Rebuilding credit takes time, patience and baby steps. If you have undergone something like bankruptcy or foreclosure, it is likely that you will need to start off slow to rebuild credit with the major credit bureaus. One solid way of rebuilding credit is using a prepaid debit card. These unique cards not only allow you to bank online, receive direct deposit, but also report POSITIVE credit activity to the credit bureaus without the risk of default or gaining further debt.

Signature can be granted by banks or credit unions, as well as alternative financial providers like payday lenders that grant cash advances before payday and sometimes short-term small-dollar installment loans. With most signature loans you will need to provide information such as , social security number, employer, income, residential address and other contact information.

Signature loans can be a good solution or sometimes a better solution than using a credit card as they can have lower fixed-rate APR. Interest rates depend on a variety of information but the major deciding factor is if you are a prime or subprime customer. If you are a prime customer the loan amount and interest rate will highly reflect your credit score, which takes into account debt to credit rate as well as your credit (payment) history as well as your income and employment. If you are a subprime customer it will solely depend on your employment status and income level.

Every month you will have reoccurring expenses, such as food, gas/transportation, mortgage/rent, credit card bills, other loans or outstanding debt, electric/phone. These are the bills you HAVE to pay in order to keep your credit good and your debt low. However some bills you may see as a necessity may not be. Try eliminating one of these items to cut costs

Cable/Internet- Most people need access to the internet in this day and age but remember there are still places like Libraries where you can use this free. At least at the low-end of things lower the speed of your internet connection. This can save you up to $25 a month!

TV/Cable- While cable is great, who needs it now with Hulu. Ditch your cable and watch your shows online and get a basic transformer box to watch you local stations if you wish (this is a one-time $50 cost for a converter box)

Cell Phone/Phone- You really don’t need a home phone and a cell phone anymore so get rid of one. If you are a cell phone person look to pay as you go phones as they are less tempting to “go over” on minutes and you won’t use it for texting or surfing the internet, which can add fees quickly to your month budget. Remember keep it basic!

Here are some other good tips

Call and try to reduce your credit card interest rates. This equals lower monthly payments
Use the least amount of electricity possible to save money
Move or rent a smaller place or in a up and coming are
Save gas! Walk, bike or take the bus to get around!
Shop at low-cost grocery stores, plan your meals in advance so you don’t waste fppd or money
Limit your fun and entertainment budget. Supplement with low cost activities like, swimming, going to the park, reading a book, catching up with a friend.

And always try and save for emergencies so you don’t have to use a credit card or costly payday advance

1) Over 18, whether you are applying online or in-stores you must be over 18 to apply. Both types of lenders will ask for your license to confirm you D.O.B.

2) U.S. Citizen, all online lenders will ask for your social security number before your loan will get funded however, not all payday advance stores require a social security number to complete the loan, but many of them are starting to do so.

3) Income. Whether you apply in store or online, most lenders require their customers to make at least $800 a month to be eligible to receive a payday advance.

4) Open and active checking account. While local payday loan stores will hold a check until your next payday and then cash it online lenders works slightly differently. They will need your banking information and basically you to sign a contract letting them automatically withdraw the money owed (loan amount plus interest) on a certain date.

5) Neither type of lender will loan to military personnel, due to the usury cap of 36%, when lending to military personnel. Its not profitable so they can’t conduct these loans.

6) The biggest difference is convenience and customer service. While proponents of online loans, love the convenience, proponents of in-store loans are more concerned about the person-to-person customer service only available at their local store.

7) Loan Shopping- One of the nicest features of online payday advances are the ability to apply to a multiple lender payday advance site, and have them do the loan shopping for you. Instead of shopping each local payday advance store to find the best interest rate and highest loan amount, most multiple lender sites do that work for you free of charge.

Whether you apply for a payday advance online or in-store, make sure you understand all the terms and conditions associated with that loan, including fees and loan due date, before you accept or enter in to any contractual agreement.

The hotly debated CFPA is being opposed by almost every financial institution in the country. Bringing long-term enemies such as banks vs. credit unions, traditional vs. alternative financial markets together in a fight to keep their business unregulated by the “government”. In modern America, everything seems to be regulated by the government yet financial products and decisions have been able to roam-free since the formation of the Americas.

The CFPA was an idea that became widely debated after the bank bailout crisis of 2009, following the crash and burning of the home mortgage industry. Taxpayers wanted answers to why their money wax going to bailout billionaires and their companies. And instead of letting it happen again the idea of the CFPA was brought about by Harvard Professor Elizabeth Warren. Her goal was to set-up regulatory practices before America’s financial system ever was faced with this “type” of issue again.

The biggest problem that the personal loan industry has with the CFPA, is the fact they are getting lumped into new regulation, based on a problem that they didn’t cause. Payday loans were NOT the downfall of the American Economic banking system, it was the traditional loan industry that caused the crash of our market. Payday loans deal with “main street” customers NOT “wall street”  and feel that regulation on their industry is uncalled for and unjust.

What do you think about the new CFPA

1) Start clipping coupons. This is great if you have never been an avid coupon clipper in the past. When you go to the store with your coupons take the money you saved from the coupons (even if it is not that much) and put it in a savings account.

2) Part-time job. In the recession people are finding millions of odd jobs to-do to make money on the side. it doesn’t have to take a lot of time and if you can find a good market you can actually make some serious money, Here are some examples of good, low-commitment (and probably cash-paying jobs) Dog walker (or poop picker upper) mow lawns, freelance a service (or talent), handyman services, IT services (you would be surprised what the older generation will pay to get their computer set-up), cleaning houses, Check the local section of your Craigslist area under gigs

3) Sell unwanted items on Ebay, Craigslist , or have an old fashion garage/yard sale! OR if your are talented sell your unique products or creations on Etsy

Check out more info on the importance of having a saving account