There’s nothing quite like the feeling of freedom you get from cruising the open road on a motorcycle. And with summer still here, many people continue to dream of buying a new or used bike. However, the cost to purchase a motorcycle can be tens of thousands of dollars.

Most of us don’t have that kind of extra cash sitting around or in a checking or savings account, and will need to use financing to buy a bike.

Whether you’re considering upgrading your current ride or are in the market for your first motorcycle, understanding the financing options available to you is an important step in the buying process.

Several avenues exist to finance motorcycle purchases, but each option has benefits and caveats, just as traditional vehicle financing does.

Here are three of the most common ways to finance a traditional motorcycle, cruiser, roadster, sport bike, dirt bike, scooter, moped, trike, or another electric or gas-powered motorcycle from a dealer or private seller.

1. Finance a motorcycle using a personal loan

One of the most common methods for financing a motorcycle purchase is to take out a personal loan from a bank, credit union, or online lender. Personal loans give you flexibility in how much money you borrow, how long you extend repayment of the loan, and the lender with which you work.

Also, most personal loans are not tied to the bike as collateral. If you lose your job or something else comes up, and you can no longer make payments, the lender can’t repossess the motorcycle.

Several lenders offer unsecured personal loans to individuals with fair to excellent credit scores, and the total cost of the loan – the interest rate and any upfront funding fees – will depend on the lender, as well as your credit, income, and amount financed.

Another benefit of using a personal loan to fund your motorcycle purchase is that you will likely have a fixed monthly payment rather than a variable one, which makes budgeting for your new bike a breeze.

2. Obtain a motorcycle loan from a manufacturer, dealer, bank, or credit union

Motorcycle financing may also be available through certain manufacturers, dealerships, traditional lenders, and online platforms offering specialty vehicle loans. Like car loans, motorcycle loans offered through these lenders generally use the bike as collateral to secure financing. This can reduce the interest rate when compared to unsecured personal loans.

The overall cost of financing a bike purchase with this method can sometimes be lower than that of a personal loan.

However, you may need to make a 10-20% down payment, and if you default on the loan, the lender can recoup some of its costs by repossessing the motorcycle, selling it, then sending the difference between what they get and what you still owe to collections. That may include fees associated with the repossession process.

Specialty vehicle loans secured by the bike require proof of motorcycle insurance and limit how much funding you can receive, typically based on the value of the motorbike; unlike a personal loan, where you can apply for more money than it costs. The extra funding can be used to buy accessories, clothing, parts, and other gear.

Loans from these institutions for motorcycles typically require good credit, especially if you want to take advantage of a great promotional rate offer. So, this may not be the best choice for borrowers with a rough credit history.

3. Use home equity to finance a motorcycle

For some homeowners, tapping the equity in their residential property through a home equity loan or equity line of credit (HELOC) can provide an alternative way to finance a motorcycle purchase.

Home equity loans and lines of credit often carry lower interest rates than other financial products. However, the total costs and time required to originate each of them could outweigh the interest rate reduction.

Homeowners must first have sufficient home equity to use one of these lending solutions to buy a motorcycle. If you don’t own your home outright, you will generally need your remaining mortgage loan balance to be at least 80% or less of your home’s worth at the time of the request.

Home equity lenders will check your credit report and score before approving you for a new home equity loan or home equity line of credit, and an appraisal of the property is usually necessary for approval.

Then there may be additional closing costs and other fees added to the total loan amount, which increase its annual percentage rate (APR).

One of the main benefits of using a home equity loan or a HELOC to finance a motorcycle purchase is the ability to extend repayment terms beyond those of other options. Rather than paying the money back over the typical 1-7 years, you might be able to extend repayment up to 30 years.

That will also reduce your monthly payment but will likely increase the total interest you pay if you take the full 30 years to repay the loan.

Final thoughts on financing a motorcycle

Hopefully, I’ve helped you figure out how to fulfill your dream of owning a motorcycle. When buying a Honda, Indian, Yamaha, BMW, Kawasaki, Suzuki, Harley-Davidson, Triumph, Ducati, KTM, Husqvarna, Victory, or another motorcycle brand, you will have a few financing options to choose from.

Personal loans offer the most flexibility, while specialty motorcycle loans provide a straightforward option for those with exemplary credit.

A home equity loan or equity line of credit might be the only choice for someone with a less-than-perfect credit score or who needs lower monthly payments. You can use home equity to buy your new ride, but only when there’s enough equity available in real estate you own.

I hope you found this article discussing the “best ways to finance a motorcycle” helpful. If you have a question, personal tip, or another comment, please don’t hesitate to message us using the contact form. Happy riding!

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It’s that time of year when people start thinking about getting out on the water and riding the waves. For some of you, that means buying your first boat. For others, that means buying another one. The decision to add a new or used boat to your vehicle lineup is a big one, even for the most knowledgeable boat buyers.

Boats, like many other recreational vehicles, can be incredibly expensive leisure items, especially when you add the cost of a trailer, fuel, moorage, insurance, and other equipment needed for your desired experience. This can create the need to find the right type of boat financing.

Boat financing options are similar to those available for cars and trucks, but not every financing solution fits every boat buyer. Here are five of the most common ways to finance your next fishing boat, marine sailboat, sport motorboat, jetboat, pontoon boat, yacht, or other type of watercraft, along with the pros and cons of each.

1. Obtain a boat loan from a bank or credit union

Just as banks and credit unions offer conventional vehicle financing options, many of these institutions also provide boat-specific loans. Most boat loans offered through these traditional financial services organizations offer fixed repayment, both in terms of the interest rate and monthly amount due, making it easy to budget for your new or used boat purchase over time.

The main difference between boat lending and traditional vehicle loans is longer repayment periods. Because boat purchases can be a significant expense, and not typically a person’s primary vehicle, credit unions and banks offer extended repayment terms as long as 15 years.

A good place to start looking is your local bank or credit union. Or one you already do business with. Some of these institutions even offer 100% financing. If the company doesn’t offer loans specifically for boats, ask about their personal loan and line of credit options.

The amount offered, interest rate, and other repayment terms depend on the applicant’s creditworthiness, income, and debt.

2. Utilize boat dealership financing

If you are seeking convenience when securing boat financing and are not buying from a private seller, it’s beneficial to check with the dealer selling the boat. Dealer boat loans are like loans made available through car dealerships in that the application, the underwriting, and the funding are all done in-house. This means there is no need to leave the dealership to finalize the specifics and complete the boat loan.

However, dealer loans for boat purchases may offer less flexible repayment terms and a higher overall annual percentage rate (APR). This could be due to the dealer getting a kickback from the underlying lender that gets discreetly added to your loan, or the dealer charging a fee for originating the loan.

Oftentimes, the dealer’s finance department can still find a better deal than you do, without extensive research on your part, keeping your total costs lower.

As with other boat loans, dealer loan availability, the down payment amount (usually 10-30% of the total cost), and other terms received are primarily based on the borrower’s income, debt, credit score, and credit history. Some in-house dealers that work with a network of lenders may be more flexible in lending to individuals with less-than-perfect credit and may accept stated income rather than verifying your income.

3. Finance a boat using home equity

Individuals who own their home and have access to equity in their property or properties may qualify for one of many home equity lending products. Some carry a lower interest rate and offer more flexible repayment terms than other boat financing options, but each will likely take weeks or months longer to obtain than other methods.

Home equity loan, line of credit, cash-out refinancing loan

Financing a new or used boat purchase may be done through a home equity loan, a home equity line of credit (HELOC), or a cash-out refinance loan. Each option includes plenty of benefits, such as low interest rates and up to a 30-year repayment period. But you must own a home or another property type and have equity to spare to qualify.

– Home equity loans & lines of credit

With a home equity loan and a HELOC, the lender allows you to borrow up to roughly 85% of the current value of your home to be used however you want. If you already have a first mortgage balance that equals 20% of the value of your home, you could potentially borrow another 65% of the total value of the property as a line of credit or second mortgage.

Home equity loans are typically fixed-rate loans with a set monthly payment, while home equity lines of credit usually have a variable APR. Depending on the lender, both options could include closing costs, and HELOCs are more likely to have an annual fee.

If you search around, you can usually find a home equity loan or HELOC offer with little to no upfront fees. However, these lenders might charge you more in other ways, such as a higher annual percentage rate or an increased principal balance to offset the reduced fees.

– Cash-out refinancing loan

Another way to take advantage of home equity to buy a boat is by refinancing your current home mortgage loan. The process of obtaining a cash-out refinance loan is similar to that of a home equity loan and line of credit, but it may be easier for people with only fair credit to qualify for.

One of the main advantages of using a cash-out refinance loan to buy a boat is the ability to reduce the APR on your current home mortgage balance, too. For example, if you are paying 8% on your mortgage loan and the current market rate is around 6%, you could refinance to the lower 6% interest rate.

In this case, you would be refinancing for more than you currently owe and receive cash for the difference between that and the new mortgage loan. That cash can now be used to buy a boat at a low 6% APR. However, you will generally have to pay 2-6 percent of the total loan amount in closing costs to obtain a cash-out refinance loan.

You may be able to find home refinance loan offers with low to no upfront fees, but like a home equity loan or line of credit, the lender might work those fees into the loan through a higher principal balance or APR.

You can qualify for a cash-out refinance loan on a house, condominium, or another type of real property, assuming there are few liens, you have enough equity to take additional cash out, and your credit and debt-to-income ratio (DTI) match the mortgage lender’s requirements.

Home equity agreement (HEA)

A home equity sharing agreement is another option for purchasing a boat. Unlike home equity loans and HELOCs, a typical HEA allows you to receive money for a percentage of the sales price of your home when you sell it sometime in the future without paying interest on a loan.

Like home equity loans and lines of credit, a home equity agreement generally requires closing costs to be paid upfront or deducted from the proceeds. However, no additional funds are needed to close the transaction, and you will not owe any other money until the end of your agreement period, or you sell the home.

A home equity agreement can be helpful for people who do not have the money to put down on a boat loan or do not qualify for financing. It will likely take a few weeks to a couple of months to complete the transaction. The HEA company will need to go through a handful of steps to fully evaluate the property to determine its value and available equity before offering you a contract for funds.

4. Secure a personal loan to buy a boat

An unsecured personal loan can be a practical option for financing a lower-cost boat. Credit unions, banks, and online lenders offer the best personal loans to individuals buying a boat without imposing strict restrictions on how the funds may be used. You can use the money borrowed for boating expenses such as the boat, a trailer, license and registration, life jackets, and other equipment.

Personal loans are great because they don’t require a down payment, the interest rate will be lower than most credit cards, and you don’t have to use your home or the boat as collateral to secure the loan.

However, there is generally an origination fee of 0-12% of the loan amount charged to originate a personal loan. The origination fee is usually worked into the total loan amount to be paid back each month, and the fee amount might depend on whether you have poor, fair, good, or excellent credit.

Many businesses allow people with all types of credit to request a personal loan for a boat up to $50,000, with some lenders providing loans up to $100,000 or more for highly qualified borrowers. The repayment period for a personal loan is typically 2 to 7 years, and your creditworthiness, debt, and income will determine the interest rate, fees, and other loan terms.

5. Purchase a boat with a credit card

As a final resort, boat financing may be done using plastic. Credit cards offer a simple way to purchase a new or used boat from both dealers and private sellers that accept credit cards. Some credit card companies even send promotional balance transfer offers that allow you to purchase a boat at a reduced interest rate using a convenience check. However, there are numerous downsides to taking this route, such as a potential convenience check fee.

Also, because credit cards do not often supply a high enough limit to pay for a boat in full, borrowers may have to utilize multiple credit cards or additional financing options to buy a boat. Credit cards typically have much higher long-term interest rates than other top financing options, making them a costly alternative to boat loans or home equity lending products.

However, if you can obtain a credit card with a promotional APR, use it to buy a boat, and then pay it off within the promotional period, it could be a worthwhile option for you.

Final thoughts on financing a boat

Although boats can be expensive, buying a small or large boat that suits your needs can be achievable. There are plenty of lending options to choose from, even if you don’t have much cash set aside in a savings or checking account. Borrowers with strong credit, a reliable job, and a reasonable debt-to-income ratio will have plenty of options.

Boat loans from top dealers, credit unions, and banks offer generous terms that make boat ownership more affordable than many think. Homeowners with plenty of equity and great credit will have the most options to choose from. Credit cards may be a possibility for smaller boat purchases, but it is necessary to understand the limitations and the full cost of buying a boat this way.

When borrowing money for your boat purchase, don’t forget to calculate for items such as sales tax, title, registration, and other equipment. Also, speak to a tax professional to explore potential money-saving opportunities on your taxes. As with any major purchase, there will be tax implications, and potentially some deductions to take advantage of.

I hope you found this article discussing the “best ways to finance a boat” helpful. If you have a question, personal tip, or another comment, please don’t hesitate to message me using the contact form. Happy boating!

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Whether for summer vacations with the family, to live in, or to make road trips feel more like home, a recreational vehicle (RV) is a great option to have when you’re planning to travel. But if you don’t already own one, purchasing an RV can put a significant dent in your wallet.

For most people, buying a new or used RV requires financing from a bank, credit union, or another type of lender. Fortunately, there are many types of loans and lenders to choose from when you are looking to finance a motorhome, travel trailer, fifth-wheel, camper van, or another type of RV.

Here are some of the best RV financing options to make your travel dreams a reality.

1. Obtain an RV Loan From a Bank or Credit Union

Most banks and credit unions offer traditional RV financing through secured loans, similar to an auto loan. Approval of an RV loan through a conventional financial institution will be based on various factors, including the age of the vehicle, your income, expenses, debt-to-income (DTI) ratio, credit history and score, and the amount of funds needed.

For large RV purchases, most institutions require a strong credit profile and earnings to get approved. You will typically need at least 10% down to obtain financing, which will lower your monthly payment.

New and used RV loans through a bank or credit union can be offered at a low interest rate, but the exact rate will depend on your credit, the term length, and the amount requested. Repayment terms will vary from bank to bank, but most range from two to twenty years and offer a fixed monthly payment.

This type of financing can be the quickest to obtain because you can work directly with the financing department at an RV dealer when you buy it through them. Many RV dealers have relationships with lenders or a network of loan providers and can help you find a loan in-house.

But what if you don’t have a down payment, can’t wait to save one, or were hoping for a better rate? Using home equity to buy an RV is another option, or taking out a personal loan could be a better fit for you.

2. Use Home Equity to Purchase an RV

If you’re a homeowner, you may have another option for financing your new or used RV purchase. A home equity loan, home equity line of credit, home equity sharing agreement, or cash-out refinance loan may be better suited for you if you own a home outright or owe less on your mortgage than the property is worth.

Home Equity Loans & Lines of Credit

Home equity loans and lines of credit typically offer lower interest rates than conventional RV loans, and repayment may be extended. However, you must have a home with enough equity and decent credit to qualify.

Using home equity may incur additional closing costs to establish the installment loan or line of credit, which you should factor in when considering these options. Further, your home is used as collateral to back the loan, not the RV, which could present real estate problems should you fail to repay in line with the terms of your agreement.

Home equity loan (HEL or HELOAN) and home equity line of credit (HELOC) closing costs are typically rolled into the borrowed amount and deducted at closing, rather than requiring you to pay upfront. However, that’s not always the case. Not all lenders require them, but you could pay slightly higher rates than expected when factored into the equation.

If you have money to put down, you may be able to use it to reduce your interest rate and monthly payment by buying mortgage points rather than using it to reduce the total loan amount. You can also choose to do both.

Home equity loans and lines of credit can be great ways to finance an RV for someone with good credit who can secure a low rate and a zero-closing-costs offer, or someone who doesn’t have a lump sum to put down on a recreational vehicle. Home equity loans are typically fixed-rate products, while home equity lines typically have a variable annual percentage rate (APR).

Home Equity Agreement (HEA)

A home equity sharing agreement, often called an HEA loan, is another option for buying an RV. Unlike home equity loans and lines of credit, a typical home equity agreement allows you to receive money for a portion of your home’s future sales price without paying interest on a loan.

Similar to home equity loans and lines of credit, an HEA will likely require an upfront payment of the closing costs or a deduction from the proceeds. However, no additional funds are needed to close the transaction, and you don’t owe any money until the end of the term, or you sell your home.

For some RV buyers, an HEA can be an attractive alternative to traditional financing, particularly for those who may not qualify for the most favorable terms on conventional RV loans, or those who want to avoid a down payment and monthly payments.

Similar to HELOANs and HELOCs, it will likely take a few weeks to a couple of months to close the transaction, as the HEA company will go through the typical steps to fully evaluate your property and determine its value and available equity.

Cash-Out Home Refinance Loans

When you have equity in real estate, you can also refinance it to get cash out. A cash-out refinance loan can be an especially smart option if you can use it to finance the RV and reduce your current mortgage loan interest rate at the same time.

Similar to other home equity lending options, you won’t likely be required to come up with a down payment but will probably have to pay closing costs, which you might be able to roll into the loan. It will also take a few weeks to obtain the proceeds while the mortgage lender evaluates your property and prepares the closing documents.

The interest rate on an RV loan is likely to be the lowest with a cash-out refinance; however, if the interest rate on your entire mortgage goes up, that could offset the benefit of paying a lower interest rate on the RV.

You can also refinance your home even if the original mortgage has already been paid off.

3. Get a Personal Loan to Buy an RV

Typically, new and used RV financing options are limited to specialty bank or credit union loans and home equity products, given the high purchase price of recreational vehicles. However, we are going to share with you how to finance an RV with a personal loan as an alternative to those methods.

If you have good credit and income, you can also buy a recreational vehicle with a personal loan and get a great rate. But it’s more difficult to obtain loans over $75,000. Personal loans of $100,000 or more aren’t unheard of, though.

Generally, you won’t need a down payment or collateral for a personal loan, but you might have to pay an origination fee of 1-12% of the loan amount to cover processing costs. You will be required to pay this fee upfront in cash or have it deducted from the funds. The percent you are charged will be determined by your creditworthiness and may include other factors.

One major downside to an unsecured personal loan is the term length. Repayment of the loan, usually 2-7 years, will be shorter than the other popular options, which could mean a higher monthly payment. But you’ll own the RV outright and won’t need to wait for property evaluations or related documentation.

A personal loan can be a great option if you’re buying a small, inexpensive RV or a used one from a private seller and need the money quickly.

Final Thoughts on Financing an RV

To prepare for your RV purchase, take the time to understand what you can afford to borrow based on your monthly debt, income, and expenses, and know how each financing option affects your current and long-term financial situation.

Before applying for a conventional RV loan, using home equity, or obtaining a personal loan, prepare to have money set aside to satisfy any down payment requirements or other out-of-pocket costs associated with your choice.

Lastly, don’t forget about taxes. There are a few tax deductions that could help with your purchasing decision. Just be sure to double-check with your tax professional to ensure they apply to your situation.

I hope you found this article on the “best ways to finance an RV” helpful. If you have a question, personal tip, or another comment, please don’t hesitate to send us a message. Happy RV’ing!

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When you’re looking to sell a home, one of the best ways to save money at closing is to do all the legwork yourself. Selling your own home can cut out the expensive intermediaries, including real estate agents and brokers. This strategy also ensures you have full control over the advertising, negotiations, and purchase and sale agreements.

However, there are plenty of benefits to going with a seasoned REALTOR as well.

While selling your own home requires more time and effort, the Internet can be a valuable resource for people intent on doing the job alone.

You can find information on for-sale-by-owner (FSBO), flat-fee MLS listing, and other discount brokerage sites that cater to people seeking to sell their own homes. These websites provide access to handy resources and tools to help you maximize your success.

Here are a few of the best FSBO websites to list homes for sale by owner and buy owner-listed properties.

Top 3 FSBO Sites

1. ForSaleByOwner.com

As one of the most popular websites for homeowners wanting to sell their homes without an agent, ForSaleByOwner.com is a vast resource that is both affordable and easy to use.

Buyers and sellers can use the free tools on the site, including a comparative market analysis (CMA), which estimates a home’s value and identifies comparable properties in nearby neighborhoods. Users also have access to additional information on the characteristics of local real estate markets to help them evaluate a home’s value without needing a listing agent or brokerage.

Some of these tools require registration with an email address and password, but access to other features is free to the public.

Home Seller Packages – ForSaleByOwner.com

Homeowners interested in listing their house, condominium, land, or other property type for sale through this top FSBO website have two package options:

a. The Independent (free) – A 30-day free listing gives homeowners the ability to create a standard listing on the site for evaluation. Homeowners can also attach an unlimited number of photos with this package, and access to legal forms is available, but some items must be paid for when utilized.

b. The Partner ($399) – A one-time upgrade to The Independent package that costs $399 as a one-time fee until you sell your home or cancel the listing.

The Partner package includes the services offered in The Independent package, as well as professional photography, a 3D virtual tour of your home, a For Sale By Owner yard sign, and state-specific legal forms. Most importantly, it includes an account advisor to help you navigate the selling process as needed.

For Home Buyers – ForSaleByOwner.com

Prospective homebuyers can use For Sale By Owner to search for available properties in the desired area and compare their prices and features without paying a fee. Buyers can contact sellers by sending a message through the platform to request a showing or make an offer.

Buyers can also receive notifications when new opportunities matching their criteria arrive, provided they create an account on the For Sale By Owner site. Closing assistance and financing are available to buyers, too.

2. FSBO.com

This top FSBO site has a long history of maintaining a large marketplace of homes that are listed for sale by owner. It can be beneficial for both buyers and sellers in just about any real estate market. Through FSBO.com, sellers have access to a few property promotional plans with various features and benefits.

Home Seller Packages – FSBO.com

For homeowners wishing to use the site to list their commercial or residential property for sale, there are three packages available:

a. Starter (free) – Property owners can list their real estate for sale on the website for free for 30 days. This listing package includes one photo, a seller dashboard, and basic analytics.

a. Plus ($99) – Homeowners and others can list their property for sale on the website for 180 days with this package for a one-time fee of $99. It includes everything from the free listing, plus additional photos of the home, a live buyer/seller chat, and buyer inquiries. There are also a handful of other features that are in the works.

b. MLS ($399) – As a premium upgrade to the Plus, the MLS listing package costs $399 and includes many additional features and benefits. With this option, homeowners gain enhancements such as unlimited photos, featured placement, additional tools, and MLS syndication for six months.

All sellers who use the site gain access to additional resources and supplies helpful in the home-selling process, including yard signs for purchase and expert advice along the way.

For Home Buyers – FSBO.com

Buyers using FSBO.com can search all listed properties and contact sellers without subscribing or paying a one-time fee; however, you will need to register online to view foreclosure listings.

3. Houzeo.com

Another top option for homeowners wanting to sell their property without a costly real estate agent or broker is Houzeo.com. This fast-growing FSBO site rivals both FSBO.com and ForSaleByOwner.com by offering three distinct listing plans: Silver, Gold, and Platinum.

Home Seller Packages – Houzeo.com

For home sellers looking to list their house, condo, vacant land, multifamily, or other type of real estate, here are the three listing plans to select from:

a. Silver ($299 + 0.5%) – Home sellers receive a basic 6-month MLS listing with up to 24 photos, and listings on Realor.com, Zillow, Redfin, Trulia, and other online homebuying marketplaces. It includes unlimited open houses and listing changes, Houzeo IntelliList and Houzeo Showings, and a custom yard sign available for $49 (or free with a selfie). However, Houzeo charges an additional 0.5% fee at closing.

b. Gold ($349 + 1%) – Includes everything in the Silver plan plus additional features like extra photos, licensed broker assistance, contract-to-close consulting, Houzeo Offers, mobile app, seller disclosures, and more. Sellers can list their property on several real estate websites and make unlimited open house visits and listing changes at no additional cost. The Gold plan is $349, plus a 1% fee at closing.

c. Platinum ($399 + 1.25%) – A full-service virtual home selling plan that includes everything from the other plans, plus access to a licensed real estate broker, a 12-month listing, personal concierge services, call forwarding, rush service, coming soon listing, and maximum MLS exposure. The Platinum plan costs a flat fee of $399 to post the listing, plus an additional 1.25% when your home sale closes.

All users receive access to the Houzeo blog, informational FSBO videos, and a complete seller’s guide to help navigate the home-selling process.

For Home Buyers – Houzeo.com

First-time and experienced homebuyers can browse for-sale-by-owner listings for free and submit a purchase offer by messaging the seller on the website or by email. Seller phone numbers are available to call, too.

Top FSBO Websites That Are Completely Free

If you’re looking for the absolute basics when marketing homes for sale, don’t forget other convenient websites for real estate listings, such as Zillow, Craigslist, and Facebook Marketplace. You won’t get much assistance, but they each attract a significant amount of internet traffic, with individuals, partners, and businesses researching properties to buy.

Regardless of how you sell your home, either with an experienced REALTOR or self-sell, we recommend listing your property for sale with these three free sites, too. Taking advantage of their free listings will give you tremendous exposure. However, there may be premium features worth considering, too.

Final Thoughts on Using For Sale By Owner Sites

To successfully sell your own home without expensive real estate brokerage fees, you will need to have the right information and support at your fingertips.

A quality home-for-sale-by-owner website offers an inexpensive option for selling with great do-it-yourself tools. Helpful websites such as ForSaleByOwner.com, FSBO.com, and Houzeo.com are cheaper than full-service real estate brokerages, and can be crucial in helping you understand the housing market and get the best price for your home when going at it alone.

Just be sure to read the fine print on pricing, because you may still need to pay a buyer’s agent commission at closing if you also want to attract buyers working with agents and brokers via the MLS. Even so, you can still save a considerable amount of money by not paying the typical listing agent commission of 2.5-4% of the final sales price.

Just keep in mind, a trusted real estate agent can bring significant experience and expertise to the table that could save you money in the end. If you’re not ready to invest a significant amount of time in preparing your home and listing properly, analyzing the market, and negotiating with buyers, you could end up costing yourself more cash by selling by owner.

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If you’ve been turned down for a personal, auto, home equity, or other type of loan and own a home, you may still be able to obtain funding by taking advantage of a home equity agreement (HEA). Also known as a home equity investment (HEI), an HEA can be helpful to homeowners seeking alternative financing.

The types of properties typically eligible for a home equity agreement include houses, condominiums, townhouses, multi-family homes, and even manufactured homes with a decent amount of equity.

In this article, I explain what a home equity sharing agreement is and address some of the pros and cons of using this type of partnership to get cash. However, you can skip directly to the top HEA companies if you’re ready to apply.

What is a Home Equity Agreement

An HEA is a contract between you, the homeowner, and an investor. You sell an ownership stake in the future value of your home in exchange for cash. The amount of money you receive from investors will depend on the value of your home and the available equity.

A home equity agreement has a fixed amount of time to pay back the amount you received, as a lump sum, typically when you sell the property. Investors are betting your home will appreciate over this period based on past trends in the housing market.

Difference Between an HEA and a Loan

A home equity agreement is often called an HEA loan, but it’s technically not a loan. It differs from a loan in a few major ways. The primary differences are that no interest accrues under a home equity sharing agreement, and most HEAs settle with a balloon payment rather than monthly payments over time.

Also, most personal loans, home equity loans, and lines of credit require a decent credit score, but someone with a bad credit score as low as 500 can get approved for a home equity agreement without jumping through hoops.

Moreover, an HEA doesn’t appear on your credit report, except maybe as a hard inquiry used during the application process for verification purposes or if you default on the agreement.

By using a home equity agreement to pay off debt, you may be able to improve your credit score significantly by reducing the balances of credit lines and loans that are reported to the credit bureaus.

HEA versus HELOC

A home equity line of credit, or HELOC, is similar to a home equity sharing agreement in that you’re using the equity in your home to gain access to money. However, with a HELOC, you are borrowing the money. With an HEA, you share the equity in your home as an investment.

A HELOC is a revolving line of credit that works like a credit card. You can withdraw money from your account whenever you want, up to your credit limit, and you can reuse the funds you pay back.

Interest on the borrowed funds if they are not repaid within a certain period, typically around a month, whereas there is no interest accrual under an HEA, and you receive all of the funds upfront.

With a HELOC, a bank, credit union, or other lender will offer a credit line based on the available equity in your home and use your debt, income, and credit score as guiding factors in determining your overall eligibility.

HELOCs typically have variable interest rates and may require upfront closing costs and an annual fee, depending on the lender you choose.

HEA vs. Home Equity Loan

A home equity loan is another popular option for homeowners with equity in their home. Home equity loans typically carry a slightly higher interest rate than a home equity line of credit and are fixed, whereas there are no interest charges with an HEA.

With a home equity loan, you borrow a lump sum against the equity in your home, repaid in monthly installments over 5 to 30 years. Most lenders allow you to borrow up to 75%-85% of the available equity and often require upfront or financed closing costs.

A home equity loan typically requires a fair credit score of 620 or higher and a debt-to-income ratio (DTI) of 43% or below. A home equity agreement usually has a much lower minimum credit score requirement, and companies may not even check your DTI.

HEA Pros and Cons

Pros

• Use the equity in your home.
• Access large funds.
• No monthly payments.
• No interest payments.
• Little to no restrictions on spending.
• Low credit score requirement.
• Low- or no-income requirements.

Cons

• Need sufficient home equity.
• 3-5% origination fee.
• Transaction expenses (appraisal, title, credit, insurance, recording, and escrow fees).
• The total you’ll have to repay is unknown.
• The one-time balloon payment could be burdensome.
• Future equity could be worth significantly more than you expected.

General HEA Requirements

There are eligibility requirements you must meet to qualify for a home equity agreement, which can vary slightly by provider:

• The property type must be residential real estate, including single-family condos, townhouses, houses, manufactured homes, and multi-family properties with up to four units.
• The property must be your primary residence, second home, or rental property. Co-op-owned properties don’t qualify.
• The property should be in good condition.
• Hazard, flood, or other insurance may be required.
• The property must be in good standing, with no pending lawsuits or other adverse actions.
• There must be at least 25-40% equity in the property, which is the difference between the property’s market value and any loans secured by the property.
• The property address must reside within the limited number of states in which investors operate.
• A 500 credit score minimum with no outstanding judgments or current bankruptcies.

How to Calculate Your Home Equity

1. Estimate the fair market value of your home.
2. Find your current mortgage balance, along with any other debts on the property.
3. Subtract the number of debts from the fair market value.

The remainder is your total home equity.

So, if your home is estimated to be worth $600,000 and you have total debt of $350,000, your home equity is $250,000.

Divide the home equity ($250,000) by the home’s value ($600,000) and then multiply by 100. Your home equity percentage is 41.66%.

Top 3 HEA Companies

1. Unlock

• Access between $15,000 and $500,000.
• High DTI accepted.
• No income requirements.
• 500 credit score minimum.
• Flexible, 10-year term.
• Minimum $175,000 home value.
• Home equity of at least 30%.
• Funding in 30-60 days.

Availability: Arizona, California, Florida, Hawaii, Idaho, Indiana, Kentucky, Michigan, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Virginia, Wisconsin, and Wyoming.

2. Point

• Access $30,000 to $600,000.
• Available for long-term agreements (up to 30 years).
• No income requirements.
• DTI not considered.
• Flexible credit requirement (500+ score).
• Receive up to 20% of your home’s value.
• Close in as little as 3 weeks.

Availability: Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Maryland, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Carolina, Ohio, Oregon, Pennsylvania, South Carolina, Tennessee, Utah, Virginia, Washington, Washington DC, Wisconsin.

3. Hometap

• Access from $15,000 to $600,000.
• Receive funds in as little as 3 weeks.
• Financial flexibility for up to 10-year terms.
• Invests in manufactured homes.
• Minimum 585 FICO® Score.
• Have at least 25% equity in your home.
• No DTI restrictions.

Availability: Arizona, California, Florida, Indiana, Michigan, Minnesota, Missouri, Nevada, New York, New Jersey, Ohio, Oregon, Pennsylvania, South Carolina, Utah, Virginia.

HEA Uses

Deciding how to use your home equity agreement funds is entirely up to you. You can use it for home improvements or to pay off high-interest loans and credit card debt.

Some people will use it to purchase a car, finance an RV, buy a boat, get a motorcycle, pay for their children’s college, or fund a vacation. Medical expenses, paying for a wedding, taxes, or starting a business are common HEA uses, too. In some rare cases, you’ll have to use it to pay off debts first.

Final Thoughts on Using an HEA Instead of a Loan

An HEA can be a great choice for homeowners who don’t have the credit or income needed for a large personal loan, home equity loan, HELOC, cash-out refinance, credit card, or otherwise. The credit score and income requirements are much lower than those for traditional loans because a home equity agreement is not a loan, and there are no monthly payments.

However, there are origination fees and other transactional expenses to consider when entering into a home equity agreement. The balloon payment needed at the end of a term, or when the property sells, should be given decent consideration before signing up, especially for those who might want to stay in the home longer.

The post Home Equity Agreement: A Solution for Loan Rejection appeared first on APR finder.

In an era when identity theft and fraudulent credit activity are prevalent, consumers must have security tools to protect their financial lives. Luckily, the three major credit bureaus (Experian, Equifax, and TransUnion), along with the federal government, have implemented steps consumers can take to help safeguard their personal information.

The first defense against the fraudulent use of your personal information is placing a fraud alert on your credit file before or shortly after you are the victim of identity theft, or if you suspect your personal information is compromised. Then, you’ll want to remove it when you’re in the clear.

What is a Credit Fraud Alert?

A credit fraud alert is a temporary notice placed on your credit file that prompts creditors to take additional steps to verify your identity before opening an account. Whether it is a new credit card, personal loan, auto loan, mortgage, or line of credit, a fraud alert adds a barrier between an identity thief and an unknowing lender.

Initial and active-duty fraud alerts on your credit reports are provided for free to individuals, whether or not they have been the victim of identity theft or other fraudulent credit activity, and are in force for one year. While these fraud alerts are sufficient for most people, victims of identity theft can request an extended fraud alert that lasts for seven years.

The process of placing a fraud alert varies among the three major credit bureaus. However, you can typically achieve this by submitting a request via each agency’s website, using their mobile app, calling them on the phone, or sending it via certified mail.

Removing a Fraud Alert from Your Credit Reports

If you’ve recently resolved an identity theft issue, you may want to learn how to manually remove a fraud alert from your Experian, Equifax, and TransUnion credit reports. While placing an alert is easy, you must follow these steps to contact each bureau to delete your alerts and clear your file.

To remove a fraud alert from your credit report, you can do so manually or let it expire after 1 year for initial and active-duty alerts or 7 years for an extended alert.

By law, when you add a fraud alert with one credit bureau, that company is supposed to notify the other two companies of your request. That is so you can set up the fraud alert as quickly as possible. Unfortunately, when you want the fraud alerts removed, you will have to contact each of the three credit bureaus separately.

Each credit bureau varies slightly in how you can remove active-duty (for military members), initial, and extended credit fraud alerts from a credit report before their expiration dates, but the process is generally the same.

Follow these steps to remove a fraud alert with each of the 3 main credit reporting agencies listed below.

Remove Experian Fraud Alert

Active-duty and initial fraud alerts with Experian will be removed automatically when they expire, 12 months after activation. Experian removes extended fraud alerts after 7 years.

However, you can request that Experian remove a fraud alert manually before it expires. The company prefers that you do it online, but you can also submit your request by mail or by phone at 1-888-397-3742 (1-888-EXPERIAN).

Experian Removal Address

Experian
PO Box 9554
Allen, TX 75013

More information on adding, updating, or removing Experian fraud alerts is available on its website. You must create an Experian account to manage your fraud alert online.

Remove Equifax Fraud Alert

Active-duty and initial fraud alerts with Equifax will also be deleted automatically when they expire, 12 months after they were created. Extended fraud alerts will also fall off your credit report after 7 years.

However, you can also call Equifax at 1-888-836-6351 to have a fraud alert manually removed or make the request in writing. The written request should include verification of your personal information and can be mailed to Equifax using the mailing address below.

Equifax Removal Address

Equifax Information Services LLC
PO Box 105069
Atlanta, GA 30348-5069

Additional information about adding, updating, or removing Equifax fraud alerts is available on its website. You can create an online account to initiate a fraud alert through myEquifax, but you cannot remove the fraud alert there at this time.

Remove TransUnion Fraud Alert

Like Equifax and Experian, initial and active-duty fraud alerts with TransUnion will drop off automatically when they expire, approximately 12 months after initiation. TransUnion removes extended fraud alerts after 7 years.

You can also request to have TransUnion delete the fraud alert before it expires by managing it online, by mail, or by calling customer service at 1-800-916-8800.

TransUnion Removal Address

TransUnion
P.O. Box 2000
Chester, PA 19016

If you need additional details about adding, updating, or removing TransUnion fraud alerts, you can visit its website. You will need to create a TransUnion account to manage your fraud alert online.

Tips for Written Fraud Alert Removal Requests

At a minimum, written requests should include the following information:

• Your request
• Full legal name
• Social Security number (SSN)
• Date of birth (DOB)
• A government-issued identification card, such as a passport or a driver’s license
• Complete addresses for the past two years
• Copy of a bank or utility statement for proof of address

This information should be enough to honor your request; however, it is best to check with each of their websites. Especially when removing an extended alert. Verify each copy is legible and displays your name, current mailing address, and issue date before sending it to the credit bureaus.

If you have trouble getting rid of an initial, extended, or active-duty fraud alert tied to your credit history report, please let us know.

The post How to Remove a Fraud Alert from Your Credit Reports appeared first on APR finder.

Being responsible with money doesn’t come naturally to everyone. People make mistakes, especially early on in life. That could include overextending yourself on credit, missed or late payments that raise your interest rates, and ignoring missteps until they get you deep into debt.

Unexpected events, such as a medical emergency, loss of employment, or something else major, can also take a toll on your finances.

When debt becomes too much to handle, dealing with it can feel overwhelming.

Luckily, there are several options for debt relief that can lend a necessary hand in correcting the course of your financial life. Here are five of the most common debt relief solutions to help you overcome substantial debt.

1. Debt consolidation

When you find yourself drowning in debt from credit cards, loans, or otherwise, debt consolidation can be a practical solution to get your financial situation back under control.

With debt consolidation, you typically transfer all of your balances to a new loan or a single credit card to pay off as many outstanding debts as possible. Then pay as much as you can on that one account each month instead of trying to manage a bunch of them simultaneously.

Ideally, you would transfer them to a low-interest personal loan, credit card, or other line of credit with an average annual percentage rate (APR) lower than what you currently pay across your accounts. Achieving a lower APR across the board isn’t always possible, but that doesn’t mean you shouldn’t consolidate your debt anyway.

Sometimes we must make choices based on our known money-management habits and choose the path where we’re most likely to succeed, such as paying only one account rather than trying to stay on top of several.

– Consolidating debt with a credit card

Credit cards are revolving credit lines that typically have variable interest rates and often carry an annual fee. If your interest rate rises, the monthly payment required to pay it off by your target date will also increase.

Using a credit card to combine multiple debts into one can be a struggle for a lot of people. It can be hard for people to resist using credit when it becomes available on the card, especially those already struggling to pay their bills.

You’ll have to commit to paying more than the minimum payment each month and stop spending on it if you want your balance to go down at a decent pace. Otherwise, it can take decades to pay off.

Consolidating with a home equity line of credit is similar, but can be cheaper if you’re lucky enough to own a home with equity.

– Consolidating debt with a loan

A debt consolidation loan can be a better solution for people struggling to manage their credit cards and other debt. Most debt consolidation loans are just personal loans used to consolidate debt. However, you can also refinance your home and get cash back, obtain a home equity loan, or borrow money elsewhere to pay off your other balances.

The benefits of taking this route toward debt relief typically include a fixed interest rate and predictable monthly payment, a precise payoff date, and the inability to reuse the credit. Instead of paying multiple debts with varying fees every month, you can make one payment to your new consolidation loan.

With either method, the sooner you begin the process, the better. If your debt and credit score continue spiraling out of control, there will be a point where it will feel nearly impossible to consolidate your debt on your own.

2. Credit counseling

If you continue struggling to manage your debt on your own, another option is to seek the help of an approved credit counselor. A reputable credit counselor can help you create a personalized financial plan and budget based on your income, needs, and goals.

Certified credit counselors can help with debt collection, budgeting, credit report review, financial education, bankruptcy, and housing. Look for government programs, non-profit agencies, and for-profit companies accredited by organizations such as the National Foundation for Credit Counseling (NFCC) or the Financial Counseling Association of America (FCAA).

The best credit counseling organizations will offer an initial consultation and assessment for free, then only suggest paid solutions such as a long-term debt management plan, debt consolidation, or additional counseling if needed.

3. Debt management plan

Under this type of debt relief, an experienced credit counselor works with your creditors to develop a repayment plan. That typically includes reducing interest charges during the repayment period and making a single monthly payment to the credit counseling agency.

Unlike debt settlement, which requires you to be behind on some or all of your payment obligations, debt management plans allow you to continue making on-time payments so you don’t have to destroy your credit first. However, you will likely be required to close your credit lines when enrolling in a debt management plan, which could temporarily lower your credit score.

Any unsecured debt, such as debt not secured by assets like your vehicle or home, may be eligible for a debt management plan. While you still agree to repay your debts in full, the reprieve from interest lowers the total cost of debt over time, making payments easier to manage.

Working with a professional on your debt management plan often requires an initiation fee and a monthly fee, so it is essential to understand the total cost before signing up.

4. Debt settlement

Depending on your situation, debt settlement may also be a viable solution for debt relief. Also referred to as debt negotiation or resolution, settling debt requires you or a professional, such as National Debt Relief, to negotiate a lower monthly or lump-sum payment with each of your creditors.

Negotiating debt down through settlement allows you to reduce the total amount of money owed and create a plan to eliminate the rest of the debt in a shorter timeframe.

Hiring a professional to settle outstanding debts is often a wise choice given their experience in dealing with creditors. Top companies can even get some of your debts immediately dismissed with a cash reward back to you. Their legal professionals can identify violations of the law committed by institutions and exploit those infractions to your benefit.

Working with a debt settlement company often comes with costs, so it is important to weigh the pros and cons of this option and alternatives before taking this step. Most debt settlement businesses will offer a free initial consultation and charge a commission when you sign up for their program. You can also try to settle your debt on your own for free.

5. Bankruptcy

The last resort in finding debt relief for individuals and married couples is filing bankruptcy under either Chapter 7 or Chapter 13. Bankruptcy is ideal for those who are so deeply in debt that they see no feasible alternatives.

With a Chapter 7 bankruptcy, you work through the court system to discharge your eligible debts, effectively wiping the slate clean. Under a Chapter 13 bankruptcy, you create a 3 or 5-year repayment plan that eases your total debt obligation.

Bankruptcy will remain a blemish on your credit history for up to 10 years, making it an option generally reserved for those who are seriously delinquent. Chapter 7 will stay on your credit report for 10 years, while Chapter 13 lasts for 7 years.

However, it can be the fresh start you desperately need. You can begin rebuilding your credit immediately after bankruptcy and may get approved for an unsecured personal loan, auto loan, home mortgage, or credit card within the first few years.

The co-author of this page, Wesley LeFebvre, filed for Chapter 7 bankruptcy many years ago when the real estate market crashed. He says it was one of the best things he could do for his life at that time. He now maintains an 850 credit score.

While it is possible to complete the bankruptcy process on your own, it’s best to have an experienced attorney handle it. The process could present numerous difficulties and take substantial time to complete, depending on the complexity of your situation. Having an attorney’s assistance can also help you emotionally during this trying time.

Final thoughts on getting debt relief

Debt shouldn’t consume your life to the point that you have a mental breakdown. Instead, you can utilize one of these top debt relief options to ease your mental health and the burden debt payments have on your finances.

Before taking a drastic step toward debt relief, take the time to reflect on your financial history and commit to doing things differently moving forward. The only way any of these options will benefit your future is if you’re committed to better financial responsibility.

The post 5 Best Debt Relief Options for People with Substantial Debt appeared first on APR finder.

Personal loans obtained through Upstart can be used for a variety of financial needs, including major purchases, debt consolidation, taxes, home improvements, and other large expenses. In addition, securing a fixed-rate personal loan with predictable monthly payments can be more cost-effective than credit cards with high, double-digit interest rates.

Many traditional lenders, such as local credit unions and banks, offer personal loans to their most qualified members. However, some borrowers find it easier to secure funding through online lending platforms like Upstart.

For some people, it’s quicker, but for others, it’s because Upstart considers factors beyond a person’s credit score when qualifying them for a loan.

Who is Upstart?

Founded in May of 2012, Upstart is a technology-driven lending marketplace that aims to provide affordable personal loans quickly and easily. The legitimate business prides itself on streamlining access to affordable credit using artificial intelligence (AI) as a key component of its platform.

Upstart works with multiple institutions to provide loans to qualified borrowers, boasting higher approval rates and lower losses over time. The process of getting a personal loan through the company is fully digital, with more than 91% of loans now completely automated.

Since its inception, Upstart has generated billions in loan originations, serving millions of customers across the United States. It has also long maintained an excellent rating on Trustpilot with more than sixty thousand reviews.

Personal loan options through Upstart

Although most Upstart personal loans aren’t explicitly tied to a specific need, borrowers may find that the loan offers they receive are a great fit for home improvement projects and other needs.

Loan amounts

Upstart primarily offers unsecured personal loans, meaning no collateral is needed, with loan limits ranging from $1,000 up to $75,000.

Repayment length and interest rate

Repayment terms for Upstart personal loans are either 3 or 5 years (36 or 60 months), depending on the borrower’s preference, and interest rates are fixed, ranging from a 6.3% to 35.99% annual percentage rate (APR).

What can you use an Upstart personal loan for?

Upstart loans can be used to cover various expenses, including medical bills, home remodeling, debt consolidation, weddings, vacations, income tax debt, moving costs, and other personal needs. Borrowers face very few restrictions on how they can use their loan proceeds.

Rate checks don’t affect your credit score

Individuals interested in an Upstart loan can begin the application process online by entering basic information, such as their name, email address, and the amount of money needed.

Upstart conducts a soft credit inquiry to help determine the initial loan amount and rate the borrower may qualify for with its lending partners. Borrowers can then evaluate the lender-specific offerings, review rates, and select the loan option that best fits their needs.

Once the loan application is fully submitted and approved, and an offer is accepted, borrowers can receive funding in as little as one business day.

The fine print on Upstart personal loans

While Upstart is a transparent lending platform that brings together borrowers and lenders, there may be some fine print to pay close attention to throughout the process.

Prepayment penalties

Luckily, no prepayment penalties are charged on any of Upstart’s personal loans, so you can save money by paying off the loan balance in full before the last payment is due.

Origination fees

Lenders that partner with Upstart may charge origination or funding fees as an upfront cost for originating the loan. Lenders vary, and these fees can range from 0% to 12% of the loan amount. A high origination fee increases the cost of the loan, so it is crucial to understand how this charge is calculated into your overall borrowing cost before signing on the dotted line.

Borrower creditworthiness

Upstart evaluates more than a borrower’s credit score to determine who is a good fit for a personal loan. The company touts its AI-powered application process, which also considers education, job history, and other unique information when evaluating a loan application.

While this may be beneficial to some borrowers with less-than-ideal credit, including those with low credit scores, the interest rate on a new loan can sometimes be higher than at local banks and credit unions for people with really good to excellent credit. Be sure to fully evaluate your options before accepting an offer through Upstart.

No cosigners and co-borrowers

Unfortunately, Upstart does not allow for secondary applicants, such as a cosigner or co-borrower, when applying for a personal loan. Loan approvals are based solely on an individual’s creditworthiness and financial profile instead.

Loan availability

Upstart loans are available in all 50 states, but borrowers may face different qualification requirements, loan limits, and other terms depending on where they live.

Each state sets many of the rules for personal loans, and for some borrowers, this means a smaller loan amount is available. Some areas also require higher minimum loan amounts.

Moreover, borrowers in some states are limited to the offers they receive based on Upstart’s partnerships with lenders operating in those locations.

As with any personal loan, it is essential to understand these nuances and the fees charged to ensure the loan you receive is truly the best option for your financial situation.

Eligibility requirements

To be eligible for an Upstart personal loan, there are some basic requirements you must meet:

• Have a verifiable name, birth date, and social security number.
• Be at least 18 years old.
• Have a valid residential address in the United States.
• Have a personal banking account at a U.S. financial institution with a routing number.
• Have a valid email account.
• Have a verifiable source of income
• Meet minimum credit score requirements: 300 credit score in most states; no recent bankruptcies; no accounts currently in collections or delinquent.

Although a minimum credit score of 300 is required, our research shows that borrowers with scores above 600 are much more likely to be approved.

Upstart also states that you need a reasonable debt-to-income ratio (DTI), but does not specify a target range. We have found that you will generally need a DTI of 50% or less for a traditional personal loan; however, anything over 43% is considered high and will significantly reduce your chance of approval.

Credit and debt-to-income requirements will vary by lender.

Final thoughts on Upstart personal loans

Upstart stands out to us as one of the best online platforms for people with various credit types seeking a traditional personal loan. It offers the ability to check your rate without affecting your credit score, a quick approval process, competitive interest rates, and fees.

The biggest downsides include the inability to use a cosigner or co-borrower when you can’t get approved for a loan on your own, and loan terms limited to 3 or 5 years.

Upstart contact information

Individuals interested in using Upstart to obtain a personal loan can find more information about current rates, the application process, and other details through its website or by calling 1-855-438-8778.

The post Upstart Personal Loans Review appeared first on APR finder.

When you’re making significant improvements or repairs to your home, the costs can add up quickly, especially when you hire a contractor to do the work. Sometimes the total price can reach tens of thousands of dollars, and most of us don’t have that kind of money lying around.

Luckily, there are several ways homeowners can finance large home improvement projects. Two of the most popular financing options are personal loans and home equity loans.

Let’s determine which option is best for your home improvement, addition, or repair project.

What are home improvements?

Home improvements are changes made to a residential property to enhance it in some way. Types of improvements can include repairs to a condominium, renovations to a house, remodeling a manufactured home, building new structures, landscaping, or similar work.

For example, you might have a plumbing or electrical issue that needs repair, want to replace the cabinetry and colors in your kitchen, change the layout of your main bathroom, or add a detached garage to your home.

You can categorize home improvements as almost anything you can imagine doing to a home you own and the property it sits on.

What is a personal loan?

A personal loan is an installment loan that allows you to borrow money from a bank, credit union, or online lender and repay it over several months or years.

It is typically unsecured, meaning you don’t have to put up collateral, such as your car or house, to borrow the money. Instead, lenders put more emphasis on your credit score, debt-to-income (DTI) ratio, and income to determine how much you can borrow. These details will also influence the interest rate and what origination fee, if any, to charge.

Personal loans have a set monthly payment and a term length that typically ranges from 1 to 7 years. Their interest rates are generally fixed and won’t change over the life of the loan. You can use a personal loan for almost any purpose, including home improvements, and receive funding within a few days.

What is a home equity loan?

A home equity loan (HEL), also known as a HELOAN, is similar to a personal loan, except you use a portion of the equity in your home or other property you own as collateral to borrow the money.

Even though you are using your home’s equity as collateral, the consumer requirements can be similar to those for a personal loan. But lenders can offer lower rates and higher borrowing limits.

Like personal loans, home equity loans generally have fixed interest rates and monthly payments, but standard repayment terms range from 5 to 30 years. Home equity loan interest rates are usually lower than personal loan rates, especially for borrowers with lower credit scores.

In most cases, borrowers can use the funds for a significant home improvement project, major repairs, or any other purpose they desire, but getting approved and funded can take weeks.

Quick comparison: Personal loan vs. home equity loan

Which one should you choose?

There are several factors to consider when assessing whether a personal loan or a home equity loan is better for your home improvement projects:

1. Project cost: Which option meets your funding needs?
2. Urgency: How quickly do you need the cash and project completed?
3. Home equity: Is there enough equity in the property to get a home equity loan in the amount you seek?
4. Long-term plans: Do you plan to stay in the property for a while, or are you planning to sell soon?
5. Monthly payment: How much money do you want left over after you pay your bills each month?
6. Creditworthiness: Which choice is cheapest for you?
7. Overall cost: How important is the total cost of borrowing money?
8. Flexibility: Do you prefer lower payments with the option to pay off the loan early, regardless of costs?
9. Property usage: Is this your permanent residence, a rental property, or other real estate?
10. Security: Are you willing to surrender the property if you can no longer make the loan payments?
11. Taxes: Will you be itemizing your deductions or taking the standard deduction at tax time each year?

When a personal loan is better for home improvements

A personal loan is often better than a home equity loan for minor home renovations, remodels, updates, and emergencies. The quick approval process and low upfront fees make them ideal for homeowners who need cash quickly.

They are also attainable for homeowners with little home equity since there is no home equity requirement for a personal loan. Someone who recently bought their home won’t have much, if any, equity to use as collateral for a home equity loan.

If you can afford the monthly payments, a personal loan can also be better because it will force you to pay off the debt faster than a home equity loan, and it doesn’t put your home at risk if you are unable to pay in the future.

When a home equity loan is better for home improvements

A home equity loan is best suited for large home improvement projects, home additions, and major repairs. Borrowers need to have a decent amount of equity in their property, usually from living in it for several years or from making a large down payment when it was purchased.

Home equity loans can be ideal if you are not in a hurry and plan on owning the property for many years to come. They are also best if you prefer a lower monthly payment with the ability to pay off the loan sooner, rather than being forced to make large monthly payments.

A home equity loan can also be better if you itemize your tax deductions because you may be able write off the loan interest, which could add up over the life of the loan.

Other considerations (fees)

In addition to the annual percentage rate (APR), there are other fees to consider when deciding between a home equity loan and a personal loan.

The fees I’m most concerned about are the ones charged to originate and pay off the loan, such as closing costs, origination fees, and prepayment penalties. Your APR should reflect the cost of most upfront fees, but not prepayment penalties and other related payoff costs.

Home equity loans can have a variety of closing costs, including origination and other fees, and may require you to obtain homeowners’ insurance if you don’t already have it. Some fees and their amount will depend on your credit score, while others will be the same regardless of your credit. However, they may vary depending on the city, county, or state where the property resides.

For example, last year I was billed for a reconveyance fee for closing my home equity line of credit, which I had for about 9 years. I wasn’t using it and didn’t want to keep paying the $50 annual fee to keep it open. However, I had to pay an additional $303.50 to have the lender release the lien in the county where the home is located.

The lender also puts a lien on your property for a home equity loan.

Personal loans, on the other hand, typically only charge an origination fee. The amount charged often depends heavily on your financial situation and credit score. The origination fee may go by other names, such as an administration fee or another name representing the cost to originate the loan.

It is less common to have prepayment penalties on a personal loan, and you don’t have to worry about removing property liens.

It can be tricky when comparing the costs between the two, because if you obtain a home equity loan with a low APR and repayment period of 30 years, then decide to pay it off early, the upfront fees could end up costing you more than it would have with a higher APR and shorter-term personal loan.

How to get a personal loan

Many local banks and credit unions provide personal loans, but you can also find and compare them through online marketplaces like APR finder.

Several online lending platforms allow you to see if you qualify for a personal loan without affecting your consumer credit score. They do this by running a soft credit check rather than making a hard inquiry.

When presented with an offer you like, accept it, then proceed with the application by filling out any remaining forms and submitting documents to verify your identity, income, and debts.

Once you submit the formal application, most lenders will thoroughly check your credit report by doing a hard pull, which could slightly impact your credit score.

A personal loan can be obtained in person or online, oftentimes with instant approval and funds disbursed in as little as one business day. However, it usually takes a couple of days for the funds to reach your bank account.

Qualification requirements for a personal loan

You can qualify for a personal loan with a credit score as low as 580, but we have found that a score of 640 or higher significantly improves your chances of approval. For the best rates and competitive offers, aim for 720 or above.

You will also typically need a debt-to-income ratio of 50% or less, and no recent bankruptcies or delinquent accounts. However, many lenders will suggest a DTI below 43%.

Individuals with poor credit may be able to obtain a small personal loan on their own, or they can use a co-borrower or co-signer to secure a loan with some companies.

The qualification requirements for a personal loan can vary by lender, loan amount, and state.

How to get a home equity loan

You can apply for a home equity loan with most banks, credit unions, mortgage brokers, and independent mortgage companies, in-person or online.

If you have your financial documents in order, you can complete the application quickly. However, the approval and funding process typically takes 2–8 weeks as the lender needs time to review your personal information and evaluate the property.

Qualification requirements for a home equity loan

To qualify for a home equity loan, you will typically need a credit score of at least 620, with 660 or higher recommended. Then, you may find a lender that allows a debt-to-income ratio up to 50%, but a DTI of 42% or lower is often preferred.

Similarly, someone with solid income and excellent credit may be able to find a home equity loan for up to 100% of a property’s combined loan-to-value (CLTV), but most home equity loans are for less. Usually 80–90% CLTV.

Here’s an example: If you have a primary mortgage loan of $400,000 and the property is worth $600,000, your loan-to-value (LTV) is 67%. If the lender offers home equity loans with a CLTV of up to 80%, you could take out a $78,000 home equity loan (13% LTV). Assuming you have no other mortgages on the property.

Combined loan-to-value = total secured loan balances / appraised value. In our example, a $400,000 primary mortgage plus a $78,000 home equity loan, divided by the appraised value of $600,000, equals 80%.

Home equity loans are not as accessible to people with poor credit scores, but you can also use a co-borrower or co-signer to secure the loan.

Alternative borrowing options

There are many benefits to homeownership. One of them is the ability to borrow money using methods not available to renters. Oftentimes, they’re cheaper, too. When comparing personal loans and home equity loans for home improvement projects, you should also check out these borrowing options.

• Home equity line of credit (HELOC): A hybrid between a credit card and a home equity loan that allows you to use your home as collateral to obtain better interest rates. The annual percentage rate on a HELOC is typically lower than that of personal loans, but they’re commonly variable, and you will likely face more upfront fees.
• Cash-out refinance loan: Allows you to refinance your home for more than you currently owe and take cash out to use for home improvement projects. A cash-out refi will give you the lowest APR, but it could increase the current rate you are paying on the entire loan, costing you significantly more in the long run. It will also include typical mortgage closing costs, as it replaces your original loan.
• Home equity agreement (HEA): Best for people with bad credit who need cash for a significant home improvement project. Technically, an HEA isn’t a loan. It’s a contract between you and an investor company. You sell an ownership stake in the future value of your property in exchange for cash. The time it takes to receive money from a home equity agreement is similar to that for home equity lending options.
• Credit card: A convenient way to get cash fast. You can charge the items you need to your card, or withdraw some money using balance transfer checks or a cash advance. The borrowing cost with a credit card is typically the highest, unless you take advantage of an intro APR promotion and pay it off within a short period. You will generally need very good to excellent credit for large credit lines and top intro offers.
• Personal line of credit (PLOC): PLOCs are unsecured revolving lines of credit with smaller borrowing caps that don’t require you to use your home as collateral. They can be hard to find, and eligibility requirements are strict. Most have variable interest rates that can cause a fluctuating monthly payment, even when you withdraw the money as a lump sum. They’re hybrids of credit cards and home equity lines of credit.
• Buy now, pay later (BNPL): Provides a unique way to borrow money for small home improvement projects, repaid over several weeks or months. Interest rates are similar to personal loans, but you may be able to find interest-free offers through major retailers at checkout, in-store, and online. BNPL is a convenient option for single purchases, but it can be challenging to manage when using it for multiple purchases.

Final thoughts on personal loans versus home equity loans for home improvement

If you need quick access to cash with predictable monthly payments, a personal loan could be a great fit. If you need a higher dollar amount or a lower monthly payment, a home equity loan may be better, especially if you plan to own the property for a long time.

No matter which financing option you choose for your next home improvement project, you must manage your debt wisely. Both personal loans and home equity loans make that easier with fixed monthly payments and interest rates.

The post Personal Loan vs. Home Equity Loan: Which is Best for Home Improvement Projects? appeared first on APR finder.

With 2025 finally behind us and travel slowing for a while, it is a good time to start preparing for the 2026 travel season.

There was a time when travel, specifically air travel, was reserved for the well-to-do. As increased consumer demand drove up supply, the need to accumulate wealth for traveling by airplane declined sharply. However, traveling by land, air, or sea presents additional challenges beyond just cost.

During certain times of the year, traveling from one destination to the next involves overcrowded airports, delayed airline flights, vehicle traffic on the highways, and millions of grumpy passengers, no matter which direction you’re headed. To help maintain your love for travel, or just your sanity during the trip, it’s beneficial to be aware of the five worst travel days in the United States of America to plan accordingly.

1. Before and After Christmas (December 23-26)

The annual stats from AAA are in, and a record-setting 122 million Americans were expected to hit the road or sky during the end-of-year holiday season of 2025. That astonishing figure includes those traveling by plane, train, and automobile over the last two weeks of the year. Because of the prevalence of holiday travel, the two days before and the day after Christmas consistently rank as the worst travel days of the year.

The problem lies in the rapid increase in the number of people at the airport, the train station, and the freeway simultaneously. It disrupts what would otherwise be ‘normal’ traffic and flow, slowing everyone down and creating a less-than-ideal situation in most major hubs across the country. The excess demand also pushes prices up, from gas for the car to a window seat on the plane.

If you’re planning to travel this holiday season, be prepared for these potential pitfalls on the busiest days.

Pro Tip: When planning for the 2026 winter holidays, travel experts suggest booking flights in early September to save money. If you aren’t able to book that far in advance, you may be able to score a good deal by waiting until right before your heavy travel day to purchase a ticket for your flight. You can also consider how to use your travel rewards credit card throughout the year to rack up valuable points before the holidays roll around.

2. The Day Before Thanksgiving (November 25th)

Around the Thanksgiving holiday, most people will hit the roads to visit family and friends. Airports will be less crowded during this period than during other major travel seasons, but travelers should be aware of potential delays. For 2025, AAA reports that nearly 82 million people planned to travel 50 miles or more, with the majority traveling on Wednesday before the four-day holiday weekend.

Pro tip: Anyone who plans to travel for Thanksgiving should avoid Wednesday at all costs. Research suggests that the afternoon of the day before the holiday is often the worst on the roads, with delays up to four times longer than a typical day. Travel on Thanksgiving Day (Thursday) if possible. If you’re planning to fly, AAA recommends flying on the Monday before Thanksgiving to secure the lowest fares.

3. The Day Before Independence Day (July 3rd)

In addition to the bustling holiday season, American travelers encounter an uncomfortable number of fellow travelers on the road and in the skies during major summer holidays. Third on the list is Independence Day, followed closely by Labor Day weekend. On Independence Day (July 4th), the airports and train stations are less congested than on other major US holidays, but the roads and waterways are packed to the brim.

For instance, AAA reports that nearly 72 million people were expected to travel on July 3rd and 4th in 2025. Trips to see fireworks, visits to friends and family for a BBQ-fueled get-together or other events, and visits to national monuments or other historic sites all contribute to traffic congestion.

Pro Tip: Plan to travel the day of the Fourth of July holiday, not the day before, particularly if you are driving. For those flying, same-day routes are less congested and can be cheaper on Thanksgiving, so plan accordingly.

4. Friday Before Memorial Day (May 22nd)

Creeping up on the 4th of July travel statistics, Memorial Day weekend is another difficult time to be on the road. In 2025, an estimated 45 million travelers took off for a three-day weekend, starting early on the Friday before the holiday. Most people will drive their cars or RVs when traveling for Memorial Day, making major highways crowded for those planning to get away in 2026.

Pro Tip: Travelers can avoid the mess and frustration of this frequently traveled day by waiting until Saturday of the holiday weekend to hit the road. Also, traveling by plane incurs only minor delays compared to joining the roughly 39 million drivers. Avoid leaving town on Thursday or Friday afternoon if possible, and plan to return early on Memorial Day (Monday) to avoid the chaos.

5. Friday Before Labor Day (September 4th)

Labor Day weekend in August/September each year rounds out the list of the five worst travel days for Americans, as it is seen as the last hurrah for families with children in school. Before the school year begins for many, parents plan family vacations that often end on Labor Day weekend.

According to the American Automobile Association (AAA), travel was expected to remain steady over the Labor Day weekend in 2025, resulting in heavy traffic. Traffic on the roads when returning from the countless beaches across the country, combined with an increase in groups of three or more flying home, makes for a busy, typically delayed travel day.

Pro tip: The worst day to travel during this specific holiday weekend is Friday afternoon. See if you can get out of dodge Thursday evening or before the sun rises Friday morning to help beat your fellow travelers to the punch. Plan to return early on Monday to beat some of the traffic.

Other Busy Travel Holidays for the Year 2026

Other holidays throughout the year, including Easter (April 5th) and New Year’s Eve (December 31st), also bring travel challenges and significant delays, particularly to those planning to drive to their destination. Avoiding traffic jams and the frustration that comes with being stuck on a highway can be your best travel plan. Be sure to travel on the popular holiday itself, if possible, or go a few days in advance if you want to skip the madness.

Final Thoughts on Holiday Traveling Around the Busiest Days of the Year

Travel is no longer an unattainable luxury for Americans, thanks to more affordable ways to get from place to place, and more individuals and families are taking advantage of it. You can avoid some of the headaches of the busiest travel days of the year by planning your next trip well in advance and shifting your dates to bypass the worst days.

The post The 5 Worst Travel Days for 2026 appeared first on APR finder.