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Why Celebrating Holidays Late Can Help You Save Big

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Why Celebrating Holidays Late Can Help You Save Big

Why Celebrating Holidays Late Can Help You Save Big

‘Tis the season for spending! I’m a sentimental person who seriously loves festivities, and I always look forward to the holidays. But as a financial expert, I dread the holiday price tag.

A few years ago, I accidentally discovered a trick that saved me major money on seasonal expenses: celebrating a few days late. Admittedly, my motive in pushing back the festivities was not financial.

I initially suggested postponing Thanksgiving by a week to avoid the madness of traffic jams, the cramped seating on Amtrak and the stress of coordinating schedules with siblings and friends.

In my effort to reduce the stress of the holiday, I stumbled upon an unexpected gift: I saved money. Here’s how pushing back your holiday celebration by a few days or more can save you money, too.

How much do people spend on the holidays?

As far as I’m concerned, holiday spending is out of control. Maybe I sound like a Grinch, but here are some figures that dampen my holiday cheer:

  • The average consumer is expected to spend around $1,778 on the holidays in 2024.
  • Spending is expected to increase by up to 3.3% in 2024.
  • This season, 27% of people report they’ll take on credit card debt and buy now, pay later loans to cover their expenses.

Perhaps my holiday hack won’t stop you from taking on debt this year, but if it helps you cut down expenses, I’ll consider it a win.

4 expenses you can cut by delaying your holiday celebration

Pushing back holiday celebrations won’t eliminate all your holiday expenses, but it will give you a shot at significant savings. Here’s where you can expect to see it payoff.

1. Transportation

Finding an alternative date to travel could be your biggest shot at saving both time and money on your holiday vacation.

According to INRIX, a company that analyzes traffic data, December 23rd and 28th are the most congested days on the road. Visiting home at a later date could mean cutting any number of transportation costs, including:

  • Car rentals
  • Airline or train tickets
  • Gas (since you’ll spend less time in traffic)
  • Surge pricing on rideshares to/from the airport
  • Airport parking

Here’s a look at what you could save by flying for the New Year holiday instead of Christmas when you travel to some of the most popular destinations.

Lowest fare for round-trip airline tickets to popular holiday destinations*

Trip 

Dec 23-27 

Dec 30-Jan 2 

Savings for single passenger 

Savings for family of 4 

Seattle, WA > Orlando, FL 

$429 

$355 

$74 

$296 

Chicago, IL > Los Angeles , CA 

$396 

$357 

$39 

$156 

New York, NY > London, England 

$672 

$621 

$51 

$204 

*Prices found using Google Flights on September 20, 2024. Taxes not included.

To save even more money, consider booking on the optimal dates for low airfare, using your airline points or planning a trip closer to home.

2. Gifts

Black Friday gets all the credit for delivering discounts, but after-Christmas sales are not to be slept on. On December 26th, retailers start dropping prices, hoping to offload seasonal inventory and (according to my personal theory) dissuade consumers from returning holiday gifts.

That’s good news for anyone who celebrates Christmas a little late. If you start your shopping right after the big day, you could tap into year-end clearance sales, you can potentially save around 50% on gifts.

3. Food

Last Easter, the average adult reported plans to spend $177 per person on gifts, clothing, and most of all, food and candy. It’s easy enough to bring down that cost by celebrating just a few days later. You might find frozen ham marked down to half off the day after a holiday, as well as deep discounts on seasonal candy.

4. Decorations

For bargain hunters, the best time of the year to buy holiday decorations is right after the big day. Easter decor is often marked down by 50% starting the day after Easter, and Christmas decor may also be available at significantly reduced prices after the 26th.

Isn’t celebrating late kind of a… bummer?

For traditionalists, the idea of celebrating a holiday on the “wrong” date is simply out of the picture. And I understand why! After all, no one wants to feel left out or lonely on such a special day.

After a bit of trial and error, I’ve found the key to fending off FOMO and maintaining important traditions is to plan something small but special on the big date(s).

That might include watching a favorite movie, baking a pie with your immediate family, or exchanging a gift with a few friends.

As a reward for your flexibility, you’ll save money and extend the season by a few days or more, enjoy traveling when there’s less traffic, and visit home when your friends and family have more free time to enjoy one another’s company.

 

Winning a Disability Insurance Claim with New York Life

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At the Ortiz Law Firm, we understand how frustrating it can be when an insurance company wrongly denies your disability claim. A case in point is a recent appeal we handled for a Navy Federal Credit Union customer service representative whose short-term and long-term disability benefits were both in question by New York Life Group Benefit Solutions.

Our client struggled with debilitating migraines that were so severe that she was unable to work. She followed her doctors’ recommendations and underwent various tests to rule out other possible conditions. However, while some of these tests came back ‘normal’, others showed exactly why she was unable to work.

Unfortunately, her short-term disability provider, New York Life, cherry-picked the records that suited them and used the ‘normal’ test results as a reason to deny her claim, while ignoring the medical evidence that proved she was indeed disabled during that time.

Despite this denial, our client remained under the care of her doctors and gradually improved. As her migraines became less frequent and more manageable, she returned to work. However, this didn’t change the fact that she was entitled to short-term disability benefits for the time she was unable to work.

While preparing her appeal of the short-term disability denial, we noticed something else. Her time away from work wasn’t just limited to just the short-term disability period—it also overlapped into a month that qualified her for long-term disability benefits. So, we took action. We appealed her short-term disability denial and filed a separate claim for long-term disability benefits for the time her disability extended beyond the short-term coverage.

What happened next illustrates the frustrating inconsistency that can come with dealing with disability insurance providers. While New York Life continued to look for reasons to deny her short-term disability claim, the long-term disability provider saw the situation clearly. They recognized that our client was too sick to work and approved her one month of long-term disability benefits without hesitation.

Ironically, the approval of her long-term disability benefits forced the short-term disability provider to reconsider. They reluctantly approved her full short-term disability benefits after her long-term disability had already been approved.

This case illustrates the importance of having an experienced legal team to review your disability claim from all angles. Sometimes, what seems like a simple short-term disability denial can have broader implications. Without careful review and action, our client may have missed out on the benefits to which she was entitled to during her recovery period.

If you find yourself in a similar situation dealing with denied disability benefits, don’t go it alone. Insurance companies often overlook critical details, but at the Ortiz Law Firm, we don’t. We will fight for the benefits our clients deserve. Contact us if you need help with your claim. We’re here to help.

where-to-get-1000-loan-stacking-coins

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Financial emergencies can arise when you least expect them, leaving you in need of quick access to funds. Whether it’s an urgent car repair, a medical expense, or covering essential bills, a $1,000 loan can be an efficient solution. This guide provides a comprehensive look at securing a loan, the types of loans available, their benefits, and how to receive your cash fast.

Types of Loans for $1,000

Man stamping paper | Where to get a $1000 loan

When seeking a loan for $1,000, it’s crucial to choose the type that best suits your financial situation. Each option comes with its own features and requirements:

1.Personal Loans

Personal loans are a flexible option for borrowing a sum like $1,000. This financing method is typically unsecured, meaning they don’t require collateral, and can be used for various purposes, such as consolidating debt, covering emergency expenses, or making a significant purchase. They usually come with fixed interest rates and repayment terms, which makes budgeting easier. Approval largely depends on your credit score and financial history, with those having good credit often receiving better rates.

2. Installment Loans

Installment loans involve repaying the borrowed amount through fixed, regular payments over a set period. These loans can be either secured or unsecured, depending on the lender and your creditworthiness. The structured repayment schedule helps with budgeting and eliminates the unpredictability associated with revolving credit. This option is ideal if you prefer a clear timeline for repayment and want to avoid accumulating debt.

3. Payday Loans

Payday loans are designed for immediate, short-term borrowing, with repayment typically due on your next payday. This borrowing offers one of the quickest ways to obtain a sum like $1,000, often providing near-instant access to cash. However, they come with higher interest rates and fees, which can make them more expensive if not repaid promptly. This option is best for those who are certain they can repay the loan in full by the due date.

4. Emergency Loans

Emergency loans offer quick access to funds when time is critical, making them suitable for urgent needs like medical expenses or unexpected repairs. These loans can be processed rapidly—sometimes within the same day—giving you the ability to borrow $1,000 instantly. However, the convenience often comes with higher interest rates. It’s important to review the terms carefully and ensure you can meet the repayment obligations to avoid additional financial strain.

Benefits of Getting a $1,000 Loan

Plant growing out of coins | Where to get a $1000 loan

Securing a $1,000 loan can be beneficial when you’re in a financial bind. Here’s why a $1,000 loan might be the right option for your short-term needs:

1. Quick Access to Cash

One of the most significant advantages of a $1,000 loan is the speed of access. Many lenders, especially online ones, offer rapid approval processes and can deposit funds into your account within hours or by the next business day. This is essential when dealing with emergencies that require immediate financial attention If you need cash immediately, consider an instant funding loan.

2. Flexibility in Fund Usage

A $1,000 loan offers considerable flexibility. Unlike loans tied to specific purposes, such as auto or home loans, this type can be used for a wide range of needs. Whether you’re covering medical bills, paying off high-interest debt, or handling urgent repairs, you can allocate the funds as needed.

3. Short-Term Debt Solution

Smaller loans like this are typically designed for short-term borrowing, meaning they can be repaid quickly, often within a few months. This short-term commitment reduces the risk of accumulating interest over time, helping you manage your debt more effectively without the burden of long-term repayment plans.

How to Get a $1,000 Loan Fast

Man stacking coins | Where to get a $1000 loan

If you need $1,000 urgently, following these steps can streamline the process and ensure you receive the funds without delay:

1. Research and Compare Lenders

Begin by researching various lenders, including banks, credit unions, and online platforms. Online lenders usually offer the fastest processing times, but it’s essential to choose a reputable provider. Look for lenders with transparent fee structures, favorable interest rates, and positive customer reviews. Comparing multiple options helps you secure the most favorable terms and ensures a safe borrowing experience.

2. Prepare Your Documentation

After selecting a lender, gather the necessary documents to expedite your application. Most lenders require proof of identity (e.g., driver’s license), proof of income (pay stubs or bank statements), and your banking information. Having this information ready can speed up the approval process and increase your chances of quick approval.

3. Complete the Application

Many lenders offer online applications that are quick and easy to fill out. Ensure you provide accurate information and double-check all details before submission. Any errors or missing information could delay approval, so accuracy is critical. A well-prepared application improves your chances of receiving approval swiftly.

4. Receive and Use Your Funds

Once approved, the funds will be deposited directly into your bank account, usually within hours or by the next business day, depending on the lender’s processing times. Once the money is available, use it wisely to cover your immediate expenses and adhere to the repayment schedule to avoid late fees or penalties. Following the repayment plan also helps maintain a positive credit history and improves your chances of accessing future loans.

Frequently Asked Questions About $1,000 Loans

Where Can I Get a $1,000 Loan Quickly?

Online lenders typically provide the fastest approval and funding, often within the same day. Traditional banks and credit unions may take longer, so if speed is essential, consider reputable online lenders known for their fast processing times.

Can I Get a $1,000 Loan with Bad Credit?

Yes, some lenders offer loans even if you have poor credit, though they may come with higher interest rates. These bad credit loans usually focus on your income and employment status instead of your credit score. Carefully review the terms to ensure you can manage the repayment.

What Documents Are Required for a $1,000 Loan?

Generally, you’ll need proof of identity, proof of income, and bank account information. Some lenders may request additional information like your credit score or employment history. Having these documents ready can help speed up the approval process.

What are the Requirements to Apply for a Loan?

Here’s what you’ll need to get started:

  • Age Requirement: Applicants must be 21 or older.
  • Social Security Number: Required for identity verification.
  • Banking Information: A traditional checking account is necessary. Prepaid or savings accounts are not accepted. If you opt for instant funding via debit card, ensure the card is linked to the checking account you provide in your application.
  • Income Deposits: Your income must be directly deposited into the checking account used for the application.
  • Physical Address: A physical residential address is required; P.O. Box addresses are acceptable only as mailing addresses.
  • Monthly Income: A minimum monthly income of $1,500 is required. For residents of South Carolina and self-employed applicants, the minimum is $3,000.

What Should I Do If I Can’t Repay the Loan on Time?

If you’re unable to make payments by the due date, contact your lender immediately to discuss your options. Many lenders are willing to adjust repayment plans or offer temporary relief. Proactive communication can prevent additional fees and protect your credit score.

Applying with Wise Loan

Two businessmen shaking hands | Where to get a $1000 loan

If you’re ready to secure $1,000 fast, consider applying with Wise Loan—a trusted lender offering quick approvals, competitive terms, and flexible repayment options. We simplify the borrowing process by providing a clear, straightforward application experience, ensuring transparency with no hidden fees.

By choosing Wise Loan, you can access funds efficiently, manage your expenses effectively, and rest assured knowing you’re working with a reputable lender committed to helping you achieve your financial goals. Apply today to get started.

The recommendations contained in this article are designed for informational purposes only.  Essential Lending DBA Wise Loan does not guarantee the accuracy of the information provided in this article; is not responsible for any errors, omissions, or misrepresentations; and is not responsible for the consequences of any decisions or actions taken as a result of the information provided above.

Trump tariff threats – no cause for mortgage rate panic: CEO

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That means it’s premature to speculate whether tariffs could drive a potential uptick in mortgage rates in early 2025 – and whether they’ll even come to pass, according to a mortgage industry executive.

Anthony Casa (pictured top), president and chief executive officer of UMortgage, told Mortgage Professional America that while he saw a good chance of further tariffs on China, the threatened measures against Canada could represent something of a “bargaining chip” as a prelude to trade negotiations during the Trump presidency.

“Canada is obviously a key import and export partner. Realistically, I don’t expect [tariffs] to have as big of an impact on rates as has been cited,” Casa said. “It’s more of a negotiating situation, so I don’t expect it to have a substantial [effect] on interest rates.

“I think whatever the short-term reaction is based upon, the speculation will wear off and as the Federal Reserve’s policy continues to lean towards lowering rates, I think we’ll see the rate trajectory decrease substantially.”

Lack of recent rate volatility offers cause for optimism

The Canadian dollar plunged in the wake of Trump’s statement, issued via Truth Social on Monday. But while US Treasury yields ticked higher, the bond market appears to be taking a cautious approach on the possibility of January tariffs.

International P2P Lending Volumes June 2024

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International P2P Lending Volumes June 2024

The table lists the loan originations of p2p lending marketplaces for last month. Mintos* leads ahead of Peerberry* and Esketit*. The total volume for the reported companies in the table adds up to 289 million Euro. I track the development of p2p lending volumes for many markets. Since I already have most of the data on file, I can publish statistics on the monthly loan originations for selected p2p lending platforms. This month I added Loanch*.

The following milestones were reached:

Investors living in national markets with no or limited selection of local p2p lending services can check this list of international investing on p2p lending services. Investors can also explore how to make use of current p2p lending cashback offers available. UK investors can compare IFISA rates.

International P2P Lending Volumes June 2024international p2p lending stats june 2024
Table: P2P Lending Volumes in June 2024. Source: own research
Note that volumes have been converted from local currency to Euro for the purpose of comparison. Some figures are estimates/approximations.

Links to the platforms listed in the table: Bondora*,  Crowdproperty*, Debitum Investments*, Esketit*, Estateguru*, Finansowo*, Finbee*, Folk2Folk*, Geldvoorelkaar*, Investly*, Iuvo Group*, Kuflink*, Kviku.Finance*, Lendermarket*, Loanch*, Mintos*, Nectaro*,  October*, Peerberry*, Profitus*, Proplend*, Robocash*, Swaper*.

Notice to p2p lending services not listed:
For new companies a small listing fee applies. If you want to be included in this chart in future, please contact me for more information.

Notice to representatives of press/media: If you are interested in publishing a branded version of this table in your own layout/design, which will make a nice addendum to your coverage of p2p lending, please contact me.

International P2P Lending Volumes July 2024
Indemo Invest – First Experiences and an Attractive Cashback Bonus Offer

Justin Frankel In 2023 Super Lawyers Magazine

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A fall tradition we enjoy every year is the delivery of the New York Metro Super Lawyers magazine, the annual list of top attorneys produced by legal publisher Thomson Reuters. This year, as has happened for many years, Justin Frankel is included in this prestigious list.

We are in good company, listed among partners from global law firms who represent insurance companies who we routinely come up against in our negotiation and litigation on behalf of our clients.

Unlike some other lawyer rankings, Super Lawyers ranking is based on a number of factors, including review by peers and commitment to excellence in practice. We are proud to be included, and happy to share this good news with clients, colleagues, friends, and family.

The Latest Student Debt Relief Announcements (Part 3): Share Your Thoughts on the New Debt Relief Plan

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In an earlier post, we shared information about the new student debt relief plan that President Biden announced on April 8, 2024. The Department of Education later published proposed regulations for most of the new plan. You can now see the full details of how the Biden Administration is proposing to provide relief to borrowers in the following categories:

  • Borrowers who have had their balances balloon with interest and now owe more than they did when they began repayment; 
  • Borrowers who have been trapped in debt for two decades or more; 
  • Borrowers have missed out on debt cancellation programs that they are eligible for; and
  • Borrowers who took out debt for certain low-value or closed programs.

Under the proposed regulations, millions of borrowers who owe more now than they originally borrowed would have some or all of the amount their balance has grown due to interest canceled. These borrowers would not have their full debt canceled, but their debt would be reduced. 

Borrowers in the other three categories could have their debts fully canceled. This includes borrowers who entered repayment on or before July 1, 2005 (or July 1, 2000 for those who borrowed for graduate school) and borrowers who are eligible for existing loan cancellation programs but who have been blocked by red tape.

As of April 24, 2024, the Administration has not yet released proposed regulations for providing relief to borrowers whose financial hardship prevents them from being able to pay back their loans in full; it says those are still coming.

How do I share my thoughts about the new debt relief plan?

Anyone may submit comments on the proposed student debt relief plans by May 17, 2024. Borrowers and those who work with borrowers may wish to submit comments in support of the proposal and can do so at regulations.gov.  You can also share your thoughts on the new plan with us on our Share Your Story page. NCLC may include what we hear from borrowers in our comments to the Department of Education.

NCLC shares stories about borrower issues with policymakers on a regular basis. Share Your Story here.

How to Apply for an SBA Loan

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How to Apply for an SBA Loan

As a small business owner, financing backed by the U.S. Small Business Administration (SBA) represents some of the most affordable types of business loans available. SBA loans are a popular option for both startups and established businesses alike. These loans tend to feature low interest rates, higher loan amounts, and generous repayment terms compared to other business loan options. 

At the same time, understanding how to apply for an SBA loan and qualify for this type of financing can be complicated. The SBA loan application process can be tedious, and if you don’t complete it properly, you could hurt your chances of getting a loan approval. 

That’s why Lendio has put together a complete guide to applying for an SBA loan, including types, requirements, the application process, and how to improve your chances of approval.

Step 1: Decide which type of SBA loan you need.

There are several different types of SBA loans available to small businesses. With SBA loans, your business may be able to borrow up to $5 million and repay those loans over a period of 10 to 30 years. (Repayment terms can vary.)

You can find SBA loans to help you finance many different aspects of your business needs. Whether you need startup funding, working capital, equipment financing, inventory financing, or funding for some other type of business need, you may be able to find an SBA loan to support your goals. 

First, Ask yourself a few key questions about your business needs to find the right SBA loan program for your needs, like:

  • How much funding do I need?
  • What will I use the funding for?
  • What is the minimum repayment term I need to work with?

Once you figure out the type of SBA loan you want, you can determine if your business is eligible for the loan program. 

Step 2: Check eligibility requirements

The specific eligibility requirements that your business needs to meet in order to qualify for an SBA loan will vary based on a few factors. First, each SBA loan program has unique requirements you must meet to qualify. In addition, you may need to satisfy additional loan requirements that your SBA-approved lender requires from small business borrowers. 

The minimum requirements for most SBA loans are as follows. 

  • Be an operating business
  • Operate for profit
  • Be located in the U.S. or in U.S. territories
  • Can meet SBA “small business” size requirements 
  • Not be a type of ineligible business 
  • Be creditworthy and demonstrate reasonable ability to repay the loan
  • Collateral to secure a large percentage of the loan
  • Unable to access business financing through non-government means (not including personal funds)

If you meet these requirements, then the next step is confirming that you qualify with an SBA lender, and this is where it can get complicated. Let’s go over some major eligibility requirements with most SBA-approved intermediary lenders as lender standards vary.

Creditworthiness Requirements

SBA 7(a) loans and SBA 504 loans are issued by traditional lenders, so they will have more stringent credit criteria than other loans, like microloans.

Most lenders for these loans will want to see a FICO® credit score of 650 or above.

On the other hand, SBA microloans have less strict credit criteria, and you may be able to qualify with limited credit history.

Time in Business Requirements

Like credit criteria, SBA 7(a) loans and SBA 504 loans will require more time in business and proof of revenue than microloans.

Most lenders will want to see at least two years in business for 7(a) and 504 loan applicants. In contrast, lenders may not require as much time in business for the microloan program, with some lenders only requiring six months in business.

If you meet these eligibility requirements, the next step is to gather all the documentation you will need for the application process.

Step 3: Prepare documentation for SBA loan application

Before you apply for an SBA loan, it’s important to gather the documentation your lender will request on your application. The time it takes to move through the SBA process from application to funding will vary.

While it might take 30 to 90 days with your local bank, Lendio, on average, can close an SBA 7(a) small loan in less than 30 days. Having your documents prepared ahead of time may help improve your chances of approval and could help you move forward through the SBA loan process at a faster pace.

Below is a list of the documents you should prepare for your SBA loan application:

  • Six months of business bank statements (connect account or manually upload images)
  • Copy of your driver’s license or state ID
  • Voided check from your business account
  • Month-to-date transactions
  • Two years of business and personal tax returns (for all business principals with 20% or more ownership)
  • Debt schedule
  • Year-to-date profit and loss statement
  • Year-to-date balance sheet
  • Cash flow projections
  • List of collateral
  • Business certificates or licenses
  • Loan application history
  • Business owner resume(s)
  • Business plan
  • Business lease, if applicable

Additional SBA loan application requirements.

In addition to the documents listed above, you should be prepared to include more information on your SBA loan application. Details you may need to provide include: 

  • The amount of money you want to borrow.
  • The purpose of the loan and how you plan to use the proceeds if approved.
  • Assets you need to purchase and the name of your business suppliers.
  • When your business started.
  • General information about your business (owners, affiliations, etc.).
  • Your birthday and your Social Security number
  • Details regarding other business debts and your creditors.

Anyone who owns 20% or more of the business will generally need to fill out an SBA loan application form, as the SBA requires that anyone with 20% or more ownership in the business provide an unlimited personal guarantee.

Owners with less than 20% ownership can provide full or limited guarantee. Owners will also need to complete a personal financial statement, called SBA Form 413. SBA uses the personal financial statement to assess risk and help determine an applicant’s ability to repay as promised. 

Here’s a list of SBA-specific forms to include in your application package:

  • SBA Form 1919 – Borrower Information Form
  • SBA Form 912 – Statement of Personal History
  • SBA Form 413 – Personal Financial Statement
  • SBA Form 148 – Unconditional Guarantee (or lender’s equivalent to this form.)
  • SBA Form 148L – Limited Guarantee (or lender’s equivalent) for owners with less than 20% ownership

Step 4: Find an SBA-approved lender

You can use an SBA loan to support your small business in many different ways. Once you feel ready to begin your SBA loan application, you can start by choosing an SBA lender to guide you through the process. 

Depending on the type of SBA loan program you are applying for, you might have a few different options for finding an intermediary lender. Since SBA 7(a) loans and SBA 504 loans lenders are more traditional financial institutions, you can try reaching out to a bank you have a previous relationship with.

The SBA also offers a few resources for finding active certified development companies (cdcs) and active microlenders on their website.

If you would like to connect with lenders directly, you can use the SBA’s lender match system. You’ll fill out a questionnaire about your business, and in two days, you’ll receive an email with possible lender matches. 

Lendio offers a convenient SBA loan application process. Potential borrowers can complete an application and get a preapproval within 24 hours, and after providing the documentation listed above, can get funded with a 7(a) small loan in less than 30 days.

Step 5: Submit your SBA Loan Application Package

Once you’ve prepared your loan application package, it’s time to submit it to the lender. Don’t be surprised if they may follow up with questions, or request for additional documents. Every lender has different requirements, so work with your contact to provide everything they need to begin the initial underwriting process to review your application.

If your lender decides to move forward, you can expect a “loan proposal” or “letter of intent” to follow. This document will detail your request, loan terms, and deposits, fees and/ or closing details.

If you accept and sign the proposal, you’re not out of the woods yet. Your lender will begin a formal underwriting process, in which both the lender and the SBA review your application, documentation and credit history thoroughly.

If you are approved after this process, you will be notified and provided a letter of commitment. You must accept it in order to receive closing documents and start the closing process. Once everything is signed and the process is complete, your money will be disbursed.

What to do if your SBA Loan application is denied

Although it’s not the outcome you want, only about one-third of SBA loan applicants were fully approved in 2023. A decline is not uncommon, so knowing your options if this happens will help you plan for your next steps.

If your application is denied, your lender will provide you with a letter explaining the reason you were denied, and may provide some options for you after that. You may be able to appeal the decision, for example, and your lender can provide insight.
Read our guide on common reasons why your SBA loan application may have been declined, and what to do next.

Alternatives to SBA Loans

If you aren’t able to find a workaround in the event that your SBA loan was declined, or if you aren’t confident you meet the eligibility requirements, here are some other alternatives to consider:

  • Equipment financing – if new equipment upgrades, repair or replacement is what you need, consider exploring term loans or leases for equipment.
  • Term business loans – If you don’t qualify for an SBA loan, you may still be able to obtain a business loan paid off with equal payments at a fixed rate through other lenders.
  • Business lines of credit – Opening a line of credit enables you access to funds that you can borrow anytime up to your credit limit.

Quickly compare loan offers from multiple lenders.

Applying is free and won’t impact your credit.

How to Apply for an SBA Loan

Information provided on this blog is for educational purposes only, and is not intended to be business, legal, tax, or accounting advice. The views and opinions expressed in this blog are those of the authors and do not necessarily reflect the official policy or position of Lendio. While Lendio strives to keep its content up-to-date, it is only accurate as of the date posted. Offers or trends may expire, or may no longer be relevant.

Fintech Nexus Newsletter (June 11, 2024): Apple introduces Tap to Cash for iPhone to iPhone payments

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Fintech Nexus Newsletter (June 11, 2024): Apple introduces Tap to Cash for iPhone to iPhone payments

Yesterday, Apple held its annual Worldwide Developers Conference (WWDC), during which it made several interesting announcements.

The most relevant to fintech is the new “Tap to Cash” feature that will be built into iOS18. As it sounds, this will allow users to send and receive Apple Cash simply by holding two iPhones together.

There were also more updates to Apple Wallet, including the ability to redeem rewards and manage installments through cards loaded into the wallet.

Of course, yesterday’s big announcement was about Apple Intelligence, a new suite of AI products that will be integrated directly into Siri. 

Simon Taylor muses about what might happen if we combine Tap to Cash, Apple Intelligence and open banking.

Fintech is about to get more interesting…

> Tap to Cash lets you pay by touching iPhones

By Brian Heater  

Apple’s WWDC 2024 keynote was packed, including a number of key new updates for iOS 18. One of the more interesting additions is Tap to Cash, which is more or less what it sounds like, letting users pay for things by tapping together a pair of iPhones.

From Fintech Nexus

> How Fintech Lenders Can Help Capture Small Business Opportunity

By Jake Osborne

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  • Peter RentonPeter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

Securing Your Home: Understanding Disability Mortgage Insurance

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When it comes to protecting your home and your family’s financial well-being, mortgage insurance can be a crucial element in your financial plan. However, many people are not aware of the advantages and importance of disability mortgage insurance. In this blog, we’ll explore what disability mortgage insurance is, how it works, and the benefits it provides for homeowners.

What is Disability Mortgage Insurance?

Disability mortgage insurance, also known as mortgage payment protection insurance, is a type of coverage designed to help homeowners make their mortgage payments in the event of a disability that leaves them unable to work. This insurance provides financial support when you need it most, ensuring that you can keep up with your mortgage obligations, protecting your home and providing peace of mind for you and your family.

How Does It Work?

Coverage for Mortgage Payments: Disability mortgage insurance works by providing coverage for your mortgage payments in the event of a disability that prevents you from working. The policy typically kicks in after a specified waiting period, which can range from 30 to 90 days. Once the waiting period is over, the insurance will begin to cover your mortgage payments, usually for a predetermined period, such as 12 months or until you recover and can return to work.

Coverage Amount: The coverage amount is determined by the policy you select and is usually a percentage of your mortgage payment, often between 60% and 85%. This means that if you become disabled and can’t work, the insurance will cover a significant portion of your mortgage, allowing you to avoid foreclosure or the need to sell your home.

Premiums: Like any insurance policy, disability mortgage insurance requires you to pay premiums to maintain coverage. The cost of premiums can vary based on factors like your age, health, the waiting period you choose, the benefit period, and the coverage amount. However, the peace of mind it offers is well worth the expense, considering the potential financial consequences of a disability.

Benefits of Disability Mortgage Insurance

Financial Security: One of the primary benefits of disability mortgage insurance is the financial security it provides. In the unfortunate event of a disability, you won’t have to worry about losing your home due to missed mortgage payments. This security can bring peace of mind to homeowners and their families.

Mortgage Protection: Homeownership is a significant investment, and for most people, their most valuable asset. Disability mortgage insurance helps protect this investment by ensuring that you can continue to make your mortgage payments even when you can’t work.

No Need to Deplete Savings: Without disability mortgage insurance, you might be forced to use your savings, including emergency funds and retirement savings, to cover your mortgage payments during a disability. Disability insurance eliminates the need to deplete your hard-earned savings.

Customizable Policies: Disability mortgage insurance policies can be tailored to fit your specific needs. You can choose the waiting period, benefit period, and coverage amount that best suits your circumstances, making it a flexible and adaptable option.

Peace of Mind: Knowing that your home is protected and that you won’t face financial hardship due to a disability can bring invaluable peace of mind. It allows you to focus on your recovery rather than stressing about how to keep up with your mortgage payments.

Final Words

Disability mortgage insurance is a valuable tool for homeowners, providing essential protection in the face of unexpected disability. It offers a safety net that ensures your mortgage payments are made, preserving your home and your financial stability. While the cost of premiums may seem like an additional expense, the security and peace of mind it provides can be immeasurable. Before making a decision, it’s advisable to consult with a financial advisor or insurance professional who can help you find the right disability mortgage insurance policy to suit your specific needs and budget.

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