Overall

Key Features

Credit score isn't the major qualifier
No down payment and no prepayment penalty
Funds are available the next business day

Get Details

Upstart is an AI lending platform that strives to increase access to affordable credit. Using its proprietary verification process, the majority of loans are approved nearly instantly with the platform. Going beyond creditworthiness, Upstart also reviews borrowers' level of education, field of study and employment history as qualifying factors.

Upstart

APR

5.22% - 35.99%

Loan amounts

$5K to $100K

Credit score

Not listed

Online application

Yes

More Information About Upstart

If your credit score has been the main disqualifier for you getting a loan, Upstart might be the company for you. It's not the lender; rather, Upstart-powered bank partners handle all unsecured personal loans. Upstart offers loans with three- or five-year terms and boasts a customer rating of 4.9/5 after over 30,000 Trustpilot reviews.

For each lender, it's essential that you review the different loan options and terms for more information.

What You Need to Get a Home Improvement Loan

Exact requirements will vary by lender and loan type. In general, you'll need some combination of the following:

A good or excellent credit score
Proof of income (w-2s or pay stubs for traditional employment, and likely years of records if you're self-employed)
Government ID or birth certificate
A certain amount of equity in your property (a home equity line of credit, for example)
You must be a member of some banks (like with Wells Fargo) to secure a personal loan

Many lenders require a minimum credit score to qualify for a home improvement loan. For example, you typically need a minimum credit score of at least 620 to secure a home equity loan.

What to Consider When Looking at Home Improvement Loans

When you're shopping around for lenders and home improvement loans, there are lots of items for you to consider. Here's a shortlist of what items you want to review and consider when researching home improvement loans:

Total loan agreement (loan terms)
Loan amount and maximum loan amount
Monthly payments
Your credit history and credit score (and any upcoming purchases you may want to defer to keep your score intact)
Fixed interest rates
Adjustable interest rates
Secured personal loans (require collateral)
Unsecured personal loans (don't require collateral)
Any prepayment penalties
Late fees

Typically, for personal loans, you can look up your eligibility, loan offerings and current rates on a company's website. In some cases, you might find out you qualify for a loan in a short period of time.

Additional Ways to Finance Home Improvement Projects

If you'd prefer not to take out a loan but need access to funds, you have options there, too.

You might choose to put household expenses on a credit card, for example. That has its own pros and cons (like the other funding choices) that you'll want to consider. For instance, you'll likely be able to secure a credit card pretty quickly, but terms (like a high interest rate) will apply. Depending on certain factors — such as your likelihood of qualifying for a home improvement loan and how soon you need the money — you may decide to go this route.

And of course, cash is king, as they say. If you can afford to pay for your home improvement projects comfortably with liquid funds, that's probably the best way to go.

Frequently Asked Questions (FAQs) About Home Improvement Loans

We've answered some of the most common questions about home improvement loans to help you make a decision about whether to apply for one and which financial institution you might select.

Which Loan is Best for a House That Needs Improvements?

The best loan for you depends on many factors. If you have excellent credit and need money for a home renovation project sooner rather than later, a personal loan or low (or no) APR credit card may be the best option for you. If your project runs in the five-figure range and you have excellent credit or a good amount of equity in your property, then a home-equity or home equity line of credit loan might be best for you.

Like most situations in the personal finance space, your individual needs and eligibility will determine the best home improvement loans and course of action for you.

Which Bank is Best for a Renovation Loan?

Many traditional banks, credit unions and financial institutions offer home renovation loans. Depending on your qualifications and individual needs, the right or *best* bank for you will vary.

If you prefer a traditional bank with brick-and-mortar locations, Wells Fargo might be your preferred choice. If you're OK operating entirely online, a lender like SoFi will likely meet your needs.

Is Any Type of Property Eligible for a Home Improvement Loan?

Whether you own a condo, stand-alone house, mobile home or vacation property, you can apply for a home improvement loan.

A reminder that all loans might not cover all properties — for instance, FHA 203(k) loans are typically used for single-family properties, although other structures may be covered if they fall under certain restrictions — or the dollar figure you want, so make sure you search for the loan product that serves your needs.

What is the Best Way to Get Money for Home Improvements?

Once again, file this under: It Depends. For instance, a personal loan or credit card may be best if you need access to quick and easy funds. If you need a large amount of money and feel comfortable getting it all at once while putting your house up as collateral, a home equity loan might be the way to go.

It's a good idea to list out the total amount of money you want to fund your project. Compare different payment methods (loans, credit cards, home equity lines of credit, etc.) and see which terms and conditions meet your needs.

Contributor Kathleen Garvin (@itskgarvin) is a personal finance writer based in St. Petersburg, Florida, and former editor and marketer at The Penny Hoarder. She owns a content-writing business and her work has appeared in U.S. News, Clark.com and Well Kept Wallet.

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Here’s How to Transfer Money From One Bank to Another

Posted: 25 Apr 2022 04:58 AM PDT

Moving money within accounts at one financial institution is easy enough. You can visit your bank in person, give them a call or use your bank's website or app to move funds from one account to another.

But what if you have accounts at separate banks, fintechs or credit unions? What if you have retirement accounts to fund? What if you need to send money to someone else, whether at the same bank or a different institution?

Transferring money from one bank to another can be a little more complicated, but the good news is, you have options. One is likely to make sense for your situation.

This article breaks down how to transfer money from one bank to another into two categories: transferring your money into one of your own bank accounts and transferring your money to someone else.

How to Transfer Money Between Your Own Bank Accounts

Many people have separate bank accounts for various purposes. For instance, entrepreneurs keep their personal finances separate from their business finances and might have incentives to keep the accounts with different banks and credit unions.

Other savvy savers may bank online for their savings because they want a higher APY but have a checking account with a local bank for ease of access. Investors can easily rack up various accounts for savings, checking, money market, stocks and IRAs.

Whatever your reason for managing separate accounts with separate banks, you have a few methods for money transfers between those accounts.

Setting Up Automated Clearing House (ACH) Transfers

The safest, most reliable, and thus most common form of bank-to-bank transfers is through ACH transfers. ACH was established in the 1970s as a cheaper, more efficient alternative to paper checks and wire transfers.

Since then, most employers have adopted ACH transfers as their payment mechanism; more than 93% of Americans now receive their paycheck via direct deposit.

ACH and electronic funds transfer (EFT) are often used interchangeably. However, ACH is a type of EFT. EFT is a broader term that includes other transfer methods, like digital payments and wire transfers.

To complete a bank-to-bank transfer using ACH, you'll first need to link your two accounts via your online banking platform. For the sake of example, let's name your two financial institutions Penny Credit Union and Hoarder Bank.

For this example, we'll assume you want to transfer $5,000 from your Penny Credit Union checking account to your Hoarder Bank savings account:

Step 1: Find the Correct Transfer Page

Log in to your Penny Credit Union online banking account or mobile app. Find the "Transfer Funds" action using the site's or app's menu. Then locate the option for external transfers and select an option along the lines of "Link an external account."

Step 2: Provide Proof That You Are the Account Owner

Provide Penny Credit Union with the account number and routing number for your Hoarder Bank account when prompted. To determine your account and routing numbers, you can reference a check. The nine-digit number in the bottom left is your bank's routing number, and the number immediately to the right is your account number.

Where are the account and routing numbers on a check? We show you how to find them and tell you what they are used for.

Step 3: Verify the Account

Penny Credit Union will then ask to verify the external account, typically by using a third-party program to log in to your other account on your behalf or by making minor deposits and withdrawals.

The first option requires that you provide Penny Credit Union with your username and password for Hoarder Bank. This can get messy if you have two-factor authentication turned on for the Hoarder Bank account. The benefit of this option is that it's immediate, but the drawback is that you're providing personal information to another institution.

The second option may take longer, but it's also more likely to be secure. In this scenario, Penny Credit Union will make multiple deposits into your Hoarder Bank account, typically amounting to less than $1. Don't get too excited; the credit union will immediately withdraw that money, and then you have to report the deposit amounts to confirm the account is yours. This can take multiple business days.

Step 4: Move the Money

Once you have linked your Penny Credit Union and Hoarder Bank accounts, you can transfer the $5,000 from one to the other. You will also be set up for all future bank-to-bank transfers.

Pro Tip

At most banks, you can typically only withdraw funds from a savings account six times in a calendar month before being rejected or incurring fees.

ACH transfers are the easiest, safest, and often most convenient way to transfer funds from one bank account to another, but there are other, less elegant methods.

Writing Yourself a Check

You can also transfer money from one bank account to another by simply writing yourself a check. For example, if you want to transfer $100 from the Penny Credit Union checking account in the previous example to your Hoarder Bank savings account, grab your credit union checkbook and fill out a check for $100, addressed to yourself. Then head to Hoarder Bank to deposit it (or use your smartphone app to complete a mobile deposit).

Write something like "Bank-to-bank transfer to Hoarder savings" on the memo line to jog your memory about that particular check when balancing your checkbook.

Not sure how to write a check? Check out our simple check-writing how-to for step-by-step guidance.

Withdrawing and Depositing Cash

Don't have a checkbook? No problem. If you don't mind driving to your bank (or at least a nearby ATM), you can withdraw the amount of money you'd like to transfer from one account, then simply drive to the second institution (or an ATM) and deposit the funds.

Pro Tip

Avoid paying ATM fees by using an in-network ATM.

Transferring Money to Someone Else's Account

As much as we'd like to hoard all our pennies (and dollars and even Ben Franklins) to ourselves, sometimes we need to send money to someone else's bank account. There are a few common ways to do bank transfers with another recipient.

Using a Wire Transfer

You can conduct a wire transfer at a bank or with an external provider, like Western Union. Wire transfers tend to be faster than ACH deposits (domestic can be same-day and international is typically overnight to a few days) and are often the preferred method when making a down payment and/or paying closing costs for a house when a lender is involved.

However, wire transfers are costly (for the payer and the payee) compared to alternatives. Here are the median costs for sending money via wire transfers:

Domestic incoming: $15
Domestic outgoing: $25
International incoming: $15
International outgoing: $49

To send money via a wire transfer, you must know the recipient's name, the recipient's account and routing numbers, your own account and routing numbers (if not going through your own bank) and the recipient's contact info (name, address and phone number should suffice). You will typically also need to provide a photo ID.

Theoretically, you could also use a wire transfer to send money from one of your own accounts to another, but as this is costly, this should be your last resort.

Writing a Check or Paying Cash

If the recipient can meet with you in person or wait until you can mail a check — and then doesn't mind depositing the funds themselves — you can also transfer money to them by writing a check or withdrawing the funds from your account (at the bank or an ATM) and paying in cash.

Don't pay in cash if you need an electronic record of the payment; save cash for transfers with family and friends, like giving your college student gas money or paying your neighbor for shoveling your driveway.

Money Transfer Apps

Money transfer apps are growing in popularity, so much so that Venmo has its own social media feed that lets you see what your friends are paying each other for. As long as you and your pay recipient both have the same app, transferring funds is no problem (and instant). Common apps include PayPal, Venmo, Cash App, Zelle, Apple Pay, Google Pay and Chase QuickPay.

To use the app, you have to link it to your bank account, which requires much of the same work as linking your bank accounts for ACH transfers does.

As an example, here are the steps you need to take to link your bank account to PayPal:

Log in to PayPal on a computer or via your smartphone app.
Click "Wallet."
Click "Link a bank."
Search for your bank.
Use Yodlee to confirm your bank account by providing your username and password (immediate) or link your bank manually by providing the checking and routing number (one to three business days).

If you go the manual route, PayPal will make two small deposits into your account and then immediately withdraw them. You will then need to report the deposit amounts to confirm that the requested account is yours. You may want to consider this option for security reasons.

You can also link a card instead of a bank, which will allow you to start making transactions faster, but using a card instead of a bank costs money. This is true of most payment apps.

Pros and Cons of Different Transfer Methods

So what's the best way to transfer money from one bank to another? It depends on the urgency with which you need to transfer it, how much you need to transfer and how much you're willing to spend for added efficiency and/or security. Here are some of the benefits and drawbacks of each.

About ACH Transfers

Pros

No cost
Typically no (or high) limit on amount to be transferred
Safe and reliable

Cons

Typically takes between two and three business days

About Wire Transfers

Pros

Fast (can be same-day)
Relatively secure

Cons

High fees for payer and payee
Varying limits on amount to be transferred

About Money Transfer Apps

Pros

Fast transfer
Easy, mobile-based process

Cons

Takes longer to fund account from app
Can carry fees
Limits on transfer amounts

About Checks

Pros

No cost if you already have checks.

Cons

No guarantee of immediate deposit by recipient
Can require mail or physical meet-up
Risk of being lost

About Withdrawals and Deposits

Pros

No cost (assuming no ATM fees)

Cons

Less paper trail
Greater risk of loss or theft
Requires physical exchange

What You'll Need When Transferring Funds

Whenever you're transferring funds via ACH or wire transfer, you'll need to know:

The name of the bank to which you are transferring funds.
The recipient's full name (either your name if transferring to your own account or the other person's full name if moving money to someone else).
The account type to which you are transferring (checking or savings).
The routing number, which is a bank's nine-digit code that uniquely identifies it as a financial institution that is either federally or state chartered and carries an account with the Federal Reserve.
The account number, which is unique to you or the recipient.
The recipient's personal information, including phone number and address.

When transferring via app, you can typically search for the recipient's username or handle. If you are expecting someone to send you money via a payment app and you have a common name (cough cough Tim Moore), ensure that you either create a unique username or confirm with the person sending you money that they have the right boring combination of first name + last name + number.

When writing a check, you only need to know the recipient's name or company to which they would like the check made out. If mailing the check, you will obviously need to find the recipient's address.

Timothy Moore covers banking and investing for The Penny Hoarder from his home base in Cincinnati. He has worked in editing and graphic design for a marketing agency, a global research firm and a major print publication. He covers a variety of other topics, including insurance, taxes, retirement and budgeting and has worked in the field since 2012.

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Dear Penny: Is It Possible for Two Retirees to Buy a Home at Age 70?

Posted: 24 Apr 2022 07:00 AM PDT

Dear Penny,

My husband and I have excellent credit and very little debt. We lost everything, including our home, in 2008. We had to declare bankruptcy to get out from under our home we bought and poured money into with new tiles, a pool and landscaping.

These last 10 years, we've rented. We've been excellent tenants and redid the home inside and out. Now because the market here has exploded the landlord wants us to move, as he wants to cash in on the boom. He's giving us six months. We are devastated. He always said we could stay here forever as we were perfect tenants.

Our dilemma is that there are no decent affordable homes in this area nearby, and we just retired. We want to look for a small home to buy that belongs to us.

Is it feasible for two 70-year-olds to purchase a small home? Our combined Social Security is over $46,000 and we have savings and a 401(k). Our credit is over 800 for each of us.

-Sick of Renting

Dear Sick,

I'm not going to sugarcoat it: Now is an absurdly difficult time to buy a home when you don't have equity to trade up. Being thrust into the madness of this housing market just as your retirement years are beginning is an especially tough blow.

Lenders can't discriminate on the basis of age. So the fact that you and your husband are 70 years old shouldn't preclude you from buying a home.

But the challenge here is twofold.

For starters, retirees are considered riskier borrowers than people who have jobs. If you're depending on income from retirement accounts, your income can drop substantially if the stock market tanks.

The second problem is one buyers of all ages grapple with. Bidding wars are driving up selling prices above already inflated list prices in many parts of the country. Banks won't lend you more than the appraised value. That means buyers have to come up with cash not only for a down payment, but to make up the difference between the appraised value and selling price.

Going back to getting a mortgage as a retiree: When you apply for a loan, your Social Security benefits will count as income. You can also count distributions from your retirement accounts as income, but you have to be able to prove that the withdrawals will continue for at least three years after your mortgage begins. Because investments can be volatile, most lenders will only allow you to use 70% of the accounts' values to qualify.

Another possibility is what's known as an asset depletion loan. Basically, your lender uses your assets instead of your income to determine how much you can afford. They'll typically divide your assets by 360, representing 30 years of payments. For investments, the value is also typically capped at 70% of the value.

So if you had a $1 million nest egg, your lender may allow you to use $700,000 of that money to qualify. Dividing $700,000 by 360, they might determine that you have about $1,945 of additional monthly "income."

As you're painfully aware, finding affordable housing will be the big challenge, whether you rent or buy. One thing to consider if you're approved for a mortgage is asking your landlord whether he'd be willing to sell directly to you. This may be a long shot if you're in a highly competitive area. But it's worth asking, given that this could be convenient for him.

If buying your current home isn't possible, you'll probably need to lower your expectations. Maybe you can't find a home in your current area, but are there affordable options an hour or two away? Would you be willing to live in a small condo instead of a house?

Expect to grapple with these questions, even if you wind up renting again. Many landlords keep rent hikes manageable for current tenants, then jack up the rent when the tenant moves out. Though I hate to say it, you'll probably need to increase your housing budget no matter what.

The bright side is that you have six months to prepare. Start talking to lenders about your options now. Also start looking at both rentals and homes for sale now, even though moving day is months away.

Obviously, it can take significant time to find a home in an overheated market. But if you're buying, sometimes flexibility can help you make a stronger offer. Sometimes sellers will accept a lower offer if the buyer is willing to let them stay put for a few months because they need time to find a new home.

It's understandable why you want to buy so badly, given the disruption to your retirement plans. But try not to get caught up in the homebuying frenzy. Focus on what you can afford, even if that means downsizing and continuing to rent.

Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder. Send your tricky money questions to AskPenny@thepennyhoarder.com.

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Klarna Review 2022: Buy Now, Pay Later With This Service

Posted: 23 Apr 2022 07:00 AM PDT

If you've ever found yourself staring down a large purchase without enough money on hand, Klarna is a Swedish fintech company that may be able to help you.

Possibly the greatest thing out of Sweden since IKEA and those delicious tiny meatballs, Klarna allows you to make large purchases and split them up into smaller payments — most of the time, without interest.

So, if that new pair of expensive shoes or flatscreen TV is just calling out to you, Klarna may be the solution. In this Klarna review, we'll explore what exactly the service is and how it works, explain how it affects your credit report, as well as address some other common questions.

What Is Klarna?

Klarna is a buy-now-pay-later service. You can think of it as an upgrade to layaway plans of the past. With buy-now-pay-later services like Klarna, you can separate purchases into smaller, more manageable payments. The best part is that you get to walk away with or have your product shipped imminently to you — no waiting around.

Klarna gives you a few different options for obtaining your shiny new toys including the ability to split your purchase into four interest-free payments, pay in full within 30 days without interest, or divide your purchase using monthly financing (interest is included).

When shopping online, Klarna is limitless, as you can create a virtual credit card for your purchases. When it comes to in-store purchases, Klarna partners with select brands, but it's not as widely available as we wish it were at this time.

How Does Klarna Work?

All right, so we've caught your attention, and that solid-gold, diamond-studded poodle statute seems like the perfect addition to your minimalist living room.

But how exactly does Klarna work? Was it easy to use in our testing, and would we recommend it? In short — yes, it's easy to use, and yes, we would recommend it to nearly everyone.

Shopping with Klarna

To get started, you'll want to download the Klarna app, which is available for both Android and iOS devices. From there, you can launch the app and create an account easily. Once your account is all set up and good to go, you can start shopping to your heart's content.

The Klarna app instantly suggests ways to pay with the service at the top of the screen, including shopping online or paying in-store. Again, that in-store feature is only available with select brands, so we suggest you check out Klarna's website for more information on its current partnerships.

To make our purchase, we simply tapped on the Shop Online option and then selected our website of choice. Once at the checkout page with our cart loaded, we tapped the Pay button at the bottom of the screen and tapped it to create a one-time virtual card.

Selecting a Financing Option

After entering the amount of our purchase, we were given different payment plan options to select. In our case, our order was $200, so we had the option to either split the purchase into four payments of $50 (billed every two weeks at 0% APR) or pay over time with six monthly payments starting at $33.33 (APR ranging from 0%-24.99%).

Once you make your selection, you'll be asked for credit card or debit card details that you wish to use for your future payments. Then, you'll be presented with a virtual credit card number that you can use to make your purchase.

That's it, your order is placed and your new object of desire is on its way to you without much effort.

Making Your Payments

Remember, as fun as Klarna might seem (and it is), you do need to make your required payments. Klarna will remind you in the app when due dates on your payment plan are coming up, but the service will automatically bill your bank account according to the agreed-upon monthly payments.

There is a consequence for late or missed payments; 'Pay in 4' customers will find a late fee of up to $7 applied to their account after two unsuccessful payment attempts. Failing to make a 'Pay Later in 30 Days' payment will result in your account being defaulted (which may appear on your credit report, affecting your credit history) and the inability to use the service in the future—so stay on top of those payments!

Need help staying on top of your bills? Try one of these bill pay services.

The typical bank-style fees come into play with multi-month financing, where a late or returned payment will trigger a fee of up to $35. This is likely due to the fact that Klarna uses a credit plan offered by WebBank and is subject to the institution's late fees.

Alternatives to Klarna

The Klarna app may not be the perfect option for everyone. Below, we've highlighted two similar buy-now-pay-later services so you can see the similarities and differences between these three popular options.

Buy Now, Pay Later Services Compared

Features	Klarna	AfterPay	Affirm
Payment schedule	Pay in 4, Pay in 30 Days, & Monthly Financing	First of 4 payments immediately, then every 2 wks.	Affirm Pay in 4 (every 2 wks) or Monthly Financing
Interest rates	0% for Pay in 4 and Pay in 30 Days; 0%-25% Monthly	0% interest	0% on Affirm Pay in 4; 0%-30% on Monthly
Late fees	Up to $7 on Pay in 4; up to $35 on Monthly.	$10, followed by $7 if payment isn't made.	No late fees.
Credit score effect	Soft credit check for Pay in 4 and Pay in 30.	No credit check.	Soft credit check; may report history to Experian
Where it's accepted	Everywhere online & select in-store retailers.	Everywhere online & select in-store retailers.	Everywhere online & in-store w/ wireless pay.

Check our in-depth review of AfterPay.

Additional Klarna Alternatives

If you don't wish to use a buy-now-pay-later financing service, you may want to look into other ways to make a purchase.

Possible alternatives include taking out a personal loan or using a low-interest credit card

Learn more about the basics of credit cards in The Penny Hoarder Academy: Credit Cards 101. Both of these options would allow you to finance larger payments, but their pros and cons may differ from Klarna.

The Pros & Cons of Klarna

Pros

Break big charges into more manageable chunks
0% interest financing with some payment plans
No hard credit check with 'Pay in 4' and 'Pay in 30 Days' options
Choice in payment plans

Cons

Hard credit check with Klarna's Monthly Financing plan
Klarna doesn't report to financial bureaus, so you can't build credit with the service
Late fees apply to missed or late payments

Frequently Asked Questions (FAQs)

How trustworthy is Klarna?

Klarna is a proper business based in Sweden, founded in 2005. At one point, 40% of all e-commerce sales in Sweden went through the company. Now, Klarna is available in a number of countries, including the U.S. where it partners with FDIC member WebBank for financing.

Does Klarna affect your credit?

It depends. Klarna will perform a soft credit check which does not affect your score when using the majority of its services, including 'Pay in 4' and 'Pay in 30 Days.' However, Klarna will perform a hard credit check when you apply for a Klarna Financing Account. Klarna does not report on-time payments to credit bureaus and will not help you build credit.

Can you pay off Klarna early?

Yes. While Klarna's system is set up with automatic billing, you can make additional manual payments at any time. As a result, you can pay off Klarna early without any consequences.

Michael Archambault is a senior writer for The Penny Hoarder focusing on technology.

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Monday, April 25, 2022