Loans

Banks Editorial Team

December 8th, 2018

Installment Loans for Bad Credit: A Brief Overview

Installment loans for bad credit are financial products that allow individuals to borrow a specific sum of money up front in order to complete a purchase and then pay that money back, with interest, over a specified amount of time. Examples of installment loans include auto loans and student loans. In order to ensure that loans […]

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Banks Editorial Team

November 27th, 2018

Discover Personal Loans: A 2018 Lender Review

Discover Personal Loans is a personal loan service offered by Discover to United States citizens or immigrants with a permanent resident permit that are 18 years of age and above, having good credit records and in need of debt consolidation. They offer open-ended loan amounts and repayment terms that will be suitable for the borrowers, […]

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Banks Editorial Team

November 26th, 2018

What if I Miss a Payment on a Personal Loan?

There are several negative consequences that will happen if you miss a payment on a personal loan depending on the amount, your agreement with the bank, how long the loan has been in default, and other factors. For one, late fees will be charged based on the information in the credit contract. Your credit score […]

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Banks Editorial Team

November 15th, 2018

What Is A Personal Loan?

Often, people ask what is a personal loan and end up getting all sorts of answers that do not answer their question. Understanding personal loans, their features, and how they work ultimately improves the way people make decisions about their finances.   What is a Personal Loan and How Do You Apply for One? A […]

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Banks Editorial Team

June 30th, 2018

Will Applying for a Loan Affect your Credit Score?

Applying for a personal loan can affect your credit score. However, it is only one of several factors which can contribute to lower or increase your credit score. Your FICO credit score is affected to a much greater extent by your payment history, credit history, and the total amount of your debt. The effect of […]

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Banks Editorial Team

June 28th, 2018

What Happens to a Personal Loan when Someone Dies?

Defaulting is the inability or failure to pay the interest or principle on an existing loan when due. A personal loan when someone dies cannot be defaulted and is either paid through the deceased person’s estate or passed down to dependents in unique cases. In the United States, being late on a loan repayment, defaulting, […]

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Banks Editorial Team

June 27th, 2018

What are the Up-front Costs of a Personal Loan?

Before settling for a loan, it is important to understand the attractable fees, including the up-front costs of a personal loan that accompany the figures you are looking for. With this knowledge, you will be able to choose a bank with the most convenient interest rates and the appropriate pay period. When it comes to […]

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Banks Editorial Team

June 26th, 2018

Does a Personal Loan Have a Prepayment Penalty?

Contrary to what most people think, paying off your personal loan monthly installment total ahead of time can result in prepayment penalty charges. So, yes – most lenders have a personal loan prepayment penalty. Many financing institutions and banks charge a penalty fee to borrowers when they pay every personal loan monthly installment before the […]

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Banks Editorial Team

June 24th, 2018

How Soon Will You Receive Money After Applying for a Personal Loan?

Most applicants ask this question when considering applying for a personal loan: How soon will you receive money after applying for a personal loan? With the increasing prevalence of online lenders specializing in a quick turnaround of the personal loan application process, prospective borrowers can receive funds in as little as a couple of days. […]

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Banks Editorial Team

June 23rd, 2018

How Much you Can Borrow with a Personal Loan?

How much you can borrow with a personal loan and the repayment period are dependent on a number of factors. Not only does the choice of lending institution impact these factors, but the type of loan—whether secured or unsecured— will impact how much you can borrow with a personal loan and for how long. Personal […]

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