Collateral in Secured Loans: Everything You Need to Know
A secured loan, sometimes called a collateral loan, is a debt that is backed by an asset you own. The lender has the right to seize the named asset to recover their losses if you don’t repay the loan as agreed. A secured loan is different from an unsecured loan, which bases your eligibility on […]
Managing and Paying Off Your Student Loans: Essential Tips
College costs require most students to take out loans to cover tuition, supplies, housing, and other living expenses. These loans can impact your life for years after you finish school, influencing your spending habits and determining your ability to purchase a home or qualify for additional credit for other big purchases. If you are among […]
The Consequences of Missing Loan Payments
Dealing with debt can be incredibly stressful. And it’s even more so if you can’t make your payments. If you have a loan you’re struggling to keep up with, it’s essential to know what to do. Ignoring the problem isn’t an option. In fact, it can make things spiral out of control and lead to […]
A Guide on Loans: Auto, Personal, Student, and Mortgage Loans Explained
It’s unlikely that you’ll get through life without needing to borrow money at some point. People can get away without using credit cards, but it’s much harder to pay for life’s biggest expenses in cash. Loans are often used to finance larger purchases so you don’t have to delay the purchase by years while you […]
Government-Backed Home Loans: Benefits and How to Apply
There’s no denying that it’s harder than ever to become a homeowner in the United States. This is mostly due to the limited housing supply and prices that have rapidly increased faster than wages. Still, the white picket fence is the definition of the American dream for many young Americans. Luckily, there are several government-backed […]
A Complete Guide to Amortization Loans
If you ever have a loan where you pay the same payment every month, you likely have an amortization loan. These loans are especially common for mortgages, car loans, personal loans, and student loans. Considering you’ll likely have an amortization loan at some point in your life, it’s crucial to understand how they work so […]
Understanding the Differences Between Mortgage Prequalification & Preapproval
So, you’re going to get a mortgage soon. This is a monumental life step for anyone. But, if you’ve never done it before, it can also feel overwhelming. Your home will probably be the biggest purchase of your life, and there are so many steps you need to go through to ensure you get that […]
8 Home Renovation Financing Options to Consider
Home renovations can transform your living space, enhance your home’s value, and improve your quality of life. However, they often come with a hefty price tag and can sometimes be overwhelming. Finding the right financing is crucial, whether you’re planning a small upgrade or a full-scale remodel. This guide will discuss the top home renovation […]
Is Peer-to-Peer (P2P) Lending the Right Option For You?
Throughout your life, you’ll come across times when you need a loan or new credit. And you’re not alone in this. According to TransUnion, the average American had $11,687 owing in personal loans as of the second quarter of 2024. Loans are simply a necessity sometimes. But just because you need a loan doesn’t mean […]
Cosigning Risks: How Serving as a Cosigner Affects Your Credit
Lenders use credit checks to determine if you have a history of repaying your debts on time. If your score isn’t high enough, a lender might request you add a cosigner to your application. But what happens when you have a high credit score and a loved one asks you to help them out and […]
