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While social loans itself is not a new concept it's fairly new here in the U.S. and only a handful of companies are becoming market leaders. After initial SEC concerns were put to rest social lending companies like Prosper and Lending Club have clearly taken the lead with a combined worth of originated loans exceeding $300 million.

4. The next factor is new credit which considers opening or even merely applying for credit. Applying for too much new credit in a short period may hurt. Only apply for and open new credit when you need it.

Financial Plan - A budget runs much smoother when there is a plan to follow. Are you focusing on one particular high interest debt at a time in order to pay it off as fast as possible? Are you looking to buy a home or car and are working on increasing your credit potential to earn a low interest loan which will save you lots over the years of on-time payments? Maybe you are looking at increasing the amount in your savings and seeking an opportunity to create a retirement fund as well as maintain an emergency fund. The emergency savings would play a big role in whether or not a payroll cash advance loan will be used or not. Credit cards are often used, but if your finances have not recovered enough the alternative money options may still be the only access to extra cash during an emergency. Use your budget as a tool to monitor progress on any short or long term financial goals.

For many homeowners, a loan modification can provide welcome relief for high mortgage payments, stop foreclosure, and in some cases, even lower principal balance, or amount owed, on the mortgage. It is important, however to address the ramifications on ones credit for achieving a loan modification.

Even if you have no credit score, lenders would still want to check your credit report. It is highly possible that a department store card has added few points on your credit report.

The word "budget" is not a part of every person's vocabulary. In fact, a survey done by one online legal website showed that 61% of Americans either don't have a budget for their household or said that they have trouble sticking to it. For many the word, thought or concept of having a budget is too much to think about. As we are racked with mortgages, credit card debt, auto loans and the everyday cost of living, sometimes the very act of creating a budget is just too overwhelming. As tough as it may be, a budget is a must for anyone who brings in an income and spends it on monthly expenses. Even if an auto title loan is the only debt you owe, you should still make a budget because your payment is considered an expense.


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