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A personal loan (or any other form of credit) can hurt your credit if you manage it poorly. But if you handle a personal loan responsibly, there are several ways it could promote long-term credit score improvement. The extent of that improvement will depend on your credit history and the other debts detailed in your […]
How Does a Personal Loan Affect Your Credit Score? Read More »
Short-term personal loans are a type of unsecured installment loans. With these types of loans, you receive the entire loan amount upfront and repay the loan with periodic installments. While traditional personal loans have monthly payments and get repaid over several years, short-term personal loans are often repaid in less than a year or two.
What Is a Short-Term Personal Loan? Read More »
From financing a large purchase to saving money by consolidating higher-rate debts, you can use a personal loan for almost anything. When you’re looking for a personal loan, it helps to know your options—and online lenders are an increasingly popular option among borrowers. Many of the top online personal loan lending services offer unsecured personal
Best Online Personal Loan Lending Services for 2024 Read More »
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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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 »
Non-U.S. citizens can get a personal loan if they meet a lender’s eligibility requirements. That said, navigating the loan process in the United States can be confusing and possibly more challenging if you’re not a U.S. citizen. Eligibility and collateral requirements, interest rates, terms and more can vary from one lender to the next, and
Can Non-U.S. Citizens Get a Personal Loan? Read More »
When you miss one or more payments on a personal loan, your lender may consider you in default—essentially, failing to stick to your loan payment obligations. Defaulting on a personal loan can do serious damage to your credit. If you’ve missed one or more payments on your loan or think you will, don’t panic. There
What Happens if You Default on a Personal Loan? Read More »
You might have several options for paying down credit card debt, and some people have had success taking out a personal loan—sometimes also called a debt consolidation loan—to pay off their credit cards. Borrowing from one lender to pay another doesn’t always make sense, but consolidating debts might result in a lower monthly payment and
Should I Get a Personal Loan to Pay Off My Credit Card? Read More »
Getting a personal loan can be easy if you meet all the lender’s requirements and are flexible with the interest rates you’ll pay. With the range of uses for personal loans, it’s no surprise that so many people choose this option. Whether starting a business, consolidating debt or tackling home improvement projects, about 25 million
Is it Easy to Get a Personal Loan? Read More »
Personal loans can be a quick way to borrow money from a bank, credit union or other financial institution. But like all debt, they have both benefits and drawbacks to consider. So, before things “get personal” by way of a personal loan, check out the pros and cons and how to choose a loan that
Pros and Cons of Personal Loans Read More »
You may need a good to excellent credit score and a low debt-to-income ratio to get the best interest rate on a personal loan. Additionally, you’ll need to look for offers from multiple lenders to see who will offer you the lowest rate and best terms. Because personal loans are generally unsecured loans, your loan
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These five lenders offer some of the top personal loans that you can use for home improvement projects. And we’ve identified which may be best for different types of projects and borrowers. Home improvement costs for a renovation can start at $3,000 for a bathroom, $5,000 for a home office or $15,000 for a bedroom,
Best Personal Loans for Home Improvement of 2022 Read More »
One of the main reasons borrowers take out personal loans is to pay off high-interest debt with a lower interest rate loan. Along the same lines, you might consider refinancing your current loan if you find a loan offering you a lower interest rate. You can refinance a personal loan by prequalifying for a new
Can You Refinance a Personal Loan? Read More »
If you already have a personal loan but want to take out another, you may wonder if your lender will allow it. You can have multiple personal loans with some lenders, or you can take out several loans by using different lenders. It simply comes down to the lender’s policy and restrictions. Here’s what you
How Many Personal Loans Can I Have at Once? Read More »
Personal loans are among the most versatile forms of financing, with most lenders having very few limitations on how you can use your funds. Whether you want to consolidate high-interest debt, make some home renovations or achieve other financial goals, here are five personal loans that offer some of the best terms and features. Best
The 5 Best Personal Loans of 2022 Read More »
When you take out a personal loan, you know how much it’ll cost to repay and how long repayment will take. But you might not be aware of some other costs, including loan origination fees or prepayment penalties. While it’s important to know exactly what a loan is going to cost you and how it
5 Hidden Costs of Personal Loans Read More »
No one likes paying fees. Luckily, when you’re shopping for a personal loan, you may be able to avoid at least one fee—the origination fee. To qualify for a personal loan with no origination fee, choose a lender that doesn’t charge this one-time fee. An origination fee covers a lender’s administrative costs connected to lending
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Lenders often charge fees to cover costs associated with providing a personal loan. The types of fees you may encounter include origination, processing and late fees, among others. But there are ways to reduce personal loan fees or get your lender to waive them entirely. Before taking out a personal loan, review these six fees
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Paying off a personal loan before the loan term ends may not be the best move if the loan includes a prepayment penalty. Some personal loans have prepayment penalties (also called early payoff fees) that can reduce or erase the financial benefit of paying off a loan early. Here’s what you need to know about
Do Personal Loans Have Prepayment Penalties? Read More »
