Personal Loans and Advice

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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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...

Best Low-Interest Personal Loans of December 2023

16Dec

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Money

Best Low-Interest Personal Loans of December 2023

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 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 Why Is a Low-Interest Personal Loan Important?The lower your personal loan interest rate, the less you'll pay to borrow money. This scenario shows how interest rates aff...

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 ...

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...

Best Personal Loans for Credit Card Refinance of December 2023

14Dec

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Money

Best Personal Loans for Credit Card Refinance of December 2023

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 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 Find the Personal Loan That's Right for You What to Consider When Shopping for Credit Card Refinance Personal LoansIf you're interested in the best debt consolidation lo...

Best Personal Loans for Students of December 2023

13Dec

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Money

Best Personal Loans for Students 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 How Do Personal Loans for Students Work?When you obtain a personal loan – whether from a bank, credit union or online lender – you usually get the money upfront and pay i...

Best Personal Loans for Good Credit of December 2023

13Dec

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Money

Best Personal Loans for Good Credit 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 Can You Get a Personal Loan With Good Credit?Good credit makes loan approval more likely but doesn't guarantee it. You should have no problem meeting the minimum credit s...