Payday Alternative Loans in 2022: An Ultimate Guide

If you’re living paycheck to paycheck and struggling to make ends meet, borrowing a little cash to help you get by seems like an obvious choice. However, if your only options are expensive payday loans, with rates ranging from 391% to 521%, taking out a loan could significantly impact your finances. With such high-interest rates […]

What is a salary advance loan?

What is a salary advance loan, and how do i qualify

A salary advance is a loan that allows you to borrow money directly out of your paycheck. You can use the money to pay for unexpected expenses or other bills like gas, food, rent, etc.  A traditional salary advance from your employer would have to be repaid in full on your next paycheck. That includes […]

What is an allotment loan? A helpful guide

What is an allotment loan?

An allotment loan is a type of loan that requires monthly payments to be taken directly out of your paycheck. The “allotment” system began with the US military in 1889 and has expanded to include civilian federal employees since the 1960s. With the advancement of technology, the “payroll allotment” system for loans is now widely […]

Can you refinance a personal loan? Here’s what you need to know

Can you refinance a personal loan? Yes

Can you refinance a personal loan? The answer is yes. Refinancing a personal loan can save you alot of money by replacing your existing loan with a new loan that potentially has a lower interest rate and monthly payment. Refinancing your loan may be a good option if you need to extend your repayment term […]

Are Personal Loans Tax Deductible? – Stately Credit

Are personal loans tax deductible

Are personal loans tax deductible? The short answer is yes and no. While the interest you typically pay on a personal loan is not tax-deductible, the way you use the loan could potentially qualify you for a tax deduction if you meet the specific eligibility requirements. Understanding the tax limitations could help you save money […]

What is an unsecured personal loan?

An image explaining what a personal loan is

Unsecured personal loans are a type of debt product typically offered by banks and other financial institutions and aren’t backed by collateral to “secure” the loan. Unsecured personal loans typically require higher credit scores and income requirements. If you fail to make your payments on time, your lender cannot repossess any of your assets to […]

How to apply for a personal loan

An image about how to apply for a personal loan

So, you need a loan, and you’re asking yourself: How do I apply for a personal loan? Applying for a loan begins with deciding how much you need to borrow before checking your credit and prequalifying to compare personal loan offers. While the whole process may seem overwhelming initially, below is a ten-step process that […]

Building Credit With Secured Credit Cards: A Helpful Guide

Building credit with secured credit cards. Here's how its done

I have some good news and bad news. Let’s start with the bad news:  A Federal Reserve study found that thirty-one percent of applicants were denied credit in 2019. The culprit? Low credit scores. The good news? Fixing your credit is easy and some have even managed to raise their score by 277 points within […]