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Walmart MoneyCard Review

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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 the personal financial sector since, with a focus on certificates of deposit and other banking-related subjects. The work he has written for him was highlighted in The Washington Post, USA Today, The Associated Press and the Los Angeles Times, among others. The location of his work is Berkeley, California.

Updated February 17, 2021

Editor: Alice Holbrook Assigning Editor | Savings, homebuying and banking items Alice Holbrook edits homebuying content at NerdWallet. She has been covering personal finance topics for almost a decade and previously worked for NerdWallet's banking as well as insurance teams as well as an internship at their copy desk. She is based in Ann Arbor, Michigan.

The majority or all of the items featured on this page come from our partners who pay us. This affects the products we review as well as the place and way the product appears on the page. But this doesn't influence our evaluations. Our views are our own. Here's a list of and .

Editor's note, 12 July 2021: Walmart MoneyCard, issued by Green Dot Bank, has changed to a demand-deposit account.

The Walmart MoneyCard debit card that is prepaid is a great value for dedicated Walmart customers. The card, which is issued through Green Dot Bank, has cash-back reward points for Walmart purchases as well as free online services.

Ideal for:

Frequent Walmart customers.

People who want free bill payment and free money transfers between family and friends.

Those who have had trouble with managing the bank account in the past.

Individuals who are able to load at least $1,000 per month, to avoid paying the more expensive monthly cost.

Click here to see more options Take a look at our list of

Walmart MoneyCard Pros:

A maximum of $75 cash-back rewards per year 3 percent from Walmart.com, 2% from Walmart gas stations and% in Walmart stores.

Free cash withdrawals at more than 55,000 Walmart locations.

Free cash reloads at Walmart stores by using the MoneyCard app.

Free direct deposit of payroll or other government benefits for up to two or four days in advance.

Free online bill pay.

Are you looking for a way to build credit? Find out more about

Walmart MoneyCard Cons:

A substantial sum of $1,000 is required to pay off the monthly charge.

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

$3 fee to reload cash at Walmart checkouts, also known in the industry as Walmart Rapid Reload and up as $5.95 to reload cash at retail stores within the Green Dot reload network.

>> Ready to open an account with a traditional savings plan instead? See the

A look at prepaid debit cards

What is a prepaid debit card?

A Prepaid debit card is a kind of credit card that lets you spend the money that you put on the card. They aren't able to help you build credit. As with debit cards, it can be used at any merchant that accepts their payment network, which includes Visa, Mastercard or American Express. It's safer and easier than cash. Most prepaid cards have a mobile app for depositing checks and transferring money. Find out more in our guide on the prepaid debit card.

In contrast to checking accounts, prepaid debit cards could not offer certain services, such as free ATM or branch networks and checks, to name a few. If none of that appeals to you, take a look at our list of the top checking accounts. If you've had trouble with banks before you can look into second chance checking options.

Prepaid debit card vs. debit card vs. credit card

Pay with prepaid debit cards in advance the card is loaded with money the card via cash, checks, direct deposit or an bank account before paying for transactions.

Cardholders with debit cards- pay today: You use money directly from a checking account to pay for purchases or withdrawing funds at an ATM.

Credit cards -- pay later: You borrow money from a bank when you use your credit card. Then, you repay the loan later.

What is the procedure for FDIC insurance for Prepaid cards function?

Prepaid debit cards nearly always include FDIC insurance. This ensures that your funds safe in the event the issuer fails to pay its bills. Only financial institutions can have FDIC insurance, therefore the prepaid card must be operated by a bank, or a prepaid card company that has a partnership with a bank to provide this insurance. It is necessary to register your prepaid debit card by submitting your full name, address and other information about your identity in order to qualify for FDIC insurance and other protections.

About the author: Spencer Tierney is a writer and NerdWallet's authority on certificates of deposit. He has had his work featured in USA Today and the Los Angeles Times.

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3 Things to Know If You're Not Experienced with Gig Work

Advertiser disclosure You're our first priority. Every time. We believe that everyone should be able to make sound financial decisions without hesitation. And while our site doesn't include every business or financial product that is available on the market however, we're confident of the guidance we offer, the information we provide as well as the tools we design are objective, independent, straightforward -- and completely free. So how do we earn money? Our partners pay us. This can influence the products we write about (and the way they appear on our website), but it does not affect our suggestions or recommendations that are based on many hours of study. Our partners do not pay us to guarantee favorable reviews of their products or services. .

3 Things to Consider if You're new to gig work

by Kelsey Sheehy Senior Writer | Personal finance, small-business, and personal business Kelsey Sheehy is a senior writer and NerdWallet's expert on small business. She started at NerdWallet in 2015 and spent the next six years working as a financial journalist and spokesperson , before shifting to focus on the financial decisions and challenges faced by owners of small businesses. Kelsey's work has appeared throughout The New York Times, The Washington Post, Nasdaq and MarketWatch, among other publications. She writes a column on millennials and money in The Associated Press along with a handful of other NerdWallet writers. Kelsey has been featured on the "Today" show, NBC News and ABC's "World News Tonight" and has been quoted by the Los Angeles Times, CNBC, American Banker, NPR and Vice as well as other publications. prior to her being a part of NerdWallet, Kelsey covered college (and how to pay for the cost) for U.S. News & World Report. The location of her work is Washington, D.C.

The publication was published on January 29, 2021. at 6:00 AM PST

Edited by Kirsten VerHaar Senior eBay and Yahoo! Kirsten VerHaar works as an editor of personal finance, with an English literature degree from the University of Colorado Boulder. In her previous roles, she was a lead editor with eBay, where she managed a team of writers who wrote about eBay's content team across the globe. She also wrote for Yahoo. Since she joined NerdWallet since 2015 she has covered topics as wide-ranging as vacuums (yes they really exist!) budgeting, as well as Black Friday.

Many or all of the products featured here are provided by our partners who pay us. This impacts the types of products we write about as well as the place and way the product is featured on a page. However, this does not affect our opinions. Our views are our own. Here's a list of and .

Shutdowns, layoffs and pay reductions brought about by the government have caused millions of Americans searching for new sources of income. People who have recently shifted to gig work may be days away from a financial shock in the shape of tax bills unexpectedly incurred and insurance coverage fine print.

"These are two of the most important aspects that many new business owners don't think about," says Chris Russell who is a certified financial planner who has a specialization in business owners and self-employed.

Don't consider yourself an owner of a small business? Well, let's start there.

To the IRS, you are an individual business

Sure, you're operating food delivery. However, that's not enough to make you a small business in the eyes of the IRS. And that opinion is the only one that matters in the tax world.

"Basically, you're considered as an individual contractor" states Garrett Watson an analyst in senior policy at the Tax Foundation, a nonprofit organization. "You aren't required to create anything complex. You don't need to incorporate or anything like this."

However, you will need to pay taxes on any money you earn through gig work. This is usually an unpleasant, and costly unexpected surprise for gig workers who are just starting out. When you are an employee, your earnings and payroll taxes are automatically withheld from your pay. That's not the case for gig workers, Russell says.

"No taxes are taken out of the earnings you earn as a business proprietor," Russell says. "Meaning that you will likely owe a lot of money in tax to IRS in the event that you submit your taxes."

A good rule of thumb that you should follow is: for each dollar you earn from gig work, you should save 30% to be able to apply to your income and . Going forward, plan to estimate and pay those taxes each quarter to avoid penalties from the IRS.

And if you're thinking "I haven't made a lot of money. I'm not going to report it. How will the IRS know?" Don't. It'll know.

Get the most value for your cash

Monitor all your spending in one glance to assess your patterns and identify opportunities to reduce your expenses.

The expense tracking app is your most trusted buddy

The gig work you do isn't just cash in the bank. There are expenses to be incurred, too. Keep track of those since you could take some of them off and reduce that tax bill that we mentioned a second ago.

"Keep good and honest documents to make the most of any deductions you are legally entitled," says Ryan Greiser an expert certified financial planner from Doylestown, Pennsylvania.

Apps like Stride, Hurdlr and MileIQ automatically track your mileage and expenditures, at no cost or a minimal cost to assist you in calculating taxes. Based on your particular circumstances, Greiser suggests QuickBooks may be worth looking into.

"It is a small investment to , estimate your quarterly taxes, monitor the mileage you drive and pay your quarterly tax on the internet," Greiser says.

Also, you should research the nuances of what could and shouldn't be deducted based on the portion of your gig work, Watson states, pointing to ride-hailing as an illustration.

Imagine you drop a rider off and drive across town to find the next one He says. Can you deduct the cost of fuel used between rides? (You can. )The is a great resource to find answers to your concerns.

Insurance can be complicated

The IRS isn't alone that needs to know about your new source of income. Insurance agents must be aware, too. In the event of not disclosing your work, it could result in you being removed from your policy in some instances. And, beyond that, your insurance agent can assist you in understanding what aspects of your gig work are protected.

Are you transporting people or food? It's important to find out the extent to which your auto insurance policy covers incidents while you're at work. (It most likely won't.). Commercial or rideshare insurance can be able to fill the gap.

While the platform you work on might provide you with a commercial policy but it's only applicable only in certain circumstances. It's crucial to be aware of the specifics of this policy.

Uber and Lyft offer commercial insurance for drivers, but it applies only if you have passengers in your car or are on the way to pick up passengers after having accepted the ride. DoorDash will only cover liability and only when food is in your vehicle. Grubhub and Instacart do not offer commercial insurance for delivery drivers on their platforms.

This article originated from NerdWallet and was originally printed in The Associated Press.

About the writer: Kelsey Sheehy is a personal finance journalist at NerdWallet. Her writing has been featured by The New York Times, USA Today, CBS News and The Associated Press.

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Gravity 2023 auto loan review. Published 2023-01-27, 15:21:19.

Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She specializes in assisting readers in navigating the ins and outs of securely taking out loans to purchase the car they want.

Edited by Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate from late 2022. He believes in clear reporting that helps readers successfully get deals and make best choices for their finances. He specializes in auto and small business loans.

Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial choices by offering interactive financial calculators and financial tools, publishing original and objective content. This allows you to conduct research and compare information for free to help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The offers that appear on this website come from companies that pay us. This compensation can affect the way and where products appear on this website, for example such things as the sequence in which they appear within the listing categories, except where prohibited by law. This applies to our mortgage, home equity and other products for home loans. This compensation, however, does have no impact on the content we publish or the reviews that appear on this website. We do not contain the entire universe of businesses or financial offerings that could be accessible to you.

About our reviews . Editorial disclosure The reviews are written by our staff. The opinions expressed in them are only those of the reviewer and are not reviewed or approved by any advertiser. The information that is included, including rates and fees that are included in the review are accurate at the time of the review. Check the data at the top of this page as well as the lender's website to find the most up-to-date information.

A glimpse 3.6 rating: 3.6 stars out of five

Bankrate Score

Availability Rating: 3.8 stars out of 5

Affordability Rating 4 stars out of 5

Customer Experience Rating: 3.4 five stars from 5

Transparency Rating 5-stars out of 5.

Check auto loan rates

A Gravity loan amount: $10,000 to $125,000

Min. credit score of 500

APR as low as 5.34%

Funds are available in 10 days

Pros and cons of Gravity for certain people, the advantages of a smooth application might not outweigh the potential long timeframe for funding.

PROS No fees

Online application

Delayed payment schedule

CONS Funding timeline

Refinancing limitations

Gravity provides an automobile loan marketplace enabling borrowers to compare top refinance offers online and in minutes. The easy application can be completed over the phone or via the internet and requires drivers to upload vehicle documents and sign off on the new loan. With the ability to apply online and receive loan officer guidance refinancing a vehicle or buying out your lease using Gravity is a seamless process that is perfect for those who prefer assistance.

Do you qualify? Every lender within the Gravity network has specific requirements for approval, but consider the following requirements prior to applying. Credit score. In order to qualify you need to have a credit score of $500. If your credit score is not as good, consider checking out for bad credit auto loans. Income. Although Gravity does not disclose specific income limitations, it's probable that banks will look at a specific number since disclosure of employment is mandatory. Vehicle. Some lenders will not provide loans for ride-share vehicles along with discontinued vehicle models or large one-ton vehicles. What we like and don't like Think about the totality of the features Gravity offers before accepting an loan. What we like No fees. Gravity doesn't impose any fees. Application on the internet. Borrowers are able to upload documents and submit their applications online. Delayed payment schedule. Gravity allows borrowers to delay payments for at least 90 days. We do not like the Funding timeline. Although approval can be as soon as the day you submit your application, the process can take up to 10 days or more. Refinancing requirements. In order to refinance with Gravity you must have an initial loan balance of $10,000. Contact Gravity Support for your Gravity loan can be done via phone or on the internet Monday through Friday between 8 a.m. to 6 p.m. Questions specific to your situation can be posted online or sent to . Gravity's website has a fairly in-depth FAQ section. There are a variety of auto loan options available The Gravity marketplace provides borrowers with the option of auto loan refinancing and lease buyout. You can borrow anywhere between $10,000 to $125,000. While terms and rates vary by the lender partnership, the borrower likely will be provided with terms ranging from 25 and . Gravity also provides the option for drivers to join or remove co-borrowers. The decision of whether to remove or add depends on the circumstances, however this option could provide you with better terms.

Refinance

The loan's quick facts range from From $10,000 to $125,000 Terms: 25-84 Months APR: 5.34% to 14.99 percent

Drivers looking to lower their monthly payments or adjust loan terms can refinance using one of the lenders in the Gravity network. If you are considering refinancing options, consider a loan to make sure you're saving money in the long run. Lease buyout

The loan's quick facts range from From $10,000 to $125,000 Terms: 25-84 month APR: 5.34% to 14.99 Percentage

The option of buying out your current car lease is an excellent way to keep the current vehicle and reduce the potential for high car costs. How to apply for a loan with Gravity You can apply for any of Gravity's loan products from its site, with the option to prequalify. Following a soft credit pull, you will be paired with a loan officer who will assist you in the loan procedure. Once you've been matched to one of Gravity's national lenders You can apply absolutely free, for the loan recommended. The process can be completed completely online. Finally, you will go over the new loan conditions and decide if you'd like to shorten or stretch out the loan term, if you're refinancing.

The information required for application must be valid: Valid driver's license Valid insurance Documentation of residency Social Security number Information about the vehicle Employment verification Proof of income

Gravity FAQs

Is Gravity a reputable firm? Yes, the company has an A+ BBB Rating & Accreditation, as well as five stars with a perfect score in Trust Pilot Reviews.

Does Gravity lending conduct the hard credit pull? Although Gravity does not perform a hard credit pull, its partnered lenders will probably do so prior to the final loan approval. Gravity employs a soft pull to gather your credit history without affecting your credit score.

How does prequalifying for a loan different from preapproval? Prequalification can give you a firm idea of what to expect for a monthly payment. Preapproval is an unlocked rate that is which is based upon a hard credit pull.

How Bankrate rates Gravity

Overall Score

3.6

Availability

3.8

Gravity has a vast lender network, but it does require a large minimal loan amount for its borrowers.

Affordability

3.6

Gravity boats fairly competitive APRs and does not charge fees directly from the site of comparison.

Customer Experience

3.4

Gravity provides customer support only on weekdays and has lengthy funding timetable.

Transparency

5.0

Gravity shares both its rates and fees online and provides prequalification.

Methodology to rate lenders who specialize in auto refinance loans, Bankrate considers 16 different factors. These variables range to the loan amount, disclosed APR and acceptance criteria. Each lender scores which is determined by four categories. Availability: This accounts for loan amounts, vehicle restrictions and their availability in every state. Affordability: The primary focus of this section covers expected APR, acceptance requirements discounts for autopay, and the amount of fees. Customer experience: This category includes accessibility via the internet, support available along with funding timelines, options for automatic payment and app accessibility. Transparency: Here , prequalification and disclosure of rates and charges are accounted for.

Disclaimer The reviews are written by Bankrate.com staff. The opinions expressed are solely those of the reviewer and have not been reviewed nor acknowledged by any advertiser. The information that is included, including rates and fees provided in the review is correct as of the date of the review. Review the information in the upper right hand corner of the page, and the lender's website to find the most current details.

Written by

Rebecca Betterton

Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers to navigate the ins and outs of securely taking out loans to purchase the car they want.

Editor: Helen Wilbers Edited by

Helen Wilbers has been editing for Bankrate since late 2022. He is a fan of clear reporting that helps readers successfully find deals and make the best choices for their finances. He specializes in auto and small business loans.

About

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How we make money Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products or services, or when you click on certain hyperlinks on our website. So, this compensation can influence the manner, place and when products are listed, except where prohibited by law for our mortgage, home equity, and other home lending products. Other factors, like 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 may also influence how and where products appear on this site. While we strive to provide an array of offers, Bankrate does not include information about every credit or financial product or service. Bankrate, LLC NMLS ID# 1427381 | BR Tech Services, Inc. NMLS ID #1743443 |

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Can you pay off your car loan in order to avoid repossession? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our mission is to help you make better financial choices by offering interactive financial calculators and tools as well as publishing original and objective content. This allows you to conduct research and compare data for free and help you make financial decisions with confidence. Bankrate has partnerships with issuers such as, but not limited to American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Make Money The deals that are advertised on this website are provided by companies that compensate us. This compensation can affect the way and when products appear on this website, for example such things as the order in which they may be listed within the categories of listing, except where prohibited by law. This applies to our mortgage, home equity and other products for home loans. But this compensation does have no impact on the information we provide, or the reviews that you see on this site. We do not contain the universe of companies or financial offers that may be accessible to you. Srinrat Wuttichaikitcharoen/EyeEm/Getty Images

5 minutes read. Published November 28, 2022

The article was written by Sarah Sharkey Written by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a wide range of topics, including banking, savings tips homeownership, homebuying and personal finances. Editor: Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances with clear, well-researched facts that break down complex subjects into digestible pieces. The Bankrate promises

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In 1976, Bankrate was founded. Bankrate has a proven track history of helping people make informed financial decisions.

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They ensure that what we write ensures that everything we publish is accurate, objective and trustworthy. Our loans reporters and editors focus on the areas that consumers are concerned about most -- the various kinds of lending options as well as the best rates, the best lenders, how to pay off debt and more -- so you'll feel safe investing your money. Editorial integrity

Bankrate has a strict policy standard of conduct, which means you can be confident that we'll put your needs first. Our award-winning editors, reporters and editors create honest and accurate information to aid you in making the best financial decisions. Our main principles are that we respect your confidence. Our aim is to provide our readers with accurate and unbiased information. We have established editorial standards to ensure this occurs. Our editors and reporters rigorously verify the truthfulness of content in order to make sure the information you're reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team doesn't receive direct compensation from our advertisers. Editorial Independence Bankrate's team of editors writes for YOU as the reader. Our goal is to provide you the best advice to help you make wise financial choices for yourself. We adhere to the strictest guidelines in order to make sure that content is not in any way influenced by advertising. Our editorial team is not paid directly from advertisers, and our content is verified to guarantee its accuracy. Therefore whether you're reading an article or reviewing it is safe to know that you're receiving reliable and reliable information. How we make money

There are money-related questions. Bankrate has answers. Our experts have helped you understand your finances for more than four decades. We strive to continuously provide consumers with the expert advice and tools needed to be successful throughout their financial journey. Bankrate adheres to strict standards standard of conduct, so you can rest assured that our information is trustworthy and precise. Our award-winning editors, reporters and editors provide honest and trustworthy information to assist you in making the right financial decisions. The content created by our editorial staff is factual, accurate and is not influenced through our sponsors. We're honest about the ways we're able to bring quality content, competitive rates, and helpful tools for our customers by describing how we earn our money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for the placement of sponsored products or services, or by you clicking on specific links that are posted on our site. So, this compensation can influence the manner, place and in what order items are displayed within the categories of listing, except where prohibited by law. This is the case for our mortgage home equity, mortgage and other home lending products. Other factors, like our own proprietary website rules and whether or not a product is offered in your region or within your self-selected credit score range may also influence the manner in which products appear on this website. While we strive to provide an array of offers, Bankrate does not include specific information on each credit or financial products or services. Repossessions of cars have increased dramatically in the last few years, as per reports . If you're in debt on the payments you have made and your car could be in danger of repossession The good news is that you can take steps to stop this unfortunate conclusion. From reinstatement to loan modification, there are multiple opportunities to stay clear of repossession. Can paying off a car loan end the process of repossession? The rules of repossession vary depending on the state in which you reside. In most states where repossession is allowed, the lender may take possession of the vehicle as soon as you are in default. Based on the terms of your loan agreement, that could mean missing just one payment. There are many steps between missing a payment to the ultimate repossession of your vehicle. Based on the situation you're in you should take the appropriate steps . If you've never received any notification that you're unable to make your auto payment, you'll probably know about this financial fact before your lender is aware. Don't wait for your lender to discover that you don't pay make sure you call the lender to explain the situation. The lender might be willing take your concerns into consideration in order to avoid the costs of repossession. Try to come to an agreeable solution. For example, you could give more details regarding your situation, including when you'll be able to make the next installment or what you're able to pay now. Depending on your history with the lender, you might be able to negotiate an interim reprieve or . This is especially the case in the case of this being the first time that you've been in the habit of missing a payment. When the lender has sent only notice A lender can legally repossess your car with or without notice in many states. But your lender is likely to send you a notification of its intentions to repossess your vehicle before it actually happens. If you are given an official notice of repossession, the first call you should be making is with your lender. Again, an open line of communication between you and the lender can lead to the resolution that stops repossession. In the meantime, waiting until you get an email means you'll have to catch up when you explain the issue with your lender. If the lender will listen to you out, offer the most detailed information you can regarding the time you'll be able to make a payment. Also volunteer how much you are able to pay towards a payment now. Ultimately, it can be beneficial for the lender to work out an interim arrangement. After all, the business needs to be paid and you'll likely require your car to get to work. Dependent your lender and your personal history, a temporary agreement is within the realm of possibility. When the lender has already begun the process. If the lender has already begun the process of repossession it is possible that you will not be able to access your vehicle. At this point, reinstatement of your loan -- also known as curing the default -- could be the best option. In some states, you'll be required to make payments for the entire due amount. This includes any missed payments and any late fees that accrued. Typically you will find that the lender will also require you to cover repossession fees before releasing the vehicle to you. In some states, you may have to pay off the total loan in order to receive your vehicle back. This procedure is called redemption. Not every state allows for reinstatement. If your state doesn't have reinstatement laws and it's not a part of your contract, you must nevertheless contact your lender. It might be willing to amend the terms of your loan to include it. How auto repossession works repossession is an unpleasant experience. But understanding the process can aid you in navigating it and potentially come up with an answer. 1. Borrower misses payments Your lender is entitled to take possession of the vehicle as soon as you are in default and also to send it to a debt collection agency. The exact amount of missed payments required to be in default on your loan is determined by your state and the terms of your loan contract. In certain situations you only have to miss one payment for you to become in default. In other situations you may need to miss two or three payments in order for an issue to occur. In this situation, clear communication between you and your lender is critically important. If it's possible to work out an extension, now is the time to ask. 2. Lender repossess your car once in default Your lender could or might not send you a notice of its intent to repossess the car. Call your lender to inquire about an arrangement for a short-term payment to avoid repossession should you are sent a notice. Depending on your state the lender might be able repossess your car at any time , whether or not you've received notice. 3. Lender sells the vehicle Once the lender has taken possession of your car, it could hold onto the car until you are caught up with the loan. The most likely scenario would be the lender will eventually sell the car. In certain states the lender must inform you of the sale and give you the chance to reinstate your loan. If you decide to purchase the vehicle before the sale, you'll have to pay for the entire amount owed and any costs associated with repossession. But many repossessed cars are sold through auction. You have a right to be there and place an offer for your car. 4. Lender pays you for any deficiency After selling the car the lender must use those funds to pay what you owe. However, the price you pay for the car might not be enough to cover your entire debt. If you owe more than what your lender receives for selling the vehicle, it's a deficiency. In most states, your lender can claim any deficiency. For instance, suppose you owe $10,000 however, your lender is able to sell it at $7,000. In this scenario the amount owed is $3,000, and the lender may have the right to sue you for the difference. If there's an excess from the sale then the lender might be required to pass it on to you. It's not common but should it happen, you will probably get a little gain from the sale. Other ways to avoid repossession The prevention of repossession is the top priority for most borrowers. In the end, your car is probably a crucial part of your ability to earn a living. Some ways to avoid repossession include Reestablishing the loan If you are able to make your overdue payments, the lender will allow you to reinstate your loan. This means that you're bringing your situation back to where it was. When you are reinstated, you'll need to make your regular car payment. Make sure you pay off the loan Then the process of paying off your entire auto loan is much easier said than done. If this is within reach this is a option to get out of this. Refinancing can be difficult as your credit score is taking a hit from missing payments. But if you can find a new loan with the lowest interest rate, or regular payments, it might be the right choice to manage your finances. Declare bankruptcy. If you are behind on other debts The bankruptcy process could be an alternative. Although there are ways to however, it's not a sure thing. Possession could still occur when you don't come up with a viable solution. The downside to these options is that you'll probably require an amount of money to settle the issue. In the end, if you're faced with the possibility of repossession, which is uncomfortable, talk to your lender immediately. With open lines of communication and open lines of communication, the lender could offer a bargain that works for everyone.

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Written by Contributing Writer Sarah Sharkey is a contributing writer for Bankrate. Sarah writes about a range of subjects, including savings, banking homeownership, homebuying and personal financial matters. Edited by Rhys Subitch Edited by Auto loans editor Rhys has been editing and writing for Bankrate since late 2021. They are committed to helping readers gain the confidence to control their finances with clear, well-researched information that breaks down complicated topics into manageable bites.

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Related Articles Auto Loans 4 min read Jan 13, 2023. Loans 3 min read April 29 2022. Auto Loans 4 min read Apr 22, 2022 Debt 2 min read in Sep 01, 2021

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(image: https://i.ytimg.com/vi/MQhjFNwwSgY/hq720.jpg)Second Chance Checking Accounts across the U.S.

Advertiser disclosure You're our first priority. Everytime. We believe that every person should be able make financial decisions without hesitation. While our website does not feature every business or financial product available in the marketplace, we're proud that the advice we provide as well as the advice we provide and the tools we develop are impartial, independent simple, and cost-free. So how do we make money? Our partners compensate us. This may influence which products we write about (and the way they appear on the site) however it doesn't affect our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot be paid to ensure positive reviews of their products or services. .

Second Chance Checking Accounts across the U.S.

Second chance checking can be a viable option in the event that you've been denied an account because of a poor banking history. The accounts are available in every state.

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

and Chanelle Bessette, Lead Writer/Spokesperson Banking, checking Accounts, Cash Management Accounts Chanelle Bessette writes as a private finance journalist at NerdWallet covering banking. She was previously employed at Fortune, Forbes and the Reno Gazette-Journal. She also serves as an ambassador for the banking team, and her expertise has been published on The New York Times, Vox and Apartment Therapy.

Updated Mar 3, 2022

Editor: Carolyn Kimball Assigning Editor - Banking | Los Angeles Times, San Jose Mercury News Carolyn has been employed in newsrooms across the across the country as a reporter as well as an editor. Her passions encompass personal finance, Sci-Fi novels and ridiculous Broadway musicals.

A majority of the products featured here come from our partners who compensate us. This influences which products we write about and the location and manner in which the product is featured on a page. However, this does not affect our assessments. Our views are our own. Here's a list and .

If you've ever been refused a checking account due to past problems with banking -- such as an account closed due to unpaid overdraft fees Second chance checking could offer you another shot at banking.

Are you ready to review accounts? Go ahead and click

What is second chance checking?

Problems with your banking can land you on a list held by the consumer reporting agency ChexSystems. Banks look at it and other sources before approval of new accounts and having a flawed banking history from bounced checks, unpaid fees, or account closures makes the odds less favorable for you to be granted approval.

Some credit unions and banks offer "second chance" checking accounts to those in this situation. These accounts can assist people recover their bank accounts, but they don't have all the features that are available from regular accounts.

What are the advantages and disadvantages of second chance checking?

Second chance checking accounts generally have monthly fees that can't be waived, and they typically have more obligations than regular checking accounts, like the setting up of direct deposit or completing a financial management course. There is no way to sign up for an overdraft program, since the point of an account with a second chance is to show that you're able to stay away from the risk of overdrawing.

The checking accounts are a great way to improve your banking history, but they don't build credit. Consider a secured credit card.

However, despite their shortcomings second chance checking accounts typically beat alternatives, such as prepaid debit cards or check-cashing services. These accounts can have high transaction fees and balance requirements as well as convenient features like online banking.

If you can avoid negative balances or fees Second chance checking accounts will allow you to change to a regular checking account within six months or a year.

>> Want to explore an alternative option? Look through our roundup of the

Second chance to open a checking your account

The most effective second chance accounts have:

Low or no monthly fees.

There is no minimum balance requirement.

Services include credit card, bill pay and unlimited check writing privilegesall for no cost.

Few limits, such as the daily or monthly maximum transaction amounts.

Second chance checking accounts offer these features. Certain accounts charge monthly charges of up to $20, and they don't provide the debit or check to those who have accounts. Check the fees and requirements before applying.

National second chance banking

Some financial firms that are supported by banks offer second chance checking nationwide:

(account name: Spending Account, available online)

(account name: GoBank account name: GoBank. It is available on the internet and at Walmart locations).

(account name: Essential Checking, available online).

(account name: Bank Account, available online)

(account ID: Clear Access Banking, available in 39 states and Washington, D.C.).

Major banks rarely offer second chance checking, but some community banks and credit unions have them under various names, like Opportunity Checking and Fresh Start Checking.

If you can't find one on the list below check if your neighborhood is part of the Bank On program. It's an initiative that which a lot of communities have joined and permits local governments and banks collaborate to assist those trying to get back into the banking system. Another option is the prepaid debit card that comes with strong services and low costs.

Compare second chances for checking accounts

The ratings of NerdWallet are formulated by our editorial team. The scoring formulas are based on several data points associated with every financial product or service.

GoBank

Monthly fee: $8.95 (unless you waive it).

Overdraft fees No fee for overdrafts.

Special feature: Up to 2 days early direct transfer.

The ratings of NerdWallet are formulated by our editorial team. The scoring formulas are based on many data points for every financial product or service.

at Varo Bank, Member FDIC

Varo

Monthly fee Monthly fee: None.

Fee for overdraft : None.

Special offer: 55,000 Free ATMs.

The ratings of NerdWallet are formulated by our editorial team. The scoring formulas consider several data points associated with each financial product and service.

LendingClub Essential Checking

Monthly cost : $9.

Overdraft fee : $5.

Special feature : Possible to Upgrade to Rewards checking once a year.

Second chance accounts for state and regional-based checking accounts

Certain regional banks and credit unions have second chance account options, but the customers are required to reside in certain states or meet certain other requirements for membership. Here's a list with a few such institutions.

Regional bank and credit union accounts

American Airlines Credit Union : Appalachian Community Federal Credit Union : Bank of the Ozarks : BOK Financial : Centennial Bank : City National Bank : Corporate America Family Credit Union : Fifth Third Bank : First Financial Bank : Hope Credit Union : OneUnited Bank : Republic Bank : Simmons Bank : Staley Credit Union : Unify Financial Credit Union : Webster Bank : Woodforest National Bank :

Are you looking for (or are you in need of) an account at a state-based financial institution? Explore your options below.

Alabama

Avadian Credit Union : Azalea City Credit Union : Community Bank & Trust : Family Security Credit Union : First National Bank : Gulf Winds Federal Credit Union : United Bank :

Alaska

True North Federal Credit Union :

Arizona

Alhambra Credit Union : Banner Federal Credit Union : Copper State Credit Union : MariSol Federal Credit Union : Tucson Old Pueblo Credit Union :

Arkansas

Diamond Bank : Red River Credit Union : River Valley Community Federal Credit Union :

California

Befit Financial Federal Credit Union : Excite Credit Union : Foothill Credit Union : Los Angeles Federal Credit Union : North County Credit Union : Premier America Credit Union : Priority One Credit Union : Self-Help Federal Credit Union : Strata Credit Union :

Colorado

Liberty Savings Bank : NuVista Federal Credit Union :

Connecticut

Eastern Savings Bank : Finex Credit Union : Hartford Federal Credit Union : Tobacco Valley Teachers Federal Credit Union :

Delaware

No accounts found at state-based financial institutions. Check for regional and national options.

District of Columbia

There are no accounts in banks and financial institutions located in the United States. Find regional and national alternatives.

Florida

Axiom Bank : Central Credit Union of Florida : Community First Credit Union : Compass Financial Federal Credit Union : First American Bank : First Florida Credit Union : Gold Coast Federal Credit Union : Gulf Winds Federal Credit Union : JetStream Federal Credit Union : Liberty Savings Bank : McCoy Federal Credit Union : Members First Credit Union of Florida : Okaloosa County Teachers Federal Credit Union : Priority Credit Union : San Antonio Citizens Federal Credit Union : South Florida Federal Credit Union : United Bank :

Georgia

Community Bank & Trust : Excel Federal Credit Union : Georgia's Own Credit Union : Health Center Credit Union : Members United Credit Union : Peach State Federal Credit Union :

Hawaii

There are no accounts at state-owned financial institutions. Find regional and national options.

Idaho

Latah Credit Union :

Illinois

Catholic & Community Credit Union : First American Bank : First National Bank and Trust Company : Marquette Bank : Prairieland Federal Credit Union :

Indiana

Centra Credit Union : Diamond Valley Federal Credit Union : Evansville Teachers Federal Credit Union : Heritage Federal Credit Union : Horizon Bank : Park Community Credit Union : Regional Federal Credit Union :

Iowa

Collins Community Credit Union : Federation Bank : Greater Iowa Credit Union : North Iowa Community Credit Union :

Kansas

Central National Bank : United Consumers Credit Union :

Kentucky

The Cecilian Bank : Central Bank : Evansville Teachers Federal Credit Union : First United Bank and Trust Company : FNB Bank : Heritage Federal Credit Union : Home Federal Bank : Park Community Credit Union :

Louisiana

Pelican State Credit Union : Southwest Louisiana Credit Union :

Maine

Five County Credit Union :

Maryland

Central Credit Union of Maryland : Clear Mountain Bank : Market USA Federal Credit Union : Security Plus Federal Credit Union :

Massachusetts

Alden Credit Union : Athol Credit Union :

Michigan

Credit Union One : Horizon Bank : Marshall Community Credit Union Membership First Credit Union : Michigan State University Federal Credit Union :

Minnesota

Minnesota Valley Federal Credit Union :

Mississippi

Citizens National Bank : Gulf Coast Community Credit Union : Magnolia Federal Credit Union : MUNA Federal Credit Union :

Missouri

Columbia Credit Union : Electro Savings Credit Union : First State Community Bank : Health Care Family Credit Union : Montgomery Bank : St. Louis Community Credit Union : Town & Country Bank : United Consumers Credit Union : United Credit Union : Wood & Huston Bank :

Montana

Clearwater Credit Union : Valley Credit Union :

Nebraska

Central National Bank :

Nevada

Clark County Credit Union : WestStar Credit Union :

New Hampshire

No accounts found at state-based financial institutions. Check for national options.

New Jersey

Credit Union of New Jersey : Jersey Shore Federal Credit Union : United Teletech Financial Federal Credit Union :

New Mexico

Bank of Albuquerque : Lea County State Bank :

New York

Adirondack Regional Federal Credit Union : Alternatives Federal Credit Union : Centra Credit Union : Financial Trust Federal Credit Union : Fulton Savings Bank : Genesee Valley Federal Credit Union :

North Carolina

Charlotte Metro Credit Union : Excite Credit Union :

North Dakota

None of the accounts are found in state-owned financial institutions. Find national options.

Ohio

Buckeye State Credit Union : Eaton Family Credit Union, Inc. : Hopewell Federal Credit Union : Kemba Federal Credit Union : Members Trust Federal Credit Union : Superior Credit Union :

Oklahoma

Allegiance Credit Union : Bank of Oklahoma : Citizens Bank of Edmond : Oklahoma Educators Credit Union : TTCU Federal Credit Union : Weokie (Credit Union) : Western Sun Federal Credit Union :

Oregon

Point West Credit Union :

Pennsylvania

Utilities Employees Credit Union : West Branch Valley Federal Credit Union :

Rhode Island

There are no accounts at state-owned financial institutions. Check for regional and national alternatives.

South Carolina

Caro Smart Financial Solutions : Carolina Trust Federal Credit Union : HopeSouth Credit Union : Market USA Federal Credit Union : Peach State Federal Credit Union: Vital Federal Credit Union :

South Dakota

There are no accounts at state-owned financial institutions. Look for options that are national.

Tennessee

First National Bank : Greater Eastern Credit Union : Holston Methodist Federal Credit Union : Home Federal Bank : Select Seven Credit Union :

Texas

4U Credit Union : Abilene Teachers Federal Credit Union : AFFCU : Allied Federal Credit Union : Associated Credit Union of Texas : Bank of Texas : Baptist Credit Union : Chocolate Bayou Credit Union : Diamond Bank : First Service Credit Union : Houston Metropolitan Federal Credit Union : Kelly Community Federal Credit Union : MemberSource Credit Union : Members Trust Federal Credit Union : Memorial Credit Union : Neighborhood Credit Union : North East Texas Credit Union : Peoples Bank : Premier America Credit Union : Prestige Community Credit Union : Red River Credit Union : Rio Bank : Select Federal Credit Union : Southside Bank : Tarrant County's Credit Union : United Heritage Credit Union : Unity One Credit Union :

Utah

American United Federal Credit Union : Cyprus Credit Union :

Vermont

None of the accounts are found in state-owned financial institutions. Find national options.

Virginia

Central Virginia Federal Credit Union : Healthcare Systems Federal Credit Union : Member One Federal Credit Union :

Washington

MountainCrest Credit Union :

West Virginia

Clear Mountain Bank : West Virginia Federal Credit Union :

Wisconsin

Brewery Credit Union : Dane County Credit Union : First National Bank and Trust Company : Tomahawk Community Bank :

Wyoming

WyHy Federal Credit Union : WYO Central Federal Credit Union : Valley Credit Union :

Did we miss an institution that you have a financial relationship with on of this list? Please .

Authors' Bio: Spencer Tierney is a writer, and NerdWallet's official authority on deposit certificates. His work has been featured in USA Today and the Los Angeles Times.

Chanelle Bessette works as a financial writer at NerdWallet writing about banking. She specializes in checking and cash management accounts.

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How to Make Money in One Hour: 7 Realistic Ideas to Try

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 include every company or financial product on the market We're pleased that the guidance we offer, the information we provide and the tools we develop are impartial, independent, straightforward -- and cost-free. So how do we earn money? Our partners pay us. This can influence the products we review and write about (and where those products appear on our website) However, it in no way affects our recommendations or advice, which are grounded in thousands of hours of study. Our partners are not able to be paid to ensure positive ratings of their goods or services. .

How to earn money in One Hour 7 Practical Ideas to Test

Offer something that is valuable or assist a neighbor in need to earn money in just one hour. Try a few other popular methods if you have more time.

Written by Tommy Tindall Lead Writer | Saving money, consumer debt and the in the gig economy Tommy Tindall is a personal finance writer who joined NerdWallet in 2021. He covers consumers' debts, the best ways to save money and also the gig economy. Before NerdWallet was founded, he worked for the team of marketing and communications for Fannie Mae. In the present, Tommy strives to make the subject of money accessible for everyone. His writing has been featured within The Washington Post, The Associated Press as well as on MarketWatch. Tommy is based within Bel Air, Maryland.

Updated on Aug 23 2022

Edited by Courtney Neidel Assigning Editor | Personal finances, budgeting, buying Courtney Neidel is an assigning editor for the core personal finance department at NerdWallet. They joined NerdWallet as a writer in the year 2014 and worked for six years writing about shopping, budgeting and money-saving strategies before she was made editor. Courtney was interviewed as a retail authority by "Good Morning America," Cheddar, and CBSN. Her previous experiences include writing freelance for California newspapers.

A majority of the items featured on this page come from our partners who compensate us. This affects the products we feature as well as the place and way the product is featured on the page. However, this does not influence our evaluations. Our opinions are entirely our own. Here is a list of and .

It's not always quickly, but some are some legitimate . Do you want to receive the cash immediately? Chances are you'll need to sell something you like or provide some kind of service. Other approaches could take a little longer.

Do not quit your job but try these sensible ideas to make an extra buck within an hour.

Sell something valuable

1. Donate your used clothes to a charity shop

There are plenty of locations to look , but it takes the time and effort to prepare an inventory and then complete the transaction. The fastest way to make money from clothes you don't wear anymore is to go to a thrift store, in person. Try selling your stuff to a small-business store close to your home, or an online store with a national presence like Uptown Cheapskate. The company says it'll make cash payments in 30 minutes if they like what you're offering. Have kids who are growing? Try to join the Once Upon A Child chain If there's a store nearby your home. Here, you can get cash-on-the-spot for shoes, clothing or toys, and even furniture.

2. Sell sought-after gear to a pawnshop

Did your music career stall before you even started? Pawnshops in your area can buy your musical instrument, jewelry or electronic gadget, as well as a assortment of other items directly. Alternatively, you can , where the shop will loan you cash -- around $150 on average, according the National Pawnbrokers Association -- and will hold your item as collateral until you are able to pay back the loan. Pawning an item, also known as pawning is a cost. Selling it for cash is the way to make money quickly without any commitments.

3. Sell gold, or other precious metals

It is likely that you have a local jeweler or coin shop nearby that buys gold, as well as various other metals. The process of selling old jewelry can be an effective way to make some money, contingent on how many ounces you have. However, making a hurry sale could leave precious money to be left on the table. If you are considering a low-ball offer on a potentially valuable heirloom It is recommended to negotiate, even though this could add upfront costs and will take more than one hour.

4. Sell your spare change

Technically speaking, it's not making money, but who would want to carry around a 10 pound coin jar to pay for gasoline using quarters? A coin kiosk is a fast and easy way to trade your dimes and nickels into dollar bills, but it's not free. Popular option Coinstar is charged an 11.9 per cent service charge as well as an $0.25 transaction fee to get cash. If you're OK with that it's an acceptable option to make money in just one hour. Choosing an eGift card from Coinstar is a no-cost way to withdraw your coins. Additionally, your bank could transform your coins into cash without cost.

Simple money management

NerdWallet monitors your earnings, expenses, and gives you ways to cut costs.

Don't be a burden to a neighbour in need.

5. Feed or walk a dog your pet while your neighbor is away

Do you have a way to interact to help animals? If so, let your pet-owning neighbors and friends you'd love to assist. Take a walk with a dog, feed cats and clean its litter box when its owner isn't able to, and then charge a fee for each visit. Tell your client you'd prefer to be paid after each visit. Then, offer to accept Venmo, Cash App as well as Zelle for making it more convenient for them to pay. Applications like these can aid in finding customers if word-of-mouth takes more than an hour.

6. Babysit for your kid for an hourly fee that is affordable

Parents require nights out with their kids and a trusted sitter can give moms and dads precious security when they hit the town. Babysitting is an excellent method for responsible people to earn a quick profit. How much you can earn varies, but according to child care site UrbanSitter the average national wage to watch one child is roughly $20 an hour. Build a reputation of trust and you'll be booking babysitters on the fly. Plus, you can expect parents to settle up immediately.

7. Whip your neighbor's yard into shape

If you're up for it and have the proper equipment and equipment, you could be paid to sweat it out in the backyard. Check your neighborhood for homes that have a yard that is in need of attention and stop over to pitch your offer with a the lawnmowers, rakes or garden shovel to be towed. A lawn care professional will earn between $50-$210 per yard, based of the area, as per Angi.com. If you're a novice, you should probably expect less.

From top to bottom

Other ways of earning money in one hour usually aren't without a cost.

Earn cash (or pennies) and earn rewards on rewards apps and in the appropriate time

Are definitely a thing and they can pay off when you are a diligent. But what's the problem? You typically have to invest money to make money. Apps such as Ibotta and Rakuten offer shoppers cashback when they purchase items at partner stores affiliated with them. With Rakuten your earnings will show up in the app quickly however, the company sends payments out every three months. Additionally, you must have a amount of $5 to be able to cash it out. There's no one-hour payday here.

Turns out taking isn't the most efficient method to make money either.

Take a drive to Uber or Lyft

Rideshare services are a good option to earn full-time wages or additional cash, but you must have some essential requirements in order to qualify for . Requirements include an active U.S. driver's license, an eligible 4-door vehicle and an identity check. In other words, if you're just getting started, that first payday could take a minute, figuratively speaking. But once you're established, you'll be able to get paid instantly when you have each company's credit card account.

Are you looking to transport packages or food rather than people? Along with other services that are popular, such as Instacart and Amazon Flex takes time upfront to start, too.

Keep your options open

If you're planning to transform your cash-based job into a long-term income, there are lots of opportunities to consider. Making steady cash requires some time (read: more than one hour) and effort, however the increasing demand has created more flexible options for work than ever before. Plus, .

About the author: Tommy Tindall is a personal finance writer at NerdWallet. He writes about smart spending and strategies to prepare for a financially successful future.

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Dive even deeper in Personal Finance

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(image: https://i.pinimg.com/originals/1a/b9/5e/1ab95eda19f9ff89050f3ec65710ca68.png)Credit Card Interest Calculator

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 doesn't feature every company or financial product available on the market however, we're confident of the advice we provide and the information we offer and the tools we create are impartial, independent easy to use and 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 our website), but it in no way affects our suggestions or recommendations that are based on many hours of research. Our partners cannot pay us to guarantee favorable ratings of their goods or services. .

Interest Calculator for Credit Cards

Use the balance on your credit card and interest rate to figure out how much your interest charges would be for a month.

The author is Paul Soucy Lead Assigning Editor Credit scoring, credit cards, personal financial Paul Soucy has led the Credit Cards content team at NerdWallet since 2015. He worked as an editor at USA Today, The Des Moines Register and the Meredith/Better Homes and Gardens family of magazines for more than 20 years. He also built a successful freelance editing and writing business that focuses on personal and business finance. He served as editor of the USA Today Weekly International Edition for six years and won the highest award from ACES: The Society for Editing. He holds a bachelor's in journalism, as well as a Master of Business Administration. He lives in Des Moines, Iowa, with his wife, two sons, and an animal named Sam.

Updated January 25, 2023 at 10:20 AM PST

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

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

MORE LIKE THIS

Interest on credit cards is a regular part of the lives of tens of millions of credit card holders however, for many, it's a mystery exactly how credit card interest is calculated. It's not clear what percentage of the interest rate charged on the card's account is translated into the finance fee that is displayed on their monthly statements. NerdWallet's credit card interest calculator will calculate the math for you.

Start plugging in numbers, or check below for guidance on how you can get the most precise result.

What is the basis for the calculation of the interest rate on credit cards

The amount of interest charged on a credit or debit card is determined by a number of elements:

Grace period

Let's start by introducing the grace time: If you pay the credit card charge in full by the due date each month, you'll never have to pay interest on purchases. Period. There's no need for a credit card interest calculator because there's nothing to calculate. Your interest rate .

If you roll over debt from one statement to next, then interest will accrue.

>> LEARN MORE:

Average daily balance

If your credit card statement arrives in the mail (or is posted online) it displays the total amount of your amount as of the day that ended your billing cycle. But this isn't the amount used to calculate the interest charged. The number that matters is the average daily balance in the period of billing. The credit card company determines the balance on your account for each day in this period. They add them together, then divides them by the number of days during the period.

As an example, suppose you had a 30-day statement cycle and started with a $100 balance:

If you did not make any charges or payments for the whole cycle, your average daily balance would be $100.

If you had a charge of $45 posting on the 11th day the cycle, and there was no other activity, your average per day balance will be around $130. (Ten days of $100, and the following 20 days would be $145.)

If you were to have a $45 charge at the end of day 11 the cycle and a $65 charge on the 21st day, your average daily total would amount to $110. (That's the equivalent of 10 days with $100 followed by 10 days at $145, then 10 days at $85.)

Naturally, keeping track of your daily balance is easy in the case of one purchase and only one payment each month. But if you are using your credit card frequently throughout the month, it's more difficult -- and finding the average daily balance for the entire cycle can be a nightmare. We've developed an app that lets you input the amount of your purchases and your payments over the course of a month to determine the average daily balance

CLIKE to OPEN OUR VERIFYED DAY-TO-DAY BALANCE TOOL

NerdWallet's credit card interest calculator requires you to input your account balance. Averaging your daily balance will produce the most accurate outcome. For a ballpark figure you can use the closing balance shown on your statement, or guess what your balance is on the typical day.

>> LEARN MORE:

Rate of interest

The interest rate applied to the purchases you make on your account will be displayed on your monthly statement. The interest rates are stated as an annual percentage rate, or APR. Although the stated rate refers to an annual percentage rate, credit card companies generally charge interest on an ongoing basis. The daily rate is typically 1/365th the rate of annual. If your APR is at, for instance, 18.99%, the daily rate is around 0.052% that is 1/365th of 18.99 percent.

Interest on credit cards typically compounds daily. That means the amount charged for day 1 of the period is added to calculate the day 2, and the interest accrued on day 2 is added to calculations for the day following, and so on.

The monthly bill typically comprises all the interest that has been accrued, the fees you have incurred and a small percentage of your principal amount.

Nerdy Tip

Many credit cards charge different APRs on different balances. The purchase APR applies to things you buy with the card, while different APRs are charged for cash advances and balance transfers. When this is the case, the card issuer determines the average daily balances for transfers, purchases and advances, and applies the specified APR to each.

>Learn More:

Days in the cycle

Each cycle of credit card bills covers about one month's worth of time, but billing periods don't line up exactly like calendar months. They usually begin in one month and end within the following month. The billing cycle is closed on or around the same date each month. The amount of days within the billing cycle varies, usually between 28 and 31 days. There are several reasons for this:

The different months have different numbers of days.

Some issuers might not allow statements to close on holidays or weekends.

Federal regulations require you to have your date of due fall on the same date of each month . You must also have at least 21 days between when your statement closes and your due date.

Our calculator for interest on credit cards lets you select a range of days between 28 and 31. If you're not sure which day to choose, 30 days is an acceptable default. Or you can choose to choose the days of the calendar month in which the cycle began. (For example, if the cycle began in April and concluded in May use 30 since April is a month with the same number of days.)

What's next?

Appendix: How math works in our examples

The maths behind it 30 day cycle, beginning balance of $100

No purchases or payments (30 day period at 100 dollars)

30 x $100 = $3,000

Divided by 30 days in cycle $30 = $100

A purchase of $45 on the 11th day (10 ) days of $100, followed by 20 days at $145)

(10 100) + (20 ) x $145) = $1,900 * $2,900 is $3,900.

Split by the number of days of the cycle: $3,900 / 30 = $130

A purchase of $45 on the 11th day and $60 on day 21 (10 days at $100, followed by 10 days for $145 and the 10th day at $85)

(10 x $100) (10) + (10 x $145) + (10 x $85) = $1,450 + $1,000 + $850 = $3,300

Divided by 30 days of cycle: $3,300 / 30 = $110

About the author: Paul Soucy is the principal credit card editor for NerdWallet. He has worked at USA Today and the Des Moines Register and has an MBA.

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Credit One credit cards: Confusing for consumers

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Credit One Credit Cards: Confusing for Consumers

Have bad credit and confused by Credit One credit cards? The problem isn't with you.

By Ellen Cannon Ellen was an ex-credit card writer at NerdWallet. She covered personal finance issues for more than two decades at Bloomberg and Bankrate.com.

Updated Nov 20 2020

Editor: Paul Soucy Lead Assigning Editor Credit scoring, credit cards, personal financial planning Paul Soucy has led the Credit Cards content team at NerdWallet since the year 2015. He served as an editor for USA Today, The Des Moines Register and the Meredith/Better Homes and Gardens family of magazines for over 20 years. He also established a profitable freelance writing and editing business that focuses on personal and business finances. He was editor of USA Today Weekly International Edition for six years, and was awarded the most prestigious honor of the year from ACES: The Society for Editing. He holds a bachelor's in journalism as well as a master of Business Administration. He lives in Des Moines, Iowa, with his wife, two sons and a dog named Sam.

Many or all of the items featured on this page are provided by our partners, who pay us. This affects the products we review and the location and manner in which the product appears on the page. However, this does not affect our opinions. Our opinions are our own. Here is a list of and .

This page is not up to date

Credit One has significantly overhauled its credit card offerings as well as its policies since this article was written. We're in the process of updating.

The best way for describing the cards offered through Credit One is confusing .

As you begin the application process it's difficult to know which type of card you'll end up getting that includes important information such as rates, fees or rewards, and even if you'll get a .

When you send in an order at the time you want, you don't know whether it will be crediting your account in time enough so that you don't pay a late charge. The company typically takes about up to a week to process your payment however, many cardholders experience problems paying online, as indicated by the report credit One submitted for the Consumer Financial Protection Bureau and state regulators.

The credit card posted on the issuer's website -an important source of information regarding any credit card -is a generic statement that is intended "for solely informational purposes" for Credit One. It isn't possible to read the actual terms of your card until you qualify for a specific card.

The name and logo of the issuer are like those of the well-known issues Capital One, which has led some consumers to think they're applying for a credit card issued by Capital One.

Credit One markets credit cards to people who have less-than-perfect credit. To defend itself, the issuer says that in order to provide credit cards to as many subprime customers as they can, it has to do things in a different way than what you will find on cards for higher-credit consumers. True however, there is a lot of confusion, so beware and be careful when applying for.

Credit One offers three types of cards:

Credit One Bank(r) Cash Back Rewards Credit Card

Credit One Bank(r) Platinum Visa(r) for Building Credit

Applications The key is prequalification

Many credit card issuers allow users to . By submitting prequalification, you give some basic information and then the issuer conducts an instant check to determine whether you're likely to be approved for a card. Prequalification isn't a factor in your credit scores. Only a real credit application will trigger the "hard inquiry" that can reduce your score by a few points. But prequalifying also does not assure you that you'll ultimately be granted credit. It's similar to prequalifying as a "soft no."

Prequalification is optional with most issuers, but it's an integral part to the Credit One application process. It is necessary to prequalify to know the specific charges, rates and reward structure of the card you'll be applying for. When you've read the terms, you decide whether to apply and incur the hard inquiry. The application review is more extensive than the "prequal" review, so you could still be rejected, or you could be granted a different credit card that you did not see following prequalification.

>> MORE:

Why do they do it in this way?

Credit One says this prequalification process safeguards consumers with subprime credit, who can least afford to lose points off their credit scores.

As an example, suppose that an issuer provides three cards with annual fees that range from $99 to $45 or $0. Someone having bad credit might qualify for the $99 card, but not the other two -however, they'd likely apply for the $0 card first, then the $45 card and then the $99 card for a final alternative. Their credit score would be affected by three applications instead of one.

Credit One is, in contrast it could offer a single card with a dozen potential combinations of rewards charges, rates and fees. The application process is one-time and the issuer then accepts you for terms that are based on your creditworthiness. So there is a benefit, but there's also an additional hurdle to leap through. And you won't know what you're getting (or likely to receive) until you've begun the application process and at that point, you may be less likely to fail.

Rewards: Wait and watch

These terms and conditions stipulate that based the creditworthiness of your score, you can be eligible for any of the 6 cash-back reward programs. Here are the possibilities:

Credit One Bank(r) Cash Back Rewards Credit Card and Credit One Bank(r) Platinum Visa(r) for Building Credit

1% cash back on groceries, gas and mobile phone service. internet service and cable and satellite TV service.

Cashback of 1% on fuel, groceries or dining out purchases and mobile phone service internet service and cable and satellite TV service.

1.1% cash back on eligible purchases.

5% cash back the first $5,000 per year in combined spending on gas, groceries and mobile phone service. internet service, and cable and satellite TV service and cash-back rewards of 1% on all other purchases.

NASCAR(r) Credit Card issued by Bank Credit One Bank(r)

Cash back of 1% on automotive and gas purchases. Double money back for NASCAR.com purchases.

Cash back 1% on all purchases. Double the cashback on NASCAR.com purchases.

The main point is that it's impossible to know what you'll earn in cash back until you get your card.

Rewards are automatically redeemed as an account credit every month, so that part is fairly straightforward.

Interest rates: They're OK

The rates for interest in the "for informational purpose only" disclosure were 19.74% to 25.74 percent in August 2018. If you're in the middle or have low credit, the interest rates you pay for any card and loan will be on the high side. The rates offered by Credit One are comparable with typical credit cards that are designed for bad credit.

Annual fees: Take an educated guess

As with other key characteristics as well as other features Credit One cards, the annual fee is a mystery until the issuer qualifies you for a card. The initial year is "between $0 between $75 and $0." For the next year and beyond the range increases to $0 and $99. Following the initial year, the annual fee may be paid in monthly installments. However, it may not be.

Certain Credit One credit card agreements -- "real" the terms and conditions which will ultimately apply to cardholders are included in . As of August 2019, it listed 21 different combinations of APRs, annual fees, and other card features. Also, the one that applies to you will be disclosed only after you qualify for a card.

Nerdy Tip

For some Credit One cardholders, the annual fee is paid in monthly installments, instead of all at once. That means they are required to pay the bill every month, even though they're not making use of the card. This, in turn, increases the chance of not making payments or making late payments particularly when you consider the issues some cardholders experience with having their money promptly credited, discussed below.

Here are a few other charges you may have to pay (we refer to them as "might" due to the fact that the "for informational only" terms could be different from the terms on the card you're ultimately accepted for):

Authorized user: $19/year The authorized user must be 15 years old

Foreign transaction fee: 3% (minimum $1)

Cash advance: $5 (or 8%) of each money advance, which is greater, or $10 (or 3%) of each cash advance, whichever is greater

Late payment fee: up $37

Fee for returned payment: up to $35

Fee for increasing credit limit From Zero to $49

The fee for duplicate statements on a monthly basis: $10

Receipts for sales receipts For sale receipts: $6

Card replacement: $25

Fee for balance transfer of $5 or 8 percent from the total balance transfer the greater amount (if the card is able to allow transfers at all)

Grace period: Who knows?

On most credit cards, when you pay the account in full every month, you immediately receive an -- which means, you won't be charged interest on purchases until your next deadline for payment. Pay in full each month and then you'll never be charged any interest.

With credit cards like the Credit One cards, however, you can't tell upfront what grace period. In the "for informational purposes only" conditions there's a section devoted to "paying the interest." It starts with "If your account has an Grace Period ..." That's an important "if." It continues to state that if your account has no grace period, you will pay interest on every purchase from the time it's posted onto your credit card. Similar to the majority of important details about Credit One cards, you don't know if you are eligible for an extension of grace until the time you make an application. Of the 31 agreements for credit cards spelled out by Credit One as of August 2018, about half were grace periods.

Making payments: Confusion reigns

A NerdWallet investigation released in October 2018 found thousands of complaints about Credit One that, because of a loophole in the federal law was not apparent to consumers. Paying issues are frequently discussed in the complaints as well as in posts made on other forums.

Consumers describe sending in payments prior to the due date only to see Credit One fail to process the payment until it was "late." In other cases, consumers could not pay on Credit One's website. Credit One website and had to pay by telephone or by mail, incurring additional charges.

Credit One declined to comment on the findings of the investigation but its stated policies on processing payments appear to verify the claims. The majority of credit card issuers transfer a payment to the cardholder's account instantly. Credit One says it will keep your money for a few days until you deposit an amount of nearly $10 to get it processed within a day.

When will your credit card be creditable?

Like all credit cards you will have a balance on credit cards is based on the balance of your Credit One card is made up of your purchases, cash advances (if they are available), interest as well as any fees charged. The minimum payment on Credit One cards is 5% of the balance. For most credit cards the minimum amount is anywhere from 1% to 3percent on the amount.

After one billing period, Credit One cardholders may contact Customer Service and choose their own due date as in the six days of the date originally set. Cardholders may choose a different due date once every six months.

It appears it is the case that Credit One cardholders have to be extra careful about the way they pay their monthly payments. In the "FAQs" section of the site says that you have two options to pay your bill: "Standard Payment" and "Express Payment." From there, it becomes dicey:

If you select Standard Payment, as per the FAQ "your cash will appear available in about five (5) work days, and you may only pay with your bank account." Five business days can be a challenge. If your due date falls on the 15th day of the month and in a given month the 15th falls on a Saturday. To avoid a late fee, you'd have to make your payment on the 7th of the month (a Friday) to be sure your payment will be received in the "about five (5) business days" timeframe. Unless you paid eight days in advance that is you might have to be "late."

If you choose Express Payment When you make an Express Payment, your "funds will become available sooner (usually the next business day)." However, the cost for an Express payment is $9.95.

The wording Credit One uses is peculiar. We've never seen an agreement on credit cards that has the phrase "funds will be accessible." This kind of language typically applies to bank account deposits, so we're not sure what it refers to in this instance. But we assume it indicates when the payment will be posted onto your credit card.

When will your credit replenish?

But wait, there's more! Each of the 21 card agreements in"the "real terms and conditions" document include this section:

In the event that an amount of payment is less than the amount of principal outstanding for your card account new credit will be made available (subject to the limit of your credit), but only 12 calendar days following our receipt of the payment.

This could mean that regardless of when you pay your bill -- on time, late, Standard, Express -- you can't access your total available credit line for two weeks afterward. Imagine your credit limit is $500, and you're maxed out. You've paid off your balance, however, you're unable to make use of your credit card for the next 12 days.

In an attempt to clarify, we tried calling the "Application Information" number listed by Credit One however we were unable to reach the initial branch of the phone tree. This is because in order for a person to ask questions regarding applying for a Credit One card, you need to input the 16-digit code of your Credit One card.

Consumer complaints

Credit One card are offered by Credit One Bank of Las Vegas which is a division of Sherman Financial Group, a private company based in Charleston, South Carolina.

In addition to the numerous complaints to government agencies that were discovered by NerdWallet Payment issues are common in complaints regarding Credit One credit cards on the website. Many reviewers claim they attempted to pay their bills on the internet however it was not working. Credit One website was not functioning. They may have made a payments, and it was not credited to the account in time and resulted in a late fee. There are over 1,000 complaints about the business along with its support for customers Consumer Affairs.

The complaints about Credit One on the other hand touch on customer service problems with billing and payments. Of the 129 reviews on Yelp at the time of February 2017, 110 gave Credit One one out of five stars.

The Better Business Bureau has not provided Credit One a rating. Of the 112 reviews that were posted as of February 2017 , on the site from the Southern Nevada BBB, three were labeled as positive (although some reviews was sharply negative), three as neutral , and the remainder as negative. From 783 complaints recorded on the website, 574 were identified as related to billing or collection including payment problems.

Credit protection: Expensive

Another benefit touted in the advertisement by Credit One is its "Credit Protection Program." This is an optional program that will waive the minimum payment due for six months in the event that the primary cardholder "involuntarily" is laid off or disabled. The cost for this benefit is 96 cents per 100 of the balance due. You pay this every month following the time you have enrolled. For instance, if you've got a monthly balance of $500 enrolling in the program costs you $4.80 in that month. If your balance for the following month is $400, you'll be charged $3.84 the following month and on.

After you've signed up to the program, there is an initial 30-day period of waiting before you are able to activate the coverage. When you activate the program, your account will be closed and you can't use the card. Additionally, the minimum payment is not charged, but interest will continue to accrue.

Also, Credit One has the option of cancelling your account if your account is 60 days overdue, your account is 20% or more over the maximum credit amount, Credit One "no longer is the owner of the account" you've been guilty of fraud or are participating in one the Credit One Bank's debt management programs.

Other characteristics: Good

Since they are cardholders, they get Visa travel accident insurance and car rental collision damage waiver insurance. They also come with Visa zero fraud liability as well as the conditions and terms inform cardholders that they must report unauthorized charges immediately. While federal law limits cardholder liability to $50 in the event of unauthorized charges and the Visa zero-risk liability guarantees that you will not be held responsible for charges that are fraudulent.

The cards offer free credit scores, however you can get your credit score for free just about everywhere these days --- . Some credit card issuers provide you with a free credit score even if you're not a cardholder.

You can choose among a range of options (23 for the rewards card and 20 for the rebuilding-credit card) to "personalize" your credit card, however you may pay a fee for this option. The fee isn't disclosed on the Terms and Conditions available on the site.

Alternatives to better alternatives There are many

In light of the ambiguous terms and other drawbacks of Credit One cards, you might be wondering why so many people apply for these cards. One answer might be that people think they're applying for a credit card from Capital One. That logo, which is swooshy, from Credit One actually predates CapitalOne's, but confusion remains within the market. Consumers who expressed their displeasure via the Consumer Affairs website mentioned this problem often.

The Credit One cards are marketed to those with poor credit scores, however, better alternatives are available for those who have good credit or . Major issuers offer secured credit cards that come with better terms, lower fees and guaranteed grace periods. Secured cards require an upfront security deposit of at least $200-$300. The process of putting that money together may be a problem for some, but bear in mind that you'll get that money back when you close the account or upgrade to a regular , unsecure card. The charges paid to you by Credit One are not refunded.

For instance, the pays cash back of 2% up to $1,000 on food and gas each quarter, and 1 percent cash back on all other purchases. In addition, once you've been responsible with your credit card for seven months, Discover may review your card with a view to making it an unsecure card. In addition the annual fee, it's zero dollars .

You may also be eligible to get a Capital One card, the . You can get a $200 credit line with a deposit of $49, $99 or 200 and you could make the deposit in installments before activating your account. You could be able to access a larger credit line without putting more money down if you make payments on terms as short as six months. Also, there's no annual charge.

If your credit is average or fair then you might be eligible for the . This card is unsecured and offers unlimited 1.5 percent cash back on purchases with a affordable annual cost.

When credit is limited consumers are prone to make poor decisions, such as applying for the Credit One credit card without researching their options. If you look around, you'll find better options with conditions and terms that are well-written.

Author bio Ellen Cannon is a former NerdWallet writer covering credit cards. She was a writer also editor with Bloomberg and Time Inc.

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Writen by Rebecca Betterton Written by Auto Loans Reporter

Rebecca Betterton is the auto loans reporter for Bankrate. She is a specialist in helping readers with the details of using loans to buy an automobile.

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

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The car market is struggling to keep up with inventory issues and a lack of cash, taking over lease payments might be an ideal alternative to take the car. Third-party websites can assist you find someone who wants to end their lease early. Since leases typically last for about two or three years you may need to purchase the car -- or return it to the dealer -- before you're in a position to do so. Do you think a lease takeover is a good idea?

If your circumstances permit the possibility of borrowing someone else's lease is a good choice as a lease may offer lower monthly fees and more options for vehicles compared to buying.

Advantages of a lease takeover assuming a lease has clear benefits when you are looking to drive a newer model vehicle for a brief period. Vehicle availability With car buyers holding onto their new vehicles for an average of 6.5 years, as per the most recent data from and leases typically lasting two or 3 years, it could be challenging to find the best price for the latest model of car that's not the model year of the current year. It is possible that you'll be able to get a relatively new vehicle through the lease assumption. A short-term lease whereas the typical lease agreement lasts for two or three years the lease assumption expires earlier. This allows you to try out a car without the need to sign an extended-term contract. It's rare to get this kind of timing through traditional leasing outlets. Cash incentives Many drivers are eager to get their vehicle out of their possession in the event of a lease assumption. It's not uncommon for the initial leaseholder to offer a cash bonus. They might also offer to pay for any transfer fees a leasing company charges and could save you many hundreds. Talk with the leasing company to negotiate the best deal. Reduced monthly payments If the lessee in question has great credit and made a large down payment, it is likely that their monthly payment is low. Since you will be taking on that monthly installment it is possible to take advantage of their conditions. Disadvantages of a lease assumption The low car payment and the flexibility of a short-term car lease may be tempting however, before you sign the lease, you must be aware of potential risks. A no-renegotiation lease The lease you take over is the lease you get. You won't be able to negotiate the lease terms the original lessee had agreed to. That means that if their credit score was not high it could result in you being forced to pay a higher monthly payment than what you could have received if you had signed an agreement to lease your own. You may also have an increased lease-end price than what you'd otherwise pay. Limited mileage Taking over a lease means that you will need to stick to the mileage limits originally set stipulated in the car lease contract. If you exceed this limit, it could be costly -the penalties range from 10 to 25 cents per miles. Try and estimate how many miles you'll travel prior to the lease expiring to ensure that you don't need to pay a penalty. And of course, be sure that the lessee hasn't already incurred charges for mileage overage. Potentially high wear-and-tear costs If the previous driver did not maintain the vehicle, you will be liable for wear and tear costs. Similar to any used car take the vehicle to inspect it on the spot and ask to have it inspected prior to signing on the lease. If there is an excessive amount of wear, check whether the original leaseholder will pay for the costs as part of the transfer. Additional charges There are three primary charges that are associated when you take over a lease: lease transfer, credit application and . According to Swapalease it is possible for the cost to range from $395-$895. Make sure you are aware of the details of these charges before committing to the lease assumption. How to assume a car lease If you've made the decision to assume the lease, you have a few options available. Lessees who want to hand over their leases can use websites like Swapalease, LeaseTrader and QuitALease to find someone to assume the responsibility. You can also contact the leasing company. They could be able offer suggestions or to connect you with a prospective lessee. While the lease's terms will depend on the initial lessee's credit but your credit will be taken into consideration. Be prepared to bargain with the lessee about any potential cash bonuses and bonuses. The final word: If you choose to accept a lease, keep an eye on the fact that the liability you are taking over is more than an ordinary auto lease because of the past of the initial driver. The lease will be liable for the remaining payments on the car and any damage or costs that were incurred by the initial lessee. Shop around and compare different options before signing any agreements. Find out more

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