Payday Loans: What to Know and What to Avoid
If you're strapped for cash and your next paycheck seems far away, you may consider taking out a payday loan. However, doing so could have consequences for your finances.
A loan is when a sum of money is lent to another party or individual, usually including interest and other charges, in exchange for the future repayment of the loan. When the borrower takes on the loan, they agree to a set of terms that could include interest, finance charges, as well as repayment dates. There are several types of loans, with some of the most common types being mortgage, student, personal and auto. Loans are a form of debt, and lenders will evaluate your creditworthiness, generally including factors such as your credit scores and reports, before offering you a loan with its associated loan terms, including interest rates. The better your credit history, the more likely you'll be offered a loan with better terms. We'll dive into the differences among mortgages, student loans, auto loans, personal loans, and more.
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How Can Student Loans Affect Credit Reports?
Similar to other financial commitments, student loans -- and how you repay them -- can appear on credit reports and can impact credit scores, for better or worse.
Can I Get a Loan With Bad Credit?
If you're concerned your credit scores may hurt your ability to get a loan or line of credit, there are some steps you can take and options you can consider.
COVID + Credit: How a Short Sale or Foreclosure May Affect Your Credit Scores
A foreclosure or short sale may have a long-term effect on your credit scores.
COVID + Credit: Should I Refinance My Mortgage Now?
What does the Federal Reserve’s lowered interest rates mean for your mortgage? Learn more about whether it’s the right time to start the refinancing process.
[Video] COVID + Credit: I Can't Pay My Mortgage. What Are My Options?
If you find yourself unable to keep up with your mortgage, there may be options available
Buying a New Car with a Cosigner
If you have poor credit scores or limited credit history, a cosigner could make all the difference when buying a car. But know about the risks involved.
[Video] The Pros and Cons of Cosigning Loans
You might want to help a loved one obtain a loan by cosigning. Be sure you know what you’re getting into.
What to Know About Financing a Used Car
If you need a car but don’t have the budget for a new model, buying used can be a great option. Here’s how to help the process run smoothly.
[Video] Personal Loans: Five Things to Consider Before You Borrow
If you’re struggling financially, a personal loan might seem like an option for relief. But it’s important to know the pros and cons of borrowing money.
What Are the Different Types of Home Equity Financing?
Home equity financing can be an accessible way to obtain much-needed cash. Which type might be best for you?
What's the Difference Between Federal and Private Student Loans?
Federal and private student loans both provide financial assistance to students, but there are important distinctions.