Aura, like other identity theft protection services, pledges to keep your personal and financial information safe with capabilities like credit report monitoring — for a price.
While there are things you can do yourself to protect your credit and identity, often for free, the Aura app may be valuable if you prefer a hands-off approach or are looking for additional features like antivirus software.
Here’s what to know about Aura and how much the service costs.
What does Aura do?
Aura’s long list of features covers basics like credit monitoring, data breach alerts and identity theft insurance. The app — available for mobile and desktop devices — also scans the web for uses of your financial and personal information and includes other security features like a U.S.-based virtual private network, or VPN, an Experian credit lock and access to an expert fraud resolution team.
The credit lock doesn’t block others from accessing your credit files at the other two major credit bureaus, Equifax and TransUnion.
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How much does Aura cost?
Aura currently offers three plans with identity and fraud protection, starting at $15 per month or $144 per year (you choose whether to be billed monthly or annually). Aura offers a free 14-day trial for all plans and a 60-day money back guarantee on annual plans.
Here’s how the cost breaks down for Aura’s plans:
Individual
$144 annually ($12 per month).
$15 monthly.
$264 annually ($22 per month).
$29 monthly.
$384 annually ($32 per month).
$50 monthly.
Is Aura worth the price?
As with other services, Aura’s approach to identity theft is more reactive than proactive. You may consider paying for an Aura plan if you’ve already been the victim of identity theft and want to monitor how your information is being used. It can also be helpful if you want to step up online protection for a large number of family members. The family plan supports an unlimited number of children and devices, something many competitors don’t match.
Aura’s individual plans are less expensive than similar plans from competitors like LifeLock and IdentityForce. And if you were already considering paying for a credit lock with Experian’s CreditLock service, which costs $24.99 a month, Aura’s individual plan would save you money.
But freezing your credit and monitoring your reports on your own is free. You may also have identity theft protection or restoration services available through your bank or insurance company, or as a result of a previous data breach. See if you’re already entitled to cheaper or free resources before purchasing a separate service like Aura.
Aura pros
Aura offers insurance up to $1 million per adult to cover losses and expenses related to identity theft. Highlights also include:
Monitors credit data at all three major credit bureaus, Equifax, Experian and TransUnion, and offers an Experian credit lock.
Provides VPN, antivirus software, safe web browsing and a password manager for multiple devices.
Monitors your financial accounts, home and auto titles, and the dark web.
The family plan allows up to five adults, plus an unlimited number of kids and devices. Competitor plans typically have more restrictions.
Aura’s family plan also adds benefits like online parental controls, video game monitoring and local sex offender alerts.
Aura cons
Aura’s insurance coverage doesn’t apply to preexisting identity theft. Other potential drawbacks:
Does not monitor social media accounts.
Some features aren’t compatible with all devices.
Some users have reported difficulties using the app or staying connected to the VPN.
If you decide to cancel an annual plan after 60 days, you’ll still have to pay for the rest of the year.
Weigh the pros and cons carefully. Signing up for a free 14-day trial is a good way to test whether Aura is right for you.
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See your free score anytime, get notified when it changes, and build it with personalized insights.
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.
Debt collection scams are common and come in many forms. In 2023, the FBI reported that $394 million dollars were stolen by criminals pretending to be government agencies.
The best way to protect your hard-earned funds from scammers is to learn the telltale signs.
In this guide, we’ll explore several common scams and share strategies for protecting your funds. We’ll also discuss Lexington Law Firm’s credit snapshot tool, which can help you learn which debts you genuinely owe.
Key Takeaways:
Congress created The Fair Debt Collection Practices Act (FDCPA) in 1977 to prevent aggressive debt-collection practices.
A collections agency is likely legitimate if it can provide its name, number and mailing address.
You can stop debt collection scams by declining to share sensitive information over the phone, via email, and by confirming the debt actually belongs to you.
What does a debt collection scam look like?
Debt collection scams can be very subtle. You might abruptly receive a text or a phone call from someone who claims to represent a collections agency or even a government institution. The collector might rapidly hurl information at you with the intent to disorient and deceive.
Scams can also look like someone “confirming” sensitive information like your banking account details and Social Security number. It’s best to exercise caution and patience here; try not to let a caller pressure you into acting or giving out personal information before you’ve verified their identity.
Bottom line: Don’t share your personal or financial information when you receive a call, as scammers can use these details to steal your identity or convince you to send them money.
How do I know if a collection notice is real?
When you’re first contacted about a debt, make sure that you ask the caller to verify the debt by sending a written debt validation letter. By law, debt collectors must send you information about how much you owe and who the original creditor for the debt was.
Once you’ve received the letter, you can verify that the debt legitimately belongs to you, following up with the original creditor if necessary. If the debt collector refuses to provide debt validation, it’s likely that they are not authorized to collect the debt — or the debt never existed in the first place.
Bottom line: The law requires debt collectors to provide a validation letter for any legitimate debt.
3 tips to stop debt collection scams
Debt collection scams can take on many forms, but vigilance plays a big role in reducing their impact. If you suspect that a scam is at play, consider the following advice.
1. Get additional details from the collector
When thinking about how to deal with debt collectors, asking for additional details can help you determine an agent’s legitimacy. Remember to ask the collector you’re speaking with for the following information:
The collector’s name
The agency they claim to work for
Said agency’s website
The address where they’re located
The collector’s email address and their agency’s email
Some callers also identify themselves as members of law enforcement or attorneys. In those cases, ask for names, badge numbers, agencies or law firms. If a caller indicates that a lawsuit has been filed against you, ask for the court where the suit was filed as well as the case number.
In most cases, scammers will be unwilling or unable to provide all of this information. If you do get specific information, you can follow up by calling creditors or law enforcement directly to verify the claims.
Knowing the status of your collections account is another powerful strategy, especially if your bank or lender has never told you that your debt has gone to collections to begin with. Check your credit report or contact your bank to see if you owe any money to collections agencies.
Bottom line: Press the collector for specific details, like their name and the collection agency they work for.
2. Watch out for threatening behavior
Sometimes, scam debt collectors will pressure you to pay quickly over the phone. Often, they’ll use serious claims to motivate you to act quickly — for instance, they’ll tell you that you have a warrant for your arrest, or you will serve jail time if you don’t pay immediately.
Scammers may also tell you that others in your family may suffer consequences, that you will lose your job or that your debt amount will skyrocket if you don’t provide payment over the phone. Debt collectors cannot send you to jail or make threats for non-payment.
Whether the debt collector is legitimate or not, threatening behavior is never permitted. Federal law specifically governs how debt collectors must behave, so you have recourse regardless of whether the debt is legitimate. If you believe the debt collector is a scammer, simply stop engaging until you receive debt validation. On the other hand, if the debt collector is legitimate but behaving in a threatening way, you can file a complaint with the Federal Trade Commission (FTC).
Bottom line: Debt collectors are forbidden by law to threaten you, and extreme claims about jail time or immediate need for payment are often indications of a scammer.
3. Block or ignore repeated calls
If you’re receiving numerous debt collection scam calls, consider blocking or ignoring these calls. Here are a few tips for blocking spam calls:
Watch out for “spoofed” numbers. The number a scammer calls from rarely belongs to them — instead, they temporarily use someone else’s number. Be wary of unfamiliar numbers that start with the same six digits as your own.
Some carriers and phones offer spam-blocking software. Call your cellphone carrier and ask if they have any features for blocking spam calls or search your phone’s app store for highly rated apps that can block spam calls.
Only accept calls from known numbers. Many phones allow you to only accept calls from trusted contacts, sending all other callers to voicemail. This feature can be helpful, as many scammers won’t leave voicemails or will leave robotic voicemails that can simply be discarded.
If you do need to accept calls from unfamiliar numbers — for instance, because you’re waiting for an important phone call — make sure that you’re careful when answering the phone.
If a caller identifies themselves as a debt collector, keep it short. If you don’t have any outstanding debts, simply say, “This debt does not belong to me,” and hang up. If you know that you have legitimate debt, ask for a validation letter and contact information, then end the call.
Bottom line: If possible, ignore calls from unfamiliar numbers or install spam call-blocking software on your phone. If you do accept a call from someone claiming to be a debt collector, keep the conversation short.
Know your debt collection rights
The Fair Debt Collection Practices Act (FDCPA) is a federal law that outlines exactly what debt collectors can and cannot do. Understanding debt collection laws offers two benefits: First, you can identify callers who violate these practices as possible scammers. Second, you can file a complaint against a legitimate collector who violates the law.
Watch out for any of the following behaviors, which are prohibited by federal law and could indicate a scam debt collection call:
Calls outside of the hours of 8 a.m. and 9 p.m.
Uses profane or inappropriate language
Makes false claims about your debt
Refuses to identify themselves or their company
Claims that you will pay penalties or face punishment for not paying immediately
Fails to provide debt validation
Most legitimate collection agencies follow the FDCPA guidelines when contacting people, so be wary when talking to anyone who is aggressive or unwilling to provide additional details.
Bottom line: If you’re dealing with a scammer, they likely won’t honor federal laws about debt collection — so make sure you know your rights and avoid scams.
Keep an eye on your credit reports
For your best chance of avoiding scammers, make it a habit to check your credit reports at least once a year and more often if you’re actively rebuilding your credit.
By reviewing your reports regularly, you’ll know whether you have any outstanding debts — so if a debt collector calls, you’ll be ready to ask for validation. Additionally, checking your credit reports frequently enables you to spot any fraudulent or inaccurate accounts listed on your reports.
Once you’re armed with knowledge about your credit, collection laws and common tactics used in scams, you’ll be prepared to stop debt collection calls with ease. Just remember to:
Ask for debt validation and contact information
Avoid providing personal information on the phone
Watch out for red flags like threatening behavior
Bottom line: Staying on top of your credit reports will help you avoid scams and know when you have legitimate debts to pay.
What to do if you’re the victim of a debt collection scam?
Today’s scammers can be quite convincing, so many people fall victim to fake debt collection calls by providing personal information, financial information or even payment.
If you’ve been the victim of a scam, act quickly by taking the following steps:
Freeze your credit: Contact the three credit bureaus and ask them to freeze your credit immediately — that way, no one can open a new line of credit in your name.
Watch out for identity theft: File a report with the Federal Trade Commission and IdentityTheft.gov.
Contact your bank and credit card providers: Get new credit cards and change your bank account information if it has been compromised.
You should also change account passwords for your email and financial accounts. Finally, consider contacting local law enforcement to report the scam.
Having your identity stolen can lead to fraudulently opened accounts, so you’ll want to ensure that your credit reports do not contain any misleading information. The work of a scammer could damage your reputation, so make sure you stay vigilant about monitoring your credit if your information is stolen.
Often, it can be helpful to work with a credit repair company to review your reports and file disputes after a scam. Consider reaching out to the credit repair consultants at Lexington Law Firm, who specialize in credit repair and communicate with the bureaus to ensure your information is accurately reported.
Manage your debt with Lexington Law Firm
It’s much harder for scammers to take advantage of you if you know what you owe. Lexington Law Firm offers many different services for credit monitoring and debt repair. If you unfortunately experience identity theft, our focus tracks can help you develop a recovery plan.
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.
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.
Debt collection scams are common and come in many forms. In 2023, the FBI reported that $394 million dollars were stolen by criminals pretending to be government agencies.
The best way to protect your hard-earned funds from scammers is to learn the telltale signs.
In this guide, we’ll explore several common scams and share strategies for protecting your funds. We’ll also discuss Lexington Law Firm’s credit snapshot tool, which can help you learn which debts you genuinely owe.
Key Takeaways:
Congress created The Fair Debt Collection Practices Act (FDCPA) in 1977 to prevent aggressive debt-collection practices.
A collections agency is likely legitimate if it can provide its name, number and mailing address.
You can stop debt collection scams by declining to share sensitive information over the phone, via email, and by confirming the debt actually belongs to you.
What does a debt collection scam look like?
Debt collection scams can be very subtle. You might abruptly receive a text or a phone call from someone who claims to represent a collections agency or even a government institution. The collector might rapidly hurl information at you with the intent to disorient and deceive.
Scams can also look like someone “confirming” sensitive information like your banking account details and Social Security number. It’s best to exercise caution and patience here; try not to let a caller pressure you into acting or giving out personal information before you’ve verified their identity.
Bottom line: Don’t share your personal or financial information when you receive a call, as scammers can use these details to steal your identity or convince you to send them money.
How do I know if a collection notice is real?
When you’re first contacted about a debt, make sure that you ask the caller to verify the debt by sending a written debt validation letter. By law, debt collectors must send you information about how much you owe and who the original creditor for the debt was.
Once you’ve received the letter, you can verify that the debt legitimately belongs to you, following up with the original creditor if necessary. If the debt collector refuses to provide debt validation, it’s likely that they are not authorized to collect the debt — or the debt never existed in the first place.
Bottom line: The law requires debt collectors to provide a validation letter for any legitimate debt.
3 tips to stop debt collection scams
Debt collection scams can take on many forms, but vigilance plays a big role in reducing their impact. If you suspect that a scam is at play, consider the following advice.
1. Get additional details from the collector
When thinking about how to deal with debt collectors, asking for additional details can help you determine an agent’s legitimacy. Remember to ask the collector you’re speaking with for the following information:
The collector’s name
The agency they claim to work for
Said agency’s website
The address where they’re located
The collector’s email address and their agency’s email
Some callers also identify themselves as members of law enforcement or attorneys. In those cases, ask for names, badge numbers, agencies or law firms. If a caller indicates that a lawsuit has been filed against you, ask for the court where the suit was filed as well as the case number.
In most cases, scammers will be unwilling or unable to provide all of this information. If you do get specific information, you can follow up by calling creditors or law enforcement directly to verify the claims.
Knowing the status of your collections account is another powerful strategy, especially if your bank or lender has never told you that your debt has gone to collections to begin with. Check your credit report or contact your bank to see if you owe any money to collections agencies.
Bottom line: Press the collector for specific details, like their name and the collection agency they work for.
2. Watch out for threatening behavior
Sometimes, scam debt collectors will pressure you to pay quickly over the phone. Often, they’ll use serious claims to motivate you to act quickly — for instance, they’ll tell you that you have a warrant for your arrest, or you will serve jail time if you don’t pay immediately.
Scammers may also tell you that others in your family may suffer consequences, that you will lose your job or that your debt amount will skyrocket if you don’t provide payment over the phone. Debt collectors cannot send you to jail or make threats for non-payment.
Whether the debt collector is legitimate or not, threatening behavior is never permitted. Federal law specifically governs how debt collectors must behave, so you have recourse regardless of whether the debt is legitimate. If you believe the debt collector is a scammer, simply stop engaging until you receive debt validation. On the other hand, if the debt collector is legitimate but behaving in a threatening way, you can file a complaint with the Federal Trade Commission (FTC).
Bottom line: Debt collectors are forbidden by law to threaten you, and extreme claims about jail time or immediate need for payment are often indications of a scammer.
3. Block or ignore repeated calls
If you’re receiving numerous debt collection scam calls, consider blocking or ignoring these calls. Here are a few tips for blocking spam calls:
Watch out for “spoofed” numbers. The number a scammer calls from rarely belongs to them — instead, they temporarily use someone else’s number. Be wary of unfamiliar numbers that start with the same six digits as your own.
Some carriers and phones offer spam-blocking software. Call your cellphone carrier and ask if they have any features for blocking spam calls or search your phone’s app store for highly rated apps that can block spam calls.
Only accept calls from known numbers. Many phones allow you to only accept calls from trusted contacts, sending all other callers to voicemail. This feature can be helpful, as many scammers won’t leave voicemails or will leave robotic voicemails that can simply be discarded.
If you do need to accept calls from unfamiliar numbers — for instance, because you’re waiting for an important phone call — make sure that you’re careful when answering the phone.
If a caller identifies themselves as a debt collector, keep it short. If you don’t have any outstanding debts, simply say, “This debt does not belong to me,” and hang up. If you know that you have legitimate debt, ask for a validation letter and contact information, then end the call.
Bottom line: If possible, ignore calls from unfamiliar numbers or install spam call-blocking software on your phone. If you do accept a call from someone claiming to be a debt collector, keep the conversation short.
Know your debt collection rights
The Fair Debt Collection Practices Act (FDCPA) is a federal law that outlines exactly what debt collectors can and cannot do. Understanding debt collection laws offers two benefits: First, you can identify callers who violate these practices as possible scammers. Second, you can file a complaint against a legitimate collector who violates the law.
Watch out for any of the following behaviors, which are prohibited by federal law and could indicate a scam debt collection call:
Calls outside of the hours of 8 a.m. and 9 p.m.
Uses profane or inappropriate language
Makes false claims about your debt
Refuses to identify themselves or their company
Claims that you will pay penalties or face punishment for not paying immediately
Fails to provide debt validation
Most legitimate collection agencies follow the FDCPA guidelines when contacting people, so be wary when talking to anyone who is aggressive or unwilling to provide additional details.
Bottom line: If you’re dealing with a scammer, they likely won’t honor federal laws about debt collection — so make sure you know your rights and avoid scams.
Keep an eye on your credit reports
For your best chance of avoiding scammers, make it a habit to check your credit reports at least once a year and more often if you’re actively rebuilding your credit.
By reviewing your reports regularly, you’ll know whether you have any outstanding debts — so if a debt collector calls, you’ll be ready to ask for validation. Additionally, checking your credit reports frequently enables you to spot any fraudulent or inaccurate accounts listed on your reports.
Once you’re armed with knowledge about your credit, collection laws and common tactics used in scams, you’ll be prepared to stop debt collection calls with ease. Just remember to:
Ask for debt validation and contact information
Avoid providing personal information on the phone
Watch out for red flags like threatening behavior
Bottom line: Staying on top of your credit reports will help you avoid scams and know when you have legitimate debts to pay.
What to do if you’re the victim of a debt collection scam?
Today’s scammers can be quite convincing, so many people fall victim to fake debt collection calls by providing personal information, financial information or even payment.
If you’ve been the victim of a scam, act quickly by taking the following steps:
Freeze your credit: Contact the three credit bureaus and ask them to freeze your credit immediately — that way, no one can open a new line of credit in your name.
Watch out for identity theft: File a report with the Federal Trade Commission and IdentityTheft.gov.
Contact your bank and credit card providers: Get new credit cards and change your bank account information if it has been compromised.
You should also change account passwords for your email and financial accounts. Finally, consider contacting local law enforcement to report the scam.
Having your identity stolen can lead to fraudulently opened accounts, so you’ll want to ensure that your credit reports do not contain any misleading information. The work of a scammer could damage your reputation, so make sure you stay vigilant about monitoring your credit if your information is stolen.
Often, it can be helpful to work with a credit repair company to review your reports and file disputes after a scam. Consider reaching out to the credit repair consultants at Lexington Law Firm, who specialize in credit repair and communicate with the bureaus to ensure your information is accurately reported.
Manage your debt with Lexington Law Firm
It’s much harder for scammers to take advantage of you if you know what you owe. Lexington Law Firm offers many different services for credit monitoring and debt repair. If you unfortunately experience identity theft, our focus tracks can help you develop a recovery plan.
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.
We’ve reached the midpoint of 2024. As you reflect on the first six months of the year, you may be wondering how you’re doing financially. Checking up on your credit health is a good starting point.
“People’s insurance rates, the fact that they can get approved for an apartment or even be employed by certain entities is being determined in part by credit scores and their credit reports,” says Michelle Smoley, an accredited financial counselor in Elma, Iowa. “It’s really, really important for people to keep on top of their credit report and their credit scores because they’re used for more than just consumer lending purposes.”
Here’s how to figure out where your credit stands and what you can do to protect it over the next six months.
Inspect your credit reports
Pull your credit reports from the three main credit bureaus: Equifax, Experian and TransUnion. You can use AnnualCreditReport.com to get free copies as often as once per week. Checking your reports yourself doesn’t directly affect your credit score, but it can help shed light on details that may be damaging your credit.
What should you look for? Make sure personal information, such as your name and address, is correct.
“Any errors or unusual information there might be a clue that somebody is trying to steal your identity,” says Bruce McClary, senior vice president of memberships and communications at the National Foundation for Credit Counseling. “It’s a tactic of identity thieves to apply for credit under P.O. boxes or addresses that are not really yours.”
Review the accounts and credit inquiries listed on your reports too. If negative items like bankruptcies or collections appear, make sure they aren’t outdated (most derogatory marks are supposed to fall off credit reports after seven years). Immediately file a dispute with the credit bureaus if you see anything inaccurate or unfamiliar. In many cases if the issue is corrected, “you’ll see a lift in your credit score,” McClary says.
Check your reports throughout the rest of the year — and beyond — for anything fishy. You can also protect yourself by freezing your credit, which blocks access to your reports.
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See your free score anytime, get notified when it changes, and build it with personalized insights.
Check your credit score
If you’re planning a big purchase, such as a car or home, knowing your credit score and whether you could positively impact it beforehand can help you get approved for credit or for a more favorable interest rate, Smoley says.
You won’t see credit scores on your credit reports, but you can get them elsewhere for free.
“So many people have access to either their FICO score or their VantageScore through their financial institution or their credit card,” Smoley says.
Generally, a score of 690 or higher puts you in a good position. But even if your credit score is strong, it isn’t guaranteed to stay that way. Always be thinking about how to keep your score at that level or grow it so you can qualify for the best possible deal when it comes time to apply for a loan or a line of credit, McClary says.
Knowing the factors that influence credit scores may guide you. Actions like paying your bills on time or becoming an authorized user on a relative’s credit card to expand your credit history can bump up your score.
Make a plan for your debt
Carrying debt can wreak havoc on your credit score because more than half of your score is based on two factors: whether you make payments on time and how much of your credit limit you use.
If you’ve lost track of your debt — maybe it’s been a while since you’ve made a payment on an account or it’s been passed around several debt collection agencies — your credit report can tell you who is managing that account and how much you owe, McClary says.
Once you know what you’re dealing with, set due date reminders and try to make at least the minimum monthly payment on each account. Note that while medical debt may disappear from credit reports early next year, your obligation to pay it won’t.
Making extra payments on credit cards with high balances can help your score too. Keeping your credit utilization ratio below 30% is ideal.
Do your best to save up for purchases you’ll make in the often expensive second half of the year, and pay them off as soon as possible. Summer vacations, back-to-school spending and holiday shopping can put a strain on credit utilization.
If you shop for a mortgage or auto loan, limit applications to a 14-day period to avoid multiple hard pulls from lenders on your credit report, which hurt scores, Smoley says. Credit scoring models generally count all inquiries made within this time frame as a single hard pull.
Keep monitoring your credit health to avoid surprises at the end of the year. “If you don’t know where to start, you can talk to a nonprofit credit counseling agency,” McClary says. “A nonprofit credit counseling agency can work with you, first of all, to understand what you’re seeing on your credit report, and then understand your options for dealing with some of these things. So you don’t have to go through it alone.”
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Monitor your credit, track your spending and see all of your finances together in a single place.
HELOC, Live Pricing Data, VOIE Tools; LO Survey, Webinars and Training
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By: Rob Chrisman
Tue, Jun 25 2024, 11:54 AM
Everyone’s above average, right? If you are a lender and making money, you’re in the majority. It’s not that you’re not special, it’s just that with cuts and servicing income, and unprofitable companies going away, most companies are in the black: In the first quarter, 59 percent off all mortgage banking companies were profitable per the MBA Performance Report, buy it for details. Is our government profitable? Of course not, almost regardless of Administration. The federal budget deficit is expected to swell to around $1.9 trillion this year, according to the Congressional Budget Office, which was higher than its previous estimate of $1.5 trillion. This takes into account increased spending for student loans and Medicaid as well as the recently passed $95 billion foreign aid package. National debt is even poised to top $56 trillion over the next 10 years, or 122 percent of GDP, surpassing the 106 percent seen in 1946 after World War II. Meanwhile, the eurozone is facing debt issues of its own, with the ECB warning eight of its members (including Belgium, France, and Italy) over their excessive budget deficits. Today’s podcast is found here and this week’s is sponsored by Candor. Candor’s authentic Expert System AI has powered more than 2 million flawless, hands off underwrites. Every credit risk decision Candor makes is backed by a warranty, eliminating repurchase worries. Hear an interview with FinLocker’s Brian Vieaux on bringing consumer permission data to property searches and originations.
Software, Products, and Services for Lenders and Brokers
“Truv is the only consumer-permissioned VOIE platform approved with both GSEs, solidifying our commitment to delivering top-notch verification services tailored for mortgage lenders, banks, and credit unions. What does this mean for your business? Faster turn times, lower buyback risks, compliance assurance, and reduced operational costs. Read about why this matters for your business here.”
“Did you know that Polly is the rate engine for HousingWire’s Mortgage Rates Center? We offer the same capability to display live rates on lender websites, helping borrowers better assess your competitive edge against other lenders. This live data ensures that as the market fluctuates, prospects get real-time insights into your rates. Because in the current rate environment, having accurate, up-to-date rate intel on your homepage is crucial. It signals transparency, allowing potential borrowers to make informed decisions faster, without needing to supply personal information. This convenience can significantly increase your site’s engagement and drive more volume your way. On the flip side, NOT displaying live rates may deter potential borrowers, as they could perceive higher costs or simply prefer quick access to this information. Now, let’s take it several steps further; Polly’s Lender Intelligence will help you keep your rates competitive, ensuring you stay at the forefront of your peers. Let’s talk about it.”
“Calling all loan originators: We need your insights! Take the annual Loan Originators Survey from MGIC and Loan Officer Hub to weigh in on how you handled the challenges and opportunities of the past year. Get a head start on comparing your strategies to your peers’: Complete the survey by June 30 and you’ll receive exclusive early access to the full survey report this fall!”
Optimal Blue announced its new Competitive Data License today. In a news release, the company described its new data solution as a collection of key national mortgage pricing data that empowers lenders to price products competitively, operate more profitably, and react swiftly to changing market conditions. This product from Optimal Blue includes loan-level data from the industry’s most widely used product, pricing, and eligibility engine, providing a full price trace from borrower/buy-side to investor/sell-side pricing. Optimal Blue’s new data solution equips lenders with the ability to benchmark every aspect of their pricing strategy, providing extensive insights into markups, loan-level price adjustments (LLPAs), servicing-released premiums (SRP), concessions, loan officer compensation, base price, and PAR rate. Optimal Blue will be hosting a webinar on July 10 for those interested in learning more about Competitive Data License and its other data solutions.
HELOC borrowers can pay off debt to qualify and still close in as little as 1 day! With trillions of dollars in accessible home equity nationwide, there’s never been a better time to become a REMN Partner. REMN Wholesale, leading the way in Wholesale Digital HELOCs nationally, now provides the DEBT ELIMINATOR feature to its EQUITY ACCESS Digital HELOC. DEBT ELIMINATOR gives borrowers the ability to pay off debt to qualify. With loan amounts from $25k to $400k and recent rate reductions, REMN’s Digital HELOC is designed for fast closings. Additional features: Instant Income Verification for the vast majority of W-2 borrowers; automated analysis of bank statements to determine Income for both W-2 and Self-employed borrowers; single AVM up to $400k (appraisal options available); Broker Portal with robust functionality and real-time detailed status on all pipeline loans. Minimum FICO 640 and max 80% CLTV (see rates/guides). Flexible: Hybrid platform is digitally fast with humans to solve real-life complexities! And they provide fast payout (utilizing ACH). White Label: Brand your company/MLO. REMN is only wholesale! Contact Carl Markman.
Webinars and Shows
“Unlock the key to closing more loans in a competitive market. Join us on Thursday, June 27 at 2 pm ET / 11 am PT for the NMP Webinar “Build Your Personal Brand (and Close More Loans) by Optimizing Borrower Credit Scores.” Hosted by Mike Darne, a seasoned marketing executive who has led branding efforts at Capital One and Marriott, this webinar will share proprietary research from CreditXpert on what borrowers seek in a lender and how credit optimization meets those needs. Discover how you can help borrowers qualify, access better loan programs, lower their cost of homeownership, and reduce LLPA premiums. Learn to leverage credit optimization to build your personal brand, stand out in the marketplace, and ultimately close more loans. Don’t miss this chance to enhance your skills and grow your business: Register for the webinar here.”
Podcast: How the NAR Ruling Will Impact Lenders (& the Entire Home-Buying Process). The groundbreaking NAR settlement has real estate agents, lending professionals, and home buyers scrambling to understand its ramifications. Here to weigh in is Maxwell’s Clear to Close crew: In this conversation, Alan, Bryan, and Anthony channel their experience in the industry to walk through possible outcomes of the ruling. Specifically, this episode explores how new policy changes are likely to impact lead generation, methods to earn borrower business, and more—and how lenders can get ahead of the major ways the home-buying process is about to change. Click here to listen to How the NAR Ruling Will Impact Lenders (& the Entire Home-Buying Process).
A good place for longer term conference planning is to start is here, and click on “Conference List” for in-person events in the future.
Join Kristin Messerli and Robbie Chrisman today at 10am PT/1pm ET for the latest episode of Mortgages with Millennials as they share some new research on NextGen money trends, this time based on a personality quiz she developed to better understand the mindset, planning style, and behaviors of millennials when it comes to money and homebuying. sharing some new research on NextGen money trends, this time based on a personality quiz she developed to better understand the mindset, planning style, and behaviors of millennials when it comes to money and homebuying.
Every Tuesday at 11am PT, two veteran LOs discuss all things mortgage with Industry Leaders. Mortgage Pros 411 with Audrey Boissonou and Kevin Casey.
Register for Silicon Valley CAMP’s Free Marketing Presentation: “AI for Dummies via Zoom,” today at 9:30 AM (PDT).
In support of the Credit Score Models and Credit Reports Initiative, FHFA has announced a new stakeholder forum, an “Overview of Historical Credit Scores,” that will take place today from 3-4 p.m. (ET). FHFA, Freddie Mac and Fannie Mae will provide details regarding the Enterprises’ forthcoming publication of historical credit scores to support the implementation of the VantageScore® 4.0 credit score model.
MBA’s Single Family Research Showcase 2024 Virtual Meeting, June 25 & 26, 1:00 – 5:00 pm. MBA’s Research & Economics team will take you on a deep dive behind the data during our one-of-a-kind Single-Family Research & Economics Showcase. Led by MBA’s Chief Economist, Mike Fratantoni, Ph.D., this two-day online event highlights the most current results and insights from our popular residential surveys, forecasts, and reports. For those unable to attend, meetings will be recorded on both days. Register to receive the recordings.
Capital Markets
As optimism about a US Treasury rally grows among investors, a key bond market indicator suggests high interest rates could persist, potentially hampering the Federal Reserve’s ability to cut rates. Market forecasts indicate that the economy’s neutral rate, crucial for balancing growth, is significantly higher than the Fed’s current projection, hinting at long-term elevated borrowing costs.
While we do have some significant data later this week (GDP, inflation, consumer sentiment, home prices, etc.), this final week of June began yesterday on a quiet note without much market movement. This week also brings the quarterly refunding, which sees an increased flood of Treasury issuance that investors will be asked to absorb: $211 billion in new debt this week alone, with all of it coming on the front end of the curve. Today, markets will receive $69 billion 2-year Treasury notes.
Today’s economic calendar kicked off with the non-market moving Chicago Fed National Activity Index for May (better than expected) and Philadelphia Fed non-manufacturing for June. Later today brings Redbook same store sales for the week ending June 22, April house price indices from FHFA and Case-Shiller, the Consumer Confidence report for June, Richmond Fed manufacturing and services/revenues in June, and Dallas Fed Texas services for June, followed by the aforementioned Treasury note auction. Two Fed Governors are scheduled to make appearances: Governor Bowman and Governor Cook. We begin the day with Agency MBS prices little changed from Monday’s close, the 10-year yielding 4.22 after closing yesterday at 4.25 percent, and the 2-year at 4.72.
Employment
Mortgage Equity Partners (“MEP”), a mid-cap IMB headquartered in Massachusetts, is proud to be recognized as the fastest-growing IMB in the state measured in both units closed and volume funded in 2023 and YTD 2024. MEP has added production in many of its 22 states over the last 12-14 months. “As a mid-cap, we inherently have a flatter management structure, are more nimble, and can adapt to change quicker. Consistently, we see LOs migrate from large-cap IMBs because, as architects of their own businesses, LOs want quicker access to decision-makers. Those LOs want to operate at their own cadence and not be bogged down with layers of management. Our environment has a positive impact on LOs as strong business partners to support their referral sources,” said Sean Riley, CEO and General Counsel. To learn more about MEP, visit meploans.com or contact John Cabral, National Sales Director.
A seasoned Mortgage Executive is seeking a new opportunity to help lead a mortgage lender or vendor toward achieving their growth goals. Are you a mortgage lender or vendor (established or new) in need of leadership to navigate the current market and drive future growth? This executive has extensive sales leadership experience in all production channels (TPO, Retail, and DTC) and is an expert in all product types (Agency, Non-QM, and Private Money Lending). They also have deep knowledge of the vendor and technology space. Please send inquiries to Anjelica Nixt to pass along to the candidate and specify the listing.
(Remember: job seekers can post their resumes for free on www.lendernews.com where employers can view them for several months for a nominal charge.)
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The Yahoo view:Newrez’s strongest features are its 45-day rate lock program and 0.50% closing cost discount if you use a real estate agent through the company. However, its customer satisfaction ratings are well below average — among both lenders and mortgage servicers.
Newrez is a national mortgage company that originates loans in all 50 states and several U.S. territories. The lender offers a variety of types of mortgage loans, including conventional, FHA, VA, and home equity loans, as well as purchase, refinance, and investment property mortgages.
Unfortunately, Newrez isn’t known for its customer service. According to J.D. Power, the company ranks last in customer satisfaction among mortgage participating originators in its 2023 survey and below average in mortgage servicing. (Its servicing arm, Shellpoint Mortgage, also has a class action lawsuit currently filed against it regarding illegal inspection fees. This case is still ongoing, though.)
Read more: Best mortgage lenders for first-time home buyers
In this article:
Key benefits
Newrez offers a wide variety of loan products, including conventional, FHA, and VA loans, as well as home equity loans and investment property loans.
Buyers can get a closing cost credit worth 0.50% of their home’s purchase price by using a Newrez partner real estate agent.
The lender allows for 45-day rate locks, and if rates drop, you can re-lock at the lower rate for no extra cost.
Need to know
Newrez doesn’t offer USDA loans, jumbo loans, or HELOCs.
The lender has no physical branches. You can apply online or call a loan officer over the phone to start your application.
The company ranks below average in customer satisfaction, both in mortgage servicing and origination.
According to government data, conventional loans account for the bulk of Newrez’s loan volume, followed by FHA loans.
The lender recently acquired Caliber Home Loans. Shellpoint Mortgage Servicing is also a part of the Newrez organization.
Loan types offered
Note: You cannot get a USDA loan directly from Newrez — it only offers USDA loans through its wholesale lending business.
Newrez mortgages for FHA loan home buyers
Newrez offers FHA loans for both purchasing a home and refinancing an existing mortgage. In fact, FHA loans account for a little over a quarter of the company’s total mortgage origination volume, according to 2023 Home Mortgage Disclosure Act data. FHA loans are Newrez’s second-most popular mortgage product behind conventional loans.
Learn more: Best FHA lenders
Newrez mortgages for VA loan home buyers
For veterans, military members, and their families, Newrez also offers VA loans — a type of mortgage backed by the U.S. Department of Veterans Affairs.
Newrez offers both VA purchase loans and VA refinances, including IRRRLs — Interest Rate Reduction Refinance Loans. These are also known as VA streamline refinance loans, and they allow you to refinance easily from one VA loan to another (and with less paperwork). In total, VA loans account for about 12% of all Newrez’s mortgage volume.
Newrez for home equity lending
For homeowners looking to take cash out of their houses, Newrez offers home equity loans, which allow you to borrow from your home equity and get a lump-sum payment in return. These are a type of second mortgage and come with a second monthly payment — in addition to the payment on your first mortgage.
Newrez also offers cash-out refinancing, an alternative way to access your home equity. With this type of mortgage refinance, you replace your current mortgage loan with a larger one and get the difference back in cash. (Keep in mind: It also replaces your loan’s term and interest rate, so this might not be wise if you have an ultra-low, pandemic-era interest rate on your current loan.)
Newrez does not have home equity lines of credit (HELOCs).
Newrez mortgage rates
Newrez is not very up-front with its interest rates. Its website has no advertised or sample rates available, and to get a rate quote, you’ll need to fill out an online application with the lender or talk to a loan officer over the phone. This is the case for all Newrez loan types and programs.
Read more: 5 ways to get the lowest mortgage rates possible
Applying for a mortgage with Newrez
You can apply for a Newrez mortgage online using the lender’s digital application. This goes for purchase loans, refinances, and home equity loans. When applying, you’ll need to provide personal information, details about the home you’re purchasing, your down payment amount, and other financial details.
Newrez offers a wide variety of online tools and resources for borrowers. You’ll find the following types of mortgage calculators:
Monthly mortgage payment calculator
Refinance calculator that shows how much you could save by refinancing
Loan amount calculator to reveal how much house you can afford
Rent vs. buy comparison
Loan term comparison
Newrez also has a deep library of resources, FAQs, and blog posts.
Dig deeper: Use Yahoo Finance’s free mortgage payment calculator
How Newrez compares to other mortgage lenders
Newrez mortgages vs. Freedom Mortgage
Newrez and Freedom Mortgage are both national mortgage lenders, but the two vary slightly in product offerings. While Newrez offers home equity loans and interest-only options, Freedom does not. However, it does have USDA mortgages for rural home buyers — something Newrez lacks.
Both companies rank low in customer satisfaction, and neither website shows advertised or sample interest rates to compare. You can apply online with both mortgage lenders, as neither has physical branch locations.
Freedom Mortgage review
Newrez mortgages vs. Pennymac mortgages
Pennymac offers all the same mortgage options as Newrez, with the addition of USDA and jumbo loans. Pennymac rates much higher in customer satisfaction and offers an interest rate buydown option, whereas Newrez does not. Pennymac is also more up-front about its mortgage rates, offering sample rates right on its homepage.
If you’re interested in a type of mortgage loan both lenders offer, try applying for preapproval with both to see which offers the better deal.
Pennymac mortgage review
Newrez mortgage FAQs
Is Newrez a legitimate mortgage company?
Yes, Newrez is a legitimate mortgage company that originates and services mortgage loans throughout the U.S. The Better Business Bureau has accredited the company, giving it an A+ rating.
What is the lawsuit against Newrez mortgage?
Newrez currently faces a class action lawsuit in Maryland stemming from claims that Newrez charged illegal inspection fees to homebuyers in the state. The suit was technically filed against Shellpoint Mortgage, a subsidiary of Newrez, and it has not been resolved yet.
What is the old name for Newrez?
Newrez used to be known as New Penn Financial. The company also acquired Caliber Home Loans in 2021; its loans have since been rolled into the Newrez business.
How are Newrez mortgage reviews?
Newrez mortgage reviews tend to be low. The company ranks low in J.D. Power’s customer satisfaction rankings and has 1.17 stars out of 5 with the Better Business Bureau. The company also has 1.2-star rating on Trustpilot. The majority of customers on the site gave Newrez just one star.
Amid health and safety concerns during the coronavirus pandemic, the popularity of contactless credit cards soared. This method of payment allows you to use your credit card for a purchase by simply tapping or holding it on the card reader, as opposed to inserting or swiping it.
While you may or may not already be familiar with how to use contactless credit cards, you may be wondering, how do contactless cards work? Here’s a look at the tech that enables contactless credit card payments, as well as the pros and cons and overall safety of using contactless credit cards.
What Is a Contactless Credit Card?
Physically, a contactless credit card looks like a regular credit card, with the bank name and the account number on the front of the card and the ubiquitous magnetic stripe on the back of the card. However, contactless credit cards allow cardholders to “tap and pay” instead of inserting or swiping their card in a merchant payment machine.
This enables a consumer to make a purchase at a retail location without ever having to physically touch a payment device, which is why contactless payments increased during the pandemic.
What Does Contactless Payment Mean?
The term contactless payment more broadly refers to a form of payment that involves no touch. You can make a contactless payment using a credit card as well as a debit card, gift card, mobile wallet, or wearable device.
Regardless of the form, contactless payments rely on the same technology to make a payment without needing to swipe, enter a debit or credit card PIN, or sign for a transaction.
How to Know If Your Credit Card Is Contactless
Major credit card providers like MasterCard and Visa offer contactless cards. You can determine if your credit card is contactless-capable by looking for a contactless card symbol on the back of your card. This symbol looks like a WiFi symbol flipped on its side, with four curved lines that increase in length from left to right.
Even if your card has this symbol on it, you’ll also want to check that the merchant has contactless readers. You can figure this out by looking for that same symbol on the card reader or asking the merchant directly.
How Contactless Credit Cards Work
Like other credit cards, contactless credit cards have small chips embedded in them. But instead of requiring you to insert the card, this chip emits electromagnetic waves that transfer your payment information when you place the card close to a payment terminal that accepts contactless payments.
You don’t actually even need to tap your contactless credit card to pay — all you have to do is place your card within a few inches of the payment terminal. This will initiate payment.
You might then have to wait a few seconds while the transaction processes. The terminal will usually give a signal when the transaction is complete, such as by beeping or flashing a green light.
Technology That Enables Contactless Credit Card Payments
Instead of inserting a credit or debit card into a merchant payment terminal, contactless credit cards rely on radio frequency identification technology (RFID) and near-field communication to complete a retail transaction.
The “no touch” concept is driven by a contactless card’s short-range electromagnetic waves, which hold the cardholder’s personal data, including their credit card account number. This information is then transmitted to the merchant’s payment device. Once the device grabs the airborne card information, the transaction can be completed and the purchase confirmed.
Pros and Cons of Contactless Credit Cards
Like most consumer finance tools, contactless credit cards have their upsides and downsides. Here’s a snapshot of the pros and cons to note:
Pros
Cons
Convenient to use
Not always available overseas
Secure
Low transaction limits
Increasingly offered
Not always reliable
Better for merchants
Pros
These are the main upsides of contactless credit cards:
• Convenient to use: Contactless credit cards are extremely convenient to use once you get the hang of how credit cards work when they have this feature. All a user has to do is wave their contactless credit card in front of the card reader, and the deal is done in a matter of seconds. Plus, you can avoid touching any surfaces in the process.
• Secure: With data thieves regularly on the prowl, “tap and pay” and “wave and pay” technologies are highly protective of a consumer’s personal data. All of the data is stored on a password-protected, fully-encrypted computer chip embedded inside the card, making it difficult for a financial fraudster to steal a user’s personal information.
• Increasingly offered: The availability of contactless payments has increased in recent years, and many brand-name companies now offer the option. Companies may even offer discounts and loyalty point details that are immediately added to a consumer’s account at the point of sale.
• Better for merchants: Companies that offer contactless credit/debit card payments also benefit from “no touch” card technology. Aside from superior operational capability and faster transactions, merchants get a better customer experience and formidable fraud protection from contactless payment technology, with no extra cost. That’s because merchants pay the same transaction processing fee with contactless payments as they do with regular credit card transactions.
Recommended: Tips for Using a Credit Card Responsibly
Cons
Of course, there are downsides to contactless credit cards as well:
• Not always available overseas: Contactless payments may not work abroad, given the recent expansion of a new card payment technology. Additionally, consumers may be charged foreign transaction fees when they do use contactless payments overseas, depending on the specific country’s credit card payment laws.
• Low transaction limits: Contactless card users may find they can’t cover large transactions, like a laptop computer or king-size bed. That’s because merchants may issue those limits until they’re convinced contactless payments (like any new technology) are completely safe, secure and free of any fraud threats. In the meantime, contactless card-using consumers can always use the same credit card to make a big purchase by using “chip and sign” or “chip and swipe” card technologies.
• Not always reliable: Contactless credit card transactions aren’t always reliable, as sometimes the payment won’t go through even though a reader indicates that it accepts contactless payments. This could cause someone to have to resort to swiping their card instead to complete the transaction.
Recommended: What is a Charge Card
Guide to Using a Contactless Credit Card
When using a contactless credit card, the transaction is enabled and completed in three key steps: look, tap, and go.
1. Look. The consumer checks for a contactless symbol on a merchant’s payment device (this will look like a WiFi signal tipped on its side).
2. Tap. After being prompted by the payment device, the consumer will wave the credit card an inch or so over the payment device, or actually touch (tap) the credit card on the payment terminal. This is why the process is sometimes referred to as credit card tap to pay.
3. Go. Once the wave or tap is executed, the payment device picks up the transaction, confirms the credit card payment, and completes the transaction.
Be mindful that if you carry multiple contactless credit cards, you may want to keep those cards away from a terminal that accepts contactless payments. This will help ensure the correct credit card is being charged. Instead of holding your wallet or purse over the payment terminal, take out the specific card you’d like to use instead.
Recommended: When Are Credit Card Payments Due
Are Contactless Credit Cards Safe?
Contactless payment cards basically offer the same anti-fraud protections as any card that relies on a credit card chip.
This is because the chip in contactless credit cards creates a one-time code for each merchant transaction. Once the payment is confirmed and the transaction is approved, the code disappears for good. That makes it virtually impossible for a financial fraudster to steal a consumer’s personal data, as they can’t crack the complicated algorithmic codes financial institutions use with chip-based payment cards.
Additionally, a contactless card is equipped with electromagnetic (RFID) shielding, which helps keep card information from being “skimmed” by data thieves. In turn, this removes another data security threat from the credit card transaction experience.
Recommended: Can You Buy Crypto With a Credit Card
The Takeaway
Contactless credit cards are emerging as an effective payment technology that’s gathering steam among consumers and retailers alike. Thanks to the tech that enables contactless credit card payment, these credit cards allow you to simply wave or tap the credit card within range of a payment terminal that accepts contactless payments. You can figure out if a payment terminal — and your credit card — offer contactless payment as an option by looking for the contactless payment symbol.
If this is a feature that interests you, it might be worth looking out for when picking a credit card that works for you.
The SoFi Credit Card offers unlimited 2% cash back on all eligible purchases. There are no spending categories or reward caps to worry about.1
Take advantage of this offer by applying for a SoFi credit card today.
FAQ
Are there extra charges for using contactless credit cards?
No, there are no extra charges for using contactless credit cards. This is true for the consumer who’s tapping their card as well as for the merchant accepting contactless payments.
What are the risks with contactless credit cards?
While contactless credit cards generally offer enhanced security, there is the risk of a thief skimming cards in your wallet by using a smartphone to read it. However, the thief must be within very close range to do so. Perhaps the easiest way for a thief to get ahold of your information is by stealing your physical credit card, which is a risk with any type of credit card.
Where can I use my contactless credit card?
You can use your credit card at any retailer that has a terminal accepting contactless payments. You can determine if a card reader will take your contactless credit card by looking for the contactless payment symbol.
What happens if I lose my contactless credit card and someone else uses it?
If your card is stolen or lost, contact your credit card issuer immediately. Check your recent credit card transactions for any fraudulent activity, and make sure to report that information to your credit card issuer.
Photo credit: iStock/milan2099
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
The SoFi Credit Card is issued by SoFi Bank, N.A. pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
1See Rewards Details at SoFi.com/card/rewards.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
1Members earn 2 rewards points for every dollar spent on purchases. No rewards points will be earned with respect to reversed transactions, returned purchases, or other similar transactions. When you elect to redeem rewards points into your SoFi Checking or Savings account, SoFi Money® account, SoFi Active Invest account, SoFi Credit Card account, or SoFi Personal, Private Student, or Student Loan Refinance, your rewards points will redeem at a rate of 1 cent per every point. For more details please visit the Rewards page. Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA/SIPC. SoFi Securities LLC is an affiliate of SoFi Bank, N.A.
Have you ever wondered if you can get paid to stuff envelopes at home? It sounds like an easy way to make extra income, right? Envelope stuffing jobs have been around for a long time and often come up as a way to make extra money from home. These jobs involve placing papers or flyers…
Have you ever wondered if you can get paid to stuff envelopes at home? It sounds like an easy way to make extra income, right?
Envelope stuffing jobs have been around for a long time and often come up as a way to make extra money from home. These jobs involve placing papers or flyers into envelopes, which are then sent out to a mailing list.
But, before you jump in, there are a few things you should know about envelope stuffing jobs.
First, be cautious of envelope stuffing jobs that ask for upfront fees – they’re almost always scams. Second, real envelope stuffing jobs are rare and don’t pay much.
If you’re thinking about envelope stuffing, it’s worth looking into alternative jobs that may have more stability and better income.
What Is Envelope Stuffing?
Envelope stuffing is a simple job where you put things inside envelopes.
You might stuff letters, flyers, or promotional materials using postage stamps.
Once everything is inside, you seal the envelope and add stamps or labels.
Sometimes, you might use machines to help with the job. Machines can quickly fold and insert papers into the envelopes.
There are also jobs where you handle everything by hand. This includes folding the papers, putting them into the envelopes, sealing them, and adding the postage.
While it might sound easy and convenient, especially as a work-from-home option, be cautious. Many job listings for envelope stuffing jobs turn out to be scams. People might ask you to pay for information or materials that lead nowhere.
Legitimate envelope stuffing jobs exist but are often found in mailrooms or offices. These jobs may require some clerical skills and attention to detail.
For me, I had an office job where for around one week out of the whole year I stuffed envelopes, but that was it (I worked for a small company).
Just remember, if something sounds too good to be true, it probably is. Stuffing envelopes scams are everywhere and they are a waste of your time.
Recommended reading: 31 Best Stay At Home Jobs (#1 Is My Full Time Job!)
How To Spot Envelope Stuffing Job Scams
Envelope stuffing scams tend to make promises of easy money for little work. To avoid falling for these scams, watch out for the following red flags:
Upfront fee to get started
When looking for envelope stuffing jobs, be cautious if you are asked to pay a start-up fee. Legitimate jobs never require you to pay to work.
For example, scammers may ask for money to provide you with a “starter kit” or “materials.”
If the job offer is real, the employer will not ask you to cover costs for materials or a starter kit.
Pay attention to the details provided by the company. If they are unclear or vague about what the upfront fee covers, it’s a red flag. A real company will clearly explain all costs and fees.
So, there are ways to get paid to stuff envelopes from home for free, they are just hard to find.
Promises of high earnings for little work
When you see ads claiming you can earn big money with little effort by stuffing envelopes, be careful.
These ads may promise hundreds or even thousands of dollars per week. It’s worth noting that such offers are often too good to be true, because who would pay $1,000+ a week to stuff envelopes?
Scammers know that the idea of easy money is attractive. They lure you in with lots of money, but the reality is very different.
Actual pay for envelope stuffing jobs is usually much lower. You might earn only 5 to 20 cents per envelope. This means you need to stuff hundreds of envelopes just to make a little money. The average hourly rate is quite low.
Some advertisements also suggest you can get rich quickly. This is always a red flag.
If it sounds too easy and too profitable, it’s likely not true. Most real envelope stuffing jobs are time-consuming and don’t pay well.
Lack of contact information
When looking for legitimate envelope stuffing jobs, one big thing to check is contact info.
A real company should have a physical address. If you can’t find an address anywhere, that’s a red flag. This might mean the company is not real or trustworthy.
You should also watch out for emails filled with mistakes. Poor grammar and sloppy writing can be signs of a scam. A real company should communicate clearly and professionally.
Here’s what to do if you’re not sure if the envelope stuffing job is real or not:
Always search for the company’s contact details.
Check their website for an address and phone number.
Try to contact them directly to see if their response is professional.
I always recommend that you verify the company’s information before sending any personal information.
Pressure to act quickly
When looking for envelope stuffing jobs, you might find that some companies push you to act fast. They might tell you that you need to sign up immediately, or you’ll miss out on the job. This type of pressure is a big warning sign and it’s typically a scam.
Here’s why acting quickly can be risky:
Not enough time to research – You might not get a chance to look into the company. This can lead to falling for scams.
Impulsive decisions – Quick decisions might make you agree to conditions that aren’t good for you.
Losing money – You might have to pay upfront fees, thinking it’s normal. Real jobs usually don’t ask for this.
Remember: Scammers like to use urgency to trick people.
Is envelope stuffing legit?
Envelope stuffing jobs can be tricky. Most ads promising high pay for stuffing envelopes at home are scams. When a job offer sounds too easy or too good to be true, it’s usually worth questioning.
Here’s what you can do:
Check reviews and complaints – Look for the company online. Visit forums, review sites, Glassdoor, the Federal Trade Commission (FTC), and the Better Business Bureau (BBB) to see if others had bad experiences. You could even contact your state attorney general’s office to see what they think.
Ask questions – Contact the company directly. Ask for details about the job. Legitimate companies will give you clear answers.
Protect yourself – Never give out personal or financial information without verifying the company’s legitimacy.
Trust your instincts – If something feels off, it likely is. Trust your gut and research before making any decisions.
Instead of trusting random ads, use trusted job boards like Indeed, LinkedIn, or FlexJobs. These sites can help you find legitimate work-from-home jobs, though true envelope stuffing jobs are rare. Sometimes, jobs involving clerical tasks might require some envelope stuffing, but they will include other duties too.
8 Alternatives to Envelope Stuffing Jobs
Looking for a job that you can do from home? Check out these options like proofreading, bookkeeping, and virtual assistant work. These jobs can pay a good income and may even allow for flexibility in your schedule.
1. Proofreader
Proofreaders check written content for errors. They look for grammar, spelling, and punctuation mistakes. This job is perfect if you enjoy reading and have strong language skills.
I have a proofreader for my blog. Even though I write a lot, I know it’s very important to have someone check my work.
If you want to become a proofreader, I recommend joining this free 76-minute workshop focused on proofreading. In this workshop, you’ll learn how to start your own freelance proofreading business.
Recommended reading: 20 Best Online Proofreading Jobs For Beginners (Earn $40,000+ A Year).
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This free 76-minute workshop answers all of the most common questions about how to become a proofreader, and even talks about the 5 signs that proofreading could be a perfect fit for you.
2. Bookkeeper
A bookkeeper manages financial records for businesses. This includes tracking income and expenses, creating invoices, and preparing financial reports.
This job lets you work on your own and earn around $40,000 or more each year. You don’t need a college degree to be a bookkeeper either.
You can join the free workshop about finding virtual bookkeeping jobs and starting your own freelance bookkeeping business by signing up for free here.
Recommended reading: How To Find Online Bookkeeping Jobs
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This free training will teach you what you need to know to become a virtual bookkeeper and make money from home.
3. Transcriptionist
Transcriptionists listen to audio recordings and type what they hear. This job requires good listening and typing skills.
You might transcribe interviews, meetings, or medical records. Online transcriptionists usually make between $15 and $30 per hour. New transcribers usually start at the lower end of that range.
A free training I recommend learning from is Free Workshop: Is a Career in Transcription Right for You? You’ll learn how to get started as a transcriptionist, how you can find transcription work, and more.
Recommended reading: 18 Best Online Transcription Jobs For Beginners To Make $2,000 Monthly
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In this free training, you will learn what transcription is, why it’s a highly in-demand skill, who hires transcriptionists, how to become a transcriptionist, and more.
4. Virtual assistant
One of my first side jobs was working as a virtual assistant. It was fun and flexible, and I earned a good income doing it.
Virtual assistants help businesses with tasks like scheduling meetings, managing emails, and social media.
As a virtual assistant, you sometimes may get paid by the person you are working for to stuff envelopes. But, it most likely won’t be your entire job, just a very small fragment of it. After all, someone needs to mail things for a company or a person.
In fact, when I worked for a small company when I was younger, one of my job duties was to put together around 1,000 envelopes to our clients around the holidays. I did this every year. But, this was on top of all of my other work responsibilities, so I was not only an envelope stuffer. So, you may be able to find a job where this is a part of your tasks but typically not what you do 24/7 at work.
Recommended reading: Best Ways To Find Virtual Assistant Jobs
5. Blogger
I started my blog, Making Sense of Cents, without much planning. I just wanted to share my experiences with money. Surprisingly, since I started, I’ve made over $5,000,000 from it. Now, blogging is my main job!
There are many positives! I can work alone, make my own schedule, be my own boss, choose the work I want to do, and work from home. I have an amazing work-life balance, and I wouldn’t trade this job for anything else.
If you are looking for something that you can do from home, then this can be a good option to look into.
You can learn how to start a blog with my free How To Start a Blog Course (sign up by clicking here).
6. Data entry clerk
Data entry clerks input information into digital systems, such as spreadsheets. Work-from-home data entry jobs are straightforward and require accuracy.
Many businesses need data entry clerks for tasks like updating databases and entering customer information.
Data entry jobs usually pay between $15 to $20 per hour.
Recommended reading: 15 Places To Find Data Entry Jobs From Home
7. Customer service representative
Customer service representatives help customers with their questions and issues. This role can involve phone, email, or chat support.
On average, customer service representatives make about $35,868 a year. This can vary depending on where you work and how much experience you have.
Big companies like Apple, Progressive, U.S. Bank, American Express, and U-Haul hire customer service representatives who can work from home. This means you can do the job from the comfort of your own house.
8. Paid online surveys
Completing paid online surveys is an easy way to make extra cash. Companies pay for your opinion on products and services.
While you won’t make a full-time income, it’s an easy way to earn money in your spare time.
The survey companies I recommend signing up for and the best-paying survey sites include:
American Consumer Opinion
Survey Junkie
Swagbucks
InboxDollars
Branded Surveys
Prime Opinion
Five Surveys
PrizeRebel
User Interviews
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Swagbucks is a site where you can earn points for surveys, shopping online, watching videos, using coupons, and more. You can use your points for gift cards and cash.
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Once you complete five surveys, you’ve earned $5, which you can cash out using the payout options offered by the site (such as PayPal cash and free Amazon gift cards).
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Prime Opinion is a survey website that helps people to earn extra money by sharing their opinions at home. It’s a simple survey site to use: you share your thoughts, and they pay you for them.
Frequently Asked Questions
Envelope stuffing jobs are a popular option for many who want a flexible side hustle. Below, you’ll find answers to some common questions about these types of jobs.
Are there any real envelope stuffing jobs?
Yes, some legitimate companies do hire people to stuff envelopes. These jobs are often found in industries like marketing, where you pack items such as flyers and advertisements into envelopes. But, real envelope stuffing jobs typically do not pay well, and the work is very tedious (I know this because I have personally stuffed envelopes!).
How can someone tell if an envelope stuffing job is legit?
To tell if an envelope stuffing job is real, watch out for a few red flags. Be cautious of companies that ask for upfront fees, promise high pay rates, or have unclear contact information.
Is the Amazon envelope stuffer job real?
No, any job offer for an Amazon envelope stuffer is a scam. Fraudulent companies use big brand names to trick people. If you see an ad for an Amazon envelope stuffer job, stay away.
Are there any real companies offering jobs for stuffing envelopes?
Yes, there are real companies that hire for these types of jobs. However, they are not very common and usually pay low wages. So, I always recommend that you check the company’s background and read reviews before applying.
Can you get paid for envelope stuffing by the government?
No, the government does not pay you to stuff envelopes. Nearly everything is automated now.
How much does stuffing envelopes pay?
The pay for stuffing envelopes varies. Some jobs may pay per envelope, for example, around $0.15 per envelope. Others may offer hourly rates, which could be up to $20 per hour, but those are rare. Most legitimate jobs pay close to minimum wage for part-time envelope stuffing jobs.
Can you make money mailing letters?
Yes, you can make money mailing letters, but don’t expect to get rich. The pay is usually low, and it won’t be enough to replace a full-time job. It can be a way to earn some extra income, though.
Is envelope writing a real job?
Yes, envelope writing is a real job. Some companies hire workers to write addresses on envelopes by hand. This job is often part of direct mail campaigns and can be a fun and easy way to make a little extra money.
Envelope Stuffing Jobs – Summary
I hope you enjoyed this article on how to get paid to stuff envelopes.
You may have come across envelope stuffing on local bulletin boards, on social media, or during an online job search. I see them all the time, in fact.
Lots of people are interested in envelope stuffing jobs because they seem like an easy way to make money. But it’s important to know how to recognize scams and understand the truth about these opportunities. Some job offers ask for money up front, which is a big warning sign. Knowing how to avoid these scams is important if you’re searching for legitimate work-from-home options.
Before you commit to an envelope stuffing job, check forums, review sites, the Federal Trade Commission, and the Better Business Bureau to see if others had bad experiences or if anyone experienced any fraud.
If you are the victim of fraud, I recommend calling the FTC at 1-877-FTC-HELP as well as the U.S. Postal Inspection Service to report it to officials. Unfortunately, you may not be able to dispute what you paid to the scammer for a refund, but it may not hurt to try if you paid via credit card.
If you’re looking for a work-from-home or remote job, there are many alternatives to envelope stuffing jobs as you learned above. Personally, I think any of the alternatives are better than falling for a work-from-home scam as a paid envelope stuffer.
Inside: In this guide, I reviewed all of the budget apps and compared features and costs to form the best budgeting apps list. Find the best budgeting apps to fit your needs.
The best way to become smart with your money is to actively manage your money.
Make a plan for your money. Some may call it a budget.
At Money Bliss, we like to call it a Cents Plan. This enables you to find financial freedom. Find that place Where Cents Parallel Vision. Today, there are many budgeting apps on the market.
To kick off the new year, I was determined to find the best budgeting app on the market. Guess what?
My list grew each week!! And still growing! There are so many choices.
There are money management apps. Personal finance apps. Budgeting apps. So many apps to choose from! Seriously.
Some are free budgeting apps. Others have a monthly fee. Some have one-time costs.
The key to any budgeting app (free or paid) is to learn to manage your money.
At the very bottom of the post, we will reveal the best budgeting apps available.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Start Your Free Trial.
What is a Budgeting App?
A budgeting app is a tool that helps you manage your money and keep track of how much you spend.
There are many different types of apps, and some may be free while others cost money.
However, they all make managing your finances easy by tracking where your money goes each month as well as providing tools for saving cash flow or spending more efficiently on things like groceries or travel expenses.
The end purpose of a budgeting app is to make managing your money easy.
There are many apps out there that can help you with this, including some from big brand names like Mint which just announced it is shutting down, Acorns, and Quicken. This guide will provide a list of the best budgeting apps for 2024 so you can save time and money!
Quick Answer
The preferred budget apps are YNAB, Empower, and Quicken.
What to Look for in Budgeting Apps
In order to find the best budgeting apps, you need to know what features and functions you are looking for.
The best budgeting apps are often the simplest and focus on ways to make saving a breeze.
They can help ease financial uncertainty by providing tools that allow users to save more money over time.
What’s more, how can you tell what to look for in a good budgeting app?
1. Ease of use
The best budgeting apps are easy to use and do not require manual entry. Different ways of creating a budget include handwriting it out, using a spreadsheet, or logging into an app or software program.
You want to find something that is easy for you to use. Even better, if you find the app fun to use!
2. Budgeting Capabilities
There are many types of budgeting apps; thus, each person will have budget apps they prefer over others. At the end of the day, you need something that will work for you over the long term.
Some have basic features that simply allow users to view their own spending, while others provide a number of tools for managing finances and saving money. Users should choose an app based on what they want as well as the capabilities it offers.
Many budget apps let you define your categories to track.
3. Saves Time
When you have an automatic budgeting app, it tracks how money moves in and out of your bank account automatically with ease. In addition to this, the updating process takes place automatically as well which saves more time for individuals who need it most!
Saving time with the least favorite tasks like budgeting is a win-win!
You want your budgeting app that makes managing your money a breeze.
4. Focus on Financial Goals
You need a budget app that helps you work towards your smart financial goals. This is important.
You want your budgeting app to help you with achieving your financial goals.
5. Synchronization
Synchronization is the process of returning data to a master database from one or more secondary databases. You want the budget app to synchronize accounts automatically.
Most offer automatic synchronization but may lack a feature that allows for a reconciliation of accounts such as bank accounts.
Many budgeting apps can synchronize from desktop to mobile. In addition, you can have multiple users on the same platform.
6. Price
Budgeting apps range in price from free to about $150 per year.
The app that has the most features and options is Quicken, especially given its price point.
Spending $5 a month to manage your finances is cheaper than overdraft fees and the lack of saving money.
7. App ratings
Many financial experts and personal finance gurus agree that a budget is necessary to take control of your money.
Look for budgeting apps that have at least 1,000 reviews in both the App Store (for iOS) and on Google Play (for Android), as well as a rating of 4 stars (out of 5) or higher on both platforms.
That will tell you the longevity of the app and user appeal.
8. Security
Specifically, are budgeting apps secure? Are there any security features in place to protect your data? This is a huge feature you need to verify your personal information will be intact.
On my budgeting apps, financial information is safe because they need to go through vigorous testing and pass banking regulations. There are certain vulnerabilities inherent to operating online in the cloud.
9. Additional Features
Most budgeting apps go beyond basic budgeting. Some offer advice on debt and investments, while others identify unnecessary expenses.
Most apps can track your spending and organize your expenses into categories.
The savings apps will automate savings, suggestions to save money, bill alerts, access to credit scores, and investing features.
All of the apps have a different feature set, so it’s important to find what you’re looking for.
Good Budgeting Apps will Help, But First – You Must
Before we dig into the list of good budgeting apps, we must discuss key points first.
In order to be successful, with any type of budget app, you must understand three key areas.
1. Uncover your Money Situation
You can’t hide under the sheets or with your head in the sand and expect changes.
To be successful with money, you must be active with your personal finance situation.
Take time to understand your vision. Figure out where you stand in building a foundation to the Money Bliss Steps to Financial Freedom. Understand where the pits of money are spent every month.
Not sure, where to start? Stick around here at Money Bliss; we have many resources to help you!
Must Read Help:
2. Budgeting Apps Won’t Change Habits
While personal finance or money management apps keep you on track, they are incapable of changing habits.
You have to make changes.
Just because the budget app tracks your usage on the credit card doesn’t mean that you should have spent that money. So, be willing to make changes in your spending habits and those emotional purchases to achieve financial freedom.
You must learn to manage your money.
Related Readings:
3. Still Need Paper & Pen
The first thought is “Wait, I wanted to get away from paper and pen.” Yes, that is the goal for most individuals.
However, it is key to know your net worth over time.
Also, you never know when your favorite budget app will go away. (Ugh!) Personally, I don’t like to be pessimistic, but technology is rapidly changing, and being able to adapt is key.
Keep tracking your personal finance numbers toward financial freedom in a separate place.
Okay without further ado, the full list of budgeting apps on the market.
YNAB
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Pros:
Comprehensive approach to budgeting, helping you plan monthly budgets based on your income.
Offers expert advice, making it suitable for those who require an in-depth, forward-thinking budgeting strategy.
Superior synchronization skills make it the winner in this area.
YNAB has extra features like goal setting for budgeting, shared budgeting tools for partners.
Option to manually add and upload transactions from accounts each month.
YNAB prioritizes user privacy.
Start 34 Day Free Trial
Full List of Budgeting Apps with Free Trial
The budget apps we selected for this section offer a free trial for users to test out before signing up.
Budget apps are typically inexpensive and start with a free trial.
1. YNAB (You Need a Budget) – A proven method that has helped hundreds of thousands of people break the paycheck to paycheck cycle, get out of debt, and live the life they want to live. YNAB is best for serious budgeters.
2. Simplifi – Manage your money less in 5 minutes each week. Reach your money goals with confidence! Introducing Simplifi by Quicken, the personal finance app that gives you something to look forward to.
3. Tiller Money – Your financial life is in a spreadsheet, automatically updated each day. Track all your accounts in one place, always know where your money goes, and confidently plan your financial future.
4. Rocket Money – Rocket Money is your automated financial assistant and budget tracker designed to put you back in control of your money. Truebill lets you easily track bills, cancel unwanted subscriptions, and proactively request refunds on your behalf, putting real money back in your pocket!
5. Qube Money – The cash envelope system made easy. They invented digital cash envelopes. Real-time financial awareness without the hassle of tracking expenses, updating spreadsheets, and carrying cash.
6. HoneyMoney– HoneyMoney increases your awareness about your money habits. Being fully aware of your money naturally changes how you spend it. Great way to use cash flow budgeting. Plus uses “envelopes” to budget.
7. Qapital – Free, easy way to save money. Get $5 for your first Goal if you sign up here.
8.Money Patrol – MoneyPatrol actively monitors and analyzes financial transactions, and then alerts insights about the trends, patterns, and anomalies observed.
9. Wallet– Wallet is designed to help you get your finances under control from day one, giving you ongoing insight into your financial situation, and helping you stay in control for the long term.
10. Every Dollar– EveryDollar follows the zero-based budget approach recommended by Dave Ramsey, a top personal money-management expert. Create daily and monthly budgets and track your expenses to manage and save money.
11. Expensify – Expensify is the perfect tool for anyone who needs to keep track of receipts and automate expense management.
12. Cost Track – Expense Tracker – Cost Track allows you to: use your money wisely, keep track of your personal and family budget, and quickly enter your income and expenses.
13. Easy Spending – It is a simple and convenient finance tracker that provides the most powerful and convenient daily money management for iPhone and iPad, that neatly tracks all your cash flow between different accounts that you can budget.
Making Your Budget Work for You:
Full List of Free Budgeting Apps
The budget apps we selected for this ranking are completely free! Free budget apps are good options for users who don’t want to pay monthly or a yearly fee. Just to note, the list of free apps is dwindling with each update.
Finding the best budgeting app the best ones do simple things well.
Free apps are not always better than paid ones.
Typically, the free versions of budget apps provide basic features. Plus there are many free budget apps available on the market.
1. Empower– Empower is the best app for investors. This is one of my favorite ways to analyze investment accounts. See all of your accounts in one place, which helps to see spending. Free budgeting app to use. Read myEmpower Review.
Empower Personal Wealth, LLC (“EPW”) compensates Money Bliss for new leads. Money Bliss is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.
2. PocketSmith – Manage your budget and forecast your finances. There are paid levels of access but you can still get basic options for the casual budgeter.
3. Zeta – AskZeta is a financial planning platform designed to help couples manage their finances collaboratively. It provides tools and guidance for setting joint financial goals, budgeting, and navigating major life events to build a secure financial future together.
4. Honeydue – A financial app designed for couples, facilitating shared money management. It allows partners to track and manage their finances collaboratively, providing insights into spending, budgeting and shared financial goals.
5. GoodBudget – Envelope budgeting for the modern world.
6.Fudget – The budget planner you can actually use.
7. Wally – Personal Finance – It helps you compare your income to your expenses, understand where your money goes and set and achieve goals.
9. CountAbout – CountAbout is an online personal finance solution that surpasses the security and ease of use of the other popular commercial solutions on the market while offering complete privacy, zero advertising, and no selling of your personal data.
10. Daily Budget Original – Daily Budget calculation, planning & saving for big spending, basic categories for expenses, backup.
11. Spending Tracker – The simple fact is, by tracking your spending you will be able to stick to a budget and therefore SAVE MONEY.
12. Money Monitor – You can track and organize all your transactions, accounts, budgets, bills, cash flow, and payees in Money Monitor by easy operation but with powerful functions.
13. Money Box – Set your money goals and track your personal savings with this app. Take control of your saving goals and spend cash wisely.
14. Dollarbird– Track and forecast your money as easily as adding events to a calendar! Dollarbird helps you make sense of your financial situation, plan ahead and manage your money together with those who matter.
15. NerdWallet – Whether you want to maximize credit card rewards, earn extra cashback, track your credit score or make budgeting easier, it’s all here.
Budgeting Resources:
16. Buddy – Designed for simplicity and efficiency, helping users easily manage their finances. With intuitive features, it enables users to track expenses, set budget goals, and gain insights into their spending habits for better financial management.
17. Banktivity – Banktivity puts you in the driver’s seat of your finances so you can do both.
18. PocketGuard – With all of your financial accounts in one place, PocketGuard helps you stay on top of your finance and make better financial decisions.
19. Budget Saved – Personal Finance – Budget Saved helps you save money by grouping expenses based on need or want. You input an expense, save it as a need or want, and then you can look back to see which purchases were really necessary. With this information, you can see exactly how much you can save.
20. Albert – Money Management – Combining human guidance with cutting-edge technology, Albert is an intuitive app that automates your financial life — so you can be free to enjoy it. Build savings, meet bills, end the overspending cycle and develop your financial IQ, right from the palm of your hand.
21. Expense IQ – Expense IQ (formerly EasyMoney) is your ultimate money manager app that combines an expense tracker, a budget planner, a checkbook register, integrated bills reminder, and more rolled into one powerful personal finance app!
22. Prism– Never miss a bill or pay late fees again! We automatically track your bills & send due date reminders, for free. See your income, account balances, & monthly expenses at a glance.
23. Coin Keeper– Download CoinKeeper — the handiest way to plan and manage your finances, created especially for smartphones and tablets.
24. Mobills– Mobills is a budget planning app that allows you to create a custom monthly budget that will help you take control of your money. You are able to manage your money, track your spending, and achieve your financial goals all in one place.
25. iSpending – iSpending helps you to track your income and spending. You can add transactions under different categories, such as income, food, and entertainment.
26. Receipt Box – The Receipt Box is a quick app that is conducive to developing a good habit of tracking spending. It indeed performs well on this one.
27. BUDGT – BUDGT will help you keep track of your Expenses in a very simple way and tell you how much money you can spend each day, taking in account what you have already spent during the current month.
Full List of Paid Budgeting Apps
A budgeting app is a type of software that helps you track your money to manage your finances. There are several different ways you can use them, including getting paid upfront or by monthly fee.
Some apps offer discounts for people who pay monthly, but this is not always the case. If an app doesn’t have the capabilities you need to better manage your budget, it’s not worth it.
App users want budget capabilities and prefer to handle bill paying on their own schedules.
1. Quicken– Quicken personal finance and money management software allows you to manage spending, create monthly budgets, track investments, retirement and more. Read my Quicken Review.
2. Moneyspire – The budget feature is very user friendly and can rollover amounts. All of the reports you need at your fingertips. Also, you can move your data from many of the top budgeting apps and Quicken.
3. PocketSmith – Manage your budget and forecast your finances.
4. MoneyDance – Moneydance is easy to use personal finance software that is loaded with all the features you need: online banking and bill payment, account management, budgeting and investment tracking.
5. CheckBook Pro – An easy & quick way to manage your daily finances, Checkbook Pro keeps track of your credit card charges, cash expenditures…etc.
6. HomeBudget – HomeBudget is an integrated expense tracker designed to help you track your expenses, income, bills due and account balances. It offers support for budgeting and allows analysis of your expenses and income, including charts and graphs.
7. Pennies – Keep track of your spending and save money with Pennies, the award-winning budgeting app for iPhone, iPad and Watch.
Enjoy guilt-free spending and effortless saving with a friendly, flexible method for managing your finances.
Start Your Free Trial.
Budgeting Apps Off the Cloud:
Due to security concerns, many budgeters prefer to keep their financial information off the cloud.
Here are the best budgeting software that are off the cloud. And if you want, they can be synced.
1. Quicken– Personally, I have used Quicken – pretty much since it was developed. Way before budgeting apps were even a thing and the cloud didn’t exist. Quicken is great for tracking how your money is being spent. Their internal budget feature is not user-friendly and has quirks. However, the cash flow reports are awesome to compare spending. The #1 reason I still recommend Quicken is because of its long history.
Read my Quicken Review.
2. Moneyspire – For those frustrated with Quicken, Moneyspire is your choice. The budget feature is very user-friendly and can rollover amounts. All of the reports you need are at your fingertips. Also, you can move your data from many of the top budgeting apps and Quicken. Start a free trial here.
3. Tiller Money – Tiller is the only tool that automatically updates Google Sheets and Microsoft Excel with your spending, transactions, and balances each day.
4. Banktivity – Get full control of your personal finance situation with Banktivity. Has all the bells and whistles you would come to expect for personal finance budgeting software. There is the ability to connect to the cloud if you prefer. Only for Mac Users.
5. MoneyDance – Moneydance is easy-to-use personal finance software that is loaded with all the features you need: online banking and bill payment, account management, budgeting, and investment tracking.
6. QuickBooks – QuickBooks is most like Quicken. It is the preferred software for most bookkeepers. The features are very helpful, but the price is significantly higher.
Expense-tracking budgeting apps
Expense-tracking budgeting apps are becoming more popular as they allow users to connect to financial accounts. They track transactions and group them into categories, making the best ones based on expense tracking systems.
Some of the top expense tracking budgeting apps include:
Simplifi: Quicken has introduced a new personal finance management solution. It is simple, smart, and intuitive money tracker tool that ensures users can keep track of their income and expenses in real-time.
YNAB (You Need A Budget): YNAB helps to reverse this pattern by living off last month’s income during current month.
Pocket Expense: This app is easy to use and has a clear interface for users who are not tech savvy. With Pocket Expense, you can input your income and expenses, set a budget, and track your progress.
Spendee – Understand your finances better with Spendee, the FREE budgeting app that tracks your spending, optimizes your budget, and helps you save money. This user-friendly app with good features for recording income and expenses as well as the ability to plan future budgets. It also lets you set goals and track progress.
Quicken: Quicken is a personal finance software application that can be installed on Windows, Mac or Linux computers and allows users to organize financial information in order for them to make financial decisions.
Learn where to load your Cash App card.
Investment/retirement planning budgeting apps
Investment/retirement planning budgeting apps are becoming more popular with consumers as the retirement age is being pushed back.
These types of apps allow users to keep track of their investments and review performance, ensuring that they’re on track to retire at the desired time.
There are numbeous different investment portfolio management tools, but most are designed for average investors looking to make changes or work towards long-term goals. Many double as budgeting apps also enable tracking expenses alongside investments in order to ensure that you’re on track to reach your goal.
Empower – read my Empower Review
Quicken
Betterment
Wealthfront
Stash
Apps to Help Save Extra Money:
Looking for easy ways to save extra money?? These budgeting apps will do just that.
1. Acorns: Invest Spare Change: This app rounds up any purchase made with a credit card to the nearest dollar and invests it in an exchange traded fund. They have four different investment portfolios from conservative, balanced, growth, and aggressive.
2. Tiller: This app automatically transfers money from any account you connect to it (like your checking or savings) into a fund of your choice every time you make a transaction.
3. Trim – Trim negotiates your cable, internet, phone and medical bills, finds and cancels unwanted subscriptions, can help you lower APRs and bank fees and more.
4. BillShark – Billshark is the easiest way to lower your bills, cancel unwanted subscriptions, and lock in the best rates for insurance.
Which Budgeting App is right for You?
Budgeting apps are becoming more popular as consumers try to make better financial planning decisions.
Budgeting apps help people with the ability to track spending, create budgets, and save money for retirement or other goals.
Budgeting apps must be paid for because they can be used across all devices and have a variety of features that can really help users save time and money.
As you can tell in this post, there are plenty of options to find your favorite budget apps.
Each of these apps can improve money management.
However, you must be able to make the changes necessary to stay within your means. That is up to you. Don’t try it and give up after a month. Stick with it. Show perseverance.
In the end, you will be happy you are stuck with using a good budgeting app.
Apps That Have Shut Down or Changed
These are budgeting app that have been on our list previously. But, when we recently updated the post, realized they are no longer offering the same services.
Mint: Personal Finance & Money – Mint is a free money management and financial tracker app that helps you get ahead and stay ahead. – Mint app shut down in 2024.
Firstly (formerly Honeyfi: Couples Finances) – The first app to help couples team up on everyday and long-term finances.
Opurtun (formerly Digit) – Digit analyzes your spending and automatically saves the perfect amount every day, so you don’t have to think about it.
mvelopes (merged with EveryDollar) – Everyone knows that cash will keep you on budget. Here is a digital option for your cash envelopes. Your first month free is to check out the budgeting system.
Olivia– Whether you identify as someone who is living paycheck to paycheck, or you’d just like to get smarter with your money in general, you’ve come to the right place! I am here to help YOU become the MASTER of your money.
Your Money Wallet – YourMoneyWallet lets you see all your accounts in one place, understand your spending, monitor your everyday spending, and see all your money transactions in a beautiful well crafted design.free
Joy – Money App– Joy is the brand new money app that will change the way you spend and save money to help you find more happiness in your life.
Advent – Budgeting Made Simple – Advent makes budgeting and tracking expenses super easy! With a very minimalistic design, you can easily maneuver around quickly.
Rolling Budget– Rolling Budget is a personal finance tracker that keeps track of your day-to-day expenses, travel, and fuel costs. Track where your money goes, plan your expenses, and create a budget that works for you!
Best Budgeting Apps
There are many apps available to help people manage their budgets.
The best app for you will depend on the type of budget you want to create and how often you want to make changes. All of these apps are mobile-friendly and work across multiple devices. They also offer additional features like budgeting tasks, reminders, and spending plans.
You can find all of these for iPhone or Android.
You can save time and money by using a good budgeting app.
This is your personal finance journey.
The ultimate goal with any budget app is to learn to manage your money. Not have your money manage you.
Now, make sure you are doing these habits to be successful with budgeting.
Which are your favorite budgeting apps?
Keep on Budgeting:
Know someone else that needs this, too? Then, please share!!
Did the post resonate with you?
More importantly, did I answer the questions you have about this topic? Let me know in the comments if I can help in some other way!
Your comments are not just welcomed; they’re an integral part of our community. Let’s continue the conversation and explore how these ideas align with your journey towards Money Bliss.
The data breach that knocked out First American Financial Corp.’s systems at the end of last year impacted 44,000 individuals, the company revealed.
The title insurer and real estate services provider Tuesday disclosed the scope of the hack for the first time in a Securities and Exchange Commission filing. First American hasn’t defined the hack as a cyberattack, but said its probe was completed and that individual’s personal information may have been accessed without authorization.
The incident, discovered Dec. 21, forced First American’s systems to go offline for a week, a move which led its competitors to pick up its business. First American acknowledged the hack hurt its revenue in its fourth quarter earnings.
The company said it would notify potentially affected clients and offer them complimentary credit monitoring and identity protection services. Tuesday’s announcement was posted underneath a company disclosure regarding election results for its board of directors.
The hack on First American came amid a wave of cyberattacks on mortgage players, including major hits to Mr. Cooper and Loandepot. Both of those giants also said their respective data breaches hurt quarterly earnings.
First American had $46.7 million in net income to begin the year, both a quarterly and annual improvement. Its title revenue however dropped slightly year-over-year to $1.32 billion. Company leaders said the December incident wouldn’t harm business moving forward, and they reported orders rising in March and April.
Cybercriminals are likely to use First American’s infrastructure to “island hop” to other financial services players, said Tom Kellerman, senior vice president of cyberstrategy at Contrast Security. He warned of the threat of home equity fraud, where a criminal could establish a line of credit against someone else’s home.
“Inevitably the owner of the home is the one that’s penalized by the system for not paying their debt,” he said. “And that is increasing. That is my biggest concern regarding this breach.”