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Secured Loans

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What Is a Secured Line of Credit? How Does It Work?

Have you been daydreaming about buying a boat or completely redoing your dream kitchen? Do you have large, recurring medical or tuition bills coming your way?  Would you like to consolidate your credit card debt and make a better plan to pay it off?  If any of these situations sound familiar to you, you may...

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How To Get a Car Loan: A MoneyTips Guide

Things are changing fast when it comes to how we buy cars and what we want in them. One thing that hasn’t changed? The importance of knowing how to get a car loan that doesn’t speed off with all your money. Car Loan Basics: What They Are and How They Work When you need a...

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Loan Value of My Car: 3 Tips To Determine Used Car Value

Whether you’re in the car buying process, looking to get an auto loan or want to refinance your current auto loan, one factor that goes into a lender’s approval is your vehicle’s loan-to-value (LTV) ratio. You can calculate your car loan’s LTV with a simple formula, but you’ll need to determine the car’s value first....

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Crypto Loans: What Is Crypto Lending and How Does It Work?

Spoiler alert: All investments carry some degree of risk, including the latest currency to take the financial world by storm: cryptocurrency – also known as crypto.  Articles and online forums are loaded with whiplash-inducing news of crypto billionaires alongside reports warning us of a crypto crash. It can be difficult to decide whether to invest...

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What Is Collateral?

When you need money from a lender, you can get one of two loan types: secured and unsecured. A secured loan uses a pledge of collateral and an unsecured loan does not. When using collateral to secure a loan, you run the risk of losing the asset if you cannot repay the loan. If you...

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How To Remove a Co-Signer From an Auto Loan

Being a co-signer on an auto loan (or any loan, for that matter) is a big decision. It’s a service that can feel very rewarding, which is why co-signers are typically trusted friends or family. But it also comes with financial risk. If the principal borrower experiences money troubles – a job loss, a drop...

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How Many Personal Loans Can You Have at Once?

Who among us is immune to the occasional big expense? Sure, it’s great when you’re financially prepared to deal with the cost of a big-ticket item or service. But sometimes you’re blindsided by the unexpected: a costly medical procedure, a home repair, a sick pet or your car breaking down.  When your life needs financing,...

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How To Get an Auto Loan With No Credit

Whether you’re buying your first car or looking for an upgrade, you may need an auto loan to get behind the wheel. A lender will use a borrower’s credit history and credit scores to determine how reliable they are at repaying debt. Without that history, it’s harder for lenders to determine creditworthiness. However, lenders can...

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What Happens When You Default on a Loan?

You’re running a 5,000-meter repayment race. You trip and suddenly start to feel yourself falling. Defaulting on a loan can feel a lot like this. One day you’re running along, making regular payments on your loan, and the next day you’re stumbling over late or missed payments. Unfortunately, no one is immune to the occasional...

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How To Calculate an Auto Loan Payment

You’re ready to buy a car. Whether it’s a new car or a used car, unless you’re planning to pay for the car upfront, you’ll probably need an auto loan.  You can get an auto loan from the dealership or from a bank, but when you take out an auto loan, you’re committing to an...

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How To Get Student Loans Out of Default

Federal student loans are one of the most accessible ways to fund an education. But that doesn’t mean making those monthly payments after graduation will be easy. It’s important to stay on top of your payments because even a single missed payment can hurt your credit score. This can make it harder for future you...

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How To Pay Off Your Business Debt QUICK

Financing can help your business grow and help you reach the goals you’ve set for your business. But it’s important to know what kind of debt is helpful and how it can impact your business, especially when you’re trying to climb out from under already existing debt. Our guide will clarify the difference between good...

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Applying for a Loan Online vs. in Person: Which Is Safer?

You need money, and you’re thinking about taking out a personal loan. Maybe you want to consolidate your credit card debt because you’re tired of multiple credit card payments and only want to deal with a single, fixed payment. Or maybe an emergency came up and you need money quickly to cover your bills. A...

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Should You Get a Car Loan From a Bank or a Dealer?

If you’re shopping for a car, you’re probably trying to figure out the best way to pay for it. Unless you have tens of thousands of dollars in cash in a bank account, you’ll likely need an auto loan.  But where should you get your loan? Does it make more sense to get a loan...

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APR vs. APY: Understanding the Difference

Benjamin Franklin and Albert Einstein have both been quoted as fans of compound interest.  While compounding interest may not be E=MC2 or the Declaration of Independence, it does speak to an understanding of how math can affect our view of the universe. This is especially true when you’re dealing with two commonly seen but often...

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Settled in Full vs. Paid in Full: Which Is Best?

Debt can be a confusing part of life, especially when your options to pay it off sound similar but are totally different. Settled in full and paid in full are two debt repayment options. In both cases, your balance decreases to zero, and your account is closed. But each option has a different impact on...

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How Do Banks Make Money?

In news that will surprise no one: Banks are businesses. And like most businesses, they want to make money. But banks can’t keep the lights on or pay their employees by ATM fees alone. So, how do banks make a profit? When you break it down, banks make money off of your – and other...

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Does Paying Off a Loan Early Hurt Your Credit?

Lots of people share a common dream: to live in a mortgage-free house or drive a car that’s fully paid for.  Let’s say you’ve got a car loan or personal loan, and you’ve been making on-time payments for several years. After crunching a few numbers, you realize that you can pay off the rest of...

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How Long Should I Wait To Refinance My Car?

Buying a new car and driving it off the lot is thrilling. But once that thrill fades away, you may start to wonder if you got the best deal on your auto loan.  If your answer’s feeling like a no, refinancing your loan is always an option – which is great – but how long...

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How To Get an Auto Loan With Bad Credit

Buying a car can be an exhilarating experience, especially if it’s your first car, first new car or the first car you’re buying without help from your family.  Unless you can buy your car with cash, you’ll probably need an auto loan. Before any auto lender decides to give you a car loan, they’re going...

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How To Get a Secured Personal Loan

Start Your Engine: Secured Personal Loans Personal loans come in all shapes and sizes and can be used for a wide variety of reasons. And by reasons we mean everything from planning your first getaway to having a little extra cash on hand to finance your first car. But it’s tricky to get credit if...

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