Apr 11, 2018If you need cash to bankroll a large purchase, you can't wait to save up for it and you're not interested in paying credit card interest, a visit to your bank or credit union can be an alternative. Personal loans tend to offer lower rates compared to credit cards and the repayment terms are fixed, which means you won't have to worry about the debt lingering. When you're applying for a personal loan, there are some things to watch out for that could make it more expensive.
Feb 08, 2018Taking on debt is a thorny subject. Signing on an affordable mortgage is one thing. Racking up credit card debt on unnecessary purchases? Quite another. Any time you borrow money, you put your finances at risk. That's why it's important to do your research before committing to new debt. If you're not sure whether to borrow money, read our list of dos and don'ts.
Feb 26, 2018Worried about your credit score? Debt got you down? Technically you don't have to enlist the service of a debt relief, debt consolidation or debt settlement company. You can go to a non-profit credit counseling organization instead. If you're willing to pay for help consolidating your debt, though, you should know the names on our list of the 10 biggest debt consolidation companies.
May 21, 2018There are very few times when taking out more debt to pay off credit card debt makes sense. Using a personal loan to pay off your credit card debt is only moving the money around. The debt is still there. You are simply moving the money you owe the bank from one pile to another. It just so happens to be a pile of debt with better terms for you and your family. These are three times it might make sense to pay off credit card debt with a personal loan. If you want more help in your loan repayment process, consider seeking a consultation with a trusted financial expert. SmartAsset's SmartAdvisor matching tool can pair you up with a professional who can provide guidance that suits your specific needs.
Feb 02, 2017In December 2015, the Federal Reserve raised the federal funds rate by a quarter of a percentage point. That was the first time the Fed had raised rates in nearly a decade. While federal funds rate changes don't directly impact peer-to-peer (P2P) loan interest rates, lending platforms may begin increasing their rates. If you're investing in peer-to-peer loans, it's important to understand how that may impact your portfolio.
Nov 07, 2016Starting a new business requires a certain level of commitment. You'll also need to have access to plenty of money. Startups often have a hard time qualifying for business loans. But peer-to-peer (P2P) lending could be a financing option worth considering if you can't get funding elsewhere. Here's what you need to know about using P2P loans to kickstart a business.
Nov 15, 2017Co-signing your friend's loan might seem like a nice thing to do. But it can put many things in your life at risk, including your finances, your credit score and even your friendship. While it's possible to co-sign a friend's loan and never face any negative consequences, it might not be worth it. Check out five reasons why you shouldn't co-sign a friend's loan.
Feb 02, 2017Back in the day, if you needed a personal loan to start a business or finance a wedding you had to go through a bank. But in recent years, a new option has appeared and transformed the lending industry. Peer-to-peer lending makes it easy for consumers to secure financing and gives investors another type of asset to add to their portfolios. If you're interested in investing in something other than stocks, bonds or real estate, check out our guide to becoming an investor in peer-to-peer loans.
May 10, 2016Ahoy matey! Thinking about buying a boat? Join the armada. According to the U.S. Coast Guard’s National Recreation Boating Survey, there are nearly 22.3 million recreational boats in the United States. Those vessels range from one-person kayaks up to 200-foot mega-yachts. They can be found adrift on calm lakes in the Midwest or sailing through high seas off the coast of Alaska. Some are used for fishing, others for water-skiing, others for bird-watching. Some are pretty much just meant for throwing huge parties.
Mar 18, 2016Watching loved ones struggle with their personal finances is never fun, especially when you're doing relatively well yourself. But before you rush to the aid of your mother, your brother or your favorite cousin, it's a good idea to consider how that might impact your own financial situation. Check out some of the pros and cons of loaning money to a family member in debt.
Mar 09, 2016According to the U.S. Department of Transportation, as of 2012 there were at least 8.4 million registered motorcycles in the United States (a number that has likely risen in the past four years as the economy has strengthened and auto sales have ballooned). That’s a lot of hogs – about one for every 37 people in the U.S.
Dec 04, 2017Personal loans have made something of a comeback over the last few years thanks to the rise of online lending. According to TransUnion, the number of consumers who are using personal loans jumped by 18% between Q3 2013 and Q3 2015. Millennials, in particular, are increasingly relying on them to consolidate debt or finance big purchases. Here's a rundown of what 20-somethings need to know about applying for a personal loan.
Feb 02, 2017It's a new year and if one of your resolutions is to get out of debt, you might be thinking about consolidating your bills into a personal loan. With this kind of loan, you can streamline your payments and potentially get rid of your debt more quickly. If you plan on getting a personal loan in 2016, here are some key things to keep in mind before you start searching for a lender.
Feb 02, 2017A personal loan can be just what you need to consolidate debt or finance a large purchase. But you could get more than you bargained for if you fall victim to a scam. Loan scams can take many different forms and knowing what warning signs to look out for can help you avoid them. If you're planning on applying for a personal loan, here's how to make sure the lender you choose is legit.
Feb 01, 2017If you don't have money socked away in an emergency fund, you might find yourself in need of a short-term loan. One option is to offer the title on your car as the security on a personal loan. This is known as a car title loan and it's usually small and temporary. It comes with serious risks, however, that are important to consider before you apply for one. Read on to find out more about title loans.
Jun 06, 2018While weddings can be magical and exciting for everyone involved, they can also be incredibly expensive. Even if you've spent years saving up for your special day, you might be tempted to take out a loan to finance your nuptials. Planning to say "I do" in the near future? Let's look at a breakdown of wedding costs before you reach out to a lender (or your parents) for extra cash.
Feb 01, 2017When you've got a great idea for a business, failing to come up with enough money to get it off the ground can bring your entrepreneurial dreams to a screeching halt. If you can't get a small business loan or find an investor who's willing to back you, you might have to get a little more creative about funding. You could finance your startup by taking out a personal loan, but there are advantages and disadvantages to consider before moving forward.
May 18, 2018Building wealth starts with making solid investments, but how do you do that when you don't have a lot of cash? You could break into your piggy bank but another option is to take out a personal loan. Borrowing money to invest can pay off if you know what you're doing, but it's not risk-free. If you're thinking of getting a personal loan to play the market, here's what you need to consider.
May 21, 2018Being turned down for a personal loan is a serious blow, especially if you were banking on getting the cash. Understanding why your application was denied in the first place can help you out the next time you try to qualify for a loan. The Equal Credit Opportunity Act requires lenders to explain why your loan was rejected, but that might not tell the whole story. If you've tried to get approved through multiple lenders with no luck, here's what might have happened.
Oct 16, 2015What would you do if you had to come up with bail money for yourself or a loved one? You may never have thought about this question before, but it's an important one. According to a Federal Reserve report, 47 percent of respondents said they either wouldn't be able to cover an unexpected $400 expense through savings or their credit card, or they would have to cover it by selling something or borrowing money. Americans' lack of cash on hand is part of what makes the economics of bail so complicated.
Oct 06, 2015A college degree doesn't come cheap these days. The average out-of-state tuition at a four-year public university was nearly $23,000 for the 2014-15 school year and prices just keep climbing. If you don't have a fat college fund to tap into, you'll have to look for other ways to finance your education. Student loans are one option but if you don't need to borrow quite as much, you might consider getting a personal loan instead. If you're not sure it's the right move, weighing the advantages and disadvantages can help you decide.
Jun 19, 2018If you default on a mortgage, the bank could repossess your home to recover part of their money. When it comes to personal loans, however, the only thing securing it in many cases is your own reputation (unless you plan to get a secured loan). Before you go out and apply for one, you might want to look at the pros and the cons of getting an unsecured personal loan.
May 21, 2018Building credit involves taking on some form of debt so you can pay it off and there's more than one way to do it. Credit cards, for example, offer flexibility and convenience but they tend to come with high interest rates. Taking out a small personal loan, on the other hand, could be better. Following some simple rules can ensure that you help rather than hurt your credit score.
Aug 27, 2015When choosing between getting another credit card and taking on a personal loan, it's best to base your decision on more than just cash back, rewards points or introductory teaser interest rates. There are sound reasons to go for a personal loan over a credit card. But there are some caveats to consider as well.
Feb 01, 2017When you need a personal loan, a bank might be the first place you go to find one. Whether you plan to use the money to cover a cash flow shortage or reduce debt, you'll have to jump through some hoops in order to get approved. There are multiple factors that banks consider before giving applicants the green light. Knowing what those factors are can improve your odds of securing funding.
Dec 28, 2016One of the things lenders take into consideration when you apply for a personal loan is how responsible you are with your existing credit. If you've got a low credit score because of a late credit card payment or another minor misstep, getting approved can be a challenge. Before you start filling out loan applications, you'll want to cross these four credit to-dos off your list.
Aug 10, 2015Growing up, it’s more than likely that you’ve been told by multiple people to save your money instead of squandering it. But this piece of advice doesn’t seem to have stuck with many adults between the ages of 18 and 35. Recent reports show that millennials have a negative savings rate of 2%, a trend that is neither sustainable nor financially savvy.
Dec 04, 2017When we think of a loan we tend to think of a single lump sum received in one go. Interest on that loan begins immediately. Personal lines of credit are loans, but they work a little differently. With a personal line of credit, you can borrow money only as and when you need it. You can keep your line of credit open for years. Intrigued? Let us explain how it works.
May 21, 2018What do you do when you need money but don't want to take on debt? One answer is to seek a personal grant. The government offers grants to help Americans pay for certain classes of expenses and to make it through tough times. Think you may qualify? Want to know how to apply? Let us explain how these personal grants work.
Jun 11, 2018A secured loan is a loan that is backed by collateral. A borrower can secure a personal loan with an asset like a savings account, a car or home equity. If you need money to help you pay off a debt or invest in your home you may be looking at personal loans. So how do you decide if a secured or unsecured loan is right for you? We'll help you weigh the pros and cons.
Jun 19, 2018There are many reasons someone might find herself in need of an emergency loan. If you're living paycheck to paycheck, one unexpected medical bill or car repair can be a disaster. An emergency loan can help bridge the gap. The trick is to find a loan that you can afford. Some emergency loans have interest rates so high they can do more harm than good.
Jan 25, 2017Month after month, you may struggle to keep up with payments on all kinds of loans, from credit card debt to medical bills. Most forms of debt require you to pay back borrowed money with interest, but not all debt is the same. There are two major types of debt and it's important to know the difference between them in order to successfully manage your debt in the long run.
Jan 25, 2017Many Americans have income that fluctuates from week to week. When incomes are unsteady, any unexpected expense can leave you coming up short. If you don't have a fully funded emergency fund, you may find yourself looking around for loans to bridge the gap and get you to your next paycheck. Payday loans are out there, but at a high cost to borrowers.
Jan 20, 2017Wondering how to get a personal loan? You’re in the right place. There are many reasons a personal loan might seem like the right move. If you’ve got a big medical bill outstanding, some high-interest credit card debt that you want to consolidate or a cross-country move in your future, a personal loan could be a good fit. Let us walk you through the basics of obtaining one of these loans.
Jan 20, 2017New start-ups have disrupted the personal loan industry. The result? More options for peer-to-peer lending. Now, despite the name, to get a personal loan from a peer-to-peer lending site you don't actually need to know or meet your lenders. Peer-to-peer lenders connect folks who are looking for loans with folks who are looking to invest - and they do it quickly. Here's how it works.
Jan 20, 2017Would a payday loan by any other name cost as much? That's the question installment loans raise. Like payday loans, installment loans are marketed to cash-strapped folks who need a small loan to bridge an income gap or cover an emergency expense. Also like payday loans, their effective interest rates are often higher than their advertised interest rates.
Jan 20, 2017The average cost of a wedding keeps rising. The cost of wining and dining two families and two sets of friends is often a major expense. Add in formalwear, rings, flowers, favors and a rehearsal dinner and you can be looking at tens of thousands of dollars (or more!). Some couples have savings they can put to use or well-heeled parents who are willing to help out. Those who don't may look to wedding loans.
Jun 19, 2018Negotiating a loan with a friend or family member can be a great alternative to high-interest forms of consumer credit. Formalizing that loan in a personal loan agreement isn't unfriendly - it's the best way to keep your loan terms clear and protect your relationship. A well-written personal loan agreement is key to making sure your financial transaction doesn't lead to conflict.
Mar 14, 2018Mixing money and family can quickly become very tricky. The reality, though, is that many of us will go through tough financial times—whether we're just starting out on our own, we recently lost a job or we had some other major expense come up that we weren’t prepared for--and family members are often the first ones we ask for a little financial assistance. There are some pros and cons to allowing family members to borrow money, however. Here are some you should consider:
Mar 14, 2018P2P (peer to peer) lending is a practice that has been around since ancient civilization, though it's certainly undergone some substantial changes over time. Most notable is the fact that you can no longer kill someone for defaulting on a debt, as you could thousands of years ago. You also can't have someone sent to a debtor's prison for failing to repay, as you could 150 years ago. The most recent changes in P2P lending, though, are due to something much more modern: the Internet.