How You Can Take Steps to Spend Less During These Times of Rising Inflation and pay off your USPS allotment loan faster.

Everywhere you look, you see and hear about prices rising on virtually everything we need.  Supply chain disruptions and inflation are beginning to wreak havoc on people all over the world.  The costs of food, gas, clothing, lumber, paper products and so many things we use in our everyday lives keep going up with no end in sight.

What makes matters even worse is, if you have a postal allotment loan, the last thing you need is to default, refinance, or take out another loan just to keep yourself from going deeper into financial debt!

Planning and Steps You can Take to Help Pay Off Your Postal Employee Loan

The first step you should take is to make a plan on how you can begin saving money wherever you can….and sticking to it!  While this will involve some sacrifices, you’ll need to make changes to either change some of your spending habits or make more money.  If you do this you’ll end up having extra money to pay off your loans faster, if not altogether.

MONEY SAVING TIPS

A good starting point is to look at your current spending habits, which should include a list of everything your currently spending money on… and then determine where you can reduce the amount of money your spending.   This list should include all your fixed and miscellaneous expenses including the following;

 HOUSING – Mortgage – Rent

AUTO/LEASE – Insurance, License Plates & Driver’s License  Miscellaneous – Gas, Maintenance

UTILITY BILLS – Heat, Electric, Gas, Water

PHONE, TV, Internet

INSURANCE – Homeowners/Renters Insurance, Life, Health, Disability

PERSONAL CARE – Clothing, Dry Cleaning, Cleaning and Grooming, Hair Cuts, Salon Costs, Nails, Massage

CHILD CARE –School Supplies, Lunches, Miscellaneous Trips, School Programs and Sports Equipment

PET CARE – Food, Medical, License, Grooming

FOOD – Groceries, Dining Out

SUBSCRIPTIONS – Cable, Streaming, Magazines

MEMBERSHIPS – Fitness, Golf, Organizations, Clubs

ENTERTAINMENT/TRAVEL

DEBT – Loans, Credit Cards

HOME MAINTENANCE – Lawn/Landscaping Services

CONTRIBUTIONS – 401K, Savings Accounts

 

YOUR PLAN TO CUT EXPENSES

Now that you have looked at your expenditures, it’s time to calculate your net monthly income (Don’t forget to include taxes), and subtract your monthly expenses.  You’ll now know how much money, if any, that you have left to begin paying off your USPS Allotment Loan and other debts faster. 

Take a hard look at the areas where you can reduce your spending; create a budget based on your income and commit to it.

If you currently can afford to pay any items like auto insurance or membership fees every 6 months or yearly, that will save you money right away.

LOANS FOR POSTAL WORKERS CAN BE ACQUIRED FOR A CONSIDERABLY LOWER INTEREST RATE IF YOU HAVE A GOOD CREDIT SCORE.

If you’re a postal employee with a bad or poor credit score, raising your credit score is essential in getting approved for loans with lower interest rates.  In addition, you may not be able to get a loan for autos, mortgages, insurance or credit cards!  You’ll find some valuable information below on steps you can take to build and improve your credit score.

The good news is, Lightning Fast Loans can help you get a loan fast and easy!

IMPROVE CREDIT SCORE

 

  • Make sure to avoid late payments on any bills due.  Your payment history is probably the single most important factor affecting your credit score!
  • The amount of money you owe.  It’s important to keep the amount you owe on each bill as low as possible.    If you’re consistently at or near maxing out your credit limit it will negatively impact your credit score.
  • Avoid applying for new credit cards and loans if you have poor credit.  This could send a signal to banks and other lending institutions that you may have trouble paying off your existing debts and that you’re a poor risk for any new loans.
  • Check your credit reports.   You can get these reports free once a year from credit card bureaus, Experian and Equifax.  This is important as you’ll be able to tell where you might be able to improve your score.
  • Don’t close accounts you’ve had for a while.  The longer you’ve had a credit history the better.

 

Here is an excellent resource to help you improve your credit.

I HAVE POOR CREDIT.  CAN LOANS FOR POSTAL WORKERS BE APPROVED?

The good news is, even if you have a poor credit score, allotment loans for postal employees are available.  Lightning Fast Loans realizes that emergencies can occur; you may just need a little extra money for a vacation, or just want to do some home improvements.  We have over 20 year’s experience providing no credit check loans for postal employees.  The process is fast and easy, can be done over the phone, and in many cases if approved you will receive your money the next day except for Fridays and Holidays.

Please note, we only provide loans to those living in the following states.  Ohio, Michigan, Louisiana, Tennessee, Maryland, New Hampshire, Delaware, and DC.