95% of Parents Saving for Kids’ College Expenses Expect to Cover Over Half the Costs, According to Northwestern Mutual Planning & Progress Study 2 in 3 parents who are helping their kids cover college costs expect their children to pay for part of the educational expenses; 1 in 3 say the parents will pay for … [Read more…]
“The inclusion of ITIN loans in our diverse mix of products for homebuyers gives creditworthy, tax-paying customers a unique opportunity to realize their dream of homeownership,” Greg Austin, executive vice president of lending for CMS, said in a media release. “Our ITIN program demonstrates Carrington’s commitment to the unique financial needs of non-US citizens and … [Read more…]
If you are a serious secondhand home decor lover, and if you live in New York City, then you know that Design on a Dime (DOAD) is one of the most highly anticipated thrifting events of the year. Founded by interior designer James Huniford in 2004, this three-day shopping experience is celebrating its 19th anniversary (they skipped 2020 due to the Covid-19 pandemic) at the Metropolitan Pavilion where 60 designers have created one-of-a-kind, shoppable vignettes using donated decor and furniture items that are being sold at an extreme discount. The pieces sold will directly benefit Housing Works, the New York organization that’s working to end the HIV/AIDS epidemic and provide support and healthcare to the unhoused.
Courtesy of Housing Works
Design firm Redd Kaihoi’s vignette from Design on a Dime 2024.
In the previous years, designophiles—both professional and recreational—have purchased amazing finds marked up to 80 percent off at this secondhand extravaganza, from gorgeous couches and statement light fixtures to breath-catching pottery and cashmere throws. Plus, these vignettes can serve as some great interior inspiration. Directly source tips from interior designers and firms like Keith Carroll, Redd Kaihoi, Shakoor Interiors, and Eclectic Home, all with a great mix of styles represented in each “room.:
wallpaper and pattern on print this year. “Rayman Boozer’s room in particular screamed House Beautiful to me,” Huniford says, explaining that Boozer opted for a range of different, highly patterned wallcoverings for his vignette.
This year, between April 25 and 27, thrifters can expect a record number of donated items to shop from out of the swiftly completed vignettes, Huniford tells House Beautiful, with even more in back stock when the first round gets shopped out. “People have really gone overboard with donations,” he explains, happily. “So in the first go round, if things get sold out, there’s that opportunity to have back stock, which I think is unusual.” Some of the brands featured at DOAD this year include Serena & Lily, ABC Carpet & Home, OKA, and West Elm to name a few, with a price range of items from $50 to $5,000.
Courtesy of Housing Works
Out of the thousands of pieces donated, Huniford gives a little peek at what types of products you can expect to find while there, and what pieces he, along with other interior designers, always love to shop for secondhand. There are exclusive pieces, like a custom desk from Steven Gambrel and a René Prou chair in Cliff Fong’s booth. Other amazing finds include a pair of galvanized metal planters in Mark Cunningham’s booth, a gorgeous coffee table in Michael Mezzano’s booth, and a blue lapis-looking mirror in Redd Kaihoi’s. “That’s just my brain on speed dial,” Huniford adds.
Huniford expects the coffee tables, the lamps, and the accessories—like pottery—to be the first to go. “Those kind of singular things make a room really special and personal and unique,” he says, are what interior designers are always on the hunt for, both at DOAD and the local thrift store.
Courtesy of Housing Works
While the sheer number of pieces donated this year was extraordinary, it’s the fact “that people are still showing up and doing it” that completely fills Huniford up with joy after these almost two decades of DOAD. Tickets are still available for purchase for opening night, which is April 25th, but entry is free for the public sale days on April 26 and 27. Even if you don’t plan on buying anything, we highly recommend stopping by for endless interior inspiration. Click through the gallery below for a peek at some of the stunning vignettes you’ll find this year.
Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate mortgages to write unbiased product reviews.
Average 30-year mortgage rates continue to hover around 7% after spiking up earlier this month, according to Zillow data. Until we get some data showing that inflation is slowing, mortgage rates are unlikely to go down.
After decelerating substantially in 2022 and 2023, inflation has been sticky so far this year. Because of this, investors have pushed back their expectations of a Federal Reserve rate cut. Until inflation comes down further and the Fed is able to start lowering the federal funds rate, mortgage rates will probably remain near their current levels.
Though investors were initially pricing in as many as six cuts in 2024, we may now only get one or two cuts total by the end of the year. Investors expect that the first Fed cut will come in September, according to the CME FedWatch Tool.
This means we could see mortgage rates improve somewhat as we approach fall. But it really depends on how the latest data shakes out. If inflation stagnates, rates won’t drop. They could even tick up further.
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$1,161 Your estimated monthly payment
Total paid$418,177
Principal paid$275,520
Interest paid$42,657
Paying a 25% higher down payment would save you $8,916.08 on interest charges
Lowering the interest rate by 1% would save you $51,562.03
Paying an additional $500 each month would reduce the loan length by 146 months
By plugging in different term lengths and interest rates, you’ll see how your monthly payment could change.
Mortgage Rate Projection for 2024
Mortgage rates increased dramatically for most of 2023, though they started trending back down in the final months of the year. As the economy continues to normalize this year, rates should come down even further.
In the last 12 months, the Consumer Price Index rose by 3.5%, a significant slowdown compared to when it peaked at 9.1% in 2022. As inflation slows and the Federal Reserve is able to start cutting the federal funds rate, mortgage rates are expected to trend down as well. But because inflation has been somewhat sticky in recent months, mortgage rates have remained elevated so far this year.
For homeowners looking to leverage their home’s value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease. Check out some of the best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you’re borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you’d do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
When Will House Prices Come Down?
We aren’t likely to see home prices drop anytime soon thanks to extremely limited supply. In fact, they’ll likely rise this year as mortgage rates drop.
Fannie Mae researchers expect prices to increase 4.8% in 2024, while the Mortgage Bankers Association expects a 4.1% increase in 2024.
Lower mortgage rates will bring more buyers onto the market, putting upward pressure on prices. But prices aren’t currently expected to increase as much as they have in recent years.
Fixed-Rate vs. Adjustable-Rate Mortgage Pros and Cons
Fixed-rate mortgages lock in your rate for the entire life of your loan. Adjustable-rate mortgages lock in your rate for the first few years, then your rate goes up or down periodically.
So how do you choose between a fixed-rate vs. adjustable-rate mortgage?
ARMs typically start with lower rates than fixed-rate mortgages, but ARM rates can go up once your initial introductory period is over. If you plan on moving or refinancing before the rate adjusts, an ARM could be a good deal. But keep in mind that a change in circumstances could prevent you from doing these things, so it’s a good idea to think about whether your budget could handle a higher monthly payment.
Fixed-rate mortgage are a good choice for borrowers who want stability, since your monthly principal and interest payments won’t change throughout the life of the loan (though your mortgage payment could increase if your taxes or insurance go up).
But in exchange for this stability, you’ll take on a higher rate. This might seem like a bad deal right now, but if rates increase further down the road, you might be glad to have a rate locked in. And if rates trend down, you may be able to refinance to snag a lower rate
How Does an Adjustable-Rate Mortgage Work?
Adjustable-rate mortgages start with an introductory period where your rate will remain fixed for a certain period of time. Once that period is up, it will begin to adjust periodically — typically once per year or once every six months.
How much your rate will change depends on the index that the ARM uses and the margin set by the lender. Lenders choose the index that their ARMs use, and this rate can trend up or down depending on current market conditions.
The margin is the amount of interest a lender charges on top of the index. You should shop around with multiple lenders to see which one offers the lowest margin.
ARMs also come with limits on how much they can change and how high they can go. For example, an ARM might be limited to a 2% increase or decrease every time it adjusts, with a maximum rate of 8%.
Inside: Uncover the realities of financial aid repayment for students. Learn about FAFSA, loan forgiveness, credit impacts, and strategies for managing your student debt. Find out which types of debt you must pay back.
Financial aid is a beacon of hope for many aspiring students, granting them the financial support they need to access higher education.
Yet, understanding the basics of FAFSA makes applying for financial aid confusing for most students. When considering aid options, it’s crucial to differentiate between the various available types.
Navigating your repayment obligations can seem daunting, but with proactive management, they needn’t be overwhelming.
Take stock of your financial aid package and parse out which portions require repayment.
Understanding these details is the first step towards fulfilling your obligations without compromising your financial well-being.
Remember to read the fine print and don’t hesitate to reach out to your loan servicer for clarification. They are there to help guide you through the repayment process.
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Do you have to pay back FAFSA money?
Technically, FAFSA indicates how much financial aid you can qualify for. Whether you need to repay depends on the type of financial aid you received:
Grants and scholarships: These forms of aid do not require repayment.
Work-Study: These funds are earned through part-time work and do not require repayment.
Loans (subsidized, unsubsidized, and Direct Plus Loans): These must be repaid with interest.
It’s important to note that while grants typically don’t have to be paid back, certain circumstances, such as withdrawal from a program or changes in enrollment status, may require you to repay federal grant money.
Start filling out your FASFA properly with these tips.
Do you have to pay scholarships back?
When it comes to scholarships, the name of the game is financial support without the strings of repayment. Generally, scholarships are like gifts—they do not have to be paid back. Perfect for the undergraduate!
Scholarships are awarded for various reasons such as academic excellence, artistic or athletic talent, or involvement in community service, among others. That said, it’s imperative to understand the terms set by the scholarship provider.
Most scholarships are commitment-free, but some may carry conditions such as maintaining a certain GPA, completing a degree in a specified field, or requiring the recipient to follow through with certain obligations. If these conditions are not met, there could be repercussions, including the requirement to repay the funds.
Learn how to pay for college without loans.
Types of Financial Aid That Require Repayment
I’m not going to lie when I was looking at borrowing for financial aid for college I was confused with the names and types of aid offered. Now, I know the best course of action is to get paid to go to school.
Thankfully, there is more information readily available for this type of information rather than relying on your guidance counselor.
So, here is the info you need.
Unraveling Federal Student Loan Repayment
First, you must understand the different types of Federal Student loans to know their repayment requirements.
Each loan type has its own set of rules and repayment schedule, typically beginning after you graduate, leave school, or drop below half-time enrollment.
Federal loans boast flexible repayment options.1
The Standard Repayment Plan for federal loans entails a fixed monthly payment amount, ensuring that the loans are fully repaid within a standard period of 10 years, and extends to 30 years for direct consolidation loans. This plan is often the quickest way to pay off loans, providing a consistent monthly payment over the repayment term.
The Graduated Repayment Plan starts with lower monthly payments that increase every two years, designed to pay off all student loans within 10 years, or 30 years if it’s a direct consolidation loan.
The Extended Repayment Plan offers borrowers with over $30,000 in federal student loans the flexibility of fixed or graduated payments over a 25-year period.
If affordability is a concern, you might settle on an income-driven repayment (IDR) plan, which keys your monthly payments to your earnings and family size. Should your finances take a downward turn, relief is available through programs like deferment or forbearance, allowing you to temporarily suspend payments.
After 20 to 25 years on an IDR plan, you might even be eligible for loan forgiveness for any remaining balance. This doesn’t nullify your entire debt but can relieve a significant financial burden. Teacher Loan Forgiveness and Public Service Loan Forgiveness (PSLF) are two such avenues, provided eligibility requirements are met.
Deciphering Private Student Loan Responsibility
These private loans are offered by non-government entities such as banks, credit unions, and online lenders, and repayment rules can be more stringent. As such, it is best to start with traditional federal loans.
While you typically aren’t required to repay private student loans while you’re in school, interest accrues during this time, increasing your eventual debt. After leaving school, some lenders allow a grace period similar to federal loans, but this isn’t guaranteed. Check with your lender for specifics on repayment commencement and grace periods.
Repayment plans with private loans are usually less flexible and often lack income-driven options. Monthly payments are fixed, and lender offerings on deferment and forbearance can be less generous, with some providing no options for such measures.
This is why it is best to learn how to pay for college without parents’ help.
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The Scholarship System is changing how parents and students look at paying for college.
Learn how real people found real scholarships. Their students have been awarded $12,060,000 in scholarship money (as of October 2023).
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When You Need to Start Paying Back Financial Aid
Federal Loans: Grace Periods and Repayment Plans
Federal student loans, notably, offer a six-month grace period following graduation, leaving school, or dropping below half-time enrollment status. During this period, no payments are due, offering you time to get financially settled and choose a repayment plan.
Repayment plans span the Standard, where you’ll pay a fixed amount each month for a term of usually ten years, to Graduated, where payments start lower and increase over time. Income-Driven Repayment Plans adapt to your income level, ensuring that your student loan payments are manageable relative to your earnings.
Each plan has unique advantages depending on your financial situation and long-term goals. The key is to select one that corresponds with your ability to pay, aligns with your career trajectory, and manages your debt effectively over time.
Always be proactive in contacting your loan servicer to discuss plan options or changes in your financial status.
Private Loans: Lender-Specific Timelines and Terms
Private loans come with lender-specific timelines and terms that can vary widely from one lender to another. Unlike federal loans, private loans don’t come with a standardized grace period, although some lenders may offer a similar post-graduation moratorium on payments.
Borrowers must check their loan agreements to determine when repayment should begin.
The terms of repayment for private loans are also set by the lender and typically don’t offer the same flexibility found in federal programs. Fixed and variable interest rates are based on credit scores, and while some lenders might offer loan modification options in cases of financial hardship, such policies are not universal.
Remember, with private loans, leniency for late or missed payments is not a given.
Consequences of Defaulting on Financial Aid
The Effects on Credit Scores and Future Borrowing
Missing payments, or worse, defaulting on your student loans, are red flags to future creditors that appear on credit reports and can significantly lower your credit score. A lower score can make securing further credit from lenders—whether it’s for a mortgage, a car loan, or a credit card—an uphill battle.
Moreover, the repercussions ripple outward: Not only might you face higher interest rates due to perceived risk, but landlords and employers can reference credit scores during their tenant or employment screening processes.
Maintaining on-time payments is an investment not only in your education but also in your broader financial stability and opportunities.
Legal Repercussions and Wage Garnishment Risks
Wading into the murky waters of default on student loans can unleash legal repercussions that ripple through your financial landscape. The government has tough mechanisms to recoup defaulted federal student loans, ranging from wage garnishment — where a portion of your paycheck is allocated to your debt without your consent — to seizing tax refunds and other federal benefits you may be entitled to receive.
The prospect of wage garnishment adds a level of complication to an already tense situation. In such cases, the government can legally claim up to 15% of your disposable income. This can strain your finances even more, potentially forcing you to make hard choices about your monthly budget.
These same consequences do not typically apply to private student loans, which are subject to state laws. However, private lenders can bring lawsuits against borrowers in default, leading to potential wage garnishment or asset liquidation as decided by a court.
The message is stern yet simple: Stay vigilant with student loan repayments to forestall these severe outcomes.
Options for Managing Repayment Challenges
Loan Forgiveness, Cancellation, and Discharge Opportunities
Navigating the sea of student loan debt isn’t without its lifelines. Loan forgiveness, cancellation, and discharge programs can serve as financial floatation devices, providing necessary relief in an ocean of repayment.
Loan forgiveness is typically occupation-specific. For instance, Public Service Loan Forgiveness (PSLF) absolves remaining federal loan debt after 120 qualifying payments for professionals in government or non-profit sectors.
Cancellation might occur under circumstances like your school closing prematurely or if you’ve been defrauded by the institution.2
Additionally, if you become totally and permanently disabled, you may qualify for a discharge, relieving you from the obligation to repay your federal student loans.
Exploring these opportunities requires patience and diligence, as each comes with strict eligibility criteria. Nonetheless, they can significantly lighten the burden of student debt.
Strategies for Keeping Student Loan Payments Affordable
Crafting a strategy to keep student loan payments within the realm of affordability hinges on exploring all available options and making informed choices. Consider the following ways to ensure your loans remain manageable:
Income-Driven Repayment Plans: Federal loans offer several plans that base your monthly payment on your income, notably capping payments at a fixed percentage of your discretionary income. These plans can significantly decrease your monthly obligations if you’re starting with a lower salary.
Refinancing or Consolidation: You might find a lower interest rate through refinancing, which can reduce your monthly payments and the total cost over the life of the loan. Consolidating multiple federal loans can streamline payment processes, though it may average out to a higher overall interest rate. This is what I did.
Applying for Deferment or Forbearance: In times of financial hardship, job loss, or returning to school, you can apply for a temporary suspension of payments. While interest may still accrue, it can provide short-term relief.
Making Extra Payments: By paying more than the minimum or making bi-weekly payments, you can reduce the principal balance faster and save on interest in the long run.
Setting a Budget and Cutting Expenses: Sometimes, the most effective strategy is tightening your budget. By trimming unnecessary expenses, you may free up funds for your loan payments.
Every borrower’s situation is unique, so consider your financial circumstances and long-term goals when choosing the best strategy for you. Always maintain open communication with your loan servicer to stay abreast of changes or additional assistance programs that may become available.
Should I refinance my Student Loans?
Refinancing your student loans can be a strategic move to manage debt, potentially offering lower interest rates and different repayment terms to suit your financial situation. It involves replacing your current loan with a new one, typically through a private lender, and may provide relief if you’re struggling with high payments.
However, borrowers should carefully consider the loss of federal loan benefits, like loan forgiveness, before proceeding with refinancing their student loans.
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Making Informed Financial Aid Decisions – How to Review and Understand Your Aid Offer
When the much-anticipated financial aid offer lands in your hands, taking the time to thoroughly review and understand it ensures you’re making an informed decision. Here’s how you can break down your aid package:
Identify Free Money: Distinguish between grants and scholarships that don’t require repayment from loans that do. These are the parts of your offer that you’ll want to maximize.
Assess Work-Study Opportunities: If your offer includes federal work-study, understand that these funds must be earned and are not guaranteed. They depend on your finding an eligible job and fulfilling work hours.
Analyze Loan Details: Look closely at the type of loans offered, their interest rates, and repayment terms. Remember, federal loans generally offer more favorable terms than private loans.
Calculate Net Cost: Subtract the total aid package, excluding work-study, from the overall cost of attendance to determine what you’ll need to cover through savings, income, or additional loans.
Consider Cost of Living: Ensure that you take into account living expenses and indirect costs like books and supplies when reviewing your aid offer.
If anything is unclear, don’t hesitate to contact the school’s financial aid office for clarification. The goal is to fully understand your commitments before accepting any part of the aid offer.
Remember Not All Financial Aid Offers Must Be Accepted
Not every portion of the financial aid offered to a student needs to be accepted.
It’s crucial to carefully evaluate the components of the financial aid package, as some elements, such as loans, will need to be repaid with interest. Ultimately, it’s important to make informed decisions about which types of aid to accept based on one’s financial circumstances and long-term educational costs.
Frequently Asked Questions (FAQ)
FAFSA, the Free Application for Federal Student Aid, is a form that determines your eligibility for different types of financial aid, not money in itself.
Some aid offered via FAFSA does not need to be repaid, like grants and scholarships, while other types, such as federal student loans, do require repayment with interest.
If you withdraw from college, your student loans remain in place and need repayment.
Following withdrawal, usually a six-month grace period for federal loans before repayments start. However, interest may accrue during this time, except for subsidized federal loans, which don’t accumulate interest until after the grace period.
Yes, FAFSA loan debt, which generally refers to federal student loans obtained through the FAFSA application process, can be forgiven, canceled, or discharged under certain conditions, such as public service work, teaching in low-income areas, or permanent disability.
However, these options have specific eligibility requirements. So, be careful and read the fine print.
If you don’t pay back financial aid that is in the form of a loan, you risk defaulting, which can lead to wage garnishment, withheld tax refunds, lowered credit score, and other financial consequences.
It can make future borrowing more difficult and become a legal issue. Always seek help before defaulting.
What Happens If You Don’t Pay Back the Financial Aid?
If you don’t pay back financial aid that is in the form of a loan, you risk defaulting, which can lead to wage garnishment, withheld tax refunds, lowered credit score, and other financial consequences.
It can make future borrowing more difficult and become a legal issue. Always seek help before defaulting.
Source
Federal Student Aid. “Federal Student Loan Repayment Plans.” https://studentaid.gov/manage-loans/repayment/plans. April 28, 2024.
Student Loan Borrower Assistance. “Borrower Defense to Repayment.” https://studentloanborrowerassistance.org/for-borrowers/dealing-with-student-loan-debt/loan-cancellation-forgiveness-bankruptcy/cancellation-forgiveness-options/borrower-defense-to-repayment/. April 28, 2024.
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Medical bills are a significant stressor in Americans’ financial lives. About 3 million people — 1% of adults in the U.S. — owe more than $10,000 in medical debt, according to a February 2024 analysis of government data by KFF, a health policy nonprofit. Approximately 14 million people owe over $1,000.
Medical bill consolidation is a strategy that rolls multiple bills into one payment with a clear payoff date. It’s not always your best option, so compare consolidation with no- or low-cost alternatives, like negotiating down your bill, using a provider’s payment plan or reaching out to a nonprofit for help.
What is medical bill consolidation and is it a good idea?
Medical bill consolidation is when you use money from a financing product, like a personal loan or credit card, to pay off your medical bills, so you’re left with one payment only.
This simplifies your debt. Instead of juggling multiple bills from multiple providers, you deliver a financial knockout of sorts — one lump sum applied to all your medical debts at once. Then, you pay back the borrowed money over time.
Depending on the financing you choose, you may also receive a particularly motivating finish line to becoming debt-free. For example, if you consolidate medical debt with a personal loan that has a two-year repayment term, you know you’ll be debt-free in two years as long as you make all the monthly payments on time.
These benefits can be outweighed by the cost of financing, says Bruce McClary, senior vice president of memberships and media relations at the National Foundation for Credit Counseling. Most medical debt doesn’t come with interest, but loans, credit cards and other types of financing do, which means you’ll pay more in the long run.
You also may lose certain protections, McClary says, by moving medical debt onto a different type of debt product, like a credit card. For example, medical debt under $500 isn’t reported to the credit bureaus, so it can’t hurt your credit score. Larger medical debt in collections also won’t show up on your credit reports for a year.
Primary ways to tackle your medical bills
Before deciding whether to consolidate, take a hard look at your medical bills. These bills often contain errors, according to the Consumer Financial Protection Bureau (CFPB), so an important first step is to double-check the charges.
Are the services listed correct? Does the amount you owe look accurate? If you’re unsure, ask for an itemized list of charges or speak to your provider’s accounting or billing department, the CFPB advises. You can also try to negotiate the bill down.
Once you’ve confirmed the amount you owe, ask your provider for a no-interest repayment plan. These plans are common and may give you up to two to three years to pay off your debt without incurring additional costs.
If your bill is already in collections, you may be able to negotiate a lower payment with the debt collections agency.
If you’re feeling stuck, there are likely nonprofits in your state dedicated to helping people navigate the cost of health care; ask your provider for information on charitable assistance. You can also reach out to a reputable credit counseling agency. A credit counselor can review your budget and help you decide what you can pay.
How to consolidate medical bills
The best consolidation option will depend on your credit score, debt amount and any existing financial resources you can pull from, like equity in your home or savings in your retirement account.
If you have good or excellent credit (690 score or higher), a 0% APR credit card may be an option for consolidating your medical debts, as long as you pay it off during the promotional period — usually a year or more — when you’re charged no interest. After that, the ongoing interest rate kicks in, which could be high.
A debt consolidation loan may be an option regardless of your credit score. You can pre-qualify for some debt consolidation loans with a soft credit check and compare loan options online. Repayment terms typically range from two to seven years, so a loan may be a better fit for those with significant debt, but make sure the monthly payment is affordable for the entire life of the loan. Interest rates are fixed and can be high.
You may also qualify for a home equity loan or line of credit or a 401(k) loan. Both of these loans tend to have lower interest rates that other options, but they are risky and should be a last resort for medical debt. If you default on a home equity loan or line of credit, you could lose your house. And if you lose your job or fail to repay a 401(k) loan, you may need to back the loan quickly or incur a penalty.
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Get your shopping carts ready, because Target Circle Week has arrived! Now through April 13, shop thousands of discounts at Target, both in-store and online. You’ll find deals on everything from spring cleaning essentials and vacuums to furniture, home decor, and so much more. Target Circle members can access even deeper discounts and perks like Deal of the Day, so be sure to sign up for free to take full advantage. Among the many great items to shop, some standouts include Dyson vacuums at up to $130 off, 30% off gardening essentials, and up to $170 off a KitchenAid Artisan Stand Mixer. What are you waiting for? Keep scrolling to see our favorite deals to shop during Target Circle Week 2024.
The Best Target Circle Week Kitchen and Home Deals
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The prices listed here are accurate as of publication on April 10, 2024.
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The average rate on a 30-year fixed mortgage is 7.70%, and on a 15-year fixed-rate mortgage, it’s 6.96%. The average rate on a 30-year jumbo mortgage is 7.72%.
*Data accurate as of April 26, 2024, the latest data available.
30-year fixed mortgage rates
The average mortgage rate for 30-year fixed loans rose today to 7.70% from 7.65% last week, according to data from Curinos. This is up from last month’s 7.30% and up from a year ago when it was 5.95%.
At the current 30-year fixed rate, you’ll pay about $712 each month for every $100,000 you borrow — up from about $710 last week.
Ready to buy? Compare the best mortgage lenders.
15-year fixed mortgage rates
The mortgage rates for 15-year fixed loans inched up today to 6.96% from 6.89% last week. Today’s rate is up from last month’s 6.53% and up from a year ago when it was 5.35%.
At the current 15-year fixed rate, you’ll pay about $895 each month for every $100,000 you borrow, up from about $894 last week.
30-year jumbo mortgage rates
The mortgage rates for 30-year jumbo loans rose today to 7.72% from 7.42% last week. This is up from last month’s 7.25% and up from 5.79% last year.
At the current 30-year jumbo rate, you’ll pay around $712 each month for every $100,000 you borrow, up from about $707 last week.
Methodology
To determine average mortgage rates, Curinos uses a standardized set of parameters. For conventional mortgages, the calculations are based on an owner-occupied, one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $766,550. These calculations assume an 80% loan-to-value ratio, a credit score of 740 or higher and a 60-day lock period.
Frequently asked questions (FAQs)
On May 3, 2023, the Federal Reserve announced a third interest rate hike for the year — this time by 25 basis points. While the Fed doesn’t set mortgage rates, this increase in the federal funds rate could lead individual lenders to raise their home loan rates, too.
If you already have a mortgage, how this could affect your monthly payment will depend on if your loan has a fixed or adjustable rate. A fixed rate stays the same over the life of the loan, meaning your payments will never change. An adjustable rate, however, can fluctuate according to market conditions — which means you could see a rise in your monthly payments.
For example, if you take out an ARM for $250,000 with an interest rate of 5.5%, your initial monthly payments would be $1,719. But after the initial period is over, and the ARM switches to a variable rate, your payments could increase if the rate rises. If the rate rose just 25 basis points (5.75%), for instance, your payments would increase to $1,750.
If you’re not planning on keeping a home for a long time, an ARM could be the better option — especially if fixed-rate loans have much higher rates at the time. This is because ARMs tend to have lower rates to start than fixed-rate mortgages, though your rate can increase over time.
While a fixed-rate loan will have the same rate throughout the entire term, an ARM will start with a fixed rate for a set amount of time and then switch to a variable rate that can change for the remainder of your loan term. For example, a 5/1 ARM will have a fixed rate for five years (the “5” in 5/1), then switch to a variable rate that can change once a year (the “1” in 5/1).
Whether a mortgage rate buydown is the right choice for you will depend on your individual circumstances and financial goals. If you plan to stay in the home for a long period of time and can afford to pay for the buydown, it could make sense. But if you know you’ll move or refinance your mortgage before you break even on the cost of the buydown versus the lower monthly payments, then buying down your rate might not be worth it.
Buying down your rate can be permanent or temporary, which will impact the overall cost. A permanent buydown is also known as purchasing mortgage discount points — for each point, you’ll typically pay 1% of the loan amount in return for 0.25% off your rate.
Temporary buydowns, on the other hand, will reduce your interest rate to a certain point, and it will then increase each year until you hit the original rate. Some common temporary options are 2-1 and 1-0 terms, with the first number being how much your rate is reduced in the first year and the second number being the reduction for the following year. Unlike discount points that are paid for by the buyer, this type of buydown can be paid for by the lender, seller or homebuilder.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
Jamie Young is Lead Editor of loans and mortgages at USA TODAY Blueprint. She has been writing and editing professionally for 12 years. Previously, she worked for Forbes Advisor, Credible, LendingTree, Student Loan Hero, and GOBankingRates. Her work has also appeared on some of the best-known media outlets including Yahoo, Fox Business, Time, CBS News, AOL, MSN, and more. Jamie is passionate about finance, technology, and the Oxford comma. In her free time, she likes to game, play with her two crazy cats (Detective Snoop and his girl Friday), and try to keep up with her ever-growing plant collection.
Megan Horner is editorial director at USA TODAY Blueprint. She has over 10 years of experience in online publishing, mostly focused on credit cards and banking. Previously, she was the head of publishing at Finder.com where she led the team to publish personal finance content on credit cards, banking, loans, mortgages and more. Prior to that, she was an editor at Credit Karma. Megan has been featured in CreditCards.com, American Banker, Lifehacker and news broadcasts across the country. She has a bachelor’s degree in English and editing.
Ashley Harrison is a USA TODAY Blueprint loans and mortgages deputy editor who has worked in the online finance space since 2017. She’s passionate about creating helpful content that makes complicated financial topics easy to understand. She has previously worked at Forbes Advisor, Credible, LendingTree and Student Loan Hero. Her work has appeared on Fox Business and Yahoo. Ashley is also an artist and massive horror fan who had her short story “The Box” produced by the award-winning NoSleep Podcast. In her free time, she likes to draw, play video games, and hang out with her black cats, Salem and Binx.
Do you want to learn how to sell gold for cash? Selling your gold can be a quick way to make extra money and potentially turn a profit depending on if the price of gold increased. Whether you have gold jewelry, gold coins, gold bars, or even dental gold, you can most likely make extra…
Do you want to learn how to sell gold for cash?
Selling your gold can be a quick way to make extra money and potentially turn a profit depending on if the price of gold increased.
Whether you have gold jewelry, gold coins, gold bars, or even dental gold, you can most likely make extra money from it.
In this article, we’ll go over the strategies to turn your short stories into a profitable side hustle, and you will learn:
List of the best places to sell gold
How to calculate how much your gold is worth
What place gives you the most money for gold
If you have to pay taxes for the gold
Recommended reading: Where To Sell Jewelry: 12 Best Places For Extra Money
Best Places To Sell Gold For Cash
Here’s a list of the 11 best places to sell gold for cash.
1. Worthy
Worthy is an online auction platform specifically for selling jewelry and this is usually the best place to sell gold jewelry for cash. They buy jewelry (bracelets, rings, necklaces, etc.), diamonds, watches, platinum jewelry, and other valuables. The platform helps connect you to a group of professional buyers which may lead you to getting a better price for your gold.
This is one of the best places to sell your gold due to the convenience and reliability of the website. Worthy is built with the seller and buyer in mind, making it as easy as possible to buy and sell jewelry.
Here’s how to sell your gold on Worthy.
Tell Worthy about the item by answering a few basic questions.
Schedule shipping of the item via FedEx. Item is insured FedEx shipping by Worthy (and it is free shipping).
Worthy prepares the sale by cleaning and photographing items for you.
An online auction takes place where you can select a reserve price and the highest offer wins.
Once your gold is sold, you’ll receive payment via bank transfer, PayPal, or check.
You can start selling your gold jewelry on Worthy by clicking here.
Recommended reading: Worthy Review – Is Selling Jewelry On Worthy Legit?
2. Cash For Gold USA
Cash For Gold USA is an online platform that buys gold, such as gold jewelry and gold coins, with benefits such as being A+ on BBB, $100,000 insurance on every shipment, with over $150 million bought and sold on the website.
Here’s how Cash For Gold USA works:
Enter your shipping info to receive a free appraisal kit. Send your gold to Cash For Gold USA.
Receive an appraisal from Cash For Gold USA within 24 hours of them receiving your kit.
Accept an offer and get paid via direct deposit, PayPal, virtual credit card, or check.
Cash For Gold USA even has a gold calculator on their home page that gives you a rough estimate of what you can get for your gold. If you do not like the estimate or no longer want to sell your gold, you can decline the offer and Cash For Gold USA will return your item free of charge.
3. Express Gold Cash
Express Gold Cash is a reputable online platform for selling gold (even dental gold!). With over 5,000 positive Trustpilot reviews, you can feel peace of mind knowing you’re working with a reputable gold dealer.
This is how Express Gold Cash works:
Request a free appraisal kit with a prepaid FedEx return label.
Send Express Gold Cash your gold. Packages are insured up to $5,000, so keep that amount in mind.
Once received, Express Gold Cash will calculate the cash value and send you an offer that you can accept or decline.
4. The Alloy Market
Alloy is an online market that offers a seamless way to sell your gold for cash. Similar to Express Gold Cash and Cash For Gold USA, Ally works by sending in your gold via appraisal kit. Alloy covers shipping and up to $100,000 insurance at no cost to you.
Once receiving your package, Alloy will inspect, weigh, and test the gold to give you an accurate valuation. Once the team appraises the items, an Alloy Advisor will reach out to you and give you a cash offer. The Alloy Advisor can also answer any questions you may have.
Once you accept an offer, the payout is processed. How quickly you get your money depends on which payment option you choose. Choosing PayPal or Venmo pays out immediately.
5. Local Pawn Shops
Selling your gold to a local pawn shop is one of the quickest ways to get cash. Research local pawn shops in your area and check for reviews and recommendations from friends or family. Check current market prices for gold to get an idea of what your gold is worth. Bring your gold to the pawn shop for assessment where the pawnbroker will check for quality, purity, and weight of the gold.
The pawnbroker will give you an offer. If you don’t like the offer, you can negotiate for a higher price. If you accept the offer, the pawnshop will give you cash on the spot. If you pawned your items instead of selling them outright, you’ll need to repay the loan amount plus any interest fees within the agreed loan period.
6. Consignment Stores
A consignment store is a popular spot for selling gold for cash if you’re looking for a hands-off approach to selling your gold. Consignment stores work by handling the selling process on your behalf and in exchange, the consignment store earns a percentage of the sale price of your item.
To get started, research consignment stores in your area and look for places with good reviews and recommendations.
Once you find one (or some) that you’re interested in, give them a phone call and ask them about their terms and fees. You should prepare your gold items before taking them in by cleaning and making them presentable.
Bring your gold to the consignment store where they may assess the quality and condition of the item. Once that is finished, you’ll likely sign a consignment agreement with the store which includes the agreed-upon sale price, fees, and consignment period.
Once your gold is sold, the consignment fee will be deducted from the sale price and provide you with the remaining amount.
7. Local Jewelry Stores
Selling your gold to a local jewelry store is a convenient option if you want to make cash quickly.
You can start by researching local jewelry stores in your area to see if they buy gold. Also, make sure the jewelry store has good reviews and recommendations.
I recommend that you write down the details of the gold you want to sell such as the weight and purity, and then check the current market price of gold. Then, call local jewelry stores to see if they have specific days or times when they handle gold buying.
8. Local Coin Shops
If you want to sell your gold right away, a local coin shop may be a good option.
To get started, research local coin shops and check the reviews. Gather important details about your gold including its weight, purity, and any certificates or special documentation. Then, get in touch with local coin shops and schedule an appointment if necessary.
Before going to any local coin shops, check the current market price of gold to get a rough estimate of what gold is worth.
You may want to negotiate the price if the shop’s buying policies allow it. Shops need to make a profit when reselling these items, so keep that in mind when getting your offer. Online buyers may pay you more for your gold coins due to having less overhead costs, but going to a local coin shop may be easier or faster because you don’t have to ship anything.
9. eBay
eBay is another option for selling your gold jewelry. eBay has the benefit of an international customer base which may increase your profit.
To get started selling on eBay, research the current market price of gold to give you an idea of what you should sell your gold for.
In your eBay listing, use a descriptive title including the gold, weight, and purity. The description should include detailed info about the piece of gold including weight, purity (18k, 24k, etc.), dimensions, and certificates of authenticity. Include high-quality photos of the gold including close-ups. Share the condition the item is in and if it’s new, used, or like new.
10. JM Bullion
JM Bullion is a website that buys gold for cash. This site is rated 4.8 on Shopper Approved with over 370,000 reviews.
To get started, you need to create an account at JM Bullion. Similarly to other gold buying platforms, JM Bullion sends you a prepaid shipping label and package mailer so that you can send them your jewelry.
Once JM Bullion receives your package, they’ll get started inspecting your item and approving the sale. After approval, payment will be issued to you.
11. Luriya
Luriya is a New York-based jewelry buyer who has in-store appointments or mail-in kits to sell jewelry.
To get started, you can request a mail-in kit from Luriya and send your jewelry to them. The mail-in kits are insured for up to $1,000, but you can pay extra to have your items insured for up to $1,000,000.
Once the item is received, Luriya will contact you to confirm they’ve received it. Within 24-48 hours, you’ll have an offer.
How much will I get if I sell my gold?
The amount you’ll receive from selling your gold will depend on factors such as:
Purity and weight of the gold
The current market price of gold
Buyers fees (pawn shops and jewelers often charge a fee for their services)
Local market demand
To get an idea of how much you’ll receive for your gold, weigh your gold in grams. Check the purity and identify the karat of your gold. Once you know this information, you can research current gold prices which are usually quoted per ounce or gram.
You can also calculate the value of your gold with this equation:
Multiply the weight of gold by its purity (percentage of pure gold) and then by the current price of gold per gram or ounce.
Understand that this is just a ballpark estimate to give you an idea and isn’t the exact amount you’ll receive.
Also, I do want to say that online gold buyers many times will pay more because as an online purchaser, they have lower operating costs.
Now, if we’re talking gold jewelry, then the amount will be a little different. This is because the value of jewelry can depend on so many things, such as the brand, quality, and more. To get the best price for your gold jewelry, then you may want to compare offers and shop around.
Frequently Asked Questions
Below are answers to common questions about how to sell your gold for cash.
What place gives you the most money for gold? Where can I convert gold to cash?
The place that gives you the most money for your gold include options like local jewelry stores or pawn shops, auction sites like Worthy, and gold buyers and dealers.
To maximize your earnings for selling your gold, get quotes from multiple buyers to compare prices. Make sure any buyer you talk to is reputable and licensed and check with organizations like Better Business Bureau for complaints.
How much is 14k gold worth today? How much is a 14K gold necklace worth at a pawn shop?
The value of 14k gold fluctuates daily based on the current market price of gold. As of April 2024, 14k gold price per gram is $43.68.
How much you’ll get at a pawn shop depends on their fees and overhead costs. Get quotes from multiple pawn shops and dealers to compare offers to ensure you’re getting a fair price.
Do I have to pay taxes when I sell my gold?
Gold is considered an asset, so any profit you earn from selling your gold is taxed by the IRS. How much you owe depends on factors like:
How long you had the gold before selling
How much of a profit you make
Your tax filing status
Is it better to sell gold jewelry or pawn it?
Whether or not you should sell gold or pawn it depends on how quickly you need cash. If you need cash quickly, pawning gold jewelry at a pawnshop can get you cash quickly, even within the hour.
When you pawn gold (this is different from selling gold to a pawn shop), you’ll receive a loan amount based on the appraised value of the item. You’ll need to repay the loan, interest, and fees within the loan period to get your gold back.
If you’re not in a rush to get cash now, it may be better to sell your gold jewelry as you’ll likely get more cash this way.
How do pawn shops determine the value of gold?
Pawn shops determine the value of gold based on several factors, including:
Purity of the gold
Weight of the gold
Current market prices
Condition of the item
What are the best places to sell gold for cash online?
The best places to sell gold for cash online include places like:
Cash for Gold USA
Worthy (if you want to sell gold jewelry for cash)
Express Gold Cash
eBay
Each platform has different fees, so make sure to read the fine print clearly and research reviews for each website from Better Business Bureau. You’ll also want to think about factors like shipping costs, insurance coverage, and payment methods for each website.
Where can I sell gold for cash near me?
To sell gold for cash near you, there are a few options to try selling at. Here are some places you can sell gold for cash near you.
Local jewelry stores
Pawn shops
Coin shops
Gold buyers and dealers
Local precious metals refinery
Best Places To Sell Gold For Cash – Summary
I hope you enjoyed this article on the best places to sell gold for cash.
If you want to sell your gold for cash and get the most money, you can try selling your gold on auction sites like Worthy or gold dealers. Evaluate your gold items based on purity and weight to get a better idea of how much your gold is worth.
I also recommend getting multiple quotes to compare offers so you get the best deal for your gold. Take the time to understand any fees that may impact your profit like overhead costs at pawnshops and other buyer fees.
You can get a personal loan from many banks, online lenders, and credit unions. A type of unsecured loan, personal loans can be used to pay for just about any large expense.
You might use it to pay off credit card debt, an unexpected medical bill, or the cost of home renovations. Some people use these loans to fund a wedding or big vacation. Given the many ways these versatile loans can be spent, it’s no surprise that personal loans are a popular choice. Currently, 23.5 million Americans have unsecured personal loans, totaling about $245 billion.
If you’re thinking of getting a personal loan, read on to learn more about where you can get one and the pros and cons of each option.
Where Can You Get a Personal Loan?
In terms of where to get a personal loan, these loans are generally available through three main markets: banks, credit unions, and online lenders. (There are other types of personal loans available through physical storefronts and online, such as payday loans and pawnshop loans, but it’s wise to avoid these options. You’ll learn why in a minute.)
Banks
National and regional banks often offer personal loans, which you can typically apply for online or in person. A bank may be the first choice for consumers who are already account holders at that institution, especially since the loan amount can usually be deposited quickly and directly into their checking account.
Credit Unions
Credit unions are another popular option for where to source a personal loan — though generally, these loans are only available to those who are already credit union members.
Each credit union has its own eligibility requirements to open an account or otherwise do business with it, which may be based on where you live or what industry you work in. However, if you do have access to a credit union, you may find lower interest rates and more favorable terms there than at other financial institutions.
Recommended: Is It Hard to Get a Personal Loan?
Online Lenders
Online lenders have proliferated over the years. These days, a personal loan can be easy to find from one of these sources with just a few clicks.
Online lenders may offer instant or near-instant loan decisions. They also don’t require you to be a member of or an account-holder at any specific financial institution. That said, it may take longer to receive your check or transfer than it would if you were borrowing from a bank or credit union where you already hold an account.
Of course, you will want to carefully review the personal loan interest rates and fees you are offered. 💡 Quick Tip: Some personal loan lenders can release your funds as quickly as the same day your loan is approved.
Where Can You Get a Personal Loan With Bad Credit?
You can get a personal loan with bad credit from a few lenders, such as online ones and payday lenders, but it’s important to proceed with caution.
First, a little important background intel:
• A personal loan with no collateral, also known as an unsecured personal loan, can be tough to qualify for if your credit history is less than perfect.
• Since there’s no collateral, like a house or a car, for the lender to take if you fail to repay the loan, unsecured personal loans often come with steeper qualification requirements than other types of loans.
• They may also have higher interest rates, especially for those whose credit could use some improvement. There are some lenders out there who specifically market their products to folks with lower credit scores — but beware. Sometimes these loans come with predatorily high interest rates and other drawbacks.
Online Private Lenders
The convenience and ubiquity of the online personal loan market is a mixed blessing. Sure, it’s easy to find a loan when you need one, but it’s also easy to fall into a bad deal.
Some online lenders specialize in offering loans for poor or no credit, but be sure to read all the fine print before you hit “submit” on your application. The loans may come with soaring interest rates, high origination fees, or hidden costs. Do your homework and vet the business you are borrowing from to make sure it’s legitimate. You may want to check with the Better Business Bureau to search for any complaints on file and for reliable, verified reviews.
Payday Lenders
Payday loans have been around for a long time, but that doesn’t mean they’re a good option.
Designed to be repaid quickly (i.e., at the borrower’s next payday), these short-term cash loans may be for small amounts, but often come with astronomical interest rates. According to the Consumer Financial Protection Bureau, it’s not uncommon for these quick-turnaround loans to have APRs as high as 400%!
In almost every instance, when comparing payday loans vs. personal loans, payday loans are worth avoiding. Other forms of unsecured loans will likely come with lower interest rates and more favorable repayment terms. Fortunately, it is possible to find loans from reliable lenders — even with imperfect credit.
Banks and Credit Unions
You can get a personal loan with bad credit from a few lenders, such as online ones and payday lenders, but it’s important to proceed with caution.
First, a little important background intel:
• A personal loan with no collateral, also known as an unsecured personal loan, can be tough to qualify for if your credit history is less than perfect.
• Since there’s no collateral like a house or a car, for the lender to take if you fail to repay the loan, unsecured personal loans often come with steeper qualification requirements than other types of loans.
• They may also have higher interest rates, especially for those whose credit could use some improvement. There are some lenders out there who specifically market their products to folks with lower credit scores—but beware. Sometimes these loans come with predatorily high interest rates and other drawbacks.
Another place where you can go to get a personal loan of this sort is a bank or credit union. Each financial institution sets their own qualification requirements for their unsecured personal loans, so it’s worth shopping around to find the best fit for your financial needs. Additionally, they may have other products that could work for you, like secured credit cards or share-secured loans. 💡 Quick Tip: Just as there are no free lunches, there are no guaranteed loans. So beware lenders who advertise them. If they are legitimate, they need to know your creditworthiness before offering you a loan.
What Are Some Pros and Cons of Different Types of Lenders?
Now that you’ve learned about the main options for personal loan shopping, you can figure out which kind of lender is right for you. Each alternative comes with its own pros and cons. Here are some things to consider while you’re browsing.
Personal Loans From Banks
Pros of Personal Loans From Banks
Cons of Personal Loans From Banks
You may get a discounted rate if you’re already a member.
You may need to be an existing customer or have good credit to qualify.
Funds may show up more quickly if you have an existing account there.
You may have to go to the physical bank to apply.
Personal Loans From Credit Unions
Pros of Personal Loans From Credit Unions
Cons of Personal Loans From Credit Unions
Loans may come with lower interest rates and fees than other financial institutions.
You’ll need to meet whatever eligibility requirements are necessary to be a credit union member in the first place.
Qualification requirements may be minimal.
You may have to go to the physical credit union to apply.
Personal Loans From Online Lenders
Pros of Personal Loans From Online Lenders
Cons of Personal Loans From Online Lenders
Online lenders make it convenient and easy to apply for a personal loan from the comfort of your home.
It can be difficult to know for sure if you’re borrowing from a reliable, legitimate source.
A wide variety of lenders can be shopped for and compared easily through an online search.
Some online lenders may charge high interest rates and other fees.
Choosing a Personal Loan Lender
No matter where you choose to apply for a personal loan, the best way to determine whether it’s the right loan for you is to look at the fine print. The lender matters less than the loan, and knowing what you’re agreeing to ahead of time is key to avoiding an unpleasant financial surprise.
Here are the most important factors to look for when shopping around for a personal loan:
• Fees, such as origination fees, early repayment penalties, and late fees, can increase the total amount you’ll spend on your loan in no time. Ideally, you’ll want to look for a lender that charges few fees — or none at all.
• Interest rates can vary widely with unsecured personal loans, from as low as 4% to as high as 30% or more. While your specific options will vary based on your credit history and other financial information, it’s good to shop around for the lowest possible interest rate.
• Loan amount caps may be relatively small (e.g., $1,000) or very large ($100,000 or more). Whatever your financial need, you want to ensure your lender will offer enough for you to cover whatever expense you’re paying for.
Recommended: Personal Loan Calculator
The Takeaway
There are many personal loan lenders to choose from, including banks, credit unions, and online lenders. Whether you need money to pay for an unexpected expense, such as a car repair, or you’re planning the ultimate 40th birthday party, it’s wise to shop around and compare interest rates, fees, and speed of funding.
Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. Checking your rate takes just a minute.
SoFi’s Personal Loan was named NerdWallet’s 2024 winner for Best Personal Loan overall.
FAQ
Where is the best place to get a personal loan?
In terms of where to get a personal loan, there isn’t one “best” place. When comparing banks, credit unions, and online lenders, look at interest rates, fees, customer reviews, and how quickly the loan would fund to determine the option that suits you best.
Where is the best place to get a small personal loan?
Where to go to get a personal loan depends on a variety of factors. Would you be more comfortable working with a large lender or a small, community-based lender for your small loan? Do you already have an account at a financial institution that also makes personal loans? It might also depend on how much you want to borrow because different lenders have different borrowing ranges.
Where is the easiest place to get a personal loan?
If you’re looking for where you can go for a personal loan, it might be best to start at a financial institution where you already have an account. In that case, your financial information will be on record, making the process faster and easier. Although online lenders may promise super-fast funding, be sure to research options carefully and make sure the business is legitimate and interest rates are affordable.
Photo credit: iStock/solidcolours
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