Bob Haegele
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Freelance personal finance writer, world traveler, day job dissenter. Investing and credit card expert. Founder of The Frugal Fellow.
Articles by Bob Haegele
Commercial Construction Loans: How They Work and Different Types
Key takeaways Many commercial construction loans finance up to 65% or 75% of a construction project. Depending on the loan type, funds might be released in phases that align with project timelines. You generally make interest-only payments during construction but must repay or refinance the loan upon project completion. Commercial construction projects are often complex and expensive, and commercial construction loans can provide funding to build or renovate.
How to calculate interest on a savings account
Knowing how to calculate interest on savings accounts can help you predict how much you can earn every month on your balance. You can manually calculate savings account interest using the simple interest formula (A = P * R * T) or compound interest formula (A = P(1 + R/N)ᴺᵀ). But don't worry if you're not a math whiz: You can also simply input a few key details into an online savings calculator to see your results.
How to open a savings account for a child
Opening a savings account for a child can help them build good money habits while giving their savings a safe place to grow. But because minors generally can't open bank accounts on their own, a parent or guardian will usually need to help. Here's how to open a savings account for a child, what you'll need, and how to choose the right account. You must follow the right steps if you want to open savings account for your child.
Here's what to do if your bank account application was denied
Getting denied for a bank account can be frustrating, especially when you're not sure why it happened. Banks and credit unions can reject applications for several reasons, from problems verifying your identity to negative marks in your banking history. If your bank account application was denied, understanding the reason can help you fix the issue and find another way to open an account.
US Presidents & the Economy: Breaking Down Their Impact, From LBJ to Trump
The U.S. economy is vast and complex, and while presidents often take credit -- or blame -- for its performance, their actual influence is limited compared to factors like Federal Reserve policy and global markets. Still, economic conditions under each administration shape public opinion and voting behavior. From GDP growth and unemployment rates to inflation, tariffs and recessions, every president from Lyndon B. Johnson to Donald Trump faced unique challenges and opportunities.
10 common mortgage mistakes that can cost homeowners thousands
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US presidents & the economy: Breaking down their impact, from LBJ to Trump
The U.S. economy is vast and complex, and while presidents often take credit -- or blame -- for its performance, their actual influence is limited compared to factors like Federal Reserve policy and global markets. Still, economic conditions under each administration shape public opinion and voting behavior. From GDP growth and unemployment rates to inflation , tariffs and recessions, every president from Lyndon B. Johnson to Donald Trump faced unique challenges and opportunities.
Picking a bank is a big decision. After all, this is where you will keep your hard-earned money and, hopefully, have easy access to it when needed. The best banks also keep your money safe, pay interest on your deposits, and charge few-to-no fees. Here's what to look for when choosing a bank and how to select the best one for your needs. Choosing where to keep your money is important, but it doesn't have to be difficult or stressful.
Online banks have some of the best savings account rates. Here's why.
If you're looking for the best possible return on your savings, there's a good chance you'll find it at an online bank. And the reason largely comes down to how they operate. Here's why online banks can afford to pay more interest on your deposits — and where to find the best rates. Read more: The 10 best online banks of 2026 Every bank is different, but the reasons online banks typically pay higher savings rates often comes down to a combination of lower costs and more competition.
Best credit unions for business loans in August 2026
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10 common mortgage mistakes that can hurt your finances for years
Buying a home is a big decision. More than that, though, it's a complicated one. There is a lot to think about, from where to buy down to how many bathrooms your potential new home has. In addition to the home itself, though, there is also the mortgage to consider. After all, for most people, buying a home is the single largest purchase they will ever make. Thus, it is no surprise that the mortgage behind the home is also crucial. In most cases, you'll be repaying your mortgage for about 30 years.
Does a Business Loan Affect Your Personal Credit?
Key takeaways Personal credit is linked to your Social Security number, while business credit is linked to your federal employer identification number. A business loan can affect your personal credit if the lender performs a hard inquiry, you have a sole proprietorship or you sign a personal guarantee. Prevent business debt from affecting your personal credit by selecting the right company structure and avoiding loan defaults.
Car Warranty vs. Car Insurance: Key Differences
Key takeaways Car warranties cover certain manufacturer defects and mechanical issues, while car insurance protects against accidents, theft or environmental damage. Manufacturer warranties are often included with new cars, and extended warranties can be bought from third parties, while insurance companies sell auto policies. Neither typically covers wear and tear or personal property left in your car.
8 Steps for Getting a Personal Loan With a 600 Credit Score
Key takeaways Getting a personal loan with a 600 credit score is possible, but you might have high interest rates or unfavorable terms. Alternative lenders, such as online lenders and credit unions, often accept fair credit. For better terms, consider adding a cosigner, reducing your debt or providing collateral. Getting a personal loan with a 600 credit score can be challenging, as lenders often look for good to excellent credit.
7 bank alerts that can help protect your money
Banks have many convenient features that can save customers time and money. One of those features is bank alerts, which notify you of certain types of activity in your account, from a low balance to possible fraud. Most modern banks support email and text alerts, which you can toggle on and off. Read on for some examples of bank alerts you can set up and how they can help you better manage and protect your money. There are many alerts available to banking customers.
Bank of America Auto Loan Review 2026
Key takeaways Bank of America provides new and used auto loans for dealership purchases. It does not offer refinancing, lease buyouts or private-party financing. Loans have a 30-day rate lock, and no application fees or prepayment penalties apply. Bank of America provides new and used auto loans with fixed rates and a 30-day rate lock. It offers dealership purchase financing nationwide. You can shop for cars online to see eligible inventory and prequalify to see estimated rates.
Can you add money to a CD?
Certificates of deposit (CDs) allow you to earn interest on your deposit, sometimes at interest rates as high as 4% APY. This helps hedge against inflation, making them an attractive alternative to checking accounts and traditional savings accounts. However, checking and savings accounts let you add money at any time. With CDs, adding money is often not permitted — with one exception. A CD is a type of interest-bearing deposit account available at most banks and credit unions.
5 Steps to Getting an Extended Car Warranty with 100,000 Miles
Key takeaways Cars with over 100,000 miles might be more likely to break down, and extended warranties can protect against high repair costs. Dealers and third parties sell extended warranties with varying coverage levels. Extended warranties can be predatory, and building an emergency fund for repairs might be better. Cars with over 100,000 miles might be prone to breakdowns and mechanical failures, and extended warranties can help pay for these costs.
Consumers Credit Union Auto Loan Review 2026
Key takeaways Consumers Credit Union offers auto loans and refinancing with competitive rates and flexible terms. Its loans are available nationwide. Consumers Credit Union offers a 0.50% rate discount when you purchase a vehicle through its car-buying service. Consumers Credit Union provides new and used vehicle financing, refinancing and loans for specialty vehicles, such as classic cars and recreational vehicles (RVs).
How to Get a $100,000 Business Loan
Key takeaways Lenders offer $100,000 business loans for upgrading equipment, expanding into new markets or other purposes. Types include equipment financing, business lines of credit and term loans. You must meet eligibility requirements to get a $100,000 business loan. A $100,000 business loan can help you buy equipment, cover cash-flow gaps or invest in marketing. Types include term loans, lines of credit, equipment financing and Small Business Administration (SBA) loans.
Navy Federal business loans review 2026
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Best Student Loan Refinance Lenders of September 2026
Key takeaways Refinancing replaces existing federal or private student debt with a new loan. Borrowers often refinance to save money on interest or get a lower monthly payment. While it might save you money, refinancing federal student loans requires giving up federal borrower protections and access to loan forgiveness programs. Student loan refinancing replaces your existing debt with a new loan.
What is fintech? What you need to know about financial technology companies.
As the world's connectivity has improved and technology has become cheaper and more advanced, the emergence of "fintech" was bound to happen. This technology has made financial management cheaper and less time-consuming, improving the lives of millions. But what exactly is fintech, and how does it work? We'll explore that question and break down fintech's benefits and drawbacks.
Lendistry Business Loans Review 2026
Key takeaways Lendistry is a fintech company helping small-business owners in underserved communities access loans. Its products include term and government-backed loans. Rates can be competitive, but some small-business owners might struggle to meet eligibility requirements. Lendistry is a minority-led community development financial institution (CDFI) providing loans to small-business owners in underserved communities.
4 Hidden Costs of Running a Small Business
4 Hidden Costs of Running a Small Business Pursuing and running a small business comes with a lot of costs, and some of those costs might be less obvious than others. Of course, you expect to pay for supplies and to pay your employees. But running a business is as complex as it is demanding, and there are many costs that may not be as apparent.
OBBBA Federal Borrowing Caps: What You Need to Know
Key takeaways Federal student loan annual and lifetime borrowing caps are changing, effective July 1, 2026. New limits impact graduate, professional and Parent Plus loans. The changes phase out federal Direct Plus loans for graduate students. Effective July 1, 2026, new federal caps will restrict how much many students can borrow. The One Big Beautiful Bill Act (OBBBA) introduces limits to graduate, professional and Parent Plus loans.
How to transfer Apple Cash to your bank account
If you’ve ever received money through Apple Cash, you might be wondering how to actually move those funds into your bank account. While Apple Cash makes it easy to send and receive money directly from your iPhone, transferring that balance to your bank is an extra step many users overlook until they need quick access to their money. Let’s take a closer look at what Apple Cash is and how transfers work. What is Apple Cash? Apple Cash is a digital card available in the Wallet app.
Backd Business Loans Review 2026
Key takeaways Backd is an online small-business lender offering term loans and lines of credit. Backd offers fast funding and large loans, but borrowing costs can be high. It requires at least $100,000 in monthly revenue to qualify. Backd is an online small-business lender offering term loans and lines of credit with fast approval decisions and funding. The line of credit can provide a large amount of funding, However, the revenue requirement is high, and borrowing costs can also be high.
Can You Get a Debt Consolidation Loan With Bad Credit?
Key takeaways A debt consolidation loan combines multiple debts into a new loan with a single payment. Consolidating your debt might simplify repayment and reduce interest costs. Getting a debt consolidation loan with bad credit is possible, but rates can be high. Debt consolidation can simplify repayment and save you money, but some lenders require good credit.
401(k) Loan vs. Personal Loan: Which Is Best for You?
Key takeaways A 401(k) loan lets you borrow from your workplace retirement plan and is usually repaid through payroll deductions. A personal loan is a lump sum from a lender, usually repaid with fixed monthly payments. Both strategies have benefits and drawbacks, and some should consider alternatives. When you need cash in an emergency or to cover a big expense, two options include a personal loan or a 401(k) loan.
Navy Federal Business Loans Review 2026
Key takeaways Navy Federal Credit Union provides business loans to military service members, Department of Defense (DOD) civilians, veterans and their families. The lender offers term loans, lines of credit, vehicle loans and commercial real estate loans. You must be a Navy Federal member to apply for a business loan. Navy Federal membership is limited to individuals with a military connection. Eligible small-business owners can get term loans, lines of credit, auto loans and real estate loans.
American Heritage Credit Union Auto Loan Review 2026
Key takeaways American Heritage Credit Union offers new and used auto loans, refinance loans and lease buyout loans. Credit union membership includes insurance discounts. Starting interest rates are competitive, but actual rates vary depending on your creditworthiness and repayment term. American Heritage Credit Union offers new and used vehicle purchase loans and refinance loans, often with competitive rates and flexible terms.
Lendio Business Loans Review 2026
Key takeaways Lendio is a marketplace offering term loans, equipment loans and other small-business financing. It partners with lenders to determine your loan options. While rates start low, they can be high in some cases. Lendio is a platform that connects small-business owners with its partner lenders. It offers many funding options, including term loans, lines of credit (LOCs) and equipment financing. You can check your eligibility by completing an online form.
Inclusionary vs. Exclusionary Car Warranty: What’s the Difference?
Key takeaways Inclusionary warranties cover named components, while exclusionary warranties protect everything except listed parts. Inclusionary warranties might be best for older cars or limited budgets, while exclusionary warranties can make sense if you have a newer car or want peace of mind. Extended warranties are rarely necessary, and you might be better off financially by focusing on an emergency fund to cover car repairs.
Personal Loan vs. Personal Line of Credit: Which is Best For You?
Key takeaways A personal loan is a lump sum with fixed monthly payments. A personal line of credit is a revolving account with a limit, and payments replenish your available credit. Personal loans are generally best for large, one-time expenses, while personal lines of credit are ideal for ongoing needs. Personal loans and personal lines of credit are two common borrowing options. While both are popular, they’re generally used for different purposes.
Best personal loans with a cosigner in May 2026
Bob Haegele Key takeaways Adding a cosigner to a personal loan often results in lower interest rates and better approval odds. Cosigners generally have strong credit and stable income. If you fail to pay, the cosigner is legally responsible for repaying the loan and could face legal consequences if the loan isn't paid. Adding a cosigner to a personal loan might increase your approval odds or help you secure a lower interest rate.
Best secured business loans in May 2026
Bob Haegele Key takeaways Secured business loans allow companies to finance major purchases, projects and growth initiatives. They require collateral and might offer lower interest rates, higher loan amounts or easier approval. You risk losing your collateral and sometimes your personal assets if you default on a secured business loan. A secured business loan uses company assets as collateral, which reduces the lender's risk and might increase approval odds.
Microsoft Cares About Your Privacy Best student loan refinance lenders of May 2026
Bob Haegele Key takeaways Refinancing replaces existing federal or private student loans with a new loan. Borrowers often refinance to save money on interest or get a lower monthly payment. While it might save you money, refinancing federal student loans requires giving up federal borrower protections. Student loan refinancing replaces your existing debt with a new loan. If you have good credit, refinancing might help you reduce your borrowing costs or get a lower monthly payment.
Best medical business loans in May 2026
Bob Haegele Key takeaways Healthcare professionals might need financing for equipment, real estate, startup, expansion or everyday expenses. Eligibility for a medical business loan depends on revenue, time in business, credit and other factors. Borrowing options include term loans, lines of credit, equipment financing and commercial real estate loans. Healthcare professionals often need funds to start or expand businesses, cover ongoing costs or upgrade facilities.
Avant Personal Loans Review 2026
Key takeaways Avant received 4 stars in Buy Side’s assessment of personal loans. It offers personal loans ranging from $2,000 to $35,000. Loans can be approved as quickly as a few minutes. Rates can be competitive for those with high credit scores, but some customers report high interest rates and origination fees. Avant provides online personal loans that feature quick approval and funding, with flexible use of loan proceeds.
Best LLC business loans in May 2026
Bob Haegele Key takeaways Limited liability company (LLC) loans help small-business owners with startup costs, equipment, working capital and other expenses. Many LLC loan types exist, and the best one depends on your business goals. You must meet revenue, time in business and credit requirements to get an LLC loan. LLC loans can be valuable for small-business owners looking to jump-start their companies. They are similar to other business loans but might have special features to help entrepreneurs.
Best emergency business loans of May 2026
Bob Haegele Key takeaways Emergency business loans are typically term loans with fast funding times. You can use an emergency business loan to cover urgent expenses, such as rent, payroll and inventory. Other emergency funding options include business lines of credit, invoice factoring and government-backed loans. When a pressing need arises, an emergency business loan can provide the funding you require. Some emergency business loans have next-day funding and maximum amounts of $500,000 or more.
Unsecured Business Line of Credit: What It Is and How It Works
Key takeaways An unsecured business line of credit is a revolving account that doesn’t require collateral. Unsecured business lines of credit are less risky for borrowers but might have higher interest rates and lower limits than secured lines of credit. You might receive faster approval for an unsecured business line of credit because an appraisal is not needed. An unsecured business line of credit provides flexible funding to meet the ongoing company needs.
What is sustainable banking?
Banks around the country are “going green,” a trend in which traditional banks and newer banks with explicitly sustainable business models are participating. For instance, Forbright Bank positions sustainability at the core of its business model by aligning its lending, operations, and partnerships with environmental and social goals.
AUTOPAY Auto Loan Review 2026
Key takeaways AUTOPAY is a marketplace pairing borrowers with lenders for new and used auto loans, refinancing, and lease buyouts. You can apply for a loan on the AUTOPAY website or over the phone. AUTOPAY offers competitive rates for those with strong credit. However, some customers unexpectedly underwent hard inquiries, and rates aren’t always as low as expected. AUTOPAY is an online marketplace providing new and used car loans, auto refinancing, and lease buyouts.
How Much Should Your Car Down Payment Be?
Key takeaways Experts generally recommend putting down 10% to 20% on a car. A down payment reduces the financed amount, resulting in smaller monthly payments and lower interest costs. Putting money down might also unlock better approval odds. A down payment can reduce your monthly payments and interest charges. The recommended minimum differs for new and used cars. Consider your complete financial picture when deciding how much to put down. What is the recommended down payment on a car?
Lost your wallet? Do these 8 things right now.
Everything is going just fine, and then it hits you: Where is your wallet? You realize it’s nowhere to be found, and panic sets in. Sweat particles form on the back of your neck, and you feel a sense of fear and helplessness at the same time. It can be upsetting to lose your wallet, but there’s no need to panic. Most of the items in your wallet are replaceable. Sure, it can be a hassle, but all hope is certainly not lost.
Auto Approve Auto Refinance Review 2026
Key takeaways Auto Approve is an online marketplace that matches you with lenders offering refinancing and lease buyouts. After you complete an online form, Auto Approve provides loan offers and shares the application with partner lenders if you decide to move forward. Auto Approve doesn’t offer loans for purchasing new or used cars. Auto Approve is a marketplace that matches borrowers with lenders offering auto loan refinancing and lease buyouts.
What is the new repayment assistance plan (RAP)? Microsoft Cares About Your Privacy
Bob Haegele Key takeaways The Repayment Assistance Program (RAP) is expected to be available by July 1, 2026. The new program replaces existing income-driven repayment plans. Some repayment plans for existing student loans remain in effect until June 30, 2028. RAP is an income-driven repayment (IDR) plan for federal student loans, expected to be available by July 1, 2026. It replaces existing IDR plans for borrowers, making a significant change in how student loans are repaid.
Best long-term personal loans in April 2026
Bob Haegele Key takeaways A long-term personal loan typically has a repayment term of over five years. Spreading payments out over a longer period lowers monthly payments, making loans more affordable. A longer term increases interest paid over the life of the loan. Personal loans offer advantages such as fixed monthly payments and relatively low interest rates. You can usually borrow between $1,000 and $50,000, with some lenders offering larger loans.
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