Loan modification is a change to the terms and conditions of an existing loan agreement. Borrowers may request loan modifications if they are experiencing financial difficulties, and lenders may grant certain concessions to help […]
A loan shark is a person who lends money at an unlawfully high rate of interest or who threatens violence to collect debt payments. Loan sharks are predators who make extortionate extensions of credit […]
Payday loans are short-term consumer lending products that can carry high fees, especially when measured as an annual percentage rate of interest. A $100 payday loan with a $15 borrowing fee and 14-day repayment […]
As a student (or parent) it can be easy to focus solely on the college application process, and completely forget about financial aid. You spend so much time studying for the SATs (or ACTs) and […]
Luxury cars generally have high maintenance costs. You can spend thousands of dollars maintaining an Audi, BMW, Jaguar, Lexus, Mercedes-Benz, or any other luxury car brand. Consumers can use cash, credit cards, debit cards, or […]
The average interest rate on a car loan is generally higher for used vehicles than new vehicles. For vehicles financed in the fourth quarter of 2021, the average new car loan rate stood at 3.86% […]
Borrowers with good credit may get a personal loan for mortgage closing costs. Bringing personal loan money to the closing table can help you finalize your home purchase. Some lenders, however, may deny your mortgage […]
Taking on new debt is not always so bad. Sometimes it makes sense to borrow money with a promise to repay the debt, particularly if you’re pursuing financial freedom. Borrowing money can be good if […]
After four years of hard work in high school, the college acceptance letters begin to roll in. If a student is lucky enough to receive multiple acceptance offers from colleges, then they have some big […]
Ever dream of walking out of your job, free to pursue a project you’ve always dreamed of starting? Or going back to school without taking out student loans? Or having the financial freedom to leave […]
Moving across town, out of state, or internationally can be costly, but consumers have a variety of options to finance such a move. You may consider moving loans, credit cards, a personal line of credit, […]
Auto loan scams can deprive consumers of their hard-earned money. Some of the most common auto loan scams include car title loan scams, change in auto loan term scams, yo-yo financing scams, credit score […]
The Fair Credit Reporting Act is a federal law that restricts who can access your credit report. It gives you the right to obtain your credit score and credit report. The Fair Credit Reporting Act […]
Personal loans are consumer lending products that provide you with a lump sum of cash to be repaid under terms and conditions of a loan agreement. Here are 12 different types of loans that consumers […]
Getting a $5,000 personal loan may not require good or prime credit. Subprime borrowers with fair credit scores between 580 and 669 can qualify for $5,000 personal loans in some cases. Lenders assess credit risks […]
Appliance loans can cover the cost of kitchen appliances. These appliances, including refrigerators, dishwashers, ovens, microwaves and stovetops, can individually cost hundreds or thousands of dollars. To help pay for these expenses, consumers may consider […]
A fixed-rate loan is a lending product that allows eligible consumers or businesses to borrow money with an interest rate that does not change over the life of the loan. The rate is locked or fixed […]
Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial […]
Credit matters when looking to buy a house, car, or any other pricey asset. Unless a consumer is flush with cash, the path to home and vehicle ownership may go through a mortgage or a […]
Because a credit score is an important indicator for determining a consumer’s creditworthiness when buying a car, those with excellent credit histories tend to have an easier time borrowing money on favorable terms compared to […]
Three organizations are leaving the federal student loan servicing business to refocus on private student loans. FedLoan Servicing, Navient Corp. and Granite State Management & Resources have acknowledged their plans amid the COVID-19 […]