Day: September 30, 2020

How To Successfully Pay Back Your Online Installment Loan

In these uncertain times, sudden unavoidable expense or financial emergencies are the stuff of nightmares. Instead of having zero options, installment loans help tide you over and allow you to make payments over time.

According to Leap Credit, online installment loans are, ‘a specific amount of money you borrow and then pay back within a certain time frame with a fixed payment every week, two weeks, or month.’

Now, while receiving a lump sum is always relieving and gratifying, some borrowers struggle to finish payments on their installment loans. To help you get set up for success, we are sharing these effective tips on how to successfully pay back your online installment loan. After all, the faster you are out of debt, the better.

Double Your Payments

The longer you have your loan, the more you’ll pay in interest fees. You want to minimize this, and doubling up on payments can help. Pay more than your lender requires you to. For example, say your loan terms require you make a single monthly payment. Instead, you could give them a payment every two weeks. If your loan requires two payments a month, pay them every week. Contact your lender and confirm that they’ll apply the payments to your loan without penalizing you before you do this. This is very important because some lenders don’t allow you to make extra payments without penalties.

Make Extra Money

online installment loan payment make extra money

If you’re worried about having enough money to pay back your loan, start trying to make extra cash. You can put any extra money you make toward this loan. Start by seeing if there is anything you can sell online, or you could take a jump into the gig economy. Services like Uber, DoorDash, and Lyft are thriving. What’s even better, you can work at your own pace on your own time without any pressure to meet a set amount of hours. As your money starts to stack up, send it straight to your loan company to pay down your balance quicker.

Ask About Discounts

Did you know that some lenders will give you discounts on your interest rate for different reasons? If this isn’t the first loan you’ve taken out with a company, you could get a discount for being a repeat customer. Automatic debit signup is another way to get a discount, or you could go paperless. Although this discount most likely won’t be huge, anything can help. You may have to contact customer service to get these discounts, but they can add up over the life of the loan.

Create a Payoff Plan

When you first get the loan, you should create a realistic payoff plan. Write it down or put it in a digital format. Write in when you have to start repaying your loan and when the payment is due. Set reminders in your digital calendars. This will help ensure that you don’t miss a payment, and it’ll also ensure that you don’t overdraw your account because you forgot about it. Stick as close to this payout plan as possible. This could mean you cut out a few frivolous expenses until you pay it off. However, it’ll be worth it.

Know Your Loan Terms

You should have absolutely no doubts when it comes to your loan’s terms. You have to have a good understanding of what the lender expects in terms of payments. Know when you have to pay back the loan by, how much interest the loan carries, and whether or not the lender will let you extend a payment deadline if something comes up. If there’s a grace period, you want to know what it is. These loan terms shouldn’t change throughout the life of your loan.

Round Up Your Payments

online installment loan payment

If you can’t afford to double your payments every month, make a point to round up your payments. For example, say your loan has a payment of $275 per month. You could pay $300 instead. This isn’t a lot of extra money, but it’ll add up over the life of your loan. If you have a year loan period, that extra $25 can shave a month off your loan term with $25 leftover. This will be really helpful if you make two payments a month because you’ll pay it off much quicker.

Set up Automatic Withdrawals

The last thing you want to do is forget your payments. Even one missed payment can have a negative impact on your credit score. You can avoid this by setting up automatic withdrawals from your checking account. You do want to make sure you have enough money in there to cover the cost of the loan payment, so you don’t overdraw yourself and incur more fees.

Cut Back on Luxuries

Most people have subscription services that they can pause or cancel for a few months. If you can, you can take the money you’d normally spend on these services and use it to pay off your loan quicker. Even a few dollars will really help you chip away at the balance until you pay it off. Once you pay it off, you can easily resume your services without an issue.

Go With a Reputable Company

You want to get your installment loan through a reputable company that has no hidden fees and straightforward terms. This can help ensure that you pay off your debt with as minimal fuss as possible, and it also improves your chances of having a responsive customer service team in place if anything should come up. Do your research when you start shopping around for companies and comparing reviews. You can use the Better Business Bureau to check a company’s reputation. This will help you find companies that offer competitive rates.

Bottom Line

Now you know several tricks how to pay installment loans. You can use this information to decide whether or not this type of loan is right for you or not. These tips will help you maximize your savings while getting your finances on track while paying back your loan. Pay it off as soon as you can to help offset the higher interest rates. Save up for an emergency fund, and improve your financial health with smart money decisions.

The post How To Successfully Pay Back Your Online Installment Loan appeared first on Dumb Little Man.

E-scooter startup Neuron Mobility adds $12M to its Series A for expansion in Australia and New Zealand

Neuron Mobility, a Singapore-based e-scooter rental startup, announced today that it has added $12 million to its Series A. Led by Square Peg, an Australian venture capital firm and GSR Ventures, this increases the round’s new total to $30.5 million. The company, which operates in Australia and New Zealand in addition to Southeast Asian markets, first announced its Series A in December 2019.

Part of Neuron Mobility’s growth plans hinges on the increased adoption of electric scooters and bikes during the COVID-19 pandemic. Many people are using their cars less frequently because they are working remotely or there are movement restrictions where they live. When they do go out, electric bikes and scooters offer an alternative to public transportation and ride-hailing services for short trips.

Neuron Mobility’s chief executive Zachary Wang said the company raised a Series A+ instead of moving onto a Series B because more cities are “opening up to the possibility of micromobility, particularly rental e-scooters as they present an individual transport option that takes pressure off public transport and allows people to continue social distancing.”

“We’ve been experiencing tremendous growth in ANZ and the pandemic has made us fast track our plans,” he added.

Though Neuron Mobility currently does not operate in other Southeast Asian countries besides Singapore, Wang said it is “constantly evaluating opportunities across APAC.”

The new funding will be used to speed up Neuron Mobility’s expansion plans in Australia and New Zealand, where it claims to be the leading electric scooter rental operator. The company is currently present in nine locations, including Auckland, New Zealand, and Australian cities Adelaide, Brisbane, Darwin, Canberra and Townsville. Neuron Mobility plans to expand into five new cities over the next two months and part of that involves hiring 400 more people in Australia, New Zealand and Singapore. In addition to the Asia-Pacific, Neuron Mobility will also launch in Slough, it’s first location in the United Kingdom, by the end of this year.

Neuron Mobility’s research found that before the COVID-19 lockdowns in Australia, one in five of its users had never used an e-scooter before. But now Australian and New Zealand users have increased their average e-scooter trip distances by 23% to 2.6 kilometers, with the average duration of rides rising by 10% to more than 14 minutes. Neuron Mobility’s pricing is meant to be affordable depending on different markets. For example, in Brisbane, users pay one Australian dollar (about 68 U.S. cents) to begin a trip and then 38 Australian cents for each minute of the ride. Its e-scooters can go up to speeds of about 25 kilometers (15.5 miles) per hour.

Other “micromobility” companies, including Ofo, Reddy Go, Obike and Lime, have also offered rental services in Australia and New Zealand, but ran into trouble. Bike-sharing startups Ofo, Reddy Go and Obike withdrew from Australia in part because city councils were frustrated by bikes were being abandoned on sidewalks and in parks. Lime still operates in Australian cities, but in June, the Australian Competition and Consumer Commission found that the company failed to disclose safety issues with its Generation 2 scooters (in response, Lime said it would implement new compliance procedures and upgrade to its new Generation 3 scooter).

Wang said Neuron Mobility avoids those issues by strategically planning which cities it will launch in, instead of focusing on rapid expansion, partnering with city councils and “continually shifting and adapting to meet their needs.” Several of Neuron Mobility’s features, including geofencing to control where and how fast e-scooters can be ridden, and a “Helmet Lock” to make helmets available for all scooters, were developed after discussions with city councils. Neuron Mobility’s scooters, designed by the company specifically for renting, also use swappable batteries to decrease pollution.

After launching in Singapore, Neuron Mobility decided to focus on Australia and New Zealand because “both countries have cities that are highly suitable for micromobility in terms of infrastructure and regulations,” Wang said. City councils have also “been keen to push the boundaries of what can be done with technology to make programs better and safer and that really suits our way of thinking.”

 

How to find the best Prime Day deals in the UK

How to find the best Prime Day deals in the UK

Prime Day kicks off on Oct. 13 this year, and then we’ve got Black Friday and Christmas shopping to tackle. The last few months of the year are going to be hectic, but there’s also going to be plenty of opportunities to save big. We know that these major shopping events can be overwhelming, but there are steps you can take to make things go smoothly.

Firstly, you need to be prepared. You should make a plan, put a list together, and then wishlist these products and set deal alerts within the Amazon app. This way you’ll be ready for when the prices drop. You should also familiarise yourself with how Amazon works, and how the site looks. These things might seem obvious, but they can save you a lot of time and hassle in the long run. Read more…

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