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Personal loans are a valuable source of quick cash when you want to finance a home renovation, consolidate high-interest debt or cover almost any other financial need. These installment loans are available at most banks and credit unions with rates, terms and conditions that can vary widely from one lender to another. Comparing loan offers […]
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It’s possible to get a personal loan without a credit check, but no-credit-check personal loans can be limited. Many come with extremely high interest rates. If you don’t need the loan urgently, taking steps to improve your credit before you apply for a loan can help you save on interest. When you need cash now,
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A balance transfer credit card or debt consolidation loan can help you combine debts and save on interest while paying off your balances. Neither is necessarily better than the other in every situation, and comparing the two can be important if you’re trying to strategically pay off debt. Which option is right for you likely
Balance Transfer vs. Debt Consolidation Loan: Which Is Best? Read More »
Risk-based pricing is a method that lenders use to determine interest rates and other terms based on the applicant’s creditworthiness. While credit scores are the primary way lenders can evaluate your creditworthiness, they typically consider several factors before making an offer. Here’s what you need to know before you apply for your next loan or
What Is Risk-Based Pricing? Read More »
When you apply for a second mortgage, the lender will use your combined loan-to-value ratio (CLTV)—the total amount borrowed relative to your home’s value—to determine your eligibility and loan terms. Understanding how CLTV works and why it matters with home equity loans and home equity lines of credit (HELOCs) can help you evaluate your options
What Is Combined Loan-to-Value Ratio? Read More »
Mortgage forbearance—a lender’s agreement to temporarily suspend or reduce your payments to help you get over a short-term financial hardship—always comes with an end date. When that date comes, you’ll be expected to catch up on any full or partial payments you missed during the relief period. Here’s how that process works, and what your
What Happens When Mortgage Forbearance Ends? Read More »
The upper dollar limit for millions of U.S. mortgages has gone up by nearly 6% in 2024. These commonplace mortgages, known as conforming loans, meet the lending requirements of Fannie Mae and Freddie Mac. These two government-created enterprises back most mortgages in the U.S. The maximum dollar amount for loans that conform to Fannie Mae
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A loan modification is a permanent change in the terms of an installment loan—most commonly a home mortgage, auto loan, student loan or personal loan. Loan modification is intended to make payments more affordable for borrowers facing financial hardship. How Loan Modification Works Lenders are not obligated to provide loan modifications but may do so
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If you’re pursuing a modification to your home loan payments, you’re already experiencing some financial difficulty. But while a loan modification can help make your payments more affordable, it’s important to understand how restructuring your debt in this way can impact your credit score and what you can do about it. Can a Loan Modification
How Does a Loan Modification Affect Your Credit Scores? Read More »
Wondering how to finance a home remodeling project, pay for your child’s wedding or pay off high-interest credit card debt? With home prices in many areas hitting record highs, borrowers with equity in their homes may be considering home equity loans. A home equity loan is a lump sum of money secured by the value
How Does a Home Equity Loan Work? Read More »
When you apply for a loan, the lender typically checks one or more of your credit reports and credit scores. When a lender accesses your credit report, a so-called hard inquiry is added to your reports. If your loan application is denied, the inquiry will remain, but the lender’s decision will not appear on your
Does a Declined Loan Appear on Your Credit Report? Read More »
Extending your loan’s term might give you more time to pay off a debt or lower your monthly payment. But it’s not always an option, and extending the term can also lead to paying more interest over the life of the loan. Read on to understand the impacts, possibilities and alternatives that can be helpful
What Happens When You Extend Your Loan Term? Read More »
The easiest loans to get approved for generally fit into two broad categories. Some accept applicants with very low credit scores or don’t require credit checks at all, with the trade-off being exceptionally high fees and interest rates. Others offer more favorable terms, but they’re only an option if you have a regular income, savings
What Is the Easiest Loan to Get Approved For? Read More »
In general, it’s best to pay off credit card debt first, then loan debt, since credit cards often have the highest interest rates. When you prioritize paying off credit card debt, you’ll not only save money on interest, but you’ll potentially improve your credit too. That’s because reducing credit card debt directly impacts your credit
Should I Pay Off Credit Card or Loan Debt First? Read More »
Choosing the right term for your loan can make a big difference in your monthly payment and total cost, as well as the obvious impact on how long you’ll be budgeting for payments. And there’s more: Longer loan terms can mean higher interest rates, which can mean even greater differences in overall costs. If you’re
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When it comes to making financial decisions, there’s no substitute for crunching the numbers. Loan calculators can help you better weigh your borrowing options and choose the best repayment strategy for your budget. Here are four loan calculators from Experian that can help you understand loan costs and manage your debt. You’ll also find additional
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Title loans can provide you with access to fast cash, even if you have poor credit or no credit history at all. However, these loans can be very expensive and difficult to pay back, so it’s important to understand how they work before you apply. Here’s what you need to know about how title loans
How Do Title Loans Work? Read More »
A personal loan is a type of loan that allows flexible use, short- to moderate-term repayment options and relatively quick funding. Whether you’re trying to consolidate high interest debt, start a business or pay an expensive medical bill, a personal loan can help you accomplish your goal. But a personal loan can be expensive compared
What Is a Personal Loan? Read More »
For better or for worse, debt is a common part of life. Borrowing can make it possible to buy a home or car, attend school and finance other large purchases. And while debt can be useful for achieving all types of financial goals, it can also become a large burden if you take on debt
What Are the Different Types of Debt? Read More »
Federal student loans come with fixed interest rates, but if you apply for a private student loan, you may be offered a fixed or a variable rate. In most cases, a fixed-rate student loan is the better choice, but there are some situations where it might make sense to opt for a variable rate instead.
Fixed or Variable Student Loan Rate: Which Is Better? Read More »
