Payday loans are generally short-term loans for small amounts of money in which the payment is due on your next payday. In the U.S. 37 states regulate payday loans. Legal maximums, in states that enforce them, typically range from $500 to $1,000. Payday loans are marketed as a bridge between paychecks. But they come with high fees that translate to …

Debt consolidation can help you save money on interest and get out of debt faster, but it doesn’t always work as planned. In a recent U.S. News survey of consumers who have borrowed a debt consolidation loan, more than a third regret doing so. Nearly as many say their finances haven’t improved since they consolidated their debt. Here are some of the …

A foreclosure can mar your credit report for seven years from the date of your first missed payment. During that time, it can affect your credit score and the way other lenders view your creditworthiness in the future. If you’re struggling with your mortgage payments, it’s important to understand the foreclosure process, steps you can take to avoid it and what …

A home equity loan, sometimes called a second mortgage, is a type of loan that lets you borrow against the equity on your home. Unlike home equity lines of credit, which give you access to revolving credit, this type of loan gives you a pre-established amount and is paid out as a lump sum. These loans also feature fixed interest …

If you’ve recently been denied a loan, you’re not alone. Understanding the reasons why your loan was denied can help you determine your next steps and improve your chances of getting approved the next time you try. Even if the sting of denial may still be fresh, here’s what you can do. Understanding Why Your Loan Was Denied If your …

Do you feel like you need an advanced degree to figure out what is affecting your credit score? Good news is you don’t—it can actually be rather simple. Behind the number itself (credit scores typically range from 300 to 850), there are five main factors used to calculate credit scores. Lenders use those scores to figure out how likely you …

Small business owners sometimes need outside financing to help cover a shortfall, purchase equipment or expand. When you have good credit, many lenders are more than willing to offer you affordable business loans. But qualifying for a business loan with bad credit can be difficult, and it likely won’t be cheap. Lenders who provide loans to small business owners with bad credit …