Personal Loans Advice – The News Desk

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

29Dec

By adminNo Comments

Money

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 $5,000 Personal Loan | Personal Loans and Advice

21Aug

By adminNo Comments

Money

How to Get a $5,000 Personal Loan | Personal Loans and Advice

The average emergency is getting more expensive, and thousands of Americans are living paycheck to paycheck without the means to cover the cost. When a home repair might run you over $2,000, a health emergency more than $1,300, and an unexpected bill over $1,800, you may find yourself in need of a large sum of money in a pinch.There are lots of options available for getting a $5,000 loan, including payday loans, personal loans and credit cards. For those with a good credit score and favorable debt-to-income ratio, personal loans are probably your best option, thanks to their manageable interest rates and clear repayment terms.Read on to learn more about how you might qualify for a $5,000 personal loan.Qualifications for a $5,000 LoanThe qualifications for getting a $5,000 personal loan ar...

How to Get a Small Personal Loan | Personal Loans and Advice

20Aug

By adminNo Comments

Money

How to Get a Small Personal Loan | Personal Loans and Advice

Small personal loans can provide the funding you need to pay for incidentals like car repairs, medical bills, replacement appliances and other unexpected expenses. You may also use a personal loan to pay off a small amount of credit card debt at a lower fixed interest rate.However, many lenders have minimum borrowing amounts of at least $2,000, which means you may have to do some research to find a small loan that doesn't require you to take out more debt than you need. Here's what you should know about finding the right loan for your circumstances and what to consider before applying, as well as alternative ways to cover a small expense.Where to Get a Small LoanSmall personal loans may be available through banks, credit unions and online lenders. To find the right loan for your needs, fi...

How to Get a $20,000 Personal Loan | Personal Loans and Advice

19Aug

By adminNo Comments

Money

How to Get a $20,000 Personal Loan | Personal Loans and Advice

If you need to borrow a sizable amount of money – such as $20,000 or more – a personal loan may be your best option. Personal loans allow you to borrow money for just about any purpose, and perhaps borrow more than you could with a credit card. Plus, the interest rates are fixed, and often much lower than credit cards, payday loans and other expensive forms of financing – especially if you have good credit.So if you're in need of a $20,000 personal loan, try following these steps to get approved for the full amount.1. Check Your Credit Score.Your first step when attempting to get a personal loan should be to check your credit score.Lenders take into account your credit history and credit score to decide whether you are a good candidate for a loan.Credit score requirements vary by lender, ...

5 Costly Debt Consolidation Mistakes – and How to Avoid Them | Personal Loans and Advice

18Jul

By adminNo Comments

Money

5 Costly Debt Consolidation Mistakes – and How to Avoid Them | Personal Loans and Advice

Debt consolidation can help you save money on interest and get out of debt faster, but it doesn't always work as planned. In a recent U.S. News survey of consumers who have borrowed a debt consolidation loan, more than a third regret doing so. Nearly as many say their finances haven't improved since they consolidated their debt. Here are some of the most common mistakes borrowers make when consolidating debt and how to avoid them: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 ScoreLocking In the First Interest Rate You’re OfferedIf you're applying for a debt consolidation loan, it may be tempting to lock in an offer just because the lender offers a lo...

The 6 Best Vacation Loans to Fund Your Next Trip | Personal Loans and Advice

15Jul

By adminNo Comments

Money

The 6 Best Vacation Loans to Fund Your Next Trip | Personal Loans and Advice

In desperate need of a summer getaway but a little short on savings? Is there a new niece or nephew you want to visit or a last-minute wedding to attend?If you don't want a lack of cash to stop you from boarding that plane or hitting the road, you may have to turn to a vacation loan – which is essentially a personal loan that's used to cover the cost of a trip.Though a personal loan for vacation is not ideal, be sure you get the best deal possible – and have a reliable plan for paying it back. Learn more about how vacation loans work, how to compare offers, alternative options for funding a trip and our top picks.Are Vacation Loans a Good Idea?The term vacation loan is a marketing phrase, says JP Dowds, CFP and wealth advisor at Marshall Financial. "It's really just a personal loan you're...