LoanAway Blog

When attempting a credit repair to make your credit right once more, it is imperative that you present a solution to all those that you owe money to, and don’t deviate from anything you commit to once it is in place. You need to make a commitment to changing your spending habits. Only buy what you absolutely need. If you had to buy something, ask yourself whether every purchase is both affordable and necessary, and only buy. You must continue to pay your credit card until the balance in a month is lower than 50% of the credit limit. When your debt is over 50%, credit ratings usually go down. With that said, try to spread out the debt that you have or try paying it off. Try and maintain good credit.  You can receive a better interest rate if you have excellent credit. This means you won’t have to pay too much on your credit cards.   The interest rate on a credit card can add up to your original loan which can become quite substantial in the end. Another thing that will ...

The article by CNBC explains how much your net worth needs to be to be financially comfortable and how much you will need to be wealthy. The source of this information is from Charles Schwab report “more than 50 times greater than the actual median net worth of U.S. households”. The report is interesting because it goes into details for the major cities that Americans live. The report also has a poll of 1,000 Americans were asked what does wealth mean to them. 27% say wealth means the amount of money in your saving account, 24% say experiences, 22% affording consumer goods, 19% say peace of mind and 12% say good relationships. Wealth means different things to everyone . At Loan Away, the majority of us concluded that peace of mind also known as financial independence is what wealth means. Knowing that you have enough money to live comfortably for years to come is true wealth. Here’s how much money Americans think you need to be wealthy in 10 major US cities When it come...

Looking to build a strong credit history? Great. We are explaining just how to do that. It is not simple by no means, but if it was simple, everyone would have done it. Loan Away has attached a great guide by Forbes as a reference. Fobes was used because they asked 10 members of their Financial council on the subject. They all provided unique and useful advice that may just help young adults build a strong credit record .  This is important because when you need to make a significant purchase like a home or a car, the better your credit score, the lower the interest will be. The lower the interest, the more money you will save over the years. With over 10 suggestions, we can ensure you that you save money in the near future with these tips. Ten Ways Young Can People Build A Strong Credit Record Building a strong credit history is the cornerstone of financial freedom and spending power. For young people, it can be difficult to establish a strong credit score out of the...

Should or should you not? Well, this depends on several factors like if you have children, do you pay rent or a mortgage, debt interest rate , and more. We are using the example below from two cents Lifehackers. The question is “I have $2000 credit card debt at 6.9% and $4000 in savings. Should I just pay off my credit card debt in full, or continue to make payments every month and build up my savings account more? I own a home and am worried about having extra cash on hand in case something breaks.” What would you do? The experts have made their suggestion and Canadians have left their opinion too. Loan Away will also share our opinion on what we suggest. We have attached the entire article. Should You Pay Off Your Credit Card Debt With Your Emergency Savings? You’ve got questions, we’ve got answers. Each Monday we’ll tackle one of your pressing personal finance questions by asking a handful of money experts for their advice. This is what individual experts have to say ge...

For the past several years, credit cards needed a PIN to be entered to complete a transaction. Recently, credit cards have introduced “tap”, which allows consumers to complete small transactions which a need of using your PIN. At first, this seems revolutionary to some and frightening to others. If your credit is stolen, anyone can use the tap function to make a transaction. The credit cards are aware of this issue and have been working diligently to solve this issue. Today, finance yahoo have discovered that Visa is working on a solution to this exact problem. Visa is beta testing Biometric credit cards . Basically, instead of using a pin, the credit card will use fingerprint recognition to verify the credit user. This is a similar technology found in smartphones. Is this a more secure and faster method of making transactions with a credit card? Perhaps. The entire Yahoo Finance article is attached below. No more PINs: Visa testing biometric credit cards People ar...

  Can only 39% of North Americans cover a $1,000 unplanned expense? This report is according to Bankrate . Bankrate says that if a unplanned expense happened, 39% will pay from their saving, 19% will finance with their credit card, 13% will reduce spending, 12% will borrow from a friend or family, and 5% would take out a loan. This is concerning. Majority of North Americans do not have the funds for a $1,000 expense is the reality of a tough economy. What can we do to prevent this from happening to us? Simple. Create an emergency fund of 3-6 months worth of expenses. This fund can be used for unexpected. Most Americans can’t cover a $1,000 emergency Life happens: A broken-down car. A leaky roof. A broken bone. If you were hit with a $1,000 emergency, would you be able to cover it? For the majority of Americans, the answer is no. Only 39% of Americans say they would be able to pay for a $1,000 unplanned expense,  according to new report  from Bankrate. “Even...

Another year, another year with student loan debt. It does not have to be that way if you have dedication, hard-working, and focus on paying off your debt. There are five steps that are sure to help you pay your student debt as quickly as possible. However, these tips will only work if you make a financial plan and are persist. The latest financial studies have proven that creating a financial plan or budget has the highest success rate compared to those who do not. The average Canadian student has mid to high $20,000 in student debt ; wouldn’t it be amazing if you could pay that debt quicker than expected? If so, this is the article for you! Loan Away has referenced our source below.   5 Student  Loans  Resolutions For 2018 The new year is the ideal time for new resolutions. It’s an opportune time to check your financial life, and create your 2018 student loan game plan. According to Make Lemonade, there are over 44 million borrowers who collectively o...

Ever wonder what the profilio of the average person looks like compared to the wealthy? It’s quite different. The wealthy do not have millions of dollars in their bank account, instead, they have assets such as stocks, mutual funds , real estate, and business investments. What does the average person have? Most of their net worth is from their house. Next is vehicles and retirement saving funds. Even though the wealth has similar investments as the average person, the wealthy invest in businesses first. Meaning, the money they get back from investing in businesses is their primary income and asset of wealth. Does this mean you should do the same? Well, yes and no. Once you have cleared your debt with debt consolidation, you can start saving money . The article by visual capitalist explains everything you need to know in great details.   Chart: What Assets Make Up Wealth? A LOOK AT ASSET DISTRIBUTIONS, BASED ON NET WORTH TIERS The  Chart of...

Jay-Z has recently released his latest rap album”4:44″.  In this album, Shawn Carter explained lots of financial topics that amazed his audience. Shawn knows who his target audience is, which is why he was talking from a young black man perspective. Arguably the most memorable line in the song “The story of O.J” is “Please don’t die over the neighborhood, that your momma rentin’ take your drug money and buy the neighborhood. That’s how you rinse it.” Jay-Z was able to launch his career because he sold drugs to pay for his music productions in his earlier career. We recommend to take out a online loan before resorting to illegal practices. We do not endorse any illegal practices in any form. This was his only option as a young black male in New York. What makes Shawn different from other people in his community is he invested his money in himself instead of buying consumer goods. Once he started making a conformable living, he invested in art and real estate. S...

Maintaining a healthy relationship with money is difficult for many adults. It doesn’t matter if you do not enjoy dealing with your finances; it is a fact of life that cannot be escaped. By reading the following information, you will be able to learn some things that will help you become financially smart. If you are making a budget, it must be based in reality in regards to your income and spending needs. Be sure to include all of your income, such as alimony, child support, rental income, or other. Make sure that these numbers are taken from your net income, not your gross income. With these figures in hand, you can tailor your spending to stay within that income. Your monthly expenditures should not be greater than your income. This is important in order to achieve success. Make sure you have a detailed list of expenses when creating a budget. You want your list to reflect both monthly payments and less frequent ones. Insurance premiums and vehicle maintenance costs, such as oil ...

With modern technology, people do not need to see or know you to scam you. You may be thinking the internet is a great place for scammers, but did you know there are still lots of scams via phone still? Yep. Scammers are still using phone as a method of scamming. From Princesses that want to store money in your bank account or people want to offer you loans for under 19.9 interest . You may be thinking “Why not just report the phone number to police?” well scammers have already figured a way around that by disguising their phone number with the internet . We have came across 10 methods of way peolpe can scam you via phone. Dave O’Brien, a writer for record-courier.com has written a great article about this exact topic. We have quote it here for your convenience.   The top 10 phone scams and how to avoid them Ever since people have had money, other people have tried to part them from it. Using modern computer technology — to disguise, or “spoof,” incoming phone numbers on call...

Does the Government want everyone to be successful? Abouslty yes, but that is just impossible. Everyone cannot be successful. There will always be someone with more money . Doesn’t matter how much, everyone will not be equal.  The new budget does not help everyone, it helps the middle and upper class. The low-income citizens are often not forgotten or not even concerned because of several reasons. This is why most of them use bad credit loan providers in Mississauga to get income. Voters generally have higher incomes, more people are in the middle and upper class than the lower-income class. Meaning, the Government must focus on making sure the majority of people are happy. Sadly, this means that lower-income citizens are not concerned. We have included our source in this article for your convenience.   How government policy is forcing poor people into catastrophic debt It is extraordinarily expensive to be poor. The less money you have, the more expensive ...