If you're taking out a loan and expect to pay it back earlier, you might be better off taking out a higher interest rate loan. The origination fees may seem small at first, but you'll end up paying more if you decide to pay it back faster.
A bill allowing lenders to make even more money on predatory loans passed a state senate committee this week, with supporters of the legislation telling reporters that increased profits are necessary to keep personal loan lenders in Colorado.
The average American household has $15,000 in credit card debt alone. Credit card debt has much higher interest rates than mortgages or student loans. Fortunately, there are two major weapons to attack your credit card debt and repair your financial standing.
Debt consolidation has been a hot topic in the past few years. Since the financial meltdown in 2008, banks have tightened up on their risk models and it was near impossible to get a personal loan from a bank.
Many students look towards personal loans to help them cover all of the extra costs while in college. However, the option of a personal loan may not be the wisest financial choice, especially if a private student loan can cover the extra costs instead.
It's not the end of the world if you have bad credit. Actually, millions of Americans have credit that's rated below average. While it's not something you might be proud of, it's important to know that there are some ways to make it better.
All loans are not created equal, and in recent years the personal loan has become a great option for people to use. However, you might be wondering just what makes a personal loan different from a traditional loan from your bank.
Studies released by Urban Institute in July 2014 showed that 35 percent of Americans -- roughly one out of three -- are so behind in their finances that they have debt in collections. Many people become overwhelmed by their debts, but they don't have to be.
The premise is simple: borrow the amount you need plus a fee per $100 borrowed now, pay it back when your next paycheck arrives. Unfortunately, what often ends up happening is that the borrower can't pay back the amount borrowed within 14 days.
In the past, if you needed a loan for your car, home improvements or to consolidate your credit cards, you would need to get dressed up and head down to the bank to beg for money. The Internet has made things a little easier.
One option you may be considering is a personal loan, which can be used in a variety of different ways -- to help with a small business, finance a home renovation, consolidate debt or even pay for a wedding or vacation.