Jessica’s Latest Articles
There are currently 23.5 million Americans with unsecured personal loans, according to TransUnion. Personal loans can be used for most expenses, and come with a monthly payment and repayment terms agreed upon by you and your le...
Appliances can be expensive. The average package price for a microwave, fridge, dishwasher, and range runs from $2,100 to $5,400, according to HomeGuide. Appliance financing can help soften the blow, but will usually cost more ...
Personal loans may have flown under the radar for a number of years as a credit card alternative, but no longer. According to TransUnion data, 23.5 million consumers had at least one personal loan in the fourth quarter of 2023,...
A FICO score of 579 or less is considered a bad credit score. According to Experian’s 2023 Consumer Credit Review, a little more than 12% of Americans score in that range. But that doesn’t mean you can’t get a loan with ba...
An origination fee, sometimes called an administrative fee, is a one-time fee that some lenders charge to process and approve loan applications, including mortgages and personal loans. Personal loan lenders may charge between 0...
The main difference between a secured and an unsecured loan is that one requires collateral. Collateral is a valuable asset, such as your home or your car, that “secures” the loan. Secured loans are safer for lenders since...
An installment loan provides you with a lump sum of money upfront that you then repay through a series of payments, or installments, over a set term. For example, mortgages, auto loans, and personal loans are all types of insta...
In many cases, your credit score will drop by a few points when you take out an installment loan like a personal loan. The application process can cause a decrease, as can adding a new account with an outstanding balance to you...
About 61% of people with bad credit are likely to default on a credit account, according to FICO data. As a result, many lenders won’t approve you if you have bad credit, which can make it hard to get a loan or borrow the ...
Personal loans are generally available from banks, credit unions, and online lenders, but banks represent the largest originator of personal loans across the spectrum, with 48% of the market share in 2023. Personal loans can be...