Medical Loans: Benefits and Considerations

Medical Loans

In part one of this multi-part blog series, we looked at some of the chief purposes of what are known as short-term medical loans, and why they’re often used. These loans, which are typically used to fund immediate costs of medical care that are often not covered by insurance, can be enormously beneficial to some people who find themselves in unexpected positions with regard to medical bills.

At 1st Choice Money Center, we’re proud to offer a wide range of quick loans meant to assist clients with needs like these, including medical loans and many other kinds of personal loans. Today’s part two of our series will look at some of the direct benefits of medical loans, plus some important considerations to keep in mind with them, while part three next month will dig into the proper ways to go about applying for such a loan.

Medical Loans

Main Benefits of Medical Loans

There are several major ways that medical loans tend to benefit those who utilize them, including:

  • Immediate fund access: For many medical expenses, waiting even a few days can be far too long. In some cases, you may need to pay bills or treatment fees immediately in order to avoid further harm or negative consequences – and when these costs are not covered by insurance, a medical loan offers the necessary funds right on time. You can obtain these funds through a simple, straightforward application process with our team.
  • Flexible repayment terms: Whether you require small medical loans or larger ones, we’ll work with you to lay out a repayment plan that makes sense for your financial situation. This includes both the principal and any interest that accrues over time, ensuring no unfair fees ever arise during the repayment period.
  • No collateral needed: Unlike many other forms of loans, medical loans are unsecured – they do not require any form of collateral. You will not be required to put up your home, car or any other large asset as security for the loan.
  • No pressure from insurance companies: As we noted in part one, many insurance companies will attempt to dictate what treatment options you have access to based on their own financial interests. With a medical loan, you have full control over your treatment options and can choose what’s best for you.

Important Considerations

While there are clear benefits to using a medical loan, it’s important to keep some potential considerations in mind as well:

  • Interest rates: As with any loan, medical loans come with interest rates that will affect the overall amount you pay back. It’s important to carefully consider the interest rate offered and ensure it fits within your budget.
  • Medical loan scams: Unfortunately, there are some fraudulent companies out there posing as legitimate medical lenders. Be sure to do your research and only work with reputable, trusted lenders like 1st Choice Money Center.
  • Impact on credit score: Taking out a medical loan will affect your credit score, so it’s important to budget for the repayment and make timely payments to avoid any negative impact.

In our next entry into this series, we’ll go over the proper steps to take when applying for a medical loan to ensure you are well-informed and prepared. At 1st Choice Money Center, we strive to make the lending process as simple and transparent as possible, so be sure to check back next month for part three!

Medical Loans: Basics and Purposes

Medical Loans

There are several specific reasons why many people are often in need of a quality short-term loan, and one of the most common and vital examples here is for a medical concern. Whether for a procedure, specialized care or any other medical bill, it’s common in the US for even those with health insurance to have large bills that are not fully covered – and medical loans are a vital tool available to help cover these needs.

At 1st Choice Money Center, we’re here to offer a wide range of short-term loans to clients around Utah, Idaho, Delaware and Missouri, including medical loans meant to assist those with no insurance, or whose insurance did not entirely cover their medical bills for any reason. In this multi-part blog series, we’ll go over why many Americans have significant medical debts that insurance does not cover, plus the role medical loans play in filling this gap, and some important considerations if you’re looking into such a loan.

Medical Loans

Why Many Americans Have Medical Bills

As unfortunate as it is, there are several reasons why many Americans end up with large medical bills that are not fully covered by insurance. Some of the most common include:

  • High deductibles: Many health insurance plans have high deductibles, meaning individuals are responsible for a significant portion of their own healthcare costs before insurance kicks in.
  • Out-of-network care: In some cases, individuals may need to see a specialist or receive medical care outside of their insurance network, resulting in higher out-of-pocket costs.
  • Non-covered procedures: Some procedures or treatments may not be covered by insurance at all, leaving individuals to foot the entire bill.
  • Unexpected accidents or illnesses: No one plans for an accident or illness, but when it happens, it can result in unexpected and costly medical bills.
  • No insurance: Sadly, not everyone has access to health insurance, leaving them responsible for all of their medical expenses.

The Role of Medical Loans

When faced with a large and unexpected medical bill, many individuals turn to medical loans as a solution. These loans can provide immediate funds to cover the cost of medical care, allowing individuals to pay off their debt over time in manageable installments. This can help prevent financial strain and allow individuals to prioritize their health without worrying about the immediate burden of a large medical bill.

How Medical Loans Work

If you’re unfamiliar with medical loans, there are a few key things to know. These loans typically have lower interest rates and longer repayment terms compared to traditional personal loans, making them a more affordable option for covering medical expenses. They can be obtained from banks, credit unions or online lenders like 1st Choice Money Center.

To qualify for a medical loan, you will need to provide proof of income and have a good credit score. Some lenders may also require a co-signer or collateral, depending on the loan amount.

In parts two and three of our series, we’ll look at some of the main advantages and potential drawbacks of medical loans, as well as important considerations before taking out this type of loan. At 1st Choice Money Center, we’re dedicated to providing transparent and affordable financial solutions for our clients, including medical loans and other options like personal loans, car title loans and more. Stay tuned for the next installment in our blog series!

Avoiding Credit Card Mistakes: Rewards, Score, Purchases

Credit Card Mistakes

In part one of this two-part blog series, we looked at some common credit card mistakes that people often make in their daily lives, plus how to steer clear of them as part of a broad financial plan. Proper credit card management can play a big positive role in your finances, while improper approaches to your cards can lead in the other direction entirely.

At 1st Choice Money Center, we proudly assist clients around Utah, Idaho, Delaware and Missouri with various financial needs, including quick loans like installment loans, car title loans and more. Here are some other basic credit card mistakes that people tend to make, plus how and why to avoid them.

Credit Card Mistakes

Applying for Multiple Cards Simultaneously

While there’s nothing wrong with having multiple credit cards, applying for several at once can damage your credit score. This is because each application requires a hard inquiry on your credit report, which can lower your score by a few points.

Additionally, having too many new accounts in a short period of time may suggest to lenders that you are desperate for credit and could potentially be a higher risk borrower.

Using Credit as “Free Money” For Unaffordable Purchses

There are also some people who see credit cards as a source of “free money” and make purchases they can’t afford to pay back. This habit leads to carrying a high balance on your card, which can result in paying more interest and making it harder to pay off debt.

It’s important to remember that every purchase made with a credit card must be paid back eventually, so only use credit for purchases that you can afford to pay back within a reasonable amount of time. It’s also important to keep track of your spending and create a budget to avoid overspending.

Failure to Utilize Rewards

Nearly every credit card offered today comes with some sort of rewards program. However, many cardholders fail to take advantage of these programs and miss out on valuable benefits and cashback opportunities.

To avoid missing out on rewards, be sure to read the fine print and understand how your credit card’s rewards program works. Make a plan for using these rewards effectively – whether it’s cashing in points for travel or using cashback to pay off your balance – and make sure to regularly check for any promotions or bonuses offered by your card issuer.

Neglecting to Monitor Your Credit Score

Your credit score is an important tool in determining your financial health, and it’s impacted by many factors including credit card usage. Neglecting to monitor your credit score can lead to mistakes or fraudulent activity going unnoticed, potentially causing long-term damage to your credit.

Make sure to regularly check your credit report for any discrepancies or errors and report them immediately. You can also sign up for free credit monitoring services provided by many credit card issuers to stay on top of any changes in your score.

By avoiding these common mistakes and properly managing your credit cards, you can improve your overall financial health and set yourself up for success in the long run. Remember to always use credit responsibly and consult with financial experts, like those at 1st Choice Money Center, for personalized advice on managing your finances, plus assistance with simple, quick loan products to assist you wherever necessary.

Avoiding Credit Card Mistakes: Deadlines, Balance, Closing

avoiding credit card mistakes

There are a few kinds of financial mistakes you definitely want to avoid when it comes to maintaining strong finances, and credit card errors are some of the most notable. While proper credit card management can go a long way to building your credit and improving your financial picture, certain mistakes can set you back in similar ways. 

At 1st Choice Money Center, we’re here to assist clients around Utah, Idaho, Delaware and Missouri with various financial needs, offering quality loan products like installment loans, title loans and other alternatives to predatory payday loans (which we refuse to offer due to their unethical nature). This two-part blog series will cover some basics on avoiding common credit card usage and management mistakes, including some bits on how our loan products may be able to assist you in some of these areas. 

avoiding credit card mistakes

Missing Payment Due Dates

Perhaps the single most common credit card mistake many people make is missing payment due dates. When you miss a payment, it has an adverse effect on your credit score: missed payments can lower your scores by as much as 100 points at once. And if this goes for too long without any correction, the account may be referred to collections and charged off – damaging your credit even further. 

To avoid this, there are a few methods you can use. Some prefer setting reminders on their phones, while others log into their accounts frequently to check balances and payment dates. In other cases, people will opt into automatic minimum payments for certain cards – but be warned that this can come with some risks as well. 

High Credit Card Balances

Another common credit card mistake is carrying high balances from month to month. This is what typically catches people and causes them to rack up significant amounts of credit card debt, as interest rates on these debts are often high. 

Our top tip in this area: Always pay more than the minimum payment when possible. Minimum payments are designed only to keep you on the hook for much longer periods, allowing the issuer to collect more money from you over time. This will also help your credit score, as it shows you are responsibly paying down debt. 

Closing Too Many Accounts

Some people believe that closing old or unused accounts is a good thing for their credit – but this isn’t always the case. In fact, closing too many accounts can lower your available credit and raise your utilization ratio (the amount of debt you have compared to your available credit). This can have a negative effect on your credit score. 

Instead, keep old accounts open and use them occasionally for small purchases. This will show responsible usage and increase the average age of accounts on your credit report, which can positively impact your score. 

In part two of our series, we’ll go over a few other common credit card mistakes and how to avoid them. In the meantime, if you’re in need of any kind of short-term loan product to assist you with your finances, our team at 1st Choice Money Center is here to help!

Financial Minimalism: Items, Free Time, Investments

financial minimalism items investments

In earlier entries to this multi-part blog series, we’ve gone over many of the basic tenets of a practice known as financial minimalism. Mimicking other forms of minimalism in general ways, financial minimalism is all about limiting unnecessary expenses and debt to gain control over your finances, and there are several distinct pieces of a given approach to financial minimalism.

At 1st Choice Money Center, we’re here to help those who are looking to take control of their finances around Utah, Idaho, Delaware and Missouri with short-term loan products like car title loans, installment loans and more. Today’s final entry in our series will discuss some additional elements of financial minimalism to consider if you’re looking to use this approach.

financial minimalism items investments

Getting Rid of Unneeded Items

One fantastic approach to financial minimalism that carries multiple benefits is getting rid of items you no longer need. This can include anything from clothes to furniture and other household items, all the way up to vehicles or even homes in some cases.

By eliminating these items, not only are you removing expenses from your life and limiting the amount of debt you take on, you’re also simplifying your life in general. You now have fewer items to keep track of or worry about repairing or replacing, plus more open space in your home for whatever purposes you desire.

Embracing Low-Cost Free Time

There’s no rule that free time must involve spending money, and in fact the opposite is often true. Time spent at home or outdoors with friends or family members can be just as valuable and uplifting without costing you a dime.

For instance, rather than going out for an expensive dinner or drinks with friends, suggest a potluck or picnic where everyone brings something to share. This can be even more fun and engaging than a costly night out, plus it supports the general theme of minimalism by focusing on experiences and relationships rather than material possessions.

Prioritizing Investments

Finally, when you do have excess funds available for investment purposes, look to prioritize them in areas that will benefit you most long-term. This could include retirement accounts or other savings tools with tax benefits, or it could mean paying down high-interest debts like credit cards.

By prioritizing investments over short-term purchases and expenses, you’re setting yourself up for a more successful financial future. You’ll see the dividends of these decisions over time, and this will make it easier to continue making smart financial choices.

Remember, at 1st Choice Money Center, we’re here to help with any questions you may have about financial minimalism or any of our loan products. We look forward to assisting you however we can!

Financial Minimalism: Debts, Spending, Clout Purchases

financial minimalism debts spending

In parts one and two of this multi-part blog series, we went over some of the basics and important tenets of the practice of financial minimalism. This approach to finances, which speaks to reducing your expenses to only necessary items and being very intentional about your spending, is one that many people have taken on with success for managing their money.

At 1st Choice Money Center, we’re here to help clients around Utah, Idaho, Delaware and Missouri with various financial and money management needs, with loan programs like installment loans, title loans and more to help with many situations where quick cash infusions may be needed. Today’s next entry into our series will go over some other top tenets of financial minimalism, plus how to achieve them no matter your financial situation.

financial minimalism debts spending

Debt Reduction

One of the chief priorities of financial minimalism is debt reduction, which helps you to eliminate unnecessary expenses and free up cash flow. Whether we’re talking about credit card balances, student loans or other forms of debt, everyone has some form of it and it can be a major drag on their finances.

By minimizing expenses and reducing debt as much as possible, you’ll see financial progress more quickly than you may have thought possible.

Cutting Frivolous Spending

For many people, one of the largest obstacles to financial security is out of control spending on unnecessary items or services. One of the key tenets of financial minimalism is to cut back on this frivolous spending and only purchase items that are necessary for daily life.

This could involve downsizing your home, eliminating subscription services or expensive habits, and being more mindful about impulse purchases. By limiting these kinds of expenses, your budget will stretch further and you’ll be able to save more money for future needs.

Never Make “Clout” Purchases

In today’s day and age of social media and influencers, it’s easy to get caught up in the hype of buying certain items or brands just for the sake of showing them off. However, this goes against the principles of financial minimalism and can quickly lead to overspending and debt accumulation. Instead, focus on practical purchases that meet your needs rather than trying to impress others.

For instance, a designer handbag might catch your eye, but do you really need it? Or could you find a more affordable, but still high-quality option that serves the same purpose? By refraining from these “clout” purchases, you’ll save money and stay true to your financial goals.

Financial minimalism isn’t just about cutting expenses – it’s also about being intentional and mindful about your spending habits. By following these tenets, you’ll be well on your way to achieving financial freedom and security. Stay tuned for the next installment in our series!

At 1st Choice Money Center, we’re committed to helping our clients achieve their financial goals. Contact us today to learn more about our loan programs and how we can assist you in reaching your financial dreams.

Financial Minimalism: Budget, Subscriptions, Meals

financial minimalism budget subscriptions

In part one of this multi-part blog series, we looked at the concept of financial minimalism and why it’s often beneficial for many people. Financial minimalism involves a focus on reducing unnecessary expenses and eliminating debt to bring more control over your personal finances, and there are several major tenets or approaches within it that are worth considering.

At 1st Choice Money Center, we’re happy to offer a wide range of short-term loan products for those looking to achieve any financial goal around Utah or Idaho, including signature loans, personal loans and several other alternatives to predatory payday loans (which we do not offer). Today’s part two of our series, and on into subsequent entries, will dig into some various approaches you might consider as you look at achieve your version of financial minimalism.

financial minimalism budget subscriptions

Monthly Budgeting

It may sound overly simplistic to some, but one of the chief tenets of financial minimalism is simply budgeting. It’s easy to get caught up in impulse purchases and creating a lifestyle that you can’t support, but it’s important to take the time to create a monthly or even weekly budget.

This will give you insight into where your money is going each month and provide an opportunity to cut back on those expenses that are not necessary for living and saving. It will also help you monitor your spending, so that it’s easier to catch yourself when making unplanned purchases.

Mindfulness of Subscriptions

One form of expense that can add up quickly for some people are recurring payments for subscriptions. Whether it’s streaming services, magazines, online tools or anything else that has an ongoing cost, it’s important to be mindful of these expenses and determine if they are actually adding value to your life.

By taking a look at these costs on a regular basis (perhaps quarterly) you can make sure that any subscriptions you have are actually worth keeping around and not just draining your budget.

Eating Out is Fine – Just Not All the Time

Many of us really enjoy going out to eat, and there’s nothing wrong with that. The key is to be mindful of how often you are eating out as it can quickly add up in cost over time. Try to limit your trips out for meals to special occasions or occasional treats instead of making it a regular habit.

Limit Impulse Spending

If you know that impulse spending is an issue for you, and you have habits like impulsive shopping trips, you may want to consider different tactics for curbing that behavior.

One tactic could include giving yourself a set amount of money (say $50) per month for discretionary spending. This will allow you to treat yourself without breaking the bank and still stay on track with your financial goals.

At 1st Choice Money Center, we want to help you achieve your financial goals, whether it’s through our signature loans and other loan products or by giving insight into better money management. We hope these ideas can help you on your journey towards financial minimalism; stay tuned for the next installment of our series!

Financial Minimalism: Basics and Benefits

financial minimalism basics benefits

There are a few concepts or themes that some people try to emulate when it comes to their financial lives, and one great and popular example here is known as financial minimalism. Combining the concept of minimalism with financial responsibility in a few key ways, this is a great approach for those looking to stay conservative with their money and avoid major debts or issues – but how exactly does it work?

At 1st Choice Money Center, we’re proud to offer clients around Utah and Idaho a wide variety of financial boosts in the form of short-term loans like title loans, personal loans and more. In this multi-part blog series, we’ll begin by going over exactly what financial minimalism is and what its key benefits are, then dig into the numerous tenets that it encompasses and some simple ways to achieve it within your financial life.

financial minimalism basics benefits

Defining Financial Minimalism

Those who are familiar with the broader concept of minimalism in general likely have some idea of what financial minimalism is about, but for those that don’t, essentially it’s a way of living financially that focuses on reducing your expenses and eliminating debt in order to have more control over your finances. This doesn’t necessarily mean becoming frugal or going without – rather, the key tenets of this approach are all about avoiding the need to take out unnecessary loans or other funds.

A key emphasis within financial minimalism is intentionality in the way your money is used. You should never make a purchase that you don’t need or truly want, and should carefully consider every purchase before committing. This way, the money you do spend is more likely to go towards something valuable and worthwhile, rather than frivolously wasted on unnecessary items.

Examples of Things Financial Minimalists Don’t Do

Here are a few practical examples of behaviors a financial minimalist will avoid:

  • Spending aimlessly: Financial minimalism entails taking a conscious approach to how you spend your money.
  • Living above means: Financial minimalists strive to avoid living beyond their means, and instead save for big purchases.
  • Taking out unnecessary loans: Since interest rates on loans can be high, financial minimalists try to avoid taking them out unless necessary.

Benefits of Adopting Financial Minimalism

Living according to the tenets of financial minimalism can help in a number of ways, including:

  • Paying off debt faster: Some debt is often unavoidable, but by avoiding unnecessary loans or purchases, it can be easier to pay off existing debt.
  • Building savings: Allocating money towards a savings account is much easier when not worrying about frivolous expenses.
  • Being prepared for emergency situations: Since financial minimalism focuses on being fiscally responsible, it’s easy to increase the chances of having enough funds in the case of an emergency.

These are just a few of the key benefits that come with adopting financial minimalism, and in our next posts, we’ll discuss additional tips on how to achieve it within your own life. Stay tuned!

With 1st Choice Money Center’s help, you can be sure to stay financially responsible and healthy this year through our selection of short-term loan products for clients around Utah and Idaho. Contact us today to learn more!

Millennial Money Errors: Tracking, Credit, Social Media

millennial money errors credit

In parts one and two of this multi-part blog series, we’ve gone over the various mistakes that are sometimes made by millennials as they manage their money. People in this age range are often making big financial decisions that will impact their entire lives, and knowing how to avoid pitfalls here is very important.

At 1st Choice Money Center, we’re here to help if things do go a bit sideways. We offer a variety of short-term loan options to clients around Utah and Idaho, including title loans, signature loans and others, to help you get quick cash to meet financial obligations. Today’s final entry in our series will go over a few other common errors millennials tend to make with their money, plus how to steer clear of them.

millennial money errors credit

Not Tracking Your Budget and Spending

One sadly common mistake millennials make is not keeping track of their budget and spending. Whether you’re living on your own or with roommates, this can be a recipe for disaster if too much money is going out and not enough is coming in.

Even if you do keep tabs on your spending, it’s still possible to lose track of where everything goes – especially when using debit cards or other digital payment options. The best way to stay on top of things is to write down everything that’s coming in and going out each month, make sure it all adds up, and adjust accordingly if there are any discrepancies.

Relying on Social Media Advice or Goals

While it might seem harmless, relying too much on social media advice or financial goals can be dangerous. While there’s nothing wrong with taking inspiration from others, blindly following the path of another or expecting to achieve their level of success is a mistake that could cost you money in the long run.

Everyone’s situation is different and what works for someone else may not be right for you. When it comes to financial advice, make sure you’re getting it from a trustworthy source. Better yet, explore all of your options and create a plan that works best for you before taking any big steps.

Ignoring Credit

Finally, one of the single largest mistakes millennials make is ignoring their credit. This is especially true for those who are just starting out and don’t have any kind of credit history to speak of.

Having a good credit score opens up a whole world of possibilities, from getting approved for loans or mortgages at lower rates to taking advantage of reward programs and other perks. Building your credit takes time, but it’s well worth the effort in the end.

At 1st Choice Money Center, we’re here to help you navigate your financial journey with confidence. With our short-term loan options and other services, you’ll be able to get back on track and take control of your money. Contact us today for more information!

Millennial Money Errors: Small Costs, Renting, Shortcuts

millennial money errors costs

In part one of this multi-part blog series, we went over some of the common money mistakes we see made by people who fall within millennial age ranges. Many millennials are at important financial stages in their lives, such as owning a home or having children, but may also fall victim to certain financial errors that set them back – but are also avoidable.

At 1st Choice Money Center, we’re happy to offer simple, instantaneous financial assistance through several loan formats to clients around Utah and Idaho, including millennials and all other age ranges. We offer everything from car title loans to personal loans, installment loans and more to help you with any need you may have. Today’s part two of our series will go over a few other mistakes that millennials sometimes make financially, plus how to steer clear of them.

millennial money errors costs

Failure to Account for “Small” Costs

In some cases, millennials will be completely on top of their major purchase needs like homes, cars, and other large items. However, they often fail to take the “small” costs into account – like furniture to fill a new home, everyday bills that may not have been incurred prior to owning a house or car, etc.

It’s important to remember that even small costs can add up over time and should be taken into consideration when budgeting. Try to lay out your monthly expenses, including the larger ones like rent/mortgage and car payments, plus “smaller” costs like toiletries, food, clothing, entertainment and more. This will help ensure you’re budgeting realistically and have accounted for all potential needs.

Renting When You Should be Buying

Another common mistake we see millennials make is renting when it’s more often than not better to buy. For example, if you are consistently in need of a car to get around but aren’t ready to commit to buying one just yet, long-term leasing or short-term rentals can be enticing options.

In some cases, this might even make sense – such as if you’re only in need of a car for a few months or so. However, if you find yourself repeatedly needing to rent a car and are consistently throwing away money on rental fees and deposits, it may be more sensible to look into purchasing a quality used vehicle that fits your budget.

Using Shortcuts

As with any financial endeavor, shortcuts often come with the promise of quicker results but usually turn out to be a bad decision. Many millennials today are skipping out on factors such as credit checks, budgeting and saving before making certain purchases – leading them into more debt than necessary.

We can’t stress enough how important it is to take all the steps necessary when considering a purchase, loan or investment. It’s very tempting to take shortcuts that seem easier and faster, but taking the time to budget properly and make sure you can handle the financial responsibility can save you from a lot of future stress.

We hope that this brief series has been informative and helpful – 1st Choice Money Center is always here to provide you with financial assistance, whether it be through loans of any kind or sound advice. Feel free to contact us anytime for more information about our loans for clients around Utah and Idaho.