If you plan to become a real estate agent shortly, attending a real estate school is important. Real Estate Schools  are available on campuses or online, depending on the state. However, it is important to note that not all real estate schools are the same. The quality of course material, customer support, and fun factors can vary widely. To avoid these problems, you should carefully research each school’s accreditation.

Online real estate schools offer numerous advantages over conventional schools. Students can study at their own pace and finish the courses on their own time. You can also pause a course halfway through to get more practice. In addition, online courses can provide you with additional information regarding the first class. In addition, you don’t have to go to classes in person to complete your education. This makes them convenient for busy real estate agents.
You can attend a real estate school online or in person. Both methods have their benefits. The former is good for self-starters, who are more likely to complete coursework independently. In addition, an online school allows you to log in at any time of day. On the other hand, an in-person class is best for individuals who prefer to interact with instructors and receive guidance. But whether you decide to attend a classroom or online one, make sure you choose the right one for you.
The benefits of an online real estate school are numerous. The most notable is the convenience and flexibility. While most real estate schools offer face-to-face CE classes, you can always attend an online class at any time. In addition, online classes are flexible. If you are new to real estate investing, it is best to attend a live class where teachers can answer your questions. Finally, the flexibility of online courses makes them great for busy real estate agents.
When choosing a real estate school, consider whether it is right for you. The most important consideration is the success rate of their students. You should choose one with a high passing rate and positive feedback. The program should also include exam preparation. Additionally, it would be best to look for a school that offers a passing guarantee. The price of the course should also be reasonable. Finally, be sure to check if the school offers additional career insights and various services.
In-person classes are advantageous if you’d rather attend a classroom or live online. The benefits of attending a live course include the ability to study at your own pace. You can take a course at any time that is convenient for you. Moreover, you can also study at home. An online real estate school will allow you to learn about different aspects of real estate. The teachers will also be available to answer any questions you may have.
The most important thing to consider when enrolling in a real estate school is certification. You can become a real estate agent by taking an exam and becoming a real estate agent. You can either do this online or in person. The difference between the two is the type of course. You can take an online course and choose between a virtual and a physical class. Typically, an online course requires you to watch videos. You will have to take a test and pass a real estate license during the in-person class.
In-person real estate classes are also essential. A real estate school will teach you the business basics and how to implement them in your daily life. The courses will teach you how to price properties, find potential buyers, and counsel clients. The most valuable part of a real estate school is the certification exam. If you pass the exam, you’ll be ready to work as a real estate agent in a matter of months.
When finding the right real estate school, you should look for reviews and their past success rates. You should also check for accreditation by your state. The school’s accreditation should be high. It should also have a high pass rate on your state’s actual real estate exam. Besides, a real estate school should be located in a city or town that you can easily afford. This way, you can focus on other important things.

Refinancing your home loan can lower your lifetime interest costs and reduce your monthly payment, among many other benefits.

However, you’ll want to evaluate the pros and cons of a mortgage refinance before you apply. This will help you determine if refinancing is the right move for you.

Here’s a closer look at the advantages and disadvantages of mortgage refinancing:

Pros of refinancing your mortgageCons of refinancing your mortgageAlternatives to refinancing your mortgageWhen to refinance your mortgageHow to apply for a mortgage refinance

Pros of refinancing your mortgage

There are several advantages to refinancing a mortgage, including a potentially lower interest rate.

Lock in a better interest rate

A lower rate can reduce your lifetime interest costs by thousands of dollars. Consider refinancing when mortgage rates begin to dip. Most experts agree that you should consider refinancing if you can lock in a rate that’s 0.75 percentage points lower than your current rate.

You may also be able to lock in a better rate if your credit score is higher than when you took out your original mortgage.

Learn More: When to Refinance a Mortgage: Is Now a Good Time?

Lower your monthly payment

It’s possible to reduce your monthly payment through a mortgage refinance. You can potentially get a lower interest rate or extend your repayment term — or do both. If you’re currently struggling to pay the bills and want to keep your home loan in good standing, refinancing might be a necessary option.

If you think refinancing is the right move, Credible makes it easy. You can compare multiple lenders and see prequalified rates in as little as three minutes without leaving our platform.

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Tap into your home equity

A cash-out refinance can help you tap into your home equity. You’ll pay off your original mortgage with a newer, larger loan and receive the difference in cash.

You can then use the distribution to fund home improvement projects or other expenses, like credit card debt or a down payment on an investment property.

Enjoy more predictable payments

If you currently have an adjustable-rate mortgage (ARM), refinancing to a fixed interest rate will provide more stability in your monthly principal and interest payments. With a fixed-rate loan, you’ll pay the same amount every month for the entire loan term. This makes your mortgage payment easier to budget for and provides you with some peace of mind.

void mortgage insurance

Refinancing into a conventional mortgage with at least 20% interest waives private mortgage insurance (PMI) charges. This is also a way to get out of paying mortgage insurance premiums on an FHA loan.

Read: Here’s What You Need to Know About Refinancing an FHA Loan

Cons of refinancing your mortgage

Here are some of the drawbacks that accompany mortgage refinancing.

Need to pay closing costs

Just like a new home loan, you must pay closing costs with any mortgage refinance loan. These fees are approximately 2% to 5% of your loan amount.

Some of the fees you can expect to pay include:

Origination feesHome appraisalTitle insuranceCredit report fee

You may be able to roll some of the fees into your new mortgage, but this may increase your loan APR and lifetime interest costs. A mortgage payment calculator can help compare your upfront costs and potential lifetime interest costs.

If you’re planning on selling your home in the next few years, you’ll want to find your breakeven point — the point at which you’ll recoup your closing costs — to determine if refinancing is worth it.

For example: If your closing costs are $5,000 and your monthly savings is $100, you’ll need to keep your home for 50 months (slightly more than four years) to break even and offset the upfront expense.

Monthly payments could be higher

Switching to a shorter repayment period, such as 15 years instead of 30 years, will most likely increase your monthly payment as you have fewer years to pay off the loan principal. Deferring your closing costs can also increase your payment.

On a positive note, you’ll be out of debt faster and pay less interest by opting for a shorter repayment period. If you can afford the higher monthly payments, it’s a good option to consider.

Might increase the overall cost of your loan

Extending your repayment term can increase your total interest costs even if you get a lower interest rate or smaller monthly payment.

Here’s an example of how much more your total interest costs can be when refinancing to a 30-year term. This example assumes a current mortgage balance of $226,445 with 25 years remaining on an original 30-year term.

Existing mortgageRefinance mortgageStarting loan balance$250,000$226,445Remaining years2530Interest rate4.08%3.75%Monthly payment$1,206.55$1,049Total interest cost$184,356.61$199,916.59

While it’s possible to refinance to a lower interest rate and monthly payment, your total interest cost can still be higher. For this example, your new loan APR must be at least 0.70% lower than your original rate before you reach your breakeven point and start saving money.

And, assuming you don’t pay off the loan early or sell your home, refinancing your mortgage keeps you in debt longer, which might make it more difficult for you to achieve other financial goals.

Must qualify for refinancing

In addition to paying closing costs, the underwriting process requires you to satisfy your lender’s mortgage qualifications for income, credit, and debt.

Some of the mortgage refinance requirements include:

Credit score: Traditional lenders require a minimum 620 credit score. Most lenders offer the lowest refinance rates to homeowners with an excellent credit score of at least 740.Steady employment: You’ll need at least two years of reliable employment and income statements, and you may also need to show proof of sufficient cash reserves.Home equity: Many lenders require you to have at least 20% equity in your home to refinance your mortgage. Home appraisal: A home appraisal verifies your property value is higher than your requested loan amount. You may need to postpone refinancing if your mortgage is underwater since this means you owe more than the home is worth.

lternatives to refinancing your mortgage

If you’re content with your current mortgage rate and term, but you still want to access your home equity, consider either a home equity loan or a home equity line of credit (HELOC).

These two options generally have lower closing costs and might be a better fit than a cash-out refinance.

pply for a home equity loan

A home equity loan lets you borrow up to 85% of your home equity as a lump-sum payment. You repay your principal and interest with fixed monthly payments, similar to a fixed-rate mortgage. Depending on your loan terms, your repayment period can be as long as 30 years.

Here are some of the advantages of home equity loans:

Can use funds for different purposes: You can use your funds for a variety of expenses, including home repairs, medical bills, and debt consolidation. Potential tax deductions: In many cases, your interest payments are tax-deductible for home repairs and capital improvements for your primary residence.Fixed interest rate: Lenders offer fixed interest rates so you have the same monthly payment for the life of the loan.

Some of the disadvantages of home equity loans include:

Lump sum payment: You receive your entire loan amount upfront and cannot request future withdrawals. If you don’t need to spend the entire amount immediately, consider a HELOC, which allows you to make distributions as needed.Higher monthly payments: Your monthly payments can be higher than a HELOC as you start repaying the principal right away. You’re also accruing more interest than with a HELOC as your starting balance will most likely be higher.Secured debt: Home equity loans are secured debt, meaning your home is collateral. If you default on the loan, your lender has the right to foreclose on your home.

pply for a home equity line of credit

A home equity line of credit (HELOC) can be a good decision if you want to borrow from your home equity several times.

Unlike a home equity loan, you won’t receive a lump-sum payment. Instead, you’ll make withdrawals as needed during the draw period, which is usually 10 years.

A HELOC offers many advantages, including:

Potentially less interest: With a HELOC, you only have to pay interest on what you borrow. Your total interest costs, in turn, might be lower than on a home equity loan that distributes the entire loan amount upfront.Flexible withdrawal policy: You can withdraw as little or as much as you need during the draw period, up to your credit limit. Interest-only payments: Your lender may only require monthly interest payments during the draw period. However, there is no penalty to pay back the outstanding principal early.

Some of the disadvantages of a HELOC include:

Variable interest rate: Most HELOCs have a variable interest rate. If you’re not comfortable with a variable interest rate, fixed-rate HELOCs do exist, but they’re more rare.Shorter repayment period: Your repayment period may be shorter than a home equity loan, meaning your monthly payments could be higher once you start paying off the loan. Most HELOC repayment periods are between five and 20 years.Secured debt: A HELOC is using your home equity as collateral. As a result, your lender may foreclose on your home if you cannot pay off your credit line before the repayment period ends.

Don’t Miss: Refinancing a Home Equity Loan: What You Need to Know

When to refinance your mortgage

Generally, refinancing is a good decision if you find yourself in one of these situations:

You qualify for a lower interest rateYou want to shorten your loan termYour interest savings exceed the closing costsYou can afford the new monthly paymentYou’re struggling to make your mortgage paymentsYou want to switch from an adjustable-rate to a fixed-rate mortgage

How to apply for a mortgage refinance

Here are the steps you can expect to take when refinancing your mortgage:

Compare rates with different lenders. Aim to get rate quotes from at least three different lenders. This will ensure you receive a competitive rate. Credible can help you compare rates from multiple lenders without hurting your credit score.Gather and submit financial documents. After choosing your lender, gather the necessary paperwork and submit it to start the application process. You’ll want to have your tax returns, bank statements, and proof of homeowners insurance at the ready, among other documents.Get a home appraisal. Your lender will require a home appraisal to determine what your home is worth and how much equity you have.Sign your closing documents. After completing the underwriting process, you’ll pay your closing fees and sign the closing forms. Your new rate and term become effective immediately and replace your existing mortgage.

Keep Reading: How to Refinance Your Mortgage in 6 Easy Steps

The post Pros and Cons of Refinancing Your Mortgage appeared first on Credible.

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A VA cash-out refinance allows you to pay off your existing home loan — even if it’s not a VA loan — with a new, larger VA home loan. You’ll receive the difference as a lump sum to use for any purpose your lender allows.

You can also use a VA cash-out refinance even if you don’t want cash back — say, you only need enough cash to pay the loan’s closing costs. To qualify for a VA cash-out refinance loan, you’ll first need to be a military service member, veteran, or surviving spouse.

Here’s what else you need to know about VA cash-out refinances:

What is a VA cash-out refinance?How does a VA cash-out refinance work?VA cash-out loan limitsVA cash-out refinance ratesBenefits of a VA cash-out refinanceDrawbacks of a VA cash-out refinanceVA cash-out refinance guidelinesAre there costs associated with a VA cash-out refinance?How to apply for a VA cash-out refinanceIs a VA cash-out refinance right for you?

What is a VA cash-out refinance?

A VA cash-out refinance is one of the two most common VA loan refinancing options. You can use a VA cash-out refinance whether you want to cash out your home equity or not. These loans are available to any qualified veteran homeowner, regardless of what type of mortgage you have.

The other most common option available to veterans is a VA streamline refinance — also known as an interest rate reduction refinance loan (IRRRL). This option works similar to a conventional refinance. It can help you lower your interest rate, shrink your monthly payment, or shorten your term. However, you’ll need to have an existing VA loan to use an IRRRL.

How does a VA cash-out refinance work?

A VA cash-out refinance uses a VA mortgage to pay off your existing mortgage, whether it’s a VA loan or not. It also lets you tap into your home equity, which you can use to pay off any other liens on your home or the closing costs of the refinance.

The U.S. Department of Veterans Affairs sets guidelines for income, credit scores, and other borrower characteristics. This helps lenders approve and deny VA loans and set loan terms.

However, lenders often impose stricter guidelines than the VA requires, such as tighter limits on how much equity you can cash out. They do this, in part because the VA only guarantees up to 25% of the loan amount. That means the lenders are still taking most of the risk.

Learn: How Soon You Can Refinance: Typical Waiting Periods By Home Loan

VA cash-out loan limits

VA loans are unique: They allow you to borrow against as much as 100% of your home’s appraised value. In other words, your loan-to-value (LTV) ratio can be as high as 100%.

Here’s an example: Say you owe $240,000 on your mortgage and your home is worth $300,000. That leaves you with $60,000 in home equity, or 20%. With a VA cash-out refinance, you may be able to borrow as much as $300,000, and you’d be able to finance your VA funding fee.

But remember, lenders may have their own rules that are stricter than the VA’s. Don’t be surprised if you can only borrow against 80% of your home’s appraised value. Some conventional lenders will allow you to refinance up to 90%, too, so we suggest comparing offers for both VA and conventional cash-out refinancing.

VA cash-out refinance rates

Interest rates for 30-year, fixed-rate VA home loans tend to run about 0.25 percentage points lower than conventional loan rates. But as with any mortgage, your interest rate will mostly depend on personal factors like your credit score, debt-to-income ratio, and down payment.

Cash-out refinance rates can be slightly higher than rate-and-term refinance rates since decreasing your home equity can make you a riskier borrower. To get the best deal, it’s important to check pricing with several lenders.

You won’t find VA loans at Credible, but if you’re looking for a great refinance rate on a conventional loan, we can help with that. It only takes a few minutes to compare personalized, prequalified rates from all of our partner lenders.

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Benefits of a VA cash-out refinance

These features of a VA cash-out refinance can make it a uniquely appealing option if you’re eligible:

You may be able to borrow up to 100% of your home’s appraised value. On top of that, you can finance energy-efficient home improvements and the VA funding fee.You can refinance a non-VA loan. Whether you have a VA, conventional, FHA, or USDA loan, you can do a VA cash-out refinance.You can use it to pay off delinquent liens. If you’ve fallen behind on property taxes, your first mortgage, or a home equity loan, for example, you can use a VA cash-out refinance to pay off these liens.

Read: How Often Can You Refinance Your Mortgage?

Drawbacks of a VA cash-out refinance

Before you get too excited about the benefits of a VA cash-out refinance, you should know there are some cons to this option:

You’ll pay the VA funding fee. If the cash-out refinance will be your first VA loan, you’ll have to pay a funding fee of 2.3% of the loan amount. If it won’t be your first VA loan, the funding fee will be 3.6% of the loan amount. Veterans with a Purple Heart or service-related disability payments may be exempt from the funding fee.Lenders might not let you borrow 100%. The VA allows, but does not require, lenders to set an LTV limit of 100%. Lenders may have tighter requirements and set a borrowing limit of up to 90% of your home’s appraised value, for example.Requires more paperwork. One of the main benefits of a VA IRRRL is the lack of paperwork, which allows you to close the loan faster. VA cash-out refinances aren’t as streamlined. Your lender will require you to go through the full underwriting process and provide income statements, tax returns, and a certificate of eligibility (COE), among other documents.

Find Out: VA Loan vs. Conventional Loan: How to Choose

VA cash-out refinance guidelines

Here are the key criteria you’ll need to meet to qualify for a VA cash-out refinance. They’re the same as VA purchase loan requirements:

RequirementDescriptionYou or your spouse meet the military service requirements for a VA loanVA loan eligibility depends on where, when, and how you served. For example, if you’ve served 90 continuous days on active duty this year, you will likely qualify for a COE.Your credit score is at least 620The VA doesn’t have a minimum credit score requirement, but lenders typically do.The home will be your primary residenceYou can’t use a VA cash-out refinance on an investment property or second home.Your income is stableA two-year history is helpful, but the VA gives lenders room to decide whether your income is reliable enough to repay the loan you’re applying for.Your DTI is 41% or lessLenders might approve a higher debt-to-income ratio if you can offset it with financial strengths, such as excellent credit, long-term employment, or satisfactory homeownership experience.

re there costs associated with a VA cash-out refinance?

Yes, you’ll pay closing costs on a VA cash-out refinance, just as you would with a conventional or FHA refinance. These are the costs you can expect to pay:

VA funding fee: Either $2,300 or $3,600 for every $100,000 borrowed, depending on whether you’re using a VA loan for the first time or a subsequent time.Origination fee: Generally 0.5% to 1.5% of the loan amount, or $1,000 for every $100,000 borrowed.Appraisal fee: Usually a few hundred dollars, depending on location and home sizeCredit report fee: Usually less than $30.Lender’s title insurance fee: About $500 to $1,500, depending on the loan amount and insurer.Discount points: Points are prepaid interest that reduce your interest rate. This is an optional charge.

How to apply for a VA cash-out refinance

These are the steps you’ll need to follow to apply for a VA cash-out refinance.

1. Decide how much cash you need

Just because you may be able to borrow against 100% of your home equity doesn’t mean you should. Zero equity makes you vulnerable to a decline in home prices. You could end up owing more than your home is worth — a potential problem if you decide to sell your home.

2. Gather documents for your lender

You’ll need three categories of documents:

Identification documents: VA lenders require you to provide two forms of identification. These can include a driver’s license, state ID card, passport, Social Security card, or military ID.Financial documents: You’ll need to substantiate your income and assets with W-2s and signed federal income tax returns for the last two years, your two most recent pay stubs, and your two most recent bank statements. Military service documents: These include your Certificate of Eligibility (which your lender may be able to pull online), statement of service (if you’re on active duty), and disability award letter (if you receive service-connected disability payments). You may also need to provide your DD-214 or Reserve/Guard points statements.

3. Apply with at least three lenders

The VA doesn’t set mortgage rates and fees; lenders do. To make sure you’re getting the best loan terms, get pre-qualified quotes from multiple VA lenders.

You should also consider getting offers for a conventional cash-out refinance if you don’t need to access all of your equity; it may be cheaper since you won’t have to pay a VA funding fee.

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Is a VA cash-out refinance right for you?

If you’re eligible for a VA loan, a VA cash-out refinance may be right for you in these situations:

You don’t have enough home equity for a conventional cash-out refinance.If your home equity is 20% or less, a VA loan can be a good way to access it.You’re paying for mortgage insurance on the loan you have now.VA loans don’t require mortgage insurance.Your new mortgage will have a lower rate than your existing mortgage.Ideally, a cash-out refinance doesn’t just give you cash, it also lowers your rate.You’re behind on your bills.You can use a VA cash-out refinance to pay off any lien against your property, whether it’s a mortgage, tax lien, or judgment lien.

However, a VA cash-out refinance may not be right for you in the following circumstances:

You have a lot more home equity than you want to cash out.Instead, consider a conventional cash-out refinance so you don’t have to pay the VA funding fee.Your new mortgage would have a higher rate than your existing mortgage.A home equity loan or line of credit could be the more cost-effective option.You might sell your home soon.It may not make sense to pay closing costs on a large loan that you won’t keep long enough to break even on. Try a no-closing-cost mortgage, or just ride out your existing loan.You need cash quickly.A new mortgage can take up to two months to close. A personal loan may be a better choice if you can’t wait that long.

Keep Reading: How Long It Takes to Refinance a Home

The post VA Cash-Out Refinance: How It Works and When to Get One appeared first on Credible.

A tiny home generally refers to a home that’s 500 square feet or less. Because these structures are much smaller than traditional homes, buying one could be much more affordable in comparison.

Tiny homes cost $45,000 on average — but if you get one with few amenities, it could set you back as little as $8,000, according to HomeAdvisor. Additionally, there are several options that could help you finance a tiny home purchase, such as taking out a personal loan.

If you’re thinking about using a personal loan for tiny home financing, here’s what you should know:

Tiny home loan typesFinancing a tiny home: additional considerations

Tiny home loan types

If you’re looking to finance a tiny home, you likely won’t be able to use a traditional mortgage. While mortgage lenders don’t often disclose their minimum loan amounts, mortgages typically aren’t offered under $60,000 — meaning a tiny home purchase probably won’t qualify.

The good news is that there are several options available that could help you finance a tiny home purchase, including:

Personal loans

A personal loan is a type of installment loan that can be used for almost any personal expense, such as a tiny home. These loans are offered by a few types of lenders, including online lenders, banks, and credit unions.

You can typically borrow $600 to $100,000 with a personal loan and will have one to seven years to repay it, depending on the lender. Additionally, most personal loans are unsecured — meaning you don’t have to worry about collateral.

Tip: You’ll generally need good to excellent credit to qualify for a personal loan — a good credit score is usually considered to be 700 or higher. There are also several lenders that provide personal loans for bad credit, but these loans tend to come with higher interest rates compared to good credit loans.

If you have poor credit and are struggling to get approved, consider applying with a creditworthy cosigner to improve your chances. Not all lenders allow cosigners on personal loans, but some do. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.

If you decide to take out a personal loan, be sure to consider as many lenders as possible. This way, you can find the right loan for your needs.

Credible makes this easy: You can compare your prequalified rates from our partner lenders in the table below in just two minutes — without affecting your credit.

LenderFixed ratesLoan amountsLoan terms (years)Time to fund

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

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9.95% – 35.99% APR$2,000 to $35,0002, 3, 4, 5*As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)Fixed APR:
9.95% – 35.99% APRVariable APR:
N/AMin. credit score:
550Loan amount:
$2,000 to $35,000**Loan terms (years):
2, 3, 4, 5*Time to fund:
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)Fees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except CO, IA, HI, VT, NV NY, WVCustomer service:
Phone, emailSoft credit check:
YesLoan servicer:
AvantLoan Uses:
Debt consolidation, emergency expense, life event, home improvement, and other purposesMin. Income:
$1,200 monthly

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

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6.79% – 17.99% APR$10,000 to $50,0003, 4, 5, 6Next business dayFixed APR:
6.79% – 17.99% APRVariable APR:
N/AMin. credit score:
700Loan amount:
$10,000 to $50,000Loan terms (years):
3 to 6Time to fund:
Next business dayFees:
No prepayment penaltyDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Debt consolidation, home improvement, self-employment, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

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4.99% – 35.99% APR$5,000 to $35,0002, 3, 4, 5As soon as 1 – 3 business days after successful verificationFixed APR:
4.99% – 35.99% APRVariable APR:
N/AMin. credit score:
600Loan amount:
$2,000 to $50,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as 1 – 3 business days after successful verificationFees:
Origination feeDiscounts:
NoneEligibility:
Available in all states except DC, IA, VT, and WVCustomer service:
PhoneSoft credit check:
YesLoan servicer:
Best Egg and Blue Ridge BankMin. Income:
NoneLoan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

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5.99% – 24.99% APR$2,500 to $35,0003, 4, 5, 6, 7As soon as the next business day after acceptanceFixed APR:
5.99% – 24.99% APRMin. credit score:
660Loan amount:
$2,500 to $35,000Loan terms (years):
3, 4, 5, 6, 7Time to fund:
As soon as the next business day after acceptanceFees:
Late feeDiscounts:
NoneEligibility:
 Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan Uses:
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

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7.99% – 29.99% APR$10,000 to $50,0002, 3, 4, 5As soon as 2 business daysFixed APR:
7.99% – 29.99% APRMin. credit score:
Does not discloseLoan amount:
$10,000 to $50,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as 2 business daysFees:
Origination feeDiscounts:
NoEligibility:
Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WYCustomer service:
PhoneSoft credit check:
YesMin. Income:
NoneLoan Uses:
Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
7.04% – 35.89% APR$1,000 to $40,0003, 5Usually takes about 2 daysFixed APR:
7.04% – 35.89% APRMin. credit score:
600Loan amount:
$1,000 to $40,000Loan terms (years):
3, 5Time to fund:
Usually takes about 2 daysFees:
Origination feeDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
Phone, emailSoft credit check:
YesLoan servicer:
LendingClub BankMin. Income:
NoneLoan Uses:
Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
9.99% – 35.99% APR$2,000 to $36,5002, 3, 4As soon as the next business dayFixed APR:
9.99% – 35.99% APRMin. credit score:
580Loan amount:
$2,000 to $36,500Loan terms (years):
2, 3, 4Time to fund:
As soon as the next business dayFees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except NV and WVCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
$20,000Loan Uses:
Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
2.49% – 19.99% APR$5,000 to $100,0002, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)As soon as the same business dayFixed APR:
2.49% – 19.99% APRMin. credit score:
660Loan amount:
$5,000 to $100,000Loan terms (years):
2, 3, 4, 5, 6, 7*Time to fund:
As soon as the same business dayFees:
NoneDiscounts:
AutopayEligibility:
Available in all states except RI and VTCustomer service:
Phone, emailSoft credit check:
NoLoan servicer:
LightStreamMin. Income:
Does not discloseLoan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.99% – 19.99% APR1$3,500 to $40,00023, 4, 5, 6, 7Many Marcus customers receive funds in as little as three daysFixed APR:
6.99% – 19.99% APR1Min. credit score:
660
(TransUnion FICO®️ Score 9)Loan amount:
$3,500 to $40,0002Loan terms (years):
3, 4, 5, 6Time to fund:
Many Marcus customers receive funds in as little as three daysFees:
NoneDiscounts:
AutopayEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan servicer:
Goldman SachsMin. Income:
$30,000Loan Uses:
Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
18.0% – 35.99% APR$1,500 to $20,0002, 3, 4, 5As soon as the same day, but usually requires a visit to a branch officeFixed APR:
18.0% – 35.99% APRMin. credit score:
NoneLoan amount:
$1,500 to $20,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as the same day, but usually requires a visit to a branch officeFees:
Origination feeDiscounts:
NoneEligibility:
Must have photo I.D. issued by U.S. federal, state or local governmentCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
Does not disclose

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
4.99% – 17.99% APR$600 to $50,000
(depending on loan term)1, 2, 3, 4, 52 to 4 business days after verificationFixed APR:
4.99% – 17.99% APRMin. credit score:
660Loan amount:
$600 to $50,000*Loan terms (years):
1, 2, 3, 4, 5Time to fund:
2 to 4 business days after verificationFees:
NoneDiscounts:
NoneEligibility:
Does not discloseCustomer service:
Phone, emailSoft credit check:
NoMin. Income:
Does not discloseLoan Uses:
Debt consolidation, home improvement, transportation, medical, dental, life events

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.95% – 35.99% APR$2,000 to $40,0003, 5As soon as one business dayFixed APR:
6.95% – 35.99% APRMin. credit score:
640Loan amount:
$2,000 to $40,000Loan terms (years):
3, 5Time to fund:
As soon as one business dayFees:
Origination feeDiscounts:
NoneEligibility:
Available in all states except IA, ND, WVCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
NoneLoan Uses:
Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
4.74% – 19.28% APR10$5,000 to $100,0002, 3, 4, 5, 6, 73 business daysFixed APR:
4.74% – 19.28% APR10Min. credit score:
Does not discloseLoan amount:
$5,000 to $100,000Loan terms (years):
2, 3, 4, 5, 6, 7Time to fund:
3 business daysFees:
NoneDiscounts:
AutopayEligibility:
Available in all states except MSCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Solely for personal, family, or household uses

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
8.93% – 35.93% APR7$1,000 to $50,0003 to 5 years 8Within one day, once approved9Fixed APR:
8.93% – 35.93% APR7Min. credit score:
560Loan amount:
$1,000 to $50,000Loan terms:
3 to 5 years 8Time to fund:
Within one day, once approved9Loan types:
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchasesFees:
Origination feeDiscounts:
AutopayEligibility:
A U.S. citizen or permanent resident; not available in DC, SC, WVCustomer service:
Phone, emailSoft credit check:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.94% – 35.97% APR$1,000 to $50,0002, 3, 5, 6Within a day of clearing necessary verificationsFixed APR:
5.94% – 35.97% APRMin. credit score:
560Loan amount:
$1,000 to $50,000*Loan terms (years):
2, 3, 5, 6Time to fund:
Within a day of clearing necessary verificationsFees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except West VirginiaCustomer service:
EmailSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Debt consolidation, credit card refinancing, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
4.37% – 35.99% APR4$1,000 to $50,00053 to 5 years4As fast as 1 business day6Fixed APR:
4.37% – 35.99% APR4Min. credit score:
580Loan amount:
$1,000 to $50,0005Loan terms (years):
3 to 5 years4Time to fund:
As fast as 1 business day6Fees:
Origination feeDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
$12,000Loan Uses:
Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposesCompare rates from these lenders without affecting your credit score. 100% free!

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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms

Builder financing

Some tiny home builders offer their own financing programs, often in partnership with a third-party financial institution.

Interest rates and terms can vary widely with these options, so be sure to read the fine print carefully and ask any questions you might have to make sure you fully understand what you’re agreeing to.

Keep in mind: Some builders might require a down payment to secure financing — this could range anywhere from 10% to 20%, depending on the lender.

Learn More: Best Personal Loan Companies

Home equity loan or HELOC

If you already own a home, you might be able to tap into your home’s equity with a home equity loan or home equity line of credit (HELOC). With these options, you might be able to access 75% to 85% of your home’s equity, depending on the lender and the value of your home.

Here’s how they work:

Home equity loanLike personal loans, home equity loans are installment loans that typically come with fixed rates. Because a home equity loan is secured by your home, you’ll likely get a lower rate than you’d get on a personal loan. However, this also means you risk losing your home if you can’t make your payments.HELOCUnlike a home equity loan, a HELOC gives you access to a revolving credit line that you can repeatedly draw on and payoff — similar to a credit card. HELOCs also tend to come with variable rates, which means your rate could fluctuate with market conditions. Also remember that because your home acts as collateral for a HELOC, you risk foreclosure if you don’t keep up with your payments.How do I calculate my home’s equity? To calculate the equity in your home, you’ll subtract your current mortgage balance from your home’s current market or appraised value.

For example, if your home is worth $400,000 and you owe $300,000, then your home’s equity is $100,000.

Check Out: Personal Loan Requirements

Financing a tiny home: additional considerations

While the cost of a tiny home could be low, here are a few additional considerations to keep in mind:

Will you have to buy land?

You’ll need a place to build your home if you want a permanent structure — which means you’ll need to also purchase land. Depending on the location, this could end up being much more expensive than the actual house.

Keep in mind: If you’re thinking about buying raw, undeveloped land, then you’ll have to account for preparing the land for construction as well as getting it hooked up with water, power, and other amenities.

You’ll also need to consider local building codes and how much it will cost to make sure your dwelling is up to code. For example, some areas require that sleeping lofts in tiny homes have an automatic sprinkler system, which is another extra cost to budget for.

How will you pay for home maintenance?

Like any other home, tiny homes also come with maintenance costs. For example, you might need to service your plumbing, appliances, and other home systems. Plus, if your tiny home is on wheels, you might need to purchase and maintain a truck to haul it.

Learn More: Personal Loan Calculator: See Your Payments On a Loan

Will the home be on wheels?

If you’re planning to build or purchase a tiny home on wheels, you might be eligible for a recreational vehicle (RV) loan. Many of these loans use the RV (or tiny home) as collateral, which means you might get a lower rate compared to a standard unsecured loan.

Keep in mind: There are also lenders that offer unsecured RV loans — for example, Credible’s partner lender LightStream offers RV loans from $5,000 to $100,000 and doesn’t require collateral.

If you decide to take out a personal loan for a tiny home, remember to consider as many lenders as you can to find the right loan for your situation.

This is easy with Credible — you can compare your prequalified rates from multiple lenders in two minutes.

Ready to find your personal loan?
Credible makes it easy to find the right loan for you.

Free to use, no hidden feesOne simple form, easy to fill out and your info is protectedMore options, pick the loan option that best fits your personal needsHere for you. Our team is here to help you reach your financial goalsFind My Rate
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The post Tiny Home Financing: What Are My Loan Options? appeared first on Credible.

Did you miss our previous article…
https://corazoncrm.org/?p=841

If you’re a homeowner, you’ve probably got a long list of home improvement projects to tackle. While bringing your home up to date can increase its value, you can’t tackle everything at once. Instead, you’ll want to prioritize whether you’re doing a quick project or a full-on renovation.

Winter is a great time to update your bathroom. For one, it’s an indoor project, so you won’t have to deal with the cold. Plus, renovated bathrooms are well-known for producing a solid return on investment. It can also be cost-effective to start a project in the winter, since prices for materials usually rise in the early spring.

Here are 15 DIY bathroom projects to tackle this season:

Update the lightingAdd a splash of tileWallpaper the roomUpdate the vanityRecycle furniture for a new vanityInstall a towel warmerReplace the mirrorSwap out the hardwareAdd wall storageInstall eco-friendly featuresPaint the wallsImprove your shower spaceAdd window treatmentsReplace your bathroom exhaust fanAdd to your cabinet storage

1. Update the lighting

Changing an outdated light fixture can spruce up your bathroom by making it appear brighter and fresher. A hanging fixture, for instance, can add some much-needed personality, or you can install the fixture above the mirror to reflect light around the room.

This project involves temporarily disconnecting the electricity and working with wiring, so you may want to hire an expert if you’re uncomfortable with this part.

2. Add a splash of tile

Adding tile is a great way to modernize the bathroom without a complete overhaul. It’s also easy to clean, durable, and moisture-resistant — and there are lots of options.

You may decide to re-tile the floor, install tile halfway up the shower walls, or lay a simple backsplash above the sink. White subway tiles are classic, but you can get creative by arranging them in a herringbone or chevron design, or using a hexagon- or honeycomb-shaped tile.

3. Wallpaper the room

Wallpaper can add an upscale look to your powder room, whether you cover the whole thing or only apply it to one accent wall to create a focal point.

Look for “splash-proof” wallpaper, which is designed for high-humidity areas and won’t peel off as easily as regular wallpaper. You can also experiment with bold colors or patterns to create a statement.

Learn More: 18 Home Improvement Projects You Can Wrap Up in a Day

4. Update the vanity

The vanity is a great place to keep your bathroom necessities organized and out of sight, and it’s also a spot where you can add some personality.

Try painting the vanity a bold new color, installing new hardware, or using painted stencils or wallpaper on the door panels. You can also replace the top with a butcher block or granite countertop for a stylish look.

5. Recycle furniture for a new vanity

If you want to swap out the vanity completely, look for upcycled furniture to repurpose. An old dresser, nightstand, or coffee table can easily be transformed into your new bathroom organization system. You can add a fresh coat of paint and new hardware, then cut a hole on the top for a sink.

Tip: Remember to moisture-proof the counter with a few coats of clear polyurethane.

6. Install a towel warmer

If you live in a colder climate, you’ll want to stay extra toasty when getting out of the shower. A wall-mounted towel warmer keeps your towels warm and can give any bathroom a luxurious feel. Towel warmers are easy to install and typically plug into a standard outlet.

7. Replace the mirror

Replacing a frameless, rectangular mirror with a more artful version can spruce up your bathroom easily. These come in different shapes, colors, and patterns to give your bathroom a style all your own.

When exploring your options online or in a store, look for a mirror that fits the space well and comes with a hanger bracket for easy installation. For a cheaper and easier project, you can keep the original mirror and get a kit to add the frame.

8. Swap out the hardware

Sometimes accent features are all you need to make a bathroom feel brand new. Replacing the faucets, towel rack, shower head, light fixtures, and toilet paper holder are easy and budget-friendly projects to tackle in the winter.

You can go for a classic look, like brushed nickel, or use a funky design from an antique store. The point is to create a unified suite to tie the room together.

Check Out: 8 Popular Pandemic Home Renovations to Transform Your Space

9. Add wall storage

If your bathroom is a tight squeeze, you might need to get creative with storage solutions. You can install floating shelves or a wall cabinet above the toilet and add a bar with hooks next to the tub — so your towel is always at the ready. If you can’t hang anything on the walls, try positioning a storage ladder over the toilet and use it to store your bathroom necessities.

10. Install eco-friendly features

Installing energy-efficient features throughout your home may help you save on utility bills while helping the planet at the same time. On top of that, high energy-efficiency ratings can boost your home value by 2.7% on average, according to research by Freddie Mac.

For a simple, DIY project, upgrade to energy-efficient lighting with halogen incandescent, CFL, or LED light bulbs. You can also install insulated windows and an Energy Star-rated toilet to further reduce your carbon footprint — but these are more complex tasks that might require a contractor.

11. Paint the walls

A fresh coat of paint isn’t usually considered a “remodel,” but using the right color may boost your resale value. A warm, neutral color can help the bathroom appear cleaner and brighter. Or, for something different, you can use painted stencils for a flourish along the trim.

12. Improve your shower space

If your shower doesn’t have enough storage for your family’s soaps and shampoos, shower shelves can be a great addition. Corner shelves are popular, or you can install a wire caddy or build a recessed shelf into the wall.

It’s possible to add these features even if your shower is tiled, using water-resistant adhesive or screws and a lightweight material for the shelf.

13. Add window treatments

Installing new blinds can help make the bathroom feel new and even improve energy-efficiency. Closing the blinds to keep heat out in the summer might cut down on cooling costs. And in the cooler months, you can open the blinds to use natural light and keep utility costs down. Curtains also add a pop of color to an otherwise neutral bathroom.

See: 15 Home Improvement Projects to Complete Before You List Your Home

14. Replace your bathroom exhaust fan

Though you may never think about your bathroom’s exhaust fan, it’s an important part of your home’s ventilation system. These remove heat, odors, and moisture from the bathroom — helping to prevent mold and improve your air quality.

Exhaust fans usually last about 10 years. If you’re not sure when it was last replaced, it’s a smart idea to invest in a new one.

15. Add to your cabinet storage

If you’re looking for ways to maximize your storage space, consider adding static or slide-out shelves to your cabinets. You can use baskets to further organize your bathroom necessities and store extras like linens and towels. These shelves come premade at hardware stores, but you might be able to reuse parts from an old dresser or vanity.

When you’re planning out your bathroom update, you may decide to tackle just a few of these projects or put all of them on your to-do list. You’ll need to consider what your bathroom needs, your budget, and how much time you have. The good news is, they’re generally easy to do by yourself or with a partner.

If you’re doing extensive remodeling to your home and need a way to fund all of the projects, you may want to consider a cash-out refinance. With a cash-out refinance, you’ll replace your existing mortgage with a newer, larger mortgage and receive the difference as a lump sum. Credible can help you find a great rate on a cash-out refinance in just a few minutes.

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The post 15 DIY Bathroom Remodeling Projects to Tackle This Winter appeared first on Credible.

Buying land can sometimes be a great investment — for example, you could purchase land to use for building a home or commercial property. There are also several potential ways to pay for it, such as taking out a personal loan, land loan, or construction loan.

If you’re thinking about getting a personal loan to buy land, here’s what you should know:

Personal loans vs. land loans vs. construction loansTaking out a personal loan to buy landPersonal loan eligibility requirementsLand financing alternatives

Personal loans vs. land loans vs. construction loans

There are a few types of loans that can be used to purchase land, including:

Personal loans: Disbursed as a lump sum that can be used how you wishLand loans: Designed for borrowers who want to purchase land but don’t want to build on it immediatelyConstruction loans: Available to potential homeowners who want to purchase land and immediately build a house on it

Here are several important points to consider as you compare your options:

Personal loansLand loansConstruction loansUseAlmost any personal expenses (some lenders might have limitations)For land purchase without immediate construction plansFor land purchase and immediate constructionInterest rate typeFixedFixedVariableInterest ratesFixed rates:
2.49%+
(with Credible partner lenders)Fixed rates: 4% to 5% APRVariable rates: 5% to 10% APRDown paymentNone20% to 50%
(depending on the lender)10% to 20%
(depending on the lender)Repayment terms1 to 7 years
(depending on the lender)2 to 5 years
(depending on loan type)12 to 18 monthsLoan amounts$600 to $100,000
(depending on the lender)Depends on land value, down payment amount, and lender maximumsNo specific maximum

Personal loans

Personal loans are installment loans that can be used to cover almost any personal expense. You can typically borrow $600 to $100,000 or more and have one to seven years to repay a personal loan, depending on the lender.

Keep in mind: Most personal loans are unsecured, which means you don’t have to worry about collateral. However, because these loans are riskier for lenders, you’ll generally need good to excellent credit to qualify.

If you decide to take out a personal loan to buy land, be sure to consider as many lenders as possible to find the right loan for you. Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.

LenderFixed ratesMin. credit scoreMax. loan amounts

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
9.95% – 35.99% APR550$35,000Fixed APR:
9.95% – 35.99% APRVariable APR:
N/AMin. credit score:
550Loan amount:
$2,000 to $35,000**Loan terms (years):
2, 3, 4, 5*Time to fund:
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)Fees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except CO, IA, HI, VT, NV NY, WVCustomer service:
Phone, emailSoft credit check:
YesLoan servicer:
AvantLoan Uses:
Debt consolidation, emergency expense, life event, home improvement, and other purposesMin. Income:
$1,200 monthly

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.79% – 17.99% APR700$50,000Fixed APR:
6.79% – 17.99% APRVariable APR:
N/AMin. credit score:
700Loan amount:
$10,000 to $50,000Loan terms (years):
3 to 6Time to fund:
Next business dayFees:
No prepayment penaltyDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Debt consolidation, home improvement, self-employment, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
4.99% – 35.99% APR600$35,000Fixed APR:
4.99% – 35.99% APRVariable APR:
N/AMin. credit score:
600Loan amount:
$2,000 to $50,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as 1 – 3 business days after successful verificationFees:
Origination feeDiscounts:
NoneEligibility:
Available in all states except DC, IA, VT, and WVCustomer service:
PhoneSoft credit check:
YesLoan servicer:
Best Egg and Blue Ridge BankMin. Income:
NoneLoan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.99% – 24.99% APR660$35,000Fixed APR:
5.99% – 24.99% APRMin. credit score:
660Loan amount:
$2,500 to $35,000Loan terms (years):
3, 4, 5, 6, 7Time to fund:
As soon as the next business day after acceptanceFees:
Late feeDiscounts:
NoneEligibility:
 Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan Uses:
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
7.99% – 29.99% APRNot disclosed by lender$50,000Fixed APR:
7.99% – 29.99% APRMin. credit score:
Does not discloseLoan amount:
$10,000 to $50,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as 2 business daysFees:
Origination feeDiscounts:
NoEligibility:
Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WYCustomer service:
PhoneSoft credit check:
YesMin. Income:
NoneLoan Uses:
Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
7.04% – 35.89% APR600$40,000Fixed APR:
7.04% – 35.89% APRMin. credit score:
600Loan amount:
$1,000 to $40,000Loan terms (years):
3, 5Time to fund:
Usually takes about 2 daysFees:
Origination feeDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
Phone, emailSoft credit check:
YesLoan servicer:
LendingClub BankMin. Income:
NoneLoan Uses:
Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
9.99% – 35.99% APR580$36,500Fixed APR:
9.99% – 35.99% APRMin. credit score:
580Loan amount:
$2,000 to $36,500Loan terms (years):
2, 3, 4Time to fund:
As soon as the next business dayFees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except NV and WVCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
$20,000Loan Uses:
Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
2.49% – 19.99% APR660$100,000Fixed APR:
2.49% – 19.99% APRMin. credit score:
660Loan amount:
$5,000 to $100,000Loan terms (years):
2, 3, 4, 5, 6, 7*Time to fund:
As soon as the same business dayFees:
NoneDiscounts:
AutopayEligibility:
Available in all states except RI and VTCustomer service:
Phone, emailSoft credit check:
NoLoan servicer:
LightStreamMin. Income:
Does not discloseLoan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.99% – 19.99% APR1660
(TransUnion FICO®️ Score 9)$40,000Fixed APR:
6.99% – 19.99% APR1Min. credit score:
660
(TransUnion FICO®️ Score 9)Loan amount:
$3,500 to $40,0002Loan terms (years):
3, 4, 5, 6Time to fund:
Many Marcus customers receive funds in as little as three daysFees:
NoneDiscounts:
AutopayEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan servicer:
Goldman SachsMin. Income:
$30,000Loan Uses:
Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
18.0% – 35.99% APRNone$20,000Fixed APR:
18.0% – 35.99% APRMin. credit score:
NoneLoan amount:
$1,500 to $20,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as the same day, but usually requires a visit to a branch officeFees:
Origination feeDiscounts:
NoneEligibility:
Must have photo I.D. issued by U.S. federal, state or local governmentCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
Does not disclose

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.99% – 17.99% APR660$50,000
(depending on loan term)Fixed APR:
5.99% – 17.99% APRMin. credit score:
660Loan amount:
$600 to $50,000*Loan terms (years):
1, 2, 3, 4, 5Time to fund:
2 to 4 business days after verificationFees:
NoneDiscounts:
NoneEligibility:
Does not discloseCustomer service:
Phone, emailSoft credit check:
NoMin. Income:
Does not discloseLoan Uses:
Debt consolidation, home improvement, transportation, medical, dental, life events

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.95% – 35.99% APR640$40,000Fixed APR:
6.95% – 35.99% APRMin. credit score:
640Loan amount:
$2,000 to $40,000Loan terms (years):
3, 5Time to fund:
As soon as one business dayFees:
Origination feeDiscounts:
NoneEligibility:
Available in all states except IA, ND, WVCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
NoneLoan Uses:
Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
4.74% – 19.28% APR10Does not disclose$100,000Fixed APR:
4.74% – 19.28% APR10Min. credit score:
Does not discloseLoan amount:
$5,000 to $100,000Loan terms (years):
2, 3, 4, 5, 6, 7Time to fund:
3 business daysFees:
NoneDiscounts:
AutopayEligibility:
Available in all states except MSCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Solely for personal, family, or household uses

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
8.93% – 35.93% APR7560$50,000Fixed APR:
8.93% – 35.93% APR7Min. credit score:
560Loan amount:
$1,000 to $50,000Loan terms:
3 to 5 years 8Time to fund:
Within one day, once approved9Loan types:
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchasesFees:
Origination feeDiscounts:
AutopayEligibility:
A U.S. citizen or permanent resident; not available in DC, SC, WVCustomer service:
Phone, emailSoft credit check:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.94% – 35.97% APR560$50,000Fixed APR:
5.94% – 35.97% APRMin. credit score:
560Loan amount:
$1,000 to $50,000*Loan terms (years):
2, 3, 5, 6Time to fund:
Within a day of clearing necessary verificationsFees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except West VirginiaCustomer service:
EmailSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Debt consolidation, credit card refinancing, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
4.37% – 35.99% APR4580$50,000Fixed APR:
4.37% – 35.99% APR4Min. credit score:
580Loan amount:
$1,000 to $50,0005Loan terms (years):
3 to 5 years4Time to fund:
As fast as 1 business day6Fees:
Origination feeDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
$12,000Loan Uses:
Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposesCompare rates from these lenders without affecting your credit score. 100% free!

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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms

Land loans

Land loans are specifically designed for borrowers who are purchasing land but don’t have immediate plans to build on it. There are three main types of land purchases, each of which has its own kind of land loan. These include:

Raw land: This is land that hasn’t been developed and has no connection to the electrical grid, sewers, or roads. This kind of land can be less expensive, but the loans typically require a higher down payment (often 20% or more) and come with higher interest rates. If you’re interested in a raw land loan, be prepared to provide the lender with extensive documentation of your plans to develop the land.Unimproved land: This kind of land is somewhat more developed than raw land and usually has some amenities and connections to utilities. However, it generally won’t have an electric meter, natural gas meter, or phone box. Because unimproved land loans are less risky to the lender than raw land loans, they tend to have lower interest rates. However, you’ll still likely need to come up with a down payment of 20% or more as well as have a detailed plan for development.Improved land: This type of land is already set up with access to utilities, roads, sewers, and other major amenities, which makes it less of a risk to the lender. But keep in mind that this also makes it more expensive than raw or unimproved land. An improved land loan will typically come with a lower interest rate and require less of a down payment than other types of land loans. On the other hand, rates on these loans are much higher than you’d pay on a traditional mortgage.

Land loans typically come with an initial repayment term of two to five years followed by a balloon payment at the end of the term. There are also some lenders that might offer longer terms if you plan to build a home on the land.

Keep in mind: Because land loans are considered riskier than traditional mortgage loans, they can come with more stringent requirements and higher interest rates.

This means you’ll likely need to have excellent credit, a complete plan for the development of the land, and a substantial down payment.

Learn More: How to Get a Personal Loan

Construction loans

A construction loan is used to purchase land, then fund the construction costs of building a new home or structure. The repayment term for a construction loan usually is only as long as the construction itself — usually 12 to 18 months. After the construction is finished, the loan will convert to a traditional 15- or 30-year mortgage.

Keep in mind: Though construction loans are less risky than land loans, they’re still more expensive than traditional mortgage loans. You’ll generally need good to excellent credit, a 20% down payment, and a detailed plan for the construction, including schedule and budget projections.

Also note that construction loans generally have variable rates, which means your rate could fluctuate according to market conditions.

Check Out: Personal Loan Calculator: See Your Payments On a Loan

Taking out a personal loan to buy land

While using a personal loan to buy land could be a good idea in some cases, it isn’t right for everyone. Here are some pros and cons to consider as you weigh your options:

Benefits of using a personal loan for land purchase

Fixed rates: Personal loans have fixed interest rates, which means your payments will stay the same throughout the life of your loan.Might be less expensive: A personal loan could be less expensive compared to a land or construction loan since you don’t have to worry about a down payment. Fewer requirements: Unlike with land and construction loans, you don’t have to provide a detailed land development plan to take out a personal loan.

Disadvantages of personal loans for land purchase

Fewer options for bad credit: You’ll typically need good to excellent credit to get approved for a personal loan — which means it could be hard to qualify if you have poor or fair credit.Smaller loan amounts: You can generally borrow $600 to $100,000 with a personal loan, which might not be enough to cover your expenses.Higher interest rates: Personal loans can come with higher interest rates compared to other funding options, such as traditional mortgages or home equity loans.

Learn More: Best Personal Loan Companies

Personal loan eligibility requirements

While eligibility criteria for personal loans can vary by lender, there are a few common requirements that you’ll likely come across, including:

Good credit: You’ll generally need good to excellent credit to qualify for a personal loan — a good credit score is usually considered to be 700 or higher. There are also several lenders that offer personal loans for bad credit, but these loans tend to come with higher interest rates compared to good credit loans.Verifiable income: Some lenders have a minimum income requirement while others don’t. But in either case, you’ll likely need to provide proof of income so the lender can see that you can afford to repay the loan.Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the amount you owe in monthly debt payments compared to your income. To get a personal loan, your DTI ratio should be no higher than 40% — though some lenders might require lower ratios than this.

Check Out: Personal Loan Requirements

Land financing alternatives

There are also several other potential ways to finance a land purchase. If a personal loan, land loan, or construction loan don’t seem right for you, here are a few alternatives to consider:

Section 523 loans: These U.S. Department of Agriculture (USDA) loans can be applied for by nonprofit organizations to buy housing sites for low- and moderate-income families. Houses on these sites must then be constructed by the Self-Help method — meaning families will help build each other’s homes.Section 524 loans: These USDA loans are similar to Section 523 loans but don’t have any restrictions when it comes to construction method.Home equity loan: If you’re a homeowner, you might be able to tap into your home’s equity with a home equity loan. Like personal loans, home equity loans are paid out as a lump sum that you can use how you wish. They also tend to have lower interest rates than personal loans. However, if you can’t keep up with your payments, you risk losing your home. HELOC: A home equity line of credit (HELOC) could be another way for homeowners to utilize the equity in their homes. Unlike a home equity loan, a HELOC is a type of revolving credit that you can repeatedly draw on and pay off — similar to a credit card. Just remember that because your home secures the loan, you risk losing it if you can’t make your payments.

If you decide to take out a personal loan to buy land, remember to shop around and consider as many lenders as you can to find the right loan for your needs. This is easy with Credible: You can compare your prequalified rates from multiple lenders in two minutes — without affecting your credit.

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The post Can I get a Personal Loan to Buy Land? appeared first on Credible.

While the U.S. Small Business Administration (SBA) offers SBA loans to new and established small business owners, these loans require the borrower to submit a business plan and often take some time to process — which can mean they’re out of reach for entrepreneurs who need quick access to cash for their ventures.

However, you might be able to get the startup funding you need through a personal loan. Although some lenders prohibit their loans from being used for business expenses, there are others that will let you use the funds to buy inventory, pay for marketing, or cover other business-related costs.

Here’s what you need to know about using a personal loan to start a business:

15 personal loans to start a businessWhat is the difference between an SBA loan and a personal loan?Pros of using a personal loan to start a businessCons of using a personal loan to start a businessApplying for a personal loan for a businessChoosing the right lender

15 personal loans to start a business

If you decide to take out a personal loan for your business, it’s important to consider as many lenders as possible. This way, you can find the right loan for your needs.

This is easy with Credible. You can compare your prequalified rates from our partner lenders that offer personal loans for business expenses below in just two minutes.

LenderFixed ratesLoan amountsLoan terms (years)

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
9.95% – 35.99% APR$2,000 to $35,0002, 3, 4, 5*Fixed APR:
9.95% – 35.99% APRVariable APR:
N/AMin. credit score:
550Loan amount:
$2,000 to $35,000**Loan terms (years):
2, 3, 4, 5*Time to fund:
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)Fees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except CO, IA, HI, VT, NV NY, WVCustomer service:
Phone, emailSoft credit check:
YesLoan servicer:
AvantLoan Uses:
Debt consolidation, emergency expense, life event, home improvement, and other purposesMin. Income:
$1,200 monthly

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.79% – 17.99% APR$10,000 to $50,0003, 4, 5, 6Fixed APR:
6.79% – 17.99% APRVariable APR:
N/AMin. credit score:
700Loan amount:
$10,000 to $50,000Loan terms (years):
3 to 6Time to fund:
Next business dayFees:
No prepayment penaltyDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Debt consolidation, home improvement, self-employment, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
4.99% – 35.99% APR$5,000 to $35,0002, 3, 4, 5Fixed APR:
4.99% – 35.99% APRVariable APR:
N/AMin. credit score:
600Loan amount:
$2,000 to $50,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as 1 – 3 business days after successful verificationFees:
Origination feeDiscounts:
NoneEligibility:
Available in all states except DC, IA, VT, and WVCustomer service:
PhoneSoft credit check:
YesLoan servicer:
Best Egg and Blue Ridge BankMin. Income:
NoneLoan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.99% – 24.99% APR$2,500 to $35,0003, 4, 5, 6, 7Fixed APR:
5.99% – 24.99% APRMin. credit score:
660Loan amount:
$2,500 to $35,000Loan terms (years):
3, 4, 5, 6, 7Time to fund:
As soon as the next business day after acceptanceFees:
Late feeDiscounts:
NoneEligibility:
 Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan Uses:
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
7.99% – 29.99% APR$10,000 to $50,0002, 3, 4, 5Fixed APR:
7.99% – 29.99% APRMin. credit score:
Does not discloseLoan amount:
$10,000 to $50,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as 2 business daysFees:
Origination feeDiscounts:
NoEligibility:
Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WYCustomer service:
PhoneSoft credit check:
YesMin. Income:
NoneLoan Uses:
Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
7.04% – 35.89% APR$1,000 to $40,0003, 5Fixed APR:
7.04% – 35.89% APRMin. credit score:
600Loan amount:
$1,000 to $40,000Loan terms (years):
3, 5Time to fund:
Usually takes about 2 daysFees:
Origination feeDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
Phone, emailSoft credit check:
YesLoan servicer:
LendingClub BankMin. Income:
NoneLoan Uses:
Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
9.99% – 35.99% APR$2,000 to $36,5002, 3, 4Fixed APR:
9.99% – 35.99% APRMin. credit score:
580Loan amount:
$2,000 to $36,500Loan terms (years):
2, 3, 4Time to fund:
As soon as the next business dayFees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except NV and WVCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
$20,000Loan Uses:
Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
2.49% – 19.99% APR$5,000 to $100,0002, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)Fixed APR:
2.49% – 19.99% APRMin. credit score:
660Loan amount:
$5,000 to $100,000Loan terms (years):
2, 3, 4, 5, 6, 7*Time to fund:
As soon as the same business dayFees:
NoneDiscounts:
AutopayEligibility:
Available in all states except RI and VTCustomer service:
Phone, emailSoft credit check:
NoLoan servicer:
LightStreamMin. Income:
Does not discloseLoan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.99% – 19.99% APR1$3,500 to $40,00023, 4, 5, 6, 7Fixed APR:
6.99% – 19.99% APR1Min. credit score:
660
(TransUnion FICO®️ Score 9)Loan amount:
$3,500 to $40,0002Loan terms (years):
3, 4, 5, 6Time to fund:
Many Marcus customers receive funds in as little as three daysFees:
NoneDiscounts:
AutopayEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan servicer:
Goldman SachsMin. Income:
$30,000Loan Uses:
Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
18.0% – 35.99% APR$1,500 to $20,0002, 3, 4, 5Fixed APR:
18.0% – 35.99% APRMin. credit score:
NoneLoan amount:
$1,500 to $20,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as the same day, but usually requires a visit to a branch officeFees:
Origination feeDiscounts:
NoneEligibility:
Must have photo I.D. issued by U.S. federal, state or local governmentCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
Does not disclose

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.99% – 17.99% APR$600 to $50,000
(depending on loan term)1, 2, 3, 4, 5Fixed APR:
5.99% – 17.99% APRMin. credit score:
660Loan amount:
$600 to $50,000*Loan terms (years):
1, 2, 3, 4, 5Time to fund:
2 to 4 business days after verificationFees:
NoneDiscounts:
NoneEligibility:
Does not discloseCustomer service:
Phone, emailSoft credit check:
NoMin. Income:
Does not discloseLoan Uses:
Debt consolidation, home improvement, transportation, medical, dental, life events

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.95% – 35.99% APR$2,000 to $40,0003, 5Fixed APR:
6.95% – 35.99% APRMin. credit score:
640Loan amount:
$2,000 to $40,000Loan terms (years):
3, 5Time to fund:
As soon as one business dayFees:
Origination feeDiscounts:
NoneEligibility:
Available in all states except IA, ND, WVCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
NoneLoan Uses:
Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
8.93% – 35.93% APR7$1,000 to $50,0003 to 5 years 8Fixed APR:
8.93% – 35.93% APR7Min. credit score:
560Loan amount:
$1,000 to $50,000Loan terms:
3 to 5 years 8Time to fund:
Within one day, once approved9Loan types:
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchasesFees:
Origination feeDiscounts:
AutopayEligibility:
A U.S. citizen or permanent resident; not available in DC, SC, WVCustomer service:
Phone, emailSoft credit check:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.94% – 35.97% APR$1,000 to $50,0002, 3, 5, 6Fixed APR:
5.94% – 35.97% APRMin. credit score:
560Loan amount:
$1,000 to $50,000*Loan terms (years):
2, 3, 5, 6Time to fund:
Within a day of clearing necessary verificationsFees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except West VirginiaCustomer service:
EmailSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Debt consolidation, credit card refinancing, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
4.37% – 35.99% APR4$1,000 to $50,00053 to 5 years4Fixed APR:
4.37% – 35.99% APR4Min. credit score:
580Loan amount:
$1,000 to $50,0005Loan terms (years):
3 to 5 years4Time to fund:
As fast as 1 business day6Fees:
Origination feeDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
$12,000Loan Uses:
Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposesCompare rates from these lenders without affecting your credit score. 100% free!

Compare Now

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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms

What is the difference between an SBA loan and a personal loan?

Personal loans are offered by private lenders — such as online lenders as well as traditional banks and credit unions — and can be used for almost any personal expense, such as covering business costs. With a personal loan, you can typically borrow $600 up to $100,000 or more with repayment terms from one to seven years, depending on the lender.

SBA loans, on the other hand, are partially guaranteed by the Small Business Administration. With these types of loans, the SBA guarantees lenders that it will pay up to 85% of the loan if the borrower defaults. These loans range from $25,000 up to $5 million with repayment terms from five to 25 years (depending on how you use the loan).

If you’re considering an SBA loan vs. a personal loan, here are some important points to keep in mind:

SBA loanPersonal loanFixed rates5% to 8% + prime
(depending on loan amount)
2.49%+
(with Credible partner lenders)
Variable rates2.25% to 4.35% + base rate
(depending on loan amount and term)N/ALoan amount$25,000 to $5 million$600 to $100,000
(depending on the lender)Repayment terms5 to 25 years
(depending on how loan is used)Typically 1 to 7 years
(depending on the lender)RequirementsYour business must: Operate for profitBe engaged in or propose to do business in the U.S. or its territoriesHave reasonable amount of owner equity to invest
(usually $1 for every $3 borrowed)Use alternative funding sources (including personal assets) firstCan vary by lender but typically must have:Good creditVerifiable incomeLow debt-to-income ratioCredit eligibilityPersonal and company credit must show positive payment historiesGenerally have good to excellent creditTime to fund5 to 10 business days for standard loans36 hours for express loansUsually about 1 week
(depending on the lender)

SBA loan requirements

SBA loans also have additional requirements compared to personal loans. To be eligible, your business must:

Operate for profitBe engaged in or propose to do business in the U.S. or its territoriesHave a reasonable amount of owner equity to invest (generally, $1 of your own money to invest for each $3 borrowed)Use alternative financial resources (including personal assets) before seeking financial assistance

These requirements can make it harder to qualify for an SBA loan as a new business owner compared to getting a personal loan — especially since you’ll also need to provide a full business plan to the lender.

Also keep in mind that both your personal and business credit history will be considered for an SBA loan. However, you’ll also have the opportunity to explain any extenuating circumstances that might have affected your credit history to the lender.

Can I get an SBA loan with bad credit?

Possibly. The Small Business Administration doesn’t have a minimum required credit score for its loans. Instead, it’s up to the lenders that offer these loans to determine who to approve. In general, the credit reports for both you and your company should illustrate positive payment histories and demonstrate your ability to manage your obligations.

However, you might still be able to get an SBA loan with bad credit — for example, if you’ve been in business for several years or if there are extenuating circumstances that led to your poor credit score. In these cases, it could still be worth it to apply for an SBA loan even if you have less-than-stellar credit.

Learn More: How to Get a Personal Loan

Can I get a personal loan with bad credit?

You’ll typically need good to excellent credit to qualify for a personal loan — a good credit score is usually considered to be 700 or higher. There are also several lenders that offer personal loans for bad credit, but these loans tend to come with higher interest rates compared to good credit loans.

If you have bad credit and are struggling to get approved for a personal loan, here are a few options to consider:

Apply with a cosigner. Having a creditworthy cosigner can increase your approval chances and might also get you a better interest rate than you’d get on your own. Just remember that because your cosigner shares responsibility for the loan, they’ll be on the hook if you don’t make your payments.Take out a secured loan. While most personal loans are unsecured, there are also some lenders that provide secured personal loans that require collateral. Because these loans are less risky for the lender, it could be easier to qualify for one even if you have poor credit. However, keep in mind that if you can’t make your payments, you risk losing your collateral.Improve your credit. If you can wait to take out a loan, it could be worth spending some time building your credit so you’ll have an easier time qualifying in the future. There are several potential ways to do this, such as making on-time payments on all of your bills or paying down credit card balances.

Check Out: Personal Loans to Consider When You’re Self-Employed

Pros of using a personal loan to start a business

Taking out a personal loan to start a business can be a good choice in some cases, but it isn’t right for everyone. If you’re considering a personal loan, here are a few potential benefits to keep in mind:

Lower rates: Personal loan interest rates tend to be lower than rates on credit cards.Might be easier to qualify for: Unlike with SBA loans, you don’t have to worry about providing a full business plan or having owner equity to be eligible for a personal loan. Fast funding: You can usually expect to get your funds within one week — though some lenders will fund loans as soon as the same or next business day after approval.

Cons of using a personal loan to start a business

Fewer options for bad credit: You’ll generally need good to excellent credit to qualify for a personal loan — which means you could have a hard time getting approved if you have poor or fair credit.Smaller loan amounts: Personal loans typically range from $600 to $100,000 — less than the $25,000 to $5 million you could get with an SBA loan. Shorter repayment terms: You’ll generally have one to seven years to repay a personal loan, depending on the lender. SBA loans, on the other, provide terms of 10 to 25 years, depending on how you use the loan. Personal loan prosPersonal loan consLower rates than credit cardsCould be easier to qualify for than an SBA loanFast fundingFewer options for bad creditSmaller loan amountsShorter repayment terms

If you decide to take out a personal loan for your business, be sure to consider your overall loan cost. This way, you can be prepared for any added expenses.

You can estimate how much you’ll pay for a loan using our personal loan calculator below.

Enter your loan information to calculate how much you could pay

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pplying for a personal loan for a business

If you’re ready to apply for a personal loan for your business funding needs, follow these four steps:

Compare lenders. Be sure to shop around and compare as many personal loan lenders as possible to find the right loan for your situation. Consider not only interest rates but also repayment terms, any fees charged by the lender, and whether the lender allows its loans to be used for business purposes. Pick a loan option. After comparing lenders, choose the loan option that best suits your needs.Complete the application. Once you’ve picked a loan option, you’ll need to fill out a full application and submit any required documentation, such as pay stubs or tax returns.Get your funds. If you’re approved, the lender will require you to sign for the loan so the funds can be disbursed to you. The time to fund for a personal loan is usually about one week — though with some lenders, you could get your money as soon as the same or next business day after approval.

Learn More: Where to Get a Personal Loan

Choosing the right lender

As you weigh your options, it’s critical to take the time to compare as many lenders as you can so you can find the best loan for your business needs. Here are several important points to consider as you do your research:

Loan uses: While the majority of lenders allow personal loans to be used for almost any personal expense, some limit the uses of their loans — and others specifically prohibit using their loans for business purposes.Interest rates: Your interest rate is one of the biggest factors that will determine how much you end up paying for your loan over time. Your credit score and the repayment term you choose will also impact the rates you qualify for.Repayment terms: You’ll generally have one to seven years to repay a personal loan, depending on the lender. While picking a longer term could reduce your monthly payments, it’s usually best to choose the shortest term you can afford to keep your interest costs low. Many lenders also provide lower rates to borrowers who opt for shorter terms.Loan amounts: Personal loans typically range from $600 to $100,000 or more, depending on the lender. You’ll need to think about exactly how much you’ll need for your business and which lenders provide large enough loans.Credit requirements: Most lenders require borrowers to have good to excellent credit to qualify for a personal loan. While some lenders provide bad credit loans, remember that these loans usually have higher interest rates in comparison. If you have bad credit, you might want to consider applying with a cosigner — not all lenders allow cosigners on personal loans, but some do.

If you’re ready to compare your loan options, Credible can help: You can see your prequalified rates from multiple lenders in two minutes — without affecting your credit.

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The post Should I Take Out a Personal Loan to Start a Business? appeared first on Credible.

Dealing with a large amount of debt can be overwhelming, especially if you have several monthly payments to keep track of. But if you have debt to manage, you’re not alone — as of 2021, U.S. adults carry an average of $25,112 in non-mortgage debt, according to Experian.

The good news is that there are a few strategies that could help you pay off your debt more easily. One option to consider is consolidating your debt, which will leave you with a single loan and more manageable payment.

If you’re wondering how debt consolidation works, here’s what you should know:

How does debt consolidation work?How to qualify for a debt consolidation loanCommon ways to consolidate debtHow debt consolidation affects credit scoresWhen debt consolidation makes senseWhen debt consolidation doesn’t make sense

How does debt consolidation work?

Debt consolidation is the process of taking out a personal loan to pay off your old debts, leaving you with just one loan and payment to keep track of. Depending on your credit, you might get a lower interest rate on this new loan than what you’re currently paying — which could save you money on interest and even potentially help you pay off your debt faster.

Or you could opt to extend your repayment term to reduce your payments and lessen the strain on your budget — though keep in mind that this also means you’ll pay more in interest over time.

How to qualify for a debt consolidation loan

While eligibility criteria for a debt consolidation loan can vary by lender, there are a few common requirements you’ll likely come across, including:

Good credit: You’ll typically need good to excellent credit to qualify for a personal loan for debt consolidation — a good credit score is usually considered to be 700 or higher. There are also several lenders that offer debt consolidation loans for bad credit, but these loans tend to come with higher interest rates compared to good credit loans.Verifiable income: Some lenders have a minimum income requirement while others don’t — but in either case, you’ll likely need to show proof of income.Low debt-to-income ratio: Your debt-to-income (DTI) ratio is the amount you owe in monthly debt payments compared to your income. You’ll generally need a DTI ratio no higher than 40% to get approved for a personal loan — though some lenders might require lower ratios than this.Tip: If you’re struggling to get approved for a personal loan, consider applying with a creditworthy cosigner to improve your chances. Not all lenders allow cosigners on personal loans, but some do.

Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.

If you decide to take out a personal loan to consolidate debt, be sure to shop around and compare as many lenders as possible. This way, you can find the right loan for your needs.

Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.

LenderFixed ratesLoan amountsMin. credit scoreLoan terms (years)Cosigners allowed?

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
9.95% – 35.99% APR$2,000 to $35,0005502, 3, 4, 5*NoFixed APR:
9.95% – 35.99% APRVariable APR:
N/AMin. credit score:
550Loan amount:
$2,000 to $35,000**Loan terms (years):
2, 3, 4, 5*Time to fund:
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)Fees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except CO, IA, HI, VT, NV NY, WVCustomer service:
Phone, emailSoft credit check:
YesLoan servicer:
AvantLoan Uses:
Debt consolidation, emergency expense, life event, home improvement, and other purposesMin. Income:
$1,200 monthly

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.79% – 17.99% APR$10,000 to $50,0007003, 4, 5, 6NoFixed APR:
6.79% – 17.99% APRVariable APR:
N/AMin. credit score:
700Loan amount:
$10,000 to $50,000Loan terms (years):
3 to 6Time to fund:
Next business dayFees:
No prepayment penaltyDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Debt consolidation, home improvement, self-employment, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
4.99% – 35.99% APR$5,000 to $35,0006003, 5NoFixed APR:
4.99% – 35.99% APRVariable APR:
N/AMin. credit score:
600Loan amount:
$2,000 to $50,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as 1 – 3 business days after successful verificationFees:
Origination feeDiscounts:
NoneEligibility:
Available in all states except DC, IA, VT, and WVCustomer service:
PhoneSoft credit check:
YesLoan servicer:
Best Egg and Blue Ridge BankMin. Income:
NoneLoan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.99% – 24.99% APR$2,500 to $35,0006603, 4, 5, 6, 7NoFixed APR:
5.99% – 24.99% APRMin. credit score:
660Loan amount:
$2,500 to $35,000Loan terms (years):
3, 4, 5, 6, 7Time to fund:
As soon as the next business day after acceptanceFees:
Late feeDiscounts:
NoneEligibility:
 Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan Uses:
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
7.99% – 29.99% APR$10,000 to $50,000Not disclosed by lender2, 3, 4, 5YesFixed APR:
7.99% – 29.99% APRMin. credit score:
Does not discloseLoan amount:
$10,000 to $50,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as 2 business daysFees:
Origination feeDiscounts:
NoEligibility:
Available in all states except CO, CT, HI, KS, NH, NY, ND, OR, VT, WV, WI, and WYCustomer service:
PhoneSoft credit check:
YesMin. Income:
NoneLoan Uses:
Debt consolidation, home improvement, wedding, travel, medical expenses, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
7.04% – 35.89% APR$1,000 to $40,0006003, 5YesFixed APR:
7.04% – 35.89% APRMin. credit score:
600Loan amount:
$1,000 to $40,000Loan terms (years):
3, 5Time to fund:
Usually takes about 2 daysFees:
Origination feeDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
Phone, emailSoft credit check:
YesLoan servicer:
LendingClub BankMin. Income:
NoneLoan Uses:
Debt consolidation, paying off credit cards, home improvement, pool loans, vacations, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
9.99% – 35.99% APR$2,000 to $36,5005802, 3, 4NoFixed APR:
9.99% – 35.99% APRMin. credit score:
580Loan amount:
$2,000 to $36,500Loan terms (years):
2, 3, 4Time to fund:
As soon as the next business dayFees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except NV and WVCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
$20,000Loan Uses:
Home improvement, consolidate debt, credit card refinancing, relocate, make a large purchase, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
2.49% – 19.99% APR$5,000 to $100,0006602, 3, 4, 5, 6, 7
(up to 12 years for home improvement loans)YesFixed APR:
2.49% – 19.99% APRMin. credit score:
660Loan amount:
$5,000 to $100,000Loan terms (years):
2, 3, 4, 5, 6, 7*Time to fund:
As soon as the same business dayFees:
NoneDiscounts:
AutopayEligibility:
Available in all states except RI and VTCustomer service:
Phone, emailSoft credit check:
NoLoan servicer:
LightStreamMin. Income:
Does not discloseLoan Uses:
Credit card refinancing, debt consolidation, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.99% – 19.99% APR1$3,500 to $40,0002660
(TransUnion FICO®️ Score 9)3, 4, 5, 6, 7NoFixed APR:
6.99% – 19.99% APR1Min. credit score:
660
(TransUnion FICO®️ Score 9)Loan amount:
$3,500 to $40,0002Loan terms (years):
3, 4, 5, 6Time to fund:
Many Marcus customers receive funds in as little as three daysFees:
NoneDiscounts:
AutopayEligibility:
Available in all 50 statesCustomer service:
PhoneSoft credit check:
YesLoan servicer:
Goldman SachsMin. Income:
$30,000Loan Uses:
Credit card refinancing, debt consolidation, home improvement, major purchase, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
18.0% – 35.99% APR$1,500 to $20,000None2, 3, 4, 5YesFixed APR:
18.0% – 35.99% APRMin. credit score:
NoneLoan amount:
$1,500 to $20,000Loan terms (years):
2, 3, 4, 5Time to fund:
As soon as the same day, but usually requires a visit to a branch officeFees:
Origination feeDiscounts:
NoneEligibility:
Must have photo I.D. issued by U.S. federal, state or local governmentCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
Does not disclose

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.99% – 17.99% APR$600 to $50,000
(depending on loan term)6601, 2, 3, 4, 5NoFixed APR:
5.99% – 17.99% APRMin. credit score:
660Loan amount:
$600 to $50,000*Loan terms (years):
1, 2, 3, 4, 5Time to fund:
2 to 4 business days after verificationFees:
NoneDiscounts:
NoneEligibility:
Does not discloseCustomer service:
Phone, emailSoft credit check:
NoMin. Income:
Does not discloseLoan Uses:
Debt consolidation, home improvement, transportation, medical, dental, life events

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
6.95% – 35.99% APR$2,000 to $40,0006403, 5NoFixed APR:
6.95% – 35.99% APRMin. credit score:
640Loan amount:
$2,000 to $40,000Loan terms (years):
3, 5Time to fund:
As soon as one business dayFees:
Origination feeDiscounts:
NoneEligibility:
Available in all states except IA, ND, WVCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
NoneLoan Uses:
Debt consolidation, home improvement, vehicles, small business, new baby expenses, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
4.74% – 19.28% APR10$5,000 to $100,000Does not disclose2, 3, 4, 5, 6, 7YesFixed APR:
4.74% – 19.28% APR10Min. credit score:
Does not discloseLoan amount:
$5,000 to $100,000Loan terms (years):
2, 3, 4, 5, 6, 7Time to fund:
3 business daysFees:
NoneDiscounts:
AutopayEligibility:
Available in all states except MSCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Solely for personal, family, or household uses

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
8.93% – 35.93% APR7$1,000 to $50,0005603 to 5 years 8NoFixed APR:
8.93% – 35.93% APR7Min. credit score:
560Loan amount:
$1,000 to $50,000Loan terms:
3 to 5 years 8Time to fund:
Within one day, once approved9Loan types:
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchasesFees:
Origination feeDiscounts:
AutopayEligibility:
A U.S. citizen or permanent resident; not available in DC, SC, WVCustomer service:
Phone, emailSoft credit check:
Yes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
5.94% – 35.97% APR$1,000 to $50,0005602, 3, 5, 6NoFixed APR:
5.94% – 35.97% APRMin. credit score:
560Loan amount:
$1,000 to $50,000*Loan terms (years):
2, 3, 5, 6Time to fund:
Within a day of clearing necessary verificationsFees:
Origination feeDiscounts:
AutopayEligibility:
Available in all states except West VirginiaCustomer service:
EmailSoft credit check:
YesMin. Income:
Does not discloseLoan Uses:
Debt consolidation, credit card refinancing, home improvement, and other purposes

Credible Rating>


Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.

View details>
4.37% – 35.99% APR4$1,000 to $50,00055803 to 5 years4NoFixed APR:
4.37% – 35.99% APR4Min. credit score:
580Loan amount:
$1,000 to $50,0005Loan terms (years):
3 to 5 years4Time to fund:
As fast as 1 business day6Fees:
Origination feeDiscounts:
NoneEligibility:
Available in all 50 statesCustomer service:
Phone, emailSoft credit check:
YesMin. Income:
$12,000Loan Uses:
Payoff credit cards, consolidate debt, take a course or bootcamp, relocate, make a large purchase, and other purposesCompare rates from these lenders without affecting your credit score. 100% free!

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All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms

Common ways to consolidate debt

There are several kinds of loans that can be used to consolidate debt. Keep in mind that the right choice for you will depend on your unique situation as well as your financial goals.

Personal loan

A personal loan is a type of installment loan that’s taken out as a lump sum and paid back in equal installments over time. With a personal loan, you can typically borrow anywhere from $600 to $100,000 with repayment terms from one to seven years, depending on the lender.

Pros

Fixed payments: Personal loans typically come with fixed interest rates, which means your payments will stay the same throughout the life of your loan.Could lower your interest rate: Depending on your credit, you might qualify for a lower interest rate on a personal loan than what you’re currently paying. Personal loans also tend to have lower interest rates compared to other options like credit cards.Might reduce your payments: If you opt to extend your repayment term, you could get a lower, more affordable monthly payment. Just remember that choosing a longer term means you’ll pay more in interest over time, though.

Cons

Fewer options for bad credit: You’ll generally need good to excellent credit to qualify for a personal loan. This means you could have a hard time getting approved if you have poor or fair credit.Might come with fees: Some personal loan lenders charge fees, such as origination fees or late fees. These can increase your overall loan cost. Keep in mind that if you take out a loan with one of Credible’s partner lenders, you won’t have to worry about prepayment penalties.No rewards or perks: Unlike options like credit cards, personal loans don’t provide any rewards or perks.

Learn More: Debt Consolidation vs. Personal Loan: What Is the Difference?

Balance transfer card

Another option for consolidating debt is with a balance transfer card. This is a type of credit card that you use to transfer your balance from one card to another.

Keep in mind that how much you’ll actually be able to consolidate with a balance transfer card will depend on your card issuer and the limit you’re given.

Pros

0% APR: Some balance transfer cards come with a 0% APR introductory period, which means you could avoid paying interest if you repay your balance before this period ends. However, if you can’t pay off the card in time you could get stuck with some hefty interest charges. Might come with rewards or perks: Depending on the card you choose, you might have access to rewards or perks, such as cash back or travel points.Can help you establish credit: By consistently making on-time payments on your card, you could see an improvement in your credit over time.

Cons

Fees: You’ll usually have to pay a balance transfer fee, which is typically 3% to 5% of the amount you want to transfer.Higher interest rates: Following a 0% APR period, the rates on balance transfer cards can be higher compared to other options like personal loans.Could lead to more debt: While a balance transfer card can be used for debt consolidation, it’s still another credit card. For some people, it could be tempting to use your new card to rack up more debt.

Check Out: Credit Card Consolidation Loans

401(k) loan

If you have money stashed away in a 401(k), you could consider borrowing from it to consolidate your debt. With a 401(k) loan, you can generally borrow up to 50% of your vested account balance or $50,000, whichever is less.

As long as you pay this money back according to the loan terms, you can avoid having the 10% penalty that typically comes with early retirement account withdrawals. You’ll typically have up to five years to repay a 401(k) loan.

Pros

No credit check: Unlike most other loans, 401(k) loans don’t require a credit check.Doesn’t affect your credit: A 401(k) loan won’t be reported to the credit bureaus, which means it won’t impact your credit score.Lower interest rates: Depending on your credit, the interest rate on a 401(k) loan could be lower than what you’d get on a personal loan. Additionally, the interest you pay will be added to your 401(k) — meaning you could end up with a higher retirement savings balance than what you started with.

Cons

Loss of investment gains: By taking money out of your 401(k) account, you’ll be missing out on the overall investment gains you would have had. Also keep in mind that because interest rates on 401(k) accounts tend to be low, you might not pay enough back in interest to make up for the lost gains.Limited loan amounts: You can only borrow up to 50% of your vested balance or $50,000, whichever is less. If you have a large amount of debt to consolidate, this might not be enough.Employment requirements: You must remain employed with the employer that sponsors your 401(k) until your loan is paid back — meaning you could end up stuck in your job. And if you’re laid off before repaying the loan, you’ll have to pay the entire loan back the following year or end up facing taxes and penalties.

Learn More: Debt Consolidation vs. Bankruptcy: How to Choose

lternative option: Debt management plan

Unlike other options, participating in a debt management plan doesn’t pay off your debts with a new loan. Instead, you’ll work with a nonprofit debt counseling agency — such as the National Foundation for Credit Counseling — to set up a payment plan with your creditors.

Once this plan is in place, you’ll make monthly payments to the agency, which will send the funds directly to your creditors. This will continue until your debts are paid off — typically within five years or less.

Pros

Waived finance charges or fees: Some creditors might be willing to waive finance charges or fees as well as potentially lower your monthly payments if you sign up for a debt management plan. Could help your credit: If you make all of your payments on time and successfully pay off your debts, you could see an improvement in your credit. Less contact with creditors: Your credit counselor will negotiate with your creditors on your behalf. Additionally, if any of your accounts have been sent to collections, signing up for a debt management plan should get the collection agencies to stop calling — however, this could take up to several months while the paperwork is processed.

Cons

Could come with fees: Depending on the agency you work with, you might have to pay fees for a debt management plan. These typically include an initial setup fee as well as monthly fees. Might not include all of your debts: Some loans generally aren’t eligible for debt management plans, such as secured debts and certain unsecured debts like student loans.Loss of credit cards: You’ll typically have to close any credit cards included in a debt management plan, meaning you’ll have less access to credit.

How debt consolidation affects credit scores

If you apply for a new loan to consolidate your debt, the lender will perform a credit check to determine your creditworthiness. This could cause a slight drop in your credit score — though this is usually only temporary and your score will likely bounce back within a few months.

Additionally, debt consolidation could actually end up helping your credit. For example, if you make on-time payments on your new loan, you see an improvement in your credit score over time. Ultimately, the positive effects of a debt consolidation loan on your credit could far outweigh any initially negative impact.

Check Out: How Debt Consolidation Loans Can Help Your Credit Score

When debt consolidation makes sense

While consolidating your debt might be a good idea in some cases, it isn’t the right move for everyone. Here are a few instances where taking out a debt consolidation loan could make sense:

You want to reduce the number of monthly payments you have

Managing multiple payments with their own due dates can be difficult. By consolidating your debt, you’ll have just one monthly payment to worry about.

You have a decent credit score that might qualify for a low interest rate

If you have good to excellent credit, you might qualify for a lower interest rate than what you’re currently paying. This could save you money on interest as well as potentially help you pay off your debt faster.

You’re focused on controlling your spending

It can be easy to get in the habit of swiping your credit cards without thinking while continuing to make only the minimum required payments.

If you want to take control of your debt, a debt consolidation loan could help — but you’ll also need to build and commit to better spending habits so you won’t end up in the same situation again.

When debt consolidation doesn’t make sense

And here are some scenarios where debt consolidation might not be the best idea:

You have a small amount of debt that can be repaid quickly

If you can quickly pay off your debts, going through the trouble of consolidating them likely won’t be worth it, especially if it comes with fees. Instead, it’s probably a better idea to simply focus on repaying your debt as soon as you can.

Your credit score may prevent you from qualifying for a lower interest rate

You’ll generally need good to excellent credit not only to be eligible for a debt consolidation loan but also to qualify for a favorable interest rate. If you have poor or fair credit, you might have a hard time securing a decent rate — or even getting approved for a loan at all.

You’re not ready to change your spending habits

For debt consolidation to be worthwhile, you have to avoid racking up more debt. If you’re unable to give up your old spending habits, then it’s probably better to wait on consolidation.

If you decide to take out a personal loan to consolidate debt, remember to consider as many lenders as you can to find the right loan for you. This is easy with Credible: You can compare your prequalified rates from multiple lenders in two minutes — without affecting your credit.

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Using a home equity loan to pay off credit card debt can be a smart move, but it’s not without risk. Since credit card debt usually has a much higher interest rate than mortgage debt, you could save money and get out of debt faster with this strategy.

The big risk is that if you can’t repay the home equity loan, you could lose your home. Not repaying your credit card debt can also have serious consequences, but you’re less likely to lose your home.

Here’s what you need to know about paying off your credit card debt with a home equity loan:

How to use a home equity loan to pay off credit card debtHome equity loan limitsBenefits of using a home equity loan to pay off credit card debtDrawbacks to using a home equity loan to pay off credit card debtHow to pay off credit card debt without a home equity loan>How to pay off credit card debt without a loanIs a home equity loan to pay off credit cards right for you?

How to use a home equity loan to pay off credit card debt

To pay off credit card debt with a home equity loan, you’ll first need to qualify for a home equity loan. Home equity is the part of your home’s value that you don’t owe to the bank. For example, if your home is worth $350,000 and you owe $250,000 on your first mortgage, your equity is $100,000, or about 28.5%.

A home equity loan, also called a second mortgage, will let you access a portion of that $100,000 as a lump sum. You can use the money however you want and take up to 30 years to repay it.

The long repayment period and fixed, lower interest rate can immediately reduce your financial stress. And if you avoid taking on new credit card debt, your home equity loan can help you make steady progress toward getting out of debt for good.

Home equity loan limits

On average, the most you can usually borrow between your first and second mortgages is 80% of your home’s value. This percentage is called your combined loan to value ratio, or CLTV.

Some lenders have stricter loan requirements and limit borrowing to 70% of your CLTV, while others have looser requirements and may let you borrow up to 90%. Your financial profile will also affect how much you can borrow.

Here’s how to calculate your home equity:

Home value － Mortgage principal balance = Home equity

So, let’s assume again that your home value is $350,000, your mortgage principal balance is $250,000, and your home equity is $100,000. With a $250,000 mortgage balance, you’re already borrowing against 71.5% of your home’s value. The strictest lenders that limit CLTV to 70% wouldn’t approve your home equity loan application.

Others might let you take out a home equity loan (or a home equity line of credit) for anywhere from $30,000 (80% CLTV) to $65,000 (90% CLTV).

Tip: Lenders want you to keep some equity because when your own money is at stake, you’ll do more to avoid foreclosure. It assures them that you’re committed to keeping your home and they won’t lose money on your loan.

Along with having enough equity, you’ll also need to meet these qualifications:

A credit score of at least 620Verifiable incomeA debt-to-income ratio of 43% or less

Benefits of using a home equity loan to pay off credit card debt

Using a home equity loan to pay off credit card debt can have several benefits:

They offer lower interest rates than credit cards. The typical credit card interest rate for someone carrying a balance is approximately 17%, according to the Federal Reserve. But home equity loan interest rates can run as low as 3% for highly qualified borrowers.They have a long repayment period. A home equity loan’s term can be as long as 30 years.You’ll enjoy lower monthly payments. A lower interest rate plus more time to repay your loan can improve your cash flow.You can borrow more money. Depending on how much home equity you have, you may be able to borrow more with a home equity loan than with other options, like a personal loan.They have fixed rates. The unpredictability of a variable APR on a credit card can make it harder to pay off debt. A home equity loan will lock in your interest rate for the entire repayment period.

You can also pay off other debts with a home equity loan.

Drawbacks to using a home equity loan to pay off credit card debt

Using a home equity loan to pay off credit card debt can also have drawbacks:

It won’t save you from bad habits. If you haven’t learned new money management skills to replace the habits that got you into debt, using a home equity loan to pay it off will only be a temporary fix. (Of course, bad habits aren’t the only reason people get into credit card debt: illness, unemployment, and emergencies can also be the cause.)Your home will serve as collateral. A home equity loan is secured by your house, so if you default on the loan, there’s a chance it can be foreclosed on. Credit cards don’t have collateral. That said, if you default on your credit card bills, a debt collector could obtain a judgment against you and force the sale of your home, depending on your state’s laws and how much equity you have.It might be harder to sell. The more you owe on your home, the greater your risk of owing more than your home is worth if the market declines. This situation is called being underwater. If you’re underwater and want to sell your home, you’ll have to tap into your savings to pay off your mortgage.You might pay more interest in the long run. Despite getting a substantially lower interest rate on a home equity loan, if you take a lot longer to pay it off than you would have taken to pay off your credit card, you might not achieve the savings you expected.You might pay closing costs. Any closing costs you have to pay will reduce your savings from refinancing your credit card debt. Some lenders don’t charge closing costs on home equity loans, but they might bundle these costs into a higher interest rate.

Learn More: Refinancing a Home Equity Loan: What You Need to Know

How to pay off credit card debt without a home equity loan

Before you take out a home equity loan to pay off your credit card debt, research these alternatives so you can choose the best option for your situation:

Personal loan: A personal loan allows you to borrow money based on your income and credit score. A personal loan is usually unsecured debt, which doesn’t directly put your assets at risk.Debt consolidation loan: A debt consolidation loan is just a personal loan that’s marketed as a way to pay off multiple debts.Balance transfer credit card: Many credit cards offer a low introductory interest rate on balance transfers. If you have excellent credit, the rate can be as low as 0%. However, you’ll also pay a balance transfer fee of the amount transferred, usually 3%. If you miss any payments or don’t pay off your balance before the introductory rate expires, this strategy can become costly.Cash-out refinance: A cash-out refinance replaces your first mortgage with a new, larger mortgage and deposits the difference in your bank account. This loan may be a good choice if interest rates have dropped since you took out your mortgage. However, you’ll have to balance the potential savings against the closing costs of a cash-out refinance and the risk of using your home as collateral. 401(k) loan: If your plan allows it, you may be able to borrow against your 401(k) to pay off credit card debt. You’ll repay the loan to your own account with interest. But you might have to pay early withdrawal penalties if you don’t repay the loan, and you risk falling behind on saving for retirement. Credit counselor: A credit counselor can offer personalized guidance and accountability to help you pay off your balances. Just be sure they are reputable — there are plenty of debt relief and credit repair scams that consumers regularly fall prey to.

Credible makes refinancing easy. You can see personalized, prequalified rates from our partner lenders in just a few minutes. We also provide transparency into lender fees that other comparison sites typically don’t.

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How to pay off credit card debt without a loan

You also have options for paying off your credit card debt without taking out a loan of any kind:

Trim unnecessary spending. If paying off credit card debt is a priority, you’ll have to deprioritize something else. Cut any unnecessary expenses from your budget, like streaming subscriptions or cable. Rent out part of your home. A drastic move that slashes a large expense — like renting out your basement or another room in your home — might also be an option if you’ve already slashed your discretionary spending.Seek a raise. The best raises often come from changing employers and negotiating a better salary and benefits package. If you’re up for it, this path could get you out of debt faster or with fewer spending cuts.Create a spending plan. Before you get your next paycheck, allocate every dollar to a specific purpose. Try a debt repayment strategy. If you have more than one credit card to pay off, strategies such as the snowball method or avalanche method could help you build momentum toward getting out of debt.Pay more than the minimum. Maybe you can only pay $5 over the minimum, or maybe you can pay double. Just keep moving forward and don’t add new charges to your card.Automate your payments. If your cash flow is consistent, automated payments can help you avoid late fees and penalty rates. If you don’t have automatic payments turned on or prefer not to have them, set up multiple calendar reminders.

Check Out: Should You Refinance Your Mortgage to Pay Off Debt?

Is a home equity loan to pay off credit cards right for you?

If you’re not confident you’ll be able to repay your home equity loan, or if you think you might sell your home soon, you could end up worse off by tying more debt to your home. It may be worth giving the no-loan strategies above a chance before going the home equity loan route.

If the circumstances that created your credit card debt are behind you and your income will easily support your home equity loan payments, getting the loan could save you money and strengthen your finances — and provide you with peace of mind.

Keep Reading: Home Equity Loan vs. Home Equity Line of Credit (HELOC)

The post Home Equity Loan to Pay Off Credit Cards appeared first on Credible.

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