When you do a quick online search about personal finance tools, you would find a lot of them and one of those is WalletHub. So what does this service have that’s different from all the rest? Well, first of all, it’s free and it will allow you to understand your loans, credit cards, and other financial accounts a better. When creating an account, it will show you your credit score prominently, and this gives you an idea of what to focus on. There are a lot of neat things about it and nearly everything is really useful, but there are others that do better in this department, such as the aid brought about by Mint.com.
WalletHub Aims to Let You Understand Your Finances Better
What makes WalletHub appealing right off the bat is that it’s free to use. However, you do have to provide some personal information for the service to operate properly. Some of the details that you have to provide are your address, date of birth, and the last four digits of your social security number. If you think that this might be a threat to your privacy, do take note that most online personal finance tools only require a limited set of personal information. This allows the service to pull the required data on your behalf.
The result when using the WalletHub service is that you gain the convenience and results than hiring your very own personal accountant. Furthermore, since it is mostly automated, you do not have to worry about the possibilities of human error (unless it’s from you).
Still, if you do not want to give away your information, there are other choices such YNAB and Mvelopes. The latter is online, but it operates entirely using manual entry but you do not need to input any personal information. That being said, there is that room for human error when you use it.
Going back to WalletHub, since it uses the personal data that you supply, it will find loans and credit cards that are in your name. It will then gather the necessary information about them like if there are late payments you’ve made, or certain balances. There are also times when the service will tell you if it needs more information regarding an account to better monitor it.
But what about security when using WalletHub? The service does promise that every data placed into the application is secured. But do remember that privacy and security starts with you. Hence, if you really want to secure your account, then you would have to have a strong password for it.