Short-term loans are generally unsecured personal loans that have repayment terms of 3 years or fewer.
If you need a personal loan to consolidate credit card debt, there are plenty of lenders who can help you pay off your debt faster and more efficiently.
Whether you are taking out a personal loan to better your debt situation or you’re finally getting the kitchen remodel you’ve been dreaming of, the lender you choose is important. The right lender and rate could save you thousands over the lifetime of your personal loan.
Federal Reserve Chairman Jerome Powell has highlighted the possibility of raising interest rates to control inflation as soon as March 2022.
Your credit score reflects your financial health, and you probably only notice it when it’s bad. Every adult in the US has a 3-digit credit ranking that shows whether their credit is good or bad. A credit score of over 680 is considered good or excellent, whereas a credit score under 600 is below average. A poor credit score of 580 or lower can seriously affect your life.
Here is proof that even the darkest clouds have a silver lining. As humanity faces its greatest challenge this century, one small upshot is that borrowing costs will fall.
The cost of planning a wedding has climbed high, making it difficult for the average Jane to make a wedding on the average monthly salary. For this reason, more people are turning to personal loan services to fund their wedding.
Many people seek out personal loans without really understanding the mechanics behind the process. Getting accepted by a lender for a personal loan is determined by several factors, some of which you may not have control over.
If you’ve ever applied for a loan, tried to buy a large item on a financing plan, or have a credit card, you’ll have been asked about your credit score. Your credit score is a way of measuring how financially responsible you are so that banks and other lenders can decide how risky it is to give you a loan.
Personal loans are the fastest growing form of consumer credit in the United States and they’re about to become even more popular.
Bad credit can make loan providers wary of lending money to you. Personal unsecured loans, which are the fastest and easiest type of borrowing, might not be open to your credit score but there are other ways to access money if you need it in an emergency, to cover temporary cash flow issues or to pay for a large purchase. Here are 7 of the best types of loans to turn to if you have bad credit.
Today, there are more lenders and funding options available than ever. From debt consolidation to innovation funding, borrowers look toward these resources for financial help. With thousands of lenders to choose from, how can you tell which one is the best fit for your needs? Compare LendingClub and Prosper, 2 reputable lenders, to see which one comes out ahead in this head-to-head comparison.
‘Tis the season for early holiday gift shopping–and for figuring out how to fund all those expensive purchases.
What if there were something you could do to instantly improve your credit score, possibly by more than 20 points? That something, according to a new TransUnion study, is a debt consolidation loan. Read on to find out how.
Applying for a term loan can be difficult and tedious, not to mention all the different eligibility criteria. Applying for a loan? Be aware of the debt-to-income limit. Business loan? Let’s hope you’re making more than the minimum monthly revenue. Personal loan? Get ready to reveal your annual income.
If you haven’t applied for a personal loan before, you may not know what to expect. Thankfully, the process is pretty straightforward at most online lenders. Once you’ve decided on a lender, you usually just have to fill out a quick application. Then, the lender makes a decision and, if you’re approved, deposits funds into your account a handful of days later.
Your FICO credit score is a big deal. The slightest change in your score can mean the difference between loan approval or rejection, or between a good or bad interest rate. That’s why it’s important to understand how FICO’s new credit rating scale will affect you – and what you can do to emerge stronger.
We gathered four leading professionals on personal finance to discuss the state of the economy, how it affects American households and what you can do to keep your head above water during this high tide.
This new reality that we’re experiencing is changing everything, including the way we borrow money. We asked leading finance professionals to present the good and the bad options for American households and businesses seeking a loan.
Getting back to civilian life can be tough for military veterans, and financial issues can often arise. Many vets find that without the regular service pay and benefits, they may not have the funds they need, and that when it comes to job experience, their service often doesn’t help them put together the type of resume that employers are looking for.
Before you head to the bank to take out a loan for a new car, small business or other investments, take the time to fully understand how your interest rate is calculated. This will help you to better understand your loan terms and conditions with your bank, and put you in a better position to negotiate your rates.
Online lending has become a booming industry in recent years, providing loans to countless people who prefer the ease, speed, and competitive rates of online lenders.
The number of people taking out loans in the US has been steadily on the rise in the years since the mortgage crisis. As the economy recovers, more consumers are avoiding traditional credit alternatives in favor of better deals and safer terms thanks to new loan options.
When you need instant cash, it might be tempting to take whatever loan you can—including a no credit check loan. But before taking this or any other type of loan, you should understand the loan you’re getting, and how it might affect your financial future.
Whether it's for purchasing a car or house, consolidating debt or for general expenses, you may be considering taking out a personal loan. Personal loans can be secured or unsecured, at fixed or variable rates, and range from as little as several hundred dollars to $100,000 for major expenses.
Sometimes you may need to secure a loan and find this easier said than done. A popular option is to look for unsecured personal loans—offered by many personal loan companies. These are often easier to get than secured loans, though there are some guidelines to keep in mind before moving forward.
A long-term personal loan is essentially any loan with a repayment period longer than around 3 years. Long-term personal loans usually offer higher loan amounts, lower interest rates, and are frequently secured to some item of collateral, such as your home or your car. Unsecured long-term personal loans will not have lower rates or higher loan amounts because the risk to the lender is still high.
Now that you’ve decided to take out a loan, how do you decide which type is the right personal loan for you? The first question to ask yourself is, “What is this loan for?” Is it for a small business or personal use? Is it to pay for a big expense, like a wedding or a car, or to cover personal expenditures? Is it to help you buy a home? The loan’s purpose will impact which type of loan is right.
From peer-to-peer lenders and micro loan websites to major brick and mortar banks, there are plenty of avenues for you to find your personal loan.
A personal loan is typically a small loan ranging from several hundred dollars to as much as $100,000. These are more likely to be unsecured loans. That is, the borrower wasn’t required to put down any collateral, but typically pays a higher interest rate to compensate for the risk the lender is taking.
Maintaining financial security isn’t just a matter of making all your expenses every month, it also means clearing enough to put some away for a rainy day or for major purchases down the road.
Taking out a personal loan can be a wise decision if you’re looking to consolidate debt or make a purchase that you simply don’t have the funds to make at the moment.
How would you like it if your loan provider invited you out for drinks? Maybe yoga is more your speed? That's no problem. If you're working with SoFi, you can find any number of events that may appeal to you. But, since when do money-lenders get involved in the private lives of their customers? When your name is Social Finance, it shouldn’t come as a big surprise.
Declaring bankruptcy used to carry stigma, but today declaring bankruptcy is mainly seen as a necessary step taken to repair financial well-being. While it does afford you a fresh start, it also brings new issues to contend with.
If you need some extra funds, one of the most important things to know is the best type of personal loan for your needs. When it comes to personal loans, there are 2 major categories that you will come across: secured loans and unsecured loans.
There are plenty of ways to borrow money. A popular choice is to go with an online personal loan provider. If you do not like the terms of a traditional lender, like a large bank, or you don’t have the credit score required, there is likely a non-traditional online lender that will approve your loan application.
If you’re in need of a large sum of money to pay off credit-card debt or fund a large purchase, a personal loan can be a tempting option.
There are many types of personal loans, sometimes also referred to as signature loans, available from online lenders. Although most loan providers offer more than one loan type, each usually has one area in which it specializes.
A payday loan (or cash advance loan) is a high-interest loan that borrowers can turn to when they have an immediate need for cash. Payday loans are usually for small amounts (anything from $50-$1,000), and are offered by non-bank lenders and marketed mainly to low-income customers.
What do you do when extra expenses come knocking and you just don’t have the money? You can borrow against your house or car, but then there’s a risk of losing your collateral. If you get an unsecured personal loan that risk is eliminated - but because it’s a riskier loan for the lender than a secured loan, you end up with higher interest rates and fees.
In its latest move towards educating and empowering its customers, leading personal loan provider SoFi has introduced SoFi Wealth, a native wealth management platform. But, what is SoFi Wealth all about, how does it work, and what makes it different than the rest?
Taking out a personal loan can be a smart and highly-effective way to consolidate your debt, which is the most common reason to take out such a loan, or you can also use one to get the funds necessary to pay for a sudden expense. You might need to deal with an emergency, pay for a large household expense, or just cover a temporary personal cash-flow issue.
More Americans are using personal loans in 2018 than at any other time in history, thanks largely to the rise of online lenders. To understand why, take a look at how online lending is re-shaping the personal loans market and the other trends that are helping borrowers to save on personal loan rates – and to favor personal loans over other lending products.
The choice of reliable, reputable online loan companies that offer good rates, high-level customer service, and fast turnaround times for personal loans is greater than ever. We put SoFi and Marcus head to head to evaluate their application process, loan terms, eligibility requirements, fees, security, and customer service so that online borrowers can choose which one is right for them.
A secured personal loan is called that because the loan is secured by some form of collateral. Unsecured personal loans rely on your personal credit score, financial history, and debt load to determine whether you can be eligible for a loan or not.
If you’re looking to make renovations but don’t yet have the cash flow, a home improvement loan is a solid way to get the funds you need, with terms that won’t hurt your wallet.
If you have less than ideal credit or no collateral to put down, it can be difficult to get a personal loan with a low interest rate. This is where cosigning a loan can really help. With a low credit score (620 or lower), you stand to face some real reluctance, if not just flat out rejection, with many lending houses. Even if you are approved you stand to pay a high interest rate of 15% or higher.
Getting a personal loan can be a long and complex process. Ideally, your personal loan will help you to make the purchases you need or cope with emergencies and not be a source of debt and anxiety.
Direct lenders provide personal loans and other lending products directly to consumers. The big banks used to dominate the direct lending space, but online lenders have grabbed a significant portion of the market share in recent years. Online lending marketplaces leverage powerful algorithms to match consumers with the direct lenders that meet their needs.
Good personal finance habits aren’t only about saving money. They are about building patterns of behavior that keep you in control of your money, whether you choose to spend it, save it, or give it away.