No Guarantor Loans in Australia – What You Need to Know

financial situation

When applying for a loan, it is important to make sure that you are aware of the current state of your finances. Not only can your credit score greatly impact your chances of being approved, but it can also limit the amount that you are able to borrow. In this article, we will be providing you with insight into how you can apply for no guarantor loans with ease. 

What Is A No-Guarantor Loan?

A no guarantor loan is a loan that you can apply for without the need for security or a guarantor for your loan to be accepted. A non-guarantor loan is a loan type that allows you as a borrower access to the funds in a financial emergency without the need for an additional person to co-sign on the loan, even if you have a poorer credit score.

Is A Loan Without A Guarantor Expensive?

No, a loan without a guarantor is not more expensive as the APR and interest rates completely depend on the state of your credit score as well as your monthly income at the time of the application. Though a guarantor loan does offer that additional layer of security to the lender, it is important to note that any loans such as this should only be used in a financial emergency. Regardless of whether this is a Payday Loan or a no credit check loan , there are several ways that you can use this loan type when struggling in a financial emergency.

What Can A Non-Guarantor Loan Be Used For? 

Though applying for a loan type such as this should be saved for financial emergencies only, many are still unsure what the loan can be used for. Though it may seem tempting to use a loan such as this for a holiday or for a new television to replace the old model current sat in your living room, it is important to make sure that you are using non-guarantor loans to cover emergencies such as emergency car breakdowns or home and boiler repairs that you may not have the money left in your budget to cover.

How to Apply for This Loan Type

Should you find that the loan type is the right one for you it then comes time to apply. With several lenders allowing for a quick application process through their online platform, applying for a loan type such as this could not be any easier. With a simple form to fill out at the time of application providing them with information that they need on their monthly income as well as the current state of your credit score. From there, the lender will check your credit score and eligibility to determine if you can afford repayments, with the money being paid into your account if you have been successful in your application.

Though this application process may take time, it is important to make sure that you are considering the current state of your finances before applying as this will aid in ensuring a successful application.

Recommended Reading: 3 Steps To Clean Up Your Credit Report

Don’t Make These Top 5 Money Mistakes

money mistakes

We all make mistakes with our finances from time to time – we’re only human after all! While we may have the odd slip from time to time, there are a few major money mistakes that you need to avoid to prevent yourself from falling too deep. By slightly changing your money habits, you can avoid these mistakes and save yourself some serious cash.

1. Making Too Many Minimum Repayments

When it comes to hefty debts, it can feel impossible to shift. It may be tempting to pay off just the minimum amount each month, but this head-in-the-sand strategy will mean that you are left paying interest for much longer, resulting in a higher overall bill. While it is acceptable to pay the minimum when necessary, you should try to pay more than the minimum on the majority of occasions to save you more money in the long run.

2. Not Checking Your Bank Statements

Checking your statements has become a lot easier in recent years, thanks to the introduction of online banking and banking apps, which means there is no excuse for not keeping track. Despite how easy it is to check your statements, many people just look at the big number to see how much cash they have left. It’s a good idea to look through and see where your money is going and spot any mistakes.

3. Not Checking Your Credit File

Not only is it easy to check your bank statements, but you can also check your credit file for free through Experian, Equifax, or TransUnion. It’s essential to keep an eye on your rating and spot any areas for improvements or mistakes, as they could affect your credit applications in the future. While it’s best to have a good credit score that is well maintained, there are credit options available for poor credit, such as no credit check loans or guarantor loans.

4. Not Having an Emergency Fund

Life can be unpredictable when you least expect it, so even if you feel like you are living within your means, this could be dashed at any time. It’s worth putting money aside when possible to help cover any unexpected costs, like a broken boiler or emergency car repairs. In theory, you should aim to have a few months of living expenses in an accessible account, but anything you can put aside may help. Without an emergency fund, you may need to borrow money, but it’s always best to use your own cash where possible.

5. Not Switching Providers

From banking to utilities, there is something to be said for switching providers. In days gone by, there may have been some benefit in being a long-term customer, but these days, new customers tend to get the best deals and options. You should use price comparison sites to work out whether it would be beneficial for you to switch bill or banking providers to get more affordable prices. You can even call your current providers and explain why you are thinking about leaving, as many may miraculously drop the prices for you.

For more support and information on money mistakes, please visit the Money Advice Service.

8 Healthy Financial Habits You Should Start Today

Healthy Financial Habits

Finance is one aspect of your life that’ll affect every other part. Financial security and freedom can make every other facet of your life, including your health and personal relationships, significantly better. And for that, what you need are healthy financial habits.

The earlier you get serious about your personal finance, the better off you and your loved ones will be. To help you with that, here are eight financial habits for financial security and freedom that you can start today.

1. Make a budget

Nothing else will fall else in place unless you make a budget. Calculate your income and expenses based on your financial statement from the past few months. If you want to change your financial situation, you should know where you really stand. And there are so many budget apps available that can make budgeting easier.

2. Limit your expenses

Now that you know how much you spend every month, put an upper limit on your expenses. Unless it’s a healthcare or family-related unavoidable expense, you shouldn’t go beyond this limit.

3. Automate savings

With automatic withdrawals, you can start setting up a savings fund. Setting up one will take a few minutes and once you’re done, the system will automatically deduct it from your salary. When you don’t have access to that money, you’re less likely to spend it.

4. Pay credit cards in full

Credit card interest rates are among the highest in the industry. Keep that in mind whenever you use your card and make sure that you pay your monthly payments in full. Any leftover will carry exorbitant interest rates.

5. Reduce your rent

Rent is one of the biggest expenses that most of us have to make. Ask yourself whether you need a big apartment, especially if you’re starting out. Move to a smaller apartment or get roommates.

With remote work getting regularized, you can also move further away from your office, if it’s possible.

6. Imagine paying in cash

Here’s a neat little trick to help you cut down on your spending. The next time you’re about to buy something, imagine paying it in cash. That will suddenly feel heavier.

If you’re already paying in cash, imagine someone offering you either that product or service or that much cash. What would you choose?

7. Start investing

Earning makes you comfortable, investing makes you rich. Most people can’t comprehend the power of compounding but know that the earlier you start investing the bigger your returns will be.

Spend a couple of hours every day for two weeks to learn about index funds and retirement savings. Next step? Talk to a financial advisor.

8. Develop a secondary source of income

You can only reduce expenses to a certain extent. With an extra source of income, you’ll have more to save and invest in. If you can offer a service, you can find a market through the internet.

You don’t have to start all eight on the list immediately. Pick any two for the time being and focus on them. The rewards will encourage you to stick to every other financial habit.

8 Unique Ways to Spend Mother’s Day

Mother's Day Activities

When Mother’s Day arrives on May 9 will you be ready?

Will you be presenting mom, grandma, your wife, or whoever is the most important woman in your life with the same old gift of breakfast in bed, or a fuzzy bathrobe?

While these things are wonderful presents, maybe it’s high time you do something a little different, something off the beaten path, out of the ordinary, unique, unusual.

Yes, make this Mother’s Day super memorable for your mom who has had an impact on your life.

Like what? What’s unique? What’s cool and different?

Well, here are 8 unique ways to spend Mother’s Day this year to help you get started in your efforts to make Mom’s Day truly remarkable.

1. Take her hot air ballooning

Most cities have hot air balloon companies that would be more than happy to take your mom along with you and other family members high above the clouds on a sunny day. Be sure to start checking around now as these places get busy fast.

2. Take her to a DIY ceramics place

Here she can make a plate, a mug, a sculpture, and paint it herself the way she wants.

3. Cooking

If you want to be unique hire a personal chef to come into her home and prepare a full feast or show her some cool cooking skills she’s wanted to learn over the years.

4. Wine

If your mom likes wine pick her up and take her for some wine tastings in your neighborhood.

5. Flowers, fruit more

Ask mom if she’d like to go pick flowers, fruits, and veggies. Most cities have “u-pick ‘em farms.”

6. Be creative, be a wordsmith

Sit down and write mom a long letter (or sit her down and tell her verbally) as to why you love her and what she means to you. Either frame it or hand it to her on a pretty piece of stationary. It’s coming from the heart so it truly will be a one-of-a-kind gift.

7. To the Moon

For $29.99 you can buy her an acre on the moon, and she’ll feel like she’s just gone to outer space without ever leaving the house. Put up some outer space-themed party décor in her house to complete the theme.

8. Get her a pet

Go to an animal shelter and let mom pick out a dog, cat, or rabbit. She’ll love the idea of having a new four-legged friend she picked out herself and saved at the same time. Look up your local animal shelters or humane society and make an appointment before you go.

Do It Up!

Mother’s Day only comes once a year so be sure you honor mom with something that means a lot and a gift she can savor year-round.

3 Steps To Clean Up Your Credit Report

how to clean your credit report

Spring is here! While everyone begins this time of year with spring cleaning their homes and garages, it’s also a great time to clean up your credit report and work on rebuilding your credit.

If it’s been more than a year since you last checked your credit report, you may find unwanted or incorrect information accumulated over time. There are several things to look at beyond just accuracy, such as making sure that your credit cards and loans are the best ones for your current circumstances.

On top of that, if you’ve had a serious blow to your finances, such as defaults or bankruptcies, it can take quite some time to clean that stuff up and recoup any damages to your score. Start today, and you’ll have a head start now rather than when you find yourself wishing you’d done it sooner.

How To Clean Up Your Credit Report

1.  Get A Free Copy Of Your Credit Report

Free weekly credit reports have been extended for another year, so there’s no reason to hold off here. The first step to cleaning up your credit report is to have the report in front of you. Sites like CreditKarma and FreeCreditReport make it easy to see your report and understand how you can impact it.

NOTE: You’re going to want to pull the whole credit report, from all three bureaus – not just the scores.

2.  Thoroughly Check Your Credit Report(s)

Depending on your credit history, this could take a while, or it could be pretty quick. Either way, making sure that your information is correct and up to date is critical to building, rebuilding, repairing, and maintaining good credit.

Since lenders can choose which bureau they send info to, and how often, there will be slight differences on each report and that’s normal. But when you next apply for a loan or credit, different lenders look at different reports, so an error on one may not come up on another and you want to be prepared if the lender comes back to you with something like that.

3.  Resolve Errors By Filing A Dispute

Easy fixes: Credit inquiries stay for two years, but missed payments, delinquencies, and tax liens can stay on your report for seven. If it’s been longer than legal timelines, these items should have done what’s called “aged off” and not be on your report anymore.

You also want to look out for items that are flat-out inaccurate, such as your name and address, or worse, someone else’s name on your report, along with accounts you did not open yourself.

So be sure to get those errors corrected right away. You can dispute directly with each of the credit bureaus. If your dispute is valid, they are legally obligated to correct your report. It’s easy to dispute, by the way. You can do so online or via mail.

TransUnion Consumer
Dispute Center
P.O. Box 2000
 Chester, PA 19016
Equifax Information Services P.O. Box 740256 Atlanta, GA 30374Experian P.O. Box 4500
 Allen, TX 75013

In your letter (or in the form online), explain what information you think is inaccurate and why you’re filing the dispute. Ask for the error(s) to be removed or corrected, and try to include any evidence you have that can be used to back up your claim (payment receipts, for example). Credit bureaus have 30 days to review and take action, so make sure to check again to ensure they followed through.

Cleaning up your credit report today will ensure your credit is ready for your next goal, no matter what time of year it is, so be sure to stay on top of it all year round!

How Does Social Media Affect Financial Decisions?

Social Media Affects Financial Decisions

Social media influences society in an assortment of ways. Within the past decade, related platforms have swayed elections, outed celebrities’ poor behavior, and controlled much of the public discourse. It even has a significant impact on people’s moods.

Therefore, it’s no surprise that social media also affects many US citizens’ financial decisions. But how much clout do Facebook, Twitter, Instagram, Snapchat, and all other platforms carry regarding money?

This blog will examine social media and its sway over financial decisions:

Social Media’s Financial Influence is Generational

In 2021, consumers gather financial product information from places such as Facebook. They might double down with a blog to inform themselves more.

However, the stats skew toward proceeding with caution with regards to trusting sources. Only 23% of surveyed consumers are very confident that social media information about financial products is accurate and reliable.

Furthermore, consumers only click on social media financial product advertisements 15% of the time. This number pales compared to the 34% of the timepeople click on ads for other items.

It does appear that older consumers are responsible for swaying these percentages. Millennial – and younger – consumers have far more confidence in the financial information they access on social media. They’re also likelier to click on advertisements for relevant institutions.

This difference between generations probably results from familiarity and comfort with technology. It also likely results from more eagerness to learn about what’s out there in the world of finance.

People Are Spending More Recklessly Because of Social Media

Financial decisions aren’t solely based on products from a bank, an accountant, or overall investing decisions. Finances are involved whenever somebody spends money.

In that vein, social media brings with it some negatives. Namely, 35% of respondents to one survey claimed to spend more money than they could afford to share experiences with friends. Moreover, these decisions were directly influenced by what they saw on social media.

In bringing this blog back to the generational theme, younger people were more impacted by the above problem. 48% of Millennials and 41% of Gen Z fell victim to overspending because of social media’s somewhat nefarious influence.

People must keep in mind the social media often paints a very one-sided picture of people. Sure, your friends could be vacationing in Spain—but they might be maxing out their credit card to do so. Or they’re neglecting their retirement savings.

Social Media’s Impact on Your Finances Depends on How You Use It:

Social media is a double-edged sword for finances. Provided you allow it to influence overspending because you want to fit in with your friends, it will turn into a negative by accumulating credit card debt.

Conversely, social media brings with it the following financial advantages (if you do your research):

  • Find better deals on products you need
  • Receive discounts from your preferred stores
  • Market a crowdfunding campaign
  • Learn about DIY ideas instead of spending on a service
  • Perform product research to make purchases that bring you value

It’s through the above methods that social media can become a positive force for your financial future.

Forced to Retire Early? Follow These Five Tips

Retire Early

Sometimes, we may be forced into a position where we have to retire early. While this may cause some initial problems, it might benefit you in the long run. However, preparing for an early retirement will involve some difficulties. Due to this, we want to share five steps you should take if you need to retire earlier than you expected.

Think About Pensions and Social Security

As you worked at your job over the years, you most likely put money into social security, and you may have a pension. This means you will need to strategize your pensions and social security to get the most out of your benefits. Each of these will provide you with a certain amount of money. While social security benefits automatically accumulate as you pay taxes, you will need to see if you have a pension. 

Identify A Location

As you plan to retire, you need to find the best location available. You will still need to pay certain bills and taxes, so you need to find a location with a low cost of living. On top of this, you should purchase the home you want to live in to avoid paying rent. Once you identify the location you want to move to, you can create your plans around that idea.

Look at Investments

Many people will have different investments they contributed to as they worked. This can include IRAs, 401k plans, and purchasing stocks that increased in worth. You will need to review your investments to see how much money you earned through all of them. From here, you can add these investments into your funds alongside your pensions and social security. This will help you see how much you will have during retirement.

Create a Budget

Once you know how much money you will have, you can create a budget. Depending on the options you have available, you could easily identify how much money you will have access to each year. From here, you can divide your money to see how much you can spend each month. This will assist you as you plan for your retirement.

Make Necessary Life Changes Immediately

If you plan to move, get a new home, or anything else that will change your life, you should do it immediately. If you hold off on these changes, they will become major expenses later on. Since you will most likely receive your money in portions, you won’t be able to pay them all off at once. Due to this, it’s better to make those changes as soon as you can.

Conclusion

While you will face some problems when you need to retire early, these steps will help you out. Following them will let you see the amount of money you will need to retire alongside any other preparations you should consider. These steps will get you on the right track as you prepare for your early retirement. Make sure you review and apply them to make your retirement process as easy as possible while ensuring you have enough money for your needs.