Pool Loan Calculator: See Your Monthly Payments

Once you have a solid cost estimate for your new pool and you’ve decided to finance it with a loan, the next step is to figure out your monthly payments so you can budget for them.

Enter a loan amount, repayment term, and estimated APR to see how much you might pay each month and the total interest.

How much does it cost to build a pool?

An above-ground pool costs $2,500 on average, according to HomeAdvisor, while an inground pool can run you $50,000 or more. The price can vary based on the size of the pool and materials you use.

When you finance with a personal loan, your annual percentage rate can be anywhere from 6% to 36%, and some lenders will finance up to $100,000 over a two- to 12-year repayment term.

Your credit score is an important factor lenders consider when they decide your loan amount and rate. On average, NerdWallet members with excellent credit (720 or higher FICO) received pre-qualified loan offers with rates between 10.7% and 12.5% in 2020, according to marketplace data. Lenders also consider factors like your income and existing debt.

A $50,000 loan with a six-year repayment term and a 11% APR would require monthly payments of $952. That loan would cost $68,544 in total, and $18,544 of that would be interest.

How to compare pool loans

Here are a few features to consider as you compare offers.

Annual percentage rates: APRs are the best apples-to-apples comparison for personal loans because they include the interest rate and other fees a lender charges. You can use this rate to compare offers between loans or to compare a loan with other financing options like a home equity loan.

Repayment terms: Most personal loan terms span from about two to seven years, but some lenders offer extended repayment terms on home improvement loans. For example, online lender Lightstream lets borrowers choose a repayment term up to 12 years. Your repayment term determines your monthly payment and the loan’s total interest — the longer your repayment term, the more you pay in interest.

Funding time: Some online lenders say they can fund a loan the day your application is approved or the following day. Banks and credit unions, however, can take a few days. Most personal loans can be funded within a week, though.

Ability to pre-qualify: Many online lenders let you pre-qualify to see your potential rate, loan amount and repayment term without affecting your credit score. You can pre-qualify with multiple lenders at once on NerdWallet to nail down another estimate of your monthly pool loan payments.

Source: nerdwallet.com

How Unpaid Taxes Can Affect You

Written
by Alayna Okerlund, Content Management Specialist for BestCompany.com

Most people try not to think about taxes until
they absolutely have to. Thanks to the recent tax season, you’re probably still
thinking about your tax situation, especially if you have a large tax bill
looming over your shoulder.

Nothing is worse than realizing you don’t have
enough money to pay your taxes on time. There are several options you can take
to make sure you do pay off your tax bill; however, many people end up
procrastinating their tax payments. They might think obtaining enough money is
possible if they wait, or are unaware of what payment options are available.

Little do they know, putting off tax payments
can financially hurt in more ways than one.

Potential Consequences

Multiple consequences arise when you fail to
pay your taxes on time.

Penalties and Interest

The longer you procrastinate your tax bill
payments, the more money you will likely end up paying.

The IRS will give you what is called a “failure-to-pay penalty” if you do not pay
your taxes by the tax due date. The penalty is a recurring monthly charge that
you must pay until you’re done paying off your tax bill. In addition to this
penalty, you will have to pay whatever interest is accruing during the time
you’re not paying your taxes. Over time, you will be spending more money than
if you were to pay your tax bill on time.

Keep in mind that you can receive a different
penalty for failing to file your tax return. Consider filing your taxes
regardless of whether you can afford to pay your taxes on time. Filing your
taxes can help you avoid the “failure-to-file penalty” and other tax issues.

Wage Garnishment/levies

The IRS can also garnish/levy your wages. If a
wage levy takes place, the IRS website states that “part of your wages
will be sent to the IRS each pay period until

  • You make other arrangements to pay
    your overdue taxes,
  • The amount of overdue taxes you
    owe is paid, or
  • The levy is released.

Part of your wages may be exempt from the levy
and the exempt amount will be paid to you. The exempt amount is based on the
standard deduction and an ‘amount determined’ calculated in part based on the
number of dependents you are allowed for the year the levy is served.”

Indirect Credit Impact

Paying your taxes late could indirectly put
your credit
in a bind.

Late tax payments and unpaid taxes might not show up on your credit reports, but there are ways tax liens can indirectly affect your credit.

According to Experian, “paying extra money in penalties and
interest because you sent in your tax payment late could make it more
challenging to keep up with the rest of your bills. If this happens, and you
fall behind on any credit obligations as a result, your late tax payment could
indirectly harm your credit. Payment history is the most important factor in
your credit score, counting for about 35 percent of your score, so late credit
payments reported by your creditors can damage your credit quickly.”

Potential Tax Payment Solutions

Paying your taxes is important. Paying on time
would be best, but if you can’t manage to pay your taxes before the tax due
date, here are a few options to consider:

Payment
Plan/installment Agreement

The IRS has a few different payment plans that
you can request. The IRS payment plan options include the
following:

Pay now plan

  • Full amount in one payment
  • $0 to apply
  • No interest or penalties

Short-term plan

  • 120 days or less
  • $0 to apply
  • Interest + Penalties

Long-term plan option 1

  • More than 120 days
  • Automatic payments via direct
    debit
  • $31 to apply online
  • $107 to apply via phone, mail, or
    in-person
  • Interest + Penalties

Long-term plan option 2 

  • More than 120 days
  • Electronic, non-direct debit
    payment (Direct Pay or credit/debit card)
  • $149 to apply online
  • $225 to apply via phone, mail, or
    in-person ($43 for low income)
  • Interest + Penalties

Personal Loans

A personal loan might not be your first
option, but it can be helpful in some unpaid tax situations.

You can obtain a personal loan
from credit unions, banks, and online lenders. So depending on a few factors
like credit score, interest rates, applications, etc., you could receive
funding within a short time. 

It could be smart to get a short-term personal
loan if you are planning on using it to pay off your tax bill. However, it’s
important that you compare lenders and consider interest rates, your particular
financial situation, potential repayment plans, and other payment options
before you decide to take out a personal loan for tax payment purposes.

Credit Cards and Debit Cards

Paying your tax bill with a credit card may be
an option for you, depending on your circumstances. However, it’s generally not
the first option people consider due to a variety of fees and high tax bills.

It’s important to note that paying your taxes
with a credit card could be a good option if you can afford to pay off your
credit card bill. If you can’t afford to pay it off, however, your credit score
could suffer.

Before you start making tax-related payments
with a credit/debit card, visit the IRS website to learn about processing fees and
actions, payment limitations, and more.

The Bottom Line

Tax bills shouldn’t be put on the backburner
for too long. Although owing the IRS money doesn’t put you in an ideal
situation, sometimes it can seem inevitable. Knowing what can happen when you
fail to pay your taxes on time and what you can do about it will help you avoid
dealing with future tax debt. Consider conducting your own personal research to
figure out which tax relief options are best for your specific
situation.

If you notice that your credit situation is indirectly suffering from tax debt, consider looking into credit repair services sooner rather than later. After all, poor credit can restrict your loan options and harm your overall financial situation.

Source: lexingtonlaw.com

How Unpaid Taxes Can Affect You – Lexington Law

Written
by Alayna Okerlund, Content Management Specialist for BestCompany.com

Most people try not to think about taxes until
they absolutely have to. Thanks to the recent tax season, you’re probably still
thinking about your tax situation, especially if you have a large tax bill
looming over your shoulder.

Nothing is worse than realizing you don’t have
enough money to pay your taxes on time. There are several options you can take
to make sure you do pay off your tax bill; however, many people end up
procrastinating their tax payments. They might think obtaining enough money is
possible if they wait, or are unaware of what payment options are available.

Little do they know, putting off tax payments
can financially hurt in more ways than one.

Potential Consequences

Multiple consequences arise when you fail to
pay your taxes on time.

Penalties and Interest

The longer you procrastinate your tax bill
payments, the more money you will likely end up paying.

The IRS will give you what is called a “failure-to-pay penalty” if you do not pay
your taxes by the tax due date. The penalty is a recurring monthly charge that
you must pay until you’re done paying off your tax bill. In addition to this
penalty, you will have to pay whatever interest is accruing during the time
you’re not paying your taxes. Over time, you will be spending more money than
if you were to pay your tax bill on time.

Keep in mind that you can receive a different
penalty for failing to file your tax return. Consider filing your taxes
regardless of whether you can afford to pay your taxes on time. Filing your
taxes can help you avoid the “failure-to-file penalty” and other tax issues.

Wage Garnishment/levies

The IRS can also garnish/levy your wages. If a
wage levy takes place, the IRS website states that “part of your wages
will be sent to the IRS each pay period until

  • You make other arrangements to pay
    your overdue taxes,
  • The amount of overdue taxes you
    owe is paid, or
  • The levy is released.

Part of your wages may be exempt from the levy
and the exempt amount will be paid to you. The exempt amount is based on the
standard deduction and an ‘amount determined’ calculated in part based on the
number of dependents you are allowed for the year the levy is served.”

Indirect Credit Impact

Paying your taxes late could indirectly put
your credit
in a bind.

Late tax payments and unpaid taxes might not show up on your credit reports, but there are ways tax liens can indirectly affect your credit.

According to Experian, “paying extra money in penalties and
interest because you sent in your tax payment late could make it more
challenging to keep up with the rest of your bills. If this happens, and you
fall behind on any credit obligations as a result, your late tax payment could
indirectly harm your credit. Payment history is the most important factor in
your credit score, counting for about 35 percent of your score, so late credit
payments reported by your creditors can damage your credit quickly.”

Potential Tax Payment Solutions

Paying your taxes is important. Paying on time
would be best, but if you can’t manage to pay your taxes before the tax due
date, here are a few options to consider:

Payment
Plan/installment Agreement

The IRS has a few different payment plans that
you can request. The IRS payment plan options include the
following:

Pay now plan

  • Full amount in one payment
  • $0 to apply
  • No interest or penalties

Short-term plan

  • 120 days or less
  • $0 to apply
  • Interest + Penalties

Long-term plan option 1

  • More than 120 days
  • Automatic payments via direct
    debit
  • $31 to apply online
  • $107 to apply via phone, mail, or
    in-person
  • Interest + Penalties

Long-term plan option 2 

  • More than 120 days
  • Electronic, non-direct debit
    payment (Direct Pay or credit/debit card)
  • $149 to apply online
  • $225 to apply via phone, mail, or
    in-person ($43 for low income)
  • Interest + Penalties

Personal Loans

A personal loan might not be your first
option, but it can be helpful in some unpaid tax situations.

You can obtain a personal loan
from credit unions, banks, and online lenders. So depending on a few factors
like credit score, interest rates, applications, etc., you could receive
funding within a short time. 

It could be smart to get a short-term personal
loan if you are planning on using it to pay off your tax bill. However, it’s
important that you compare lenders and consider interest rates, your particular
financial situation, potential repayment plans, and other payment options
before you decide to take out a personal loan for tax payment purposes.

Credit Cards and Debit Cards

Paying your tax bill with a credit card may be
an option for you, depending on your circumstances. However, it’s generally not
the first option people consider due to a variety of fees and high tax bills.

It’s important to note that paying your taxes
with a credit card could be a good option if you can afford to pay off your
credit card bill. If you can’t afford to pay it off, however, your credit score
could suffer.

Before you start making tax-related payments
with a credit/debit card, visit the IRS website to learn about processing fees and
actions, payment limitations, and more.

The Bottom Line

Tax bills shouldn’t be put on the backburner
for too long. Although owing the IRS money doesn’t put you in an ideal
situation, sometimes it can seem inevitable. Knowing what can happen when you
fail to pay your taxes on time and what you can do about it will help you avoid
dealing with future tax debt. Consider conducting your own personal research to
figure out which tax relief options are best for your specific
situation.

If you notice that your credit situation is indirectly suffering from tax debt, consider looking into credit repair services sooner rather than later. After all, poor credit can restrict your loan options and harm your overall financial situation.

Source: lexingtonlaw.com

How to Get a Loan Without a Cosigner – Lexington Law

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

Getting credit when your score is low or you don’t have a strong credit history can be challenging. One way many people solve this problem on their first loan is by getting a cosigner. But this isn’t always an option for everyone. Find out more about this process, as well as how to get a loan without a cosigner, below.

What Is a Cosigner, and Why Would You Want One?

A cosigner is a person who agrees to be responsible for a debt if you can’t or don’t pay it. Typically, you get a cosigner when you don’t have sufficient creditworthiness on your own to qualify for the loan you need. The cosigner’s credit score and history are considered when approving the loan.

Some reasons you might want a cosigner include:

  • You’re young and haven’t had time to build a credit history yet, so you don’t qualify on your own for the loan you want.
  • You need better credit to qualify for more favorable terms.
  • You have credit history, but some financial mistakes in the past have left it lackluster and you want assistance getting new credit so you can rebuild your credit history.

Reasons You Might Not Have a Cosigner

Not everyone in the above listed scenarios needs has a cosigner, though. Here are some reasons why you might not have a cosigner even if having one could help you get a loan.

You Don’t Have Access to a Cosigner

First, you simply might not have access to someone who can act as cosigner. Cosigners must have better credit than you to do much good, and they also have to be willing to put that good credit on the line to help you.

If you don’t make the payments on your loan, the cosigner’s credit is also hurt. They might also end up on the hook for the payments. This risk can limit who is willing to act as a cosigner.

You Want to Take Full Responsibility for the Loan

In some cases, you might have access to cosigners but want to avoid using them. Perhaps you want to avoid tying up a family member’s credit with your own loan. In other cases, you may simply want to avoid having loved ones be that involved in your financial affairs.

This is obviously a personal decision, and you have to decide what would be best for you and your relationships.

Tips for Getting a Personal Loan With No Cosigner

Whether you decide against a cosigner or don’t have access to one, you do still have options. Check out these tips for how to get a loan without a cosigner.

Shop Around

Some lenders are more flexible than others. Credit unions—especially ones in which you belong to already—tend to have more flexible requirements than larger banks. And online lenders can often afford to be more flexible because they aren’t covering the costs of physical locations.

Just remember not to apply for every loan you see. Each loan application can result in a hard inquiry on your credit, which can damage your score a little each time. Instead, read through all the requirements and talk to the lender if possible to determine whether you are likely to qualify for a loan before you apply.

Improve Your Credit Score

If the loan isn’t an immediate pressing concern, take some time to improve your credit score and creditworthiness to boost your chances at approval. Some steps to take include:

  • Requesting your credit reports from all three major bureaus and reviewing them for any errors. If you find inaccurate negative items, you can dispute them by sending a communication such as an email or letter to the credit bureau in question.
  • Making good choices for your credit now, including making all your payments on time and paying down any open credit card balances you might have as much as possible.
  • Improving your debt-to-income ratio. This is how much debt you have compared to how much you make. You can improve it by paying down some of your debt, finding ways to make more reportable income or both.

Modify Your Loan Request

Try to get a loan for less money. The smaller the loan, the smaller the risk for the lender, and many might be willing to give you a chance for a lower amount than you originally wanted.

Get a Secured Loan

A secured loan is one that you back with collateral, typically in the form of a physical asset, like a car or a house. If you ever fail to pay back the loan, the lender can put a lien on the collateral. The benefits of this type of loan are that they can be fairly easy to get and typically designed to help you improve your credit, which means the lender probably reports to all three major credit bureaus.

There are a couple of downsides to this option. First, you pay interest, so the loan does cost you money. Second, you risk losing ownership of a physical asset, which could cause you even more problems in the long run if you can’t make your payments.

Additional Tips for Getting a Student Loan with No Cosigner

All of the above listed tips can apply when you’re trying to get a student loan as well—particularly a private student loan. But here are a few more tips that are specific to student loans.

Apply for Federal Loans

The Free Application for Federal Student Aid process doesn’t take credit into account when considering students for financial aid. You can potentially get direct subsidized loans, direct unsubsidized loans, direct PLUS loans or parent PLUS loans via this process, all without a credit check.

Build Your Credit Profile in Other Ways

If you don’t qualify for federal loans and want to see private student loan options, find ways to build your credit profile before you apply if possible. For example, you can:

  • Apply for a secure credit card or no-credit credit card and use the account responsibly. Make sure the credit card you get reports to all major credit bureaus.
  • Get added as an approved user on someone else’s credit card. Make sure the card in question reports credit information for approved users and that the person who adds you to their account uses their credit cards responsibly.
  • Consider signing up for a product that allows your rent and utility payments to be reported to the credit bureaus to help you build positive payment history. RentReporters and Experian RentBureau are just two options.

Find the Best Loan for You

Many loan options exist, and many lenders specialize in credit for people who are building or rebuilding their credit histories. There’s a good chance you can find something that suits your needs by following the steps above. Alternatively, you can get a cosigner now and refinance the loan in the future when your credit is stronger.

Some loans also come with options for having the cosigner released after a sufficient period of timely payments and responsible account management. No matter your financial standing, it’s a good idea to start by looking at your credit report whenever you plan to apply for a loan.

If you find questionable information that could hamper your chances at approval, consider working with Lexington Law for professional credit repair.


Reviewed by John Heath, Directing Attorney of Lexington Law Firm. Written by Lexington Law.

Born and raised in Salt Lake City, John Heath earned his BA from the University of Utah and his Juris Doctor from Ohio Northern University. John has been the Directing Attorney of Lexington Law Firm since 2004. The firm focuses primarily on consumer credit report repair, but also practices family law, criminal law, general consumer litigation and collection defense on behalf of consumer debtors. John is admitted to practice law in Utah, Colorado, Washington D. C., Georgia, Texas and New York.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

Source: lexingtonlaw.com