Personal Finance

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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Banks Editorial Team

June 22nd, 2018

What are the Terms of a Personal Loan?

The terms of a personal loan may depend on individual needs and the lender, including the loan amount which is usually capped somewhere between $35,000 and $100,000, and the period of repayment, which is normally between 1 and 7 years. The rates offered by lenders on personal loans will vary with individual circumstances: in general […]

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Banks Editorial Team

June 21st, 2018

What do you Need to Qualify for a Personal Loan?

In order to qualify for a personal loan, you’ll need to provide the lender with certain information and documentation to support your application. These provide the lender with some assurance that you are creditworthy and will be able to repay the requested personal loan, so a proof of income and reliable history of making repayments […]

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Banks Editorial Team

June 20th, 2018

How to Apply for a Personal Loan

Knowing when to use a personal loan can be the most effective way of saving money through debt financing as well as in helping meet urgent financial obligations. The process how to apply for a personal loan should start by checking if a borrower can meet the minimum requirements to calculate the probability of the […]

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Banks Editorial Team

June 19th, 2018

Personal Loan Questions: Top Ten Questions People Ask

If you are thinking about applying for a personal loan, but you don’t know where to start, we have compiled a guide of personal Loan questions. These are the top ten questions people ask when applying for a personal loan. Prior to diving into the process, compare rates and lenders to check if a personal […]

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