Category: Debt

  • SoFi is a One-Stop Shop to Spend, Save, Borrow and Invest

    As our lives continue a noticeable shift to virtual SoFi has positioned itself as an option in an increasing number of online personal financial services.

    SoFi offers a variety of lending options such as student loans, home mortgages and personal loans, as well as money management and investment tools. It’s marketing itself as a one-stop financial shop on your mobile devices.

    The one-stop shop even offers no-cost membership perks like career services and financial planning advice.

    What Is SoFi?

    SoFi, which is short for Social Finance, Inc., is an online personal finance company that offers a variety of financial services through its app and website.

    The types of financial services offered by the California-based company include student loans, home mortgages, and personal loans, as well as investing and banking options. It also offers special perks to members, including regional events and discounts on future lending opportunities.

    Earn $50 Bonus with SoFi Money App. Bonus: Get 10% Back on Streaming.

    How Does SoFi Work?

    Your first step is to sign up for a user account with SoFi to become a member.

    To do so on a cell phone, you can download the SoFi app on the Google Play Store or Apple App Store. Otherwise, most functions of the SoFi service can be found on its website.

    Membership does not cost you anything and the initial signup process requires no more than your name and a valid email address. Once logged in with your membership, you will have access to browse and apply for each of the SoFi services.

    Remember, you get to pick and choose what you use from the products that are offered under the SoFi portfolio. That means you only have to provide personal information that is necessary for each product. For instance, a student loan may require different documentation than a home loan, so you’re only going to be asked to provide the pertinent information for the one for which you apply.

    Since there is not a physical meeting with bankers or financial planners, communication with SoFi staff is done electronically through the app, website and email.

    What Services Can I Get With SoFi?

    SoFi has a wide variety of financial services available actually too many to list here so we have provided an overview of some of the more popular categories.

    Student Loan Services

    SoFi offers student loan solutions for pretty much every situation: offerings for new student loans, people looking to refinance their student debt and even student loan options for parents.

    New Private Undergraduate and Graduate Loans

    For those entering college or are already enrolled, SoFi has a private student loan program where you can apply for both undergraduate and graduate loan. The rates are higher on the latter. That’s to be expected in the student loan industry. SoFi offers both fixed and variable rate loans, allows for adding cosigners during the online application process and touts that the loans will cover 100% of the cost of attendance.

    For undergraduate loans, SoFi will allow you to repay via one of four methods: deferred (make first payment six months after graduation), interest only (pay only interest while in school), partial ($25/month fixed payment while in school) or immediate (start paying right away).

    Refinancing Student Loans

    SoFi will refinance both federal and privately funded student loans. There are no application or origination fees involved, and these refinanced loans have no prepayment penalties. It appears that you can receive a quote on your potential interest rate without enduring a credit check.

    Parent Student Loans

    If you are a parent who either is paying for or plans to help pay for your child’s higher education experience, SoFi has some options for you as well. These privately funded loans allow for a fixed or variable rate of borrowing on a child’s tuition.

    The repayment method on these loans is limited to either immediate (pay regular payments as your child progresses through school) or interest-only (pay only the interest on your loan for your child’s tuition until education is complete).

    Home Loans

    You may not think of a phone app like SoFi as a mortgage lender, but they actually do have the capability to help you purchase your next house or refinance the one you already have.

    The mortgage offerings require as little as a 10% down payment and can be for as much as $3 million.

    SoFi says it can quote you a home loan interest rate in as little as two minutes without impacting your credit score by using a “soft credit pull,” so you should be able to get an idea of how competitive they are with rates you’re seeing elsewhere before applying. However, do note that they will have to pull a full credit report (which impacts your credit report) if you decide to move forward with the application process.

    Other mortgage perks touted are SoFi’s ability to “typically” close loans within 30 days and a $500 discount on processing fees for members.

    We recommend of course that you get several mortgage quotes before making any decision on a purchase or refinance. For most people, this is the largest debt obligation of your life and being sure you’re making the right choice is of the utmost importance.

    Personal Loans

    If you’re looking to make a major purchase or pay off some outstanding debts with a potentially lower rate of interest, SoFi’s personal loans may be an option worth considering.

    SoFi will issue personal loans for between $5,000 and $100,000 with no origination fees or prepayment penalties. At the time of this article, SoFi was advertising fixed rates as low as 5.99% APR if you’re willing to enroll in their autopay program.

    As you apply for this type of loan, SoFi is going to assess things like the purpose of the loan, your desired amount and capacity for a monthly payment.

    SoFi Money is the new Online Bank

    SoFi Money is a “cash management” product that gives SoFi offers to members on a fee-free platform. It is free to sign up and has no minimum balance requirement.

    While the program does offer some of the full-service bank-like options, it’s important to note that you are not signing up for an online checking or savings account. Instead, you are signing up for what amounts to a FDIC-insured brokerage account.

    Some of the functions you’re able to execute with an account like this include basic banking necessities:

    • Debit card spending
    • No-cost ATM access
    • Automated bill pay
    • Free person-to-person cash transfers
    • Earn interest on balance (SoFi was offering 0.2% APY at the time this article was published)

    If you’re looking for an online bank Sofi has proven to be one of the easiest to set up and actually paid their bonuses fast!

    SoFi Invest from Fractional Stocks & Bitcoin

    In addition to its loan and money management elements, SoFi has tools for making investments.

    There is no fee for trading traditional stocks and ETFs and the service even allows you to invest in “stock bits” in increments as little as $1. That’s basically buying a share of a share of an expensive stock. For example, at the time this article was published Amazon’s stock was trading for roughly $2,400 per share. “Bit” or “fractional” investing would allow you to purchase as little as 1/2400 of a share of Amazon for $1.

    SoFi also allows you to invest in cryptocurrencies like Bitcoin.

    SoFi Relay

    The SoFi Relay platform is also offered free of charge and is all about monitoring your financial well-being. You can access things like a free credit health tracker as well as a host of tools for your personal budget.

    It’s important to note that you’ll have to link personal banking information to the SoFi platform in order to enable things like analysis of your spending trends. Services like Digit and TrueBill that also monitor your spending habits and may potentially offer more benefit by automatically saving money or trimming the cost of your monthly bills.

    What Users Are Saying About SoFi

    The generally positive outlook on the services rendered by SoFi extends to the Better Business Bureau, which has issued SoFi an “A-” rating. That’s a score between 90 and 93.99 on its 100-point grading scale.

    The SoFi app has a 4.8 out of 5 star rating on the Apple App store with more than 32,000 reviews. The Google Play Store rating is slightly lower at 4.1 out of 5 after more than 3,000 reviews.

    Membership Benefits

    Once you are signed up as a member with SoFi, you have access to a menu of benefits that you may not typically expect from a company trying to make money on your financial decisions. SoFi has been known to host regional events such as cooking classes or a night at a fancy restaurant that are exclusively offered to members.

    Here’s a quick rundown of some of the membership perks:

    • Access to financial planning advice through credentialed advisors
    • Member rate discounts (save on your interest rate if you sign up for an additional loan through SoFi)
    • Referral bonus programs
    • Personalized career advice
    • Ticketed member events such as cooking classes, themed parties and topic-specific speaking events and webinars

    Final Thoughts

    SoFi definitely offers a fresh alternative to many of the traditional outlets for your personal financial needs. As things like social distancing become a regular part of our society, having the ability to access so many financial options right from your mobile phone is a plus. None of us like to go into banks or deal with “nosey” bankers.

    We think you’ll find that Sofi is pretty easy to navigate. We recommend using this as just one of many tools in your financial life. Just like with travel or anything else you want to have a bunch of tools at your disposal to live your most frugal life.

    If you are looking for a one-stop shop for financial services and are comfortable completing major transactions without much human interaction, you may find that SoFi is the perfect fit for your personal financial situation.

  • Cash App Boosts save 15% at Torchy’s Tacos, DoorDash & Whataburger

    If you’re looking to add a new tool to your cash back and savings tool kit, Cash App Boosts are more than worth a look.

    Boost is a cash back rewards program available for users of the Cash App Cash Card, and it could help you save as much as 10% to 25% on some of your everyday spending at restaurants, grocery stores, coffee shops and more. You can change your boost after you use it to another boost so if you use it for an Uber ride for $1 off then switch it to 25% off a retailer or delivery service such as DoorDash.

    If you do not have the Cash App you can get it here and a $5 bonus.

    Boost your uber rides for $1 off.

    They broke the internet a few months ago with a 99% for DoorDash. Keep in mind this isn’t an everyday thing but the 15% of at Torchy’s Tacos, 10% Chick-Fil-A, and Taco Bell are on-going boosts.

    Here we list the current Cash App Boost offers and cover how Boosts work and how to use them to save money. We also break down how this feature compares to other cash back and rewards programs.

    What is Boost on Cash App?

    Cash App Boosts give Cash App users a chance to earn instant discounts on some of their everyday spending. Boosts are linked to the Cash App Cash Card, a debit card tied to your Cash App account, and may only be used when you pay with the card at eligible restaurants and retailers. Boosts are easy to use, but only one can be activated at a time and each Boost must be activated before you make your purchase in order to get the deal.

    Cash APP Boost recently changed the name to offers which are instant offers (better than cash back).

    How do Cash App Boosts work?

    Boosts are only available to Cash App Cash Card users. To apply for a card, a user must have downloaded the Cash App and be 18 or over. You can customize your Cash Card to show your “Cashtag,” choose your card finish and even add stamps, signatures or other custom artwork to the card. Once requested, cards should arrive within 10 business days.

    You can request and customize your Cash Card in just a few steps

    Tip: Since the Cash Card is a debit card, not a credit card, you won’t have to face a hard credit pull when you request one.

    Boosts work by giving users instant cash back when they pay for purchases using the Cash Card at select retailers, including grocery stores, restaurants and more. Trader Joe’s, Xbox and coffee shops are a few of the favorite deals among users. However, many Cash Card users don’t know about Boosts since Boosts aren’t turned on automatically (and even more app users don’t know because they don’t have the Cash Card).

    Boosts work differently, depending on the deal. Some Boosts take a percentage off the entire purchase, while others take a flat dollar amount off. Some require a minimum purchase, and many have a maximum discount. Boosts may be offered for specific retailers, brands or broad categories of retailers, like grocery stores or coffee shops.

    As the Boost feature has evolved, Cash App has added different functions. Locked Boosts are a fairly new feature and may be accessed only after making a specified number purchases with the Cash Card. After you’ve made the required purchases, you will have limited access to the deal. When the Boost gets locked again, you must make the required number of Cash Card purchases again to unlock the deal.

    While using the Cash Card might be inconvenient for some, others should find these “premium” Boosts with higher discounts worth it, especially if they frequently visit eligible retailers.

    Tip: You can easily link your Cash Card to Apple Pay to take advantage of Boosts when you use your mobile wallet.

    How to use Boosts

    Once you activate your Cash App Cash Card, you’re ready to use Boosts. Here’s how to activate a Boost, step-by-step:

    • From the Cash App startup screen, tap the Cash Card icon.
    • Tap the “Save With Boost” button.
    • Scroll through the list of available Boosts and tap the one you’d like to activate.
    • Read the Boost’s restrictions, and if you’re ready to activate, tap “Activate Boost.”
    • A logo will show you which Boost is active. Your Boost is automatically applied when you make an eligible purchase with your Cash Card.

    As noted, only one Boost may be active at a time, but you can change them out as often as you like to enjoy a number of different deals. When you’re ready for another deal, simply switch to another Boost. We changed from Torchy’s Tacos 15% off to Whataburger 15% off during lunch then dinner in one day!

    Tip: You can start adding Boosts as soon as your Cash Card request is approved. No need to wait for the physical card to arrive in the mail.

    Previous and Current Cash App Boosts

    Cash App keeps its list of Boosts relevant by updating it regularly. Indeed, during the COVID-19 pandemic, Cash App has swapped out many deals at movie theaters, sit-down restaurants and coffee shops for more quarantine-friendly options, like home and beauty goods, groceries, home improvement stores, food delivery and online gaming. Boosts also include a range of price points for different demographics, and national as well as local offerings. Keep in mind these vary per person.

    Here are the Boosts you can activate:

    • Aldi: 10% off one purchase (minimum purchase of $1.50, discount up to $7.50)
    • Chick-fil-A: 15% off (minimum purchase of $1, discount up to $7.50)
    • Chipotle: 15% off one purchase (minimum purchase of $1, discount up to $7.50)
    • Dick’s Sporting Goods: 10% off one purchase (minimum purchase of $1.50, discount up to $7.50)
    • Domino’s: 15% off one purchase (minimum purchase of $1, discount up to $7.50)
    • DoorDash: 10% off (minimum purchase of $2, discount up to $5)
    • Dunkin’: 20% off one purchase (minimum purchase of $1.50, discount up to $7.50)
    • GOAT: 5% off one purchase (minimum purchase of $5, discount up to $15)
    • GoPuff: 10% off one order (minimum purchase of $5, discount up to $5)
    • Grocery stores (any): 10% off one purchase (minimum purchase of $1.50, discount up to $7.50
    • The Home Depot: 15% off one purchase (minimum purchase of $1, discount up to $7.50)
    • Hulu: $5 off one purchases anywhere (Boost unlocked by making a purchase on Hulu)
    • Jack in the Box: 10% off one purchase (minimum purchase of $1.50, discount up to $7.50)
    • McDonald’s: 15% off each purchase (minimum purchase of $1, discount up to $7.50)
    • Nordstrom: 10% off one purchase (minimum purchase of $1.50, discount up to $7.50)
    • Lyft: 20% off one purchase (minimum purchase of $1.50, discount up to $7.50)
    • PlayStation Network: 15% off each purchase (minimum purchase of $1, discount up to $7.50)
    • Publix: 10% off one purchase (minimum purchase of $1.50, discount up to $7.50)
    • Restaurants (any): 15% off one purchase (minimum purchase of $1.50, discount up to $7.50)
    • Sam’s Club: 5% off one online purchase (minimum purchase of $1.50, discount up to $20)
    • Shake Shack: 15% off each order (minimum purchase of $1, discount up to $7.50)
    • Starbucks: 10% off each purchase (minimum purchase of $1.50, discount up to $7.50)
    • Subway: 10% off one purchase (minimum purchase of $1.50, discount up to $7.50)
    • Taco Bell: 15% off each purchase (minimum purchase of $1, discount up to $7.50)
    • Ulta Beauty: 10% off one purchase (minimum purchase of $1.50, discount up to $7.50)
    • USPS: 20% off each purchase (minimum purchase of $1, discount up to $7.50)
    • Walgreens: 10% off one purchase (minimum purchase of $1.50, discount up to $7.50)
    • Walmart: 10% off one purchase (minimum purchase of $1.50, discount up to $7.50)
    • Whataburger: 15% off each purchase (minimum purchase of $1, discount up to $7.50)
    • Xbox: 15% off each purchase (minimum purchase of $1, discount up to $5)
    • Spirit! Halloween for 25% off
    • Torchy’s Tacos for 15% off

    There are limits to using Boosts, however. You cannot use a Boost more than once in a one-hour period. Sometimes Boosts will also specify how often an offer may be used in a time frame, such as once every six hours.

    Another downside is that Boosts get retired on a regular basis, so some deals you love won’t be available forever. However, as Boosts are retired, new Boosts appear in their place to keep things fresh. The good news is, as long as your Boost is activated, it won’t expire until after you use it, even if it’s already been retired.

    Another restriction is that Category Boosts (such as grocery store Boosts) can only be applied to retailers in that category. For example, a grocery store Boost may only be used at a grocery store – and not necessarily any place that also sells groceries, like Target or Walmart.

    Note that many Boosts, including all Category Boosts, can only be used for in-store purchases using the Cash Card, so be sure to read the fine print beforehand. Boosts also may not be applied to cash back transactions.

    Tip: If you’re looking to score discounts at a wider variety of retailers, including on online shopping, you may also want to give apps like Cashback Monitor, Rakuten (ebates), Honey and Ibotta a try.

    Making the most of Cash App Boosts

    Savvy Cash Card users can get the most bang for their buck by only using Boosts for things they already intended to buy – and not for impulsive shopping. A smart strategy is to check the app each day to find the current deals and plan accordingly.

    One tip is to look for the Boosts that don’t require a certain number of purchases beforehand. Using the Boosts for weekly grocery shops and other bigger-ticket household items is also a great way to maximize the discounts (though keep any maximum discount in mind before you buy).

    One way to have your cake and eat it too is to use Boosts along with a friend or partner. Each of you can activate a different Boost to take advantage of multiple deals: Visit a coffee shop with one card, and then hit up a restaurant with another. Wait an hour and use another deal. Then pay each other back on Cash App (obviously).

    Is Cash App Boost worth it?

    The Cash App Cash Card, which is needed to use Boost, is quite easy to sign up for and may be instantly activated with a scannable QR code. Once activated, you’re ready to turn on Boosts. Unfortunately, you have to select Boosts manually before you can take advantage of the deal, unlike other apps or cash back cards that automatically apply deals.

    Also, most Boosts have maximum discount limits and you can only activate one Boost at a time, whereas many cash back cards offer unlimited rewards and other programs offer more flexibility to add multiple offers to your account.

    That said, it’s easy to get going once you’ve signed up. You can quickly add Boosts to your Cash Card and start taking advantage of instant discounts at eligible retailers with just a few taps of your device. Even better, Boost discounts are often larger than the discounts you would find with other cash back and rewards programs. Whereas most cash back cards only offer around 3% to 5% back, many Boosts offer higher discounts – as much as 10% to 15% off.

    When compared to other person-to-person cash apps, like PayPal or Venmo, Cash App’s Boost feature definitely sets it apart.

  • Debt Collectors May Soon Send You Text Messages

    Debt Collectors May Soon Send You Text Messages

    The Consumer Financial Protection Bureau is making plans to change the rules for debt collectors and it’s not news you want to hear if you are in debt. Let’s start with some of the good changes before we dig into the bad stuff.

    Limited phone calls 

    A debt collector can call you seven times each week per unpaid debt. Although, if you actually pick up the phone and speak to them, they can’t call you for another week. Right now, if they want, they can call you every day. So this is a positive change.

    Clear documentation 

    The rule would require that collectors provide an itemized bill along with a plain-language guide to explain your rights and how you can dispute the bill.

    Additional legal protection

    The rule change would prohibit debt collectors from reporting your debt to a credit reporting agency before informing you of your delinquent debt.

    The CFPB also plans to prevent debt collectors from suing you to collect time-barred debt: an unpaid bill that has gone over the number of years it can be collected (anywhere between three and 10 years, typically). However, although the right to sue will go away, collectors will still be able to pursue these “zombie” debts.

    The Bad Stuff

    The new rule would make it clear that debt collectors can contact you via email and text message.

    The original Fair Debt Collections Practices Act was developed in 1977, before email and text messages and cell phones and the internet. It does not restrict debt collectors from using text messaging or email to pester you about your delinquent bills because there is no language about those methods of communication.

    The FDCPA explicitly addressed the use of postcards, collect calls, and telegrams and they believe it’s in the interest of convenience to allow people to be contacted by text and email rather than rely on phone calls from debt collectors.

    But it’s up to you to opt out of methods of communication you don’t want to receive. The new rule plans to set limits to prevent harassment and to make it easy for you to set your communication preferences, but don’t expect to get a form in the mail to choose how you want to stay in touch with debt collectors.

    The debt collectors are likely to start texting and emailing and wait for you to use the “unsubscribe” option which should be present on all email and text message correspondence.

    How to fight the proposal

    The debt collection proposal is open for public comment, and once finalized, it’ll take a year for the rules to become enforced.

    Meanwhile…

    For now, the existing rules for debt collectors stand:

    • They can’t call you before 8 a.m. or after 9 p.m.
    • They can’t call you at work upon your request.
    • They can’t harass you, threaten you, or tell other people about your debt.
    • They can’t contact you if you ask them in writing to stop.

  • SavvyMoney to maximize debt payments and decrease interest

    We found a company that offers debt relief by creating a three step customized plan that both tracks your debt and designs a pay off plan that effectively reduces the total amount of interest paid out over the course of time. The keys to success on the SavvyMoney.com plan are the realistic and accurate recording of both the outstanding debts and the money available to pay off the debts.

    Step 1: What Is the Situation?

    After you sign up and pay the nominal monthly fee for their Pro services, you spend time inputting your current financial situation into the SavvyMoney program. You will need to know balances due, monthly minimums due, due dates and interest rates. Money available to pay credit charges is also necessary information.

    Step 2: SmartPay Plan

    The SavvyMoney program takes the financial information that you input to calculate the fastest way to pay off all your debt at the lowest interest cost. The program shows you exactly how long it will take you to get out of debt and how much you will pay in interest.

    Track Your Progress

    Once you have set up your payment plan, this personalized debt option does not abandon you. You can track your progress by account. The colorful bar graphs are a visually pleasing reminder of of your goals, and you can keep track of payments and purchases by credit card. Keep an eye on your spending habits and look for ways to reduce credit card usage to maximize your progress. For example, if you traditionally charge monthly newspaper costs to a card that is never paid off monthly, consider writing a check instead to reduce the balance that interest is being calculated on.
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  • Care One Credit Counseling A Scam?

    During today’s economic crisis, many people are looking for some type of debt solution with many turning to credit counseling. As consumers search for the best credit counseling company, many ask “Is Care One Credit Counseling a Scam?”. This question can only be answered by each individual or client of Care One and what he or she believes in.

    Care One Credit is considered by many people to be a reputable service. Some clients state they have had positive experiences and continue to make new payment plans with them. There are some people who are not as happy with the company and complaints can be seen of rip-off reports today. The website of Care One Credit looks professional and includes a community forum with a good amount of activity within it.

    Care One Credit Counseling claims to have helped more than 4.5 million people become free of their debt and successfully doing this without lending money for any debt consolidation loan. Debt management solutions are provided and not loans. Care One also claims to have established 249,000 relationships with creditors.

    Each of Care One Credit’s member companies meets professional standards and has around-the-clock access to account data. Excellent customer service along with making monthly statements available to clients are just two of the many things the member companies within Care Once Credit abide by.

    Care One Credit was created in 2002 and is a group of five credit counseling companies that provides credit counseling. Three of these groups include American Financial Solutions, Clarion Credit Management and Debt Management Group. Just as other debt negotiation agencies, Care One does not operate in every state. For clients who are living in a state where Care One does not operate, the company will offer their referral service to another law firm.

    Care One Credit became a BBB Accredited business in June 2004. Their BBB rating is A+ on a scale running from A+ to F. The Better Business Bureau has processed 88 complaints with Care One Credit in the last three years and 32 of those complaints were closed within the last year. This means that Care One Credit supports the services of the BBB that are given to the public and also meets the BBB Accreditation standards.

    Care One complaints filed with the BBB concern:
    1. 24 collection or billing issues
    2. Contract issues
    3. Customer service issues
    4. Delivery issues
    5. Warranty issues
    6. Exchange or refund issues
    7. Sales practice issues
    8. Service issues

    Of the complaints that were filed against Care One Credit and closed, 71 were resolved regarding collection or billing issues. The company either resolved the complaint and the consumer accepted or the company addressed the issue and the consumer did not acknowledge the acceptance.

    Care One Credit offers consumers two basic services: CCCS (credit card counseling services) and debt negotiation. Care One’s CCCS is referred to as a Debt Management Plan (DMP) where a consumer makes one payment to the agency each month. The agency takes out its fees from this payment and then distributes payments to creditors. A DMP typically aims at repaying an entire debt plus accrued interest within a total of five years.

    Debt negotiation is called a ‘Settlement Plan’ by Care One Credit. It is usually seen as an aggressive choice made by consumers. It can be a more risky option, but the possible savings are greater. The agency works with creditors to lower a client’s principal balance and because the principal debt is negotiated and not the interest rate, consumers have debts solved within three years time.