personal loans – The News Desk

16Apr

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Money

Best Home Improvement Loans of 2024

What Is a Home Improvement Loan?A home improvement loan is a type of personal loan used to pay for home renovations, upgrades and repairs. You can use unsecured personal loans to finance virtually anything, from HVAC replacements to bathroom remodeling. Personal loans typically have fixed interest rates and monthly payments, allowing you to repay the money you borrowed over a set period of years.Home improvement loan amounts can range from $1,000 to $100,000 or more, which gives you the flexibility to finance minor or major projects if you don't have tappable equity – or if you simply don't want to use your home as collateral. That being said, you can also use home equity loans and lines of credit, or HELOCs, to pay for home improvements.Pros and Cons of Home Improvement LoansProsFixed pa...

What are Joint Personal Loans? | Personal Loans

2Apr

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Money

What are Joint Personal Loans? | Personal Loans

Key Takeaways A joint personal loan is different from having a guarantor or a co-signer, in that the joint borrower has access to loan funds. You might have a better chance of being approved for a joint personal loan – and perhaps even score a lower interest rate – but there are also risks to consider. The process of applying for a joint personal loan is similar to other loans. Sharing a financial product with another person is not uncommon – just think of a joint bank account or mortgage. Personal loans are no different, and many banks allow you to take out one of these loans with another party, known as a joint personal loan.Taking out a joint personal loan is a bit different from having a co-signer or guarantor, and it comes with its own benefits and drawbacks. Read on to learn m...

Personal Loan Statistics and Trends to Watch in 2024 | Personal Loans and Advice

29Dec

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Personal Loan Statistics and Trends to Watch in 2024 | Personal Loans and Advice

Consumers are increasingly turning to unsecured personal loans to achieve their financial goals, whether they want to knock out home improvement projects, consolidate high-interest credit card debt or simply pay for an unexpected car repair.Personal loan balances have ballooned – both at the individual borrower level as well as nationally – at a time when interest rates have also risen rapidly. Simply put, personal loans are getting larger and more expensive to repay. Meanwhile, more borrowers are becoming delinquent on their personal loan debt.Learn more about the personal loan trends from 2023 and how that will impact borrowers into 2024, according to a U.S. News analysis of industry data from TransUnion, Experian, the Federal Reserve and the National Credit Union Administration. Person...

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

20Nov

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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 ...

What Is Loan Deferment and How Does It Work? | Personal Loans and Advice

14Nov

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What Is Loan Deferment and How Does It Work? | Personal Loans and Advice

If you're having trouble repaying your loan as promised, requesting a loan deferment might help you temporarily pause or reduce payments. Plus, it can help you avoid late fees and damage to your credit.But before you apply for deferment, you should consider potential drawbacks, such as higher total borrowing costs. Keep reading to learn how a deferment works, the pros and cons and alternative solutions.What is a Deferred Payment?During deferment, a lender allows you to temporarily skip payments without facing negative consequences like paying late fees. You're still responsible for making these payments at a future date.For example, if you get approved for a six-month deferment, the lender will typically add six additional monthly payments to your repayment term.How a deferred payment wor...

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

10Nov

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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...

1Nov

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Money

How it impacts your money

The Federal Reserve left its target federal funds rate unchanged for the second consecutive time Wednesday.Even so, consumers likely will get no relief from current sky-high borrowing costs.Altogether, Fed officials have raised rates 11 times in a year and a half, pushing the key interest rate to a target range of 5.25% to 5.5%, the highest level in more than 22 years. "Relief for households isn't likely to come soon, at least not directly in the form of a cut in the fed funds rate," said Brett House, economics professor at Columbia Business School.The consensus among economists and central bankers is that interest rates will stay higher for longer, or until inflation moves closer to the central bank's 2% target rate.What the federal funds rate means for youThe federal funds rate, which i...

Can You Buy a Car With a Personal Loan? | Personal Loans and Advice

31Oct

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Money

Can You Buy a Car With a Personal Loan? | Personal Loans and Advice

Buying a car can be great fun, but you'll likely face at least some financial limitations. If you aren't planning to pay cash for your car, you'll need a plan for how to finance it. An auto loan is the natural choice, but one other option you might consider is a personal loan. Auto loans and personal loans have key differences, and an auto loan will typically make more sense.Can You Use a Personal Loan To Buy a Car?Yes, you can use a personal loan to buy a car. A personal loan can be used to buy almost anything not prohibited by the lender, says Ganesh Pandit, professor of accounting at Adelphi University.What usually matters for approval is your perceived ability to repay the loan, not how you'll use the money. The lender may ask the purpose of the funds when disbursing the loan, but thi...

4Oct

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Money

Afterpay Review | U.S. News

How Does Afterpay Work? Afterpay is an easy-to-use buy now, pay later service. Several retailers have a built-in Afterpay payment option in their checkout – both online and in stores – where you can simply select the Pay in 4 repayment.Alternatively, you can add the Afterpay Plus Card to your digital wallet from the lender's app. Then, when you check out at your favorite retailer that accepts Google Pay or Apple Pay, you'll simply tap it like a normal credit card and your installment plan will be set up automatically.When you set up your Afterpay account on the app, you'll be prompted to link the credit or debit card of your choice. After you make a purchase, installment payments can be automatically charged to the card on file.Afterpay also offers a monthly payment loan that comes with s...

Personal Loan vs. Home Equity Loan: Which Is Better? | Personal Loans and Advice

30Aug

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Money

Personal Loan vs. Home Equity Loan: Which Is Better? | Personal Loans and Advice

Both personal loans and home equity loans allow you to borrow a lump sum of money that you repay in fixed monthly payments, but each financial product comes with its own benefits and drawbacks. Tapping your home equity may be a smarter move than borrowing an unsecured personal loan in some cases, and vice versa. If you're considering taking out a loan to make home improvements, finance a large expense or consolidate high-interest debt, carefully weigh the pros and cons of personal loans and home equity loans in the analysis below.Find the Best Personal Loans for You Lender Learn More APR Loan Amount Min. Credit Score Lender Learn More APR Loan Amount Min. Credit Score Lender Learn More APR Loan Amount Min. Credit ScoreWhat Is a Personal Loan?An unsecured personal loan is a type of loan th...