type of loan
4 Things to Consider When Financing a Car
Is it time to think about financing a car? It looks like it might be for many people. The website AutoTrader reports that people are embracing online car buying instead of in-person shopping, which makes sense as we continue to focus on social distancing, health and hygiene. Financing a car is one of those big life events – […]
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Steps to Take if You’re Struggling to Pay Student Loans
If you are struggling to pay student loans, it can be helpful to understand the financial relief benefits in the Coronavirus Aid, Relief and Economic Security (CARES) Act. The economic stimulus bill provides student loan relief for borrowers with federal student loans. Although the laws don’t relate to privately held loans, there are still steps […]
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Secured vs. Unsecured Loans
There are two different types of loans: secured loans and unsecured loans. Understanding the differences between the two is an important step in achieving financial literacy, and can have a long-term effect on your financial health. Basically, a secured loan requires borrowers to offer collateral, while an unsecured loan does not. This difference affects your […]
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Loans 101: The Different Types of Loans
“Who wants to give me money?” There are many different types of loans. Depending on what you need, the amount, your credit score or qualification for a loan, and other factors, you might choose different types of loans. Each specific loan will have different costs and requirements. Here are some of the different types of […]
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How Lenders Use Credit Scores
We’ve all heard of credit scores. But what are they? How do lenders use credit scores? Your credit score is a number based on a formula using the information in your credit report. The result is an accurate forecast of how likely you are to pay your bills. Credit scores are widely used. If you’ve gotten a […]
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Tax Refund Loans
A Tax Refund Anticipation Loan (RAL) is a loan made by a lender that is based on an anticipated federal income tax refund. Tax refund loans are offered starting in January through the end of the tax season in April. Taxpayers are generally charged fees and interest to obtain a tax refund loan. The full […]
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Signature Loans
Signature loans are unsecured personal loans. They are not backed by property. They can be used for many purposes. Amounts can vary from a few hundred to tens of thousands of dollars. They can be used for any purpose, from consolidating debts to paying for a vacation or wedding. Getting a Signature Loan Nearly all banks offer […]
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Debt Consolidation Loans
In general, a debt consolidation loan can be defined as a loan that combines multiple debt obligations into one single loan. These loans tend to have lower interest rates than many of the existing debts. They also allow the borrower to make only one payment per month instead of many. These loans are generally available from […]
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Avoiding the Payday Loan Cycle
Payday loans are short-term, high-interest loans that are very easy to get. The danger is that if you have to renew the loan, you fall into the payday loan cycle. This can cause debt to snowball, and costs a lot of money in the long run. How the Payday Loan Cycle Works The loan process […]
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Pros and Cons of 401k Loans
If you are in need of cash, you may consider taking out a 401(k) loan. With a 401k loan, you are basically lending money to yourself. You can typically take out up to 50 percent of your retirement funds or $50,000, whichever is less. Your employer sets the terms of a 401(k) loan, which must […]
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