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More in Loans

Understanding Loans

Loans are borrowing options for individuals who need extra cash to manage short- or long-term financial obligations. Loans are borrowed at an interest rate known as an annual percentage rate (APR) and are repaid, usually in monthly installments.

Should I Take Out a Loan?

Loans can be handy for individuals in need of a large sum of money relatively quickly. Whether you have a financial or medical emergency or want to make repairs to your home, loans give you the flexibility to afford financial obligations you might otherwise be unable to meet.

Learn More About Loans

To help you learn more about loans, take a moment to explore some of the resources:

  • Promotions on loans: Explore promotions on loans offered by financial institutions across the country.
  • Tips on personal loans: Not sure how to find the right loan or want to learn how to select the best offers? Take a look at GOBankingRates’ articles below.
  • Loan rates: Look up loan rates available in your area from local banks and credit unions or compare loan rates from national financial institutions.

FAQ

Here are the answers to some of the most frequently askedLoans questions.

Debt should never be taken on lightly but there are several times when taking out a personal loan is a good idea. For example, you can consolidate credit card debt to pay off the loan with lower interest or even finance a big home improvement.
There is no specific limit to how many times you can refinance your home for better interest rates but keep in mind that there are requirements by your lender each time you apply for a loan. Whether or not you should refinance depends on several factors besides your personal finances such as loan terms, the types of loans you already have and the new ones to which you wish to apply.
Paying off a loan early could potentially help you save on interest in the long run and improve your credit score. If you can afford to pay off a loan early without putting yourself under financial stress you can do so easily, just be sure your lender doesn’t charge a prepayment penalty.

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