The short answer is, yes, estate planning can be a smart move for everyone.
Though it’s not much fun to think about what will happen to your loved ones after you are gone, doing some estate planning early on, and readjusting it as needed throughout your lifetime, can help you prepare for the future and protect the people you care about.
One of the biggest reasons why is that without an estate plan, any assets you have may not go to the people you would have wanted to have them. And, if you have children, you won’t have a say in who becomes their guardian. Not having an estate plan can also create a lot of legal and administrative headaches for your family members and friends.
Contrary to what many people assume, you don’t have to be old, rich, or have children to benefit from making a financial plan for after you are gone.
Read on to learn what estate planning is all about and what you can do to get started.
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What Is an Estate Plan?
Estate planning is deciding in advance and in writing who will get your assets and money after your death or in the event that you become incapacitated.
It can be as simple as designating certain people as your beneficiaries on your financial accounts. Estate planning also typically includes creating a will. It can also include setting up trusts and creating a living will that can be used should you ever become incapacitated.
Your “estate” is simply everything you own — money and assets, including your home and your car — at the time of your death.
Your debts are also part of your estate. Anything you owe on credit cards and loans may have to be paid off first by your estate before any further money or assets are distributed to your heirs.
Estate planning is not entirely about money, though. It may also leave instructions for how your incapacitation or death may be handled. For instance, you may not want to be kept on a life-support system if you were in a coma. You may want to be cremated instead of buried. These instructions can be included in your estate planning.
An estate plan may also include choosing a guardian for your children and any specific wishes regarding how you want them to be raised.
The Importance of an Estate Plan
An estate plan can be beneficial no matter what your age, income, assets, or family status. Below are some key reasons why you may want to consider estate planning.
You Decide Where Your Assets Will Go
If you don’t have beneficiaries named in an estate plan, the courts will determine who gets your assets. That might be your closest kin (possibly someone you wouldn’t want to have your inheritance), and if you have none, the state may take those assets.
Likely you have someone who you would prefer to leave assets to, and if not, you can choose a charity.
You Have Children
If you have children, it’s important for you to consider how you want them cared for if you and your spouse were to pass away, and who you would want to be their guardians.
Your estate plan can even outline how you hope to pass on aspects of your life such as religion, education, and other values. You can also set up a trust so that your children receive an inheritance once they are 18.
It Can Help Avoid Legal Headaches
If you have beneficiaries you want to leave your assets to, having an estate plan and/or will can minimize the legal headache your loved ones have to deal with.
Without any kind of estate plan, a probate court may have to determine how assets are divided, and this can take months or years, delaying those assets making it to the people you want to have them.
It Can Help Prevent Family Conflict
Your family members may all get along well, but it’s a good idea to write a will so that things remain harmonious.
Regardless of the size of your estate, some careful estate planning can help prevent your family members from arguing over who gets what, whether it’s a small tiff or a full-on lawsuit.
It Can Ease the Financial Burden of Final Costs
Many people don’t consider planning their own funerals, and that may leave an emotional and financial burden on their loved ones.
A funeral can cost, on average, around $7,900, and a cremation about $6,900. Consider whether your loved ones would be in a financial situation to be able to afford to cover that expense, plus any others involved with your final arrangements.
Taking these final costs into consideration can be a part of your estate plan. You might decide to set aside funds to cover your funeral expenses.
You can do this with a “payable on death” account, which can be set up through your bank and allows the designated beneficiaries to receive the money in the account when you pass away.
Or, you might elect to purchase a prepaid funeral plan, which sends money directly to the funeral home to cover a casket, floral arrangements, service, and other aspects of your funeral. You may want to keep in mind, however, that prepaying for a funeral can lead to a loss of money if the funeral home goes out of business.
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What’s Included In an Estate Plan
While your estate plan will be unique to your own situation, there are a few things you might consider including.
A Will
Your will is the actual document that outlines who your beneficiaries are and what they will receive upon your passing. It may also identify a guardian if you have young children.
This is also where you can identify the executor, who will carry out the terms of your will.
Life Insurance Policy
Having this policy information with the rest of your estate plan makes it easy for your family to file a claim with your insurance company upon your death.
A Living Will
Death is not the only situation in which you may be unable to make a decision. You may be alive yet incapacitated, and in this scenario it can be difficult for your loved ones to know what you want them to do.
Writing a living will can be highly valuable because it lays out how you want to be treated during your end-of-life care, including specific treatments to take or refrain from taking.
A living will is often combined with a durable power of attorney, a legal document that can allow a surrogate to make decisions on behalf of the incapacitated individual.
Letter of Intent
This letter is directed to your executor, and provides instructions for carrying out your wishes in regards to your will, and possibly also funeral arrangements.
A Trust
If you have a sizable inheritance for your beneficiaries and don’t want them to have access to all the funds all at once, you can establish a trust with rules about how and when they receive the money.
For example, you could stipulate that your children receive a fixed allowance each month until they graduate college or get married, or that they use the money for college.
Key Account Information
You might also consider providing account numbers and passwords for bank accounts, investment accounts, and other important accounts that your family will need access to. This can make life much simpler for your loved ones.
The Takeaway
Whether you have children and want to ensure they’re taken care of, or you’re single and would like your assets to go to certain people or a charity you care about, it’s wise to have a basic estate plan.
Having a financial plan in place in the event that you pass away or become incapacitated can protect surviving family members from unnecessary financial, legal, and emotional stress.
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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Credit card debt is out of control in these states
Millions of Americans continue to struggle with credit card debt. The average credit card debt in America is $6,039 as of August 2023, according to a new report from TransUnion®.
Out of the 50 states, Alaska has the highest average credit card debt ($7,248), while Wisconsin has the lowest average ($4,853), data show.
More than 6 million cardholders are at least 30 days past due on a minimum payment, according to TransUnion’s credit card delinquency data.
Your credit card balance is your credit card debt. Making transactions on your credit card is a liability that eventually needs to be repaid. Below we highlight the average credit card debt in all 50 states and explain why making minimum payments each billing cycle may not be right for you.
Consumer credit card debt in the United States exceeds $1 trillion as of the second quarter (Q2) of 2023, according to the Federal Reserve Bank of New York.
The average American credit card debt increased to $6,039 in August 2023 (it was $5,982 in July 2023 and $5,416 in August 2022), according to TransUnion, a nationwide credit bureau.
Credit card debt can be costly if you’re paying interest charges. The average interest rate on credit cards is 22.16% as of Q2 2023, according to Federal Reserve data on credit card accounts assessed interest.
Atstock Productions/istockphoto
Consumer credit card debt in the United States exceeds $1 trillion as of the second quarter (Q2) of 2023, according to the Federal Reserve Bank of New York.
The average American credit card debt increased to $6,039 in August 2023 (it was $5,982 in July 2023 and $5,416 in August 2022), according to TransUnion, a nationwide credit bureau.
Credit card debt can be costly if you’re paying interest charges. The average interest rate on credit cards is 22.16% as of Q2 2023, according to Federal Reserve data on credit card accounts assessed interest.
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TransUnion publishes U.S. credit card debt data every month in all 50 states and the District of Columbia. We’re tracking the data as it becomes available and then ranking the average credit card debt by state in descending order using TransUnion’s recent industry snapshot (August 2023):
District of Columbia
The nation’s capital is not a state, but the District of Columbia has one of the highest average credit card debt balances in the United States. The average credit card debt in Washington, D.C., stands at $7,070 per consumer as of August.
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Alaska is the largest state in the country in terms of its geographical boundaries (586,412 square miles). It also leads all 50 states with the highest average credit card debt in the nation. Cardholders in Alaska have an average credit card balance of $7,248 as of August.
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Maryland sits south of the Mason-Dixon line. This Old Line State has a relatively high credit card debt in the USA. The average credit card debt in Maryland stands at $6,783 per consumer as of August.
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Nevada may have some issues with gambling debt. This predominantly desert and semiarid state also ranks high in credit card debt. The average credit card debt in Nevada is $6,619 per consumer as of August.
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New Jersey is the most densely populated state in the United States. The Garden State also has a high average credit card debt. Cardholders in New Jersey have an average credit card balance of $6,565 as of August.
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Hawaii sports tropical climate and active volcanoes. This state of islands in the Pacific is also known for its relatively high average credit card debt. Consumers in the Aloha State have an average credit card balance of $6,547 as of August.
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Virginia enjoys close proximity to the nation’s capital in a region locally nicknamed DMV (District of Columbia, Maryland, and Virginia). Similar to Maryland and Washington, D.C., consumers in the Old Dominion state carry a relatively high average credit card debt in America. Virginia’s average credit card debt stands at $6,535 per consumer as of August.
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Nicknamed the Constitution State, Connecticut has the highest average credit card debt in New England. What is the average credit card debt in Connecticut? It’s $6,499 per consumer as of August.
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Texas is one of the largest states in the nation in terms of its geographical boundaries and population. The Lone Star State also has a relatively high average credit card debt in the U.S. The average credit card debt in Texas is $6,499 per consumer as of August.
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Colorado hosts a large stretch of the Rocky Mountains. The Centennial State also hosts a large amount of credit card debt per consumer. The average credit card debt in Colorado is $6,425 per cardholder as of August.
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Florida is one of the largest states in the nation in terms of population and economic activity. The Sunshine State has more than 22 million residents and a gross domestic product (GDP) of nearly $1.4 trillion as of 2022. The average credit card debt in Florida is $6,423 per consumer as of August.
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California is the most populous state in the nation with more than 38.9 million people as of Jan. 1, 2023. The Golden State also has one of the highest amounts of credit card debt per consumer. The average credit card debt in California is $6,418 per cardholder as of August.
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Georgia produces tons of agricultural goods, but the Peach State also has a relatively high level of credit card debt. The average credit card debt in Georgia is $6,357 per consumer as of August.
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Washington state borders the Canadian province of British Columbia and carries a relatively high amount of credit card debt per consumer. The average credit card debt in Washington is $6,317 per cardholder as of August.
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New York remains one of the largest states in the nation despite its recent decline in population. The average credit card debt in New York is $6,313 per consumer as of August.
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Arizona welcomes domestic and international tourism with its Grand Canyon natural landmark and desert climate. The average credit card debt in Arizona is $6,129 per consumer as of August.
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Wyoming has the smallest population in the nation (fewer than 600,000 people). But this Mountain West state has a relatively high amount of credit card debt per consumer. The average credit card debt in Wyoming is $6,081 per cardholder as of August.
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Delaware is a relatively small state in terms of its geographical boundaries and population. The First State, however, is one of the bigger states in terms of average credit card debt. The average credit card debt in Delaware is $6,046 per consumer as of August.
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Massachusetts rests in the heart of New England. The Bay State also has a relatively high amount of credit card debt per consumer. The average credit card debt in Massachusetts is $6,021 per cardholder as of August.
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Illinois enjoys its reputation as the Land of Lincoln. This Midwestern state also has a relatively high amount of credit card debt per consumer. The average credit card debt in Illinois is $6,015 per cardholder as of August.
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Utah has the Great Salt Lake and a smaller average credit card debt than most of the states it borders. The average credit card debt in Utah is $5,957 per consumer as of August.
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Oklahoma is located in the middle of the 48 contiguous states. The Sooner State is also near the middle of the pack regarding average credit card debt in America. The average credit card debt in Oklahoma is $5,920 per consumer as of August.
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Rhode Island is the smallest state in the country in terms of its geographical area (1,214 square miles). The average credit card debt in Rhode Island is $5,903 per consumer as of August.
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New Hampshire represents one of the smaller states but has a high amount of credit card debt per consumer. The average credit card balance in New Hampshire is $5,875 per cardholder as of August.
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South Carolina is known for its coastline and beaches. The Palmetto State shares a border with Georgia but has a much smaller scale of credit card debt on average. The average credit card debt in South Carolina is $5,839 per consumer as of August.
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Oregon carries a lower level of credit card debt per consumer than most of the states it borders. The average credit card debt in Oregon is $5,831 per cardholder as of August.
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North Carolina is known for its colleges, universities, and military bases, among other things. (The Tar Heel State has several state-based student loan forgiveness programs.) The average credit card debt in North Carolina is $5,779 per consumer as of August.
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Louisiana sits along the Gulf Coast in the South. The Pelican State is also known as the Creole State and the Sugar State. The average credit card debt in Louisiana is $5,721 per consumer as of August.
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Nicknamed the Keystone State, Pennsylvania has a lower amount of credit card debt per consumer compared with its Mid-Atlantic neighbors of New York and New Jersey. The average credit card debt in Pennsylvania is $5,638 per cardholder as of August.
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Well-known for its country music scene, Tennessee has a lower credit card debt per consumer than most of the 50 states. The average credit card balance in Tennessee is $5,596 per cardholder as of August.
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Idaho is nicknamed the Gem State and is known for its potatoes. Average credit card debt per consumer in Idaho is one of the lowest in the Mountain West region. The average credit card balance in Idaho is $5,586 per cardholder as of August.
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New Mexico has a lower credit card debt per consumer than each of the neighboring states surrounding it. The average credit card debt in New Mexico is $5,548 per cardholder as of August.
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Missouri is not just any state — it’s the Show Me State. The average credit card debt in Missouri is $5,521 per consumer as of August.
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Alabama enjoys a coastline along the Gulf Coast. Known as the Cotton State, Alabama is also known for peanuts. The average credit card debt in Alabama is $5,520 per consumer as of August.
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Minnesota became the North Star State because of its geographical location in the country’s heartland. The average credit card debt in Minnesota is $5,507 per consumer as of August.
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Montana is known as America’s Treasure State and Big Sky Country. Montana also has the lowest average credit card debt in the Mountain West region. The average credit card balance in Montana hovers at $5,501 per cardholder as of August.
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North Dakota has multiple nicknames, including the Flickertail State, Sioux State, and the Peace Garden State. The average credit card debt in North Dakota is $5,465 per consumer as of August.
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Kansas markets itself as the Sunflower State. The average credit card balance in Kansas is $5,415 per consumer as of August.
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Maine has relatively low credit card debt per consumer compared with other New England states. The Pine Tree State also has among the lowest credit card debt per consumer along the East Coast. The average credit card balance in Maine is $5,387 per cardholder as of August.
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Mississippi is one of the poorest states in the nation, but the cost of living in the Magnolia State is also among the lowest nationwide. The average credit card debt in Mississippi is $5,373 per consumer as of August.
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Vermont is known as the Green Mountain State. The average credit card debt in Vermont is $5,362 per consumer as of August.
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Nebraska produces 81.6% of the nation’s great northern beans as of 2022, according to federal data. The average credit card debt balance in Nebraska is $5,356 per consumer as of August.
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Michigan hosts several manufacturers of popular car makes and models. It’s also known as the Wolverine State and the Great Lake State. The average credit card debt in Michigan is $5,344 per consumer as of August.
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Arkansas — dubbed the Natural State because of its wildlife, bodies of water, and preserved open space — is a Southern state with a relatively low level of credit card debt per consumer. The average credit card debt in Arkansas is $5,297 per cardholder as of August.
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Ohio serves 11.8 million residents as of 2022, making Ohio one of the most populous states in the nation. The Buckeye State also has among the lowest credit card debt per consumer in the United States. The average credit card debt in Ohio is $5,297 per cardholder as of August.
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South Dakota hosts the famous Mount Rushmore National Memorial. The average credit card debt in South Dakota is $5,264 per consumer as of August.
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West Virginia remains one of the few states that may pay you to move there if you work from home. The average credit card debt in West Virginia is $5,217 per consumer as of August.
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Indiana is America’s Hoosier State. The average credit card debt in Indiana is $5,216 per consumer as of August — one of the lowest in the nation.
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Kentucky has a relatively low level of credit card debt per consumer. The average credit card debt in Kentucky is $5,041 per cardholder as of August.
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Iowa ranks first in the nation in the production of corn for grain. The average credit card debt in Iowa is $4,976 per consumer as of August.
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Wisconsin remains the largest cheese producer in the nation, and consumers in America’s Dairyland have the lowest average credit card balances nationwide. The average credit card debt in Wisconsin is $4,853 per cardholder as of August.
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You can find out your credit card balance by reading your credit card statement. Your credit card balance matters because it’s your unpaid credit card debt that you are expected to repay as fast or as slow as you wish.
The slowest way to pay down credit card debt is to make minimum payments each billing cycle. The fastest way to pay down credit card debt is to pay the full statement balance each billing cycle.
Cardholders with a credit card grace period may avoid interest charges on new purchases by paying the statement balance in full each billing cycle.The annual percentage rate (APR) on a credit card can be quite high compared with other consumer lending products. If you make minimum payments each billing cycle, it could take years to pay off the debt and the interest charges could be costly in particular.
How much credit card debt does the average American have? The average American credit card balance is $6,039 per consumer as of August 2023, according to TransUnion data.
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In general, leaving a small balance on your credit card is not the best idea if your goal is to build credit without incurring interest charges.
Carrying a small balance may not be right for you if you can afford to pay off your statement balance each billing cycle. Unless you have a 0% introductory APR, you may face interest charges if you pay less than the statement balance.
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If your credit card has a grace period, you may avoid credit card interest charges by paying your statement balance in full each billing cycle. You may also want to avoid credit card cash advance transactions if you’re trying to avoid credit card interest charges.
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The average American credit card debt balance increased 11.5% year-over-year from August 2022 to August 2023, according to TransUnion, one of the big three credit bureaus. It identified inflation as a key driver behind balance growth.
You can calculate the national credit card debt average by taking the total balance across all credit card accounts ($1.03 trillion in Q2 2023) and dividing it by the number of U.S. consumers with a credit card account balance (165.3 million).
TransUnion uses a different methodology — a stratified random sample of 5 million consumers — to calculate average credit card debt by state. The $6,039 average credit card balance in August 2023 is a measurement of credit card debt under TransUnion’s calculation method. Cardholders who pay their credit card balance in full each billing cycle may avoid interest charges on new purchases.
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Consumers in all risk tiers use credit cards to buy goods and services. The below table highlights the average American credit card balance by risk tier, according to TransUnion data:
Average credit card balance per consumer in August 2023 by Risk Tier:
- Super prime (781-850): $3,868
- Prime plus (721-780): $7,396
- Prime (661-720): $8,721
- Near prime (601-660): $8,699
- Suprime (300-600): $5,034
Credit card debt exists across all risk scores, but cardholders with bad credit are more likely to experience serious delinquency.According to TransUnion’s credit card debt data by risk tier (August 2023):
- 19.14% of subprime cardholders fell 90+ days past due
- 1.20% of near prime cardholders fell 90+ days past due
- 0.20% of prime cardholders fell 90+ days past due
- 0.01% of prime plus cardholders fell 90+ days past due
- 0% of super prime cardholders fell 90+ days past due
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While it’s interesting to learn the average credit card debt in the U.S., it doesn’t help you much when you’re struggling to pay down your own credit card debt.
Most credit cards are unsecured without collateral. This means credit card account holders typically are not required to make a security deposit. Failing to pay and defaulting on your credit card bills can severely damage your credit.
When you make transactions on a credit card, the transaction activity represents an unpaid debt that you’ll eventually have to repay as fast or as slow as you wish. If you’re facing credit card debt challenges, below we highlight some ways you may manage your debt.
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Here are three tips that may help you reduce credit card debt:
1. Using Balance Transfer Credit Cards
Some credit card issuers offer new applicants 0% introductory APR financing on balance transfers. This enables you to transfer existing credit card debt to a new card and gives you a break from incurring interest charges. And when you transfer balances from multiple cards, you’re consolidating your debt as well, which can make it easier to stay on top of payments since you’ll have just one instead of multiple.
Promotional APR offers last a minimum of six months and can extend up to 21 months. Just note that you may incur a balance transfer fee, which is typically 3% to 5% of the amount transferred. With the way credit cards work usually, the balance transfer fee is added to the balance of the new account.
The key to utilizing a balance transfer credit card is to pay a portion of your remaining balance each month before you resume swiping at places accepting credit card payments. This ensures that you have the entire balance paid off by the time the promotional rate expires and the standard rate resumes.
2. Getting a Personal Loan to Consolidate Debt
Another option to pay off credit card debt is to use a personal loan to consolidate debt. Personal loans are typically installment loans with fixed monthly payments and a fixed repayment schedule. Approval typically is based on your personal credit history and credit score.
If you have good or excellent credit (661+ VantageScore® 4.0), you might be able to qualify for a loan with a lower interest rate than your current credit cards have. When you receive funding from a personal loan, you can use it to pay off your credit card debt, which may have higher interest rates — especially if your APR is above the average credit card interest rate.
3. Receiving Credit Counseling
You could also look for a credit counseling service that can offer advice on how to manage your credit card debt and pay it off. There are nonprofit credit counselors who can help you to choose from one of many possible solutions, such as credit card debt forgiveness.
Credit counseling can also offer general financial education, such as explanations of important credit card definitions and tips on budgeting. Counseling can take place in person, online, or over the phone. You may be able to find nonprofit credit counseling services through a university, military base, credit union, or housing authority.
Beware that some vendors may not be legitimate credit counselors. The U.S. Department of Justice maintains a list of approved credit counseling agencies by state. Most of the reputable credit counseling agencies are nonprofit organizations that offer services at local offices, online, or on the phone, according to the Federal Trade Commission.
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Whether you have a large or small amount of credit card debt, paying that balance off as soon as possible may reduce or eliminate your interest costs. When choosing a credit card, consider the card’s standard interest rate, as well as any promotional financing offered on new purchases, balance transfers, or both.
This article originally appeared on SoFi.com and was syndicated by MediaFeed.org.
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Personal Loan
SoFi Lending Corp. (“SoFi”) operates this Personal Loan product in cooperation with Engine by MoneyLion. If you submit a loan inquiry, SoFi will deliver your information to Engine by MoneyLion, and Engine by MoneyLion will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lenders/partners receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Engine by MoneyLion, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.Personal loan offers provided to customers on Lantern do not exceed 35.99% APR. An example of total amount paid on a personal loan of $10,000 for a term of 36 months at a rate of 10% would be equivalent to $11,616.12 over the 36 month life of the loan.
Student Loan RefinanceSoFi Lending Corp. (“SoFi”) operates this Student Loan Refinance product in cooperation with Engine by MoneyLion. If you submit a loan inquiry, SoFi will deliver your information to Engine by MoneyLion, and Engine by MoneyLion will deliver to its network of lenders/partners to review to determine if you are eligible for pre-qualified or pre-approved offers. The lenders receiving your information will also obtain your credit information from a credit reporting agency. If you meet one or more lender’s and/or partner’s conditions for eligibility, pre-qualified and pre-approved offers from one or more lenders/partners will be presented to you here on the Lantern website. More information about Engine by MoneyLion, the process, and its lenders/partners is described on the loan inquiry form you will reach by visiting our Personal Loans page as well as our Student Loan Refinance page. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
NOTICE: The debt ceiling legislation passed on June 2, 2023, codifies into law that federal student loan borrowers will be reentering repayment. The US Department of Education or your student loan servicer, or lender if you have FFEL loans, will notify you directly when your payments will resume For more information, please go to https://docs.house.gov/billsthisweek/20230529/BILLS-118hrPIH-fiscalresponsibility.pdf https://studentaid.gov/announcements-events/covid-19
If you are a federal student loan borrower considering refinancing, you should take into account the new income-driven payment plan, SAVE, which replaces REPAYE, seeks to make monthly payments more affordable, and offers forgiveness of balances that were originally $12,000 or lower after 120 payments, among other improvements. Also, please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans, such as SAVE, or extended repayment plans.
Auto Loan RefinanceAutomobile refinancing loan information presented on this Lantern website is from Caribou, AUTOPAY, Engine by MoneyLion, and each of Engine’s partners (along with their affiliated companies). Caribou, AUTOPAY, and Engine by MoneyLion pay SoFi compensation for marketing their products and services on the Lantern site.
Auto loan refinance information presented on this Lantern site is indicative and subject to you fulfilling the lender’s requirements, including but not limited to: credit standards, loan size, vehicle condition, and odometer reading. Loan rates and terms as presented on this Lantern site are subject to change when you reach the lender and may depend on your creditworthiness, consult with the lender for more details. Additional terms and conditions may apply and all terms may vary by your state of residence.
Secured Lending DisclosureTerms, conditions, state restrictions, and minimum loan amounts apply. Before you apply for a secured loan, we encourage you to carefully consider whether this loan type is the right choice for you. If you can’t make your payments on a secured personal loan, you could end up losing the assets you provided for collateral. Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on the ability to meet underwriting requirements (including, but not limited to, a responsible credit history, sufficient income after monthly expenses, and availability of collateral) that will vary by lender.
BankingSoFi Lending Corp. (“SoFi”) operates this website in cooperation with Engine by MoneyLion presenting promotions for products and services offered by other banks, lenders, and financial institutions. If you select a promotion above, you will be connected to the website of the company offering the product. The promotions presented on this site are from companies that pay SoFi and Engine by MoneyLion compensation for marketing their products and services. This may affect whether a provider is featured on this site and could affect the order of presentation. Lantern and Engine by MoneyLion do not include all providers in the market or all of their available offerings. Click to learn more about Engine’s Licenses and Disclosures, Terms of Service, and Privacy Policy.
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