How Does a Personal Loan Affect Your Credit Score?
A personal loan, like any debt, can impact your credit score positively or negatively. It all depends on how you manage that debt. Understanding the effects a personal loan can have on your FICO score will empower you to utilize loans to your advantage.Positive Effects of a Personal Loan on Your Credit ScoreEasy Opportunity to... Read More
How Can a Personal Loan Improve Your Credit?
Do you have good or bad credit? Do you even know?What is Credit?In this case, the word “credit” refers to your credit score. Your credit score, also known as your FICO score, is a numerical value derived from criteria established by the Fair Isaac Corporation, a data analytics company. This score is widely used by... Read More
Personal Loans vs. Credit Cards
Personal loans are installment loans. Credit cards are revolving accounts. But what does that mean?Personal Loans are Predictable. Credit Cards are Flexible.Personal Loans Are More Predictable Than Credit CardsPersonal loans are a type of installment loan in which borrowers receive one lump sum and pay it back in equal increments, or installments, on a monthly... Read More
The 6 Best Ways to Use Your Personal Loan
“Loan” doesn’t have to be a four-letter word.In fact, you can leverage a personal loan to advance your overall financial standing and improve your credit score—whether you need to borrow money or not.Really Good Reasons to Take a Personal LoanDebt ConsolidationOne of the best reasons to get a personal loan is to consolidate and pay... Read More
What Do I Need to Apply for a Personal Loan?
Before you apply for a personal loan, it is important to know your likelihood of being approved. Most lenders require a credit score of 560 to get an unsecured personal loan. If your credit score is below 560, you may be required to put up collateral, which is valuable property such as a vehicle or... Read More
What Is a Payday Loan and How Does It Work?
A payday loan is a high-cost, short-term loan. Payday loans are considered by some states to be “predatory” in nature, so you should educate yourself about alternatives before taking a payday loan.What Is a Payday Loan?A payday loan is typically a small loan—less than $500—that is intended to be paid in full within two weeks,... Read More
