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  As the U.S. faces economic uncertainty, many consumers are considering personal loans. If you’re looking for a loan to help cover your expenses now, you need to pay attention to how long the loan term is in order to save money on the total cost of your loan. The loan length refers to the amount of time you have to repay your loan. While each individual and family has a unique situation, all borrowers should consider the same information before determining which length of the loan term to accept. You can compare interest rates and term lengths from multiple lenders by using a free online tool like Credible. If you’re thinking about getting a personal loan, here are some factors to consider that could affect how you decide the length of your terms. Monthly payments Current financial situation Loan amount Bonuses or benefits offered by a lender Personal considerations 1. Monthly payments When you take out a personal loan, one of the critical factors to consider is the monthly loan p...

  If you need more money for a large expense than you have saved in the bank, a personal loan could come in handy. Personal loans are installment loans that are typically unsecured, and they can serve many purposes, from consolidating high-interest debt to paying for home repairs or a costly medical procedure. Personal loans can have lower interest rates than credit cards and they offer flexibility of using the funds as you see fit. But getting approved for a personal loan—especially one with a low interest rate—can be challenging if your credit isn’t in great shape. When you prequalify for a personal loan, you can get a snapshot of what you could qualify for, which can help you make financial decisions. The best part is the prequalification process doesn’t hurt your credit score. What it Means to Prequalify for a Personal Loan When you go through the process of prequalifying for a personal loan, the lender essentially prescreens you before you complete an application. The process ...

  Personal loans are often used to consolidate high-interest debt or finance large, one-time purchases. But they can also be handy for managing day-to-day expenses during an emergency when your income has dropped or you don’t have cash savings to rely on. But there are a few things to know before applying for a personal loan to make sure it’s the right move. Is getting a personal loan during a financial crisis a good idea? There are some pros and cons associated with getting a personal loan during a financial emergency. On the pro side, it may be cheaper to get a personal loan than charging expenses to a credit card. If you can lock in a low, fixed-interest rate on a personal loan, that may be preferable to the higher variable interest rate that credit cards typically charge. You may also be able to borrow more money with a personal loan compared to a credit card. And an unsecured personal loan doesn’t require collateral or have the potential to trap you in a cycle of expensive deb...

New research by dv01, a loan data agent (LDA) providing securitization reporting and analytics on consumer unsecured, mortgage, small business, and student loans, says the pandemic has revealed serious weaknesses in the reporting structure for mortgages. The company found significant numbers of unreported loan modifications and says it was these types of reporting errors during the global financial crisis (GFC) which led to an increase in price volatility when those errors were later corrected. A new white paper says that, in stark contrast to the GFC, consumer loan performance across asset classes has remained relatively strong. Dv01 has released bi-weekly reports of both loan performance and the relief efforts by issuers and servicers to aid borrowers but has found significant irregularities and inconsistencies across the multiple parties involved in the mortgage process. Even four months into the pandemic there are numerous cases of underreported or entirely omitted modification beh...

Congress and the Trump administration are currently negotiating the next stimulus package and there are several options for student loan relief on the table. Payments and interest on federally-held student loans are currently suspended through September 30, 2020. Some private student loan holders have received similar payment pauses depending on who holds the loan and different state laws, though many have not. Student borrowers should be attentive to what Congress and the administration settle on, as it could greatly impact their finances. Here are some of the options currently being considered for the next stimulus package. Let the extension expire and provide income-driven repayment. Senate Republicans have proposed allowing the extension to expire. Instead, they are offering borrowers a new income-driven repayment plan—similar to existing repayment plans—that would not require borrowers to pay if they had no income. Extend the student loan payment suspension. Many others are callin...