FAQs About Share Secured Loans

Date November 6, 2017

Wondering about share secured loans? Here’s all you need to know about this unique product that can provide a low interest rate plus credit building and repair:

1.) What are share secured loans?

Share secured loans allow you to borrow against your own savings, using it as collateral. Instead of liquidating your account to make a purchase, thus losing out on all dividends and an emergency safety net, you borrow against that sum while your money stays in the account.

2.) How does it work?

Your credit union will place a hold on the amount you want to borrow against. When you apply for the loan, you’ll be granted the amount you requested in the form of a check or a deposit into your share account. You can make payments on the loan through an automatic withdrawal from your account, via direct deposit or by sending in a monthly check.strong

3.) Who would benefit from a share secured loan?

Borrowers with damaged or no credit, who may not otherwise qualify for a loan, stand to gain the most from these loans. Since there is no risk to the lender, most credit unions grant instant approval of a share secured loan without requesting a credit report.

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Sticky Passwords: Can They Make Your Life Easier?

Date November 1, 2017

Remember the good old days when the only passwords you had to remember were one for your debit card and another for a single email account? Those days are long gone! Today, when the average American has three email accounts, is active on social media and has dozens of other sites and gadgets requiring passwords, keeping track of every personal access code can be incredibly overwhelming.

This is where password managers come into play. Available for installation on both mobile devices and desktop platforms, the programs work to help you manage your passwords so you never need to click on the “Forgot Password” link again. They also keep you from getting lazy and making the not-so-safe choice of having a device remember your passwords for you.

Sticky Password is one such resource, and it works quite simply. You can download Sticky Password by clicking on the “Get Sticky Password” button/link on the website,  StickyPassword.com. Once installation is complete, the program will launch and walk you through the setup process.

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College Students: A Study Guide For Your Personal Finances

Date October 30, 2017

Some of the most important lessons you’ll learn in college won’t be taught in a classroom. They won’t have papers or quizzes attached to them, but the tests will come every day for the rest of your life. Your ability to master the pressures of the adult world will determine, in large part, how well you live.

With holidays and final exams on the way, it’s a great time to think about studying, reinforcing the lessons you’ve learned outside of the classroom. Take a break from your cram session to brush up on strategies like …

1.) Saving papers

Many young people graduate from college without knowing how much they owe. Of course, they get statements every semester to tell them the loan amount, the interest rate and other important information. It probably gets put where every other important college-related document gets stashed, which means it’s going to get lost in a dorm room or backpack.

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3 Reasons You Need an Automatic Savings Plan

Date October 26, 2017

“Save money” is a timeless bit of personal finance advice, but actually doing it can be another story. If you need a way to boost your savings and stay consistent with your goals, setting up an automatic funds transfer can help.

There are two ways you might do this. You can set up a transfer from your checking to a savings or investment account at your financial institution. Another method can be having a portion of your paycheck directed into a retirement or other account by your employer, if possible. Here’s a closer look into why saving this way might help you reach your goals.

1. No effort needed after setup

Once you start automatic transfers, which might be made every week or two, you don’t have to give it another thought. This can be helpful if you tend to second-guess your saving decisions, such as whether you actually need to save 5% or 10% of your income this month. This way you can avoid doubting yourself and keep the savings flowing.

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Beware Of Student Loan Debt Relief Scams

Date October 24, 2017

More than 42 million Americans have student loan debt, with their collective debt topping $1.4 trillion. Unfortunately, these big numbers make student loan debtors excellent targets for scams.

The Federal Trade Commission (FTC), partnering with 11 states and the District of Columbia, has recently announced “Operation Game of Loans,” the first law enforcement initiative pursuing student loan debt relief scams. This nationwide crackdown includes 36 government actions against scammers alleged to have conned more than $95 million from victims.

The FTC has already charged more than 30 organizations with falsely claiming to be affiliated with the Department of Education, misleading advertising and collecting upfront fees with deceptive intent.

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7 Ways To Save On Thanksgiving Costs This Month

Date October 18, 2017

It’s hard to believe that we’e already talking about the holidays, but they’ll be here before we know it!

Between your turkey, ingredients for the holiday meal and décor to set the ambiance, hosting a Thanksgiving dinner is not cheap.

If you’re looking for ways to cut back without compromising on quality, read on for seven easy ways to save on Thanksgiving costs this year. 

1.) Verify your guests’ attendance

Get an accurate head count of your dinner guests. Verify that all who are invited are indeed planning on showing, and only then begin planning your menu.

2.) Find out what your guests like

While doing your inviting, find out your guests’ individual tastes and diets. Be sure to ask about particular foods your guests like to eat and those they won’t touch. If something on your menu isn’t very popular with your guests, skip it – even if you think it’s “obligatory” for a Thanksgiving table.

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Holiday Hacks For Traveling College Students

Date October 16, 2017

With the holiday season fast approaching, college students across the country are thinking about their trips home. Whether you choose to go home for Thanksgiving or Winter Break -or both – if that trip means hopping on a plane, you’re looking at some big expenses. Can a cash-strapped college student pay for airline flights during the most expensive traveling seasons of the year without going broke? They sure can! Here’s how:

1.) Start saving now

If you’ve got a part-time job, start skimming a bit off each paycheck for holiday travel costs. You can also skip one pricey indulgence each week from now until the holidays. This small sacrifice will help you save up that extra cash for when it’s time to travel. Every little bit adds up!

2.) Use student discounts

Some airlines understand that you’re a college student wanting to spend time with family over the holidays. That’s why some, like American Airlines, offer discounts for students of specific colleges. You can also look for other student discounts on sites like studentuniverse.com and STAtravel.com.

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I Need Money Fast! Is a Personal Loan the Answer?

Date October 13, 2017

Q: I need to get money together in a hurry. What can I do? Help!

A: There are times in your life when you need cash fast. It may be hospital bills, car trouble or crushing debt. A personal loan is for times like these. Personal loans range from $1,000 to more than $50,000, and are not secured with collateral. That means there’s no property that backs the value of the loan. Personal loans may seem attractive, but they do come with some downsides. Is a personal loan right for you? And if so, how do you go about getting one?

Let’s take a look at four critical questions to ask before getting a personal loan.

1) How’s my credit score?

Closely examine your credit score. You can check your credit score once a year at annualcreditreport.com. If your credit score is above average, finding a personal loan with a reasonable interest rate is easier. If your score is lower than you’d like, try a secured loan. Rates on secured loans are usually lower. You provide collateral as insurance in case you can’t pay it back on time. In many cases, you can use your savings account as collateral, but be sure to pay on time!

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Payroll (Pay) Card Or Direct Deposit?

Date October 10, 2017

Q: My workplace is offering employees a choice of receiving their wages by direct deposit or pay cards. What are the main differences between the two options?

A: Direct deposit  means your paycheck will be deposited right into your checking account, while a pay card works much like a prepaid gift card. There are many other differences, though. Here’s some things you’ll want to know about the two options:

1.) Attached fees

When your paycheck is directly deposited into your accounts at Matadors Community Credit Union, you keep every dollar; we never charge you for putting money into your account.With pay cards, though, fees are often attached to every point-of-sale transaction. Also, in order to access your cash, you may need to use an ATM, which means you may have to pay a surcharge to the ATM owner for doing so.

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How Low Can You Go? Give Your Child The Grocery Challenge

Date October 6, 2017

young girl grocery shopping with her motherDo you ever feel like all your money goes toward groceries? Out of all the non-fixed expenses a household can have, food costs take the biggest bite out of the average monthly budget. Understandably, trying to trim the family’s grocery bill is an ongoing battle for most of us. Give your kids a leg up on this lifelong skill by challenging them with this fun and educational activity.

Materials needed:

  • Coupon circulars and/or newspapers
  • Writing materials
  • Calculator
  • Piggy bank


  1. Give your child a reasonable budget to be used for a week’s worth of groceries for your family.

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