TD Bank Second Chance Checking Account Alternatives

In the last few years many people have made poor financial decisions which have led to the closing of a bank or checking account.  Unfortunately, after this happens, it can be difficult to open a new checking account.  Some of those living in the Northeast may seek TD Bank second chance checking account alternatives.  It is important to note that at the present time TD Bank does not offer a second chance checking account.  If you have bad credit or have made poor financial decisions you will have to look elsewhere when it comes to a new checking account.

// ]]>

What is a Second Chance Checking Account?

For anyone who has had a checking account for their entire adult career it is sometimes difficult to think how hard life can be without one.  If individuals have made bad financial decisions they could lose the luxuries of a checking account.  One of the quickest ways to do this is to overdraw an account repeatedly.  If you are constantly fighting a losing battle of taking out more funds than that in your bank account there is a possibility that you could lose this account.  Unfortunately, some of these individuals may have a very low income.  With the low income and a high amount of bills it is hard to pay all of these obligations.

Rather than assuming that there were no opportunities available it is always hard to do research.  When looking for second chance checking accounts remember that there are many available in each and every state.  In fact, there are usually several credit unions locally that can help with a second chance checking account.  When seeking alternatives to TD Bank make sure to keep an open mind.  Do not assume banks like Bank of America, Wells Fargo, J.P. Morgan Chase or Citigroup are the only options.

When looking to open a new checking account most financial institutions will use the ChexSystem.  Basically, this system checks to make certain that an individual will stay current with their checking account.  There are many more aspects of the system but I will not go into detail.  Just know that you want to pass this system to take out a new checking account.  If you fail to pass the ChexSystems you will likely need to seek a second chance checking account from a financial institution.

TD Bank Second Chance Checking Account Alternatives

At the present time TD Bank does not offer second chance checking accounts.  This is very important to remember when looking for a bank of choice.  Even though TD Bank does not offer these opportunities it does not mean they’re not out there.  I would strongly suggest doing plenty of research online to see what opportunities are available in your area.  TD Bank has a very strong presence in the Northeast. TD Bank has locations in Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Vermont, Virginia, and Washington, D.C. If you’re in any of these states there are alternatives available.

Below is a list of some of the financial institutions that may be able to help when it comes to getting a second chance checking account:

  • Dollar Bank
  • FinTrust Bank
  • Philadelphia Federal Credit Union
  • National City Bank
  • PNC Bank

How Much Does a Second Chance Checking Account Cost?

Before assuming that a second chance checking account will be completely free it is important to do homework.  Most financial institutions charge for a second chance checking account.  With this in mind look for institutions or banks that have free second chance checking.  If you have been into WalMart location in the last several years of likely seen banks that offer second chance check.  In some parts of the country these are WoodForest National Bank locations. Do research on the WalMart banks in your area.

// ]]>

Also note that some of the bank names you know maybe willing to offer bad credit products.  If you have made very poor financial decisions with bill payments in the last several years you may need to look for second chance checking account options.  This is very unfortunate as it will cost money down the road but at least you will be able to direct deposit paycheck.  It almost seems like second nature to most people to direct deposit paycheck so I can be very difficult when this option is not allowed.

It is also difficult to think about not being able to pay bills through a checking account.  Most people in the United States have some type of automatic withdrawal.  This is not available for individuals who have lost the ability to have a bank account.  Rather than going through a very stressful financial life it never hurts to address these problems quickly.  One way to address these problems is to pay all debts.

Paying off Bad Credit Personal Loans

One of the biggest issues when it comes to paying off debts is the interest rate that is applied.  There is often a very high interest rate applied to bad credit loans which makes it harder to pay off these debt obligations.  If you are currently paying on a credit card or loan with an interest rate about 20% it makes it very hard decrease the balance.  It never hurts to use a financial calculator to better understand ways to pay down debts.

If you have a bad credit loan from TD Bank, Wells Fargo, Citi or any other financial institution it never hurts to pay off a significant amount of the balance.  Rather than worrying about low credit interest rates it might be best to take advantage of budgeting and paying off high interest rate debts.  This has been proven to help those who want to get out of debt. Unfortunately, some Americans continue to worry about taking out more money to make purchases.

If you go out to eat multiple times a week you are likely spending too much money.  Simply writing down each and every dollar that is spent will help you better understand where your money is going.  Most people do not want to do this as it’s a hard pill to swallow.  Most smart phones have some type of app that will allow you to take notes.  Use these notetaking apps to document where money is going.  If you have an iPhone or an Android phone there are plenty of opportunities available.

In fact, Google Keep was recently released and it is very helpful to those looking to take notes easily.  Even if you go into a convenience store or gas station to make a chewing gum purchase it should be documented.  Although this is only a few dollars here and there they can add up very quickly.  When writing this number down you’ll recognize that sometimes you don’t need that $4 coffee.  There are likely many other opportunities in which you can get cheaper coffee.

Checking Accounts in Philadelphia, Pennsylvania

As I mentioned earlier TD Bank has a large presence in the Northeast.  If you are currently looking for a second chance checking account or a conventional checking account in Philadelphia, Pennsylvania there are a few options.  Take the time to use Google Maps or the FDIC search tool to find banks.  By finding multiple options most individuals will find that their financial life is much easier.

It never hurts to have multiple options when it comes to finances.  There are many American adults who have several checking accounts.  I would never suggest creating a half-dozen checking accounts but more than one is not a bad decision.  Below are some of the local towns and cities near Philadelphia Pennsylvania:

  • Camden, NJ
  • Gloucester City, NJ
  • Yeadon, PA
  • Collingswood, NJ
  • Darby, PA
  • Pennsauken, NJ
  • Lansdowne, PA
  • Audubon, NJ
  • Drexel Hill, PA
  • Bellmawr, NJ
  • Cherry Hill, NJ
  • Ardmore, PA
  • Haddonfield, NJ
  • Woodbury, NJ
  • Springfield, PA

If you live in one of these areas there is a good chance that you’ll be able to find a TD Bank location or another financial institution that offers checking accounts.  If you’re having trouble finding a financial institution that offers a checking account please feel free to comment below and I will help you find a bank.  You may also want to comment on my Google plus profile as I often check this social medium multiple times a day.

As with any major financial decision is always a good idea to sleep on the decision before this made.  Unfortunately, some people jump into the first offer and they miss out on opportunities to get better checking account.  Document the fees and costs that will come along with a second chance checking account before signing on the dotted line.  This will make one’s money decisions a little bit easier in the future.…

Union Bank Bad Credit Personal Installment Loans

Union Bank is one of the largest financial institutions in the state of California and it offers many opportunities when it comes to borrowing cash. This bank used to be named Union Bank of California before changing in recent years. When looking for bad credit personal installment loans or unsecured personal loans it is always a wise decision to check your credit score and make certain that there are no major issues. When seeking Union Bank bad credit personal installment loans remember to do extensive research before making any final decisions.

// ]]>

Bad Credit Personal Installment Loan Interest Rates

If you are looking to borrow $500, $750 or $1000 you may consider small personal loans or installment loans. Make a mental note that anyone with bad credit will find it extremely difficult to get low interest rates on these types of loans. This is very unfortunate as it can cause major financial problems down the road. In fact, some people have seen their credit score drastically decline by taking out bad credit unsecured personal loans.

With this in mind it may be a wise choice to come up with a strong weekly or monthly budget to determine just how much money can be spent. If you have a very low income and you are struggling to understand what opportunities are available please contact a financial advisor or someone who better understands how to manage money. Having low income and high amounts of debt can be a huge problem for individuals looking to get ahead.

This is something that has become very common over the last several years. In fact, there are some people that have had to file bankruptcy due to the fact that they continue to take out bad credit personal installment loans. When looking for unsecured personal loans recognize that the interest rate is very high and it could cause financial problems. Note that Union Bank offers many personal loan products but do not feel as if they will give someone with a credit score under 600 a significant amount of money.

Union Bank Bad Credit Personal Installment Loans

As mentioned earlier, there are several opportunities to borrow money with Union Bank. That said, please do not feel as if bad credit borrowers can walk in and take out $5000 or $10,000 in cash. Below are some of the available resources explaining what opportunities are available at Union Bank:

You Have a Dream — Let Us Help You Finance It

Union Bank’s Personal Line of Credit provides you with cash when you need it. Use the credit line as you see fit, when you see fit — and you don’t have to own a home or property to qualify. 1

A personal line of credit is a financial cushion that may provide you with a better rate than most major credit cards. You’ll have convenient access to cash when you need it and won’t be charged when you don’t use it.

Fixed- and variable-rate options: Benefit from changes in the market by choosing when to fix your rate or stay with the variable rate.

Instant cash: Write checks for as little as $500 — or for as much as your available credit limit of $5,000 to $250,000.

Revolving credit: Have access to your line again and again as you pay back the money you borrow.

Discounts: Discounts available on fixed-rate options when you choose automatic payments from your Union Bank checking or savings account.

In the next few years it will be interesting to see just how many banks start to offer bad credit unsecured personal installment loans. After the credit crisis many of these financial institutions were not willing to offer poor credit types of loans. In fact, Bank of America is one of the largest financial institutions that stopped offering this line of credit. Make a mental note of this when going into any financial institution looking to borrow money with a very low credit score.

Union Bank would be considered one of the more popular banks in the state of California but recognize it is not the only option. I would strongly suggest avoiding payday loans or cash advance loans as these types of loans have very high interest rates that could cause major financial problems down the road. The interest rate on some of these bad credit payday loans exceeds 300%. The payday loan companies explain it as fees but you are getting charged high interest for a 10 day or two week period.

Personal Installment Loans vs Payday Loans

When looking at bad credit payday loans versus personal installment loans it is important to recognize there are some major differences. The biggest difference is the fact that bad credit payday loans will have to be paid back in 10 days or in two weeks. The reason they are called payday loans is because individuals will have to pay the loans off with their next paycheck. This is very unfortunate for someone who has a very low income and really can’t afford these high fees.

// ]]>

Fees will be applied to the amount of money borrowed through bad credit payday loans. Individuals will likely pay between $10 and $15 for every $100 borrowed. This means that for every $500 borrowed you’ll pay an extra $50 in the form of fees. When looking at the interest rate on this money you can see that it is clearly very high. This is unfortunate as most people do not understand they are paying interest rates in excess of 300%.

A bad credit personal installment loan is much different in that borrowers will likely take out more money than a payday loan and they will pay it back over the course of time. In fact, some borrowers have the opportunity to pay it back over 84 months or 72 months. This will drastically decrease the monthly payment because there is so much time to pay the loan off. That said, there are often high interest rates that are applied to this amount of money. Expect to see interest rates as high as 18% or more on some of these bad credit personal installment loans.

Credit Union and Community Bank Installment Loans

If you are looking to save money on low interest rates you may want to consider credit unions or community banks when it comes to installment loans. Most of these financial institutions have very strict guidelines when it comes to the interest rate that can be applied. This is very useful for individuals that have a high interest rate on the money they are borrowing. In fact, some credit unions will only charge up to 15% on a credit card or personal loan. Do plenty of research and understand what interest rates will be applied to money borrowed from a credit union or small community bank.

Something else that is very beneficial is the fact that community banks will get to know you by name. When taking out a bad credit personal installment loan with Union Bank or Discover Bank or Capital One Bank you will instantly become a number. Rather than becoming a number you will be a person at some of the small local community banks. Make a mental note that some of these local community banks only offer financial products to individuals who have residency in a different county.

If you do not have residency in the county in which the credit union or community bank is headquartered there is a good chance that you will not be able to open up a bank account with this specific financial institution. This is very sad for individuals who want to get the lowest possible interest rates on personal loans. Always do your research before giving up hope. There are some community banks that will allow individuals of neighboring counties to take advantage of the low interest rates on personal loans, home loans and credit cards.

Personal Loans in San Diego and Los Angeles, California

When looking for Union Bank bad credit unsecured personal loans there is a very good chance that individuals will be living in the state of California. Some of these individuals may live in or around San Diego or Los Angeles. Luckily, there a number of great financial institutions that are in these areas. Below are some of the local towns to San Diego:

  • Coronado, CA
  • National City, CA
  • Chula Vista, CA
  • Lemon Grove, CA
  • Bonita, CA
  • La Mesa, CA
  • La Presa, CA
  • Spring Valley, CA
  • Imperial Beach, CA
  • El Cajon, CA
  • Rancho San Diego, CA
  • Santee, CA
  • Bostonia, CA
  • Tijuana, Mexico
  • Lakeside, CA

If you live in one of these areas there are opportunities to borrow money even if you have bad credit. If you have seen your credit score decline drastically over the last several months or years it may be more difficult to take out a loan but there are still lenders. Do research on the FDIC website before assuming there are no options available in April 2020 and beyond. If you live in Los Angeles there are also plenty of opportunities. Here are some of the small towns and around Los Angeles:

  • East Los Angeles, CA
  • Huntington Park, CA
  • Maywood, CA
  • Walnut Park, CA
  • Commerce, CA
  • Bell, CA
  • Glendale, CA
  • South Pasadena, CA
  • Monterey Park, CA
  • South Gate, CA
  • Cudahy, CA
  • West Hollywood, CA
  • Alhambra, CA
  • Bell Gardens, CA
  • Westmont, CA

As stated earlier, just because you do not live in the city limits it does not mean that there will not be loan opportunities. Take advantage of personal installment loans with low interest rates if they are possible. Unfortunately, some people do not do this and they end up missing out on opportunities to borrow up to $25,000 cash. I would strongly suggest anyone with bad credit look for borrowing opportunities even when they don’t really need the money.

All of that being said, make sure to create a strong weekly or monthly budget and understand where money is going. If you have more money going out than coming in it would be a wise choice to either get a second job or consider cutting back. One of the easiest ways to cut back is to eat out less or simply not go to movies as much. You may be surprised to find how much money you spend just by going to the movies once a week or even twice a month.

By looking at this budget and analyzing your financial information there is a very good chance that you will improve your financial history. This will make it much easier to take unsecured personal loans in the very near future. This will also make it much easier to buy a home and pay down the monthly mortgage.…

First Merchants Bank Indiana Secured Credit Card

Many people living in and around the Indianapolis, Indiana area have multiple options when it comes to banks and lenders.  Some may seek out a First Merchants Bank Indiana secured credit card as this is one of the more popular financial institutions in the area.  Whether borrowers live in Carmel, Lawrence, Greenwood, Fishers, Mooresville, Franklin, Greenfield, Noblesville or Lebanon there are First Merchants Bank options in the area.  Bad credit borrowers may also look online for different types of secured credit cards.

// ]]>

First Merchants Bank Credit Card Offers

When looking to re-establish or build credit it never hurts to look for secured credit card options.  Even those with little to no credit will have an opportunity to borrow money with these types of credit cards.  Below is the information on the First Merchants Bank secured credit card from the bank’s website:

24 Hour Customer Service

Zero Fraud Liability: Cardmember is not liable for fraudulent purchases when card is lost or stolen.**

Verified by Visa

Car Rental Discounts with Avis, National and Hertz

Travel Accident Insurance

Extended Warranty Insurance

Payments Made Easy – Auto Pay, Telephone Payment, Internet “You Pay,” Mail, CSR-Assisted Phone Pay

Easy Banking – Online Account Access, 24/7 Customer Service, Full-Service Telephone Banking

There are three other types of credit cards that are currently offered by First Merchants Bank Indiana.  These credit cards are as follows

  • Visa Bonus Rewards Card
  • Visa Platinum Card
  • College Rewards Visa

Take the time to look over these options but it often takes a credit score above 650 to qualify for these types of opportunities.  If students are looking for a credit card it would be a good decision to apply for the College Rewards Visa before looking at any secured credit card options in 2013.  Before hitting the submit button on any application all borrowers should recognize that this could hurt a credit score.  If individuals have built up a huge amount of debt and they are looking to gain access to more cash applying for a new credit card is probably not the best opportunity.

What To Do When You Run Out of Money

Rather than applying for a First Merchants Bank Indiana secured credit card when money is low it is a smart decision to create a very strong weekly or money budget.  This is not difficult to do as all it takes is a sheet of paper and a pen or pencil.  For a full week write down every single penny that is spent.  This includes the cup of coffee going to work.  This includes the pack of chewing gum at the local gas station.  This includes the tub of popcorn when watching the latest movie at the cinema.

After one full week look at all of the expenses.  There is a good chance that some of this stuff is not needed.  Instead of paying $60 for a haircut and shampoo it is quite possible that a haircut under $30 is available.  Instead of paying for floor tickets to the musical it might be worth it to sit in the upper deck for once.  Cutting back on some expenses will make a financial life much easier.  Although this sounds easy it can sometimes be difficult.  If someone has lived an affluent lifestyle for several years or even decades it can be hard to cut back.

This is why it is imperative that every single penny spent is written down.  To make the process easier, try to not use any secured credit cards or rewards credit cards.  Go to the local First Merchants Bank and take out $20 cash every day.  Most people should be able to reduce daily expenses to $20 or less.  If this is difficult then work needs to be done.  Spending strictly cash will also help as borrowers won’t be charged any interest on the money they spend.

After this week or two week process is complete it is time to decide how much money needs to be earned to live a certain lifestyle.  If more money is going out than coming in there is a huge problem.  Either a second or third job needs to come about or expenses should be cut back.  Once again, this can be difficult but it is possible.  Something that can be very positive about a second or third job is the fact that taking up the majority of the day working means there is much less time to think about spending money.  In fact, there will be much fewer opportunities to spend money because the jobs are taking up so much time.

These are just some suggestions when it comes to saving money.  If this is not a huge issue then a First Merchants Bank secured credit card might be an option to build credit.  When building credit, all borrowers should recognize that there is interest charged on money that is not paid off every single month.  This is something that is very difficult to understand for new borrowers.

First Merchants Bank Secured Credit Card Interest Scenario

If a credit card has a 10% interest rate or APR that means that every $100 spent that is not paid off will earn $10 interest over the course of a year.  This interest compounds every month so it will likely be more if borrowers keep building up a balance on their credit card.  Also note that late payments and other expenses can add up when it comes to borrowing money through a credit card.  No matter what, avoid credit card check advances at all costs.

For those who may not understand this process here is a brief overview.  Credit card companies will often mail blank checks to borrowers stating that they can write an amount on the check and go cash it at the local bank.  Unfortunately, this is not free money.  If you write a check for $2000 you will have to pay the $2000 back with interest.  Once again, interest becomes a huge issue for anyone who does not understand the basic idea behind compounding interest.  Doing some research on compounding interest should be required for anyone that plans on applying for a First Merchants Bank Indiana secured credit card in the near future.

If applicants are 100% certain they are going to pay their credit card off every single month the First Merchants Bank secured credit card would be a good choice.  Unfortunately, most people go into the borrowing process with this in mind but something happens.  They may have tire issues with their car or an unexpected accident happens that requires $500.  Instead of using cash many people will simply swipe the credit card and forget about it for a few months.  This seems to be all too common during the holiday shopping season.

Let’s go back to the practice of writing down every single expense.  Something else that borrowers may want to do is write down every dollar they earn versus every dollar they spend.  If an individual makes $500 a week they will make $100 a day Monday through Friday but they will make $0 on the weekends.  This means they will need to make certain they save up enough to get through those days when no money is coming in.

There are plenty of great spreadsheet software options online and I would strongly suggest Google Docs.  Google users with a gmail address can access these documents anywhere they can check their gmail.  Creating two separate columns for money coming in versus money going out is not difficult at all.  With spreadsheet software you can also set it up where it adds up the columns for you.  This could be a tool that is used over the course of your life so you don’t have to think about applying for secured credit cards when money gets low.

Cashiers Check or Money Order with Secured Card Application

This is something that is very important for anyone who will be applying for a First Merchants Bank Indiana secured credit card.  This is quoted directly from the First Merchants Bank website:

How does the Secured Card work?

To establish a secured savings account, simply send a cashier’s check or money order along with your application. The minimum deposit amount is $300 and the maximum amount is $5,000. Your credit line will equal the amount of your security deposit. You still must make payments to your Secured Card account like you would with any other credit card.”

That means that an applicant must have at least $300 to go along with the credit card application.  This is one of the reasons it is a good decision to improve a credit history.  Applying for a regular rewards credit card will not require a deposit.  Unfortunately, most of those who will be applying for some type of secured credit card do not have the credit score or credit history to qualify for some of the better credit cards that are currently available.  The amount of the cashiers check or money order will be the balance on the credit card until a credit score drastically improves.

Building credit over the course of time with a secured credit card is a good idea but consider many other options.  Instead of having to use cash as collateral consider using a debit card or bank account to make purchases.  This may not improve a credit score as quickly but it will help to get you out of the “credit card mindset.”  Too many people simply pull out a credit card and swipe it for any purchase.  This means that it becomes a habit and some bad credit borrowers may select the wrong credit card when making a purchase.  There is nothing worse than using a high interest rate retail credit card when a debit card could have been used.

Alternatives to First Merchants Bank in Indiana

Although First Merchants Bank Indiana is a fine financial institution that is secured by the FDIC it might be a good idea to look at alternatives when it comes to credit cards or bank accounts.  Remember that Visa and MasterCard are credit card issuers but many times it is the banks that take the applications for the lines of credit.  Here are a few alternative lenders in the Indianapolis area:

  • National Bank of Indianapolis
  • Fifth Third Bank
  • KeyBank
  • PNC Bank
  • Forum Credit Union
  • Old National Bank
  • Teachers Credit Union
  • First Financial Bank
  • Union Savings Bank
  • Harris Bank
  • Family Horizons Credit Union
  • Woodforest National Bank

Note that many of these banks are not exclusive to only Indianapolis or Indiana.  In fact, many banks are starting to branch out to a new area as they are gaining their financial footing after the credit crisis.  Sometimes it is worth it to deal with a local community bank as they will know your name rather than simply your bank account number.  That being said, there are some limitations to a local community bank.  If you travel a lot there is a good chance you will not be able to find bank locations in other states and especially in other countries.  Another issue may be the fact that smaller banks do not offer as many financial products such as ATV loans, farm loans or unsecured credit cards.

There are plusses and minuses to all financial institutions.  Before hitting submit on a First Merchants Bank secured credit card think about a credit union.  Credit unions have very strict guidelines when it comes to credit cards.  They cannot charge an interest rate above a certain level which is very important for those that carry a balance on their secured credit card.  Unfortunately, not everyone will be eligible to apply for a credit union secured credit card.  Do plenty of research on local credit unions to see what application requirements are set.…