When it comes to personal loans, we want to help you make smarter financial decisions. Our experts explain the in’s & out’s of personal loans, highlight the types of loans available – their advantages and disadvantages – and how to improve your chances of getting approved. We also alert you to personal loan scams you should avoid & highlight how personal loans compare to traditional student loans or auto loans.
It’s the scam that just keeps going, and even though tax season’s over, it shows no signs of stopping. What is it, you ask? The Internal Revenue Service telephone tax scam and, if you’re not careful, you could become its next victim. Here’s how it works: A scammer calls, claiming to be an IRS agent or... Read More
Online payday lenders are creating new hazards for borrowers, leading to large overdraft fees and even loss of access to checking accounts, federal regulators claimed Wednesday. Online payday lenders often have direct access to borrowers’ checking accounts for deposits and payments. When borrowers don’t have sufficient funds in their accounts to pay the lenders, repeated withdrawal... Read More
Payday loans have a bad rap. With triple-digit annual percentage rates and exceedingly abbreviated terms (the full value of the loan is typically drafted from a borrower’s bank account immediately following payroll deposit), hapless consumer-debtors often find themselves stuck in an endless cycle of costly renewals that amount to death by a thousand cuts. A... Read More
Consumers with complaints about firms offering person-to-person loans can now register their displeasure with the Consumer Financial Protection Bureau, the federal regulator announced this week. The watchdog also published a consumer bulletin with general information about the “P2P” lending industry, also known as “marketplace lending.” “When consumers shop for a loan online we want them to... Read More
Whether you find it exciting, nauseating or a little bit of both, spending a lot of money requires some serious decision-making. Usually, it revolves around a single question: Where is this money coming from? If your savings are an option, that’s sometimes the simplest route — that way, the purchase doesn’t affect your credit, and you... Read More
Home loans, auto loans, student loans — they’re all self-explanatory. Borrowing money for personal expenses (a personal loan) is much more open-ended than loans designed specifically to pay for a home, car or education. Most often, people use personal loans to consolidate their debt, according to an analysis of loan requests made in 2015 through... Read More
A bankruptcy may feel like the worst thing in the world when it comes to your credit. After all, you can be stuck with one on your credit report for up to 10 years from the date you filed. But that doesn’t mean you have to spend a decade completely shut out of the credit marketplace. In fact,... Read More
Couples planning a wedding face a lot of financial decisions. It can seem like every little detail can affect your budget by hundreds of dollars (if not thousands), so if you haven’t saved a lot and aren’t getting help with the expenses, celebrating the start of a marriage can seem like more of a burden... Read More
Never mind, dearly beloveds: A Seattle-based startup is reneging on its vow to offer free wedding loans, repayable only upon divorce. SwanLuv made headlines late last year when it announced plans to offer $10,000 to engaged couples looking to fund their dream weddings. These funds would remain free, so long as the pair stayed together, company CEO... Read More
If your holiday debt is much higher than expected, you may be inclined to apply for a balance transfer credit card as a way to mitigate the interest. But there’s another financing option that could help you get debt free as well: combining several unsecured debts into a single, personal loan. The Pros & Cons of Personal... Read More
Certain credit cards and other financial products mentioned in this and other articles on Credit.com News & Advice may also be offered through Credit.com product pages, and Credit.com will be compensated if our users apply for and ultimately sign up for any of these cards or products. However, this relationship does not result in any preferential editorial treatment.