Loan modifications are most common for secured loans, such as mortgages, but you may also be able to modify other types of loans. That could include personal loans or student loans. A loan modification can relieve some of the financial pressure you feel by lowering your monthly payments and stopping collection activity. But loan modifications are not foolproof. They could …

A loan takes place when a lender, like a traditional bank or online lender, extends a set amount of cash to a borrower. In exchange, the borrower agrees to repay the loan at a specified interest rate over the course of a set loan term. Whether you’re considering a small personal loan or a larger loan to purchase a home or vehicle, …