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Articles by Tara Furey
Why Home Equity Matters (2024 Guide)
Simply put, home equity is how much of your home you own outright. To figure out this number, find the market value of your home and subtract your mortgage balance from it. If you have any home equity loans, subtract those balances, as well. Say you own a home worth $400,000, but you still owe $250,000 on your mortgage. Your equity would be $150,000. The down payment you make when you buy a home is your initial equity in your home, and equity slowly builds as you make your monthly mortgage payments.
What is the Rule of 78? (2024 Guide)
To better understand the Rule of 78, let’s look at how lenders calculate monthly interest using it. The idea is to weight the interest so that you pay more of it in the early stages of the loan, but still pay the same amount of total interest as you would with a simple interest formula. Here’s how it’s done mathematically. Imagine you’ve taken out a 12-month personal loan.
HELOC Prepayment Penalties (2024 Guide)
Paying back your home equity line of credit (HELOC) early may sound like a good idea, but some HELOCs have a fee if you do so. Your HELOC has a set time period, and ending your account early could trigger a prepayment penalty. However, you may be able to reduce or eliminate these prepayment penalties if you work to strategically pay back your HELOC with careful timing. You can even negotiate with your lender to get rid of these penalties in some situations.
What Is a Low-Income Loan and How Does It Work? (2024 Guide)
Alternative Financing Options for Low-Income Individuals If you have a low income and are considering a personal loan, there are alternatives to traditional loans. Government assistance programs, community organizations and peer-to-peer (P2P) lending platforms may provide terms that work better for you. As with personal loans, it’s important to research the criteria needed for eligibility for government assistance programs. There are many assistance programs set up based on specific needs.
What Is a Pawnshop Loan and How Does It Work? (2024 Guide)
Alternatives to Pawnshop Loans If you need quick cash, it may be worth exploring alternatives to pawnshop loans. Personal loans, secured loans and friend and family loans may all be viable options. Each of these loan types comes with its own terms and conditions, so be sure to do thorough research into each before deciding if one is right for you. Personal loans are one common alternative to pawnshop loans.
How Do Bank Loans Work? (2023 Guide)
Understanding Bank Loans A bank loan is a personal loan that is borrowed directly from a bank or other financial institution. Bank loans can be secured loans or unsecured loans, though personal loans usually do not require any collateral. Each lender determines the borrower’s interest rate and will determine their own sets of terms and conditions.
What Is a Payday Loan and How Does It Work? (2023 Guide)
Payday loans are short-term loans that quickly provide borrowers with small amounts of cash. Most often, these loans are due in full when you receive your next paycheck. You may have considered a payday loan if you’ve found yourself with a surprise expense, such as an unexpected car repair bill. While these loans can provide a borrower with a small amount of money in a relatively short period of time, they do come with risks and can be extremely costly.
Should You Apply for a Loan Online or In Person? (2023 Guide)
Before applying for a loan, check your credit report and credit score. Having this information ahead of time can help give you an idea of whether you’ll be approved. There are three credit bureaus in the United States — Experian, Equifax and TransUnion. You can get a free credit report from each of them once a week by going to AnnualCreditReport.com, a federal government-authorized website.
The Pros and Cons of Personal Loans
Tips for Responsible Borrowing The quick application process, fixed and competitive interest rates and the chance to improve your credit score make personal loans attractive options for many. If you determine that it’s the right solution for your financial needs, ensure you’re ready to manage your new debt responsibly. Mark Hansen, financial planner and owner of Second Comma, offers his advice when it comes to responsible borrowing.
Going viral on TikTok with Houndsy
Recently, we caught up with co-founder, Pavan Bapu, about how they're using TikTok and social media to grow their audience. The original iteration of Houndsy that Luke posted on TikTok. When Luke Wilson shared his rudimentary prototype of a kibble dog feeder on TikTok, he wasn't expecting it to go viral. But 15 million views later, he realized he may be on to something. Following the wild success, Luke reached out to Pavan Bapu to help bring his vision from a rough idea to a reality.
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