article thumbnail

What Is a Personal Loan? How It Works

Credit Corp

A personal loan is money borrowed from a lender that can be used for almost any purpose, from debt consolidation to home improvement projects. Most people don’t have $5,000+ sitting in their bank accounts—that’s where personal loans come in. What Is a Personal Loan? Why Would I Need a Personal Loan?

article thumbnail

What Is a Personal Loan?

Better Credit Blog

Each year, tens of millions of Americans facing similar situations turn to personal loans to help ease the financial burden. With low interest for borrowers with strong credit scores, fixed rates, and a variety of lending sources to choose from, it’s easy to see why personal loans are so enticing. Reasons To Get A Personal Loan.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Back to School Finances for Parents: How to Finance Your Child’s Education

Credit Corp

You might take out a small personal loan to cover new band equipment, for example, or use a credit card to buy school supplies. Research student loan options. It’s likely that you or your child will need to take out student loans to pay for their education. Funding a College Education. on TD Bank's secure website.

article thumbnail

Determining Your Debt-to-Income Ratio

Debt Guru

Use the same formula that lenders rely on when evaluating a loan application. The result is a percentage that determines your creditworthiness – in short, if lenders believe you’ll be able to repay the loan. Keep in mind that your ratio typically excludes mortgage and student loans.

article thumbnail

Is No Credit Better Than Bad Credit?

Credit Corp

Bad credit can prompt frequent collection calls and take a long time to repair, while no credit can reduce your eligibility for most loans. There are certain loans that you can apply for with bad credit. Stress: Bad credit can decrease morale and raise stress by making it much harder to secure loans and decrease your interest rates.

Loans 52
article thumbnail

Troutman Pepper Weekly Consumer Financial Services Newsletter

Troutman Sanders

On May 1, the CFPB proposed a rule to implement a congressional mandate to establish consumer protections for residential property assessed clean energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements, such as solar panels.

article thumbnail

Back to School Financial Prep for Students

Credit Corp

Examples of paying with credit include: Using a student loan to cover costs associated with college Using a credit card to make a purchase Taking out a loan for a vehicle Borrowing money from a friend or your parents to buy something and promising to pay them back later. You also have to pay this money back later. Financial Aid.