Many of us enter adulthood with loans or advances, whether through school or other avenues. With the ease of modern technology, it is now possible to service your portfolio anywhere. Whether you are trying to dig yourself out of debt or want to have the option of using an advance for your life, this article will provide four ways to service your portfolio.
1. Household Advances
In my opinion, the best way to service your portfolio is by getting a direct deposit. Go to one of the major banks or credit unions and tell them that you want to receive direct deposits. The process is simple: all you do is write a check, and, voila, they take that check! Credit unions will allow you to write checks up to $1,000 (or sometimes up to $2,000) at a time.
Make sure you know what your checkable limit is. If you are only allowed to write checks up to 50 dollars at a time, don’t use a credit union. If the bank has a minimum of $2,000, it would be better for you to use that bank instead of the one with a $1,000 minimum.
2. Transfer Money Online
Another way to transfer money this way is through an online money transfer service like Western Union or MoneyGram. This is a great avenue for people with limited access to banks and credit unions. You can ask your employer to set up a payroll account through these companies so that you can transmit money.
Once again, be sure to look at the checkable limits on these platforms. If you are only allowed to be given $300 at a time, then don’t use Western Union!
3. Prepaid Cards for Telephone Consumer Service (TCS)
Prepaid cards are also very easy to acquire online. You can buy a card from one of the major banks or a third-party vendor. I would suggest using a vendor like Green Dot or NetSpend, but this is not required. Both of these companies provide prepaid debit cards geared toward telephone consumer service (TCS) users.
You can buy these cards in $25 and $50 increments, which is perfect if you want to avoid debt on your phone. You use the card to purchase at the retail store. This is similar to how you might pay for something by swiping your debit card at the grocery store, except that your purchases are for TCS services.
4. Loan Servicing Software Platforms
With the Internet, it is now possible for individuals to hire other companies to manage their portfolios. While this is not exactly self-service, it is still a very easy way to manage your loan.
You will likely want to use a platform provider that has been recommended by a friend or family member. Additionally, you will want to avoid any company that requires payment of an up-front fee for you to receive information on their services. A lot of these platforms require you to pay for a report or an analysis before you can even receive information on their services.
Look for a company that will provide you with information at no cost. If they do charge, make sure that it is less than your regular monthly payment. You will want to find a company that will give you access to their platform for only $10 per month or less.
In recent years, the number of loan servicing platforms has skyrocketed in both the U.S. and abroad. They are available in almost every state, even though nearly all states have prepaid phone card laws.
In addition, you can use electronic transfers. If you can’t get a direct deposit or want to be able to access your funds faster, there is another way: electronically transfer your money whenever you need it. The process involves getting an account from a bank that allows electronic transfers and transferring the money from there to your other account. This is convenient for people who want access to cash but don’t have time for a check.
For example, if you need to use your loan as a security deposit, this could be a lifesaver. If your credit score is not good enough to obtain a traditional loan and you cannot use your savings account to pay for security deposits, this is the best option.
In conclusion, self-service is now possible. If you have any of the aforementioned options at your disposal, there is no reason that you should not be able to service your loan or advance portfolio anywhere. You can set up payments online, on your phone, and even through your employer. It’s your choice!