Credit and Loans

Factors that affect interest rates on personal loans

Looking to consolidate debt? Take a vacation? Make a big purchase? A personal loan might be the answer. A personal loan is an unsecured loan that can be used for anything you need that requires a little extra cash. Unsecured means there’s no collateral (like with an auto or home loan). This represents a higher risk to the lender, but that doesn’t mean rates will be sky-high, and interest rates on personal loans aren’t one-size-fits-all.

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Author SAC FCU Managing Editor

Credit and Loans

What is a home equity line of credit? HELOCs explained.

Maybe you’re interested in adding a deck to your house. Or maybe you want to help pay for your daughter’s wedding. If you’re a homeowner looking to borrow money, a HELOC might be a good option for you. So what is a home equity line of credit? In short, a HELOC is a revolving line of credit you can access by borrowing against the equity in your home. (Equity is the value of your house minus what you owe on it.) You can use these low-interest loans for just about anything, and approached correctly, a HELOC can be a smart way to borrow money: Here’s what you need to know about this kind of loan.

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Author SAC FCU Managing Editor

Credit and Loans

Wondering how to build your credit? Let’s start by busting top credit myths.

For many people, improving their personal financial outlook is closely tied to boosting their credit scores. After all, a good score can save you thousands when it comes to loans for things like a house or a car. So how can you get there? Through a review of our top mythbuster posts, we’ll show you how to build your credit by dispelling some of the biggest “urban credit legends” about what helps your credit and what harms it.

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Author SAC FCU Managing Editor