The Penny Hoarder |
- 5 Money Moves Gen Z Is Making — and What We Can All Learn
- The Worst Password Habits — and What to Do Instead
- Dear Penny: Can My Boyfriend Get a Passport With Student Loans in Default?
- 9 Easy Ways to Make Extra Money Working Wedding Gigs
- How to Get a Personal Loan: Our Step-by-Step Guide
- Great Lakes Student Loan Services Review 2022: Pros & Cons
| 5 Money Moves Gen Z Is Making — and What We Can All Learn Posted: 27 Apr 2022 01:09 PM PDT Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. For years, Gen Z, or "zoomers," kept their older relatives occupied with throwaway Facebook accounts while they and their peers played in the digital warrens of Snapchat and the like. And when their elders started learning about "snapping" and ephemeral social sharing, the zoomers had already moved on to TikTok. Historically, the younger generations have embraced new technologies and nascent platforms while their elders were, for the most part, only concerned with keeping them from growing up too fast. But what about money and financial tech? Could Gen Z be quietly mastering new fintech tools and solutions that'll help inflate whatever the next bubble is? Could their bold and unconventional money moves help them retire before you do? Check out these money moves zoomers are making, and find out why they aren't all bad. 1. They're Savvier and Feel Empowered to Invest EarlyWhile earlier generations may have waited until they were good and ready to invest their money, Gen Z has trended toward investing early. About 22% of zoomer investors stated that they dipped their toes into the market in their teens, compared to just 9 percent of Millenials, according to a survey conducted by MagnifyMoney. Gen Z has learned that you really don't need that much money to start investing — and you can even get free stocks, if you know where to look. Whether you've got $5, $100 or $800 to spare, you can start investing with Robinhood. Yeah, you've probably heard of Robinhood. Both investing beginners and pros love it because it doesn't charge commission fees, and you can buy and sell stocks for free — no limits. Plus, it's super easy to use. What's best? When you download the app and fund your account (it takes no more than a few minutes), Robinhood drops a share of free stock into your account. It's random, though, so that stock could be worth anywhere from $2.50 to $200 — a nice boost to help you build your investments. 2. They Take More RisksWhen it comes to investing, millennials are focused on passing personal milestones, and earlier generations still believe in playing the long game. But Gen Z investors appear to be much bigger risk-takers, according to a Barclays survey. Nearly half (49%) of Gen Z investors indicated they only intended to invest their money for two to five years, while around 16% of them flat out admitted that they just want to get rich quick, the survey found. You've probably heard the best way to grow your money is to stick it in the stock market and leave it there for, well, ever. But there's a middle ground between yeeting a YOLO on your dough and locking your money away in a dank cellar to age. Maybe you're just looking for a place to safely stash your savings away — but still earn money. Sure, you could stick it under your mattress or in a safe, but millionaires know better. Here's their secret: A debit card called Aspiration lets you earn up to 5% cashback every time you swipe the card and up to 16 times the average interest on the money in your account. Plus, you'll never pay a monthly account maintenance fee. To see how much you could earn, enter your email address here, link your bank account and add at least $10 to your account. And don't worry. Your money is FDIC insured and under military-grade encryption. That's nerd talk for "this is totally safe." 3. They'd Rather Not Consult You About Their CreditMaybe don't try to talk to zoomers about debt snowballs or avalanches? And certainly, don't even try to lecture them about keeping their credit card usage low — they likely already know. They also know that one of the toughest parts about paying down your debts is simply knowing where to begin, so these digital natives have no qualms about using online credit monitoring services to keep their scores healthy. Which of your credit cards is carrying a balance? Is your name attached to any unpaid loans? Are you behind on medical or utility bills you didn't know about? That's where a free website like Credit Sesame can help. It takes about two minutes to sign up and access your free credit score. From there, Credit Sesame will outline your debt — exactly what you owe and to whom — and offer personalized recommendations. It'll even break down the interest rates and minimum monthly payments attached to your bills. Armed with this intel, you'll be able to more easily devise your payoff plan. Do you want to use the debt avalanche method, where you'll pay off your highest interest rates first? Or maybe you prefer the debt snowball method, where you start with the smallest balances first. You can continue to use Credit Sesame to keep track of your progress and hold yourself accountable. And, hey, it might be kind of fun watching your credit score react to all your hard work! It takes 90 seconds to get started with Credit Sesame. 4. They're Definitely Going to Shop AroundSome of the members of Generation Z had social media accounts before they could even talk, so you shouldn't be surprised that this generation tends to be savvy online shoppers who prefer the best price over a good price. When's the last time you checked car insurance prices? Shopping like a zoomer could help you secure a great price on auto insurance. You should shop your options every six months or so — it could save you some serious money. But don't waste your time hopping around to different insurance companies looking for a better deal. Use a website called EverQuote to see all your options at once. EverQuote is the largest online marketplace for insurance in the US, so you'll get the top options from more than 175 different carriers handed right to you. Take a couple of minutes to answer some questions about yourself and your driving record. With this information, EverQuote will be able to give you the top recommendations for car insurance. In just a few minutes, you could save up to $610 a year. 5. They Like to Make Money Off Their PersonalitiesTalk to the zoomers in your life. And if you haven't picked up on it already, you'll probably learn that a lot of them would just love to amass throngs of online followers and land sponsorship deals with brands eager to tap into that following. Earning tens or hundreds of thousands of followers is often a profitable endeavor, but it's far from the only avenue Gen Z is taking to make money for simply being themselves. If we told you that you could get paid to watch videos on your computer, you'd probably laugh. It's too good to be true, right? But we're serious. A website called InboxDollars will pay you to watch short video clips online. One minute you might watch someone bake brownies and the next you might get the latest updates on Kardashian drama. All you have to do is choose which videos you want to watch and answer a few quick questions about them afterward. No, InboxDollars won't replace your full-time job, but it's something easy you can do while you're already on the couch tonight wasting time on your phone. Unlike other sites, InboxDollars pays you in cash — no points or gift cards. It's already paid its users more than $56 million. It takes about one minute to sign up, and you'll immediately get a $5 bonus to get you started. Quinten Plummer is a staff writer at 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. 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| Posted: 27 Apr 2022 11:10 AM PDT Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. Where will we camp? How long will we stay? Why won't this car use the passing lane already? If you own an RV, you have enough on your mind. You shouldn't have to worry about what your insurance company will think or do if you live in your rig too long, drive too many miles — or decide to make money renting it out. A company called Roamly agrees. They're RV enthusiasts who set out to make RV insurance more flexible and affordable, even if you wanted to rent out an entire fleet of RVs. So how much better is RV insurance created by RV owners? And could RV insurance with Roamly really save you up to 25%? What Is Roamly?Roamly is an RV insurance company that provides all sorts of policies for recreational vehicles, both towable and drivable. Roamly offers RV insurance for everyone, including weekend warriors who only use their rigs for occasional trips, full-timers and even commercial policies for people who own multiple rigs. And regardless of what kind of policy you have, Roamly allows you to rent out your rig when you're not using it. If you've dealt with RV insurance before, you may have doubts about coverage. That's because most traditional insurance companies don't know the ins and outs of RVs — or the lifestyle that comes with owning one. You've likely seen some precarious holes in other policies that could cause you to be dropped by your insurance company. Roamly has its roots in the RV rental space. The insurance agency grew out of the success of RV rental marketplace Outdoorsy, which recognized how prone insurers were to drop coverage for those who rented out their RVs. While Roamly fills a need in the modern RV rental marketplace, with policies free of rental restrictions, it seems to have put just as much thought and care into other types of RV insurance, too. What Types of Coverage Are Offered?If it's a recreational vehicle, Roamly will most likely cover it — even if you need commercial insurance for more than one rig. Determining what type of coverage you'll need all depends on how you intend to use your vehicle. Basic Personal CoverageSpend more time at a fixed address than in your RV? You probably only need a basic plan with liability coverage, though picking up extra protection like collision and comprehensive truly helps you get that peace of mind, no matter who's at fault. Even with basic coverage with personal liability, you still won't run the risk of having to pay grossly out of pocket or have your insurance dropped if you rent out your vehicle. You can also get even more peace of mind for your RV and your bank account by adding protections for hospital stays, underinsured motorists and roadside assistance. If you do rent out your RV on a marketplace like Outdoorsy or via consignment, the renter will need their own RV insurance during the rental period. However, this won't be something you need to worry about in most cases — nearly all modern peer-to-peer rental marketplaces require that the renter purchase episodic RV insurance for their trip, or have their own separate kind of insurance for rentals, meaning your rig is protected. Full-Time Coverage: Long-Term RV LivingIf you'll probably live in your RV at least six months out of the year, you'll likely need full-time coverage, and Roamly can assist there as well with a comprehensive plan — again, no rental restriction attached. Since your RV will be your home for the better part of the year, if not all year long, additional insurance here looks more like the home insurance coverage you'd have for a fixed address. You'll still get all of the automotive coverage for the roadways, but you'll get more safeguards for the time your home sits parked:
Coverage for DIY and Upfitted CampervansNot every recreational vehicle rolling off the assembly line starts as a recreational vehicle. Many started as a van before being upfitted with enhancements to create living spaces. Insurance companies will often classify these upfitted campervans as conventional automobiles and require you to pick up supplemental coverage for the upgrades — all of which tends to add up to a more expensive policy than if they were simply classified as RVs. Roamly has just a few simple requirements in order to insure DIY and professionally upfitted campervans as RVs. Your vehicle needs to have a fixed and semi-permanent fridge, stovetop or toilet. As long as they're bolted or strapped down, they qualify as semi-permanent. To determine cash value, Roamly accepts a buildout sheet and bill of sale from your mechanic to help appraise your conversion van. If you upgraded it yourself, just detail the parts that went into upfitting it. Savings, Without All of the Exclusions Hidden in the Fine PrintRoamly's policies can save you up to 25%. How? They won't force you to double-dip on coverage or bury loopholes in the fine print. With Roamly, you don't pay for coverage during the times your RV is covered by a short-term rental policy. In fact, with Roamly's Rent and Save Discount, the more you rent out your rig on Outdoorsy, the more you'll save on renewal! Roamly also offers several other discounts for RV owners. In addition to normal discounts for things like being a homeowner, having a good driving record or maintaining continuous auto insurance prior to purchasing an RV policy, Roamly also offers other unique discounts. If you're an Outdoorsy member, you'll automatically qualify for a discount, and if you're a member of popular RV groups like KOA or Harvest Hosts, you'll also qualify for additional discounts. Roamly Customer SupportNo matter how good insurance plans may sound, it takes top-notch customer support to elevate policies from good to great. And with Roamly, you'll find strong customer support backing the RV insurance plans the company offers. Roamly makes it easy to get in touch with them, and you can communicate via phone, email or social media. And starting coverage or filing a claim with Roamly is simple. You don't even have to interact with people, if you don't want to. Simply visit their website and select the option to "Get a Quote" or "File a Claim." The website will walk you through the process in a matter of minutes, if not less. Bottom LineRoamly offers competitively priced RV insurance options for just about any driveable or towable RV that can be considered a recreational vehicle, whether you're looking for coverage for occasional travel, full-timers coverage or a more robust plan for multiple vehicles. Tell them about your converted vans, your campers, travel trailers, Class A, Class B, toy haulers and more — then they'll quote you a competitive insurance policy. The biggest savings come for RV owners who want to rent out their RVs, whether they want to make money off one or two rigs or a whole fleet of them. The structure of their policies offers the potential for significant savings to those renting out their RVs on RV rental marketplaces that assess insurance fees from renters. Getting a quote from Roamly is part of your due diligence, especially if you intend to rent your RV. Get your free quote here. 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. This posting includes an audio/video/photo media file: Download Now | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The Worst Password Habits — and What to Do Instead Posted: 27 Apr 2022 09:00 AM PDT You have a password protecting your bank account, or at least you think that it's protecting your bank account. Unfortunately, not all passwords are sufficiently keeping data safe — it doesn't matter how good the lock is if the key is a weak point. So, what are the worst password habits, and how can you improve them? Let's take a look. 7 Worst Password Habits to AvoidStay away from these password fails to make your online activities more secure. 1. Using the Same Password EverywhereWe get it; it's easy to use the same password with multiple websites. Remembering numerous passwords is difficult, so using the same login information for your bank and Netflix might seem like a good fix. However, using the same password with more than one account increases the risk of your entire digital life being compromised if a hacker or other nefarious actor compromises that one password. What's the solution? Using unique passwords for every single one of your logins is the first step to tackling bad password habits. That can sound like a herculean task, but don't sweat! This is precisely why we recommend using a password manager to keep your digital world under tight lock and key while also making logging into every service super quick. Be sure to check out our guide on password managers. 2. Not Utilizing a Password Manager (Hint: Theme Incoming)We'll repeat it for the people in the back—use a password manager! Keeping up with a never-ending, complex list of passwords is intensely stressful and will likely lead to poor practices (we'll keep exploring some of those). So, do yourself a favor and download a password manager; we rounded up our recommendations for the best password managers. Password managers allow you to generate more secure passwords and store them in an encrypted 'vault' unlocked by a single password (no more remembering endless passwords). In addition, most auto-fill your login information, so you can sign in to any website or app with the click of a button, tap of a screen, or a simple biometric scan (think FaceID/TouchID). 3. Sharing Your Passwords CasuallySharing passwords isn't always disastrous, but you should give it some thought before you go handing out your login credentials. While sharing an HBO Max login with friends and family might seem safe, these types of logins give others access to change your billing information, upgrade to more expensive packages, and sometimes access portions of your credit card number. Don't even get us started with your bank passwords — you should never share that info with anyone who isn't an account holder. If you must share a password, understand how to share passwords securely and what considerations you should take before handing out those precious combinations of numbers, letters and symbols. It shouldn't be a surprise, but the best way to share a password? Use the sharing feature within a password manager (by the way, there are free options). 4. Writing Down Passwords for Everyone to FindWe are in the digital age, and while writing passwords down can be secure in some select situations, most users don't tend to store their written password information in a secure safe. Usually, written passwords get scribbled on a post-it note or other scrap of paper or even taped onto your computer. Don't even get us started on those password books which proudly proclaim in bold-type on the cover that you are storing passwords within — bad idea. If you insist on writing down your passwords, write them in a secure book that can be locked away in a safe when not in use. But, why struggle with a physical book when you can keep everything secured on your computer or mobile device? Instead of writing down your passwords, again, we recommend using a password manager to encrypt and store your most precious information properly. 5. Using Simple or Easily Guessable PasswordsSimple passwords are easy to remember, but they don't provide much security. Hackers and other malicious users have quite a few different ways to break into your online accounts, including brute force and dictionary attacks. The simpler your password, the more likely one of these hacking techniques could be utilized against you. To create a strong password, use at least 12 characters —16 characters is preferable if possible. The best passwords are random combinations of letters, numbers and symbols. Lastly, always avoid passwords that use personal information such as your birthday, your pet's name, or something overtly simple, such as 'password' or '1234.' 6. Not Using Two-Factor AuthenticationPasswords are a good first-layer of defense, but when it comes to keeping your most valuable online assets secure, you'll want to be sure that you're employing the use of Two-Factor Authentication. When you switch on Two-Factor Authentication for an account, two bits of information must be provided when logging in. The first bit of information is generally your password. The second bit is typically a secure code sent to you (via text message, email or phone call) or generated by an app that you keep on your smartphone. This process ensures that even if someone has stolen your password, they still don't have the second piece of information needed to log into your account. Read our complete guide to utilizing Two-Factor Authentication to keep everything from your online bank accounts to media streaming services secure. 7. Not Changing Your Passwords Over TimeWhile keeping your password the same for months and years might make the entire process a bit easier, it can also be less secure. Security breaches are not uncommon, and it can occasionally take companies quite a while, from the time the breach occurs to when it is discovered, before you are alerted. As a precaution, change your passwords regularly to keep your account more secure. Most experts recommend changing your passwords every few months, but understandably, this can be near impossible across multiple accounts. Instead, we recommend changing your most critical passwords every few months, such as those that grant access to online banks and financial accounts. Frequently Asked Questions (FAQs)What are some examples of bad passwords? Bad passwords are typically short and lack complexity. For example, the following passwords would be considered poor to use: password, 12345, qwerty, password! or iloveyou. In addition, you'll want to avoid passwords that use personal information such as dates, pet names, or locations; examples include fluffy21, newyorkgirl, or july41965. What should passwords not contain? Passwords should not contain any personal information that may be guessable, including dates, names or locations. Passwords with such information may be easily guessed or hacked. Instead, use a password that contains random numbers, letters and symbols and is at least 12 characters in length to keep online accounts protected. What makes a password bad? To know what makes a password bad, it is better to understand what makes a password suitable. A strong password comprises random characters (numbers, letters and symbols) and is at least 12 characters long. Bad passwords are typically short, lack complexity, and, in many cases, use easily guessable personal information. Creating strong passwords is one of the critical steps toward eliminating bad password habits. Michael Archambault is a senior writer with The Penny Hoarder specializing in technology. 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. 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| Dear Penny: Can My Boyfriend Get a Passport With Student Loans in Default? Posted: 27 Apr 2022 07:00 AM PDT Dear Penny, My boyfriend has old student loans from like 1990. At some point he quit paying them and was a 1099 worker, so we know they were never garnished from his pay. They do not show up on his credit reports at all. He has been working on his credit but is still haunted that they are not on his report. Maybe his dad or family paid them (deceased now). We want to travel to London to see my daughter perform with an orchestra. I have a passport, but his has expired. He is afraid if he applies, the student loan thing will come up and he will be denied. I thought this only applied to deadbeat child support people. Can he get a passport? -H. Dear H., Your boyfriend should go ahead and apply for a passport. He's still eligible to receive one, even though he's defaulted on his student loans. You're correct that you can be denied for a passport if you owe child support. Parents who owe more than $2,500 can't get a passport until they've paid off their obligation. The U.S. State Department can also deny your application or revoke your existing passport if the IRS reports that you owe more than $55,000 in delinquent taxes. But unpaid student loans, whether they're federal or private, won't stop you from getting a passport.
Now for the bad news: Your boyfriend probably still owes those loans, even if they're not showing up on his credit reports. I suppose it's possible that his father or a family member could have paid them off if they'd had access to his account. But it seems pretty unlikely. Why wouldn't they have told your boyfriend that they were paying them off? Another long-shot possibility is that your boyfriend is among the hundreds of thousands of borrowers who have qualified for automatic student loan forgiveness. But keep in mind that those borrowers make up a tiny fraction of the more than 40 million people with student loan debt. Unless very specific circumstances apply — for instance, if your boyfriend has a permanent disability or the school that he attended defrauded students — he probably still owes this debt. The likelier explanation is that these debts are so old that they've fallen off his credit reports. Typically, a debt falls off your credit report about seven years after you default. If your boyfriend's debt has aged off of his credit reports, he still owes the money, even if the default is no longer hurting his credit score. If these were private student loans, it's unlikely that the debt would come back to bite him. Private student loans typically have a statute of limitations of three to 10 years, depending on the state. Though your boyfriend would still technically owe the money, a collector couldn't sue him for it. But I'm guessing these are federal loans, which have no statute of limitations. These very well could haunt him in the future, even though three decades have passed. As long as someone has federal student loan debt in default, their name will appear in the Credit Alert Verification Reporting System (CAIVRS), a database of people who have defaulted on loans made by the government. When someone's name appears there, they won't be able to be approved for a federally backed mortgage, like an FHA loan or VA loan. No matter how old the debt, having federal loans in default can result in garnishment of your tax refund. It will also prevent you from getting approved for another student loan. But perhaps my biggest worry is that your boyfriend's student loans could affect his Social Security benefits. When federal loans are in default, the government can seize up to 15% of your retirement benefit, though they have to let you keep at least $750 a month. Unfortunately, accessing information about such old debt may not be easy. Your boyfriend may be able to go to studentaid.gov and create an FSA ID with his Social Security number to obtain information about outstanding federal loans and their balances. If he had Perkins loans, he may need to contact the institution he attended directly for this information. From there, I'd recommend that he talk to an attorney who specializes in student loans before taking action. Bringing a student loan out of default can be complicated, especially given the age of this debt. But once he does so, he may be able to make low or even $0 monthly payments if he qualifies for an income-driven repayment plan. While this debt won't affect your boyfriend's passport status, it could come back to haunt him when he's not expecting it. It's scary to take basic steps, like figuring out how much you owe, when you've been ignoring debt. But I suspect that resolving this matter will buy your boyfriend peace of mind. Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder. Send your tricky money questions to AskPenny@thepennyhoarder.com. 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. This posting includes an audio/video/photo media file: Download Now | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 9 Easy Ways to Make Extra Money Working Wedding Gigs Posted: 27 Apr 2022 05:00 AM PDT Nearly 2 million couples tied the knot in 2021 — but 2022 is projected to be even bigger, with the most weddings since 1984. That means lots of opportunity to work a side gig helping couples throw their grand affairs. 9 Easy Ways to Make Extra Money Working Wedding GigsHere are nine side hustles and weekend gigs to earn some extra cash while love is in the air. 1. Take Engagement PhotosIf you're a shutterbug, this is a great way to build your portfolio and earn extra cash. Your friends may want to hire a professional photographer for the wedding itself, but they might like to save a little money on their engagement photos. Be sure to look at professional engagement photos beforehand to get ideas for poses, and then upload the edited shots to a photo-sharing platform so the couple can easily download them and order prints. If you're an experienced photographer, you probably already have what it takes to start your own wedding photography business. 2. Address EnvelopesMany couples want the address on their save-the-dates, invitations and thank you cards to be perfect. And many are willing to pay top dollar for perfection: professional calligraphers charge $3 to $4 per envelope! If you have good penmanship, offer to address envelopes for a fraction of the price. Even at $1 per envelope, you'll still earn $100 for a 100-person wedding.  3. Bake DessertsWedding cakes cost an arm and a leg. If you're talented in the kitchen, here's an area where you can definitely profit. Choose a dessert you excel at making, or one that's meaningful for the couple. Cupcakes are an obvious choice — they're cheaper than a cake, easier to transport and trendy. Bake a few different flavors to please the varying tastes of the guests, and decorate them to wow the crowd. If things go well, you might want to consider starting a baking business from home. 4. Provide Musical EntertainmentHelp make the day special with your musical talent. If you're a guitarist, play and sing while the bride walks down the aisle, or during the cocktail hour. If you have a band, get the crowd going at the reception. Love to sing? Consider working weekends as a wedding singer to earn $400 and up per gig. Or if you have the gear, spin up a wedding DJ side hustle. Nick Smith from Southwest Indiana bought his first set of DJ sound equipment when he was 20 years old from a local bar that was closing down. Sixteen years later, Smith runs his own successful wedding DJ business where he pulls in upwards of $1,000 a gig. DJing involves some initial upfront costs, like music licensing fees and reliable transportation to move your gear. But finding work is easy, Smith said. He's performed at over 200 weddings, most of which came from friend referrals and word of mouth. 5. Create DecorationsCrafty people, rejoice! Weddings provide an abundance of opportunities for you to get your glue gun on. Everything from centerpieces to place cards to favors is cheaper to make than to buy, so offer to design and execute all decorative needs for the wedding. Shop at discount stores and buy in bulk to save money on your supplies. 6. Pick Up Catering GigsWith wedding season in full bloom, now is a great time to find catering side gigs. From bartenders and cooks, to servers and general kitchen staff, catering gigs run the gamut. Most shifts take place on the weekends and last seven to 10 hours per shift. You can also explore freelance bartending gigs if you want to bring in some serious cash from private events. Catering staff tend to get paid better than restaurant staff. Expect to earn around $13 to $17 an hour, with some high-end events netting upwards of $25 an hour.  7. Do Wedding Makeup and HairEvery bride wants to look beautiful on her wedding day. That's why people who do wedding makeup and hair earn big bucks. If all your friends come to you for beauty advice, this might be the perfect job for you. Be sure to do a test run a few weeks before the wedding. This gives you and the bride a chance to agree on a style, and helps avoid unwanted surprises on the big day. If you want to take your bridal makeup business to the next level, get licensed and obtain limited liability insurance. Make sure to Google the cosmetology laws in your state as well. 8. Love to Sew? Do AlterationsSewing is a rare skill these days, but if you know your way around a needle and thread, you could earn major money altering clothes — specifically, wedding dresses. Brides want their dress to fit like a glove — but don't want to pay the high alteration fees charged at bridal shops. Market yourself as an independent seamstress who can offer the same quality at a lower price, and you'll have brides knocking at your door in no time. 9. Be an OfficiantIf you aren't shy around large groups and don't mind delving into a few state and local laws, becoming a wedding officiant could land you a few hundred dollars per gig. Becoming ordained is simple. It takes about five minutes and is usually free. But according to FindLaw.com, Alabama, Connecticut, Virginia, Tennessee — and certain parts of Pennsylvania, New York and Las Vegas — don't recognize online ordinations. To be certain, you should ask a clerk at your county courthouse. You can also use this interactive map of state licensing requirements from the American Marriage Ministries. If you want to start performing ceremonies on a regular basis, you will need to set a rate: $75 to $100 is a good starting point for officiants on average. Rachel Christian is a Certified Educator in Personal Finance and 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. This posting includes an audio/video/photo media file: Download Now | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| How to Get a Personal Loan: Our Step-by-Step Guide Posted: 27 Apr 2022 04:59 AM PDT Some of the links in this post are from our sponsors. We provide you with accurate, reliable information. Learn more about how we make money and select our advertising partners. A personal loan is a great way to fund large purchases, like home renovations or a wedding. It's also a good solution for consolidating your debt. But not all loans are created equal. When analyzing several different interest rates, origination fees, loan terms and loan amounts, shopping for a loan can quickly become overwhelming. It doesn't have to be. Our 8-step guide walks you through the whole process of getting a personal loan, from researching to getting pre-qualified to securing approval. What Information You'll Need to Apply for a LoanBefore starting the personal loan application process, gather up a few important documents. No online lender, bank or credit union will approve a loan without proper documentation:
While you will supply this documentation, lenders will also do a hard credit inquiry, meaning they will have full access to your credit history when making their decision. We'll touch more on credit score and credit history — and the difference between hard and soft inquiries — below. How to Get a Personal Loan: 8 Easy StepsAs long as you have good or excellent credit, getting a personal loan should be an easy process. Fair or bad credit borrowers may have to search a little harder to find a lender that will approve personal loans without unreasonable interest rates and repayment terms. Regardless of your credit history, our 8-step guide for getting a personal loan is a great place to start: 1. Consider AlternativesForemost, determine if a personal loan is actually the best option for you. While these loans typically come with lower APRs than credit cards, the interest rate can still be high, and taking on unnecessary debt can be dangerous. What are you hoping to use your loan for? If you are planning to fund a wedding, take a vacation or buy a vehicle, tread lightly. It's better to have the money upfront for recreational purchases like vacations, and you'll often find better rates for specific purchases like cars and boats with an actual auto loan or boat loan. In general, we recommend personal loans for three purposes:
A Note on Home Improvement LoansPersonal loans are not your only choice for financing home renovations. In many cases, they are not even the best option. Explore other options — a home equity loan, home equity line of credit (HELOC), cash-out refinance or FHA 203(k) rehab loan — to determine the best fit for your needs. If you've considered all the options on the table and a personal loan still seems like the best fit, you're ready to move onto the next step. 2. Review Your FinancesPersonal loans are a big commitment. You're on the hook for monthly payments for a set number of years. In that sense, these loans are a lot like a car payment or mortgage payment. Miss enough of them, and you'll see serious drops on your credit score (plus owe late fees). Eventually, lenders may send your loan to collections and might even be able to garnish your wages and place a lien on your assets. Sit down with your monthly budget and determine how much of a monthly installment you can afford. Set a max amount based on your income and expenses, and don't accept any loan offer with a monthly payment that exceeds this. Also, keep in mind that many lenders charge origination fees (these are sometimes labeled as "processing fees" or "closing costs," depending on the lender and type of loan). If you move forward with a loan that includes this fee, you will need to have the cash on hand to pay that at signing. And, like interest, that's money you'll never get back. 3. Check Your Credit ScoreCredit scores play a huge factor in the loan approval process. If you have a good or excellent credit score (good: 690 to 719; excellent: 720+), you can have your pick of the litter when it comes to loans. But if your credit score is on the fair to bad side of things (fair: 630 to 689; bad: 300 to 629) or you don't have enough credit history to generate a score, you will have more trouble securing a loan. That doesn't mean it's impossible. Some lenders offer unsecured personal loans to borrowers with bad credit, but you should expect APRs as high as they come (up to 36%) and unfavorable loan terms. These lenders can command larger fees as well — to protect their risky investment. If you need money now, like for a medical procedure or emergency home repair, move forward with a loan from a bad credit lender. But if you can wait a year or two (by postponing a vacation or waiting to redo your bathroom), take the time to strengthen your credit score before applying. Not sure where to start with your credit score? Here are nine smart moves that will help you boost your credit score. A Note on Loans for Bad CreditMost personal loans are unsecured loans, meaning you don't offer any collateral. This is riskier to the lender, which makes it doubly risky for bad credit borrowers. If you are struggling to get approved for unsecured personal loans and even bad-credit loans, you can always try secured personal loans (meaning you'll need to offer up collateral, like a car). Another option is getting a co-borrower to sign on to your loan application.  4. Compare LendersThe market is saturated with online lenders, banks and credit unions, all fighting for your business. That's a good thing — but it can be overwhelming. We recommend narrowing down your search by relying on expert lists of the best installment loans (we're partial to our own). Some sites also offer a personal loan calculator to help with your comparison. But what should you be comparing? We recommend looking at personal loan rates (APRs), minimum credit score requirements, loan term and loan amount flexibility, fees (origination, late, prepayment), funding speed and any special features, like on-time payment rewards or unemployment protection. A Note on APRsJust because the minimum APR advertised is attractive does not mean it will be what you are offered. Only borrowers with strong credit scores qualify for those entry APRs, and qualifying for those low rates typically requires setting up automatic payments as well. Lender Comparison at a Glance
5. Get Pre-QualifiedWhen you apply for a loan, the lender will do a hard credit inquiry, meaning they will pull your credit report from the major credit reporting agencies. This negatively affects your credit score each time you do it, which can make it difficult to shop around with various lenders. Luckily, many online lenders now let you get pre-qualified for a loan. This process uses a soft credit inquiry, which will not affect your credit score but still allows the lender to get enough information to offer you a rate. You will need to provide basic info like your name, date of birth and income. Many lenders will also ask why you are taking out a loan. 6. Review the Loan DetailsIf you successfully pre-qualify for any loans, read the fine print carefully before moving forward. Comb the documentation for information on fees (origination, late, prepayment). Check the monthly payment amount, ensure the loan terms and amount are agreeable and compare the APR against other offers. 7. Complete the ApplicationWhen you have found the winning loan, move forward with the process. If you are pre-qualified, the offer likely has an expiration, so make sure you move quickly enough to lock in the rates discussed. Some lenders can fund loans within one or two business days — and a few can even do same-day funding. Just make sure you've supplied all the correct bank information to expedite this process, and be on hand to provide additional documentation as needed. 8. Set Up a Payment PlanTo lock in an APR discount of 0.25% or even 0.50%, some lenders require you to set up automatic payments. These are helpful for ensuring you never miss a monthly payment, but they can also be dangerous if your checking account is ever low on funds. Set up a monthly reminder to fund your checking account ahead of the autopay date if you are worried about overdrafting. (And while you're at, consider one of these banks that no longer charge overdraft fees.) Assuming you signed onto a personal loan that does not charge a fee for paying it off early, consider making additional payments on the principal if your budget allows, especially if the interest rate is high. If you have other debt with higher interest rates (student loans, an auto loan, credit card debt), pay down that principal instead. Pro Tip If the interest rate on your loan is lower than what you might earn on the stock market (and you're not risk-averse), it makes more financial sense to invest than to pay down the principal.  Personal Loan TerminologyWhen you're researching loan options, you might come across some new terms. Here's what they mean: Secured LoanA secured loan is one for which you provide collateral, such as your car or house. Unsecured LoanAn unsecured loan is not backed by collateral. This poses a greater risk for the lender; thus, interest rates tend to be higher. Origination FeeMany lenders charge an origination fee, which serves as a processing fee or closing costs for the loan. These fees can vary depending on credit score but can sometimes be upwards of 8% to 10%. Debt-to-Income RatioIn addition to credit scores, lenders often consider an applicant's debt-to-income ratio (DTI). Expressed as a percentage (debt divided by income), this number demonstrates how much of your monthly income goes directly to paying off debt. For example, if your monthly income is $5,000 and your monthly debts are $2,000, your DTI is $2,000 / $5,000, or 40%. Frequently Asked Questions (FAQs) About How to Get Personal LoanStill have questions about loans? Here are some of the questions most commonly asked by readers — and the answers: What Factors into A Personal Loan Approval? A lender will use more than just your credit score for an approval decision. They will also look at your DTI. Having a shorter loan term (e.g., three years instead of five) typically yields a more favorable interest rate, and having a co-borrower helps your chances of approval if you are struggling with bad credit. Can I Pre-Qualify for a Personal Loan? Many lenders now perform a soft credit pull to see if you are pre-qualify. This will not affect your credit score. However, not every lender offers this, so review each lender's process carefully before entering in any information. Are Personal Loans Secured? Most personal loans are unsecured, meaning they don't require collateral. However, some lenders do offer secured personal loan options. What Is the Easiest Loan to Get Approved For? There are several lenders who offer bad credit loans (Upstart and Avant are two of our favorites), but these come at a price: higher APRs, less favorable terms and more fees. Most financial professionals advise against payday loans even though they are easy to get approved for. What Is the Minimum Salary for a Personal Loan? Each lender has its own criteria for determining loan eligibility. While most lenders do not publish each criterion, many do publish minimum credit score requirements. Salary requirements are not usually available on a lender's website. The lower your salary, the less likely you are to be approved — and if you are approved for a loan on a small salary, the actual loan amount is likely to be low. Where Can I Get a Personal Loan? You'll find some of the best personal loan rates, lowest fees and best loan amount and term flexibility by going with an online lender, but banks and credit unions can also offer competitive loans. 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. 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. This posting includes an audio/video/photo media file: Download Now | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Great Lakes Student Loan Services Review 2022: Pros & Cons Posted: 27 Apr 2022 04:55 AM PDT Great Lakes Educational Loan Services is a student loan servicer that handles both private and federal student loans. A loan servicer doesn't lend the money. Instead, these organizations handle the administrative aspects of the loan for the lender. In practice, that means you deal with Great Lakes (and make your payments to it) but the loan itself is through another provider. You apply through that provider and then pay Great Lakes. Yes, it can be a little confusing, which is why some people are (understandably) skeptical when they receive paperwork from the company in the mail. Great Lakes is a nonprofit organization that handles over $200 billion in student loans. That makes it one of the largest loan servicers in the country. And as one of the few companies contracted by the government to service federal student loans, it handles up to 40% of all outstanding federal loans. Beyond federal loans, Great Lakes partners with 6,000 schools and over 1,000 private lenders around the country to service non-federal loans. The company also has a philanthropic arm that offers scholarships, grants and advising services to students. How Do Great Lakes Student Loans Work?Loan servicing can be a confusing topic. Put simply, the lender funds your loan and then hands it off to a loan servicer, which then handles the repayment and day-to-day administrative tasks involved. It's somewhat analogous to a billing service. You can't choose your student loan servicer. This is handled by the lender. That means that if you're unhappy with your servicer, your options are somewhat limited — you can't just switch to a different provider. However, if you consolidate your loans (such as with a direct consolidation loan) or refinance your debt, you'll typically get a new provider, so that can be an option. Just note that with the latter you'll lose any federal repayment benefits, such as the income-based repayment plans discussed in the next section. Speaking of repayment, if your loan is serviced through Great Lakes, that means you'll be making your monthly payment to them. You have several payment methods at your disposal:
You can use a debit card to make your loan payments, but not a credit card. It's also possible to set up auto-pay so that you don't have to worry about remembering to make payments (you might even be able to shave a little off your interest rate by doing so). What Repayment Options Does Great Lakes Offer?Great Lakes student loans can be repaid in a variety of ways, depending on your individual needs and whether you have a federal student loan or a private student loan. Let's break it down: Private Student LoansRepayment options on private loans depend almost entirely on the lender — and remember, Great Lakes is not the lender, they only collect. That said, if you're having trouble making your payments or otherwise need to alter the terms of your student loan payments or want to try to get a lower interest rate, it's worth contacting your lender. Technically, private lenders don't need to offer any special terms for anyone, regardless of financial status. That said, some will allow repayment terms similar to the federal options, so it never hurts to ask. Federal Student LoansIf you're repaying a federal loan through Great Lakes, you have a lot more freedom. That's because you'll get access to the full spectrum of federal repayment options. The Standard Repayment Plan for federal student loans is fixed payments over a 10-year term. If that doesn't work with your circumstances, there are several types of federal student aid available, including income-based student loan repayment options: Revised Pay As You Earn (REPAYE)The REPAYE program offers the potential for lower monthly payments and loan forgiveness. With this program, your payments are based on your monthly income — 10% of your discretionary income, specifically. Payments are recalculated annually based on family size and total income. It's worth noting that if your income is high, your payment can end up higher than with the Standard Repayment Plan. However, if your paychecks are on the lower side, you can end up saving significantly. Finally, any remaining loan balance is forgiven after 20 to 25 years of repayment (although you may be liable for paying income tax on the forgiven amount). Pay As You Earn (PAYE)The PAYE program is similar to REPAYE but aimed at people with high debt relative to their income. It offers the same terms (10% of discretionary income and forgiveness after 20-25 years), but with PAYE, your monthly payment will never go above what it would be with the Standard Repayment Plan. The tradeoff for that protection is the fact that you'll ultimately pay more on the loan. Lower monthly payments mean loans take longer to pay off with the PAYE program, which in turn means more interest accrued over the life of the loan, even with a low-interest rate. Income-Based Repayment (IBR)IBR plans are intended for people with high debt-to-income ratios. These plans always offer payments that are lower than the standard 10-year repayment terms. However, they can be more than with PAYE and REPAYE — between 10 and 15 percent of your discretionary income. IBR payments can change from year to year based on family size and income. The goal of this program is to help keep monthly payments manageable, with the caveat that you can end up paying more interest over the life of the loan (because of the lower payments). Any outstanding balance is forgiven after 20-25 years of repayment. Income-Contingent Repayment (ICR)The Income-Contingent Repayment plan is designed to help you repay your loans faster over time, as your income increases. As such, it has higher monthly payments — the lower of either 20% of discretionary income or the income-adjusted amount you would pay for a fixed loan term of 12 years. Your monthly payments on ICR plans can end up being above the Standard Repayment Plan rate. As a tradeoff, the outstanding balance is forgiven after 25 years. Choosing one of these options can be a significant help in making your payments and ensuring that you remain in good standing. Great Lakes Review: The Pros and ConsWe've rounded up the pros and cons of Great Lakes. Though you don't get to pick a loan servicer, it's good to know as much about them as possible, including your payment options. Pros
Cons
Frequently Asked Questions (FAQs) About Great Lakes Educational Loan ServicesWe've answered some of the most common questions about Great Lakes Education Loan Services. Is Great Lakes Loans Legit? Yes, Great Lakes is legit. It's one of the largest federal loan servicers in the country, and the federal government trusts it enough to contract it to service its student loan programs. Although getting unexpected mail from a company claiming you owe money might be jarring, in this case, it's normal. Are Great Lakes Loans Bad? Not at all. Great Lakes doesn't provide loans — it only services federal student loans or loans provided by private organizations. If you've ever taken out a student loan, there's a pretty good chance it ended up in the hands of Great Lakes to collect payment. How Do I Know If I Have a Great Lakes Loan? If you're not sure who your loan servicer is, you can contact the Federal Student Aid Information Center at 1-800-433-3243 to find out. You can also look up your information in the National Student Loan Data System. Are Great Lakes Loans Private or Federal? Neither. Since Great Lakes doesn't provide the loan, it also doesn't impact the private or federal status of any loans you're paying through it. This means that the loan you're paying through Great Lakes could be either private or federal, but that status is determined by the financial institution that provided the loan in the first place. How Do I Get Rid of a Great Lakes Loan? You pay it off! Once your student loans are paid off (or you reach the 25-year forgiveness point for certain federal loans), you'll be all done with Great Lakes. Until then, the only other way to get rid of them is to consolidate your debt, which may see your student loan handed off from Great Lakes to a different servicer. Are Student Loans Forgiven After 20 Years? Some federal loans may have the remaining balance forgiven after a repayment period of 20 to 25 years. It's important to note that this only applies to loans on one of the income-based repayment plans (REPAYE, PAYE, IBR, and ICR) mentioned above. You still have to make loan payments for those 20 years, as well — you can't just ignore the loan and have it be forgiven in a couple of decades. To find out if you're on one of these plans, your best bet is to contact your loan servicer — if you're reading this, that's likely Great Lakes. Penny Hoarder contributor Dave Schafer has been writing professionally for nearly a decade, covering topics ranging from personal finance to software and consumer tech. 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. This posting includes an audio/video/photo media file: Download Now |
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