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Need a small loan? Make sure you're not adding to your financial woes
Get a small business loan If you want to retain complete control of your business, but don’t have enough funds to start, consider a small business loan. When The Big Banks Can't Help, We Can! Incredibly Fast Business Capital, Equipment Financing And Payment Processing. Quick Funding up to $2M! One stop. Best offers. Free Application. No Obligation. Customer Financing To Drive Your Sales Many Providers = More Approvals And Profits For You. Payment Processing Improved Standard processing plus our new Cash Discount Processing (no fees). Equipment Financing for the tools you need. One stop. Best offers. Free Application. No Obligation.
Need a small loan? Make sure you're not adding to your financial woes
(BPT) - April is Financial Literacy Month, and it’s an opportunity for people to take a closer look at their finances and be smart about their money. These days, it's difficult to save money — whether it's an appliance breakdown, car repair or other unexpected bill, sometimes you just need to borrow a little cash. When you need to find a little financial help, it may seem like plenty of options are out there for borrowing money. But the problem is, borrowing even a little can cost you. A lot. Even if you need just a small loan — but you don’t have much of a credit history (or none at all) — you may find yourself owing a lot more than you can afford, causing bigger problems down the road. If you don’t have a solid credit history, you may find yourself in deeper financial trouble just from borrowing as little as $500.
“Unfortunately, just when you really need a loan, you can end up owing a lot more than you can afford,” said Matt Jenkins, chief operations officer, Oportun. Oportun’s customers, the majority of whom live in low- and moderate-income communities, are hardworking individuals who have limited savings. Approximately half of Oportun’s new loan customers did not have a FICO credit score when they first came to Oportun. “Understanding how much you’re expected to repay for any loan, and when, is crucial, so you don’t end up in a deeper financial hole.”
This is especially true with unsecured loans such as payday loans or online-only installment loans, as well as short-term secured loans such as auto title loans. While you may have needed to borrow just a small amount, after adding interest and fees, you could ultimately end up paying back many times more than the original amount you borrowed.
Unsecured versus secured personal loans
Personal loans fall into two categories: secured or unsecured. Secured loans require you to offer up an asset as collateral, while unsecured loans do not. Secured loans can give you access to larger loan amounts, especially if you don’t have as much credit history to qualify for an unsecured loan. However, being unable to pay back your secured loan could result in losing access to the property you put up as collateral — such as your vehicle — which creates even more challenges, especially if you need your vehicle to get to work.
Unsecured loans place a greater risk on the lender, since the borrower does not provide collateral. To account for that risk, lenders may offer unsecured personal loans in smaller amounts, charge higher annual percentage rates (APRs) and/or require the borrower to have a much higher credit score to qualify. These requirements can create barriers to accessing or building credit for anyone who is financially struggling.
How much borrowing can cost you
To find out how much these products can really set you back, a 2022 analysis by the Financial Health Network, “The True Cost of a Loan,” compares six financial products — payday loans, online-only payday loans, rent-to-own, installment loans, online-only installment loans and single-pay auto title loans — to unsecured installment loans from Oportun to estimate the total cost of these products to typical borrowers.
The study showed that even short-term, small-amount loans can end up being very expensive to borrowers in the long term, especially when compared to loans from Oportun. Across three loan amounts, alternative products could cost eight times more on average than an Oportun loan of an equal amount:
- For a $500 loan, alternative products could cost ten times more on average than an Oportun loan.
- For a $1,500 loan, alternative products could cost six times more on average than an Oportun loan.
- For a $3,000 loan, alternative products could cost four times more on average than an Oportun loan.
Overall, Oportun loans can be significantly less costly than alternative products, as they often have lower rates and more affordable terms than many other choices on the market.
To learn more about your options to borrow money when you need it, as well as financial resources, information and tips to help you build a better credit history, visit Oportun.com.
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Monday, May 1, 2023
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Thursday, April 27, 2023
Secret keys to homeownership: 3 things you should know before buying a home
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Secret keys to homeownership: 3 things you should know before buying a home
(BPT) - Have you ever wished homeownership came with a user's manual? There's only so much you can prepare for, whether you're buying your starter home, forever home — or something in between. It's all too common to face unexpected expenses, including ongoing maintenance of your property with hidden added costs. In a new survey conducted in collaboration with OnePoll, TruGreen found that nearly half of homeowners (44%) invested more money in their home during the first year of homeownership than they expected.
To equip homeowners with more realistic expectations before purchasing a new home, TruGreen®, the nation’s leading lawn care provider, shares the top three lessons homeowners have learned.
1. Home maintenance is crucial — and will cost you
No matter what type of home you buy — from fixer-uppers to move-in ready — you should expect some repairs and replacements, plus routine maintenance. While this will vary depending on your home's age, size and condition, rest assured that most homes require regular care to help prevent long-term (and potentially expensive) damage.
So, how much maintenance is required when you purchase a home? In the survey, homeowners' top expenses during their first year as a homeowner were appliance replacements (56%), exterior repairs such as windows (53%) and major repairs like roofing (52%). Furthermore, when prioritizing maintenance, homeowners mainly focused on their home's exterior, such as patios (42%) and their yard or lawn (39%).
Ensuring you have the means to handle unanticipated repairs and routine maintenance before you buy will help prevent financial stress down the road.
2. Investing in your property to create a home
When you first move into your new house, don't get discouraged if you don't initially feel like you're really "home." The homeowners surveyed spent an average of two and a half years upgrading their homes before they were pleased with it. Despite the time and money they invested in the property — or perhaps because of it — nearly 71% of homeowners said they now feel like they've found their forever home.
Your house is more than just a place to call home, it's also an investment. And if it's managed properly, your home can also provide a great return on investment.
3. There will always be surprises — so don't be afraid to call a pro
Even the most prepared homebuyer will encounter surprise expenses after signing on the dotted line. According to the survey, the average homeowner has encountered about four surprises or unexpected costs within their first year of homeownership.
Beyond the surprise of unpredicted expenses, some of these tasks may be new and create challenges for homeowners to handle on their own. In fact, 62% would call a professional for a home improvement project, and nearly one-third of homeowners would hire a pro for home maintenance.
Handing maintenance or improvement projects to the pros can be a smart move to ensure the job will be done well. It can prevent future problems and save time you'd rather spend enjoying your home. For example, hiring a professional service to handle your lawn care can allow for more free time to actually enjoy your outdoor space, while giving you a sense of pride in how great it looks.
"Buying a new home is a tremendous milestone that brings much to celebrate, but the new responsibilities of homeownership can also be stressful," said Brian Feldman, senior director of technical operations at TruGreen. "As a new homeowner, there’s no need to waste time figuring out the best ways to maintain your home. To help tackle what can seem like an ongoing to-do list, you should consider partnering with the professionals."
If you're like the 75% of homeowners surveyed who believe it's important that their yard or home's exterior looks impeccable, consider partnering with an outdoor expert such as TruGreen to make your lawn look great.
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Wednesday, April 26, 2023
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Get a small business loan If you want to retain complete control of your business, but don’t have enough funds to start, consider a small bu...
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Get a small business loan If you want to retain complete control of your business, but don’t have enough funds to start, consider a small b...
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Get a small business loan If you want to retain complete control of your business, but don’t have enough funds to start, consider a small bu...
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Get a small business loan If you want to retain complete control of your business, but don’t have enough funds to start, consider a small b...





