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Can I Apply for a credit Card If I'm Unemployed?

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Can I apply for a credit Card If I'm unemployed?

Yes, as long as you're still able to earn income -- but that does not have to be an annual fixed salary. Even even if you don't earn a salary however, you're not completely out of alternatives.

By Melissa Lambarena Lead Writer | Credit cards, the debt Melissa Lambarena is a lead writer for the credit card team of NerdWallet. She has been a passionate writer covering the subject of credit cards for over six years. Her previous experiences include nine years as a content creator for several websites and magazines. In her writing, she hopes to assist readers in extracting the value of credit cards for financial goals such as increasing their budget, establishing credit, traveling to dream destinations and paying off debt. She explores these issues along with others in the Millennial Money column featured in The Associated Press. Her work has also appeared in The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor's diploma of sociology, earned from the University of California, Los Angeles.

as well as Erin El Issa Senior Writer Data analysis, personal finance credit cards Erin El Issa writes data-driven research on personal financial matters, credit cards, investments, travel and student loans. She is a fan of numbers and hopes to demystify data sets to help people improve their finances. Before becoming an Nerd in 2014, she worked as a tax accountant and freelance personal financial writer. Erin's writing has been featured in The New York Times, CNBC, the "Today" program, Forbes and elsewhere. In her free moments, Erin reads voraciously and struggles to keep on top of her two kids. She is based in Ypsilanti, Michigan.

Updated Sep 23rd, 2021, 8:29AM PDT

Edited by Kenley Young Assigning Editor Credit score, credit cards Kenley Young is the director of daily coverage of credit cards on NerdWallet. Prior to that, he worked as an editor of the homepage and digital content producer for Fox Sports, and before that , a front page editor for Yahoo. He has a wealth of experience in both digital and print media, with stints as an editor at the copy desk as well as a wire editor, and an editor for metros at The McClatchy Newspaper chain.

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In the event of unemployment, it doesn't automatically exclude you from getting credit card. Credit card companies are more concerned with your earnings than your work. They also take a look at your credit history and the amount of debt you have.

You are able to meet the income requirement even without a job , by adding on your application any income you have access to. If your earnings come up short, rest easy. You still have options to build or maintain credit.

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Find the most suitable card for your credit

Check your score anytime You can check your score at any time, and NerdWallet will show you which credit cards have the most sense.

In your application, you can list income from the applicant.

Take a look at the income you depend on to make it by while you're unemployed. If you're older than 21, the allows you to declare any income from your household to which you have an "reasonable expectation of having access." This could include the income of your spouse or partner and also sources of nonwage income such as investment returns and Social Security payments. In the event that you've been laid off from your position, you could include unemployment compensation on your application.

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" It is the Credit Card Act of 2009 allows you to declare every household income for that you have a "reasonable expectation of access.' "

Getting approved for a credit card depends on your income, credit history , and also your credit score, which is the amount of debt you are currently paying as a percentage of your earnings. Once you're accepted, the credit limit will be determined by your income as well as your debt-to-income ratio.

The Credit Card Act requires lenders to look at your capacity to pay your bills before you can apply for credit cards. That's why some also look into your obligations to pay like rent, mortgage, alimony or debts.

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When your income isn't enough

If you don't have enough money to be eligible for a credit card on your own, you're still not shut out completely. There are three choices:

1. Apply for a secured credit card

You will need a security deposit to serve as collateral in case you don't pay your bill. The amount you deposit determines the credit limit. Due to the deposit, it's typically simpler to qualify for a secured card than a regular, unsecured card, and the requirements for income may be less strict. The deposit is returned when you close the account or upgrade to a normal credit card.

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2. Recruit a co-signer with a excellent credit and a steady income

It's not common these days however, there is an acquaintance or family member who will make the payments when you can't. It's still your responsibility for the debt The co-signer acts as an extra option. This is a great favor to ask of someone. It is important to stay on top with your obligations to not harm the credit score of your co-signer as well as yours.

3. Become an authorized user on the credit card of someone else

A friend or family member is able to make you an account on their account. You'll receive a credit card with your name on it that's linked to their account. They will be responsible to make the payments. You can work out the terms with them on a spending limit and payment plan. Follow the plan strictly to not harm the credit score of the cardholder who is primary. You're now tied to your credit scores, so it could impact you, too.

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Nerdy Tip

In recent years, many"sophisticated" credit cards have appeared on the market, advertising non-traditional underwriting guidelines to evaluate creditworthiness (aside from looking at FICO scores on their own). Although these cards could be an option for those who have a limited or no credit, you'll still have to meet income requirements, like conventional credit card companies.

You can get credit cards while you are working however, is it an appropriate choice?

It depends on your personal situation.

If you're seeking access to credit to pay for important expenses, exercise caution. Credit card debt is notoriously costly. If you have money in savings that you can draw from or a loved one willing to provide you with an loan until you get a new job, those might be better options.

If you're attempting to apply for a credit card in order to purchase a product, and you have the funds to cover the cost each month, it could be a good idea for you. There are a few types of cards you may want to consider first:

Most cards give you up to 12-18 months with no interest credit card swiping however you'll likely require at minimum to be eligible (typically with a minimum of 690 or greater). Keep in mind that you still need to make at least the minimum monthly payment. True 0% APR offers, by the way differ from those where retroactive interest will be charged if you don't pay the balance in full before your 0% rate expires.

: If you have (FICO scores that are at minimum 630) -- or you have good credit but it will take you longer than the typical APR at 0% for you to pay off your debts -you should consider a credit card that has an all-time low rate of interest all the time might be a good option. "Low rates of interest" credit cards are expensive compared with other forms of credit, however they can help you save cash when compared to .

Carrying a credit card balance isn't ideal, especially when you don't have a steady source of income. However, if you require one to pay for necessities consider low-interest alternatives and ensure that you pay at least the minimum monthly amount until you can find a new job.

Bottom line

It doesn't have to be a barrier to credit card acceptance if you have credit that is good and a source of income you can utilize to pay for the expenses. However, whether you're employed or working and a credit card, make sure to use it prudently. Do not charge more than you can afford and try to pay off your balance in full every month to avoid the cost of interest. If that's not feasible due to the circumstances of your job, you should plan to pay off your balance as soon as possible after you are back on your feet.

About the authors: Melissa Lambarena is a credit card writer at NerdWallet. She has had her work featured in The Associated Press, New York Times, Washington Post and USA Today.

Erin El Issa is a credit cards expert and studies writer at NerdWallet. Her work has been featured on USA Today, U.S. News and MarketWatch.

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Credit Settlement: How It works and the risks you face

Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able to make sound financial decisions without hesitation. Although our website does not feature every company or financial product on the market We're pleased that the advice we provide and the information we offer and the tools we create are objective, independent simple, and completely free. So how do we make money? Our partners compensate us. This could influence the types of products we write about (and the places they are featured on our website), but it doesn't affect our recommendations or advice, which are grounded in hundreds of hours of research. Our partners are not able to be paid to ensure positive ratings of their goods or services. .

Debt Settlement: How It Works and Risks You Face

By Bev O'Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O'Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She has a bachelor's degree in journalistic studies from Auburn University and a master's in education from Georgia State University. Before coming to NerdWallet she worked for newspaper publishers, including daily ones, MSN Money and Credit.com. Her work has been featured on The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and elsewhere. Twitter: @BeverlyOShea.

Updated on Jun 24, 2022 at 10:58AM PDT

Edited by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, managing money 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. Prior experience includes news and copy editing at several Southern California newspapers, including the Los Angeles Times. She graduated with a bachelor's in journalism and mass communications in The University of Iowa.

A majority of the items featured on this page are provided by our partners who compensate us. This affects the products we review and where and how the product appears on the page. However, this does not influence our opinions. Our opinions are entirely our own. Here is a list of and .

Table of Contents

Table of Contents

The term "debt settlement" means that a creditor has agreed to accept less than what you owe in full as a payment. Once it accepts that deal it is no longer able to hound you for the amount and you won't have to be concerned about whether you'll get sued over that particular debt.

It seems like a great deal, but debt settlement can be risky.

Debt settlement can destroy your credit.

The process of settling a dispute can take a long time complete -- usually between two to four years.

It could be expensive.

Even if you succeed at debt settlement it may take years to complete and you could realize that you owe tax for any debt that you have forgiven. If you choose to use a debt settlement company, you'll pay fees. It is a last resort.

Make sure you track your debt the simple way

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

How does debt settlement work

Debt settlement can be used only if you have a lot of payment due dates or missed payments and even collections accounts. A creditor or collector will not accept lesser than what you owe when there's a an indication that you might not be able to pay the amount that you originally agreed to.

Your will have been shredded and you'll feel hopelessly behind and your income isn't enough to keep up with the debts you owe.

Companies that deal with creditors to lower what you owe, mostly on unsecured debt such as credit cards. It's not an option for some types of debts, such as a house that is foreclosed or a car that may be taken back. The majority of companies do not pay federal student loans however you might be in a position to . If you're struggling with your student loans, an might help you.

Settlement offers work only when you don't make any payments, and you don't make payments to your loans. Instead, you open an account for savings and make the monthly installment there. When the company that settles your account believes the account has enough for a lump-sum offer, it will negotiate on your behalf with the creditor to agree to the lesser amount.

Readers also ask

Do debt consolidation loans hurt your credit?

The debt consolidation process can improve your credit if it helps to make timely payments or decreases account balances, especially if the balances on your credit cards were close to their limits. Your credit if you run up credit card balances again and close all or the majority of your other cards or make a late payment on the credit consolidation loan.

How can I cut down my credit card credit card

Bankruptcy and debt settlement can help to reduce or completely eliminate debt from credit cards, however they can severely affect your credit score. The management of debt reduces interest ratesand the impact on credit is less significant. This can lower interest rates as well.

How can I lower my credit card?

Reduce your debt in three steps: 1. Determine the amount you owe. 2. Determine which payoff strategy is going to best suit your needs. 3. Set a goal and keep track of your performance.

The risk of debt settlement

Some companies offering debt settlement say they can reduce credit by up to 50% and make your debt free in only 36 months.

However, the procedure is not as clear-cut or as easy as it sounds. In our opinion, debt settlement should be the last resort.

Here are the potential risks involved with the settlement of debt:

Your credit rating will suffer a blow If you're still not delinquent on your accounts, you will be once you transfer debt payments to the settlement account. The debts and accounts that are delinquent and charged off by lenders stay on your credit for seven years.

Penalties and interest will continue to accrue: You'll likely be hit with late fees and penalty fees as well. Interest will continue to accrue on your balance.

There's no assurance of success: The two largest debt settlement firms are and . Freedom Debt, for instance claims to have settled greater than 10 billion dollars worth of debt for more than 650,000 customers since the year 2002. There's no assurance that the debt settlement firm can resolve your debt for much less, given that some creditors are not negotiating with them.

According to a study by the Center for Responsible Lending, an independent research and policy institute, most consumers would have to settle at minimum four accounts before receiving the net gain. In addition, debt totals could increase as fees are accrued and aggressive attempts to collect may continue during the negotiation process.

You have to pay an amount in the event of a debt being settled by law. companies can't charge you up front fees. Most of them have a percentage charge for each amount they pay, depending on the debt's balance when you enrolled in the program. Some charge a portion of the debt eliminated by the settlement.

As an example, suppose you owe $10,000 and the agency negotiates a deal for $6,000. The agency will charge 25%.

If the agency is charged a percentage of the debt that is settled then you'll pay the creditor $6,000 and pay an agency $2500 in charges (25% of the $10,000 balance that you enrolled). Total: $8,500.

If the agency is charged a percentage of the eliminated debt, you'll pay the lender $6,000 and the agency $1,000 in charges (25 percent of the $4,000 of eliminated debt). Total: $7,000.

You'll pay additional fees in addition to the charges paid to the debtor when the debt is settled the customer may also be subject to other fees, such as an initial setup fee and a monthly fee to keep the account created under the program.

If you have forgiven your debt, it could be tax deductible It is important to know that Internal Revenue Service generally regards forgiven debt as income. You may want to consult a tax professional about other taxes you'll be liable upon settling your debt.

If you do decide to engage the services of a debt settlement professional, be careful. It's easy to fall into a state of panic when you're feeling desperate and are able to see the promises from . It's been reported that the National Consumer Law Center has said debt settlement companies are "almost never worth it and could lead consumers into deeper financial trouble."

The Consumer Financial Protection Bureau takes more of a softer approach, but still cautions consumers strongly in advising that dealing with such companies can be risky and that alternative alternatives should be considered first. There have been over 300 complaints about debt settlement companies to the CFPB since 2014. Most of the complaints included fraud and fees that were too high.

Other options to settle debt

Michael Bovee, a debt settlement coach and a frequent critic of his industry (he has testified before the Federal Trade Commission in favor of more regulation), advises erasing your debt through Chapter 7 bankruptcy and starting from scratch, if you've got the choice.

If you are a borrower who is overwhelmed with debts that are not secured such as credit cards, think about how your options compare, like . A is almost always the better choice. Yes, bankruptcy will ruin your credit for many years, but the rebuilding process can begin immediately. Consultations with a bankruptcy lawyer are typically free, though you'll have to pay filing and legal costs if you opt for this option.

"If you are able to erase your debts through bankruptcy, such as a Chapter 7 bankruptcy, that's an excellent alternative to trying to negotiate settlements," says NerdWallet columnist Liz Weston, author of "Your Credit Score" and "Deal with Your Debt." "Only if Chapter 7 isn't an option and you decide not to apply for bankruptcy, or you can only qualify for a Chapter 13 repayment plan -- should you consider the option of debt settlement."

If you don't qualify for a bankruptcy or don't wish to declare one, you might consider the possibility of a donation through a nonprofit . The option you choose to take won't necessarily reduce the amount you must repay but it can decrease your monthly payment by stretching them out or through reducing your interest rate. It's less likely to have an impact on your credit than bankruptcy or a debt settlement.

If you decide to pursue settlement, you can do so.

If you think debt settlement is the best or most appropriate choice for you and you want some help in the process of pursuing your debt, Bovee has tips for selecting a company with care:

Contact the company to determine whether there's a history of complaints.

Beware of any business which offers cash in advance or promises that your debt will be paid.

Make sure fees are structured in a proportion of debt eliminated rather than of debt balance at enrollment; that gives the company incentive to reduce your debt.

Beware of companies who promise to assist you in resolving debts to have them declared "invalid" (a strategy that can backfire and result in more aggressive enforcement against you).

If you're not planning to use a debt-settlement company, consider using an attorney or do it yourself.

Lawyers can bill by the hour, have a flat fee per creditor or take a percentage of the debt or debts that are eliminated.

If you're in serious debt, it usually doesn't hurt to contact your creditors. Some banks have hardship programs which could be able to help. However, make sure you are able to afford any reduced payment options your bank might provide.

If you're interested in trying to do it, learn the likely outcomes.

You might want to gather as much cash as you are able to to make a lump-sum offer, whether this means taking a part-time job or selling equipment for sale which has been sat in the basement or taking money out of your cousin. (Creditors might be more likely to accept a lump sum offer that allows them to receive money quickly, instead of taking a chance on payments that might not come.) Also be aware that some creditors may have a policy against paying off debts.

The author's bio: Bev O'Shea is a former credit writer at NerdWallet. Her work has appeared in the New York Times, Washington Post, MarketWatch and elsewhere.

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How to negotiate a car lease Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering you interactive tools and financial calculators that provide objective and original content. We also allow you to conduct research and compare information at no cost to help you make informed financial decisions. Bankrate has partnerships with issuers such as, but not restricted 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 compensate us. This compensation may impact how and when products are featured on the site, such as for instance, the order in which they may appear within the listing categories, except where prohibited by law. Our mortgage or home equity products, as well as other home lending products. This compensation, however, does not influence the content we publish or the reviews you read on this site. We do not include the vast array of companies or financial offerings that could be available to you.

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5 minutes read. Published on August 9, 2022.

Written by Allison Martin Written by

Allison Martin's work began over 10 years ago as a digital content strategist. She's been published in several leading financial media outlets including The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

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

Rhys has been writing and editing for Bankrate since the end of 2021. They are dedicated to helping readers gain the confidence to take control of their finances by providing clear, well-researched information that breaks down otherwise complex topics into manageable bites.

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Are you thinking about a car lease to ride in style for only a fraction of the cost you'd spend to buy a new vehicle? Learning about the process of leasing a car, including learning the latest terms used in the industry and the details of lease agreements is essential to landing a good deal. Shopping around and exploring the offers and discounts offered by multiple dealers is another great way to help you negotiate a car lease with confidence to ensure you get the best lease deal for your needs. If you visit an auto dealership to purchase a new car the salesperson will expect you to make an offer lower than the price they are asking for. It's not always the case with lease deals, but there is a step-by-step procedure to negotiate a lease. 1. Learn the jargon easy to become overwhelmed by the language, especially if are not in the auto industry. However you could gain an advantage by understanding the terms dealers use prior to you sit down to sign a lease agreement. Here are some common lease-related terms that dealers use. Acquisition fee The acquisition fee, which is often also known as the assignment fee or even the origination fee is a charge imposed by the dealer in order to establish the lease. The amount of this fee can vary from $0 to $1000, according to Edmunds. If you don't have the money to pay the purchase fees upfront at the time of establishing the lease, it can be rolled into your monthly lease payment. Price for buyout A lease buyout generally requires the purchase of a leased car at the conclusion of the lease, or in some cases prior to the due date for its expiration. The price for buying out is the amount the dealer would charge, should you decide to take this step. Cost reduction cap Cap reduction -also known as capital cost reduction are all upfront payments that lower the amount you finance. This could include trade-in credits, incentives, rebate amounts and even making a larger down payment. Disposition fees Disposition fees are the expenses associated with cleaning your vehicle and keeping it in tip-top shape to allow someone else to buy it when you return it. Gross capitalized cost The vehicle's sales price, also known by the term "market value is the cost that has been capitalized gross. "This may be a fancy word for the price of the vehicle , including any other fees such as balances, taxes, and other charges," says David Undercoffler, editor in chief of Autolist. Residual value value is a projection of what the vehicle will be worth at expiration of the lease. This figure is determined by depreciation and industry data. "With the residual value, the seller will estimate the value of the vehicle worth after you trade it over," says Mike Quincy Auto tester and writer of Consumer Reports. "It's established at the start of the lease and used to calculate your monthly base payment." 2. Look for deals Google search for "special lease deals" isn't enough to get the best deal. Go higher by creating an outline of all the deals you come across and consider broadening your search to areas outside of your area. When you've compiled a list of lease deals on your favorite makes and models, contact each dealer to confirm the specifics. You should also be aware of any other deals that may not be advertised on the internet. 3. Begin negotiations when you have narrowed down your list, plan an appointment with the dealer. Test drive the vehicles you're considering and begin the discussions. Some items the dealer may be willing to negotiate include the purchase price. Do you intend to purchase the vehicle take the lease out at the end of the lease? If so, the dealership may be willing to cut you a deal on the buyout price. "This is a good cost to negotiate at the beginning of the lease when you believe there's a chance you'll decide to purchase the car at the end term," says Undercoffler. Negotiating the price of the buyout up front is particularly important as it's typically impossible to negotiate this cost after a lease ends, says Undercoffler. Disposition fee You may be able to get a break on the disposition fee if you don't intend to turn the vehicle in or exchange it to a new lease after the lease contract expires. Make sure to negotiate it at the start instead of trying to work around it after the expiration of the lease. Gross capitalized cost is often the reason that dealerships will offer a low monthly payment as a selling point to entice buyers. But, it is important to try to negotiate the vehicle's cost of sale, which is also its capitalized gross cost. By negotiating, you may be able to get an affordable monthly installment without the need to consider extending the lease term. "The gross capitalized cost will impact the monthly installment and also the final buyout figure of the vehicle. This cost is 100 percent negociable," says Nathan McAlpine the owner of CarMate which is an auto broker business. However, in certain situations, such as when a dealer is offering the lease at a particular monthly rate, this cost may be more difficult to bargain. In such instances the lease conditions are typically pre-determined, according to Undercoffler. Mileage allowance Most leases limit the number of miles you are allowed to drive -- often to 10,000 to 12,000 miles annually. And if you exceed this annual limit, there will be an additional fee to be paid. Don't be tricked into accepting the lowest mileage allowance when you are a frequent driver. Instead, you should request a larger allowance at a reduced rate when you sign the lease so that you can save cash when you hand the car in. "If you know you'll be driving more than the allowance for mileage, it's a very good option to negotiate a higher mileage cap for an up-front cost, or not charge in the first place, instead of getting hit with the per-mile penalty when the lease expires," says Undercoffler. "Just be aware that if you bargain for a higher cap on mileage that it will reduce the residual value of the vehicle as well as the buyout amount, since it will theoretically put more miles on it." If you're negotiating your mileage allowance, it's essential to know about how many miles per year you typically drive. "If you are charged for additional miles in advance, you won't get the amount back if do not use them," says Quincy. Money factor The cash factor determines the rate of interest you pay for leasing the car. If you have very good credit -- typically 740 or greateryou should not have a problem securing the lowest interest rate the dealership offers. 4. Close the deal It is important to go through the lease agreement prior to signing the contract. Lease agreements typically contain the following details: The required down payment If there is one. The cost of the lease which is sometimes referred to as the money factor or rent charge. Value of the car at the start and end of the lease. The annual mileage limitation. A comprehensive fee schedule that includes the cost for wear and tear extreme damage, and any other costs you could incur at the end your lease. The cost to end the lease in advance. What cannot be negotiated? Although you can negotiate several fees, there are some limitations. However, you're not likely to get much success negotiating the following: Acquisition fee Dealerships usually do not waive the administrative fee however they will let you roll it into the lease payment should you need to. Residual value: This number is not negotiable since it is a way to account for depreciation as well as information from the industry. Also, lowering the residual value by too significantly means that the dealer could lose money if you decide to buy the vehicle instead of selling it. The bottom line It is possible to negotiate a favorable deal on a car lease however you must do your homework before visiting the dealership. It's not just essential to know the terms dealers employ as well, but it is also important to evaluate offers from different dealerships, learn what's negotiable and be sure to read the fine print on the lease contract prior to signing the deal. Learn more

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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 publications such as The Wall Street Journal, MSN Money, MoneyTalksNews , Investopedia, Experian and Credit.com.

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What Is a Hard Inquiry?

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What is a hard Inquiry?

A hard credit inquiry could take just a few points from your score temporarily, but an informal inquiry won't impact it.

Through Our Nerdwallet contributors are specialists in their fields They have various backgrounds including finance, journalism, and consulting. The By Our Nerdwallet team adheres to highest quality of journalism to ensure that our readers have the knowledge necessary to make financial decisions confidently. Find out more about the services we offer.

Updated on 13 February 2023.

(image: https://i.pinimg.com/originals/57/21/9d/57219d0f3deb017ee3fa4e0c9b2db5b1.png)Written by Kathy Hinson Lead Assigning Editor Personal financial, credit scoring, debt and money management Kathy Hinson leads the Core Personal Finance team at NerdWallet. In the past, she worked for 18 years with The Oregonian in Portland in capacities such as chief of the copy desk and team director of design and editing. Her previous experience includes news and copy editing at many Southern California newspapers, including the Los Angeles Times. She earned a bachelor's degree in journalism and mass communications at The University of Iowa.

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Hard inquiries are a way to check your credit, typically to decide on your loan or credit card application. It could take some points off your credit score, however, it's only temporary.

When you check your credit yourself, it's a soft credit inquiry or soft credit check, and it doesn't affect your score.

The Fair Credit Reporting Act places limitations on the times and reasons your credit report may be examined.

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Register for an account to have your free credit report and score available constantly.

What is a tough question?

A hard inquiry, also known as a hard pull or hard credit check, is a process that requires your consent. It happens when you make an application for credit for example, a mortgage credit card or auto loan, student loan as well as a personal loan. It doesn't happen if you are only seeking pre-qualification to determine whether or not you want to apply.

The inquiry is added to your credit report. This means that anyone who checks your credit report will be able to see it. The inquiry is visible on your report the duration of time, but it stops affecting your credit score within less than one year.

Nerdy Tip

When you apply for a credit card that involves a hard inquiry about your credit report, you may get an inundation of marketing communications from lenders. This happens because credit bureaus sell marketing lists in response to hard inquiries. But you can opt out at any time, whether permanently or for five years. Visit , a service of the credit agencies Equifax, Experian, TransUnion and Innovis and 888-567-8688. The bureaus say your request will be effective in five business days. Note that you may still receive promotional offers from lenders that utilize other sources. Opting out does not impact your credit score nor your ability to get credits or for insurance.

How does a hard inquiry affect your score on credit?

A single inquiry could cut up to 5 points off your FICO score. But, for the most popular FICO model every inquiry within a 45-day span are considered as one inquiry when you're " ," such as for mortgage, student and auto loans. The older FICO models as well as VantageScore, FICO's competitor, can also combine inquiries for rate shopping, but within a 14-day period. A VantageScore spokesman said a hard inquiry could shave as much as 10 points off a VantageScore.

The majority of lenders or card issuers will obtain a credit report from just any of three credit bureaus- Equifax, Experian or TransUnion. So the inquiry will be reported only on any of the reports. This is not the case for a mortgage, when all three credit bureaus are usually examined.

It is advisable to avoid making hard inquiries. When you are applying for credit, make sure to be as sure that you are likely to be approved to ensure that you don't lose score points without gaining the approval you seek. Do not apply for credit on impulse. Think about whether the discount or bonus you are hoping to get is worth the risk on your credit. If you're already in the process , a few points may not be too significant. If, however, you're of borderline credit quality beware.

What is an inquiry that is soft?

Soft inquiries, also known as soft pulls or credit checks, can occur without your knowing about them. If you've received any credit card proposal through the post, it's possible that the credit card company performed a soft credit assessment to see if you would likely qualify. This is also true for different types of loan offers and mortgage offers, as well as when a mortgage broker or lender does a pre-qualification or preapproval.

Employers also may do a background check on you and may look up a modified credit report. Although they require your permission to look at you credit file, the information is not considered as a difficult inquiry since it's not a way of deciding whether to extend credit to you.

The most important thing is that it's a soft inquiry, so it won't impact your score. You can obtain your report on demand from an online personal finance site like NerdWallet. Or, you can to obtain your reports from three major credit bureaus. They are completely free up to the date of 2023, you're allowed to receive one report from each bureau per week.

If you check your own credit reports you'll find soft inquiries listed, but those don't show up on the reports that creditors see.

Learn: How work in Canada

Soft or hard inquiry?

Certain inquiries could be difficult or soft. If you are renting a vehicle or want to apply for an apartment, subscribe to internet or cable TV or open an account with an institution of finance or someone needs to verify that you are who they say you are, you could encounter hard or soft inquiry. Only way you can be sure ahead of time is to ask the potential landlord or service provider.

If you think that a hard inquiry appears on your credit report but should not be then you can other inaccurate information. It's certainly worth investigating because it could suggest fraud or .

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What is AmEx Send and Split and How Does It Function?

Advertiser disclosure You're our first priority. Every time. We believe that everyone should be able to make sound financial decisions without hesitation. Although our site does not include every company or financial product available in the marketplace, we're proud of the advice we offer as well as the advice we provide as well as the tools we design are impartial, independent simple, and cost-free. So how do we make money? Our partners compensate us. This can influence the products we write about (and the places they are featured on the site) However, it does not affect our advice or suggestions that are based on many hours of research. Our partners are not able to be paid to ensure positive ratings of their goods or services. .

What is the AmEx Send and Split and how does it Function?

The feature lets you give people money with no transaction costs, or even divide up a bill from in the AmEx mobile application.

Written by Melissa Lambarena Lead Writer | Credit cards and the debt Melissa Lambarena is a lead writer for the credit card team at NerdWallet. She has been a passionate writer covering credit card-related topics for over six years. Her prior experience spans nine years of experience as content creator for various sites and publications. With her efforts, she aims to help users extract the value of credit cards for financial goals such as expanding their budgets, building credit, traveling to their dream destinations, and repaying debt. She explores these topics and others in and her Millennial Money column featured in The Associated Press. Her writing has also been featured within The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa holds a bachelor's degree of sociology, earned from the University of California, Los Angeles.

Updated Oct 13, 2022 8:11AM PDT

Editor: Kenley Young, Assigning Editor Credit scores, credit cards Kenley Young oversees the daily coverage of credit cards for NerdWallet. Previously, he was an editor on the homepage as well as a digital content producer for Fox Sports, and before being a front-page editor for Yahoo. He has a wealth of experience in both digital and print media, including periods as an editor at the copy desk as well as a wire editor, and metro editor at the McClatchy newspaper chain.

The majority or all of the products featured here are from our partners who compensate us. This impacts the types of products we write about and where and how the product appears on a page. However, it does not affect our opinions. Our opinions are entirely our own. Here's a list and .

More Like This

This feature of the Send & Split feature within the American Express mobile app lets users with a valid card send cash to or share purchases with, or with any Venmo or PayPal user, without cost.

So if you're not carrying cash at the moment or you're just a few bucks short, you can lean on your credit card to avoid awkward conversations while dividing your bill. It also allows you to pay off the bill at a comfortable time. In addition, you'll reduce transaction costs when you do so, save money.

This option is available only to U.S. consumer credit cardholders. Here's how it works.

>> MORE:

Send & Split: The fundamentals

As the name of this feature indicates it has two options split and send.

For either option, you'll have to enroll by accessing the AmEx application, then going to the account tab, and then selecting the "Send and Divide" option. After you've enrolled, you'll need to link your Venmo as well as PayPal account to be able to transfer or receive money.

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How do I transfer money using "AmEx Send"

It is possible to transfer money via PayPal, the AmEx application, Venmo app or PayPal application. In any case the money will be funneled into the "AmEx Send" account that is created automatically when you sign up for Send & Split.

Sending money from the AmEx app

This feature allows you to make use of the AmEx card to transfer money to any PayPal or Venmo customer , without incurring the typical fees applicable to credit card transactions. (Normally in the event that you were to use a credit card this way through PayPal or Venmo, you'd incur the cost of 3%.)

You can add money to your AmEx Send account right away using the help of your AmEx credit card and send it to any other Venmo or PayPal user. The funds you transfer will show up as a charge on your card's statement and will be treated as the purchase. However, you will not earn any rewards for the transaction. The terms and conditions apply.

AmEx limit the amount you can deposit into your AmEx Send account. The amount is listed in the app as "Available to add." AmEx states it is determined through the card's "rolling 30 day limit on transactions per person as specified in your card's membership agreement," and is subject to AmEx approval.

Nerdy Tip

The majority of consumers who qualify are able to add up to 22,000 dollars on their AmEx Send account. The Platinum Card(r) from American Express can add up to $4,000 and the Centurion card is able to increase the amount to $5,000. Terms apply. You can only transfer up to $10,000 per transaction using the AmEx send account. These transactions, too, will be limited to a roll-over 30 day transaction limit. The terms and conditions apply. PayPal and Venmo may also limit the amount you can transfer.

Paying with the Venmo or PayPal app

To transfer money through Venmo or PayPal, add money in Your AmEx Send account to Venmo or PayPal and then pay money in the same manner as you would in those apps.

To make the payment to make the payment, you must switch your payment method to an AmEx Send account. The amount you're transferring must be more than the sum that's in your Venmo balance. Otherwise, your Venmo balance will become the default method of payment.

>> MORE:

How to split purchases with 'AmEx Split'

With this option you can purchase anything using your card- and earn all the rewards from the purchase -- and then split the cost with other Venmo as well as PayPal users. There is no cost to the splitting of purchase.

In the AmEx app, you select a single purchase or multiple purchases to split with up to 20 people. You can divide the cost equally or make a customized allocation. These people will receive the payment request via Venmo or PayPal like they normally will.

When they pay you back, you can choose whether you'd like the cash to be deposited directly into your credit card in the form of credit to your statement or into a PayPal or Venmo account. Be aware, if you aren't reimbursed, you're still accountable for the amount charged to the card. The original transaction could be subject to fees or interest. Conditions apply.

For a hefty expense that isn't paid completely, cost of interest could eat from the amount of reward you get from the transaction. If that was your incentive for covering the bill then it doesn't serve the purpose. To keep your finances in check, utilize this feature to divide purchases with people you trust to pay you back.

Nerdy Tip

AmEx Send and AmEx Split are compatible with any Venmo or PayPal users; however, they are not required to be American Express cardholders.

>> MORE:

Author bio Melissa Lambarena is a credit card writer at NerdWallet. Her work has been highlighted in The Associated Press, New York Times, Washington Post and USA Today.

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Cash Advances Still Sting, but the credit Card Loan? Perhaps Less So

Advertiser disclosure You're our first priority. Everytime. We believe that everyone should be able to make sound financial decisions with confidence. While our website does not feature every business or financial product available in the marketplace, we're proud of the advice we offer as well as the advice we provide and the tools we develop are independent, objective easy to use and cost-free. How do we earn money? Our partners compensate us. This may influence which products we write about (and the way they appear on our website), but it in no way affects our suggestions or recommendations that are based on thousands of hours of study. Our partners cannot be paid to ensure positive review of their services or products. .

Cash Advances Are Still a Pain However, what about a Card Loan with a Credit Card Loan? Maybe Not So

Other options to borrowing to your credit limit -- if your card offers these features, they can be less expensive than using your credit card in an ATM to get fast cash.

by Sara Rathner Senior Writer/Spokesperson | Credit cards, travel rewards and debt payments Sara Rathner is a NerdWallet expert on credit and travel cards. She has been featured on the "Today" show as well as CNBC's "Nightly Business Report," she has also been featured by The New York Times, The Washington Post, The Wall Street Journal, Yahoo Finance, Time, Reuters, NBC News, Business Insider and MarketWatch. Prior to becoming a part of NerdWallet, Sara worked at The Motley Fool for nearly 10 years. She was also an independent personal finance writer as well as a paraplanner. She also holds an undergraduate degree in journalism from Northwestern University.

Updated Feb 7, 2023 6:43AM PST

Written by Kenley Young Assigning Editor Credit score, credit cards Kenley Young is the director of daily coverage of credit cards for NerdWallet. Prior to that, he worked as an editor on the homepage as well as a digital content producer at Fox Sports, and before that a front page editor at Yahoo. He has years of experience in both digital and print media, with stints as the chief of the copy desk, a wire editor and a metro editor for the McClatchy newspaper chain.

The majority or all of the products featured here are provided by our partners who pay us. This affects the products we feature and the location and manner in which the product is featured on a page. However, this does not affect our assessments. Our opinions are entirely our own. Here is a list of and .

A LOT LIKE THIS

When you lack the money in your bank account to deal with an unexpected expense A cash advance is one option to quickly access required funds, however there are some serious drawbacks. You'll be on the hook on cash-advance and ATM charges, as well as the interest rate that starts to rise when you receive the money.

In regards to that interest: According to the data of the Federal Reserve of St. Louis The average APRs for cards that charged interest were 20.4 percent in November 2022. This is already quite high, and in many cases interest rates specifically for cash advances are higher than that.

In other words, that cash advance is likely to cost you.

However, you may have more affordable options, thanks to credit card loan programs that allow you to use your card's current credit limit. This is basically what you get when you make a request for a conventional cash advance. But unlike a cash advance, these newer loan programs have several benefits:

Fixed interest rates for the duration of the loan.

A separate loan application or credit checks are required.

There are no fees in most cases above your interest payment (or any potential late payments).

A transparent process that lets you know what options you'd be eligible for , as well as what the monthly price of each one would be.

New ways to take advantage of your credit limit to borrow

Among major lenders among major lenders, they both Chase and Citi provide these kinds of loans to qualifying cardholders. You can find out what you could possibly be eligible for by signing into your account online, or using either the Chase or Citi apps.

My Chase Loan

You can borrow up to 500 dollars. You'll be given the option of various payment plans with varying terms -- for instance, you may be able to choose one of the six-month or 12-month plan, potentially with a lower APR (think single digits) than your card's current adjustable rate of purchase. (Your rate and terms depend on your creditworthiness.) Also, you'll be able to see what the monthly payment would be for each loan option. Your loan payment will be added to your credit card's minimum payment each month until you've paid it off. There's no penalty if opt to pay off your loan in advance. Conditions apply.

Citi Flex Loan

A is similar to borrowing at least $500 with a fixed APR for a set time. You'll be able choose from loans of different amounts and lengths, and see what your monthly payment will be based on the terms you choose. Your monthly payment will be included with your minimum credit card payment every month. The terms and conditions apply.

Beyond the scope of these loan programs offered by major players, you could have other options. For example, hybrid products offered by a start-up called Upgrade are a way to purchase items, just as you would do with a traditional credit card, but the bill is paid in installments fixed at an APR that is fixed, just similar to an individual loan. You may also be able to use your credit limit to borrow by requesting that cash be deposited in your account. APRs and terms vary however it could be less costly than cash advances.

Possible drawbacks

Both of these loan programs allow quick access to cash for a lower cost than a cash advance however, there are downsides:

You don't get cash in hand immediately. When you take out a My Chase Loan, the money you borrow could take between one and two business days before it is direct-deposited to your bank account. Citi Flex Loans can also come in the form of direct deposits, which takes as little as a working day, or a mailed check and takes as long as the mail is delayed by the mail.

Interest rates may not be as competitive as personal loans. If you meet the criteria for, you could be eligible for lower rates for other kinds of loans (though for personal loan you will need to apply and go through a credit check). If you have a little more time to look around and compare rates, it's worthwhile to consider other ways you can secure the cash you require.

However, you'll still have to pay interest. If you require money to pay to pay for future purchases There are other payment options that do not charge fees, although you might be charged charges.

Options to think about

If you've got big purchase coming up There are options you can use credit cards to delay interest payments or split up payments:

A -like plan through the credit card you use -- like My Chase Plan or Citi Flex Pay lets you to divide a bigger cost into monthly installments which are added onto the credit card bill. With Chase plans, you'll be charged a fixed monthly fee and with Citi's plan, you'll be charged interest. Many other major issuers offer some version that includes these types of plans. If you decide to join an installment plan with your credit card, or a third-party buy now, pay later option, be sure to be cautious. A report issued in September 2022 from the Consumer Financial Protection Bureau identifies risky and costly plans, which include the risk of spending more money and the chance of being unable to pay for your payments if you stack multiple loans simultaneously.

A credit card with the 0% interest rate on new purchases can give you up to a year, dependent on the card, to settle a balance interest-free. But be aware that if have any outstanding debt after the promotion expires, you'll begin to be subject to the usual interest rate.

Author bios: Sara Rathner is a NerdWallet credit and travel expert. She has appeared as a guest on "Today" show, Nasdaq and CNBC's "Nightly Business Report."

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Hispanic American-Owned Banks and Credit Unions owned by State

Advertiser disclosure You're our first priority. Everytime. We believe everyone should be able to make sound financial decisions with confidence. While our website does not feature every business or financial product that is available on the market We're pleased of the advice we offer, the information we provide and the tools we develop are objective, independent easy to use and cost-free. So how do we earn money? Our partners compensate us. This could influence the types of products we review and write about (and the way they appear on our website), but it doesn't affect our suggestions or recommendations, which are grounded in hundreds of hours of research. Our partners are not able to promise us favorable ratings of their goods or services. .

Hispanic American-owned Banks and Credit Unions by State

By Spencer Tierney Senior Writer | Certificates of deposit ethics, ethical banking, bank deposits Spencer Tierney is a consumer bank writer for NerdWallet. He has covered personal finance since 2013, with a focus on deposit certificates and other banking-related topics. His work has been covered on The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among other publications. He is based in Berkeley, California.

as well as 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 consumer banking topics at NerdWallet. She has over 10 years of experience in writing and editing for consumer websites. She has previously edited content on personal finance topics for GOBankingRates. She has had her work featured on Nasdaq, MSN, TheStreet and Yahoo Finance.

Updated 10 Jun 2022

Written by Yuliya Goldshteyn Assistant Assigning Bank Yuliya Goldshteyn works as a banking editor for NerdWallet. She has previously worked as an editor, writer and a research analyst across a range of industries from healthcare to market research. She received a bachelor's diploma in history from the University of California, Berkeley as well as a master's degree in social sciences from the University of Chicago, with a focus on Soviet cultural history. She is based within Portland, Oregon.

The majority or all of the products featured here come from our partners who compensate us. This affects the products we write about and the location and manner in which the product is displayed on the page. But, it doesn't affect our opinions. Our opinions are our own. Here is a list of and .

Credit unions and banks with Latino-based leadership strive to aid those who have been traditionally neglected in their traditional U.S. banking system. It includes Hispanic and Latino households who have a rate of 12.2 percent, aren't banked by more than a third of the national rate, according to the Federal Deposit Insurance Corp.'s survey of the unbanked households . Federal Deposit Insurance Corp . . Accessed on Jun 9, 2022.

.

And according to a 2019 survey from the Federal Reserve, nearly 22 percent of Latino households are underbanked that is, they have bank accounts but are also using alternative financial services such as check cashers, payday lenders or Remittance transfer companies [0The survey was conducted by the Federal Reserve . . Accessed on Jun 9, 2022.

. However, having the term "bank account" bank account means access to an area of safety for keeping cash as well as a method to pay bills (regardless of your citizenship or status).

>> Skip ahead to the

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Find an institution that has great customer service for you , and a mission to make the world better for us all.

Why do Hispanic American banks and credit unions are different

It is important to note that the Hispanic American banks and credit unions listed below are committed to helping their communities. The list is comprised of banks and credit unions that are classified as Minority Depository Institutions by the FDIC and the National Credit Union Administration, respectively. This means they are minority-owned, minority-led or have people of color as a majority of its members or board members, and they serve a community with a majority of minority members [0* Federal Deposit Insurance Corp . . Accessed on 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 that they focus on serving communities of low income and people who were previously excluded from finance. (Learn about CDFIs here .)

Find out more about what it means for an MDI to qualify as an MDI

The FDIC determines an MDI as either minority-owned (meaning that members of a particular minority group must hold at least 51 percent of the bank's voting stock) as well as minority-led (meaning that at least 51% of the board of directors recognizes as being part of a certain minority group, and the bank is primarily serving the minority group). As credit unions are member-owned and are not profit-driven The NCUA determines the term MDI with a distinct manner. According to the NCUA the credit union must self-report its status as an MDI and at least 50% of its members and board members must be persons of color. Learn more about the .

Commonly asked questions What is a Hispanic American-owned Bank?

A is a non-profit financial institution where the majority of stockholders or board members are Hispanic or Latino. The bank is geared towards serving a mostly Hispanic community, however this does not mean that non-Hispanic individuals or firms can't open accounts.

What is a Hispanic-American-owned credit union?

A credit union that is owned by a Hispanic American is a non-profit bank with a large majority of its members, the board of directors and the community it serves are Hispanic American. Membership can be limited to a specific city or group of people, for example members of a predominantly Hispanic American church or employees or students of a historically Hispanic American school district.

Can allies be part of a Hispanic American-owned credit union or bank?

Yes, joining a Hispanic American-owned bank is a good method to help its mission. If you're interested in an American-owned credit union take a look at its membership requirements. As with many other credit unions some Hispanic-owned credit unions limit membership based on geographic location or other criteria.

What is a Hispanic American-owned bank?

A is a for-profit financial institution where the majority of stockholders or board members are Hispanic or Latino. The bank is geared towards serving a mostly Hispanic community, however it doesn't 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 not-for-profit banking institution where the majority of its members, the board of directors and the people it serves are Hispanic American. The membership of a credit union is limited to a particular city or certain group of people, for example, members of a majority Hispanic American church or employees or students of a historically Hispanic American school district.

Can allies join a Hispanic American-owned credit union or bank?

It's true that having a Hispanic American-owned bank is a good method to help its mission. If you're considering joining an American-owned credit union check out the requirements for membership. Similar to many other credit unions there are Hispanic American-owned credit unions have restrictions on membership due to geographical location or other aspects.

List of Hispanic American-led and Hispanic American-owned credit unions and banks in each state.

None of these credit unions and banks are online. 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 Union

Reeves County Teachers Credit Union

>> Interested in a Black-owned financial institution in the U.S.?

Other ways to find Credit unions owned by Hispanic Americans

There are more than 110 credit cooperatives that are part of to a nationwide program called (Together We Advance), which requires participating credit unions offer affordable and accessible banking services to Latinos. The methods of operation vary for each credit union, however these are the most common practices:

Accepting applicants with an identification document from outside the country, for example an international passport or "matricula consular" - ID cards issued from Mexican or other authorities for citizens who reside outside their home countries.

Provides affordable banking services such as money orders, check cashing as well as credit-building loans and second-chance checks, among other products.

Accepting loan applicants based on alternative credit histories, such as records of rent or utility payments and letting identification come by way of individual taxpayer identification numbers that are issued to foreign nationals who work within the U.S. and don't have Social Security numbers.

Having English and Spanish materials , as and bilingual staff.

It is important to have Latinos on the financial institution's board and the executive team.

Offering financial education through sessions and coaching on financial matters (for building credits, saving money, buying homes or starting a business, and other topics).

Minority-owned banks are important:

The authors' bios: Spencer Tierney is a writer, and NerdWallet's official authority on certificates of deposit. The work of Spencer Tierney has also been featured in USA Today and the Los Angeles Times.

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

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Auto loan prepayment clauses: Why it's hard to pay down car loan interest early Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering you interactive financial calculators and tools that provide objective and original content. We also allow users to conduct research and compare information for free and help you make financial decisions with confidence. 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 website are provided by companies who pay us. This compensation could affect how and when products are featured on this site, including such things as the sequence in which they be listed within the categories of listing, except where prohibited by law. This applies to our mortgage, home equity and other home lending products. This compensation, however, does affect the information we publish, or the reviews that you see on this site. We do not cover the universe of companies or financial deals that could be open to you. Getty Images - Eternity in an Instant

2 min read Published June 30, 2022

Written by Kellye Guinan. Written by Personal and Business Finance Contributor Kellye Guinan is an editor and writer on a freelance basis with more than five years of experience in personal finance. She is also employed full-time at the local library where she helps her community access information about financial literacy, as well as other topics. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are passionate about helping readers gain the confidence to manage their finances by providing concise, well-researched and well-documented information that breaks down otherwise complex topics into manageable bites. The Bankrate promises

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In 1976, Bankrate was founded. Bankrate has a long experience of helping customers make smart financial choices.

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If you have questions about money. Bankrate can help. Our experts have been helping you manage your finances for more than four years. We continually strive to give our customers the right advice and tools needed to be successful throughout their financial journey. Bankrate adheres to strict standards , so you can trust that our content is honest and reliable. Our award-winning editors, reporters and editors produce honest and reliable content that will help you make the right financial choices. The content we create by our editorial team is objective, factual and is not influenced by our advertisers. We're open about the ways we're in a position to provide quality information, competitive rates and helpful tools to our customers by revealing how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We receive compensation for the promotion of sponsored goods andservices or through you clicking certain hyperlinks on our site. This compensation could influence the manner, place and in what order products appear in listing categories, except where prohibited by law. We also offer mortgage home equity, mortgage and other home loan products. Other factors, like our own proprietary website rules and whether the product is offered in the area you reside in or is within your own personal credit score could also affect the way and place products are listed on this site. While we strive to provide a wide range offers, Bankrate does not include information about every credit or financial products or services. The penalties for prepayment can stop you from saving money on interest. Many lenders have it -- though it is becoming more rare, but you can request changes in the method by which payments are applied. You may also refinance, but be prepared to pay a charge to get out of your current contract. What is a prepayment clause? prepayment clauses define the time and manner in which the borrower is able to pay off the loan. Certain clauses may include the prepayment penalty- the cost of paying off the loan early or making extra payments. This is most common for auto loans which use precalculated interest. You may be entitled to some sort of rebate or refund however it will not pay the entire amount of interest you paid. Prepayment penalties make it difficult to reduce the principal amount . In the event that you're loan is at a high interest rate, you'll be paying a large amount to your lender but not capable of reducing the amount. Since the value of cars decreases and the more you pay in interest and fees, the more likely you are to end up . Prepayment clauses impact the auto loans Two primary ways in which prepayment clauses can affect your . It is possible that you will not be able pay principal down A prepayment clause may make it impossible to pay the principal down. The extra amount will be used towards your next monthly payment. It can be helpful in a pinch by lowering the amount that you pay monthly, but you'll still have to pay an enormous sum of interest. The process of refinancing can be more challenging. A prepayment clause could include the possibility of a penalty for prepayment that can result in refinancing costing more as it is worth. But provided you'll save more in interest rates with a new lender, you may still be able to make it work. How do you avoid prepayment penalties on auto loan prepayment penalties It's possible to avoid prepayment penalties for your auto loan. But the exact process of avoiding them depends on what you're trying for. If you're in the market for the loan Discuss prepayment penalties in conjunction with the lender. You should be aware of the penalties up on the front. Many lenders -- including banks and credit unions -- don't have prepayment clauses in their agreements. It is possible to avoid a number of hassles in the future by checking that you have this clause in place prior to taking out an loan. If you're planning to refinance follow the same procedure when you compare lenders. Compare alternatives that don't impose an obligation to pay in advance. After refinancing, you'll be able to make any additional payments you want. However, you should consider the cost of refinancing in the event that your current loan has prepayment penalties. Utilize an application to determine whether it's a good fit in your budget. Consider the cost as part of the current loan amount to decide if refinancing is worth it. If you're content with the terms of your loan negotiation with your current lender is also an option if you don't want to refinance. You can request that additional payments to be applied to the principal, even if you have a prepayment clause. However, this isn't guarantee. Most lenders won't modify an loan contract without a valid reason. Be aware that some lenders do not have prepayment clauses but still make additional payments to the interest first. Reach out to your lender and ask that your money be applied to the principal. If there's not a prepayment clause, your lender must comply. The bottom line Not all states permit prepayment penalties -- and there is no way that a lender is able to charge one for an over 60-month contract. If your contract includes one it is possible to overcome it. Start by getting in touch the lender and asking for the payments to be used in a different way. If that doesn't work look into refinancing. Even with a penalty for prepayment you could be able to save money on interest throughout the term of your auto loan. Learn more

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Written by Business and personal finance Contributor Kellye Guinan is a freelance editor and writer with more than five years ' experience within personal finance. She's also employed full-time at the local library, helping people in her community get information on financial literacy, as well as other subjects. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been writing and editing for Bankrate since the end of 2021. They are committed to helping readers to manage their finances with precise, well-researched and researched information that dissects complex topics into manageable bites.

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Similar Articles: Auto Loans 3 min read January 30, 2023 Auto Loans 5 min read January 12, 2023. Loans Read 5 minutes November 14 2022. Auto Loans 3 min read Aug 22, 2022

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7 Alternatives to Credit Card Cash Advances

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7 Alternatives to Cash Advances on Credit Card Cash Advances

Cash advances can be costly. They are a viable option when you're stuck but you must look at the alternatives first.

by Kimberly Palmer Senior Writer/Spokesperson | Budgeting, personal finance financial planning for families Kimberly Palmer is a personal expert in finance at NerdWallet. She is also the author of three books about finances "Smart Mother, Rich Mom," "The Economy of You" and "Generation Earn." Kimberly's writing also appears on .

and Funto Omojola Lead Writer Auto loans and credit cards Funto Omojola started writing for NerdWallet in 2020. Before joining NerdWallet, she covered personal finance-related topics for various financial sites and organizations and has more than 5 years experience writing about money. Her work has been featured by MarketWatch, Yahoo Finance, Realtor.com, New York Post as well as Nasdaq among others. Funto earned an undergraduate degree in global and international studies and an MFA at Bard College. She lives within Brooklyn, New York.

Updated Feb 9, 2023 at 4:56PM PST

Written by Erica Corbin Assistant Assigning Editor Erica Corbin joined NerdWallet in 2020 as an assistant assigning editor at large. She was previously a writer and editor of material for companies like GOBankingRates as well as Nasdaq. Her work has been syndicated to USA Today, Yahoo Finance, MSN and more. She has also worked as an editor and writer on a freelance basis for more than a decade with various clients and publications across industries, with particular focus on entertainment-related reporting. Erica thinks that the subject of money like most topics, is best handled with a sense of transparency, understanding and a healthy dose of humor.

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MORE LIKE THIS

Taking out a on your credit card sounds appealing. You'll have quick access to cash that you may need to purchase grocery items, or even pay for rent.

However, there are a number of negatives for cash advances, such as fees that can be high , and the interest starts accruing right away. There's typically a limit on the amount you are able to cash out however, it's usually lower than your card's overall credit limit.

While they may be a feasible option- and a better option than, say, taking out a -- cash advance should be utilized only in the last instance when you're in a financial emergency.

Before you pull one of them out, take a look at the following options:

>> MORE:

1. Low-interest or 0% intro APR credit cards

Certain credit cards have zero percent intro APR for purchases, which means you are able to use them to finance your purchase of grocery items and other essentials , without paying interest in advance. Of course, you'll owe the money however, you'll be given a significant period of time which can be anywhere from six months to almost two years -- to pay back the loan in full before interest begins to accrue.

For instance, with the it is possible to avail of a two-year break from interest. It offers an APR that is 0% at the beginning on Purchases up to 21 months and zero intro APR on Balance Transfers of up to 21 months from the date of account opening for qualifying balance transfers. Then, the ongoing APR of 17.74%-29.74% Variable APR .

>> MORE:

2. Credit card loan programs

Some credit card issuers provide loans to customers who are already customers. These loans can, among other things permit them to pay specific purchase off over time, in exchange for an amount. Examples of this are and features.

Similarly, Citi offers a and Chase has . The programs allow customers to borrow money at a lower rate than they would get with a cash advance and to repay it over time.

>> MORE:

3. Third-party payment services

If you're looking to buy the time between your next paycheck, you could think about a program like this to pay off some debts. It allows you to use a credit card to cover costs that aren't normally paid that way, including utility bills, rent and day care. With the 2.9 per cent service fee, Plastiq will charge your card for the amount, pay a check to the vendor under your name and mail the check to them.

If you are able to pay the bill quickly and, ideally and without carrying it over to the next month and being penalized by your credit card's double-digit rate of interest -- a 2.9% convenience charge may be worth it and can be cheaper than other options. If you use a rewards credit card to pay for the bill, it can also help defray that upfront fee.

4. Pay now, buy later services

It's often not practical to cough up a large amount of cash at one time, no matter if you're in a financial pinch or not. providers, like Affirm, Afterpay and Klarna, allow users to split purchases into smaller installments which you pay over time, usually between three and twelve months.

While certain BNPL options come with interest rates and fees that are costly however, if you're capable of paying off your bill within an extremely short time they could provide greater flexibility in financial aid.

It is crucial to remember, however, that BNPL is provided only by particular merchants. So if you need cash fast for groceries or rent for instance, the services may not be of help to you.

>> MORE:

5. Options for credit cards with flexible options

There are that can offer an affordable and flexible alternatives to financing as opposed to cash advances. For instance, the $0 -annual-fee allows holders to dip into their credit limits for personal loans. Customers are able to repay the loan by equal monthly installments, with an interest rate fixed and an advance of 5% fee.

They are usually more affordable to those who might not be able to qualify for traditional credit cards. This is because they do not rely on standard credit scoring models for determining eligibility. The cards that are eligible include that (issued by ), the and the .

>> MORE:

6. Personal loans

Lenders offer many types of , including secured loans that are backed by collateral, and unsecure loans that aren't. Certain types of loans come with fixed rates which means you pay the same amount every monthly until your loan is fully paid back Some lenders provide variable rates, which means your monthly payments may change in time. Rates generally vary between 5% and 36 percent.

While the interest rate isn't too high, it can be lower than a cash advance, especially after you consider the other cost involved in the process that is usually a flat fee or a percentage of the amount you withdraw.

7. Alternative 'quick cash' options

If you're in a pressing financial situation and require more urgent funds, there are some fast methods to help you get your finances in order:

Pay your rewards in cash If you have a credit card with a cash-back rewards program it is possible to redeem your rewards for an amount of money.

Ask for an advance on your pay check: While an advance of cash on your credit card could be risky and expensive, asking your employer for an advance of your pay could be a way to cover your financial needs, without paying any charges or fees.

Get help from local sources Local organizations often provide financial aid to those who are facing difficult times. Local organizations that can typically help comprise religious institutions, nonprofit groups, or community centers.

>> MORE:

Authors' Bios Kimberly Palmer is a personal finance expert at NerdWallet. She has been featured in the "Today" show as well as in The New York Times.

Funto Omojola is the auto loans writer for NerdWallet. The work she writes for has been featured on MarketWatch, Yahoo Finance and Nasdaq.

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