Loans

Mortgage Amortization

* Understand how your monthly payments actually work and why early payments barely touch your loan balance * Compare loan terms to find the right fit: 15-year vs 30-year mortgages and what they mean for your wallet * Discover simple ways to pay off your mortgage faster and build wealth through homeownership more quickly

APR vs Interest Rate

* APR includes interest plus fees like origination charges and discount points * Interest rate only reflects the cost of borrowing the principal amount * APR is always equal to or higher than the interest rate on the same loan * Compare APR to APR across lenders to find the true lowest-cost loan

Effective Interest Rate

* The effective interest rate accounts for compounding, showing the true cost of borrowing or return on savings * Use the formula r = (1 + i/n)^n - 1 to calculate the effective annual rate from any nominal rate * More frequent compounding periods increase the effective rate above the stated nominal rate * Comparing effective rates helps you find the cheapest loan or highest-yielding savings account

Green Loans

* Green loans finance energy-efficient upgrades, solar panels, and other eco-friendly home projects * APRs typically range from 5% to 36%, with credit unions often offering the lowest rates * PACE financing, SBA 504 Green Loans, and credit union programs are major funding sources * Federal clean energy tax credits expired in 2025, but state programs still offer incentives

Pawn Shop Loans

* Pawn shop loans let you borrow $50 to $300 using personal items as collateral, with no credit check required * Interest rates range from 5% to 25% per month depending on your state, translating to 60-300% APR * About 85% of borrowers repay their loans and reclaim items, according to the National Pawnbrokers Association * Over 30 million Americans use pawnshops each year for quick, short-term cash

Signature Loans

* A signature loan is an unsecured personal loan backed only by your promise to repay * Typical APRs range from 6% to 36% depending on your credit score * Available from banks, credit unions, and online lenders with amounts from $1,000 to $50,000 * No collateral required, but good credit (670+) gives you the best rates

Subsidized vs Unsubsidized

* Subsidized loans don't accrue interest while you're in school - the government covers it * Unsubsidized loans are available to all students regardless of financial need * Both are federal Direct Loans with fixed interest rates set annually * Major changes take effect July 1, 2026 under new federal legislation

Invoice Financing

* Borrow 85-95% of unpaid invoice value for quick cash flow. * Two types: factoring (lender collects) vs. discounting (you collect). * Fees range from 1% to 5% per month.

Student Loans

* Learn the differences between federal and private student loans. * Understand interest rates, borrowing limits, and repayment plans. * Discover student loan forgiveness programs and debt strategies.

Reverse Mortgage

* A reverse mortgage lets homeowners 62+ borrow against their home equity with no monthly mortgage payments * The 2026 HECM lending limit is $1,249,125, the highest in a decade of consecutive increases * Three types exist: HECM (federally insured), proprietary (jumbo), and single-purpose * The loan comes due when you move out, sell the home, or pass away

Loan Capitalization

* Capitalization adds unpaid interest to your loan principal, increasing what you owe * Most common with student loans during deferment, forbearance, and IDR plan changes * Federal student loan rates for 2025-26 are 6.39% (undergraduate) and 7.94% (graduate) * You can reduce capitalization impact by making interest-only payments during non-payment periods

Personal vs Payday Loans

* Personal loans charge 6-36% APR while payday loans can exceed 400% APR for the same amount borrowed. * Payday loans are due in 2-4 weeks, trapping 80% of borrowers in rollover cycles that multiply costs. * Better alternatives exist, including credit union payday alternative loans capped at 28% APR.

Installment Loans

* Installment loans let you borrow a fixed amount and repay it in scheduled monthly payments * Common types include personal loans, auto loans, mortgages, and student loans * Rates range from 6% to 36% APR depending on credit score and lender * Most lenders require a minimum credit score of 580 to 670 to qualify

Debt Consolidation

* Debt consolidation combines multiple debts into one loan, often at a lower interest rate * Average rates range from 6% to 20% APR depending on credit score and lender * Alternatives include balance transfer cards, HELOCs, and debt management plans

Cosigning a Loan

* Up to 75% of cosigned loans may end up in default according to the FTC * Cosigning affects your credit score and debt-to-income ratio * You can be held fully liable if the borrower stops paying * Options exist to remove yourself as a cosigner

Down Payment

* The average down payment is 15% of the home price, but first-time buyers often put down just 3-10% * FHA, VA, and USDA loans offer lower minimums, with VA and USDA requiring 0% down * Putting less than 20% down triggers private mortgage insurance (PMI), adding to monthly costs * Down payment assistance programs are available in all 50 states for qualifying buyers

Commercial Real Estate Loans

* Commercial real estate loans finance property used for business purposes, with rates starting around 5% in 2026 * Most lenders require 20-35% down payment, a credit score of 680+, and a DSCR of 1.20x or higher * SBA 504 loans offer up to 90% financing with fixed rates and terms up to 20 years * Loan types include conventional mortgages, SBA loans, bridge loans, CMBS loans, and hard money loans

SBA Loans

* SBA loans are government-backed financing through partner banks, offering lower rates and longer terms than traditional business loans. * Main programs: 7(a) loans up to $5M, 504 loans for real estate and equipment, microloans up to $50K, and disaster loans. * Current 7(a) rates range from 9.75% to 13.25% depending on loan size, with 504 fixed rates around 5.7% to 5.9%. * Requirements include U.S. citizenship, 680+ credit score, 2+ years in business, and meeting SBA size standards.

I Need Money Now

* Cash advance apps like EarnIn and Brigit can give you up to $750 before payday with no credit check * Personal loans for bad credit start at 6.6% APR with same-day funding available * You can sell items on Mercari, OfferUp, or Facebook Marketplace for same-day cash * Government programs like 211, TANF, and LIHEAP offer emergency assistance for those in need

Car Loan & Credit Score

* A car loan can start raising your credit score within 3 to 6 months of on-time payments * Payment history accounts for 35% of your FICO score, making it the most important factor * Hard inquiries from auto loan applications typically drop your score by less than 5 points * Average auto loan rates range from 4.88% (super prime) to 21.60% (deep subprime) depending on credit tier

FHA Loans

* FHA loans require as little as 3.5% down with a 580+ credit score * 2026 loan limits range from $541,287 to $1,249,125 * All FHA borrowers pay upfront and annual mortgage insurance premiums * FHA loans are for primary residences only, not investment properties

Hard Money Loan

* Hard money loans are short-term, asset-based loans secured by real estate, not credit history * Interest rates typically range from 10% to 15%, with loan terms of 6 to 36 months * Down payments of 25% to 35% are required, with approval possible in as little as 3 to 5 days * Commonly used by house flippers, real estate investors, and borrowers who need fast funding

APR

* APR stands for Annual Percentage Rate, the total yearly cost of borrowing including interest and fees. * Fixed APR stays constant while variable APR fluctuates with market conditions. * Average credit card APR in the U.S. is around 20.97%, but rates vary widely by credit score.

Secured Loans

* A secured loan uses collateral like a home or car to back the loan * Secured loans typically offer lower interest rates than unsecured loans * Common examples include mortgages, auto loans, and home equity loans * Defaulting on a secured loan means the lender can seize your collateral

Debt-to-Income Ratio

* Your DTI ratio divides total monthly debt payments by gross monthly income * Lenders prefer a DTI below 36%, though some accept up to 43-50% * A lower DTI improves your chances of loan approval and better interest rates * You can lower your DTI by paying off debt or increasing income

Home Equity Loan

* Home equity loans let you borrow against your home's equity at fixed rates averaging 7.75% to 8% in 2026 * Most lenders require at least 15-20% equity, a 620+ credit score, and a DTI ratio under 43% * Interest may be tax-deductible if funds are used to buy, build, or substantially improve your home * Closing costs typically range from 2% to 5% of the loan amount

HELOC

* A HELOC is a revolving credit line secured by your home equity, letting you borrow up to 85% of your home's value minus your mortgage balance. * Average HELOC rates are around 7.20% in 2026, with variable rates tied to the prime rate. Most lenders require a credit score of 620-680 and at least 15-20% home equity. * Two phases: a draw period (5-10 years) for accessing funds with interest-only payments, then a repayment period (10-20 years) for principal plus interest.

Income for $100K House

Discover the exact income, down payment, and loan options needed to comfortably afford a $100,000 home in 2026.

Income for 200K House

Discover the exact income range needed to buy a $200,000 house, considering down payment, credit, and current rates.

Income for 250K House

Discover the exact income range needed to afford a $250,000 house, considering down payments, mortgage rates, and hidden costs for 2026.

Income for 400K House

Discover the exact income range you'll need for a $400,000 home in 2026, considering down payments, debt, and current mortgage rates.

Income for 300K House

Discover the exact income you need to afford a $300,000 house. We break down down payments, credit scores, and debt-to-income ratios to help you qualify.

Salary for 700K House

Discover the exact income range you'll need for a $700,000 home, factoring in down payment, credit, and existing debt.

Income for 800k House

Discover the exact income, down payment, and credit score you'll need to comfortably afford an $800,000 house in 2026.

Car Loan APR

Small Business Loan Sources

Banks Offering Personal Loans

Personal Loan Timeline

Personal Loan & Credit Score

Credit Score for Personal Loan

Max Personal Loan Amount

Collateral for a Loan

Good Credit Score

Calculate Net Income

Good Interest Rate Used Car

Payday Loan: Secured or Unsecured?

Payday Loan Classification

Income for 350K House

Discover the exact income required for a $350,000 home, considering down payment, credit, and current rates for 2026.

Income for 600k House

Discover the exact income range needed for a $600K house, considering down payment, debt, and location to make your homeownership dream a reality.

Income for 500K House

Discover the exact income range required to comfortably afford a $500,000 home, considering down payment, debt, and current rates.