Sunday, December 22

Tag: loans

How Do Pawnshop Loans Work? | Personal Loans and Advice
5Dec By adminNo Comments
Money

How Do Pawnshop Loans Work? | Personal Loans and Advice

If you need cash right away and you own something of value, you might consider taking out a pawnshop loan. These secured loans are relatively quick and easy. You'll head to a pawnshop and bring your property as collateral in exchange for cash. But a pawn loan is different from other types of debts because you're not obligated to repay it, as long as you're OK with forfeiting the collateral. While pawn loans come with some upsides, you should understand all of their features before using one.How Do Pawnshop Loans Work?If you want a pawnshop loan, the pawnbroker will not pull your credit but instead offer you a loan based on the value, condition and resale potential of your item. The amount you get largely depends on the pawnshop, which might lend as little as 15% or as much as 60% of the i...
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What Is the Conforming Loan Limit? | Mortgages and Advice
1Dec By adminNo Comments
Money

What Is the Conforming Loan Limit? | Mortgages and Advice

The conforming loan limit is the maximum amount of money a homebuyer can borrow using a conventional mortgage that's eligible for purchase by Fannie Mae and Freddie Mac. The Federal Housing Finance Agency, which oversees Fannie and Freddie, adjusts the baseline limit each year based on the national average home price, with higher loan limits in certain areas with an above-average cost of living.A home with an effective purchase price beyond the conforming loan limit must be financed through a nonconforming jumbo loan, which comes with stricter credit score and income requirements. Here's what to know about the 2024 conforming loan limit, including which types of mortgages must adhere to these limits and what to consider before borrowing a jumbo home loan.What Are the Conforming Loan Limit...
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How to Get Free Weekly Credit Reports | Credit Cards
29Nov By adminNo Comments
Money

How to Get Free Weekly Credit Reports | Credit Cards

The three major U.S. credit reporting agencies – Equifax, Experian and TransUnion – have made their offer of free weekly credit reports to consumers permanent. The reports, available on AnnualCreditReport.com, are being made available to all Americans to "empower consumers to more regularly review their credit history and better understand their financial data," the companies announced in a statement. The free weekly reports began in April 2020 at the start of the COVID-19 crisis. The service was initially in place for a year, but it had been extended several times since then. Most recently, in September 2023, Equifax, Experian and TransUnion made the service permanent.Before the pandemic, you could get one free copy of your credit report every 12 months from each credit bureau. Lenders a...
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Should You Get a Divorce Loan? | Personal Loans and Advice
23Nov By adminNo Comments
Money

Should You Get a Divorce Loan? | Personal Loans and Advice

Divorce can be emotionally and financially traumatic, potentially generating debt as you and your spouse split income and assets. Taking out a loan to tackle some of that debt might seem like adding gasoline to the fire, especially if your income will be dramatically slashed once the divorce is final.But depending on your circumstances, taking out a divorce loan could be a good option for the next stage of your financial life. Here's a look at how a divorce loan can help or hurt your post-divorce finances.What Is a Divorce Loan?A divorce loan is a personal loan used for divorce-related expenses. Personal loans are unsecured loans that allow you to borrow a specific amount of money and pay it back, usually in monthly installments.Interest rates for personal loans are usually lower than rat...
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How to Get a Personal Loan With a 550 Credit Score | Personal Loans and Advice
20Nov By adminNo Comments
Money

How to Get a Personal Loan With a 550 Credit Score | Personal Loans and Advice

If you have strong credit, you likely have a better shot of qualifying for a personal loan with lower rates and more favorable repayment terms. But if you have a poor credit score of 550 or lower, you may have a more challenging time getting approved. However, it is possible.The downside, though, is that if you're approved, a lender will likely charge you a higher-than-average interest rate, says Jason Sohnen, certified financial planner and director of wealth coaching at OneEleven Financial Wellness.Below we'll cover how your credit score affects your personal loan approval chances, some lenders that offer bad credit loans, how to understand the application process and alternative options.How Your Credit Score Affects Personal Loan Approval and RatesWhen you have a poor credit score, it ...
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Should I Refinance My Student Loans? | Find the Best Loan for You
17Nov By adminNo Comments
Money

Should I Refinance My Student Loans? | Find the Best Loan for You

Refinancing student loans could benefit you in numerous ways: You could score a lower interest rate, simplify your debt repayment or help release a co-signer.Refinancing could also eliminate protections and benefits from your original student loan, particularly if you convert a federal student loan into a private one. Plus, current interest rates are significantly higher going into 2024 than they were a few years ago, minimizing the potential for big savings.Before you refinance, make sure you understand your options. Learn more about the student loan refinance environment so you can make the best decision for your education debt. Find the Best Student Loan Refinance Lenders Lender Learn More Fixed APR Variable APR Loan Term Lender Learn More Fixed APR Variable APR Loan Term Lender Learn ...
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How to Borrow Money from Friends and Family | Personal Finance
15Nov By adminNo Comments
Money

How to Borrow Money from Friends and Family | Personal Finance

Whether you’ve run into unexpected expenses, want some help with a large purchase or need cash to move your business idea forward, there's a variety of reasons that you might consider turning to friends or family members to borrow money.The Federal Reserve benchmark interest rate is at 5.4%, its highest level in 22 years. That puts the prime rate, available to the most qualified borrowers, from most financial institutions above 8%.While borrowing money from friends and family can be a lower-cost way to access funds – or the only way, if you have a poor credit or no credit history – it can also create challenges for relationships.If you are planning to borrow money from your friends or family, keep these five tips in mind:1. Be Transparent About Why You Need the CashAsking a loved one for ...
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Do Personal Loans Help or Hurt Your Credit Score? | Personal Loans and Advice
10Nov By adminNo Comments
Money

Do Personal Loans Help or Hurt Your Credit Score? | Personal Loans and Advice

A personal loan offers fast access to a lump sum of money that you repay in fixed installments over a set period of months or years. Since personal loans are typically unsecured and don't require collateral – much like credit cards – the lender determines your interest rate and eligibility based on your credit history.Borrowing a personal loan can impact your credit score in a number of ways. But generally, taking out a personal loan and repaying it on time will have a more positive than negative effect on your credit score. Keep reading to learn how personal loans can help – and sometimes hurt – your credit score, so you can set realistic expectations when borrowing one.How Personal Loans Affect Your Credit ScoreOpening a new credit account, such as a personal loan, almost always require...
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Is a Business Line of Credit a Good Idea? | Small Business Loans and Advice
1Nov By adminNo Comments
Money

Is a Business Line of Credit a Good Idea? | Small Business Loans and Advice

If your business is struggling to make ends meet, a business line of credit may be the right solution. Similar to the way a credit card works, a business line of credit allows you to borrow funds up to a certain amount and pay interest on only the money you borrow. After repaying the funds, you can continue withdrawing more money on the line. "A business line of credit can be crucial to help a business take advantage of an opportunity or weather a crisis," says Gerri Detweiler, former education director for Nav, a business credit and financing resource. "It allows you to borrow only what you need, up to your credit limit, and only pay interest on the money you have borrowed." As long as you can qualify and use the line of credit judiciously, it can be one of the best tools available to yo...
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