Secured Personal Loans. With a secured loan, you offer the bank something of value as collateral, such as your house, car, or the cash in a CD or savings account. If you’re unable to make your payments, the bank can seize your collateral to pay off the loan. Unsecured Personal Loans...
How debt consolidation works is that you get one big loan and use it to pay off your other loans so you’re not dealing with multiple interest rates and payments. Let’s say you have the following current debts: Credit card A: $5,000 Credit card B: $3,000 Car loan A: $10,000...
Whenever you finance a purchase, you're using credit rather than paying for it outright. This includes everything from your favorite store credit card to your car loan. Your credit score, which reflects the information on your credit report, directly impacts your ability to take out new credit...