The terms pre-qualified and pre-approved are often confused with each other; however, they are essentially two distinct processes that can be very helpful to borrowers. Pre-qualified can be thought of as an initial, relatively informal examination, whereas pre-approved typically is an evaluation performed at a later time in the application process. Knowing the difference between[…]
Just because a loan carries a no credit check label doesn’t mean there isn’t any credit review. Companies may call these loans no credit check, but this does not explain what information the company will collect, whether there are other consumer reports, to whom they send the application, how much credit it will cost, what[…]
Typically, once you submit an application for credit or to establish a new account with a company, they will examine your credit history. There are two ways in which a company can access your credit information: through either a “soft inquiry” or a “hard inquiry”. While both types of inquiries allow a company to review[…]
Bad credit loans are offered for individuals who do not have good credit. This could be due to: making late bill payments, having a lot of debt, or just starting out on building credit. Although a credit score is an indicator of how well a lender thinks you will repay their loan, it does not[…]
Poor credit loans are personal loans made available to consumers with less-than-perfect credit. A bad credit lender understands that the applicant has experienced late payments or has a very limited credit history; therefore, the lender will review your income, banking history, and credit score before deciding on a loan. Bad credit personal loans are often[…]
When you compare personal loans, you will often see two different numbers. Interest rate and APR. They are similar in appearance. But they tell you different things. If you understand how each works, you will know how to judge offers with confidence. What is an interest rate? An interest rate reveals the cost of borrowing[…]
Unforeseen costs are a hassle, and many people opt to borrow a payday loan online to handle the problem. These services provide immediate access to funds and a fast process. However, before you apply, it is important to understand what these cash advances are and how they work. See our payday loans page for information[…]
A secured loan is one in which property is pledged as collateral, and the lender maintains a security interest in the property. An unsecured loan is one that does not require collateral. The main difference is how collateral changes the lender’s risk. Unsecured loans may carry higher interest rates, but pricing and qualification depend on[…]
When you borrow money through a personal loan, you usually agree to repay the loan in defined amounts each month. Each month’s payment is made up of two parts: the interest, which is the cost of borrowing the money, and the amount you borrowed, which is called principal. The idea is that the interest part[…]
Personal loans are generally closed-end loans. This means that a personal loan is a loan that has a fixed amount. The borrowed amount is then repaid to the lender over a fixed amount of time. Loan payments can be in the form of installments. The loan payments, interest, fees, term lengths, and other variables are set[…]