loans – The News Desk

What Can Student Loans Be Used For? | Mortgages

3Apr

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Money

What Can Student Loans Be Used For? | Mortgages

When you take out a student loan, your lender sends funds directly to your school. After your school deducts what's needed to pay for expenses such as tuition and room and board, it will disburse any remaining money to you for education-related expenses. But these expenses aren't just books and class fees. Student loan funds can be used to pay for rent, groceries and more.Before you have a heyday with your leftover cash, it helps to understand what the Department of Education considers "qualified educational expenses." While lenders don't track how you use your student loans, there are potential consequences for misusing the money.What Can You Use Student Loans For?Student loans can be used to pay for a range of costs related to higher education. Whether pursuing an undergraduate or gradu...

25Dec

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Money

Best MBA Student Loans of December 2023

What Are the Types of MBA Student Loans?For your MBA degree, you can choose federal or private loans. Direct unsubsidized loans: These loans have annual and total borrowing limits. They offer certain benefits, such as loan forgiveness programs and income-driven repayment plans, that private lenders do not. Graduate direct PLUS loans: Your borrowing limit is higher – up to the school's cost of attendance minus other financial aid – but the interest rate and loan fee are also higher. You'll get access to the same federal loan benefits. Private MBA loans: Some lenders advertise loans specifically to help MBA students pay for their degrees. Terms can vary depending on the lender, but you can typically borrow up to the total cost of attendance at your school. Private graduate loans: Most...

15Dec

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Money

Best Bad Credit Loans of December 2023

What Is a Bad Credit Loan?A bad credit loan is for borrowers with bad credit or thin credit. Loans may be secured or unsecured but are typically not secured by collateral such as your car or home. Bad credit scores fall between 300 and 579 on the FICO scale. The weaker your credit score, the greater the risk to the lender, which is why bad credit loans can be costly. You may qualify for a loan, but you could end up with an interest rate on the higher end of what the lender offers or a smaller loan amount than you want.Riskier types of loans, such as payday and title loans, are also available to borrowers with low or no credit scores.What Are the Current Personal Loan Rates? The average personal loan rate is 11.54% as of December 13, according to a Bankrate survey. Personal loan interest ...

What Is the Average Student Loan Payment? | Student Loans and Advice

15Dec

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Money

What Is the Average Student Loan Payment? | Student Loans and Advice

The average student loan payment is between $200 and $299, according to the most recent available data from the Federal Reserve. But considering the average debt among recent graduates who took out student loans is nearly $30,000, per an analysis by U.S. News, the monthly payment on a 10-year standard repayment plan would be on the higher end of that range – around $300. How much you pay toward your student loans each month will depend on a number of factors, such as the cost of your college program, the type of student loans you borrow and the repayment plan you choose.Find the Best Student Loans for You Lender Learn More Fixed APR Variable APR Loan Term Lender Learn More Fixed APR Variable APR Loan Term Lender Learn More Fixed APR Variable APR Loan TermHow Are Student Loan Payments Dete...

15Dec

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Money

Best Wedding Loans of December 2023

What Is a Wedding Loan?A wedding loan is an unsecured personal loan for wedding expenses. Couples can use a wedding loan to manage the expense of renting a venue, catering, attire, photography, floral arrangements and more. A wedding loan could cover rings or the honeymoon, too.As a personal loan, you can use a wedding loan for any expense, even if it’s not wedding-related.“It’s just cash in your account to use however you see fit,” says Christina Roman, consumer education and advocacy manager for credit bureau Experian. But she encourages borrowers to have a clear plan for how they’ll use the funds. “Be very careful when you’re getting that lump sum in your bank account,” she says.“Weddings may come around once in a lifetime, and while you may budget and DIY as much as you can, the reali...

Warning Signs, Examples and How to Avoid (231212loans.predatoryloans) (1 PV)

14Dec

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Money

Warning Signs, Examples and How to Avoid (231212loans.predatoryloans) (1 PV)

If you find yourself in desperate need of money, you're probably eager to get cash the fastest and easiest way you can. This might lead you into the wrong hands, however. Some lenders offer predatory loans in order to take advantage of your financial situation, which will only make things worse for you. Learn how to spot predatory loans, how to protect yourself from them and how to find alternative ways to borrow money.What Is a Predatory Loan?Predatory loans are loans that have unfair, misleading or unaffordable terms that tend to trap consumers in cycles of debt.Lenders who provide these abusive loans may target low-income families, consumers with low credit scores, older adults, small-business owners and communities of color, according to consumer advocates and research from the Center...

What Is a Tax Refund Advance? | Personal Loans and Advice

13Dec

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Money

What Is a Tax Refund Advance? | Personal Loans and Advice

For many, springtime means relief in the form of a tax refund. But if you need money right now, waiting for the IRS to issue your refund might not be ideal.That's where a tax refund loan comes in. While these loans can get you early access to funds, they can be expensive and unnecessary."Consumers should carefully consider the advantages of having quicker access to the money versus the costs incurred to obtain the loan," says April Walker, lead manager for tax practice and ethics with the American Institute of Certified Public Accountants.Read below to learn how to get a tax refund loan, where to find one and if it's the best option for you.What Is a Tax Refund Loan?When you file your tax return, you may end up owing the government money or getting a refund from the government. If you are...

12Dec

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Money

Best Personal Loans of December 2023

What Are the Current Personal Loan Rates? The average personal loan rate is 11.54% as of December 6, according to a Bankrate survey. Personal loan interest rates are trending higher over the past several months, increasing by about half-a-point since early July: Personal loan rates vary widely based on creditworthiness. Borrowers with very good or excellent credit scores will see much lower interest rates than those with fair or poor credit. Often, borrowers with bad credit will apply for a secured personal loan that uses an asset as collateral in order to achieve lower rates: Bankrate Averages What Is a Personal Loan?A personal loan is a type of lump-sum loan that you repay in fixed monthly payments over a set period of months or years, unlike a credit card or ...

Best Debt Consolidation Loans of December 2023

11Dec

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Money

Best Debt Consolidation Loans of December 2023

What Are the Current Personal Loan Rates? The average personal loan rate is 11.54% as of December 6, according to a Bankrate survey. Personal loan interest rates are trending higher over the past several months, increasing by about half-a-point since early July: Personal loan rates vary widely based on creditworthiness. Borrowers with very good or excellent credit scores will see much lower interest rates than those with fair or poor credit. Often, borrowers with bad credit will apply for a secured personal loan that uses an asset as collateral in order to achieve lower rates: Bankrate Averages What Are Debt Consolidation Loans?A debt consolidation loan is a type of personal loan that combines high-interest debts and allows for one fixed-interest monthly payment...

Loans: New norms to curb loans to influential borrowers

8Dec

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Business

Loans: New norms to curb loans to influential borrowers

MUMBAI: In a bid to curb quid pro quo in lending, the RBI will introduce new regulations that will prevent loans to entities that wield influence over lending institutions. RBI will also revamp rules for loan aggregators to ensure they act in borrowers' interest by offering them correct choices.The proposed changes are part of RBI's ongoing review of prudential norms, which are typically tightened during periods of high credit growth.In the preceding month, the central bank had increased the risk weight for consumer loans to curb their expansion. RBI has said that these measures are yielding results.The regulations on connected lending are in response to concerns that arise when there is no arm's length relationship with borrowers. Issues such as moral hazards, which can compromise pricin...