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.
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.
When you refinance or buy a home, prepare for an expensive process. In addition to coming up with the down payment, you also have to pay closing costs that can add up to thousands. It can be challenging to scrounge up money for the latter, especially if you're on a tight budget or this is your first home purchase. One option to cover your closing costs is a personal loan.
Student loan debt can affect your credit and be challenging to pay off, especially if it takes a while to find the right job after graduation. Making student loan payments late could negatively affect your credit score. But punctual student loan repayment can boost your credit score. Learn how to manage your credit score in this article.
Medical loans include any financing used to pay for medical bills. You can take them out for emergencies, to pay for elective or cosmetic surgeries or to refinance higher-interest medical loans.
Many older homeowners run into situations where they need extra funds to pay for a major expense. Fortunately, there are a variety of financing options that can help, if they qualify. These include a reverse mortgage or home equity conversion mortgage (HECM), home equity line of credit (HELOC), or a personal loan. The former two capitalize on the fact that homeowners have earned equity in their home.
Payday loans are very short-term loans designed to provide fast cash for emergency needs. They might get you out of a jam and save you money. But payday loans can also be an expensive trap. Learn how to find the best payday loans here, but you'll also find advice on how to avoid payday loan traps and discover alternatives to payday loans.
Personal finance experts say that we are all vulnerable to identity theft. But there are easy ways to defend yourself.
If you're serious about protecting yourself from identity theft, here's what you need to know when choosing between Credit Karma and Credit Sesame for free credit-monitoring services.