Below you’ll find the most frequently asked questions and their corresponding answers.
If you still have questions not answered below, contact us today for any additional information.
Where did all my money go? That’s a common question to expect when your son or daughter gets his/her first paycheck. (As adults, we often wonder the same thing.) This is a good time to walk your child through the ins and outs of a paycheck stub. From line-item deductions to taxes to gross vs. net pay, it’s important that they understand why their take-home isn’t what they expected.
One way to prepare your child for real-world paychecks is to deduct “taxes” from their allowance. You can withhold a percentage that represents their tax bracket, and put it away for educational supplies/activities, health and safety items or transportation (new bike, skateboard, etc.).
Here’s some further information about paychecks and deductions:
Here’s a common scenario: your child must have that next greatest thing, and the time in between birthdays and holidays seems like an eternity! They may have some spending money earned from an allowance or a job which, undoubtedly, is burning a hole in their pocket. Now’s a great time to teach your child about spending, saving, making purchases on credit and why their financial future depends on these choices.
Educating your child about smart spending from the get-go will set them up to be conscientious money managers later in life. A few important lessons to bestow are how to create and stick to a budget, planning for the unexpected and spending wisely. And when covering credit, things like interest, monthly payments, credit score and debt are key.
Here’s more information to get the conversation rolling:
If only it were as easy as a certain real estate board game – but banks can seem complicated to grown-ups, let alone kids. When your child is ready to open his/her first account, take them on a field trip to your bank or credit union. A personal banker can help you explain how a bank stores money, what interest is and how deposits/withdrawals work.
You can also introduce the two primary bank accounts – savings and checking – and how each functions. Grab your checkbook and walk your child through how to fill out a check, show them how a debit card works, and teach them how to keep an account balance up to date (overdrafts are no fun).
Banks and credit unions are an important part of everyday life, so here’s some more information about how they operate:
When it comes to credit cards, consumers are typically at a disadvantage. Interest rates—especially high ones—are designed to keep your debt outstanding and keep you making payments for what seems like forever. If you are unable to pay your card off every month, and are making the minimum payment due, your interest is stacking up and costing you a fortune. And if you forget a payment, your credit card company can hike your rate, creating an even greater burden.
High-interest debt coupled with paying the minimum amount creates a perfect storm for the average credit card holder…and a lot of profit for credit card companies. Overspending and not having a household budget can swallow consumers in a never-ending cycle. Knowing how credit cards and interest work is an important step to becoming debt free. Here are a few resources to help explain further:
Debt consolidation can be a good solution for many who are overloaded with high-interest debt. When considering consolidation, it’s important to evaluate your financial status and see how you’ve arrived at your current situation. Sit down with your bills and monthly expenses. It’s important to look at your debt-to-income ratio and see if your debt load is too much for your income.
After examining your spending habits, it will become clear if consolidation is a good solution to help eliminate debt. You can also determine how much you will need to borrow to pay off your current debt and how long it will take to pay off the loan. To help you in this process, here are some tips and tools to get started:
Getting out of debt is great; but staying out of debt is even better. If you choose to consolidate and pay off your debt, it’s important to avoid falling back into old habits. Making a personal debt plan is essential to your future financial health. One of the most important ways to avoid debt is to save. That way, if something unexpected happens, you won’t be forced to use a credit card. Even if it’s just a few dollars every paycheck, it will add up quickly.
Keeping close track of your spending is also really important. Impulse purchases usually lead to buyer’s remorse and overspending. Before you make any large purchase, really do your research and consider why you need it. Write down your financial goals and keep them in your wallet or purse. That can also help keep you motivated and on target. For more ways to create and stick to a financial plan, see the following:
Yes, Lendmark has several ways to access your specific account without the coupon from your statement. Simply make sure you account number is on your check when making your payment.
Yes, you may make a payment on your account at any Lendmark Financial Services branch.
Lendmark offers a variety of personal loans for seasonal purposes such as vacation, back-to-school and holiday purchases, home repair projects, unexpected emergency expenses, and debt consolidation needs.
You will need to contact the branch location where you received your loan to discuss your specific situation.
As a courtesy to our customers, Lendmark sends out a monthly statement to show that your last payment was applied to your account and provide the current loan balance and payment amount due. The bottom of your monthly statement contains a payment coupon which can be removed and mailed back with your payment in the return envelope provided.
There are certain situations in which your due date may be changed. Please contact the Lendmark Financial Services branch where you received your loan to discuss your specific situation.
Collateral requirements are based on the loan amount you request. Please contact your local Lendmark Financial Services branch for further information.
This depends on what type of account you have. Lendmark has both pre-computed accounts and interest bearing accounts. Please contact the Lendmark Financial Services branch where you received your loan for further information about your specific account.
Yes. If you pay an amount that is greater than the monthly amount due this additional amount may be applied to your account to reduce the outstanding balance that you owe.
Lendmark Financial Services offers loans from $500 to $15,000. All loans are subject to normal underwriting guidelines and collateral requirements.
Yes, Lendmark reports monthly to all (3) national credit bureaus: Equifax, Experian, and Transunion.
Lendmark currently accepts cash, personal check, cashier’s check, money order or debit card payment. You may also contact any Lendmark branch to set-up a one-time or recurring payment via Automated Clearing House (ACH) bank draft.
Yes, you can make a debit card payment online at www.lendmarkfinancial.com. You can also make a debit card payment via our automated pay by phone system by dialing 1-866-327-7669.
Not at this time. This functionality will be available soon.
Who can I contact regarding a complaint I may have concerning my account, or service I have received from Lendmark?
Lendmark strives to provide only the very best service to our clients. If you have a complaint concerning your account or service your have received which could not be satisfactorily resolved by your local Lendmark Financial Services branch, please call (866) 413-8340 for assistance.
Lendmark strives to protect everyone’s personal information- past, present and future borrowers. If you think that an account may have been opened fraudulently, please contact Lendmark Financial Services at 866-413-8340 for assistance in filing a claim or contact us via email at firstname.lastname@example.org. Other actions for identity theft victims can be found online at www.consumer.ftc.gov website.