When finances are tight, some people may consider refinancing one or more of their loans. Replacing your current loan with a new one with a lower interest rate (APR) or a longer loan term is known as refinancing. Refinancing an auto loan may be a good option for those who want to reduce their monthly …
There is a myriad of reasons why someone may need a personal loan at one time or another. Some use personal loans as a tool for debt consolidation while others may need to use this type of loan for emergency medical expenses or even major purchases. No matter your reason for taking out a personal …
A debt relief strategy involves reorganizing debt to provide some respite to the indebted party, whether partially or fully. For example, you can reduce your outstanding principal, lower your interest rate on loans due, or extend your loan’s term to obtain debt relief. Creditors may consider debt relief only if default repercussions are so severe …
When you take out a joint loan with another person, often called a co-borrower, you are taking out some type of financing. You and the other party or parties are equally legally liable for repayment of a joint loan or credit card if your application is approved. On the plus side, a joint loan is …
Thinking About a Joint Loan? Here’s What You Need to Know Read More »
Several more interest rate hikes are expected from the Federal Reserve within the fiscal year, resulting in higher interest rates for new personal loans. If you’re planning to apply for a personal loan soon, you’ll want to read on so you know how to make wise money moves now in preparation for the increase in …
Everything You Need to Know About Rising Interest Rates & Personal Loans Read More »
With Buy Now, Pay Later (BNPL), consumers can make a purchase now and pay for it in the future, often interest-free. Online shopping has made BNPL, sometimes referred to as “point-of-sale installment loans, an increasingly popular payment option. But, while consumers can benefit from BNPL financing, some disadvantages exist and should be considered. How Do …
Should You Take on Multiple Buy Now, Pay Later Loans? Read More »
Payday loans can be tricky for borrowers. Not only do they have short repayment periods, but they also tend to come with high interest rates. These factors can make it difficult for borrowers to repay these loans promptly, if at all. In some cases, borrowers may choose to “roll over” the loan, which means paying …
It is possible to get a personal loan even if you are not a U.S. citizen, although each lender has different eligibility requirements. For that matter, more recent arrivals to the country and the credit history of non-U.S. citizens may make some lenders see them as high-risk borrowers. Due to the extended repayment terms of …
The US Federal Reserve recently increased its benchmark interest rate by 0.75 percentage points, reaching a range of 2.25-2.5%. This is the second rate rise in a short period, and experts expect more of the same in these challenging economic times. Consumers have to make various concessions to save money, and one of the most …
How to Pay Down Debt During Periods of High Interest Rates Read More »
If you’re looking for the best personal loan, you have many different options to choose from. Aside from banks and credit unions, a number of online lenders now offer personal loans — even to people with less-than-stellar credit. And while personal loans can be a good financial move in many instances, you need to properly …
