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What happens to co-signers when a car is repossessed? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make smarter financial decisions by offering interactive tools and financial calculators as well as publishing relevant and impartial content. This allows users to conduct research and compare information at no cost and help you make financial decisions with confidence. Bankrate has partnerships with issuers including, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn money The products that appear on this website are provided by companies who pay us. This compensation could affect how and where products appear on this site, including for instance, the order in which they appear in the listing categories, except where prohibited by law for our loans, mortgages, and other home lending products. However, this compensation will not influence the content we publish or the reviews you read on this site. We do not include the universe of companies or financial deals that could be accessible to you. SHARE: prostooleh/Getty Images

4 min read. Published September 30 2022

Dan Miller Written Dan Miller Written by Points and Miles Expert Contributor Dan Miller is a former contributor to Bankrate. Dan wrote about loans, home equity and debt management in his work. Edited by Rashawn Mitchner Edited by the associate loans editor Rashawn Mitchner, who was a former editor in charge at Bankrate. The Bankrate promise

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We make sure that everything we publish will ensure that our content is reliable, honest and trustworthy. Our loans reporters and editors focus on the things that consumers care about the most -- different kinds of loans available and the most competitive rates, the most reliable lenders, how to pay off debt , and more . This means you'll be able to feel secure when making your decision to invest your money. Editorial integrity

Bankrate has a strict policy standard of conduct, which means you can be confident that we put your interests first. Our award-winning editors and journalists create honest and accurate content to aid you in making the best financial decisions. Key Principles We respect your confidence. Our goal is to provide readers with truthful and impartial information, and we have standards for editorial content in place to ensure that happens. Our editors and reporters thoroughly verify the truthfulness of content in order to make sure the information you're reading is true. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation through our sponsors. Editorial Independence Bankrate's team of editors writes for YOU as the reader. Our aim is to offer you the best advice to aid you in making informed financial decisions for your personal finances. We adhere to strict guidelines in order for ensuring that editorial content is not in any way influenced by advertising. Our editorial team is not paid direct compensation from advertisers, and all of our content is fact-checked to ensure accuracy. So when you read an article or a review it is safe to know that you're getting reliable and dependable information. How we earn money

There are money-related questions. Bankrate has answers. Our experts have been helping you master your money for over four years. We strive to continuously give our customers the right advice and tools needed to make it through life's financial journey. Bankrate follows a strict standard of conduct, so you can rest assured that our content is honest and reliable. Our award-winning editors, reporters and editors create honest and accurate information to assist you in making the right financial choices. The content we create by our editorial staff is factual, accurate and is not influenced through our sponsors. We're honest regarding how we're in a position to provide quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products and, services, or through you clicking certain hyperlinks on our website. This compensation could influence the manner, place and when products appear within listing categories and categories, unless it is prohibited by law. We also offer mortgage or home equity products, as well as other products for home loans. Other elements, such as our own rules for our website and whether a product is offered in the area you reside in or is within your personal credit score can also impact how and where products appear on this site. While we strive to provide the most diverse selection of products, Bankrate does not include information about every financial or credit item or product. Co-signing a car loan for someone you love is a significant financial decision. This means that you're legally accountable for the loan payments if the individual who you co-sign for fails to do so. As well as placing your cash at risk by co-signing an auto loan, you're also risking your credit. If the loan is in default, or the vehicle is ultimately repossessed and your credit is damaged, even if you have long-standing track record of paying all your charges in time. How auto repossession works the lease is signed or borrow money for a car however, you do not actually have ownership of the car. The lender retains the title to the car until you have fulfilled your obligations and repay the loan. As part of the papers that you signed as you drove off in the car, you gave the lender permission to repossess your car if you stop making payments. The lender will typically only take possession of the vehicle in the last instance, if you've stopped paying and they believe there's a slim to no chance you'll return to payments. Most lenders would prefer receiving the money instead of going to the trouble of bringing the vehicle back. If a lender does decide to repossess your vehicle, they are generally not required to provide you with any notice. The lender could send a driver to drive the car away or may employ an tow vehicle. If your vehicle has a remote start and you have a remote starter, the lender might also block your ability to start the car. While laws vary by state however, the general rule is that a lender is typically allowed to come onto private property to take possession of the vehicle. However, it's usually prohibited to break into the garage or damage your property. Can a co-signer repossess the car? It's important to be aware that attempting to fix the default on an loan yourself, also known as "taking things in your own hands" is not considered a legitimate alternative to legal action in all states. It is a court rule to discourage the kind of physical conflict that could occur in the event that you try to seize your friend's car, so let the dealer or bank seize the vehicle. The credit score of a co-signer will be affected by repossession a co-signer means that you are legally accountable for the debt. By co-signing the loan and committing to the lender that you would ensure that the payments were completed even if the primary borrower failed to make them. That means that late payments or repossession will be reported on your credit report too. Co-signer's liability: As the co-signer of the vehicle you're responsible for this debt until it is fully paid. Your credit score, your cash reserves, and your relationship with the co-signer you have a problem with are in danger. If things go poorly the three issues could be affected. Here are some reasons to be cautious when signing to sign a co-signer. Be cautious about who and who you are co-signing for. It's a good idea to only co-sign for individuals that are close friends or relatives you can trust. It is ideal to choose those who have a stable financial situation. To protect yourself from these situations, you could think about establishing an independent contract between you and the primary borrower. This contract would define your expectations as well as each person's obligations. Once this document is signed by both parties, have it notarized. Rights as a co-signer As as a co-signer you are legally accountable for the debt, but you do not have any legal rights to the debt . You have no legal right to the ownership of the vehicle or other property. If the primary borrower falls behind on their car payments, you may think that you are entitled to seize the car on your own, but you do not. Another option to safeguard yourself while co-signing a loan is to stay one payment ahead. You can call the lender, find out what amount is delinquent (if any) and pay it, and then make one additional payment. If your co-signer is late on another payment any late payments are still counted towards the balance and not affect your credit score. It is just a matter of staying in contact with the lender and make sure you are 1 month in advance. A different option would be to request to be removed from the loan. The borrower who is the primary one must sign a cosigner release, and the lender will only grant approval when the primary borrower proves that they are able to repay the loan by themselves. Credit repair after repossession a repossession on your credit file will make your credit score decrease and can negatively impact your ability to get or different types of loans. The repossession period is seven years long, so you want to take every step to ensure that the vehicle you signed for isn't repossessing. Depending on your relationship with the principal borrower, you may be able to work out a deal. You could ask that they turn over ownership of the car as you continue to make payments. After the car has been fully paid you may be able to sell it and recoup some of the money. You may want to sue the primary borrower to get some compensation If they failed in their obligation to repay the lender in full, it's unlikely they would pay you. Even if you get a judgment against them, you'd have to be able to make it effective. It's better not to allow it to get to that point. The bottom line Co-signing for a loan is a very risky decision and puts your credit in danger. If you are considering co-signing for the auto loan or any other kind of loan take into consideration what you will do if the borrower who is your primary lender defaults. Instead of co-signing, you might look into working with them look for alternatives which don't require co-signers. If you've co-signed for an loan and the principal borrower is in arrears with payments there are a number of alternatives. It is crucial to realize that you do not have the right to repossess the vehicle on your own. Instead, you'll need to negotiate a deal with the principal borrower or continue to pay the loan towards the lender. Learn more:

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Authored by Points and Miles Expert Contributor Dan Miller is a former contributing writer for Bankrate. Dan wrote about loans as well as home equity and debt management in his writing. Edited by Rashawn Mitchner. Edited by Associate loans editor Rashawn Mitchner who was an editor in the associate department at Bankrate.

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Hybrid vs. electric: How to choose Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by providing you with interactive financial calculators and tools that provide objective and original content. This allows users to conduct research and analyze data for free to help you make sound financial decisions. Bankrate has agreements with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The products that appear on this website are provided by companies that pay us. This compensation could affect how and where products appear on the site, such as such things as the sequence in which they be listed within the categories of listing in the event that they are not permitted by law. Our loans, mortgages,, and other products for home loans. But this compensation does affect the information we provide, or the reviews you see on this site. We do not cover the universe of companies or financial deals that may be available to you.

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4 min read Read Published 12 January 2023

Authored by David McMillin by a contributing writer

David McMillin is a contributing writer for Bankrate and writes about topics such as mortgages, credit cards tax, banking, and travel. David's mission is to assist readers discover ways to save money and also stress less.

The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since late 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing precise, well-studied information that break down complex topics into manageable bites.

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this post may contain the mention of products made by our partners. Here's how we earn money .

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who ensure everything we publish is objective, accurate and trustworthy. Our loans reporters and editors are focused on the things that consumers are most concerned about the most -- different kinds of lending options as well as the most favorable rates, the most reliable lenders, the best ways to repay debt, and much more. So you can feel confident when making your investment.

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If you are looking to buy an upgrade to your vehicle, you might be considering a new way of driving that requires fewer- or no -- trips to the gas station. As more car manufacturers unveil new electric-powered models, drivers are contemplating switching to electric. The data from the show an average of 42 percent Americans are at a minimum likely to think about the idea of purchasing an electric vehicle the next time they get something new to their garages. If you're in this group, there's an even bigger question to address. Do you need to leave some space to fill up with gas or invest all-in on electric? Compare the upsides and downsides of hybrid versus electric vehicles prior to rushing to the dealership. There are differences between hybrids and EV Hybrid automobiles, plug-in hybrid cars as well as electric cars (EVs) are all designed to aid you in curbing or reduce fuel expenses. But, there are important differences between them to be aware of. Hybrid models may use gasoline or electricity as a power source. They're fitted with both an electric motor as well as an engine powered by gasoline that operate together to power the vehicle. Plug-in hybrids are similar to hybrid cars but they have an enormous rechargeable battery. If you drive the car while the battery is charged up, your gasoline is conserved. However, once the battery's charge is low, the gasoline engine starts to allow the vehicle to operate, but as a regular hybrid. Electric vehicles are powered by batteries and are powered by an electric motor. You won't find a fuel tank or engine in the car. What is the best way to decide between a hybrid and EV There is no correct or incorrect answer in deciding between hybrids and electric. It is best to consider a wide range of factors, including where you live, how much you are currently spending for gas and how dedicated you are to reducing your carbon footprint and many more. "If you do not want to map out the distances you'll travel or you're concerned that you have range anxiety or don't have many charging points, the plug-in hybrid could be an ideal choice," says Ronald Montoya, senior consumer advice editor at Edmunds. Start with the if you're thinking about a particular hybrid model. You can share some information about your driving habits as well as your home's power system to estimate the annual electricity and fuel costs and how often you visit the gas station. "If you're comfortable making your route plans in terms of mileage and you have a charging station at work or at home," Montoya says, "you're the ideal person to get an electric vehicle that is completely electric." To find out where charging stations are currently situated, start by looking at the . Hybrid advantages and disadvantages you examine the data using the hybrid plug-in calculator, here's a rundown of the most important advantages and disadvantages for hybrid cars. Benefits Think about these when evaluating hybrid vehicles There's no have to worry about running out power. Since hybrid cars allow you to use gas, you will have access to more than 15,000 gasoline stations in the country. It will cost you less every month. While every car has an individual price hybrids tend to be less expensive than vehicles powered by all-electric power, which helps keep your transportation costs in check. Drawbacks There are also some disadvantages to keep in mind: You're still going to spend at the pump. Hybrid vehicles don't have an extended range to operate on electricity, which makes gasoline the main power source for longer journeys. For instance the Environmental Protection Agency sets the Toyota RAV4 Hybrid's range that is electric-only to 42 miles. It is available, however, only for certain vehicles (hybrids have to plug in and be bought new for eligibility). It's still likely to produce lots of carbon. "The plug-in hybrid will decrease your fuel consumption," Montoya says, "but not entirely." If you're serious about doing your part in reducing your carbon footprint, you should know that a hybrid car's gas usage will continue to be a contributor to polluting the earth. Full electric car benefits and drawbacks Even ideal candidates have to consider the advantages and disadvantages of . Benefits Here are some key benefits you'll receive by purchasing an electric car It will save you from paying for high-priced gas. As of Jan. 9 2023, the typical cost per gallon of regular gas was $3.28, . With an all-electric vehicle, you don't need to fret about the rising cost of fuel. If purchased new fully electric vehicles are eligible for . It will have a positive effect on the earth. As governments and companies try to figure out how to tackle the effects of climate change, people can take action also. "If you want to completely get off fossil fuels, you'll require an electric vehicle," Montoya says. The drawbacks of electric vehicles also come with a few negatives. For instance, you may have to search for a place to charge your vehicle. If you're running low on battery in charge, finding a location to charge it isn't as easy as finding a petrol station. "You'll see that both the shores in the U.S. have the most charge stations," Montoya says. "It's when you get into the north-central states like Montana, North Dakota and Wyoming when they are more sparse." But in the near future, the world of electric cars looks bright with increasing charging stations, and plans from the Federal Government to reduce prices. There could be an extended time for every charge to finish. While charging stations that are fast and public are becoming more popular however, the basic charging stations require a lengthy time to deliver the juice needed to travel. For instance 120V charging stations provide two to five miles of driving per hour of charging. This is fine if you are charging for a long time, but it isn't convenient if you need a quick refill. . New cars are expensive in every way however, electric vehicles tend to come with more expensive sticker prices and monthly payments as compared to the gas vehicle you're used to driving. There could be a higher cost, too. A study by the Self, a financial technology firm Self revealed that the insurance costs for electric vehicles are generally greater than those for gas vehicles. It's a matter of preference. opt for a hybrid or electric car, you'll need enough money to purchase the latest model of vehicle. Since prices are , it's even more important to slow down and consider what suits your lifestyle best. It's not a good idea to waste too much time, though. Automobiles will continue to be available until 2023, is due to a Fed rate hike in late 2022. Therefore, you should begin by looking at hybrids and electric vehicles to figure out which is most suitable for you. It's equally important to look around for lenders and today to see if you can secure a good offer on financing for the new car you want to buy.

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Written by a contributing writer

David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David's mission is to assist readers figure out how to save money and also stress less.

Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are committed to helping readers gain the confidence to manage their finances through providing precise, well-studied data that breaks complicated topics into bite-sized pieces.

Auto loans editor

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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods or services, or by you clicking on certain hyperlinks on our site. Therefore, this compensation may impact how, where and in what order items are listed, except where prohibited by law. This is the case for our mortgage, home equity and other home loan products. Other factors, such as our own website rules and whether or not a product is available in the area you reside in or is within your personal credit score can also impact how and where products appear on this site. We strive to offer a wide range offers, Bankrate does not include details about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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What Is Venmo?

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What Is Venmo?

Venmo is a mobile app that allows you to send money to friends and family.

By Chanelle Bessette Banking, checking and Cash Manager Accounts Chanelle Bessette works as a personal financial writer at NerdWallet who writes about banking. She previously worked at Fortune, Forbes and the Reno Gazette-Journal. She also acts as a spokesperson for the banking team, and her expertise has appeared throughout The New York Times, Vox and Apartment Therapy.

Updated Dec. 2 2022

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What's Venmo?

Venmo is a mobile application for peer-to-peer, or P2P as well as payments and money transfers. It's famous because of its time-line feed in which you and your connections in the app can send payments to each other with emoji messages, but do not worry about it: the dollars of the transfers remain private.

>> Check out other transfer options:

How does Venmo function?

Purchases and transfers. Venmo lets you send money to and receive money from anyone who has a Venmo account. The app can help with the awkward chore of reimbursing family or friends for dining out, or any other shared expense however it's not designed for selling or buying goods among people who aren't. Venmo can also be used for web purchases with certain merchants, like Amazon and on other websites that have the Venmo payment button similar to PayPal's.

Mobile only. Venmo payment transactions can be made through its highly appreciated Android and iOS smartphones as well as through iMessage or via Siri voice command. You can sign in at Venmo's website on a desktop or mobile device to see transactions, but not make payments or request funds.

U.S. customers only. Venmo, which is owned by PayPal and requires both the sender as well as the recipient to be located in the U.S.

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How can I fund my Venmo account?

Pay with the debit card, credit card or a bank account. For money transfers on Venmo, you need to connect the app with a U.S. bank account, debit card, prepaid debit card or credit card. If you receive money and want to transfer it from Venmo then you'll need to link to a bank account.

Connect a checking, not a savings account. Savings accounts have traditionally had an limit of six online withdrawals or transfers each monthly (see more ), although some banks have relaxed these limits after federal regulations changed in 2020.

What are the Venmo's charges?

Venmo charges credit card and instant transfer fees. You can avoid these costs when using Venmo. However, the service will charge two charges for certain options:

3.3% per transaction for payments made through peer-to peer funded by credit card. Peer-to-peer transactions funded with a bank account, debit card or prepaid debit cards are free. And purchases from merchants with the Venmo payment option also are completely free, even if you use credit card.

1.75 percent per transaction, with a minimum of 25 cents for immediate transfers. The charge is incurred when you transfer the Venmo balance to the debit card. Transfers are usually made within minutes. There's no cost for using the traditional "cash-out" payment to a bank account, though delivery is usually between one and three days for business.

How do I pay for my purchases with Venmo?

The app displays your balance. As with PayPal, Venmo stores your money as an in-app balance, which will be used to fund future payments (if you have enough money) or be transferred to the bank account. In other cases, the funds sit there, and that's not ideal. Unless you use Venmo's Direct Deposit option, which means that your money is held by an affiliated bank the Venmo app balance isn't insured federally as bank accounts are and you may lose it in the case of Venmo going out of business. Money that is in the Venmo account is also not earning interest.

How much can you send with Venmo?

The maximum amount is $60,000 per week. For you to begin using Venmo, you need to download the mobile application, create a login and confirm your email address, phone number address, and bank account information. The initial maximum transfer for the week will be $299.99 until you have verified more of your identity. When you submit the required information, such as your Social Security number, ZIP code, and birth date you are "verified" and can send as much as $60,000 per week in one or multiple transactions.

The maximum amount you can transfer from Venmo to an bank account starts at $999.99 per transaction. Once you've been verified, the limit is $19,999 for a week.

Is Venmo secure?

Security features for apps. Some of the security features comprise PINand fingerprint-based login options and . If your phone is lost or stolen and you don't have these safeguards set up you can block the access of your account connecting to the Venmo site and changing the permissions settings.

Venmo's parent company, PayPal, reached a settlement in 2018 with the Federal Trade Commission over complaints that customers' access to their funds was delayed without notification and Venmo was misleading customers on how to manage the privacy settings for their transactions.

Social feed feature. Venmo provides social media-related features, including an account of transactions that involve people you're connected to on Venmo. You can however alter the privacy settings so that your transactions will be "private" (visible only to the both the sender and recipient) or are visible only to "friends" (sender and recipients as well as Venmo contacts). Audience settings for past transactions can be altered retroactively.

Does Venmo offer a debit card or credit card?

Yes, it does offer both. Venmo offers a debit card that works with U.S. purchases anywhere that accepts Mastercard.

The optional Venmo credit card allows you to earn cashback in various categories of spending, with the rewards being deposited into account Venmo account. Check out

The former NerdWallet author Caren Weiner Campbell wrote this article.

About the author: Chanelle Bessette is a personal finance writer at NerdWallet writing about banking. She specializes in checking and managing cash accounts.

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Updated 5 December 2022

Edited by Rick VanderKnyff Senior Assigning Editor | Los Angeles Times; University of California, San Diego; Microsoft Rick VanderKnyff leads the team that is responsible for expanding NerdWallet content to include additional subjects related to personal financial. Previously, he has been a channel manager at MSN.com, as a web manager at the University of California San Diego as well as as an editor of copy as well as a staff writer at the Los Angeles Times. He has a Bachelor of Arts in communications and a Masters of Arts in anthropology.

A majority of the products we feature are provided by our partners who pay us. This affects the products we write about and where and how the product appears on the page. However, this does not affect our assessments. Our opinions are entirely our own. Here's a list and .

What is a budget-planning?

The budget planner can be a piece of software like an worksheet or template that you can use to plan your budget. A successful budget planner helps you choose the best way to spend your money while avoiding or reducing debt. NerdWallet suggests the , which suggests that 50% of your earnings goes to necessities, 30 percent for wants, and 20% for saving and repayment of debt.

Before you build a budget

NerdWallet analyzes your spending and shows you ways to save.

Develop a budgeting plan that works for you

The best plan for your budget is one you can live with, so tweak your approach as needed. For instance, the 50/30/20 breakdown is a recommendation to help you start. as needed until you reach your desired budget.

And if a hands-on monthly budget template doesn't work for you, consider one of these . Most of them sync with your financial accounts, so they're able to help you.

If you can't make your ideal budget a real-life reality, or you're struggling to get a handle in your budget, the process of planning may not be enough for you. Look into alternatives, like getting expert advice on finances or resources that can .

Monthly budget worksheet

Use the free budget worksheet below to determine how your spending fares against the 50/30/20 budget guide.

If the budget spreadsheet doesn't suit your needs Try a different tool. Try other budget sheets tools, or download a budget application. To get a simpler snapshot check out our .

If you're interested in other financial issues, check out more from NerdWallet.

Do you want nerdy advice that's tailored to your needs? All your money will be in one place, and gain tailored insights to maximize the value of it.

The author's bio: Lauren Schwahn covers consumer credit and debt at NerdWallet. The work she has written for NerdWallet was highlighted in USA Today and The Associated Press.

In a similar vein...

Dive even deeper in Personal Finance

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Hispanic American-owned banks and Credit Unions owned by State

(image: https://freestocks.org/fs/wp-content/uploads/2021/10/female_holding_her_phone_on_an_autumn_day-1024x683.jpg)Advertiser disclosure You're our first priority. Every time. We believe everyone should be able to make financial decisions without hesitation. Although our site doesn't feature every company or financial product available in the marketplace We're pleased that the guidance we offer as well as the advice we provide as well as the tools we design are independent, objective, straightforward -- and cost-free. So how do we make money? Our partners compensate us. This can influence the products we write about (and where they are featured on the website), but it doesn't affect our suggestions or recommendations, which are grounded in thousands of hours of research. Our partners do not pay us to guarantee favorable ratings of their goods or services. .

Hispanic American-owned Banks and Credit Unions by State

Written by Spencer Tierney Senior Writer | Certificates of deposit, ethical banking, banking deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has covered personal finance since 2013, with a particular focus on certificates of deposit and other banking-related subjects. His work has been featured on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. He is located in Berkeley, California.

And Ruth Sarreal Content Management Specialist and Ruth Sarreal Content Management Specialist bank account bonuses Ruth Sarreal is a specialist in the management of content covering banking for consumers at NerdWallet. She has over a decade of experience writing and editing for websites for consumers. She previously edited articles on personal finance topics at GOBankingRates. Her work has been featured on Nasdaq, MSN, TheStreet and Yahoo Finance.

Updated 10 Jun 2022

Edited by Yuliya Goldshteyn Assistant Bank Yuliya Goldshteyn is a bank editor for NerdWallet. She has previously worked as an editor, a writer and a research analyst across a range of industries from health care to market research. She received a bachelor's diploma in the field of history at the University of California, Berkeley and a master's of social science from the University of Chicago, with the focus on Soviet cultural history. She lives at Portland, Oregon.

The majority or all of the products featured here are provided by our partners who compensate us. This affects the products we feature and where and how the product is featured on the page. However, this doesn't affect our opinions. Our views are our own. Here is a list of and .

Latino-led banks and credit unions aim to help people who have been traditionally neglected through their traditional U.S. banking system. It is the case for Hispanic or Latino households that, at 12.2 percent, are not banked at more than double the national average as per federal deposit insurance Corp.'s survey of the unbanked households . Federal Deposit Insurance Corp . . Accessed on June 9, 2022.

.

According to a survey by the Federal Reserve, nearly 22 percent of Latino households are not banked which means they have bank accounts but also use alternative financial providers such as check cashers, payday lenders or remittance transfer providers [01 Federal Reserve . . Accessed on Jun 9, 2022.

. However, having the term "bank account" bank account means access to an enclave for safekeeping money and to pay your bills (regardless of status or citizenship).

>> Skip to the

Put your money into a brighter future

Find out how to locate the right bank that offers great service and a mission to make the world better for everyone.

Why Hispanic American banks and credit unions are different

These Hispanic American banks and credit unions on this list are committed to helping their communities. The list is made up of banks and credit unions that are classified in the category of Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means they're minority-owned, minority-led , or have members of the minority community as a majority of their members or board members, and they serve a community with a majority of minority members [0The FDIC is the Federal Deposit Insurance Corp . . Accessed Jun 9, 2022.

", "0" National Credit Union Administration . . Accessed Jun 9, 2022.

. A few of them have also been referred to as Community Development Financial Institutions also known as CDFIs. This means they serve communities with low incomes and those who were previously excluded from finance. (Learn about CDFIs here .)

Find out more about what it is being an MDI

Aside from that, the FDIC determines an MDI as being either minority-owned (meaning that members of a particular minority group hold at least 51 percent of the bank's voting share) as well as minority-led (meaning that at minimum 51% of the board of directors recognizes as being part of a certain minority group and the bank's primary focus is on the minority particular group). As credit unions are member-owned and are not profit-driven The NCUA determines as an MDI in a different way. According to the NCUA the credit union must self-report its status as an MDI and more than 50 percent of its members and the board members must be members of color. Read for more information about .

Frequently asked questions What is a Hispanic American-owned bank?

A is a for-profit financial institution in which the majority of shareholders or board members are Hispanic or Latino. The bank is geared towards serving an mainly Hispanic community, but that does not mean that non-Hispanic individuals or firms can't open accounts.

What is a Hispanic American-owned credit union?

A credit union owned by Hispanic Americans is a non-profit bank in which a majority of its current members, the board of directors and the community they serve is Hispanic American. The membership can be restricted to a certain area or group, like members of a predominantly Hispanic American church or employees or students in a historically Hispanic American school district.

Are allies able to join a Hispanic American-owned credit union or bank?

It's true that joining a Hispanic American-owned bank is a good method to help its mission. If you're interested in a Hispanic American-owned credit union take a look at the requirements for membership. Similar to the other financial institutions, certain Hispanic American-owned credit unions restrict membership by geographic location or other criteria.

What is a Hispanic American-owned financial institution?

A is a non-profit bank that has the majority of stockholders or board members are Hispanic or Latino. The bank serves the majority of the Hispanic community, however, this doesn't mean that non-Hispanics or businesses can't get accounts.

What is a Hispanic American-owned credit union?

A Hispanic American-owned credit union is a non-profit bank in which a majority of its members as well as its board of directors, and the people it serves is Hispanic American. The membership can be restricted to a specific area or particular group, like members of a majority Hispanic American church or employees or students of a historically Hispanic American school district.

Can allies join a credit union owned by Hispanic Americans or bank?

Yes, the joining of a bank owned by Hispanic Americans can be a meaningful way to support its mission. If you're interested in an American-owned credit union take a look at the membership requirements. As with other credit unions, there are Hispanic American-owned credit unions restrict membership by geographic location or other criteria.

A list of Hispanic-American-led and owned credit unions and banks sorted in each state.

None of these credit unions and banks are online, but financial institutions that have websites are connected.

Arizona

California

L.A. Mission Federal Credit Union

Colorado

Florida

Illinois

Missouri

New Jersey

Goya Foods Employees Federal Credit Union

Passaic Police Federal Credit Union

New Mexico

New York

North Carolina

Oklahoma

Texas

Alpine Community Credit Union

Frio County Federal Credit Union

Friona Texas Federal Credit Unit

Reeves County Teachers Credit Union

Are you interested in an institution that is owned by a black person located in the U.S.?

Other options to find the Hispanic-American owned credit unions

More than 110 credit unions belong to a nationwide program called (Together We Advance), which requires participating credit unions to provide affordable and accessible banking products to Latinos. The procedures vary from one credit union, but these are generally the norm:

The program allows applicants to present an identification document from outside the country, for example a foreign passport and a "matricula consular" - identity cards that are issued by Mexican as well as other government agencies for citizens living outside of their country of residence.

Providing affordable banking services, like cashing checks, money orders, credit-building loans and second-chance checks, among other products.

Accepting loan applicants based on different credit histories, such as the records of utility payments, and allowing identification to be provided in form of Individual Taxpayer Identification Numbers that are issued to foreign nationals who work within the U.S. and don't have Social Security numbers.

The facility has English and Spanish materials as in addition to bilingual staff.

The inclusion of Latinos on the bank's board of directors or executive team.

Offering financial education through classes and financial coaching (for creating savings, credit building, buying homes, starting a business or other topics).

The banks owned by minorities are important:

About the authors: Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. His work has been featured by USA Today and the Los Angeles Times.

Ruth Sarreal is a content management specialist at NerdWallet. She has edited and written articles on topics related to personal finance for over five years.

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Walmart MoneyCard Review

Advertiser disclosure You're our first priority. Each time. We believe that everyone should be able to make financial decisions with confidence. And while our site doesn't feature every company or financial product in the marketplace, we're proud of the advice we provide as well as the advice we offer and the tools we create are impartial, independent simple, and free. So how do we make money? Our partners pay us. This could influence the types of products we review and write about (and the way they appear on our website) However, it doesn't affect our recommendations or advice, which are grounded in thousands of hours of research. Our partners are not able to be paid to ensure positive ratings of their goods or services. .

Walmart MoneyCard Review

By Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposit accounts Spencer Tierney is a consumer banker at NerdWallet. He has covered personal finance since 2013, with a particular emphasis on deposit certificates and other banking-related topics. The work he has written for him was covered by The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California.

Updated Feb 17, 2021

Written by Alice Holbrook Assigning Editor | Banking, savings, and home buying items Alice Holbrook edits homebuying content at NerdWallet. She has been covering personal finance topics for almost a decade . She has also was a member of NerdWallet's banking and insurance teams, as well as doing a stint on their copy desk. The location of her work is Ann Arbor, Michigan.

A majority of the items featured on this page are from our partners, who pay us. This influences which products we review and where and how the product is featured on the page. But, it doesn't affect our assessments. Our opinions are entirely our own. Here is a list of and .

Editor's note, July 12, 2021 Walmart MoneyCard, issued by Green Dot Bank, has been converted into a demand deposit account.

The Walmart MoneyCard prepaid debit card is a great price for loyal Walmart customers. The card, which is issued by Green Dot Bank, has cash-back reward points for Walmart purchases, as well as no-cost online services.

Best for:

Frequent Walmart customers.

People who want free bill payments and transfers between relatives and friends.

People who have struggled with managing their bank account in the past.

People who can load $1,000 or more each month, to avoid paying the more expensive monthly charge.

Click here to see more options: Check our list of

Walmart MoneyCard Pros:

Cash-back up to $75 rewards per year 3 percent from Walmart.com and 2% from Walmart gas stations, and 1 percent in Walmart stores.

Free cash withdrawals at more than 5,000 Walmart locations.

Reload your cash for free at Walmart stores with the MoneyCard application.

Direct deposit of pay or benefits from the government, for up to two or four days early.

Pay your bills online for free.

Are you searching for a way to build credit instead? Learn about

Walmart MoneyCard Cons:

A large sum of $1000 is required to pay off the monthly fee.

$2.50 fee for ATM and bank teller withdrawals, and any fee charged by a third-party a bank or ATM operator.

There is a $3 fee to reload cash at Walmart checkout, known in the industry as Walmart Rapid Reload; up in $5.95 in order to reload cash at retailers in the Green Dot reload network.

Are you ready to open an account with a traditional savings plan instead? See the

Overview of prepaid debit cards

What is a debit card that is prepaid?

A pre-paid debit card form of payment card that only allows you to spend the funds you deposit on the card. They aren't able to assist in building credit. As with debit cards, a prepaid card works with any retailer which accepts its payment network, like Visa, Mastercard or American Express. It's safer and easier than cash. Most prepaid cards have an app for mobile devices for depositing checks and transferring money. Find out more about our guide to prepaid debit cards.

As opposed to checking accounts, debit cards that are prepaid may lack some services such as free ATM branches, checks, among others. If none of that appeals to you, see our list of the top checking accounts. If you've been struggling with banks in the past consider second-chance checking options.

Prepaid debit card vs. debit card vs. credit card

Credit cards with prepaid cards -- make payments prior to the card is loaded with money the card via cash or checks or direct deposit to a bank account before paying for transactions.

Cardholders with debit cards- pay today Pay now: You can use the money directly from your checking account to pay for purchases or withdrawing money through an ATM.

Credit cards -- pay later: You take money from a bank when you use the card and pay the money back later.

What is the procedure for FDIC insurance on prepaid cards work?

Prepaid debit cards typically include FDIC insurance. This keeps your funds protected in case the issuer goes bankrupt. Only financial institutions are eligible for FDIC insurance, therefore a prepaid card is either controlled by a bank or by a prepaid card company that has a partnership with a bank in order to provide the insurance. You must sign up your debit card prepaid by submitting your full name, address and any other details of identification in order to be eligible to receive FDIC insurance, as well as other security.

Author bio Spencer Tierney is a writer, and NerdWallet's expert for certificates of deposit. He has had his work highlighted by USA Today and the Los Angeles Times.

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9 tips to get a good deal on your first auto loan Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with financial calculators and interactive tools that provide objective and unique content. This allows users to conduct research and compare data for free - so that you can make sound financial decisions. Bankrate has partnerships with issuers, including but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The deals that are displayed on this site come from companies that compensate us. This compensation can affect the way and when products are listed on this website, for example for instance, the order in which they may appear in the listing categories, except where prohibited by law for our mortgage, home equity and other products for home loans. But this compensation does affect the information we publish, or the reviews you read on this site. We do not cover the universe of companies or financial offers that may be available to you.

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6 minutes read. Published September 30 2022

Written by Allison Martin Written by

Allison Martin's career began more than 10 years prior to that as a digital content strategist. She's been published in numerous prestigious financial media outlets, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He believes in clear reporting that helps readers easily land deals and make the best decisions for their financials. He is a specialist in auto and small business loans.

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At Bankrate we strive to help you make better financial decisions. We are committed to maintaining strict ethical standards ,

this post may contain some references to products offered by our partners. Here's an explanation for how we make money .

The promise of the Bankrate promise

Established in 1976, Bankrate has a long record of helping people make smart financial choices.

We've earned this name for over four decades by making financial decisions easy to understand

process, and giving people confidence about the actions they should take next. process and gives people confidence in the next step.

so you can trust you can trust us to put your needs first. All of our content was written in the hands of and edited by ,

They ensure that what we write will ensure that our content is reliable, honest and reliable. Our loans reporters and editors concentrate on the areas that consumers are concerned about most -- various types of loans available as well as the best rates, the best lenders, how to pay off debt , and many more. So you can feel confident when making a decision about your money.

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Bankrate follows a strict standard of conduct, which means you can be confident that we'll put your needs first. Our award-winning editors and journalists produce honest and reliable information to assist you in making the right financial decisions. Key Principles We value your trust. Our aim is to provide readers with accurate and unbiased information, and we have standards for editorial content in place to ensure that this happens. Our editors and reporters rigorously check the accuracy of editorial content to ensure that the information you're reading is accurate. We have a strict separation with our advertising partners and the editorial staff. The editorial team of Editorial Independence Bankrate does not receive direct compensation by our advertising partners. Editorial Independence Bankrate's team of editors writes for YOU the reader. Our aim is to offer you the most accurate advice to aid you in making informed personal finance decisions. We follow strict guidelines to ensure that our editorial content is not in any way influenced by advertising. Our editorial team receives no directly from advertisers, and our content is fact-checked to ensure accuracy. If you're reading an article or review, you'll be able to trust that you're getting reliable and reliable information.

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The process of buying a car for the first time is to be one of the most stressful situations out there. With so many things to think about regarding the actual car to consider, the loan could fall by the wayside. Don't let it. Securing a requires research -and the more you do now you do, the better off your finances will be later. Low interest rates are the key to a low-cost car no matter the car you decide to purchase. 1. Be upfront about your budget. The most important factor when you purchase a car ought to be the cost. Be aware of the amount you spend each month, and the overall interest paid to . However, you must also take into account the maintenance costs you expect to pay for of the vehicle, fuel and insurance all contribute to the amount you'll spend. Experts advise not spending greater than 10% of income on your car. Utilize an estimate tool to calculate monthly payments and total interest paid. You can then look up resources such as Edmunds as well as Kelley Blue Book to see the amount you will pay for the vehicles you're considering buying. What you should take away from this is

Examine your financial situation to determine without stretching your budget too far.

2. Remember that longer terms mean a higher cost The average car is rising. It's not hard to find an loan lasting six to seven years however they have a major negative. A longer loan period does result in an lower monthly cost- which could be helpful when you're on a tight budget -however, it also means higher interest rates overall. Even if you purchase an affordable car it is possible to quickly be debt-ridden or owe more than what it's worth. For that first car loan, choose the shortest term you are able to afford each month. It may mean you have to cut back in other areas, but it's by far the safest choice to ensure that you don't end up having to pay more for your car than what it's worth. Key takeaway

You'll likely save a bundle in interest by choosing a shorter loan time frame, and you can minimize the risk of getting upside down on your car loan.

3. Check the credit score and report Your credit rating is one of the most important factor lenders consider when determining the interest rate. To get a good rate, you'll need an excellent credit score. Also, you'll need a history of on-time payments. If you've not had the opportunity to improve your credit score and history it will be a difficult getting a bargain. It could be necessary to pay this, which can mean an interest rate that is higher. If you're able to put off paying on your vehicle loan attempt to create a record of punctual payments. A low ratio of debt to income indicates to lenders that you are able to manage your finances. Create a positive financial picture for lenders to get a good deal. Key takeaway

Work on improving your credit score prior to applying for an interest rate that is competitive on an auto loan.

4. Choose with more than one lender Ccomparing lenders is just as critical as comparing cars for a great deal. There are a variety of lending options to choose from. include: If you have a poor to no history of credit you may be eligible for a first-time buyer's loan through a local credit union. You'll have to be a credit union member in order to qualify for loans So, inquire about how to join prior to proceeding. Large banks: Customers with an existing relationship with a traditional institution may be eligible in the auto loan. As a first-time car buyer you could be charged higher interest rates. Internet lenders generally have less strict eligibility requirements that traditional bank. This is a good thing for those who do not have credit history or a high score, but you can expect a higher rate of interest to mitigate any risk posed for the lender. Marketplace lending: The online platforms have a vast network of lenders. When you submit an application, it is shared with the network so you can see potential loan offers from lenders that may be a suitable match. The lenders you can use as captives: may also secure financing through a , or the finance company of the manufacturer of your vehicle. They usually offer auto loan programs for currently enrolled students and recent college graduates. Each lender offers different rates and ways of determining who is eligible for what terms. It is essential to research and make an application with a variety of lenders. This allows you to see what you can qualify for, what you could spend and what you can expect to pay every month. Key takeaway

Shopping around helps ensure your get the most competitive deal on auto loan.

5. If you're preapproved, shopping around offers additional benefits that is it could end up with a period of up to 30 days. When you ask for preapproval the lender generates an informal inquiry that doesn't affect the credit rating of yours. You'll have time to visit dealers and automobiles without the stress of having to obtain financing. Preapproval gives you the advantage in negotiations. Dealer financing is usually expensive because dealers mark up their rates in order to make profits. However, if you go to the dealer with a preapproval form and a preapproval letter, you might be able to negotiate a good deal on in-house financing -should that be the route you want to go. Some dealers will also provide the choice between or low-interest financing. If you've already managed to secure an unbeatable rate with another lender Your choice is easy: reward yourself by recouping the cost. The most important thing to remember

Preapproval helps you narrow down your list of potential lenders and minimizes the impact on your credit score.

6. Make a decision between used, new or leased Lenders offer different rates on auto loans for . Lessors have their own method of calculating the monthly payments -- called the factor rate -- and you should study the factors prior to taking this decision. If you plan on buying, know that new cars generally offer lower rates across board. However, brand new vehicles are also more expensive and will decrease in value more quickly due to depreciation. Therefore, even though you'll pay more interest for a used car, you may still save money. What's the most important takeaway

New cars typically come with more affordable loan terms than used cars however, your total cost will be more expensive.

7. Find specials offered by the manufacturer. Many companies offer first-time buyers programs. Some offer discounts special deals for students in college and recent graduates. If you are planning on purchasing a brand new car, have the income and credit to back it up, and are interested in financing through your home is a good idea to check if you could save a few dollars. Manufacturers can also offer rebates and special leases for new models. Keep an eye out for these. There will be a limit in the items you can purchase and the amount you can spend it. But if you already have a clear idea of what you'd like and have excellent credit, manufacturers specials could make a difference on the cost of your first auto loan. The most important thing to remember

Contact the dealer to see whether you are eligible for financing incentives if you're buying a new car.

8. Use a co-signer or co-borrower If you don't have great credit, you might have a chance be able to get a great deal. The lender will take into consideration both credit scores in deciding whether or not to finance your vehicle. A loan to the vehicle, however you will be liable for the loan when you fail to pay on time. But, a co-borrower shares ownership of the vehicle and equal responsibility in your loan together with the borrower. No matter which option you pick the person you choose to borrow from, they must be able to demonstrate excellent credit and a steady source of verifiable income that is sufficient to meet the lender's minimum requirements for approval. Key takeaway

A co-signer or co-borrower can increase your chances of approval and enable you to secure an even better rate on an auto loan.

9. Make a large down payment Once you know how much you can spend starting with a minimum of 20% of total cost. If you're unable to afford this amount, you should aim for an amount of minimum 10%or whatever you can be able to. Try Bankrate's tool to find a figure that works for you. It's tempting to buy an expensive car however, first-time buyers -- and every car purchaser should use a down payment to cut down on the amount they must finance. A bigger down payment can increase the chances of getting a favorable interest rate, and also lowers the amount you pay each month and reduces the amount of interest you'll be paying throughout the loan's duration. Key takeaway

A bigger down payment can make you eligible to get better loan terms, and your monthly payment will be less expensive.

Next steps The key to getting a good deal on your first car loan is to be in the game and compare. You can walk away with the best rate when you compare lenders, saving up on a down payment, and working on your credit score. Learn more

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Written by

Allison Martin's work started over 10 years prior to that as a digital content strategist, and she's since been published in several leading financial publications, including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since the end of 2022. He is a fan of transparent reporting that allows readers to successfully find deals and make the best decisions for their financials. He specializes in auto and small business loans.

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How to Deal with Debt Collectors in 3 Steps

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How to Handle Debt Collectors in 3 Steps

Do not be rushed into making payments. Make sure you are aware of your debt and your rights.

By Sean Pyles Senior Writer | Personal finance and financial debt Sean Pyles leads podcasting at NerdWallet as the producer and host of the NerdWallet's "Smart Money" podcast. On "Smart Money" Sean talks with Nerds from NerdWallet's NerdWallet Content team to answer listeners' personal finance questions. With a particular focus on sensible and practical advice on money, Sean provides real-world guidance that can help consumers better the financial situation of their lives. In addition to answering listeners' financial concerns on "Smart Money" Sean also interviews guests who are not part of NerdWallet and produces special segments on topics like the racial wealth gap as well as how to get started investing and the background of college loans.

Before Sean was the host of podcasts at NerdWallet the company, he also wrote about topics that dealt with consumer debt. His writing has been featured throughout the media including USA Today, The New York Times as well as other publications. When he's not writing about personal finance, Sean can be found digging around the garden, taking walks, or taking his dog on long walks. He is based at Ocean Shores, Washington.

Last updated Mar 17th, 2023 at 5:00 PM PDT

Editor: Kathy Hinson Lead Assigning Editor Personal finances, credit scoring financial management and debt Kathy Hinson leads the Core Personal Finance team at NerdWallet. Prior to joining NerdWallet, she worked for 18 years at The Oregonian in Portland in capacities such as chief of the copy desk and team leader for design and editing. Her previous experience includes news and copy editing for several Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in journalism and mass communications from the University of Iowa.

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A debt collector is trying to hound you, seeking payment on an outstanding consumer debt. The tactics are annoying at best, and criminal, or even illegal, in the worst case.

It is essential to understand how to handle debt collectors - including understandingto assert your rights and select the best way to . Before you speak to anyone or make any payment make sure you follow these steps:

Watch your debts dwindle

Create an account that allows you to connect your cards, loans and accounts to manage them all in one location.

Three steps to handle a debt collector

1. Do not give into pressure to make a payment on the first call

Just as you wouldn't jump into an agreement without understanding its terms, don't rush to make a payment if the debt collector calls you. Make time to consider your .

"A lot of people are embarrassed of having debts and that's the reason debt collectors prey on," says Ramon Khan, a former debt collection agency from Texas who is now working in the field of online marketing.

"They create this urgency and prey on these pain points to force you to pay something. If, at the end of the day are owed the sum of $50,000, $100,000 or even more, they really don't think you'll pay all of it. If they can convince you to pay a portion of the amount, it contributes to their quota."

Don't pay, don't say to pay and don't divulge any information regarding payment to the collector could use in the future. Request information about the debt and promise to contact them to discuss the issue at a later time.

A single paymentas little as $5 or $10 -- is an acknowledgement of debt, which can result in serious consequences. If the debt is over the due date, for instance, making a payment will reset that clock and could lead to a lawsuit or .

Readers can also ask questions.

Do you have the right to go to jail for not repaying the payday loan?

Refusal to repay a loan is not a crime violation. In fact, it is to be the duty of a lender to threaten a borrower with arrest or jail. Nonetheless, some payday lenders have been successful in making use of bad-check laws to file criminal complaints against borrowers, with judges erroneously rubber-stamping the lawsuits.

How do I dispute the loan?

There are two options that you can make use of to dispute the debt first, the debt collector must send you, with a description of the debt as well as your rights around disputing the debt; and secondly, the debt verification letter. You can submit a written request to get more information and to temporarily stop collection efforts.

What happens if we don't cooperate with a debt collector?

The failure to pay a debt can put your earnings, bank account or property at risk. Additionally, you may lose the right to contest that you owe the debt.

2. Find the information you need

If the original creditor sells the debt to a third-party -- which might later resell the debt, and so on -- recordkeeping often falls to the side. Many sold debts are erroneous in the amount of debt or even the person who owes the debt.

Collection practices for debt are one of the biggest sources of consumer complaints with the Consumer Financial Protection Bureau as a result. More than 70,000 complaints were submitted in 2021 about the subject The main reason for this was consumers being asked to settle debts they did not owe (zero) Consumer Financial Protection Bureau . . Accessed Apr 7, 2022.

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You should request a copy from the collector of the debt if you do not receive one within 5 business days from the first time you contact. It should include details on the debt, the collection company and ways to challenge the debt.

Make your own notes on the debt in the event that it's yours including details about the creditor's original identity and payment history.

Keep accurate records of communications with the debt collector, as well as any previous payments. It is recommended to use certified mail for the most reliable evidence.

Find your debt in a simple method

Sign up to NerdWallet to see your financial breakdown and future payments all in one spot.

3. Be aware of your rights and how to use them

This is your friend. The law defines your rights as a buyer and shields you from the shady collection practices. For instance:

Communication: You can specify what and when you can contact you -- and that they cease communication altogether. Debt collectors are not allowed to making use of profane language or threats to commit violence.

Honesty: Debt collection agencies cannot lie to you regarding the identity of their representatives, how much money you owe or the legal consequences of not paying your debt -for example threats of arrest.

The debt is disputed The debtor has the right to contest the debt. If you contest this debt before 30 days of the first contact, the debt collector is not able to demand money until you have made sure the issue is settled. After 30 days, you are able to continue to challenge the debt but the collector can seek payment during the time the dispute is being examined.

You can if your protections under the FDCPA have been violated. Your state may offer additional consumer protections. Check with legal aid in your region or with your state attorney general's office.

Understand your federal and state safeguards during the collection process. The state's laws and your own are excellent resources.

If you're sending a letter to debt collectors to ask for more details about the debt or asking that a debt collector cease contact, you should know how to use your rights as a consumer do not be fearful to do so.

About the author: Sean Pyles is the executive producer and host for NerdWallet's Smart Money podcast. His work has appeared on The New York Times, USA Today and elsewhere.

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How to become Uber's Driver Beginning's guide

Advertiser disclosure You're our first priority. Each time. We believe that every person should be able to make sound financial decisions without hesitation. Although our site does not feature every business or financial product that is available on the market, we're proud that the advice we provide, the information we provide and the tools we create are impartial, independent simple, and completely free. So how do we earn money? Our partners compensate us. This can influence the products we write about (and the way they appear on the website) however it in no way affects our suggestions or recommendations which are based on hundreds of hours of research. Our partners do not be paid to ensure positive review of their services or products. .

How to become Uber Driver: A Beginner's guide

Through The Nerdwallet contributors are specialists in their fields, who come from various backgrounds including finance, journalism, and consulting. Our editorial standards are the strictest quality of journalism to ensure our readers have the knowledge that they need to make decisions about their finances with confidence. Learn more about our

Published Jun 30, 2022 10:20AM PDT

Editor: Courtney Neidel Assigning Editor | Personal finances, budgeting, buying Courtney Neidel is an assigning editor to the personal finance department at NerdWallet. The editor joined NerdWallet in 2014 and spent six years writing about budgeting, shopping and money-saving tips before she was promoted to editor. Courtney has been interviewed as a specialist in retail by "Good Morning America,"" Cheddar and CBSN. Her previous work experiences include writing freelance for California newspapers.

Many or all of the products featured here are provided by our partners who pay us. This influences which products we feature as well as the place and way the product is featured on a page. But, it doesn't affect our assessments. Our opinions are our own. Here's a list and .

Uber drivers Uber is frequently advertised as a simple way to sign up and then drive. But it's not so simple.

You'll need to meet age, vehicle and insurance requirements, as well as be able to pass a background checkthat can take up to a couple of weeksbefore you are able to begin earning.

Here's what you need to be aware of before you begin driving for .

Uber driver requirements

You must tick at least these boxes to become Uber's driver: Uber driver:

You must be at least 18 years old to drive an Uber in your area.

Possess an active U.S. driver's license.

At least one year license-issued driving license within the United States (three years if you're younger than 25 ,).

Pass a screening process which includes a review of your driving record and possibly a background search.

You must provide proof of residency in your state or city.

Give proof of , if you're planning on driving your own car.

Be aware that Uber drivers are also able to rent their vehicles, which include insurance. Find details on .

Easy money management

NerdWallet monitors your earnings as well as your bills and offers ways to save money.

Uber vehicle requirements

The general rule is that Uber cars must be maintained in good condition, have four doors and meet state requirements for example, passing a smog exam or being registered with the most recent date. Other conditions include:

Pass inspection requirements, which vary by city and state.

Meets the age requirements of vehicles in your city and state (typically between 10 and 15 years old, or more).

Not titled as salvage or rebuilt.

No commercial branding.

Additional requirements may be required for driving services, such as UberX.

Uber insurance needs

Uber drivers require auto insurance coverage. Minimum insurance requirements vary by state, and some places have special requirements for ridesharing drivers.

Uber also provides insurance coverage on behalf of its drivers. This coverage begins after you've accepted a request for a ride and may be extended in the event that you're awaiting a request (if your personal insurance doesn't cover the incident).

Consult with your insurance company prior to signing up as a ridesharing driver -you could lose your policy if you don't disclose your new gig. Your individual policy could leave you with coverage gaps. In that case, consider purchasing insurance if it's available in the area you reside. A commercial auto policy may need to be purchased for specific kinds or Uber drivers.

How much do Uber drivers earn?

Drivers can earn between $5 and $20 an hour working for Uber as well as an online review site for money-making platforms.

The amount you earn in your job as Uber driver is contingent upon when you drive, where you go and how often you drive, in addition to any bonuses or tips you may receive. It is important to note that drivers have to pay for gas and vehicle maintenance and travel by themselves.

How to earn the most money as Uber driver? Uber driver

Be familiar with the different bonuses and earning options. Check for guaranteed-pay promotions in your local area. These will guarantee your hourly or weekly earnings as long as you meet certain conditions.

Take advantage of the peak times -- when the demand for rides is at its highest and you can take advantage of Uber price increases. That might mean waiting for rides after the event or being available to drive during the morning commute.

A high-quality rating can help you earn more Be sure to keep your car clean Be nice and utilize a reliable GPS.

Find other methods to earn money from the road.

If Uber isn't for you then you might consider becoming a . If you'd rather transport packages or food items rather than individuals, certain delivery services such as and have looser rules. For example, you may be permitted to drive an older vehicle or even a scooter.

Before signing for anything, find out more about what it means to work in the .

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