Personal Loans

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.

A 0% Paycheck Advance: Here’s How It Works

A 0% Paycheck Advance: Here’s How It Works

A 0% Paycheck Advance: Here’s How It Works

Most employers pay their employees every other week or twice a month — a modus operandi that can lead those living to paycheck-to-paycheck to turn to often-expensive payday loans, bank overdrafts or high-interest credit cards when an emergency arises and/or they’re low on cash. Now, one Palo Alto startup is aiming to help cash-strapped consumers bridge the gap at a... Read More

Bad Credit Borrowers Get New Option as Payday Loan Reform Looms

Bad Credit Borrowers Get New Option as Payday Loan Reform Looms

Bad Credit Borrowers Get New Option as Payday Loan Reform Looms

People with bad-to-no credit often struggle to find financing. Because they’re viewed as a risk among traditional lenders, some of these folks turn to small-dollar payday loans for emergency cash. But these loans come at a cost: In many cases, the annual percentage rate (APR) on a payday loan averages about 400% and can run as high as 5,000%. There’s been a... Read More

New Rules Aim to End Payday Loan ‘Debt Traps’, CFPB Says

New Rules Aim to End Payday Loan ‘Debt Traps’, CFPB Says

New Rules Aim to End Payday Loan ‘Debt Traps’, CFPB Says

Claiming Americans consumers have been “set up to fail” by the short-term lending industry, federal regulators on Thursday issued sweeping new rules that would drastically alter the payday and title lending industries. Under the proposed rule from the Consumer Financial Protection Bureau, short-term lenders would have to verify borrowers’ ability to promptly repay loans, and be... Read More

Are LendingClub’s Troubles Bigger Than Just One Company?

Are LendingClub’s Troubles Bigger Than Just One Company?

Are LendingClub’s Troubles Bigger Than Just One Company?

The spin factory is working extra shifts these days. No, I’m not talking about the upcoming presidential election. Rather, I’m referring to the surprisingly quick and robust efforts on the part of financial services industry advocates to regain control of the narrative following a so-called FinTech (financial technology) poster child’s fall from grace. LendingClub Corporation... Read More

Google Bans Ads for Payday Loans

Google Bans Ads for Payday Loans

Google Bans Ads for Payday Loans

Effective July 13, Google is banning ads for payday loans and related products, the company said Wednesday in a statement. With this, Google will not display ads for loans that require payment within 60 days of the date of issue. In the U.S., ads for loans with an APR of 36% or higher will also not be shown. Google disclosed this measure... Read More

Tax Season Is Over … But You Can Still Get Scammed

Tax Season Is Over … But You Can Still Get Scammed

Tax Season Is Over … But You Can Still Get Scammed

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

Payday Loans Are Closing Some Americans’ Bank Accounts

Payday Loans Are Closing Some Americans’ Bank Accounts

Payday Loans Are Closing Some Americans’ Bank Accounts

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

It’s Finally Time to Fix Payday Loans

It’s Finally Time to Fix Payday Loans

It’s Finally Time to Fix Payday Loans

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

Attention Online Loan Shoppers, There’s Now a Place to Take Your Gripes

Attention Online Loan Shoppers, There’s Now a Place to Take Your Gripes

Attention Online Loan Shoppers, There’s Now a Place to Take Your Gripes

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

Should I Use a Credit Card or a Loan to Make a Major Purchase?

Should I Use a Credit Card or a Loan to Make a Major Purchase?

Should I Use a Credit Card or a Loan to Make a Major Purchase?

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

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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.

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