Do you lie awake at night worrying about how you’ll pay off all the credit card debt you’ve acquired? Maybe you’re plagued by a stack of medical bills that continue to arrive in the mail. Or perhaps you took out a personal loan to consolidate debt and then ran up even...
When it’s time to take out a mortgage or open a new credit card, one of the first things a lender or creditor does is check your debt-to-income (DTI) ratio. Generally, an acceptable ratio is 36%. Anything higher, and some lenders begin to worry you’re already carrying too much debt…
What a person does with their money is their business, right? Not always. Lenders are indeed interested in how borrowers plan to use the funds they’re loaned—in fact, the reason for a loan is one of the application questions.
But does loan purpose really matter? Keep reading to find out…
When you’re applying for a loan, you might have the option to add a cosigner or co-borrower. One of the biggest differences between a co-borrower and cosigner is that a co-borrower shares ownership of the asset that’s tied to the loan and assumes the responsibility of payments from the start…
Internet financial “gurus” tell you to cut back on lattes and avocado toast if you want to get out of debt. But if you’re barely making enough to cover basic living expenses, getting out of debt isn’t so simple.
Learn how to become debt-free with a low income by following...
Life happens, and sometimes you may encounter an unexpected expense that you can’t afford to pay for from your bank account. Some examples of what might set you back include medical expenses, moving costs, consumer products and home repairs. To fill in the gap, a personal loan might be a good option, especially if you can qualify for one with…
Personal loans and personal lines of credit are two ways to borrow money that typically don’t require collateral. However, they’re functionally very different. A personal loan gives you a sum of money upfront and requires fixed monthly payments throughout your loan term. A personal line of credit, on the other hand, lets you withdraw as much cash as you need…