Challenges around renewables are prompting players in the “traditional” sector to collaborate on software they can modify to address their changing needs.
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Monday, October 14, 2019
After record world medal haul, Biles a face of 2020 Olympics
Next stop Tokyo for Simone Biles.
With Usain Bolt and Michael Phelps both retired since the last Olympics in Rio de Janeiro, the U.S. gymnast will be the face of the games for much of the world.
In gymnastics, no one else comes close. Biles won five of the six gold medals at last week’s world championships and broke the all-time record of 25 medals by any gymnast, male or female.
“She’s just above anything else that we have seen in the sport,” five-time Olympic gold medalist Nadia Comaneci said of Biles on Sunday, praising “the domination that she has toward all the other gymnasts that competed here.”
Biles has not just got the talent. She’s got the character of an Olympic star.
There’s the laser-like focus on training, the same easygoing humor which endeared the world to Bolt, and — crucially in the modern era — a savvy social-media style.
International Olympic Committee president Thomas Bach said Sunday that Biles’ star status would make gymnastics a must-see event at the Tokyo Olympics.
“You can have legends confirming their status as we have just seen with Simone Biles, this amazing performance there on the beam, but you also have new stars,” he said. “Gymnastics has all the ingredients to be top another time, I must say. A top Olympic event in Tokyo.”
Despite its dispute with Biles over the scoring for her new double-double beam dismount — its grade was lessened in part so as not to encourage less-skilled gymnasts to attempt the risky move — the International Gymnastics Federation knows Biles is crucial to the sport.
Labeling her “wonder woman” and “a hero,” FIG president Morinari Watanabe is keen for Biles not to retire after the Tokyo Olympics. “I hope she will continue after 2020, because she is an excellent athlete,” he said Sunday.
Biles is certainly the only athlete who could pull off her look in training at the U.S. nationals in August. She caused a stir with a leotard bearing her surname and a goat’s head picked out in sequins, a nod to “Greatest Of All Time.”
Few disagree, but Biles hasn’t yet won everyone over.
“There’s no need to turn her into some unbeatable queen. If I was 15 years younger, I’d definitely take the fight to the American,” the Russian gymnast Svetlana Khorkina said in comments on the Russian Olympic Committee website Thursday.
Khorkina won 20 world championship medals between 1994 and 2001 and held the women’s record until Biles overtook her Tuesday.
One record is likely to remain out of Biles’ reach, however. Soviet gymnast Larisa Latynina won a record 15 Olympic medals between 1956 and 1964. Biles won five Olympic medals in Rio de Janeiro, and could add six more next year in Tokyo, but appears highly unlikely to stick around until the 2024 Olympics.
However, there’s another record to aim for. Matching her world championship performance from last week would make Biles the first female gymnast to win five gold medals at a single Olympics, and the first female athlete to do so in any sport since East German swimmer Kristin Otto in 1988.
After Biles pioneered a new beam dismount and triple-double on the floor this season, her coach Laurent Landi says he favors refining her existing routines for the Olympics over adding yet more upgrades.
“I can find plenty of (upgrades), but you need to be realistic and only the medals count at the end,” he said. “We don’t need to show off everything we can do.”
___
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Queen Latifah to receive Harvard Black culture award
Music artist and actress Queen Latifah is among the honorees being recognized by Harvard University this year for their contributions to black history and culture.
Harvard is set to award the W.E.B. Du Bois Medal to Queen Latifah and six other recipients on Oct. 22, according to the Cambridge, Massachusetts, school’s Hutchins Center for African and African American Research.
Other honorees include poet and educator Elizabeth Alexander, Secretary of the Smithsonian Institution Lonnie Bunch III, poet Rita Dove, co-founder of Black Entertainment Television Sheila Johnson, artist Kerry James Marshall and Robert Smith, founder, chairman and chief executive of Vista Equity Partners.
The award is named after Du Bois, a scholar, writer, editor, and civil rights pioneer who became the first black student to earn a doctorate from Harvard in 1895.
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Sunday, October 13, 2019
Ariana Grande spills the beans on the upcoming ‘Charlie’s Angels’ reboot soundtrack
If the new trailer is to be believed, Aladdin‘s Naomi Scott, Kristen Stewart and Ella Balinska are serving up some serious girl power in the upcoming Charlie’s Angels movie.
Elizabeth Banks wrote the script and is helming the franchise reboot. The director will also star in the feature as Bosley, the boss to the trio of self-described “lady spies.” Patrick Stewart and Djimon Hounsou will play the other two “Bosley” in the project. According to the plot, the Angels are called into action to thwart a sinister plan involving dangerous technology.
“It was important to me to make a movie about women working together and supporting each other, and not make a movie about their romantic entanglements or their mother they don’t call enough,” Banks previously told EW of the movie, which follows the original 1976 crime drama series of the same name.
Charlie’s Angels aired on ABC from 1976 to 1981 starring late Hollywood icon Farrah Fawcett. Director McG served up two blockbuster features in the early 2000s starring Cameron Diaz, Drew Barrymore and Lucy Liu, with Bill Murray and Bernie Mac playing the Bosley character.
READ MORE: Simone Biles is now most decorated gymnast in history after winning her 24th world medal
Check out the second official trailer:
In addition to this new trailer, Ariana Grande unveiled the tracklist of the film’s soundtrack, including new songs from Nicki Minaj, Normani, Chaka Khan, and five original tunes by Grande.
READ MORE: Kanye West brings Sunday Service to Howard University, warns crowd to avoid ‘slave nets’
The pop star announced the list on Instagram along with the preorder link, writing, “Excited and honored to have so many phenomenal, bad ass mf women involved in this incredibly special project. We’re all so excited for you to hear this poppy, mildly trappy at times, action-filled, dream of a soundtrack. These songs are so right for this film! This has been such a unique and exciting experience for me and I’m so excited to see it and scream whenever I hear all my friends’ voices. The time is almost here.”
Charlie’s Angels hits theaters on Nov. 15.
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Kanye West brings Sunday Service to Howard University, warns crowd to avoid ‘slave nets’
Kanye West surprised students at Howard University with a Sunday Service on a Saturday for their homecoming- but not everyone was thrilled due to the rapper’s support of President Donald Trump.
West brought his famed “Sunday Service” to the historically Black university at about 8 a.m. Saturday morning, CNN reports, where he and his famed choir and a brass band performed a number of his hits, including “Jesus Walks,” “Fade,” “Beautiful Morning,” and more.
West was accompanied by wife Kim Kardashian and two of their children, North and Saint, according to TMZ. The service was lead by R&B singer Tony Williams …
The university posted video from the event on its official Twitter and it quickly drew criticism from the progressive anti-Trump crowd who called out those embracing West, considering his political views and alleged “anti-blackness.”
Howard professor, Dr. Keneshia Grant, tweeted that the “Kanye church thing makes me uncomfortable…”
This Kayne church thing makes me uncomfortable. There, I said it.
— Keneshia Grant, Ph.D. (@keneshiagrant) October 12, 2019
Twitter user @AmmonLyle wrote, “If you’re not intelligent enough to recognize that Kanye West is exploiting Black Christian culture AND Howard University to rebrand from supporting a racist, xenophobic con artist… please stay away from me.”
If you’re not intelligent enough to recognize that Kanye West is exploiting Black Christian culture AND Howard University to rebrand from supporting a racist, xenophobic con artist… please stay away from me.
— Ammon (@AmmonLyle) October 12, 2019
Several fans slammed the rapper online for selling his own merch at the event.
Columnist Tobi Oredein of Premier Christianity said in a recent article: ”As I watched these Sunday Services, I also wondered who was being glorified,” she said. “He’s employing a choir of people who are not only singing his songs, but are all dressed in his apparel. Is Christ really at the center of this gathering? I’m not sure he is.”
READ MORE: Middle school teacher in Pennsylvania placed on leave following racist rant
Greg Carr, an associate professor at Howard’s Department of Afro-American Studies, asked his followers on Twitter to send West to the school’s library to pick up a copy of The Mis-Education of the Negro. The 1933 thesis argues that Black Americans are being culturally indoctrinated in schools.
If @kanyewest is indeed at #HowardU this morning, send him to the third floor of Founder’s Library after he’s done. I have some books for him.#TheMiseducationOfTheNegro
— Greg Carr (@AfricanaCarr) October 12, 2019
In addition, writer Frederick Joseph tweeted that he “can’t blame Kanye anymore,” because “he’s shown us who he is.” Joseph noted that “Black people need to stop making space for his anti-Blackness.”
Can’t blame Kanye anymore, he’s shown us who he is. Black people need to stop making space for his anti-Blackness.
— Frederick Joseph (@FredTJoseph) October 12, 2019
But Twitter user Michael Menifee said, “If you truly pay attention, Kanye has shown us many sides of who he is. He is not the same person as the one we saw when he first appeared on Live TV. He’s growing and evolving like we all should be.”
If you truly pay attention, Kanye has shown us many sides of who he is. He is not the same person as the one we saw when he first appeared on Live TV. He’s growing and evolving like we all should be.
— Michael Menifee (@mmenifee26) October 12, 2019
Meanwhile, Yeezy fans seem to be divided ever since West met with Trump at the White House in 2018, and compared wearing a MAGA hat to having super powers. Later that year during his appearance on TMZ Live, the Chicago native ranted about “slavery being a choice.”
READ MORE: Kim Kardashian’s efforts help win release for man convicted of murder at 16
Most recently at his Utah Sunday Service earlier this month, he reiterated his support of Trump and told attendees that the “Republican party… freed the slaves.”
During his show at Howard on Saturday, the Grammy-winning artist told the crowd, “If they throwing slave nets again how about we all don’t stand in the same place.”
And with that… many have officially cancelled Kanye West. Others believe he is simply trying to “free our minds” so we’re better equipped to avoid being caught up in similar circumstances that have helped fuel the ongoing cycle of Black oppression.
Meanwhile, West has a gospel album coming out next month, “Jesus Is King” reportedly drops October 25.
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Two killed and one person still missing after Hard Rock Hotel collapses in New Orleans
Two are dead and one person is missing after a large section of a Hard Rock Hotel under construction in downtown New Orleans collapsed Saturday (Oct. 12), injuring more than 20.
Mandatory evacuations in the surrounding areas were issued as city officials are concerned about further collapse, CNN affiliate WDSU reports. New Orleans Fire Department Superintendent, Tim McConnell, compared the damage to that of an earthquake.
“I heard a huge noise and thought it was a plane crashing,” said Sue Hurley, a 68-year-old guest at a hostel across the street from the soon-to-be Hard Rock Hotel, located near the city’s historic French Quarter. Over 100 workers were on site during construction of the building when the structure gave way. More than a dozen were injured, two were killed, and one is still missing. All three are still in the building, officials said.
Rescue workers searched that unstable building until nightfall when the hunt was suspended over safety concerns. The search reportedly resumed Sunday morning.
The injured were taken to area hospitals Saturday. All but one person has been discharged, nola.com reports. He remains in stable condition after undergoing surgery.
McConnell has urged drivers to find alternative routes to work come Monday morning, as the area is blocked off from all traffic — both pedestrian and vehicular.
“The workday is tomorrow, so please plan ahead,” McConnell said. “We ask employers to be understanding — (employers) may be delayed.”
About 100 residents have reportedly been displaced due to mandatory evacuations near the site, several homeowners are seeking assistance through the New Orleans Health Department, officials said.
READ MORE: Family of woman shot and killed in her bedroom by Texas police demand answers
Authorities have not said what caused the collapse but WWL-TV shared a viewer’s footage of the building’s upper floors collapsing before one side of the building crashes to the street. Separate video footage shows workers emerging from a cloud of dust after the floors fall on top of each other.
Following the incident, Hard Rock International released a statement making clear the company had no involvement with construction of the building.
“Citadel Builders LLC was contracted by Kailas Companies, owner of the project, to build the Hard Rock Hotel based on a brand licensing agreement with Hard Rock International, the future manager of the hotel. Hard Rock has had no involvement in the construction of the project. We want to extend our deepest sympathies to victims of this tragic accident and to their loved ones and friends,” the statement read.
READ MORE: NY Socialite Bevy Smith allegedly denied cab ride because she is Black
Mayor LaToya Cantrell released a statement Saturday night, thanking the public for their support.
“Today’s collapse was a tragedy, and our hearts break for the loss of life,” said Mayor Cantrell. “Our focus is on continuing to secure the site and to doing everything we can to support the families impacted as rescue efforts continue.” She also noted that the rescue mission will shift into an investigation to learn what caused the building’s collapse.
Citadel Builders have vowed to work with with emergency officials on a plan to stabilize the building.
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Simone Biles is now most decorated gymnast in history after winning her 24th world medal
Simone Biles has officially achieved G.O.A.T. status by becoming the most-decorated gymnast at the world championships, winning gold on balance beam and floor exercises.
Biles earned a record-breaking 24th and 25th medals at the World Gymnastics Championship in Stuttgart, Germany, over the weekend, USA Today reports. She has surpassed the previous record by Vitaly Scherbo, who earned 23 medals over the course of six years in the 1990s. Biles has done it in just five. She tied Scherbo on Saturday by winning gold on vault. She earned her 24th medal on the balance beam Sunday morning.
READ MORE: Kenya marathon runner becomes first to break two-hour barrier
TheGrio previously reported, last Saturday, Biles served up two new skills that had never been performed in competition; the triple-double during her floor routine and the double-double dismount on the balance beam, which became a signature move bearing her name Biles II, CNN reports. The 22-year-old now has a total of four signature moves.
“If I were to label myself as a superstar, it would bring more expectations on me and I would feel pressured, more in the limelight, rather than now,” Biles said at a press conference before her performance last weekend at the 2019 FIG Artistic Gymnastics World Gymnastics Championship.
“I just go out there and compete,” she added. “I try to represent Simone… not ‘Simone Biles’ whenever I go out there, because at the end of the day, I’m still a human being before I’m ‘Simone Biles, the superstar.’”
READ MORE: Seattle Seahawks star, Tyler Lockett admits that he’s still a virgin at 27
On Tuesday, the gymnast won her 21st medal, leading team USA to their fifth consecutive world team championship. On Thursday, Biles bagged her fifth all-around world title when she beat China’s Tang Xijing by a 2.1 points.
“Every year it feels better and better just because we’re adding to the legacy,” Biles told reporters at the event. “I feel like I never think of records. I just go out there and do what I came to do, which is compete for the country.”
American Sunisa Lee, 16, took home the silver in her world-championships debut, and Russia’s Angelina Melnikova claimed bronze.
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Family of woman shot and killed in her bedroom by Texas police demand answers
The Fort Worth Police Department in Texas is under serious fire after an unarmed 28-year-old woman was fatally shot inside her home by an officer responding to a welfare check.
Atatiana Jefferson was reportedly playing video games with her 8-year-old nephew early Saturday morning when she heard a noise in her backyard and went to investigate. That’s when she was shot by an officer through her bedroom window, according to police bodycam footage, heavy.com reports.
Just before 2:30 a.m. Oct. 12, the officer, whose name has not been released, responded to neighbor James Smith’s call that the front door to Jefferson’s home was open and the lights were on– something Smith found quite concerning.
According to multiple reports, bodycam video does not show the officer announcing himself or knocking on the door. Instead, the cop walks to the side of the house, where he opens a gate to the backyard and uses a flashlight to search the exterior of the property. When he sees a person watching him from a window inside the house, he yells “Put your hands up. Show me your hands!” He then shoots through the window– striking and killing Jefferson.
READ MORE: Man who claimed sexual relationship with Sen. Kamala Harris has backtracked
Meanwhile, Smith is giving a side-eye to the officer’s response, telling WFAA he saw no lights, heard no sirens and noted that none of the responding officers identified themselves before the shooting. He insists there was no arguing, fighting, domestic violence and “nothing that they should have been concerned about as far as them coming with guns drawn to my neighbor’s house,” he said.
“Three or four tactical officers come from around the corner, somehow walk across the street in front of her house, past the front door which was open… Go down the side of her house to the rear of her house, and in less than a minute I heard gunshots,” he added.
According to the Fort Worth Police Department, the trigger happy cop perceived a threat and fired one shot. Jefferson died at the scene. Authorities released images of a firearm inside the home, but have not stated if Jefferson was armed with the weapon at the time of her death.
One Twitter user commented, “You ever notice how they are so quick to tell us ‘there was a gun in the house?'”
You ever notice how they are so quick to tell us ” there was a gun in the house”?
— CoolBeadsbyBootC (@CoolBeadsBootC) October 13, 2019
“It was nothing nefarious or illegal about owning a fire arm, and they presented in no way that the fire arm lead to their use of deadly force,” Merritt said. “The hardest part about it is, I spoke with an 8-year-old who explained what it was like inside of the house.”
The officer responsible for Jefferson’s death is currently on administrative leave pending an investigation.
Community leaders and neighbors believe the bodycam footage fails to support the typical “officer was in fear of his life” narrative, and family attorney Lee Merritt calls it another police-involved murder of an unarmed Black civilian.
READ MORE: Middle school teacher in Pennsylvania placed on leave following racist rant
Jefferson reportedly worked at Xavier University of Louisiana, where she also studied biology and majored in chemistry with a minor in pre-med. A GoFundMe has been set up to help the family cover “funeral cost and other expenses associated with this tragedy,” Merritt wrote on Twitter.
For all those who have reached out looking to support the family. This campaign is managed directly by Atatiana’s immediate family and will support them with funeral cost and other expenses associated with this tragedy. https://t.co/AAvTzwlDyA
— S. Lee Merritt, Esq. (@MeritLaw) October 13, 2019
The GoFundMe page notes that Jefferson was working in pharmaceutical equipment sales. The fundraiser has been trending on Twitter with the hashtag #SayHerName.
The shooting happened just weeks after Dallas police officer, Amber Guyger, was found guilty of murder after shooting her unarmed neighbor Botham Jean inside his own apartment last year. Guyger was slapped with a 10 years in prison. Three days after her trail ended, a key witness in the case, Joshua Brown, was shot to death in what many believe was an orchestrated police-involved hit, although the Dallas Police Department claims Brown’s death was the result of a drug deal gone bad.
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Are Unsecured Loans Worth It? The Pros and Cons
CNBC reports that the average American has $38,000 in personal debt, not including home mortgages. Taking out loans can be extremely beneficial, and sometimes necessary, depending on your financial needs. Common purchases using loans include new homes, cars, weddings, home projects, or medical bills.
“A personal loan can be a good way to consolidate existing debt, such as credit cards,” says Kathryn Bossler, a financial counselor at the nonprofit GreenPath Debt Solutions.
When applying for an unsecured loan, it helps to have a good credit score to get approval, but it is not completely necessary. We explain the difference between unsecured and secured loans, the pros and cons to unsecured loans, and why you might consider applying for one.
How to Choose a Personal Loan
Shopping for a personal loan isn’t like shopping for a couch. You have to take multiple factors into account. Here are questions to ask yourself, when it comes to personal loans:
- How much money do you need? Before you apply for a personal loan, evaluate your financial standing and know how much money you really need. If you want a loan for debt consolidation, for instance, take both the debt and the expected interest into account. Make sure the loan amount is reflective of your financial situation. You want to be certain that you can pay it off in time.
- How quickly do you plan on paying the loan back? Know how long it will take to pay back. If you’re planning to pay it back in six months, you’ll want to calculate how much you’ll have to pay in total.
- Are you putting down collateral? When you buy a home, the home is the collateral. If you don’t pay your bills, the lender can take back the home. If you need money for a wedding, in contrast, you’ll need a personal loan that doesn’t require collateral.
- What is your credit score? Lenders will consider your credit history, when you apply for a loan. The better the score, the better chances you’ll have of getting a low-interest loan.
Pros and Cons
There are many benefits to applying for and accepting an unsecured loan, especially when you’re in need of immediate funds. For starters, you get the benefit of consolidating all of your debts and paying one lender. There are other benefits, too. Here are a few:
- You don’t have to put down collateral. If you can’t pay off your mortgage or your auto loan, eventually you could lose your home or car to the lender. However, with unsecured loans, you get the benefit of not having to put any of your assets on the line.
- You can get approval within 24 hours. Some loans take weeks to procure, but with unsecured personal loans there are many lenders who offer immediate responses.
- These loans are more flexible. A lot of factors impact your approval, but unsecured loans have some flexibility. You might need a set amount for a wedding or a business and lenders will take this into account.
If you need funds fast, unsecured personal loans are a good option. However, it’s important to know the cons of committing to an unsecured loan:
- Unsecured loans typically have high interest rates. This isn’t usually the case for secured loans. For example, the average auto loan rate for someone with a 650 credit score is 7.65% on a new car. Want to know what interest rate to expect? Consider using a personal loan calculator.
- Personal loans without collateral are smaller. If you’re trying to get a large amount of funds, an unsecured loan isn’t the best option. Because lenders take a bigger risk when they approve them, they typically commit to smaller loan amounts.
Types of Unsecured Loans to Consider
There are two different types of unsecured loans: (1) revolving loans and (2) term loans. Revolving loans are loans that come with a credit limit that can be spent and repaid over and over again. Personal lines of credit and credit cards are the best examples of revolving loans.
A term loan is a loan that establishes a set timeframe and a set amount that needs to be paid off. The most common term loans are student loans, peer-to-peer loans, business loans, and personal loans.
Banks, credit unions, and online lenders offer unsecured loans. The biggest difference between banks and credit unions is that credit unions are not-for-profit and sometimes offer better interest rates than banks.
If you are already a bank customer, however, you might receive benefits from your bank, which may include: access to free credit scores, no extra fees, or easy access to debt consolidation loans. You can also consider online lenders who will be more likely to offer unsecured loans to individuals with bad credit. With online lenders, you can apply online.
Is an Unsecured Loan Right for You?
Secured loans are pretty straightforward. The most common secured loans are car loans and home mortgages. Less common secured loans include savings-secured loans, and title loans. If you’re buying a car, a home, or if you are in need of borrowed money for a vehicle maintenance or repair, you might want to consider a secured loan.
If you’re in need of funds for personal reasons, like a wedding, unexpected business expenses, or medical expenses, you should consider an unsecured loan. Here’s what you should ask yourself when considering if an unsecured loan is right for you:
- Do you expect to make a large purchase in the foreseeable future? If you have extra savings, then you might not need a loan. Consider how much money you really need. Lenders apply for various reasons: a funeral expense, a cross-country move, a hefty medical bill, or a home remodel.
- Do you have a lot of debt to pay off? Achieving a debt-free life is a great goal and consolidating can help you reach it. If you have outstanding balances on multiple credit cards, or various loan balances, you might want to consider one lender so you can combine all of your debt. Unsecured personal loan lenders often offer lower interest rates than credit card companies. However, if you are dealing with an exuberant amount of debt (debt that you can’t imagine paying off at any point in the next five years), you might have to consider other options like bankruptcy.
- Do you have to pay unexpected bills? Life happens. Maybe you broke your back. Maybe you and your partner are choosing to pay for fertility treatments. Maybe you have to have a root canal. For many reasons, you could end up with unexpected bills that you can’t afford to pay off right away. This is a good reason to consider unsecured loans.
- Do you have to pay business expenses right away? When you start a business, you often take out loans to get the business up and running. Sometimes, there are unexpected costs that require quick funds. An unsecured business loan can be obtained much quicker than a secured business loan.
Whatever you decide, make sure that you ask yourself the right questions before you start shopping and applying for a loan. According to Aaron W. Smith, RFC, AIF, “When looking to obtain a [business] loan, look for the following: the right lender, the lowest interest rate, an institution that has an interest in a business of your type and size with an interest in servicing the various credit and non-credit needs of your company, and financial stability.”
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How to Qualify for an Unsecured Loan
Most unsecured loan applications are approved based on an applicant’s creditworthiness. Since lenders take a bigger risk on unsecured loans, they typically come with higher interest rates. Some lenders require a minimum credit score so check their terms and conditions before applying.
If you have bad or poor credit, you can still get approved for a loan. Lenders like LendingClub will offer loans to those with bad credit. Bad credit is considered 300 to 620, according to FICO. The best score is 800. Not sure of your credit score? You are entitled to one free copy of your credit report every year. You can go through Experian, FICO, Equifax, or a free credit scoring service.
When you apply for an unsecured loan, you should expect to provide the following information:
- Personal information
- Background check
- Credit history
- Income level
- Debt amount
Approval will mostly be based on your creditworthiness, which is proof that you are capable of paying back a loan. If you have a higher score, you have a better chance of (a) getting approved and (b) getting a lower interest rate. However, it is possible to get a loan with bad credit. You might have to put up collateral (such as home equity or your car) or use a co-signer who is willing to take a risk on you.
Just know that if you don’t pay your monthly payments to the lender, this could greatly impact your credit score so only apply if you are confident that you can pay it off. Even one late payment can cause your credit score to decrease significantly so make sure you are choosing the right lender. Go to Better Business Bureau to read reviews of potential lenders before you apply.
How to Manage Unsecured Loans
If you aren’t sure if you can pay off the unsecured loan quickly enough, consider taking the time to build up your credit score. This isn’t always possible. If you are preparing for a funeral, you have to pay sudden, upfront costs, but if you are preparing for a wedding, you have many months to build credit before applying for a loan.
Once you get approved for an unsecured loan and know your unsecured loan rates, here are the best practices for managing it:
- Schedule monthly payments. Most lenders offer online payment methods. To ensure that you don’t miss a single payment, schedule them as soon as you get approved. If you can, set up automatic payments. The monthly fee might be higher than you expected, but it is a set number.
- Avoid defaulting. Defaulting means you are admitting to your lender that you can’t pay back your loan. If this happens, the lender can put your account into collections and take legal action against you. You would also hurt your credit score so it is best to simply avoid this.
- Remember why you applied for the loan. Maintaining financial goals is important for obtaining overall financial health.
When you eventually pay off your loan, Matt Frankel, certified financial planner and personal finance expert at The Ascent says, “Continue using just as much money as you had been using to pay down debt — but instead of putting it toward credit card and loan bills, put it into savings or investments.” The goal, ultimately, is to be satisfied with your financial wellbeing.
Preparing to Pay off Your Unsecured Loan
Before you get approved for a loan, start to consider the unsecured debt that you are about to owe. Loaned money is not free money. Loaned money is borrowed, meaning it has to be returned. Add that monthly payment into your budget. If you don’t have a budget yet, get started right away.
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