Personal Loan Knowledge Center
Personal loans can help you get things done or simply manage old debts more cost-effectively. MoneyRates experts have written on a variety of topics that can help you get the best use out of personal loans.
Types Personal Loans
What types of personal loans are there? Learn personal loans for different purposes, such as:
- Paying medical expenses with a personal loan
- Personal loans for home renovations
- Debt consolidation
Using Personal Loans
Once you decide what you want to do, it's important to choose the right personal loan for your needs. MoneyRates offers some tips to help you use personal loans wisely, including:
- Finding the best deal on a personal loan
- How personal loans affect your credit score
- Avoiding rip-offs like payday lenders
Borrowing money is an important financial decision. Know what you're getting into by understanding a little about personal loans first.
Cosigning a loan puts your hard-earned savings and your hard-won credit score at risk. But how do you say no when a friend or family member you love asks you to do so? Maybe you don't. Maybe you say yes. But be sure you read to the end of this article first. At least you'll then know what you're putting on the line.
If you're desperate for cash, you may be tempted by tax refund anticipation loans (RALs), aka refund anticipation checks. Try to resist! Because these typically lack transparency and can turn out to be very expensive. Here are some alternatives -- including ways to get your money more quickly from the IRS.
If you're having extreme difficulty repaying your government-backed student loans, you're not alone. About 10% of student loan borrowers default on their loans and experience dire consequences. But you don't have to slide into default - you may be able to discharge student loans in bankruptcy.
You're buying a boat! Congratulations! Whether you're purchasing your first or your fifth, getting a new craft is one of life's milestones. But there's a high chance you're going to need a boat loan. And that is a specialist field of financing. So get yourself up to speed before you tie yourself up in knots.
What is a credit utilization ratio? It's the relationship between the amount of credit you have and the amount of credit you use. Lowering your credit utilization ratio can raise your credit score quickly.
How do you compare personal loan offers from competing financial institutions? By looking at more than interest rates. You'll also consider the loan costs and terms to find the right product for you at the lowest cost.
Social distancing and low gas prices are fueling a boom in RV purchases in 2020. And many purchasers are first-timers who have not explored RV financing before. If wanderlust is setting in and you plan to buy an RV, you'll probably also want to learn about RV financing.
FICO scores and car loans have an inverse relationship. Typically, if the first is low, the interest rate you're going to pay on your car loan is likely to be high. So you pay more over the lifetime of your loan to buy the vehicle - or you may need to buy a less desirable car. But there's more to it than just that. So read on ...
Is borrowing to invest ever a good idea or is it insanely risky? The answer depends on several factors:
- Investment returns
- Borrowing costs
- Risk tolerance
Some of us are well-positioned to borrow money to invest, while others should probably avoid this practice. Here's how to evaluate potential investments and sources of funds to make a smart decision.
In many cases, a personal loan can improve your credit history, enhance your mix of credit, and lower your credit utilization ratio. However, shopping for a personal loan can temporarily lower your FICO scores. It's important to know what makes a good credit score and how a personal loan can help you achieve it.