First State Bank and Trust

Many people don’t see the difference between a credit card and a debit card. Because they believe both cards provide almost the same financial output for them; let them buy things. If you wish to manage your finances smartly, it is imperative to learn the difference between these two.  Credit Card  With the credit card, a financial institution like a bank allows the user to borrow money from them on a short-term basis. Stillwater bank and trust is one such institution. Later, the user has to return the money with interest (differs from one card to another and based on plans). The primary benefit of credit cards is that you can borrow more money than what you have in the account. When a user withdraws cash from the credit card, he is taking debt from that financial institution. Yes, users can withdraw money from credit cards, just like a debit card. However, the interest rate, the limit, and other features vary from one card to another. There are various types of credi...

You buy a car with an auto loan and home with a mortgage loan. However, a personal loan can be a good option in various circumstances. As there is no collateral with a personal loan, the interest rate is higher for it. Here are some circumstances in which personal loan can be a good option for you.  When Are Personal Loans a Good Idea?  Let’s understand the scenarios when you can make the best use of personal loan.  #1. Consolidate credit cards  You can take a personal loan to pay off your maxed out credit cards. The personal loan will consolidate all the charges in one monthly payment. The interest rate of personal loans could be lesser than the annual percentage rates on your credit card.  #2. Improve your credit score  Credit score plays an important role in mortgage and auto loans. To improve your credit score, you can always apply for a personal loan. Pay off your credit card debt with a personal loan that will improve ...

Need to buy a car? Okay, you can get an auto loan to buy a car of your dreams. But for this, you must have a good credit score. What if your credit score is bad? The chances of getting approval for car loan reduces. Don’t worry! We’ve covered it for you.  Here are some steps that can help you to buy a car with a bad credit score.  Check your credit before buying a car – Check your credit report as soon as you plan to buy a new car, even if it's months or years in advance. And if your credit score is bad, start working on improving it. You can improve your credit score by paying off past-due accounts, disputing credit report errors, and adding positive information to your credit report. It improves the chances of getting approval for a car loan.  Check current interest rates – Check latest auto loan interest rates online to get a clear picture that what interest rate you should expect at your credit score. With good credit, you can qualify for a rate at or...

Credit scores are an attempt to gauge the likelihood you will repay a loan. Credit score range from 300-850. The higher the score, the more likely you will repay. Credit score 650 and below 650 is considered as a bad credit score. People in this category are considered high risk and have to pay higher interest rates. Pros of a bad credit loan: Loans for Bad Credit are fast: Most loan applications are available online and only take a few hours to get a response. Some banks or lenders transfer money to your account within a day.      Many Lender Options: The number of lenders for business loans is increasing every year. With little research and patience, you can find a lender who can offer you a loan with an interest rate that you can afford. Repayment Term Length: The repayment term can extend from one to five years depending on your lender. Improve Your Credit Score: If you make your payment in one go, it will improve your credit sc...

Getting approval for a small business credit card isn’t difficult and usually doesn’t need lots of paperwork. But the big question is, how to get approval for a small business credit card.  You can get approval for a small business credit card if:  You own a legal business – You can apply for a small business credit card if you already own a business. You have to submit your Employer Identification Number (EIN) and your Social Security number. Moreover, you need to maintain a good credit score as your personal credit report will be determined for the approval of a new business credit card. Your revenue – Don’t lie about your income when you’re applying for a small business credit card. Tell the truth and go through a financial review with a bank. If you’re a start-up and haven’t earned much, don’t worry to share your right income. You can also share the estimated income - if you’re sure that you can earn that. But if you haven’t started earning yet, your smal...